Document:

Credit Agreement dated as of March 7, 2011

 Exhibit 10.2 
 EXECUTION VERSION 
  
  

 
 Published CUSIP Number: 46613BAA5

 $1,200,000,000 
 CREDIT AGREEMENT 
 Dated as of March 7, 2011 

among 
 CHINOS
ACQUISITION CORPORATION, 
 which on the Closing Date shall be merged with and into 

J. CREW GROUP, INC., 
 with J. Crew Group, Inc. surviving such merger as the Borrower, 
 CHINOS
INTERMEDIATE HOLDINGS B, INC., 
 as Holdings, 
 BANK OF AMERICA, N.A., 
 as Administrative Agent, 

and 
 THE OTHER
LENDERS PARTY HERETO 
  
  

GOLDMAN SACHS BANK USA, 
 as Syndication Agent, 
 MIZUHO CORPORATE BANK, LTD. 

SUMITOMO MITSUI BANKING CORPORATION, 
 as Co-Documentation Agents, 
 MERRILL LYNCH, PIERCE, FENNER & SMITH
INCORPORATED 
 and GOLDMAN SACHS BANK USA, 
 as Joint Lead Arrangers and Joint Bookrunners 
  

 
  

J. Crew Term Loan Credit Agreement 

 Table of Contents 

 

							
	 	 	 	  	Page	 
			
		 	ARTICLE I	  			
			
		 	DEFINITIONS AND ACCOUNTING TERMS	  			
			
	 SECTION 1.01.
	 	Defined Terms	  	 	2	  
			
	 SECTION 1.02.
	 	Other Interpretive Provisions	  	 	59	  
			
	 SECTION 1.03.
	 	Accounting Terms	  	 	60	  
			
	 SECTION 1.04.
	 	Rounding	  	 	60	  
			
	 SECTION 1.05.
	 	References to Agreements, Laws, Etc.	  	 	60	  
			
	 SECTION 1.06.
	 	Times of Day	  	 	60	  
			
	 SECTION 1.07.
	 	Available Amount Transactions	  	 	60	  
			
	 SECTION 1.08.
	 	Pro Forma Calculations	  	 	60	  
			
	 SECTION 1.09.
	 	Currency Equivalents Generally	  	 	62	  
			
		 	ARTICLE II	  			
			
		 	THE COMMITMENTS AND BORROWINGS	  			
			
	 SECTION 2.01.
	 	The Loans	  	 	62	  
			
	 SECTION 2.02.
	 	Borrowings, Conversions and Continuations of Loans	  	 	62	  
			
	 SECTION 2.03.
	 	Prepayments	  	 	65	  
			
	 SECTION 2.04.
	 	Termination or Reduction of Commitments	  	 	75	  
			
	 SECTION 2.05.
	 	Repayment of Loans	  	 	76	  
			
	 SECTION 2.06.
	 	Interest	  	 	76	  
			
	 SECTION 2.07.
	 	Fees	  	 	76	  
			
	 SECTION 2.08.
	 	Computation of Interest and Fees	  	 	77	  
			
	 SECTION 2.09.
	 	Evidence of Indebtedness	  	 	77	  
			
	 SECTION 2.10.
	 	Payments Generally	  	 	78	  
			
	 SECTION 2.11.
	 	Sharing of Payments, Etc.	  	 	79	  
			
	 SECTION 2.12.
	 	Incremental Borrowings	  	 	80	  
			
	 SECTION 2.13.
	 	Refinancing Amendments	  	 	81	  
			
	 SECTION 2.14.
	 	Extensions of Loans	  	 	82	  
			
	 SECTION 2.15.
	 	Loan Repricing Protection	  	 	83	  

  

					
		 	i	 	J. Crew Term Loan Credit Agreement

							
		 	ARTICLE III	  			
			
		 	TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY	  			
			
	 SECTION 3.01.
	 	Taxes	  	 	84	  
			
	 SECTION 3.02.
	 	Illegality	  	 	89	  
			
	 SECTION 3.03.
	 	Inability to Determine Rates	  	 	90	  
			
	 SECTION 3.04.
	 	Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurodollar Rate Loans	  	 	90	  
			
	 SECTION 3.05.
	 	Funding Losses	  	 	91	  
			
	 SECTION 3.06.
	 	Matters Applicable to All Requests for Compensation	  	 	92	  
			
	 SECTION 3.07.
	 	Replacement of Lenders under Certain Circumstances	  	 	93	  
			
	 SECTION 3.08.
	 	Survival	  	 	94	  
			
		 	ARTICLE IV	  			
			
		 	CONDITIONS PRECEDENT TO BORROWINGS	  			
			
	 SECTION 4.01.
	 	Conditions to Initial Borrowing	  	 	94	  
			
	 SECTION 4.02.
	 	Conditions to All Borrowings after the Closing Date	  	 	98	  
			
		 	ARTICLE V	  			
			
		 	REPRESENTATIONS AND WARRANTIES	  			
			
	 SECTION 5.01.
	 	Existence, Qualification and Power; Compliance with Laws	  	 	98	  
			
	 SECTION 5.02.
	 	Authorization; No Contravention	  	 	98	  
			
	 SECTION 5.03.
	 	Governmental Authorization	  	 	99	  
			
	 SECTION 5.04.
	 	Binding Effect	  	 	99	  
			
	 SECTION 5.05.
	 	Financial Statements; No Material Adverse Effect	  	 	99	  
			
	 SECTION 5.06.
	 	Litigation	  	 	100	  
			
	 SECTION 5.07.
	 	Labor Matters	  	 	100	  
			
	 SECTION 5.08.
	 	Ownership of Property; Liens	  	 	100	  
			
	 SECTION 5.09.
	 	Environmental Matters	  	 	101	  
			
	 SECTION 5.10.
	 	Taxes	  	 	101	  
			
	 SECTION 5.11.
	 	ERISA Compliance	  	 	101	  

  

					
		 	ii	 	J. Crew Term Loan Credit Agreement

							
	SECTION 5.12.	 	Subsidiaries	  	 	102	  
			
	SECTION 5.13.	 	Margin Regulations; Investment Company Act	  	 	102	  
			
	SECTION 5.14.	 	Disclosure	  	 	102	  
			
	SECTION 5.15.	 	Intellectual Property; Licenses, Etc.	  	 	103	  
			
	SECTION 5.16.	 	Solvency	  	 	103	  
			
	SECTION 5.17.	 	Subordination of Junior Financing	  	 	103	  
			
	SECTION 5.18.	 	USA PATRIOT Act	  	 	103	  
			
	SECTION 5.19.	 	Collateral Documents	  	 	103	  
	
	ARTICLE VI	  
	
	AFFIRMATIVE COVENANTS	  
			
	SECTION 6.01.	 	Financial Statements	  	 	104	  
			
	SECTION 6.02.	 	Certificates; Other Information	  	 	106	  
			
	SECTION 6.03.	 	Notices	  	 	108	  
			
	SECTION 6.04.	 	Payment of Obligations	  	 	108	  
			
	SECTION 6.05.	 	Preservation of Existence, Etc.	  	 	108	  
			
	SECTION 6.06.	 	Maintenance of Properties	  	 	108	  
			
	SECTION 6.07.	 	Maintenance of Insurance	  	 	109	  
			
	SECTION 6.08.	 	Compliance with Laws	  	 	109	  
			
	SECTION 6.09.	 	Books and Records	  	 	109	  
			
	SECTION 6.10.	 	Inspection Rights	  	 	109	  
			
	SECTION 6.11.	 	Covenant to Guarantee Obligations and Give Security	  	 	110	  
			
	SECTION 6.12.	 	Compliance with Environmental Laws	  	 	112	  
			
	SECTION 6.13.	 	Further Assurances and Post-Closing Conditions	  	 	112	  
			
	SECTION 6.14.	 	Designation of Subsidiaries	  	 	113	  
			
	SECTION 6.15.	 	Maintenance of Ratings	  	 	114	  
	
	ARTICLE VII	  
	
	NEGATIVE COVENANTS	  
			
	SECTION 7.01.	 	Liens	  	 	114	  
			
	SECTION 7.02.	 	Investments	  	 	119	  
			
	SECTION 7.03.	 	Indebtedness	  	 	122	  

  

					
		 	iii	 	J. Crew Term Loan Credit Agreement

							
	SECTION 7.04.	 	Fundamental Changes	  	 	126	  
			
	SECTION 7.05.	 	Dispositions	  	 	128	  
			
	SECTION 7.06.	 	Restricted Payments	  	 	131	  
			
	SECTION 7.07.	 	Change in Nature of Business	  	 	134	  
			
	SECTION 7.08.	 	Transactions with Affiliates	  	 	134	  
			
	SECTION 7.09.	 	Burdensome Agreements	  	 	137	  
			
	SECTION 7.10.	 	Use of Proceeds	  	 	138	  
			
	SECTION 7.11.	 	Accounting Changes	  	 	138	  
			
	SECTION 7.12.	 	Prepayments, Etc. of Indebtedness	  	 	139	  
			
	SECTION 7.13.	 	Holdings	  	 	139	  
	
	ARTICLE VIII	  
	
	EVENTS OF DEFAULT AND REMEDIES	  
			
	SECTION 8.01.	 	Events of Default	  	 	140	  
			
	SECTION 8.02.	 	Remedies upon Event of Default	  	 	143	  
			
	SECTION 8.03.	 	Application of Funds	  	 	143	  
	
	ARTICLE IX	  
	
	ADMINISTRATIVE AGENT AND OTHER AGENTS	  
			
	SECTION 9.01.	 	Appointment and Authority of the Administrative Agent	  	 	144	  
			
	SECTION 9.02.	 	Rights as a Lender	  	 	145	  
			
	SECTION 9.03.	 	Exculpatory Provisions	  	 	145	  
			
	SECTION 9.04.	 	Reliance by the Administrative Agent	  	 	146	  
			
	SECTION 9.05.	 	Delegation of Duties	  	 	147	  
			
	SECTION 9.06.	 	Non-Reliance on Administrative Agent and Other Lenders; Disclosure of Information by Agents	  	 	147	  
			
	SECTION 9.07.	 	Indemnification of Agents	  	 	148	  
			
	SECTION 9.08.	 	No Other Duties; Other Agents, Arrangers, Managers, Etc	  	 	148	  
			
	SECTION 9.09.	 	Resignation of Administrative Agent or Collateral Agent	  	 	149	  
			
	SECTION 9.10.	 	Administrative Agent May File Proofs of Claim	  	 	150	  
			
	SECTION 9.11.	 	Collateral and Guaranty Matters	  	 	151	  
			
	SECTION 9.12.	 	Appointment of Supplemental Administrative Agents	  	 	152	  

  

					
		 	iv	 	J. Crew Term Loan Credit Agreement

							
	SECTION 9.13.	 	ABL Intercreditor Agreement	  	 	153	  
			
	SECTION 9.14.	 	Secured Cash Management Agreements and Secured Hedge Agreements	  	 	153	  
	
	ARTICLE X	  
	
	MISCELLANEOUS	  
			
	SECTION 10.01.	 	Amendments, Etc.	  	 	154	  
			
	SECTION 10.02.	 	Notices and Other Communications; Facsimile Copies	  	 	156	  
			
	SECTION 10.03.	 	No Waiver; Cumulative Remedies	  	 	158	  
			
	SECTION 10.04.	 	Attorney Costs and Expenses	  	 	158	  
			
	SECTION 10.05.	 	Indemnification by the Borrower	  	 	159	  
			
	SECTION 10.06.	 	Marshaling; Payments Set Aside	  	 	161	  
			
	SECTION 10.07.	 	Successors and Assigns	  	 	161	  
			
	SECTION 10.08.	 	Confidentiality	  	 	167	  
			
	SECTION 10.09.	 	Setoff	  	 	168	  
			
	SECTION 10.10.	 	Interest Rate Limitation	  	 	169	  
			
	SECTION 10.11.	 	Counterparts; Integration; Effectiveness	  	 	169	  
			
	SECTION 10.12.	 	Electronic Execution of Assignments and Certain Other Documents	  	 	169	  
			
	SECTION 10.13.	 	Survival of Representations and Warranties	  	 	170	  
			
	SECTION 10.14.	 	Severability	  	 	170	  
			
	SECTION 10.15.	 	GOVERNING LAW	  	 	170	  
			
	SECTION 10.16.	 	WAIVER OF RIGHT TO TRIAL BY JURY	  	 	171	  
			
	SECTION 10.17.	 	Binding Effect	  	 	171	  
			
	SECTION 10.18.	 	Judgment Currency	  	 	171	  
			
	SECTION 10.19.	 	Lender Action	  	 	172	  
			
	SECTION 10.20.	 	Use of Name, Logo, etc.	  	 	172	  
			
	SECTION 10.21.	 	USA PATRIOT Act Notice	  	 	172	  
			
	SECTION 10.22.	 	Service of Process	  	 	173	  
			
	SECTION 10.23.	 	No Advisory or Fiduciary Responsibility	  	 	173	  

  

					
		 	v	 	J. Crew Term Loan Credit Agreement

					
	SCHEDULES	  	
		 	I	  	Guarantors
		 	1.01A	  	Certain Security Interests and Guarantees
		 	1.01F	  	Mortgaged Properties
		 	2.01	  	Commitment
		 	5.11(a)	  	ERISA Compliance
		 	5.12	  	Subsidiaries and Other Equity Investments
		 	7.01(b)	  	Existing Liens
		 	7.02(f)	  	Existing Investments
		 	7.03(b)	  	Existing Indebtedness
		 	7.08	  	Transactions with Affiliates
		 	7.09	  	Existing Restrictions
		 	10.02	  	Administrative Agent’s Office, Certain Addresses for Notices
	
	EXHIBITS
			
		 	Form of	  	
			
		 	A	  	Committed Loan Notice
		 	B	  	Note
		 	C	  	Compliance Certificate
		 	D-1	  	Assignment and Assumption
		 	D-2	  	Affiliate Assignment Notice
		 	E	  	Guaranty
		 	F	  	Security Agreement
		 	G	  	Legal Opinion of Ropes & Gray LLP
		 	H	  	ABL Intercreditor Agreement
		 	I	  	Non-Bank Certificate
		 	J	  	Intercompany Subordination Agreement
		 	K	  	Solvency Certificate
		 	L	  	Discount Range Prepayment Notice
		 	M	  	Discount Range Prepayment Offer
		 	N	  	Solicited Discounted Prepayment Notice
		 	O	  	Acceptance and Prepayment Notice
		 	P	  	Specified Discount Prepayment Notice
		 	Q	  	Solicited Discounted Prepayment Offer
		 	R	  	Specified Discount Prepayment Response

  

					
		 	vi	 	J. Crew Term Loan Credit Agreement

 CREDIT AGREEMENT 

This CREDIT AGREEMENT (“Agreement”) is entered into as of March 7, 2011, among CHINOS ACQUISITION CORPORATION, a
Delaware corporation (which on the Closing Date shall be merged with and into J. CREW GROUP, INC., a Delaware corporation (the “Company”), with the Company surviving such merger as the Borrower (the “Borrower”)),
CHINOS INTERMEDIATE HOLDINGS B, INC., a Delaware corporation (“Holdings”), BANK OF AMERICA, N.A., as administrative agent (in such capacity, including any successor thereto, the “Administrative Agent”) and as
collateral agent (in such capacity, including any successor thereto, the “Collateral Agent”) under the Loan Documents, and each lender from time to time party hereto (collectively, the “Lenders” and individually, a
“Lender”). 
 PRELIMINARY STATEMENTS 

Pursuant to the Merger Agreement (as this and other capitalized terms used in these preliminary statements are defined in
Section 1.01 below), Chinos Acquisition Corporation, a Delaware corporation and a direct wholly owned subsidiary of Holdings (“Merger Sub”), will merge (the “Merger”) with and into the Company, with
(i) subject to dissenters’ rights, the Merger Consideration being paid, and (ii) the Company surviving as a wholly owned subsidiary of Holdings. 
 The Borrower has requested that, substantially simultaneously with the consummation of the Merger, (i) the Lenders extend credit to the Borrower in the form of Loans on the Closing Date in an initial
aggregate principal amount of $1,200,000,000 pursuant to this Agreement, and (ii) certain other lenders extend credit to the Borrower in the form of ABL Facilities in an initial aggregate principal amount of $250,000,000 pursuant to the ABL
Credit Agreement. 
 The proceeds of the Loans and the Initial ABL Borrowings (to the extent permitted in accordance with the
definition of the term “Permitted Initial ABL Borrowing Purposes”), together with (i) a portion of the Borrower’s cash on hand, (ii) the proceeds of the issuance of the Senior Notes (or, if and to the extent the Borrower
does not, or is unable to, issue the Senior Notes generating gross proceeds of at least $400,000,000 on or before the Closing Date, the proceeds of loans under a bridge facility in the aggregate principal amount of at least $400,000,000, less the
aggregate gross proceeds of the Senior Notes, if any, issued on or before the Closing Date) and (iii) the proceeds of the Equity Contribution, will be used to finance the repayment of all amounts outstanding under the Existing Credit Agreement
and certain other existing Indebtedness of the Borrower and its Subsidiaries and pay the Merger Consideration and the Transaction Expenses. 
 The applicable Lenders have indicated their willingness to lend on the terms and subject to the conditions set forth herein. 
 In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows: 

  

					
		 	1	 	J. Crew Term Loan Credit Agreement

 ARTICLE I 
 Definitions and Accounting Terms 
 SECTION 1.01. Defined
Terms. As used in this Agreement, the following terms shall have the meanings set forth below: 
 “ABL
Administrative Agent” means Bank of America in its capacity as administrative agent and collateral agent under the ABL Facilities Documentation, or any successor administrative agent and collateral agent under the ABL Facilities
Documentation. 
 “ABL Block” means the Borrower shall have Excess Availability (as defined in the ABL Credit
Agreement in effect on the date hereof) of less than the greater of (a) 20% of the Maximum Credit (as defined in the ABL Credit Agreement in effect on the date hereof) and (b) $40,000,000. 

“ABL Credit Agreement” means that certain asset-based revolving credit agreement dated as of the date hereof, among the
Borrower, Holdings, the guarantors party thereto, the lenders party thereto and Bank of America, as administrative agent and collateral agent, as the same may be amended, restated, modified, supplemented, extended, renewed, refunded, replaced or
refinanced from time to time in one or more agreements (in each case with the same or new lenders, institutional investors or agents), including any agreement extending the maturity thereof or otherwise restructuring all or any portion of the
Indebtedness thereunder or increasing the amount loaned or issued thereunder or altering the maturity thereof, in each case as and to the extent permitted by this Agreement and the ABL Intercreditor Agreement. 

“ABL Facilities” means the asset-based revolving credit facilities under the ABL Credit Agreement. 

“ABL Facilities Documentation” means the ABL Credit Agreement and all security agreements, guarantees, pledge agreements
and other agreements or instruments executed in connection therewith. 
 “ABL Intercreditor Agreement” shall
mean the intercreditor agreement dated as of the Closing Date among the Administrative Agent, the Collateral Agent, the ABL Administrative Agent and the Loan Parties, substantially in the form attached as Exhibit H or any other intercreditor
agreement among the ABL Administrative Agent, one or more Senior Representatives of Permitted Pari Passu Secured Refinancing Debt or Permitted Junior Secured Refinancing Debt, the Administrative Agent and the Collateral Agent on terms that are no
less favorable in any material respect to the Secured Parties than those contained in the form attached as Exhibit H. 

“Acceptable Discount” has the meaning specified in Section 2.03(a)(iv)(D)(2). 

  

					
		 	2	 	J. Crew Term Loan Credit Agreement

 “Acceptable Prepayment Amount” has the meaning specified in
Section 2.03(a)(iv)(D)(3). 
 “Acceptance and Prepayment Notice” means a notice of the Borrower’s
acceptance of the Acceptable Discount in substantially the form of Exhibit O. 
 “Acceptance Date” has
the meaning specified in Section 2.03(a)(iv)(D)(2). 
 “Acquisition” means the acquisition of the Company
pursuant to the terms of the Merger Agreement. 
 “Additional Lender” means, at any time, any bank, other
financial institution or institutional investor that, in any case, is not an existing Lender and that agrees to provide any portion of any (a) Incremental Loan in accordance with Section 2.12 or (b) Credit Agreement Refinancing
Indebtedness pursuant to a Refinancing Amendment in accordance with Section 2.13; provided that each Additional Lender (other than any Person that is a Lender, an Affiliate of a Lender or an Approved Fund of a Lender at such time) shall
be subject to the approval of the Administrative Agent (such approval not to be unreasonably withheld or delayed), in each case to the extent any such consent would be required from the Administrative Agent under Section 10.07(b)(iii)(B) for an
assignment of Loans to such Additional Lender. 
 “Adjusted Eurodollar Rate” means, with respect to any
Eurodollar Borrowing for any Interest Period, an interest rate per annum equal to the greater of (a) the Eurodollar Rate for such Interest Period multiplied by the Statutory Reserve Rate and (b) 1.25% per annum. The Adjusted
Eurodollar Rate will be adjusted automatically as to all Eurodollar Borrowings then outstanding as of the effective date of any change in the Statutory Reserve Rate. 
 “Administrative Agent” has the meaning specified in the introductory paragraph to this Agreement. 
 “Administrative Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 10.02, or such other address or
account as the Administrative Agent may from time to time notify the Borrower and the Lenders. 
 “Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 

“Affiliate” means, with respect to any Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. For the avoidance of doubt, none of the Arrangers, the Agents or their
respective lending affiliates shall be deemed to be an Affiliate of Holdings, the Borrower or any of their respective Subsidiaries. 

  

					
		 	3	 	J. Crew Term Loan Credit Agreement

 “Affiliated Lender” means, at any time, any Lender that is the Sponsor or
an Affiliate of the Sponsor (other than Holdings, the Borrower or any of their respective Subsidiaries) at such time. 

“Agent Parties” has the meaning specified in Section 10.02(d). 

“Agent-Related Persons” means the Agents, together with their respective Affiliates, and the officers, directors,
employees, agents, attorney-in-fact, partners, trustees and advisors of such Persons and of such Persons’ Affiliates. 

“Agents” means, collectively, the Administrative Agent, the Collateral Agent, the Syndication Agent, each
Co-Documentation Agent and the Supplemental Administrative Agents (if any) and the Arrangers. 
 “Aggregate
Commitments” means the Commitments of all the Lenders. 
 “Agreement” means this Credit Agreement, as
amended, restated, modified or supplemented from time to time in accordance with the terms hereof. 
 “Agreement
Currency” has the meaning specified in Section 10.18. 
 “All-In Yield” means, as to any
Indebtedness, the yield thereof, whether in the form of interest rate, margin, OID, upfront fees, a Eurodollar Rate or Base Rate floor greater than 1.25% or 2.25%, respectively (with such increased amount being equated to interest margins for
purposes of determining any increase to the Applicable Rate), or otherwise; provided that OID and upfront fees shall be equated to interest rate assuming a 4-year life to maturity (or, if less, the stated life to maturity at the time of its
incurrence of the applicable Indebtedness); and provided, further, that “All-In Yield” shall not include arrangement fees, structuring fees or underwriting or similar fees paid to arrangers for such Indebtedness. 

“Annual Financial Statements” means the audited consolidated balance sheets of the Company as of the Saturday closest to
each of January 31, 2010, 2009 and 2008, and the related consolidated statements of operations, changes in stockholders’ equity and cash flows for the Company for the fiscal years then ended. 

“Applicable Discount” has the meaning specified in Section 2.03(a)(iv)(C)(2). 

“Applicable Indebtedness” has the meaning specified in the definition of “Weighted Average Life to Maturity”.

 “Applicable Rate” means a percentage per annum equal to (a) until the first Business Day following
receipt of the Compliance Certificate delivered for the fiscal quarter ending July 30, 2011, pursuant to Section 6.02(a), (i) for Eurodollar Rate Loans, 3.50% and (ii) for Base Rate Loans, 2.50%, and (b) thereafter, the
applicable percentage per annum set forth below determined by reference to the Senior Secured Net Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(a):

  

											
	Applicable Rate	 
	 Pricing

Level
	  	Senior Secured
Net Leverage
Ratio	  	Eurodollar
Rate	 	 	Base
Rate	 
	1	  	£ 3.25:1	  	 	3.25	% 	 	 	2.25	% 
	2	  	> 3.25:1	  	 	3.50	% 	 	 	2.50	% 

  

					
		 	4	 	J. Crew Term Loan Credit Agreement

 Any increase or decrease in the Applicable Rate resulting from a change in the Senior
Secured Net Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a); provided, however, that if a Compliance Certificate
is not delivered when due in accordance with such Section, then Pricing Level 2 shall apply, in each case as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and in each case shall
remain in effect until the date on which such Compliance Certificate is delivered. 
 “Appropriate Lender”
means, at any time, with respect to Loans of any Class, the Lenders of such Class. 
 “Approved Fund” means,
with respect to any Lender, any Fund that is administered, advised or managed by (a) such Lender, (b) an Affiliate of such Lender or (c) an entity or an Affiliate of an entity that administers, advises or manages such Lender.

 “Arrangers” means Merrill Lynch, Pierce, Fenner & Smith Incorporated and Goldman Sachs Bank USA,
each in its capacity as a joint lead arranger under this Agreement. 
 “Asset Sale Proceeds Pledged Account”
means an account held at, and subject to the sole dominion and control of, the Collateral Agent. 
 “Assignee
Group” means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed by the same investment advisor. 
 “Assignment and Assumption” means an Assignment and Assumption substantially in the form of Exhibit D or any other form approved by the Administrative Agent. 

“Attorney Costs” means all reasonable fees, expenses and disbursements of any law firm or other external legal counsel.

 “Attributable Indebtedness” means, on any date, in respect of any Capitalized Lease of any Person, the
capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP. 

  

					
		 	5	 	J. Crew Term Loan Credit Agreement

 “Auction Agent” means (a) the Administrative Agent or (b) any
other financial institution or advisor employed by the Borrower (whether or not an Affiliate of the Administrative Agent) to act as an arranger in connection with any Discounted Loan Prepayment pursuant to Section 2.03(a)(iv); provided
that the Borrower shall not designate the Administrative Agent as the Auction Agent without the written consent of the Administrative Agent (it being understood that the Administrative Agent shall be under no obligation to agree to act as the
Auction Agent); provided, further, that neither the Borrower nor any of its Affiliates may act as the Auction Agent. 

“Available Amount” means, at any time (the “Reference Date”), the sum of: 

(a) an amount equal to (x) the cumulative amount of Excess Cash Flow (which amount shall not be less than zero in any
fiscal year) of the Borrower and the Restricted Subsidiaries for the Available Amount Reference Period minus (y) the portion of such Excess Cash Flow that has been (or is required to be) applied to the prepayment of Loans in accordance
with Section 2.03(b)(i); plus 
 (b) the amount of any capital contributions or Net Cash Proceeds
from Permitted Equity Issuances (or issuances of debt securities that have been converted into or exchanged for Qualified Equity Interests) (other than the Equity Contribution and any capital contribution comprising all or a portion of the Madewell
Business) received or made by the Borrower (or any direct or indirect parent thereof and contributed by such parent to the Borrower) during the period from and including the Business Day immediately following the Closing Date through and including
the Reference Date; plus 
 (c) to the extent not (A) included in clause (a) above or
(B) already reflected as a return of capital with respect to such Investment for purposes of determining the amount of such Investment, the aggregate amount of all cash dividends and other cash distributions received by the Borrower or any
Restricted Subsidiary from any Minority Investments or Unrestricted Subsidiaries during the period from and including the Business Day immediately following the Closing Date through and including the Reference Date; plus 

(d) to the extent not (A) included in clause (a) above or (B) already reflected as a return of capital with
respect to such Investment for purposes of determining the amount of such Investment, the aggregate amount of all cash repayments of principal received by the Borrower or any Restricted Subsidiary from any Minority Investments or Unrestricted
Subsidiaries during the period from and including the Business Day immediately following the Closing Date through and including the Reference Date in respect of loans or advances made by the Borrower or any Restricted Subsidiary to such Minority
Investments or Unrestricted Subsidiaries; plus 
 (e) to the extent not (A) included in clause
(a) above, (B) already reflected as a return of capital with respect to such Investment for purposes of determining the amount of such Investment or (C) required to be applied to prepay Loans in accordance

  

					
		 	6	 	J. Crew Term Loan Credit Agreement

 
with Section 2.03(b)(ii), the aggregate amount of all Net Cash Proceeds received by the Borrower or any Restricted Subsidiary in connection with the sale, transfer or other disposition of
its ownership interest in any Minority Investment or Unrestricted Subsidiary during the period from and including the Business Day immediately following the Closing Date through and including the Reference Date; minus 

(f) the aggregate amount of any Investments made pursuant to Section 7.02(c)(iv)(B)(y), 7.02(i)(B)(ii) and
Section 7.02(n)(ii), any Restricted Payment made pursuant to Section 7.06(k)(ii) or any payment made pursuant to Section 7.12(a)(i)(D)(2) during the period commencing on the Closing Date and ending on the Reference Date (and, for
purposes of this clause (f), without taking account of the intended usage of the Available Amount on such Reference Date in the contemplated transaction). 
 “Available Amount Reference Period” means, with respect to any Reference Date, the period commencing on January 30, 2011 and ending on the last day of the most recent fiscal quarter
or fiscal year, as applicable, for which financial statements required to be delivered pursuant to Section 6.01(a) or Section 6.01(b), and the related Compliance Certificate required to be delivered pursuant to Section 6.02(a), have
been received by the Administrative Agent. 
 “Bank of America” means Bank of America, N.A., a national banking
association, acting in its individual capacity, and its successors and assigns. 
 “Base Rate” means for any
day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime
rate” and (c) the Adjusted Eurodollar Rate on such day for an Interest Period of one (1) month plus 1.00% (or, if such day is not a Business Day, the immediately preceding Business Day). The “prime rate” is a rate set by
Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below
such announced rate. Any change in such rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change. 

“Base Rate Loan” means a Loan that bears interest based on the Base Rate. 

“BBA LIBOR” has the meaning specified in the definition of “Eurodollar Rate”. 

“Borrower” has the meaning specified in the introductory paragraph to this Agreement. 

“Borrower Materials” has the meaning specified in Section 6.02. 

  

					
		 	7	 	J. Crew Term Loan Credit Agreement

 “Borrower Offer of Specified Discount Prepayment” means the offer by the
Borrower to make a voluntary prepayment of Loans at a specified discount to par pursuant to Section 2.03(a)(iv)(B). 

“Borrower Solicitation of Discount Range Prepayment Offers” means the solicitation by the Borrower of offers for, and
the corresponding acceptance by a Lender of, a voluntary prepayment of Loans at a specified range of discounts to par pursuant to Section 2.03(a)(iv)(C). 
 “Borrower Solicitation of Discounted Prepayment Offers” means the solicitation by the Borrower of offers for, and the subsequent acceptance, if any, by a Lender of, a voluntary prepayment
of Loans at a discount to par pursuant to Section 2.03(a)(iv)(D). 
 “Borrowing” means a borrowing
consisting of Loans of the same Class and Type made, converted or continued on the same date and, in the case of Eurodollar Rate Loans, having the same Interest Period. 
 “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the jurisdiction
where the Administrative Agent’s Office is located and if such day relates to any interest rate settings as to a Eurodollar Rate Loan, any fundings, disbursements, settlements and payments in respect of any such Eurodollar Rate Loan, or any
other dealings to be carried out pursuant to this Agreement in respect of any such Eurodollar Rate Loan, means any such day on which dealings in deposits in Dollars are conducted by and between banks in the London interbank eurodollar market.

 “Canadian Dollars” means Canadian dollars, the lawful currency of Canada. 

“Capital Expenditures” means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as
liabilities and including in all events all amounts expended or capitalized under Capitalized Leases) by the Borrower and the Restricted Subsidiaries during such period that, in conformity with GAAP, are or are required to be included as capital
expenditures on the consolidated statement of cash flows of the Borrower and the Restricted Subsidiaries. 

“Capitalized Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability
in respect of a Capitalized Lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with GAAP. 

“Capitalized Leases” means all leases that have been or are required to be, in accordance with GAAP, recorded as
capitalized leases; provided that for all purposes hereunder the amount of obligations under any Capitalized Lease shall be the amount thereof accounted for as a liability in accordance with GAAP. 

  

					
		 	8	 	J. Crew Term Loan Credit Agreement

 “Cash Collateral Account” means an account held at, and subject to the sole
dominion and control of, the Collateral Agent, including the Asset Sale Proceeds Pledged Account. 
 “Cash
Equivalents” means any of the following types of Investments, to the extent owned by the Borrower or any Restricted Subsidiary: 
 (a) Dollars, Euros or Canadian Dollars; 
 (b) in the case of any
Foreign Subsidiary that is a Restricted Subsidiary, such local currencies held by it from time to time in the ordinary course of business and not for speculation; 

(c) readily marketable direct obligations issued or directly and fully and unconditionally guaranteed or insured by the
United States government or any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of such government with maturities of 12 months or less from the date of acquisition;

 (d) certificates of deposit, time deposits and eurodollar time deposits with maturities of one year or less
from the date of acquisition, demand deposits, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any domestic or foreign commercial bank having capital and surplus of not less than
$500,000,000; 
 (e) repurchase obligations for underlying securities of the types described in clauses
(c) and (d) above or clause (g) below entered into with any financial institution meeting the qualifications specified in clause (d) above; 
 (f) commercial paper rated at least P-2 by Moody’s or at least A-2 by S&P (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another
nationally recognized statistical rating agency) and in each case maturing within 12 months after the date of creation thereof; 
 (g) marketable short-term money market and similar highly liquid funds having a rating of at least P-2 or A-2 from either Moody’s or S&P, respectively (or, if at any time neither Moody’s nor
S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency); 
 (h) readily marketable direct obligations issued by any state, commonwealth or territory of the United States or any political subdivision or taxing authority thereof having an Investment Grade Rating
from either Moody’s or S&P (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency) with maturities of 12 months or less from
the date of acquisition; 

  

					
		 	9	 	J. Crew Term Loan Credit Agreement

 (i) Investments with average maturities of 12 months or less from the date
of acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an
equivalent rating from another nationally recognized statistical rating agency); and 
 (j) investment funds
investing substantially all of their assets in securities of the types described in clauses (a) through (i) above. 

In the case of Investments by any Foreign Subsidiary that is a Restricted Subsidiary or Investments made in a country outside the United
States of America, Cash Equivalents shall also include (i) investments of the type and maturity described in clauses (a) through (j) above of foreign obligors, which Investments or obligors (or the parents of such obligors) have
ratings described in such clauses or equivalent ratings from comparable foreign rating agencies and (ii) other short-term investments utilized by Foreign Subsidiaries that are Restricted Subsidiaries in accordance with normal investment
practices for cash management in investments analogous to the foregoing investments in clauses (a) through (j) and in this paragraph. 
 Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in clause (a) above, provided that such amounts are converted into
Dollars as promptly as practicable and in any event within ten (10) Business Days following the receipt of such amounts. 

“Cash Management Bank” means any Person that is a Lender or an Affiliate of a Lender at the time it provides any Cash
Management Services, whether or not such Person subsequently ceases to be a Lender or an Affiliate of a Lender. 
 “Cash
Management Obligations” means obligations owed by the Borrower or any Restricted Subsidiary to any Cash Management Bank in respect of or in connection with any Cash Management Services and designated by the Cash Management Bank and the
Borrower in writing to the Administrative Agent as “Cash Management Obligations”. 
 “Cash Management
Services” means any agreement or arrangement to provide cash management services, including treasury, depository, overdraft, credit card processing, credit or debit card, purchase card, electronic funds transfer and other cash management
arrangements. 
 “Casualty Event” means any event that gives rise to the receipt by the Borrower or any
Restricted Subsidiary of any insurance proceeds or condemnation awards in respect of any equipment, fixed assets or real property (including any improvements thereon) to replace or repair such equipment, fixed assets or real property. 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption
or taking effect of any law, rule, regulation or treaty (excluding 

  

					
		 	10	 	J. Crew Term Loan Credit Agreement

 
the taking effect after the date of this Agreement of a law, rule, regulation or treaty adopted prior to the date of this Agreement), (b) any change in any law, rule, regulation or treaty or
in the administration, interpretation or application thereof by any Governmental Authority or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority. It is
understood and agreed that the Dodd–Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111-203, H.R. 4173), all Laws relating thereto, all interpretations and applications thereof and any compliance by a Lender with any request or
directive relating thereto, shall, for the purposes of this Agreement, be deemed to be adopted subsequent to the date hereof. 

“Change of Control” means the earliest to occur of: 

(a) (i) at any time prior to the consummation of a Qualifying IPO, the Permitted Holders ceasing to own, in the aggregate, directly
or indirectly, beneficially and of record, at least a majority of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of Holdings; or 

(ii) at any time upon or after the consummation of a Qualifying IPO, (1) any Person (other than a Permitted Holder) or
(2) Persons (other than one or more Permitted Holders) constituting a “group” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act, but excluding any employee benefit plan of such person and its Subsidiaries, and
any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan), becomes the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under such Act), directly or indirectly, of
Equity Interests representing more than thirty-five percent (35%) of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of Holdings and the percentage of aggregate ordinary voting power so held is
greater than the percentage of the aggregate ordinary voting power represented by the Equity Interests of Holdings beneficially owned, directly or indirectly, in the aggregate by the Permitted Holders; 

unless, in the case of either clause (a)(i) or (a)(ii) above, the Permitted Holders have, at such time, the right or the ability by voting power,
contract or otherwise to elect or designate for election at least a majority of the board of directors of Holdings; or 
 (b)
any “Change of Control” (or any comparable term) in any document pertaining to the ABL Facilities, the Senior Notes, the Senior Notes Indenture or any indenture governing notes issued in a Permitted Refinancing of the Senior Notes; or

 (c) the Borrower ceases to be a direct wholly owned Subsidiary of Holdings (or any Successor Holdings or successor under
7.04(a)). 
 “Class” when used in reference to (a) any Loan or Borrowing, refers to whether such Loan, or
the Loans comprising such Borrowing, are Initial Loans, Incremental Loans, Other Loans or Extended Loans, (b) any Commitment, refers to whether such Commitment is a Commitment in respect of Initial Loans, Other Term Commitment (and, in the case
of an Other Term Commitment, the Class of Loans to which such commitment relates), or a Commitment in 

  

					
		 	11	 	J. Crew Term Loan Credit Agreement

 
respect of a Class of Loans to be made pursuant to an Incremental Amendment or an Extension Offer and (c) any Lender, refers to whether such Lender has a Loan or Commitment with respect to a
particular Class of Loans or Commitments. Other Term Commitments, Other Loans, Incremental Loans and Extended Loans that have different terms and conditions shall be construed to be in different Classes. 

“Closing Date” means the first date on which all the conditions precedent in Section 4.01 are satisfied or waived
in accordance with Section 10.01. 
 “Closing Date Material Adverse Effect” means any effect, change,
event or occurrence (whether or not constituting any breach of a representation, warranty, covenant or agreement set forth in the Merger Agreement) that, individually or in the aggregate with all other effects, changes, events or occurrences
(i) has a material adverse effect on the business, results of operations, assets or financial condition of the Company and its Subsidiaries taken as a whole, or (ii) would or would reasonably be expected to prevent or materially impair or
delay the consummation of the Transactions; provided, however, that none of the following, and to the extent arising out of or resulting from the following, no other effect, change, event or occurrence, shall constitute or be taken into
account, individually or in the aggregate, in determining whether a Closing Date Material Adverse Effect has occurred or may occur: any effect, change, event or occurrence (A) generally affecting (1) the industry in which the Company and
its Subsidiaries operate or (2) the economy, credit or financial or capital markets, in the United States or elsewhere in the world, including changes in interest or exchange rates, or (B) to the extent arising out of, resulting from or
attributable to (1) changes in Law or in generally accepted accounting principles or in accounting standards after the date of the Merger Agreement or prospective changes in Law or in generally accepted accounting principles or in accounting
standards, or any changes or prospective changes in the interpretation or enforcement of any of the foregoing, or any changes or prospective changes in general legal, regulatory or political conditions, (2) the negotiation, execution or
announcement of the Merger Agreement or the consummation of the Transactions (other than for purposes of any representation or warranty contained in Section 3.3(c) and Section 3.4 of the Merger Agreement), including the impact thereof on
relationships, contractual or otherwise, with customers, suppliers, distributors, partners, employees or regulators, or any litigation arising from allegations of breach of fiduciary duty or violation of Law relating to the Merger Agreement or the
transactions contemplated by the Merger Agreement, (3) acts of war (whether or not declared), sabotage or terrorism, or any escalation or worsening of any such acts of war (whether or not declared), sabotage or terrorism, (4) pandemics,
earthquakes, hurricanes, tornados or other natural disasters, (5) any action taken by the Company or its Subsidiaries that is described in, and permitted to be taken without consent under, clauses (i) through (xviii) of
Section 5.1(a) of the Merger Agreement, that were taken at the Parent’s written request or upon its advance written consent pursuant to Section 5.1 of the Merger Agreement (in each case, with the consent of the Arrangers) or the
failure by the Company or its Subsidiaries to take any action that is prohibited by the Merger Agreement to the extent Parent fails to give its consent thereto (and such failure is the result of the Arrangers refusing to consent, after the request
of the Parent, to Parent giving such consent) after a written request therefor pursuant to Section 5.1 of the Merger Agreement, (6) any change resulting or 

  

					
		 	12	 	J. Crew Term Loan Credit Agreement

 
arising from the identity of, or any facts or circumstances relating to, Parent, Merger Sub or any of their respective Affiliates, (7) any change or prospective change in the Company’s
credit ratings, (8) any decline in the market price, or change in trading volume, of the capital stock of the Company or (9) any failure to meet any internal or public projections, forecasts, guidance, estimates, milestones, budgets or
internal or published financial or operating predictions of revenue, earnings, cash flow or cash position (it being understood that the exceptions in clauses (7), (8) and (9) shall not prevent or otherwise affect a determination that the
underlying cause of any such decline or failure referred to therein (if not otherwise falling within any of the exceptions provided by clause (A) and clauses (B)(1) through (6) hereof) is a Closing Date Material Adverse Effect);
provided, further, however, that any effect, change, event or occurrence referred to in clauses (A) or (B)(1), (3) or (4) may be taken into account in determining whether or not there has been a Closing Date Material Adverse
Effect to the extent such effect, change, event or occurrence has a materially disproportionate adverse affect on the Company and its Subsidiaries, taken as a whole, as compared to other participants in the industry in which the Company and its
Subsidiaries operate (in which case the incremental materially disproportionate impact or impacts may be taken into account in determining whether or not there has been or may be a Closing Date Material Adverse Effect). For purposes of this
definition, “Company”, “Subsidiaries”, “Transactions”, “Laws”, “Parent”, “Merger Sub” and “Affiliates” shall have the meanings assigned to such terms in the Merger Agreement.

 “Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time. 

“Co-Documentation Agents” means each of Mizuho Corporate Bank, Limited and Sumitomo Mitsui Banking Corporation, each as
a Co-Documentation Agent under this Agreement. 
 “Co-Investor” means any of (a) the assignees, if any, of
the equity commitments of any Sponsor who become holders of Equity Interests in the Borrower (or any of the direct or indirect parent companies of the Borrower) on the Closing Date in connection with the Acquisition and (b) the transferees, if
any, that acquire, within 90 days of the Closing Date, any Equity Interests in the Borrower (or any of the direct or indirect parent companies of the Borrower) held by any Sponsor as of the Closing Date. 

“Collateral” means all the “Collateral” (or equivalent term) as defined in any Collateral Document and shall
include the Mortgaged Properties. 
 “Collateral Agent” has the meaning specified in the introductory paragraph
to this Agreement. 

  

					
		 	13	 	J. Crew Term Loan Credit Agreement

 “Collateral and Guarantee Requirement” means, at any time, the requirement
that: 
 (a) the Collateral Agent shall have received each Collateral Document required to be delivered on the Closing Date
pursuant to Section 4.01(a)(iv) or pursuant to Section 6.11 or Section 6.13 at such time, duly executed by each Loan Party thereto; 
 (b) all Obligations shall have been unconditionally guaranteed by Holdings, each Restricted Subsidiary of the Borrower that is a wholly owned Material Domestic Subsidiary and not an Excluded Subsidiary
including those that are listed on Schedule I hereto (each, a “Guarantor”), and any Restricted Subsidiary of the Borrower that Guarantees the Senior Notes, any Indebtedness incurred by the Borrower pursuant to the ABL
Facilities (or is a co-borrower with the Borrower thereunder), any Junior Financing or any Credit Agreement Refinancing Indebtedness (or, in each case, any Permitted Refinancing thereof) shall be a Guarantor hereunder; 

(c) the Obligations and the Guaranty shall have been secured by a first-priority security interest (subject to non-consensual Liens
permitted by Section 7.01) in (i) all the Equity Interests of the Borrower, (ii) all Equity Interests of each direct, wholly owned Domestic Subsidiary (other than a Domestic Subsidiary described in the following clause (iii)(A)) that
is directly owned by the Borrower or any Subsidiary Guarantor and (iii) 65% of the issued and outstanding Equity Interests of (A) each wholly owned Domestic Subsidiary that is directly owned by the Borrower or by any Subsidiary Guarantor
and that is a disregarded entity for United States Federal income tax purposes substantially all of the assets of which consist of Equity Interests in one or more Foreign Subsidiaries and (B) each wholly owned Foreign Subsidiary that is
directly owned by the Borrower or by any Subsidiary Guarantor; 
 (d) except to the extent otherwise provided hereunder,
including subject to Liens permitted by Section 7.01, or under any Collateral Document, the Obligations and the Guaranty shall have been secured by a perfected first-priority security interest (to the extent such security interest may be
perfected by delivering certificated securities, filing financing statements under the Uniform Commercial Code or making any necessary filings with the United States Patent and Trademark Office or United States Copyright Office) in substantially all
tangible and intangible personal property of the Borrower and each Guarantor (including accounts (other than deposit accounts, other bank or securities accounts or any Securitization Assets, but including the Asset Sale Proceeds Pledged Account),
inventory, equipment, investment property, contract rights, applications and registrations of intellectual property filed in the United States, other general intangibles, and proceeds of the foregoing), in each case, with the priority required by
the Collateral Documents, in each case subject to exceptions and limitations otherwise set forth in this Agreement and the Collateral Documents; provided that any such security interests in Current Asset Collateral shall be subject to the
terms of the ABL Intercreditor Agreement; 
 (e) the Collateral Agent shall have received (i) counterparts of a Mortgage
with respect to each Material Real Property listed on Schedule 1.01F or required to be delivered pursuant to Section 6.11 and 6.13(b) (the “Mortgaged Properties”) duly executed and delivered

  

					
		 	14	 	J. Crew Term Loan Credit Agreement

 
by the record owner of such property, (ii) a policy or policies of title insurance issued by a nationally recognized title insurance company insuring the Lien of each such Mortgage as a
valid Lien on the property described therein, free of any other Liens except as expressly permitted by Section 7.01, together with such endorsements, coinsurance and reinsurance as the Collateral Agent may reasonably request, and
(iii) such surveys, abstracts and appraisals and such customary legal opinions and other documents as the Collateral Agent may reasonably request with respect to any such Mortgaged Property. 

The foregoing definition shall not require the creation or perfection of pledges of or security interests in, or the obtaining of title
insurance, surveys, abstracts or appraisals with respect to, particular assets if and for so long as, in the reasonable judgment of the Collateral Agent and the Borrower, the cost of creating or perfecting such pledges or security interests in such
assets or obtaining title insurance, surveys abstracts or appraisals in respect of such assets shall be excessive in view of the benefits to be obtained by the Lenders therefrom. 

The Collateral Agent may grant extensions of time for the perfection of security interests in or the obtaining of title insurance and
surveys with respect to particular assets (including extensions beyond the Closing Date for the perfection of security interests in the assets of the Loan Parties on such date) where it reasonably determines, in consultation with the Borrower, that
perfection cannot be accomplished without undue effort or expense by the time or times at which it would otherwise be required by this Agreement or the Collateral Documents. 
 “Collateral Documents” means, collectively, the Security Agreement, the Intellectual Property Security Agreements, the Mortgages, each of the mortgages, collateral assignments, Security
Agreement Supplements, security agreements, pledge agreements or other similar agreements delivered to the Agents and the Lenders pursuant to Sections 4.01(a)(iv), 6.11 or 6.13, the Guaranty, the ABL Intercreditor Agreement, the First Lien
Intercreditor Agreement (if any), the Second Lien Intercreditor Agreement (if any) and each of the other agreements, instruments or documents that creates or purports to create a Lien or Guarantee in favor of the Collateral Agent for the benefit of
the Secured Parties. 
 “Commitment” means, as to each Lender, its obligation to make a Loan to the Borrower
hereunder, expressed as an amount representing the maximum principal amount of the Loan to be made by such Lender under this Agreement, as such commitment may be (a) reduced from time to time pursuant to Section 2.04 and (b) reduced
or increased from time to time pursuant to (i) assignments by or to such Lender pursuant to an Assignment and Assumption, (ii) an Incremental Amendment, (iii) a Refinancing Amendment or (iv) an Extension. The initial amount of
each Lender’s Commitment is set forth on Schedule 2.01 under the caption “Commitment” or, otherwise, in the Assignment and Assumption, Incremental Amendment or Refinancing Amendment pursuant to which such Lender shall have
assumed its Commitment, as the case may be. The initial aggregate amount of the Commitments is $1,200,000,000. 

“Committed Loan Notice” means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the
other, or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A. 

  

					
		 	15	 	J. Crew Term Loan Credit Agreement

 “Company” has the meaning specified in the introductory paragraph to this
Agreement. 
 “Company Parties” means the collective reference to Holdings and its Subsidiaries, including the
Borrower, and “Company Party” means any one of them. 
 “Compliance Certificate” means a
certificate substantially in the form of Exhibit C and which certificate shall in any event be a certificate of the chief financial officer (a) certifying as to whether a Default has occurred and is continuing and, if applicable,
specifying the details thereof and any action taken or proposed to be taken with respect thereto, (b) setting forth reasonably detailed calculations, in the case of financial statements delivered under Section 6.01(a), beginning with the
financial statements for the fiscal year of the Borrower ending January 28, 2012, of Excess Cash Flow for such fiscal year, (c) commencing with the certificate delivered pursuant to Section 6.02(a) for the fiscal quarter ending
July 30, 2011, setting forth a calculation of the Senior Secured Net Leverage Ratio as of the end of the most recent Test Period and (d) in the case of financial statements delivered under Section 6.01(a), setting forth a reasonably
detailed calculation of the Net Cash Proceeds received during the applicable period by or on behalf of, Holdings or any of its Restricted Subsidiaries in respect of any Disposition subject to prepayment pursuant to Section 2.03(b)(ii)(A) and
the portion of such Net Cash Proceeds that has been invested or are intended to be reinvested in accordance with Section 2.03(b)(ii)(B). 
 “Consolidated Current Assets” means, as at any date of determination, the total assets of the Borrower and the Restricted Subsidiaries on a consolidated basis that may properly be
classified as current assets in conformity with GAAP, excluding cash and Cash Equivalents, amounts related to current or deferred taxes based on income or profits, assets held for sale, loans (permitted) to third parties, pension assets, deferred
bank fees and derivative financial instruments, and excluding the effects of adjustments pursuant to GAAP resulting from the application of recapitalization accounting or purchase accounting, as the case may be, in relation to the Transaction or any
consummated acquisition. 
 “Consolidated Current Liabilities” means, as at any date of determination, the
total liabilities of the Borrower and the Restricted Subsidiaries on a consolidated basis that may properly be classified as current liabilities in conformity with GAAP, excluding (A) the current portion of any Funded Debt, (B) the current
portion of interest, (C) accruals for current or deferred taxes based on income or profits, (D) accruals of any costs or expenses related to restructuring reserves, (E) revolving loans, swingline loans and letter of credit obligations
under the ABL Facilities or any other revolving credit facility, (F) the current portion of any Capitalized Lease Obligation, (G) deferred revenue arising from cash receipts that are earmarked for specific projects, (H) liabilities in
respect of unpaid earn-outs and (I) the current portion of any other long-term liabilities, and, furthermore, excluding the effects of adjustments pursuant to GAAP resulting from the application of recapitalization accounting or purchase
accounting, as the case may be, in relation to the Transaction or any consummated acquisition. 

  

					
		 	16	 	J. Crew Term Loan Credit Agreement

 “Consolidated Depreciation and Amortization Expense” means, with respect to
any Person for any period, the total amount of depreciation and amortization expense of such Person, including the amortization of deferred financing fees or costs for such period on a consolidated basis and otherwise determined in accordance with
GAAP. 
 “Consolidated EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of
such Person for such period: 
 (a) increased by (without duplication): 

(i) provision for taxes based on income or profits or capital, plus franchise or similar taxes and foreign withholding
taxes, of such Person for such period deducted in computing Consolidated Net Income, plus  

(ii) (A) total interest expense of such Person for such period and (B) bank fees and costs of surety bonds, in
each case under this clause (B), in connection with financing activities and, in each case under clauses (A) and (B), to the extent the same was deducted in computing Consolidated Net Income, plus 

(iii) Consolidated Depreciation and Amortization Expense of such Person for such period to the extent such depreciation
and amortization were deducted in computing Consolidated Net Income, plus  
 (iv) any expenses or charges
related to any issuance of Equity Interests, Investment, acquisition, disposition, recapitalization or the incurrence or repayment of Indebtedness permitted to be incurred hereunder including a refinancing thereof (whether or not successful) and any
amendment or modification to the terms of any such transactions, including such fees, expenses or charges related to the Transaction, in each case, deducted in computing Consolidated Net Income, plus  

(v) the amount of any restructuring charge or reserve deducted in such period in computing Consolidated Net Income,
including any one-time costs incurred in connection with (A) Permitted Acquisitions after the Closing Date or (B) the closing of any Stores or distribution centers after the Closing Date; plus 

(vi) the amount of costs relating to pre-opening and opening costs for Stores, signing, retention and completion bonuses,
costs incurred in connection with any strategic initiatives, transition costs, consolidation and closing costs for Stores and costs incurred in connection with non-recurring product and intellectual property development after the Closing Date, other
business optimization expenses (including costs and expenses relating to business optimization programs), and new systems design and implementation costs and project start-up costs in an aggregate amount for all items added pursuant to this clause
(vi) not to exceed $25,000,000 in any period of four-consecutive fiscal quarters, plus 

  

					
		 	17	 	J. Crew Term Loan Credit Agreement

 (vii) any other non-cash charges including any write offs or write downs
reducing such Consolidated Net Income for such period (provided that if any such non-cash charges represent an accrual or reserve for potential cash items in any future period, (1) the Borrower may determine not to add back such non-cash
charge in the current period and (2) to the extent the Borrower does decide to add back such non-cash charge, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent, and excluding
amortization of a prepaid cash item that was paid in a prior period), plus  
 (viii) the amount of any
minority interest expense deducted in calculating Consolidated Net Income, plus  
 (ix) the amount of
management, monitoring, consulting and advisory fees (including termination fees) and related indemnities and expenses paid or accrued in such period under the Sponsor Management Agreement or otherwise to the Sponsors to the extent permitted under
Section 7.08 and deducted in such period in computing Consolidated Net Income, plus  
 (x) the
amount of net cost savings and synergies (other than any of the foregoing related to Specified Transactions) projected by the Borrower in good faith to result from actions taken or expected to be taken no later than twelve (12) months after the
end of such period (calculated on a pro forma basis as though such cost savings and synergies had been realized on the first day of the period for which Consolidated EBITDA is being determined), net of the amount of actual benefits realized during
such period from such actions; provided that (A) such cost savings and synergies are reasonably identifiable and factually supportable, and (B) the aggregate amount of cost savings and synergies added pursuant to this clause
(x) for any Test Period shall not exceed, after the Closing Date, the greater of (x) $30,000,000 and (y) 10% of Consolidated EBITDA for such Test Period (calculated prior to giving effect to any adjustment pursuant to this clause
(x)), plus 
 (xi) the amount of loss on sale of receivables, Securitization Assets and related assets to
any Securitization Subsidiary in connection with a Qualified Securitization Financing, plus 
 (xii) cash
receipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated EBITDA or Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of
Consolidated EBITDA pursuant to paragraph (b) below for any previous period and not added back, plus 

  

					
		 	18	 	J. Crew Term Loan Credit Agreement

 (xiii) any costs or expenses incurred by the Borrower or a Restricted
Subsidiary pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or stockholders agreement, to the extent that such costs or expenses are funded with cash
proceeds contributed to the capital of the Borrower or net cash proceeds of issuance of Equity Interests of the Borrower (other than Disqualified Equity Interests), in each case, solely to the extent that such cash proceeds are excluded from the
calculation of the Available Amount; 
 (b) decreased by (without duplication): 

(i) any non-cash gains increasing Consolidated Net Income of such Person for such period, excluding any gains that
represent the reversal of any accrual of, or cash reserve for, anticipated cash charges in any prior period (other than such cash charges that have been added back to Consolidated Net Income in calculating Consolidated EBITDA in accordance with this
definition), plus 
 (ii) any non-cash gains with respect to cash actually received in a prior period
unless such cash did not increase Consolidated EBITDA in such prior period. 
 “Consolidated Net Debt” means,
as of any date of determination, (a) Consolidated Total Debt, minus (b) an aggregate amount of cash and Cash Equivalents (in each case, free and clear of all Liens, other than nonconsensual Liens permitted by Section 7.01 and Liens
permitted by Sections 7.01(a), (l), (m), (s), (t)(i), (t)(ii), (u), (y) and (cc)), not exceeding $50,000,000 in the aggregate, included in the consolidated balance sheet of the Borrower and the Restricted Subsidiaries as of such date, excluding
cash and Cash Equivalents which are listed as “Restricted” on such balance sheet. 
 “Consolidated Net
Income” means, with respect to any Person for any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP;
provided, however, that, without duplication, 
 (a) any net after-tax extraordinary, non-recurring
or unusual gains or losses (less all fees and expenses relating thereto) or expenses, and Transaction Expenses, relocation costs, integration costs, facility consolidation and closing costs (other than with respect to Stores), severance costs and
expenses and one-time compensation charges, shall be excluded, 
 (b) the Net Income for such period shall not
include the cumulative effect of a change in accounting principles during such period, whether effected through a cumulative effect adjustment or a retroactive application in each case in accordance with GAAP, 

  

					
		 	19	 	J. Crew Term Loan Credit Agreement

 (c) effects of adjustments (including the effects of such adjustments pushed
down to the Borrower and the Restricted Subsidiaries) in such Person’s consolidated financial statements pursuant to GAAP (including in the inventory, property and equipment, software, goodwill, intangible assets, in-process research and
development, deferred revenue and debt line items thereof) resulting from the application of recapitalization accounting or purchase accounting, as the case may be, in relation to the Transaction or any consummated acquisition or the amortization or
write-off of any amounts thereof, net of taxes, shall be excluded, 
 (d) any net after-tax income (loss) from
disposed or discontinued operations and any net after-tax gains or losses on disposal of disposed or discontinued operations shall be excluded, 
 (e) any net after-tax gains or losses (less all fees and expenses relating thereto) attributable to asset dispositions or the sale or other disposition of any Equity Interests of any Person other than in
the ordinary course of business, as determined in good faith by the Borrower, shall be excluded, 
 (f) the Net
Income for such period of any Person that is not a Subsidiary, or is an Unrestricted Subsidiary, or that is accounted for by the equity method of accounting, shall be excluded; provided that Consolidated Net Income of the Borrower shall be
increased by the amount of dividends or distributions or other payments that are actually paid in cash (or to the extent converted into cash) to the referent Person or a Restricted Subsidiary thereof in respect of such period (subject in the case of
dividends, distributions or other payments made to a Restricted Subsidiary to the limitations contained in clause (g) below), 
 (g) solely for the purpose of determining the Available Amount, the Net Income for such period of any Restricted Subsidiary (other than any Subsidiary Guarantor) shall be excluded to the extent the
declaration or payment of dividends or similar distributions by that Restricted Subsidiary of its Net Income is not at the date of determination permitted without any prior governmental approval (which has not been obtained) or, directly or
indirectly, by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule, or governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such restriction with
respect to the payment of dividends or similar distributions has been legally waived; provided that Consolidated Net Income of the Borrower will be increased by the amount of dividends or other distributions or other payments actually paid in
cash (or to the extent converted into cash) to the Borrower or a Restricted Subsidiary thereof in respect of such period, to the extent not already included therein, 

(h) (i) any net unrealized gain or loss (after any offset) resulting in such period from obligations in respect of
Swap Contracts and the application of Financial Accounting Standards Board Accounting Standards Codification 815 (Derivatives and Hedging), (ii) any net gain or loss resulting in such period from currency translation gains

  

					
		 	20	 	J. Crew Term Loan Credit Agreement

 
or losses related to currency remeasurements of Indebtedness (including the net loss or gain (A) resulting from Swap Contracts for currency exchange risk and (B) resulting from
intercompany Indebtedness) and all other foreign currency translation gains or losses to the extent such gain or losses are non-cash items, and (iii) any net after-tax income (loss) for such period attributable to the early extinguishment or
conversion of (A) Indebtedness, (B) obligations under any Swap Contracts or (C) other derivative instruments, shall be excluded, 
 (i) any impairment charge or asset write-off, including impairment charges or asset write-offs or write-downs related to intangible assets, long-lived assets, investments in debt and equity securities or
as a result of a change in law or regulation, in each case pursuant to GAAP, and the amortization of intangibles arising pursuant to GAAP shall be excluded, 
 (j) any expenses, charges or losses that are covered by indemnification or other reimbursement provisions in connection with any Investment, Permitted Acquisition or any sale, conveyance, transfer or
other disposition of assets permitted under this Agreement, to the extent actually reimbursed, or, so long as the Borrower has made a determination that a reasonable basis exists for indemnification or reimbursement and only to the extent that such
amount is in fact indemnified or reimbursed within 365 days of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so indemnified or reimbursed within such 365 days), shall be excluded,

 (k) to the extent covered by insurance and actually reimbursed, or, so long as the Borrower has made a
determination that there exists reasonable evidence that such amount will in fact be reimbursed within 365 days of the date of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so
reimbursed within such 365 days), expenses, charges or losses with respect to liability or casualty events or business interruption shall be excluded, and 
 (l) any non-cash (for such period and all other periods) compensation charge or expense, including any such charge or expense arising from the grants of stock appreciation or similar rights, stock
options, restricted stock or other rights or equity incentive programs shall be excluded, and any cash charges associated with the rollover, acceleration or payout of Equity Interests by, or to, management of the Borrower or any of its Restricted
Subsidiaries in connection with the Transaction, shall be excluded. 
 “Consolidated Senior Secured Net Debt”
means, as of any date of determination, Consolidated Net Debt that is secured by a Lien on any asset or property of any Loan Party or any Restricted Subsidiary. 
 “Consolidated Total Debt” means, as of any date of determination, the aggregate principal amount of Indebtedness of the Borrower and the Restricted Subsidiaries outstanding on such date,
determined on a consolidated basis in accordance with GAAP (but excluding the 

  

					
		 	21	 	J. Crew Term Loan Credit Agreement

 
effects of any discounting of Indebtedness resulting from the application of purchase accounting in connection with the Transaction, any Permitted Acquisition or any other Investment permitted
hereunder), consisting of Indebtedness for borrowed money, unreimbursed obligations in respect of drawn letters of credit, obligations in respect of Capitalized Leases and debt obligations evidenced by promissory notes or similar instruments;
provided that Consolidated Total Debt shall not include Indebtedness in respect of (i) any Qualified Securitization Financing, (ii) any letter of credit, except to the extent of unreimbursed obligations in respect of drawn letters
of credit (provided that any unreimbursed amount under commercial letters of credit shall not be counted as Consolidated Total Debt until three (3) Business Days after such amount is drawn (it being understood that any borrowing, whether
automatic or otherwise, to fund such reimbursement shall be counted)) and (iii) obligations under Swap Contracts. 

“Consolidated Working Capital” means, as at any date of determination, the excess of Consolidated Current Assets over
Consolidated Current Liabilities. 
 “Contract Consideration” has the meaning specified in the definition of
“Excess Cash Flow”. 
 “Contractual Obligation” means, as to any Person, any provision of any
security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 
 “Control” has the meaning specified in the definition of “Affiliate”. 
 “Credit Agreement Refinancing Indebtedness” means any (a) Permitted Pari Passu Secured Refinancing Debt, (b) Permitted Junior Secured Refinancing Debt, (c) Permitted
Unsecured Refinancing Debt or (d) Indebtedness incurred pursuant to a Refinancing Amendment, in each case, issued, incurred or otherwise obtained (including by means of the extension or renewal of existing Indebtedness) in exchange for, or to
extend, renew, replace or refinance, in whole or part, existing Loans (including any successive Credit Agreement Refinancing Indebtedness) (“Refinanced Term Debt”); provided that (i) such exchanging, extending, renewing,
replacing or refinancing Indebtedness is in an original aggregate principal amount not greater than the aggregate principal amount of the Refinanced Term Debt except by an amount equal to unpaid accrued interest and premium (including tender
premium) thereon plus reasonable upfront fees and OID on such exchanging, extending, renewing, replacing or refinancing Indebtedness, plus other reasonable and customary fees and expenses in connection with such exchange, modification, refinancing,
refunding, renewal, replacement or extension, (ii) such Indebtedness has a later maturity than, and a Weighted Average Life to Maturity equal to or greater than, the Refinanced Term Debt, (iii) the terms and conditions of such Indebtedness
(except as otherwise provided in clause (ii) above and with respect to pricing, premiums and optional prepayment or redemption terms) are substantially identical to, or (taken as a whole) are no more favorable to the lenders or holders
providing such Indebtedness, than those applicable to the Loans being refinanced (except for covenants or other provisions applicable only to periods after the Latest Maturity Date at the time of incurrence of such Indebtedness) (provided
that a certificate of a Responsible Officer delivered to the Administrative Agent at least five (5)

  

					
		 	22	 	J. Crew Term Loan Credit Agreement

 
Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such Indebtedness or drafts of the
documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the requirement of this clause (iii) shall be conclusive evidence that such terms and conditions satisfy such
requirement unless the Administrative Agent notifies the Borrower within such five (5) Business Day period that it disagrees with such determination (including a description of the basis upon which it disagrees)) and (iv) such Refinanced
Term Debt shall be repaid, defeased or satisfied and discharged, and all accrued interest, fees and premiums (if any) in connection therewith shall be paid, on the date such Credit Agreement Refinancing Indebtedness is issued, incurred or obtained.

 “Current Asset Collateral” means all the “ABL Priority Collateral” as defined in the ABL
Intercreditor Agreement. 
 “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other
liquidation, conservatorship, bankruptcy, 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. 
 “Default” means any event or condition that
constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. 
 “Default Rate” means an interest rate equal to (a) the Base Rate plus (b) the Applicable Rate applicable to Base Rate Loans plus (c) 2.0% per annum;
provided that with respect to the outstanding principal amount of any Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan (giving effect to
Section 2.02(c)) plus 2.0% per annum, in each case, to the fullest extent permitted by applicable Laws. 

“Designated Non-Cash Consideration” means the fair market value of non-cash consideration received by the Borrower or a
Restricted Subsidiary in connection with a Disposition pursuant to Section 7.05(j) that is designated as Designated Non-Cash Consideration pursuant to a certificate of a Responsible Officer, setting forth the basis of such valuation (which
amount will be reduced by the fair market value of the portion of the non-cash consideration converted to cash within one hundred eighty (180) days following the consummation of the applicable Disposition). 

“Discount Prepayment Accepting Lender” has the meaning assigned to such term in Section 2.03(a)(iv)(B)(2).

 “Discount Range” has the meaning assigned to such term in Section 2.03(a)(iv)(C)(1). 

  

					
		 	23	 	J. Crew Term Loan Credit Agreement

 “Discount Range Prepayment Amount” has the meaning assigned to such term in
Section 2.03(a)(iv)(C)(1). 
 “Discount Range Prepayment Notice” means a written notice of a Borrower
Solicitation of Discount Range Prepayment Offers made pursuant to Section 2.03(a)(iv)(C) substantially in the form of Exhibit L. 
 “Discount Range Prepayment Offer” means the irrevocable written offer by a Lender, substantially in the form of Exhibit M, submitted in response to an invitation to submit offers
following the Auction Agent’s receipt of a Discount Range Prepayment Notice. 
 “Discount Range Prepayment Response
Date” has the meaning assigned to such term in Section 2.03(a)(iv)(C)(1). 
 “Discount Range
Proration” has the meaning assigned to such term in Section 2.03(a)(iv)(C)(3). 
 “Discounted Loan
Prepayment” has the meaning assigned to such term in Section 2.03(a)(iv)(A). 
 “Discounted Prepayment
Determination Date” has the meaning assigned to such term in Section 2.03(a)(iv)(D)(3). 
 “Discounted
Prepayment Effective Date” means in the case of a Borrower Offer of Specified Discount Prepayment, Borrower Solicitation of Discount Range Prepayment Offer or Borrower Solicitation of Discounted Prepayment Offer, five (5) Business Days
following the Specified Discount Prepayment Response Date, the Discount Range Prepayment Response Date or the Solicited Discounted Prepayment Response Date, as applicable, in accordance with Section 2.03(a)(iv)(B), Section 2.03(a)(iv)(C)
or Section 2.03(a)(iv)(D), respectively, unless a shorter period is agreed to between the Borrower and the Auction Agent. 

“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including any
sale and leaseback transaction and any sale or issuance of Equity Interests in a Restricted Subsidiary) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts
receivable or any rights and claims associated therewith. 
 “Disqualified Equity Interests” means any Equity
Interest that, by its terms (or by the terms of any security or other Equity Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily redeemable
(other than solely for Qualified Equity Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control
or asset sale event shall be subject to the prior repayment in full of the Loans and all other Obligations that are accrued and payable and the termination of the Commitments), (b) is redeemable at the option of the

  

					
		 	24	 	J. Crew Term Loan Credit Agreement

 
holder thereof (other than solely for Qualified Equity Interests), in whole or in part, (c) provides for the scheduled payments of dividends in cash, or (d) is or becomes convertible
into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in each case, prior to the date that is ninety-one (91) days after the Latest Maturity Date of the Loans at the time of
issuance; provided that if such Equity Interests are issued pursuant to a plan for the benefit of employees of Holdings, the Borrower or the Restricted Subsidiaries or by any such plan to such employees, such Equity Interests shall not
constitute Disqualified Equity Interests solely because it may be required to be repurchased by Holdings, the Borrower or the Restricted Subsidiaries in order to satisfy applicable statutory or regulatory obligations. 

“Dollar” and “$” mean lawful money of the United States. 

“Domestic Subsidiary” means any Subsidiary that is organized under the Laws of the United States, any state thereof or
the District of Columbia. 
 “ECF Percentage” has the meaning specified in Section 2.03(b)(i). 

“Eligible Assignee” means any Person that meets the requirements to be an assignee under Section 10.07(b)(iii) and
(v) (subject to such consents, if any, as may be required under Section 10.07(b)(iii)). 
 “EMU
Legislation” means the legislative measures of the European Council for the introduction of, changeover to or operation of a single or unified European currency. 
 “Environmental Claim” means any and all administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation,
investigations (other than internal reports prepared by any Loan Party or any of its Subsidiaries (a) in the ordinary course of such Person’s business or (b) as required in connection with a financing transaction or an acquisition or
disposition of real estate) or proceedings with respect to any Environmental Liability (hereinafter “Claims”), including (i) any and all Claims by governmental or regulatory authorities for enforcement, cleanup, removal,
response, remedial or other actions or damages pursuant to any Environmental Law and (ii) any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation or injunctive relief pursuant to any
Environmental Law. 
 “Environmental Laws” means any and all Laws relating to the protection of the environment
or, to the extent relating to exposure to Hazardous Materials, human health. 
 “Environmental Liability” means
any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities) of any Loan Party or any of its Subsidiaries directly or indirectly resulting from or based upon
(a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release
of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

  

					
		 	25	 	J. Crew Term Loan Credit Agreement

 “Environmental Permit” means any permit, approval, identification number,
license or other authorization required under any Environmental Law. 
 “Equity Contribution” means,
collectively, (a) the contribution by the Sponsors, the Co-Investors and the Management Stockholders of an aggregate amount of cash, which, together with any rollover equity, will constitute an aggregate amount (together with any amounts
otherwise paid to existing equity holders for Equity Interests in the Borrower in connection with the Transaction) sufficient, after taking into account the proceeds of the Facility and any Senior Notes received on the Closing Date and cash on hand
of the Borrower, to fund the total amount required to finance the Transaction to Holdings or one or more direct or indirect holding company parents of Holdings, and (b) the further contribution to Merger Sub of any portion of such cash
contribution proceeds not directly received by Merger Sub or used by Holdings to pay Transaction Expenses. 
 “Equity
Interests” means, with respect to any Person, all of the shares, interests, rights, participations or other equivalents (however designated) of capital stock of (or other ownership or profit interests or units in) such Person and all of the
warrants, options or other rights for the purchase, acquisition or exchange from such Person of any of the foregoing (including through convertible securities). 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) that together with any Loan Party is treated as a single employer within the meaning of Section 414 of the
Code or Section 4001 of ERISA. 
 “ERISA Event” means (a) a Reportable Event with respect to a
Pension Plan; (b) a withdrawal by any Loan Party or any of their respective ERISA Affiliates from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in
Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as a termination under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by any Loan Party or any of their respective ERISA Affiliates from a
Multiemployer Plan, written notification of any Loan Party or any of their respective ERISA Affiliates concerning the imposition of withdrawal liability or written notification that a Multiemployer Plan is insolvent or is in reorganization within
the meaning of Title IV of ERISA; (d) the filing under Section 4041(c) of ERISA of a notice of intent to terminate a Pension Plan, the treatment of a Pension Plan or Multiemployer Plan amendment as a termination under Sections 4041 or
4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) the imposition of any liability under Title IV of ERISA with respect to the termination of any Pension Plan or
Multiemployer Plan, other than for the payment of plan contributions or PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Loan Party or 

  

					
		 	26	 	J. Crew Term Loan Credit Agreement

 
any of their respective ERISA Affiliates, (f) the application for a minimum funding waiver under Section 302(c) of ERISA with respect to a Pension Plan, (g) the imposition of a
lien under Section 303(k) of ERISA with respect to any Pension Plan or (h) a determination that any Pension Plan is in “at risk” status (within the meaning of Section 303 of ERISA). 

“Eurodollar Rate” means 
 (a) for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to (i) the British Bankers Association LIBOR Rate (“BBA LIBOR”), as published by Reuters
(or such other commercially available source providing quotations of BBA LIBOR as may be designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such
Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period, or (ii) if such rate is not available at such time for any reason, the rate per annum determined by the
Administrative Agent to be the rate at which deposits in Dollars for delivery on the first day of such Interest Period in Same Day Funds in the approximate amount of the Eurodollar Rate Loan being made, continued or converted and with a term
equivalent to such Interest Period would be offered by Bank of America’s London Branch to major banks in the London interbank eurodollar market at their request at approximately 11:00 a.m. (London time) two (2) Business Days prior to the
commencement of such Interest Period; and 
 (b) for any interest calculation with respect to a Base Rate Loan on any date, the
rate per annum equal to (i) BBA LIBOR, at approximately 11:00 a.m., London time determined two (2) Business Days prior to such date for Dollar deposits being delivered in the London interbank market for a term of one month commencing that
day or (ii) if such published rate is not available at such time for any reason, the rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the date of determination in Same Day Funds
in the approximate amount of the Base Rate Loan being made or maintained and with a term equal to one month would be offered by Bank of America’s London Branch to major banks in the London interbank eurodollar market at their request at the
date and time of determination. 
 “Eurodollar Rate Loan” means a Loan that bears interest at a rate based on
clause (a) of the definition of Eurodollar Rate. 
 “Euros” means the lawful currency of the Participating
Member States introduced in accordance with the EMU Legislation. 
 “Event of Default” has the meaning
specified in Section 8.01. 
 “Excess Cash Flow” means, for any period, an amount equal to the excess of:

 (a) the sum, without duplication, of: 
 (i) Consolidated Net Income of the Borrower for such period, 

  

					
		 	27	 	J. Crew Term Loan Credit Agreement

 (ii) an amount equal to the amount of all non-cash charges (including
depreciation and amortization) to the extent deducted in arriving at such Consolidated Net Income, but excluding any such non-cash charges representing an accrual or reserve for potential cash items in any future period and excluding amortization of
a prepaid cash item that was paid in a prior period, 
 (iii) decreases in Consolidated Working Capital for such
period (other than (A) any such decreases arising from acquisitions or Dispositions by the Borrower and the Restricted Subsidiaries completed during such period or the application of purchase accounting and (B) for any determination of
Excess Cash Flow during any period in which an ABL Block shall exist), 
 (iv) an amount equal to the aggregate
net non-cash loss on Dispositions by the Borrower and the Restricted Subsidiaries during such period (other than Dispositions in the ordinary course of business) to the extent deducted in arriving at such Consolidated Net Income, 

(v) the amount deducted as tax expense in determining Consolidated Net Income to the extent in excess of cash taxes paid
in such period, and 
 (vi) cash receipts in respect of Swap Contracts during such fiscal year to the extent not
otherwise included in such Consolidated Net Income; over 
 (b) the sum, without duplication, of: 

(i) an amount equal to the amount of all non-cash credits included in arriving at such Consolidated Net Income (but
excluding any non-cash credit to the extent representing the reversal of an accrual or reserve described in clause (a)(ii) above) and cash charges excluded by virtue of clauses (a) through (l) of the definition of Consolidated Net Income,

 (ii) without duplication of amounts deducted pursuant to clause (xi) below in prior fiscal years, the
amount of Capital Expenditures or acquisitions of intellectual property accrued or made in cash during such period to the extent financed with (A) internally generated funds or (B) the proceeds of extensions of credit under the ABL
Facilities or any other revolving credit facility, in each case, of the Borrower or the Restricted Subsidiaries, 

(iii) the aggregate amount of all principal payments of Indebtedness of the Borrower and the Restricted Subsidiaries
(including (A) the principal component of payments in respect of Capitalized Leases, (B) the amount of any mandatory prepayment of Loans pursuant to Section 2.03(b)(ii) to the extent required due to a Disposition that resulted in an
increase to such Consolidated Net Income and not in excess of the amount of such increase and (C) the amount of any voluntary prepayments of Loans made pursuant to Section 2.03(a)(iv) (in an

  

					
		 	28	 	J. Crew Term Loan Credit Agreement

 
amount equal to the discounted amount actually paid in respect of the principal amount of such Loans), but excluding (X) all other prepayments of Loans (other than voluntary prepayments made
pursuant to Section 2.03(a)(iv)), (Y) all prepayments in respect of any revolving credit facility, except to the extent there is an equivalent permanent reduction in commitments thereunder and (Z) payments of any subordinated
indebtedness except to the extent permitted to be paid pursuant to Section 7.12(a)) made during such period, in each case except to the extent financed with the proceeds of other Indebtedness of the Borrower or the Restricted Subsidiaries,

 (iv) an amount equal to the aggregate net non-cash gain on Dispositions by the Borrower and the Restricted
Subsidiaries during such period (other than Dispositions in the ordinary course of business) to the extent included in arriving at such Consolidated Net Income and the net cash loss on Dispositions to the extent otherwise added to arrive at
Consolidated Net Income, 
 (v) increases in Consolidated Working Capital for such period (other than any such
increases arising from acquisitions or Dispositions by the Borrower and the Restricted Subsidiaries completed during such period or the application of purchase accounting), 

(vi) cash payments by the Borrower and the Restricted Subsidiaries during such period in respect of long-term liabilities
of the Borrower and the Restricted Subsidiaries (other than Indebtedness) to the extent such payments are not expensed during such period or are not deducted in calculating Consolidated Net Income, 

(vii) without duplication of amounts deducted pursuant to clauses (viii) and (xi) below in prior fiscal years,
the amount of Investments made pursuant to Sections 7.02(b)(iii), (m) (but excluding such loans and advances in respect of Sections 7.06(g)(i), (g)(iv) (to the extent the amount of such Investment would not have been deducted pursuant to this
clause if made by the Borrower or a Restricted Subsidiary) and (k)) and (n) and acquisitions made during such period to the extent that such Investments and acquisitions were financed with internally generated cash flow of the Borrower and the
Restricted Subsidiaries and not made in reliance on any basket calculated by reference to the Available Amount, 

(viii) the amount of Restricted Payments paid during such period pursuant to Sections 7.06(f), (g), (h), (i) and
(k)(i) in each case to the extent such Restricted Payments were financed with internally generated cash flow of the Borrower and the Restricted Subsidiaries, 
 (ix) the aggregate amount of expenditures actually made by the Borrower and the Restricted Subsidiaries from internally generated cash flow of the Borrower and the Restricted Subsidiaries during such
period (including 

  

					
		 	29	 	J. Crew Term Loan Credit Agreement

 
expenditures for the payment of financing fees) to the extent that such expenditures are not expensed during such period or are not deducted in calculating Consolidated Net Income, 

(x) the aggregate amount of any premium, make-whole or penalty payments actually paid in cash by Holdings, the Borrower
and the Restricted Subsidiaries during such period that are made in connection with any prepayment of Indebtedness to the extent such payments are not expensed during such period or are not deducted in calculating Consolidated Net Income and such
payments reduced Excess Cash Flow pursuant to clause (b)(iii) above or reduced the mandatory prepayment required by Section 2.03(b)(i), 
 (xi) without duplication of amounts deducted from Excess Cash Flow in prior periods, the aggregate consideration required to be paid in cash by the Borrower or any of the Restricted Subsidiaries pursuant
to binding contracts (the “Contract Consideration”) entered into prior to or during such period relating to Permitted Acquisitions, Capital Expenditures or acquisitions of intellectual property to be consummated or made during the
period of four consecutive fiscal quarters of the Borrower following the end of such period; provided that, to the extent the aggregate amount of internally generated cash flow actually utilized to finance such Permitted Acquisitions, Capital
Expenditures or acquisitions of intellectual property during such period of four consecutive fiscal quarters is less than the Contract Consideration, the amount of such shortfall shall be added to the calculation of Excess Cash Flow at the end of
such period of four consecutive fiscal quarters, 
 (xii) the amount of cash taxes paid or tax reserves set aside
or payable (without duplication) in such period to the extent they exceed the amount of tax expense deducted in determining Consolidated Net Income for such period, and 

(xiii) cash expenditures in respect of Swap Contracts during such fiscal year to the extent not deducted in arriving at
such Consolidated Net Income. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 “Excluded Subsidiary” means (a) any Subsidiary that is not a wholly owned Subsidiary of the Borrower or
a Guarantor, (b) any Foreign Subsidiary of the Borrower or of any direct or indirect Domestic Subsidiary or Foreign Subsidiary, (c) any Domestic Subsidiary that is a disregarded entity for United States Federal income tax purposes
substantially all of the assets of which consist of Equity Interests in one or more Foreign Subsidiaries, (d) any Domestic Subsidiary that is a direct or indirect Subsidiary of a Foreign Subsidiary, (e) any Subsidiary that is prohibited or
restricted by applicable Law from providing a Guaranty or if such Guaranty would require governmental (including regulatory) consent, approval, license or authorization, (f) any special purpose securitization vehicle (or similar entity),
including any Securitization Subsidiary, (g) any Subsidiary that is a not-for-profit organization, (h) any other Subsidiary with 

  

					
		 	30	 	J. Crew Term Loan Credit Agreement

 
respect to which, in the reasonable judgment of the Administrative Agent (confirmed in writing by notice to the Borrower), the cost or other consequences (including any adverse tax consequences)
of providing the Guaranty shall be excessive in view of the benefits to be obtained by the Lenders therefrom and (i) each Unrestricted Subsidiary. 
 “Existing Credit Agreement” means that certain Second Amended and Restated Credit Agreement, dated as of May 4, 2007, by and among J. Crew Operating Corp., J. Crew Inc., Grace
Holmes, Inc. d/b/a J. Crew Retail, H.F.D. No. 55, Inc. d/b/a J. Crew Factory, and Madewell, Inc., as borrowers, the Company and J. Crew International, Inc., as guarantors, Citicorp USA, Inc., as administrative agent and collateral agent, and
the lenders, other agents and issuers from time to time party thereto. 
 “Extended Loans” has the meaning
specified in Section 2.14(a). 
 “Extending Lender” has the meaning specified in Section 2.14(a).

 “Extension” has the meaning specified in Section 2.14(a). 

“Extension Offer” has the meaning specified in Section 2.14(a). 

“Facility” means the Initial Loans, any Extended Loans, any Incremental Loans or any Other Loans, as the context may
require. 
 “FATCA” means Sections 1471 through 1474 of the Code as in effect on the date hereof or any
successor provision that is substantively the equivalent thereof (and, in each case, any regulations promulgated thereunder or official interpretations thereof). 
 “Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System
arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such
rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the
average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to the Administrative Agent on such day on such transactions as determined by the Administrative Agent. 

“Fee Letter” means the Fee Letter, dated November 23, 2010, among Merger Sub, Bank of America and the Arrangers.

 “First Lien Intercreditor Agreement” means a “pari passu” intercreditor agreement among the
Collateral Agent and one or more Senior Representatives for holders of Permitted Pari Passu Secured Refinancing Debt in form and substance reasonably satisfactory to the Collateral Agent. 

  

					
		 	31	 	J. Crew Term Loan Credit Agreement

 “Foreign Casualty Event” has the meaning specified in
Section 2.03(b)(v). 
 “Foreign Disposition” has the meaning specified in Section 2.03(b)(v).

 “Foreign Lender” has the meaning specified in Section 3.01(b). 

“Foreign Plan” means any material employee benefit plan, program or agreement maintained or contributed to by, or
entered into with, Holdings or any Subsidiary of Holdings with respect to employees employed outside the United States (other than benefit plans, programs or agreements that are mandated by applicable Laws). 

“Foreign Subsidiary” means any direct or indirect Restricted Subsidiary of the Borrower that is not a Domestic
Subsidiary. 
 “FRB” means the Board of Governors of the Federal Reserve System of the United States.

 “Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or
otherwise investing in commercial loans and similar extensions of credit in the ordinary course. 
 “Funded
Debt” means all Indebtedness of the Borrower and the Restricted Subsidiaries for borrowed money that matures more than one year from the date of its creation or matures within one year from such date that is renewable or extendable, at the
option of such Person, to a date more than one year from such date or arises under a revolving credit or similar agreement that obligates the lender or lenders to extend credit during a period of more than one year from such date, including
Indebtedness in respect of the Loans. 
 “GAAP” means generally accepted accounting principles in the United
States, as in effect from time to time; provided, however, that if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the
Closing Date in GAAP or in the application thereof (including through the adoption of IFRS) on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision
hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof (including through the adoption of IFRS), then such provision shall be interpreted on the basis of GAAP as in
effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. 
 “Governmental Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as
the European Union or the European Central Bank). 

  

					
		 	32	 	J. Crew Term Loan Credit Agreement

 “Granting Lender” has the meaning specified in Section 10.07(g).

 “Guarantee” means, as to any Person, without duplication, (a) any obligation, contingent or otherwise,
of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other monetary obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly,
and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other monetary obligation, (ii) to purchase or lease property,
securities or services for the purpose of assuring the obligee in respect of such Indebtedness or monetary other obligation of the payment or performance of such Indebtedness or other monetary obligation, (iii) to maintain working capital,
equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other monetary obligation, or (iv) entered into for
the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other monetary obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or
(b) any Lien on any assets of such Person securing any Indebtedness or other monetary obligation of any other Person, whether or not such Indebtedness or monetary other obligation is assumed by such Person (or any right, contingent or
otherwise, of any holder of such Indebtedness to obtain any such Lien); provided that the term “Guarantee” shall not include endorsements for collection or deposit, in either case in the ordinary course of business, or customary and
reasonable indemnity obligations in effect on the Closing Date or entered into in connection with any acquisition or disposition of assets permitted under this Agreement (other than such obligations with respect to Indebtedness). The amount of any
Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably
anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 
 “Guarantors” has the meaning specified in the definition of “Collateral and Guarantee Requirement”. For avoidance of doubt, the Borrower may cause any Restricted Subsidiary that
is not a Guarantor to Guarantee the Obligations by causing such Restricted Subsidiary to execute a joinder to this Agreement in form and substance reasonably satisfactory to the Administrative Agent, and any such Restricted Subsidiary shall be a
Guarantor hereunder for all purposes. 
 “Guaranty” means (a) the guaranty made by Holdings and the other
Guarantors in favor of the Administrative Agent on behalf of the Secured Parties pursuant to clause (b) of the definition of “Collateral and Guarantee Requirement,” substantially in the form of Exhibit E and (b) each
other guaranty and guaranty supplement delivered pursuant to Section 6.11. 

  

					
		 	33	 	J. Crew Term Loan Credit Agreement

 “Hazardous Materials” means all explosive or radioactive substances or
wastes, all hazardous or toxic substances, and all wastes or pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas and infectious or medical wastes regulated
pursuant to any Environmental Law. 
 “Hedge Bank” means any Person that is an Agent, a Lender, a Joint
Bookrunner or an Affiliate of any of the foregoing on the Closing Date or at the time it enters into a Secured Hedge Agreement, in its capacity as a party thereto, whether or not such Person subsequently ceases to be an Agent, a Lender or an
Affiliate of any of the foregoing. 
 “Holdings” has the meaning specified in the introductory paragraph to
this Agreement. 
 “Identified Participating Lenders” has the meaning specified in
Section 2.03(a)(iv)(C)(3). 
 “Identified Qualifying Lender” has the meaning specified in
Section 2.03(a)(iv)(D)(3). 
 “IFRS” means international accounting standards within the meaning of the
IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements. 
 “Incremental
Amendment” has the meaning specified in Section 2.12(a). 
 “Incremental Availability” has the
meaning specified in Section 2.12(a). 
 “Incremental Facility Closing Date” has the meaning specified in
Section 2.12(a). 
 “Incremental Loans” has the meaning specified in Section 2.12(a). 

“Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or not
included as indebtedness or liabilities in accordance with GAAP: 
 (a) all obligations of such Person for
borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 
 (b) the maximum amount (after giving effect to any prior drawings or reductions that may have been reimbursed) of all letters of credit (including standby and commercial), bankers’ acceptances, bank
guaranties, surety bonds, performance bonds and similar instruments issued or created by or for the account of such Person; 
 (c) net obligations of such Person under any Swap Contract; 

  

					
		 	34	 	J. Crew Term Loan Credit Agreement

 (d) all obligations of such Person to pay the deferred purchase price of
property or services (other than (i) trade accounts and accrued expenses payable in the ordinary course of business, (ii) any earn-out obligation until such obligation is not paid after becoming due and payable and (iii) accruals for
payroll and other liabilities accrued in the ordinary course of business); 
 (e) indebtedness (excluding prepaid
interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements and mortgage, industrial revenue bond, industrial development bond
and similar financings), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; 
 (f) all Attributable Indebtedness; 
 (g) all obligations of such
Person in respect of Disqualified Equity Interests; and 
 (h) all Guarantees of such Person in respect of any of
the foregoing. 
 For all purposes hereof, the Indebtedness of any Person shall include (A) the Indebtedness of any
partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, except to the extent such Person’s liability for such
Indebtedness is otherwise limited and only to the extent such Indebtedness would be included in the calculation of Consolidated Total Debt and (B) in the case of Restricted Subsidiaries that are not Loan Parties, exclude loans and advances made
by Loan Parties having a term not exceeding 364 days (inclusive of any roll over or extensions of terms) and made in the ordinary course of business solely to the extent that such intercompany loans and advances are evidenced by one or more notes in
form and substance reasonably satisfactory to the Administrative Agent and pledged as Collateral. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. The
amount of Indebtedness of any Person for purposes of clause (e) shall be deemed to be equal to the lesser of (i) the aggregate unpaid amount of such Indebtedness and (ii) the fair market value (as determined by such Person in good
faith) of the property encumbered thereby as determined by such Person in good faith. 
 “Indemnified
Liabilities” has the meaning specified in Section 10.05. 
 “Indemnitees” has the meaning
specified in Section 10.05. 
 “Independent Financial Advisor” means an accounting, appraisal, investment
banking firm or consultant of nationally recognized standing that is, in the good faith judgment of the Borrower, qualified to perform the task for which it has been engaged and that is independent of the Borrower and its Affiliates. 

“Information” has the meaning specified in Section 10.08. 

  

					
		 	35	 	J. Crew Term Loan Credit Agreement

 “Initial ABL Borrowing” means one or more borrowings of loans or issuances
or deemed issuances of letters of credit on the Closing Date. 
 “Initial Loans” shall mean the term loans made
by the Lenders on the Closing Date to the Borrower pursuant to Section 2.01. 
 “Intellectual Property Security
Agreements” has the meaning specified in the Security Agreement. 
 “Intercompany Subordination
Agreement” means an agreement executed by each Restricted Subsidiary of the Borrower, in substantially the form of Exhibit J. 
 “Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the last day of each Interest Period applicable to such Loan and the applicable Maturity Date;
provided that if any Interest Period for a Eurodollar Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any
Base Rate Loan, the last Business Day of each January, April, July and October and the applicable Maturity Date. 

“Interest Period” means, as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is
disbursed or converted to or continued as a Eurodollar Rate Loan and ending on the date one, two, three or six months thereafter, or to the extent consented to by each applicable Lender, nine or twelve months (or such period of less than one month
as may be consented to by each applicable Lender), as selected by the Borrower in its Committed Loan Notice; provided that: 
 (a) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in
which case such Interest Period shall end on the immediately preceding Business Day; 
 (b) any Interest Period
(other than an Interest Period having a duration of less than one month) that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest
Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 
 (c)
no Interest Period shall extend beyond the applicable Maturity Date. 
 “Investment” means, as to any Person,
any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition (including without limitation by merger or otherwise) of Equity Interests or debt or other securities of another Person,
(b) a loan, advance or capital contribution to, Guarantee or assumption of Indebtedness of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture
interest in such other 

  

					
		 	36	 	J. Crew Term Loan Credit Agreement

 
Person (excluding, in the case of the Borrower and its Restricted Subsidiaries, intercompany loans, advances, or Indebtedness having a term not exceeding 364 days (inclusive of any roll-over or
extensions of terms) and made in the ordinary course of business) or (c) the purchase or other acquisition (in one transaction or a series of transactions, including without limitation by merger or otherwise) of all or substantially all of the
property and assets or business of another Person or assets constituting a business unit, line of business or division of such Person. For purposes of covenant compliance, the amount of any Investment at any time shall be the amount actually
invested (measured at the time made), without adjustment for subsequent changes in the value of such Investment, net of any return representing a return of capital with respect to such Investment. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or
the equivalent) by S&P, or an equivalent rating by any other nationally recognized statistical rating agency selected by the Borrower. 
 “IP Rights” has the meaning specified in Section 5.15. 

“IRS” means Internal Revenue Service of the United States. 

“Joint Bookrunner” means each of Merrill Lynch, Pierce, Fenner & Smith Incorporated and Goldman Sachs Bank USA.

 “Joint Venture” means (a) any Person which would constitute an “equity method investee” of
the Borrower or any of the Restricted Subsidiaries and (b) any Person in whom the Borrower or any of the Restricted Subsidiaries beneficially owns any Equity Interest that is not a Restricted Subsidiary (other than an Unrestricted Subsidiary).

 “Judgment Currency” has the meaning specified in Section 10.18. 

“Junior Financing” has the meaning specified in Section 7.12(a)(i). 

“Junior Financing Documentation” means any documentation governing any Junior Financing. 

“Latest Maturity Date” means, at any date of determination, the latest maturity or expiration date applicable to any
Loan or Commitment hereunder at such time, including the latest maturity or expiration date of any Incremental Loan, any Other Loan or any Extended Loan, in each case as extended in accordance with this Agreement from time to time. 

“Laws” means, collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines,
regulations, ordinances, codes and administrative or judicial precedents or authorities and executive orders, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or
administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority. 

  

					
		 	37	 	J. Crew Term Loan Credit Agreement

 “Lender” has the meaning specified in the introductory paragraph to this
Agreement and their respective successors and assigns as permitted hereunder, each of which is referred to herein as a “Lender”. For avoidance of doubt, each Additional Lender is a Lender to the extent any such Person has executed and
delivered a Refinancing Amendment or an Incremental Amendment, as the case may be, and to the extent such Refinancing Amendment or Incremental Amendment shall have become effective in accordance with the terms hereof and thereof, and each Extending
Lender shall continue to be a Lender. As of the Closing Date, Schedule 2.01 sets forth the name of each Lender. 

“Lending Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s
Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent. 
 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or
preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any Capitalized Lease having substantially
the same economic effect as any of the foregoing); provided that in no event shall an operating lease in and of itself be deemed a Lien. 
 “Loan” means an extension of credit by a Lender to the Borrower under Article II. 
 “Loan Documents” means, collectively, (a) this Agreement, (b) the Notes, (c) any Refinancing Amendment, Incremental Amendment or Extension Offer, (d) the Guaranty and
(e) the Collateral Documents. 
 “Loan Parties” means, collectively, (a) Holdings, (b) the
Borrower and (c) each other Guarantor. 
 “Madewell Business” means any business conducted by Madewell,
Inc., a Delaware corporation and wholly owned subsidiary of the Borrower, and its Subsidiaries on the Closing Date and any business or other activities that are reasonably similar, ancillary, complementary or related to, or a reasonable extension,
development or expansion of, the businesses conducted by Madewell, Inc. on the Closing Date, including any trademarks or trade names exclusively used in the Madewell Business now or in the future but excluding for the avoidance of doubt any
trademarks or trade names owned by the Borrower or any of its Subsidiaries (other than Madewell, Inc. and its Subsidiaries) on the Closing Date. 
 “Management Stockholders” means the members of management of Holdings or any of its Subsidiaries who are investors in Holdings or any direct or indirect parent thereof. 

“Margin Stock” has the meaning set forth in Regulation U of the Board of Governors of the United States Federal Reserve
System, or any successor thereto. 

  

					
		 	38	 	J. Crew Term Loan Credit Agreement

 “Master Agreement” has the meaning specified in the definition of
“Swap Contract”. 
 “Material Adverse Effect” means any event, circumstance or condition that has had
a materially adverse effect on (a) the business, operations, assets, liabilities (actual or contingent) or financial condition of Holdings and its Subsidiaries, taken as a whole, (b) the ability of the Loan Parties (taken as a whole) to
perform their respective payment obligations under any Loan Document to which any of the Loan Parties is a party or (c) the rights and remedies of the Lenders, the Collateral Agent or the Administrative Agent under any Loan Document.

 “Material Domestic Subsidiary” means, at any date of determination, each of the Borrower’s Domestic
Subsidiaries (a) whose total assets at the last day of the most recent Test Period were equal to or greater than 2.5% of Total Assets at such date or (b) whose gross revenues for such Test Period were equal to or greater than 2.5% of the
consolidated gross revenues of the Borrower and the Restricted Subsidiaries for such period, in each case determined in accordance with GAAP; provided that if, at any time and from time to time after the Closing Date, Domestic Subsidiaries
that are not Guarantors solely because they do not meet the thresholds set forth in clauses (a) or (b) comprise in the aggregate more than 5.0% of Total Assets as of the end of the most recently ended fiscal quarter of the Borrower for
which financial statements have been delivered pursuant to Section 6.01 or more than 5.0% of the consolidated gross revenues of the Borrower and the Restricted Subsidiaries for the period of four consecutive fiscal quarters ending as of the
last day of such fiscal quarter, then the Borrower shall, not later than forty-five (45) days after the date by which financial statements for such quarter are required to be delivered pursuant to this Agreement (or such longer period as the
Administrative Agent may agree in its reasonable discretion), (i) designate in writing to the Administrative Agent one or more of such Domestic Subsidiaries as “Material Domestic Subsidiaries” to the extent required such that the
foregoing condition ceases to be true and (ii) comply with the provisions of Section 6.11 applicable to such Subsidiary. 
 “Material Foreign Subsidiary” means, at any date of determination, each of the Borrower’s Foreign Subsidiaries (a) whose total assets at the last day of the most recent Test
Period were equal to or greater than 2.5% of Total Assets at such date or (b) whose gross revenues for such Test Period were equal to or greater than 2.5% of the consolidated gross revenues of the Borrower and the Restricted Subsidiaries for
such period, in each case determined in accordance with GAAP. 
 “Material Real Property” means any real
property owned by any Loan Party with a fair market value in excess of $5,000,000. 
 “Material Subsidiary”
means any Material Domestic Subsidiary or any Material Foreign Subsidiary. 
 “Maturity Date” means
(i) with respect to the Initial Loans that have not been extended pursuant to Section 2.14, the date that is seven years after the Closing Date (the 

  

					
		 	39	 	J. Crew Term Loan Credit Agreement

 
“Original Loan Maturity Date”), (ii) with respect to any tranche of Extended Loans, the final maturity date as specified in the applicable Extension Offer accepted by the
respective Lender or Lenders, (iii) with respect to any Other Loans, the final maturity date as specified in the applicable Refinancing Amendment and (iv) with respect to any Incremental Loans, the final maturity date as specified in the
applicable Incremental Amendment; provided, in each case, that if such day is not a Business Day, the applicable Maturity Date shall be the Business Day immediately preceding such day. 

“Maximum Rate” has the meaning specified in Section 10.10. 

“Merger” has the meaning specified in the preliminary statements to this Agreement. 

“Merger Agreement” means the Agreement and Plan of Merger dated as of November 23, 2010, as amended by Amendment
No. 1 dated January 18, 2011, among Chinos Holdings, Inc., Merger Sub and the Company. 
 “Merger
Consideration” means an amount equal to the total funds required to pay to (i) the holder of each share of issued and outstanding common stock (including shares of restricted stock) of the Borrower immediately prior to the consummation
of the Merger (subject to certain exceptions as set forth in the Merger Agreement) an aggregate amount of $43.50 per share in cash and (ii) the holders of certain outstanding options, with respect to any share of common stock of the Borrower
issuable under a particular option, an aggregate amount in cash equal to the excess, if any, of (x) $43.50 per share and (y) the applicable exercise price payable in respect of such share of common stock of the Borrower issuable under such
option. 
 “Merger Sub” has the meaning specified in the preliminary statements to this Agreement. 

“Minimum Extension Condition” has the meaning specified in Section 2.14(b). 

“Minority Investment” means any Person other than a Subsidiary in which the Borrower or any Restricted Subsidiary owns
any Equity Interests. 
 “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.

 “Mortgage Policies” has the meaning specified in Section 6.13(b)(ii). 

“Mortgaged Properties” has the meaning specified in paragraph (e) of the definition of “Collateral and
Guarantee Requirement”. 
 “Mortgages” means collectively, the deeds of trust, trust deeds, hypothecs and
mortgages made by the Loan Parties in favor or for the benefit of the Collateral Agent on behalf of the Lenders in form and substance reasonably satisfactory to the Collateral Agent, and any other mortgages executed and delivered pursuant to
Section 6.11. 

  

					
		 	40	 	J. Crew Term Loan Credit Agreement

 “Multiemployer Plan” means any multiemployer plan as defined in
Section 4001(a)(3) of ERISA and subject to Title IV of ERISA, to which any Loan Party or any of their respective ERISA Affiliates makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated
to make contributions. 
 “Net Cash Proceeds” means: 

(a) with respect to the Disposition of any asset by the Borrower or any of the Restricted Subsidiaries or any Casualty
Event, the excess, if any, of (i) the sum of cash and Cash Equivalents received in connection with such Disposition or Casualty Event (including any cash and Cash Equivalents received by way of deferred payment pursuant to, or by monetization
of, a note receivable or otherwise, but only as and when so received and, with respect to any Casualty Event, any insurance proceeds or condemnation awards in respect of such Casualty Event actually received by or paid to or for the account of the
Borrower or any of the Restricted Subsidiaries) over (ii) the sum of (A) the principal amount, premium or penalty, if any, interest and other amounts on any Indebtedness that is secured by the asset subject to such Disposition or Casualty
Event and required to be repaid in connection with such Disposition or Casualty Event (other than Indebtedness under the Loan Documents, the ABL Facilities Documentation and the Credit Agreement Refinancing Indebtedness), (B) the out-of-pocket
fees and expenses (including attorneys’ fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, other customary expenses and brokerage,
consultant and other customary fees) actually incurred by the Borrower or such Restricted Subsidiary in connection with such Disposition or Casualty Event, (C) taxes or distributions made pursuant to Section 7.06(g)(i) or (g)(iii) paid or
reasonably estimated to be payable in connection therewith (including taxes imposed on the distribution or repatriation of any such Net Cash Proceeds), (D) in the case of any Disposition or Casualty Event by a non-wholly owned Restricted
Subsidiary, the pro-rata portion of the Net Cash Proceeds thereof (calculated without regard to this clause (D)) attributable to minority interests and not available for distribution to or for the account of the Borrower or a wholly owned
Restricted Subsidiary as a result thereof, and (E) any reserve for adjustment in respect of (x) the sale price of such asset or assets established in accordance with GAAP and (y) any liabilities associated with such asset or assets
and retained by the Borrower or any Restricted Subsidiary after such sale or other disposition thereof, including pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification
obligations associated with such transaction, it being understood that “Net Cash Proceeds” shall include the amount of any reversal (without the satisfaction of any applicable liabilities in cash in a corresponding amount) of any reserve
described in this clause (E); provided that (x) no net cash proceeds calculated in accordance with the foregoing realized in a single transaction or series of related transactions shall constitute Net Cash Proceeds unless such net
cash proceeds shall exceed $10,000,000 and (y) no such net cash proceeds shall constitute Net Cash Proceeds under this clause (a) in any fiscal year until the aggregate amount of all such net cash

  

					
		 	41	 	J. Crew Term Loan Credit Agreement

 
proceeds in such fiscal year shall exceed $30,000,000 (and thereafter only net cash proceeds in excess of such amount shall constitute Net Cash Proceeds under this clause (a)); and

 (b) (i) with respect to the incurrence or issuance of any Indebtedness by the Borrower or any Restricted
Subsidiary or any Permitted Equity Issuance by the Borrower or any direct or indirect parent of the Borrower, the excess, if any, of (A) the sum of the cash and Cash Equivalents received in connection with such incurrence or issuance over
(B) the investment banking fees, underwriting discounts, commissions, costs and other out-of-pocket expenses and other customary expenses, incurred by the Borrower or such Restricted Subsidiary in connection with such incurrence or issuance and
(ii) with respect to any Permitted Equity Issuance by any direct or indirect parent of the Borrower, the amount of cash from such Permitted Equity Issuance contributed to the capital of the Borrower. 

“Net Income” means, with respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP
and before any reduction in respect of preferred stock dividends. 
 “Non-Consenting Lender” has the meaning
specified in Section 3.07. 
 “Non-Loan Party” means any Subsidiary of the Borrower that is not a Loan
Party. 
 “Note” means a promissory note of the Borrower payable to any Lender or its registered assigns, in
substantially the form of Exhibit B hereto, evidencing the aggregate Indebtedness of the Borrower to such Lender resulting from the Loans made by such Lender. 
 “Obligations” means all (a) advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any
Loan, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan
Party of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding, (b) obligations of any Loan Party arising under any
Secured Hedge Agreement and (c) Cash Management Obligations. Without limiting the generality of the foregoing, the Obligations of the Loan Parties under the Loan Documents (and any of their Subsidiaries to the extent they have obligations under
the Loan Documents) include the obligation (including guarantee obligations) to pay principal, interest, reimbursement obligations, charges, expenses, fees, Attorney Costs, indemnities and other amounts payable by any Loan Party under any Loan
Document. 
 “Offered Amount” has the meaning specified in Section 2.03(a)(iv)(D)(1). 

“Offered Discount” has the meaning specified in Section 2.03(a)(iv)(D)(1). 

  

					
		 	42	 	J. Crew Term Loan Credit Agreement

 “OID” means original issue discount. 

“Organization Documents” means (a) with respect to any corporation, the certificate or articles of incorporation
and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement;
and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with
respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of
such entity. 
 “Original Loan Maturity Date” has the meaning specified in the definition of “Maturity
Date”. 
 “Other Applicable Indebtedness” has the meaning specified in Section 2.03(b)(ii)(A).

 “Other Loans” means one or more Classes of Loans that result from a Refinancing Amendment. 

“Other Taxes” has the meaning specified in Section 3.01(f). 

“Other Term Commitments” means one or more Classes of Loan commitments hereunder that result from a Refinancing
Amendment. 
 “Overnight Rate” means, for any day, the greater of (a) the Federal Funds Rate and
(b) an overnight rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 
 “Participant” has the meaning specified in Section 10.07(d). 

“Participant Register” has the meaning specified in Section 10.07(e). 

“Participating Lender” has the meaning specified in Section 2.03(a)(iv)(C)(2). 

“Participating Member State” means each state so described in any EMU Legislation. 

“PBGC” means the Pension Benefit Guaranty Corporation. 

“Pension Plan” means any “employee pension benefit plan” (as such term is defined in Section 3(2) of
ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by any Loan Party or any of their respective ERISA Affiliates or to which any Loan Party or any of their respective ERISA Affiliates
contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time in the preceding five plan years. 

  

					
		 	43	 	J. Crew Term Loan Credit Agreement

 “Permitted Acquisition” has the meaning specified in Section 7.02(i).

 “Permitted Equity Issuance” means any sale or issuance of any Qualified Equity Interests of the Borrower or
any direct or indirect parent of the Borrower, in each case to the extent permitted hereunder. 
 “Permitted
Holder” means any of (a) the Sponsor, (b) the Management Stockholders and (c) the Co-Investors, provided that for purposes of the definition of “Change of Control” (i) in each of clause (a)(i), the final
reference to Permitted Holders in clause (a)(ii) and the proviso to clause (a), the Co-Investors shall not constitute Permitted Holders at any time that they hold voting power equal to more than 20% of the ordinary voting power of all Equity
Interests collectively held by the Sponsor, the Management Stockholders and the Co-Investors, (ii) in the final reference to Permitted Holders in clause (a)(ii), the Co-Investors shall not constitute Permitted Holders if they are part of
the “group” referred to in clause (a)(ii)(2) of the definition of “Change of Control” and (iii) in the parenthetical in each of clauses (a)(ii)(1) and (2), the Co-Investors shall not constitute Permitted Holders. 

“Permitted Initial ABL Borrowing Purposes” means (a) one or more borrowings made under the ABL Facilities on the
Closing Date and (b) the issuance of letters of credit in replacement of, or as a backstop for, letters of credit of the Borrower or any of its Subsidiaries outstanding on the Closing Date. 

“Permitted Junior Secured Refinancing Debt” means any secured Indebtedness incurred by the Borrower in the form of one
or more series of second-lien secured notes or second-lien secured loans; provided that (i) such Indebtedness is secured by the Collateral on a second-priority basis with the Obligations and is not secured by any property or assets of
the Borrower or any Subsidiary other than the Collateral, (ii) such Indebtedness constitutes Credit Agreement Refinancing Indebtedness, (iii) such Indebtedness does not mature or have scheduled amortization or scheduled payments of
principal and is not subject to mandatory redemption, repurchase, prepayment or sinking fund obligation (other than customary offers to repurchase upon a change of control, asset sale or casualty event and customary acceleration rights after an
event of default) prior to the Latest Maturity Date at the time such Indebtedness is incurred, (iv) the security agreements relating to such Indebtedness are substantially the same as the Collateral Documents (with such differences as are
reasonably satisfactory to the Collateral Agent), (v) such Indebtedness is not guaranteed by any Subsidiaries other than the Subsidiary Guarantors and (vi) a Senior Representative acting on behalf of the holders of such Indebtedness shall
have become party to or otherwise subject to the provisions of (A) the ABL Intercreditor Agreement and (B) a Second Lien Intercreditor Agreement; provided that if such Indebtedness is the initial Permitted Junior Secured Refinancing
Debt incurred by the Borrower, then Holdings, the Borrower, the Subsidiary Guarantors, the Collateral Agent and the Senior Representative for such Indebtedness shall have executed and delivered a Second Lien Intercreditor Agreement. Permitted Junior
Secured Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor. 

  

					
		 	44	 	J. Crew Term Loan Credit Agreement

 “Permitted Pari Passu Secured Refinancing Debt” means any secured
Indebtedness incurred by the Borrower in the form of one or more series of senior secured notes or loans; provided that (i) such Indebtedness is secured by the Collateral on a pari passu basis (but without regard to the control of
remedies) with the Obligations and is not secured by any property or assets of the Borrower or any Subsidiary other than the Collateral, (ii) such Indebtedness constitutes Credit Agreement Refinancing Indebtedness, (iii) such Indebtedness
does not mature or have scheduled amortization or scheduled payments of principal and is not subject to mandatory redemption, repurchase, prepayment or sinking fund obligation (other than customary offers to repurchase upon a change of control,
asset sale or casualty event and customary acceleration rights after an event of default) prior to the Latest Maturity Date at the time such Indebtedness is incurred, (iv) the security agreements relating to such Indebtedness are substantially
the same as the Collateral Documents (with such differences as are reasonably satisfactory to the Administrative Agent), (v) such Indebtedness is not guaranteed by any Subsidiaries other than the Subsidiary Guarantors and (vi) a Senior
Representative acting on behalf of the holders of such Indebtedness shall have become party to or otherwise subject to the provisions of (A) the ABL Intercreditor Agreement and (B) a First Lien Intercreditor Agreement; provided that
if such Indebtedness is the initial Permitted Pari Passu Secured Refinancing Debt incurred by the Borrower, then the Borrower, Holdings, the Subsidiary Guarantors, the Collateral Agent and the Senior Representative for such Indebtedness shall have
executed and delivered a First Lien Intercreditor Agreement. Permitted Pari Passu Secured Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor. 

“Permitted Ratio Debt” means Indebtedness of the Borrower or any Subsidiary Guarantor provided that (a) such
Indebtedness is unsecured, (b) such Indebtedness does not mature prior to the date that is one hundred and eighty one (181) days after the Latest Maturity Date at the time such Indebtedness is incurred, (c) such Indebtedness has no
scheduled amortization or scheduled payments of principal and is not subject to mandatory redemption, repurchase, prepayment or sinking fund obligation (other than customary offers to repurchase upon a change of control or asset sale and customary
acceleration rights after an event of default) prior to the date that is one hundred and eighty one (181) days after the Latest Maturity Date at the time such Indebtedness is incurred, (d) immediately after giving effect thereto and to the
use of the proceeds thereof, (i) no Default shall exist or result therefrom, (ii) the Total Leverage Ratio after giving Pro Forma Effect to the incurrence of such Indebtedness is less than or equal to 6.00:1.00 and (e) such
Indebtedness is issued on market terms for the type of Indebtedness issued and for issuers having a similar credit profile and in any event (other than pricing, premiums and optional prepayment or redemption provisions) not materially less favorable
to the Borrower, the Restricted Subsidiaries and the Lenders than the terms and conditions of this Agreement; provided that a certificate of the Borrower as to the satisfaction of the conditions described in clause (e) above delivered at
least five (5) Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such Indebtedness or drafts of documentation relating thereto, stating that the

  

					
		 	45	 	J. Crew Term Loan Credit Agreement

 
Borrower has determined in good faith that such terms and conditions satisfy the foregoing requirements, shall be conclusive unless the Administrative Agent notifies the Borrower within such five
(5) Business Day period that it disagrees with such determination (including a description of the basis upon which it disagrees). 
 “Permitted Refinancing” means, with respect to any Person, any modification, refinancing, refunding, renewal or extension of any Indebtedness of such Person; provided that
(a) the principal amount (or accreted value, if applicable) thereof does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so modified, refinanced, refunded, renewed or extended except by an amount equal to
unpaid accrued interest and premium (including tender premiums) thereon, plus reasonable OID and upfront fees plus other fees and expenses reasonably incurred, in connection with such modification, refinancing, refunding, renewal or extension and by
an amount equal to any existing commitments unutilized thereunder, (b) other than with respect to a Permitted Refinancing in respect of Indebtedness permitted pursuant to Section 7.03(b) or Section 7.03(e), such modification,
refinancing, refunding, renewal or extension has a final maturity date equal to or later than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness
being modified, refinanced, refunded, renewed or extended, (c) other than with respect to a Permitted Refinancing in respect of Indebtedness permitted pursuant to Section 7.03(e), at the time thereof, no Event of Default shall have
occurred and be continuing, (d) if such Indebtedness being modified, refinanced, refunded, renewed, replaced or extended is Junior Financing, (i) to the extent such Indebtedness being modified, refinanced, refunded, renewed, replaced or
extended is subordinated in right of payment to the Obligations, such modification, refinancing, refunding, renewal, replacement or extension is subordinated in right of payment to the Obligations on terms at least as favorable to the Lenders as
those contained in the documentation governing the Indebtedness being modified, refinanced, refunded, renewed or extended, (ii) the terms and conditions (including, if applicable, as to collateral but excluding as to subordination, pricing,
premiums and optional prepayment or redemption provisions) of any such modified, refinanced, refunded, renewed or extended Indebtedness, taken as a whole, are not materially less favorable to the Loan Parties or the Lenders than the terms and
conditions of the Indebtedness being modified, refinanced, refunded, renewed or extended; provided that a certificate of a Responsible Officer delivered to the Administrative Agent at least five (5) Business Days prior to the incurrence
of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such Indebtedness or drafts of the documentation relating thereto, stating that the Borrower has determined in good faith that such terms
and conditions satisfy the foregoing requirement shall be conclusive evidence that such terms and conditions satisfy the foregoing requirement unless the Administrative Agent notifies the Borrower within such five Business Day period that it
disagrees with such determination (including a description of the basis upon which it disagrees) and (iii) such modification, refinancing, refunding, renewal or extension is incurred by the Person who is the obligor of the Indebtedness being
modified, refinanced, refunded, renewed or extended and no additional obligors become liable for such Indebtedness, and (e) in the case of any Permitted Refinancing in respect of the ABL Facilities, such Permitted Refinancing is secured only by
assets pursuant to one or more security agreements permitted by and subject to the ABL Intercreditor Agreement. 

  

					
		 	46	 	J. Crew Term Loan Credit Agreement

 “Permitted Unsecured Refinancing Debt” means any unsecured Indebtedness
incurred by the Borrower in the form of one or more series of unsecured notes or loans; provided that (i) such Indebtedness is not secured by any property or assets of the Borrower or any Restricted Subsidiary, (ii) such
Indebtedness constitutes Credit Agreement Refinancing Indebtedness, (iii) such Indebtedness does not mature or have scheduled amortization prior to the Latest Maturity Date at the time such Indebtedness is incurred (other than customary offers
to repurchase upon a change of control or asset sale and customary acceleration rights after an event of default), and (iv) such Indebtedness is not guaranteed by any Subsidiaries other than the Subsidiary Guarantors. Permitted Unsecured
Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor. 
 “Person” means
any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
 “Plan” means any material “employee benefit plan” (as such term is defined in Section 3(3) of ERISA), other than a Foreign Plan, established by any Loan Party or, with
respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any of their respective ERISA Affiliates. 
 “Platform” has the meaning specified in Section 6.02. 

“Pledged Debt” has the meaning specified in the Security Agreement. 

“Pledged Equity” has the meaning specified in the Security Agreement. 

“Pro Forma Balance Sheet” has the meaning specified in Section 5.05(a)(ii). 

“Pro Forma Basis” and “Pro Forma Effect” mean, with respect to compliance with any test or covenant or
calculation hereunder, the determination or calculation of such test, covenant or ratio (including in connection with Specified Transactions) in accordance with Section 1.08. 

“Pro Forma Financial Statements” has the meaning specified in Section 5.05(a)(ii). 

“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 and, if applicable and without duplication, Loans of such Lender under the applicable Facility or Facilities at such time and the denominator of which is the amount of
the Aggregate Commitments and, if applicable and without duplication, Loans under the applicable Facility or Facilities at such time. 

  

					
		 	47	 	J. Crew Term Loan Credit Agreement

 “Projections” shall have the meaning specified in Section 6.01(c).

 “Public Lender” has the meaning specified in Section 6.02. 

“Qualified Equity Interests” means any Equity Interests that are not Disqualified Equity Interests. 

“Qualified Holding Company Debt” means unsecured Indebtedness of Holdings (A) that is not subject to any Guarantee
by any Subsidiary of Holdings, (B) that will not mature prior to the date that is six (6) months after the Latest Maturity Date in effect on the date of issuance or incurrence thereof, (C) that has no scheduled amortization or
scheduled payments of principal and is not subject to mandatory redemption, repurchase, prepayment or sinking fund obligation (it being understood that such Indebtedness may have mandatory prepayment, repurchase or redemption provisions satisfying
the requirements of clause (E) below), (D) that does not require any payments in cash of interest or other amounts in respect of the principal thereof prior to the earlier to occur of (1) the date that is four (4) years from the
date of the issuance or incurrence thereof and (2) the date that is ninety-one (91) days after the Latest Maturity Date in effect on the date of such issuance or incurrence, and (E) that has mandatory prepayment, repurchase or
redemption, covenant, default and remedy provisions customary for senior discount notes of an issuer that is the parent of a borrower under senior secured credit facilities, and in any event, with respect to covenant, default and remedy provisions,
no more restrictive (taken as a whole) than those set forth in this Agreement (other than provisions customary for senior discount notes of a holding company); provided that the Borrower shall have delivered a certificate of a Responsible
Officer to the Administrative Agent at least five (5) Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such Indebtedness or drafts of the
documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the foregoing requirement (and such certificate shall be conclusive evidence that such terms and conditions satisfy the
foregoing requirement unless the Administrative Agent notifies the Borrower within such five (5) Business Day period that it disagrees with such determination (including a description of the basis upon which it disagrees)); provided,
further, that any such Indebtedness shall constitute Qualified Holding Company Debt only if immediately after giving effect to the issuance or incurrence thereof and the use of proceeds thereof, no Event of Default shall have occurred and be
continuing. 
 “Qualified Securitization Financing” means any Securitization Financing of a Securitization
Subsidiary that meets the following conditions: (a) such Qualified Securitization Financing (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Borrower and
the Securitization Subsidiary, (b) all sales and/or contributions of Securitization Assets and related assets to the Securitization Subsidiary are made at fair market value and (c) the financing terms, covenants, termination events and
other provisions thereof, including any Standard Securitization Undertakings, shall be market terms. The grant of a security interest in any Securitization Assets of the Borrower or any of the Restricted Subsidiaries (other than a Securitization
Subsidiary) to secure Indebtedness under this Agreement prior to engaging in any Securitization Financing shall not be deemed a Qualified Securitization Financing. 

  

					
		 	48	 	J. Crew Term Loan Credit Agreement

 “Qualifying IPO” means the issuance by Holdings or any direct or indirect
parent of Holdings of its common Equity Interests in an underwritten primary public offering (other than a public offering pursuant to a registration statement on Form S-8) pursuant to an effective registration statement filed with the SEC in
accordance with the Securities Act (whether alone or in connection with a secondary public offering). 
 “Qualifying
Lender” has the meaning specified in Section 2.03(a)(iv)(D)(3). 
 “Quarterly Financial
Statements” means the unaudited condensed consolidated balance sheets and related statements of income and cash flows of the Company and its Subsidiaries for the most recent fiscal quarters after the date of the Annual Financial Statements
and ended at least forty-five (45) days before the Closing Date; provided that filing of the required financial statements on Form 10-K and Form 10-Q by the Company shall satisfy the foregoing requirements with respect to the Company.

 “Refinanced Loans” has the meaning specified in Section 10.01. 

“Refinanced Term Debt” has the meaning assigned to such term in the definition of “Credit Agreement Refinancing
Indebtedness”. 
 “Refinancing Amendment” means an amendment to this Agreement in form and substance
reasonably satisfactory to the Administrative Agent and the Borrower executed by each of (a) the Borrower and Holdings, (b) the Administrative Agent and (c) each Additional Lender and Lender that agrees to provide any portion of the
Credit Agreement Refinancing Indebtedness being incurred pursuant thereto, in accordance with Section 2.13. 

“Register” has the meaning specified in Section 10.07(c). 

“Registered Equivalent Notes” means, with respect to any notes originally issued in a Rule 144A or other private
placement transaction under the Securities Act, substantially identical notes (having the same Guarantees) issued in a dollar-for-dollar exchange therefor pursuant to an exchange offer registered with the SEC. 

“Related Indemnified Person” of an Indemnitee means (a) any controlling person or controlled affiliate of such
Indemnitee, (b) the respective directors, officers, or employees of such Indemnitee or any of its controlling persons or controlled affiliates and (c) the respective agents of such Indemnitee or any of its controlling persons or controlled
affiliates, in the case of this clause (c), acting at the instructions of such Indemnitee, controlling person or such controlled affiliate; provided that each reference to a controlled affiliate or controlling person in this definition
shall pertain to a controlled affiliate or controlling person involved in the negotiation or syndication of the Facility, the ABL Facilities or the Senior Notes. 

  

					
		 	49	 	J. Crew Term Loan Credit Agreement

 “Replacement Loans” has the meaning specified in Section 10.01.

 “Reportable Event” means, with respect to any Pension Plan, any of the events set forth in
Section 4043(c) of ERISA or the regulations issued thereunder, other than events for which the thirty (30) day notice period has been waived. 
 “Repricing Transaction” shall mean the prepayment, refinancing, substitution or replacement of all or a portion of the Initial Loans with the incurrence by the Borrower or any Subsidiary
of any debt financing having an effective interest cost or weighted average yield (with the comparative determinations to be made by the Administrative Agent consistent with generally accepted financial practices, after giving effect to, among other
factors, margin, interest rate floors, upfront or similar fees or original issue discount shared with all providers of such financing, but excluding the effect of any arrangement, structuring, syndication or other fees payable in connection
therewith that are not shared with all providers of such financing, and without taking into account any fluctuations in the Eurodollar Rate) that is less than the effective interest cost or weighted average yield (as determined by the Administrative
Agent on the same basis) of such Initial Loans, including without limitation, as may be effected through any amendment to this Agreement relating to the interest rate for, or weighted average yield of, such Initial Loans or the incurrence of any
Replacement Loans. 
 “Required Facility Lenders” shall mean, with respect to any Facility on any date of
determination, Lenders having more than 50% of the sum of (i) the outstanding Loans under such Facility and (ii) the aggregate unused Commitments under such Facility; provided that, to the same extent set forth in
Section 10.07(h) with respect to determination of Required Lenders, the Loans of any Affiliated Lender shall in each case be excluded for purposes of making a determination of Required Facility Lenders. 

“Required Lenders” means, as of any date of determination, Lenders having more than 50% of the sum of the
(a) outstanding Loans and (b) aggregate unused Commitments; provided that the Loans of any Affiliated Lender shall in each case be excluded for purposes of making a determination of Required Lenders. 

“Responsible Officer” means the chief executive officer, president, vice president, chief financial officer, treasurer
or assistant treasurer or other similar officer or Person performing similar functions of a Loan Party and, as to any document delivered on the Closing Date, any secretary or assistant secretary of a Loan Party. Any document delivered hereunder that
is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively
presumed to have acted on behalf of such Loan Party. Unless otherwise specified, all references herein to a “Responsible Officer” shall refer to a Responsible Officer of the Borrower. 

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with
respect to any Equity Interest of Holdings, the Borrower or any of its Restricted Subsidiaries, or any payment (whether in cash, securities or other property), 

  

					
		 	50	 	J. Crew Term Loan Credit Agreement

 
including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of any such Equity Interest, or on account
of any return of capital to the Borrower’s or Holdings’ stockholders, partners or members (or the equivalent Persons thereof). 
 “Restricted Subsidiary” means any Subsidiary of the Borrower other than an Unrestricted Subsidiary. 
 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and any successor thereto. 

“Same Day Funds” means disbursements and payments in immediately available funds. 

“SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal
functions. 
 “Second Lien Intercreditor Agreement” means a “junior lien” intercreditor agreement
among the Collateral Agent and one or more Senior Representatives for holders of Permitted Junior Secured Refinancing Debt in form and substance reasonably satisfactory to the Collateral Agent. 

“Secured Hedge Agreement” means any Swap Contract permitted under Section 7.03(f) that is entered into by and
between any Loan Party (or entered into by Merger Sub and existing at the time of the Merger) or any Restricted Subsidiary and any Hedge Bank; and designated in writing by the Hedge Bank and the Borrower to the Administrative Agent as a
“Secured Hedge Agreement”. 
 “Secured Parties” means, collectively, the Administrative Agent, the
Collateral Agent, the Lenders, each Hedge Bank, each Cash Management Bank, the Supplemental Administrative Agent and each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 9.01(b). 

“Securities Act” means the Securities Act of 1933, as amended. 

“Securitization Assets” means the accounts receivable, royalty or other revenue streams and other rights to payment
subject to a Qualified Securitization Financing and the proceeds thereof. 
 “Securitization Fees” means
distributions or payments made directly or by means of discounts with respect to any participation interest issued or sold in connection with, and other fees paid to a Person that is not a Securitization Subsidiary in connection with any Qualified
Securitization Financing. 

  

					
		 	51	 	J. Crew Term Loan Credit Agreement

 “Securitization Financing” means any transaction or series of transactions
that may be entered into by the Borrower or any of its Subsidiaries pursuant to which the Borrower or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Securitization Subsidiary (in the case of a transfer by the Borrower
or any of its Subsidiaries) or (b) any other Person (in the case of a transfer by a Securitization Subsidiary), or may grant a security interest in, any Securitization Assets of the Borrower or any of its Subsidiaries, and any assets related
thereto, including all collateral securing such Securitization Assets, all contracts and all guarantees or other obligations in respect of such Securitization Assets, proceeds of such Securitization Assets and other assets that are customarily
transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving Securitization Assets. 
 “Securitization Repurchase Obligation” means any obligation of a seller of Securitization Assets in a Qualified Securitization Financing to repurchase Securitization Assets arising as a
result of a breach of a Standard Securitization Undertaking, including as a result of a receivable or portion thereof becoming subject to any asserted defense, dispute, offset or counterclaim of any kind as a result of any action taken by, any
failure to take action by or any other event relating to the seller. 
 “Securitization Subsidiary” means a
wholly owned Subsidiary of the Borrower (or another Person formed for the purposes of engaging in a Qualified Securitization Financing in which the Borrower or any Subsidiary of the Borrower makes an Investment and to which the Borrower or any
Subsidiary of the Borrower transfers Securitization Assets and related assets) that engages in no activities other than in connection with the financing of Securitization Assets of the Borrower or its Subsidiaries, all proceeds thereof and all
rights (contingent and other), collateral and other assets relating thereto, and any business or activities incidental or related to such business, and which is designated by the board of directors of the Borrower or such other Person (as provided
below) as a Securitization Subsidiary and (a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by Holdings, the Borrower or any other Subsidiary of the Borrower, other than
another Securitization Subsidiary (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates Holdings, the Borrower or
any other Subsidiary of the Borrower, other than another Securitization Subsidiary, in any way other than pursuant to Standard Securitization Undertakings or (iii) subjects any property or asset of Holdings, the Borrower or any other Subsidiary
of the Borrower, other than another Securitization Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings, (b) with which none of Holdings, the
Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, has any material contract, agreement, arrangement or understanding other than on terms which the Borrower reasonably believes to be no less favorable to
Holdings, the Borrower or such Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Borrower and (c) to which none of Holdings, the Borrower or any other Subsidiary of the Borrower, other than
another Securitization Subsidiary, has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain 

  

					
		 	52	 	J. Crew Term Loan Credit Agreement

 
levels of operating results. Any such designation by the board of directors of the Borrower or such other Person shall be evidenced to the Administrative Agent by delivery to the Administrative
Agent of a certified copy of the resolution of the board of directors of the Borrower or such other Person giving effect to such designation and a certificate executed by a Responsible Officer certifying that such designation complied with the
foregoing conditions. 
 “Security Agreement” means, collectively, the Security Agreement executed by the Loan
Parties, substantially in the form of Exhibit F, together with each other Security Agreement Supplement executed and delivered pursuant to Section 6.11. 
 “Security Agreement Supplement” has the meaning specified in the Security Agreement. 
 “Senior Notes” means $400,000,000 in aggregate principal amount of the Borrower’s senior unsecured notes due 2019 and any Registered Equivalent Notes having substantially identical
terms and issued pursuant to the Senior Notes Indenture in exchange for the initial, unregistered senior unsecured notes. 

“Senior Notes Indenture” means the Indenture for the Senior Notes, dated March 7, 2011, between the Borrower and
Wells Fargo Bank, National Association, as trustee, as the same may be amended, modified, supplemented, replaced or refinanced to the extent not prohibited by this Agreement. 
 “Senior Representative” means, with respect to any series of Permitted Pari Passu Secured Refinancing Debt or Permitted Junior Secured Refinancing Debt, the trustee, administrative agent,
collateral agent, security agent or similar agent under the indenture or agreement pursuant to which such Indebtedness is issued, incurred or otherwise obtained, as the case may be, and each of their successors in such capacities. 

“Senior Secured Net Leverage Ratio” means, with respect to any Test Period, the ratio of (a) Consolidated Senior
Secured Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA of the Borrower for such Test Period. 

“Solicited Discount Proration” has the meaning specified in Section 2.03(a)(iv)(D)(3). 

“Solicited Discounted Prepayment Amount” has the meaning specified in Section 2.03(a)(iv)(D)(1). 

“Solicited Discounted Prepayment Notice” means a written notice of the Borrower of Solicited Discounted Prepayment
Offers made pursuant to Section 2.03(a)(iv)(D) substantially in the form of Exhibit N. 

  

					
		 	53	 	J. Crew Term Loan Credit Agreement

 “Solicited Discounted Prepayment Offer” means the irrevocable written offer
by each Lender, substantially in the form of Exhibit Q, submitted following the Administrative Agent’s receipt of a Solicited Discounted Prepayment Notice. 
 “Solicited Discounted Prepayment Response Date” has the meaning specified in Section 2.03(a)(iv)(D)(1). 
 “Solvent” and “Solvency” mean, with respect to any Person on any date of determination, that on such date (a) the fair value of the assets of such Person exceeds its
debts and liabilities, subordinated, contingent or otherwise, (b) the present fair saleable value of the property of such Person is greater than the amount that will be required to pay the probable liability of its debts and other liabilities,
subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured, (c) such Person is able to pay its debts and liabilities, subordinated, contingent or otherwise, as such liabilities become absolute and
matured and (d) such Person is not engaged in, and is not about to engage in, business for which it has unreasonably small capital. The amount of any contingent liability at any time shall be computed as the amount that would reasonably be
expected to become an actual and matured liability. 
 “SPC” has the meaning specified in
Section 10.07(g). 
 “Specified Discount” has the meaning specified in Section 2.03(a)(iv)(B)(1).

 “Specified Discount Prepayment Amount” has the meaning specified in Section 2.03(a)(iv)(B)(1).

 “Specified Discount Prepayment Notice” means a written notice of the Borrower Offer of Specified Discount
Prepayment made pursuant to Section 2.03(a)(iv)(B) substantially in the form of Exhibit P. 
 “Specified
Discount Prepayment Response” means the irrevocable written response by each Lender, substantially in the form of Exhibit R, to a Specified Discount Prepayment Notice. 

“Specified Discount Prepayment Response Date” has the meaning specified in Section 2.03(a)(iv)(B)(1). 

“Specified Discount Proration” has the meaning specified in Section 2.03(a)(iv)(B)(3). 

“Specified Representations” shall mean those representations and warranties made by the Borrower in Sections 5.01(a)
(with respect to organizational existence only), 5.01(b)(ii), 5.02(a), 5.02(b)(i), 5.02(b)(iii), 5.04, 5.13, 5.16, 5.18 and 5.19. 

  

					
		 	54	 	J. Crew Term Loan Credit Agreement

 “Specified Transaction” means any Investment that results in a Person
becoming a Restricted Subsidiary, any designation of a Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary, any Permitted Acquisition, any Disposition that results in a Restricted Subsidiary ceasing to be a Subsidiary of the
Borrower, any Investment constituting an acquisition of assets constituting a business unit, line of business or division of another Person or a Store or any Disposition of a business unit, line of business or division or a Store of the Borrower or
a Restricted Subsidiary, in each case whether by merger, consolidation, amalgamation or otherwise, or any incurrence or repayment of Indebtedness (other than Indebtedness incurred or repaid under any revolving credit facility in the ordinary course
of business for working capital purposes), Restricted Payment or Incremental Loan that by the terms of this Agreement requires such test to be calculated on a “Pro Forma Basis” or after giving “Pro Forma Effect”. 

“Sponsor” means any of TPG Capital, L.P., TPG Chinos Co-Invest, L.P. (for so long as TPG Capital, L.P. or any of its
Affiliates retains control of the voting power thereof), Leonard Green & Partners, L.P., LGP Chino Coinvest LLC (for so long as Leonard Green & Partners, L.P. or any of its Affiliates retains control of the voting power thereof)
and any of their respective Affiliates and funds or partnerships managed or advised by any of them or any of their respective Affiliates but not including, however, any portfolio company of any of the foregoing. 

“Sponsor Management Agreement” means the management services agreement by and among TPG Capital, L.P. and Leonard
Green & Partners, L.P. or certain of the management companies associated with either of them or their advisors and Chinos Holdings, Inc., Chinos Intermediate Holdings A, Inc., Holdings and the Borrower, as the same may be amended, modified,
supplemented or otherwise modified from time to time in accordance with its terms, but only to the extent that any such amendment, modification, supplement or other modification does not, directly or indirectly, increase the obligation of Holdings,
the Borrower or any of its Restricted Subsidiaries to make any payments thereunder. 
 “Sponsor Termination
Fees” means the one-time payment under the Sponsor Management Agreement of a termination fee to one or more of the Sponsors in the event of either a Change of Control or the completion of a Qualifying IPO. 

“Standard Securitization Undertakings” means representations, warranties, covenants and indemnities entered into by the
Borrower or any Subsidiary of the Borrower that are customary in a Securitization Financing. 
 “Statutory Reserve
Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special,
emergency or supplemental reserves) expressed as a decimal established by the FRB to which the Administrative Agent is subject with respect to the Adjusted Eurodollar Rate, for Eurocurrency funding (currently referred to as “Eurocurrency
Liabilities” in Regulation D of the FRB). Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar Rate Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve

  

					
		 	55	 	J. Crew Term Loan Credit Agreement

 
requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The
Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Store” means any retail store (which includes any real property, fixtures, equipment, inventory and other property
related thereto) operated, or to be operated, by the Borrower or any Restricted Subsidiary. 
 “Submitted
Amount” has the meaning specified in Section 2.03(a)(iv)(C)(1). 
 “Submitted Discount” has the
meaning specified in Section 2.03(a)(iv)(C)(1). 
 “Subsidiary” of a Person means a corporation,
partnership, joint venture, limited liability company or other business entity (excluding, for the avoidance of doubt, charitable foundations) of which a majority of the shares of securities or other interests having ordinary voting power for the
election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly,
or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower.

 “Subsidiary Guarantor” means any Guarantor other than Holdings. 

“Successor Borrower” has the meaning specified in Section 7.04(d). 

“Successor Holdings” has the meaning specified in Section 7.04(e). 

“Supplemental Administrative Agent” and “Supplemental Administrative Agents” have the meanings
specified in Section 9.12(a). 
 “Swap Contract” means (a) any and all rate swap transactions, basis
swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward
bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency
options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement,
and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any
Master Agreement. 

  

					
		 	56	 	J. Crew Term Loan Credit Agreement

 “Swap Termination Value” means, in respect of any one or more Swap
Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in
accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more
mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender). 
 “Syndication Agent” means Goldman Sachs Bank USA, as syndication agent under this Agreement. 
 “Taxes” has the meaning specified in Section 3.01(a). 

“Term Loan Refinancing Debt” means (a) Permitted Pari Passu Secured Refinancing Debt, (b) Permitted Junior
Secured Refinancing Debt and (c) Permitted Unsecured Refinancing Debt and, in each case, any Permitted Refinancing thereof. 
 “Term Priority Collateral” shall have the meaning assigned to such term in the ABL Intercreditor Agreement. 
 “Test Period” in effect at any time means the most recent period of four consecutive fiscal quarters of the Borrower ended on or prior to such time (taken as one accounting period) in
respect of which financial statements for each quarter or fiscal year in such period have been or are required to be delivered pursuant to Section 4.01(g) or Section 6.01(a) or (b), as applicable; provided that, prior to the first
date that financial statements have been or are required to be delivered pursuant to Section 6.01(a) or (b), the Test Period in effect shall be the period of four consecutive fiscal quarters of the Borrower ended October 30, 2010. A Test
Period may be designated by reference to the last day thereof (i.e., the “January 29, 2011 Test Period” refers to the period of four consecutive fiscal quarters of the Borrower ended January 29, 2011), and a Test Period shall be
deemed to end on the last day thereof. 
 “Threshold Amount” means $35,000,000. 

“Total Assets” means the total assets of the Borrower and the Restricted Subsidiaries on a consolidated basis in
accordance with GAAP, as shown on the most recent balance sheet of the Borrower delivered pursuant to Section 6.01(a) or (b) or, for the period prior to the time any such statements are so delivered pursuant to Section 6.01(a) or (b),
the Pro Forma Financial Statements. 

  

					
		 	57	 	J. Crew Term Loan Credit Agreement

 “Total Leverage Ratio” means, with respect to any Test Period, the ratio of
(a) Consolidated Total Debt as of the last day of such Test Period to (b) Consolidated EBITDA of the Borrower for such Test Period. 
 “Total Senior Secured Leverage Ratio” means, with respect to any Test Period, the ratio of (a) Consolidated Total Debt outstanding as of the last day of such Test Period that is
secured by a Lien on any property of any Loan Party or any Restricted Subsidiary to (b) Consolidated EBITDA of the Borrower for such Test Period. 
 “Transaction” means, collectively, (a) the Equity Contribution, (b) the Merger, (c) the issuance of the Senior Notes, if any, (d) the funding of the Loans on the
Closing Date, (e) the execution and delivery of the ABL Credit Agreement and the funding of the loans under the ABL Facilities on the Closing Date, if any, (f) the funding of the loans under the senior bridge facility on the Closing Date,
if any, (g) the consummation of any other transactions in connection with the foregoing, (h) the repayment of the Existing Credit Agreement and (i) the payment of the fees and expenses incurred in connection with any of the foregoing.

 “Transaction Expenses” means any fees or expenses incurred or paid by Holdings or any of its Subsidiaries in
connection with the Transaction, this Agreement and the other Loan Documents and the transactions contemplated hereby and thereby. 
 “Type” means, with respect to a Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan. 
 “Uniform Commercial Code” means the Uniform Commercial Code or any successor provision thereof as the same may from time to time be in effect in the State of New York or the Uniform
Commercial Code or any successor provision thereof (or similar code or statute) of another jurisdiction, to the extent it may be required to apply to any item or items of Collateral. 

“United States” and “U.S.” mean the United States of America. 

“Unrestricted Subsidiary” means (i) each Securitization Subsidiary and (ii) any Subsidiary of the Borrower
designated by the board of directors of the Borrower as an Unrestricted Subsidiary pursuant to Section 6.14 subsequent to the date hereof, in each case, until such Person ceases to be an Unrestricted Subsidiary of the Borrower in accordance
with Section 6.14 or ceases to be a Subsidiary of the Borrower. 
 “U.S. Lender” has the meaning specified
in Section 3.01(d). 
 “USA PATRIOT Act” means The Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)), as amended or modified from time to time. 

  

					
		 	58	 	J. Crew Term Loan Credit Agreement

 “Weighted Average Life to Maturity” means, when applied to any Indebtedness
at any date, the number of years obtained by dividing: (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including
payment at final maturity, in respect thereof, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment by (b) the then outstanding principal amount of such
Indebtedness; provided that for purposes of determining the Weighted Average Life to Maturity of any Refinanced Term Debt or any Indebtedness that is being modified, refinanced, refunded, renewed, replaced or extended (the “Applicable
Indebtedness”), the effects of any prepayments made on such Applicable Indebtedness prior to the date of the applicable modification, refinancing, refunding, renewal, replacement or extension shall be disregarded. 

“wholly owned” means, with respect to a Subsidiary of a Person, a Subsidiary of such Person all of the outstanding
Equity Interests of which (other than (x) director’s qualifying shares and (y) nominal shares issued to foreign nationals to the extent required by applicable Law) are owned by such Person and/or by one or more wholly owned
Subsidiaries of such Person. 
 “Withdrawal Liability” means the liability to a Multiemployer Plan as a result
of a complete or partial withdrawal from such Multiemployer Plan, as such term is defined in Part I of Subtitle E of Title IV of ERISA. 
 SECTION 1.02. Other Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document: 

(a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. 

(b) (i) The words “herein,” “hereto,” “hereof” and “hereunder” and words of
similar import when used in any Loan Document shall refer to such Loan Document as a whole and not to any particular provision thereof. 
 (ii) References in this Agreement to an Exhibit, Schedule, Article, Section, clause or sub-clause refer (A) to the appropriate Exhibit or Schedule to, or Article, Section, clause or sub-clause in
this Agreement or (B) to the extent such references are not present in this Agreement, to the Loan Document in which such reference appears. 
 (iii) The term “including” is by way of example and not limitation. 
 (iv) The term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical
or electronic form. 

  

					
		 	59	 	J. Crew Term Loan Credit Agreement

 (c) In the computation of periods of time from a specified date to a later specified date,
the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including”. 

(d) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the
interpretation of this Agreement or any other Loan Document. 
 SECTION 1.03. Accounting Terms. All accounting terms not
specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity
with, GAAP, except as otherwise specifically prescribed herein. 
 SECTION 1.04. Rounding. Any financial ratios required
to be satisfied in order for a specific action to be permitted under this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio
is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). 
 SECTION 1.05. References to Agreements, Laws, Etc. Unless otherwise expressly provided herein, (a) references to Organization Documents, agreements (including the Loan Documents) and other
contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements and other
modifications are permitted by any Loan Document; and (b) references to any Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law. 

SECTION 1.06. Times of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern time
(daylight or standard, as applicable). 
 SECTION 1.07. Available Amount Transactions. If more than one action occurs on
any given date the permissibility of the taking of which is determined hereunder by reference to the amount of the Available Amount immediately prior to the taking of such action, the permissibility of the taking of each such action shall be
determined independently and in no event may any two or more such actions be treated as occurring simultaneously, i.e. each transaction must be permitted under the Available Amount as so calculated. 

SECTION 1.08. Pro Forma Calculations. (a) Notwithstanding anything to the contrary herein, the Senior Secured Net Leverage
Ratio, the Total Leverage Ratio and the Total Senior Secured Leverage Ratio shall be calculated in the manner prescribed by this Section 1.08; provided, that notwithstanding anything to the contrary in clauses (b), (c) or
(d) of this Section 1.08, when calculating the Senior Secured Net Leverage Ratio for purposes of the definition of “Applicable Rate” and Section 2.03(b)(i), the events described in this Section 1.08 that occurred
subsequent to the end of the applicable Test Period shall not be given pro forma effect. 

  

					
		 	60	 	J. Crew Term Loan Credit Agreement

 (b) For purposes of calculating the Senior Secured Net Leverage Ratio, the Total Leverage
Ratio and the Total Senior Secured Leverage Ratio, Specified Transactions (and the incurrence or repayment of any Indebtedness in connection therewith) that have been made (i) during the applicable Test Period or (ii) subsequent to such
Test Period and prior to or simultaneously with the event for which the calculation of any such ratio is made shall be calculated on a pro forma basis assuming that all such Specified Transactions (and any increase or decrease in Consolidated
EBITDA and the component financial definitions used therein attributable to any Specified Transaction) had occurred on the first day of the applicable Test Period. If since the beginning of any applicable Test Period any Person that subsequently
became a Restricted Subsidiary or was merged, amalgamated or consolidated with or into the Borrower or any of its Restricted Subsidiaries since the beginning of such Test Period shall have made any Specified Transaction that would have required
adjustment pursuant to this Section 1.08, then the Senior Secured Net Leverage Ratio, the Total Leverage Ratio and the Total Senior Secured Leverage Ratio shall be calculated to give pro forma effect thereto in accordance with this
Section 1.08. 
 (c) Whenever pro forma effect is to be given to a Specified Transaction, the pro forma
calculations shall be made in good faith by a responsible financial or accounting officer of the Borrower and may include, for the avoidance of doubt, the amount of cost savings and synergies projected by the Borrower in good faith to be realized as
a result of specified actions taken, committed to be taken or expected to be taken (calculated on a pro forma basis as though such cost savings and synergies had been realized on the first day of such period and as if such cost savings and
synergies were realized during the entirety of such period) relating to such Specified Transaction, net of the amount of actual benefits realized during such period from such actions; provided that (A) such amounts are reasonably
identifiable, quantifiable and factually supportable in the good faith judgment of the Borrower, (B) such actions are taken, committed to be taken or expected to be taken no later than twelve (12) months after the date of such Specified
Transaction, (C) no amounts shall be added pursuant to this clause (c) to the extent duplicative of any amounts that are otherwise added back in computing Consolidated EBITDA, whether through a pro forma adjustment or otherwise,
with respect to such period and (D) the aggregate amount of cost savings and synergies added pursuant to this clause (c) for any such period after the Closing Date shall not exceed the greater of (x) $30,000,000 and (y) 10% of
Consolidated EBITDA for such Test Period (giving pro forma effect to the relevant Specified Transaction (but not to any cost savings or synergies)). 
 (d) In the event that the Borrower or any Restricted Subsidiary incurs (including by assumption or guarantees) or repays (including by redemption, repayment, retirement or extinguishment) any Indebtedness
included in the calculations of the Senior Secured Net Leverage Ratio, the Total Leverage Ratio and the Total Senior Secured Leverage Ratio, as the case may be (in each case, other than Indebtedness incurred or repaid under any revolving credit
facility in the ordinary course of business for working capital purposes), (i)

  

					
		 	61	 	J. Crew Term Loan Credit Agreement

 
during the applicable Test Period or (ii) subsequent to the end of the applicable Test Period and prior to or simultaneously with the event for which the calculation of any such ratio is
made, then the Senior Secured Net Leverage Ratio, the Total Leverage Ratio, and the Total Senior Secured Leverage Ratio shall be calculated giving pro forma effect to such incurrence or repayment of Indebtedness, to the extent required, as if
the same had occurred on the last day of the applicable Test Period. 
 SECTION 1.09. Currency Equivalents Generally.

 (a) For purposes of determining compliance with Sections 7.01, 7.02 and 7.03 with respect to any amount of Indebtedness or
Investment in a currency other than Dollars, no Default shall be deemed to have occurred solely as a result of changes in rates of currency exchange occurring after the time such Indebtedness or Investment is incurred (so long as such Indebtedness
or Investment, at the time incurred, made or acquired, was permitted hereunder). 
 (b) For purposes of determining the Senior
Secured Net Leverage Ratio, the Total Senior Secured Leverage Ratio and the Total Leverage Ratio, amounts denominated in a currency other than Dollars will be converted to Dollars at the currency exchange rates used in preparing the Borrower’s
financial statements corresponding to the Test Period with respect to the applicable date of determination and will, in the case of Indebtedness, reflect the currency translation effects, determined in accordance with GAAP, of Swap Contracts
permitted hereunder for currency exchange risks with respect to the applicable currency in effect on the date of determination of the Dollar equivalent of such Indebtedness. 
 ARTICLE II 
 The Commitments and Borrowings 

SECTION 2.01. The Loans. Subject to the terms and conditions set forth herein, each Lender severally agrees to make to the
Borrower a single loan denominated in Dollars equal to such Lender’s Commitment on the Closing Date. Amounts borrowed under this Section 2.01 and repaid or prepaid may not be reborrowed. Loans may be Base Rate Loans or Eurodollar Rate
Loans, as further provided herein. 
 SECTION 2.02. Borrowings, Conversions and Continuations of Loans. 

(a) Each Borrowing, each conversion of Loans from one Type to the other, and each continuation of Eurodollar Rate Loans shall be made
upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by telephone. Each such notice must be received by the Administrative Agent not later than 11:00 a.m. (i) three (3) Business Days prior to the
requested date of any Borrowing or continuation of Eurodollar Rate Loans or any conversion of Base Rate Loans to Eurodollar Rate Loans, and (ii) one (1) Business Day before the requested date of any Borrowing of Base Rate Loan. Each
telephonic notice by the Borrower pursuant to this Section 2.02(a) must be confirmed promptly by delivery to the Administrative Agent of a written Committed Loan Notice, appropriately completed and signed by a

  

					
		 	62	 	J. Crew Term Loan Credit Agreement

 
Responsible Officer of the Borrower. Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in
excess thereof. Each Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof. Each Committed Loan Notice (whether telephonic or written) shall specify
(i) whether the Borrower is requesting a Borrowing, a conversion of Loans from one Type to the other, or a continuation of Eurodollar Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be
(which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the Class and Type of Loans to be borrowed or to which existing Loans are to be converted and (v) if applicable, the
duration of the Interest Period with respect thereto. If the Borrower fails to specify a Type of Loan in a Committed Loan Notice or fails to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be made as, or
converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans. If the Borrower requests a Borrowing
of, conversion to, or continuation of Eurodollar Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one (1) month. 

(b) Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of its Pro
Rata Share of the applicable Class of Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans or
continuation of Loans described in Section 2.02(a). In the case of each Borrowing, each Appropriate Lender shall make the amount of its Loan available to the Administrative Agent in Same Day Funds at the Administrative Agent’s Office not
later than 1:00 p.m., on the Business Day specified in the applicable Committed Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is on the Closing Date, Section 4.01), the
Administrative Agent shall make all funds so received available to the Borrower in like funds as received by the Administrative Agent either by (i) crediting the account of the Borrower on the books of the Administrative Agent with the amount
of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower. 

(c) Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of an Interest Period
for such Eurodollar Rate Loan. Upon the occurrence and during the continuation of an Event of Default, the Administrative Agent or the Required Lenders may require by notice to the Borrower that no Loans may be converted to or continued as
Eurodollar Rate Loans. 
 (d) The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate
applicable to any Interest Period for Eurodollar Rate Loans upon determination of such interest rate. The determination of the Eurodollar Rate by the Administrative Agent shall be conclusive in the absence of manifest error. At any time when Base
Rate Loans are outstanding, the Administrative Agent shall notify the Borrower and the Lenders of any change in the Administrative Agent’s prime rate used in determining the Base Rate promptly following the public announcement of such change.

  

					
		 	63	 	J. Crew Term Loan Credit Agreement

 (e) After giving effect to all Borrowings, all conversions of Loans from one Type to the
other, and all continuations of Loans as the same Type, there shall not be more than ten (10) Interest Periods in effect unless otherwise agreed between the Borrower and the Administrative Agent; provided that after the establishment of
any new Class of Loans pursuant to a Refinancing Amendment or Extension, the number of Interest Periods otherwise permitted by this Section 2.02(e) shall increase by three (3) Interest Periods for each applicable Class so established.

 (f) The failure of any Lender to make the Loan 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 Loan on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Loan to be made by such other Lender on the date of any Borrowing. 

(g) Unless the Administrative Agent shall have received notice from a Lender prior to the date of any Borrowing that such Lender will not
make available to the Administrative Agent such Lender’s Pro Rata Share of such Borrowing, the Administrative Agent may assume that such Lender has made such Pro Rata Share available to the Administrative Agent on the date of such Borrowing in
accordance with paragraph (b) above, and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If the Administrative Agent shall have so made funds available, then,
to the extent that such Lender shall not have made such portion available to the Administrative Agent, each of such Lender and the Borrower severally agrees to repay to the Administrative Agent forthwith on demand such corresponding amount together
with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Administrative Agent at (i) in the case of the Borrower, the interest rate applicable at the time to the
Loans comprising such Borrowing and (ii) in the case of such Lender, the Overnight Rate plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in accordance with the foregoing. A certificate of the
Administrative Agent submitted to any Lender with respect to any amounts owing under this Section 2.02(g) shall be conclusive in the absence of manifest error. If the Borrower and such Lender shall pay such interest to the Administrative Agent
for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative
Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such
payment to the Administrative Agent. 

  

					
		 	64	 	J. Crew Term Loan Credit Agreement

 SECTION 2.03. Prepayments. 

(a) Optional. 
 (i) The Borrower may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay Loans in whole or in part without premium or penalty; provided that (1) such
notice must be received by the Administrative Agent not later than 11:00 a.m. (New York, New York time) (A) three (3) Business Days prior to any date of prepayment of Eurodollar Rate Loans and (B) on the date of prepayment of
Base Rate Loans; (2) any partial prepayment of Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof or, if less, the entire principal amount thereof then outstanding; and
(3) any prepayment of Base Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof or, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and
amount of such prepayment and the Class(es) and Type(s) of Loans to be prepaid and the payment amount specified in such notice shall be due and payable on the date specified therein. The Administrative Agent will promptly notify each Appropriate
Lender of its receipt of each such notice, and of the amount of such Lender’s Pro Rata Share of such prepayment. Any prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued interest thereon, together with any additional amounts
required pursuant to Section 3.05. Each prepayment of the Loans pursuant to this Section 2.03(a) shall be paid to the Appropriate Lenders in accordance with their respective Pro Rata Shares; provided, that at the request of the
Borrower, in lieu of such application on a pro rata basis among all Classes of Loans, such prepayment may be applied to any Class of Loans so long as the Maturity Date of such Class of Loans (or such Classes of Loans) precedes the Maturity Date of
each other Class of Loans then outstanding or, in the event more than one Class of Loans shall have an identical Maturity Date, to such Classes on a pro rata basis. 
 (ii) Notwithstanding anything to the contrary contained in this Agreement, the Borrower may rescind any notice of prepayment under Section 2.03(a)(i) if such prepayment would have resulted from a
refinancing of all of the applicable Facility, which refinancing shall not be consummated or shall otherwise be delayed. 

(iii) Voluntary prepayments of any Class of Loans permitted hereunder shall be applied to the remaining scheduled installments of
principal thereof pursuant to Section 2.05 in a manner determined at the discretion of the Borrower and specified in the notice of prepayment (and absent such direction, in direct order of maturity). 

(iv) Notwithstanding anything in any Loan Document to the contrary, so long as (x) no Default or Event of Default has occurred and
is continuing and (y) no proceeds of Loans under the ABL Facilities are used for this purpose, the Borrower may prepay the outstanding Loans (which shall, for the avoidance of doubt, be automatically and permanently canceled immediately upon
acquisition by the Borrower) (or Holdings or any of its Subsidiaries may purchase such outstanding Loans and immediately cancel them) on the following basis: 
 (A) Any Company Party shall have the right to make a voluntary prepayment of Loans at a discount to par pursuant to a Borrower Offer of Specified Discount Prepayment, Borrower Solicitation of Discount
Range Prepayment Offers or Borrower Solicitation of Discounted Prepayment Offers (any such prepayment, the “Discounted Loan Prepayment”), in each case made in accordance with this Section 2.03(a)(iv); provided that no
Company Party shall initiate any action under this Section 2.03(a)(iv) in order to make a Discounted Loan Prepayment unless (I) at least ten (10) Business Days shall have passed since the consummation of the most recent Discounted
Loan Prepayment as a result of a prepayment made by a Company Party on the applicable Discounted Prepayment Effective Date; or (II) at least three (3) Business Days shall have passed since the date the Company Party was notified that no Lender
was willing to accept any prepayment of any Loan at the Specified Discount, within the Discount Range or at any discount to par value, as applicable, or in the case of Borrower Solicitation of Discounted Prepayment Offers, the date of any Company
Party’s election not to accept any Solicited Discounted Prepayment Offers. 

  

					
		 	65	 	J. Crew Term Loan Credit Agreement

 (B) (1) Subject to the proviso to subsection (A) above, any Company Party may from
time to time offer to make a Discounted Loan Prepayment by providing the Auction Agent with five (5) Business Days’ notice in the form of a Specified Discount Prepayment Notice; provided that (I) any such offer shall be made
available, at the sole discretion of the Company Party, to (x) each Lender and/or (y) each Lender with respect to any Class of Loans on an individual tranche basis, (II) any such offer shall specify the aggregate principal amount offered
to be prepaid (the “Specified Discount Prepayment Amount”) with respect to each applicable tranche, the tranche or tranches of Loans subject to such offer and the specific percentage discount to par (the “Specified
Discount”) of such Loans to be prepaid (it being understood that different Specified Discounts and/or Specified Discount Prepayment Amounts may be offered with respect to different tranches of Loans and, in such event, each such offer will
be treated as a separate offer pursuant to the terms of this Section), (III) the Specified Discount Prepayment Amount shall be in an aggregate amount not less than $10,000,000 and whole increments of $1,000,000 in excess thereof and (IV) each such
offer shall remain outstanding through the Specified Discount Prepayment Response Date. The Auction Agent will promptly provide each Appropriate Lender with a copy of such Specified Discount Prepayment Notice and a form of the Specified Discount
Prepayment Response to be completed and returned by each such Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m., New York time, on the third Business Day after the date of delivery of such notice to such Lenders (the
“Specified Discount Prepayment Response Date”). 
 (2) Each Lender receiving such offer shall notify the
Auction Agent (or its delegate) by the Specified Discount Prepayment Response Date whether or not it agrees to accept a prepayment of any of its applicable then outstanding Loans at the Specified Discount and, if so (such accepting Lender, a
“Discount Prepayment Accepting Lender”), the amount and the tranches of such Lender’s Loans to be prepaid at such offered discount. Each acceptance of a Discounted Loan Prepayment by a Discount Prepayment Accepting Lender shall
be irrevocable. Any Lender whose Specified Discount Prepayment Response is not received by the Auction Agent by the Specified Discount Prepayment Response Date shall be deemed to have declined to accept the applicable Borrower Offer of Specified
Discount Prepayment. 

  

					
		 	66	 	J. Crew Term Loan Credit Agreement

 (3) If there is at least one Discount Prepayment Accepting Lender, the relevant Company
Party will make a prepayment of outstanding Loans pursuant to this paragraph (B) to each Discount Prepayment Accepting Lender in accordance with the respective outstanding amount and tranches of Loans specified in such Lender’s Specified
Discount Prepayment Response given pursuant to subsection (2) above; provided that, if the aggregate principal amount of Loans accepted for prepayment by all Discount Prepayment Accepting Lenders exceeds the Specified Discount Prepayment
Amount, such prepayment shall be made pro rata among the Discount Prepayment Accepting Lenders in accordance with the respective principal amounts accepted to be prepaid by each such Discount Prepayment Accepting Lender and the Auction Agent (in
consultation with such Company Party and subject to rounding requirements of the Auction Agent made in its reasonable discretion) will calculate such proration (the “Specified Discount Proration”). The Auction Agent shall promptly,
and in any case within three (3) Business Days following the Specified Discount Prepayment Response Date, notify (I) the relevant Company Party of the respective Lenders’ responses to such offer, the Discounted Prepayment Effective
Date and the aggregate principal amount of the Discounted Loan Prepayment and the tranches to be prepaid, (II) each Lender of the Discounted Prepayment Effective Date, and the aggregate principal amount and the tranches of Loans to be prepaid at the
Specified Discount on such date and (III) each Discount Prepayment Accepting Lender of the Specified Discount Proration, if any, and confirmation of the principal amount, tranche and Type of Loans of such Lender to be prepaid at the Specified
Discount on such date. Each determination by the Auction Agent of the amounts stated in the foregoing notices to the Company Party and such Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified
in such notice to the Company Party shall be due and payable by such Company Party on the Discounted Prepayment Effective Date in accordance with subsection (F) below (subject to subsection (J) below). 

(C) (1) Subject to the proviso to subsection (A) above, any Company Party may from time to time solicit Discount Range Prepayment
Offers by providing the Auction Agent with five (5) Business Days’ notice in the form of a Discount Range Prepayment Notice; provided that (I) any such solicitation shall be extended, at the sole discretion of such Company
Party, to (x) each Lender and/or (y) each Lender with respect to any Class of Loans on an individual tranche basis, (II) any such notice shall specify the maximum aggregate principal amount of the relevant Loans (the “Discount
Range Prepayment Amount”), the tranche or tranches of Loans subject to such offer and the maximum and minimum percentage discounts to par (the “Discount Range”) of the principal amount of such Loans with respect to each
relevant tranche of Loans willing to be prepaid by such Company Party (it being understood that different Discount Ranges and/or Discount Range Prepayment Amounts may be offered with respect to different tranches of Loans and, in such event, each
such offer will be treated as separate offer pursuant to the terms of this Section), (III) the Discount Range Prepayment Amount shall be in an aggregate amount not less than $10,000,000 and whole increments of $1,000,000 in excess thereof and (IV)
each such solicitation by the Borrower shall remain outstanding through the 

  

					
		 	67	 	J. Crew Term Loan Credit Agreement

 
Discount Range Prepayment Response Date. The Auction Agent will promptly provide each Appropriate Lender with a copy of such Discount Range Prepayment Notice and a form of the Discount Range
Prepayment Offer to be submitted by a responding Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m., New York time, on the third Business Day after the date of delivery of such notice to such Lenders (the “Discount
Range Prepayment Response Date”). Each Lender’s Discount Range Prepayment Offer shall be irrevocable and shall specify a discount to par within the Discount Range (the “Submitted Discount”) at which such Lender is
willing to allow prepayment of any or all of its then outstanding Loans of the applicable tranche or tranches and the maximum aggregate principal amount and tranches of such Lender’s Loans (the “Submitted Amount”) such Lender
is willing to have prepaid at the Submitted Discount. Any Lender whose Discount Range Prepayment Offer is not received by the Auction Agent by the Discount Range Prepayment Response Date shall be deemed to have declined to accept a Discounted Loan
Prepayment of any of its Loans at any discount to their par value within the Discount Range. 
 (2) The Auction Agent shall
review all Discount Range Prepayment Offers received on or before the applicable Discount Range Prepayment Response Date and shall determine (in consultation with such Company Party and subject to rounding requirements of the Auction Agent made in
its sole reasonable discretion) the Applicable Discount and Loans to be prepaid at such Applicable Discount in accordance with this subsection (C). The relevant Company Party agrees to accept on the Discount Range Prepayment Response Date all
Discount Range Prepayment Offers received by Auction Agent by the Discount Range Prepayment Response Date, in the order from the Submitted Discount that is the largest discount to par to the Submitted Discount that is the smallest discount to par,
up to and including the Submitted Discount that is the smallest discount to par within the Discount Range (such Submitted Discount that is the smallest discount to par within the Discount Range being referred to as the “Applicable
Discount”) which yields a Discounted Loan Prepayment in an aggregate principal amount equal to the lower of (I) the Discount Range Prepayment Amount and (II) the sum of all Submitted Amounts. Each Lender that has submitted a Discount
Range Prepayment Offer to accept prepayment at a discount to par that is larger than or equal to the Applicable Discount shall be deemed to have irrevocably consented to prepayment of Loans equal to its Submitted Amount (subject to any required
proration pursuant to the following subsection (3)) at the Applicable Discount (each such Lender, a “Participating Lender”). 
 (3) If there is at least one Participating Lender, the relevant Company Party will prepay the respective outstanding Loans of each Participating Lender in the aggregate principal amount and of the
tranches specified in such Lender’s Discount Range Prepayment Offer at the Applicable Discount; provided that if the Submitted Amount by all Participating Lenders offered at a discount to par greater than the Applicable Discount exceeds
the Discount Range Prepayment Amount, prepayment of the principal amount of the relevant Loans for those Participating Lenders whose Submitted Discount is a discount to par greater than or equal to the Applicable Discount (the “Identified
Participating Lenders”) shall be made pro rata among the Identified Participating Lenders in accordance with the Submitted Amount of 

  

					
		 	68	 	J. Crew Term Loan Credit Agreement

 
each such Identified Participating Lender and the Auction Agent (in consultation with such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable
discretion) will calculate such proration (the “Discount Range Proration”). The Auction Agent shall promptly, and in any case within five (5) Business Days following the Discount Range Prepayment Response Date, notify
(I) the relevant Company Party of the respective Lenders’ responses to such solicitation, the Discounted Prepayment Effective Date, the Applicable Discount, and the aggregate principal amount of the Discounted Loan Prepayment and the
tranches to be prepaid, (II) each Lender of the Discounted Prepayment Effective Date, the Applicable Discount, and the aggregate principal amount and tranches of Loans to be prepaid at the Applicable Discount on such date, (III) each Participating
Lender of the aggregate principal amount and tranches of such Lender to be prepaid at the Applicable Discount on such date, and (IV) if applicable, each Identified Participating Lender of the Discount Range Proration. Each determination by the
Auction Agent of the amounts stated in the foregoing notices to the relevant Company Party and Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice to the Company Party shall be
due and payable by such Company Party on the Discounted Prepayment Effective Date in accordance with subsection (F) below (subject to subsection (J) below). 
 (D) (1) Subject to the proviso to subsection (A) above, any Company Party may from time to time solicit Solicited Discounted Prepayment Offers by providing the Auction Agent with five
(5) Business Days’ notice in the form of a Solicited Discounted Prepayment Notice; provided that (I) any such solicitation shall be extended, at the sole discretion of such Company Party, to (x) each Lender and/or
(y) each Lender with respect to any Class of Loans on an individual tranche basis, (II) any such notice shall specify the maximum aggregate amount of the Loans (the “Solicited Discounted Prepayment Amount”) and the tranche or
tranches of Loans the Borrower is willing to prepay at a discount (it being understood that different Solicited Discounted Prepayment Amounts may be offered with respect to different tranches of Loans and, in such event, each such offer will be
treated as separate offer pursuant to the terms of this Section), (III) the Solicited Discounted Prepayment Amount shall be in an aggregate amount not less than $10,000,000 and whole increments of $1,000,000 in excess thereof and (IV) each such
solicitation by the Borrower shall remain outstanding through the Solicited Discounted Prepayment Response Date. The Auction Agent will promptly provide each Appropriate Lender with a copy of such Solicited Discounted Prepayment Notice and a form of
the Solicited Discounted Prepayment Offer to be submitted by a responding Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m., New York time on the third Business Day after the date of delivery of such notice to such Lenders
(the “Solicited Discounted Prepayment Response Date”). Each Lender’s Solicited Discounted Prepayment Offer shall (x) be irrevocable, (y) remain outstanding until the Acceptance Date, and (z) specify both a
discount to par (the “Offered Discount”) at which such Lender is willing to allow prepayment of its then outstanding Loan and the maximum aggregate principal amount and tranches of such Loans (the “Offered Amount”)
such Lender is willing to have prepaid at the Offered Discount. Any Lender whose Solicited Discounted Prepayment Offer is not received by the Auction Agent by the Solicited Discounted Prepayment Response Date shall be deemed to have declined
prepayment of any of its Loans at any discount. 

  

					
		 	69	 	J. Crew Term Loan Credit Agreement

 (2) The Auction Agent shall promptly provide the relevant Company Party with a copy of all
Solicited Discounted Prepayment Offers received on or before the Solicited Discounted Prepayment Response Date. Such Company Party shall review all such Solicited Discounted Prepayment Offers and select the largest of the Offered Discounts specified
by the relevant responding Lenders in the Solicited Discounted Prepayment Offers that is acceptable to the Company Party (the “Acceptable Discount”), if any. If the Company Party elects to accept any Offered Discount as the
Acceptable Discount, then as soon as practicable after the determination of the Acceptable Discount, but in no event later than by the third Business Day after the date of receipt by such Company Party from the Auction Agent of a copy of all
Solicited Discounted Prepayment Offers pursuant to the first sentence of this subsection (2) (the “Acceptance Date”), the Company Party shall submit an Acceptance and Prepayment Notice to the Auction Agent setting forth the
Acceptable Discount. If the Auction Agent shall fail to receive an Acceptance and Prepayment Notice from the Company Party by the Acceptance Date, such Company Party shall be deemed to have rejected all Solicited Discounted Prepayment Offers.

 (3) Based upon the Acceptable Discount and the Solicited Discounted Prepayment Offers received by Auction Agent by the
Solicited Discounted Prepayment Response Date, within three (3) Business Days after receipt of an Acceptance and Prepayment Notice (the “Discounted Prepayment Determination Date”), the Auction Agent will determine (in
consultation with such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) the aggregate principal amount and the tranches of Loans (the “Acceptable Prepayment Amount”) to
be prepaid by the relevant Company Party at the Acceptable Discount in accordance with this Section 2.03(a)(iv)(D). If the Company Party elects to accept any Acceptable Discount, then the Company Party agrees to accept all Solicited Discounted
Prepayment Offers received by Auction Agent by the Solicited Discounted Prepayment Response Date, in the order from largest Offered Discount to smallest Offered Discount, up to and including the Acceptable Discount. Each Lender that has submitted a
Solicited Discounted Prepayment Offer with an Offered Discount that is greater than or equal to the Acceptable Discount shall be deemed to have irrevocably consented to prepayment of Loans equal to its Offered Amount (subject to any required
pro-rata reduction pursuant to the following sentence) at the Acceptable Discount (each such Lender, a “Qualifying Lender”). The Company Party will prepay outstanding Loans pursuant to this subsection (D) to each Qualifying
Lender in the aggregate principal amount and of the tranches specified in such Lender’s Solicited Discounted Prepayment Offer at the Acceptable Discount; provided that if the aggregate Offered Amount by all Qualifying Lenders whose
Offered Discount is greater than or equal to the Acceptable Discount exceeds the Solicited Discounted Prepayment Amount, prepayment of the principal amount of the Loans for those Qualifying Lenders whose Offered Discount is greater than or equal to
the Acceptable Discount (the “Identified Qualifying Lenders”) shall be made pro rata among the Identified Qualifying Lenders in accordance with the Offered Amount of each such Identified Qualifying Lender and the Auction Agent (in
consultation with such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) will calculate such proration (the “Solicited Discount Proration”). On or prior to the Discounted
Prepayment Determination Date, the 

  

					
		 	70	 	J. Crew Term Loan Credit Agreement

 
Auction Agent shall promptly notify (I) the relevant Company Party of the Discounted Prepayment Effective Date and Acceptable Prepayment Amount comprising the Discounted Loan Prepayment and
the tranches to be prepaid, (II) each Lender of the Discounted Prepayment Effective Date, the Acceptable Discount, and the Acceptable Prepayment Amount of all Loans and the tranches to be prepaid to be prepaid at the Applicable Discount on such
date, (III) each Qualifying Lender of the aggregate principal amount and the tranches of such Lender to be prepaid at the Acceptable Discount on such date, and (IV) if applicable, each Identified Qualifying Lender of the Solicited Discount
Proration. Each determination by the Auction Agent of the amounts stated in the foregoing notices to such Company Party and Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice
to such Company Party shall be due and payable by such Company Party on the Discounted Prepayment Effective Date in accordance with subsection (F) below (subject to subsection (J) below). 

(E) In connection with any Discounted Loan Prepayment, the Company Parties and the Lenders acknowledge and agree that the Auction Agent
may require as a condition to any Discounted Loan Prepayment, the payment of customary fees and expenses from a Company Party in connection therewith. 
 (F) If any Loan is prepaid in accordance with paragraphs (B) through (D) above, a Company Party shall prepay such Loans on the Discounted Prepayment Effective Date. The relevant Company Party
shall make such prepayment to the Administrative Agent, for the account of the Discount Prepayment Accepting Lenders, Participating Lenders, or Qualifying Lenders, as applicable, at the Administrative Agent’s Office in immediately available
funds not later than 11:00 a.m. (New York time) on the Discounted Prepayment Effective Date and all such prepayments shall be applied to the remaining principal installments of the relevant tranche of Loans on a pro-rata basis across such
installments. The Loans so prepaid shall be accompanied by all accrued and unpaid interest on the par principal amount so prepaid up to, but not including, the Discounted Prepayment Effective Date. Each prepayment of the outstanding Loans pursuant
to this Section 2.03(a)(iv) shall be paid to the Discount Prepayment Accepting Lenders, Participating Lenders, or Qualifying Lenders, as applicable, and shall be applied to the relevant Loans of such Lenders in accordance with their respective
Pro Rata Share. The aggregate principal amount of the tranches and installments of the relevant Loans outstanding shall be deemed reduced by the full par value of the aggregate principal amount of the tranches of Loans prepaid on the Discounted
Prepayment Effective Date in any Discounted Loan Prepayment. In connection with each prepayment pursuant to this Section 2.03(a)(iv), the relevant Company Party shall make a representation to the Lenders that it does not possess material
non-public information with respect to Holdings and its Subsidiaries or the securities of any of them that has not been disclosed to the Lenders generally (other than Lenders who elect not to receive such information). 

(G) To the extent not expressly provided for herein, each Discounted Loan Prepayment shall be consummated pursuant to procedures
consistent with the provisions in this Section 2.03(a)(iv), established by the Auction Agent acting in its reasonable discretion and as reasonably agreed by the Borrower. 

  

					
		 	71	 	J. Crew Term Loan Credit Agreement

 (H) Notwithstanding anything in any Loan Document to the contrary, for purposes of this
Section 2.03(a)(iv), each notice or other communication required to be delivered or otherwise provided to the Auction Agent (or its delegate) shall be deemed to have been given upon Auction Agent’s (or its delegate’s) actual receipt
during normal business hours of such notice or communication; provided that any notice or communication actually received outside of normal business hours shall be deemed to have been given as of the opening of business on the next Business
Day. 
 (I) Each of the Company Parties and the Lenders acknowledge and agree that the Auction Agent may perform any and all of
its duties under this Section 2.03(a)(iv) by itself or through any Affiliate of the Auction Agent and expressly consents to any such delegation of duties by the Auction Agent to such Affiliate and the performance of such delegated duties by
such Affiliate. The exculpatory provisions pursuant to this Agreement shall apply to each Affiliate of the Auction Agent and its respective activities in connection with any Discounted Loan Prepayment provided for in this Section 2.03(a)(iv) as
well as activities of the Auction Agent. 
 (J) Each Company Party shall have the right, by written notice to the Auction
Agent, to revoke in full (but not in part) its offer to make a Discounted Loan Prepayment and rescind the applicable Specified Discount Prepayment Notice, Discount Range Prepayment Notice or Solicited Discounted Prepayment Notice therefor at its
discretion at any time on or prior to the applicable Specified Discount Prepayment Response Date (and if such offer is revoked pursuant to the preceding clauses, any failure by such Company Party to make any prepayment to a Lender, as applicable,
pursuant to this Section 2.03(a)(iv) shall not constitute a Default or Event of Default under Section 8.01 or otherwise). 
 (b) Mandatory. 
 (i) Within five (5) Business Days after financial
statements have been delivered pursuant to Section 6.01(a) and the related Compliance Certificate has been delivered pursuant to Section 6.02(a), the Borrower shall, subject to clause (b)(v) of this Section 2.03, prepay an
aggregate principal amount of Loans equal to (A) 50% (such percentage as it may be reduced as described below, the “ECF Percentage”) of Excess Cash Flow, if any, for the fiscal year covered by such financial statements
(commencing with the fiscal year ended January 28, 2012) minus (B) the sum of (i) all voluntary prepayments of Loans during such fiscal year pursuant to Section 2.03(a)(i) and (ii) all voluntary prepayments of loans
under the ABL Facilities or any other revolving credit facilities during such fiscal year to the extent accompanied by a corresponding permanent reduction in the commitments under the ABL Facilities or any other revolving credit facilities, in the
case of each of the immediately preceding clauses (i) and (ii), to the extent such prepayments are not funded with the proceeds of Indebtedness; provided that (x) the ECF Percentage shall be 25% if the Senior Secured Net Leverage
Ratio for the fiscal year covered by such financial statements was less than or equal to 

  

					
		 	72	 	J. Crew Term Loan Credit Agreement

 
3.25 to 1.0 and greater than 2.75 to 1.0 and (y) the ECF Percentage shall be 0% if the Senior Secured Net Leverage Ratio for the fiscal year covered by such financial statements was less
than or equal to 2.75 to 1.0. 
 (ii) (A) If (x) the Borrower or any of its Restricted Subsidiaries Disposes of any
property or assets (other than (X) any Disposition of any property or assets permitted by Section 7.05(a), (b), (c), (d) (to the extent constituting a Disposition to the Borrower or a Restricted Subsidiary that is a Guarantor), (e),
(g), (h), (i), (k), (l), (m), (n), (o), (p), (s) and (t) and (Y) so long as the ABL Credit Agreement is in effect, any Disposition of Current Asset Collateral) or (y) any Casualty Event occurs, which results in the realization or
receipt by the Borrower or such Restricted Subsidiary of Net Cash Proceeds, the Borrower shall prepay on or prior to the date which is ten (10) Business Days after the date of the realization or receipt of such Net Cash Proceeds, subject to
clause (b)(v) of this Section 2.03, an aggregate principal amount of Loans equal to 100% of all Net Cash Proceeds realized or received; provided, that if at the time that any such prepayment would be required, the Borrower is required to
offer to repurchase Permitted Pari Passu Secured Refinancing Debt (or any Permitted Refinancing thereof that is secured on a pari passu basis with the Obligations) pursuant to the terms of the documentation governing such Indebtedness with the net
proceeds of such Disposition or Casualty Event (such Permitted Pari Passu Secured Refinancing Debt (or Permitted Refinancing thereof) required to be offered to be so repurchased, “Other Applicable Indebtedness”), then the Borrower
may apply such Net Cash Proceeds on a pro rata basis (determined on the basis of the aggregate outstanding principal amount of the Loans and Other Applicable Indebtedness at such time; provided that the portion of such net proceeds allocated
to the Other Applicable Indebtedness shall not exceed the amount of such net proceeds required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of such net proceeds shall be
allocated to the Loans in accordance with the terms hereof) to the prepayment of the Loans and to the repurchase or prepayment of Other Applicable Indebtedness, and the amount of prepayment of the Loans that would have otherwise been required
pursuant to this Section 2.03(b)(ii)(A) shall be reduced accordingly; provided, further, that to the extent the holders of Other Applicable Indebtedness decline to have such indebtedness repurchased or prepaid, the declined amount shall
promptly (and in any event within ten (10) Business Days after the date of such rejection) be applied to prepay the Loans in accordance with the terms hereof; provided, further, that except as provided in
Section 7.05(j)(iii), no prepayment shall be required pursuant to this Section 2.03(b)(ii)(A) with respect to such portion of such Net Cash Proceeds that the Borrower shall have, on or prior to such date, given written notice to the
Administrative Agent of its intent to reinvest in accordance with Section 2.03(b)(ii)(B). 
 (B) With respect to any Net
Cash Proceeds realized or received with respect to any Disposition (other than any Disposition specifically excluded from the application of Section 2.03(b)(ii)(A)) or any Casualty Event, at the option of the Borrower, the Borrower may reinvest
all or any portion of such Net Cash Proceeds in assets useful for its business within (x) twelve (12) months following receipt of such Net Cash Proceeds or (y) if the Borrower enters into a legally binding commitment to reinvest such
Net Cash Proceeds within twelve (12) months following receipt thereof, within the later of (1) twelve (12) months following receipt thereof and 

  

					
		 	73	 	J. Crew Term Loan Credit Agreement

 
(2) one hundred and eighty (180) days of the date of such legally binding commitment; provided that upon receipt of any such Net Cash Proceeds, the Borrower or applicable
Restricted Subsidiary shall deposit such Net Cash Proceeds into the Asset Sale Proceeds Pledged Account and such Net Cash Proceeds shall remain in the Asset Sale Proceeds Pledged Account until reinvested pursuant to this clause (b)(ii)(B) or applied
to prepay the Loans in accordance with this Section 2.03(b) and provided, further, that if any Net Cash Proceeds are no longer intended to be or cannot be so reinvested at any time after delivery of a notice of reinvestment election, and
subject to clauses (iv) and (v) of this Section 2.03(b), an amount equal to any such Net Cash Proceeds shall be applied within five (5) Business Days after the Borrower reasonably determines that such Net Cash Proceeds are no
longer intended to be or cannot be so reinvested to the prepayment of the Loans as set forth in this Section 2.03. 
 (iii)
If the Borrower or any Restricted Subsidiary incurs or issues any Indebtedness (A) not expressly permitted to be incurred or issued pursuant to Section 7.03 or (B) that constitutes Credit Agreement Refinancing Indebtedness, the
Borrower shall prepay an aggregate principal amount of Loans equal to 100% of all Net Cash Proceeds received therefrom on or prior to the date which is five (5) Business Days after the receipt of such Net Cash Proceeds. 

(iv) (A) Except as may otherwise be set forth in any Refinancing Amendment, Extension Offer or any Incremental Amendment, each prepayment
of Loans pursuant to this Section 2.03(b) shall be applied ratably to each Class of Loans then outstanding (provided, that any prepayment of Loans with the Net Cash Proceeds of Credit Agreement Refinancing Indebtedness shall be applied
solely to each applicable Class of Refinanced Term Debt), (B) with respect to each Class of Loans, each prepayment pursuant to clauses (i) through (iii) of this Section 2.03(b) shall be applied to the next eight
(8) scheduled installments of principal thereof following the date of prepayment pursuant to Section 2.05 in direct order of maturity and to the remaining installments pro rata; and (C) each such prepayment shall be paid to the
Lenders in accordance with their respective Pro Rata Shares of such prepayment. 
 (v) Notwithstanding any other provisions of
this Section 2.03(b), (A) to the extent that any or all of the Net Cash Proceeds of any Disposition by a Foreign Subsidiary giving rise to a prepayment event pursuant to Section 2.03(b)(ii) (a “Foreign Disposition”),
the Net Cash Proceeds of any Casualty Event from a Foreign Subsidiary (a “Foreign Casualty Event”), or Excess Cash Flow are prohibited or delayed by applicable local law from being repatriated to the United States, the portion of
such Net Cash Proceeds or Excess Cash Flow so affected will not be required to be applied to repay Loans at the times provided in this Section 2.03(b) but may be retained by the applicable Foreign Subsidiary so long, but only so long, as the
applicable local law will not permit repatriation to the United States (the Borrower hereby agreeing to cause the applicable Foreign Subsidiary to promptly take all actions reasonably required by the applicable local law to permit such
repatriation), and once such repatriation of any of such affected Net Cash Proceeds or Excess Cash Flow is permitted under the applicable local law, such repatriation will be immediately effected and such repatriated Net Cash Proceeds or Excess Cash
Flow will be promptly (and in any event not later than two (2) Business Days after such repatriation) 

  

					
		 	74	 	J. Crew Term Loan Credit Agreement

 
applied (net of additional taxes payable or reserved against as a result thereof) to the repayment of the Loans pursuant to this Section 2.03(b) to the extent provided herein and (B) to
the extent that the Borrower has determined in good faith that repatriation of any of or all the Net Cash Proceeds of any Foreign Disposition, any Foreign Casualty Event or Excess Cash Flow would have a material adverse tax cost consequence (taking
into account any foreign tax credit or benefit actually realized in connection with such repatriation) with respect to such Net Cash Proceeds or Excess Cash Flow, the Net Cash Proceeds or Excess Cash Flow so affected may be retained by the
applicable Foreign Subsidiary, provided that, in the case of this clause (B), on or before the date on which any Net Cash Proceeds so retained would otherwise have been required to be applied to reinvestments or prepayments pursuant to
this Section 2.03(b) (or such Excess Cash Flow would have been so required if it were Net Cash Proceeds), (x) the Borrower applies an amount equal to such Net Cash Proceeds or Excess Cash Flow to such reinvestments or prepayments as if
such Net Cash Proceeds or Excess Cash Flow had been received by the Borrower rather than such Foreign Subsidiary, less the amount of additional taxes that would have been payable or reserved against if such Net Cash Proceeds or Excess Cash
Flow had been repatriated (or, if less, the Net Cash Proceeds or Excess Cash Flow that would be calculated if received by such Foreign Subsidiary) or (y) such Net Cash Proceeds or Excess Cash Flow are applied to the repayment of Indebtedness of
a Foreign Subsidiary. 
 (c) Interest, Funding Losses, Etc. All prepayments under this Section 2.03 shall be
accompanied by all accrued interest thereon, together with, in the case of any such prepayment of a Eurodollar Rate Loan on a date prior to the last day of an Interest Period therefor, any amounts owing in respect of such Eurodollar Rate Loan
pursuant to Section 3.05. 
 Notwithstanding any of the other provisions of this Section 2.03, so long as no Event of
Default shall have occurred and be continuing, if any prepayment of Eurodollar Rate Loans is required to be made under this Section 2.03 prior to the last day of the Interest Period therefor, in lieu of making any payment pursuant to this
Section 2.03 in respect of any such Eurodollar Rate Loan prior to the last day of the Interest Period therefor, the Borrower may, in its sole discretion, deposit an amount sufficient to make any such prepayment otherwise required to be made
thereunder together with accrued interest to the last day of such Interest Period into a Cash Collateral Account until the last day of such Interest Period, at which time the Administrative Agent shall be authorized (without any further action by or
notice to or from the Borrower or any other Loan Party) to apply such amount to the prepayment of such Loans in accordance with this Section 2.03. Upon the occurrence and during the continuance of any Event of Default, the Administrative Agent
shall also be authorized (without any further action by or notice to or from the Borrower or any other Loan Party) to apply such amount to the prepayment of the outstanding Loans in accordance with the relevant provisions of this Section 2.03.

 SECTION 2.04. Termination or Reduction of Commitments. 

(a) Optional. The Borrower may, upon written notice to the Administrative Agent, terminate the unused Commitments of any Class, or
from time to time permanently reduce the unused Commitments of any Class, in each case without premium or penalty; 

  

					
		 	75	 	J. Crew Term Loan Credit Agreement

 
provided that (i) any such notice shall be received by the Administrative Agent one (1) Business Day prior to the date of termination or reduction and (ii) any such partial
reduction shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof or, if less, the entire amount thereof. Notwithstanding the foregoing, the Borrower may rescind or postpone any notice of termination of
the Commitments if such termination would have resulted from a refinancing of all of the applicable Facility, which refinancing shall not be consummated or otherwise shall be delayed. 

(b) Mandatory. The Commitment of each Lender shall be automatically and permanently reduced to $0 upon the making of such
Lender’s Loans pursuant to Section 2.01. 
 SECTION 2.05. Repayment of Loans. The Borrower shall repay to the
Administrative Agent for the ratable account of the Appropriate Lenders (a) on the last Business Day of each January, April, July and October, commencing with the last Business Day of July, 2011, an aggregate principal amount equal to 0.25% of
the aggregate principal amount of all Loans outstanding on the Closing Date (which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in Section 2.03) and (b) on the
Maturity Date for the Loans, the aggregate principal amount of all Loans outstanding on such date. 
 SECTION 2.06.
Interest. 
 (a) Subject to the provisions of Section 2.06(b), (i) each Eurodollar Rate Loan shall bear
interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Adjusted Eurodollar Rate for such Interest Period plus the Applicable Rate and (ii) each Base Rate Loan shall bear interest on
the outstanding principal amount thereof from the applicable Borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate. 
 (b) The Borrower shall pay interest on past due amounts hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.
Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand. 

(c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as
may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law. 

SECTION 2.07. Fees. The Borrower shall pay to the Agents such fees as shall have been separately agreed upon in writing in the
amounts and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever (except as expressly agreed between the Borrower and the applicable Agent). 

  

					
		 	76	 	J. Crew Term Loan Credit Agreement

 SECTION 2.08. Computation of Interest and Fees. All computations of interest for Base
Rate Loans shall be made on the basis of a year of 365 days or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360 day year and actual days elapsed (which results in
more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which
the Loan or such portion is paid; provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.10(a), bear interest for one day. Each determination by the Administrative Agent of an interest rate
or fee hereunder shall be conclusive and binding for all purposes, absent manifest error. 
 SECTION 2.09. Evidence of
Indebtedness. 
 (a) The Borrowings made by each Lender shall be evidenced by one or more accounts or records maintained by
such Lender and evidenced by one or more entries in the Register maintained by the Administrative Agent, acting solely for purposes of Treasury Regulation Section 5f.103-1(c), as agent for the Borrower, in each case in the ordinary course of
business. The accounts or records maintained by the Administrative Agent and each Lender shall be prima facie evidence absent manifest error of the amount of the Borrowings made by the Lenders to the Borrower and the interest and payments thereon.
Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and
records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender
made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note payable to such Lender, which shall evidence such Lender’s Loans in addition to such accounts or records.
Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto. 
 (b) Entries made in good faith by the Administrative Agent in the Register pursuant to Section 2.09(a), and by each Lender in its account or accounts pursuant to Section 2.09(a), 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 and, in the case of such account or accounts, such Lender, under this Agreement and
the other Loan Documents, absent manifest error; provided that the failure of the Administrative Agent or such Lender 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 and the other Loan Documents. 

  

					
		 	77	 	J. Crew Term Loan Credit Agreement

 SECTION 2.10. Payments Generally. 

(a) All payments to be made by the Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or
setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the applicable Administrative
Agent’s Office for payment and in Same Day Funds not later than 2:00 p.m. on the date specified herein. The Administrative Agent will promptly distribute to each Appropriate Lender its Pro Rata Share (or other applicable share as provided
herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative Agent after 2:00 p.m. (New York, New York time), shall in each case be deemed received on the next
succeeding Business Day and any applicable interest or fee shall continue to accrue. 
 (b) If any payment to be made by the
Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be. 

(c) Unless the Borrower has notified the Administrative Agent, prior to the date any payment is required to be made by it to the
Administrative Agent hereunder for the account of any Lender, that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has timely made such payment and may (but shall not be so required to), in reliance
thereon, make available a corresponding amount to such Lender. If and to the extent that such payment was not in fact made to the Administrative Agent in Same Day Funds, then such Lender shall forthwith on demand repay to the Administrative Agent
the portion of such assumed payment that was made available to such Lender in Same Day Funds, together with interest thereon in respect of each day from and including the date such amount was made available by the Administrative Agent to such Lender
to the date such amount is repaid to the Administrative Agent in Same Day Funds at the applicable Overnight Rate from time to time in effect. 
 (d) If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made
available to the Borrower by the Administrative Agent because the conditions to the applicable Borrowing set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds
(in like funds as received from such Lender) to such Lender, without interest. 
 (e) The obligations of the Lenders hereunder
to make Loans are several and not joint. The failure of any Lender to make any Loan on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the
failure of any other Lender to so make its Loan or purchase its participation. 

  

					
		 	78	 	J. Crew Term Loan Credit Agreement

 (f) Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan
in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 
 (g) Whenever any payment received by the Administrative Agent under this Agreement or any of the other Loan Documents is insufficient to pay in full all amounts due and payable to the Administrative Agent
and the Lenders 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 Administrative Agent and the Lenders in the order of priority set forth
in Section 8.03. If the Administrative Agent receives funds for application to the Obligations of the Loan Parties under or in respect of the Loan Documents under circumstances for which the Loan Documents do not specify the manner in which
such funds are to be applied, the Administrative Agent may, but shall not be obligated to, elect to distribute such funds to each of the Lenders in accordance with such Lender’s Pro Rata Share of such of the outstanding Loans or other
Obligations then owing to such Lender. 
 SECTION 2.11. Sharing of Payments, Etc.. If, other than as expressly provided
elsewhere herein, any Lender shall obtain payment in respect of any principal of or interest on account of the Loans made by it (whether voluntary, involuntary, through the exercise of any right of setoff, or otherwise) in excess of its ratable
share (or other share contemplated hereunder) thereof, such Lender shall immediately (a) notify the Administrative Agent of such fact, and (b) purchase from the other Lenders such participations in the Loans made by them as shall be
necessary to cause such purchasing Lender to share the excess payment of principal of or interest on such Loans, pro rata with each of them; provided that if all or any portion of such excess payment is thereafter recovered from the
purchasing Lender under any of the circumstances described in Section 10.06 (including pursuant to any settlement entered into by the purchasing Lender in its discretion), such purchase shall to that extent be rescinded and each other Lender
shall repay to the purchasing Lender the purchase price paid therefor, together with an amount equal to such paying Lender’s ratable share (according to the proportion of (i) the amount of such paying Lender’s required repayment to
(ii) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered, without further interest thereon. For avoidance of doubt, the
provisions of this paragraph shall not be construed to apply to (A) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement as in effect from time to time or (B) any payment obtained by a
Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant permitted hereunder. The Borrower agrees that any Lender so purchasing a participation from another Lender may, to the
fullest extent permitted by applicable Law, exercise all its rights of payment (including the right of setoff, but subject to Section 10.09) with respect to such participation as fully as if such Lender were the direct creditor of the Borrower
in the amount of such participation. The Administrative Agent will keep records (which shall be conclusive and binding in the absence of manifest error) of participations purchased under this Section 2.11 and will in each case notify the
Lenders following any such purchases or repayments. Each Lender that purchases a participation pursuant to this Section 2.11 shall from and after such purchase 

  

					
		 	79	 	J. Crew Term Loan Credit Agreement

 
have the right to give all notices, requests, demands, directions and other communications under this Agreement with respect to the portion of the Obligations purchased to the same extent as
though the purchasing Lender were the original owner of the Obligations purchased. 
 SECTION 2.12. Incremental
Borrowings. 
 (a) The Borrower may at any time or from time to time after the Closing Date, by notice to the Administrative
Agent (whereupon the Administrative Agent shall promptly deliver a copy to each of the Lenders), request one or more additional tranches of Loans (the “Incremental Loans”); provided that (i) upon the effectiveness
of any Incremental Amendment referred to below, no Default or Event of Default shall exist and (ii) at the time when any such Incremental Loan is made (and after giving effect thereto), no Default or Event of Default shall exist. Each tranche
of Incremental Loans shall be in an aggregate principal amount that is not less than $25,000,000 (provided that such amount may be less than $25,000,000 if such amount represents all remaining availability under the limit set forth in the
next sentence). Notwithstanding anything to the contrary herein, the aggregate amount of the Incremental Loans shall not exceed (A) $75,000,000 plus (B) if the Total Senior Secured Leverage Ratio for the Test Period immediately preceding
the incurrence of such Indebtedness for which financial statements are available is less than or equal to 3.75 to 1.00 (calculated on a Pro Forma Basis), $200,000,000 (the “Incremental Availability”). The Incremental Loans
(a) shall rank pari passu in right of payment and of security with the Loans, (b) shall not mature earlier than the Original Loan Maturity Date and (c) the Weighted Average Life to Maturity of any Incremental Loans shall be no
shorter than that of the then-existing Loans, (d) subject to clauses (b) and (c) above, the amortization schedule applicable to any Incremental Loans shall be determined by the Borrower and the lenders thereunder, (e) the
interest rate margin applicable to any Incremental Loans will be determined by the Borrower and the lenders providing such Incremental Loans, provided that with respect to any Incremental Loans made on or prior to the date that is twenty-four
(24) months after the Closing Date, in the event that the All-In Yield applicable to such Incremental Loans exceeds the All-In Yield of any Class of Loans existing at such time by more than 50 basis points, then the interest rate margins for
each such Class of Loans shall be increased to the extent necessary so that the All-In Yield of such Loans is equal to the All-In Yield of such Incremental Loans minus 50 basis points, (f) the representations and warranties contained in
the Loan Documents shall be accurate in all material respects before and after the effectiveness of any Incremental Amendment referred to below and (g) except as otherwise required or permitted in clauses (a) through (f) above, all
other terms of such Incremental Loans, if not consistent with the terms of the existing Loans, shall be reasonably satisfactory to the Administrative Agent. Any Incremental Loans may participate on a pro rata basis or on a less than pro rata basis
(but not on a greater than pro rata basis) in any voluntary or mandatory prepayments hereunder, as specified in the applicable Incremental Amendment. Each notice from the Borrower pursuant to this Section shall set forth the requested amount and
proposed terms of the relevant Incremental Loans. Incremental Loans may be made by any existing Lender (it being understood that no existing Lender will have an obligation to make a portion of any Incremental Loan) or by any Additional Lender on
terms permitted in this Section 2.12 and otherwise on terms reasonably acceptable to the Administrative Agent). Commitments in respect 

  

					
		 	80	 	J. Crew Term Loan Credit Agreement

 
of Incremental Loans shall become Commitments under this Agreement pursuant to an amendment (an “Incremental Amendment”) to this Agreement and, as appropriate, the other Loan
Documents, executed by Holdings, the Borrower, each Lender agreeing to provide such Commitment, if any, each Additional Lender, if any, and the Administrative Agent. The Incremental Amendment may, without the consent of any other Lenders, effect
such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section 2.12. The effectiveness of (and,
in the case of any Incremental Amendment for an Incremental Loan, the Borrowing under) any Incremental Amendment shall be subject to the satisfaction on the date thereof (each, an “Incremental Facility Closing Date”) of each of the
conditions set forth in Section 4.02 (it being understood that all references to “the date of such Borrowing” or similar language in such Section 4.02 shall be deemed to refer to the effective date of such Incremental Amendment)
and such other conditions as the parties thereto shall agree. The Borrower shall use the proceeds of the Incremental Loans for any purpose not prohibited by this Agreement. 
 (b) This Section 2.12 shall supersede any provisions in Section 2.11 or 10.01 to the contrary. 
 SECTION 2.13. Refinancing Amendments. At any time after the Closing Date, the Borrower may obtain, from any Lender or any Additional Lender, Credit Agreement Refinancing Indebtedness in respect of
all or any portion of the Loans then outstanding under this Agreement (which for purposes of this Section 2.13 will be deemed to include any then outstanding Other Loans, Incremental Loans or Extended Loans), in the form of Other Loans or Other
Term Commitments in each case pursuant to a Refinancing Amendment; provided that such Credit Agreement Refinancing Indebtedness (i) will rank pari passu in right of payment and of security with the other Loans and Commitments hereunder,
(ii) will have such pricing, premiums and optional prepayment or redemption terms as may be agreed by the Borrower and the Lenders thereof; (iii) will have a later maturity date than, and will have a Weighted Average Life to Maturity equal
to or greater than, the Loans being refinanced and (iv) will have terms and conditions that are substantially identical to, or (taken as a whole) are no more favorable to the lenders or holders providing such Credit Agreement Refinancing
Indebtedness than those applicable to the Loans being refinanced; provided, further, that the terms and conditions applicable to such Credit Agreement Refinancing Indebtedness may provide for any additional or different financial or other
covenants or other provisions that are agreed between the Borrower and the Lenders thereof and applicable only during periods after the Latest Maturity Date that is in effect on the date such Credit Agreement Refinancing Indebtedness is issued,
incurred or obtained. Any Other Loans may participate on a pro rata basis or on a less than pro rata basis (but not on a greater than pro rata basis) in any voluntary or mandatory prepayments hereunder, as specified in the applicable Refinancing
Amendment. The effectiveness of any Refinancing Amendment shall be subject to the satisfaction on the date thereof of each of the conditions set forth in Section 4.02 and, to the extent reasonably requested by the Administrative Agent, receipt
by the Administrative Agent of legal opinions, board resolutions, officers’ certificates and/or reaffirmation agreements consistent with those delivered on the Closing Date under Section 4.01

  

					
		 	81	 	J. Crew Term Loan Credit Agreement

 
(other than changes to such legal opinions resulting from a change in law, change in fact or change to counsel’s form of opinion reasonably satisfactory to the Administrative Agent). Each
Credit Agreement Refinancing Indebtedness incurred under this Section 2.13 shall be in an aggregate principal amount that is not less than $100,000,000. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each
Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of
the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Other Loans and/or Other Term Commitments). Any Refinancing Amendment may, without the
consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this
Section 2.13. This Section 2.13 shall supersede any provisions in Section 2.11 or 10.01 to the contrary. 

SECTION 2.14. Extensions of Loans. 
 (a) Notwithstanding anything to the contrary in this Agreement, pursuant to one or more offers (each, an “Extension Offer”) made from time to time by the Borrower to all Lenders of Loans
with a like Maturity Date on a pro rata basis (based on the aggregate outstanding principal amount of the respective Loans with the same Maturity Date) and on the same terms to each such Lender, the Borrower may from time to time with the consent of
any Lender that shall have accepted such offer extend the maturity date of any Loans and otherwise modify the terms of such Loans of such Lender pursuant to the terms of the relevant Extension Offer (including, without limitation, by increasing the
interest rate or fees payable in respect of such Loans and/or modifying the amortization schedule in respect of such Loans) (each, an “Extension”, and each group of Loans as so extended, as well as the original Loans not so
extended, being a “tranche”; any Extended Loans shall constitute a separate tranche of Loans from the tranche of Loans from which they were converted), so long as the following terms are satisfied: (i) no Default shall exist at
the time the notice in respect of an Extension Offer is delivered to the Lenders, and no Default shall exist immediately prior to or after giving effect to the effectiveness of any Extended Loans, (ii) except as to interest rates, fees,
amortization, final maturity date, premium, required prepayment dates and participation in prepayments (which shall, subject to immediately succeeding clauses (iii), (iv) and (v), be determined by the Borrower and set forth in the relevant
Extension Offer), the Loans of any Lender (an “Extending Lender”) extended pursuant to any Extension (“Extended Loans”) shall have the same terms as the tranche of Loans subject to such Extension Offer (except for
covenants or other provisions contained therein applicable only to periods after the then Latest Maturity Date), (iii) the final maturity date of any Extended Loans shall be no earlier than the then Latest Maturity Date at the time of extension
and the amortization schedule applicable to Loans pursuant to Section 2.05 for periods prior to the Original Loan Maturity Date may not be increased, (iv) the Weighted Average Life to Maturity of any Extended Loans shall be no shorter than
the remaining Weighted Average Life to Maturity of the Loans extended thereby, (v) any Extended Loans may participate on a pro rata basis or on a less than pro rata basis (but not on a greater than pro rata

  

					
		 	82	 	J. Crew Term Loan Credit Agreement

 
basis) in any voluntary or mandatory prepayments hereunder, as specified in the applicable Extension Offer, (vi) if the aggregate principal amount of Loans (calculated on the face amount
thereof) in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Loans offered to be extended by the Borrower pursuant to such Extension Offer, then the Loans of such
Lenders shall be extended ratably up to such maximum amount based on the respective principal amounts (but not to exceed actual holdings of record) with respect to which such Lenders have accepted such Extension Offer, (vii) all documentation
in respect of such Extension shall be consistent with the foregoing, (viii) any applicable Minimum Extension Condition shall be satisfied unless waived by the Borrower and (ix) the interest rate margin applicable to any Extended Loans will
be determined by the Borrower and the lenders providing such Extended Loans. 
 (b) With respect to all Extensions consummated
by the Borrower pursuant to this Section 2.14, (i) such Extensions shall not constitute voluntary or mandatory payments or prepayments for purposes of Section 2.03 and (ii) any Extension Offer is required to be in any minimum
amount of $25,000,000, provided that the Borrower may at its election specify as a condition (a “Minimum Extension Condition”) to consummating any such Extension that a minimum amount (to be determined and specified in the
relevant Extension Offer in the Borrower’s sole discretion and may be waived by the Borrower) of Loans of any or all applicable tranches be tendered. 
 (c) The Lenders hereby irrevocably authorize the Administrative Agent and the Collateral Agent to enter into amendments to this Agreement and the other Loan Documents with the Borrower as may be necessary
in order to establish new tranches or sub-tranches in respect of Loans so extended and such technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Borrower in connection with the
establishment of such new tranches or sub-tranches, in each case on terms consistent with this Section 2.14. 
 (d) In
connection with any Extension, the Borrower shall provide the Administrative Agent at least five (5) Business Days’ (or such shorter period as may be agreed by the Administrative Agent) prior written notice thereof, and shall agree to such
procedures, if any, as may be established by, or acceptable to, the Administrative Agent, in each case acting reasonably, to accomplish the purposes of this Section 2.14. 
 (e) This Section 2.14 shall supersede any provisions in Section 2.11 or 10.01 to the contrary. 
 SECTION 2.15. Loan Repricing Protection. In the event that, on or prior to the date that is six (6) months after the Closing Date, the Borrower (x) prepays, refinances, substitutes or
replaces any Initial Loans in connection with a Repricing Transaction (including, for avoidance of doubt, any prepayment made pursuant to Section 2.03(b)(iii) that constitutes a Repricing Transaction), or (y) effects any amendment of this
Agreement resulting in a Repricing Transaction, the Borrower shall pay to the Administrative Agent, for the ratable account of each of the applicable Lenders, (I) in the case of clause (x), a prepayment premium of 1.00% of the 

  

					
		 	83	 	J. Crew Term Loan Credit Agreement

 
aggregate principal amount of the Initial Loans so prepaid, refinanced, substituted or replaced and (II) in the case of clause (y), a fee equal to 1.00% of the aggregate principal amount of the
applicable Initial Loans outstanding immediately prior to such amendment. Such amounts shall be due and payable on the date of effectiveness of such Repricing Transaction. 
 ARTICLE III 
 Taxes, Increased Costs Protection and Illegality

 SECTION 3.01. Taxes. 
 (a) Except as required by law, any and all payments by the Borrower or any Guarantor to or for the account of any Agent or any Lender under any Loan Document shall be made free and clear of and without
deduction for any and all present or future taxes, duties, levies, imposts, deductions, assessments, fees, withholdings or similar charges, and all liabilities (including additions to tax, penalties and interest) with respect thereto, excluding, in
the case of each Agent and each Lender, (i) taxes imposed on or measured by net income (however denominated, and including branch profits and similar taxes), and franchise or similar taxes, imposed by the United States, the jurisdiction under
the laws of which it is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, (ii) taxes imposed by reason of any connection between such Agent or Lender and any
taxing jurisdiction other than a connection arising solely by executing or entering into any Loan Document, receiving payments thereunder or having been a party to, performed its obligations under, or enforced, any Loan Documents, (iii) subject
to Section 3.01(e), any U.S. federal tax that is (or would be) required to be withheld with respect to amounts payable hereunder in respect of an Eligible Assignee (pursuant to an assignment under Section 10.07) on the date it becomes an
Eligible Assignee to the extent such tax is in excess of the tax that would have been applicable had such assigning Lender not assigned its interest arising under any Loan Document (unless such assignment is at the express written request of the
Borrower) and (iv) any U.S. federal withholding taxes imposed as a result of the failure of any Agent or Lender to comply with the provisions of Sections 3.01(b) and 3.01(c) (in the case of any Foreign Lender, as defined below) or the
provisions of Section 3.01(d) (in the case of any U.S. Lender, as defined below), (v) any taxes imposed on any amount payable to or for the account of any Agent or Lender as a result of the failure of such recipient to satisfy the
applicable requirements under FATCA to establish that such payment is exempt from withholding under FATCA, (vi) amounts excluded pursuant to Section 3.01(e) hereto, and (vii) penalties and interest on the foregoing amounts (all such
non-excluded taxes, duties, levies, imposts, deductions, assessments, fees, withholdings or similar charges and liabilities being hereinafter referred to as “Taxes”). If the Borrower or a Guarantor is required to deduct any Taxes or
Other Taxes (as defined below) from or in respect of any sum payable under any Loan Document to any Agent or any Lender, (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions
applicable to additional sums payable under this Section 3.01(a)), each of such Agent and such Lender receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower or Guarantor shall make
such deductions, (iii) the Borrower or Guarantor 

  

					
		 	84	 	J. Crew Term Loan Credit Agreement

 
shall pay the full amount deducted to the relevant taxing authority, and (iv) within thirty (30) days after the date of such payment (or, if receipts or evidence are not available
within thirty (30) days, as soon as practicable thereafter), the Borrower or Guarantor shall furnish to such Agent or Lender (as the case may be) the original or a facsimile copy of a receipt evidencing payment thereof to the extent such a
receipt has been made available to the Borrower or Guarantor (or other evidence of payment reasonably satisfactory to the Administrative Agent). If the Borrower or Guarantor fails to pay any Taxes or Other Taxes when due to the appropriate taxing
authority or fails to remit to any Agent or any Lender the required receipts or other required documentary evidence that has been made available to the Borrower or Guarantor, the Borrower or Guarantor shall indemnify such Agent and such Lender for
any incremental Taxes that may become payable by such Agent or such Lender arising out of such failure. 
 (b) To the extent it
is legally able to do so, each Agent or Lender (including an Eligible Assignee to which a Lender assigns its interest in accordance with Section 10.07) that is not a “United States person” within the meaning of
Section 7701(a)(30) of the Code (each a “Foreign Lender”) agrees to complete and deliver to the Borrower and the Administrative Agent on or prior to the date on which the Agent or Lender (or Eligible Assignee) becomes a party
hereto, two (2) accurate, complete and original signed copies of whichever of the following is applicable: (i) IRS Form W-8BEN certifying that it is entitled to benefits under an income tax treaty to which the United States is a party;
(ii) IRS Form W-8ECI certifying that the income receivable pursuant to any Loan Document is effectively connected with the conduct of a trade or business in the United States; (iii) if the Foreign Lender is not (A) a bank described in
Section 881(c)(3)(A) of the Code, (B) a 10-percent shareholder described in Section 871(h)(3)(B) of the Code, or (C) a controlled foreign corporation related to the Borrower within the meaning of Section 864(d) of the Code,
a certificate to that effect in substantially the form attached hereto as Exhibit I (a “Non-Bank Certificate”) and an IRS Form W-8BEN, certifying that the Foreign Lender is not a United States person; (iv) to the extent
a Lender is not the beneficial owner for U.S. federal income tax purposes, IRS Form W-8IMY (or any successor forms) of the Lender, accompanied by, as and to the extent applicable, a Form W-8BEN, Form W-8ECI, Non-Bank Certificate, Form W-9, Form
W-8IMY (or other successor forms) and any other required supporting information from each beneficial owner (it being understood that a Lender need not provide certificates or supporting documentation from beneficial owners if (x) the Lender is
a “qualified intermediary” or “withholding foreign partnership” for U.S. federal income tax purposes and (y) such Lender is as a result able to establish, and does establish, that payments to such Lender are, to the extent
applicable, entitled to an exemption from or, if an exemption is not available, a reduction in the rate of, U.S federal withholding taxes without providing such certificates or supporting documentation); or (v) any other form prescribed by
applicable requirements of U.S. federal income tax law as a basis for claiming exemption from or a reduction in U.S. federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable
requirements of law to permit the Borrower and the Administrative Agent to determine the withholding or deduction required to be made. 
 (c) In addition, each such Lender shall, to the extent it is legally entitled to do so, (i) promptly submit to the Borrower and the Administrative Agent two (2) accurate, complete

  

					
		 	85	 	J. Crew Term Loan Credit Agreement

 
and original signed copies of such other or additional forms or certificates (or such successor forms or certificates as shall be adopted from time to time by the relevant taxing authorities) as
may then be applicable or available to secure an exemption from or reduction in the rate of U.S. federal withholding tax (A) on or before the date that such Lender’s most recently delivered form, certificate or other evidence expires or
becomes obsolete or inaccurate in any material respect, (B) after the occurrence of a change in the Foreign Lender’s circumstances requiring a change in the most recent form, certificate or evidence previously delivered by it to the
Borrower and the Administrative Agent, and (C) from time to time thereafter if reasonably requested by the Borrower or the Administrative Agent, and (ii) promptly notify the Borrower and the Administrative Agent of any change in the
Foreign Lender’s circumstances which would modify or render invalid any claimed exemption or reduction. 
 (d) Each Agent
or Lender that is a “United States person” (within the meaning of Section 7701(a)(3) of the Code) (each a “U.S. Lender”) agrees to complete and deliver to the Borrower and the Administrative Agent two
(2) original copies of accurate, complete and signed IRS Form W-9 or successor form certifying that such Agent or Lender is not subject to United States backup withholding tax (i) on or prior to the Closing Date (or on or prior to the date
it becomes a party to this Agreement), (ii) on or before the date that such form expires or becomes obsolete or inaccurate in any material respect, (iii) after the occurrence of a change in the Agent’s or Lender’s circumstances
requiring a change in the most recent form previously delivered by it to the Borrower and the Administrative Agent, and (iv) from time to time thereafter if reasonably requested by the Borrower or the Administrative Agent. 

(e) Notwithstanding anything else herein to the contrary (but subject to the succeeding sentence), if a Lender, Eligible Assignee or
Agent is subject to any U.S. federal tax that is (or would be) required to be withheld with respect to amounts payable hereunder at a rate in excess of zero percent at the time such Lender, Eligible Assignee or Agent becomes a party to this
Agreement or otherwise acquires an interest in the Loan, or pursuant to a law or other legal requirement in effect at such time (including a law with a delayed effective date), such tax (including additions to tax, penalties and interest imposed
with respect to such tax) shall be considered excluded from Taxes (unless and until such time as such Lender, Eligible Assignee or Agent subsequently provides forms and certifications that establish to the reasonable satisfaction of Borrower and the
Administrative Agent that such Lender, Eligible Assignee or Agent is subject to a lower rate of tax, at which time tax at such lower rate (including additions to tax, penalties and interest imposed with respect to such tax) shall be considered so
excluded for periods during which such forms and certifications remain valid and are sufficient, under the law in effect at the time such forms and certifications are provided (including any law with a delayed effective date), to establish that such
Lender, Eligible Assignee or Agent is subject to such lower rate of tax) except, in the case of an Eligible Assignee, to the extent the Lender’s assignor was entitled to additional amounts or indemnity payments immediately prior to the
assignment (unless such assignment is made at the express written request of the Borrower). Further, the Borrower shall not be required pursuant to this Section 3.01 to pay any additional amount to, or to indemnify, any Lender, Eligible
Assignee or Agent, as the case may be, to the extent that such Lender, Eligible Assignee or Agent becomes subject to Taxes subsequent to the Closing Date 

  

					
		 	86	 	J. Crew Term Loan Credit Agreement

 
(or, if later, the date such Lender, Eligible Assignee or Agent becomes a party to this Agreement or otherwise acquires an interest in the Loan) solely as a result of a change in the place of
organization or place of doing business of such Lender, Eligible Assignee or Agent (or any applicable beneficial owner), a change in the Lending Office of such Lender or Eligible Assignee (or any applicable beneficial owner) (other than at the
written request of the Borrower to change such Lending Office), a change that results in such Lender or Eligible Assignee (or any applicable beneficial owner) being described in clauses (A), (B) or (C) of Section 3.01(b)(iii) or
otherwise as a result of any change in the circumstances of such Lender, Eligible Assignee or Agent, other than a Change in Law, occurring after the date that such Lender, Eligible Assignee or Agent becomes a party to this Agreement or otherwise
acquires an interest in the Loan. 
 (f) The Borrower agrees to pay any and all present or future stamp, court or documentary
taxes and any other excise, property, intangible or mortgage recording taxes or charges or similar levies which arise from any payment made under any Loan Document or from the execution, delivery, performance, enforcement or registration of, or
otherwise with respect to, any Loan Document (including additions to tax, penalties and interest related thereto) excluding, in each case, such amounts that result from an Assignment and Assumption, grant of a Participation, transfer or assignment
to or designation of a new applicable Lending Office or other office for receiving payments under any Loan Document, except to the extent that any such change is requested in writing by the Borrower (all such non-excluded taxes described in this
Section 3.01(f) being hereinafter referred to as “Other Taxes”). 
 (g) If any Taxes or Other Taxes are
directly asserted against any Agent or Lender with respect to any payment received by such Agent or Lender in respect of any Loan Document, such Agent or Lender may pay such Taxes or Other Taxes and the Borrower will promptly indemnify and hold
harmless such Agent or Lender for the full amount of such Taxes and Other Taxes (and any Taxes and Other Taxes imposed on amounts payable under this Section 3.01), and any reasonable expenses arising therefrom or with respect thereto, whether
or not such Taxes or Other Taxes were correctly or legally imposed or asserted. Payments under this Section 3.01(g) shall be made within ten (10) days after the date Borrower receives written demand for payment from such Agent or Lender.

 (h) A Participant shall not be entitled to receive any greater payment under Section 3.01 than the applicable Lender
would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. 

(i) If the Borrower determines in good faith that a reasonable basis exists for contesting any taxes for which indemnification has been
demanded hereunder, the relevant Lender or the relevant Agent, as applicable, shall cooperate with the Borrower in a reasonable challenge of such taxes if so requested by the Borrower, provided that (a) such Lender or Agent determines in
its reasonable discretion that it would not be prejudiced by cooperating in such challenge, (b) the Borrower pays all related expenses of such Agent or Lender and (c) the Borrower indemnifies such Lender or Agent for any liabilities or
other costs incurred by such party in connection with such challenge. 

  

					
		 	87	 	J. Crew Term Loan Credit Agreement

 (j) If any Agent or any Lender determines, in its reasonable discretion, that it has
received or is entitled to receive a refund in respect of any Taxes or Other Taxes as to which it has been indemnified by the Borrower or Holdings, as the case may be or with respect to which the Borrower or Holdings, as the case may be has paid
additional amounts pursuant to this Section 3.01, it shall use commercially reasonable efforts to obtain such refund (to the extent not yet received) (provided that doing so would not otherwise materially disadvantage the Agent or
Lender) and it shall promptly remit such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower or Holdings, as the case may be under this Section 3.01 with respect to the Taxes or Other Taxes
giving rise to such refund), net of all reasonable out-of-pocket expenses incurred by the Administrative Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund),
provided that the Borrower or Holdings, as the case may be, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Borrower or Holdings, as the case may be (plus any penalties, interest or
other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. The Administrative Agent
or such Lender, as the case may be, shall provide the Borrower with a copy of any notice of assessment or other evidence reasonably available of the requirement to repay such refund received from the relevant Governmental Authority (provided
that such Lender or the Administrative Agent may delete any information therein that such Lender or the Administrative Agent deems confidential in its reasonable discretion). This subsection shall not be construed to require the Administrative Agent
or any Lender to make available its tax returns (or any other information relating to its taxes that it reasonably deems confidential) to the Borrower, Holdings or any other Person. 

(k) Each Lender agrees that, upon the occurrence of any event giving rise to the operation of Section 3.01(a) or (g) with
respect to such Lender, it will, if requested by the Borrower, use commercially reasonable efforts (subject to legal and regulatory restrictions) to mitigate the effect of any such event, including by designating another Lending Office for any Loan
affected by such event and by completing and delivering or filing any tax-related forms which such Lender is legally able to deliver and which would reduce or eliminate any amount of Taxes or Other Taxes required to be deducted or withheld or paid
by the Borrower; provided that such efforts are made at the Borrower’s expense and on terms that, in the reasonable judgment of such Lender, cause such Lender and its Lending Office(s) to suffer no material economic, legal or regulatory
disadvantage, and provided further that nothing in this Section 3.01(k) shall affect or postpone any of the Obligations of the Borrower or the rights of such Lender pursuant to Section 3.01(a) or (g). 

(l) Notwithstanding any other provision of this Agreement, the Borrower and the Administrative Agent may deduct and withhold any taxes
required by any Laws to be deducted and withheld from any payment under any of the Loan Documents, subject to the provisions of this Section 3.01. 

  

					
		 	88	 	J. Crew Term Loan Credit Agreement

 (m) With respect to any Lender’s claim for compensation under this Section 3.01,
the Borrower shall not be required to compensate such Lender for any amount incurred more than one hundred eighty (180) days prior to the date that such Lender notifies the Borrower of the event that gives rise to such claim; provided
that, if the circumstance giving rise to such claim is retroactive, then such 180-day period referred to above shall be extended to include the period of retroactive effect thereof. 

(n) The agreements in this Section 3.01 shall survive the termination of this Agreement and the payment of the Loans and all other
amounts payable hereunder. 
 SECTION 3.02. Illegality. If any Lender reasonably determines that any Law has made it
unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to the Eurodollar Rate, or to determine or
charge interest rates based upon the Eurodollar Rate or Adjusted Eurodollar Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London
interbank market, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, (i) any obligation of such Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall
be suspended, and (ii) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the Adjusted Eurodollar Rate component of the Base Rate, the interest
rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Adjusted Eurodollar Rate component of the Base Rate, in each case until such Lender
notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, (x) the Borrower may revoke any pending request for a Borrowing of, conversion to or
continuation of Eurodollar Rate Loans and shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans (the interest rate on which Base
Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Adjusted Eurodollar Rate component of the Base Rate), either on the last day of the Interest Period therefor,
if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans and (y) if such notice asserts the illegality of such
Lender determining or charging interest rates based upon the Adjusted Eurodollar Rate component of the Base Rate with respect to any Base Rate Loans, the Administrative Agent shall during the period of such suspension compute the Base Rate
applicable to such Lender without reference to the Adjusted Eurodollar Rate component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates
based upon the Eurodollar Rate. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted. 

  

					
		 	89	 	J. Crew Term Loan Credit Agreement

 SECTION 3.03. Inability to Determine Rates. If the Required Lenders reasonably
determine that for any reason in connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof that (a) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the
applicable amount and Interest Period of such Eurodollar Rate Loan, (b) adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or in
connection with an existing or proposed Base Rate Loan, or (c) the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such
Loan, the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended, and (y) in the event of a determination
described in the preceding sentence with respect to the Adjusted Eurodollar Rate component of the Base Rate, the utilization of the Adjusted Eurodollar Rate component in determining the Base Rate shall be suspended, in each case until the
Administrative Agent (upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans or, failing
that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans in the amount specified therein. 
 SECTION 3.04. Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurodollar Rate Loans. 
 (a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar
requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender; 
 (ii) subject any Lender to any tax of any kind whatsoever with respect to this Agreement or any Eurodollar Rate Loan made by it, or change the basis of taxation of payments to such Lender in respect
thereof (except for Taxes covered by Section 3.01 and any taxes and other amounts described in clauses (i) through (vii) of the first sentence of Section 3.01(a) that are imposed with respect to payments for or on account of any
Agent or any Lender under any Loan Document, and except for Other Taxes); or 
 (iii) impose on any Lender or the
London interbank market any other condition, cost or expense affecting this Agreement or Eurodollar Rate Loans made by such Lender that is not otherwise accounted for in the definition of Adjusted Eurodollar Rate or this clause (a); 

  

					
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 and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining
any Loan the interest on which is determined by reference to the Eurodollar Rate (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender, or to reduce the amount of any sum received or receivable by such
Lender (whether of principal, interest or any other amount) then, from time to time within fifteen (15) days after demand by such Lender setting forth in reasonable detail such increased costs (with a copy of such demand to the Administrative
Agent), the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered. 
 (b) Capital Requirements. If any Lender reasonably determines that any Change in Law affecting such Lender or any Lending Office of such Lender or such Lender’s holding company, if any,
regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of such
Lender or the Loans made by it to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s
holding company with respect to capital adequacy), then from time to time upon demand of such Lender setting forth in reasonable detail the charge and the calculation of such reduced rate of return (with a copy of such demand to the Administrative
Agent),the Borrower will pay to such Lender, as the case may be, such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 

(c) Certificates for Reimbursement. A certificate of a Lender setting forth the amount or amounts necessary to compensate such
Lender or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section 3.04 and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender, as the case may
be, the amount shown as due on any such certificate within ten (10) days after receipt thereof. 
 (d) Delay in
Requests. Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this Section 3.04 shall not constitute a waiver of such Lender’s right to demand such compensation, provided
that the Borrower shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section 3.04 for any increased costs incurred or reductions suffered more than one hundred and eighty (180) days prior to the date
that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs
or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof). 
 SECTION 3.05. Funding Losses. Upon written demand of any Lender (with a copy to the Administrative Agent) from time to time, which demand shall set forth in reasonable detail the basis for
requesting such amount, the Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of: 

(a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day prior to the last
day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); 

  

					
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 (b) any failure by the Borrower (for a reason other than the failure of such
Lender to make a Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower; or 
 (c) any assignment of a Eurodollar Rate Loan on a day prior to the last day of the Interest Period therefor as a result of a request by the Borrower pursuant to Section 3.07; 

including any loss or expense (excluding loss of anticipated profits or margin) actually incurred by reason of the liquidation or reemployment of funds
obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained. 

SECTION 3.06. Matters Applicable to All Requests for Compensation. 

(a) Designation of a Different Lending Office. If any Lender requests compensation under Section 3.04, or the
Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then such Lender shall use
reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such
designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and
(ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender in any material economic, legal or regulatory respect 

(b) Suspension of Lender Obligations. If any Lender requests compensation by the Borrower under Section 3.04,
the Borrower may, by notice to such Lender (with a copy to the Administrative Agent), suspend the obligation of such Lender to make or continue Eurodollar Rate Loans from one Interest Period to another Interest Period, or to convert Base Rate Loans
into Eurodollar Rate Loans, until the event or condition giving rise to such request ceases to be in effect (in which case the provisions of Section 3.06(c) shall be applicable); provided that such suspension shall not affect the right
of such Lender to receive the compensation so requested. 
 (c) Conversion of Eurodollar Rate Loans. If
any Lender gives notice to the Borrower (with a copy to the Administrative Agent) that the circumstances specified in 

  

					
		 	92	 	J. Crew Term Loan Credit Agreement

 
Section 3.02, 3.03 or 3.04 hereof that gave rise to the conversion of such Lender’s Eurodollar Rate Loans no longer exist (which such Lender agrees to do promptly upon such
circumstances ceasing to exist) at a time when Eurodollar Rate Loans made by other Lenders are outstanding, such Lender’s Base Rate Loans shall be automatically converted, on the first day(s) of the next succeeding Interest Period(s) for such
outstanding Eurodollar Rate Loans, to the extent necessary so that, after giving effect thereto, all Loans of a given Class held by the Lenders of such Class holding Eurodollar Rate Loans and by such Lender are held pro rata (as to principal
amounts, interest rate basis, and Interest Periods) in accordance with their respective Pro Rata Shares. 
 SECTION 3.07.
Replacement of Lenders under Certain Circumstances. If (i) any Lender requests compensation under Section 3.04 or ceases to make Eurodollar Rate Loans as a result of any condition described in Section 3.02 or Section 3.04,
(ii) the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, (iii) any Lender is a Non-Consenting Lender or (iv) any other
circumstance exists hereunder that gives the Borrower the right to replace a Lender as a party hereto, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and
delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 10.07), all of its interests, rights and obligations under this Agreement and the related Loan Documents to one or
more Eligible Assignees that shall assume such obligations (any of which assignee may be another Lender, if a Lender accepts such assignment), provided that: 
 (a) the Borrower shall have paid to the Administrative Agent the assignment fee specified in Section 10.07(b)(iv); 
 (b) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the
other Loan Documents (including any amounts under Section 3.05) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts); 

(c) such Lender being replaced pursuant to this Section 3.07 shall (i) execute and deliver an Assignment and Assumption with
respect to such Lender’s Commitment and outstanding Loans, and (ii) deliver any Notes evidencing such Loans to the Borrower or Administrative Agent (or a lost or destroyed note indemnity in lieu thereof); provided that the failure
of any such Lender to execute an Assignment and Assumption or deliver such Notes shall not render such sale and purchase (and the corresponding assignment) invalid and such assignment shall be recorded in the Register and the Notes shall be deemed
to be canceled upon such failure; 
 (d) the Eligible Assignee shall become a Lender hereunder and the assigning Lender shall
cease to constitute a Lender hereunder with respect to such assigned Loans, Commitments and participations, except with respect to indemnification provisions under this Agreement, which shall survive as to such assigning Lender; 

  

					
		 	93	 	J. Crew Term Loan Credit Agreement

 (e) in the case of any such assignment resulting from a claim for compensation under
Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; and 
 (f) such assignment does not conflict with applicable Laws. 
 In the event that (i) the
Borrower or the Administrative Agent has requested that the Lenders consent to a departure or waiver of any provisions of the Loan Documents or agree to any amendment thereto, (ii) the consent, waiver or amendment in question requires the
agreement of each Lender, all affected Lenders or all the Lenders or all affected Lenders with respect to a certain Class or Classes of the Loans and (iii) the Required Lenders or Required Facility Lenders, as applicable, have agreed to such
consent, waiver or amendment, then any Lender who does not agree to such consent, waiver or amendment shall be deemed a “Non-Consenting Lender”. 
 A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such
assignment and delegation cease to apply. 
 SECTION 3.08. Survival. All of the Borrower’s obligations under this
Article III shall survive termination of the Aggregate Commitments, repayment of all other Obligations hereunder and resignation of the Administrative Agent or the Collateral Agent. 

ARTICLE IV 

Conditions Precedent to Borrowings 
 SECTION 4.01. Conditions to Initial Borrowing. The obligation of each Lender to make a Borrowing hereunder on the Closing Date is subject to satisfaction of the following conditions precedent,
except as otherwise agreed between the Borrower and the Administrative Agent: 
 (a) The Administrative
Agent’s receipt of the following, each of which shall be originals or facsimiles (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party each in form and substance
reasonably satisfactory to the Administrative Agent and its legal counsel: 
 (i) a Committed Loan Notice in
accordance with the requirements hereof; 
 (ii) executed counterparts of this Agreement and the Guaranty;

 (iii) a Note executed by the Borrower in favor of each Lender that has requested a Note at least two
(2) Business Days in advance of the Closing Date; 

  

					
		 	94	 	J. Crew Term Loan Credit Agreement

 (iv) each Collateral Document set forth on Schedule 1.01A required to
be executed on the Closing Date as indicated on such schedule, duly executed by each Loan Party thereto, together with: 
 (A) certificates, if any, representing the Pledged Equity referred to therein accompanied by undated stock powers executed in blank and instruments evidencing the Pledged Debt indorsed in blank;

 (B) to the extent required under the Collateral and Guarantee Requirement, opinions of local counsel for the
Loan Parties in states in which the Mortgaged Properties are located, with respect to the enforceability and perfection of the Mortgages and any related fixture filings in form and substance reasonably satisfactory to the Administrative Agent; and

 (C) evidence that all other actions, recordings and filings that the Administrative Agent and the Collateral
Agent may deem reasonably necessary to satisfy the Collateral and Guarantee Requirement shall have been taken, completed or otherwise provided for in a manner reasonably satisfactory to the Administrative Agent; 

(v) such certificates of good standing from the applicable secretary of state of the state of organization of each Loan
Party, certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of
each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party or is to be a party on the Closing Date; 

(vi) an opinion from Ropes & Gray LLP, New York counsel to the Loan Parties substantially in the form of
Exhibit G; 
 (vii) a solvency certificate from the chief financial officer of the Borrower (after
giving effect to the Transaction) substantially in the form attached hereto as Exhibit K; 
 (viii)
evidence that all insurance (including title insurance) required to be maintained pursuant to the Loan Documents has been obtained and is in effect and that the Collateral Agent has been named as loss payee and/or additional insured, as applicable,
under each insurance policy with respect to such insurance as to which the Collateral Agent shall have requested to be so named; 
 (ix) certified copies of the Merger Agreement and schedules thereto, duly executed by the parties thereto, together with all material agreements, 

  

					
		 	95	 	J. Crew Term Loan Credit Agreement

 
instruments and other documents delivered in connection therewith as the Administrative Agent shall reasonably request, each including certification by a Responsible Officer of the Borrower that
such documents are in full force and effect as of the Closing Date and that the condition specified in clause (c) below has been satisfied; and 
 (x) copies of a recent Lien and judgment search in each jurisdiction reasonably requested by the Administrative Agent with respect to the Loan Parties; 

provided, however, that, each of the requirements set forth in clause (iv) and (viii) (with respect to title insurance) above,
including the delivery of documents and instruments necessary to satisfy the Collateral and Guarantee Requirement (except for the execution and delivery of the Security Agreement and to the extent that a Lien on such Collateral may be perfected
(x) by the filing of a financing statement under the Uniform Commercial Code or (y) by the delivery of stock certificates of the Borrower and its wholly owned Domestic Subsidiaries) shall not constitute conditions precedent to the
Borrowing on the Closing Date after the Borrower’s use of commercially reasonable efforts, without undue burden or cost, to provide such items on or prior to the Closing Date if the Borrower agrees to deliver, or cause to be delivered, such
search results, documents and instruments, or take or cause to be taken such other actions as may be required to perfect such security interests within ninety (90) days after the Closing Date (subject to extensions approved by the
Administrative Agent in its reasonable discretion). 
 (b) All fees and expenses required to be paid hereunder
and invoiced at least two (2) Business Days before the Closing Date shall have been paid in full in cash. 

(c) Prior to or substantially simultaneously with the initial Borrowing on the Closing Date, (i) the Equity
Contribution shall have been consummated; and (ii) the Merger shall be consummated in all material respects in accordance with the terms of the Merger Agreement (without giving effect to any amendments or waivers thereto that are materially
adverse to the Lenders without the consent of the Arrangers, such consent not to be unreasonably withheld or delayed); provided that (A) any change to the definition of “Material Adverse Effect” contained in the Merger
Agreement shall be deemed materially adverse to the Lenders and the Arrangers and shall require the consent of the Arrangers and (B) a reduction in the purchase price under the Merger Agreement of less than 10% of the total Merger Consideration
shall be deemed not to be materially adverse so long as it is applied to reduce the Commitments and any commitments of the Arrangers to make bridge loans in lieu of the Senior Notes dollar-for-dollar on a pro rata basis. 

(d) Prior to or substantially simultaneously with the initial Borrowings on the Closing Date, the Borrower shall have
received at least $400,000,000 in gross cash proceeds from the issuance of the Senior Notes. 

  

					
		 	96	 	J. Crew Term Loan Credit Agreement

 (e) The ABL Intercreditor Agreement and the ABL Facilities Documentation
shall each have been duly executed and delivered by each party thereto, and shall be in full force and effect. 

(f) Prior to or substantially simultaneously with the initial Borrowing on the Closing Date, the Borrower shall have taken
all other necessary actions such that, after giving effect to the Transaction, (i) Holdings, the Borrower and the Restricted Subsidiaries shall have outstanding no material Indebtedness for borrowed money or preferred Equity Interests other
than (A) the Loans, (B) borrowings and letters of credit under the ABL Facilities, (C) borrowings under the Senior Notes and (D) Indebtedness permitted by Section 7.03(b) and (ii) the Borrower shall have outstanding no
Equity Interests (or securities convertible into or exchangeable for Equity Interests or rights or options to acquire Equity Interests) other than common stock owned by Holdings. 

(g) The Arrangers shall have received (i) the Annual Financial Statements and (ii) the Quarterly Financial
Statements. 
 (h) The Arrangers shall have received the Pro Forma Financial Statements. 

(i) The Arrangers shall have received at least five (5) days prior to the Closing Date all documentation and other
information reasonably requested in writing by them at least ten (10) Business Days prior to the Closing Date in order to allow the Arrangers and the Lenders to comply with applicable “know your customer” and anti-money laundering
rules and regulations, including the USA PATRIOT Act. 
 (j) Since January 31, 2010, except (i) as set
forth in the Company Disclosure Schedule (as defined in the Merger Agreement) or (ii) disclosed in any Filed SEC Document (as defined in the Merger Agreement), other than disclosures in such Filed SEC Documents contained in the “Risk
Factors” and “Forward Looking Statements” sections thereof or any other disclosures in the Filed SEC Documents which are forward-looking in nature, there shall not have been any effect, change, event or occurrence that has had or
would reasonably be expected to have a Closing Date Material Adverse Effect. 
 (k) The Specified Representations
shall be true and correct in all material respects (or, if qualified by “materiality”, “Material Adverse Effect” or similar language, in all respects (after giving effect to such qualification)) on and as of the Closing Date.

 Without limiting the generality of the provisions of the last paragraph of Section 9.03, for purposes of determining compliance with the
conditions specified in this Section 4.01, each Lender that has signed this Agreement 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 a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 

  

					
		 	97	 	J. Crew Term Loan Credit Agreement

 SECTION 4.02. Conditions to All Borrowings after the Closing Date. The obligation of
each Lender to honor a Committed Loan Notice after the Closing Date is subject to the following conditions precedent: 
 (a) The representations and warranties of the Borrower and each other Loan Party contained in Article V or any other Loan Document shall be true and correct in all material respects on and as of
the date of such Borrowing; provided that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; provided,
further, that, any representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein) in all
respects on such respective dates. 
 (b) The Administrative Agent shall have received a Committed Loan Notice in
accordance with the requirements hereof. 
 Each Committed Loan Notice (other than a Committed Loan Notice requesting only a
conversion of Loans to the other Type or a continuation of Eurodollar Rate Loans) submitted by the Borrower shall be deemed to be a representation and warranty that the condition specified in Section 4.02(a) has been satisfied on and as of the
date of the applicable Borrowing. 
 ARTICLE V 
 Representations and Warranties 
 The Borrower represents and
warrants to the Administrative Agent and the Lenders that: 
 SECTION 5.01. Existence, Qualification and Power; Compliance
with Laws. Each Loan Party and each of its Restricted Subsidiaries that is a Material Subsidiary (a) is a Person duly organized or formed, validly existing and in good standing under the Laws of the jurisdiction of its incorporation or
organization (to the extent such concept exists in such jurisdiction), (b) has all corporate or other organizational power and authority to (i) own its assets and carry on its business and (ii) execute, deliver and perform its
obligations under the Loan Documents to which it is a party, (c) is duly qualified and in good standing (to the extent such concept exists) under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct
of its business requires such qualification, (d) is in compliance with all applicable Laws, orders, writs, injunctions and orders and (e) has all requisite governmental licenses, authorizations, consents and approvals to operate its
business as currently conducted; except in each case referred to in clause (c), (d) or (e), to the extent that failure to do so would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 SECTION 5.02. Authorization; No Contravention. (a) The execution, delivery and performance by each Loan Party of each
Loan Document to which such Person is a party 

  

					
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have been duly authorized by all necessary corporate or other organizational action. (b) Neither the execution, delivery and performance by each Loan Party of each Loan Document to which
such Person is a party nor the consummation of the Transaction will (i) contravene the terms of any of such Person’s Organization Documents, (ii) result in any breach or contravention of, or the creation of any Lien upon any of the
property or assets of such Person or any of the Restricted Subsidiaries (other than as permitted by Section 7.01) under (A) any Contractual Obligation to which such Person is a party or affecting such Person or the properties of such
Person or any of its Subsidiaries or (B) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (iii) violate any applicable Law; except with respect to
any breach, contravention or violation (but not creation of Liens) referred to in clauses (ii) and (iii), to the extent that such breach, contravention or violation would not reasonably be expected to have a, individually or in the aggregate,
Material Adverse Effect. 
 SECTION 5.03. Governmental Authorization. No material approval, consent, exemption,
authorization, or other action by, or notice to, or filing with, any Governmental Authority is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other
Loan Document, except for (i) filings necessary to perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties, (ii) the approvals, consents, exemptions, authorizations, actions, notices and filings that
have been duly obtained, taken, given or made and are in full force and effect and (iii) those approvals, consents, exemptions, authorizations or other actions, notices or filings, the failure of which to obtain or make would not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect. 
 SECTION 5.04. Binding Effect. This
Agreement and each other Loan Document has been duly executed and delivered by each Loan Party that is party thereto. This Agreement and each other Loan Document constitutes a legal, valid and binding obligation of such Loan Party, enforceable
against such Loan Party that is party thereto in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and by general principles of equity and principles of good faith and fair dealing. 

SECTION 5.05. Financial Statements; No Material Adverse Effect. 

(a) (i) The Annual Financial Statements and the Quarterly Financial Statements fairly present in all material respects the financial
condition of the Borrower and its Subsidiaries as of the dates thereof and their results of operations for the period covered thereby in accordance with GAAP consistently applied throughout the periods covered thereby, (A) except as otherwise
expressly noted therein and (B) subject, in the case of the Quarterly Financial Statements, to changes resulting from normal year-end adjustments and the absence of footnotes. 

(ii) The unaudited pro forma consolidated balance sheet of the Borrower and its Subsidiaries as of and for the twelve-month period ending
on the last day of the most recently completed four-fiscal quarter period ended at least forty-five (45) days (or ninety (90) days in 

  

					
		 	99	 	J. Crew Term Loan Credit Agreement

 
case such four-fiscal quarter period is the end of the Company’s fiscal year) prior to the Closing Date, prepared after giving effect to the Transaction as if the Transaction had occurred as
of such date (including the notes thereto) (the “Pro Forma Balance Sheet”) and the unaudited pro forma consolidated statement of income of the Borrower and its Subsidiaries for the 12-month period ended at least forty-five
(45) days (or ninety (90) days in case such four-fiscal quarter period is the end of the Company’s fiscal year) prior to the Closing Date, prepared after giving effect to the Transaction as if the Transaction had occurred at the
beginning of such period (together with the Pro Forma Balance Sheet, the “Pro Forma Financial Statements”), copies of which have heretofore been furnished to the Administrative Agent, have been prepared based on the Annual Financial
Statements and the Quarterly Financial Statements and have been prepared in good faith, based on assumptions believed by the Borrower to be reasonable as of the date of delivery thereof, and present fairly in all material respects on a pro forma
basis the estimated financial position of the Borrower and its Subsidiaries as at October 30, 2010 and their estimated results of operations for the period covered thereby. 

(b) Since the Closing Date, there has been no event or circumstance, either individually or in the aggregate, that has had or would
reasonably be expected to have a Material Adverse Effect. 
 (c) The forecasts of consolidated balance sheets, income statements
and cash flow statements of the Borrower and its Subsidiaries for each fiscal year ending after the Closing Date until the fifth anniversary of the Closing Date, copies of which have been furnished to the Administrative Agent prior to the Closing
Date, and all Projections delivered pursuant to Section 6.01 have been prepared in good faith on the basis of the assumptions stated therein, which assumptions were believed to be reasonable at the time made, it being understood that
projections as to future events are not to be viewed as facts and actual results may vary materially from such forecasts. 

SECTION 5.06. Litigation. There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the
Borrower, overtly threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against Holdings, the Borrower or any of the Restricted Subsidiaries that would reasonably be expected to have a Material Adverse
Effect. 
 SECTION 5.07. Labor Matters. Except as would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect: (a) there are no strikes or other labor disputes against any of the Borrower or its Subsidiaries pending or, to the knowledge of the Borrower, threatened and (b) since February 3, 2008, hours
worked by and payment made based on hours worked to employees of each of the Borrower or its Subsidiaries have not been in material violation of the Fair Labor Standards Act or any other applicable Laws dealing with wage and hour matters.

 SECTION 5.08. Ownership of Property; Liens. Each Loan Party and each of its Subsidiaries has good record and
marketable title in fee simple to, or valid leasehold interests in, or easements or other limited property interests in, all real property necessary in the ordinary 

  

					
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conduct of its business, free and clear of all Liens except for Liens permitted by Section 7.01 and except where the failure to have such title or other interest would not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect. 
 SECTION 5.09. Environmental Matters.

 (a) Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect,
(i) each Loan Party and each of its Subsidiaries is in compliance with all Environmental Laws in all jurisdictions in which each Loan Party and each of its Subsidiaries, as the case may be, is currently doing business (including having obtained
all Environmental Permits) and (ii) none of the Loan Parties or any of their respective Subsidiaries has become subject to any pending, or to the knowledge of the Borrower, threatened Environmental Claim or any other Environmental Liability.

 (b) None of the Loan Parties or any of their respective Subsidiaries has treated, stored, transported or disposed of
Hazardous Materials at or from any currently or formerly operated real estate or facility relating to its business in a manner that would reasonably be expected to have a Material Adverse Effect. 

SECTION 5.10. Taxes. Except as would not, either individually or in the aggregate, reasonably be expected to result in a Material
Adverse Effect, Holdings, the Borrower and its Subsidiaries have timely filed all Federal and state and other tax returns and reports required to be filed, and have timely paid all Federal and state and other taxes, assessments, fees and other
governmental charges (including satisfying its withholding tax obligations) levied or imposed on their properties, income or assets or otherwise due and payable, except those which are being contested in good faith by appropriate actions
diligently conducted and for which adequate reserves have been provided in accordance with GAAP. 
 SECTION 5.11. ERISA
Compliance. 
 (a) Except as set forth in Schedule 5.11(a) or as would not, either individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect, each Plan is in compliance with the applicable provisions of ERISA, the Code and other federal or state Laws. 
 (b) (i) No ERISA Event has occurred within the one-year period prior to the date on which this representation is made or deemed made; (ii) no Pension Plan has failed to satisfy the minimum
funding standards (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Pension Plan; (iii) none of the Loan Parties or any of their respective ERISA Affiliates has incurred, or reasonably expects
to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Sections 4201 et seq. or 4243 of ERISA with respect to a Multiemployer Plan;
(iv) none of the Loan Parties or any of their respective ERISA Affiliates has engaged in a transaction that is subject to Sections 4069 or 4212(c) of ERISA; and (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 (within the meaning of 

  

					
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Section 4242 of ERISA), insolvent (within the meaning of Section 4245 of ERISA) or has been determined to be in “endangered” or critical status (within the meaning of
Section 432 of the Code or Section 305 of ERISA) and no such Multiemployer Plan is expected to be in reorganization, insolvent or endangered or critical status, except, with respect to each of the foregoing clauses of this
Section 5.11(b), as would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. 
 (c) Except where noncompliance or the incurrence of a material obligation would not reasonably be expected to result in a Material Adverse Effect, each Foreign Plan has been maintained in substantial
compliance with its terms and with the requirements of any and all applicable laws, statutes, rules, regulations and orders, and neither Holdings nor any Subsidiary has incurred any material obligation in connection with the termination of or
withdrawal from any Foreign Plan. 
 SECTION 5.12. Subsidiaries. As of the Closing Date, neither Holdings nor any other
Loan Party has any Subsidiaries other than those specifically disclosed in Schedule 5.12, and all of the outstanding Equity Interests in Holdings, the Borrower and the Subsidiaries have been validly issued and are fully paid and (if
applicable) nonassessable, and all Equity Interests owned by Holdings or any other Loan Party are owned free and clear of all security interests of any person except (i) those created under the Collateral Documents or under the ABL Facilities
Documentation (which Liens shall be subject to the ABL Intercreditor Agreement) and (ii) any nonconsensual Lien that is permitted under Section 7.01. As of the Closing Date, Schedule 5.12 (a) sets forth the name and
jurisdiction of each Subsidiary, (b) sets forth the ownership interest of Holdings, the Borrower and any other Subsidiary in each Subsidiary, including the percentage of such ownership and (c) identifies each Subsidiary that is a
Subsidiary the Equity Interests of which are required to be pledged on the Closing Date pursuant to the Collateral and Guarantee Requirement. 
 SECTION 5.13. Margin Regulations; Investment Company Act. 
 (a) As of the
Closing Date, none of the Collateral is Margin Stock. No Loan Party is engaged nor will it engage, principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued
by the FRB), or extending credit for the purpose of purchasing or carrying margin stock, and no proceeds of any Borrowings will be used for any purpose that violates Regulation U. 

(b) Neither the Borrower nor any Guarantor is an “investment company” under the Investment Company Act of 1940. 

SECTION 5.14. Disclosure. None of the information and data heretofore or contemporaneously furnished in writing by or on behalf of
any Loan Party to any Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or any other Loan Document (as modified or supplemented by other information so furnished)
when taken as a whole contains any material misstatement of fact or omits to state any material fact necessary to make such information and data (taken as a 

  

					
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whole), in the light of the circumstances under which it was delivered, not materially misleading; it being understood that for purposes of this Section 5.14, such information and data shall
not include projections and pro forma financial information or information of a general economic or general industry nature. 

SECTION 5.15. Intellectual Property; Licen ses, Etc. The Borrower and the Restricted Subsidiaries have good and marketable title
to, or a valid license or right to use, all patents, patent rights, trademarks, servicemarks, trade names, copyrights, technology, software, know-how database rights, rights of privacy and publicity, licenses and other intellectual property rights
(collectively, “IP Rights”) that are necessary for the operation of their respective businesses as currently conducted and as proposed to be conducted, except where the failure to have any such rights, either individually or in the
aggregate, would not reasonably be expected to have a Material Adverse Effect. To the knowledge of the Borrower, the operation of the respective businesses of the Borrower or any of its Subsidiaries as currently conducted does not infringe upon,
misuse, misappropriate or violate any rights held by any Person except for such infringements, misuses, misappropriations or violations individually or in the aggregate, that would not reasonably be expected to have a Material Adverse Effect. No
claim or litigation regarding any IP Rights is pending or, to the knowledge of the Borrower, threatened against any Loan Party or Subsidiary, that, either individually or in the aggregate, could reasonably be expected to have a Material Adverse
Effect. 
 SECTION 5.16. Solvency. On the Closing Date after giving effect to the Transaction, the Borrower and its
Restricted Subsidiaries, on a consolidated basis, are Solvent. 
 SECTION 5.17. Subordination of Junior Financing. The
Obligations are “Designated Senior Debt”, “Senior Debt”, “Senior Indebtedness”, “Guarantor Senior Debt” or “Senior Secured Financing” (or any comparable term) under, and as defined in, any indenture
or document governing any applicable Junior Financing Documentation in respect of Indebtedness that is subordinated in right of payment to the Obligations. 
 SECTION 5.18. USA PATRIOT Act. To the extent applicable, each of Holdings and its Subsidiaries is in compliance, in all material respects, with (i) the Trading with the Enemy Act, as amended,
and each of the foreign assets control regulations of the United States Treasury Department (31 CFR Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto and (ii) the USA PATRIOT Act. No part
of the proceeds of the Loans will be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official
capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 
 SECTION 5.19. Collateral Documents. Except as otherwise contemplated hereby or under any other Loan Documents, the provisions of the Collateral Documents, together with such filings and other
actions required to be taken hereby or by the applicable Collateral Documents (including the delivery to Collateral Agent of any Pledged Debt and any Pledged 

  

					
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Equity required to be delivered pursuant to the applicable Collateral Documents), are effective to create in favor of the Collateral Agent for the benefit of the Secured Parties a legal, valid
and enforceable first priority Lien (subject to Liens permitted by Section 7.01 and subject to the ABL Intercreditor Agreement) on all right, title and interest of the respective Loan Parties in the Collateral described therein. 

ARTICLE VI 

Affirmative Covenants 
 So long as any Lender shall have any Commitment hereunder or any Loan or other Obligation hereunder (other than (i) contingent indemnification obligations as to which no claim has been asserted and
(ii) Obligations under Secured Hedge Agreements and Cash Management Obligations) shall remain unpaid or unsatisfied, each of Holdings and the Borrower shall, and shall (except in the case of the covenants set forth in Sections 6.01, 6.02
and 6.03) cause each of the Restricted Subsidiaries to: 
 SECTION 6.01. Financial Statements. Deliver to the
Administrative Agent for prompt further distribution to each Lender each of the following and shall take the following actions: 
 (a) as soon as available, but in any event within ninety (90) days after the end of each fiscal year of the Borrower, a consolidated balance sheet of the Borrower and its Subsidiaries as at the end
of such fiscal year, and the related consolidated statements of income or operations, stockholders’ equity and cash flows for such fiscal year together with related notes thereto and management’s discussion and analysis describing results
of operations, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of KPMG LLP or any other
independent registered public accounting firm of nationally recognized standing, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like
qualification or exception or any qualification or exception as to the scope of such audit; 
 (b) as soon as
available, but in any event within forty-five (45) days after the end of each of the first three (3) fiscal quarters of each fiscal year of the Borrower (commencing with the fiscal quarter ended April 30, 2011), a condensed
consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter, and the related (i) condensed consolidated statements of income or operations for such fiscal quarter and for the portion of the fiscal year
then ended and (ii) condensed consolidated statements of cash flows for the portion of the fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and
the corresponding portion of the previous fiscal year, all in reasonable detail and certified by a Responsible Officer of the Borrower as fairly presenting in all material respects the financial condition, results of operations and cash flows of the

  

					
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Borrower and its Subsidiaries in accordance with GAAP, subject to normal year-end adjustments and the absence of footnotes, together with management’s discussion and analysis describing
results of operations; 
 (c) within ninety (90) days after the end of each fiscal year (beginning with the
fiscal year ending January 28, 2012 of the Borrower), a reasonably detailed consolidated budget for the following fiscal year as customarily prepared by management of the Borrower for its internal use (including a projected consolidated balance
sheet of the Borrower and its Subsidiaries as of the end of the following fiscal year, the related consolidated statements of projected operations or income and projected cash flow and setting forth the material underlying assumptions applicable
thereto) (collectively, the “Projections”), which Projections shall in each case be accompanied by a certificate of a Responsible Officer stating that such Projections have been prepared in good faith on the basis of the assumptions
stated therein, which assumptions were believed to be reasonable at the time of preparation of such Projections, it being understood that actual results may vary from such Projections and that such variations may be material; 

(d) simultaneously with the delivery of each set of consolidated financial statements referred to in Sections 6.01(a)
and 6.01(b) above, the related consolidating financial statements reflecting the adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) from such consolidated financial statements; and 

(e) quarterly, at a time mutually agreed with the Administrative Agent that is promptly after the delivery of the
information required pursuant to clause (a) above and the information delivered pursuant to clause (b) above for each fiscal quarter, participate in a conference call for Lenders to discuss the financial condition and results of operations
of the Borrower and its Subsidiaries for the most recently-ended period for which financial statements have been delivered. 

Notwithstanding the foregoing, the obligations in paragraphs (a) and (b) of this Section 6.01 may be satisfied with
respect to financial information of the Borrower and its Subsidiaries by furnishing (A) the applicable financial statements of any direct or indirect parent of the Borrower that holds all of the Equity Interests of the Borrower or (B) the
Borrower’s or such entity’s Form 10-K or 10-Q, as applicable, filed with the SEC; provided that, with respect to each of clauses (A) and (B), (i) to the extent such information relates to a parent of the Borrower, such
information is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to the Borrower (or such parent), on the one hand, and the information relating to the Borrower and the
Restricted Subsidiaries on a standalone basis, on the other hand and (ii) to the extent such information is in lieu of information required to be provided under Section 6.01(a), such materials are accompanied by a report and opinion of
KPMG LLP or any other independent registered public accounting firm of nationally recognized standing, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going
concern” or like qualification or exception or any qualification or exception as to the scope of such audit. 

  
 105

 Any financial statements required to be delivered pursuant to Sections 6.01(a) or
(b) shall not be required to contain all purchase accounting adjustments relating to the Transaction to the extent it is not practicable to include any such adjustments in such financial statements. 

SECTION 6.02. Certificates; Other Information. Deliver to the Administrative Agent for prompt further distribution to each Lender:

 (a) no later than five (5) days after the delivery of the financial statements referred to in
Sections 6.01(a) (but only with respect to fiscal years ending after January 29, 2011) and (b), a duly completed Compliance Certificate signed by the chief financial officer of the Borrower; 

(b) promptly after the same are publicly available, copies of all annual, regular, periodic and special reports, proxy
statements and registration statements which Holdings or the Borrower or any Restricted Subsidiary files with the SEC or with any Governmental Authority that may be substituted therefor or with any national securities exchange, as the case may be
(other than amendments to any registration statement (to the extent such registration statement, in the form it became effective, is delivered to the Administrative Agent), exhibits to any registration statement and, if applicable, any registration
statement on Form S-8), and in any case not otherwise required to be delivered to the Administrative Agent pursuant to any other clause of this Section 6.02; 

(c) promptly after the furnishing thereof, copies of any material statements or material reports furnished to any holder
of any class or series of debt securities of any Loan Party having an aggregate outstanding principal amount greater than the Threshold Amount or pursuant to the terms of the ABL Credit Agreement or the Senior Notes Indenture, in each case, so long
as the aggregate outstanding principal amount thereunder is greater than the Threshold Amount and not otherwise required to be furnished to the Administrative Agent pursuant to any other clause of this Section 6.02; 

(d) together with the delivery of the financial statements pursuant to Section 6.01(a) (but only with respect to
fiscal years ending after January 29, 2011) and each Compliance Certificate pursuant to Section 6.02(a), (i) a report setting forth the information required by Section 3.03(c) of the Security Agreement (or confirming that there
has been no change in such information since the Closing Date or the date of the last such report), (ii) a description of each event, condition or circumstance during the last fiscal quarter covered by such Compliance Certificate requiring a
mandatory prepayment under Section 2.03(b) and (iii) a list of each Subsidiary of the Borrower that identifies each Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary as of the date of delivery of such Compliance
Certificate or a confirmation that there is no change in such information since the later of the Closing Date and the date of the last such list; and 

  

					
		 	106	 	J. Crew Term Loan Credit Agreement

 (e) promptly, such additional information regarding the business, legal,
financial or corporate affairs of any Loan Party or any Restricted Subsidiary, or compliance with the terms of the Loan Documents, as the Administrative Agent may from time to time on its own behalf or on behalf of any Lender reasonably request.

 Documents required to be delivered pursuant to Section 6.01(a) or (b) or Section 6.02(c) may be delivered
electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the website address listed on
Schedule 10.02; or (ii) on which such documents are posted on the Borrower’s behalf on IntraLinks/IntraAgency or another relevant website, if any, to which each Lender and the Administrative Agent have access (whether a commercial,
third-party website or whether sponsored by the Administrative Agent); provided that: (i) upon written request by the Administrative Agent, the Borrower shall deliver paper copies of such documents to the Administrative Agent for further
distribution to each Lender until a written request to cease delivering paper copies is given by the Administrative Agent and (ii) the Borrower shall notify (which may be by facsimile or electronic mail) the Administrative Agent of the posting
of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper
copies of such documents from the Administrative Agent and maintaining its copies of such documents. 
 The Borrower hereby
acknowledges that (a) the Administrative Agent and/or the Arrangers will make available to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by
posting the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material
non-public information with respect to the Borrower or its Subsidiaries, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities.
The Borrower hereby agrees that (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall
appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Arrangers and the Lenders to treat such Borrower Materials as not
containing any material non-public information with respect to the Borrower or its securities for purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute
Information, they shall be treated as set forth in Section 10.08); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information”;
and (z) the Administrative Agent and the Arrangers shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side
Information”. 

  

					
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 SECTION 6.03. Notices. Promptly after a Responsible Officer obtains actual knowledge
thereof, notify the Administrative Agent: 
 (a) of the occurrence of any Default; and 

(b) of (i) any dispute, litigation, investigation or proceeding between any Loan Party and any arbitrator or
Governmental Authority, (ii) the filing or commencement of, or any material development in, any litigation or proceeding affecting any Loan Party or any Subsidiary, including pursuant to any applicable Environmental Laws or in respect of IP
Rights, the occurrence of any noncompliance by any Loan Party or any of its Subsidiaries with, or liability under, any Environmental Law or Environmental Permit, or (iii) the occurrence of any ERISA Event that, in any such case referred to in
clauses (i), (ii) or (iii), has resulted or would reasonably be expected to result in a Material Adverse Effect. 
 Each
notice pursuant to this Section 6.03 shall be accompanied by a written statement of a Responsible Officer of the Borrower (x) that such notice is being delivered pursuant to Section 6.03(a) or (b) (as applicable) and
(y) setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto. 
 SECTION 6.04. Payment of Obligations. Timely pay, discharge or otherwise satisfy, as the same shall become due and payable, all of its obligations and liabilities in respect of taxes, assessments
and governmental charges or levies imposed upon it or upon its income or profits or in respect of its property, except, in each case, to the extent (i) any such tax, assessment, charge or levy is being contested in good faith and by appropriate
actions for which appropriate reserves have been established in accordance with GAAP or (ii) the failure to pay or discharge the same would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

 SECTION 6.05. Preservation of Existence, Etc. (a) Preserve, renew and maintain in full force and effect its legal
existence under the Laws of the jurisdiction of its organization and (b) take all reasonable action to obtain, preserve, renew and keep in full force and effect its the rights, licenses, permits, privileges, franchises, patents, copyrights,
trademarks and trade names material to the conduct of its business, except in the case of clause (a) or (b) to the extent (other than with respect to the preservation of the existence of Holdings and the Borrower) that failure to do so
would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or pursuant to any merger, consolidation, liquidation, dissolution or Disposition permitted by Article VII. 

SECTION 6.06. Maintenance of Properties. Except if the failure to do so would not reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect, maintain, preserve and protect all of its material properties and equipment used in the operation of its business in good working order, repair and condition, ordinary wear and tear excepted and casualty
or condemnation excepted. 

  

					
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 SECTION 6.07. Maintenance of Insurance. Maintain with insurance companies that the
Borrower believes (in the good faith judgment of its management) are financially sound and reputable at the time the relevant coverage is placed or renewed, insurance with respect to its properties and business against loss or damage of the kinds
customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts (after giving effect to any self-insurance reasonable and customary for similarly situated Persons engaged in the same or similar
businesses as the Borrower and the Restricted Subsidiaries) as are customarily carried under similar circumstances by such other Persons, and will furnish to the Lenders, upon written request from the Administrative Agent, information presented in
reasonable detail as to the insurance so carried. Each such policy of insurance shall as appropriate, (i) name the Collateral Agent, on behalf of the Lenders, as an additional insured thereunder as its interests may appear and/or (ii) in
the case of each casualty insurance policy, contain a loss payable clause or endorsement that names the Collateral Agent, on behalf of the Lenders as the loss payee thereunder. 

SECTION 6.08. Compliance with Laws. Comply in all material respects with its Organizational Documents and the requirements of all
Laws and all orders, writs, injunctions and decrees of any Governmental Authority applicable to it or to its business or property, except if the failure to comply therewith would not reasonably be expected individually or in the aggregate to have a
Material Adverse Effect. 
 SECTION 6.09. Books and Records. Maintain proper books of record and account, in which
entries that are full, true and correct in all material respects and are in conformity with GAAP shall be made of all material financial transactions and matters involving the assets and business of Holdings, the Borrower or such Restricted
Subsidiary, as the case may be. 
 SECTION 6.10. Inspection Rights. Permit representatives and independent contractors of
the Administrative Agent and each Lender to visit and inspect any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom and to discuss its affairs, finances and accounts with its
directors, officers, and independent public accountants (subject to such accountants’ customary policies and procedures), all at the reasonable expense of the Borrower and at such reasonable times during normal business hours and as often as
may be reasonably desired, upon reasonable advance notice to the Borrower; provided that, excluding any such visits and inspections during the continuation of an Event of Default, only the Administrative Agent on behalf of the Lenders may
exercise rights of the Administrative Agent and the Lenders under this Section 6.10 and the Administrative Agent shall not exercise such rights more often than two (2) times during any calendar year absent the existence of an Event of
Default and only one (1) such time shall be at the Borrower’s expense; provided, further, that when an Event of Default exists, the Administrative Agent or any Lender (or any of their respective representatives or independent
contractors) may do any of the foregoing at the expense of the Borrower at any time during normal business hours and upon reasonable advance notice. The Administrative Agent and the Lenders shall give the Borrower the opportunity to participate in
any discussions with the 

  

					
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Borrower’s independent public accountants. Notwithstanding anything to the contrary in this Section 6.10, none of the Borrower or any of the Restricted Subsidiaries 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 (a) constitutes non-financial trade secrets or non-financial proprietary information, (b) 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 (c) is subject to attorney-client or similar privilege or constitutes
attorney work product. 
 SECTION 6.11. Covenant to Guarantee Obligations and Give Security. At the Borrower’s
expense, subject to the provisions of the Collateral and Guarantee Requirement and any applicable limitation in any Collateral Document, take all action necessary or reasonably requested by the Administrative Agent or the Collateral Agent to ensure
that the Collateral and Guarantee Requirement continues to be satisfied, including: 
 (a) (x) upon the formation
or acquisition of any new direct or indirect wholly owned Material Domestic Subsidiary (in each case, other than an Unrestricted Subsidiary or an Excluded Subsidiary) by any Loan Party, the designation in accordance with Section 6.14, of any
existing direct or indirect wholly owned Material Domestic Subsidiary as a Restricted Subsidiary or any Subsidiary becoming a wholly owned Material Domestic Subsidiary, (y) upon the acquisition of any material assets by the Borrower or any
other Loan Party or (z) with respect to any Subsidiary at the time it becomes a Loan Party, for any material assets held by such Subsidiary (in each case, other than assets constituting Collateral under a Collateral Document that becomes
subject to the Lien created by such Collateral Document upon acquisition thereof (without limitation of the obligations to perfect such Lien)): 
 (i) within forty-five (45) days (or such greater number of days specified below) after such formation, acquisition or designation or, in each case, such longer period as the Administrative Agent may
agree in its reasonable discretion: 
 (A) cause each such Material Domestic Subsidiary that is required to
become a Guarantor under the Collateral and Guarantee Requirement to furnish to the Collateral Agent a description of the Material Real Properties owned by such Material Domestic Subsidiary in detail reasonably satisfactory to the Collateral Agent;

 (B) within forty-five (45) days (or within ninety (90) days in the case of documents listed in
Section 6.13(b)) after such formation, acquisition or designation, cause each such Material Domestic Subsidiary that is required to become a Guarantor pursuant to the Collateral and Guarantee Requirement to duly execute and deliver to the
Collateral Agent Mortgages with respect to any Material Real Property, Security Agreement Supplements, Intellectual Property Security Agreements and 

  

					
		 	110	 	J. Crew Term Loan Credit Agreement

 
other security agreements and documents (including, with respect to Mortgages, the documents listed in Section 6.13(b)), as reasonably requested by and in form and substance reasonably
satisfactory to the Collateral Agent (consistent with the Mortgages, Security Agreement, Intellectual Property Security Agreements and other Collateral Documents in effect on the Closing Date), in each case granting Liens required by the Collateral
and Guarantee Requirement; 
 (C) cause each such Material Domestic Subsidiary that is required to become a
Guarantor pursuant to the Collateral and Guarantee Requirement to deliver any and all certificates representing Equity Interests (to the extent certificated) that are required to be pledged pursuant to the Collateral and Guarantee Requirement,
accompanied by undated stock powers or other appropriate instruments of transfer executed in blank (or any other documents customary under local law) and instruments evidencing the intercompany Indebtedness held by such Material Domestic Subsidiary
and required to be pledged pursuant to the Collateral Documents, indorsed in blank to the Collateral Agent; 

(D) within forty-five (45) days (or within ninety (90) days in the case of documents listed in
Section 6.13(b)) after such formation, acquisition or designation, take and cause the applicable Material Domestic Subsidiary and each direct or indirect parent of such applicable Material Domestic Subsidiary that is required to become a
Guarantor pursuant to the Collateral and Guarantee Requirement to take whatever action (including the recording of Mortgages, the filing of Uniform Commercial Code financing statements and delivery of stock and membership interest certificates to
the extent certificated) may be necessary in the reasonable opinion of the Administrative Agent to vest in the Collateral Agent (or in any representative of the Collateral Agent designated by it) valid Liens required by the Collateral and Guarantee
Requirement, enforceable against all third parties in accordance with their terms, except as such enforceability may be limited by Debtor Relief Laws and by general principles of equity (regardless of whether enforcement is sought in equity or at
law); 
 (ii) within forty-five (45) days (or within ninety (90) days in the case of documents listed
in Section 6.13(b)) after the request therefor by the Administrative Agent (or such longer period as the Administrative Agent may agree in its reasonable discretion), deliver to the Administrative Agent a signed copy of an opinion, addressed to
the Administrative Agent and the other Secured Parties, of counsel for the Loan Parties reasonably acceptable to the Administrative Agent as to such matters set forth in this Section 6.11(a) as the Administrative Agent may reasonably request,
and 

  

					
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 (iii) as promptly as practicable after the reasonable request therefor by
the Administrative Agent or Collateral Agent, deliver to the Collateral Agent with respect to each Material Real Property, title reports, surveys and environmental assessment reports provided that the Collateral Agent may in its reasonable
discretion accept any such existing report or survey to the extent prepared as of a date reasonably satisfactory to the Collateral Agent; provided, however, that there shall be no obligation to deliver to the Collateral Agent any
environmental assessment report whose disclosure to the Collateral Agent would require the consent of a Person other than the Borrower or one of its Subsidiaries, where, despite the commercially reasonable efforts of the Borrower to obtain such
consent, such consent cannot be obtained; and 
 (b) (i) the Borrower shall obtain the security interests and
Guarantees set forth on Schedule 1.01A on or prior to the dates corresponding to such security interests and Guarantees set forth on Schedule 1.01A; and 

(ii) after the Closing Date, promptly after the acquisition of any Material Real Property by any Loan Party other than
Holdings, and such Material Real Property shall not already be subject to a perfected Lien pursuant to the Collateral and Guarantee Requirement, the Borrower shall give notice thereof to the Collateral Agent and will take, or cause the relevant Loan
Party to take, the actions referred to in Section 6.13(b). 
 SECTION 6.12. Compliance with Environmental Laws.
Except, in each case, to the extent that the failure to do so would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (a) comply, and take all reasonable actions to cause any lessees and other
Persons operating or occupying its properties to comply with all applicable Environmental Laws and Environmental Permits; (b) obtain and renew all Environmental Permits necessary for its operations and properties; and, (c) in each case to
the extent required by applicable Environmental Laws, 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 applicable Environmental Laws. 
 SECTION 6.13. Further Assurances and
Post-Closing Conditions. Subject to the provisions of the Collateral and Guarantee Requirement and any applicable limitations in any Collateral Document and in each case at the expense of the Loan Parties: 

(a) Promptly upon reasonable request by the Administrative Agent or the Collateral Agent or as may be required by applicable law
(i) correct any material defect or error that may be discovered in the execution, acknowledgment, filing or recordation of any Collateral Document or other document or instrument relating to any Collateral, and (ii) do, execute,
acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as the Administrative Agent or Collateral Agent may reasonably request from time to
time in order to carry out more effectively the purposes of the Collateral Documents. 

  

					
		 	112	 	J. Crew Term Loan Credit Agreement

 (b) In the case of any Material Real Property, provide the Collateral Agent with Mortgages
with respect to such owned real property within ninety (90) days (or such longer period as the Collateral Agent may agree in its sole discretion) of the acquisition of, or, if requested by the Collateral Agent, entry into, or renewal of, a
ground lease in respect of, such real property in each case together with: 
 (i) evidence that counterparts of
the Mortgages have been duly executed, acknowledged and delivered and are in form suitable for filing or recording in all filing or recording offices that the Collateral Agent may deem reasonably necessary or desirable in order to create a valid and
subsisting perfected Lien on the property and/or rights described therein in favor of the Collateral Agent for the benefit of the Secured Parties and that all filing and recording taxes and fees have been paid or otherwise provided for in a manner
reasonably satisfactory to the Collateral Agent; 
 (ii) fully paid American Land Title Association Lender’s
Extended Coverage title insurance policies or the equivalent or other form available in each applicable jurisdiction (the “Mortgage Policies”) in form and substance, with endorsements available in the applicable jurisdiction and in
amount, reasonably acceptable to the Collateral Agent (not to exceed the value of the real properties covered thereby), issued, coinsured and reinsured by title insurers reasonably acceptable to the Collateral Agent, insuring the Mortgages to be
valid subsisting Liens on the property described therein, subject only to Liens permitted by Section 7.01, and providing for such other affirmative insurance (including endorsements for future advances under the Loan Documents) and such
coinsurance and direct access reinsurance as the Collateral Agent may reasonably request and is available in the applicable jurisdiction; 
 (iii) opinions of local counsel for the Loan Parties in states in which the real properties are located, with respect to the enforceability and perfection of the Mortgages and any related fixture filings
in form and substance reasonably satisfactory to the Administrative Agent; and 
 (iv) such other evidence that
all other actions that the Administrative Agent or Collateral Agent may reasonably deem necessary or desirable in order to create valid and subsisting Liens on the property described in the Mortgages has been taken. 

SECTION 6.14. Designation of Subsidiaries. The board of directors of the Borrower may at any time designate any Restricted
Subsidiary as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; provided that (i) immediately before and after such designation, no Default shall have occurred and be continuing, (ii) other than
for purposes of designating a Restricted Subsidiary as an Unrestricted Subsidiary that is a Securitization Subsidiary in connection with the establishment of a Qualified Securitization Financing, immediately after giving effect to such designation,
the Total Leverage Ratio for the Test Period immediately preceding such designation for which financial statements have been delivered pursuant to Section 6.01 is less than or equal to 6.0 to 1.0 (calculated on a Pro Forma Basis) (and, as a
condition precedent to the effectiveness of any such designation, the Borrower 

  

					
		 	113	 	J. Crew Term Loan Credit Agreement

 
shall deliver to the Administrative Agent a certificate setting forth in reasonable detail the calculations demonstrating satisfaction of such test) and (iii) no Subsidiary may be designated
as an Unrestricted Subsidiary if, after such designation, it would be a “Restricted Subsidiary” for the purpose of the ABL Facilities, the Senior Notes, or any other Junior Financing or any other Indebtedness of any Loan Party. The
designation of any Subsidiary as an Unrestricted Subsidiary shall constitute an Investment by the Borrower therein at the date of designation in an amount equal to the fair market value as determined by the Borrower in good faith of the
Borrower’s or its Subsidiary’s (as applicable) Investment therein. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute the incurrence at the time of designation of any Indebtedness or Liens of such
Subsidiary existing at such time and a return on any Investment by the Borrower in Unrestricted Subsidiaries pursuant to the preceding sentence in an amount equal to the fair market value as determined by the Borrower in good faith at the date of
such designation of the Borrower’s or its Subsidiary’s (as applicable) Investment in such Subsidiary. 

Notwithstanding the foregoing, any Unrestricted Subsidiary that has been re-designated a Restricted Subsidiary may not be subsequently
re-designated as an Unrestricted Subsidiary. 
 SECTION 6.15. Maintenance of Ratings. Use commercially reasonable efforts
to maintain (i) a public corporate credit rating from S&P and a public corporate family rating from Moody’s, in each case in respect of the Borrower, and (ii) a public rating in respect of the Facility from each of S&P and
Moody’s. 
 ARTICLE VII 
 Negative Covenants 
 So long as any Lender shall have any Commitment
hereunder or any Loan or other Obligation hereunder (other than (i) contingent indemnification obligations as to which no claim has been asserted and (ii) Obligations under Secured Hedge Agreements and Cash Management Obligations) shall
remain unpaid or unsatisfied, each of Holdings and the Borrower shall not (and, with respect to Section 7.13, only Holdings shall not), nor shall Holdings or the Borrower permit any Restricted Subsidiary to: 

SECTION 7.01. Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now
owned or hereafter acquired, other than the following: 
 (a) Liens created pursuant to any Loan Document;

 (b) Liens existing on the date hereof and set forth on Schedule 7.01(b); 

(c) Liens for taxes, assessments or governmental charges that are not overdue for a period of more than thirty
(30) days or that are being contested in good faith and by appropriate actions for which appropriate reserves have been established in accordance with GAAP; 

  

					
		 	114	 	J. Crew Term Loan Credit Agreement

 (d) statutory or common law Liens of landlords, carriers, warehousemen,
mechanics, materialmen, repairmen, construction contractors or other like Liens, or other customary Liens (other than in respect of Indebtedness) in favor of landlords, so long as, in each case, such Liens arise in the ordinary course of business
that secure amounts not overdue for a period of more than thirty (30) days or, if more than thirty (30) days overdue, are unfiled and no other action has been taken to enforce such Lien or that are being contested in good faith and by
appropriate actions, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; 
 (e) (i) pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security legislation and (ii) pledges and
deposits in the ordinary course of business securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property,
casualty or liability insurance to Holdings, the Borrower or any Restricted Subsidiaries; 
 (f) deposits to
secure the performance of bids, trade contracts, governmental contracts and leases (other than Indebtedness for borrowed money), statutory obligations, surety, stay, customs and appeal bonds, performance bonds and other obligations of a like nature
(including those to secure health, safety and environmental obligations) incurred in the ordinary course of business; 
 (g) easements, rights-of-way, restrictions (including zoning restrictions), encroachments, protrusions and other similar encumbrances and title defects affecting real property that, in the aggregate, do
not in any case materially interfere with the ordinary conduct of the business of the Borrower and its Subsidiaries taken as a whole, or the use of the property for its intended purpose, and any other exceptions to title on the Mortgage Policies
accepted by the Collateral Agent in accordance with this Agreement; 
 (h) Liens arising from judgments or orders
for the payment of money not constituting an Event of Default under Section 8.01(g); 
 (i) (i) Liens
securing obligations in respect of Indebtedness permitted under Section 7.03(e); provided that (A) such Liens attach concurrently with or within two hundred and seventy (270) days after completion of the acquisition,
construction, repair, replacement or improvement (as applicable) of the property subject to such Liens, (B) such Liens do not at any time encumber any property other than the property financed by such Indebtedness, replacements thereof and
additions and accessions to such property and the proceeds and the products thereof and customary security deposits and (C) such Liens do not at any time extend to or cover any assets (except for additions and accessions to such assets,
replacements and products thereof and customary security 

  

					
		 	115	 	J. Crew Term Loan Credit Agreement

 
deposits) other than the assets subject to, or acquired, constructed, repaired, replaced or improved with the proceeds of such Indebtedness; provided that individual financings of
equipment provided by one lender may be cross collateralized to other financings of equipment provided by such lender and (ii) Liens on assets of Restricted Subsidiaries that are Non-Loan Parties securing Indebtedness of such Restricted
Subsidiaries permitted pursuant to Section 7.03(n); 
 (j) leases, licenses, subleases or sublicenses
granted to others in the ordinary course of business which do not (i) interfere in any material respect with the business of the Borrower and its Subsidiaries, taken as a whole, or (ii) secure any Indebtedness; 

(k) Liens (i) in favor of customs and revenue authorities arising as a matter of law to secure payment of customs
duties in connection with the importation of goods in the ordinary course of business and (ii) on specific items of inventory or other goods and proceeds thereof of any Person securing such Person’s obligations in respect of bankers’
acceptances or letters of credit issued or created for the account of such person to facilitate the purchase, shipment or storage of such inventory or such other goods in the ordinary course of business; 

(l) Liens (i) of a collection bank arising under Section 4-208 of the Uniform Commercial Code on the items in
the course of collection, (ii) attaching to commodity trading accounts or other commodities brokerage accounts incurred in the ordinary course of business and not for speculative purposes and (iii) in favor of a banking or other financial
institution arising as a matter of law encumbering deposits or other funds maintained with a financial institution (including the right of setoff) and that are within the general parameters customary in the banking industry; 

(m) Liens (i) on cash advances in favor of the seller of any property to be acquired in an Investment permitted
pursuant to Section 7.02(i) or Section 7.02(n) to be applied against the purchase price for such Investment or (ii) consisting of an agreement to Dispose of any property in a Disposition permitted under Section 7.05, in each
case, solely to the extent such Investment or Disposition, as the case may be, would have been permitted on the date of the creation of such Lien; 
 (n) Liens on property of any Foreign Subsidiary securing Indebtedness of such Foreign Subsidiary incurred pursuant to Sections 7.03(b), (g), (n) or (t); 

(o) Liens in favor of the Borrower or a Restricted Subsidiary securing Indebtedness permitted under Section 7.03(d);

 (p) Liens existing on property at the time of its acquisition or existing on the property of any Person at the
time such Person becomes a Restricted Subsidiary (other than by designation as a Restricted Subsidiary pursuant to Section 6.14), in each case after the date hereof (other than Liens on the Equity Interests of any Person that becomes a
Restricted Subsidiary); provided that (i) such Lien does not extend to or cover any other 

  

					
		 	116	 	J. Crew Term Loan Credit Agreement

 
assets or property (other than the proceeds or products thereof and other than after-acquired property of such acquired Restricted Subsidiary), and (ii) the Indebtedness secured thereby is
permitted under Section 7.03(e) or (g); 
 (q) any interest or title of a lessor, sublessor, licensor or
sublicensor or secured by a lessor’s, sublessor’s, licensor’s or sublicensor’s interest under leases (other than Capitalized Leases) or licenses entered into by the Borrower or any of the Restricted Subsidiaries in the ordinary
course of business; 
 (r) Liens arising out of conditional sale, title retention, consignment or similar
arrangements for sale of goods entered into by the Borrower or any of the Restricted Subsidiaries in the ordinary course of business; 
 (s) Liens deemed to exist in connection with Investments in repurchase agreements under Section 7.02 and reasonable customary initial deposits and margin deposits and similar Liens attaching to
commodity trading accounts or other brokerage accounts maintained in the ordinary course of business and not for speculative purposes; 
 (t) Liens that are customary contractual rights of setoff (i) relating to the establishment of depository relations with banks or other deposit-taking financial institutions in the ordinary course
and not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of Holdings, the Borrower or any of the Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations incurred
in the ordinary course of business of Holdings, the Borrower or any of the Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers of the Borrower or any of the Restricted Subsidiaries in
the ordinary course of business; 
 (u) Liens solely on any cash earnest money deposits made by the Borrower or
any of the Restricted Subsidiaries in connection with any letter of intent or purchase agreement permitted hereunder; 
 (v) ground leases in respect of real property on which facilities owned or leased by the Borrower or any of its Subsidiaries are located; 

(w) purported Liens evidenced by the filing of precautionary Uniform Commercial Code financing statements or similar
public filings; 
 (x) Liens on insurance policies and the proceeds thereof securing the financing of the
premiums with respect thereto; 
 (y) Liens securing obligations in respect of Indebtedness permitted under
Section 7.03(r)(i) and obligations in respect of any Secured Hedge Agreement and any Secured Cash Management Agreement (in each case, as defined in the ABL Credit Agreement) permitted under Section 7.03(r)(ii) (or, in each case, any
Permitted Refinancing in respect thereof) that are subject to the ABL Intercreditor Agreement; 

  

					
		 	117	 	J. Crew Term Loan Credit Agreement

 (z) Liens on the Securitization Assets arising in connection with a
Qualified Securitization Financing; 
 (aa) any zoning or similar law or right reserved to or vested in any
Governmental Authority to control or regulate the use of any real property that does not materially interfere with the ordinary conduct of the business of the Borrower and its Subsidiaries, taken as a whole; 

(bb) the modification, replacement, renewal or extension of any Lien permitted by clauses (b), (i) and (p) of
this Section 7.01; provided that (i) the Lien does not extend to any additional property other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien or financed by Indebtedness
permitted under Section 7.03(e), and (B) proceeds and products thereof, and (ii) the renewal, extension or refinancing of the obligations secured or benefited by such Liens is permitted by Section 7.03; 

(cc) Liens on the Collateral securing obligations in respect of Permitted Pari Passu Secured Refinancing Debt or Permitted
Junior Secured Refinancing Debt and any Permitted Refinancing of any of the foregoing; provided that (x) any such Liens securing any Permitted Refinancing in respect of Permitted Pari Passu Secured Refinancing Debt are subject to the ABL
Intercreditor Agreement and a First Lien Intercreditor Agreement and (y) any such Liens securing any Permitted Refinancing in respect of Permitted Junior Secured Refinancing Debt are subject to the ABL Intercreditor Agreement and a Second Lien
Intercreditor Agreement; 
 (dd) Liens or rights of setoff against credit balances of the Borrower or any of its
Subsidiaries with Credit Card Issuers or Credit Card Processors (each, as defined in the ABL Credit Agreement) or amounts owing by such Credit Card Issuers or Credit Card Processors to the Borrower or any of its Subsidiaries in the ordinary course
of business, but not Liens on or rights of setoff against any other property or assets of any Borrower or any of its Subsidiaries pursuant to the Credit Card Agreements (as defined in the ABL Credit Agreement), as in effect on the date hereof, to
secure the obligations of the Borrower or any of its Subsidiaries to the Credit Card Issuers or Credit Card Processors as a result of fees and chargebacks; 
 (ee) Liens on specific items of inventory or other goods and the proceeds thereof securing such Person’s obligations in respect of documentary letters of credit or banker’s acceptances issued or
created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or goods; 
 (ff) deposits of cash with the owner or lessor of premises leased and operated by the Borrower or any of its Subsidiaries in the ordinary course of business of the Borrower and such Subsidiary to secure
the performance of the Borrower’s or such Subsidiary’s obligations under the terms of the lease for such premises; and 

  

					
		 	118	 	J. Crew Term Loan Credit Agreement

 (gg) other Liens securing Indebtedness or other obligations in an aggregate
principal amount at any time outstanding not to exceed the greater of $50,000,000 and 1.75% of Total Assets, in each case determined as of the date of incurrence. 
 SECTION 7.02. Investments. Make or hold any Investments, except: 
 (a) Investments by Holdings, the Borrower or any of the Restricted Subsidiaries in assets that are Cash Equivalents; 

(b) loans or advances to officers, directors and employees of Holdings (or any direct or indirect parent thereof), the
Borrower or any of the Restricted Subsidiaries (i) for reasonable and customary business-related travel, entertainment, relocation and analogous ordinary business purposes, (ii) in connection with such Person’s purchase of Equity
Interests of Holdings (or any direct or indirect parent thereof; provided that, to the extent such loans or advances are made in cash, the amount of such loans and advances used to acquire such Equity Interests shall be contributed to
Holdings in cash) and (iii) for any other purpose, in an aggregate principal amount outstanding under clauses (i) through (iii) not to exceed $20,000,000; 

(c) Investments (i) by (A) Holdings in any Loan Party and (B) the Borrower or any Restricted Subsidiary
that is a Loan Party in the Borrower or any Restricted Subsidiary that is a Loan Party, (ii) by any Non-Loan Party in any other Non-Loan Party that is a Restricted Subsidiary, (iii) by any Non-Loan Party in the Borrower or any Restricted
Subsidiary that is a Loan Party and (iv) by any Loan Party in any Non-Loan Party that is a Restricted Subsidiary; provided that (A) any such Investments made pursuant to this clause (iv) in the form of intercompany loans shall
be evidenced by notes that have been pledged (individually or pursuant to a global note) to the Collateral Agent for the benefit of the Lenders (it being understood and agreed that any Investments permitted under this clause (iv) that are not
so evidenced as of the Closing Date are not required to be so evidenced and pledged until the date that is sixty (60) days after the Closing Date (or such later date as may be acceptable to the Administrative Agent)) and (B) the aggregate
amount of Investments made pursuant to this clause (iv) shall not exceed at any time outstanding the sum of (x) the greater of $75,000,000 and 2.50% of Total Assets and (y) the Available Amount at such time. 

(d) Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from
the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors and other credits to suppliers in the ordinary course of business;

  

					
		 	119	 	J. Crew Term Loan Credit Agreement

 (e) Investments consisting of Liens, Indebtedness, fundamental changes,
Dispositions and Restricted Payments permitted under Sections 7.01, 7.03 (other than Section 7.03(c)(ii) or (d)), 7.04 (other than Section 7.04(c)(ii) or (f)), 7.05(other than Section 7.05(d)(ii) or (e)) and 7.06 (other than
Section 7.06(d) or (g)(iv)), respectively; 
 (f) Investments existing on the date hereof or made pursuant
to legally binding written contracts in existence on the date hereof, in each case, set forth on Schedule 7.02(f) and any modification, replacement, renewal, reinvestment or extension of any of the foregoing; provided that the amount
of any Investment permitted pursuant to this Section 7.02(f) is not increased from the amount of such Investment on the Closing Date except pursuant to the terms of such Investment as of the Closing Date or as otherwise permitted by another
clause of this Section 7.02; 
 (g) Investments in Swap Contracts permitted under Section 7.03;

 (h) promissory notes and other non-cash consideration that is permitted to be received in connection with
Dispositions permitted by Section 7.05; 
 (i) the purchase or other acquisition of property and assets or
businesses of any Person or of assets constituting a business unit, a line of business or division of such Person, a Store or Equity Interests in a Person that, upon the consummation thereof, will be a wholly owned Restricted Subsidiary of the
Borrower (including as a result of a merger or consolidation); provided that with respect to each purchase or other acquisition made pursuant to this Section 7.02(i) (each, a “Permitted Acquisition”): 

(A) the property, assets and businesses acquired in such purchase or other acquisition shall constitute Collateral and
each applicable Loan Party and any such newly created or acquired Subsidiary (and, to the extent required under the Collateral and Guarantee Requirement, the Subsidiaries of such created or acquired Subsidiary) shall be Guarantors and shall have
complied with the requirements of Section 6.11, within the times specified therein (for the avoidance of doubt, this clause (A) shall not override any provisions of the Collateral and Guarantee Requirement, subject to the limit in clause
(B) below); 
 (B) the aggregate amount of Investments made in Persons that do not become Loan Parties
shall not exceed at any time outstanding the sum of (i) the greater of $75,000,000 and 2.50% of Total Assets and (ii) the Available Amount at such time; 

(C) the acquired property, assets, business or Person is in a business permitted under Section 7.07; 

(D) (1) immediately before and immediately after giving Pro Forma Effect to any such purchase or other acquisition, no
Default shall 

  

					
		 	120	 	J. Crew Term Loan Credit Agreement

 
have occurred and be continuing and (2) immediately after giving effect to such purchase or other acquisition, the Total Leverage Ratio for the Test Period immediately preceding such
purchase or other acquisition is less than or equal to 6.0 to 1.0 (calculated on a Pro Forma Basis) and, satisfaction of such test shall be evidenced by a certificate from the Chief Financial Officer of the Borrower demonstrating such satisfaction
calculated in reasonable detail; and 
 (E) the Borrower shall have delivered to the Administrative Agent, on
behalf of the Lenders, 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 (i) have been satisfied or will be
satisfied on or prior to the consummation of such purchase or other acquisition; 
 (j) Investments made to
effect the Transaction; 
 (k) Investments in the ordinary course of business consisting of Uniform Commercial
Code Article 3 endorsements for collection or deposit and Article 4 customary trade arrangements with customers consistent with past practices; 
 (l) Investments (including debt obligations and Equity Interests) received in connection with the bankruptcy or reorganization of suppliers and customers or in settlement of delinquent obligations of, or
other disputes with, customers and suppliers arising in the ordinary course of business or upon the foreclosure with respect to any secured Investment; 
 (m) loans and advances to Holdings (or any direct or indirect parent thereof) in lieu of, and not in excess of the amount of (after giving effect to any other loans, advances or Restricted Payments in
respect thereof), Restricted Payments to the extent permitted to be made to Holdings (or such direct or indirect parent) in accordance with Section 7.06(f) or (g); 

(n) other Investments that do not exceed in the aggregate at any time outstanding the sum of (i) the greater of
$100,000,000 and 3.25% of Total Assets, determined as of the date of such Investment, and (ii) so long as no Event of Default shall have occurred and be continuing or would result from the making of any such Investment, the Available Amount at
such time; 
 (o) advances of payroll payments to employees in the ordinary course of business; 

(p) Investments to the extent that payment for such Investments is made solely with Qualified Equity Interests of Holdings
(or any direct or indirect parent thereof); 

  

					
		 	121	 	J. Crew Term Loan Credit Agreement

 (q) Investments held by a Restricted Subsidiary acquired after the Closing
Date or of a Person merged into the Borrower or merged or consolidated with a Restricted Subsidiary in accordance with Section 7.04 after the Closing Date (other than existing Investments in subsidiaries of such Subsidiary or Person, which must
comply with the requirements of Sections 7.02(i) or (n)) to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger or consolidation and were in existence on the date of such acquisition,
merger or consolidation; 
 (r) Guarantees by the Borrower or any of the Restricted Subsidiaries of leases (other
than Capitalized Leases) or of other obligations that do not constitute Indebtedness, in each case entered into in the ordinary course of business; 
 (s) (i) Investments in a Securitization Subsidiary or any Investment by a Securitization Subsidiary in any other Person in connection with a Qualified Securitization Financing; provided,
however, that any such Investment in a Securitization Subsidiary is in the form of a contribution of additional Securitization Assets or as equity, and (ii) distributions or payments of Securitization Fees and purchases of Securitization
Assets pursuant to a Securitization Repurchase Obligation in connection with a Qualified Securitization Financing; 
 (t) Investments made by any Restricted Subsidiary that is not a Loan Party to the extent such Investments are financed with the proceeds received by such Restricted Subsidiary from an Investment in such
Restricted Subsidiary made pursuant to Sections 7.02(c)(iv), (i)(B) or (n); and 
 (u) Investments received in
connection with (i) a disposition permitted by Section 7.05(o) or (ii) any Restricted Payment permitted by Section 7.06(l). 
 SECTION 7.03. Indebtedness. Create, incur, assume or suffer to exist any Indebtedness or issue any Disqualified Equity Interest, other than: 

(a) Indebtedness under the Loan Documents; 

(b) (i) Indebtedness existing on the date hereof set forth on Schedule 7.03(b) and any Permitted Refinancing
thereof and (ii) intercompany Indebtedness outstanding on the date hereof; provided that all such Indebtedness of any Loan Party owed to any Non-Loan Party shall be subject to the Intercompany Subordination Agreement; 

(c) (i) Guarantees by Holdings, the Borrower and the Restricted Subsidiaries in respect of Indebtedness of the Borrower or
any of the Restricted Subsidiaries otherwise permitted hereunder (except that a Restricted Subsidiary that is not a Loan Party may not, by virtue of this Section 7.03(c), Guarantee Indebtedness that such Restricted Subsidiary could not
otherwise incur under this Section 7.03); provided that (A) no Guarantee by any Restricted Subsidiary of any Junior Financing shall be permitted unless such 

  

					
		 	122	 	J. Crew Term Loan Credit Agreement

 
Restricted Subsidiary shall have also provided a Guarantee of the Obligations substantially on the terms set forth in the Guaranty and (B) if the Indebtedness being Guaranteed is
subordinated to the Obligations, such Guarantee shall be subordinated to the Guaranty on terms at least as favorable to the Lenders as those contained in the subordination of such Indebtedness and (ii) any Guaranty by a Loan Party of
Indebtedness of a Restricted Subsidiary that would have been permitted as an Investment by such Loan Party in such Restricted Subsidiary under Section 7.02(c); 

(d) Indebtedness of the Borrower or any of the Restricted Subsidiaries owing to the Borrower or any other Restricted
Subsidiary to the extent constituting an Investment permitted by Section 7.02; provided that all such Indebtedness of any Loan Party owed to any Person that is not a Loan Party shall be subject to the Intercompany Subordination
Agreement; 
 (e) (i) Attributable Indebtedness and other Indebtedness (including Capitalized Leases) of the
Borrower and the Restricted Subsidiaries financing the acquisition, construction, repair, replacement or improvement of fixed or capital assets; provided that such Indebtedness is incurred concurrently with or within two hundred and seventy
(270) days after the applicable acquisition, construction, repair, replacement or improvement and (ii) Attributable Indebtedness arising out of sale-leaseback transactions, and, in each case, any Permitted Refinancing thereof; provided
that the aggregate principal amount of Indebtedness at any one time outstanding incurred pursuant to this clause (e) shall not exceed the greater of $50,000,000 and 1.75% of Total Assets, in each case determined at the time of incurrence;

 (f) Indebtedness in respect of Swap Contracts designed to hedge against Holdings’, the Borrower’s or
any Restricted Subsidiary’s exposure to interest rates, foreign exchange rates or commodities pricing risks incurred in the ordinary course of business and not for speculative purposes and Guarantees thereof; 

(g) Indebtedness (i) of any Person that becomes a Restricted Subsidiary after the date hereof, which Indebtedness is
existing at the time such Person becomes a Restricted Subsidiary and is not incurred in contemplation of such Person becoming a Restricted Subsidiary that is non-recourse to the Borrower, Holdings or any other Restricted Subsidiary (other than any
Subsidiary of such Person that is a Subsidiary on the date such Person becomes a Restricted Subsidiary after the date hereof) and is either (A) unsecured or (B) secured only by the assets of such Restricted Subsidiary by Liens permitted
under Section 7.01(p) and, in each case, any Permitted Refinancing thereof, and (ii) of the Borrower or any Restricted Subsidiary incurred or assumed in connection with any Permitted Acquisition that is secured only by Liens permitted
under Section 7.01(p) (and any Permitted Refinancing of the foregoing) and so long as the aggregate principal amount of such Indebtedness and all Indebtedness resulting from any Permitted Refinancing thereof at any time outstanding pursuant to
clause (g)(ii) does not exceed $50,000,000; 

  

					
		 	123	 	J. Crew Term Loan Credit Agreement

 (h) Term Loan Refinancing Debt; 

(i) Indebtedness representing deferred compensation to employees of the Borrower and its Subsidiaries incurred in the
ordinary course of business; 
 (j) Indebtedness to current or former officers, directors, managers, consultants
and employees, their respective estates, spouses or former spouses to finance the purchase or redemption of Equity Interests of Holdings (or any direct or indirect parent thereof) permitted by Section 7.06; 

(k) Indebtedness incurred by the Borrower or any of the Restricted Subsidiaries in a Permitted Acquisition, any other
Investment expressly permitted hereunder or any Disposition, in each case to the extent constituting indemnification obligations or obligations in respect of purchase price (including earn-outs) or other similar adjustments; 

(l) Indebtedness consisting of obligations of the Borrower and the Restricted Subsidiaries under deferred compensation or
other similar arrangements with employees incurred by such Person in connection with the Transaction and Permitted Acquisitions or any other Investment expressly permitted hereunder; 

(m) Cash Management Obligations and other Indebtedness in respect of netting services, automatic clearinghouse
arrangements, overdraft protections, employee credit card programs and other cash management and similar arrangements in the ordinary course of business and any Guarantees thereof; 

(n) Indebtedness of the Borrower and the Restricted Subsidiaries in an aggregate principal amount at any time outstanding
not to exceed the greater of $100,000,000 and 3.25% of Total Assets, in each case determined at the time of incurrence; provided that a maximum of the greater of $25,000,000 and 1.00% of Total Assets in aggregate principal amount of such
Indebtedness may be incurred by Non-Loan Parties, in each case determined at the time of incurrence; 
 (o)
Indebtedness consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business; 

(p) Indebtedness incurred by the Borrower or any of the Restricted Subsidiaries in respect of letters of credit, bank
guarantees, bankers’ acceptances, warehouse receipts or similar instruments issued or created in the ordinary course of business consistent with past practice in respect of workers compensation claims, health, disability or other employee
benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement-type obligations regarding workers compensation claims; 

  

					
		 	124	 	J. Crew Term Loan Credit Agreement

 (q) obligations in respect of performance, bid, appeal and surety bonds and
performance and completion guarantees and similar obligations provided by the Borrower or any of the Restricted Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case in the
ordinary course of business or consistent with past practice; 
 (r) (i) Indebtedness in an aggregate principal
amount not to exceed $375,000,000 at any time outstanding under the ABL Facilities and (ii) the amount of obligations in respect of any Secured Hedge Agreement and any Secured Cash Management Agreement (in each case, as defined in the ABL
Credit Agreement) at any time outstanding and not incurred in violation of Section 7.03(f) and, in respect of clauses (i) and (ii), any Permitted Refinancing thereof; 

(s) (i) Indebtedness in respect of the Senior Notes (including any guarantees thereof) and (ii) any Permitted
Refinancing thereof; 
 (t) Indebtedness incurred by a Foreign Subsidiary which, when aggregated with the
principal amount of all other Indebtedness incurred pursuant to this clause (t) and then outstanding, does not exceed $25,000,000; 
 (u) Permitted Ratio Debt and any Permitted Refinancing thereof; 

(v) Indebtedness incurred by a Securitization Subsidiary in a Qualified Securitization Financing that is not recourse
(except for Standard Securitization Undertakings) to the Borrower or any of the Restricted Subsidiaries; 
 (w)
Indebtedness in respect of letters of credit issued for the account of any of the Subsidiaries of Holdings to finance the purchase of inventory so long as (x) such Indebtedness is unsecured and (y) the aggregate principal amount of such
Indebtedness does not exceed $50,000,000 at any time; 
 (x) in the case of Holdings, Qualified Holding Company
Debt; and 
 (y) all premiums (if any), interest (including post-petition interest), fees, expenses, charges and
additional or contingent interest on obligations described in clauses (a) through (x) above. 
 Notwithstanding the
foregoing, no Restricted Subsidiary that is a Non-Loan Party will guarantee any Indebtedness for borrowed money of a Loan Party unless such Restricted Subsidiary becomes a Guarantor. 

For purposes of determining compliance with any Dollar-denominated restriction on the incurrence of Indebtedness, the Dollar-equivalent
principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first

  

					
		 	125	 	J. Crew Term Loan Credit Agreement

 
committed, in the case of revolving credit debt; provided that if such Indebtedness is incurred to extend, replace, refund, refinance, renew or defease other Indebtedness denominated in a
foreign currency, and such extension, replacement, refunding, refinancing, renewal or defeasance would cause the applicable Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of
such extension, replacement, refunding, refinancing, renewal or defeasance, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal
amount of such Indebtedness being extended, replaced, refunded, refinanced, renewed or defeased, plus the aggregate amount of fees, underwriting discounts, premiums and other costs and expenses incurred in connection with such refinancing.

 The accrual of interest, the accretion of accreted value and the payment of interest in the form of additional Indebtedness
shall not be deemed to be an incurrence of Indebtedness for purposes of this Section 7.03. The principal amount of any non-interest bearing Indebtedness or other discount security constituting Indebtedness at any date shall be the principal
amount thereof that would be shown on a balance sheet of the Borrower dated such date prepared in accordance with GAAP. 

Notwithstanding anything to the contrary contained in this Agreement, Indebtedness incurred pursuant to the ABL Facilities (and any
Permitted Refinancing thereof) may only be incurred pursuant to Section 7.03(r). 
 SECTION 7.04. Fundamental
Changes. Merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in
favor of any Person, except that: 
 (a) Holdings or any Restricted Subsidiary may merge or consolidate with the
Borrower (including a merger, the purpose of which is to reorganize the Borrower into a new jurisdiction); provided that (x) the Borrower shall be the continuing or surviving Person, (y) such merger or consolidation does not result
in the Borrower ceasing to be organized under the Laws of the United States, any state thereof or the District of Columbia and (z) in the case of a merger or consolidation of Holdings with and into the Borrower, Holdings shall not be an obligor
in respect of any Qualified Holding Company Debt or other Indebtedness that is not permitted to be Indebtedness of the Borrower under this Agreement, shall have no direct Subsidiaries at the time of such merger or consolidation other than the
Borrower and, after giving effect to such merger or consolidation, the direct parent of the Borrower shall expressly assume all the obligations of Holdings under this Agreement and the other Loan Documents to which Holdings is a party pursuant to a
supplement hereto or thereto in form reasonably satisfactory to the Administrative Agent; 
 (b) (i) any
Restricted Subsidiary that is not a Loan Party may merge or consolidate with or into any other Restricted Subsidiary of the Borrower that is not a Loan Party, (ii) any Restricted Subsidiary may merge or consolidate with or into any

  

					
		 	126	 	J. Crew Term Loan Credit Agreement

 
other Restricted Subsidiary of the Borrower that is a Loan Party, (iii) any merger the sole purpose of which is to reincorporate or reorganize a Loan Party in another jurisdiction in the
United States shall be permitted and (iv) any Restricted Subsidiary may liquidate or dissolve or change its legal form if the Borrower determines in good faith that such action is in the best interests of the Borrower and its Restricted
Subsidiaries and is not materially disadvantageous to the Lenders, provided, in the case of clauses (ii) through (iv), that (A) no Event of Default shall result therefrom, (B) no Change of Control shall result therefrom and
(C) the surviving Person (or, with respect to clause (iv), the Person who receives the assets of such dissolving or liquidated Restricted Subsidiary that is a Guarantor) shall be a Loan Party; 

(c) any Restricted Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or
otherwise) to the Borrower or another Restricted Subsidiary; provided that if the transferor in such a transaction is a Loan Party, then (i) the transferee must be a Loan Party or (ii) such Investment must be a permitted Investment
in a Restricted Subsidiary which is not a Loan Party in accordance with Sections 7.02 (other than Section 7.02(e)); 
 (d) so long as no Default exists or would result therefrom, the Borrower may merge or consolidate with any other Person; provided that (i) the Borrower shall be the continuing or surviving
corporation or (ii) if the Person formed by or surviving any such merger or consolidation is not the Borrower (any such Person, the “Successor Borrower”), (A) the Successor Borrower shall be an entity organized or existing
under the laws of the United States, any state thereof, the District of Columbia or any territory thereof, (B) the Successor Borrower shall expressly assume all the obligations of the Borrower under this Agreement and the other Loan Documents
to which the Borrower is a party pursuant to a supplement hereto or thereto in form reasonably satisfactory to the Administrative Agent, (C) each Guarantor, unless it is the other party to such merger or consolidation, shall have by a
supplement to the Guaranty confirmed that its Guarantee of the Obligations shall apply to the Successor Borrower’s obligations under this Agreement, (D) each Loan Party, unless it is the other party to such merger or consolidation, shall
have by a supplement to the Security Agreement confirmed that its obligations thereunder shall apply to the Successor Borrower’s obligations under this Agreement, (E) each mortgagor of a Mortgaged Property, unless it is the other party to
such merger or consolidation, shall have by an amendment to or restatement of the applicable Mortgage (or other instrument reasonably satisfactory to the Collateral Agent) confirmed that its obligations thereunder shall apply to the Successor
Borrower’s obligations under this Agreement, and (F) the Borrower shall have delivered to the Administrative Agent an officer’s certificate and an opinion of counsel, each stating that such merger or consolidation and such supplement
to this Agreement or any Collateral Document comply with this Agreement; provided, further, that if the foregoing are satisfied, the Successor Borrower will succeed to, and be substituted for, the Borrower under this Agreement;

  

					
		 	127	 	J. Crew Term Loan Credit Agreement

 (e) so long as no Default exists or would result therefrom, Holdings may
merge or consolidate with any other Person; provided that (A) Holdings shall be the continuing or surviving Person or (B) if the Person formed by or surviving any such merger, amalgamation or consolidation is not Holdings or is a
Person into which Holdings has been liquidated (any such Person, the “Successor Holdings”) (A) the Successor Holdings shall be an entity organized or existing under the laws of the United States, any state thereof, the District
of Columbia or any territory thereof, (B) the Successor Holdings shall expressly assume all the obligations of Holdings under this Agreement and the other Loan Documents to which Holdings is a party pursuant to a supplement hereto or thereto in
form reasonably satisfactory to the Administrative Agent and (C) the Borrower shall have delivered to the Administrative Agent an officer’s certificate and an opinion of counsel, each stating that such merger or consolidation and such
supplement to this Agreement or any Collateral Document comply with this Agreement; provided, further, that if the foregoing are satisfied, the Successor Holdings will succeed to, and be substituted for, Holdings under this Agreement;

 (f) so long as no Default exists or would result therefrom, any Restricted Subsidiary may merge or consolidate
with any other Person in order to effect an Investment permitted pursuant to Section 7.02 (other than Section 7.02(e)); provided that the continuing or surviving Person shall be the Borrower or a Restricted Subsidiary, which
together with each of its Restricted Subsidiaries, shall have complied with the applicable requirements of Section 6.11; 
 (g) the Merger may be consummated; and 
 (h) so long as no Default
exists or would result therefrom, a merger, dissolution, liquidation, consolidation or Disposition, the purpose of which is to effect a Disposition permitted pursuant to Section 7.05 (other than Section 7.05(e)). 

SECTION 7.05. Dispositions. Make any Disposition or enter into any agreement to make any Disposition, except: 

(a) Dispositions of obsolete, worn out, used or surplus property, whether now owned or hereafter acquired, in the ordinary
course of business and Dispositions of property no longer used or useful in the conduct of the business of the Borrower and the Restricted Subsidiaries; 
 (b) Dispositions of inventory and goods held for sale in the ordinary course of business; 
 (c) Dispositions of property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such Disposition are
promptly applied to the purchase price of such replacement property; provided that to the extent the property being transferred constitutes Term Priority Collateral, such replacement property shall constitute Term Priority Collateral;

  

					
		 	128	 	J. Crew Term Loan Credit Agreement

 (d) Dispositions of property to the Borrower or a Restricted Subsidiary;
provided that if the transferor of such property is a Loan Party (i) the transferee thereof must be a Loan Party or (ii) such Investment must be a permitted Investment in a Restricted Subsidiary that is not a Loan Party in
accordance with Section 7.02 (other than Section 7.02(e)); 
 (e) Dispositions permitted by
Sections 7.02 (other than Section 7.02(e)), 7.04 (other than Section 7.04(h)) and 7.06 (other Section 7.06(d)) and Liens permitted by Section 7.01 (other than Section 7.01(m)(ii)); 

(f) Dispositions of property pursuant to sale-leaseback transactions; provided that the Net Cash Proceeds thereof
are applied in accordance with Section 2.03(b)(ii); 
 (g) Dispositions of Cash Equivalents; 

(h) leases, subleases, licenses or sublicenses (including the provision of software under an open source license), in each
case in the ordinary course of business and which do not materially interfere with the business of the Borrower and the Restricted Subsidiaries, taken as a whole; 

(i) transfers of property subject to Casualty Events upon receipt of the Net Cash Proceeds of such Casualty Event;

 (j) Dispositions of property not otherwise permitted under this Section 7.05; provided that
(i) at the time of such Disposition (other than any such Disposition made pursuant to a legally binding commitment entered into at a time when no Default exists), no Default shall exist or would result from such Disposition; (ii) with
respect to any Disposition pursuant to this clause (j) for a purchase price in excess of $15,000,000, the Borrower or any of the Restricted Subsidiaries shall receive not less than 75% of such consideration in the form of cash or Cash
Equivalents (in each case, free and clear of all Liens at the time received, other than nonconsensual Liens permitted by Section 7.01 and Liens permitted by Sections 7.01(a), (l), (m), (s), (t)(i), (t)(ii), (u), (y) and (cc));
provided, however, that for the purposes of this clause (ii), (A) any liabilities (as shown on the Borrower’s or such Restricted Subsidiary’s most recent balance sheet provided hereunder or in the footnotes thereto)
of the Borrower or such Restricted Subsidiary, other than liabilities that are by their terms subordinated to the payment in cash of the Obligations, that are assumed by the transferee with respect to the applicable Disposition and for which the
Borrower and all of the Restricted Subsidiaries shall have been validly released by all applicable creditors in writing, (B) any securities received by such Restricted Subsidiary from such transferee that are converted by such Restricted
Subsidiary into cash (to the extent of the cash received) within one hundred and eighty (180) days following the closing of the applicable Disposition and (C) any Designated Non-Cash Consideration received in respect of such Disposition
having an aggregate fair market value as determined by the Borrower in good faith, taken together with all other Designated Non-Cash Consideration received pursuant to this clause (C) that is at that

  

					
		 	129	 	J. Crew Term Loan Credit Agreement

 
time outstanding, not in excess of the greater of $25,000,000 and 1.00% of Total Assets at the time of the receipt of such Designated Non-Cash Consideration, with the fair market value of each
item of Designated Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value, shall be deemed to be cash; and (iii) to the extent the aggregate amount of Net Cash Proceeds received by
the Borrower or a Restricted Subsidiary from Dispositions made pursuant to this Section 7.05(j) exceeds $100,000,000, all Net Cash Proceeds in excess of such amount shall be applied to prepay Loans in accordance with Section 2.03(b)(ii)(A)
and may not be reinvested in the business of the Borrower or a Restricted Subsidiary; 
 (k) Dispositions of
Investments in joint ventures to the extent required by, or made pursuant to customary buy/sell arrangements between, the joint venture parties set forth in joint venture arrangements and similar binding arrangements; 

(l) Dispositions of accounts receivable in connection with the collection or compromise thereof; 

(m) any issuance or sale of Equity Interests in, or sale of Indebtedness or other securities of, an Unrestricted
Subsidiary; 
 (n) to the extent allowable under Section 1031 of the Code (or comparable or successor
provision), any exchange of like property (excluding any boot thereon permitted by such provision) for use in any business conducted by the Borrower or any of its Restricted Subsidiaries that is not in contravention of Section 7.07; provided
that to the extent the property being transferred constitutes Term Priority Collateral, such replacement property shall constitute Term Priority Collateral; 
 (o) any Disposition of all or any part of the Madewell Business (including by way of the issuance or disposition of any Equity Interests) so long as immediately after giving effect to such Disposition the
Total Leverage Ratio for the Test Period immediately preceding such Disposition is less than or equal to 6.0 to 1.0 (calculated on a Pro Forma Basis); 
 (p) the unwinding of any Swap Contract; 
 (q) sales or other
dispositions by the Borrower or any Restricted Subsidiary of assets in connection with the closing or sale of a Store (including a factory Store) in the ordinary course of business of the Borrower and its Subsidiaries, which consist of leasehold
interests in the premises of such Store, the equipment and fixtures located at such premises and the books and records relating exclusively and directly to the operations of such Store; provided that as to each and all such sales and
closings, (A) no Event of Default shall result therefrom and (B) such sale shall be on commercially reasonable prices and terms in a bona fide arm’s length transaction; 

  

					
		 	130	 	J. Crew Term Loan Credit Agreement

 (r) bulk sales of other Dispositions of the inventory of a Loan Party not in
the ordinary course of business in connection with Store closings, at arm’s length; 
 (s) any Disposition
of Securitization Assets to a Securitization Subsidiary; and 
 (t) the lapse or abandonment in the ordinary
course of business of any registrations or applications for registration of any immaterial IP Rights; 
 provided that any Disposition of
any property pursuant to this Section 7.05 (except pursuant to Sections 7.05(e), (i), (k), (o) (but only if immediately after giving effect to such disposition the Total Leverage Ratio for the Test Period immediately preceding such
disposition is less than or equal to 6.0 to 1.0 (calculated on a Pro Forma Basis)), (p) and (t) and except for Dispositions from the Borrower or a Restricted Subsidiary that is a Loan Party to the Borrower or a Restricted Subsidiary that
is a Loan Party), shall be for no less than the fair market value of such property at the time of such Disposition as determined by the Borrower in good faith. To the extent any Collateral is Disposed of as expressly permitted by this
Section 7.05 to any Person other than a Loan Party, such Collateral shall be sold free and clear of the Liens created by the Loan Documents, and, if requested by the Administrative Agent, upon the certification by the Borrower that such
Disposition is permitted by this Agreement, the Administrative Agent shall be authorized to take any actions deemed appropriate in order to effect the foregoing. 
 SECTION 7.06. Restricted Payments. Declare or make, directly or indirectly, any Restricted Payment, except: 
 (a) each Restricted Subsidiary may make Restricted Payments to the Borrower and to its other Restricted Subsidiaries (and, in the case of a Restricted Payment by a non-wholly owned Restricted Subsidiary,
to the Borrower and any of its other Restricted Subsidiaries and to each other owner of Equity Interests of such Restricted Subsidiary based on their relative ownership interests of the relevant class of Equity Interests); 

(b) Holdings, the Borrower and each of its Restricted Subsidiaries may declare and make dividend payments or other
distributions payable solely in the Equity Interests (other than Disqualified Equity Interests not otherwise permitted by Section 7.03) of such Person; 
 (c) Restricted Payments made on the Closing Date to consummate the Transaction; 
 (d) to the extent constituting Restricted Payments, Holdings, the Borrower and the Restricted Subsidiaries may enter into and consummate transactions expressly permitted by any provision of
Section 7.02 (other than Section 7.02(e)), 7.04 (other than a merger or consolidation of Holdings and the Borrower) or 7.08 (other than Sections 7.08(a), (j) or (k)); 

  

					
		 	131	 	J. Crew Term Loan Credit Agreement

 (e) repurchases of Equity Interests in Holdings, the Borrower or any of the
Restricted Subsidiaries deemed to occur upon exercise of stock options or warrants or similar rights if such Equity Interests represent a portion of the exercise price of such options or warrants or similar rights; 

(f) Holdings and the Borrower may pay (or make Restricted Payments to allow Holdings or any direct or indirect parent
thereof to pay) for the repurchase, retirement or other acquisition or retirement for value of Equity Interests of Holdings (or of any such direct or indirect parent thereof) held by any future, present or former employee, director, consultant or
distributor (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) of the Borrower (or any direct or indirect parent of the Borrower) or any of its Subsidiaries upon the
death, disability, retirement or termination of employment of any such Person or otherwise pursuant to any employee or director equity plan, employee or director stock option plan or any other employee or director benefit plan or any agreement
(including any stock subscription or shareholder agreement) with any employee, director, consultant or distributor of the Borrower (or any direct or indirect parent of the Borrower) or any of its Subsidiaries in an aggregate amount after the Closing
Date together with the aggregate amount of loans and advances to Holdings made pursuant to Section 7.02(m) in lieu of Restricted Payments permitted by this clause (f) not to exceed $15,000,000 in any calendar year with unused amounts in
any calendar year being carried over to the next two succeeding calendar years; provided that such amount in any calendar year may be increased by an amount not to exceed the cash proceeds of key man life insurance policies received by the
Borrower or its Restricted Subsidiaries after the Closing Date; 
 (g) the Borrower may make Restricted Payments
to Holdings or to any direct or indirect parent of Holdings (and Holdings may make Restricted Payments to any direct or indirect parent of Holdings): 
 (i) the proceeds of which will be used to pay (or make Restricted Payments to allow any direct or indirect parent thereof to pay) the tax liability to each foreign, federal, state or local jurisdiction in
respect of which a consolidated, combined, unitary or affiliated return is filed by Holdings (or such direct or indirect parent) that includes the Borrower and/or any of its Subsidiaries, to the extent such tax liability does not exceed the lesser
of (A) the taxes that would have been payable by the Borrower and/or its Subsidiaries as a stand-alone group and (B) the actual tax liability of Holdings’ consolidated, combined, unitary or affiliated group (or, if Holdings is not the
parent of the actual group, the taxes that would have been paid by Holdings, the Borrower and/or the Borrower’s Subsidiaries as a stand-alone group), reduced by any such taxes paid or to be paid directly by the Borrower or its Subsidiaries;

 (ii) the proceeds of which shall be used to pay (or make Restricted Payments to allow any direct or indirect
parent thereof to pay) its operating costs 

  

					
		 	132	 	J. Crew Term Loan Credit Agreement

 
and expenses incurred in the ordinary course of business and other corporate overhead costs and expenses (including administrative, legal, accounting and similar expenses provided by third
parties), which are reasonable and customary and incurred in the ordinary course of business, attributable to the ownership or operations of the Borrower and its Subsidiaries; 

(iii) the proceeds of which shall be used to pay (or make Restricted Payments to allow any direct or indirect parent
thereof which does not own other Subsidiaries besides Holdings, its Subsidiaries and the direct or indirect parents of Holdings to pay) franchise taxes and other fees, taxes and expenses required to maintain its (or any of such direct or indirect
parents’) corporate existence; 
 (iv) to finance any Investment permitted to be made pursuant to
Section 7.02; provided that (A) such Restricted Payment shall be made substantially concurrently with the closing of such Investment and (B) Holdings and the Borrower shall, immediately following the closing thereof, cause
(1) all property acquired (whether assets or Equity Interests) to be contributed to the Borrower or a Restricted Subsidiary or (2) the merger (to the extent permitted in Section 7.04) of the Person formed or acquired into the Borrower
or a Restricted Subsidiary in order to consummate such Permitted Acquisition, in each case, in accordance with the requirements of Section 6.11 and 7.02; 
 (v) the proceeds of which shall be used to pay (or make Restricted Payments to allow any direct or indirect parent thereof to pay) costs, fees and expenses (other than to Affiliates) related to any
unsuccessful equity or debt offering permitted by this Agreement; and 
 (vi) the proceeds of which
(A) shall be used to pay customary salary, bonus and other benefits payable to officers and employees of Holdings or any direct or indirect parent company of Holdings to the extent such salaries, bonuses and other benefits are attributable to
the ownership or operation of the Borrower and the Restricted Subsidiaries or (B) shall be used to make payments permitted under Sections 7.08(e), (h), (k) and (q) (but only to the extent such payments have not been and are not
expected to be made by the Borrower or a Restricted Subsidiary); 
 (h) Holdings, the Borrower or any of the
Restricted Subsidiaries may pay cash in lieu of fractional Equity Interests in connection with any dividend, split or combination thereof or any Permitted Acquisition; 

(i) the declaration and payment of dividends on the Borrower’s common stock following the first public offering of
the Borrower’s common stock or the common stock of any of its direct or indirect parents after the Closing Date, of up to 6% per annum of the net proceeds received by or contributed to the Borrower in or from any such public offering,
other than public offerings with respect to the Borrower’s common stock registered on Form S–4 or Form S–8; 

  

					
		 	133	 	J. Crew Term Loan Credit Agreement

 (j) repurchases of Equity Interests (i) deemed to occur on the exercise
of options by the delivery of Equity Interests in satisfaction of the exercise price of such options or (ii) in consideration of withholding or similar Taxes payable by any future, present or former employee, director, manager or consultant (or
any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing), including deemed repurchases in connection with the exercise of stock options; 

(k) in addition to the foregoing Restricted Payments and so long as no Default shall have occurred and be continuing or
would result therefrom, the Borrower may make additional Restricted Payments (the proceeds of which may be utilized by Holdings to make additional Restricted Payments) in an aggregate amount, together with the aggregate amount of prepayments,
redemptions, purchases, defeasances and other payments in respect of Junior Financings made pursuant to Section 7.12(a)(i)(D), not to exceed the sum of (i) the greater of $75,000,000 and 2.50% of Total Assets, in each case determined at
the time of such Restricted Payment, and (ii) so long as immediately after giving effect to such Restricted Payment, the Total Leverage Ratio for the Test Period immediately preceding such purchase or other acquisition for which financial
statements are available is less than or equal to 6.0 to 1.0 (calculated on a Pro Forma Basis) and satisfaction of such test shall be evidenced by a certificate from the Chief Financial Officer of the Borrower demonstrating such satisfaction
calculated in reasonable detail, the Available Amount at such time; and 
 (l) so long as immediately after
giving effect to such Restricted Payment, the Total Leverage Ratio for the Test Period immediately preceding such Restricted Payment is less than or equal to 6.0 to 1.0 (calculated on a Pro Forma Basis) and satisfaction of such test shall be
evidenced by a certificate from the chief financial officer demonstrating such satisfaction calculated in reasonable detail, (x) in an aggregate amount not to exceed the Net Cash Proceeds (not giving effect to the proviso in clause (a) of
the definition thereof) from any Disposition, in whole or in part, of the Madewell Business (including by the disposition or issuance of Equity Interests evidencing ownership in respect thereof) or (y) constituting the assets comprising all or
any part of the Madewell Business (including any Equity Interests evidencing ownership in respect thereof). 
 SECTION 7.07.
Change in Nature of Business. Engage in any material line of business substantially different from those lines of business conducted by Holdings, the Borrower and the Restricted Subsidiaries on the Closing Date or any business reasonably
related or ancillary thereto. 
 SECTION 7.08. Transactions with Affiliates. Enter into any transaction of any kind with
any Affiliate of Holdings or the Borrower, whether or not in the ordinary course of business, other than: 
 (a)
transactions between or among the Borrower or any of the Restricted Subsidiaries or any entity that becomes a Restricted Subsidiary as a result of such transaction, 

  

					
		 	134	 	J. Crew Term Loan Credit Agreement

 (b) transactions on terms substantially as favorable to Holdings, the
Borrower or such Restricted Subsidiary as would be obtainable by Holdings, the Borrower or such Restricted Subsidiary at the time in a comparable arm’s-length transaction with a Person other than an Affiliate, 

(c) the Transaction and the payment of fees and expenses (including the Transaction Expenses) related to the Transaction,

 (d) the issuance of Equity Interests of Holdings to any officer, director, employee or consultant of the
Borrower or any of its Subsidiaries or any direct or indirect parent of Holdings in connection with the Transaction, 
 (e) the payment of management, consulting, monitoring, advisory and other fees, indemnities and expenses to the Sponsor pursuant to the Sponsor Management Agreement (plus any unpaid management,
consulting, monitoring, advisory and other fees, indemnities and expenses accrued in any prior year) and any Sponsor Termination Fees pursuant to the Sponsor Management Agreement, 

(f) employment and severance arrangements between Holdings, the Borrower and the Restricted Subsidiaries and their
respective officers and employees in the ordinary course of business and transactions pursuant to stock option plans and employee benefit plans and arrangements, 

(g) the non-exclusive licensing of trademarks, copyrights or other IP Rights in the ordinary course of business to permit
the commercial exploitation of IP Rights between or among Affiliates and Subsidiaries of Holdings or the Borrower, 
 (h) the payment of customary fees and reasonable out-of-pocket costs to, and indemnities provided on behalf of, directors, officers and employees of Holdings and the Restricted Subsidiaries or any direct
or indirect parent of Holdings in the ordinary course of business to the extent attributable to the ownership or operation of the Borrower and the Restricted Subsidiaries, 

(i) any agreement, instrument or arrangement as in effect as of the Closing Date and set forth on Schedule 7.08, or
any amendment thereto (so long as any such amendment is not adverse to the Lenders in any material respect as compared to the applicable agreement as in effect on the Closing Date), 

(j) Restricted Payments permitted under Section 7.06 and any Disposition permitted by Section 7.05(o),

  

					
		 	135	 	J. Crew Term Loan Credit Agreement

 (k) customary payments by the Borrower and any of the Restricted
Subsidiaries to the Sponsor made for any financial advisory, financing, underwriting or placement services or in respect of other investment banking activities (including in connection with acquisitions or divestitures), which payments are approved
by the majority of the members of the board of directors or a majority of the disinterested members of the board of directors of Holdings in good faith, 
 (l) transactions in which the Borrower or any of the Restricted Subsidiaries, as the case may be, delivers to the Administrative Agent a letter from an Independent Financial Advisor stating that such
transaction is fair to the Borrower or such Restricted Subsidiary from a financial point of view or meets the requirements of clause (b) of this Section 7.08, 

(m) the issuance or transfer of Equity Interests (other than Disqualified Equity Interests) of Holdings to any Permitted
Holder or to any former, current or future director, manager, officer, employee or consultant (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) of the Borrower, any of
its Subsidiaries or any direct or indirect parent thereof to the extent otherwise permitted by this Agreement and to the extent such issuance or transfer would not give rise to a Change of Control, 

(n) investments by the Sponsor or the Co-Investors in securities of Holdings, the Borrower or any of the Restricted
Subsidiaries so long as (A) the investment is being offered generally to other investors on the same or more favorable terms and (B) the investment constitutes less than 5.0% of the proposed or outstanding issue amount of such class of
securities, 
 (o) payments to or from, and transactions with, Joint Ventures (to the extent any such Joint
Venture is only an Affiliate as a result of Investments by Holdings and the Restricted Subsidiaries in such Joint Venture) in the ordinary course of business to the extent otherwise permitted under Section 7.02, 

(p) any Disposition of Securitization Assets or related assets in connection with any Qualified Securitization Financing,

 (q) the payment of reasonable out-of-pocket costs and expenses relating to registration rights and indemnities
provided to shareholders of Holdings or any direct or indirect parent thereof pursuant to the stockholders agreement or the registration and participation rights agreement entered into on the Closing Date in connection therewith, and 

(r) the payment of any dividend or distribution within sixty (60) days after the date of declaration thereof, if at
the date of declaration (i) such payment would have complied with the provisions of this Agreement and (ii) no Event of Default occurred and was continuing. 

  

					
		 	136	 	J. Crew Term Loan Credit Agreement

 SECTION 7.09. Burdensome Agreements. Enter into or permit to exist any Contractual
Obligation (other than this Agreement or any other Loan Document) that prohibits, restricts, imposes any condition on or limits the ability of (a) any Restricted Subsidiary that is not a Loan Party to make Restricted Payments to (directly or
indirectly) or to make or repay loans or advances to any Loan Party or to Guarantee the Obligations of any Loan Party under the Loan Documents or (b) any Loan Party to create, incur, assume or suffer to exist Liens on property of such Person
for the benefit of the Lenders with respect to the Facility and the Obligations under the Loan Documents; provided that the foregoing clauses (a) and (b) shall not apply to Contractual Obligations that: 

(i) (x) exist on the date hereof and (to the extent not otherwise permitted by this Section 7.09) are listed on
Schedule 7.09 hereto and (y) to the extent Contractual Obligations permitted by clause (x) are set forth in an agreement evidencing Indebtedness, are set forth in any agreement evidencing any permitted modification, replacement,
renewal, extension or refinancing of such Indebtedness so long as such modification, replacement, renewal, extension or refinancing does not expand the scope of such Contractual Obligation, 

(ii) are binding on a Restricted Subsidiary at the time such Restricted Subsidiary first becomes a Restricted Subsidiary,
so long as such Contractual Obligations were not entered into in contemplation of such Person becoming a Restricted Subsidiary, 
 (iii) represent Indebtedness of a Restricted Subsidiary that is not a Loan Party that is permitted by Section 7.03, 

(iv) are customary restrictions that arise in connection with (x) any Lien permitted by Sections 7.01(a), (l), (m),
(s), (t)(i), (t)(ii), (u), (y) and (cc) and relate to the property subject to such Lien or (y) any Disposition permitted by Section 7.05 applicable pending such Disposition solely to the assets subject to such Disposition, 

(v) are customary provisions in joint venture agreements and other similar agreements applicable to joint ventures
permitted under Section 7.02 and applicable solely to such joint venture entered into in the ordinary course of business, 
 (vi) are negative pledges and restrictions on Liens in favor of any holder of Indebtedness permitted under Section 7.03 but solely to the extent any negative pledge relates to the property financed
by or the subject of such Indebtedness (and excluding in any event any Indebtedness constituting any Junior Financing) and the proceeds and products thereof and, in the case of the ABL Facilities and any Term Loan Refinancing Debt, permit the Liens
securing the Obligations without restriction (subject to the ABL Intercreditor Agreement), 

  

					
		 	137	 	J. Crew Term Loan Credit Agreement

 (vii) are customary restrictions on leases, subleases, licenses or asset
sale agreements otherwise permitted hereby so long as such restrictions relate to the assets subject thereto, 

(viii) comprise restrictions imposed by any agreement relating to secured Indebtedness permitted pursuant to
Sections 7.03(e), (g), (h), (o)(i), (r) or (t) to the extent that such restrictions apply only to the property or assets securing such Indebtedness, 

(ix) are customary provisions restricting subletting or assignment of any lease governing a leasehold interest of any
Restricted Subsidiary, 
 (x) are customary provisions restricting assignment of any agreement entered into in
the ordinary course of business, 
 (xi) are restrictions on cash or other deposits imposed by customers under
contracts entered into in the ordinary course of business, 
 (xii) are customary restrictions contained in the
ABL Credit Agreement, the ABL Facilities Documentation, Senior Notes Indenture and the Senior Notes and any Permitted Refinancing of any of the foregoing, 
 (xiii) arise in connection with cash or other deposits permitted under Section 7.01, or 
 (xiv) comprise restrictions imposed by any agreement governing Indebtedness entered into after the Closing Date and permitted under Section 7.03 that are, taken as a whole, in the good faith judgment
of the Borrower, no more restrictive with respect to the Borrower or any Restricted Subsidiary than customary market terms for Indebtedness of such type (and, in any event, are no more restrictive than the restrictions contained in this Agreement),
so long as the Borrower shall have determined in good faith that such restrictions will not affect its obligation or ability to make any payments required hereunder. 
 SECTION 7.10. Use of Proceeds. Use the proceeds of any Borrowing, whether directly or indirectly, in a manner inconsistent with the uses set forth in the preliminary statements to this Agreement or
the Initial ABL Borrowing in a manner inconsistent with the Permitted Initial ABL Borrowing Purposes. 
 SECTION 7.11.
Accounting Changes. Make any change in fiscal year; provided, however, that Holdings and the Borrower may, upon written notice to the Administrative Agent, change its fiscal year to any other fiscal year reasonably acceptable to
the Administrative Agent, in which case, Holdings, the Borrower and the Administrative Agent will, and are hereby authorized by the Lenders to, make any adjustments to this Agreement that are necessary to reflect such change in fiscal year.

  

					
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 SECTION 7.12. Prepayments, Etc. of Indebtedness. 

(a) (i) Prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner (it being
understood that payments of regularly scheduled principal, interest and mandatory prepayments shall be permitted) the Senior Notes or any other Indebtedness of a Loan Party (except, with respect to Holdings, to the extent such prepayment,
redemption, purchase, defeasance or other satisfaction thereof is funded with a Restricted Payment permitted under Section 7.06(k)) that is unsecured or subordinated to the Obligations expressly by its terms (other than Indebtedness among the
Borrower and its Restricted Subsidiaries) (collectively, “Junior Financing”), except (A) the refinancing thereof with the Net Cash Proceeds of, or in exchange for, any Permitted Refinancing, to the extent not required to prepay
any Loans pursuant to Section 2.03(b), (B) the conversion of any Junior Financing to Equity Interests (other than Disqualified Equity Interests) of Holdings or any of its direct or indirect parents, (C) the prepayment of Indebtedness
of the Borrower or any Restricted Subsidiary owed to Holdings, the Borrower or a Restricted Subsidiary or the prepayment of any other Junior Financing with the proceeds of any other Junior Financing otherwise permitted by Section 7.03,
(D) prepayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings prior to their scheduled maturity in an aggregate amount, together with the aggregate amount of Restricted Payments made pursuant to
Section 7.06(k), not to exceed the sum of (1) the greater of $75,000,000 and 2.50% of Total Assets, in each case determined at the time of such payment, and (2) if the Total Leverage Ratio (after giving effect to such prepayment,
redemption, purchase or defeasance on a Pro Forma Basis) is not greater than 6.0 to 1.0, and so long as no Default has occurred and is continuing or would result therefrom, the Available Amount at such time or (ii) make any payment in violation
of any subordination terms of any Junior Financing Documentation. 
 (b) Amend, modify or change in any manner materially
adverse to the interests of the Lenders any term or condition of (i) any Junior Financing Documentation in respect of any Indebtedness having an aggregate outstanding principal amount of $35,000,000 or more or (ii) the Senior Notes
Indenture (in the case of each of clauses (i) and (ii), other than as a result of a Permitted Refinancing thereof) without the consent of the Administrative Agent. 
 SECTION 7.13. Holdings. In the case of Holdings, conduct, transact or otherwise engage in any business or operations other than the following (and activities incidental thereto): (i) its
ownership of the Equity Interests of the Borrower, (ii) the maintenance of its legal existence (including the ability to incur fees, costs and expenses relating to such maintenance), (iii) the performance of its obligations with respect to
the Loan Documents, the ABL Facilities, any Senior Notes, any Qualified Holding Company Debt, any Permitted Ratio Debt, any Term Loan Refinancing Debt or the Merger Agreement and the other agreements contemplated by the Merger Agreement,
(iv) any public offering of its common stock or any other issuance of its Equity Interests or any transaction permitted under Section 7.04, (v) financing activities, including the issuance of securities, incurrence of debt, payment of
dividends, making contributions to the capital of its Subsidiaries and guaranteeing the obligations of its Subsidiaries in each case solely to the extent permitted hereunder, 

  

					
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(vi) participating in tax, accounting and other administrative matters as a member of the consolidated group of Holdings and the Borrower, (vii) holding any cash or property received in
connection with Restricted Payments made by the Borrower in accordance with Section 7.06 pending application thereof by Holdings, (viii) providing indemnification to officers and directors and (ix) activities incidental to the
businesses or activities described in clauses (i) to (viii) of this Section 7.13. 
 ARTICLE VIII

 Events of Default and Remedies 
 SECTION 8.01. Events of Default. Each of the events referred to in clauses (a) through (l) of this Section 8.01 shall constitute an “Event of Default”: 

(a) Non-Payment. The Borrower fails to pay (i) when and as required to be paid herein, any amount of principal
of any Loan, or (ii) within five (5) Business Days after the same becomes due, any interest on any Loan or any other amount payable hereunder or with respect to any other Loan Document; or 

(b) Specific Covenants. The Borrower, any Restricted Subsidiary or, in the case of Section 7.13, Holdings,
fails to perform or observe any term, covenant or agreement contained in any of Sections 6.03(a) or 6.05(a) (solely with respect to the Borrower) or Article VII; or 

(c) Other Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in
Section 8.01(a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for thirty (30) days after receipt by the Borrower of written notice thereof from the Administrative
Agent; or 
 (d) Representations and Warranties. Any representation, warranty, certification or statement
of fact made or deemed made by any Loan Party herein, in any other Loan Document, or in any document required to be delivered in connection herewith or therewith shall be untrue in any material respect when made or deemed made; or 

(e) Cross-Default. Any Loan Party or any Restricted Subsidiary (A) fails to make any payment beyond the
applicable grace period, if any, whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise, in respect of any Indebtedness (other than Indebtedness hereunder) having an aggregate outstanding principal amount
(individually or in the aggregate with all other Indebtedness as to which such a failure shall exist) of not less than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating to any such Indebtedness,
or any other event occurs (other than, with respect to Indebtedness consisting of Swap Contracts, termination events or equivalent events pursuant to the terms of such Swap Contracts and 

  

					
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not as a result of any default thereunder by any Loan Party),the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent
on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to
repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity; provided that this clause (e)(B) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of
the property or assets securing such Indebtedness, if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness; provided, further, that such failure is unremedied and is not waived by the holders of
such Indebtedness prior to any termination of the Commitments or acceleration of the Loans pursuant to Section 8.02; provided that no such event under the ABL Facilities shall constitute an Event of Default under this
Section 8.01(e) until the earliest to occur of (x) the date that is thirty (30) days after such event or circumstance (but only if such event or circumstance has not been waived or cured), (y) the acceleration of the Indebtedness
under the ABL Facilities and (z) the exercise of any remedies by the ABL Administrative Agent in respect of any Collateral; or 
 (f) Insolvency Proceedings, Etc. Holdings, the Borrower or any Material Subsidiary institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment
for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator, administrative receiver or similar officer for it or for all or any material part
of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator, administrative receiver or similar officer is appointed without the application or consent of such Person and the appointment continues
undischarged or unstayed for sixty (60) calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues
undismissed or unstayed for sixty (60) calendar days, or an order for relief is entered in any such proceeding; or 
 (g) Judgments. There is entered against any Loan Party or any Restricted Subsidiary a final judgment or order for the payment of money in an aggregate amount exceeding the Threshold Amount (to the
extent not covered by independent third-party insurance as to which the insurer has been notified of such judgment or order and has not denied or failed to acknowledge coverage thereof) and such judgment or order shall not have been satisfied,
vacated, discharged or stayed or bonded pending an appeal for a period of sixty (60) consecutive days; or 

(h) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted
or would reasonably be expected to result in liability of any Loan Party or their respective ERISA Affiliates under Title IV of ERISA 

  

					
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in an aggregate amount which would reasonably be expected to result in a Material Adverse Effect, (ii) any Loan Party or any of their respective ERISA Affiliates fails to pay when due, after
the expiration of any applicable grace period, any installment payment with respect to its Withdrawal Liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount which would reasonably be expected to result in a
Material Adverse Effect, or (iii) with respect to a Foreign Plan a termination, withdrawal or noncompliance with applicable law or plan terms that would reasonably be expected to result in a Material Adverse Effect; or 

(i) Invalidity of Loan Documents. Any material provision of any Loan Document, at any time after its execution and
delivery and for any reason other than as expressly permitted hereunder or thereunder (including as a result of a transaction permitted under Section 7.04 or 7.05) or the satisfaction in full of all the Obligations, ceases to be in full force
and effect; or any Loan Party contests in writing the validity or enforceability of any provision of any Loan Document; or any Loan Party denies in writing that it has any or further liability or obligation under any Loan Document (other than as a
result of repayment in full of the Obligations and termination of the Aggregate Commitments), or purports in writing to revoke or rescind any Loan Document; or 
 (j) Collateral Documents. (i) Any Collateral Document after delivery thereof pursuant to Section 4.01 or 6.11 shall for any reason (other than pursuant to the terms hereof or thereof
including as a result of a transaction permitted under Section 7.04 or 7.05) cease to create, or any Lien purported to be created by any Collateral Document shall be asserted in writing by any Loan Party not to be, a valid and perfected lien,
with the priority required by the Collateral Documents (or other security purported to be created on the applicable Collateral) on and security interest in any material portion of the Collateral purported to be covered thereby, subject to Liens
permitted under Section 7.01, except to the extent that any such loss of perfection or priority results from the failure of the Administrative Agent or the Collateral Agent to maintain possession of certificates actually delivered to it
representing securities pledged under the Collateral Documents or to file Uniform Commercial Code continuation statements and except as to Collateral consisting of real property to the extent that such losses are covered by a lender’s title
insurance policy and such insurer has not denied coverage, or (ii) any of the Equity Interests of the Borrower ceasing to be pledged pursuant to the Security Agreement free of Liens other than Liens permitted by the ABL Intercreditor Agreement,
First Lien Intercreditor (if any) and the Second Lien Intercreditor Agreement (if any) or any nonconsensual Liens arising solely by operation of Law; or 
 (k) Junior Financing Documentation. (i) Any of the Obligations of the Loan Parties under the Loan Documents for any reason shall cease to be “Senior Indebtedness” (or any comparable
term) or “Senior Secured Financing” (or any comparable term) under, and as defined in any Junior Financing Documentation governing Junior Financing subordinated in right of payment to the Obligations under the Loan Documents with an
aggregate principal amount of not less than the Threshold Amount or (ii) the 

  

					
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subordination provisions set forth in any Junior Financing Documentation governing Junior Financing subordinated in right of payment to the Obligations under the Loan Documents with an aggregate
principal amount of not less than the Threshold Amount shall, in whole or in part, cease to be effective or cease to be legally valid, binding and enforceable against the holders of any such Junior Financing, if applicable; or 

(l) Change of Control. There occurs any Change of Control. 

SECTION 8.02. Remedies upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent may with
the consent of, and shall at the request of, the Required Lenders take any or all of the following actions: 

(a) declare Commitments of each Lender to be terminated, whereupon such Commitments and obligation shall be terminated;

 (b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and
all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; and

 (c) exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under
the Loan Documents or applicable Law; 
 provided that upon the occurrence of an actual or deemed entry of an order for relief with
respect to the Borrower under the Bankruptcy Code of the United States, the Commitments of each Lender shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall
automatically become due and payable, in each case without further act of the Administrative Agent or any Lender. 
 SECTION
8.03. Application of Funds. After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable as set forth in the proviso to Section 8.02), any amounts received on
account of the Obligations shall be applied by the Administrative Agent in the following order: 
 First,
to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (other than principal and interest, but including Attorney Costs payable under Section 10.04 and amounts payable under Article III)
payable to the Administrative Agent in its capacity as such; 
 Second, to payment of that portion of the
Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the Lenders (including Attorney Costs payable under Section 10.04 and amounts payable under Article III), ratably among them in
proportion to the amounts described in this clause Second payable to them; 

  

					
		 	143	 	J. Crew Term Loan Credit Agreement

 Third, to payment of that portion of the Obligations constituting
accrued and unpaid interest on the Loans, ratably among the Lenders in proportion to the respective amounts described in this clause Third payable to them; 
 Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans, the Obligations under Secured Hedge Agreements and Cash Management Obligations, ratably among the
Secured Parties in proportion to the respective amounts described in this clause Fourth held by them; 

Fifth, to the payment of all other Obligations of the Loan Parties that are due and payable to the Administrative
Agent and the other Secured Parties on such date, ratably based upon the respective aggregate amounts of all such Obligations owing to the Administrative Agent and the other Secured Parties on such date; and 

Last, the balance, if any, after all of the Obligations have been paid in full, to the Borrower or as otherwise
required by Law. 
 ARTICLE IX 
 Administrative Agent and Other Agents 
 SECTION 9.01. Appointment
and Authority of the Administrative Agent. 
 (a) Each Lender hereby irrevocably appoints Bank of America to act on its
behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof
or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article IX (other than Sections 9.09 and 9.11) are solely for the benefit of the Administrative Agent and the Lenders, and the
Borrower shall not have rights as a third party beneficiary of any such provision. 
 (b) The Administrative Agent shall also
act as the “collateral agent” under the Loan Documents, and each of the Lenders (including in its capacities as a Lender and a potential Hedge Bank and/or Cash Management Bank) hereby irrevocably appoints and authorizes the Administrative
Agent to act as the agent of (and to hold any security interest created by the Collateral Documents for and on behalf of or in trust for) such Lender 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 Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Administrative Agent, as “collateral agent” (and any co-agents, sub-agents and
attorneys-in-fact appointed by the Administrative Agent pursuant to Section 9.05 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 and
remedies thereunder at the direction of the Administrative Agent), shall be entitled to the benefits of all provisions of this Article IX (including Section 9.07, as though such co-agents, sub-agents and

  

					
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attorneys-in-fact were the “collateral agent” under the Loan Documents) as if set forth in full herein with respect thereto. Without limiting the generality of the foregoing, the
Lenders hereby expressly authorize the Administrative Agent to execute any and all documents (including releases) with respect to the Collateral and the rights of the Secured Parties with respect thereto (including the ABL Intercreditor Agreement),
as contemplated by and in accordance with the provisions of this Agreement and the Collateral Documents and acknowledge and agree that any such action by any Agent shall bind the Lenders. 

SECTION 9.02. Rights as a Lender. Any Person serving as an Agent (including as Administrative Agent) hereunder shall have the same
rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not an Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context
otherwise requires, include each Person serving as an Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and
generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not an Agent hereunder and without any duty to account therefor to the Lenders. The Lenders acknowledge that, pursuant to
such activities, any Agent or its Affiliates may receive information regarding any Loan Party or any of its Affiliates (including information that may be subject to confidentiality obligations in favor of such Loan Party or such Affiliate) and
acknowledge that no Agent shall be under any obligation to provide such information to them. 
 SECTION 9.03. Exculpatory
Provisions. Neither the Administrative Agent nor any other Agent shall have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, an Agent (including
the Administrative Agent): 
 (a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default
has occurred and is continuing and without limiting the generality of the foregoing, the use of the term “agent” herein and in the other Loan Documents with reference to any Agent is not intended to connote any fiduciary or other implied
(or express) obligations arising under agency doctrine of any applicable Law and instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting
parties; 
 (b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except
discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that such Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be
expressly provided for herein or in the other Loan Documents), provided that no Agent shall be required to take any action that, in its opinion or the opinion of its counsel, may expose such Agent to liability or that is contrary to any Loan
Document or applicable law; and 
 (c) shall not, except as expressly set forth herein and in the other Loan Documents, have any
duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by any Person serving as an Agent or any of its Affiliates in any capacity.

  

					
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 The Administrative Agent shall not be liable for any action taken or not taken by it
(i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as
provided in Sections 10.01 and 8.02) or (ii) in the absence of its own gross negligence or willful misconduct as determined by the final judgment of a court of competent jurisdiction, in connection with its duties expressly set forth herein.
The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent by the Borrower or a Lender. 

No Agent-Related Person shall be responsible for or have any duty to ascertain or inquire into (i) any recital, statement, warranty
or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default (including, without limitation, compliance with the terms and conditions of
Section 10.07(h)(iii)), (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien
purported to be created by the Collateral Documents, (v) the value or the sufficiency of any Collateral, or (vi) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items
expressly required to be delivered to the Administrative Agent, or to inspect the properties, books or records of any Loan Party or any Affiliate thereof. 
 SECTION 9.04. Reliance by the Administrative Agent. 
 The Administrative
Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website
posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it
to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the
Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult
with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or
experts. 

  

					
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 The Administrative Agent shall be fully justified in failing or refusing to take any action
under any Loan Document unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the Lenders against any and all liability
and expense which may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan
Document in accordance with a request or consent of the Required Lenders (or such greater number of Lenders as may be expressly required hereby in any instance) and such request and any action taken or failure to act pursuant thereto shall be
binding upon all the Lenders; provided that the Administrative Agent shall not be required to take any action that, in its opinion or in the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any
Loan Document or applicable Law. 
 SECTION 9.05. Delegation of Duties. The Administrative Agent may perform any and all
of its duties and exercise its rights and powers hereunder or under any other Loan Documents by or through any one or more sub agents appointed by the Administrative Agent. The Administrative Agent and any such sub agent may perform any and all of
its duties and exercise its rights and powers by or through their respective Agent-Related Persons. The exculpatory provisions of this Article shall apply to any such sub agent and to the Agent-Related Persons of the Administrative Agent and any
such sub agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 

SECTION 9.06. Non-Reliance on Administrative Agent and Other Lenders; Disclosure of Information by Agents. Each Lender
acknowledges that no Agent-Related Person has made any representation or warranty to it, and that no act by any Agent hereafter taken, including any consent to and acceptance of any assignment or review of the affairs of any Loan Party or any
Affiliate thereof, shall be deemed to constitute any representation or warranty by any Agent-Related Person to any Lender as to any matter, including whether Agent-Related Persons have disclosed material information in their possession. Each Lender
represents to each Agent that it has, independently and without reliance upon any Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business,
prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties and their respective Subsidiaries, and all applicable bank or other regulatory Laws relating to the transactions contemplated hereby, and made
its own decision to enter into this Agreement and to extend credit to the Borrower and the other Loan Parties hereunder. Each Lender also represents that it will, independently and without reliance upon any Agent-Related Person and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigations
as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Borrower and the other Loan Parties. Except for notices, reports and other documents expressly
required to be furnished to the Lenders by any Agent herein, such Agent shall not have any duty or 

  

					
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responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of any of the
Loan Parties or any of their respective Affiliates which may come into the possession of any Agent-Related Person. 
 SECTION
9.07. Indemnification of Agents. Whether or not the transactions contemplated hereby are consummated, the Lenders shall indemnify upon demand the Administrative Agent and each other Agent-Related Person (solely to the extent any such
Agent-Related Person was performing services on behalf of the Administrative Agent) (to the extent not reimbursed by or on behalf of any Loan Party and without limiting the obligation of any Loan Party to do so), pro rata, and hold harmless the
Administrative Agent and each other Agent-Related Person (solely to the extent any such Agent-Related Person was performing services on behalf of the Administrative Agent) from and against any and all Indemnified Liabilities incurred by it;
provided that no Lender shall be liable for the payment to any Agent-Related Person of any portion of such Indemnified Liabilities resulting from such Agent-Related Person’s own gross negligence or willful misconduct, as determined by
the final judgment of a court of competent jurisdiction; provided that no action taken in accordance with the directions of the Required Lenders (or such other number or percentage of the Lenders as shall be required by the Loan Documents)
shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section 9.07. In the case of any investigation, litigation or proceeding giving rise to any Indemnified Liabilities, this Section 9.07 applies
whether any such investigation, litigation or proceeding is brought by any Lender or any other Person. Without limitation of the foregoing, each Lender shall reimburse the Administrative Agent upon demand for its ratable share of any costs or
out-of-pocket expenses (including Attorney Costs) incurred by the Administrative Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings
or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the extent that the Administrative Agent is not reimbursed for such
expenses by or on behalf of the Borrower, provided that such reimbursement by the Lenders shall not affect the Borrower’s continuing reimbursement obligations with respect thereto, provided, further, that the failure of any Lender
to indemnify or reimburse the Administrative Agent shall not relieve any other Lender of its obligation in respect thereof. The undertaking in this Section 9.07 shall survive termination of the Aggregate Commitments, the payment of all other
Obligations and the resignation of the Administrative Agent. 
 SECTION 9.08. No Other Duties; Other Agents, Arrangers,
Managers, Etc. Goldman Sachs Bank USA is hereby appointed Syndication Agent hereunder, and each Lender hereby authorizes Goldman Sachs Bank USA to act as Syndication Agent in accordance with the terms hereof and the other Loan Documents. Mizuho
Corporate Bank, Ltd. and Sumitomo Mitsui Banking Corporation are each hereby appointed a Co-Documentation Agent hereunder, and each Lender hereby authorizes each of Mizuho Corporate Bank, Ltd. and Sumitomo Mitsui Banking Corporation to act as a
Co-Documentation Agent in accordance with the terms hereof and the other Loan Documents. Each Agent hereby agrees to act in its capacity as such upon the 

  

					
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express conditions contained herein and the other Loan Documents, as applicable. Anything herein to the contrary notwithstanding, none of the Joint Bookrunners, Arrangers or other Agents listed
on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent or a Lender hereunder and such Persons shall have
the benefit of this Article IX. Without limiting the foregoing, none of the Lenders or other Persons so identified shall have or be deemed to have any agency or fiduciary or trust relationship with any Lender, Holdings, the Borrower or any of
their respective Subsidiaries. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders or other Persons so identified in deciding to enter into this Agreement or in taking or not taking action hereunder. Each of the
Syndication Agent and each Co-Documentation Agent, without consent of or notice to any party hereto, may assign any and all of its rights or obligations hereunder to any of its Affiliates. Each of the Syndication Agent and each Co-Documentation
Agent and any other Agent may resign from such role at any time, with immediate effect, by giving prior written notice thereof to the Administrative Agent and Borrower. 
 SECTION 9.09. Resignation of Administrative Agent or Collateral Agent. The Administrative Agent or Collateral Agent may at any time give notice of its resignation to the Lenders and the Borrower.
Upon receipt of any such notice of resignation, the Required Lenders shall have the right, with the consent of the Borrower at all times other than during the existence of an Event of Default (which consent of the Borrower shall not be unreasonably
withheld or delayed), to appoint a successor, which shall be a Lender or a bank with an office in the United States, or an Affiliate of any such Lender or bank with an office in the United States. If no such successor shall have been so appointed by
the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent or Collateral Agent, as applicable, gives notice of its resignation, then the retiring Administrative Agent or
Collateral Agent, as applicable, may on behalf of the Lenders, appoint a successor Administrative Agent or Collateral Agent, as applicable, meeting the qualifications set forth above; provided that if the Administrative Agent or Collateral
Agent, as applicable, shall notify the Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (a) the retiring Administrative
Agent or Collateral Agent, as applicable, shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent or Collateral Agent on
behalf of the Lenders under any of the Loan Documents, the retiring Agent shall continue to hold such collateral security until such time as a successor of such Agent is appointed) and (b) all payments, communications and determinations
provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this Section. Upon the
acceptance of a successor’s appointment as Administrative Agent or Collateral Agent, as applicable, hereunder and 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 (i) continue the perfection of the Liens granted or purported to be granted by the Collateral

  

					
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Documents or (ii) otherwise ensure that the Collateral and Guarantee Requirement is satisfied, such successor shall succeed to and become vested with all of the rights, powers, privileges
and duties of the retiring (or retired) Administrative Agent or Collateral Agent, as applicable, and the retiring Administrative Agent or Collateral Agent, as applicable, shall be discharged from all of its duties and obligations hereunder or under
the other Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Borrower to a successor Administrative Agent or Collateral Agent, as applicable, shall be the same as those payable to its
predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article and Sections 10.04 and 10.05 shall continue in
effect for the benefit of such retiring Agent, its sub-agents and their respective Agent-Related Persons in respect of any actions taken or omitted to be taken by any of them while the retiring Agent was acting as Administrative Agent or Collateral
Agent, as applicable. 
 SECTION 9.10. Administrative Agent May File Proofs of Claim. In case of the pendency of any
proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or
otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise: 

(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans,
and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under Sections 2.07 and 10.04) allowed in such judicial
proceeding; and 
 (b) to collect and receive any monies or other property payable or deliverable on any such
claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the
Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Agents and their respective agents and counsel, and any other amounts due the Administrative Agent under Sections 2.07 and 10.04.

 Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt
on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such
proceeding. 

  

					
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 SECTION 9.11. Collateral and Guaranty Matters. Each of the Lenders (including in its
capacities as a potential Cash Management Bank and a potential Hedge Bank) irrevocably authorizes the Administrative Agent and the Collateral Agent, and each of the Administrative Agent and the Collateral Agent agrees that it will: 

(a) release any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent under any Loan
Document (i) upon termination of the Aggregate Commitments and payment in full of all Obligations (other than (x) obligations and liabilities under Secured Hedge Agreements as to which arrangements satisfactory to the applicable Hedge Bank
shall have been made, (y) Cash Management Obligations as to which arrangements satisfactory to the applicable Cash Management Bank shall have been made and (z) contingent indemnification obligations not yet accrued and payable),
(ii) at the time the property subject to such Lien is transferred or to be transferred as part of or in connection with any transfer permitted hereunder or under any other Loan Document to any Person other than Holdings, the Borrower or any of
its Domestic Subsidiaries that are Guarantors, (iii) subject to Section 10.01, if the release of such Lien is approved, authorized or ratified in writing by the Required Lenders, or (iv) if the property subject to such Lien is owned
by a Guarantor, upon release of such Guarantor from its obligations under its Guaranty pursuant to clause (c) below; 
 (b) release or subordinate any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent under any Loan Document to the holder of any Lien on such property that is
permitted by Section 7.01(i); 
 (c) release any Guarantor from its obligations under the Guaranty if
(i) in the case of any Subsidiary, such Person ceases to be a Restricted Subsidiary as a result of a transaction or designation permitted hereunder or (ii) in the case of Holdings, as a result of a transaction permitted hereunder;
provided that no such release shall occur if such Guarantor continues to be a guarantor in respect of the ABL Facilities, any Credit Agreement Refinancing Indebtedness, the Senior Notes or any other Junior Financing; and 

(d) if any Guarantor shall cease to be a Material Subsidiary (as certified in writing by a Responsible Officer), and the
Borrower notifies the Administrative Agent in writing that it wishes such Guarantor to be released from its obligations under the Guaranty and provides the Administrative Agent and the Collateral Agent such certifications or documents as either such
Agent shall reasonably request, (i) release such Subsidiary from its obligations under the Guaranty and (ii) release any Liens granted by such Subsidiary or Liens on the Equity Interests of such Subsidiary; provided that no such
release shall occur if such Subsidiary continues to be a guarantor in respect of the ABL Facilities, any Credit Agreement Refinancing Indebtedness, the Senior Notes or any other Junior Financing. 

  

					
		 	151	 	J. Crew Term Loan Credit Agreement

 Upon request by the Administrative Agent at any time, the Required Lenders will confirm in
writing the Collateral Agent’s authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this Section 9.11. In each case as
specified in this Section 9.11, the applicable Agent will (and each Lender irrevocably authorizes the applicable Agent to), at the Borrower’s expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may
reasonably request to evidence the release or subordination of such item of Collateral from the assignment and security interest granted under the Collateral Documents, or to evidence the release of such Guarantor from its obligations under the
Guaranty, in each case in accordance with the terms of the Loan Documents and this Section 9.11. 
 SECTION 9.12.
Appointment of Supplemental Administrative Agents. 
 (a) It is the purpose of this Agreement and the other Loan
Documents that there shall be no violation of any Law of any jurisdiction denying or restricting the right of banking corporations or associations to transact business as agent or trustee in such jurisdiction. It is recognized that in case of
litigation under this Agreement or any of the other Loan Documents, and in particular in case of the enforcement of any of the Loan Documents, or in case the Administrative Agent deems that by reason of any present or future Law of any jurisdiction
it may not exercise any of the rights, powers or remedies granted herein or in any of the other Loan Documents or take any other action which may be desirable or necessary in connection therewith, the Administrative Agent is hereby authorized to
appoint an additional individual or institution selected by the Administrative Agent in its sole discretion as a separate trustee, co-trustee, administrative agent, collateral agent, administrative sub-agent or administrative co-agent (any such
additional individual or institution being referred to herein individually as a “Supplemental Administrative Agent” and collectively as “Supplemental Administrative Agents”). 

(b) In the event that the Administrative Agent appoints a Supplemental Administrative Agent with respect to any Collateral, (i) each
and every right, power, privilege or duty expressed or intended by this Agreement or any of the other Loan Documents to be exercised by or vested in or conveyed to the Administrative Agent with respect to such Collateral shall be exercisable by and
vest in such Supplemental Administrative Agent to the extent, and only to the extent, necessary to enable such Supplemental Administrative Agent to exercise such rights, powers and privileges with respect to such Collateral and to perform such
duties with respect to such Collateral, and every covenant and obligation contained in the Loan Documents and necessary to the exercise or performance thereof by such Supplemental Administrative Agent shall run to and be enforceable by either the
Administrative Agent or such Supplemental Administrative Agent, and (ii) the provisions of this Article IX and of Sections 10.04 and 10.05 that refer to the Administrative Agent shall inure to the benefit of such Supplemental
Administrative Agent and all references therein to the Administrative Agent shall be deemed to be references to the Administrative Agent and/or such Supplemental Administrative Agent, as the context may require. 

  

					
		 	152	 	J. Crew Term Loan Credit Agreement

 (c) Should any instrument in writing from any Loan Party be required by any Supplemental
Administrative Agent so appointed by the Administrative Agent for more fully and certainly vesting in and confirming to him or it such rights, powers, privileges and duties, the Borrower or Holdings, as applicable, shall, or shall cause such Loan
Party to, execute, acknowledge and deliver any and all such instruments promptly upon request by the Administrative Agent. In case any Supplemental Administrative Agent, or a successor thereto, shall die, become incapable of acting, resign or be
removed, all the rights, powers, privileges and duties of such Supplemental Administrative Agent, to the extent permitted by Law, shall vest in and be exercised by the Administrative Agent until the appointment of a new Supplemental Administrative
Agent. 
 SECTION 9.13. ABL Intercreditor Agreement. The Administrative Agent and the Collateral Agent are authorized to
enter into the ABL Intercreditor Agreement, and the parties hereto acknowledge that the ABL Intercreditor Agreement is binding upon them. Each Lender (a) hereby consents to the subordination of the Liens on the Current Asset Collateral securing
the Obligations on the terms set forth in the ABL Intercreditor Agreement, (b) hereby agrees that it will be bound by and will take no actions contrary to the provisions of the ABL Intercreditor Agreement and (c) hereby authorizes and
instructs the Administrative Agent and Collateral Agent to enter into the ABL Intercreditor Agreement and to subject the Liens on the Collateral securing the Obligations to the provisions thereof. The foregoing provisions are intended as an
inducement to the ABL Secured Parties (as such term is defined in the ABL Intercreditor Agreement) to extend credit to the Borrower and such ABL Secured Parties are intended third-party beneficiaries of such provisions and the provisions of the ABL
Intercreditor Agreement. 
 SECTION 9.14. Secured Cash Management Agreements and Secured Hedge Agreements. Except as
otherwise expressly set forth herein or in any Guaranty or any Collateral Document, no Cash Management Bank or Hedge Bank that obtains the benefits of Section 8.03, any Guaranty or any Collateral by virtue of the provisions hereof or of any
Guaranty or any Collateral Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or
impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article IX to the contrary, the Administrative Agent
shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements unless the Administrative Agent has
received written notice of such Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. 

  

					
		 	153	 	J. Crew Term Loan Credit Agreement

 ARTICLE X 
 Miscellaneous 
 SECTION 10.01. Amendments, Etc. Except as
otherwise set forth in this Agreement, no amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower or any other Loan Party therefrom, shall be effective unless in writing
signed by the Required Lenders and the Borrower or the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent and each such waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given; provided that, no such amendment, waiver or consent shall: 
 (a) extend or
increase the Commitment of any Lender without the written consent of each Lender directly affected thereby (it being understood that a waiver of any condition precedent set forth in Section 4.02 or the waiver of any Default, mandatory
prepayment or mandatory reduction of the Commitments shall not constitute an extension or increase of any Commitment of any Lender); 
 (b) postpone any date scheduled for, or reduce the amount of, any payment of principal or interest under Section 2.05 or 2.06 without the written consent of each Lender directly affected thereby, it
being understood that the waiver of (or amendment to the terms of) any mandatory prepayment of the Loans shall not constitute a postponement of any date scheduled for the payment of principal or interest; 

(c) reduce the principal of, or the rate of interest specified herein on, any Loan, or (subject to clause (i) of the
second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby, it being understood that any change to the definitions of
the Senior Secured Net Leverage Ratio, the Total Leverage Ratio or the Total Senior Secured Leverage Ratio or, in each case, in the component definitions thereof shall not constitute a reduction in the rate of interest; provided that only the
consent of the Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest at the Default Rate; 

(d) change any provision of this Section 10.01 or the definition of “Required Lenders”, “Required
Facility Lenders” or “Pro Rata Share” or any other provision specifying the number of Lenders or portion of the Loans or Commitments required to take any action under the Loan Documents, without the written consent of each Lender
affected thereby; 
 (e) other than in a transaction permitted under Section 7.04 or Section 7.05,
release all or substantially all of the Collateral in any transaction or series of related transactions, without the written consent of each Lender; or 

  

					
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 (f) other than in a transaction permitted under Section 7.04 or
Section 7.05, release all or substantially all of the aggregate value of the Guaranty, without the written consent of each Lender; 
 and
provided, further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of, or any fees or other amounts payable
to, the Administrative Agent under this Agreement or any other Loan Document; (ii) Section 10.07(g) may not be amended, waived or otherwise modified without the consent of each Granting Lender all or any part of whose Loans are being
funded by an SPC at the time of such amendment, waiver or other modification and (iii) the consent of Required Facility Lenders shall be required with respect to any amendment that by its terms adversely affects the rights of Lenders under such
Facility in respect of payments hereunder in a manner different than such amendment affects other Facilities. 
 Notwithstanding
the foregoing, 
 (a) no Lender consent is required to effect any amendment or supplement to the ABL
Intercreditor Agreement, any First Lien Intercreditor Agreement or any Second Lien Intercreditor Agreement (i) that is for the purpose of adding the holders of Permitted Pari Passu Secured Refinancing Debt or Permitted Junior Secured
Refinancing Debt (or a Senior Representative with respect thereto) as parties thereto, as expressly contemplated by the terms of the ABL Intercreditor Agreement, such First Lien Intercreditor Agreement or such Second Lien Intercreditor Agreement, as
applicable (it being understood that any such amendment or supplement may make such other changes to the applicable intercreditor agreement as, in the good faith determination of the Administrative Agent, are required to effectuate the foregoing and
provided, that such other changes are not adverse, in any material respect, to the interests of the Lenders) or (ii) that is expressly contemplated by the ABL Intercreditor Agreement (or the comparable provisions, if any, of any First Lien
Intercreditor Agreement or any Second Lien Intercreditor Agreement); provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent or the Collateral Agent hereunder or under any
other Loan Document without the prior written consent of the Administrative Agent or the Collateral Agent, as applicable; and 
 (b) this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Borrower (i) to add one or more additional credit
facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with
the Loans and the accrued interest and fees in respect thereof and (ii) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders. 

In addition, notwithstanding the foregoing, this Agreement may be amended with the written consent of the Administrative Agent, the
Borrower and the Lenders providing the 

  

					
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Replacement Loans (as defined below) to permit the refinancing of all outstanding Loans of any Class (“Refinanced Loans”) with replacement term loans (“Replacement
Loans”) hereunder; provided that (a) the aggregate principal amount of such Replacement Loans shall not exceed the aggregate principal amount of such Refinanced Loans, (b) the All-In Yield with respect to such Replacement
Loans (or similar interest rate spread applicable to such Replacement Loans) shall not be higher than the All-In Yield for such Refinanced Loans (or similar interest rate spread applicable to such Refinanced Loans) immediately prior to such
refinancing, (c) the Weighted Average Life to Maturity of such Replacement Loans shall not be shorter than the Weighted Average Life to Maturity of such Refinanced Loans at the time of such refinancing (except by virtue of amortization or
prepayment of the Refinanced Loans prior to the time of such incurrence) and (d) all other terms applicable to such Replacement Loans shall be substantially identical to, or less favorable to the Lenders providing such Replacement Loans than,
those applicable to such Refinanced Loans, except to the extent necessary to provide for covenants and other terms applicable to any period after the Latest Maturity Date of the Loans in effect immediately prior to such refinancing. 

Notwithstanding anything to the contrary contained in this Section 10.01, guarantees, collateral security documents and related
documents executed by Subsidiaries in connection with this Agreement may be in a form reasonably determined by the Administrative Agent and may be, together with this Agreement, amended and waived with the consent of the Administrative Agent at the
request of the Borrower without the need to obtain the consent of any other Lender if such amendment or waiver is delivered in order (i) to comply with local Law or advice of local counsel, (ii) to cure ambiguities or defects or
(iii) to cause such guarantee, collateral security document or other document to be consistent with this Agreement and the other Loan Documents. 
 SECTION 10.02. Notices and Other Communications; Facsimile Copies. 
 (a)
General. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing
and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to
the applicable telephone number, as follows: 
 (i) if to Holdings, the Borrower or the Administrative Agent, to
the address, telecopier number, electronic mail address or telephone number specified for such Person on Schedule 10.02; and 
 (ii) if to any other Lender, to the address, telecopier number, electronic mail address or telephone number specified in its Administrative Questionnaire. 

Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given
when received; notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if 

  

					
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not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices and other
communications delivered through electronic communications to the extent provided in subsection (b) below shall be effective as provided in such subsection (b). 
 (b) Electronic Communication. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet
websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender, as applicable, has notified the Administrative Agent that it is
incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to
procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications. 
 (c) Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement
from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal
business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website
shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address
therefor. 
 (d) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”. THE AGENT PARTIES
(AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS,
IMPLIED OR STATUTORY, INCLUDING 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 ANY AGENT PARTY IN CONNECTION WITH THE BORROWER
MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Agent-Related Persons or any Arranger (collectively, the “Agent Parties”) have any liability to Holdings, the Borrower, any Lender, or any other
Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of Borrower Materials through the Internet, except to
the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party;
provided, however, that in no event shall any Agent Party have any liability to Holdings, the Borrower, any Lender or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual
damages). 

  

					
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 (e) Change of Address. Each of Holdings, the Borrower and the Administrative Agent
may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, telecopier or telephone number for notices and other
communications hereunder by notice to the Borrower and the Administrative Agent. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective
address, contact name, telephone number, telecopier number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at
least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its
delegate, in accordance with such Public Lender’s compliance procedures and applicable Law, including United States Federal and state securities Laws, to make reference to Borrower Materials that are not made available through the “Public
Side Information” portion of the Platform and that may contain material non-public information with respect to the Borrower or its securities for purposes of United States Federal or state securities laws. 

(f) Reliance by the Administrative Agent. The Administrative Agent and the Lenders shall be entitled to rely and act upon any
notices (including telephonic Committed Loan Notices) purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of
notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower shall indemnify the Administrative Agent each Lender and the Agent-Related Persons of each of them from all
losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower. All telephonic notices to and other telephonic communications with the Administrative Agent may be
recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording. 
 SECTION 10.03. No
Waiver; Cumulative Remedies. No failure by any Lender or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a
waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers
and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by Law. 
 SECTION 10.04. Attorney Costs and Expenses. The Borrower agrees (a) if the Closing Date occurs, to pay or reimburse the Administrative Agent, the Syndication Agent, each

  

					
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Co-Documentation Agent and the Arrangers for all reasonable and documented out-of-pocket costs and expenses incurred in connection with the preparation, negotiation, syndication and execution of
this Agreement and the other Loan Documents and any amendment, waiver, consent or other modification of the provisions hereof and thereof (whether or not the transactions contemplated thereby are consummated), and the consummation and administration
of the transactions contemplated hereby and thereby, including all Attorney Costs of Shearman & Sterling LLP and, if reasonably necessary, one local counsel in each relevant jurisdiction material to the interests of the Lenders taken as a
whole, and (b) to pay or reimburse the Administrative Agent and the Lenders for all reasonable and documented out-of-pocket costs and expenses incurred in connection with the enforcement of any rights or remedies under this Agreement or the
other Loan Documents (including all such costs and expenses incurred during any legal proceeding, including any proceeding under any Debtor Relief Law, and including all Attorney Costs of one counsel to the Administrative Agent and the Lenders taken
as a whole (and, if reasonably necessary, one local counsel in any relevant material jurisdiction and, in the event of any conflict of interest, one additional counsel in each relevant jurisdiction to each group of affected Lenders similarly
situated taken as a whole)). The agreements in this Section 10.04 shall survive the termination of the Aggregate Commitments and repayment of all other Obligations. All amounts due under this Section 10.04 shall be paid promptly following
receipt by the Borrower of an invoice relating thereto setting forth such expenses in reasonable detail. If any Loan Party fails to pay when due any costs, expenses or other amounts payable by it hereunder or under any Loan Document, such amount may
be paid on behalf of such Loan Party by the Administrative Agent in its sole discretion. The Borrower and each other Loan Party hereby acknowledge that the Administrative Agent and/or any Lender may receive a benefit, including without limitation, a
discount, credit or other accommodation, from any of such counsel based on the fees such counsel may receive on account of their relationship with the Administrative Agent and/or such Lender, including, without limitation, fees paid pursuant to this
Agreement or any other Loan Document. 
 SECTION 10.05. Indemnification by the Borrower. The Borrower shall indemnify and
hold harmless the Agents, each Lender, the Arrangers and their respective Affiliates, directors, officers, employees, agents, partners, trustees or advisors and other representatives (collectively the “Indemnitees”) from and against
any and all liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (including Attorney Costs) of any kind or nature whatsoever which may at any time be imposed on, incurred
by or asserted against any such Indemnitee in any way relating to or arising out of or in connection with (but limited, in the case of legal fees and expenses, to the reasonable and documented out-of-pocket fees, disbursements and other charges of
one counsel to all Indemnitees taken as a whole and, if reasonably necessary, a single local counsel for all Indemnitees taken as a whole in each relevant jurisdiction that is material to the interest of the Lenders, and solely in the case of a
conflict of interest, one additional counsel in each relevant jurisdiction to each group of affected Indemnitees similarly situated taken as a whole) (a) the execution, delivery, enforcement, performance or administration of any Loan Document
or any other agreement, letter or instrument delivered in connection with the transactions contemplated thereby or the consummation of the transactions contemplated 

  

					
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thereby, (b) any Commitment, Loan or the use or proposed use of the proceeds therefrom, or (c) any actual or alleged presence or release of Hazardous Materials on or from any property
currently or formerly owned or operated by the Borrower, any Subsidiary or any other Loan Party, or any Environmental Liability arising out of the activities or operations of the Borrower, any Subsidiary or any other Loan Party, or (d) any
actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory (including any investigation of, preparation for, or defense of any pending or threatened
claim, investigation, litigation or proceeding) and regardless of whether any Indemnitee is a party thereto (all the foregoing, collectively, the “Indemnified Liabilities”); provided that such indemnity shall not, as to any
Indemnitee, be available to the extent that such liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements resulted from (x) the gross negligence, bad faith or willful
misconduct of such Indemnitee or of any affiliate, director, officer, employee or agent of such Indemnitee, (y) a material breach of any obligations under any Loan Document by such Indemnitee or of any Related Indemnified Person as determined
by a final, non-appealable judgment of a court of competent jurisdiction or (z) any dispute solely among Indemnitees other than any claims against an Indemnitee in its capacity or in fulfilling its role as an administrative agent or arranger or
any similar role under the Facility and other than any claims arising out of any act or omission of the Borrower or any of its Affiliates. To the extent that the undertakings to indemnify and hold harmless set forth in this
Section 10.05 may be unenforceable in whole or in part because they are violative of any applicable law or public policy, the Borrower shall contribute the maximum portion that it is permitted to pay and satisfy under applicable law to the
payment and satisfaction of all Indemnified Liabilities incurred by the Indemnitees or any of them. No Indemnitee shall be liable for any damages arising from the use by others of any information or other materials obtained through IntraLinks or
other similar information transmission systems in connection with this Agreement, nor shall any Indemnitee or any Loan Party have any liability for any special, punitive, indirect or consequential damages relating to this Agreement or any other Loan
Document or arising out of its activities in connection herewith or therewith (whether before or after the Closing Date) (other than, in the case of any Loan Party, in respect of any such damages incurred or paid by an Indemnitee to a third party).
In the case of an investigation, litigation or other proceeding to which the indemnity in this Section 10.05 applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by any Loan Party,
its directors, stockholders or creditors or an Indemnitee or any other Person, whether or not any Indemnitee is otherwise a party thereto and whether or not any of the transactions contemplated hereunder or under any of the other Loan Documents is
consummated. All amounts due under this Section 10.05 shall be paid within twenty (20) Business Days after written demand therefor. The agreements in this Section 10.05 shall survive the resignation of the Administrative Agent, the
replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations. This Section 10.05 shall not apply to Taxes, or amounts excluded from the definition of Taxes
pursuant to clauses (i) through (vii) of the first sentence of Section 3.01(a), that are imposed with respect to payments to or for the account of any Agent or any Lender under any Loan Document, which shall be governed by
Section 3.01. This Section 10.05 also shall not apply to Other Taxes or to taxes covered by Section 3.04. 

  

					
		 	160	 	J. Crew Term Loan Credit Agreement

 SECTION 10.06. Marshaling; Payments Set Aside. None of the Administrative Agent or
any Lender shall be under any obligation to marshal any assets in favor of the Loan Parties or any other party or against or in payment of any or all of the Obligations. To the extent that any payment by or on behalf of the Borrower is made to any
Agent or any Lender, or any Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required
(including pursuant to any settlement entered into by such Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to
the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender
severally agrees to pay to the Administrative Agent upon demand its applicable share of any amount so recovered from or repaid by any Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per
annum equal to the applicable Overnight Rate from time to time in effect. 
 SECTION 10.07. Successors and Assigns.

 (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby, except that neither Holdings nor the Borrower may, except as permitted by Section 7.04, assign or otherwise transfer any of its rights or obligations hereunder without the prior written
consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of subsection (b) of this Section,
(ii) by way of participation in accordance with the provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (f) of this Section, or
(iv) to an SPC in accordance with the provisions of subsection (g) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be
construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated
hereby, the Agent-Related Persons of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b) Assignments by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its
Commitment and the Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions: 
 (i) Minimum Amounts. 
 (A) in the case of an assignment of
the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

  

					
		 	161	 	J. Crew Term Loan Credit Agreement

 (B) in any case not described in subsection (b)(i)(A) of this Section, the
aggregate amount of the Commitment or, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to
the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $1,000,000 unless each of the Administrative Agent and, so long as no Event of Default under
Section 8.01(a) or, solely with respect to the Borrower or any Guarantor, Section 8.01(f) has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided,
however, that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as
a single assignment for purposes of determining whether such minimum amount has been met. 
 (ii)
Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned.

 (iii) Required Consents. No consent shall be required for any assignment except to the extent required
by subsection (b)(i)(B) of this Section and, in addition: 
 (A) the consent of the Borrower
(such consent not to be unreasonably withheld) shall be required unless (1) an Event of Default under Section 8.01(a) or, solely with respect to the Borrower or any Guarantor, Section 8.01(f), has occurred and is continuing at the
time of such assignment, (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund or (3) such assignment is prior to the completion of the primary syndication or the 90th day after the Closing Date, whichever shall occur first; and

 (B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be
required if such assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender; provided, however, that the consent of the Administrative Agent shall not be required for any
assignment to an Affiliated Lender or a Person that upon effectiveness of an assignment would be an Affiliated Lender, except for the separate consent rights of the Administrative Agent pursuant to clause (h)(iv) of this Section 10.07.

 (iv) Assignment and Assumption. The parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500; provided that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case

  

					
		 	162	 	J. Crew Term Loan Credit Agreement

 
of any assignment. The Eligible Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. All assignments shall be by novation. 

(v) No Assignments to Certain Persons. No such assignment shall be made (A) to Holdings, the Borrower or any
of the Borrower’s Subsidiaries except as permitted under Section 2.03(a)(iv), (B) subject to subsection (h) below, any of the Borrower’s Affiliates or (C) to a natural person. 

Subject to acceptance and recording thereof by the Administrative Agent pursuant to clause (c) of this Section (and, in the case of an Affiliated
Lender or a Person that, after giving effect to such assignment, would become an Affiliated Lender, to the requirements of clause (h) of this Section), from and after the effective date specified in each Assignment and Assumption, the assignee
thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent
of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this
Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05, 10.04 and 10.05 with respect to facts and circumstances occurring prior to the effective date of such
assignment). Upon request, and the surrender by the assigning Lender of its Note, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this
Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection (d) of this Section. 

(c) The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at the Administrative
Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and related interest amounts) of the Loans,
owing to each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall, subject to clause (h) of this Section, be conclusive absent manifest error, and the Borrower, the Agents
and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for
inspection by the Borrower, any Agent and any Lender, at any reasonable time and from time to time upon reasonable prior notice. This Section 10.07(c) and Section 2.09 shall be construed so that all Loans are at all times maintained in
“registered form” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code and any related Treasury regulations (or any other relevant or successor provisions of the Code or of such Treasury regulations). 

(d) Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to
any Person (other than a natural 

  

					
		 	163	 	J. Crew Term Loan Credit Agreement

 
person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under
this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Agents and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights
and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve
any amendment, modification or waiver of any provision of this Agreement or any other Loan Document; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any
amendment, waiver or other modification described in the first proviso to Section 10.01 (other than clause (d) thereof) that directly affects such Participant. Subject to subsection (e) of this Section, the Borrower agrees that each
Participant shall be entitled to the benefits of Sections 3.01 (subject to the requirements of Section 3.01(b) and (c) or Section 3.01(d), as applicable), 3.04 and 3.05 (through the applicable Lender) to the same extent as if it
were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section. To the extent permitted by applicable Law, each Participant also shall be entitled to the benefits of Section 10.09 as though it were a
Lender; provided that such Participant agrees to be subject to Section 2.11 as though it were a Lender. 
 (e)
Limitations upon Participant Rights. A Participant shall not be entitled to receive any greater payment under Section 3.01, 3.04 or 3.05 than the applicable Lender would have been entitled to receive with respect to the participation
sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant shall not be entitled to the benefits of Section 3.01 unless the Borrower is notified of
the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply and does in fact comply with Section 3.01 as though it were a Lender. Each Lender that sells a participation shall (acting solely
for this purpose as a non-fiduciary agent of the Borrower) maintain a register complying with the requirements of Sections 163(f), 871(h) and 881(c)(2) of the Code and the Treasury regulations issued thereunder relating to the exemption from
withholding for portfolio interest on which is entered the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the
“Participant Register”). A Lender shall not be obligated to disclose the Participant Register to any Person except to the extent such disclosure is necessary to establish that any Loan or other obligation is in registered form under
Section 5f.103-1(c) of the United States Treasury regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant Register as the
owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. 
 (f) Any Lender may
at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure 

  

					
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obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from
any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
 (g)
Notwithstanding anything to the contrary contained herein, any Lender (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 Loan 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 Loan, and (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms
hereof. Each party hereto hereby agrees that (i) neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrower under this Agreement
(including its obligations under Section 3.01, 3.04 or 3.05), (ii) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a Lender would be liable, and (iii) the Granting Lender shall for
all purposes, including the approval of any amendment, waiver or other modification of any provision of any Loan Document, remain the lender of record hereunder. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting
Lender to the same extent, and as if, such Loan were made by such Granting Lender. 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 herein, any SPC may (i) with notice to, but without prior consent of the Borrower and the
Administrative Agent and with the payment of a processing fee of $3,500 (which processing fee may be waived by the Administrative Agent in its sole discretion), assign all or any portion of its right to receive payment with respect to any Loan to
the Granting Lender and (ii) disclose on a confidential basis any non-public information relating to its funding of Loans to any rating agency, commercial paper dealer or provider of any surety or Guarantee or credit or liquidity enhancement to
such SPC. 
 (h) Any Lender may, at any time, assign all or a portion of its rights and obligations under this Agreement to a
Person who is or will become, after such assignment, an Affiliated Lender through (x) Dutch auctions open to all Lenders in accordance with procedures of the type described in Section 2.03(a)(iv) or (y) open market purchase on a
non-pro rata basis, in each case subject to the following limitations: 
 (i) Affiliated Lenders will not receive
information provided solely to Lenders by the Administrative Agent or any Lender and will not be permitted to attend or participate in meetings attended solely by the Lenders and the Administrative Agent,

  

					
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other than the right to receive notices of prepayments and other administrative notices in respect of its Loans or Commitments required to be delivered to Lenders pursuant to Article II;

 (ii) each Affiliated Lender that (A) purchases any Loans pursuant to this clause (h) shall represent
and warrant to the seller and (B) sells any Loan hereunder shall represent and warrant to the buyer, in each case, that it does not possess material non-public information with respect to Holdings and its Subsidiaries or the securities of any
of them that has not been disclosed to the Lenders generally (other than Lenders who elect not to receive such information); 
 (iii) (A) the aggregate principal amount of Loans held at any one time by Affiliated Lenders shall not exceed 20% of the original principal amount of all Loans at such time outstanding (such percentage,
the “Affiliated Lender Cap”), (B) unless otherwise agreed to in writing by the Required Lenders, regardless of whether consented to by the Administrative Agent or otherwise, no assignment which would result in Affiliated
Lenders holding in excess of such Affiliated Lender Cap shall be effective with respect to such excess amount of the Loans (and such excess assignment shall be and be deemed null and void); provided that each of the parties hereto agrees and
acknowledges that the Administrative Agent shall not be liable for any losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements of any kind or nature whatsoever incurred or suffered by any Person in
connection with any compliance or non-compliance with this clause (h)(iii) or any purported assignment exceeding such 20% limitation or for any assignment being deemed null and void hereunder and (C) in the event of an acquisition pursuant to
the last sentence of this clause (h) which would result in the Affiliated Lender Cap being exceeded, the most recent assignment to an Affiliate of the Sponsor involved in such acquisition shall be unwound and deemed null and void to the extent
that the Affiliated Lender Cap would otherwise be exceeded; and 
 (iv) as a condition to each assignment
pursuant to this clause (h), (A) the Administrative Agent shall have been provided a notice in the form of Exhibit D-2 to this Agreement in connection with each assignment to an Affiliated Lender or a Person that upon effectiveness of such
assignment would constitute an Affiliated Lender, and (without limitation of the provisions of clause (iii) above) shall be under no obligation to record such assignment in the Register until three (3) Business Days after receipt of such
notice and (B) the Administrative Agent shall have consented to such assignment (which consent shall not be withheld unless the Administrative Agent reasonably believes that such assignment would violate clause (h)(iii) of this
Section 10.07). 
 Each Affiliated Lender agrees to notify the Administrative Agent promptly (and in any event within 10 Business Days) if
it acquires any Person who is also a Lender, and each Lender agrees to notify the Administrative Agent promptly (and in any event within 10 Business Days) if it becomes an Affiliated Lender. Such notice shall contain the type of information required
and be delivered to the same addressee as set forth in Exhibit D-2. 

  

					
		 	166	 	J. Crew Term Loan Credit Agreement

 (i) Notwithstanding anything in Section 10.01 or the definition of “Required
Lenders” to the contrary, for purposes of determining whether the Required Lenders have (i) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document
or any departure by any Loan Party therefrom, or subject to Section 10.07(j), any plan of reorganization pursuant to the U.S. Bankruptcy Code, (ii) otherwise acted on any matter related to any Loan Document, or (iii) directed or
required the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, no Affiliated Lender shall have any right to consent (or not consent), otherwise act or direct or
require the Administrative Agent or any Lender to take (or refrain from taking) any such action and: 
 (A) all
Loans held by any Affiliated Lenders shall be deemed to be not outstanding for all purposes of calculating whether the Required Lenders have taken any actions; and 

(B) all Loans held by Affiliated Lenders shall be deemed to be not outstanding for all purposes of calculating whether all
Lenders have taken any action unless the action in question affects such Affiliated Lender in a disproportionately adverse manner than its effect on other Lenders. 
 (j) Notwithstanding anything in this Agreement or the other Loan Documents to the contrary, each Affiliated Lender hereby agrees that, if a proceeding under any Debtor Relief Law shall be commenced by or
against the Borrower or any other Loan Party at a time when such Lender is an Affiliated Lender, such Affiliated Lender irrevocably authorizes and empowers the Administrative Agent to vote on behalf of such Affiliated Lender with respect to the
Loans held by such Affiliated Lender in any manner in the Administrative Agent’s sole discretion, unless the Administrative Agent instructs such Affiliated Lender to vote, in which case such Affiliated Lender shall vote with respect to the
Loans held by it as the Administrative Agent directs; provided that such Affiliated Lender shall be entitled to vote in accordance with its sole discretion (and not in accordance with the direction of the Administrative Agent) in connection with any
plan of reorganization to the extent any such plan of reorganization proposes to treat any Obligations held by such Affiliated Lender in a manner that is less favorable in any material respect to such Affiliated Lender than the proposed treatment of
similar Obligations held by Lenders that are not Affiliates of the Borrower. 
 SECTION 10.08. Confidentiality. Each of
the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information in accordance with its customary procedures (as set forth below), except that Information may be disclosed (a) to its Affiliates and to its and
its Affiliates’ respective partners, directors, officers, employees, agents, trustees, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such
Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority 

  

					
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purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws
or regulations or by any subpoena or similar legal process, provided that the Administrative Agent or such Lender, as applicable, agrees that it will notify the Borrower as soon as practicable in the event of any such disclosure by such
Person (other than at the request of a regulatory authority) unless such notification is prohibited by law, rule or regulation, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other
Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions at least as restrictive as those of this
Section 10.08, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or any Eligible Assignee invited to be an Additional Lender or (ii) any
actual or prospective direct or indirect counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower, (h) to any rating agency when required by it
(it being understood that, prior to any such disclosure, such rating agency shall undertake to preserve the confidentiality of any Information relating to the Loan Parties received by it from such Lender) or (i) to the extent such Information
(i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, any Lender, or any of their respective Affiliates on a nonconfidential basis from a source other than
Holdings, the Borrower or any Subsidiary thereof, and which source is not known by such Agent or Lender to be subject to a confidentiality restriction in respect thereof in favor of the Borrower or any Affiliate of the Borrower. 

For purposes of this Section, “Information” means all information received from any Loan Party or any Subsidiary thereof
relating to any Loan Party or any Subsidiary thereof or their respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by any Loan Party or any
Subsidiary thereof; it being understood that all information received from Holdings, the Borrower or any Subsidiary after the date hereof shall be deemed confidential unless such information is clearly identified at the time of delivery as not being
confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so in accordance with its customary procedures if such Person has exercised
the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 
 Each of the Administrative Agent and the Lenders acknowledges that (a) the Information may include material non-public information concerning the Borrower or a Subsidiary, as the case may be,
(b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including United States Federal and state
securities Laws. 
 SECTION 10.09. Setoff. If an Event of Default shall have occurred and be continuing, each Lender and
each of its Affiliates is hereby authorized at any time and from time to time, after obtaining the prior written consent of the Administrative Agent, to the fullest 

  

					
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extent permitted by applicable law, to setoff and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other
obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of the Borrower or any other Loan Party against any and all of the obligations of the Borrower or such Loan Party now or
hereafter existing under this Agreement or any other Loan Document to such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower or
such Loan Party may be contingent or unmatured or are owed to a branch or office of such Lender different from the branch or office holding such deposit or obligated on such indebtedness. The rights of each Lender and its Affiliates under this
Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or its Affiliates may have. Each Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and
application, provided that the failure to give such notice shall not affect the validity of such setoff and application. 

SECTION 10.10. Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest
paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If any Agent or any Lender shall receive interest in an amount that
exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by an Agent or a
Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the
effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 

SECTION 10.11. Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties
hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents constitute the entire contract among the parties
relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it
shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of
a signature page of this Agreement by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Agreement. 
 SECTION 10.12. Electronic Execution of Assignments and Certain Other Documents. The words “execution,” “signed,” “signature,” and words of like import in any
Assignment and Assumption or in any amendment or other modification hereof (including 

  

					
		 	169	 	J. Crew Term Loan Credit Agreement

 
waivers and consents) shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as
a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New
York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 
 SECTION 10.13. Survival of Representations and Warranties. All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or
in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made
by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Borrowing, and shall continue in full force and effect as
long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied. 
 SECTION 10.14. Severability. If
any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be
affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the
illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

SECTION 10.15. GOVERNING LAW. 
 (a) THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

(b) THE BORROWER, HOLDINGS, THE ADMINISTRATIVE AGENT AND EACH LENDER EACH IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS
PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY IN THE BOROUGH OF MANHATTAN AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY
THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN
RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO

  

					
		 	170	 	J. Crew Term Loan Credit Agreement

 
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. EACH
PARTY HERETO AGREES THAT THE AGENTS AND LENDERS RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY LOAN PARTY IN THE COURTS OF ANY OTHER JURISDICTION IN CONNECTION WITH THE EXERCISE OF ANY
RIGHTS UNDER ANY COLLATERAL DOCUMENT OR THE ENFORCEMENT OF ANY JUDGMENT. 
 (c) THE BORROWER, HOLDINGS, THE ADMINISTRATIVE AGENT
AND EACH LENDER EACH IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (b) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE
MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 
 SECTION 10.16. WAIVER OF RIGHT TO TRIAL BY JURY. EACH
PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 SECTION 10.17. Binding Effect. This
Agreement shall become effective when it shall have been executed by the Borrower, Holdings and the Administrative Agent and the Administrative Agent shall have been notified by each Lender that each such Lender has executed it and thereafter shall
be binding upon and inure to the benefit of the Borrower, Holdings, each Agent and each Lender and their respective successors and assigns. 
 SECTION 10.18. Judgment Currency. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another
currency, the rate of exchange used shall be that at which in accordance 

  

					
		 	171	 	J. Crew Term Loan Credit Agreement

 
with normal banking procedures the Administrative Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The
obligation of the Borrower in respect of any such sum due from it to the Administrative Agent or the Lenders hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”)
other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by the
Administrative Agent of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement
Currency so purchased is less than the sum originally due to the Administrative Agent from the Borrower in the Agreement Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative
Agent or the Person to whom such obligation was owing against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent in such currency, the Administrative Agent agrees to
return the amount of any excess to the Borrower (or to any other Person who may be entitled thereto under applicable Law). 

SECTION 10.19. Lender Action. Each Lender agrees that it shall not take or institute any actions or proceedings, judicial or
otherwise, for any right or remedy against any Loan Party under any of the Loan Documents or the Secured Hedge Agreements (including the exercise of any right of setoff, rights on account of any banker’s lien or similar claim or other rights of
self-help), or institute any actions or proceedings, or otherwise commence any remedial procedures, with respect to any Collateral or any other property of any such Loan Party, without the prior written consent of the Administrative Agent (which
shall not be withheld in contravention of Section 9.04). The provision of this Section 10.19 are for the sole benefit of the Lenders and shall not afford any right to, or constitute a defense available to, any Loan Party. 

SECTION 10.20. Use of Name, Logo, etc.. Each Loan Party consents to the publication in the ordinary course by Administrative Agent
or the Arrangers of customary advertising material relating to the financing transactions contemplated by this Agreement using such Loan Party’s name, product photographs, logo or trademark. Such consent shall remain effective until revoked by
such Loan Party in writing to the Administrative Agent and the Arrangers. 
 SECTION 10.21. USA PATRIOT Act Notice. Each
Lender that is subject to the USA PATRIOT Act and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and
record information that identifies each Loan Party, which information includes the name and address of each Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Loan Party in
accordance with the USA PATRIOT Act. The Borrower shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply
with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act. 

  

					
		 	172	 	J. Crew Term Loan Credit Agreement

 SECTION 10.22. Service of Process. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE
OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

SECTION 10.23. No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby
(including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each of the Borrower and Holdings acknowledges and agrees, and acknowledges its Affiliates’ understanding, that:
(i) (A) the arranging and other services regarding this Agreement provided by the Agents and the Arrangers are arm’s-length commercial transactions between the Borrower, Holdings and their respective Affiliates, on the one hand, and
the Administrative Agents and the Arrangers, on the other hand, (B) each of the Borrower and Holdings has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each of the
Borrower and Holdings is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Agents, the Arrangers and each Lender is and
has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower, Holdings or any of their respective
Affiliates, or any other Person and (B) none of the Agents, the Arrangers nor any Lender has any obligation to the Borrower, Holdings or any of their respective Affiliates with respect to the transactions contemplated hereby except those
obligations expressly set forth herein and in the other Loan Documents; and (iii) the Agents, the Arrangers, the Lender and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from
those of the Borrower, Holdings their respective Affiliates, and none of the Agents, the Arrangers nor any Lender has any obligation to disclose any of such interests to the Borrower, Holdings or any of their respective Affiliates. To the fullest
extent permitted by law, each of the Borrower and Holdings hereby waives and releases any claims that it may have against the Agents, the Arrangers nor any Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection
with any aspect of any transaction contemplated hereby. 
 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.]

  

					
		 	173	 	J. Crew Term Loan Credit Agreement

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

					
	CHINOS ACQUISITION CORPORATION (which on the Closing Date shall be merged with and into J. Crew Group, Inc., with J. Crew Group, Inc. surviving such merger as the
Borrower),
		
	By:	 	 /s/ Ronald Cami

		 	Name:	 	Ronald Cami
		 	Title:	 	Vice President and Secretary
	
	CHINOS INTERMEDIATE HOLDINGS B, INC., as Holdings,

		
	By:	 	 /s/ James Scully

		 	Name:	 	James Scully
		 	Title:	 	Chief Administrative Officer and Chief Financial Officer

  

					
		 	[Signature Page]	 	J. Crew Term Loan Credit Agreement

					
	The undersigned hereby confirms that, as a result of its merger with Chinos Acquisition Corporation, it hereby assumes all of the rights and obligations of Chinos
Acquisition Corporation under this Agreement (in furtherance of, and not in lieu of, any assumption or deemed assumption as a matter of law) and hereby is joined to this Agreement as the Borrower thereunder.
	
	J. CREW GROUP, INC.
		
	By:	 	 /s/ James Scully

		 	Name:	 	James Scully
		 	Title:	 	Chief Administrative Officer and Chief Financial Officer

  

					
		 	[Signature Page]	 	J. Crew Term Loan Credit Agreement

			
	BANK OF AMERICA, N.A., as Administrative Agent,
		
	By:	 	 /s/ Kevin L. Ahart

		 	Name: Kevin L. Ahart
		 	Title: Vice President

  

					
		 	[Signature Page]	 	J. Crew Term Loan Credit Agreement

 
			
	BANK OF AMERICA, N.A., as a Lender,
		
	By:	 	 /s/ Frank Byrne

		 	Name: Frank Byrne
		 	Title: Vice President

  

					
		 	[Signature Page]	 	J. Crew Term Loan Credit Agreement

 Schedule I 
 Guarantors 
 J. Crew Operating Corp., a Delaware corporation 

J. Crew Inc., a Delaware corporation 
 J. Crew
International, Inc., a Delaware corporation 
 Grace Holmes, Inc., a Delaware corporation 

H.F.D. No. 55, Inc., a Delaware corporation 
 Madewell Inc., a Delaware corporation 
 J. Crew Virginia, Inc., a Virginia corporation 

 Schedule 1.01A 
 Certain Security Interests and Guarantees 
  

					
	 Obligation
	 	Due Date	 
		
	 Mortgage:
	 			
	 a.      Real Property described in Title Commitment Number
11-00016041, located at:

 
 One Clifford Way

Arden, County of Buncombe, NC 28704
  

OR
  

One Clifford Way
 Asheville, County of Buncombe, NC 28810
  
	 	 
 	90 days after the
Closing Date	  
  
	 b.      J. Crew, Inc., One Ivy Crescent, Lynchburg, Virginia, 24506
	 	 
 	90 days after the
Closing Date	  
  
		
	Security Agreement dated of the Closing Date by and among the Loan Parties and the Collateral Agent.	 	 
 	On the Closing
Date	  
  
		
	Guaranty dated of the Closing Date by and among the Guarantors and the Collateral Agent.	 	 
 	On the Closing
Date	  
  
		
	Intercreditor Agreement dated as of the Closing Date by and among Holdings, the Borrower, the Administrative Agent, the Collateral Agent and the ABL Administrative Agent	 	 
 	On the Closing
Date	  
  
		
	Intellectual Property Security Agreements (as defined in the Security Agreement).	 	 
 	On the Closing
Date	  
  

  

	1	 precise address for this location could not be determined. 

 Schedule 1.01F 
 Mortgaged Properties 
  

			
	 Entity of Record
	  	 Common Name and Address

	 Grace Holmes, Inc.
	  	 Real Property described in Title Commitment Number 11-00016042, located at:
  

One Clifford Way
 Arden, County of Buncombe, NC
28704
  
 OR

 
 One Clifford Way
 Asheville, County of Buncombe, NC 28810
  

	 J. Crew Inc.
	  	 One Ivy Crescent Lynchburg,

Virginia, 24506

 

	2	 precise address for this location could not be determined. 

 Schedule 2.01 
 Commitment 
  

					
	 Lender
	  	Loan	 
	 Bank of America, N.A.
	  	$	1,200,000,000	  
	 Total
	  	$	1,200,000,000	  

 Schedule 5.11(a) 

ERISA Compliance 
 None.

 Schedule 5.12 
 Subsidiaries and Other Equity Investments 
  

																	
	 Current Legal
 Entities Owned
	  	Jurisdiction of
Organization	  	 Record Owner
	  	No. Shares/
Interest Owned
(Percentage
Owned)	 	Total Shares
Outstanding	 	  	Percent
Pledged	 	 	Stock /
Membership
Certificate No.
	Chinos Acquisition Corporation	  	Delaware	  	Chinos Intermediate Holdings B, Inc.	  	1,000 (100%)	 	 	1,000	  	  	 	0	% 	 	1
	J. Crew Group, Inc.	  	Delaware	  	Chinos Intermediate Holdings B, Inc. (after giving effect to the Transaction)	  	1,000 (100%)	 	 	1,000	  	  	 	100	% 	 	1
	J. Crew Operating Corp.	  	Delaware	  	J. Crew Group, Inc.	  	100 (100%)	 	 	100	  	  	 	100	% 	 	C1
	J. Crew Inc.	  	Delaware	  	J. Crew Operating Corp.	  	100 (100%)	 	 	100	  	  	 	100	% 	 	2
	Grace Holmes, Inc.	  	Delaware	  	J. Crew Operating Corp.	  	10 (100%)	 	 	10	  	  	 	100	% 	 	3
	H.F.D. No. 55, Inc.	  	Delaware	  	J. Crew Operating Corp.	  	10 (100%)	 	 	10	  	  	 	100	% 	 	3
	J. Crew Virginia, Inc.	  	Virginia	  	J. Crew Operating Corp.	  	100 (100%)	 	 	100	  	  	 	100	% 	 	1
	Madewell Inc.	  	Delaware	  	J. Crew Operating Corp.	  	10 (100%)	 	 	10	  	  	 	100	% 	 	1
	J. Crew International, Inc.	  	Delaware	  	J. Crew Inc.	  	100 (100%)	 	 	100	  	  	 	100	% 	 	3
	C & W Outlet, Inc.	  	New York	  	J. Crew Operating Corp.	  	100 (100%)	 	 	100	  	  	 	0	% 	 	2
	ERL, Inc.	  	New Jersey	  	J. Crew, Inc.	  	100 (100%)	 	 	100	  	  	 	0	% 	 	4
	J. Crew Japan, Ltd	  	Japan	  	J. Crew International, Inc.	  	60 (100%)3	 	 	60	  	  	 	0	% 	 	Not Certificated
	J. Crew Canada Inc.	  	Ontario, Canada	  	J. Crew Operating Corp.	  	100 (100%)	 	 	100	  	  	 	65	% 	 	C-2 (35 shares)
&
C-3 (65 shares)

 

	3	 Pursuant to a separate agreement, the units of J.Crew Japan, Ltd., have been transferred to J. Crew International, Inc. but remain registered in the
name of Sasaki Accounting Co, Ltd., a Japanese accounting firm and Yoshiki Abe of Abe & Matsutome, the Company’s Japanese law firm, in order to satisfy Japanese law requirements. 

 Schedule 7.01(b) 

Existing Liens 
  

													
	 Loan Party
	  	File Type	  	 Secured Party
Name
	  	Jurisdiction	  	Filing
Date	  	Filing
Number	  	 Collateral

	 J. Crew Group, Inc.
	  	UCC	  	CCA Financial, LLC	  	Delaware	  	11/9/05	  	5347827 9	  	Equipment lease
							
	 J. Crew Group, Inc.
	  	UCC	  	Tech Conveyor, Inc.	  	Delaware	  	11/26/07	  	2007 4454038	  	Equipment lease
							
	 J. Crew Group, Inc.
	  	UCC	  	Key Equipment Finance Inc.	  	Delaware	  	9/17/08	  	2008 3145271	  	Equipment lease
							
	 J. Crew Group, Inc.
	  	UCC	  	Tygris Vendor Finance, Inc.	  	Delaware	  	4/20/09	  	2009 1245940	  	Equipment lease
							
	 J. Crew Group, Inc.
	  	UCC	  	Tygris Vendor Finance, Inc.	  	Delaware	  	10/30/09	  	2009 3491104	  	Equipment lease
							
	 J. Crew Operating Corp.
	  	UCC	  	Tech Conveyor, Inc.	  	Delaware	  	11/26/07	  	2007 4454038	  	Equipment lease
							
	 J. Crew Inc.
	  	UCC	  	NCR Corporation	  	Delaware	  	5/31/07	  	2007 2038734	  	Equipment lease
							
	 J. Crew Inc.
	  	UCC	  	Ikon Financial Svcs	  	Delaware	  	9/5/07	  	2007 3362927	  	Equipment lease
							
	 J. Crew Inc.
	  	UCC	  	Tech Conveyor, Inc.	  	Delaware	  	11/26/07	  	2007 4454038	  	Equipment lease
							
	 J. Crew Inc.
	  	UCC	  	Ikon Financial Svcs	  	Delaware	  	8/28/08	  	2008 2927232	  	Equipment lease
							
	 J. Crew Inc.
	  	UCC	  	Ikon Financial Svcs	  	Delaware	  	8/28/08	  	2008 2927240	  	Equipment lease
							
	 J. Crew Inc.
	  	UCC	  	Ikon Financial Svcs	  	Delaware	  	9/13/08	  	2008 3106265	  	Equipment lease
							
	 J. Crew Inc.
	  	UCC	  	IOS Capital	  	New Jersey	  	2/23/05	  	22839817	  	Equipment lease
							
	 J. Crew Inc.
	  	UCC	  	Tech Conveyor, Inc.	  	New Jersey	  	11/26/07	  	24463164	  	Equipment lease

 Schedule 7.02(f) 

Existing Investments 

Investments listed on Schedule 5.12. 

Investment Accounts: 
  

							
	 Account Holder
	  	Broker	  	Account No.	  	Type of Investment
	 J. Crew Operating Corp.
	  	Wells Fargo	  	XXXXXXXX	  	Securities Account
	 J. Crew Group, Inc.
	  	Citibank	  	XXX-XXXXX-XX XX	  	Securities Account
	 J. Crew Operating Corp.
	  	Bank of America	  	XXXXXXXX	  	Securities Account
	 J. Crew Group, Inc.
	  	JP Morgan Chase	  	XXX-XXXXXXX	  	Securities Account

 Schedule 7.03(b) 

Existing Indebtedness 
  

	1.	Demand Documentary Credit Facilities, dated October 31, 2007 (as amended on July 8, 2008, on July 13, 2009 and on July 5, 2010), between J. Crew
Operating Corp. and the Hong Kong and Shanghai Banking Corporation, Hong Kong SAR. 

  

	2.	 Liabilities not exceeding $209,017,935.004 to former shareholders of the Borrower in respect of the exercise of appraisal rights in connection with the Merger.

  

	4	 Amount reflects $43.50 multiplied by the number of shares held by such shareholders. 

 Schedule 7.08 
 Transactions with Affiliates 
  

	1.	Trademark License Agreement, dated as of October 20, 2005, by and among the Company, Millard S. Drexler and Millard S. Drexler, Inc. 

 

	2.	Arrangement pursuant to which the Company charters the use of Millard S. Drexler’s private aircraft from time to time for certain costs. 

 

	3.	Management Stockholders Agreement, dated as of the Closing Date, by and among Chinos Holdings, Inc., Chinos Acquisition Corporation, the Sponsors, Millard S. Drexler
and related trusts party thereto and certain members of management party thereto. 

  

	4.	Principal Investors Stockholders Agreement, dated as of the Closing Date, by and among Chinos Holdings, Inc., Chinos Acquisition Corporation, the Sponsors, Millard S.
Drexler and related trusts party thereto and the other stockholders party thereto. 

  

	5.	Certain legal expenses of Millard S. Drexler incurred in connection with work directly related to the Company’s business are reimbursed by the Company.

  

	6.	Employment Agreement of Millard S. Drexler by and among Chinos Holdings, Inc., J. Crew Operating Corp. and Millard S. Drexler. 

 Schedule 7.09 
 Existing Restrictions 
 None. 

 Schedule 10.02 
 Administrative Agent’s Office, Certain Addresses for Notices 
 HOLDINGS OR THE
BORROWER: 
 J. Crew Group, Inc. 

770 Broadway 
 New York, NY 10003 

Attention: XXXXXXXXX 
 Telephone: XXXXXXXXX

 Telecopier: XXXXXXXXX 
 Website for
posting documents: XXXXXXXXX 
 With a copy to: 
 Ropes & Gray, LLP 
 Prudential Tower 

800 Boylston Street 
 Boston, MA 02199-3600

 Attention: XXXXXXXXX 
 Telephone:
XXXXXXXXX 
 Telecopier: XXXXXXXXX 

Email: XXXXXXXXX 
 ADMINISTRATIVE
AGENT: 
 Administrative Agent’s Contact for Payments and Requests for Loans: 

Bank of America, N.A. 
 101 North Tryon Street

 Mail Code: NC1-001-04-39 
 Charlotte,
NC 28255-0001 
 Attention: XXXXXXXXX 

Telephone: XXXXXXXXX 
 Facsimile: XXXXXXXXX

 Electronic Mail: XXXXXXXXX 

Payment Instructions: 
 Bank of America,
N.A. 
 New York, NY 
 Attn: XXXXXXXXX

 ABA #: XXXXXXXXX 
 Account #:
XXXXXXXXX 
 Ref: XXXXXXXXX 

 Other Notices as Administrative Agent: 
 Bank of America, N.A. 
 Agency Management 
 1455 Market Street 
 Mail Code: CA5-701-05-19 

San Francisco, CA 94103 
 Attention: XXXXXXXXX

 Telephone: XXXXXXXXX 
 Facsimile:
XXXXXXXXX 
 Electronic Mail: XXXXXXXXX 

 EXHIBIT A 
 FORM OF COMMITTED LOAN NOTICE 
 Date:
                    ,      
  

	To:	Bank of America, N.A., as Administrative Agent 

 101 North Tryon Street 
 Mail Code: NC1-001-04-39 

Charlotte, NC 28255-0001 
 Attention: Christopher Mata 
 Telephone: (980) 387-2471 

Facsimile: (704) 719-5474 
 Electronic Mail: christopher.m.mata@baml.com 
 Ladies and Gentlemen: 

Reference is made to that certain Credit Agreement, dated as of March 7, 2011 (as amended, restated, extended, supplemented or
otherwise modified in writing from time to time, the “Credit Agreement”), among Chinos Acquisition Corporation, a Delaware corporation (which on the Closing Date shall be merged with and into J. Crew Group, Inc., a Delaware
corporation (the “Company”), with the Company surviving such merger as the Borrower (the “Borrower”)), Chinos Intermediate Holdings B, Inc., a Delaware corporation, the Lenders from time to time party thereto, and
Bank of America, N.A., as Administrative Agent and Collateral Agent. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. 

The undersigned hereby requests (select one): 
  

	 	 ̈	A Borrowing of Loans 

  

	 	 ̈	A conversion or continuation of Loans made on
                    . 

 To be made on the terms set forth below: 
  

	 	1.	 Class of Borrowing:
                    .1 

  

	 	2.	On                      (a Business Day).

  

	 	3.	In the principal amount of $                    .

  

	 	4.	Comprised of [Type of Loan requested]. 

 

	1	 E.g., Initial Loans, Incremental Loans, Other Loans or Extended Loans. 

  

					
		  	A-1	  	Form of Committed Loan Notice

	 	5.	For Eurodollar Rate Loans: with an Interest Period of                  months.

 [The undersigned hereby represents and warrants to the Administrative Agent and the Lenders
that the conditions to lending specified in Section 4.01(k) of the Credit Agreement will be satisfied as of the date of the Borrowing set forth above.]2 
 [Except in respect of any conversion or continuation of a Borrowing, the undersigned hereby represents and warrants to the Administrative Agent and the Lenders that the conditions to lending specified in
Section 4.02(a) of the Credit Agreement will be satisfied as of the date of the Borrowing set forth above and that no Default shall exist or will result from such Borrowing or from the application of the proceeds thereof.]3 

[The remainder of this page is intentionally left blank.] 

 

	2	 Applies only to the Borrowing on the Closing Date. 

	3	 Applies only to Borrowings, conversions or continuations after the Closing Date. 

  

					
		  	A-2	  	Form of Committed Loan Notice

 
			
	[BORROWER]
		
	By:	 	 
		 	Name:
		 	Title:

  

					
		  	A-3	  	Form of Committed Loan Notice

 EXHIBIT B 
 FORM OF NOTE 
  

			
	$                    	  	 [New York, New York]
 [Date]

 FOR VALUE RECEIVED, the undersigned (the
“Borrower”) hereby promises to pay to [LENDER] or its registered assigns (the “Lender”) in accordance with Section 10.07 of the Credit Agreement (as defined below), in lawful money of the United States of
America in immediately available funds at the office of the Administrative Agent (such term, and each other capitalized term used but not defined herein, having the meaning assigned to it in the Credit Agreement, dated as of March 7, 2011 (as
amended, restated, extended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Chinos Acquisition Corporation, a Delaware corporation (which shall be merged with and into J. Crew Group, Inc., a
Delaware corporation (the “Company”), with the Company surviving such merger as the Borrower), Chinos Intermediate Holdings B, Inc., a Delaware corporation, the Lenders from time to time party thereto, and Bank of America, N.A., as
Administrative Agent and Collateral Agent) at 1455 Market Street, Mail Code: CA5-701-05-19, San Francisco, CA 94103, (or such other office notified by the Administrative Agent to the Borrower in accordance with Section 10.02 of the Credit
Agreement) (i) on the dates set forth in the Credit Agreement, the principal amounts set forth in the Credit Agreement with respect to Loans made by the Lender to Borrower pursuant to the Credit Agreement and (ii) on each Interest Payment
Date, interest at the rate or rates per annum as provided in the Credit Agreement on the unpaid principal amount of all Loans made by the Lender to the Borrower pursuant to the Credit Agreement. 

The Borrower promises to pay interest, on demand, on any overdue principal and, to the extent permitted by law, overdue interest from
their due dates at the rate or rates provided in the Credit Agreement. 
 The Borrower hereby waives diligence, presentment,
demand, protest and notice of any kind whatsoever. The non-exercise by the holder hereof of any of its rights hereunder in any particular instance shall not constitute a waiver thereof in that or any subsequent instance. 

All Borrowings evidenced by this note and all payments and prepayments of the principal hereof and interest hereon and the respective
dates thereof shall be endorsed by the holder hereof on the schedule attached hereto and made a part hereof or on a continuation thereof which shall be attached hereto and made a part hereof, or otherwise recorded by such holder in its internal
records; provided, however, that the failure of the holder hereof to make such a notation or any error in such notation shall not affect the obligations of the Borrower under this note. 

This note is one of the Notes referred to in the Credit Agreement that, among other things, contains provisions for the acceleration of
the maturity hereof upon the happening of certain events, for optional and mandatory prepayment of the principal hereof prior to the maturity hereof and for the amendment or waiver of certain provisions of the Credit Agreement, all upon the terms
and conditions therein specified. This note is also entitled to the benefits of the Guaranty and is secured by the Collateral. 

  

					
		  	B-1	  	Form of Note

 THIS NOTE MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE TERMS OF THE CREDIT
AGREEMENT. 
 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 

  

					
		  	B-2	  	Form of Note

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

			
	CHINOS ACQUISITION CORPORATION (which on the Closing Date shall be merged with and into J. Crew Group, Inc., with J. Crew Group, Inc. surviving such merger as the
Borrower),
		
	By:	 	 
		 	Name:
		 	Title:

  

					
		  	B-3	  	Form of Note

			
	The undersigned hereby confirms that, as a result of its merger with Chinos Acquisition Corporation, it hereby assumes all of the rights and obligations of Chinos
Acquisition Corporation under this Note (in furtherance of, and not in lieu of, any assumption or deemed assumption as a matter of law) and hereby is joined as the Borrower hereunder.
	
	J. CREW GROUP, INC.
		
	By:	 	 
		 	Name:
		 	Title

  

					
		  	B-4	  	Form of Note

 LOANS AND PAYMENTS 

 

											
	 Date
	  	Amount of
Loan	  	Maturity
Date	  	Payments of
Principal/Interest	  	Principal
Balance of
Note	  	Name of
Person
Making this
Notation

  

					
		  	B-5	  	Form of Note

 EXHIBIT C 
 FORM OF COMPLIANCE CERTIFICATE 
 [Insert date] 

Reference is made to the Credit Agreement, dated as of March 7, 2011(as amended, extended, supplemented, amended and restated or
otherwise modified from time to time, the “Credit Agreement”), among Chinos Acquisition Corporation, a Delaware corporation (which on the Closing Date shall be merged with and into J. Crew Group, Inc., a Delaware corporation (the
“Company”), with the Company surviving such merger as the Borrower (the “Borrower”)), Chinos Intermediate Holdings B, Inc., a Delaware corporation, the Lenders from time to time party thereto, and Bank of America,
N.A., as Administrative Agent and Collateral Agent (capitalized terms used herein have the meanings attributed thereto in the Credit Agreement unless otherwise defined herein). Pursuant to Section 6.02(a) of the Credit Agreement, the
undersigned, solely in his/her capacity as the chief financial officer of the Borrower, certifies as follows: 
 1. [Attached hereto as Exhibit A is a consolidated balance sheet of the Borrower and its Subsidiaries for the fiscal year ended [    ],
201[    ], and the related consolidated statements of income or operations, stockholders’ equity and cash flows for such fiscal year, together with related notes thereto and management’s discussion and analysis
describing results of operations, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of KPMG LLP,
which report and opinion has been prepared in accordance with generally accepted auditing standards and is not subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such
audit. Also attached hereto as Exhibit A are the related consolidating financial statements reflecting the adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) (which may be in footnote form only) from such
consolidated financial statements.]1 

2. [Attached hereto as Exhibit A is a condensed consolidated balance sheet of the Borrower and its
Subsidiaries as at the end of the fiscal quarter ended [            ], and the related (i) condensed consolidated statements of income or operations for such fiscal quarter and
for the portion of the fiscal year then ended and (ii) condensed consolidated statements of cash flows for the portion of the fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal
quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail (collectively, the “Financial Statements”), together with management’s discussion and analysis describing
results of operations. Such Financial Statements fairly present in all material respects the financial condition, results of operations and cash flows of the Borrower and its Subsidiaries in accordance with GAAP, subject only to normal year-end
adjustments and the absence of footnotes. Also attached hereto as Exhibit A are the related consolidating financial statements reflecting the adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) (which may be in
footnote form only) from such consolidated financial statements.]2 
  

	1	 To be included if accompanying annual financial statements only. 

	2	 To be included if accompanying quarterly financial statements only. 

  

					
		  	C-1	  	Form of Compliance Certificate

 3. [Attached hereto as Exhibit B are the Projections required to
be delivered pursuant to Section 6.01(c) of the Credit Agreement. Such Projections have been prepared in good faith on the basis of the assumptions stated therein, which assumptions were believed to be reasonable at the time of preparation of
such Projections. Actual results may vary from such Projections and such variations may be material.]3 
 4. [To my knowledge, except as otherwise disclosed to the Administrative Agent
pursuant to the Credit Agreement, no Default has occurred and is continuing.] [If unable to provide the foregoing certification, attach an Annex A specifying the details of the Default that has occurred and is continuing and any action taken
or proposed to be taken with respect thereto.] 
 5. [Attached hereto as Schedule 1 is a calculation
of the Senior Secured Net Leverage Ratio as of the end of the most recent Test Period, which calculation is true and accurate on and as of the date of this Certificate.]4 
 6. [Attached hereto as Schedule 2 are reasonably detailed calculations setting forth Excess Cash Flow for the most recently ended fiscal year, which calculations are true and accurate on and as of
the date of this Certificate.]5 

7. [Attached hereto as Schedule 3 are reasonably detailed calculations, which calculations are true and
accurate on and as of the date of this Certificate, of the Net Cash Proceeds received during the fiscal year ended [            ] by or on behalf of Holdings or any of its Restricted
Subsidiaries in respect of any Disposition subject to prepayment pursuant to Section 2.03(b)(ii)(A) of the Credit Agreement and the portion of such Net Cash Proceeds that has been invested or are intended to be reinvested in accordance with
Section 2.03(b)(ii)(B) of the Credit Agreement.]6

 8. [Attached hereto is the information required to be delivered pursuant to Section 6.02(d) of the
Credit Agreement.]7]8 

 

	3	 To be included only in annual compliance certificate (beginning with the fiscal year ending January 28, 2012). 

	4	 To be included in quarterly and annual compliance certificates beginning with the quarter ending July 30, 2011. 

	5	 To be included only in annual compliance certificate beginning with the annual compliance certificate for fiscal year ending January 28, 2012.

	6	 To be included only in annual compliance certificate. 

	7	 To be included in quarterly and annual compliance certificates beginning with the quarter ending July 30, 2011, except information required by
Section 6.02(d)(i) to be included only in annual compliance certificate. 

	8	 Items 4-6 may be disclosed in a separate certificate no later than five (5) business days after delivery of the financial statements pursuant to
Section 6.02(a) of the Credit Agreement. 

  

					
		  	C-2	  	Form of Compliance Certificate

 [REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK] 

  

					
		  	C-3	  	Form of Compliance Certificate

 IN WITNESS WHEREOF, the undersigned, solely in his/her capacity as a chief financial officer
of J. Crew Group, Inc., has executed this certificate for and on behalf of J. Crew Group, Inc., and has caused this certificate to be delivered as of the date first set forth above. 

 

					
	J. CREW GROUP, INC.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	Chief Financial Officer

  

					
		  	C-4	  	Form of Compliance Certificate

 SCHEDULE 1 
 TO COMPLIANCE CERTIFICATE 
  

																	
	 (A)
	  	Senior Secured Net Leverage Ratio: Consolidated Senior Secured Net Debt to Consolidated EBITDA	  
			
		  	(1)	  	Consolidated Senior Secured Net Debt as of [_____], 20[__]:	  
				
		  		  	(a)	  	Consolidated Net Debt:	  
					
		  		  		  	(i)	  	Consolidated Total Debt	  
						
		  		  		  		  	(A)	  	At any date of determination, the aggregate principal amount of Indebtedness of the Borrower and the Restricted Subsidiaries outstanding on such date, determined on a
consolidated basis in accordance with GAAP (but excluding the effects of any discounting of Indebtedness resulting from the application of purchase accounting in connection with the Transaction, any Permitted Acquisition or any other Investment
permitted hereunder), consisting of:	      
								
		  		  		  		  		  	(1)	  	Indebtedness for borrowed money	  	$	_____	  
								
		  		  		  		  		  	(2)	  	unreimbursed obligations in respect of drawn letters of credit	  	$	_____	  
								
		  		  		  		  		  	(3)	  	obligations in respect of Capitalized Leases	  	$	_____	  
								
		  		  		  		  		  	(4)	  	debt obligations evidenced by promissory notes or similar instruments	  	$	_____	  
		
	 provided that Consolidated Total Debt shall not include Indebtedness in respect of (i) any Qualified Securitization Financing,
(ii) any letter of credit, except to the extent of unreimbursed obligations in respect of drawn letters of credit (provided that any unreimbursed amount under commercial letters of credit shall not be counted as Consolidated Total Debt until
three (3) Business Days after such amount is drawn (it being understood that any borrowing, whether automatic or otherwise, to fund such reimbursement shall be counted)) and (iii) obligations under Swap Contracts.
	  			
				
		  		  	 Consolidated Total Debt (sum of items (A)(1)(a)(i)(A)(1) through(4))
	  	$	_____	  
						
		  		  		  	(ii)	  	minus the lesser of (x) an aggregate amount of cash and Cash Equivalents (in each case, free and clear of all Liens, other than nonconsensual Liens permitted
by Section 7.01 of the Credit Agreement and Liens permitted by Sections 7.01(a), (l), (m), (s), (t)(i), (t)(ii), (u), (y) and (cc) of the Credit Agreement) included in the consolidated balance sheet of the Borrower and the Restricted
Subsidiaries as of such date, excluding cash and Cash Equivalents which are listed as “Restricted” on such balance sheet (“Unrestricted Cash”) and (y) $50,000,000	  	$	_____	  

  

					
		  	C-5	  	Form of Compliance Certificate

															
					
		  		  		  	Consolidated Net Debt (Consolidated Total Debt minus the lesser of (x) Unrestricted Cash and (y) $50,000,000)	  	$	_____	  
			
		  	Consolidated Senior Secured Net Debt (Consolidated Net Debt minus Consolidated Net Debt that is not secured by a Lien on any asset
or property of any Loan Party or any Restricted Subsidiary)	  	$	_____	  
				
		  	 (2)
	  	 Consolidated EBITDA:
	  			
					
		  		  	(a)	  	Consolidated Net Income:	  			
						
		  		  		  	 (i)     
	  	the net income (loss) of the Borrower and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP and
before any reduction in respect of preferred stock dividends, excluding, without duplication:	  	$	_____	  
							
		  		  		  		  	(A)	  	any net after-tax extraordinary, non-recurring or unusual gains or losses (less all fees and expenses relating thereto) or expenses, and Transaction Expenses, relocation costs,
integration costs, facility consolidation and closing costs (other than with respect to Stores), severance costs and expenses and one-time compensation charges	  	$	_____	  
							
		  		  		  		  	(B)	  	the cumulative effect of a change in accounting principles during such period, whether effected through a cumulative effect adjustment or a retroactive application in each case
in accordance with GAAP	  	$	_____	  
							
		  		  		  		  	(C)	  	effects of adjustments (including the effects of such adjustments pushed down to the Borrower and the Restricted Subsidiaries) in such Person’s consolidated financial
statements pursuant to GAAP (including in the inventory, property and equipment, software, goodwill, intangible assets, in-process research and development, deferred revenue and debt line items thereof) resulting from the application of
recapitalization accounting or purchase accounting, as the case may be, in relation to the Transaction or any consummated acquisition or the amortization or write-off of any amounts thereof, net of taxes	  	$	_____	  
							
		  		  		  		  	(D)	  	any net after-tax income (loss) from disposed or discontinued operations and any net after-tax gains or losses on disposal of disposed or discontinued operations	  	$	_____	  

  

					
		  	C-6	  	Form of Compliance Certificate

															
						
		  		  		  	 (E)
	  	any net after-tax gains or losses (less all fees and expenses relating thereto) attributable to asset dispositions or the sale or other disposition of any Equity
Interests of any Person other than in the ordinary course of business, as determined in good faith by the Borrower	  	$	_____	  
						
		  		  		  	 (F)
	  	the Net Income for such period of any Person that is not a Subsidiary, or is an Unrestricted Subsidiary, or that is accounted for by the equity method of accounting,
provided that Consolidated Net Income of the Borrower shall be increased by the amount of dividends or distributions or other payments that are actually paid in cash (or to the extent converted into cash) to the referent Person or a
Restricted Subsidiary thereof in respect of such period	  	$	_____	  
						
		  		  		  	 (G)
	  	[reserved]	  	$	_____	  
						
		  		  		  	 (H)
	  	(i) any net unrealized gain or loss (after any offset) resulting in such period from obligations in respect of Swap Contracts and the application of Financial
Accounting Standards Board Accounting Standards Codification 815 (Derivatives and Hedging), (ii) any net gain or loss resulting in such period from currency translation gains or losses related to currency remeasurements of Indebtedness (including
the net loss or gain (A) resulting from Swap Contracts for currency exchange risk and (B) resulting from intercompany Indebtedness) and all other foreign currency translation gains or losses to the extent such gain or losses are non-cash items, and
(iii) any net after-tax income (loss) for such period attributable to the early extinguishment or conversion of (A) Indebtedness, (B) obligations under any Swap Contracts or (C) other derivative instruments	  	$	_____	  
						
		  		  		  	 (I)
	  	any impairment charge or asset write-off, including impairment charges or asset write-offs or write-downs related to intangible assets, long-lived assets, investments
in debt and equity securities or as a result of a change in law or regulation, in each case pursuant to GAAP, and the amortization of intangibles arising pursuant to GAAP	  	$	_____	  

  

					
		  	C-7	  	Form of Compliance Certificate

																	
		 		 		  				 	(J)	 	any expenses, charges or losses that are covered by indemnification or other reimbursement provisions in connection with any Investment, Permitted Acquisition or any sale,
conveyance, transfer or other disposition of assets permitted under the Credit Agreement, to the extent actually reimbursed, or, so long as the Borrower has made a determination that a reasonable basis exists for indemnification or reimbursement and
only to the extent that such amount is in fact indemnified or reimbursed within 365 days of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so indemnified or reimbursed within such
365 days)	  	$	_____	  
							
		 		 		  				 	(K)	 	to the extent covered by insurance and actually reimbursed, or, so long as the Borrower has made a determination that there exists reasonable evidence that such amount will in fact
be reimbursed within 365 days of the date of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so reimbursed within such 365 days), expenses, charges or losses with respect to
liability or casualty events or business interruption	  	$	_____	  
							
		 		 		  				 	(L)	 	any non-cash (for such period and all other periods) compensation charge or expense, including any such charge or expense arising from the grants of stock appreciation or similar
rights, stock options, restricted stock or other rights or equity incentive programs shall be excluded, and any cash charges associated with the rollover, acceleration or payout of Equity Interests by, or to, management of the Borrower or any of its
Restricted Subsidiaries in connection with the Transaction	  	$	_____	  
					
		 		 		  	  
	 Consolidated Net Income (item (A)(2)(a)(i) minus the sum of items (A)(2)(a)(i)(A) through
(L))
	  	$	_____	  
					
		 		 	 (b)
	  	 	increased by (without duplication):	  			
						
		 		 		  	 	(i	) 	 	provision for taxes based on income or profits or capital, plus franchise or similar taxes and foreign withholding taxes, of such Person for such period deducted in
computing Consolidated Net Income	  	$	_____	  

  

					
		  	C-8	  	Form of Compliance Certificate

																	
		 		 		  				  	(ii)	 	(A) total interest expense of such Person for such period and (B) bank fees and costs of surety bonds, in each case under this clause (B), in connection with financing activities
and, in each case under clauses (A) and (B), to the extent the same was deducted in computing Consolidated Net Income	  	$	_____	  
							
		 		 		  				  	(iii)	 	Consolidated Depreciation and Amortization Expense of such Person for such period to the extent such depreciation and amortization were deducted in computing Consolidated Net
Income	  	$	_____	  
							
		 		 		  				  	(iv)	 	any expenses or charges related to any issuance of Equity Interests, Investment, acquisition, disposition, recapitalization or the incurrence or repayment of Indebtedness permitted
to be incurred under the Credit Agreement including a refinancing thereof (whether or not successful) and any amendment or modification to the terms of any such transactions, including such fees, expenses or charges related to the Transaction, in
each case, deducted in computing Consolidated Net Income	  	$	_____	  
							
		 		 		  				  	(v)	 	the amount of any restructuring charge or reserve deducted in such period in computing Consolidated Net Income, including any one-time costs incurred in connection with (A)
Permitted Acquisitions after the Closing Date or (B) the closing of any Stores or distribution centers after the Closing Date	  	$	_____	  
							
		 		 		  				  	(vi)	 	the amount of costs relating to pre-opening and opening costs for Stores, signing, retention and completion bonuses, costs incurred in connection with any strategic initiatives,
transition costs, consolidation and closing costs for Stores and costs incurred in connection with non-recurring product and intellectual property development after the Closing Date, other business optimization expenses (including costs and expenses
relating to business optimization programs), and new systems design and implementation costs and project start-up costs in an aggregate amount for all items added pursuant to this item (A)(2)(b)(vi) not to exceed $25,000,000 in any period of
four-consecutive fiscal quarters,	  	$	_____	  
							
		 		 		  				  	(vii)	 	any other non-cash charges including any write offs or write downs reducing such Consolidated Net Income for such period (provided that if any such non-cash charges represent
an accrual or reserve for potential cash items in any future period, (1) the Borrower may determine not to add back such non-cash charge in the current period and (2) to the extent the Borrower does decide to add back such non-cash charge, the cash
payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period)	  	$	_____	  

  

					
		  	C-9	  	Form of Compliance Certificate

															
							
		 		 		  		  	(viii)	 	the amount of any minority interest expense deducted in calculating Consolidated Net Income	  	$	_____	  
							
		 		 		  		  	(ix)	 	the amount of management, monitoring, consulting and advisory fees (including termination fees) and related indemnities and expenses paid or accrued in such period under the Sponsor
Management Agreement or otherwise to the Sponsors to the extent permitted under Section 7.08 of the Credit Agreement and deducted in such period in computing Consolidated Net Income	  	$	_____	  
							
		 		 		  		  	(x)	 	the amount of net cost savings and synergies (other than any of the foregoing related to Specified Transactions) projected by the Borrower in good faith to result from actions taken
or expected to be taken no later than twelve (12) months after the end of such period (calculated on a pro forma basis as though such cost savings and synergies had been realized on the first day of the period for which Consolidated EBITDA is being
determined), net of the amount of actual benefits realized during such period from such actions; provided that (A) such cost savings and synergies are reasonably identifiable and factually supportable, and (B) the aggregate amount of cost
savings and synergies added pursuant to this item (A)(2)(b)(x) for any Test Period shall not exceed, after the Closing Date, the greater of (x) $30,000,000 and (y) 10% of Consolidated EBITDA for such Test Period (calculated prior to giving effect to
any adjustment pursuant to this item (A)(2)(b)(x))	  	$	_____	  
							
		 		 		  		  	(xi)	 	the amount of loss on sale of receivables, Securitization Assets and related assets to any Securitization Subsidiary in connection with a Qualified Securitization
Financing	  	$	_____	  
							
		 		 		  		  	(xii)	 	cash receipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated EBITDA or Consolidated Net Income in any period to the extent
non-cash gains relating to such income were deducted in the calculation of Consolidated EBITDA pursuant to item (A)(2)(c) below for any previous period and not added back	  	$	_____	  
							
		 		 		  		  	(xiii)	 	any costs or expenses incurred by the Borrower or a Restricted Subsidiary pursuant to any management equity plan or stock option plan or any other management or employee benefit
plan or agreement or any stock subscription or stockholders agreement, to the	  			

  

					
	  	  	C-10	  	Form of Compliance Certificate

											
		  		  		 	extent that such costs or expenses are funded with cash proceeds contributed to the capital of the Borrower or net cash proceeds of issuance of Equity Interests of the Borrower
(other than Disqualified Equity Interests), in each case, solely to the extent that such cash proceeds are excluded from the calculation of the Available Amount	  	$	_____	  
				
		  	(c)	  	decreased by (without duplication):	  			
					
		  		  	(i)	 	any non-cash gains increasing Consolidated Net Income of such Person for such period, excluding any gains that represent the reversal of any accrual of, or cash reserve for,
anticipated cash charges in any prior period (other than such cash charges that have been added back to Consolidated Net Income in calculating Consolidated EBITDA in accordance with the calculation set forth in this Schedule 1)	  	$	_____	  
					
		  		  	(ii)	 	any non-cash gains with respect to cash actually received in a prior period unless such cash did not increase Consolidated EBITDA in such prior period	  	$	_____	  
			
		  	Consolidated EBITDA (Consolidated Net Income plus the sum of items (A)(2)(b)(i) through (xiii) minus the sum of items
(A)(2)(c)(i) and (ii)) 	  	$	_____	  
			
		  	Consolidated Senior Secured Net Debt to Consolidated EBITDA	  	 	____: 1.00	  

  

					
	  	  	C-11	  	Form of Compliance Certificate

 SCHEDULE 2 
 TO COMPLIANCE CERTIFICATE 
  

											
	(B) Excess Cash Flow Calculation	  			
				
	(a)	 		  	the sum, without duplication, of:	  			
					
		 		  	(i)	 	Consolidated Net Income of the Borrower for such period (the amount set forth at the end of item (A)(2)(a) in Schedule 1 to this Compliance Certificate)	  	$	_____	  
					
		 		  	(ii)	 	an amount equal to the amount of all non-cash charges (including depreciation and amortization) to the extent deducted in arriving at such Consolidated Net Income, but excluding any
such non-cash charges representing an accrual or reserve for potential cash items in any future period and excluding amortization of a prepaid cash item that was paid in a prior period	  	$	_____	  
					
		 		  	(iii)	 	decreases in Consolidated Working Capital for such period (other than (A) any such decreases arising from acquisitions or Dispositions by the Borrower and the Restricted
Subsidiaries completed during such period or the application of purchase accounting and (B) for any determination of Excess Cash Flow during any period in which an ABL Block shall exist)	  	$	_____	  
					
		 		  	(iv)	 	an amount equal to the aggregate net non-cash loss on Dispositions by the Borrower and the Restricted Subsidiaries during such period (other than Dispositions in the ordinary course
of business) to the extent deducted in arriving at such Consolidated Net Income	  	$	_____	  
					
		 		  	(v)	 	the amount deducted as tax expense in determining Consolidated Net Income to the extent in excess of cash taxes paid in such period	  	$	_____	  
					
		 		  	(vi)	 	cash receipts in respect of Swap Contracts during such fiscal year to the extent not otherwise included in such Consolidated Net Income	  	$	_____	  
				
	(b)	 		  	over, the sum, without duplication of:	  			
					
		 		  	(i)	 	an amount equal to the amount of all non-cash credits included in arriving at such Consolidated Net Income (but excluding any non-cash credit to the extent representing the reversal
of an accrual or reserve described in item (B)(a)(ii) above) and cash charges excluded by virtue of clauses (a)(i)(A) through (a)(i)(L) of the definition of Consolidated Net Income	  	$	_____	  
					
		 		  	(ii)	 	without duplication of amounts deducted pursuant to item (B)(b)(xi) below in prior fiscal years, the amount of Capital Expenditures or acquisitions of intellectual property accrued
or made in cash during such period to the extent financed with (A) internally generated funds or (B) the proceeds of extensions of credit under the ABL Facilities or any other revolving credit facility, in each case, of the Borrower or the
Restricted Subsidiaries	  	$	_____	  

  

					
	  	  	C-12	  	Form of Compliance Certificate

											
		 		  	(iii)	 	the aggregate amount of all principal payments of Indebtedness of the Borrower and the Restricted Subsidiaries (including (A) the principal component of payments in respect of
Capitalized Leases, (B) the amount of any mandatory prepayment of Loans pursuant to Section 2.03(b)(ii) of the Credit Agreement to the extent required due to a Disposition that resulted in an increase to such Consolidated Net Income and
not in excess of the amount of such increase and (C) the amount of any voluntary prepayments of Loans made pursuant to Section 2.03(a)(iv) of the Credit Agreement (in an amount equal to the discounted amount actually paid in respect of the principal
amount of such Loans), but excluding (X) all other prepayments of Loans (other than voluntary prepayments made pursuant to Section 2.03(a)(iv) of the Credit Agreement), (Y) all prepayments in respect of any revolving credit facility,
except to the extent there is an equivalent permanent reduction in commitments thereunder and (Z) payments of any subordinated indebtedness except to the extent permitted to be paid pursuant to Section 7.12(a) of the Credit Agreement) made during
such period, in each case except to the extent financed with the proceeds of other Indebtedness of the Borrower or the Restricted Subsidiaries	  	$	_____	  
					
		 		  	(iv)	 	an amount equal to the aggregate net non-cash gain on Dispositions by the Borrower and the Restricted Subsidiaries during such period (other than Dispositions in the ordinary course
of business) to the extent included in arriving at such Consolidated Net Income and the net cash loss on Dispositions to the extent otherwise added to arrive at Consolidated Net Income	  	$	_____	  
					
		 		  	(v)	 	increases in Consolidated Working Capital for such period (other than any such increases arising from acquisitions or Dispositions by the Borrower and the Restricted Subsidiaries
completed during such period or the application of purchase accounting)	  	$	_____	  
					
		 		  	(vi)	 	cash payments by the Borrower and the Restricted Subsidiaries during such period in respect of long-term liabilities of the Borrower and the Restricted Subsidiaries (other than
Indebtedness) to the extent such payments are not expensed during such period or are not deducted in calculating Consolidated Net Income	  	$	_____	  
					
		 		  	(vii)	 	without duplication of amounts deducted pursuant to items (B)(b)(viii) and (xi) below in prior fiscal years, the amount of Investments made pursuant to Sections 7.02(b)(iii), (m)
(but excluding such loans and advances in respect of Sections 7.06(g)(i), (g)(iv) (to the extent the amount of such Investment would not have been deducted pursuant to this item (B)(b)(vii) if made by the Borrower or a Restricted Subsidiary) and
(k)) and (n) of the Credit Agreement and acquisitions made during such period to the extent that such Investments and acquisitions were financed with internally generated cash flow of the Borrower and the Restricted Subsidiaries and not made in
reliance on any basket calculated by reference to the Available Amount	  	$	_____	  

  

					
	  	  	C-13	  	Form of Compliance Certificate

											
		 		  	(viii)	 	the amount of Restricted Payments paid during such period pursuant to Sections 7.06(f), (g), (h), (i) and (k)(i) of the Credit Agreement in each case to the extent such Restricted
Payments were financed with internally generated cash flow of the Borrower and the Restricted Subsidiaries	  	$	_____	  
					
		 		  	(ix)	 	the aggregate amount of expenditures actually made by the Borrower and the Restricted Subsidiaries from internally generated cash flow of the Borrower and the Restricted
Subsidiaries during such period (including expenditures for the payment of financing fees) to the extent that such expenditures are not expensed during such period or are not deducted in calculating Consolidated Net Income	  	$	_____	  
					
		 		  	(x)	 	the aggregate amount of any premium, make-whole or penalty payments actually paid in cash by Holdings, the Borrower and the Restricted Subsidiaries during such period that are made
in connection with any prepayment of Indebtedness to the extent such payments are not expensed during such period or are not deducted in calculating Consolidated Net Income and such payments reduced Excess Cash Flow pursuant to item (B)(b)(iii)
above or reduced the mandatory prepayment required by Section 2.03(b)(i) of the Credit Agreement	  	$	_____	  
					
		 		  	(xi)	 	without duplication of amounts deducted from Excess Cash Flow in prior periods, the aggregate consideration required to be paid in cash by the Borrower or any of the Restricted
Subsidiaries pursuant to binding contracts (the “Contract Consideration”) entered into prior to or during such period relating to Permitted Acquisitions, Capital Expenditures or acquisitions of intellectual property to be
consummated or made during the period of four consecutive fiscal quarters of the Borrower following the end of such period; provided that, to the extent the aggregate amount of internally generated cash flow actually utilized to finance such
Permitted Acquisitions, Capital Expenditures or acquisitions of intellectual property during such period of four consecutive fiscal quarters is less than the Contract Consideration, the amount of such shortfall shall be added to the calculation of
Excess Cash Flow at the end of such period of four consecutive fiscal quarters	  	$	_____	  
					
		 		  	(xii)	 	the amount of cash taxes paid or tax reserves set aside or payable (without duplication) in such period to the extent they exceed the amount of tax expense deducted in determining
Consolidated Net Income for such period	  	$	_____	  
					
		 		  	(xiii)	 	cash expenditures in respect of Swap Contracts during such fiscal year to the extent not deducted in arriving at such Consolidated Net Income.	  	$	_____	  

  

					
	 	  	C-14	  	Form of Compliance Certificate

					
	Excess Cash Flow (the sum of items (B)(a)(i) through (vi) minus the sum of items (B)(b)(i) through (xiii))	  	$	_____	  

  

					
	  	  	C-15	  	Form of Compliance Certificate

 SCHEDULE 3 
 TO COMPLIANCE CERTIFICATE 
  

											
	 (C)   Net Cash Proceeds
	  			
		
		 	with respect to the Disposition of any asset by the Borrower or any of the Restricted Subsidiaries or any Casualty Event, the excess, if any, of:	   
				
		 	(i)	  	the sum of:	  			
					
		 		  	(A)	  	cash and Cash Equivalents received in connection with such Disposition or Casualty Event (including any cash and Cash Equivalents received by way of deferred payment pursuant to, or
by monetization of, a note receivable or otherwise, but only as and when so received and, with respect to any Casualty Event, any insurance proceeds or condemnation awards in respect of such Casualty Event actually received by or paid to or for the
account of the Borrower or any of the Restricted Subsidiaries)	  	$	_____	  
				
		 	(ii)	  	over the sum of:	  			
					
		 		  	(A)	  	the principal amount, premium or penalty, if any, interest and other amounts on any Indebtedness that is secured by the asset subject to such Disposition or Casualty Event and
required to be repaid in connection with such Disposition or Casualty Event (other than Indebtedness under the Loan Documents, the ABL Facilities Documentation and the Credit Agreement Refinancing Indebtedness)	  	$	_____	  
					
		 		  	(B)	  	the out-of-pocket fees and expenses (including attorneys’ fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges,
transfer taxes, deed or mortgage recording taxes, other customary expenses and brokerage, consultant and other customary fees) actually incurred by the Borrower or such Restricted Subsidiary in connection with such Disposition or Casualty
Event	  	$	_____	  
					
		 		  	(C)	  	taxes or distributions made pursuant to Section 7.06(g)(i) or (g)(iii) of the Credit Agreement paid or reasonably estimated to be payable in connection therewith (including
taxes imposed on the distribution or repatriation of any such Net Cash Proceeds)	  	$	_____	  
					
		 		  	(D)	  	in the case of any Disposition or Casualty Event by a non-wholly owned Restricted Subsidiary, the pro-rata portion of the Net Cash Proceeds thereof (calculated without regard to
this item (C)(ii)(D)) attributable to minority interests and not available for distribution to or for the account of the Borrower or a wholly owned Restricted Subsidiary as a result thereof	  	$	_____	  

  

					
	  	  	C-16	  	Form of Compliance Certificate

													
		 		  	 	(E	) 	 	any reserve for adjustment in respect of (x) the sale price of such asset or assets established in accordance with GAAP and (y) any liabilities associated with such
asset or assets and retained by the Borrower or any Restricted Subsidiary after such sale or other disposition thereof, including pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any
indemnification obligations associated with such transaction, it being understood that “Net Cash Proceeds” shall include the amount of any reversal (without the satisfaction of any applicable liabilities in cash in a corresponding amount)
of any reserve described in this item (C)(ii)(E)	  	$	_____	  
		
	 Net Cash Proceeds (item (C)(i)(A) minus the sum of items (C)(ii)(A) through (E))
	  	$	_____	9 
		
	Portion of Net Cash Proceeds that has been invested or is intended to be reinvested in accordance with Section 2.03(b)(ii)(B) of the Credit Agreement	  	$	_____	  

  

	9	No net cash proceeds calculated in accordance with the above realized in a single transaction or series of related transactions shall constitute Net Cash Proceeds
unless such net cash proceeds shall exceed $10,000,000. No such net cash proceeds shall constitute Net Cash Proceeds in any fiscal year until the aggregate amount of all such net cash proceeds in such fiscal year shall exceed $30,000,000 (and
thereafter only net cash proceeds in excess of such amount shall constitute Net Cash Proceeds). 

  

					
	  	  	C-17	  	Form of Compliance Certificate

 EXHIBIT D-1 
 FORM OF ASSIGNMENT AND ASSUMPTION 
 This Assignment and Assumption (this
“Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [the][each]1 Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]2 Assignee identified in item 2 below ([the][each, an]
“Assignee”). [It is understood and agreed that the rights and obligations of [the Assignors][the
Assignees]3 hereunder are several and not joint.]4 Capitalized terms used but not defined herein shall have the meanings
given to them in the Credit Agreement identified below (the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby
agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 
 For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases and assumes from
[the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of [the
Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent
related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the respective Assignors] under the respective facilities identified below and (ii) to the extent permitted to be
assigned under applicable law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against any Person, whether known or
unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not
limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and
assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as [the][an] “Assigned Interest”). Each such sale and assignment is without recourse to
[the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by [the][any] Assignor. 
  

							
	1.	  	Assignor[s]:	  	  	  	 
				
	 	  	 	  	  	  	 
				
	2.	  	Assignee[s]:	  	  	  	 

  

	1	For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first bracketed language. If
the assignment is from multiple Assignors, choose the second bracketed language. 

	2	For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed language. If
the assignment is to multiple Assignees, choose the second bracketed language. 

	3	Select as appropriate. 

	4	Include bracketed language if there are either multiple Assignors or multiple Assignees. 

  

					
	  	  	D-1-1	  	Form of Assignment and Assumption

 [for each Assignee, indicate if [Affiliate][Approved Fund] of [identify Lender]]

  

	3.	Affiliate Status: 

  

	 	a.	Assignor(s): 

  

			
	 Assignor[s]5
	  	 Affiliated Lender6

		  	Yes  ̈ No  ̈
		
		  	Yes  ̈ No  ̈

 

	 	b.	Assignee(s): 

  

			
	 Assignee[s]7
	  	 Affiliated Lender8

		  	Yes  ̈ No  ̈
		
		  	Yes  ̈ No  ̈

[If any Assignee hereunder indicates above that it is an Affiliated Lender (or will become an Affiliated Lender after giving effect to
any such purported assignment), such Assignee shall (A) have delivered to the Administrative Agent a Notice of Affiliate Assignment in the form of Exhibit D-2 to the Credit Agreement and (B) set forth the tranche(s) of [Loans/Commitments]
being sold hereunder to such Assignee. If any Assignor or Assignee hereunder indicates above that it is or will become an Affiliated Lender, such Affiliates of the applicable Sponsor shall additionally set forth in this Section 3: (i) the
aggregate amount of all [Loans/Commitments] of such tranche(s) held by Affiliated Lenders with respect to such Sponsor after giving effect to the assignment hereunder and (ii) the aggregate amount of all [Loans/Commitments] held by Affiliated
Lenders with respect to such Sponsor after giving effect to the assignment hereunder.] 
  

	4.	Borrower(s): J. Crew Group, Inc. 

  

	5.	Administrative Agent: Bank of America, N.A., including any successor thereto, as the administrative agent under the Credit Agreement 

 

	5	List each Assignor. 

	6	For each Assignor, check the box in this column immediately to the right of such Assignor’s name indicating whether or not such Assignor is, prior to giving effect
to any assignment hereunder, an Affiliated Lender. 

	7	List each Assignee. 

	8	For each Assignee, check the box in this column immediately to the right of such Assignee’s name indicating whether or not such Assignee is an Affiliated Lender or
will, after giving effect to the assignment, become an Affiliated Lender. 

  

					
	  	  	D-1-2	  	Form of Assignment and Assumption

	6.	Credit Agreement: The Credit Agreement, dated as of March 7, 2011, among Chinos Acquisition Corporation, a Delaware corporation (which on the Closing Date
shall be merged with and into J. Crew Group, Inc., a Delaware corporation (the “Company”), with the Company surviving such merger as the Borrower (the “Borrower”)), Chinos Intermediate Holdings B, Inc., a Delaware
corporation, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent and Collateral Agent. 

  

	7.	Assigned Interest: 

  

																			
	 Assignor[s]9
	  	Assignee[s]10	 	  	Facility
Assigned11	  	Aggregate
Amount of
Commitment/Loans
for all Lenders12	  	Amount of
Commitment/Loans
Assigned	  	Percentage
Assigned of
Commitment/
Loans13	 	 	CUSIP
Number	 
	 	  	 	 	  	________________	  	$________________	  	$________________	  	________________%	 	 	 	 
							
		  				  	________________	  	$________________	  	$________________	  	 	________________	% 	 			
							
	 	  	 	 	  	________________	  	$________________	  	$________________	  	________________%	 	 	 	 

  

	[8.	Trade Date:                     ]14 

Effective Date:                 ,
20    [TO BE INSERTED BY THE ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 

 

	9	List each Assignor, as appropriate. 

	10	List each Assignee, as appropriate. 

	11	Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment and Assumption (e.g.
“Initial Loans”, “Extended Loans”, etc.). 

	12	Amounts in this column and in the column immediately to the right to be adjusted by the counterparties to take into account any payments or prepayments made between the
Trade Date and the Effective Date. 

	13	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

	14	To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date. 

  

					
	  	  	D-1-3	  	Form of Assignment and Assumption

 `The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

							
	ASSIGNOR
	[NAME OF ASSIGNOR]
		 	By:    	 	 
		 		 	Name:	 	
		 		 	Title:	 	

  

							
	ASSIGNEE
	
	[NAME OF ASSIGNEE]
		 	By:    	 	 
		 		 	Name:	 	
		 		 	Title:	 	

  

					
	[Consented to and]15 Accepted:
	
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  

					
	[Consented to
	
	J. CREW GROUP, INC.
		
	By:	 	 
		 	Name:	 	
		 	Title:    ]:16	 	

  

	15	To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. 

	16	To be added only if the consent of the Borrower is required by the terms of the Credit Agreement. 

  

					
	  	  	D-1-4	  	Form of Assignment and Assumption

 ANNEX 1 
 TO ASSIGNMENT AND ASSUMPTION 
 Credit Agreement, dated as of March 7, 2011,
among Chinos Acquisition Corporation, (which on the Closing Date shall be merged with and into J. Crew Group, Inc. (the “Company”), with the Company surviving such merger as the Borrower (the “Borrower”)), Chinos
Intermediate Holdings B, Inc. (“Holdings”), the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent and Collateral Agent 

STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ASSUMPTION 
 1. Representations and Warranties.

 1.1. Assignor. [The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial
owner of [the][[the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim [,][and] (iii) it has full power and authority, and has taken all action necessary, to
execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby [and (iv) it does not possess material non-public information with respect to Holdings and its Subsidiaries or the securities of any of
them that has not been disclosed to the Lenders generally (other than Lenders who elect not to receive such
information)]17; and (b) assumes no responsibility
with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of
the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by
the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. 
 1.2. Assignee. [The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and
Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 10.07(b)(iii) and (v) of the Credit Agreement
(subject to such consents, if any, as may be required under Section 10.07(b)(iii) of the Credit Agreement), (iii) from and after the Effective Date referred to in this Assignment and Assumption, it shall be bound by the provisions of the
Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented
by [the][such] Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire [the][such] Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit
Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 6.01(a) and (b) thereof, as applicable, and such other documents and information as it
deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any
other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis 
  

	17	 Insert only if an Affiliated Lender is an Assignor under this Assignment and Assumption.

  

					
	  	  	D-1-5	  	Form of Assignment and Assumption

 
and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, [and] (vii) attached hereto is any documentation required to be delivered by it
pursuant to the terms of the Credit Agreement, including but not limited to any documentation required pursuant to Section 3.01 of the Credit Agreement, duly completed and executed by [the][such] Assignee [,] [and (viii) it does not
possess material non-public information with respect to Holdings and its Subsidiaries or the securities of any of them that has not been disclosed to the Lenders generally (other than Lenders who elect not to receive such information)]18; and (b) agrees that (i) it will, independently and
without reliance upon the Administrative Agent, [the][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 Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each]
Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding the Effective Date and to [the][the relevant] Assignee for amounts which have
accrued from and after the Effective Date. 
 3. General Provisions. This Assignment and Assumption shall be binding
upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. Each party to this Assignment and Assumption acknowledges and agrees by its execution hereof that in addition to the other exculpations contemplated
by the Credit Agreement, the Administrative Agent shall not be liable for any losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements of any kind of nature whatsoever incurred or suffered by any
Person (including any party hereto) in connection with compliance or non-compliance with Section 10.07(h)(iii) of the Credit Agreement, including any purported assignment exceeding the limitation set forth therein or any assignment’s being
deemed null and void thereunder. This Assignment and Assumption may be executed in any number of counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which together shall
constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Assignment
and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York. 

 

	18	Insert only if an Affiliate of the Borrower/Sponsor is an Assignee under this Assignment and Assumption. 

  

					
	  	  	D-1-6	  	Form of Assignment and Assumption

 EXHIBIT D-2 
 FORM OF NOTICE OF AFFILIATE ASSIGNMENT 
 Kevin Ahart 

Agency Management Officer 
 Bank of America, N.A.

 Fax: 415.503.5000 
 Email:
kevin.ahart@baml.com 
 Phone Reference: 415-436-27501 
 Re: Credit
Agreement, dated as of March 7, 2011, among Chinos Acquisition Corporation, (which on the Closing Date shall be merged with and into J. Crew Group, Inc. (the “Company”), with the Company surviving such merger as the Borrower
(the “Borrower”)), Chinos Intermediate Holdings B, Inc. (“Holdings”), the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent and Collateral Agent (the “Credit
Agreement”) 
 Dear Sir: 

The undersigned (the “Proposed Affiliate Assignee”) hereby gives you notice, pursuant to Section 10.07(h) of the Credit Agreement,
that 
 (a) it has entered into an agreement to purchase via assignment a portion of the Loans under the Credit Agreement, 

(b) the assignor in the proposed assignment is [            ], 

(c) immediately after giving effect to such assignment of the Loans (if accepted), the Proposed Affiliate Assignee will be an Affiliated Lender because
it is an Affiliate of [insert name of applicable Sponsor], 
 (d) the principal amount of Loans to be purchased by such Proposed Affiliate
Assignee in the assignment contemplated hereby is: $            , 
 (e) the
aggregate amount of all Loans held by such Proposed Affiliate Assignee and each other Affiliated Lender which is an Affiliate of [insert name of Applicable Sponsor] after giving effect to the assignment hereunder (if accepted) is
$[            ], and 
 (f) the proposed effective date of the assignment
contemplated hereby is [            , 20__]. 
  

	1	The notice details set forth herein may be modified from time to time by notice from the Administrative Agent to the Lenders pursuant to Section 10.02 of the
Credit Agreement. 

  

					
	  	  	D-2-1	  	Form of Affiliate Assignment Notice

 
					
	Very truly yours,
	
	[EXACT LEGAL NAME OF PROPOSED AFFILIATE ASSIGNEE]
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
		 	Phone Number:	 	
		 	Fax:	 	
		 	Email:	 	
		
	Date:	 	 

  

					
	  	  	D-2-2	  	Form of Affiliate Assignment Notice

 EXHIBIT E 
 FORM OF GUARANTY 
 [See attached] 

  

					
		  	E-1	  	Form of Guaranty

 Exhibit E 

 
  

 
 FORM OF GUARANTY 

dated as of 

[            ] [     ], 20[     ]

 among 

CHINOS INTERMEDIATE HOLDINGS B, INC., 
 as Holdings, 
 THE OTHER GUARANTORS PARTY HERETO FROM TIME TO TIME, 

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

 
  

 

  

					
	  	  	 	  	J. Crew Guaranty (TL)

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE I Definitions	  	1	 
			
	 Section 1.01
	  	Term Loan Credit Agreement Definitions	  	 	1	  
			
	 Section 1.02
	  	Other Defined Terms	  	 	1	  
		
	ARTICLE II Guarantee	  	 	2	  
			
	 Section 2.01
	  	Guarantee	  	 	2	  
			
	 Section 2.02
	  	Guarantee of Payment	  	 	2	  
			
	 Section 2.03
	  	No Limitations	  	 	3	  
			
	 Section 2.04
	  	Reinstatement	  	 	4	  
			
	 Section 2.05
	  	Agreement To Pay; Subrogation	  	 	5	  
			
	 Section 2.06
	  	Information	  	 	5	  
		
	ARTICLE III Indemnity, Subrogation and Subordination	  	 	5	  
		
	ARTICLE IV Miscellaneous	  	 	6	  
			
	 Section 4.01
	  	Notices	  	 	6	  
			
	 Section 4.02
	  	Waivers; Amendment	  	 	6	  
			
	 Section 4.03
	  	Administrative Agent’s and Collateral Agent’s Fees and Expenses; Indemnification	  	 	7	  
			
	 Section 4.04
	  	Successors and Assigns	  	 	8	  
			
	 Section 4.05
	  	Survival of Agreement	  	 	8	  
			
	 Section 4.06
	  	Counterparts; Effectiveness; Several Agreement	  	 	9	  
			
	 Section 4.07
	  	Severability	  	 	9	  
			
	 Section 4.08
	  	GOVERNING LAW, ETC.	  	 	9	  
			
	 Section 4.09
	  	WAIVER OF RIGHT TO TRIAL BY JURY	  	 	10	  
			
	 Section 4.10
	  	Headings	  	 	10	  
			
	 Section 4.11
	  	Obligations Absolute	  	 	10	  
			
	 Section 4.12
	  	Termination or Release	  	 	11	  
			
	 Section 4.13
	  	Additional Restricted Subsidiaries	  	 	12	  
			
	 Section 4.14
	  	Recourse; Limited Obligations	  	 	12	  
			
	 Section 4.15
	  	Intercreditor Agreement	  	 	12	  

  
 J. Crew
Guaranty (TL) 

 SCHEDULES 
  

			
	Schedule I	  	Guarantors

 EXHIBITS 

 

			
	Exhibit I	  	Form of Guaranty Supplement

  
 J. Crew
Guaranty (TL) 

 This GUARANTY, dated as of [        ]
[    ], 20[    ], is among CHINOS INTERMEDIATE HOLDINGS B, INC., a Delaware corporation (“Holdings”), and the other Guarantors set forth on Schedule I hereto and BANK OF AMERICA,
N.A., as Administrative Agent and Collateral Agent for the Secured Parties (as defined below). 
 Reference is made to the
Credit Agreement, dated as of March 7, 2011 (as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time, the “Term Loan Credit Agreement”), among CHINOS ACQUISITION CORPORATION, a
Delaware corporation (which on the Closing Date shall be merged with and into J. CREW GROUP, INC., a Delaware corporation (the “Company”), with the Company surviving such merger as the borrower under the Term Loan Credit Agreement
referred to below (the “Borrower”)), Holdings, the Lenders party thereto from time to time, and Bank of America, N.A., as Administrative Agent and Collateral Agent for the Lenders. 

The Lenders have agreed to extend credit to the Borrower subject to the terms and conditions set forth in the Term Loan Credit Agreement.
The obligations of the Lenders to extend such credit are conditioned upon, among other things, the execution and delivery of this Agreement by each Guarantor (as defined below). The Guarantors are affiliates of one another and will derive
substantial direct and indirect benefits from the extensions of credit to the Borrower pursuant to the Term Loan Credit Agreement and are willing to execute and deliver this Agreement in order to induce the Lenders to extend such credit. The ABL
Intercreditor Agreement governs the relative rights and priorities of the Term Secured Parties and the ABL Secured Parties (as defined in the ABL Intercreditor Agreement) in respect of the Term Priority Collateral and the ABL Priority Collateral
(and with respect to certain other matters as described therein). Accordingly, the parties hereto agree as follows: 
 ARTICLE
I 
 Definitions 
 Section 1.01 Term Loan Credit Agreement Definitions. 
 (a)
Capitalized terms used in this Agreement, including the preamble and introductory paragraphs hereto, and not otherwise defined herein have the meanings specified in the Term Loan Credit Agreement. 

(b) The rules of construction specified in Article I of the Term Loan Credit Agreement also apply to this Agreement.

 Section 1.02 Other Defined Terms. As used in this Agreement, the following terms have the meanings specified below:

 “Accommodation Payment” has the meaning assigned to such term in Article III. 

“Agreement” means this Guaranty. 
 “Allocable Amount” has the meaning assigned to such term in Article III. 

  

					
		  	1	  	J. Crew Guaranty (TL)

 “Guaranteed Obligations” mean the “Obligations” as defined in the
Term Loan Credit Agreement. 
 “Guarantors” means, collectively, Holdings, each other Guarantor listed on
Schedule I hereto and any other Person that becomes a party to this Agreement after the Closing Date pursuant to Section 4.13; provided that if any such Guarantor is released from its obligations hereunder as provided in
Section 4.12(b), such Person shall cease to be a Guarantor hereunder effective upon such release. 
 “Guaranty
Supplement” means an instrument substantially in the form of Exhibit I hereto. 
 “Secured Parties”
has the meaning provided in the Term Loan Credit Agreement. 
 “Term Loan Credit Agreement” has the meaning
assigned to such term in the preliminary statement of this Agreement. 
 “UFCA” has the meaning assigned to
such term in Article III. 
 “UFTA” has the meaning assigned to such term in Article III. 

ARTICLE II 

Guarantee 
 Section 2.01 Guarantee. 
 Each Guarantor irrevocably, absolutely and
unconditionally guarantees, jointly with the other Guarantors and severally, as a primary obligor and not merely as a surety, the due and punctual payment and performance of the Guaranteed Obligations, in each case, whether such Guaranteed
Obligations are now existing or hereafter incurred under, arising out of or in connection with any Loan Document, Secured Hedge Agreements or Cash Management Services, and whether at maturity, by acceleration or otherwise. Each of the Guarantors
further agrees that the Guaranteed Obligations may be extended, increased or renewed, amended or modified, in whole or in part, without notice to, or further assent from, such Guarantor and that such Guarantor will remain bound upon its guarantee
hereunder notwithstanding any such extension, increase, renewal, amendment or modification of any Guaranteed Obligation. Each of the Guarantors waives promptness, presentment to, demand of payment from, and protest to, any Guarantor or any other
Loan Party of any of the Guaranteed Obligations, and also waives notice of acceptance of its guarantee and notice of protest for nonpayment. 
 Section 2.02 Guarantee of Payment. 
 Each of the Guarantors further agrees
that its guarantee hereunder constitutes a guarantee of payment when due (whether or not any bankruptcy or similar proceeding shall have stayed the accrual of collection of any of the Guaranteed Obligations or operated as a discharge thereof) and
not of collection, and waives any right to require that any resort be had by the Administrative 

  

					
		  	2	  	J. Crew Guaranty (TL)

 
Agent or any other Secured Party to any security held for the payment of any of the Guaranteed Obligations, or to any balance of any deposit account or credit on the books of the Administrative
Agent or any other Secured Party in favor of any other Guarantor or any other Person. The obligations of each Guarantor hereunder are independent of the obligations of any other Guarantor or the Borrower, and a separate action or actions may be
brought and prosecuted against each Guarantor whether or not action is brought against any other Guarantor or the Borrower and whether or not any other Guarantor or the Borrower be joined in any such action or actions. Any payment required to be
made by a Guarantor hereunder may be required by the Administrative Agent or any other Secured Party on any number of occasions. 
 Section 2.03 No Limitations. 
 (a) Except for termination or
release of a Guarantor’s obligations hereunder as expressly provided in Section 4.12, to the fullest extent permitted by applicable Law, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation,
impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense or set-off, counterclaim, recoupment or termination whatsoever by reason of the
invalidity, illegality or unenforceability of any of the Guaranteed Obligations, any impossibility in the performance of any of the Guaranteed Obligations, or otherwise. Without limiting the generality of the foregoing, to the fullest extent
permitted by applicable Law and except for termination or release of a Guarantor’s obligations hereunder in accordance with the terms of Section 4.12 (but without prejudice to Section 2.04), the obligations of each Guarantor hereunder
shall not be discharged, impaired or otherwise affected by (i) the failure of the Administrative Agent, any other Secured Party or any other Person to assert any claim or demand or to enforce any right or remedy under the provisions of any Loan
Document or otherwise; (ii) any rescission, waiver, amendment or modification of, or any release from any of the terms or provisions of, any Loan Document or any other agreement, including with respect to any other Guarantor under this
Agreement; (iii) the release of, or any impairment of any security held by the Collateral Agent or any other Secured Party for the Guaranteed Obligations; (iv) any default, failure or delay, willful or otherwise, in the performance of the
Guaranteed Obligations; (v) the failure to perfect any security interest in, or the release of, any of the Collateral held by or on behalf of the Collateral Agent or any other Secured Party; (vi) any change in the corporate existence,
structure or ownership of any Loan Party, the lack of legal existence of the Borrower or any other Guarantor or legal obligation to discharge any of the Guaranteed Obligations by the Borrower or any other Guarantor for any reason whatsoever,
including, without limitation, in any insolvency, bankruptcy or reorganization of any Loan Party; (vii) the existence of any claim, set-off or other rights that any Guarantor may have at any time against the Borrower, the Administrative Agent,
any other Secured Party or any other Person, whether in connection with the Term Loan Credit Agreement, the other Loan Documents or any unrelated transaction; (viii) this Agreement having been determined (on whatsoever grounds) to be invalid,
non-binding or unenforceable against any other Guarantor ab initio or at any time after the Closing Date or (ix) any other circumstance (including statute of limitations), any act or omission that may or might in any manner or to any
extent vary the risk of any Guarantor or otherwise operate as a defense to, or discharge of, the Borrower, any Guarantor or any other guarantor or surety as a matter of law or equity (in each case, other than the payment in full in cash of all the
Guaranteed Obligations (excluding 

  

					
		  	3	  	J. Crew Guaranty (TL)

 
contingent obligations as to which no claim has been made)). Each Guarantor expressly authorizes the applicable Secured Parties, to the extent permitted by the Security Agreement, to take and
hold security for the payment and performance of the Guaranteed Obligations, to exchange, waive or release any or all such security (with or without consideration), to enforce or apply such security and direct the order and manner of any sale
thereof in their sole discretion or to release or substitute any one or more other guarantors or obligors upon or in respect of the Guaranteed Obligations all without affecting the obligations of any Guarantor hereunder. Anything contained in this
Agreement to the contrary notwithstanding, the obligations of each Guarantor under this Agreement shall be limited to an aggregate amount equal to the largest amount that would not render its obligations under this Agreement subject to avoidance as
a fraudulent transfer or conveyance under Section 548 of the Bankruptcy Code of the United States or any comparable provisions of any similar federal or state law. 

(b) To the fullest extent permitted by applicable Law and except for termination or release of a Guarantor’s
obligations hereunder in accordance with the terms of Section 4.12 (but without prejudice to Section 2.04), each Guarantor waives any defense based on or arising out of any defense of the Borrower or any other Guarantor or the
unenforceability of the Guaranteed Obligations or any part thereof from any cause, or the cessation from any cause of the liability of the Borrower or any other Guarantor, other than the payment in full in cash of all the Guaranteed Obligations
(excluding contingent obligations as to which no claim has been made). The Administrative Agent and the other Secured Parties may in accordance with the terms of the Collateral Documents, at their election, foreclose on any security held by one or
more of them by one or more judicial or nonjudicial sales, accept an assignment of any such security in lieu of foreclosure, compromise or adjust any part of the Guaranteed Obligations, make any other accommodation with the Borrower or any other
Guarantor or exercise any other right or remedy available to them against any Guarantor, without affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the Guaranteed Obligations have been paid in full in
cash (excluding contingent obligations as to which no claim has been made). To the fullest extent permitted by applicable Law, each Guarantor waives any defense arising out of any such election even though such election operates, pursuant to
applicable Law, to impair or to extinguish any right of reimbursement or subrogation or other right or remedy of such Guarantor against the Borrower or any other Guarantor, as the case may be, or any security. To the fullest extent permitted by
applicable Law, each Loan Party waives any and all suretyship defenses. 
 Section 2.04 Reinstatement. 

Notwithstanding anything to contrary contained in this Agreement, each of the Guarantors agrees that (a) its guarantee hereunder
shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Guaranteed Obligation is rescinded or must otherwise be restored by the Administrative Agent or any other Secured Party upon the
bankruptcy or reorganization (or any analogous proceeding in any jurisdiction) of the Borrower or any other Guarantor or otherwise and (b) the provisions of this Section 2.04 shall survive the termination of this Agreement. 

  

					
		  	4	  	J. Crew Guaranty (TL)

 Section 2.05 Agreement To Pay; Subrogation. 

In furtherance of the foregoing and not in limitation of any other right that the Administrative Agent or any other Secured Party has at
law or in equity against any Guarantor by virtue hereof, upon the failure of the Borrower or any other Guarantor to pay any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, after notice of prepayment
or otherwise, each Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the Administrative Agent for distribution to the applicable Secured Parties in cash the amount of such unpaid Guaranteed Obligation. Upon payment by any
Guarantor of any sums to the Administrative Agent as provided above, all rights of such Guarantor against the Borrower or any other Guarantor arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or
otherwise shall in all respects be subject to Article III. 
 Section 2.06 Information. 

Each Guarantor assumes all responsibility for being and keeping itself informed of the Borrower’s and each other Guarantor’s
financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that none of
the Administrative Agent or the other Secured Parties will have any duty to advise such Guarantor of information known to it or any of them regarding such circumstances or risks. 

ARTICLE III 
 Indemnity, Subrogation and Subordination 
 Upon payment by any
Guarantor of any Guaranteed Obligations, all rights of such Guarantor against the Borrower or any other Guarantor arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects
be subordinate and junior in right of payment to the prior payment in full in cash of all the Guaranteed Obligations (excluding contingent obligations as to which no claim has been made) and the termination of all Commitments to any Loan Party under
any Loan Document. If any amount shall erroneously be paid to the Borrower or any other Guarantor on account of (i) such subrogation, contribution, reimbursement, indemnity or similar right or (ii) any such indebtedness of the Borrower or
any other Guarantor, such amount shall be held in trust for the benefit of the Secured Parties and shall forthwith be paid to the Administrative Agent to be credited against the payment of the Guaranteed Obligations, whether matured or unmatured, in
accordance with the terms of the Term Loan Credit Agreement and the other Loan Documents. Subject to the foregoing, to the extent that any Guarantor shall, under this Agreement or the Term Loan Credit Agreement as a joint and several obligor, repay
any of the Guaranteed Obligations constituting Loans made to another Loan Party under the Term Loan Credit Agreement (an “Accommodation Payment”), then the Guarantor making such Accommodation Payment shall be entitled to
contribution and indemnification from, and be reimbursed by, each of the other Guarantors in an amount equal to a fraction of such Accommodation Payment, the 

  

					
		  	5	  	J. Crew Guaranty (TL)

 
numerator of which fraction is such other Guarantor’s Allocable Amount and the denominator of which is the sum of the Allocable Amounts of all of the Guarantors; provided that such rights of
contribution and indemnification shall be subordinated to the prior payment in full, in cash, of all of the Guaranteed Obligations (excluding contingent obligations as to which no claim has been made). As of any date of determination, the
“Allocable Amount” of each Guarantor shall be equal to the maximum amount of liability for Accommodation Payments which could be asserted against such Guarantor hereunder and under the Term Loan Credit Agreement without
(a) rendering such Guarantor “insolvent” within the meaning of Section 101 (31) of the Bankruptcy Code of the United States, Section 2 of the Uniform Fraudulent Transfer Act (“UFTA”) or Section 2
of the Uniform Fraudulent Conveyance Act (“UFCA”), (b) leaving such Guarantor with unreasonably small capital or assets, within the meaning of Section 548 of the Bankruptcy Code of the United States, Section 4 of the
UFTA, or Section 5 of the UFCA, or (c) leaving such Guarantor unable to pay its debts as they become due within the meaning of Section 548 of the Bankruptcy Code of the United States or Section 4 of the UFTA, or Section 5 of
the UFCA. 
 ARTICLE IV 
 Miscellaneous 
 Section 4.01 Notices. 

All communications and notices hereunder shall (except as otherwise expressly permitted herein) be in writing and given as provided in
Section 10.02 of the Term Loan Credit Agreement. All communications and notice hereunder to a Guarantor other than Holdings shall be given in care of the Borrower. 
 Section 4.02 Waivers; Amendment. 
 (a) No failure by any
Secured Party to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right,
remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Loan
Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by Law. No waiver of any provision of any Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless
the same shall be permitted by paragraph (b) of this Section 4.02, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. 

(b) Subject to the ABL Intercreditor Agreement, neither this Agreement nor any provision hereof may be waived, amended or
modified except pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Loan Party or Loan Parties with respect to which such waiver, amendment or modification is to apply, subject to any consent required
in accordance with Section 10.01 of the Term Loan Credit Agreement. 

  

					
		  	6	  	J. Crew Guaranty (TL)

 Section 4.03 Administrative Agent’s and Collateral Agent’s Fees and Expenses;
Indemnification. 
 (a) Each Guarantor, jointly with the other Guarantors and severally, agrees to reimburse
the Administrative Agent and the Collateral Agent for its fees and expenses incurred hereunder as provided in Section 10.04 of the Term Loan Credit Agreement; provided that each reference therein to the “Borrower” shall be
deemed to be a reference to “each Guarantor”. 
 (b) Without limitation of its indemnification
obligations under the other Loan Documents, each Guarantor jointly and severally agrees to indemnify the Administrative Agent, the Collateral Agent and the other Indemnitees (as defined in Section 10.05 of the Term Loan Credit Agreement)
against, and hold each Indemnitee harmless from, any and all liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (including Attorney Costs) of any kind or nature
whatsoever which may at any time be imposed on, incurred by or asserted against any such Indemnitee in any way relating to or arising out of or in connection with (but limited, in the case of legal fees and expenses, to the reasonable and documented
out-of-pocket fees, disbursements and other charges of one counsel to all Indemnitees taken as a whole and, if reasonably necessary, a single local counsel for all Indemnitees taken as a whole in each relevant jurisdiction that is material to the
interest of the Lenders, and solely in the case of a conflict of interest, one additional counsel in each relevant jurisdiction to each group of affected Indemnitees similarly situated taken as a whole) (i) the execution, delivery, enforcement,
performance or administration of this Agreement or any other agreement, letter or instrument delivered in connection with the transactions contemplated hereby or the consummation of the transactions contemplated hereby, (ii) any actual or
alleged presence or release of Hazardous Materials on or from any property currently or formerly owned or operated by any Guarantor, or any Environmental Liability arising out of the activities or operations of any Guarantor, or (iii) any
actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory (including any investigation of, preparation for, or defense of any pending or threatened
claim, investigation, litigation or proceeding) and regardless of whether any Indemnitee is a party thereto and, in each case, whether or not caused by or arising, in whole or in part, out of the negligence of the Indemnitee; provided that
such indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements (i) resulted from the gross
negligence, bad faith, or willful misconduct of such Indemnitee or of any Related Indemnified Person of such Indemnitee, as determined by the final non-appealable judgment of a court of competent jurisdiction, (ii) are relating to disputes
amongst Indemnitees other than (1) any claim against an Indemnitee in its capacity or in fulfilling its role as Administrative Agent or Collateral Agent and (2) any claim arising out of any act or omission of the Borrower or any of its
Affiliates, (iii) related to Taxes or amounts excluded from the definition of Taxes in the Term Loan Credit Agreement pursuant to clauses (i) through (vii) of the first sentence of Section 3.01(a) of the Term Loan Credit
Agreement that are imposed with respect to payments to or for the account of any Agent or any Secured Party under this Agreement or any other Loan Document, which shall be governed by Section 3.01 of the Term Loan Credit Agreement, or
(iv) related to Other Taxes or to taxes covered by Section 3.04 of the Term Loan Credit Agreement. No Indemnitee nor any Guarantor shall have any liability and each party hereby waives, any

  

					
		  	7	  	J. Crew Guaranty (TL)

 
claim against any other party to this Agreement or any Indemnitee, for any special, punitive, indirect or consequential damages relating to this Agreement or arising out of its activities in
connection herewith or therewith (whether before or after the Closing Date) (other than, in the case of any Guarantor, in respect of any such damages incurred or paid by an Indemnitee to a third party). 

(c) Any such amounts payable as provided hereunder shall be additional Guaranteed Obligations guaranteed hereby and
secured by the Collateral Documents. The provisions of this Section 4.03 shall remain operative and in full force and effect regardless of the termination of this Agreement, any other Loan Document, any Secured Hedge Agreement or any Cash
Management Services agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Guaranteed Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document,
any resignation of the Administrative Agent or Collateral Agent or any document governing any of the obligations arising under any Secured Hedge Agreement or Cash Management Obligations, or any investigation made by or on behalf of the
Administrative Agent or any other Secured Party. All amounts due under this Section 4.03 shall be payable within 20 Business Days of written demand therefor. 
 Section 4.04 Successors and Assigns. 
 Whenever in this Agreement any of
the parties hereto is referred to, such reference shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of any Guarantor or any Secured Party that are contained in
this Agreement shall bind and inure to the benefit of their respective permitted successors and assigns. Except as provided in Section 10.07 of the Term Loan Credit Agreement, no Guarantor may assign any of its rights or obligations hereunder
without the written consent of the Administrative Agent. 
 Section 4.05 Survival of Agreement. 

All covenants, agreements, indemnities, representations and warranties made by the Guarantors in the Loan Documents and in the
certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the Secured Parties and shall survive the execution and delivery of the Loan
Documents and the making of any Loans, regardless of any investigation made by any Secured Party or on its behalf and notwithstanding that any Secured Party may have had notice or knowledge of any Default or Event of Default or incorrect
representation or warranty at the time any credit is extended under the Term Loan Credit Agreement or any other Loan Document, and shall continue in full force and effect until this Agreement is terminated as provided in Section 4.12 hereof, or
with respect to any individual Guarantor until such Guarantor is otherwise released from its obligations under this Agreement in accordance with the terms hereof. 

  

					
		  	8	  	J. Crew Guaranty (TL)

 Section 4.06 Counterparts; Effectiveness; Several Agreement. 

This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. This Agreement shall become effective when it shall have been executed by the Guarantors, the Administrative Agent and the Collateral Agent and
thereafter shall be binding upon and inure to the benefit of each Guarantor, the Administrative Agent, the Collateral Agent, the other Secured Parties and their respective permitted successors and assigns, subject to Section 4.04 hereof.
Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Agreement. This Agreement shall be construed as a
separate agreement with respect to each Guarantor and may be amended, restated, modified, supplemented, waived or released with respect to any Guarantor without the approval of any other Guarantor and without affecting the obligations of any other
Guarantor hereunder. 
 Section 4.07 Severability. 

If any provision of this Agreement is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of
the remaining provisions of this Agreement shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic
effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 Section 4.08 GOVERNING LAW, ETC. 

(a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

(b) THE GUARANTORS, THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT EACH IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR
ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY IN THE BOROUGH OF MANHATTAN AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT
FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY
SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE 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. EACH PARTY HERETO AGREES THAT 

  

					
		  	9	  	J. Crew Guaranty (TL)

 
THE ADMINISTRATIVE AGENT AND LENDERS RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY LOAN PARTY IN THE COURTS OF ANY OTHER JURISDICTION
IN CONNECTION WITH THE EXERCISE OF ANY RIGHTS UNDER THIS AGREEMENT OR THE ENFORCEMENT OF ANY JUDGMENT. 
 (c) THE
GUARANTORS, THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT EACH IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY COURT REFERRED TO IN PARAGRAPH (b) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN
INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 
 Section 4.09 WAIVER OF RIGHT TO
TRIAL BY JURY. 
 EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 Section 4.10 Headings. 
 Article and Section headings and the Table of
Contents used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

Section 4.11 Obligations Absolute. 
 All rights of the Collateral Agent, the Administrative Agent and the other Secured Parties hereunder and all obligations of each Guarantor hereunder shall be absolute and unconditional irrespective of
(a) any lack of validity or enforceability of the Term Loan Credit Agreement, any other Loan Document, any agreement with respect to any of the Guaranteed Obligations or any other agreement or instrument relating to any of the foregoing,
(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, 

  

					
		  	10	  	J. Crew Guaranty (TL)

 
or any other amendment or waiver of or any consent to any departure from the Term Loan Credit Agreement, any other Loan Document, or any other agreement or instrument, (c) any release or
amendment or waiver of or consent under or departure from any guarantee guaranteeing all or any of the Guaranteed Obligations or (d) subject only to termination or release of a Guarantor’s obligations hereunder in accordance with the terms
of Section 4.12, but without prejudice to reinstatement rights under Section 2.04, any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Guarantor in respect of the Guaranteed Obligations or
this Agreement. 
 Section 4.12 Termination or Release. 

(a) This Agreement and the Guarantees made herein shall terminate with respect to all Guaranteed Obligations when
(i) all Commitments have expired or been terminated and the Lenders have no further commitment to lend under the Term Loan Credit Agreement and (ii) all principal and interest in respect of each Loan and all other Guaranteed Obligations
(other than (A) contingent indemnification obligations with respect to then unasserted claims and (B) Guaranteed Obligations in respect of obligations that may thereafter arise with respect to any Secured Hedge Agreement or any Cash
Management Services agreement, in each case, not yet due and payable, unless the Collateral Agent has received written notice, at least two (2) Business Days prior to the proposed date of any such termination, stating that arrangements
reasonably satisfactory to each applicable Hedge Bank or Cash Management Bank in respect thereof have not been made) shall have been paid in full in cash, provided, however, that in connection with the termination of this Agreement,
the Administrative Agent may require such indemnities as it shall reasonably deem necessary or appropriate to protect the Secured Parties against (x) loss on account of credits previously applied to the Guaranteed Obligations that may
subsequently be reversed or revoked, and (y) any obligations that may thereafter arise with respect to Secured Hedge Agreements or Cash Management Obligations to the extent not provided for thereunder. 

(b) A Guarantor that is a Restricted Subsidiary shall automatically be released in the circumstances set forth in
Section 9.11 of the Term Loan Credit Agreement. 
 (c) In connection with any termination or release
pursuant to clauses (a) or (b) above, the Administrative Agent and the Collateral Agent shall promptly execute and deliver to any Guarantor, at such Guarantor’s expense, all documents that such Guarantor shall reasonably request to
evidence such termination or release. Any execution and delivery of documents pursuant to this Section 4.12 shall be without recourse to or warranty by the Administrative Agent or the Collateral Agent. 

(d) At any time that the respective Guarantor desires that the Administrative Agent or the Collateral Agent take any of
the actions described in immediately preceding clause (c), it shall, upon request of the Administrative Agent or the Collateral Agent, deliver to the Administrative Agent an officer’s certificate certifying that the release of the
respective Guarantor is permitted pursuant to clause (a) or (b) above. The Administrative Agent and the Collateral Agent shall have no liability whatsoever to any Secured Party as a result of any release of any Guarantor by it as permitted
(or which the Administrative Agent in good faith believes to be permitted) by this Section 4.12. 

  

					
		  	11	  	J. Crew Guaranty (TL)

 Section 4.13 Additional Restricted Subsidiaries. 

Pursuant to Section 6.11 of the Term Loan Credit Agreement, certain Restricted Subsidiaries of the Loan Parties that are wholly
owned Material Domestic Subsidiaries and not Excluded Subsidiaries and that were not in existence or not Restricted Subsidiaries on the date of the Term Loan Credit Agreement are required to enter in this Agreement as Guarantors upon becoming
Restricted Subsidiaries (for avoidance of doubt, the Borrower may cause any Restricted Subsidiary that is not a Guarantor to Guarantee the Obligations by causing such Restricted Subsidiary to execute a Guaranty Supplement in accordance with the
provisions of this Section 4.13 and any such Restricted Subsidiary shall be a Guarantor hereunder with the same force and effect as if originally named as a Guarantor herein). Upon execution and delivery by the Administrative Agent and a
Restricted Subsidiary of a Guaranty Supplement, such Restricted Subsidiary shall become a Guarantor hereunder with the same force and effect as if originally named as a Guarantor herein. The execution and delivery of any such instrument shall not
require the consent of any other Guarantor hereunder. The rights and obligations of each Guarantor hereunder shall remain in full force and effect notwithstanding the addition of any new Guarantor as a party to this Agreement. 

Section 4.14 Recourse; Limited Obligations. 
 This Agreement is made with full recourse to each Guarantor and pursuant to and upon all the warranties, representations, covenants and agreements on the part of such Guarantor contained herein, in the
Term Loan Credit Agreement and the other Loan Documents and otherwise in writing in connection herewith or therewith. It is the desire and intent of each Guarantor and each applicable Secured Party that this Agreement shall be enforced against each
Guarantor to the fullest extent permissible under applicable Law applied in each jurisdiction in which enforcement is sought. 

Section 4.15 Intercreditor Agreement. 
 The Guarantors, the Collateral Agent and the Administrative Agent acknowledge that the exercise of certain of the Collateral Agent’s and the Administrative Agent’s rights and remedies hereunder
may be subject to, and restricted by, the provisions of the ABL Intercreditor Agreement. Except as specified herein, nothing contained in the ABL Intercreditor Agreement shall be deemed to modify any of the provisions of this Agreement, which, as
among the Guarantors, the Collateral Agent and the Administrative Agent shall remain in full force and effect. 
 [Signature
Pages Follow] 

  

					
		  	12	  	J. Crew Guaranty (TL)

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

			
	GUARANTORS:
	
	CHINOS INTERMEDIATE HOLDINGS B, INC.
		
	By: 	 	 
	Name:
	Title:

  
 [Signature
Page to Term Guaranty] 

 
			
	GUARANTORS:
	
	J. CREW OPERATING CORP.
	J. CREW INC.
	J. CREW INTERNATIONAL, INC.
	GRACE HOLMES, INC.
	H. F. D. NO. 55, INC.
	MADEWELL INC.
	J. CREW VIRGINIA, INC.
		
	By: 	 	 
	Name:
	Title:

  
 [Signature
Page to Term Guaranty] 

 
			
	 ADMINISTRATIVE AGENT AND COLLATERAL
 AGENT:

	
	BANK OF AMERICA, N.A.,
as Administrative Agent and as Collateral Agent
		
	By: 	 	 
	Name:
	Title:

  
 [Signature
Page to Term Guaranty] 

 SCHEDULE I TO GUARANTY 

GUARANTORS 
 Chinos
Intermediate Holdings B, Inc. 
 J. Crew Operating Corp. 
 J. Crew Inc. 
 J. Crew International, Inc. 

Grace Holmes, Inc. 
 H. F. D. No. 55, Inc.

 Madewell Inc. 
 J. Crew Virginia,
Inc. 

 EXHIBIT I TO GUARANTY 

FORM OF GUARANTY SUPPLEMENT 
 SUPPLEMENT NO.          dated as of
                        , 20    , to the Guaranty dated as of March 7, 2011, among CHINOS
INTERMEDIATE HOLDINGS B, INC., a Delaware corporation (“Holdings”), the other Guarantors party thereto from time to time and BANK OF AMERICA, N.A., as Administrative Agent and Collateral Agent for the Secured Parties (as amended,
restated, amended and restated, supplemented and/or otherwise modified from time to time, the “Guaranty”). 

A. Reference is made to the Credit Agreement, dated as of March 7, 2011 (as amended, restated, amended and restated, supplemented
and/or otherwise modified from time to time, the “Term Loan Credit Agreement”), by, among others, the Borrower, Holdings, the Lenders party thereto, and Bank of America, N.A., as Administrative Agent and Collateral Agent for the
Lenders. 
 B. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in
the Term Loan Credit Agreement and the Guaranty, as applicable. 
 C. The Guarantors have entered into the Guaranty in order to
induce the Lenders to make Loans to the Borrower. Section 4.13 of the Guaranty provides that additional Restricted Subsidiaries of the Guarantors may become Guarantors under the Guaranty by execution and delivery of an instrument in the form of
this Supplement. The undersigned Restricted Subsidiary (the “New Subsidiary”) is executing this Supplement in accordance with the requirements of the Term Loan Credit Agreement to become a Guarantor under the Guaranty as
consideration for Loans previously made. 
 Accordingly, the Administrative Agent and the New Subsidiary agree as follows:

 Section 1. In accordance with Section 4.13 of the Guaranty, the New Subsidiary by its signature below
becomes a Guarantor under the Guaranty with the same force and effect as if originally named therein as a Guarantor and the New Subsidiary hereby (a) agrees to all the terms and provisions of the Guaranty applicable to it as a Guarantor
thereunder and (b) represents and warrants that the representations and warranties made by it as a Guarantor thereunder are true and correct on and as of the date hereof, provided that, to the extent that such representations and warranties
specifically refer to an earlier date, they shall be true and correct in all respects as of such earlier date. Each reference to a “Guarantor” in the Guaranty shall be deemed to include the New Subsidiary as if originally named therein as
a Guarantor. The Guaranty is hereby incorporated herein by reference. 
 Section 2. The New Subsidiary represents
and warrants to the Administrative Agent and the other Secured Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its
terms, except as such enforceability may be limited by Debtor Relief Laws and by general principles of equity. 

 Section 3. This Supplement may be executed in counterparts (and by
different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Supplement shall become effective when the Administrative Agent shall have
received a counterpart of this Supplement that bears the signature of the New Subsidiary and the Administrative Agent has executed a counterpart hereof. Delivery of an executed counterpart of a signature page of this Supplement by telecopy or other
electronic imaging means shall be effective as delivery of a manually executed counterpart of this Supplement. 

Section 4. Except as expressly supplemented hereby, the Guaranty shall remain in full force and effect. 

Section 5. 
 (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 (b) EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY IN THE BOROUGH OF
MANHATTAN AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY
JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
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. EACH
PARTY HERETO AGREES THAT THE ADMINISTRATIVE AGENT AND LENDERS RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY LOAN PARTY IN THE COURTS OF ANY OTHER JURISDICTION IN CONNECTION WITH THE
EXERCISE OF ANY RIGHTS UNDER THIS AGREEMENT OR THE ENFORCEMENT OF ANY JUDGMENT. 
 (c) EACH PARTY HERETO
IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY COURT
REFERRED TO IN PARAGRAPH (b) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY
SUCH COURT. 

  
 J. Crew
Guaranty (TL) 

 (d) EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER
AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

Section 6. If any provision of this Supplement is held to be illegal, invalid or unenforceable, (a) the legality,
validity and enforceability of the remaining provisions of this Supplement shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with
valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction. 
 Section 7. All communications and notices hereunder shall be in writing and
given as provided in Section 4.01 of the Guaranty. 
 Section 8. The New Subsidiary agrees to reimburse the
Administrative Agent for its reasonable out-of-pocket expenses in connection with this Supplement as provided in Section 4.03(a) of the Guaranty. 

  
 J. Crew
Guaranty (TL) 

 IN WITNESS WHEREOF, the New Subsidiary and the Administrative Agent have duly
executed this Supplement to the Guaranty as of the day and year first above written. 
  

			
	[NAME OF NEW SUBSIDIARY]
		
	By: 	 	 
	Name:
	Title:

  

			
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By: 	 	 
	Name:
	Title:

 EXHIBIT F 
 FORM OF SECURITY AGREEMENT 
 [See attached] 

  

					
		  	F-1	  	Form of Security Agreement

 Exhibit F 

 
  

 
 FORM OF SECURITY AGREEMENT

 dated as of [        ] [    ], 20[    ]

 among 

CHINOS ACQUISITION CORPORATION, 
 which on the Closing Date shall be merged with and into 
 J. CREW GROUP, INC.,

 with J. Crew Group, Inc. surviving such merger as the Borrower, 

CHINOS INTERMEDIATE HOLDINGS B, INC. 
 as Holdings, 
 THE SUBSIDIARY GUARANTORS PARTY HERETO FROM TIME TO TIME,

 and 

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

 
  

  
 Form of Term
Loan Security Agreement 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
	 ARTICLE I
	 	 Definitions
	  	 	1	  
				
	 Section 1.01.
	 		  	Credit Agreement	  	 	1	  
				
	 Section 1.02.
	 		  	Other Defined Terms	  	 	2	  
			
	 ARTICLE II
	 	 Pledge of Securities
	  	 	7	  
				
	 Section 2.01.
	 		  	Pledge	  	 	7	  
				
	 Section 2.02.
	 		  	Delivery of the Pledged Collateral	  	 	8	  
				
	 Section 2.03.
	 		  	Representations, Warranties and Covenants	  	 	9	  
				
	 Section 2.04.
	 		  	Certification of Limited Liability Company and Limited Partnership Interests	  	 	11	  
				
	 Section 2.05.
	 		  	Registration in Nominee Name; Denominations	  	 	11	  
				
	 Section 2.06.
	 		  	Voting Rights; Dividends and Interest	  	 	11	  
				
	 Section 2.07.
	 		  	Collateral Agent Not a Partner or Limited Liability Company Member	  	 	13	  
			
	 ARTICLE III
	 	 Security Interests in Personal Property
	  	 	14	  
				
	 Section 3.01.
	 		  	Security Interest	  	 	14	  
				
	 Section 3.02.
	 		  	Representations and Warranties	  	 	16	  
				
	 Section 3.03.
	 		  	Covenants	  	 	19	  
				
	 Section 3.04.
	 		  	Other Actions	  	 	21	  
			
	 ARTICLE IV
	 	 Special Provisions Concerning IP Collateral
	  	 	22	  
				
	 Section 4.01.
	 		  	Grant of License to Use Intellectual Property	  	 	22	  
				
	 Section 4.02.
	 		  	Protection of Collateral Agent’s Security	  	 	23	  
			
	 ARTICLE V
	 	 Remedies
	  	 	25	  
				
	 Section 5.01.
	 		  	Remedies Upon Default	  	 	25	  
				
	 Section 5.02.
	 		  	Application of Proceeds	  	 	28	  
			
	 ARTICLE VI
	 	 Indemnity, Subrogation and Subordination
	  	 	28	  
			
	 ARTICLE VII
	 	 Miscellaneous
	  	 	29	  
				
	 Section 7.01.
	 		  	Notices	  	 	29	  
				
	 Section 7.02.
	 		  	Waivers; Amendment	  	 	29	  
				
	 Section 7.03.
	 		  	Collateral Agent’s Fees and Expenses; Indemnification	  	 	30	  
				
	 Section 7.04.
	 		  	Successors and Assigns	  	 	31	  
				
	 Section 7.05.
	 		  	Survival of Agreement	  	 	31	  

  
 Form of Term
Loan Security Agreement 

 TABLE OF CONTENTS 

(continued) 
  

									
	 	 	 	  	 	  	Page	 
	 Section 7.06.
	 		  	Counterparts; Effectiveness; Several Agreement	  	 	31	  
				
	 Section 7.07.
	 		  	Severability	  	 	32	  
				
	 Section 7.08.
	 		  	Right of Set Off	  	 	32	  
				
	 Section 7.09.
	 		  	GOVERNING LAW	  	 	33	  
				
	 Section 7.10.
	 		  	WAIVER OF RIGHT TO TRIAL BY JURY	  	 	33	  
				
	 Section 7.11.
	 		  	Headings	  	 	33	  
				
	 Section 7.12.
	 		  	Security Interest Absolute	  	 	34	  
				
	 Section 7.13.
	 		  	Termination or Release	  	 	34	  
				
	 Section 7.14.
	 		  	Additional Restricted Subsidiaries	  	 	35	  
				
	 Section 7.15.
	 		  	Collateral Agent Appointed Attorney-in-Fact	  	 	36	  
				
	 Section 7.16.
	 		  	General Authority of the Collateral Agent	  	 	36	  
				
	 Section 7.17.
	 		  	Collateral Agent’s Duties	  	 	36	  
				
	 Section 7.18.
	 		  	Recourse; Limited Obligations	  	 	36	  
				
	 Section 7.19.
	 		  	Mortgages	  	 	37	  
				
	 Section 7.20
	 		  	Intercreditor Agreement	  	 	39	  

  
 Form of Term
Loan Security Agreement 

 SCHEDULES 
  

					
	 Schedule I
	  	-	  	Subsidiary Guarantors
	 Schedule II
	  	-	  	Pledged Equity; Pledged Debt
	 Schedule III
	  	-	  	Commercial Tort Claims
	 Schedule IV
	  	-	  	UCC Filing Offices

 EXHIBITS 

 

					
	 Exhibit I
	  	-	  	Form of Security Agreement Supplement
	 Exhibit II
	  	-	  	Form of Perfection Certificate
	 Exhibit III
	  	-	  	Form of Trademark Security Agreement
	 Exhibit IV
	  	-	  	Form of Patent Security Agreement
	 Exhibit V
	  	-	  	Form of Copyright Security Agreement

  
 Form of Term
Loan Security Agreement 

 This SECURITY AGREEMENT, dated as of
[            ] [    ], 20[    ] (this “Agreement”), among CHINOS ACQUISITION CORPORATION, a Delaware corporation (which on the
Closing Date shall be merged with and into J. CREW GROUP, INC., a Delaware corporation (the “Company”), with the Company surviving such merger as the Borrower (the “Borrower”)), CHINOS INTERMEDIATE HOLDINGS B, INC.,
a Delaware corporation (“Holdings”), the Subsidiary Guarantors set forth on Schedule I hereto and BANK OF AMERICA, N.A., as Collateral Agent for the Secured Parties (as defined below). 

Reference is made to the Credit Agreement, dated as of March 7, 2011 (as amended, restated, amended and restated, supplemented
and/or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, Holdings, the Lenders party thereto from time to time and Bank of America, N.A., as Administrative Agent for the Lenders and Collateral Agent,
for the Secured Parties. 
 The Lenders have agreed to extend credit to the Borrower subject to the terms and conditions set
forth in the Credit Agreement, the Hedge Banks have agreed to enter into and/or maintain one or more Secured Hedge Agreements and the Cash Management Banks have agreed to enter into and/or maintain Cash Management Services, on the terms and
conditions set forth in the Credit Agreement, in such Secured Hedge Agreements and in such Cash Management Services, as applicable. The obligations of the Lenders to extend such credit, the obligation of the Hedge Banks to enter into and/or maintain
such Secured Hedge Agreements and the obligation of the Cash Management Banks to enter into and/or maintain such Cash Management Services, are, in each case, conditioned upon, among other things, the execution and delivery of this Agreement by each
Grantor (as defined below). The Grantors are affiliates of one another, will derive substantial direct and indirect benefits from (i) the extensions of credit to the Borrower pursuant to the Credit Agreement, (ii) the entering into and/or
maintaining by the Hedge Banks of Secured Hedge Agreements with the Borrower and/or one or more of its Restricted Subsidiaries, and (iii) the entering into and/or maintaining by the Cash Management Banks of Cash Management Services with the
Borrower and/or one or more of its Restricted Subsidiaries, and are willing to execute and deliver this Agreement in order to induce the Lenders to extend such credit, the Hedge Banks to enter into and/or maintain such Secured Hedge Agreements and
the Cash Management Banks to enter into and/or maintain such Cash Management Services. The ABL Intercreditor Agreement governs the relative rights and priorities of the Secured Parties and the ABL Secured Parties (as defined below) in respect of the
Term Priority Collateral (as defined below) and the ABL Priority Collateral (as defined below) (and with respect to certain other matters as described therein). Accordingly, the parties hereto agree as follows: 

ARTICLE I 

Definitions 
 Section 1.01. Credit Agreement. 
 (a) Capitalized terms used
in this Agreement, including the preamble and introductory paragraphs hereto, and not otherwise defined herein have the meanings specified in the Credit Agreement. 

  

					
		  	- 1 -	  	Form of Term Loan Security Agreement

 (b) 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. 
 (c) The rules of construction specified in Article I of the Credit Agreement also apply to this Agreement. 
 Section 1.02. Other Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “ABL Agent” has the meaning assigned that term in the ABL Intercreditor Agreement. 
 “ABL Documents” has the meaning assigned that term in the ABL Intercreditor Agreement. 
 “ABL Priority Collateral” shall have the meaning assigned that term in the ABL Intercreditor Agreement. 
 “ABL Secured Parties” has the meaning assigned that term in the ABL Intercreditor Agreement. 
 “Accommodation Payment” has the meaning assigned to such term in Article VI. 
 “Account(s)” means “accounts” as defined in Section 9-102 of 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. 
 “Account Debtor” means any Person who is or who may become obligated to any
Grantor under, with respect to or on account of an Account. 
 “After-Acquired Intellectual Property” has the
meaning assigned to such term in Section 4.02(f). 
 “Agreement” has the meaning assigned to such
term in the introductory paragraph hereto. 
 “Allocable Amount” has the meaning assigned to such term in
Article VI. 
 “Article 9 Collateral” has the meaning assigned to such term in
Section 3.01(a). 
 “Bankruptcy Event of Default” means any Event of Default under
Sections 8.01(f) of the Credit Agreement. 
 “Blue Sky Laws” has the meaning assigned to such term in
Section 5.01. 
 “Borrower” has the meaning assigned to such term in the introductory paragraph to
this Agreement. 

  

					
		  	- 2 -	  	Form of Term Loan Security Agreement

 “Closing Date Grantor” has the meaning assigned to such term in
Section 2.02 of this Agreement. 
 “Collateral” means the Article 9 Collateral and the Pledged
Collateral. 
 “Collateral Account” means any Cash Collateral Account (as defined in the Credit Agreement),
which cash collateral account shall be maintained with the Collateral Agent for the benefit of the relevant Secured Parties. 

“Company” has the meaning assigned to such term in the preliminary statement hereto. 

“Copyright License” means any written agreement, now or hereafter in effect, granting any right to any third party under
any Copyright now or hereafter owned by any Grantor or that such Grantor otherwise has the right to license, or granting any right to any Grantor under any Copyright now or hereafter owned by any third party, and all rights of such Grantor under any
such agreement. 
 “Copyrights” means all of the following now owned or hereafter acquired by or assigned to
any Grantor: (a) all copyright rights in any work subject to the copyright laws of the United States or any other country, whether as author, assignee, transferee or otherwise, whether registered or unregistered and whether published or
unpublished, (b) all registrations and applications for registration of any such copyright in the United States or any other country, including registrations, recordings, supplemental registrations and pending applications for registration in
the United States Copyright Office, including those listed on Schedule 7(c) to the Perfection Certificate and all: (i) rights and privileges arising under applicable Law with respect to such Grantor’s use of such copyrights,
(ii) reissues, renewals, and extensions thereof and amendments thereto, (iii) income, fees, royalties, damages, claims and payments now or hereafter due and/or payable with respect thereto, including damages and payments for past, present
or future infringements thereof, (iv) rights corresponding thereto throughout the world and (v) rights to sue for past, present or future infringements thereof. 
 “Credit Agreement” has the meaning assigned to such term in the preliminary statement of this Agreement. 
 “Debtor Relief Laws” shall mean the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, 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. 

“Discharge of ABL Obligations” has the meaning assigned to such term in the ABL Intercreditor Agreement. 

“Domain Names” means all Internet domain names and associated URL addresses in or to which any Grantor now or hereafter
has any right, title or interest. 

  

					
		  	- 3 -	  	Form of Term Loan Security Agreement

 “Equipment” shall mean (x) any “equipment” as such term is
defined in Article 9 of the UCC and in any event, shall include, but shall not be limited to, all machinery, equipment, furnishings, appliances, furniture, fixtures, tools, and vehicles now or hereafter owned by any Grantor in each case,
regardless of whether characterized as equipment under the UCC and (y) and any and all additions, substitutions and replacements of any of the foregoing and all accessions thereto, wherever located, whether or not at any time of determination
incorporated or installed therein or attached thereto, and all replacements therefore, together with all attachments, components, parts, equipment and accessories installed thereon or affixed thereto. 

“Excluded Equity Interests” has the meaning assigned to such term in Section 2.01 of this Agreement.

 “Excluded Property” has the meaning assigned to such term in Section 3.01 of this Agreement.

 “General Intangibles” has the meaning provided in Article 9 of the UCC and shall in any event include
all choses in action and causes of action and all other intangible personal property of every kind and nature (other than Accounts) now owned or hereafter acquired by any Grantor, as the case may be, including corporate or other business records,
indemnification claims, contract rights (including rights under leases, whether entered into as lessor or lessee, Swap Contracts and other agreements), goodwill, registrations, franchises, tax refund claims and any letter of credit, guarantee,
claim, security interest or other security held by or granted to any Grantor. 
 “Grant of Security Interest”
means a Grant of Security Interest in certain IP Collateral in the form of Exhibit III, IV or V attached hereto. 
 “Grantor” means the Borrower and each Guarantor. 

“Holdings” has the meaning assigned to such term in the preliminary statement hereto. 

“Inactive Subsidiaries” has the meaning assigned to such term in Section 3.02(f) of this Agreement. 

“Intellectual Property” means all intellectual and similar property of every kind and nature now owned, licensed or
hereafter acquired by any Grantor, including: inventions, designs, Patents, Copyrights, Licenses, Trademarks, Domain Names, trade secrets, confidential or proprietary technical and business information, know how, show how or other data or
information, software, databases, all other proprietary information and all embodiments or fixations thereof and related documentation, registrations and all additions, improvements and accessions to, and books and records describing or used in
connection with, any of the foregoing. 
 “IP Collateral” means the Collateral consisting of Intellectual
Property. 
 “License” means any Patent License, Trademark License, Copyright License or other license or
sublicense agreement granting rights under Intellectual Property to which any Grantor is a party. 

  

					
		  	- 4 -	  	Form of Term Loan Security Agreement

 “Patent License” means any written agreement, now or hereafter in effect,
granting to any third party any right to develop, commercialize, import, make, have made, offer for sale, use or sell any invention on which a Patent, now or hereafter owned by any Grantor or that any Grantor otherwise has the right to license, is
in existence, or granting to any Grantor any such right with respect to any invention on which a Patent, now or hereafter owned by any third party, is in existence, and all rights of any Grantor under any such agreement. 

“Patents” means all of the following now owned or hereafter acquired by any Grantor: (a) all letters patent of the
United States or the equivalent thereof in any other country, all registrations and recordings thereof, and all applications for letters patent of the United States or the equivalent thereof in any other country, including registrations, recordings
and pending applications in the United States Patent and Trademark Office or any similar offices in any other country, including those listed on Schedule 7(a) to the Perfection Certificate, and (b) all (i) rights and privileges
arising under applicable Law with respect to such Grantor’s use of any patents, (ii) inventions and improvements described and claimed therein, (iii) reissues, divisions, continuations, renewals, extensions and continuations-in-part
thereof and amendments thereto, (iv) income, fees, royalties, damages, claims and payments now or hereafter due and/or payable with respect to any of the foregoing including damages and payments for past, present or future infringements
thereof, (v) rights corresponding thereto throughout the world and (vi) rights to sue for past, present or future infringements thereof. 
 “Perfection Certificate” means a certificate substantially in the form of Exhibit II, completed and supplemented with the schedules and attachments contemplated thereby, and duly
executed by a Responsible Officer of the Borrower. 
 “Pledged Collateral” has the meaning assigned to such
term in Section 2.01. 
 “Pledged Debt” has the meaning assigned to such term in
Section 2.01. 
 “Pledged Equity” has the meaning assigned to such term in
Section 2.01. 
 “Pledged Securities” means any Promissory Notes, stock certificates, unit
certificates, limited or unlimited liability membership certificates or other Securities or Instruments now or hereafter included in the Pledged Collateral, including all Pledged Equity, Pledged Debt and all other certificates, instruments or other
documents representing or evidencing any Pledged Collateral. 
 “Secured Obligations” means the
“Obligations” as defined in the Credit Agreement; it being acknowledged and agreed that the term “Secured Obligations” as used herein shall include each extension of credit under the Credit Agreement and all obligations of the
Loan Parties and their respective Subsidiaries which arise under the Loan Documents (including the Guaranty) or with respect to Obligations in respect of Secured Hedge Agreements or Cash Management Obligations, in each case, whether outstanding on
the date of this Agreement or extended or arising from time to time after the date of this Agreement. 
 “Secured
Parties” has the meaning provided in the Credit Agreement. 
 “Securities Act” has the meaning
assigned to such term in Section 5.01. 

  

					
		  	- 5 -	  	Form of Term Loan Security Agreement

 “Security” means a “security” as such term is defined in
Article 8 of the UCC and, in any event, shall include any stock, shares, partnership interests, voting trust certificates, certificates of interest or participation in any profit sharing agreement or arrangement, options, warrants, bonds,
debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in
temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing. 
 “Security Agreement Supplement” means an instrument substantially in the form of Exhibit I hereto. 
 “Security Interest” has the meaning assigned to such term in Section 3.01(a). 
 “Term Priority Collateral” has the meaning assigned that term in the ABL Intercreditor Agreement. 
 “Trademark License” means any written agreement, now or hereafter in effect, granting to any third party any right to use any Trademark now or hereafter owned by any Grantor or that any
Grantor otherwise has the right to license, or granting to any Grantor any right to use any Trademark now or hereafter owned by any third party, and all rights of any Grantor under any such agreement (not including vendor or distribution agreements
that allow incidental use of intellectual property rights in connection with the sale or distribution of such products or services). 
 “Trademarks” means all of the following now owned or hereafter acquired by any Grantor: (a) all trademarks, service marks, trade names, corporate names, company names, business
names, fictitious business names, trade styles, trade dress, logos, other source or business identifiers, designs and general intangibles of like nature, the goodwill of the business symbolized thereby or associated therewith, all registrations and
recordings thereof, and all registration and recording applications filed in connection therewith, including registrations and registration applications in the United States Patent and Trademark Office or any similar offices in any State of the
United States or any other country or any political subdivision thereof, and all extensions or renewals thereof, including those listed on Schedule 7(b) to the Perfection Certificate, (b) all rights and privileges arising under applicable
Law with respect to such Grantor’s use of any trademarks, (c) all extensions and renewals thereof and amendments thereto, (d) all income, fees, royalties, damages and payments now and hereafter due and/or payable with respect to any
of the foregoing, including damages, claims and payments for past, present or future infringements thereof, (e) all rights corresponding thereto throughout the world and (f) all rights to sue for past, present and future infringements or
dilutions thereof or other injuries thereto. 
 “UCC” means the Uniform Commercial Code as in effect from time
to time in the State of New York; provided that, if by reason of mandatory provisions of law, perfection, or the effect of perfection or non-perfection or the priority of a security interest in any Collateral or the availability of any remedy
hereunder is governed by the Uniform Commercial Code as in effect in a jurisdiction other than New York, “UCC” means the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating
to such perfection or effect of perfection or non-perfection or priority or availability of such remedy, as the case may be. 

  

					
		  	- 6 -	  	Form of Term Loan Security Agreement

 “UFCA” has the meaning assigned to such term in Article VI.

 “UFTA” has the meaning assigned to such term in Article VI. 

ARTICLE II 

Pledge of Securities 
 Section 2.01. Pledge. As security for the payment or performance, as the case may be, in full of the Secured Obligations, each Grantor hereby assigns and pledges to the Collateral Agent, its
successors and assigns, for the benefit of the Secured Parties, and hereby grants to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, a continuing security interest in, all of such Grantor’s right, title
and interest in, to and under (a) (i) all Equity Interests held by it (including those Equity Interests listed on Schedule II other than those of the Inactive Subsidiaries and of J. Crew Japan, Ltd.) and (ii) any other Equity
Interests obtained in the future by such Grantor and the certificates representing all such Equity Interests (the foregoing clauses (i) and (ii) collectively, the “Pledged Equity”), in each case including 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 of the Pledged Equity and all warrants, rights or options
issued thereon or with respect thereto; provided that the Pledged Equity shall not include (A) more than 65% of the issued and outstanding Equity Interests of (x) each Subsidiary that is a Foreign Subsidiary that is directly owned
by the Borrower or by any Subsidiary Guarantor and (y) each Subsidiary that is a Domestic Subsidiary that is directly owned by the Borrower or by any Subsidiary Guarantor and that is a disregarded entity for United States Federal income tax
purposes substantially all of the assets of which consist of Equity Interests in one or more Foreign Subsidiaries, (B) any Equity Interest of any Person (other than a Wholly-Owned Subsidiary), to the extent not permitted or restricted by the
terms of such Person’s organizational or joint venture documents or other agreements with holders of such Equity Interests, (C) any Equity Interest if, to the extent and for so long as the pledge of such Equity Interest hereunder is
prohibited by any applicable Law (other than to the extent that any such prohibition would be rendered ineffective pursuant to the UCC or any other applicable Law); provided that such Equity Interest shall cease to be an Excluded Equity
Interest at such time as such prohibition ceases to be in effect, (D) any Equity Interest that the Borrower and the Administrative Agent shall have agreed in writing to treat as an Excluded Equity Interest for purposes hereof on account of the
cost of pledging such Equity Interest hereunder (including any material adverse tax consequences to Holdings and its Affiliates resulting therefrom) being excessive in view of the benefits to be obtained by the Secured Parties therefrom (any Equity
Interests excluded pursuant to clauses (A) through (D) above, the “Excluded Equity Interests”); (b)(i) the Promissory Notes and any Instruments evidencing indebtedness owned by it (including those listed opposite the
name of such Grantor on Schedule II) and (ii) any Promissory Notes and Instruments evidencing indebtedness obtained in the future by such Grantor (the foregoing clauses (i) and (ii) collectively, the “Pledged
Debt”), in each case including 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 Pledged

  

					
		  	- 7 -	  	Form of Term Loan Security Agreement

 
Debt; (c) all other property that may be delivered to and held by the Collateral Agent pursuant to the terms of this Section 2.01; (d) subject to Section 2.06,
all payments of principal or interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of, in exchange for or upon the conversion of, and all other Proceeds received in
respect of, the securities referred to in clauses (a), (b) and (c) above; (e) subject to Section 2.06, all rights and privileges of such Grantor with respect to the securities and other property referred to in
clauses (a), (b), (c) and (d) above; and (f) all Proceeds of, and Security Entitlements in respect of, any of the foregoing (the items referred to in clauses (a) through (f) above being collectively referred to as
the “Pledged Collateral”). 
 TO HAVE AND TO HOLD the Pledged Collateral, together with all right, title,
interest, powers, privileges and preferences pertaining or incidental thereto, unto the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, forever; subject, however, to the terms, covenants and conditions
hereinafter set forth. 
 Section 2.02. Delivery of the Pledged Collateral. 

(a) On the Closing Date (in the case of any Grantor that grants a Lien on any of its assets hereunder on the Closing Date
(each, including, for the avoidance of doubt, the Company, a “Closing Date Grantor”)) or on the date on which it signs and delivers its first Security Agreement Supplement (in the case of any other Grantor), each Grantor shall
deliver or cause to be delivered to the Collateral Agent, for the benefit of the applicable Secured Parties, any and all Pledged Securities (other than any Uncertificated Securities, but only for so long as such Securities remain uncertificated);
provided that Promissory Notes and Instruments evidencing Indebtedness shall only be so required to be delivered to the extent required pursuant to paragraph (b) of this Section 2.02. Thereafter, whenever such Grantor
acquires any other Pledged Security (other than any Uncertificated Securities, but only for so long as such Securities remain uncertificated), such Grantor shall promptly deliver or cause to be delivered to the Collateral Agent such Pledged Security
as Collateral; provided that Promissory Notes and Instruments evidencing Indebtedness shall only be so required to be delivered to the extent required pursuant to paragraph (b) of this Section 2.02. 

(b) As promptly as practicable (and in any event within thirty (30) days after receipt by Grantor (or such longer
period as the Administrative Agent may agree in its reasonable discretion)), each Grantor will cause any Indebtedness for borrowed money having an aggregate principal amount equal to or in excess of $5,000,000 owed to such Grantor by any Person
(other than a Loan Party) to be evidenced by a duly executed Promissory Note that is pledged and delivered to the Collateral Agent, for the benefit of the Secured Parties, pursuant to the terms hereof. 

(c) Upon delivery to the Collateral Agent, (i) any certificate or promissory note representing Pledged Collateral
shall be accompanied by undated stock or note powers, as applicable, duly executed in blank or other undated instruments of transfer duly-executed in blank reasonably satisfactory to the Collateral Agent and by such other instruments and documents
as the Collateral Agent may reasonably request and (ii) all other property comprising part of the Pledged Collateral shall be accompanied by such instruments and documents as the Collateral Agent may reasonably request. Each delivery of Pledged
Securities shall be 

  

					
		  	- 8 -	  	Form of Term Loan Security Agreement

 
accompanied by a schedule describing such Pledged Securities, which schedule shall be deemed to supplement Schedule II and be made a part hereof; provided that failure to provide
any such schedule hereto shall not affect the validity of such pledge of such Pledged Securities. Each schedule so delivered shall supplement any prior schedules so delivered. 

(d) Notwithstanding the foregoing, to the extent that any Closing Date Grantor does not or cannot deliver any Pledged
Collateral (other than Pledged Collateral consisting of the Equity Interests of the Borrower or any wholly-owned Domestic Subsidiary of the Borrower) on the Closing Date, after the use of commercially reasonable efforts to do so, such Closing Date
Grantor shall not be required to deliver such Pledged Collateral until the date that is ninety (90) days after the Closing Date (or such longer period as the Administrative Agent may agree in its reasonable discretion (or, subject to the ABL
Intercreditor Agreement, to the extent such Pledged Collateral constitutes ABL Priority Collateral, as the ABL Agent may agree prior to the Discharge of ABL Obligations)). 

(e) The assignment, pledge and security interest granted in Section 2.01 are granted as security only and
shall not subject the Collateral Agent or any other Secured Party to, or in any way alter or modify, any obligation or liability of any Grantor with respect to or arising out of the Pledged Collateral. 

Section 2.03. Representations, Warranties and Covenants. Each Grantor, jointly and severally, represents, warrants and covenants,
as to itself and the other Grantors, to and with the Collateral Agent, for the benefit of the Secured Parties, that: 
 (a) Schedule II sets forth, as of the Closing Date and as of each date on which a supplement to Schedule II is delivered pursuant to Section 2.02(c), a true and correct list of
(i) all the issued and outstanding units of each class of the Equity Interests of the issuer thereof represented by the Pledged Equity directly owned beneficially, or of record, by such Grantor specifying the issuer and certificate number (if
any) of, and the number and percentage of ownership represented by, such Pledged Equity and (ii) all the Pledged Debt owned by such Grantor (other than checks to be deposited in the ordinary course of business), including all Promissory Notes
and Instruments required to be pledged hereunder; 
 (b) the Pledged Equity issued by the Borrower, each other
Grantor or their respective Subsidiaries and the Pledged Debt (solely with respect to Pledged Debt issued by a Person other than any Grantor or any of their respective Subsidiaries, to the best of each Grantor’s knowledge) have been duly and
validly authorized and issued by the issuers thereof and (i) in the case of Pledged Equity (other than Pledged Equity consisting of limited liability company interests or partnership interests which, pursuant to the relevant organizational or
formation documents, cannot be fully paid and non-assessable), are fully paid and nonassessable and (ii) in the case of Pledged Debt (solely with respect to Pledged Debt issued by a Person other than any Grantor or any of their respective
Subsidiaries to the best of each Grantor’s knowledge), are legal, valid and binding obligations of the issuers thereof, subject to applicable Debtor Relief Laws and general principles of equity; 

  

					
		  	- 9 -	  	Form of Term Loan Security Agreement

 (c) Each of the Grantors (i) holds the Pledged Securities indicated on
Schedule II as owned by such Grantor free and clear of all Liens, other than (A) Liens created by the Collateral Documents and, subject to the ABL Intercreditor Agreement, the ABL Documents and (B) other Liens expressly permitted
pursuant to Section 7.01 of the Credit Agreement, (ii) will make no assignment, pledge, hypothecation or transfer of, or create or permit to exist any security interest in or other Lien on, the Pledged Collateral, other than (A) Liens
created by the Collateral Documents and the ABL Documents, subject to the ABL Intercreditor Agreement, and (B) other Liens expressly permitted pursuant to Section 7.01 of the Credit Agreement, and (iii) will defend its title or
interest thereto or therein against any and all Liens (other than the Liens permitted pursuant to this Section 2.03(c)), however arising, of all Persons whomsoever; 

(d) except for (i) restrictions and limitations imposed by the Loan Documents or securities laws generally or by
Liens expressly permitted pursuant to Section 7.01 of the Credit Agreement and (ii) in the case of Pledged Equity of Persons that are not Subsidiaries, transfer restrictions that exist at the time of acquisition of Equity Interests in such
Persons, the Pledged Equity is and will continue to be freely transferable and assignable, and none of the Pledged Equity is or will be subject to any option, right of first refusal, shareholders agreement, charter or by-law or other organizational
document provisions or contractual restriction of any nature that might prohibit, impair, delay or otherwise affect in any manner material and adverse to the Secured Parties the pledge of such Pledged Equity hereunder, the sale or disposition
thereof pursuant hereto or the exercise by the Collateral Agent of rights and remedies hereunder; 
 (e) each of
the Grantors has the power and authority to pledge the Pledged Collateral pledged by it hereunder in the manner hereby done or contemplated; 
 (f) no consent or approval of any Governmental Authority, any securities exchange or any other Person was or is necessary to the validity and perfection of the pledge effected hereby (other than such as
have been obtained and are in full force and effect); 
 (g) by virtue of the execution and delivery by the
Grantors of this Agreement, when any Pledged Securities are delivered to the Collateral Agent in accordance with this Agreement, the Collateral Agent will (i) obtain a legal, valid and first-priority (subject only to any nonconsensual Liens
permitted pursuant to Section 7.01 of the Credit Agreement and, subject to the ABL Intercreditor Agreement, Liens granted to the ABL Agent pursuant to the ABL Documents or to any other agent or trustee pursuant to any Permitted Refinancing of
the Term Facility) perfected lien upon and security interest in such Pledged Securities as security for the payment and performance of the Secured Obligations, (ii) have Control of such Pledged Securities and (iii) assuming that neither
the Collateral Agent nor any of the Secured Parties have “notice of an adverse claim” (as defined in Section 8-105 of the UCC) with respect to such Pledged Securities at the time such Pledged Securities are delivered to the Collateral
Agent, be a protected purchaser (within the meaning of Section 8-303 of the UCC) thereof; 
 (h) the pledge
effected hereby is effective to vest in the Collateral Agent, for the benefit of the Secured Parties, the rights of the Collateral Agent in the Pledged Collateral as set forth herein; and 

(i) subject to the terms of this Agreement and to the extent permitted by applicable Law, each Grantor hereby agrees that
upon the occurrence and during the continuation of an Event of Default, it will comply with instructions of the Collateral Agent with respect to the Equity Interests in such Grantor that constitute Pledged Equity hereunder that are not certificated
without further consent by the applicable owner or holder of such Pledged Equity. 

  

					
		  	- 10 -	  	Form of Term Loan Security Agreement

 Section 2.04. Certification of Limited Liability Company and Limited Partnership
Interests. Each Grantor acknowledges and agrees that, to the extent any interest in any limited liability company or limited partnership controlled by any Grantor and pledged under Section 2.01 is a “security” within the
meaning of Article 8 of the UCC and is governed by Article 8 of the UCC, such interest shall be represented by a certificate. Each Grantor further acknowledges and agrees that with respect to any interest in any limited liability company
or limited partnership controlled on or after the date hereof by such Grantor and pledged hereunder that is not a “security” within the meaning of Article 8 of the UCC, such Grantor shall at no time elect to treat any such interest as
a “security” within the meaning of Article 8 of the UCC, nor shall such interest be represented by a certificate, unless such election and such interest is thereafter represented by a certificate that is promptly delivered to the
Collateral Agent, subject to the ABL Intercreditor Agreement, pursuant to the terms hereof. 
 Section 2.05. Registration in
Nominee Name; Denominations. If an Event of Default shall have occurred and be continuing and the Collateral Agent shall have given the Borrower notice of its intent to exercise such rights, (a) the Collateral Agent, on behalf of the
Secured Parties, shall have the right (in its sole and absolute discretion) to cause each of the Pledged Securities to be transferred of record into the name of the Collateral Agent and (b) the Collateral Agent shall have the right to exchange
the certificates representing Pledged Securities for certificates of smaller or larger denominations for any purpose consistent with this Agreement; provided that, notwithstanding the foregoing, if a Bankruptcy Event of Default shall have
occurred and be continuing, the Collateral Agent shall not be required to give the notice referred to above in order to exercise the rights described above. Each Grantor will promptly give to the Collateral Agent copies of any material notices
received by it with respect to Pledged Securities registered in the name of such Grantor. Each Grantor will take any and all actions reasonably requested by the Collateral Agent to facilitate compliance with this Section 2.05.

 Section 2.06. Voting Rights; Dividends and Interest. (a) Unless and until an Event of Default shall have occurred
and be continuing and the Collateral Agent shall have notified the Borrower that the rights of the Grantors under this Section 2.06 are being suspended: 

(i) Each Grantor shall be entitled to exercise any and all voting and/or other consensual rights and powers inuring to an
owner of Pledged Securities or any part thereof for any purpose consistent with the terms of this Agreement, the Credit Agreement and the other Loan Documents; provided that such rights and powers shall not be exercised in any manner that could
materially and adversely affect the rights inuring to a holder of any Pledged Securities or the rights and remedies of any of the Collateral Agent or the other Secured Parties under this Agreement, the Credit Agreement or any other Loan Document or
the ability of the Secured Parties to exercise the same. 

  

					
		  	- 11 -	  	Form of Term Loan Security Agreement

 (ii) The Collateral Agent shall promptly execute and deliver to each
Grantor, or cause to be executed and delivered to such Grantor, all such proxies, powers of attorney and other instruments as such Grantor may reasonably request in writing for the purpose of enabling such Grantor to exercise the voting and/or
consensual rights and powers it is entitled to exercise pursuant to subparagraph (i) above, in each case as shall be specified in such request and be in form and substance reasonably satisfactory to the Collateral Agent. 

(iii) Each Grantor shall be entitled to receive and retain any and all dividends, interest, principal and other
distributions paid on or distributed in respect of the Pledged Securities, to the extent (and only to the extent) that such dividends, interest, principal and other distributions are permitted by, and otherwise paid or distributed in accordance
with, the terms and conditions of the Credit Agreement, the other Loan Documents and applicable Laws; provided that any noncash dividends, interest, principal or other distributions that would constitute Pledged Equity or Pledged Debt,
whether resulting from a subdivision, combination or reclassification of the outstanding Equity Interests of the issuer of any Pledged Securities or received in exchange for Pledged Securities or any part thereof, or in redemption thereof, or as a
result of any merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Pledged Collateral, and, if received by any Grantor, shall not be commingled by such
Grantor with any of its other funds or property but shall be held separate and apart therefrom, shall be held in trust for the benefit of the Collateral Agent and the other Secured Parties and shall be forthwith delivered to the Collateral Agent in
the same form as so received (with any necessary endorsement reasonably requested by the Collateral Agent). So long as no Event of Default has occurred and is continuing, the Collateral Agent shall promptly deliver to each Grantor (at the expense of
such Grantor) any Pledged Securities in its possession if requested to be delivered to the issuer thereof in connection with any exchange or redemption of such Pledged Securities. 

(b) Upon the occurrence and during the continuance of any Event of Default, after the Collateral Agent shall have notified
the Borrower of the suspension of the rights of the Grantors under Section 2.06(a), then all rights of any Grantor to dividends, interest, principal or other distributions that such Grantor is authorized to receive pursuant to
Section 2.06(a)(iii) shall cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall have the sole and exclusive right and authority to receive and retain such dividends, interest, principal or other
distributions. All dividends, interest, principal or other distributions received by any Grantor contrary to the provisions of this Section 2.06 shall be held in trust for the benefit of the Collateral Agent and the other Secured
Parties, shall be segregated from other property or funds of such Grantor and shall be forthwith delivered to the Collateral Agent upon demand in the same form as so received (with any necessary stock or note powers and other instruments of transfer
reasonably requested by the Collateral Agent). Any and all money and other property paid over to or received by the Collateral Agent pursuant to the provisions of this paragraph (b) shall be retained by the Collateral Agent in an account
to be established by the Collateral Agent upon receipt of such money or other property and shall be applied in accordance with the provisions of Section 5.02. After all Events of Default have been cured or waived and the Borrower has
delivered to the Collateral Agent a certificate to such effect, the Collateral Agent shall promptly repay to each Grantor (without interest) all dividends, interest, principal or other distributions that such Grantor would otherwise be permitted to
retain pursuant to the terms of Section 2.06(a)(iii) in the absence of any such Event of Default and that remain in such account, and such Grantor’s right to receive and retain any and all dividends, interest, principal and other
distributions paid on or distributed in respect of the Pledged Securities shall be automatically reinstated. 

  

					
		  	- 12 -	  	Form of Term Loan Security Agreement

 (c) Upon the occurrence and during the continuance of an Event of Default,
after the Collateral Agent shall have notified the Borrower of the suspension of the rights of the Grantors under Section 2.06(a), then all rights of any Grantor to exercise the voting and consensual rights and powers it is entitled to
exercise pursuant to Section 2.06(a)(i), and the obligations of the Collateral Agent under Section 2.06(a)(ii), shall cease, and all such rights shall thereupon become, subject to the rights of the ABL Agent under the ABL
Intercreditor Agreement, vested in the Collateral Agent, which shall have the sole and exclusive right and authority to exercise such voting and consensual rights and powers; provided that, unless otherwise directed by the Required Lenders,
the Collateral Agent shall have the right from time to time following and during the continuance of an Event of Default to permit the Grantors to exercise such rights. After all Events of Default have been cured or waived and the Borrower has
delivered to the Collateral Agent a certificate to such effect, each Grantor shall have the exclusive right to exercise the voting and/or consensual rights and powers that such Grantor would otherwise be entitled to exercise pursuant to the terms of
Section 2.06(a)(i), and the obligations of the Collateral Agent under Section 2.06(a)(ii) shall be reinstated. 
 (d) Any notice given by the Collateral Agent to the Borrower suspending the rights of the Grantors under this Section 2.06, (i) shall be given in writing, (ii) may be given with
respect to one or more of the Grantors at the same or different times and (iii) may suspend the rights of the Grantors under Sections 2.06(a)(i) or (iii) in part without suspending all such rights (as specified by the
Collateral Agent in its sole and absolute discretion) and without waiving or otherwise affecting the Collateral Agent’s rights to give additional notices from time to time suspending other rights so long as an Event of Default has occurred and
is continuing. Notwithstanding anything to the contrary contained in Section 2.06(a), (b) or (c), if a Bankruptcy Event of Default shall have occurred and be continuing, the Collateral Agent shall not be required to give any
notice referred to in said Sections in order to exercise any of its rights described in such Sections, and the suspension of the rights of each of the Grantors under each such Section shall be automatic upon the occurrence of such Bankruptcy Event
of Default. 
 Section 2.07. Collateral Agent Not a Partner or Limited Liability Company Member. Nothing contained in
this Agreement shall be construed to make the Collateral Agent or any other Secured Party liable as a member of any limited liability company or as a partner of any partnership and neither the Collateral Agent nor any other Secured Party by virtue
of this Agreement or otherwise (except as referred to in the following sentence) shall have any of the duties, obligations or liabilities of a member of any limited liability company or as a partner in any partnership. The parties hereto expressly
agree that, unless the Collateral Agent shall become the absolute owner of Pledged Equity consisting of a limited liability company interest or a partnership interest pursuant hereto, this Agreement shall not be construed as creating a partnership
or joint venture among the Collateral Agent, any other Secured Party, any Grantor and/or any other Person. 

  

					
		  	- 13 -	  	Form of Term Loan Security Agreement

 ARTICLE III 
 Security Interests in Personal Property 
 Section 3.01. Security
Interest. 
 (a) As security for the payment or performance, as the case may be, in full of the Secured
Obligations, each Grantor hereby grants to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, a security interest (the “Security Interest”) in, all of such Grantor’s right, title and
interest in, to or under any and all of the following assets and properties, whether now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any time in the future may acquire any right, title or interest
(collectively, the “Article 9 Collateral”): 
 (i) all Accounts; 

(ii) all Chattel Paper; 
 (iii) all Documents; 
 (iv) all Equipment; 

(v) all General Intangibles; 
 (vi) all Instruments; 
 (vii) all Inventory; 

(viii) all Investment Property: 
 (ix) all books and records pertaining to the Article 9 Collateral; 
 (x) all Goods and Fixtures; 
 (xi) all Money, cash, cash
equivalents and Deposit Accounts; 
 (xii) all Letter-of-Credit Rights; 

(xiii) all Commercial Tort Claims described on Schedule III from time to time; 

(xiv) the Collateral Account, and all cash, Money, Securities and other investments deposited therein; 

(xv) all Supporting Obligations; 
 (xvi) all Security Entitlements in any or all of the foregoing; 

(xvii) all Intellectual Property; and 

  

					
		  	- 14 -	  	Form of Term Loan Security Agreement

 (xviii) to the extent not otherwise included, all Proceeds and products of
any and all of the foregoing and all collateral security and guarantees given by any Person with respect to any of the foregoing; 

provided that “Collateral” shall not include any of the following assets or property, each being an “Excluded Property”:
(i) any “intent to use” trademark application, solely during the period in which the grant of a security interest therein would impair the validity or enforceability of such intent-to-use trademark application under applicable federal
law, after which period such application shall be automatically subject to the security interest granted herein and deemed to be included in the Collateral, (ii) the Excluded Equity Interests, (iii) any specifically identified asset with
respect to which the Collateral Agent has confirmed in writing to the Grantors its reasonable determination, in consultation with the Borrower, that the costs or other consequences (including adverse tax consequences) of providing a security
interest is excessive in view of the practical benefits to be obtained by the Secured Parties, (iv) any assets securing purchase money obligations or Capitalized Lease Obligations permitted to be incurred under the Credit Agreement, to the
extent that the terms of the agreements relating to such Lien prohibit the security interest under this Agreement from attaching to such assets, (v) any particular asset, if the pledge thereof or the security interest therein is prohibited by
applicable Law other than to the extent such prohibition is rendered ineffective under the UCC or other applicable Law notwithstanding such prohibition, (vi) any rights of a Grantor arising under or evidenced by any contract, lease, instrument,
license or agreement to the extent the pledges thereof and security interests therein are prohibited or restricted by such contract, lease, instrument, license or other agreement, other than Proceeds and receivables thereof, except to the extent
(x) the pledge of such rights is deemed effective under the UCC or other applicable Law or principle of equity notwithstanding such prohibition or restriction, or (y) such prohibition or restriction is deemed ineffective under the UCC or
other applicable Law or principle of equity, (vii) licenses and any other property and assets to the extent that the Collateral Agent may not validly possess a security interest therein under applicable Laws (including, without limitation,
rules and regulations of any Governmental Authority) to the extent such applicable Laws, rules or regulations are not rendered ineffective by the UCC or other applicable Law, or the pledge or creation of a security interest in which would require
governmental consent, approval, license or authorization (except that Proceeds of dispositions thereof in accordance with applicable Law (including, without limitation, rules and regulations of any Governmental Authority) shall constitute
Collateral), provided that Collateral shall include to the maximum extent permitted by applicable Law all rights incident or appurtenant to such licenses, property and assets (except to the extent any Lien on such asset in favor of the
Collateral Agent requires consent, approval or authorization from any Governmental Authority) and the right to receive all Proceeds realized from the sale, assignment or transfer of such licenses, property and assets, or (viii) any governmental
licenses or state or local franchises, charters and authorizations, to the extent security interests in such licenses, franchises, charters or authorizations are prohibited or restricted thereby (except to the extent such prohibition or restriction
is deemed ineffective under the UCC or other applicable Law or principle of equity). Each Grantor shall, if requested to do so by the Collateral Agent, use commercially reasonable efforts to obtain any such required consent that is reasonably
obtainable with respect to Collateral described in clause (vi) above which the Collateral Agent reasonably determines to be material. 

  

					
		  	- 15 -	  	Form of Term Loan Security Agreement

 (b) Each Grantor hereby irrevocably authorizes the Collateral Agent for the
benefit of the Secured Parties at any time and from time to time to file in any relevant jurisdiction any financing statements or continuation statements (including fixture filings) with respect to the Article 9 Collateral or any part thereof
and amendments thereto that (i) describe the collateral covered thereby in any manner that the Administrative Agent or Collateral Agent reasonably determines is necessary or advisable to ensure the perfection of the security interest in the
Article 9 Collateral granted under this Agreement including indicating the Collateral as all assets or all personal property of such Grantor or words of similar effect and (ii) contain the information required by Article 9 of the UCC
of each applicable jurisdiction for the filing of any financing statement or amendment, including (A) whether such Grantor is an organization, the type of organization and any organizational identification number issued to such Grantor and
(B) in the case of a financing statement filed as a fixture filing, a sufficient description of the real property to which such Article 9 Collateral relates. Each Grantor agrees to provide such information to the Collateral Agent promptly
upon request. 
 (c) The Security Interest is granted as security only and shall not subject the Collateral Agent
or any other Secured Party to, or in any way alter or modify, any obligation or liability of any Grantor with respect to or arising out of the Article 9 Collateral. 

(d) Each Grantor hereby further authorizes the Collateral Agent to file a Grant of Security Interest substantially in the
form of Exhibit III, IV or V, as applicable, covering relevant IP Collateral consisting of Patents (and Patents for which applications are pending), registered Trademarks (and Trademarks for which registration applications are
pending) and registered Copyrights (and Copyrights for which registration applications are pending) with the United States Patent and Trademark Office or United States Copyright Office (or any successor office), as applicable, and such other
documents as may be necessary or advisable for the purpose of perfecting, confirming, continuing, enforcing or protecting the Security Interest granted by such Grantor hereunder, without the signature of such Grantor, and naming such Grantor, as
debtor, and the Collateral Agent, as secured party. 
 Section 3.02. Representations and Warranties. Each Grantor
represents and warrants, as to itself and the other Grantors, to the Collateral Agent and the Secured Parties that: 
 (a) Each Grantor has good and valid rights (not subject to any Liens other than Liens permitted by Section 7.01 of the Credit Agreement) and/or good or marketable title in the Article 9
Collateral with respect to which it has purported to grant a Security Interest hereunder (which rights and/or title, are in any event, sufficient under Section 9-203 of the UCC), and has full power and authority to grant to the Collateral Agent
the Security Interest in such Article 9 Collateral pursuant hereto and to execute, deliver and perform its obligations in accordance with the terms of this Agreement, without the consent or approval of any other Person other than any consent or
approval that has been obtained. 
 (b) The Perfection Certificate has been duly executed and delivered to the
Collateral Agent and the information set forth therein, including the exact legal name of each Grantor and its jurisdiction of organization, taken as a whole, is correct and complete in all material respects as of the Closing Date. The UCC financing
statements (including fixture filings, as applicable) prepared by the Collateral Agent based upon the information provided to 

  

					
		  	- 16 -	  	Form of Term Loan Security Agreement

 
the Collateral Agent in the Perfection Certificate for filing in each governmental, municipal or other office specified in Schedule IV of this Agreement (or specified by notice from the
applicable Grantor to the Collateral Agent after the Closing Date in the case of filings, recordings or registrations required by Section 6.11 of the Credit Agreement and the Collateral and Guarantee Requirement), are all the filings,
recordings and registrations (other than any filings required to be made in the United States Patent and Trademark Office or the United States Copyright Office in order to perfect the Security Interest in Article 9 Collateral consisting of
Intellectual Property) necessary to establish a legal, valid and perfected security interest in favor of the Collateral Agent (for the benefit of the Secured Parties) in respect of all Article 9 Collateral in which the Security Interest may be
perfected by filing, recording or registration in the United States (or any political subdivision thereof) and its territories and possessions, and no further or subsequent filing, refiling, recording, rerecording, registration or reregistration
with respect to such Article 9 Collateral is necessary in any such jurisdiction, except as provided under applicable Law with respect to the filing of continuation statements. Each Grantor represents and warrants that, as of the Closing Date,
fully executed Grants of Security Interest in the form attached as Exhibit III, IV or V, as applicable, containing a description of all IP Collateral consisting of Patents (and Patents for which applications are pending),
registered Trademarks (and Trademarks for which registration applications are pending) or registered Copyrights (and Copyrights for which registration applications are pending), as applicable, have been delivered to the Collateral Agent for
recording by the United States Patent and Trademark Office or the United States Copyright Office, as applicable, pursuant to 35 U.S.C. § 261, 15 U.S.C. § 1060 or 17 U.S.C. § 205 and the regulations
thereunder. 
 (c) The Security Interest constitutes (i) a legal and valid security interest in all the
Article 9 Collateral securing the payment and performance of the Secured Obligations, (ii) subject to the filings described in Section 3.02(b), a perfected security interest in all Article 9 Collateral in which a security
interest may be perfected by filing, recording or registering a financing statement in the United States (or any political subdivision thereof) and its territories and possessions pursuant to the UCC and (iii) a security interest that shall be
perfected in all Article 9 Collateral (other than with respect to any Copyright that is not material to the business of the Grantors, taken as a whole) in which a security interest may be perfected upon the receipt and recording of the relevant
Grants of Security Interest with the United States Patent and Trademark Office and the United States Copyright Office, as applicable, within the three month period (commencing as of the date hereof) pursuant to 35 U.S.C. § 261 or
15 U.S.C. § 1060 or the one month period (commencing as of the date hereof) pursuant to 17 U.S.C. § 205. The Security Interest is and shall be prior to any other Lien on any of the Article 9 Collateral, other than
(i) any nonconsensual Lien that is expressly permitted pursuant to Section 7.01 of the Credit Agreement and has priority as a matter of law and (ii) any other Lien that is expressly permitted pursuant to Section 7.01 of the
Credit Agreement and which, in the case of Liens permitted pursuant to Section 7.01(r) of the Credit Agreement, are subject at all times to the ABL Intercreditor Agreement. 

(d) The Article 9 Collateral is owned by the Grantors free and clear of any Lien, except for Liens expressly
permitted pursuant to Section 7.01 of the Credit Agreement. None of the Grantors has filed or consented to the filing of (i) any financing statement or analogous document under the UCC or any other applicable Laws covering any
Article 9 Collateral, (ii) any assignment in which any Grantor assigns any Article 9 Collateral or any 

  

					
		  	- 17 -	  	Form of Term Loan Security Agreement

 
security agreement or similar instrument covering any Article 9 Collateral with the United States Patent and Trademark Office or the United States Copyright Office, or (iii) any
assignment in which any Grantor assigns any Article 9 Collateral or any security agreement or similar instrument covering any Article 9 Collateral with any foreign governmental, municipal or other office, which financing statement or
analogous document, assignment, security agreement or similar instrument is still in effect, except, in each case, for Liens expressly permitted pursuant to Section 7.01 of the Credit Agreement. 

(e) All Commercial Tort Claims of each Grantor where the amount of the damages claimed by such Grantor is in excess of
$5,000,000 in existence on the date of this Agreement (or on the date upon which such Grantor becomes a party to this Agreement) are described on Schedule III hereto. 

(f) C & W Outlet, Inc., a New York corporation (“C & W”) and ERL, Inc., a New Jersey
corporation (“ERL” and together with C & W, the “Inactive Subsidiaries”), are inactive, hold no assets or liabilities, and will be dissolved as required by Section 3.03(h). J. Crew Japan, Ltd. holds
no assets or liabilities other than the internet domain name jcrew.co.jp. and no more than $50,000 in cash. 

(g) Except as could not reasonably be expected to have a Material Adverse Effect, with respect to the IP Collateral:

 (i) such Grantor is the exclusive owner of all right, title and interest in and to the IP Collateral or has
the right or license to use the IP Collateral subject only to the terms of the Licenses; 
 (ii) the operation of
such Grantor’s business as currently conducted and the use of the IP Collateral in connection therewith do not conflict with, infringe, misappropriate, dilute, misuse or otherwise violate the intellectual property rights of any third party;

 (iii) the IP Collateral set forth on the Perfection Certificate includes all of the patents, patent
applications, domain names, trademark registrations and applications, copyright registrations and applications owned by such Grantor as of the date hereof; 
 (iv) the IP Collateral is subsisting and has not been adjudged invalid or unenforceable in whole or in part, and to such Grantor’s knowledge, is valid and enforceable. Such Grantor is not aware of
any uses of any material item of IP 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 each and every item of IP Collateral in full
force and effect, and to protect and maintain its interest therein; 
 (vi) no claim, action, suit,
investigation, litigation or proceeding has been asserted or is pending or threatened 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 IP Collateral,
(B) alleging that the Grantor’s rights in or use of the IP Collateral or that any services provided by, processes used by, or products manufactured or sold by, such Grantor infringe, misappropriate, dilute,

  

					
		  	- 18 -	  	Form of Term Loan Security Agreement

 
misuse or otherwise violate any patent, trademark, copyright or any other proprietary right of any third party, or (C) alleging that the IP Collateral is being licensed or sublicensed in
violation or contravention of the terms of any license or other agreement. To such Grantor’s knowledge, no Person is engaging in any activity that infringes, misappropriates, dilutes, misuses or otherwise violates the material IP Collateral or
the Grantor’s rights in or use thereof. The consummation of the transactions contemplated by the Loan Documents will not result in the termination or impairment of any of the IP Collateral; 

(vii) with respect to each License: (A) such License is valid and binding and in full force and effect; (B) such
Grantor has not received any notice of termination or cancellation under such License; (C) such Grantor has not received any notice of a breach or default under such License; and (D) neither such Grantor nor, to such Grantor’s
knowledge, any other party to such License is in breach or default thereof in any material respect, and no event has occurred that, with notice or lapse of time or both, would constitute such a breach or default or permit termination, modification
or acceleration under such License; and 
 (viii) to such Grantor’s knowledge, (A) none of the material
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 material 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 material 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 material IP Collateral. 
 Section 3.03. Covenants. 

(a) The Borrower agrees to promptly (and in any event within thirty (30) calendar days of such event, or such later
date as the Collateral Agent may agree in its reasonable discretion) notify the Collateral Agent of any change (i) in the legal name of any Grantor, (ii) in the identity or type of organization or corporate structure of any Grantor,
(iii) in the jurisdiction of organization of any Grantor, (iv) in the location of any Grantor under the UCC or (v) in the organizational identification number of any Grantor. In addition, if any Grantor does not have an organizational
identification number on the Closing Date (or the date such Grantor becomes a party to this Agreement) and later obtains one, the Borrower shall promptly thereafter notify the Collateral Agent of such organizational identification number and shall
take all actions reasonably satisfactory to the Collateral Agent to the extent necessary to maintain the security interests (and the priority thereof) of the Collateral Agent in the Collateral intended to be granted hereby fully perfected and in
full force and effect. The Loan Parties agree not to effect or permit any change referred to in the preceding sentence unless all filings, publications and registrations, have been made (or will be made in a timely fashion) under the UCC or other
applicable Law that are required in order for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected first priority security interest to the extent required under the Loan Documents (subject only to
(i) any nonconsensual Lien that is expressly permitted pursuant to Section 7.01 of the Credit Agreement and has priority as a matter of law and (ii) Liens 

  

					
		  	- 19 -	  	Form of Term Loan Security Agreement

 
expressly permitted pursuant to Section 7.01 of the Credit Agreement) and which, in the case of Liens permitted in respect of the ABL Facility pursuant to Section 7.01 thereof, are
subject to the ABL Intercreditor Agreement) in all the Collateral for its own benefit and the benefit of the other Secured Parties. 
 (b) Each Grantor shall, at its own expense, take any and all commercially reasonable actions necessary to defend title to the Article 9 Collateral against all Persons, except with respect to
Article 9 Collateral that such Grantor determines in its reasonable business judgment is no longer necessary or beneficial to the conduct of the business, and to defend the Security Interest of the Collateral Agent in the Article 9
Collateral and the priority thereof against any Lien not permitted pursuant to Section 9.1 of the Credit Agreement. 
 (c) At the time of delivery of a Compliance Certificate pursuant to Section 6.02(a) of the Credit Agreement in connection with the delivery of annual financial statements with respect to the
preceding fiscal year pursuant to Section 6.01(a) of the Credit Agreement, the Borrower shall deliver to the Collateral Agent a certificate executed by a Responsible Officer of the Borrower setting forth the information required pursuant to the
Perfection Certificate (other than Section 1(b) or Section 1(c)(ii) of the Perfection Certificate) or confirming that there has been no change in such information since the date of such certificate or the date of the most recent
certificate delivered pursuant to this Section 3.03(c). 
 (d) Each Grantor agrees, at its own
expense, to execute, acknowledge, deliver and cause to be duly filed all such further instruments and documents and take all such actions as the Collateral Agent may from time to time reasonably request to better assure, preserve, protect and
perfect the Security Interest and the rights and remedies created hereby, including the payment of any fees and Taxes required in connection with the execution and delivery of this Agreement, the granting of the Security Interest and the filing of
any financing statements (including fixture filings) or other documents in connection herewith or therewith. If any amount payable under or in connection with any of the Article 9 Collateral (other than by a Loan Party) that equals or exceeds
$5,000,000 (or, in the case of ABL Priority Collateral, $2,000,000) shall be or become evidenced by any Promissory Note or Instrument, such Promissory Note or Instrument shall be promptly pledged and, subject to the ABL Intercreditor Agreement,
delivered to the Collateral Agent, for the benefit of the Secured Parties in a manner reasonably satisfactory to the Collateral Agent. 
 (e) At its option, the Collateral Agent may discharge past due taxes, assessments, charges, fees, Liens, security interests or other encumbrances at any time levied or placed on the Article 9
Collateral and not permitted pursuant to Section 7.01 of the Credit Agreement, and may pay for the maintenance and preservation of the Article 9 Collateral to the extent any Grantor fails to do so as required by the Credit Agreement, this
Agreement or any other Loan Document and within a reasonable period of time after the Collateral Agent has requested that it do so, and each Grantor jointly and severally agrees to reimburse the Collateral Agent within ten (10) days after
demand for any payment made or any reasonable out-of-pocket expense incurred by the Collateral Agent pursuant to the foregoing authorization; provided that nothing in this paragraph shall be interpreted as excusing any Grantor from the
performance of, or imposing any obligation on the Collateral Agent or any Secured Party to cure or perform, any covenants or other promises of any Grantor with respect to taxes, assessments, charges, fees, Liens, security interests or other
encumbrances and maintenance as set forth herein or in the other Loan Documents. 

  

					
		  	- 20 -	  	Form of Term Loan Security Agreement

 (f) If at any time any Grantor shall take a security interest in any
property of an Account Debtor or any other Person the value of which equals or exceeds $2,000,000 to secure payment and performance of an Account or related contracts, such Grantor shall promptly assign such security interest to the Collateral Agent
for the benefit of the applicable Secured Parties. Such assignment need not be filed of public record unless necessary to continue the perfected status of the security interest against creditors of and transferees from the Account Debtor or other
Person granting the security interest. 
 (g) Each Grantor (rather than the Collateral Agent or any Secured
Party) shall remain liable (as between itself and any relevant counterparty) to observe and perform all the conditions and obligations to be observed and performed by it under each contract, agreement or instrument relating to the Article 9
Collateral, all in accordance with the terms and conditions thereof, and each Grantor jointly and severally agrees to indemnify and hold harmless the Collateral Agent and the Secured Parties from and against any and all liability for such
performance. 
 (h) The Grantors agree to use commercially reasonable efforts to dissolve the Inactive
Subsidiaries as promptly as practical after the Closing Date. 
 (i) Notwithstanding anything in this Agreement
to the contrary other than the filing of a UCC financing statement, (i) no actions shall be required to perfect the security interest granted hereunder in Letter-of-Credit Rights, (ii) no actions shall be required to perfect the security
interest granted hereunder in motor vehicles and other assets subject to certificates of title and (iii) no Grantor shall be required to complete any filings or other action with respect to the perfection of the security interests created
hereby in any jurisdiction outside of the United States or any State thereof. 
 Section 3.04. Other Actions. In order to
further insure the attachment, perfection and priority of, and the ability of the Collateral Agent to enforce, the Security Interest, each Grantor agrees, in each case at such Grantor’s own expense and subject to the ABL Intercreditor
Agreement, to take the following actions with respect to the following Article 9 Collateral: 
 (a)
Instruments. If any Grantor shall at any time hold or acquire any Instruments constituting Collateral and evidencing an amount equal to or in excess of $5,000,000 (or, in the case of ABL Priority Collateral, $2,000,000) such Grantor shall
promptly endorse, assign and deliver the same to the Collateral Agent for the benefit of the applicable Secured Parties, accompanied by such undated instruments of transfer or assignment duly executed in blank as the Collateral Agent may from time
to time reasonably request. 
 (b) Investment Property. Except to the extent otherwise provided in
Article II, if any Grantor shall at any time hold or acquire any Certificated Securities, such Grantor shall promptly endorse, assign and deliver the same to the Collateral Agent for the benefit of the applicable Secured Parties,
accompanied by such undated instruments of transfer or assignment duly executed in blank as the Collateral Agent may from time to time reasonably 

  

					
		  	- 21 -	  	Form of Term Loan Security Agreement

 
request. If any Securities now or hereafter acquired by any Grantor are uncertificated and are issued to such Grantor or its nominee directly by the issuer thereof, upon the Collateral
Agent’s request and following the occurrence of an Event of Default such Grantor shall promptly notify the Collateral Agent thereof and, at the Collateral Agent’s reasonable request, pursuant to an agreement in form and substance
reasonably satisfactory to the Collateral Agent, either (but only to the extent such Securities and other Investment Property constitute Collateral) (i) cause the issuer to agree to comply with instructions from the Collateral Agent as to such
Securities, without further consent of any Grantor or such nominee, or (ii) arrange for the Collateral Agent to become the registered owner of the Securities. If any Securities, whether certificated or uncertificated, or other Investment
Property are held by any Grantor or its nominee through a Securities Intermediary, upon the Collateral Agent’s request and following the occurrence of an Event of Default, such Grantor shall immediately notify the Collateral Agent thereof and
at the Collateral Agent’s request and option, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Agent shall either (i) cause such Securities Intermediary to agree to comply with Entitlement Orders or
other instructions from the Collateral Agent to such Securities Intermediary as to such Security Entitlements without further consent of any Grantor or such nominee, or (ii) in the case of Financial Assets or other Investment Property held
through a Securities Intermediary, arrange for the Collateral Agent to become the Entitlement Holder with respect to such Investment Property, with the Grantor being permitted, only with the consent of the Collateral Agent, to exercise rights to
withdraw or otherwise deal with such Investment Property. Notwithstanding the foregoing, unless and until an Event of Default has occurred and is continuing, the Collateral Agent agrees with each of the Grantors that the Collateral Agent shall not
give any such Entitlement Orders or instructions or directions to any such issuer, or Securities Intermediary, and shall not withhold its consent to the exercise of any withdrawal or dealing rights by any Grantor. 

(c) Commercial Tort Claims. If any Grantor shall at any time after the date of this Agreement acquire a Commercial
Tort Claim in an amount (taking the greater of the aggregate claimed damages thereunder or the reasonably estimated value thereof) of $5,000,000 or more, such Grantor shall promptly notify the Collateral Agent thereof in a writing signed by such
Grantor and provide supplements to Schedule III describing the details thereof and shall grant to the Collateral Agent a security interest therein and in the proceeds thereof, all upon the terms of this Agreement. 

ARTICLE IV 

Special Provisions Concerning IP Collateral 
 Section 4.01. Grant of License to Use Intellectual Property. 

Without limiting the provisions of Section 3.01 hereof or any other rights of the Collateral Agent as the
holder of a Security Interest in any IP Collateral, for the purpose of enabling the Collateral Agent to exercise rights and remedies under this Agreement at such time as the Collateral Agent shall be lawfully entitled to exercise such rights and
remedies, each Grantor hereby grants to the Collateral Agent, for the benefit of the Secured Parties, an irrevocable, nonexclusive license (exercisable without payment of royalty or other compensation to the Grantors) to use, license or sublicense
any of the IP Collateral now owned or hereafter 

  

					
		  	- 22 -	  	Form of Term Loan Security Agreement

 
acquired by such Grantor, and wherever the same may be located (whether or not any license agreement by and between any Grantor and any other Person relating to the use of such IP Collateral may
be terminated hereafter), and including in such license reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof,
provided, however, that any such license granted by the Collateral Agent to a third party shall include reasonable and customary terms necessary to preserve the existence, validity and value of the affected IP Collateral, including without
limitation, provisions requiring the continuing confidential handling of trade secrets, requiring the use of appropriate notices and prohibiting the use of false notices, protecting and maintaining the quality standards of the Trademarks in the
manner set forth below (it being understood and agreed that, without limiting any other rights and remedies of the Collateral Agent under this Agreement, any other Loan Document or applicable Law, nothing in the foregoing license grant shall be
construed as granting the Collateral Agent rights in and to such IP Collateral above and beyond (x) the rights to such IP Collateral that each Grantor has reserved for itself and (y) in the case of IP Collateral that is licensed to any
such Grantor by a third party, the extent to which such Grantor has the right to grant a sublicense to such IP Collateral hereunder). 
 The use of such license by the Collateral Agent may only be exercised, at the option of the Collateral Agent, during the continuation of an Event of Default; provided that any license, sublicense
or other transaction entered into by the Collateral Agent in accordance herewith shall immediately terminate at such time as the Collateral Agent is no longer lawfully entitled to exercise its rights and remedies under this Agreement. Nothing in
this Section 4.01 shall require a Grantor to grant any license that is prohibited by any rule of law, statute or regulation, or is prohibited by, or constitutes a breach or default under or results in the termination of any contract, license,
agreement, instrument or other document evidencing, giving rise to or theretofore granted, with respect to such property or otherwise unreasonably prejudices the value thereof to the relevant Grantor. In the event the license set forth in this
Section 4.01 is exercised with regard to any Trademarks, then the following shall apply: (i) all goodwill arising from any licensed or sublicensed use of any Trademark shall inure to the benefit of the Grantor; (ii) the licensed or
sublicensed Trademarks shall only be used in association with goods or services of a quality and nature consistent with the quality and reputation with which such Trademarks were associated when used by Grantor prior to the exercise of the license
rights set forth herein; and (iii) at the Grantor’s request and expense, licensees and sublicensees shall provide reasonable cooperation in any effort by the Grantor to maintain the registration or otherwise secure the ongoing validity and
effectiveness of such licensed Trademarks, including, without limitation the actions and conduct described in Section 4.02 below. 
 Section 4.02 Protection of Collateral Agent’s Security. 
 (a) Except to the extent permitted by subsection 4.02(h) below, or to the extent that failure to act could not reasonably be expected to have a Material Adverse Effect, with respect to
registration or pending application of each item of its IP Collateral for which such Grantor has standing to do so, each Grantor agrees to take, at its expense, all reasonable steps, including, without limitation, in the U.S. Patent and Trademark
Office, the U.S. Copyright Office and any other governmental authority located in the United States to (i) maintain the validity and enforceability of any registered IP Collateral and maintain such IP Collateral in full force and

  

					
		  	- 23 -	  	Form of Term Loan Security Agreement

 
effect, and (ii) pursue the registration and maintenance of each Patent, Trademark, or Copyright registration or application, now or hereafter included in such IP 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. 
 (b) Except to the extent permitted by subsection 4.02(h) below, or to the extent that failure to act could not reasonably be expected to have a Material Adverse Effect, no Grantor shall do or
permit any act or knowingly omit to do any act whereby any of its IP Collateral may lapse, be terminated, or become invalid or unenforceable or placed in the public domain (or in case of a trade secret, lose its competitive value). 

(c) In the event that any Grantor becomes aware that any material item of the IP Collateral is being infringed or
misappropriated by a third party, such Grantor shall promptly notify the Collateral Agent and shall take such actions, at its expense, as such Grantor reasonably deems appropriate under the circumstances to protect or enforce such IP Collateral,
including, without limitation, suing for infringement or misappropriation and for an injunction against such infringement or misappropriation. 
 (d) Each Grantor shall use proper statutory notice as commercially practical in connection with its use of each item of its IP Collateral. Except to the extent permitted by subsection 4.02(h)
below, or to the extent that failure to act could not reasonably be expected to have a Material Adverse Effect, no Grantor shall do or permit any act or knowingly omit to do any act whereby any of its IP Collateral may lapse or become invalid or
unenforceable or placed in the public domain. 
 (e) Except to the extent permitted by
subsection 4.02(h) below, or to the extent that failure to act could not reasonably be expected to have a Material Adverse Effect, each Grantor shall take all reasonable steps to preserve and protect each item of its IP 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 with the quality of the products and services as of the date hereof, and taking all
reasonable steps necessary to ensure that all licensed users of any of the Trademarks abide by the applicable license’s terms with respect to the standards of quality. 

(f) Each Grantor agrees that, should it obtain an ownership or other interest in any IP Collateral after the Closing Date
(the “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 IP Collateral subject to the terms and conditions of this Agreement with respect thereto. 

  

					
		  	- 24 -	  	Form of Term Loan Security Agreement

 (g) Once every fiscal quarter of the Borrower, each Grantor shall sign and
deliver to the Collateral Agent an appropriate Security Agreement Supplement and related Grant of Security Interest with respect to applications for registration or registrations of IP Collateral owned or exclusively licensed by it as of the last
day of such fiscal quarter, to the extent that such IP Collateral is not covered by any previous Security Agreement Supplement (and Grant of Security Interests) so signed and delivered by it. In each case, it will promptly cooperate as reasonably
necessary to enable the Collateral Agent to make any necessary or reasonably desirable recordations with the U.S. Copyright Office or the U.S. Patent and Trademark Office, as appropriate. 

(h) Notwithstanding the foregoing provisions of this Section 4.02 or elsewhere in this Agreement, nothing in
this Agreement shall prevent any Grantor from abandoning or discontinuing the use or maintenance of any or its IP Collateral, or from failing to take action to enforce license agreements or pursue actions against infringers, if such Grantor
determines in its reasonable business judgment that such abandonment, discontinuance, or failure to take action is desirable in the conduct of its business. 
 ARTICLE V 
 Remedies 

Section 5.01. Remedies Upon Default. 
 Upon the occurrence and during the continuance of an Event of Default, subject to the ABL Intercreditor Agreement, it is agreed that the Collateral Agent shall have the right to exercise any and all
rights afforded to a secured party under this Agreement, the UCC or other applicable Law, and, subject to the ABL Intercreditor Agreement, also may (i) require each Grantor to, and each Grantor 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) occupy any premises owned or, to the extent lawful and permitted, leased by any of the Grantors 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; provided that the Collateral Agent shall provide the applicable Grantor with notice thereof prior to or promptly after such
occupancy; (iii) 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; provided that the Collateral Agent shall provide the applicable
Grantor with notice thereof prior to or promptly after such exercise; (iv) withdraw any and all cash or other Collateral from any Collateral Account and apply such cash and other Collateral to the payment of any and all Secured Obligations in
the manner provided in Section 5.02 of this Agreement; (v) subject to the mandatory requirements of applicable Law and the notice requirements described below, sell or otherwise dispose of all or any part of the Collateral securing
the Secured Obligations at a public or private sale or at any broker’s board or on any securities exchange, for cash, upon credit or for future delivery as the Collateral Agent shall deem appropriate and (vi) with respect to any IP
Collateral, on demand, cause the Security Interest to become an assignment, transfer 

  

					
		  	- 25 -	  	Form of Term Loan Security Agreement

 
and conveyance of any of or all such IP Collateral (provided that no such demand may be made unless an Event of Default has occurred and has continued for thirty (30) days) by the applicable
Grantors to the Collateral Agent, or license or sublicense, whether general, special or otherwise, and whether on an exclusive or nonexclusive basis, any such IP Collateral throughout the world on such terms and conditions and in such manner as the
Collateral Agent shall determine, provided, however, that such terms shall include all terms and restrictions that customarily required to ensure the continuing validity and effectiveness of the IP Collateral at issue, such as, without
limitation, notice, quality control and inurement provisions with regard to Trademarks, patent designation provisions with regard to patents, and copyright notices and restrictions or decompilation and reverse engineering of copyrighted software,
and confidentiality protections for trade secrets. Each Grantor acknowledges and recognizes that (a) the Collateral Agent may be unable to effect a public sale of all or a part of the Collateral consisting of securities by reason of certain
prohibitions contained in the Securities Act of 1933, 15 U.S.C. §77, (as amended and in effect, the “Securities Act”) or the securities laws of various states (the “Blue Sky Laws”), but may be compelled to
resort to one or more private sales to a restricted group of purchasers who will be obliged to agree, among other things, to acquire such securities for their own account, for investment and not with a view to the distribution or resale thereof,
(b) private sales so made may be at prices and upon other terms less favorable to the seller than if such securities were sold at public sales, (c) neither the Collateral Agent nor any other Secured Party has any obligation to delay sale
of any of the Collateral for the period of time necessary to permit such securities to be registered for public sale under the Securities Act or the Blue Sky Laws, and (d) private sales made under the foregoing circumstances shall be deemed to
have been made in a commercially reasonable manner. To the maximum extent permitted by Law, each Grantor hereby waives any claim against any Secured Party arising because the price at which any Collateral may have been sold at a private sale was
less than the price that might have been obtained at a public sale, even if the Collateral Agent accepts the first offer received and does not offer such Collateral to more than one offeree. Upon consummation of any such sale the Collateral Agent
shall have the right to assign, transfer and deliver to the purchaser or purchasers thereof the Collateral so sold. Each such purchaser at any sale of Collateral shall hold the property sold absolutely, free from any claim or right on the part of
any Grantor, and each Grantor hereby waives (to the extent permitted by applicable Law) all rights of redemption, stay and appraisal which such Grantor now has or may at any time in the future have under any rule of law or statute now existing or
hereafter enacted. 
 The Collateral Agent shall give the applicable Grantors ten (10) days’ written notice (which
each Grantor agrees is reasonable notice within the meaning of Section 9-611 of the UCC or its equivalent in other jurisdictions) of the Collateral Agent’s intention to make any sale of Collateral. Such notice, in the case of a public
sale, shall state the time and place for such sale and, in the case of a sale at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale is to be made and the day on which the Collateral, or portion
thereof, will first be offered for sale at such board or exchange. Any such public sale shall be held at such time or times within ordinary business hours and at such place or places as the Collateral Agent may fix and state in the notice (if any)
of such sale. The Collateral Agent may conduct one or more going out of business sales, in the Collateral Agent’s own right or by one or more agents and contractors. Such sale(s) may be conducted upon any premises owned, leased, or occupied by
any Grantor. The Collateral Agent and any such agent or contractor, in conjunction with any such sale, may augment the Inventory with other goods (all of which other 

  

					
		  	- 26 -	  	Form of Term Loan Security Agreement

 
goods shall remain the sole property of the Collateral Agent or such agent or contractor). Any amounts realized from the sale of such goods which constitute augmentations to the Inventory (net of
an allocable share of the costs and expenses incurred in their disposition) shall be the sole property of the Collateral Agent or such agent or contractor and neither any Grantor nor any Person claiming under or in right of any Grantor shall have
any interest therein. At any such sale, the Collateral, or portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the Collateral Agent may (in its sole and absolute discretion) determine. The Collateral Agent
shall not be obligated to make any sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral shall have been given. The Collateral Agent may, without notice or publication, adjourn any
public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same was so adjourned. In case any
sale of all or any part of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained by the Collateral Agent until the sale price is paid by the purchaser or purchasers thereof, but the Collateral Agent shall
not incur any liability in case any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may be sold again upon like notice. At any public (or, to the extent
permitted by applicable Law, private) sale made pursuant to this Agreement, any Secured Party may bid for or purchase, free (to the extent permitted by applicable Law) from any right of redemption, stay, valuation or appraisal on the part of any
Grantor (all said rights being also hereby waived and released to the extent permitted by applicable Law), the Collateral or any part thereof offered for sale and may make payment on account thereof by using any claim then due and payable to such
Secured Party from any Grantor as a credit against the purchase price, and such Secured Party may, upon compliance with the terms of sale, hold, retain and dispose of such property without further accountability to any Grantor therefor. For purposes
of determining the Grantors’ rights in the Collateral, a written agreement to purchase the Collateral or any portion thereof shall be treated as a sale thereof; the Collateral Agent shall be free to carry out such sale pursuant to such
agreement and no Grantor shall be entitled to the return of the Collateral or any portion thereof subject thereto, notwithstanding the fact that after the Collateral Agent shall have entered into such an agreement all Events of Default shall have
been remedied and the Secured Obligations paid in full, provided, however, that such agreements shall include all terms and restrictions that are customarily required to ensure the continuing validity and effectiveness of the IP
Collateral at issue, such as, without limitation, quality control and inurement provisions with regard to Trademarks, patent designation provisions with regard to patents, and copyright notices and restrictions or decompilation and reverse
engineering of copyrighted software, and protecting the confidentiality of trade secrets. As an alternative to exercising the power of sale herein conferred upon it, the Collateral Agent may proceed by a suit or suits at law or in equity to
foreclose this Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a court appointed receiver. Any sale pursuant to the
provisions of this Section 5.01 shall be deemed to conform to the commercially reasonable standards as provided in Section 9-610(b) of the UCC or its equivalent in other jurisdictions. 

Each Grantor irrevocably makes, constitutes and appoints the Collateral Agent (and all officers, employees or agents designated by the
Collateral Agent) as such Grantor’s true and lawful agent (and attorney-in-fact) during the continuance of an Event of Default and after notice to the Borrower of its intent to exercise such rights (except in the case of a Bankruptcy Event of

  

					
		  	- 27 -	  	Form of Term Loan Security Agreement

 
Default, in which case no such notice shall be required), for the purpose of, subject to the ABL Intercreditor Agreement, (i) making, settling and adjusting claims in respect of
Article 9 Collateral under policies of insurance, endorsing the name of such Grantor on any check, draft, instrument or other item of payment for the proceeds of such policies of insurance, (ii) making all determinations and decisions with
respect thereto and (iii) obtaining or maintaining the policies of insurance required by Section 6.07 of the Credit Agreement or to pay any premium in whole or in part relating thereto. All sums disbursed by the Collateral Agent in
connection with this paragraph, including reasonable out-of-pocket attorneys’ fees, court costs, expenses and other charges relating thereto, shall be payable, within ten (10) days of demand, by the Grantors to the Collateral Agent and
shall be additional Secured Obligations secured hereby. 
 By accepting the benefits of this Agreement and each other Collateral
Document, the Secured Parties expressly acknowledge and agree that this Agreement and each other Collateral Document may be enforced only by the action of the Collateral Agent and that no other Secured Party shall have any right individually to seek
to enforce or to enforce this Agreement or to realize upon the security to be granted hereby, it being understood and agreed that such rights and remedies may be exercised by the Collateral Agent for the benefit of the Secured Parties upon the terms
of this Agreement and the other Collateral Documents. 
 Section 5.02. Application of Proceeds. 

Subject to the ABL Intercreditor Agreement, the Collateral Agent shall apply the proceeds of any collection or sale of Collateral,
including any Collateral consisting of cash, in accordance with the provisions of Section 8.03 of the Credit Agreement. The Collateral Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances
in accordance with this Agreement. Upon any sale of Collateral by the Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the Collateral Agent or of the officer making the sale
shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Collateral Agent or such
officer or be answerable in any way for the misapplication thereof. It is understood and agreed that the Grantors shall remain jointly and severally liable to the extent of any deficiency between the amount of the proceeds of the Collateral and the
aggregate amount of the Secured Obligations. 
 ARTICLE VI 

Indemnity, Subrogation and Subordination 
 Upon payment by any Grantor of any Secured Obligations, all rights of such Grantor against the Borrower or any other Grantor arising as a result thereof by way of right of subrogation, contribution,
reimbursement, indemnity or otherwise shall in all respects be subordinate and junior in right of payment to the prior payment in full in cash of all the Secured Obligations (other than (i) contingent indemnity obligations for then unasserted
claims; (ii) obligations and liabilities under Secured Hedge Agreements as to which arrangements satisfactory to the applicable Hedge Bank shall have been made; or (iii) Cash Management Obligations as to which arrangements satisfactory to
the applicable Cash Management Bank 

  

					
		  	- 28 -	  	Form of Term Loan Security Agreement

 
shall have been made) and the termination of all Commitments to any Loan Party under any Loan Document. If any amount shall erroneously be paid to the Borrower or any other Grantor on account of
(i) such subrogation, contribution, reimbursement, indemnity or similar right or (ii) any such indebtedness of the Borrower or any other Grantor, such amount shall be held in trust for the benefit of the Secured Parties and shall forthwith
be paid to the Collateral Agent to be credited against the payment of the Secured Obligations, whether matured or unmatured, in accordance with the terms of the Credit Agreement and the other Loan Documents. Subject to the foregoing, to the extent
that any Grantor (other than the Borrower) shall, under this Agreement or the Credit Agreement as a joint and several obligor, repay any of the Secured Obligations (an “Accommodation Payment”), then the Grantor making such
Accommodation Payment shall be entitled to contribution and indemnification from, and be reimbursed by, each of the other Grantors in an amount equal to a fraction of such Accommodation Payment, the numerator of which fraction is such other
Grantor’s Allocable Amount and the denominator of which is the sum of the Allocable Amounts of all of the Grantors. As of any date of determination, the “Allocable Amount” of each Grantor shall be equal to the maximum amount of
liability for Accommodation Payments which could be asserted against such Grantor hereunder and under the Credit Agreement without (a) rendering such Grantor “insolvent” within the meaning of Section 101 (31) of the
Bankruptcy Code, Section 2 of the Uniform Fraudulent Transfer Act (“UFTA”) or Section 2 of the Uniform Fraudulent Conveyance Act (“UFCA”), (b) leaving such Grantor with unreasonably small capital or
assets, within the meaning of Section 548 of the Bankruptcy Code, Section 4 of the UFTA, or Section 5 of the UFCA, or (c) leaving such Grantor unable to pay its debts as they become due within the meaning of Section 548 of
the Bankruptcy Code or Section 4 of the UFTA, or Section 5 of the UFCA. 
 ARTICLE VII 

Miscellaneous 
 Section 7.01. Notices. 
 All communications and notices hereunder shall
(except as otherwise expressly permitted herein) be in writing and given as provided in Section 10.2 of the Credit Agreement. All communications and notices hereunder to a Grantor other than the Borrower shall be given in care of the Borrower.

 Section 7.02. Waivers; Amendment. 

(a) No failure or delay by the Collateral Agent in exercising any right or power hereunder or under any other Loan
Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the
exercise of any other right or power. The rights and remedies of the Collateral Agent hereunder and under the other Loan Documents are cumulative and are not exclusive of any other rights or remedies that they would otherwise have. No waiver of any
provision of this Agreement or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 7.02, and then such waiver or consent
shall be effective only in the specific instance and for the purpose for which given. Without 

  

					
		  	- 29 -	  	Form of Term Loan Security Agreement

 
limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default or Event of Default, regardless of whether the Collateral Agent or any other
Secured Party may have had notice or knowledge of such Default or Event of Default at the time. 
 (b) Subject to
the ABL Intercreditor Agreement, neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Collateral Agent and the Grantor or Grantors with
respect to which such waiver, amendment or modification is to apply, subject to any consent required in accordance with Section 10.01 of the Credit Agreement. 
 Section 7.03. Collateral Agent’s Fees and Expenses; Indemnification. 
 (a) The parties hereto agree that the Collateral Agent shall be entitled to reimbursement of its expenses incurred hereunder as provided in Section 10.04 of the Credit Agreement. 

(b) Without limitation of its indemnification obligations under the other Loan Documents, each Grantor jointly and
severally agrees to indemnify the Collateral Agent and the other Indemnitees (as defined in Section 10.05 of the Credit Agreement) against, and hold each Indemnitee harmless from, any and all liabilities, obligations, losses, damages,
penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (including, without limitation, all Attorney Costs of Shearman & Sterling LLP and, if reasonably necessary, one local counsel in each relevant
jurisdiction material to the interests of all Indemnitees taken as a whole), imposed on, incurred by or asserted against any such Indemnitee arising out of, in connection with, (a) the execution, delivery, enforcement, performance or
administration of this Agreement or any other agreement, letter or instrument delivered in connection with the transactions contemplated hereby or the consummation of the transactions contemplated hereby, (b) the ownership, delivery, lease,
possession, use, operation, condition, sale, return or other disposition of any Collateral or (c) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any
other theory (including any investigation of, preparation for, or defense of any pending or threatened claim, investigation, litigation or proceeding) and regardless of whether or not such investigation, litigation or proceeding is brought by
any Grantor, its directors, stockholders or creditors or an Indemnitee or any other Person, whether or not any Indemnitee is otherwise a party thereto and, in each case, whether or not caused by or arising, in whole or in part, out of the
negligence of the Indemnitee; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses
or disbursements (i) resulted from the gross negligence, bad faith, or willful misconduct of such Indemnitee or of any Affiliate or Related Indemnified Person of such Indemnitee, as determined by the final non-appealable judgment of a court of
competent jurisdiction, (ii) are relating to disputes amongst Indemnitees other than (1) any claim against an Indemnitee or its Related Parties in its capacity or in fulfilling its role as Collateral Agent and (2) any claim arising
out of any act or omission of the Borrower or any of its Affiliates or (iii) subject to Section 3.01 of the Credit Agreement, related to Taxes (other than Taxes relating to liabilities, obligations, losses, damages, penalties, claims,
demands, actions, judgments, suits, costs, expenses or disbursements indemnified under this Section 7.03(b)). No Indemnitee nor any Grantor shall have any liability and each party hereby waives, any claim against any other

  

					
		  	- 30 -	  	Form of Term Loan Security Agreement

 
party to this Agreement or any Indemnitee, for any special, punitive, indirect or consequential damages relating to this Agreement or arising out of its activities in connection herewith or
therewith (whether before or after the Closing Date) (other than, in the case of any Grantor, in respect of any such damages incurred or paid by an Indemnitee to a third party). 

(c) Any such amounts payable as provided hereunder shall be additional Secured Obligations secured hereby and by the other
Collateral Documents. The provisions of this Section 7.03 shall remain operative and in full force and effect regardless of the termination of this Agreement or any other Loan Document, the repayment of any of the Secured Obligations,
the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, any resignation of the Administrative Agent, Collateral Agent, or any investigation made by or on behalf of the Collateral Agent or any other
Secured Party. All amounts due under this Section 7.03 shall be payable within twenty (20) Business Days after written demand therefor. 
 Section 7.04. Successors and Assigns. 
 Whenever in this Agreement any of
the parties hereto is referred to, such reference shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of any Grantor or the Collateral Agent that are contained in
this Agreement shall bind and inure to the benefit of their respective permitted successors and assigns. Except as provided in Section 10.07 of the Credit Agreement, no Grantor may assign any of its rights or obligations hereunder without the
written consent of the Collateral Agent. 
 Section 7.05. Survival of Agreement. 

Without limitation of any provision of the Credit Agreement or Section 7.03 hereof, all covenants, agreements, indemnities,
representations and warranties made by the Grantors in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon
by the Lenders and shall survive the execution and delivery of the Loan Documents and the making of any Loans, regardless of any investigation made by any such Lender or on its behalf and notwithstanding that the Collateral Agent or any Lender may
have had notice or knowledge of any Default or Event of Default or incorrect representation or warranty at the time any credit is extended under the Credit Agreement, and shall continue in full force and effect until this Agreement is terminated as
provided in Section 7.12 hereof, or with respect to any individual Grantor until such Grantor is otherwise released from its obligations under this Agreement in accordance with the terms hereof. 

Section 7.06. Counterparts; Effectiveness; Several Agreement. 

This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which when taken
together shall constitute one and the same instrument. Delivery by telecopier or by electronic .pdf copy of an executed counterpart of a signature page to this Agreement shall be effective as delivery of an original executed counterpart of this
Agreement. This Agreement shall become effective when it shall have been 

  

					
		 	- 31 -	  	Form of Term Loan Security Agreement

 
executed by each Closing Date Grantor (and, with respect to each Person that becomes a Grantor hereunder following the Closing Date, on the date of delivery of a Security Agreement Supplement by
such Grantor) and the Collateral Agent and thereafter shall be binding upon and inure to the benefit of each Grantor and the Collateral Agent and the other Secured Parties and their respective permitted successors and assigns, subject to
Section 7.04 hereof. This Agreement shall be construed as a separate agreement with respect to each Grantor and may be amended, restated, modified, supplemented, waived or released with respect to any Grantor without the approval of any
other Grantor and without affecting the obligations of any other Grantor hereunder. 
 Section 7.07. Severability.

 If any provision of this Agreement is held to be invalid, illegal, or unenforceable, the legality, validity and
enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 Section 7.08. GOVERNING LAW, ETC. 

(a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

(b) THE GRANTORS AND THE COLLATERAL AGENT EACH IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO
THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY IN THE BOROUGH OF MANHATTAN AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING
MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE 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. EACH PARTY HERETO AGREES THAT THE COLLATERAL AGENT RETAINS THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS
AGAINST ANY GRANTOR IN THE COURTS OF ANY OTHER JURISDICTION IN CONNECTION WITH THE EXERCISE OF ANY RIGHTS UNDER THIS AGREEMENT OR THE ENFORCEMENT OF ANY JUDGMENT. 

  

					
		 	- 32 -	  	Form of Term Loan Security Agreement

 (c) THE GRANTORS AND THE COLLATERAL AGENT EACH IRREVOCABLY AND
UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY COURT REFERRED TO IN
PARAGRAPH (b) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH
COURT. 
 Section 7.09. WAIVER OF RIGHT TO TRIAL BY JURY. 

EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY
IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

Section 7.10. Headings. 
 Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into
consideration in interpreting, this Agreement. 
 Section 7.11. Security Interest Absolute. 

All rights of the Collateral Agent hereunder, the Security Interest, the grant of a security interest in the Pledged Collateral and all
obligations of each Grantor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Credit Agreement, any other Loan Document, the Secured Hedge Agreements, any Cash Management Services,
any agreement with respect to any of the Secured Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Secured
Obligations, or any other amendment or waiver of or any consent to any departure from the Credit Agreement, any other Loan Document, the Secured Hedge Agreements, any Cash Management Services, or any other agreement or instrument, (c) any
exchange, release or non-perfection of any Lien on other collateral, or any release or amendment or waiver of or consent under or departure from any guarantee, securing or guaranteeing all or any of the Secured Obligations or (d) subject only
to termination of a Grantor’s obligations hereunder in accordance with the terms of Section 7.12, but without prejudice to reinstatement rights under Section 2.04 of the Guaranty, any other circumstance that might otherwise
constitute a defense available to, or a discharge of, any Grantor in respect of the Secured Obligations or this Agreement. 

  

					
		 	- 33 -	  	Form of Term Loan Security Agreement

 Section 7.12. Termination or Release. 

(a) This Agreement, the Security Interest and all other security interests granted hereby shall terminate with respect to
all Secured Obligations when all the outstanding Secured Obligations (other than (A) contingent indemnification obligations with respect to then unasserted claims and (B) Secured Obligations in respect of obligations that may thereafter
arise with respect to Obligations in respect of Secured Hedge Agreements and Cash Management Obligations, in each case, not yet due and payable; unless the Collateral Agent has received written notice, at least two (2) Business Days prior to
the proposed date of any such release of the Security Interest, stating that arrangements reasonably satisfactory to the applicable Cash Management Bank or Hedge Bank, as the case may be, in respect thereof have not been made) shall have been paid
in full in cash, and the Lenders have no further commitment to lend under the Credit Agreement, provided, however, that in connection with the termination of this Agreement, the Administrative Agent or Collateral Agent may require such
indemnities as it shall reasonably deem necessary or appropriate to protect the Secured Parties against (x) loss on account of credits previously applied to the Secured Obligations that may subsequently be reversed or revoked, and (y) any
obligations that may thereafter arise with respect to the Obligations in respect of Secured Hedge Agreements and Cash Management Obligations, in each case to the extent not provided for thereunder. 

(b) The Security Interest in any Collateral shall be automatically released in the circumstances set forth in
Section 9.11(a) of the Credit Agreement or upon any release of the Lien on such Collateral in accordance with Sections 9.11(b) or (d) of the Credit Agreement. 

(c) In connection with any termination or release pursuant to paragraph (a) or (b) above, the Collateral
Agent shall promptly execute and deliver to any Grantor, at such Grantor’s expense, all documents that such Grantor shall reasonably request to evidence such termination or release. Any execution and delivery of documents pursuant to this
Section 7.12 shall be without recourse to or warranty by the Collateral Agent. 
 (d) At any time
that the respective Grantor desires that the Collateral Agent take any of the actions described in immediately preceding clause (c), it shall, upon request of the Collateral Agent, deliver to the Collateral Agent an officer’s
certificate certifying that the release of the respective Collateral is permitted pursuant to paragraph (a) or (b). The Collateral Agent shall have no liability whatsoever to any Secured Party as the result of any release of Collateral by it as
permitted (or which the Collateral Agent in good faith believes to be permitted) by this Section 7.12. 
 Section
7.13. Additional Restricted Subsidiaries. 
 Pursuant to Section 6.11 of the Credit Agreement, certain Restricted
Subsidiaries of the Loan Parties that were not in existence or not Restricted Subsidiaries on the date of the Credit Agreement are required to enter in this Agreement as Grantors upon becoming Restricted Subsidiaries. Upon execution and delivery by
the Collateral Agent and a Restricted Subsidiary of a Security Agreement Supplement, such Restricted Subsidiary shall become a Grantor hereunder with the same force and effect as if originally named as a Grantor herein. The execution and delivery of
any such instrument shall not require the consent of any other Grantor hereunder. The rights and obligations of each Grantor hereunder shall remain in full force and effect notwithstanding the addition of any new Grantor as a party to this Agreement

  

					
		 	- 34 -	  	Form of Term Loan Security Agreement

 Section 7.14. Collateral Agent Appointed Attorney-in-Fact. 

(a) Each Grantor hereby appoints the Collateral Agent the true and lawful attorney-in-fact of such Grantor for the purpose of carrying
out the provisions of this Agreement and taking any action and executing any instrument that the Collateral Agent may deem necessary or advisable to accomplish the purposes hereof at any time after and during the continuance of an Event of Default,
which appointment is irrevocable and coupled with an interest. Without limiting the generality of the foregoing, the Collateral Agent shall have the right, subject to the ABL Intercreditor Agreement, upon the occurrence and during the continuance of
an Event of Default and (unless a Bankruptcy Event of Default has occurred and is continuing, in which case no such notice shall be required) upon and after delivery of notice by the Collateral Agent to the Borrower of its intent to exercise such
rights, with full power of substitution either in the Collateral Agent’s name or in the name of such Grantor (i) to receive, endorse, assign and/or deliver any and all notes, acceptances, checks, drafts, money orders or other evidences of
payment relating to the Collateral or any part thereof; (ii) to demand, collect, receive payment of, give receipt for and give discharges and releases of all or any of the Collateral; (iii) to sign the name of any Grantor on any invoice or
bill of lading relating to any of the Collateral; (iv) to send verifications of Accounts to any Account Debtor; (v) to commence and prosecute any and all suits, actions or proceedings at law or in equity in any court of competent
jurisdiction to collect or otherwise realize on all or any of the Collateral or to enforce any rights in respect of any Collateral; (vi) to settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any
of the Collateral; (vii) to notify, or to require any Grantor to notify, Account Debtors to make payment directly to the Collateral Agent or to a Collateral Account and adjust, settle or compromise the amount of payment of any Account or
related contracts; (viii) to make, settle and adjust claims in respect of Collateral under policies of insurance and to endorse the name of such Grantor on any check, draft, instrument or any other item of payment with respect to the proceeds
of such policies of insurance and for making all determinations and decisions with respect thereto; and (ix) to use, sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with all or any of the Collateral, and to
do all other acts and things necessary to carry out the purposes of this Agreement, as fully and completely as though the Collateral Agent were the absolute owner of the Collateral for all purposes; provided that nothing herein contained
shall be construed as requiring or obligating the Collateral Agent to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Collateral Agent, or to present or file any claim or notice, or to take
any action with respect to the Collateral or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby. The Collateral Agent and the other Secured Parties shall be accountable only for amounts actually
received as a result of the exercise of the powers granted to them herein, and neither they nor their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross
negligence or willful misconduct or that of any of their Affiliates, directors, officers, employees, counsel, agents or attorneys-in-fact. 

  

					
		 	- 35 -	  	Form of Term Loan Security Agreement

 (b) All acts in accordance with the terms of this Section 7.14 of said attorney or
designee are hereby ratified and approved by the Grantors. The powers conferred on the Collateral Agent, for the benefit of the Secured Parties, under this Section 7.14 are solely to protect the Collateral Agent’s interests in the
Collateral and shall not impose any duty upon the Collateral Agent or any Secured Party to exercise any such powers. 
 Section
7.15. General Authority of the Collateral Agent. 
 By acceptance of the benefits of this Agreement and any other
Collateral Documents, each Secured Party (whether or not a signatory hereto) shall be deemed irrevocably (a) to consent to the appointment of the Collateral Agent as its agent hereunder and under such other Collateral Documents, (b) to
confirm that the Collateral Agent shall have the authority to act as the exclusive agent of such Secured Party for the enforcement of any provisions of this Agreement and such other Collateral Documents against any Grantor, the exercise of remedies
hereunder or thereunder and the giving or withholding of any consent or approval hereunder or thereunder relating to any Collateral or any Grantor’s obligations with respect thereto, (c) to agree that it shall not take any action to
enforce any provisions of this Agreement or any other Collateral Document against any Grantor, to exercise any remedy hereunder or thereunder or to give any consents or approvals hereunder or thereunder except as expressly provided in this Agreement
or any other Collateral Document and (d) to agree to be bound by the terms of this Agreement and any other Collateral Documents. 
 Section 7.16. Collateral Agent’s Duties. 
 Except for the safe custody
of any Collateral in its possession and the accounting for moneys actually received by it 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 shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal
to that which it accords its own property. 
 Section 7.17. Recourse; Limited Obligations. 

This Agreement is made with full recourse to each Grantor and pursuant to and upon all the warranties, representations, covenants and
agreements on the part of such Grantor contained herein, in the Credit Agreement and the other Loan Documents and otherwise in writing in connection herewith or therewith, with respect to the Secured Obligations of each applicable Secured Party. It
is the desire and intent of each Grantor and each applicable Secured Party that this Agreement shall be enforced against each Grantor to the fullest extent permissible under applicable Law applied in each jurisdiction in which enforcement is sought.

 Section 7.18. Mortgages. 
 In the event that any of the Collateral hereunder is also subject to a valid and enforceable Lien under the terms of a Mortgage and the terms thereof are inconsistent with the terms of this Agreement,
then with respect to such Collateral, the terms of such Mortgage shall control in the case of fixtures and real property leases, letting and licenses of, and contracts, and agreements relating to the lease of, real property, and the terms of this
Agreement shall control in the case of all other Collateral. 

  

					
		 	- 36 -	  	Form of Term Loan Security Agreement

 Section 7.19. ABL Intercreditor Agreement. 

(a) Notwithstanding anything herein to the contrary, the Liens granted to the Collateral Agent under this Agreement and
the exercise of the rights and remedies of the Collateral Agent hereunder and under any other Collateral Document are subject to the provisions of the ABL Intercreditor Agreement. In the event of any conflict between the terms of the ABL
Intercreditor Agreement and this Agreement or any other Collateral Document, the terms of the ABL Intercreditor Agreement shall govern and control. Notwithstanding anything to the contrary herein, the Collateral Agent acknowledges and agrees that no
Grantor shall be required to take or refrain from taking any action at the request of the Collateral Agent with respect to the Collateral if such action or inaction would be inconsistent with the terms of the ABL Intercreditor Agreement. 

(b) Subject to the foregoing, (i) to the extent the provisions of this Agreement (or any other Collateral Documents)
require the delivery of, or control over, ABL Priority Collateral to be granted to the Collateral Agent at any time prior to the Discharge of ABL Obligations, then delivery of such ABL Priority Collateral (or control with respect thereto, (and any
related approval or consent rights)) shall instead be granted to the ABL Agent, to be held in accordance with the ABL Documents and subject to the ABL Intercreditor Agreement and (ii) any provision of this Agreement (or any other Collateral
Documents) requiring Grantors to name the Collateral Agent as an additional insured or a loss payee under any insurance policy or a beneficiary of any letter of credit, such requirement shall have been complied with if any such insurance policy or
letter of credit also names the ABL Agent as an additional insured, loss payee or beneficiary, as the case may be, in each case pursuant and subject to the terms of the ABL Intercreditor Agreement. 

(c) Furthermore, at all times prior to the Discharge of ABL Obligations, the Collateral Agent is authorized by the parties
hereto to effect transfers of ABL Priority Collateral at any time in its possession (and any “control” or similar agreements with respect to ABL Priority Collateral) to the ABL Agent. 

(d) Notwithstanding anything to the contrary herein but subject to the ABL Intercreditor Agreement, in the event the ABL
Documents provide for the grant of a security interest or pledge over the assets of any Grantor and such assets do not otherwise constitute Collateral under this Agreement or any other Loan Document, such Grantor shall (i) promptly grant a
security interest in or pledge such assets to secure the Secured Obligations, (ii) promptly take any actions necessary to perfect such security interest or pledge to the extent set forth in the ABL Documents and (iii) take all other steps
reasonably requested by the Collateral Agent in connection with the foregoing. 
 (e) Nothing contained in the
ABL Intercreditor Agreement shall be deemed to modify any of the provisions of this Agreement, which, as among the Grantors and the Collateral Agent shall remain in full force and effect in accordance with its terms. 

  

					
		 	- 37 -	  	Form of Term Loan Security Agreement

 [Signature Pages Follow] 

  

					
		 	- 38 -	  	Form of Term Loan Security Agreement

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

			
	CHINOS ACQUISITION CORPORATION (which on the Closing Date shall be merged with and into J. Crew Group, Inc., with J. Crew Group, Inc. surviving such merger as the
Borrower),
		
	By:	 	 
		 	Name:
		 	Title:
	
	CHINOS INTERMEDIATE HOLDINGS B, INC., as Holdings,
		
	By:	 	 
		 	Name:
		 	Title:

  
 Form of Term
Loan Security Agreement 

			
	The undersigned hereby confirms that, as a result of its merger with Chinos Acquisition Corporation, it hereby assumes all of the rights and obligations of Chinos
Acquisition Corporation under this Agreement (in furtherance of, and not in lieu of, any assumption or deemed assumption as a matter of law) and is joined to this Agreement as the Borrower thereunder.
	
	J. CREW GROUP, INC.
		
	By:	 	 
		 	Name:
		 	Title:

  

			
		  	Form of Term Loan Security Agreement
	 J. Crew – Signature Page to ABL Security Agreement
	  	

 
			
	SUBSIDIARY GUARANTOR:
	
	 J. Crew Operating Corp.
 J. Crew Inc.
 J. Crew International, Inc.
 Grace Holmes, Inc.
 H. F. D. No. 55, Inc.

Madewell Inc.
 J. Crew Virginia,
Inc.

	
	Each of the above as a Subsidiary Guarantor
		
	By:	 	 
		 	Name:
		 	Title:

  

			
		  	Form of Term Loan Security Agreement
	 J. Crew – Signature Page to ABL Security Agreement
	  	

 
			
	COLLATERAL AGENT:
	
	BANK OF AMERICA, N.A., as Collateral Agent
		
	By:	 	 
		 	Name:
		 	Title:

  

			
		  	Form of Term Loan Security Agreement
	 J. Crew – Signature Page to ABL Security Agreement
	  	

 SCHEDULE I TO SECURITY AGREEMENT 

SUBSIDIARY GUARANTORS 

J. Crew Operating Corp. 
 J. Crew Inc.

 J. Crew International, Inc. 
 Grace
Holmes, Inc. 
 H. F. D. No. 55, Inc. 
 Madewell Inc. 
 J. Crew Virginia, Inc. 

  
 Form of Term
Loan Security Agreement 

 SCHEDULE II TO SECURITY AGREEMENT 

EQUITY INTERESTS 
  

											
	 Issuer
	  	 Registered

Owner/Grantor
	  	 Percentage of

Equity Interests
	  	 Number of

Shares
	  	 Class of

Equity

Interest
	  	 Number of

Certificate

	 J. Crew Group, Inc.
	  	Chinos Intermediate Holdings B, Inc. (after giving effect to the Transaction)	  	100%	  	1,000	  	Common Stock	  	1
	 J. Crew Operating Corp.
	  	J. Crew Group, Inc.	  	100%	  	100	  	Common Stock	  	C1
	 J. Crew Inc.
	  	J. Crew Operating Corp.	  	100%	  	100	  	Common Stock	  	2
	 Grace Holmes, Inc.
	  	J. Crew Operating Corp.	  	100%	  	10	  	Common Stock	  	3
	 H. F. D. No. 55, Inc.
	  	J. Crew Operating Corp.	  	100%	  	10	  	Common Stock	  	3
	 J. Crew Virginia, Inc.
	  	J. Crew Operating Corp.	  	100%	  	100	  	Common Stock	  	1
	 Madewell Inc.
	  	J. Crew Operating Corp.	  	100%	  	10	  	Common Stock	  	1
	 J. Crew International, Inc.
	  	J. Crew Inc.	  	100%	  	100	  	Common Stock	  	3
	 J. Crew Canada Inc.
	  	J. Crew Operating Corp.	  	65%	  	100	  	Common Stock	  	C-3

 PLEDGED DEBT

  

	1.	Intercompany Notes: 

 Global
Intercompany Note, dated as of the Effective Date, among the Borrower and its Subsidiaries party thereto. 
  

	2.	Promissory Notes or Other Pledged Debt: 

 None.

  
 Form of Term
Loan Security Agreement 

 SCHEDULE III TO SECURITY AGREEMENT 

COMMERCIAL TORT CLAIMS 

None. 

  
 Form of Term
Loan Security Agreement 

 SCHEDULE IV TO SECURITY AGREEMENT 

UCC FILINGS 
  

			
	 Grantor
	  	 Jurisdiction

	Chinos Intermediate Holdings B, Inc.	  	Delaware
	J. Crew Group, Inc.	  	Delaware
	J. Crew Operating Corp.	  	Delaware
	J. Crew Inc.	  	Delaware
	J. Crew International, Inc.	  	Delaware
	Grace Holmes, Inc.	  	Delaware
	H. F. D. No. 55, Inc.	  	Delaware
	Madewell Inc.	  	Delaware
	J. Crew Virginia, Inc.	  	Virginia

  
 Form of Term
Loan Security Agreement 

 EXHIBIT I TO SECURITY AGREEMENT 

FORM OF SECURITY AGREEMENT SUPPLEMENT 
 SUPPLEMENT NO.          dated as of
                    , 20     (this “Supplement”), to the Security Agreement dated as of
March 7, 2011 (the “Security Agreement”), among CHINOS ACQUISITION CORPORATION, a Delaware corporation (which on the Closing Date was merged with and into J. CREW GROUP, INC., a Delaware corporation (the
“Company”), with the Company surviving such merger as the Borrower (the “Borrower”)), CHINOS INTERMEDIATE HOLDINGS B, INC., a Delaware corporation (“Holdings”), the Subsidiary Guarantors thereto and BANK
OF AMERICA, N.A., as Collateral Agent for the Secured Parties. 
 A. Reference is made to the Credit Agreement, dated as of
March 7, 2011 (as amended, restated, supplemented and/or otherwise modified from time to time, the “Credit Agreement”), by, among others, the Borrower, Holdings, the Lenders party thereto, and Bank of America, N.A., as
Administrative Agent for the Lenders and Collateral Agent for the Secured Parties and (ii) the Guaranty (as defined in the Credit Agreement). 
 B. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement and the Security Agreement, as applicable. 

C. The Grantors have entered into the Security Agreement in order to induce the Lenders to make Loans. Section 7.13 of the Security
Agreement provides that additional Restricted Subsidiaries of the Grantors may become Grantors under the Security Agreement by execution and delivery of an instrument substantially in the form of this Supplement. The undersigned Restricted
Subsidiary (the “New Subsidiary”) is executing this Supplement in accordance with the requirements of the Credit Agreement to become a Grantor under the Security Agreement in order to induce the Lenders to make additional Loans and
as consideration for Loans previously made. 
 Accordingly, the Collateral Agent and the New Subsidiary agree as follows:

 Section 1. In accordance with Section 7.13 of the Security Agreement, the New Subsidiary by its signature below
becomes a Grantor under the Security Agreement with the same force and effect as if originally named therein as a Grantor and the New Subsidiary hereby (a) agrees to all the terms and provisions of the Security Agreement applicable to it as a
Grantor thereunder and (b) represents and warrants that the representations and warranties made by it as a Grantor thereunder are true and correct on and as of the date hereof; provided that, to the extent that such representations and
warranties specifically refer to an earlier date, they shall be true and correct in all respects as of such earlier date. In furtherance of the foregoing, the New Subsidiary, as security for the payment and performance in full of the Secured
Obligations does hereby create and grant to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, their successors and assigns, a security interest in and lien on all of the New Subsidiary’s right, title and
interest in and to the Collateral (as defined in the Security Agreement) of the New Subsidiary. Each reference to a “Grantor” in the Security Agreement shall be deemed to include the New Subsidiary as if originally named therein as a
Grantor. The Security Agreement is hereby incorporated herein by reference. 

  
 Form of Term
Loan Security Agreement 

 Section 2. The New Subsidiary represents and warrants to the Collateral Agent and the
other Secured Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as such enforceability may be
limited by Debtor Relief Laws and by general principles of equity. 
 Section 3. This Supplement may be executed in
counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Supplement shall become effective when the
Collateral Agent shall have received a counterpart of this Supplement that bears the signature of the New Subsidiary and the Collateral Agent has executed a counterpart hereof. Delivery of an executed signature page to this Supplement by facsimile
or electronic (including .pdf file) transmission shall be as effective as delivery of a manually signed counterpart of this Supplement. 
 Section 4. The New Subsidiary hereby represents and warrants that the Perfection Certificate and updated schedules to the Security Agreement attached hereto as Schedule I have been duly
executed and delivered to the Collateral Agent and the information set forth therein, including the exact legal name of the New Subsidiary and its jurisdiction of organization, is correct and complete in all material respects as of the date hereof.

 Section 5. Except as expressly supplemented hereby, the Security Agreement shall remain in full force and effect.

 Section 6. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK. 
 Section 7. In case any one or more of the provisions contained in this Supplement should be held
invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Security Agreement shall not in any way be affected or impaired thereby (it being understood that the
invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to replace the invalid,
illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 Section 8. All communications and notices hereunder shall be in writing and given as provided in Section 7.01 of the Security Agreement. 

Section 9. The New Subsidiary agrees to reimburse the Collateral Agent for its reasonable out-of-pocket expenses in connection with
this Supplement, including all Attorney Costs of counsel for the Collateral Agent as provided in Section 7.03(a) of the Security Agreement. 

  
 Form of Term
Loan Security Agreement 

 IN WITNESS WHEREOF, the New Subsidiary and the Collateral Agent have duly executed
this Supplement to the Security Agreement as of the day and year first above written. 
  

			
	[NAME OF NEW SUBSIDIARY]
		
	By:	 	 
	Name:	 	
	Title:	 	
	Legal Name:
	Jurisdiction of Formation:
	Location of Chief Executive Office:
	
	BANK OF AMERICA, N.A., as Collateral Agent
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 Form of Term
Loan Security Agreement 

 SCHEDULE I TO SECURITY AGREEMENT SUPPLEMENT 

[ATTACH COMPLETED PERFECTION CERTIFICATE FOR NEW SUBSIDIARY AND 

ALL SCHEDULES TO SECURITY AGREEMENT, UPDATED FOR NEW SUBSIDIARY] 

  
 Form of Term
Loan Security Agreement 

 EXHIBIT II TO SECURITY AGREEMENT 

FORM OF PERFECTION CERTIFICATE 
 Reference is made to (i) the Credit Agreement dated as of March 7, 2011 (the “Term Facility Credit Agreement”), among Chinos Acquisition Corporation, which on the Closing Date
shall be merged with and into J. Crew Group, Inc. (the “Company”), with the Company surviving such merger as the Borrower (the “Borrower”), Chinos Intermediate Holdings B, Inc. (“Holdings”), the
lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent and Collateral Agent and (ii) the Credit Agreement dated as of March 7, 2011 (the “ABL Credit Agreement” and, together with the
Term Facility Credit Agreement, the “Credit Agreements”), among Chinos Acquisition Corporation, which on the Effective Date shall be merged with and into the Company, with the Company surviving such merger as the Borrower, Holdings,
the lenders from time to time party thereto, Bank of America, N.A., as Administrative Agent, Collateral Agent and an Issuer and the other Issuers party thereto. Capitalized terms used but not defined herein have the meanings assigned in the
applicable Credit Agreement or the Security Agreement referred to therein, as applicable. 
 The undersigned, a
Responsible Officer of the Borrower, hereby certifies to the Administrative Agent and each other Secured Party on behalf of the Loan Parties as follows: 
 SECTION 1. Names. (a) Set forth on Schedule 1(a) is (i) the exact legal name of each Loan Party, as such name appears in its certificate of organization or like document and
(ii) each other legal name such Loan Party has had in the past five years, together with the date of the relevant name change and each other name used by each Loan Party on any filings with the Internal Revenue Service at any time in the past
five years. 
 (b) Except as set forth on Schedule 1(b) and pursuant to the Transactions, no Loan
Party has changed its identity or corporate structure or entered into a similar reorganization in any way within the past five years. Changes in identity or corporate structure would include mergers, consolidations and acquisitions of all or
substantially all of the assets of (or all or substantially all the assets constituting a business unit, division, product line or line of business of) a Person or other acquisitions of material assets outside the ordinary course of business, as
well as any change in the form, nature or jurisdiction of organization. With respect to any such change that has occurred within the past five years, Schedules 1(a), 1(b) and 2(a) set forth the information required by
Sections 1(a) and 2(a) of this Perfection Certificate as to each acquiree or constituent party to such merger, consolidation or acquisition. 
 (c) Set forth on Schedule 1(c) is (i) the exact legal name of each direct and indirect Subsidiary of Holdings, as such name appears in its certificate of organization or like document and
(ii) each contractual agreement existing on the date hereof that would restrict a Guarantee of the Obligations by any such Subsidiary that would otherwise be required to become a Guarantor pursuant to the Credit Agreements. 

  
 Form of Term
Loan Security Agreement 

 SECTION 2. Jurisdictions and Locations. (a) Set forth on
Schedule 2(a) is (i) the jurisdiction of organization and the form of organization of each Loan Party, (ii) the organizational identification number, if any, assigned by such jurisdiction and (iii) the address (including
the county) of the chief executive office of such Loan Party. 
 (b) Set forth in Schedule 2(b) are all
locations where each Loan Party maintains any books or records relating to any Collateral. 
 (c) Set forth in
Schedule 2(c) hereto are all other locations where each Loan Party maintains any of the Collateral consisting of Inventory or equipment, not identified above, with an aggregate value in excess of $2,000,000. 

(d) Set forth in Schedule 2(d) hereto are the names, addresses and title in regards to the Collateral of all
persons or entities other than each Loan Party, such as lessees, consignees, warehousemen or purchasers of chattel paper, which have possession or are intended to have possession of any of the Collateral consisting of instruments, chattel paper,
Inventory or equipment. 
 SECTION 3. Unusual Transactions. Except for Inventory or Accounts acquired
pursuant to any merger, consolidation or acquisition which is listed on Schedule 1(b) hereof, all Accounts have been originated by the Loan Parties and all Inventory with an aggregate value in excess of $5,000,000 has been acquired by the
Loan Parties in the ordinary course of business. 
 SECTION 4. Stock Ownership and other Equity Interests.
Set forth on Schedule 4 is a true and correct list, for each Loan Party, of all the issued and outstanding Pledged Equity owned, beneficially or of record, by such Loan Party, specifying the issuer and certificate number (if any) of, and
the number and percentage of ownership represented by, such Pledged Equity and setting forth the percentage of such Pledged Equity pledged under the Security Agreements. 

SECTION 5. Debt Instruments. Set forth on Schedule 5 is a true and correct list, for each Loan Party,
of all promissory notes and other evidence of indebtedness (other than checks to be deposited in the ordinary course of business) owned by such Loan Party that are required to be pledged under the Credit Agreements and the Collateral Documents, and
to the extent applicable, specifying the creditor and debtor thereunder and the outstanding principal amount thereof. 
 SECTION 6. Real Property. Set forth on Schedule 6 is a true and correct list, for each Loan Party, of all real property with a fair market value in excess of $5,000,000 owned by such
Loan Party that is required to be pledged under the Credit Agreements and the Collateral Documents. 
 SECTION 7.
Intellectual Property. (a) Set forth on Schedule 7(a) is a true and correct list, with respect to each Loan Party, of all United States patents and patent applications owned by such Loan Party (except, for the avoidance of
doubt, as otherwise indicated on Schedule 7(a)), including the name of the owner, title, registration or application number of any registrations or applications. 

  
 Form of Term
Loan Security Agreement 

 (b) Set forth on Schedule 7(b) is a true and correct list, with
respect to each Loan Party, of all United States trademark registrations and applications owned by such Loan Party (except, for the avoidance of doubt, as otherwise indicated on Schedule 7(b)), including the name of the registered owner
and the registration or application number of any registrations and applications. 
 (c) Set forth on
Schedule 7(c) is a true and correct list, with respect to each Loan Party, of all United States copyright registrations and applications owned by such Loan Party (except, for the avoidance of doubt, as otherwise indicated on
Schedule 7(c)), including the name of the registered owner, title and the registration or serial number of any copyright registrations. 
 (d) Set forth on Schedule 7(d) is a true and correct list, with respect to each Loan Party, of all exclusive Copyright Licenses under which such Loan Party is a licensee, including the name and
address of the licensor under such exclusive Copyright License and the name of the registered owner, title and the registration or serial number of any copyright registration to which such exclusive Copyright License relates. 

SECTION 8. Commercial Tort Claims. Set forth on Schedule 8 is a true and correct list of commercial
tort claims in excess of $5,000,000 held by any Loan Party, including a brief description thereof. 
 SECTION 9.
Deposit Accounts. Attached hereto as Schedule 9 is a true and correct list of deposit accounts, brokerage accounts, commodity accounts or securities investment accounts maintained by any Loan Party, including the name and address of
the applicable depositary or other institution, the name and type of account, the name of the Loan Party that maintains each account and the account number. 

  
 Form of Term
Loan Security Agreement 

 IN WITNESS WHEREOF, the undersigned has duly executed this Certificate on the date above
first written. 
  

					
	CHINOS ACQUISITION CORPORATION
			
		 	By:	 	 
		 		 	Name:
		 		 	Title:
	
	J. CREW GROUP, INC.
			
		 	By:	 	 
		 		 	Name:
		 		 	Title:

  

					
		 	Signature Page to Perfection Certificate	  	
		 		  	Form of Term Loan Security Agreement

 Schedule 1(a) 
 Names 

  
 Form of Term
Loan Security Agreement 

 Schedule 1(b) 
 Unusual Transactions 

  
 Form of Term
Loan Security Agreement 

 Schedule 1(c) 

  
 Form of Term
Loan Security Agreement 

 Schedule 2(a) 
 Jurisdictions and Locations 

  
 Form of Term
Loan Security Agreement 

 Schedule 2(b) 
 Books and Records 

  
 Form of Term
Loan Security Agreement 

 Schedule 2(c) 
 Location of Collateral 

  
 Form of Term
Loan Security Agreement 

 Schedule 2(d) 
 Holders of Collateral 

  
 Form of Term
Loan Security Agreement 

 Schedule 4 
 Stock Ownership and Other Equity Interests 

  
 Form of Term
Loan Security Agreement 

 Schedule 5 
 Debt Instruments 

  
 Form of Term
Loan Security Agreement 

 Schedule 6 
 Real Property 

  
 Form of Term
Loan Security Agreement 

 Schedule 7(a) 
 Intellectual Property 
 U.S. Patent Registrations and Patent Applications

  
 Form of Term
Loan Security Agreement 

 Schedule 7(b) 
 Intellectual Property 
 U.S. Trademark Registrations 

U.S. Trademark Applications 

  
 Form of Term
Loan Security Agreement 

 Schedule 7(c) 
 Intellectual Property 
 U.S. Copyright Registrations and Copyright
Applications 

  
 Form of Term
Loan Security Agreement 

 Schedule 7(d) 
 Intellectual Property 
 Exclusive Copyright Licenses under which a Loan
Party is a Licensee 

  
 Form of Term
Loan Security Agreement 

 Schedule 8 
 Commercial Tort Claims 

  
 Form of Term
Loan Security Agreement 

 Schedule 9 
 Deposit Accounts 

  
 Form of Term
Loan Security Agreement 

 EXHIBIT III TO SECURITY AGREEMENT 

[FORM OF] TRADEMARK SECURITY AGREEMENT 
 This TRADEMARK SECURITY AGREEMENT (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Trademark Security Agreement”) dated
                    , 20    , is made by the Persons listed on the signature pages hereof (collectively, the
“Grantors”) in favor of Bank of America, N.A., as collateral agent (the “Collateral Agent”) for the Secured Parties (as defined in the Credit Agreement referred to below). 

Reference is made to (i) the Credit Agreement, dated as of March 7, 2011 (as amended, restated, amended and restated, supplemented and/or
otherwise modified from time to time, the “Credit Agreement”), among Chinos Acquisition Corporation, J. Crew Group, Inc., Chinos Intermediate Holdings B, Inc., the Lenders party thereto from time to time and Bank of America,
N.A., as Administrative Agent and Collateral Agent, (ii) each Secured Hedge Agreement and (iii) each agreement relating to Cash Management Services. The Lenders have agreed to extend credit to the Borrower subject to the terms and
conditions set forth in the Credit Agreement, the Hedge Banks have agreed to enter into and/or maintain one or more Secured Hedge Agreements and the Cash Management Banks have agreed to enter into and/or maintain Cash Management Services, on the
terms and conditions set forth in the Credit Agreement, in such Secured Hedge Agreements or agreements relating to Cash Management Services, as applicable. 
 Whereas, as a condition precedent to the Lenders extension of such credit, the obligation of the Hedge Banks to enter into and/or maintain such Secured Hedge Agreements and the obligation of the Cash
Management Banks to enter into and/or maintain such Cash Management Services, each Grantor has executed and delivered that certain Security Agreement dated March 7, 2011, made by the Grantors to the Collateral Agent (as amended, amended and
restated, supplemented or otherwise modified from time to time, the “Security Agreement”). 
 Whereas, under the terms
of the Security Agreement, the Grantors have granted to the Collateral Agent, for the 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 Trademark Security Agreement for recording with the U.S. Patent and Trademark 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. Terms. Terms defined in the Credit Agreement and Security Agreement and not otherwise defined herein are used herein as defined in
the Credit Agreement and Security Agreement. 

  
 Form of Term
Loan Security Agreement 

 SECTION 2. Grant of Security. Each Grantor hereby grants to the Collateral Agent, its successors
and assigns, for the benefit of the Secured Parties a continuing security interest in all of the Grantor’s right, title and interest in, to and under the Trademarks, including the Trademarks set forth on Schedule A attached hereto.

 SECTION 3. Security for Obligations. The grant of a security interest in the Trademarks by each Grantor under this Trademark
Security Agreement is made to secure the payment or performance, as the case may be, in full of the Secured Obligations. 
 SECTION 4.
Recordation. Each Grantor authorizes and requests that the Commissioner for Trademarks and any other applicable government officer record this Trademark Security Agreement. 
 SECTION 5. Execution in Counterparts. This Trademark 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 6. Security Agreement. This Trademark Security
Agreement has been entered into in conjunction with the provisions of the 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 Security Agreement, the terms and provisions of which are incorporated herein by reference as if fully set forth herein. 

[Remainder of this page intentionally left blank] 

  
 Form of Term
Loan Security Agreement 

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

			
	[NAME OF GRANTOR], Grantor
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	BANK OF AMERICA, N.A. as Collateral Agent and Grantee
		
	By:	 	 
		 	Name:
		 	Title:

  
 Form of Term
Loan Security Agreement 

 SCHEDULE A 

 

					
	 MARK
	 	 SERIAL/REG. NO.
	 	 APP./REG. DATE

  
 Form of Term
Loan Security Agreement 

 EXHIBIT IV TO SECURITY AGREEMENT 

[FORM OF] PATENT SECURITY AGREEMENT 
 This PATENT SECURITY AGREEMENT (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Patent Security Agreement”) dated
                    , 20    , is made by the Persons listed on the signature pages hereof (collectively, the
“Grantors”) in favor of Bank of America, N.A., as collateral agent (the “Collateral Agent”) for the Secured Parties (as defined in the Credit Agreement referred to below). 

Reference is made to (i) the Credit Agreement, dated as of March 7, 2011 (as amended, restated, amended and restated,
supplemented and/or otherwise modified from time to time, the “Credit Agreement”), among Chinos Acquisition Corporation, J. Crew Group, Inc., Chinos Intermediate Holdings B, Inc., the Lenders party thereto from time to time
and Bank of America, N.A., as Administrative Agent and Collateral Agent, (ii) each Secured Hedge Agreement and (iii) each agreement relating to Cash Management Services. The Lenders have agreed to extend credit to the Borrower subject to
the terms and conditions set forth in the Credit Agreement, the Hedge Banks have agreed to enter into and/or maintain one or more Secured Hedge Agreements and the Cash Management Banks have agreed to enter into and/or maintain Cash Management
Services, on the terms and conditions set forth in the Credit Agreement, in such Secured Hedge Agreements or agreements relating to Cash Management Services, as applicable. 
 Whereas, as a condition precedent to the Lenders extension of such credit, the obligation of the Hedge Banks to enter into and/or maintain such Secured Hedge Agreements and the obligation of the Cash
Management Banks to enter into and/or maintain such Cash Management Services, each Grantor has executed and delivered that certain Security Agreement dated March 7, 2011, made by the Grantors to the Collateral Agent (as amended, amended and
restated, supplemented or otherwise modified from time to time, the “Security Agreement”). 
 Whereas,
under the terms of the Security Agreement, the Grantors have granted to the Collateral Agent, for the 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 Patent Security Agreement for recording with the U.S. Patent and Trademark 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. Terms. Terms defined in the Credit Agreement and Security Agreement and not otherwise defined herein are used
herein as defined in the Credit Agreement and Security Agreement. 
 SECTION 2. Grant of Security. Each Grantor
hereby grants to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties a continuing security interest in all of the Grantor’s right, title and interest in, to and under the Patents, including the Patents set
forth on Schedule A attached hereto. 

  
 Form of Term
Loan Security Agreement 

 SECTION 3. Security for Obligations. The grant of a security interest in the
Patent by each Grantor under this Patent Security Agreement is made to secure the payment or performance, as the case may be, in full of the Secured Obligations. 
 SECTION 4. Recordation. Each Grantor authorizes and requests that the Commissioner for Patents and any other applicable government officer record this Patent Security Agreement. 

SECTION 5. Execution in Counterparts. This Patent 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 6. Security Agreement. This Patent Security Agreement has been entered into in conjunction with the provisions of the 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 Security Agreement, the terms and provisions of which are incorporated
herein by reference as if fully set forth herein. 
 [Remainder of this page intentionally left blank] 

  
 Form of Term
Loan Security Agreement 

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

			
	[NAME OF GRANTOR], Grantor
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	BANK OF AMERICA, N.A., as Collateral Agent and Grantee
		
	By:	 	 
		 	Name:
		 	Title:

  
 Form of Term
Loan Security Agreement 

 SCHEDULE A 

 

					
	 PATENT
	 	 PATENT NO.
	 	 FILING/ISSUE DATE

  
 Form of Term
Loan Security Agreement 

 EXHIBIT V TO SECURITY AGREEMENT 

[FORM OF] COPYRIGHT SECURITY AGREEMENT 
 This COPYRIGHT SECURITY AGREEMENT (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Copyright Security Agreement”) dated
                    , 20    , is made by the Persons listed on the signature pages hereof (collectively, the
“Grantors”) in favor of Bank of America, N.A., as collateral agent (the “Collateral Agent”) for the Secured Parties (as defined in the Credit Agreement referred to below). 

Reference is made to (i) the Credit Agreement, dated as of March 7, 2011 (as amended, restated, amended and restated,
supplemented and/or otherwise modified from time to time, the “Credit Agreement”), among Chinos Acquisition Corporation, J. Crew Group, Inc., Chinos Intermediate Holdings B, Inc., the Lenders party thereto from time to time
and Bank of America, N.A., as Administrative Agent and Collateral Agent, (ii) each Secured Hedge Agreement and (iii) each agreement relating to Cash Management Services. The Lenders have agreed to extend credit to the Borrower subject to
the terms and conditions set forth in the Credit Agreement, the Hedge Banks have agreed to enter into and/or maintain one or more Secured Hedge Agreements and the Cash Management Banks have agreed to enter into and/or maintain Cash Management
Services, on the terms and conditions set forth in the Credit Agreement, in such Secured Hedge Agreements or agreements relating to Cash Management Services, as applicable. 
 Whereas, as a condition precedent to the Lenders extension of such credit, the obligation of the Hedge Banks to enter into and/or maintain such Secured Hedge Agreements and the obligation of the Cash
Management Banks to enter into and/or maintain such Cash Management Services, each Grantor has executed and delivered that certain Security Agreement dated March 7, 2011, made by the Grantors to the Collateral Agent (as amended, amended and
restated, supplemented or otherwise modified from time to time, the “Security Agreement”). 
 Whereas,
under the terms of the Security Agreement, the Grantors have granted to the Collateral Agent, for the 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 Copyright Security Agreement for recording with the U.S. 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. Terms. Terms defined in the Credit Agreement and Security Agreement and not otherwise defined herein are used
herein as defined in the Credit Agreement and Security Agreement. 

  
 Form of Term
Loan Security Agreement 

 SECTION 2. Grant of Security. Each Grantor hereby grants to the Collateral
Agent, its successors and assigns, for the benefit of the Secured Parties a continuing security interest in all of the Grantor’s right, title and interest in, to and under the Copyrights and exclusive Copyright Licenses, including the
Copyrights and exclusive Copyright Licenses set forth on Schedule A attached hereto. 
 SECTION 3. Security for
Obligations. The grant of a security interest in the Copyrights and exclusive Copyright Licenses by each Grantor under this Copyright Security Agreement is made to secure the payment or performance, as the case may be, in full of the Secured
Obligations. 
 SECTION 4. Recordation. Each Grantor authorizes and requests that the Commissioner for Copyrights
and any other applicable government officer record this Copyright Security Agreement. 
 SECTION 5. Execution in
Counterparts. This Copyright 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 6. Security Agreement. This Copyright Security Agreement has been entered into in conjunction with the
provisions of the 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 Security Agreement, the terms and provisions of which are incorporated herein by reference as if fully set forth herein. 

[Remainder of this page intentionally left blank] 

  
 Form of Term
Loan Security Agreement 

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

			
	[NAME OF GRANTOR], Grantor
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	BANK OF AMERICA, N.A., as Collateral Agent and Grantee
		
	By:	 	 
		 	Name:
		 	Title:

  
 Form of Term
Loan Security Agreement 

 SCHEDULE A 
 COPYRIGHTS 
  

					
	 COPYRIGHT
	 	 COPYRIGHT NO.
	 	 APP./REG. DATE

COPYRIGHT LICENSES 
  

							
	 AGREEMENT
	 	 PARTIES
	 	 DATE
	 	 SUBJECT MATTER

  
 Form of Term
Loan Security Agreement 

 EXHIBIT G 
 FORM OF LEGAL OPINION OF ROPES & GRAY LLP 
 [Separately provided.]

  

					
		  	G-1	  	Form of Legal Opinion of Ropes & Gray LLP

 Exhibit G 
 March 7, 2011 
 To the Agent and each Lender party to 

the Credit Agreement referred to below 
 Ladies
and Gentlemen: 
 This opinion is being furnished to you pursuant to the Credit Agreement, dated as of March 7, 2011 (the
“Credit Agreement”), among Chinos Acquisition Corporation, a Delaware corporation (“Merger Sub”) (which on the Closing Date shall be merged with and into J. Crew Group, Inc., a Delaware corporation (the
“Company”), with the Company surviving such merger and succeeding to the rights and obligations of Merger Sub as the Borrower (as defined therein) under the Credit Agreement), Chinos Intermediate Holdings B, Inc., a Delaware
corporation (“Holdings”), the Lenders from time to time party thereto, Bank of America, N.A., as Administrative Agent and Collateral Agent (in such capacities, the “Agent”), Mizuho Corporate Bank, Ltd. and Sumitomo
Mitsui Banking Corporation, as Co-Documentation Agents, and the other agents named therein, in connection with the closing held this day under the Credit Agreement. We have attended today the closing under the Credit Agreement and the closing of the
Merger. Our opinions set forth herein with respect to Merger Sub are made prior to the consummation of the Merger and our opinions set forth herein with respect to the Loan Parties (as defined below) (other than Merger Sub) are made immediately
following the consummation of the Merger. Unless otherwise defined herein, capitalized terms used herein have the meanings set forth in the Credit Agreement. 
 We have acted as counsel to the Loan Parties (as defined below) in connection with the Credit Documents (as defined below) being executed and delivered on the date hereof. The Subsidiaries of the Company
listed on Schedule 1 hereto are referred to herein as the “Delaware Guarantors” and the Subsidiary of the Company listed on Schedule 2 hereto is referred to herein as the “Other Guarantor.”
Holdings and the Delaware Guarantors are referred to herein as the “Covered Guarantors.” Merger Sub, the Company, the Covered Guarantors and the Other Guarantor are referred to herein collectively as the “Loan
Parties.” 
 In connection with this opinion, we have examined the following documents: 

 

	 	(a)	the Credit Agreement; 

  

	 	(b)	the Notes being delivered on the date hereof; 

  

	 	(c)	the Intercreditor Agreement, dated as of the date hereof, by and among the ABL Agent (as defined therein) and the Term Agent (as defined therein) and acknowledged by
the Loan Parties; 

  

					
	The Agent, et al.	  	- 2 -	  	

  

	 	(d)	the Guaranty, dated as of the date hereof, by and among Holdings, the other Guarantors (as defined therein) and the Agent (the “Guaranty”);

  

	 	(e)	the Security Agreement, dated as of the date hereof, by and among Merger Sub, the Company, Holdings, the Subsidiary Guarantors (as defined therein) and Agent (the
“Security Agreement”); 

  

	 	(f)	the Trademark Security Agreement, dated as of the date hereof, by J. Crew International, Inc. in favor of the Agent; 

 

	 	(g)	the Trademark Security Agreement, dated as of the date hereof, by Madewell Inc. in favor of the Agent; 

 

	 	(h)	the Copyright Security Agreement, dated as of the date hereof, by J. Crew Inc. in favor of the Agent; 

 

	 	(i)	the Copyright Security Agreement, dated as of the date hereof, by J. Crew International, Inc. in favor of the Agent; 

 

	 	(j)	the Copyright Security Agreement, dated as of the date hereof, by Madewell Inc. in favor of the Agent; 

 

	 	(k)	the Deposit Account Control Agreement listed on Schedule 6 hereto (the “Deposit Account Control Agreement”); and 

 

	 	(l)	each Securities Account Control Agreement listed on Schedule 7 hereto (collectively, the “Securities Account Control Agreements”).

 The agreements referred to in clauses (a) through (l) above are referred to herein collectively as
the “Credit Documents”. The agreements referred to in clauses (e) through (l) above are referred to herein collectively as the “Collateral Documents”. The agreements referred to in clauses (k) and
(l) above are referred to herein collectively as the “Control Agreements”. 
 We have examined such
certificates, documents and records and have made such investigation of fact and such examination of law as we have deemed appropriate in order to enable us to render the opinions set forth herein. In conducting such investigation, we have relied,
without independent verification, upon certificates of officers of the Loan Parties and one or more of their Subsidiaries, public officials and other appropriate Persons, and on the covenants as to the application of proceeds contained in the Credit
Documents. 
 In rendering the opinions set forth below, we have assumed that the Other Guarantor (a) is validly existing
and in good standing under the laws of its jurisdiction of organization, (b) has the power to execute and deliver each of the Credit Documents to which it is a party and to perform its obligations thereunder and (c) has duly authorized,
executed and delivered each of the Credit Documents to which it is a party. 

  

					
	The Agent, et al.	  	- 3 -	  	

  

 The opinions expressed herein are limited to matters governed by the laws of the State of
New York, the General Corporation Law of the State of Delaware, and the federal laws of the United States of America (collectively, the “Covered Laws”), and in the case of paragraph 10 below, Article 9 of the Delaware Uniform
Commercial Code (“Delaware Article 9”). 
 Based upon and subject to the foregoing and subject to the
additional qualifications set forth below, we are of the opinion that: 
 1. Each of Merger Sub, the Company and the Covered
Guarantors (a) is a corporation validly existing and in good standing under the laws of the State of Delaware and (b) has the corporate power to execute, deliver and perform its obligations under each of the Credit Documents to which it is
a party. 
 2. Each of Merger Sub, the Company and the Covered Guarantors has duly authorized, executed and delivered each of
the Credit Documents to which it is a party. 
 3. Each of the Credit Documents constitutes the valid and binding obligation of
each of the Loan Parties party thereto and is enforceable against each such Loan Party in accordance with its terms. 
 4. The
execution and delivery by each of Merger Sub, the Company and the Covered Guarantors of the Credit Documents to which such Person is a party and the performance by such Person of its obligations thereunder will not violate or require the repurchase
of securities under the charter or by-laws of such Person. The execution and delivery by each Loan Party of the Credit Documents to which such Person is party and the performance by such Person of its obligations thereunder (a) will not violate
any Covered Laws and (b) will not result in a breach or violation of, or constitute a default under, any of the agreements, instruments, court orders, judgments or decrees listed on Schedule 3 hereto. 

5. Except as may be required in order to perfect the Liens contemplated by the Collateral Documents and the Mortgages, under the Covered
Laws, no consent, approval, license or exemption by, or order or authorization of, or filing, recording or registration with, any governmental authority is required to be obtained by any of the Loan Parties in connection with the execution and
delivery of the Credit Documents to which such Person is party or the performance by such Person of its obligations thereunder. 

6. We are not representing any of the Loan Parties in any pending litigation in which it is a named defendant that challenges the
validity or enforceability of, or seeks to enjoin the performance of, the Credit Documents. 
 7. None of the Loan Parties is
required to be registered as an “investment company” under the Investment Company Act of 1940, as amended. 
 8.
Neither the making of the loans under the Credit Agreement, nor the application of the proceeds thereof on the date hereof as provided in the Credit Agreement, will violate Regulations T, U or X of the Board of Governors of the Federal Reserve
System. 

  

					
	The Agent, et al.	  	- 4 -	  	

  

 9. The Security Agreement creates a valid security interest in favor of the Agent for the
benefit of the Secured Parties in the Collateral described therein to the extent that a security interest in such Collateral can be created under Article 9 of the New York Uniform Commercial Code (“New York Article 9”). 

10. Upon the proper filing of the financing statements attached as Schedule 4 in the office of the Secretary of State of Delaware
(the “Delaware Filing Office”), the security interests in the Collateral granted under the Security Agreement by each of the Loan Parties organized in the State of Delaware will be perfected to the extent a security interest in such
Collateral can be perfected under Delaware Article 9 by the filing of a financing statement in the Delaware Filing Office. 

11. Assuming the delivery to and continued possession by the Agent in the State of New York of the certificates representing the Pledged
Equity listed on Schedule 5 and the related stock powers and assuming that neither the Agent nor the Secured Parties have “notice of an adverse claim” (as defined in Section 8-105 of the New York Uniform Commercial Code) with
respect to such Pledged Equity at the time such Pledged Equity is delivered to the Agent, the respective security interests in such Pledged Equity created in favor of the Agent for the benefit of the Secured Parties under the Security Agreement
constitute perfected security interests in such Pledged Equity, free of any adverse claim (within the meaning of Section 8-303 of the New York Uniform Commercial Code). 
 12. Assuming that (i) the Deposit Account Control Agreement has been duly authorized, executed and delivered by the Agent and each bank party thereto, (ii) each such bank is a “bank”
(as defined in Section 9-102(8) of the New York Uniform Commercial Code) and (iii) each Collateral Account (as defined in the Deposit Account Control Agreement) is a “deposit account” (as defined in Section 9-102(29) of the
New York Uniform Commercial Code), the security interest in each such Collateral Account granted in favor of the Agent for the benefit of the Secured Parties under the Security Agreement constitutes a perfected security interest. 

13. Assuming that (i) each Securities Account Control Agreement has been duly authorized, executed and delivered by the Agent and
the securities intermediary party thereto, (ii) in respect of such Securities Account Control Agreement, the securities intermediary party thereto is a “securities intermediary” (as defined in Section 8-102(14) of the New York
Uniform Commercial Code) and (iii) in respect of such Securities Account Control Agreement, the Collateral Account or Securities Account (as applicable, and in each case as defined in the applicable Securities Account Control Agreement) is a
“securities account” (as defined in Section 8-501 of the New York Uniform Commercial Code), the security interest in each such Collateral Account or Securities Account granted in favor of the Agent for the benefit of the Secured
Parties under the Security Agreement constitutes a perfected security interest. 

  

					
	The Agent, et al.	  	- 5 -	  	

  

 Our opinion that each of the Credit Documents constitutes the valid and binding obligation
of each of the Loan Parties party thereto, enforceable against each such Loan Party in accordance with its terms, is subject to (i) bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other laws of general application
affecting the rights and remedies of creditors and secured parties and (ii) general principles of equity. Our opinions set forth herein are also subject to the effects of the possible judicial application of foreign laws or foreign governmental
or judicial action affecting creditors’ rights. 
 We express no opinion with respect to the applicability of
Section 548 of the federal Bankruptcy Code or any comparable provision of state law or the enforceability of the provisions contained in Section 2.03(a) of the Guaranty which purport to limit the obligations of any Guarantor thereunder or
the effect of the unenforceability of such provisions on the enforceability of the Guaranty. 
 The opinions expressed herein
are subject to the qualification that the enforceability of provisions in the Credit Documents providing for indemnification or contribution may be limited by public policy considerations. In addition, we express no opinion as to (i) the extent
to which broadly worded waivers, waivers of rights to damages, offset or defenses, waivers of statutory, regulatory or constitutional rights, conclusive presumptions or determinations or powers of attorney may be enforced or (ii) the
enforceability of any provision which provides for a right of setoff without notice or by an affiliate of a lender or a purchaser of a participation in the loans or other extensions of credit under the Credit Documents, which provides for prepayment
premiums, which is determined to constitute a penalty or forfeiture, which provides for an agreement that any claim will be brought only in the courts of a particular jurisdiction or which provides for judgment currency. In connection with the
provisions of the Credit Documents whereby the parties submit to the jurisdiction of the courts of the United States of America located in the State of New York, we note the limitations of 28 U.S.C. §§ 1331 and 1332 on subject matter
jurisdiction of the federal courts. 
 In addition, certain provisions contained in the Collateral Documents may be
unenforceable in whole or in part but the inclusion of such provisions in the Collateral Documents does not affect the validity of any of the other provisions thereof, and the remaining provisions of the Collateral Documents are sufficient for the
practical realization of the benefits intended to be provided thereby. 
 We express no opinion as to the existence of, or as to
the title of any Person who has granted a security interest in any Collateral to, any item of Collateral or (except to the extent set forth in paragraph 11 above) as to the priority or (except to the extent set forth in paragraphs 10 through 13
above) the perfection of any security interest in the Collateral or which law governs the perfection or priority of a security interest. We express no opinion with respect to (a) security interests in any commercial tort claims or (b) the
extent to which the grant (or purported grant) of a security interest in any asset subject to a legal or contractual restriction on the creation, attachment, perfection or enforcement of a security interest in such asset is effective or violates any
agreement to which any Loan Party is a party, except to the extent such restriction is 

  

					
	The Agent, et al.	  	- 6 -	  	

  

 
rendered ineffective by Section 9-406, 9-407, 9-408 or 9-409 of New York Article 9. We express no opinion as to any Account Agreement, Account Documentation or account agreement (in each
case, (x) other than the Control Agreements and (y) as defined or used in the applicable Control Agreement). 
 We
call your attention to the fact that your security interest in certain Collateral described in the Security Agreement may not be able to be perfected by the filing of financing statements and that under certain circumstances, the filings referred to
in paragraph 10 may become ineffective as a result of changes occurring after the date hereof and will terminate after five years after the original filing date unless appropriate continuation statements are duly filed. In addition, Section 552
of the Bankruptcy Code limits the extent to which property acquired by a debtor after the commencement of a case under the Bankruptcy Code may be subject to a lien resulting from any security agreement entered into by the debtor before the
commencement of the case. 
 This opinion is being furnished only to the addressees and is solely for their benefit and the
benefit of their assignees who become Lenders under the Credit Agreement. This opinion may not be relied upon for any other purpose or by any other Person without our prior written consent. 

 

	
	Very truly yours,
	
	Ropes & Gray LLP

 Schedule 1 
 Delaware Guarantors 
  

	1.	J. Crew Operating Corp. 

  

	2.	J. Crew Inc. 

  

	3.	J. Crew International, Inc. 

  

	4.	Grace Holmes, Inc. 

  

	5.	H. F. D. No. 55, Inc. 

  

	6.	Madewell Inc. 

 Schedule 2 
 Other Guarantor 
  

	1.	J. Crew Virginia, Inc. 

 Schedule 3 
 Material Agreements 
  

	1.	Credit Agreement, dated as of March 7, 2011, among Chinos Acquisition Corporation, a Delaware corporation (which on the Effective Date (as defined therein) shall
be merged with and into J. Crew Group, Inc., a Delaware corporation (the “Company”), with the Company surviving such merger and succeeding to the rights and obligations of Merger Sub as the Borrower (as defined therein) under the Credit
Agreement), Chinos Intermediate Holdings B, Inc., a Delaware corporation, the Lenders from time to time party thereto, Bank of America, N.A., as Administrative Agent and Collateral Agent, HSBC Bank USA, N.A., Suntrust Bank and Wells Fargo Capital
Finance, LLC, as Co-Documentation Agents, and the other agents named therein. 

  

	2.	Indenture, dated as of March 7, 2011 among Chinos Acquisition Corporation, a Delaware corporation, and Wells Fargo Bank, National Association, as trustee, as
supplemented by the Supplemental Indenture, dated as of March 7, 2011 among the trustee, J. Crew Group, Inc., a Delaware corporation, and the subsidiary guarantors party thereto. 

 Schedule 4 
 Delaware Financing Statements 
 (see attached) 

 Schedule 5 
 Pledged Equity 
  

									
	 Issuer
	  	Certificate No.	  	 Registered

Owner
	  	Number of
Shares/Units	  	Class of Interests
	 J. Crew Group, Inc.

(after giving effect to the Transaction)
	  	1	  	Chinos Intermediate Holdings B, Inc.	  	1,000	  	Common shares
	 J. Crew Operating Corp.
	  	C1	  	J. Crew Group, Inc.	  	100	  	Common shares
	 J. Crew Inc.
	  	2	  	J. Crew Operating Corp.	  	100	  	Common shares
	 Grace Holmes, Inc.
	  	3	  	J. Crew Operating Corp.	  	10	  	Common shares
	 H. F. D. No. 55, Inc.
	  	3	  	J. Crew Operating Corp.	  	10	  	Common shares
	 J. Crew Virginia, Inc.
	  	1	  	J. Crew Operating Corp.	  	100	  	Common shares
	 Madewell Inc.
	  	1	  	J. Crew Operating Corp.	  	10	  	Common shares
	 J. Crew International, Inc.
	  	3	  	J. Crew Inc.	  	100	  	Common shares

 Schedule 6 
 Deposit Account Control Agreement 
  

	1.	Deposit Account Control Agreement, dated as of March 7, 2011, entered into by and among J. Crew Group, Inc., Bank of America, N.A., as First Lien Agent (as defined
therein), Bank of America, N.A., as Second Lien Agent (as defined therein) and Wells Fargo Bank, National Association. 

 Schedule 7 
 Securities Account Control Agreements 
  

	1.	Securities Account Control – Consent Agreement, dated as of March 7, 2011, by and among J. Crew Operating Corp., Wells Fargo Securities, LLC, Bank of America,
N.A., as First Lien Collateral Agent (as defined therein) and Bank of America, N.A., as Second Lien Collateral Agent (as defined therein). 

  

	2.	Collateral Account Control Agreement, dated as of March 7, 2011, by and among J. Crew Operating Corp., Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Bank of America, N.A., as First Lien Pledgee (as defined therein) and Bank of America, N.A., as Second Lien Pledgee ( as defined therein). 

 EXHIBIT H 
 FORM OF ABL INTERCREDITOR AGREEMENT 
 [See attached] 

  

					
		  	H-1	  	Form of ABL Intercreditor Agreement

 Exhibit H 

 
  

 
 FORM OF INTERCREDITOR AGREEMENT

 by and between 
 BANK OF AMERICA, N.A., 
 as ABL Agent, 

and 
 BANK OF
AMERICA, N.A., 
 as Term Agent 
 Dated as of [            ] [    ], 20[    ] 

 
  

 

  
 Form of J. Crew
ABL Intercreditor Agreement 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page No.	 
	 ARTICLE 1 DEFINITIONS
	  	 	2	  
			
	 Section 1.1
	  	UCC Definitions	  	 	2	  
			
	 Section 1.2
	  	Other Definitions	  	 	2	  
			
	 Section 1.3
	  	Rules of Construction	  	 	16	  
		
	 ARTICLE 2 LIEN PRIORITY
	  	 	17	  
			
	 Section 2.1
	  	Priority of Liens	  	 	17	  
			
	 Section 2.2
	  	Waiver of Right to Contest Liens	  	 	18	  
			
	 Section 2.3
	  	Remedies Standstill	  	 	19	  
			
	 Section 2.4
	  	Exercise of Rights	  	 	20	  
			
	 Section 2.5
	  	No New Liens	  	 	22	  
			
	 Section 2.6
	  	Waiver of Marshalling	  	 	22	  
		
	 ARTICLE 3 ACTIONS OF THE PARTIES
	  	 	23	  
			
	 Section 3.1
	  	Certain Actions Permitted	  	 	23	  
			
	 Section 3.2
	  	Agent for Perfection	  	 	23	  
			
	 Section 3.3
	  	Sharing of Information and Access	  	 	24	  
			
	 Section 3.4
	  	Insurance	  	 	24	  
			
	 Section 3.5
	  	No Additional Rights For the Credit Parties Hereunder	  	 	24	  
			
	 Section 3.6
	  	Inspection and Access Rights	  	 	25	  
			
	 Section 3.7
	  	Tracing of and Priorities in Proceeds	  	 	27	  
			
	 Section 3.8
	  	Purchase Right	  	 	27	  
			
	 Section 3.9
	  	Payments Over	  	 	29	  
		
	 ARTICLE 4 APPLICATION OF PROCEEDS
	  	 	30	  
			
	 Section 4.1
	  	Application of Proceeds	  	 	30	  
			
	 Section 4.2
	  	Specific Performance	  	 	32	  
		
	 ARTICLE 5 INTERCREDITOR ACKNOWLEDGEMENTS AND WAIVERS
	  	 	32	  
			
	 Section 5.1
	  	Notice of Acceptance and Other Waivers	  	 	32	  
			
	 Section 5.2
	  	Modifications to ABL Documents and Term Documents	  	 	33	  
			
	 Section 5.3
	  	Reinstatement and Continuation of Agreement	  	 	35	  
		
	 ARTICLE 6 INSOLVENCY PROCEEDINGS
	  	 	36	  
			
	 Section 6.1
	  	DIP Financing	  	 	36	  

  
 Form of J. Crew
ABL Intercreditor Agreement 

							
	 Section 6.2
	  	Relief From Stay	  	 	38	  
			
	 Section 6.3
	  	No Contest; Adequate Protection	  	 	38	  
			
	 Section 6.4
	  	Asset Sales	  	 	39	  
			
	 Section 6.5
	  	Separate Grants of Security and Separate Classification	  	 	40	  
			
	 Section 6.6
	  	Enforceability	  	 	41	  
			
	 Section 6.7
	  	ABL Obligations Unconditional	  	 	41	  
			
	 Section 6.8
	  	Term Obligations Unconditional	  	 	41	  
		
	 ARTICLE 7 MISCELLANEOUS
	  	 	42	  
			
	 Section 7.1
	  	Rights of Subrogation	  	 	42	  
			
	 Section 7.2
	  	Further Assurances	  	 	42	  
			
	 Section 7.3
	  	Representations	  	 	42	  
			
	 Section 7.4
	  	Amendments	  	 	43	  
			
	 Section 7.5
	  	Addresses for Notices	  	 	43	  
			
	 Section 7.6
	  	No Waiver; Remedies	  	 	44	  
			
	 Section 7.7
	  	Continuing Agreement, Transfer of Secured Obligations	  	 	44	  
			
	 Section 7.8
	  	Governing Law; Entire Agreement	  	 	44	  
			
	 Section 7.9
	  	Counterparts	  	 	44	  
			
	 Section 7.10
	  	No Third Party Beneficiaries	  	 	44	  
			
	 Section 7.11
	  	Headings	  	 	45	  
			
	 Section 7.12
	  	Severability	  	 	45	  
			
	 Section 7.13
	  	Attorneys’ Fees	  	 	45	  
			
	 Section 7.14
	  	VENUE; JURY TRIAL WAIVER	  	 	45	  
			
	 Section 7.15
	  	Intercreditor Agreement	  	 	46	  
			
	 Section 7.16
	  	No Warranties or Liability	  	 	46	  
			
	 Section 7.17
	  	Conflicts	  	 	47	  
			
	 Section 7.18
	  	Information Concerning Financial Condition of the Credit Parties	  	 	47	  

  
 Form of J. Crew
ABL Intercreditor Agreement 

 INTERCREDITOR AGREEMENT 

THIS INTERCREDITOR AGREEMENT (as amended, supplemented, restated or otherwise modified from time to time pursuant to the terms hereof,
this “Agreement”) is entered into as of [            ] [    ], 2011 between BANK OF AMERICA, N.A. (“Bank of
America”), in its capacities as administrative agent and collateral agent (together with its successors and assigns in such capacities, the “ABL Agent”) for (i) the financial institutions, lenders and
investors party from time to time to the ABL Credit Agreement referred to below (such financial institutions, lenders and investors together with their respective successors, assigns and transferees, including any letter of credit issuers under the
ABL Credit Agreement, the “ABL Lenders”), (ii) any ABL Cash Management Affiliates (as defined below) and (iii) any ABL Hedging Affiliates (as defined below) (such ABL Cash Management Affiliates and ABL Hedging
Affiliates, together with the ABL Agent and the ABL Lenders and any other secured parties under any ABL Credit Agreement, the “ABL Secured Parties”) and Bank of America, in its capacities as administrative agent and
collateral agent (together with its successors and assigns in such capacities, the “Term Agent”) for (i) the financial institutions, lenders and investors party from time to time to the Term Credit Agreement referred to
below (such financial institutions, lenders and investors, together with their respective successors, assigns and transferees, the “Term Lenders”), (ii) any Term Cash Management Affiliates (as defined below) and
(iii) any Term Hedging Affiliates (as defined below) (such Term Cash Management Affiliates and Term Hedging Affiliates, together with the Term Agent and the Term Lenders and any other secured parties under any Term Credit Agreement, the
“Term Secured Parties”). 
 RECITALS 

A. Pursuant to that certain Credit Agreement dated as of the date hereof by and among CHINOS ACQUISITION CORPORATION, a Delaware
corporation (which on the date hereof shall be merged with and into J. CREW GROUP, INC., a Delaware corporation (the “Company”), with the Company surviving such merger as the borrower (the
“Borrower”), CHINOS INTERMEDIATE HOLDINGS B, INC., a Delaware corporation (“Holdings”), the ABL Lenders and the ABL Agent (as such agreement may be amended, supplemented, restated or otherwise
modified from time to time, the “ABL Credit Agreement”), the ABL Lenders have agreed to make certain loans and other financial accommodations to or for the benefit of the Borrower. 

B. Pursuant to certain guaranties each dated as of the date hereof (as the same may be amended, supplemented, restated and/or otherwise
modified, collectively, the “ABL Guaranty”) by each of the ABL Guarantors in favor of the ABL Secured Parties, the ABL Guarantors have agreed to guarantee, inter alia, the payment and performance of the Borrower’s
obligations under the ABL Documents (as hereinafter defined). 
 C. As a condition to the effectiveness of the ABL Credit
Agreement and to secure the obligations of the Borrower and the ABL Guarantors (the Borrower, the ABL Guarantors (as hereinafter defined) and each other direct or indirect subsidiary or parent of the Borrower or any of their affiliates that is now
or hereafter becomes a party to any ABL Document, collectively, the “ABL Credit Parties”) under and in connection with the ABL Documents, the ABL Credit Parties have granted to the ABL Agent (for the benefit of the ABL
Secured Parties) Liens on the Collateral. 

  
 Form of J. Crew
ABL Intercreditor Agreement 

 D. Pursuant to that certain Credit Agreement dated as of the date hereof by and among
CHINOS ACQUISITION CORPORATION (which on the date hereof shall be merged with and into the Company, with the Company surviving such merger as the Borrower), Holdings, the Term Lenders and the Term Agent (as such agreement may be amended,
supplemented, restated or otherwise modified from time to time, the “Term Credit Agreement”), the Term Lenders have agreed to make certain loans to the Borrower. 

E. Pursuant to certain guaranties each dated as of the date hereof (as the same may be amended, supplemented, restated and/or otherwise
modified, collectively (collectively, the “Term Guaranty”) by each of the Term Guarantors (as hereinafter defined) in favor of the Term Secured Parties, the Term Guarantors have agreed to guarantee, inter alia, the payment and
performance of the Borrower’s obligations under the Term Documents (as hereinafter defined). 
 F. As a condition to the
effectiveness of the Term Credit Agreement and to secure the obligations of the Borrower and the Term Guarantors (the Borrower, the Term Guarantors and each other direct or indirect subsidiary or parent of the Borrower or any of its affiliates that
is now or hereafter becomes a party to any Term Document, collectively, the “Term Credit Parties”) under and in connection with the Term Documents, the Term Credit Parties have granted to the Term Agent (for the benefit of
the Term Secured Parties) Liens on the Collateral. 
 G. Each of the ABL Agent (on behalf of the ABL Secured Parties) and the
Term Agent (on behalf of the Term Secured Parties) and, by their acknowledgment hereof, the ABL Credit Parties and the Term Credit Parties, desire to agree to the relative priority of Liens on the Collateral and certain other rights, priorities and
interests as provided herein. 
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, receipt of which is hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE 1 

DEFINITIONS 
 Section 1.1 UCC Definitions. The following terms which are defined in the Uniform Commercial Code are used herein as so defined: Account, Chattel Paper, Commercial Tort Claim, Deposit
Account, Document, Electronic Chattel Paper, Financial Asset, Fixtures, General Intangible, Instrument, Inventory, Investment Property, Letter-of-Credit Right, Money, Payment Intangible, Promissory Note, Records, Securities Account, Security
Entitlement, Supporting Obligation and Tangible Chattel Paper. 
 Section 1.2 Other Definitions. Subject to
Section 1.1, as used in this Agreement, the following terms shall have the meanings set forth below: 
 “ABL
Agent” shall have the meaning assigned to that term in the introduction to this Agreement and shall include any successor thereto as well as any Person designated as the “Agent”, “Administrative Agent”,
“Collateral Agent”, “Trustee” or “Collateral Trustee” or similar term under any ABL Credit Agreement. 

  

			
	2	 	Form of J. Crew ABL Intercreditor Agreement

 “ABL Cash Management Affiliate” shall mean any ABL Cash Management
Bank that is owed ABL Cash Management Obligations by an ABL Credit Party and which ABL Cash Management Obligations are secured by one or more ABL Collateral Documents, together with their respective successors, assigns and transferees. 

“ABL Cash Management Bank” shall mean, as of any date of determination, any Person that is an ABL Lender or an
Affiliate of an ABL Lender on such date. 
 “ABL Cash Management Obligations” shall mean obligations
owed by the Borrower or any Restricted Subsidiary to any ABL Cash Management Bank in respect of or in connection with any Cash Management Services and designated under the ABL Credit Agreement by the ABL Cash Management Bank and the Borrower in
writing to the ABL Agent as “Cash Management Obligations”. 
 “ABL Collateral Documents” shall
mean all “Collateral Documents” or similar term as defined in any ABL Credit Agreement, and all other security agreements, mortgages, deeds of trust and other collateral documents executed and delivered in connection with any ABL Credit
Agreement, in each case as the same may be amended, supplemented, restated or otherwise modified from time to time. 

“ABL Credit Agreement” shall have the meaning assigned to such term in the recitals to this Agreement and shall
include any one or more other agreements, indentures or facilities extending the maturity of, consolidating, restructuring, refunding, replacing or refinancing all or any portion of the ABL Obligations, whether by the same or any other agent,
trustee, lender, group of lenders, creditor or group of creditors and whether or not increasing the amount of any Indebtedness that may be incurred thereunder. 
 “ABL Credit Parties” shall have the meaning assigned to that term in the recitals to this Agreement. 
 “ABL Deposit and Securities Accounts” means all Deposit Accounts, Securities Accounts, collection accounts and lockbox accounts (and all related lockboxes) of the Credit Parties
(other than the Term Loan Priority Accounts). 
 “ABL Documents” shall mean any ABL Credit Agreement,
any ABL Guaranty, any ABL Collateral Document, all Cash Management Services between the Borrower or any Restricted Subsidiary and any ABL Cash Management Affiliate, any ABL Hedging Agreement between any ABL Credit Party or any Restricted Subsidiary
and any ABL Hedging Affiliate, any other ancillary agreement as to which any ABL Secured Party is a party or a beneficiary and all other agreements, instruments, documents and certificates, now or hereafter executed by or on behalf of any ABL Credit
Party or any of its respective Subsidiaries or Affiliates, and delivered to the ABL Agent or any other ABL Secured Party, in connection with any of the foregoing or any ABL Credit Agreement, in each case as the same may be amended, supplemented,
restated or otherwise modified from time to time. 
 “ABL Guarantors” shall mean the collective
reference to (i) Holdings and each wholly owned Material Domestic Subsidiary (as defined in the ABL Credit Agreement) of the Borrower other than any Excluded Subsidiary (as defined in the ABL Credit Agreement), and (ii) any other Person
who becomes a guarantor under any ABL Guaranty. The term “ABL Guarantors” shall include all “Guarantors” under and as defined in the ABL Credit Agreement. 

  

			
	3	 	Form of J. Crew ABL Intercreditor Agreement

 “ABL Guaranty” shall have the meaning assigned to that term in the
recitals to this Agreement and shall also include any other guaranty made by an ABL Guarantor guaranteeing, inter alia, the payment and performance of any ABL Obligations. 
 “ABL Hedge Bank” shall have the meaning assigned to the term “Hedge Bank” in the ABL Credit Agreement. 

“ABL Hedging Affiliate” shall mean any ABL Hedge Bank that has entered into an ABL Hedging Agreement with an ABL
Credit Party or Restricted Subsidiary, as applicable, with the obligations of such ABL Credit Party or Restricted Subsidiary, as applicable, thereunder being secured by one or more ABL Collateral Documents, together with their respective successors,
assigns and transferees. 
 “ABL Hedging Agreement” means any “Secured Hedge Agreement” as
defined in the ABL Credit Agreement. 
 “ABL Joint Collateral” shall have the meaning set forth in
Section 3.6(a). 
 “ABL Lenders” shall have the meaning assigned to that term in the introduction
to this Agreement, as well as any Person designated as a “Lender” or similar term under any ABL Credit Agreement. 

“ABL Obligations” shall mean any and all obligations of every nature of each ABL Credit Party from time to time
owed to the ABL Secured Parties, or any of them, under, in connection with, or evidenced or secured by any ABL Document, including, without limitation, all “Obligations” or similar term as defined in any ABL Credit Agreement and whether
for principal, interest (including interest which, but for the filing of a petition in bankruptcy with respect to such ABL Credit Party, would have accrued on any ABL Obligation, whether or not a claim is allowed against such ABL Credit Party for
such interest in the related bankruptcy proceeding), reimbursement of amounts drawn under letters of credit, payments for early termination of Swap Contracts, fees, expenses, indemnification or otherwise, and all other amounts owing or due under the
terms of any ABL Document. 
 “ABL Priority Collateral” shall mean all Collateral consisting of the
following (including for the avoidance of doubt, any such assets that, but for the application of Section 552 of the Bankruptcy Code (or any similar provision of any foreign Debtor Relief Laws), would be ABL Priority Collateral): 

(1) all Accounts, other than Accounts which constitute identifiable proceeds of Term Priority Collateral; 

(2) cash, Money and cash equivalents; 

  

			
	4	 	Form of J. Crew ABL Intercreditor Agreement

 (3) all (x) Deposit Accounts (other than Term Loan Priority Accounts)
and Money and all cash, checks, other negotiable instruments, funds and other evidences of payments properly held therein, including intercompany indebtedness between or among the Credit Parties or their Affiliates, to the extent owing in respect of
ABL Priority Collateral, (y) Securities Accounts (other than Term Loan Priority Accounts), Security Entitlements and Securities credited to such a Securities Account (other than Equity Interests) and (z) Commodity Accounts (other than Term
Loan Priority Accounts) and Commodity Contracts credited thereto, and, in each case, all cash, Money, cash equivalents, checks and other property properly held therein or credited thereto (other than Equity Interests); provided,
however, that to the extent that identifiable proceeds of Term Priority Collateral are deposited in any such Deposit Accounts or Securities Accounts, such identifiable proceeds shall be treated as Term Priority Collateral; 

(4) all Inventory; 
 (5) to the extent relating to, evidencing or governing any of the items referred to in the preceding clauses (1) through (4) constituting ABL Priority Collateral, all Documents, General
Intangibles (including all rights under contracts but excluding any Intellectual Property), Instruments (including Promissory Notes), Chattel Paper (including Tangible Chattel Paper and Electronic Chattel Paper) and Commercial Tort Claims;
provided that to the extent any of the foregoing also relates to Term Priority Collateral, only that portion related to the items referred to in the preceding clauses (1) through (4) shall be included in the ABL Priority Collateral;

 (6) to the extent relating to any of the items referred to in the preceding clauses (1) through
(5) constituting ABL Priority Collateral, all Supporting Obligations and Letter-of-Credit Rights; provided that to the extent any of the foregoing also relates to Term Priority Collateral only that portion related to the items referred
to in the preceding clauses (1) through (5) shall be included in the ABL Priority Collateral; 
 (7)
all books and Records relating to the items referred to in the preceding clauses (1) through (6) constituting ABL Priority Collateral (including all books, databases, customer lists, engineer drawings, and Records, whether tangible or
electronic, which contain any information relating to any of the items referred to in the preceding clauses (1) through (6) constituting ABL Priority Collateral but, in each case, excluding any Intellectual Property); and 

(8) all collateral security and guarantees with respect to any of the foregoing constituting ABL Priority Collateral and
all cash, Money, cash equivalents, insurance proceeds, Instruments, Securities and Financial Assets received as proceeds of any of the foregoing constituting ABL Priority Collateral (such proceeds, “ABL Priority Proceeds”);
provided, however, that no proceeds of ABL Priority Proceeds will constitute ABL Priority Collateral unless such proceeds of ABL Priority Proceeds would otherwise constitute ABL Priority Collateral. 

“ABL Recovery” shall have the meaning set forth in Section 5.3(a). 

“ABL Secured Parties” shall have the meaning assigned to that term in the introduction to this Agreement.

  

			
	5	 	Form of J. Crew ABL Intercreditor Agreement

 “Affiliate” shall mean, with respect to any Person, another Person
that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. “Control” means the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Agent(s)” means individually the ABL Agent or the Term Agent and collectively means both the ABL Agent and the
Term Agent. 
 “Agreement” shall have the meaning assigned to that term in the introduction to this
Agreement. 
 “Asset Sale Proceeds Pledged Account” shall mean an account held at, and subject to the
sole dominion and control of, the Term Agent in which the proceeds from any disposition of Term Priority Collateral is held pending reinvestment pursuant to the Term Credit Agreement. 

“Bank of America” shall have the meaning assigned to that term in the introduction to this Agreement. 

“Bankruptcy Code” shall mean Title 11 of the United States Code, as now or hereafter in effect or any successor
thereto. 
 “Borrower” shall have the meaning assigned to that term in the introduction to this
Agreement. 
 “Business Day” shall mean any day that is not a Saturday, Sunday or other day on which
commercial banks in New York, New York are authorized or required by law to remain closed (or are in fact closed). 

“Capitalized Leases” means all leases that have been or are required to be, in accordance with GAAP, recorded as
capitalized leases; provided that for all purposes hereunder the amount of obligations under any Capitalized Lease shall be the amount thereof accounted for as a liability in accordance with GAAP. 

“Cash Management Services” means any agreement or arrangement to provide cash management services, including
treasury, depository, overdraft, credit card processing, credit or debit card, purchase card, electronic funds transfer and other cash management arrangements. 
 “Collateral” shall mean all Property now owned or hereafter acquired by the Borrower or any Guarantor in or upon which a Lien is granted or purported to be granted to any ABL Agent
or any Term Agent under any of the ABL Collateral Documents or the Term Collateral Documents, together with all rents, issues, profits, products and Proceeds thereof. 
 “Control” shall have the meaning specified in the definition of “Affiliate”. 
 “Control Collateral” shall mean any Collateral consisting of any Certificated Security (as defined in Section 8-102 of the Uniform Commercial Code), Investment Property,
Deposit Account, Instruments and any other Collateral as to which a Lien may be perfected through possession or control by the secured party, or any agent therefor. 

  

			
	6	 	Form of J. Crew ABL Intercreditor Agreement

 “Copyright Licenses” shall mean any written agreement, now or
hereafter in effect, granting any right to any third party under any Copyright now or hereafter owned by any Credit Party or that such Credit Party otherwise has the right to license, or granting any right to any Credit Party under any Copyright now
or hereafter owned by any third party, and all rights of such Credit Party under any such agreement. 

“Copyrights” shall mean all of the following now owned or hereafter acquired by or assigned to any Credit Party:
(a) all copyright rights in any work subject to the copyright laws of the United States or any other country, whether as author, assignee, transferee or otherwise, whether registered or unregistered and whether published or unpublished,
(b) all registrations and applications for registration of any such copyright in the United States or any other country, including registrations, recordings, supplemental registrations and pending applications for registration in the United
States Copyright Office, including those listed on the applicable schedule to the Perfection Certificate (as defined in the Term Credit Agreement) and all: (i) rights and privileges arising under applicable law with respect to such Credit
Party’s use of such copyrights, (ii) reissues, renewals and extensions thereof and amendments thereto, (iii) income, fees, royalties, damages, claims and payments now or hereafter due and/or payable with respect thereto, including
damages and payments for past, present or future infringements thereof, (iv) rights corresponding thereto throughout the world and (v) rights to sue for past, present or future infringements thereof. 

“Credit Documents” shall mean the ABL Documents and the Term Documents. 

“Credit Parties” shall mean the ABL Credit Parties and the Term Credit Parties. 

“Debtor Relief Laws” shall mean the Bankruptcy Code of the United States, and all other liquidation,
conservatorship, bankruptcy, 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” shall have the meaning set
forth in Section 6.1(a). 
 “Discharge of ABL Obligations” shall mean (a) the payment in full
in cash of all outstanding ABL Obligations excluding contingent indemnity obligations with respect to then unasserted claims but including, with respect to amounts available to be drawn under outstanding letters of credit issued under any ABL Credit
Agreement (or indemnities or other undertakings issued pursuant thereto in respect of outstanding letters of credit), the cancellation of such letters of credit or the delivery or provision of cash collateral or backstop letters of credit in respect
thereof in compliance with the terms of any ABL Credit Agreement (which shall not exceed an amount equal to 101% of the aggregate undrawn amount of such letters of credit) and (b) the termination of all commitments to extend credit under the
ABL Documents. 

  

			
	7	 	Form of J. Crew ABL Intercreditor Agreement

 “Discharge of Term Obligations” shall mean the payment in full in
cash of all outstanding Term Obligations (other than contingent indemnity obligations with respect to then unasserted claims). 

“Domain Names” shall mean all Internet domain names and associated URL addresses in or to which any Credit Party
now or hereafter has any right, title or interest. 
 “Domestic Subsidiary” shall mean any Subsidiary
that is organized under the Laws of the United States, any state thereof or the District of Columbia. 
 “Enforcement
Notice” shall mean a written notice delivered by either the ABL Agent or the Term Agent to the other announcing that an Enforcement Period has commenced. 
 “Enforcement Period” shall mean the period of time following the receipt by either the ABL Agent or the Term Agent of an Enforcement Notice from the other and continuing until the
earliest of (a) in the case of an Enforcement Period commenced by the Term Agent, the Discharge of Term Obligations, (b) in the case of an Enforcement Period commenced by the ABL Agent, the Discharge of ABL Obligations, or (c) the ABL
Agent or the Term Agent (as applicable) terminates, or agrees in writing to terminate, the Enforcement Period. 

“Equipment” shall mean (x) any “equipment” as such term is defined in Article 9 of the Uniform
Commercial Code, and in any event, shall include, but shall not be limited to, all machinery, equipment, furnishings, appliances, furniture, fixtures, tools, and vehicles now or hereafter owned by any Credit Party in each case, regardless of whether
characterized as equipment under the Uniform Commercial Code (but excluding any such items which constitute Inventory), and (y) any and all additions, substitutions and replacements of any of the foregoing and all accessions thereto, wherever
located, whether or not at any time of determination incorporated or installed therein or attached thereto, and all replacements therefore, together with all attachments, components, parts, equipment and accessories installed thereon or affixed
thereto. 
 “Equity Interest” shall mean, with respect to any Person, all of the shares, interests,
rights, participations or other equivalents (however designated) of capital stock of (or other ownership or profit interests or units in) such Person and all of the warrants, options or other rights for the purchase, acquisition or exchange from
such Person of any of the foregoing (including through convertible securities). 
 “Event of Default”
shall mean an “Event of Default” or similar term under and as defined in any ABL Credit Agreement or any Term Credit Agreement, as applicable. 
 “Excluded Subsidiary” means (a) with respect to ABL Guarantors, any “Excluded Subsidiary” or similar term under and as defined in any ABL Credit Agreement and
(b) with respect to the Term Guarantors, any “Excluded Subsidiary” or similar term under and as defined in any Term Credit Agreement. 

  

			
	8	 	Form of J. Crew ABL Intercreditor Agreement

 “Exercise of Any Secured Creditor Remedies” or “Exercise
of Secured Creditor Remedies” shall mean, except as otherwise provided in the final sentence of this definition: 
 (b) the taking by any Secured Party of any action to enforce or realize upon any Lien, including the institution of any foreclosure proceedings or the noticing of any public or private sale pursuant to
Article 9 of the Uniform Commercial Code or other applicable law; 
 (c) the exercise by any Secured Party of any
right or remedy provided to a secured creditor on account of a Lien under any of the Credit Documents, under applicable law, in an Insolvency Proceeding or otherwise, including the election to retain any of the Collateral in satisfaction of a Lien;

 (d) the taking of any action by any Secured Party or the exercise of any right or remedy by any Secured Party
in respect of the collection on, set off against, marshaling of, injunction respecting or foreclosure on the Collateral or the Proceeds thereof; 
 (e) the appointment on the application of a Secured Party, of a receiver, receiver and manager or interim receiver of all or part of the Collateral; 

(f) the sale, lease, license or other disposition of all or any portion of the Collateral by private or public sale
conducted by any Secured Party or any other means at the direction of any Secured Party permissible under applicable law; 
 (g) the exercise of any other right of a secured creditor under Part 6 of Article 9 of the Uniform Commercial Code or under provisions of similar effect under other applicable law; and 

(h) the exercise by any Secured Party of any voting rights relating to any Equity Interest included in the Collateral.

 For the avoidance of doubt, none of the following shall be deemed to constitute an Exercise of Secured Creditor Remedies: (i) the filing
of a proof of claim in any Insolvency Proceeding or the seeking of adequate protection, (ii) the exercise of rights by the ABL Agent upon the occurrence of a Cash Dominion Event (as defined in any ABL Credit Agreement), including, without
limitation, the notification of account debtors, depository institutions or any other Person to deliver proceeds of ABL Priority Collateral to the ABL Agent, (iii) the consent by the ABL Agent to a store closing sale, going out of business sale
or other disposition by any Credit Party of any of the ABL Priority Collateral, (iv) the reduction of advance rates or sub-limits by the ABL Agent and the ABL Lenders, or (v) the imposition of Reserves (as defined in the ABL Credit
Agreement) by the ABL Agent. 
 “Foreign Subsidiary” shall mean any direct or indirect Restricted
Subsidiary of the Borrower that is not a Domestic Subsidiary. 
 “GAAP” shall have the meaning assigned
to that term in the Term Credit Agreement. 
 “Governmental Authority” shall mean the government of the
United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

  

			
	9	 	Form of J. Crew ABL Intercreditor Agreement

 “Guarantor” shall mean any of the ABL Guarantors or Term Guarantors.

 “Holdings” shall have the meaning assigned to that term in the introduction to this Agreement.

 “Indebtedness” shall have the meaning provided in the ABL Credit Agreement and the Term Credit
Agreement as in effect on the date hereof. 
 “Insolvency Proceeding” shall mean (a) any case,
action or proceeding before any court or other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors, or (b) any general assignment for the benefit of
creditors, composition, marshalling of assets for creditors or other similar arrangement in respect of a Person’s creditors generally or any substantial portion of a Person’s creditors; in each case covered by clauses (a) and
(b) undertaken under any Debtor Relief Laws. 
 “Intellectual Property” shall mean all intellectual
and similar property of every kind and nature now owned, licensed or hereafter acquired by any Credit Party that is subject to a security interest under any ABL Documents and any Term Documents, including inventions, designs, Patents, Copyrights,
Licenses, Trademarks, Domain Names, trade secrets, confidential or proprietary technical and business information, know how, show how or other data or information, software, databases, all other proprietary information and all embodiments or
fixations thereof and related documentation and registrations and all additions, improvements and accessions to, and books and records describing or used in connection with, any of the foregoing. 

“Intellectual Property Collateral” shall mean Collateral consisting of Intellectual Property. 

“Lenders” means, collectively, all of the ABL Lenders and the Term Lenders. 

“License” shall mean any Patent License, Trademark License, Copyright License, or other license or sublicense
agreement granting rights under Intellectual Property to which any Credit Party is a party. 
 “Lien”
shall mean any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever
(including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any Capitalized Lease having substantially the same economic effect as any of the foregoing);
provided that in no event shall an operating lease in and of itself be deemed a Lien. 
 “Lien
Priority” shall mean with respect to any Lien of the ABL Secured Parties or the Term Secured Parties in the Collateral, the order of priority of such Lien as specified in Section 2.1. 

  

			
	10	 	Form of J. Crew ABL Intercreditor Agreement

 “Other Liabilities” means ABL Cash Management Obligations and
Obligations (as defined in the ABL Credit Agreement) in respect of any ABL Hedging Agreement. 
 “Party”
shall mean the ABL Agent or the Term Agent, and “Parties” shall mean both the ABL Agent and the Term Agent. 

“Patent License” shall mean any written agreement, now or hereafter in effect, granting to any third party any
right to develop, commercialize, import, make, have made, offer for sale, use or sell any invention on which a Patent, now or hereafter owned by any Credit Party or that any Credit Party otherwise has the right to license, is in existence, or
granting to any Credit Party any such right with respect to any invention on which a Patent, now or hereafter owned by any third party, is in existence, and all rights of any Credit Party under any such agreement. 

“Patents” shall mean all of the following now owned or hereafter acquired by any Credit Party: (a) all
letters patent of the United States or the equivalent thereof in any other country, all registrations and recordings thereof, and all applications for letters patent of the United States or the equivalent thereof in any other country, including
registrations, recordings and pending applications in the United States Patent and Trademark Office or any similar offices in any other country, including those listed on the applicable schedule to the Perfection Certificate (as defined in the Term
Credit Agreement), and (b) all (i) rights and privileges arising under applicable law with respect to such Credit Party’s use of any patents, (ii) inventions and improvements described and claimed therein, (iii) reissues,
divisions, continuations, renewals, extensions and continuations-in-part thereof and amendments thereto, (iv) income, fees, royalties, damages, claims and payments now or hereafter due and/or payable respect to any of the foregoing, including
damages and payments for past, present or future infringements thereof, (v) rights corresponding thereto throughout the world and (vi) rights to sue for past, present or future infringements thereof. 

“Permitted Junior Secured Refinancing Debt” shall mean any “Permitted Junior Secured Refinancing Debt”
as defined in the Term Credit Agreement. 
 “Permitted Refinancing” shall mean any “Permitted
Refinancing” as defined in the Term Credit Agreement. 
 “Person” shall mean any natural person,
corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
 “Priority Collateral” shall mean the ABL Priority Collateral or the Term Priority Collateral, as applicable. 

“Proceeds” shall mean (a) all “proceeds,” as defined in Article 9 of the Uniform Commercial Code,
with respect to the Collateral, and (b) whatever is recoverable or recovered when any Collateral is sold, exchanged, collected, or disposed of, whether voluntarily or involuntarily. 

“Property” shall mean any interest in any kind of property or asset, whether real, personal or mixed, or tangible
or intangible. 

  

			
	11	 	Form of J. Crew ABL Intercreditor Agreement

 “Purchase Date” shall have the meaning set forth in
Section 3.8(a). 
 “Purchase Notice” shall have the meaning set forth in Section 3.8(a).

 “Purchase Option Event” shall have the meaning set forth in Section 3.8(a). 

“Purchasing Creditors” shall have the meaning set forth in Section 3.8(a). 

“Real Property” shall mean any right, title or interest in and to real property, including any fee interest,
leasehold interest, easement, or license and any other right to use or occupy real property. 
 “Replacement
Agent” shall have the meaning set forth in Section 3.8(d). 
 “Restricted Subsidiary”
means (a) with respect to ABL Guarantors, any “Restricted Subsidiary” under and as defined in any ABL Credit Agreement and (b) with respect to the Term Guarantors, any “Restricted Subsidiary” under and as defined in any
Term Credit Agreement. 
 “Secured Parties” shall mean the ABL Secured Parties and the Term Secured
Parties. 
 “Security” shall mean any “security” as such term is defined in Article 8 of the
Uniform Commercial Code, any stock, shares, partnership interests, voting trust certificates, certificates of interest or participation in any profit sharing agreement or arrangement, options, warrants, bonds, debentures, notes, or other evidences
of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in temporary or interim certificates for
the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing. 

“Subsidiary” of a Person shall mean a corporation, partnership, joint venture, limited liability company or other
business entity (excluding, for the avoidance of doubt, charitable foundations) of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than
securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both,
by such Person. 
 “Swap Contract” has the meaning set forth in the ABL Credit Agreement. 

“Term Agent” shall have the meaning assigned to that term in the introduction to this Agreement and shall include
any successor thereto as well as any Person designated as the “Agent”, “Administrative Agent”, “Collateral Agent”, “Trustee”, “Collateral Trustee” or similar term under any Term Credit Agreement.

 “Term Cash Management Affiliate” shall mean any Term Cash Management Bank that is owed Term Cash
Management Obligations by a Term Credit Party and which Term Cash Management Obligations are secured by one or more Term Collateral Documents, together with their respective successors, assigns and transferees. 

  

			
	12	 	Form of J. Crew ABL Intercreditor Agreement

 “Term Cash Management Bank” means any Person that is a Term Lender
or an Affiliate of a Term Lender at the time it provides any Cash Management Services, whether or not such Person subsequently ceases to be a Term Lender or an Affiliate of a Term Lender. 

“Term Cash Management Obligations” means obligations owed by the Borrower or any Restricted Subsidiary to any
Term Cash Management Bank in respect of or in connection with any Cash Management Services and designated under the Term Credit Agreement by the Term Cash Management Bank and the Borrower in writing to the Term Agent as “Cash Management
Obligations”. 
 “Term Cash Proceeds Notice” shall mean a written notice delivered by the Term
Agent to the ABL Agent (a) stating that an Event of Default has occurred and is continuing under any Term Document and specifying the relevant Event of Default and (b) stating that certain cash proceeds which may be deposited in an ABL
Deposit and Securities Account constitute Term Priority Collateral, and reasonably identifying the amount of such proceeds and specifying the origin thereof. 
 “Term Collateral Documents” shall mean all “Collateral Documents” or similar term as defined in any Term Credit Agreement, and all other security agreements, mortgages,
deeds of trust and other collateral documents executed and delivered in connection with any Term Credit Agreement, in each case as the same may be amended, supplemented, restated or otherwise modified from time to time. 

“Term Credit Agreement” shall have the meaning assigned to that term in the recitals to this Agreement and shall
include any one or more other agreements, indentures or facilities extending the maturity of, consolidating, restructuring, refunding, replacing or refinancing all or any portion of the Term Obligations, whether by the same or any other agent,
trustee, lender, group of lenders, creditor or group of creditors and whether or not increasing the amount of any Indebtedness that may be incurred thereunder. 
 “Term Credit Parties” shall have the meaning assigned to that term in the recitals to this Agreement. 
 “Term Documents” shall mean any Term Credit Agreement, any Term Guaranty, any Term Collateral Document, any Cash Management Services between the Borrower or any Restricted
Subsidiary and any Term Cash Management Affiliate, any Term Hedging Agreements between any Term Credit Party or any Restricted Subsidiary and any Term Hedging Affiliate, any other ancillary agreement as to which any Term Secured Party is a party or
a beneficiary and all other agreements, instruments, documents and certificates, now or hereafter executed by or on behalf of any Term Credit Party or any of its respective Subsidiaries or Affiliates, and delivered to the Term Agent or any other
Term Secured Party, in connection with any of the foregoing or any Term Credit Agreement, in each case as the same may be amended, supplemented, restated or otherwise modified from time to time. 

“Term Guarantors” shall mean the collective reference to (i) Holdings and each wholly owned Material
Domestic Subsidiary (as defined in the Term Credit Agreement) of the Borrower, other than any Excluded Subsidiary and (ii) any other Person who becomes a guarantor under any Term Guaranty. The term “Term Guarantors” shall include all
“Guarantors” under and as defined in the Term Credit Agreement. 

  

			
	13	 	Form of J. Crew ABL Intercreditor Agreement

 “Term Guaranty” shall have the meaning assigned to that term in the
recitals to this Agreement and shall also include any other guaranty made by a Term Guarantor guaranteeing, inter alia, the payment and performance of any Term Obligations. 
 “Term Hedge Bank” shall mean any Person that is an Agent, a Lender or a Joint Bookrunner under the Term Credit Agreement or an Affiliate of any of the foregoing on the Closing Date
or at the time it enters into a Term Hedging Agreement, in its capacity as a party thereto, whether or not such Person subsequently ceases to be an Agent, a Lender or an Affiliate of any of the foregoing. 

“Term Hedging Affiliate” shall mean any Term Hedge Bank that has entered into a Term Hedging Agreement with a
Term Credit Party or Restricted Subsidiary, as applicable, with the obligations of such Term Credit Party or Restricted Subsidiary, as applicable, thereunder being secured by one or more Term Collateral Documents, together with their respective
successors, assigns and transferees (even if such Term Hedge Bank subsequently ceases to be an agent or lender, as applicable, under the Term Credit Agreement for any reason). 
 “Term Hedging Agreement” means any “Secured Hedge Agreement” as defined in the Term Credit Agreement. 

“Term Lenders” shall have the meaning assigned to that term in the introduction to this Agreement, as well as any
Person designated as a “Lender” or similar term under any Term Credit Agreement. 
 “Term Loan Priority
Accounts” means the Asset Sale Proceeds Pledged Account and any Deposit Accounts, Securities Accounts or Commodity Accounts, in each case that are intended to solely contain Term Priority Collateral or identifiable proceeds of the Term
Priority Collateral (it being understood that any property in such Deposit Accounts, Securities Accounts or Commodities Accounts which is not Term Priority Collateral or identifiable proceeds of Term Priority Collateral shall not be Term Priority
Collateral solely by virtue of being on deposit in any such Deposit Account, Securities Account or Commodity Account). 

“Term Obligations” shall mean any and all obligations of every nature of each Term Credit Party from time to time
owed to the Term Secured Parties or any of them, under, in connection with, or evidenced or secured by any Term Document, including, without limitation, all “Obligations” or similar term as defined in any Term Credit Agreement and whether
for principal, interest (including interest which, but for the filing of a petition in bankruptcy with respect to such Term Credit Party, would have accrued on any Term Obligation, whether or not a claim is allowed against such Term Credit Party for
such interest in the related bankruptcy proceeding), payments for early termination of Term Hedging Agreements, fees, expenses, indemnification or otherwise, and all other amounts owing or due under the terms of any Term Document, as amended,
restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time. 

  

			
	14	 	Form of J. Crew ABL Intercreditor Agreement

 “Term Priority Collateral” shall mean all Collateral consisting of
the following (including for the avoidance of doubt, any such assets that, but for the application of Section 552 of the Bankruptcy Code (or any similar provision of any foreign Debtor Relief Laws) would be Term Priority Collateral):

 (1) all Equipment, Fixtures, Real Property, Intellectual Property, intercompany indebtedness between or among
the Credit Parties or their Affiliates, except to the extent constituting ABL Priority Collateral, and Investment Property (other than any Investment Property described in clauses 3(y) and 8 of the definition of ABL Priority Collateral); 

(2) except to the extent constituting ABL Priority Collateral, all Instruments, Commercial Tort Claims, Documents and
General Intangibles; 
 (3) Term Loan Priority Accounts; provided, however, that to the extent that
identifiable proceeds of ABL Priority Collateral are deposited in any such Term Loan Priority Accounts, such identifiable proceeds shall be treated as ABL Priority Collateral; 

(4) all other Collateral, other than the ABL Priority Collateral (including ABL Priority Proceeds); and 

(5) all collateral security and guarantees with respect to the foregoing, and all cash, Money, insurance proceeds,
Instruments, Securities and Financial Assets received as proceeds of any Collateral, other than the ABL Priority Collateral (including ABL Priority Proceeds) (such proceeds, “Term Priority Proceeds”); provided,
however, that no proceeds of Term Priority Proceeds will constitute Term Priority Collateral unless such proceeds of Term Priority Proceeds would otherwise constitute Term Priority Collateral. 

“Term Recovery” shall have the meaning set forth in Section 5.3(b). 

“Term Secured Parties” shall have the meaning assigned to that term in the introduction to this Agreement.

 “Trademark License” shall mean any written agreement, now or hereafter in effect, granting to any
third party any right to use any Trademark now or hereafter owned by any Credit Party or that any Credit Party otherwise has the right to license, or granting to any Credit Party any right to use any Trademark now or hereafter owned by any third
party, and all rights of any Credit Party under any such agreement (not including vendor or distribution agreements that allow incidental use of intellectual property rights in connection with the sale or distribution of such products or services).

 “Trademarks” shall mean all of the following now owned or hereafter acquired by any Credit Party:
(a) all trademarks, service marks, trade names, corporate names, company names, business names, fictitious business names, trade styles, trade dress, logos, other source or business identifiers, designs and general intangibles of like nature,
the goodwill of the business symbolized thereby or associated therewith, all registrations and recordings thereof, and all 

  

			
	15	 	Form of J. Crew ABL Intercreditor Agreement

 
registration and recording applications filed in connection therewith, including registrations and registration applications in the United States Patent and Trademark Office or any similar
offices in any State of the United States or any other country or any political subdivision thereof, and all extensions or renewals thereof, including those listed on the applicable schedule to the Perfection Certificate (as defined in the Term
Credit Agreement) (b) any and all rights and privileges arising under applicable law with respect to such Credit Party’s use of any trademarks, (c) all extensions and renewals thereof and amendments thereto, (d) all income, fees,
royalties, damages and payments now and hereafter due and/or payable with respect to any of the foregoing, including damages, claims and payments for past, present or future infringements thereof, (e) all rights corresponding thereto throughout
the world and (f) all rights to sue for past, present and future infringements or dilution thereof or other injuries thereto. 
 “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect from time to time in the State of New York; provided that, if by reason of mandatory provisions of
law, perfection, or the effect of perfection or non perfection or the priority of a security interest in any Collateral or the availability of any remedy hereunder is governed by the Uniform Commercial Code as in effect in a jurisdiction other than
New York, “Uniform Commercial Code” means the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection or effect of perfection or non perfection or priority or
availability of such remedy, as the case may be. 
 “Use Period” means the period commencing on the date
that the ABL Agent or an agent acting on its behalf (or an ABL Credit Party acting with the consent of the ABL Agent) commences the liquidation and sale of the ABL Priority Collateral in a manner as provided in Section 3.6 (having theretofore
furnished the Term Agent with an Enforcement Notice) and ending 180 days thereafter. If any stay or other order that prohibits any of the ABL Agent, the other ABL Secured Parties or any ABL Credit Party (with the consent of the ABL Agent) from
commencing and continuing to Exercise Any Secured Creditor Remedies or from liquidating and selling the ABL Priority Collateral has been entered by a court of competent jurisdiction, such 180-day period shall be tolled during the pendency of any
such stay or other order and the Use Period shall be so extended. 
 Section 1.3 Rules of Construction.
Unless the context of this Agreement clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the term “including” is not limiting and shall be deemed to be followed by the
phrase “without limitation,” and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words “hereof,” “herein,” “hereby,”
“hereunder,” and similar terms in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement. Article, section, subsection, clause, schedule and exhibit references herein are to this Agreement
unless otherwise specified. Any reference in this Agreement to any agreement, instrument, or document shall include all alterations, amendments, changes, restatements, extensions, modifications, renewals, replacements, substitutions, joinders, and
supplements thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, restatements, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein). Any
reference herein to any Person shall be construed to include such Person’s successors and assigns. Any reference herein to the repayment in full of an obligation shall mean the payment in full in cash of such obligation, or in such other manner
as may be approved in writing by the requisite holders or representatives in respect of such obligation. 

  

			
	16	 	Form of J. Crew ABL Intercreditor Agreement

 ARTICLE 2 
 LIEN PRIORITY 
 Section 2.1 Priority of Liens.

 (a) Subject to the provisos in subclauses (b) and (c) of Section 4.1, notwithstanding
(i) the date, time, method, manner, or order of grant, attachment or perfection (including any defect or deficiency or alleged defect or deficiency in any of the foregoing) of any Liens granted to the ABL Secured Parties in respect of all or
any portion of the Collateral or of any Liens granted to the Term Secured Parties in respect of all or any portion of the Collateral and regardless of how any such Lien was acquired (whether by grant, statute, operation of law, subrogation or
otherwise), (ii) the order or time of filing or recordation of any document or instrument for perfecting the Liens in favor of the ABL Agent or the Term Agent (or ABL Secured Parties or Term Secured Parties) in any Collateral, (iii) any
provision of the Uniform Commercial Code, Debtor Relief Laws or any other applicable law, or of the ABL Documents or the Term Documents, (iv) whether the ABL Agent or the Term Agent, in each case, either directly or through agents, holds
possession of, or has control over, all or any part of the Collateral, (v) the date on which the ABL Obligations or the Term Obligations are advanced or made available to the Credit Parties, (vi) the fact that any such Liens in favor of
the ABL Agent or the ABL Lenders or the Term Agent or the Term Lenders securing any of the ABL Obligations or Term Obligations, respectively, are (x) subordinated to any Lien securing any obligation of any Credit Party other than the Term
Obligations or the ABL Obligations, respectively, or (y) otherwise subordinated, voided, avoided, invalidated or lapsed, or (vii) any other circumstance of any kind or nature whatsoever, the ABL Agent, on behalf of itself and the ABL
Secured Parties, and the Term Agent, on behalf of itself and the Term Secured Parties, hereby agree that: 
 (1)
any Lien in respect of all or any portion of the ABL Priority Collateral now or hereafter held by or on behalf of the Term Agent or any Term Secured Party that secures all or any portion of the Term Obligations shall in all respects be junior and
subordinate to all Liens granted to the ABL Agent and the ABL Secured Parties in such ABL Priority Collateral to secure all or any portion of the ABL Obligations; 

(2) any Lien in respect of all or any portion of the ABL Priority Collateral now or hereafter held by or on behalf of the
ABL Agent or any ABL Secured Party that secures all or any portion of the ABL Obligations shall in all respects be senior and prior to all Liens granted to the Term Agent or any Term Secured Party in such ABL Priority Collateral to secure all or any
portion of the Term Obligations; 
 (3) any Lien in respect of all or any portion of the Term Priority Collateral
now or hereafter held by or on behalf of the ABL Agent or any ABL Secured Party that secures all or any portion of the ABL Obligations shall in all respects be junior and subordinate to all Liens granted to the Term Agent and the Term Secured
Parties in such Term Priority Collateral to secure all or any portion of the Term Obligations; and 

  

					
		  	17	  	Form of J. Crew ABL Intercreditor Agreement

 (4) any Lien in respect of all or any portion of the Term Priority
Collateral now or hereafter held by or on behalf of the Term Agent or any Term Secured Party that secures all or any portion of the Term Obligations shall in all respects be senior and prior to all Liens granted to the ABL Agent or any ABL Secured
Party in such Term Priority Collateral to secure all or any portion of the ABL Obligations. 
 (b)
Notwithstanding any failure by any ABL Secured Party or Term Secured Party to perfect its security interests in the Collateral or any avoidance, invalidation, priming or subordination by any third party or court of competent jurisdiction of the
security interests in the Collateral granted to the ABL Secured Parties or the Term Secured Parties (but, for the avoidance of doubt, subject to the provisos in subclauses (b) and (c) of Section 4.1), the priority and rights as
between the ABL Secured Parties and the Term Secured Parties with respect to the Collateral shall be as set forth herein. 
 (c) The Term Agent, for and on behalf of itself and the Term Secured Parties, acknowledges and agrees that, concurrently herewith, the ABL Agent, for the benefit of itself and the ABL Secured Parties, has
been, or may be, granted Liens upon all of the Collateral in which the Term Agent has been granted Liens and the Term Agent hereby consents thereto. The ABL Agent, for and on behalf of itself and the ABL Secured Parties, acknowledges and agrees
that, concurrently herewith, the Term Agent, for the benefit of itself and the Term Secured Parties, has been, or may be, granted Liens upon all of the Collateral in which the ABL Agent has been granted Liens and the ABL Agent hereby consents
thereto. The subordination of Liens by the Term Agent and the ABL Agent in favor of one another as set forth herein shall not be deemed to subordinate the Term Agent’s Liens or the ABL Agent’s Liens to the Liens of any other Person, nor
shall such subordination be affected by the subordination of such Liens to any Lien of any other Person. 
 Section 2.2
Waiver of Right to Contest Liens. 
 (a) The Term Agent, for and on behalf of itself and the Term
Secured Parties, agrees that it and they shall not (and hereby waives any right to) take any action to contest or challenge (or assist or support any other Person in contesting or challenging), directly or indirectly, whether or not in any
proceeding (including in any Insolvency Proceeding), the validity, priority, enforceability, or perfection of the Liens of the ABL Agent and the ABL Secured Parties in respect of the Collateral or the provisions of this Agreement. The Term Agent,
for itself and on behalf of the Term Secured Parties, agrees that none of the Term Agent or the Term Secured Parties will take any action that would interfere with any Exercise of Secured Creditor Remedies undertaken by the ABL Agent or any ABL
Secured Party under the ABL Documents with respect to the ABL Priority Collateral. The Term Agent, for itself and on behalf of the Term Secured Parties, hereby waives any and all rights it or the Term Secured Parties may have as a junior lien
creditor or otherwise to contest, protest, object to, or interfere with the manner in which the ABL Agent or any ABL Lender seeks to enforce its Liens in any ABL Priority Collateral. The foregoing shall not be construed to prohibit the Term Agent
from enforcing the provisions of this Agreement. 

  

					
		  	18	  	Form of J. Crew ABL Intercreditor Agreement

 (b) The ABL Agent, for and on behalf of itself and the ABL Secured Parties,
agrees that it and they shall not (and hereby waives any right to) take any action to contest or challenge (or assist or support any other Person in contesting or challenging), directly or indirectly, whether or not in any proceeding (including in
any Insolvency Proceeding), the validity, priority, enforceability, or perfection of the Liens of the Term Agent or the Term Secured Parties in respect of the Collateral or the provisions of this Agreement. Except to the extent expressly set forth
in Section 3.6 of this Agreement, the ABL Agent, for itself and on behalf of the ABL Secured Parties, agrees that none of the ABL Agent or the ABL Secured Parties will take any action that would interfere with any Exercise of Secured Creditor
Remedies undertaken by the Term Agent or any Term Secured Party under the Term Documents with respect to the Term Priority Collateral. The ABL Agent, for itself and on behalf of the ABL Secured Parties, hereby waives any and all rights it or the ABL
Secured Parties may have as a junior lien creditor or otherwise to contest, protest, object to, or interfere with the manner in which the Term Agent or any Term Secured Party seeks to enforce its Liens in any Term Priority Collateral. The foregoing
shall not be construed to prohibit the ABL Agent from enforcing the provisions of this Agreement. 
 Section 2.3
Remedies Standstill. 
 (a) The Term Agent, on behalf of itself and the Term Secured Parties, agrees
that, from the date hereof until the date upon which the Discharge of ABL Obligations shall have occurred, neither the Term Agent nor any Term Secured Party will Exercise Any Secured Creditor Remedies with respect to any of the ABL Priority
Collateral without the written consent of the ABL Agent, and will not take, receive or accept any Proceeds of ABL Priority Collateral, it being understood and agreed that the temporary deposit of Proceeds of ABL Priority Collateral in a Deposit
Account controlled by the Term Agent shall not constitute a breach of this Agreement so long as such Proceeds are promptly (but in no event later than five Business Days after receipt) remitted to the ABL Agent. From and after the date upon which
the Discharge of ABL Obligations shall have occurred (or prior thereto upon obtaining the written consent of the ABL Agent), the Term Agent or any Term Secured Party may Exercise Any Secured Creditor Remedies under the Term Documents or applicable
law as to any ABL Priority Collateral; provided, however, that any Exercise of Secured Creditor Remedies with respect to any Collateral by the Term Agent or the Term Secured Parties is at all times subject to the provisions of this
Agreement. 
 (b) The ABL Agent, on behalf of itself and the ABL Secured Parties, agrees that, from the date
hereof until the date upon which the Discharge of Term Obligations shall have occurred, neither the ABL Agent nor any ABL Secured Party will Exercise Any Secured Creditor Remedies with respect to the Term Priority Collateral without the written
consent of the Term Agent, and will not take, receive or accept any Proceeds of the Term Priority Collateral, it being understood and agreed that the temporary deposit of Proceeds of Term Priority Collateral in a Deposit Account controlled by the
ABL Agent shall not constitute a breach of this Agreement so long as such Proceeds are promptly (but in no event later than five Business Days after receipt) remitted to the Term Agent. From and after the date upon which the Discharge of Term
Obligations shall have occurred (or prior thereto upon obtaining the written consent of the Term Agent), the ABL Agent or any ABL Secured Party may Exercise Any Secured Creditor Remedies under the ABL Documents or applicable law as to any Term
Priority Collateral; provided, however, that any Exercise of Secured Creditor Remedies with respect to any Collateral by the ABL Agent or the ABL Secured Parties is at all times subject to the provisions of this Agreement. 

  

					
		  	19	  	Form of J. Crew ABL Intercreditor Agreement

 (c) Notwithstanding the provisions of Sections 2.3(a), 2.3(b) or any other
provision of this Agreement, nothing contained herein shall be construed to prevent any Agent or any Secured Party from (i) filing a claim or statement of interest with respect to the ABL Obligations or Term Obligations owed to it in any
Insolvency Proceeding commenced by or against any Credit Party, (ii) taking any action (not adverse to the priority status of the Liens of the other Agent or other Secured Parties on the Collateral in which such other Agent or other Secured
Party has a priority Lien or the rights of the other Agent or any of the other Secured Parties to Exercise Any Secured Creditor Remedies in respect thereof) in order to create, perfect, preserve or protect (but not enforce its Lien) on any
Collateral, (iii) filing any necessary or responsive pleadings in opposition to any motion, adversary proceeding or other pleading filed by any Person objecting to or otherwise seeking disallowance of the claim or Lien of such Agent or Secured
Party or (iv) voting on any plan of reorganization or file any proof of claim in any Insolvency Proceeding of any Credit Party, in each case (i) through (iv) above to the extent not inconsistent with the express terms of this
Agreement. 
 Section 2.4 Exercise of Rights. 

(a) No Other Restrictions. Except as expressly set forth in this Agreement, each Term Secured Party and each ABL
Secured Party shall have any and all rights and remedies it may have as a creditor under applicable law, including the right to the Exercise of Secured Creditor Remedies; provided, however, that the Exercise of Secured Creditor
Remedies with respect to the Collateral shall be subject to the Lien Priority and to the provisions of this Agreement. The ABL Agent may enforce the provisions of the ABL Documents, the Term Agent may enforce the provisions of the Term Documents and
each may Exercise Any Secured Creditor Remedies, all in such order and in such manner as each may determine in the exercise of its sole discretion, consistent with the terms of this Agreement and mandatory provisions of applicable law;
provided, however, that each of the ABL Agent and the Term Agent agrees to provide to the other (x) an Enforcement Notice prior to the commencement of an Exercise of Any Secured Creditor Remedies and (y) copies of any notices
that it is required under applicable law to deliver to any Credit Party; provided further, however, that the ABL Agent’s failure to provide the Enforcement Notice (other than in connection with Section 3.6) or any such
copies to the Term Agent shall not impair any of the ABL Agent’s rights hereunder or under any of the ABL Documents and the Term Agent’s failure to provide the Enforcement Notice or any such copies to the ABL Agent shall not impair any of
the Term Agent’s rights hereunder or under any of the Term Documents. Each of the Term Agent, each Term Secured Party, the ABL Agent and each ABL Secured Party agrees that it will not institute any suit or other proceeding or assert in any
suit, Insolvency Proceeding or other proceeding any claim, in the case of the Term Agent and each Term Secured Party, against either the ABL Agent or any other ABL Secured Party, and in the case of the ABL Agent and each other ABL Secured Party,
against either the Term Agent or any other Term Secured Party, seeking damages from or other relief by way of specific performance, instructions or otherwise, with respect to any action taken or omitted to be taken by such Person with respect to the
Collateral which is consistent with the terms of this Agreement, and none of such Parties shall be liable for any such action taken or omitted to be taken. 

  

					
		  	20	  	Form of J. Crew ABL Intercreditor Agreement

 (b) Release of Liens. 

(i) In the event of (A) any private or public sale of all or any portion of the ABL Priority Collateral in connection
with any Exercise of Secured Creditor Remedies by or with the consent of the ABL Agent (other than in connection with a refinancing as described in Section 5.2(c)), or (B) any sale, transfer or other disposition of all or any portion of
the ABL Priority Collateral (other than in connection with a refinancing as described in Section 5.2(c)), so long as such sale, transfer or other disposition is then permitted by the ABL Documents or consented to by the requisite ABL Lenders,
irrespective of whether an Event of Default has occurred, the Term Agent agrees, on behalf of itself and the Term Secured Parties that, so long as the Term Agent, for the benefit of the Term Secured Parties, shall retain a Lien on the proceeds of
such sale, transfer or other disposition (to the extent that such proceeds are not applied to the ABL Obligations as provided in Section 4.1(b) hereof), such sale, transfer or other disposition will be free and clear of the Liens on such ABL
Priority Collateral (but not the proceeds thereof) securing the Term Obligations, and the Term Agent’s and the Term Secured Parties’ Liens with respect to the ABL Priority Collateral (but not the proceeds thereof) so sold, transferred, or
disposed shall terminate and be automatically released without further action concurrently with, and to the same extent as, the release of the ABL Secured Parties’ Liens on such ABL Priority Collateral. In furtherance of, and subject to, the
foregoing, the Term Agent agrees that it will promptly execute any and all Lien releases or other documents reasonably requested by the ABL Agent in connection therewith. The Term Agent hereby appoints the ABL Agent and any officer or duly
authorized person of the ABL 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 Term Agent and in the name of the Term Agent or in the ABL
Agent’s own name, from time to time, in the ABL 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 any financing statements, endorsements, assignments, releases or other documents or instruments of transfer (which appointment, being coupled with an interest,
is irrevocable). 
 (ii) In the event of (A) any private or public sale of all or any portion of the Term
Priority Collateral in connection with any Exercise of Secured Creditor Remedies by or with the consent of the Term Agent (other than in connection with a refinancing as described in Section 5.2(c)), or (B) any sale, transfer or other
disposition of all or any portion of the Term Priority Collateral (other than in connection with a refinancing as described in Section 5.2(c)), so long as such sale, transfer or other disposition is then permitted by the Term Documents or
consented to by the requisite Term Lenders, irrespective of whether an Event of Default has occurred, the ABL Agent agrees, on behalf of itself and the ABL Secured Parties that, so long as the ABL Agent, for the benefit of the ABL Secured Parties,
shall retain a Lien on the proceeds of such sale, transfer or other disposition (to the extent that such proceeds are not applied to the Term Obligations as provided in Section 4.1(c) hereof), such sale, transfer or disposition will be free and
clear of the Liens on such Term Priority Collateral (but not the proceeds thereof) securing the ABL Obligations and the ABL Agent’s and the ABL Secured Parties’ Liens with respect to the Term Priority Collateral (but not the proceeds
thereof) so sold, transferred, or disposed shall terminate and be automatically released without further action concurrently with, and to the same extent as, the release of the Term Secured Parties’ Liens on such Term Priority Collateral. In
furtherance of, and subject to, the foregoing, the ABL Agent agrees that it will 

  

					
		  	21	  	Form of J. Crew ABL Intercreditor Agreement

 
promptly execute any and all Lien releases or other documents reasonably requested by the Term Agent in connection therewith. The ABL Agent hereby appoints the Term Agent and any officer or duly
authorized person of the Term 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 ABL Agent and in the name of the ABL Agent or in the Term
Agent’s own name, from time to time, in the Term 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 any financing statements, endorsements, assignments, releases or other documents or instruments of transfer (which appointment, being coupled with an interest,
is irrevocable). 
 Section 2.5 No New Liens. 

(a) It is the anticipation of the parties, that until the date upon which the Discharge of ABL Obligations shall have
occurred, no Term Secured Party shall acquire or hold any consensual Lien on any assets securing any Term Obligation which assets are not also subject to the Lien of the ABL Agent under the ABL Documents. If any Term Secured Party shall (nonetheless
and in breach hereof) acquire or hold any Lien on any assets of any Credit Party securing any Term Obligation which assets are not also subject to the Lien of the ABL Agent under the ABL Documents, then the Term Agent (or the relevant Term Secured
Party) shall, without the need for any further consent of any other Term Secured Party, the Borrower or any Term Guarantor and notwithstanding anything to the contrary in any other Term Document, be deemed to also hold and have held such Lien as
agent or bailee for the benefit of the ABL Agent as security for the ABL Obligations (subject to the Lien Priority and other terms hereof) and shall promptly notify the ABL Agent in writing of the existence of such Lien upon becoming aware thereof.

 (b) It is the anticipation of the parties, that until the date upon which the Discharge of Term Obligations
shall have occurred, no ABL Secured Party shall acquire or hold any consensual Lien on any assets securing any ABL Obligation which assets are not also subject to the Lien of the Term Agent under the Term Documents. If any ABL Secured Party shall
(nonetheless and in breach hereof) acquire or hold any Lien on any assets of any Credit Party securing any ABL Obligation which assets are not also subject to the Lien of the Term Agent under the Term Documents, then the ABL Agent (or the relevant
ABL Secured Party) shall, without the need for any further consent of any other ABL Secured Party, the Borrower or any ABL Guarantor and notwithstanding anything to the contrary in any other ABL Document be deemed to also hold and have held such
Lien as agent or bailee for the benefit of the Term Agent as security for the Term Obligations (subject to the Lien Priority and other terms hereof) and shall promptly notify the Term Agent in writing of the existence of such Lien upon becoming
aware thereof. 
 Section 2.6 Waiver of Marshalling. 

(a) Until the Discharge of ABL Obligations, the Term Agent, on behalf of itself and the Term Secured Parties, 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 marshalling, appraisal, valuation or other similar right that may otherwise be
available under applicable law with respect to the ABL Priority Collateral or any other similar rights a junior secured creditor may have under applicable law. 

  

					
		  	22	  	Form of J. Crew ABL Intercreditor Agreement

 (b) Until the Discharge of Term Obligations, the ABL Agent, on behalf of
itself and the ABL Secured Parties, 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 marshalling, appraisal, valuation or
other similar right that may otherwise be available under applicable law with respect to the Term Priority Collateral or any other similar rights a junior secured creditor may have under applicable law. 

ARTICLE 3 

ACTIONS OF THE PARTIES 
 Section 3.1 Certain Actions Permitted. The Term Agent and the ABL Agent may make such demands or file such claims in respect of the Term Obligations or the ABL Obligations, as
applicable, as are necessary to prevent the waiver or bar of such claims under applicable statutes of limitations or other statutes, court orders, or rules of procedure at any time. Nothing in this Agreement shall prohibit the receipt by the Term
Agent or any Term Secured Party of the required payments of interest, principal and other amounts owed in respect of the Term Obligations so long as such receipt is not the direct or indirect result of the exercise by the Term Agent or any Term
Secured Party of rights or remedies as a secured creditor (including set-off) with respect to ABL Priority Collateral or enforcement in contravention of this Agreement of any Lien held by any of them. Nothing in this Agreement shall prohibit the
receipt by the ABL Agent or any ABL Secured Party of the required payments of interest, principal and other amounts owed in respect of the ABL Obligations so long as such receipt is not the direct or indirect result of the exercise by the ABL Agent
or any ABL Secured Party of rights or remedies as a secured creditor (including set-off) with respect to Term Priority Collateral or enforcement in contravention of this Agreement of any Lien held by any of them. 

Section 3.2 Agent for Perfection. The ABL Agent, for and on behalf of itself and each ABL Secured Party, and the Term
Agent, for and on behalf of itself and each Term Secured Party, as applicable, each agree to hold all Collateral in their respective possession, custody, or control (including as defined in Sections 9-104, 9-105, 9-106, 9-107 and 8-106 of the UCC)
(or in the possession, custody, or control of agents or bailees for either) as gratuitous bailee for the other solely for the purpose of perfecting the security interest granted to each in such Collateral, subject to the terms and conditions of this
Section 3.2. None of the ABL Agent, the ABL Secured Parties, the Term Agent, or the Term Secured Parties, as applicable, shall have any obligation whatsoever to the others to assure that the Collateral is genuine or owned by the Borrower, any
Guarantor, or any other Person or to preserve rights or benefits of any Person. The duties or responsibilities of the ABL Agent and the Term Agent under this Section 3.2 are and shall be limited solely to holding or maintaining control of the
Control Collateral as gratuitous bailee for the other Party for purposes of perfecting the Lien held by the Term Agent or the ABL Agent, as applicable. The ABL Agent is not and shall not be deemed to be a fiduciary of any kind for the Term Secured
Parties or any other Person. Without limiting the generality of the foregoing, the ABL Secured Parties shall not be obligated to see to the application of any Proceeds of the Term Priority Collateral deposited into any Deposit Account or be
answerable in any way for the misapplication thereof. The Term Agent is not and shall not 

  

					
		  	23	  	Form of J. Crew ABL Intercreditor Agreement

 
be deemed to be a fiduciary of any kind for the ABL Secured Parties, or any other Person. Without limiting the generality of the foregoing, the Term Secured Parties shall not be obligated to see
to the application of any Proceeds of the ABL Priority Collateral deposited into any Deposit Account or be answerable in any way for the misapplication thereof. In addition, the Term Agent, on behalf of the Term Secured Parties, hereby agrees and
acknowledges that other than with respect to ABL Priority Collateral that may be perfected through the filing of a UCC financing statement, the ABL Agent’s Liens may be perfected on certain items of ABL Priority Collateral with respect to which
the Term Agent’s Liens would not be perfected but for the provisions of this Section 3.2, and the Term Agent, on behalf of the Term Secured Parties, hereby further agrees that the foregoing described in this sentence shall not be deemed a
breach of this Agreement. 
 Section 3.3 Sharing of Information and Access. In the event that the ABL Agent
shall, in the exercise of its rights under the ABL Collateral Documents or otherwise, receive possession or control of any books and records of any Term Credit Party which contain information identifying or pertaining to the Term Priority
Collateral, the ABL Agent shall, upon request from the Term Agent and as promptly as practicable thereafter, either make available to the Term Agent such books and records for inspection and duplication or provide to the Term Agent copies thereof.
In the event that the Term Agent shall, in the exercise of its rights under the Term Collateral Documents or otherwise, receive possession or control of any books and records of any ABL Credit Party which contain information identifying or
pertaining to any of the ABL Priority Collateral, the Term Agent shall, upon request from the ABL Agent and as promptly as practicable thereafter, either make available to the ABL Agent such books and records for inspection and duplication or
provide the ABL Agent copies thereof. 
 Section 3.4 Insurance. Proceeds of Collateral include insurance
proceeds and, therefore, the Lien Priority shall govern the ultimate disposition of casualty insurance proceeds. The ABL Agent and the Term Agent shall each be named as additional insured or loss payee, as applicable, with respect to all insurance
policies relating to the Collateral as set forth in the Term Credit Agreement or the ABL Credit Agreement, as applicable. The ABL Agent shall have the sole and exclusive right, as against the Term Agent, to adjust settlement of insurance claims in
the event of any covered loss, theft or destruction of ABL Priority Collateral. The Term Agent shall have the sole and exclusive right, as against the ABL Agent, to adjust settlement of insurance claims in the event of any covered loss, theft or
destruction of Term Priority Collateral. If any insurance claim includes both ABL Priority Collateral and Term Priority Collateral, the insurer will not settle such claim separately with respect to ABL Priority Collateral and Term Priority
Collateral, and if the Parties are unable after negotiating in good faith to agree on the settlement for such claim, either Party may apply to a court of competent jurisdiction to make a determination as to the settlement of such claim, and the
court’s determination shall be binding upon the Parties. All proceeds of such insurance shall be remitted to the ABL Agent or the Term Agent, as the case may be, and each of the Term Agent and ABL Agent shall cooperate (if necessary) in a
reasonable manner in effecting the payment of insurance proceeds in accordance with Section 4.1 hereof. 

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

  

					
		  	24	  	Form of J. Crew ABL Intercreditor Agreement

 Section 3.6 Inspection and Access Rights. (a) Without limiting any rights
the ABL Agent or any other ABL Secured Party may otherwise have under applicable law or by agreement, in the event of any liquidation of the ABL Priority Collateral (or any other Exercise of Any Secured Creditor Remedies by the ABL Agent) and
whether or not the Term Agent or any other Term Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies of the Term Agent, the ABL Agent or any other Person (including any ABL Credit Party) acting with the consent, or
on behalf, of the ABL Agent, shall have the right (a) during the Use Period during normal business hours on any Business Day, to access ABL Priority Collateral that (i) is stored or located in or on, (ii) has become an accession with
respect to (within the meaning of Section 9-335 of the Uniform Commercial Code), or (iii) has been commingled with (within the meaning of Section 9-336 of the Uniform Commercial Code) Term Priority Collateral (collectively, the
“ABL Joint Collateral”), and (b) during the Use Period, shall have the irrevocable right to use the Term Priority Collateral (including, without limitation, Equipment, Fixtures, Intellectual Property, General Intangibles
and Real Property) on a rent-free, royalty-free basis, each of the foregoing solely for the limited purposes of assembling, inspecting, copying or downloading information stored on, taking actions to perfect its Lien on, completing a production run
of Inventory involving, taking possession of, moving, preparing and advertising for sale, selling (by public auction, private sale or a “store closing”, “going out of business” or similar sale, whether in bulk, in lots or to
customers in the ordinary course of business or otherwise and which sale may include augmented Inventory of the same type sold in any ABL Credit Party’s business), storing or otherwise dealing with the ABL Priority Collateral, in each case
without notice to, the involvement of or interference by any Term Secured Party or liability to any Term Secured Party; provided, however, that the expiration of the Use Period shall be without prejudice to the sale or other
disposition of the ABL Priority Collateral in accordance with this Agreement and applicable law. In the event that any ABL Secured Party has commenced and is continuing the Exercise of Any Secured Creditor Remedies with respect to any ABL Joint
Collateral or any other sale or liquidation of the ABL Joint Collateral has been commenced by an ABL Credit Party (with the consent of the ABL Agent), the Term Agent may not sell, assign or otherwise transfer the related Term Priority Collateral
prior to the expiration of the Use Period, unless the purchaser, assignee or transferee thereof agrees in writing to be bound by the provisions of this Section 3.6. 

(b) During the period of actual occupation, use and/or control by the ABL Secured Parties and/or the ABL Agent (or their
respective employees, agents, advisers and representatives) of any Term Priority Collateral, the ABL Secured Parties and the ABL Agent shall be obligated to repair at their expense any physical damage (but not any diminution in value) to such Term
Priority Collateral resulting from such occupancy, use or control, and to leave such Term Priority Collateral in substantially the same condition as it was at the commencement of such occupancy, use or control, ordinary wear and tear excepted.
Notwithstanding the foregoing, in no event shall the ABL Secured Parties or the ABL Agent have any liability to the Term Secured Parties and/or to the Term Agent pursuant to this Section 3.6 as a result of any condition (including any
environmental condition, claim or liability) on or with respect to the Term Priority Collateral existing prior to the date of the exercise by the ABL 

  

					
		  	25	  	Form of J. Crew ABL Intercreditor Agreement

 
Secured Parties (or the ABL Agent, as the case may be) of their rights under Section 3.6 and the ABL Secured Parties shall have no duty or liability to maintain the Term Priority Collateral
in a condition or manner better than that in which it was maintained prior to the use thereof by the ABL Secured Parties, or for any diminution in the value of the Term Priority Collateral that results from ordinary wear and tear resulting from the
use of the Term Priority Collateral by the ABL Secured Parties in the manner and for the time periods specified under this Section 3.6. Without limiting the rights granted in this Section 3.6, the ABL Secured Parties and the ABL Agent
shall cooperate with the Term Secured Parties and/or the Term Agent in connection with any efforts made by the Term Secured Parties and/or the Term Agent to sell the Term Priority Collateral. 

(c) The ABL Agent and the ABL Secured Parties shall not be obligated to pay any amounts to the Term Agent or the Term
Secured Parties (or any person claiming by, through or under the Term Secured Parties, including any purchaser of the Term Priority Collateral) or to the ABL Credit Parties, for or in respect of the use by the ABL Agent and the ABL Secured Parties
of the Term Priority Collateral. 
 (d) The ABL Secured Parties shall (i) use the Term Priority Collateral
in accordance with applicable law; (ii) insure for damage to property and liability to persons, including property and liability insurance for the benefit of the Term Secured Parties; and (iii) reimburse the Term Secured Parties for any
injury or damage to Persons or property (ordinary wear-and-tear excepted) caused by the acts or omissions of Persons under their control (except for those arising from the gross negligence or willful misconduct of any Term Secured Party);
provided, however, that the ABL Secured Parties will not be liable for any diminution in the value of the Term Priority Collateral caused by the absence of the ABL Priority Collateral therefrom. 

(e) The Term Agent and the other Term Secured Parties shall use commercially reasonable efforts to not hinder or obstruct
the ABL Agent and the other ABL Secured Parties from exercising the rights described in Section 3.6(a) hereof. 
 (f) Subject to the terms hereof, the Term Agent may advertise and conduct public auctions or private sales of the Term Priority Collateral without notice (except as required by applicable law) to any ABL
Secured Party, the involvement of or interference by any ABL Secured Party or liability to any ABL Secured Party as long as, in the case of an actual sale, the respective purchaser assumes and agrees to the obligations of the Term Agent and the Term
Secured Parties under this Section 3.6. 
 (g) In furtherance of the foregoing in this Section 3.6, the
Term Agent, in its capacity as a secured party (or as a purchaser, assignee or transferee, as applicable), and to the extent of its interest therein, hereby grants to the ABL Agent a nonexclusive, irrevocable, royalty-free, worldwide license to use,
license or sublicense any and all Intellectual Property now owned or hereafter acquired by the Credit Parties (except to the extent such grant is prohibited by any rule of law, statute or regulation), included as part of the Term Priority Collateral
(and including in such license access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof) as is or may be necessary or advisable in the ABL
Agent’s reasonable judgment for the ABL 

  

					
		  	26	  	Form of J. Crew ABL Intercreditor Agreement

 
Agent to process, ship, produce, store, supply, lease, complete, sell, liquidate or otherwise deal with the ABL Priority Collateral, or to collect or otherwise realize upon any Accounts (as
defined in the ABL Credit Agreement) comprising ABL Priority Collateral, in each case solely in connection with any Exercise of Secured Creditor Remedies; provided that (i) any such license shall terminate upon the sale of the applicable ABL
Priority Collateral and shall not extend or transfer to the purchaser of such ABL Priority Collateral, (ii) the ABL Agent’s use of such Intellectual Property shall be reasonable and lawful, and (iii) any such license is granted on an
“AS IS” basis, without any representation or warranty whatsoever. The Term Agent (i) acknowledges and consents to the grant to the ABL Agent by the Credit Parties of the license referred to in Section 4.01 of the Security
Agreement (as defined in the ABL Credit Agreement) and (ii) agrees that its Liens in the Term Priority Collateral shall be subject in all respects to such license. Furthermore, the Term Agent agrees that, in connection with any Exercise of
Secured Creditor Remedies conducted by the Term Agent in respect of Term Priority Collateral, (x) any notice required to be given by the Term Agent in connection with such Exercise of Secured Creditor Remedies shall contain an acknowledgement
of the existence of such license and (y) the Term Agent shall provide written notice to any purchaser, assignee or transferee pursuant to an Exercise of Secured Creditor Remedies that the applicable assets are subject to such license.

 Section 3.7 Tracing of and Priorities in Proceeds. The ABL Agent, for itself and on behalf of the ABL
Secured Parties, and the Term Agent, for itself and on behalf of the Term Secured Parties, further agree that prior to an issuance of any notice of Exercise of Any Secured Creditor Remedies by such Secured Party (unless a bankruptcy or insolvency
Event of Default then exists), any proceeds of Collateral, whether or not deposited under control agreements, which are used by any Credit Party to acquire other property which is Collateral shall not (solely as between the Agents and the Lenders)
be treated as Proceeds of Collateral for purposes of determining the relative priorities in the Collateral which was so acquired. 
 Section 3.8 Purchase Right  
 (a) If
(i) the ABL Agent or “Requisite Lenders” (as defined in the ABL Credit Agreement) shall sell, lease, license or dispose of all or substantially all of the ABL Priority Collateral by private or public sale, (ii) an Insolvency
Proceeding with respect to the Borrower or Holdings shall have occurred or shall have been commenced, or (iii) the ABL Obligations under the ABL Credit Agreement shall have been accelerated (including as a result of any automatic acceleration)
or shall remain unpaid following the Scheduled Termination Date (as defined in the ABL Credit Agreement), (each such event described in clauses (i) through (iii) herein above, a “Purchase Option Event”), the Term
Secured Parties shall have the opportunity to purchase (at par and without premium) all (but not less than all) of the ABL Obligations pursuant to this Section 3.8; provided, that such option shall expire if the applicable Term Secured
Parties fail to deliver a written notice (a “Purchase Notice”) to the ABL Agent with a copy to the Borrower within ten (10) business days following the first date the Term Agent obtains actual knowledge of the occurrence
of the earliest Purchase Option Event, which Purchase Notice shall (A) be signed by the applicable Term Secured Parties committing to such purchase (the “Purchasing Creditors”) and indicate the percentage of the ABL
Obligations to be purchased by each Purchasing Creditor (which aggregate commitments must add up to 100% of the ABL Obligations) and (B) state that (1) it is a Purchase Notice delivered pursuant to Section 3.8 of this Agreement and
(2) the offer contained therein is irrevocable. Upon receipt of such Purchase 

  

					
		  	27	  	Form of J. Crew ABL Intercreditor Agreement

 
Notice by the ABL Agent, the Purchasing Creditors shall have from the date of delivery thereof to and including the date that is ten (10) business days after the Purchase Notice was received
by the ABL Agent to purchase all (but not less than all) of the ABL Obligations pursuant to this Section 3.8 (the date of such purchase, the “Purchase Date”). 

(b) On the Purchase Date, the ABL Agent and the other ABL Secured Parties shall, subject to any required approval of any
Governmental Authority and any limitation in the ABL Credit Agreement, in each case then in effect, if any, sell to the Purchasing Creditors all (but not less than all) of the ABL Obligations. On such Purchase Date, the Purchasing Creditors shall
(i) pay to the ABL Agent, for the benefit of the ABL Secured Parties, as directed by the ABL Agent, in immediately available funds the full amount (at par and without premium) of all ABL Obligations then outstanding together with all accrued
and unpaid interest and fees thereon, all in the amounts specified by the ABL Agent and determined in accordance with the applicable ABL Documents, (ii) furnish such amount of cash collateral in immediately available funds as the ABL Agent
determines is reasonably necessary to secure ABL Secured Parties in connection with any (x) contingent Other Liabilities or (y) issued and outstanding letters of credit issued under the ABL Credit Agreement but not in any event in an
amount greater than 101% of the aggregate undrawn amount of all such outstanding letters of credit (and in the case of clauses (x) and (y) herein above, any excess of such cash collateral for such Other Liabilities or letters of credit
remaining at such time when there are no longer any such Other Liabilities or letters of credit outstanding and there are no unreimbursed amounts then owing in respect of such Other Liabilities or drawings under such letters of credit shall be
promptly paid over to the Term Agent) and (iii) agree to reimburse the ABL Secured Parties for any loss, cost, damage or expense resulting from the granting of provisional credit for any checks, wire or ACH transfers that are reversed or not
final or other payments provisionally credited to the ABL Obligations under the ABL Credit Agreement and as to which the ABL Agent and ABL Secured Parties have not yet received final payment as of the Purchase Date. Such purchase price shall be
remitted by wire transfer in immediately available funds to such bank account of the ABL Agent (for the benefit of the ABL Secured Parties) as the ABL Agent shall have specified in writing to the Term Agent. Interest and fees shall be calculated to
but excluding the Purchase Date if the amounts so paid by the applicable Term Lenders to the bank account designated by the ABL Agent are received in such bank account prior to 1:00 p.m., New York time, and interest shall be calculated to and
including such Purchase Date if the amounts so paid by the applicable Term Lenders to the bank account designated by the ABL Agent are received in such bank account after 1:00 p.m., New York time. 

(c) Any purchase pursuant to the purchase option set forth in this Section 3.8 shall, except as provided below, be
expressly made without representation or warranty of any kind by the ABL Agent or the other ABL Secured Parties as to the ABL Obligations, the collateral or otherwise, and without recourse to the ABL Agent and the other ABL Secured Parties as to the
ABL Obligations, the collateral or otherwise, except that the ABL Agent and each of the ABL Secured Parties, as to itself only, shall represent and warrant only as to the matters set forth in the assignment agreement to be entered into as provided
herein in connection with such purchase, which shall include (i) the principal amount of the ABL Obligations being sold by it, (ii) that such Person has not created any Lien on any ABL Obligations being sold by it, and (iii) that such
Person has the right to assign the ABL Obligations being assigned by it and its assignment agreement has been duly authorized and delivered. 

  

					
		  	28	  	Form of J. Crew ABL Intercreditor Agreement

 (d) Upon notice to the Credit Parties by the Term Agent that the purchase of
ABL Obligations pursuant to this Section 3.8 has been consummated by delivery of the purchase price to the ABL Agent, the Credit Parties shall treat the applicable Term Lenders as holders of the ABL Obligations and the Term Agent shall be
deemed appointed to act in such capacity as the “agent” or “administrative agent” (or analogous capacity) (the “Replacement Agent”) under the ABL Documents, for all purposes hereunder and under each ABL
Document (it being agreed that the ABL Agent shall have no obligation to act as such replacement “agent” or “administrative agent” (or analogous capacity)). In connection with any purchase of ABL Obligations pursuant to this
Section 3.8, each ABL Lender and ABL Agent agrees to enter into and deliver to the applicable Term Lenders on the Purchase Date, as a condition to closing, an assignment agreement customarily used by the ABL Agent in connection with the ABL
Credit Agreement and the ABL Agent and each other ABL Lender shall deliver all possessory collateral (if any), together with any necessary endorsements and other documents (including any applicable stock powers or bond powers), then in its
possession or in the possession of its agent or bailee, or turn over control as to any pledged collateral, deposit accounts or securities accounts of which it or its agent or bailee then has control, as the case may be, to the Replacement Agent, and
deliver the loan register and participant register, if applicable and all other records pertaining to the ABL Obligations to the Replacement Agent and otherwise take such actions as may be reasonably appropriate to effect an orderly transition to
the Replacement Agent. Upon the consummation of the purchase of the ABL Obligations pursuant to this Section 3.8, the ABL Agent (and all other agents under the ABL Credit Agreement) shall be deemed to have resigned as an “agent” or
“administrative agent” for the ABL Secured Parties under the ABL Documents; provided that the ABL Agent (and all other agents under the ABL Credit Agreement) shall be entitled to all of the rights and benefits of a former “agent”
or “administrative agent” under the ABL Credit Agreement. 
 (e) Notwithstanding the foregoing purchase
of the ABL Obligations by the Purchasing Creditors, the ABL Secured Parties shall retain those contingent indemnification obligations and other obligations under the ABL Documents which by their express terms would survive any repayment of the ABL
Obligations pursuant to this Section 3.8. 
 Section 3.9 Payments Over. 

(a) So long as the Discharge of Term Obligations has not occurred, any Term Priority Collateral or Proceeds thereof not
constituting ABL Priority Collateral received by the ABL Agent or any other ABL Secured Party in connection with the exercise of any right or remedy (including set off) relating to the Term Priority Collateral in contravention of this Agreement
shall be segregated and held in trust and forthwith paid over to the Term Agent for the benefit of the Term Secured Parties in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct.
The Term Agent is hereby authorized to make any such endorsements as agent for the ABL Agent or any such other ABL Secured Parties. This authorization is coupled with an interest and is irrevocable until such time as this Agreement is terminated in
accordance with its terms. 
 (b) So long as the Discharge of ABL Obligations has not occurred, any ABL Priority
Collateral or Proceeds thereof not constituting Term Priority Collateral received by the Term Agent or any Term Secured Parties in connection with the exercise of any right or remedy 

  

					
		  	29	  	Form of J. Crew ABL Intercreditor Agreement

 
(including set off) relating to the ABL Priority Collateral in contravention of this Agreement shall be segregated and held in trust and forthwith paid over to the ABL Agent for the benefit of
the ABL Secured Parties in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct. The ABL Agent is hereby authorized to make any such endorsements as agent for the Term Agent or any
such Term Secured Parties. This authorization is coupled with an interest and is irrevocable until such time as this Agreement is terminated in accordance with its terms. 
 ARTICLE 4 
 APPLICATION OF PROCEEDS 

Section 4.1 Application of Proceeds. 

(a) Revolving Nature of ABL Obligations. The Term Agent, for and on behalf of itself and the Term Secured Parties,
expressly acknowledges and agrees that (i) the ABL Credit Agreement includes a revolving commitment, that in the ordinary course of business the ABL Agent and the ABL Lenders will apply payments and make advances thereunder, and that no
application of any ABL Priority Collateral or the release of any Lien by the ABL Agent upon any portion of the Collateral in connection with a permitted disposition by the ABL Credit Parties under any ABL Credit Agreement shall constitute the
Exercise of Secured Creditor Remedies under this Agreement; (ii) the amount of the ABL Obligations that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, and that the terms of the ABL
Obligations may be modified, extended or amended from time to time, and that the aggregate amount of the ABL Obligations may be increased, replaced or refinanced, in each event, without notice to or consent by the Term Secured Parties and without
affecting the provisions hereof; and (iii) all ABL Priority Collateral received by the ABL Agent may be applied, reversed, reapplied, credited, or reborrowed, in whole or in part, to the ABL Obligations at any time; provided,
however, that from and after the date on which the ABL Agent (or any ABL Secured Party) or the Term Agent (or any Term Secured Party) commences the Exercise of Any Secured Creditor Remedies, all amounts received by the ABL Agent or any ABL
Lender shall be applied as specified in this Section 4.1. The Lien Priority shall not be altered or otherwise affected by any such amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal,
restatement or refinancing of either the ABL Obligations or the Term Obligations, or any portion thereof. Notwithstanding anything to the contrary contained in this Agreement, any Term Document or any ABL Document, each Credit Party and the Term
Agent, for itself and on behalf of the Term Secured Parties, agrees that (i) only Term Priority Collateral or proceeds of the Term Priority Collateral shall be deposited in the Term Loan Priority Accounts and (ii) prior to the receipt of a
Term Cash Proceeds Notice, the ABL Secured Parties are hereby permitted to treat all cash, cash equivalents, Money, collections and payments deposited in any ABL Deposit and Securities Account or otherwise received by any ABL Secured Parties as ABL
Priority Collateral, and no such amounts credited to any such ABL Deposit and Securities Account or received by any ABL Secured Parties or applied to the ABL Obligations shall be subject to disgorgement or deemed to be held in trust for the benefit
of the Term Secured Parties (and all claims of the Term Agent or any other Term Secured Party to such amounts are hereby waived). 

  

					
		  	30	  	Form of J. Crew ABL Intercreditor Agreement

 (b) Application of Proceeds of ABL Priority Collateral. The ABL Agent
and the Term Agent hereby agree that all ABL Priority Collateral, ABL Priority Proceeds and all other Proceeds thereof, received by either of them in connection with any Exercise of Secured Creditor Remedies with respect to the ABL Priority
Collateral shall be applied, 
 first, to the payment of costs and expenses of the ABL Agent in connection
with such Exercise of Secured Creditor Remedies, 
 second, to the payment or discharge of the ABL
Obligations in accordance with the ABL Documents until the Discharge of ABL Obligations shall have occurred, 

third, to the payment of the Term Obligations in accordance with the Term Documents until the Discharge of Term
Obligations shall have occurred, and 
 fourth, the balance, if any, to the Credit Parties or as a court
of competent jurisdiction may direct. 
 (c) Application of Proceeds of Term Priority Collateral. The ABL
Agent and the Term Agent hereby agree that all Term Priority Collateral, Term Priority Proceeds and all other Proceeds thereof, received by either of them in connection with any Exercise of Secured Creditor Remedies with respect to the Term Priority
Collateral shall be applied, 
 first, to the payment of costs and expenses of the Term Agent in
connection with such Exercise of Secured Creditor Remedies, 
 second, to the payment of the Term
Obligations in accordance with the Term Documents until the Discharge of Term Obligations shall have occurred, 

third, to the payment of the ABL Obligations in accordance with the ABL Documents until the Discharge of ABL
Obligations shall have occurred; and 
 fourth, the balance, if any, to the Credit Parties or as a court
of competent jurisdiction may direct. 
 (d) Limited Obligation or Liability. In exercising remedies,
whether as a secured creditor or otherwise, the ABL Agent shall have no obligation or liability to the Term Agent or to any Term Secured Party, and the Term Agent shall have no obligation or liability to the ABL Agent or any ABL Secured Party,
regarding the adequacy of any Proceeds or for any action or omission, except solely for an action or omission that breaches the express obligations undertaken by each Party under the terms of this Agreement. Notwithstanding anything to the contrary
herein contained, none of the Parties hereto waives any claim that it may have against a Secured Party on the grounds that any sale, transfer or other disposition by the Secured Party was not commercially reasonable in every respect as required by
the Uniform Commercial Code. 
 (e) Turnover of Collateral After Discharge. Upon the Discharge of ABL
Obligations, the ABL Agent shall deliver to the Term Agent or shall execute such documents as the Term Agent may reasonably request to enable the Term Agent to have control over any Control Collateral still in the ABL Agent’s possession,
custody, or control in the same form as 

  

					
		  	31	  	Form of J. Crew ABL Intercreditor Agreement

 
received with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct. Upon the Discharge of Term Obligations, the Term Agent shall deliver to the ABL Agent or
shall execute such documents as the ABL Agent may reasonably request to enable the ABL Agent to have control over any Control Collateral still in the Term Agent’s possession, custody or control in the same form as received with any necessary
endorsements, or as a court of competent jurisdiction may otherwise direct. 
 Section 4.2 Specific
Performance. Each of the ABL Agent and the Term Agent is hereby authorized to demand specific performance of this Agreement, whether or not the Borrower or any Guarantor shall have complied with any of the provisions of any of the Credit
Documents, at any time when the other Party shall have failed to comply with any of the provisions of this Agreement applicable to it. Each of the ABL Agent, for and on behalf of itself and the ABL Secured Parties, and the Term Agent, for and on
behalf of itself and the Term Secured Parties, hereby irrevocably waives any defense based on the adequacy of a remedy at law that might be asserted as a bar to such remedy of specific performance. 

ARTICLE 5 

INTERCREDITOR ACKNOWLEDGEMENTS AND WAIVERS 
 Section 5.1 Notice of Acceptance and Other Waivers. 
 (a) All ABL Obligations at any time made or incurred by the Borrower or any Guarantor shall be deemed to have been made or incurred in reliance upon this Agreement, and the Term Agent, on behalf of itself
and the Term Secured Parties, hereby waives notice of acceptance, or proof of reliance by the ABL Agent or any ABL Secured Party of this Agreement, and notice of the existence, increase, renewal, extension, accrual, creation, or non-payment of all
or any part of the ABL Obligations. All Term Obligations at any time made or incurred by the Borrower or any Guarantor shall be deemed to have been made or incurred in reliance upon this Agreement, and the ABL Agent, on behalf of itself and the ABL
Secured Parties, hereby waives notice of acceptance, or proof of reliance, by the Term Agent or any Term Secured Party of this Agreement, and notice of the existence, increase, renewal, extension, accrual, creation, or non-payment of all or any part
of the Term Obligations. 
 (b) None of the ABL Agent, any ABL Secured Party, or any of their respective
Affiliates, directors, officers, employees, or agents shall be liable for failure to demand, collect, or realize upon any of the Collateral or any Proceeds, or for any delay in doing so, or shall be under any obligation to sell or otherwise dispose
of any Collateral or Proceeds thereof or to take any other action whatsoever with regard to the Collateral or any part or Proceeds thereof, except as specifically provided in this Agreement. If the ABL Agent or any ABL Secured Party honors (or fails
to honor) a request by the Borrower for an extension of credit pursuant to any ABL Credit Agreement or any of the other ABL Documents, whether the ABL Agent or any ABL Secured Party has knowledge that the honoring of (or failure to honor) any such
request would constitute a default under the terms of any Term Credit Agreement or any other Term Document or an act, condition, or event that, with the giving of notice or the passage of time, or both, would constitute such a default, or if the ABL
Agent or any ABL Secured Party otherwise should exercise any of its contractual rights or remedies under any ABL Documents (subject to the express terms and conditions hereof), neither the ABL Agent nor any

  

					
		  	32	  	Form of J. Crew ABL Intercreditor Agreement

 
ABL Secured Party shall have any liability whatsoever to the Term Agent or any Term Secured Party as a result of such action, omission, or exercise (so long as any such exercise does not breach
the express terms and provisions of this Agreement). The ABL Agent and the ABL Secured Parties shall be entitled to manage and supervise their loans and extensions of credit under any ABL Credit Agreement and any of the other ABL Documents as they
may, in their sole discretion, deem appropriate, and may manage their loans and extensions of credit without regard to any rights or interests that the Term Agent or any of the Term Secured Parties have in the Collateral, except as otherwise
expressly set forth in this Agreement. The Term Agent, on behalf of itself and the Term Secured Parties, agrees that neither the ABL Agent nor any ABL Secured Party shall incur any liability as a result of a sale, lease, license, application, or
other disposition of all or any portion of the Collateral or Proceeds thereof, pursuant to the ABL Documents, so long as such disposition is conducted in accordance with mandatory provisions of applicable law and does not breach the provisions of
this Agreement. 
 (c) None of the Term Agent, any Term Secured Party or any of their respective Affiliates,
directors, officers, employees, or agents shall be liable for failure to demand, collect, or realize upon any of the Collateral or any Proceeds, or for any delay in doing so, or shall be under any obligation to sell or otherwise dispose of any
Collateral or Proceeds thereof or to take any other action whatsoever with regard to the Collateral or any part or Proceeds thereof, except as specifically provided in this Agreement. If the Term Agent or any Term Secured Party honors (or fails to
honor) a request by the Borrower for an extension of credit pursuant to any Term Credit Agreement or any of the other Term Documents, whether the Term Agent or any Term Secured Party has knowledge that the honoring of (or failure to honor) any such
request would constitute a default under the terms of any ABL Credit Agreement or any other ABL Document or an act, condition, or event that, with the giving of notice or the passage of time, or both, would constitute such a default, or if the Term
Agent or any Term Secured Party otherwise should exercise any of its contractual rights or remedies under the Term Documents (subject to the express terms and conditions hereof), neither the Term Agent nor any Term Secured Party shall have any
liability whatsoever to the ABL Agent or any ABL Secured Party as a result of such action, omission, or exercise (so long as any such exercise does not breach the express terms and provisions of this Agreement). The Term Agent and the Term Secured
Parties shall be entitled to manage and supervise their loans and extensions of credit under the Term Documents as they may, in their sole discretion, deem appropriate, and may manage their loans and extensions of credit without regard to any rights
or interests that the ABL Agent or any ABL Secured Party has in the Collateral, except as otherwise expressly set forth in this Agreement. The ABL Agent, on behalf of itself and the ABL Secured Parties, agrees that none of the Term Agent or the Term
Secured Parties shall incur any liability as a result of a sale, lease, license, application, or other disposition of the Collateral or any part or Proceeds thereof, pursuant to the Term Documents, so long as such disposition is conducted in
accordance with mandatory provisions of applicable law and does not breach the provisions of this Agreement. 

Section 5.2 Modifications to ABL Documents and Term Documents. 

(a) The Term Agent, on behalf of itself and the Term Secured Parties, hereby agrees that, without affecting the
obligations of the Term Agent and the Term Secured Parties hereunder, the ABL Agent and the ABL Secured Parties may, at any time and from time to time, in their sole discretion without the consent of or notice to the Term Agent or any Term Secured

  

					
		  	33	  	Form of J. Crew ABL Intercreditor Agreement

 
Party (except to the extent such notice or consent is required pursuant to the express provisions of this Agreement), and without incurring any liability to the Term Agent or any Term Secured
Party or impairing or releasing the subordination provided for herein, amend, restate, supplement, replace, refinance, extend, consolidate, restructure, or otherwise modify any of the ABL Documents in any manner whatsoever (other than in a manner
which would contravene the provisions of this Agreement), including, without limitation, to: 
 (i) change the
manner, place, time, or terms of payment or renew, alter or increase, all or any of the ABL Obligations or otherwise amend, restate, supplement, or otherwise modify in any manner, or grant any waiver or release with respect to, all or any part of
the ABL Obligations or any of the ABL Documents; 
 (ii) subject to Section 2.5, retain or obtain a Lien on
any Property of any Person to secure any of the ABL Obligations, and in connection therewith to enter into any additional ABL Documents; 
 (iii) amend, or grant any waiver, compromise, or release with respect to, or consent to any departure from, any guaranty or other obligations of any Person obligated in any manner under or in respect of
the ABL Obligations; 
 (iv) release its Lien on any Collateral or other Property; 

(v) exercise or refrain from exercising any rights against the Borrower, any Guarantor, or any other Person; 

(vi) subject to Section 2.5, retain or obtain the primary or secondary obligation of any other Person with respect to
any of the ABL Obligations; and 
 (vii) otherwise manage and supervise the ABL Obligations as the ABL Agent
shall deem appropriate. 
 (b) The ABL Agent, on behalf of itself and the ABL Secured Parties, hereby agrees
that, without affecting the obligations of the ABL Agent and the ABL Secured Parties hereunder, the Term Agent and the Term Secured Parties may, at any time and from time to time, in their sole discretion without the consent of or notice to the ABL
Agent or any ABL Secured Party (except to the extent such notice or consent is required pursuant to the express provisions of this Agreement), and without incurring any liability to the ABL Agent or any ABL Secured Party or impairing or releasing
the subordination provided for herein, amend, restate, supplement, replace, refinance, extend, consolidate, restructure, or otherwise modify any of the Term Documents in any manner whatsoever (other than in a manner which would contravene the
provisions of this Agreement), including, without limitation, to: 
 (i) change the manner, place, time, or terms
of payment or renew, alter or increase, all or any of the Term Obligations or otherwise amend, restate, supplement, or otherwise modify in any manner, or grant any waiver or release with respect to, all or any part of the Term Obligations or any of
the Term Documents; 

  

					
		  	34	  	Form of J. Crew ABL Intercreditor Agreement

 (ii) subject to Section 2.5, retain or obtain a Lien on any Property of
any Person to secure any of the Term Obligations, and in connection therewith to enter into any additional Term Documents; 
 (iii) amend, or grant any waiver, compromise, or release with respect to, or consent to any departure from, any guaranty or other obligations of any Person obligated in any manner under or in respect of
the Term Obligations; 
 (iv) release its Lien on any Collateral or other Property; 

(v) exercise or refrain from exercising any rights against the Borrower, any Guarantor, or any other Person; 

(vi) subject to Section 2.5, retain or obtain the primary or secondary obligation of any other Person with respect to
any of the Term Obligations; and 
 (vii) otherwise manage and supervise the Term Obligations as the Term Agent
shall deem appropriate. 
 (c) The ABL Obligations and the Term Obligations may be refinanced, in whole or in
part, from time to time, in each case, without notice to, or the consent (except to the extent a consent is required to permit such refinancing transaction under any ABL Document or any Term Document) of the ABL Agent, the ABL Secured Parties, the
Term Agent or the Term Secured Parties, as the case may be, all without affecting the Lien Priorities provided for herein or the other provisions hereof, provided, however, that the holders of any class or series of such refinancing
Indebtedness (or an authorized agent or trustee on their behalf) bind themselves in writing to the terms of this Agreement pursuant to such documents or agreements (including amendments or supplements to this Agreement) as the ABL Agent or the Term
Agent, as the case may be, shall reasonably request and in form and substance reasonably acceptable to the ABL Agent or the Term Agent, as the case may be, and any such refinancing transaction shall be in accordance with any applicable provisions of
both the ABL Documents and the Term Documents (to the extent such documents survive the refinancing). 
 Section 5.3
Reinstatement and Continuation of Agreement. 
 (a) If the ABL Agent or any ABL Secured Party is
required in any Insolvency Proceeding or otherwise to turn over or otherwise pay to the estate of the Borrower, any Guarantor, or any other Person any payment made in satisfaction of all or any portion of the ABL Obligations (an “ABL
Recovery”), then the ABL Obligations shall be reinstated to the extent of such ABL Recovery. If this Agreement shall have been terminated prior to such ABL Recovery, this Agreement shall be reinstated in full force and effect in the
event of such ABL Recovery, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the Parties from such date of reinstatement. All rights, interests, agreements, and obligations of the ABL
Agent, the Term Agent, the ABL Secured Parties, and the Term Secured Parties under this Agreement shall remain in full force and effect and shall continue irrespective of the commencement of, or any discharge, confirmation, conversion, or dismissal
of, any Insolvency Proceeding by or against the Borrower or any Guarantor or any other circumstance which otherwise might constitute a defense available to, or a discharge of the 

  

					
		  	35	  	Form of J. Crew ABL Intercreditor Agreement

 
Borrower or any Guarantor in respect of the ABL Obligations or the Term Obligations. No priority or right of the ABL Agent or any ABL Secured Party shall at any time be prejudiced or impaired in
any way by any act or failure to act on the part of the Borrower or any Guarantor or by the noncompliance by any Person with the terms, provisions, or covenants of any of the ABL Documents, regardless of any knowledge thereof which the ABL Agent or
any ABL Secured Party may have. 
 (b) If the Term Agent or any Term Secured Party is required in any Insolvency
Proceeding or otherwise to turn over or otherwise pay to the estate of the Borrower, any Guarantor, or any other Person any payment made in satisfaction of all or any portion of the Term Obligations (a “Term Recovery”), then
the Term Obligations shall be reinstated to the extent of such Term Recovery. If this Agreement shall have been terminated prior to such Term Recovery, this Agreement shall be reinstated in full force and effect in the event of such Term Recovery,
and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the Parties from such date of reinstatement. All rights, interests, agreements, and obligations of the ABL Agent, the Term Agent, the
ABL Secured Parties, and the Term Secured Parties under this Agreement shall remain in full force and effect and shall continue irrespective of the commencement of, or any discharge, confirmation, conversion, or dismissal of, any Insolvency
Proceeding by or against the Borrower or any Guarantor or any other circumstance which otherwise might constitute a defense available to, or a discharge of the Borrower or any Guarantor in respect of the ABL Obligations or the Term Obligations. No
priority or right of the Term Agent or any Term Secured Party shall at any time be prejudiced or impaired in any way by any act or failure to act on the part of the Borrower or any Guarantor or by the noncompliance by any Person with the terms,
provisions, or covenants of any of the Term Documents, regardless of any knowledge thereof which the Term Agent or any Term Secured Party may have. 
 ARTICLE 6 
 INSOLVENCY PROCEEDINGS 

Section 6.1 DIP Financing. 
 (a) If the Borrower or any Guarantor shall be subject to any Insolvency Proceeding at any time prior to the Discharge of ABL Obligations, and the ABL Agent or the ABL Secured Parties shall seek to provide
the Borrower or any Guarantor with, or consent to a third party providing, any financing under Section 364 of the Bankruptcy Code or consent to any order for the use of cash collateral constituting ABL Priority Collateral under Section 363
of the Bankruptcy Code (or any similar provision of any foreign Debtor Relief Laws or under a court order in respect of measures granted with similar effect under any foreign Debtor Relief Laws) (each, a “DIP Financing”),
with such DIP Financing to be secured by all or any portion of the Collateral (including assets that, but for the application of Section 552 of the Bankruptcy Code (or any similar provision of any foreign Debtor Relief Laws) would be
Collateral) (it being agreed that the ABL Agent and the ABL Secured Parties shall not propose any DIP Financing secured by the Term Priority Collateral in competition with the Term Agent and the Term Secured Parties without the consent of the Term
Agent), then the Term Agent, on behalf of itself and the Term Secured Parties, agrees that it will raise no objection and will not support any objection to such DIP Financing or use of cash collateral or to the Liens securing the same on the

  

					
		  	36	  	Form of J. Crew ABL Intercreditor Agreement

 
grounds of a failure to provide “adequate protection” for the Liens of the Term Agent securing the Term Obligations or on any other grounds (and will not request any adequate protection
solely as a result of such DIP Financing or use of cash collateral that is ABL Priority Collateral except as permitted by Section 6.3(c)(i)), so long as (i) the Term Agent retains its Lien on the Collateral to secure the Term Obligations
(in each case, including Proceeds thereof arising after the commencement of the case under any Debtor Relief Laws) and, as to the Term Priority Collateral only, such Lien has the same priority as existed prior to the commencement of the case under
the subject Debtor Relief Laws and any Lien on the Term Priority Collateral securing such DIP Financing is junior and subordinate to the Lien of the Term Agent on the Term Priority Collateral, (ii) all Liens on ABL Priority Collateral securing
any such DIP Financing shall be senior to or on a parity with the Liens of the ABL Agent and the ABL Secured Parties securing the ABL Obligations on ABL Priority Collateral and (iii) the foregoing provisions of this Section 6.1(a) shall
not prevent the Term Agent and the Term Secured Parties from objecting to any provision in any DIP Financing relating to any provision or content of a plan of reorganization or other plan of similar effect under any Debtor Relief Laws. 

(b) If the Borrower or any Guarantor shall be subject to any Insolvency Proceeding at any time prior to the Discharge of
Term Obligations, and the Term Agent or the Term Secured Parties shall seek to provide the Borrower or any Guarantor with, or consent to a third party providing, any DIP Financing, with such DIP Financing to be secured by all or any portion of the
Collateral (including assets that, but for the application of Section 552 of the Bankruptcy Code (or any similar provision of any foreign Debtor Relief Laws) would be Collateral) (it being agreed that the Term Agent and the Term Secured Parties
shall not propose any DIP Financing secured by the ABL Priority Collateral in competition with the ABL Agent and the ABL Secured Parties without the consent of the ABL Agent), then the ABL Agent, on behalf of itself and the ABL Secured Parties,
agrees that it will raise no objection and will not support any objection to such DIP Financing or to the Liens securing the same on the grounds of a failure to provide “adequate protection” for the Liens of the ABL Agent securing the ABL
Obligations or on any other grounds (and will not request any adequate protection solely as a result of such DIP Financing), so long as (i) the ABL Agent retains its Lien on the Collateral to secure the ABL Obligations (in each case, including
Proceeds thereof arising after the commencement of the case under any Debtor Relief Law) and, as to the ABL Priority Collateral only, such Lien has the same priority as existed prior to the commencement of the case under the subject Debtor Relief
Laws and any Lien on ABL Priority Collateral securing such DIP Financing furnished by the Term Agent or Term Secured Parties is junior and subordinate to the Lien of the ABL Agent on the ABL Priority Collateral, (ii) all Liens on Term Priority
Collateral securing any such DIP Financing furnished by the Term Agent or Term Secured Parties shall be senior to or on a parity with the Liens of the Term Agent and the Term Secured Parties securing the Term Obligations on Term Priority Collateral
and (iii) the foregoing provisions of this Section 6.1(b) shall not prevent the ABL Agent and the ABL Secured Parties from objecting to any provision in any DIP Financing relating to any provision or content of a plan of reorganization or
other plan of similar effect under any Debtor Relief Laws. 
 (c) All Liens granted to the ABL Agent or the Term
Agent in any Insolvency Proceeding, whether as adequate protection or otherwise, are intended by the Parties to be and shall be deemed to be subject to the Lien Priority and the other terms and conditions of this Agreement. 

  

					
		  	37	  	Form of J. Crew ABL Intercreditor Agreement

 Section 6.2 Relief From Stay. Until the Discharge of ABL Obligations has
occurred, the Term Agent, on behalf of itself and the Term Secured Parties, agrees not to seek relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of any portion of the ABL Priority Collateral without the ABL
Agent’s express written consent. Until the Discharge of Term Obligations has occurred, the ABL Agent, on behalf of itself and the ABL Secured Parties, agrees not to seek relief from the automatic stay or any other stay in any Insolvency
Proceeding in respect of any portion of the Term Priority Collateral without the Term Agent’s express written consent. In addition, neither the Term Agent nor the ABL Agent shall seek any relief from the automatic stay with respect to any
Collateral without providing three (3) days’ prior written notice to the other, unless such period is agreed by both the ABL Agent and the Term Agent to be modified or unless the ABL Agent or Term Agent, as applicable, makes a good faith
determination that either (A) the ABL Priority Collateral or the Term Priority Collateral, as applicable, will decline speedily in value or (B) the failure to take any action will have a reasonable likelihood of endangering the ABL
Agent’s or the Term Agent’s ability to realize upon its Collateral. 
 Section 6.3 No Contest; Adequate
Protection. 
 (a) The Term Agent, on behalf of itself and the Term Secured Parties, agrees that, prior
to the Discharge of ABL Obligations, none of them shall seek or accept any form of adequate protection under any or all of §361, §362, §363 or §364 of the Bankruptcy Code with respect to the ABL Priority Collateral, except as set
forth in Section 6.1 and this Section 6.3 or as may otherwise be consented to in writing by the ABL Agent in its sole and absolute discretion. The Term Agent, on behalf of itself and the Term Secured Parties, agrees that, prior to the
Discharge of ABL Obligations, none of them shall contest (or support any other Person contesting) (i) any request by the ABL Agent or any ABL Secured Party for adequate protection of its interest in the Collateral (unless in contravention of
Section 6.1(b) above), (ii) any proposed provision of DIP Financing by the ABL Agent and the ABL Secured Parties (or any other Person proposing to provide DIP Financing with the consent of the ABL Agent) (unless in contravention of
Section 6.1(a) above) or (iii) any objection by the ABL Agent or any ABL Secured Party to any motion, relief, action, or proceeding based on a claim by the ABL Agent or any ABL Secured Party that its interests in the Collateral (unless in
contravention of Section 6.1(b) above) are not adequately protected (or any other similar request under any law applicable to an Insolvency Proceeding), so long as any Liens granted to the ABL Agent as adequate protection of its interests are
subject to this Agreement. 
 (b) The ABL Agent, on behalf of itself and the ABL Secured Parties, agrees that,
prior to the Discharge of Term Obligations, none of them shall seek or accept any form of adequate protection under any or all of §361, §362, §363 or §364 of the Bankruptcy Code with respect to the Term Priority Collateral,
except as set forth in Section 6.1 and this Section 6.3 or as may otherwise be consented to in writing by the Term Agent in its sole and absolute discretion. The ABL Agent, on behalf of itself and the ABL Secured Parties, agrees that,
prior to the Discharge of Term Obligations, none of them shall contest (or support any other Person contesting) (i) any request by the Term Agent or any Term Secured Party for adequate protection of its interest in the Collateral (unless in
contravention of Section 6.1(a) above), (ii) any proposed provision of DIP Financing by the Term Agent and the Term Secured Parties (or any other Person proposing to provide DIP Financing with the consent of the Term Agent) (unless in

  

					
		  	38	  	Form of J. Crew ABL Intercreditor Agreement

 
contravention of Section 6.1(b) above) or (iii) any objection by the Term Agent or any Term Secured Party to any motion, relief, action or proceeding based on a claim by the Term Agent
or any Term Secured Party that its interests in the Collateral (unless in contravention of Section 6.1(a) above) are not adequately protected (or any other similar request under any law applicable to an Insolvency Proceeding), so long as any
Liens granted to the Term Agent as adequate protection of its interests are subject to this Agreement. 
 (c)
Notwithstanding the foregoing provisions in this Section 6.3, in any Insolvency Proceeding: 
 (i) if the
ABL Secured Parties (or any subset thereof) are granted adequate protection with respect to the ABL Priority Collateral in the form of additional collateral (even if such collateral is not of a type which would otherwise have constituted ABL
Priority Collateral), then the ABL Agent, on behalf of itself and the ABL Secured Parties, agrees that the Term Agent, on behalf of itself or any of the Term Secured Parties, may seek or request (and the ABL Secured Parties will not oppose such
request) adequate protection with respect to its interests in such Collateral in the form of a Lien on the same additional collateral, which Lien will be subordinated to the Liens securing the ABL Obligations on the same basis as the other Liens of
the Term Agent on ABL Priority Collateral; and 
 (ii) in the event the Term Agent, on behalf of itself or any of
the Term Secured Parties, are granted adequate protection in respect of Term Priority Collateral in the form of additional collateral (even if such collateral is not of a type which would otherwise have constituted Term Priority Collateral), then
the Term Agent, on behalf of itself and any of the Term Secured Parties, agrees that the ABL Agent on behalf of itself or any of the ABL Secured Parties, may seek or request (and the Term Secured Parties will not oppose such request) adequate
protection with respect to its interests in such Collateral in the form of a Lien on the same additional collateral, which Lien will be subordinated to the Liens securing the Term Obligations on the same basis as the other Liens of the ABL Agent on
Term Priority Collateral. 
 (iii) Except as otherwise expressly set forth in Section 6.1 or in connection
with the exercise of remedies with respect to the ABL Priority Collateral, nothing herein shall limit the rights of the Term Agent or the Term Secured Parties from seeking adequate protection with respect to their rights in the Term Priority
Collateral in any Insolvency Proceeding (including adequate protection in the form of a cash payment, periodic cash payments or otherwise). Except as otherwise expressly set forth in Section 6.1 or in connection with the exercise of remedies
with respect to the Term Priority Collateral, nothing herein shall limit the rights of the ABL Agent or the ABL Secured Parties from seeking adequate protection with respect to their rights in the ABL Priority Collateral in any Insolvency Proceeding
(including adequate protection in the form of a cash payment, periodic cash payments or otherwise). 
 Section 6.4
Asset Sales. The Term Agent agrees, on behalf of itself and the Term Secured Parties, that it will not oppose any sale consented to by the ABL Agent of any ABL Priority Collateral pursuant to Section 363(f) of the Bankruptcy Code (or
any similar provision under the law applicable to any Insolvency Proceeding or under a court order in respect of measures granted with similar effect under any foreign Debtor Relief Laws) so long as the Term

  

					
		  	39	  	Form of J. Crew ABL Intercreditor Agreement

 
Agent, for the benefit of the Term Secured Parties, shall retain a Lien on the proceeds of such sale (to the extent such proceeds are not applied to the ABL Obligations in accordance with
Section 4.1(b)). The ABL Agent agrees, on behalf of itself and the ABL Secured Parties, that it will not oppose any sale consented to by the Term Agent of any Term Priority Collateral pursuant to Section 363(f) of the Bankruptcy Code (or
any similar provision under the law applicable to any Insolvency Proceeding or under a court order in respect of measures granted with similar effect under any foreign Debtor Relief Laws) so long as (i) any such sale is made in accordance with
Section 3.6 and (ii) the ABL Agent, for the benefit of the ABL Secured Parties, shall retain a Lien on the proceeds of such sale (to the extent such proceeds are not applied to the Term Obligations in accordance with Section 4.1(c)).
If such sale of Collateral includes both ABL Priority Collateral and Term Priority Collateral and the Parties are unable after negotiating in good faith to agree on the allocation of the purchase price between the ABL Priority Collateral and Term
Priority Collateral, either Party may apply to the court in such Insolvency Proceeding to make a determination of such allocation, and the court’s determination shall be binding upon the Parties. 

For the avoidance of doubt, the Term Agent, on behalf of itself and the Term Secured Parties, acknowledges and agrees that
in connection with any of the matters described in the foregoing Sections 6.1, 6.2 or 6.3 or in this Section 6.4, the rights of each Term Secured Party that is an ABL Secured Party but not an ABL Lender, in such Term Secured Party’s
capacity as an ABL Secured Party, are subject to, and limited as set forth in, Section 11.13(b) of the ABL Credit Agreement. 
 Section 6.5 Separate Grants of Security and Separate Classification. Each Term Secured Party and each ABL Secured Party acknowledges and agrees that (i) the grants of Liens
pursuant to the ABL Collateral Documents and the Term Collateral Documents constitute two separate and distinct grants of Liens and (ii) because of, among other things, their differing rights in the Collateral, the Term Obligations are
fundamentally different from the ABL Obligations and must be separately classified in any plan of reorganization (or other plan of similar effect under any Debtor Relief Laws) proposed or adopted in an Insolvency Proceeding. To further effectuate
the intent of the parties as provided in the immediately preceding sentence, if it is held that the claims of the ABL Secured Parties and the Term Secured Parties in respect of the Collateral constitute only one secured claim (rather than separate
classes of senior and junior secured claims), then the ABL Secured Parties and the Term Secured Parties hereby acknowledge and agree that all distributions shall be made as if there were separate classes of ABL Obligation claims and Term Obligation
claims against the Credit Parties, with the effect being that, to the extent that the aggregate value of the ABL Priority Collateral or Term Priority Collateral, as applicable, is sufficient (for this purpose ignoring all claims held by the other
Secured Parties), the ABL Secured Parties or the Term Secured Parties, respectively, shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in
respect of post-petition interest that is available from each pool of Priority Collateral for each of the ABL Secured Parties and the Term Secured Parties, respectively, before any distribution is made in respect of the claims held by the other
Secured Parties from such Collateral, with the other Secured Parties hereby acknowledging and agreeing to turn over to the respective other Secured Parties amounts otherwise received or receivable by them to the extent necessary to effectuate the
intent of this sentence, even if such turnover has the effect of reducing the aggregate recoveries. 

  

					
		  	40	  	Form of J. Crew ABL Intercreditor Agreement

 Section 6.6 Enforceability. The provisions of this Agreement are intended
to be and shall be enforceable under Section 510(a) of the Bankruptcy Code. 
 Section 6.7 ABL Obligations
Unconditional. All rights of the ABL Agent hereunder, and all agreements and obligations of the Term Agent and the Credit Parties (to the extent applicable) hereunder, shall remain in full force and effect irrespective of: 

A. any lack of validity or enforceability of any ABL Document; 
 B. any change in the time, place or manner of payment of, or in any other term of, all or any portion of the ABL Obligations, or any amendment, waiver or other modification, whether by course of conduct
or otherwise, or any refinancing, replacement, refunding or restatement of any ABL Document; 
 C. any exchange, release,
voiding, avoidance or non perfection of any security interest in any Collateral or any other collateral, or any release, amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding,
restatement or increase of all or any portion of the ABL Obligations or any guarantee or guaranty thereof; or 
 D. any other
circumstances that otherwise might constitute a defense available to, or a discharge of, any Credit Party in respect of the ABL Obligations, or of any of the Term Agent or any Credit Party, to the extent applicable, in respect of this Agreement.

 Section 6.8 Term Obligations Unconditional. All rights of the Term Agent hereunder, and all agreements and
obligations of the ABL Agent and the Credit Parties (to the extent applicable) hereunder, shall remain in full force and effect irrespective of: 
 A. any lack of validity or enforceability of any Term Document; 
 B. any change in
the time, place or manner of payment of, or in any other term of, all or any portion of the Term Obligations, or any amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or
restatement of any Term Document; 
 C. any exchange, release, voiding, avoidance or non perfection of any security interest in
any Collateral, or any other collateral, or any release, amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding, restatement or increase of all or any portion of the Term
Obligations or any guarantee or guaranty thereof; or 
 D. any other circumstances that otherwise might constitute a defense
available to, or a discharge of, any Credit Party in respect of the Term Obligations, or of any of the ABL Agent or any Credit Party, to the extent applicable, in respect of this Agreement. 

  

					
		  	41	  	Form of J. Crew ABL Intercreditor Agreement

 ARTICLE 7 
 MISCELLANEOUS 
 Section 7.1 Rights of
Subrogation. The Term Agent, for and on behalf of itself and the Term Secured Parties, agrees that no payment to the ABL Agent or any ABL Secured Party pursuant to the provisions of this Agreement shall entitle the Term Agent or any Term
Secured Party to exercise any rights of subrogation in respect thereof until the Discharge of ABL Obligations shall have occurred. Following the Discharge of ABL Obligations, the ABL Agent agrees to execute such documents, agreements, and
instruments as the Term Agent or any Term Secured Party may reasonably request to evidence the transfer by subrogation to any such Person of an interest in the ABL Obligations resulting from payments to the ABL Agent by such Person, so long as all
costs and expenses (including all reasonable legal fees and disbursements) incurred in connection therewith by the ABL Agent are paid by such Person upon request for payment thereof. The ABL Agent, for and on behalf of itself and the ABL Secured
Parties, agrees that no payment to the Term Agent or any Term Secured Party pursuant to the provisions of this Agreement shall entitle the ABL Agent or any ABL Secured Party to exercise any rights of subrogation in respect thereof until the
Discharge of Term Obligations shall have occurred. Following the Discharge of Term Obligations, the Term Agent agrees to execute such documents, agreements, and instruments as the ABL Agent or any ABL Secured Party may reasonably request to evidence
the transfer by subrogation to any such Person of an interest in the Term Obligations resulting from payments to the Term Agent by such Person, so long as all costs and expenses (including all reasonable legal fees and disbursements) incurred in
connection therewith by the Term Agent are paid by such Person upon request for payment thereof. 
 Section 7.2
Further Assurances. The Parties will, at their own expense and at any time and from time to time, promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that
either Party may reasonably request, in order to protect any right or interest granted or purported to be granted hereby or to enable the ABL Agent or the Term Agent to exercise and enforce its rights and remedies hereunder; provided,
however, that no Party shall be required to pay over any payment or distribution, execute any instruments or documents, or take any other action referred to in this Section 7.2, to the extent that such action would contravene any law,
order or other legal requirement or any of the terms or provisions of this Agreement, and in the event of a controversy or dispute, such Party may interplead any payment or distribution in any court of competent jurisdiction, without further
responsibility in respect of such payment or distribution under this Section 7.2. 
 Section 7.3
Representations. The Term Agent represents and warrants to the ABL Agent that it has the requisite power and authority under the Term Documents to enter into, execute, deliver, and carry out the terms of this Agreement on behalf of itself
and the Term Secured Parties and that this Agreement shall be binding obligations of the Term Agent and the Term Secured Parties, enforceable against the Term Agent and the Term Secured Parties in accordance with its terms. The ABL Agent represents
and warrants to the Term Agent that it has the requisite power and authority under the ABL Documents to enter into, execute, deliver, and carry out the terms of this Agreement on behalf of itself and the ABL Secured Parties and that this Agreement
shall be binding obligations of the ABL Agent and the ABL Secured Parties, enforceable against the ABL Agent and the ABL Secured Parties in accordance with its terms. 

  

					
		  	42	  	Form of J. Crew ABL Intercreditor Agreement

 Section 7.4 Amendments. No amendment or waiver of any provision of this
Agreement nor consent to any departure by any Party hereto shall be effective unless it is in a written agreement executed by the Term Agent and the ABL Agent and, in the case of any amendment or waiver that would be materially adverse to any Credit
Party, the Borrower, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 
 It is understood that the ABL Agent and the Term Agent, without the consent of any other ABL Secured Party or Term Secured Party, may in their discretion determine that a supplemental agreement (which may
take the form of an amendment and restatement of this Agreement) is necessary or appropriate (i) to facilitate having additional indebtedness or other obligations of any of the Credit Parties become ABL Obligations or Term Obligations, as the
case may be, under this Agreement or (ii) to effectuate the subordination of Liens securing any Permitted Junior Secured Refinancing Debt (or any Permitted Refinancing thereof) to the Liens on the Term Priority Collateral securing the ABL
Obligations and to the Liens on the ABL Priority Collateral securing the Term Obligations (the indebtedness or other obligations described in clauses (i) and (ii), “Additional Debt”), which supplemental agreement shall,
except in the case of Permitted Junior Secured Refinancing Debt or any Permitted Refinancing thereof, specify whether such Additional Debt constitutes ABL Obligations or Term Obligations; provided that such Additional Debt is permitted to be
incurred under any ABL Credit Agreement and any Term Credit Agreement then extant in accordance with the terms thereof. 

Section 7.5 Addresses for Notices. Unless otherwise specifically provided herein, any notice or other communication
herein required or permitted to be given shall be in writing and may be personally served, telecopied, emailed, or sent by overnight express courier service or United States mail and shall be deemed to have been given when delivered in person or by
courier service, upon receipt of a telecopy or five (5) days after deposit in the United States mail (certified, with postage prepaid and properly addressed). For the purposes hereof, the addresses of the parties hereto (until notice of a
change thereof is delivered as provided in this Section) shall be as set forth below or, as to each party, at such other address as may be designated by such party in a written notice to all of the other parties. 

 

			
	ABL Agent:	 	Bank of America, N.A.
		 	100 Federal Street
		 	Boston, MA 02110
		 	Attention: Mark D. Twomey
		 	Telecopier: 312.453.4364
		 	E-mail: mark.twomey@baml.com
		
	Term Agent:	 	Bank of America, N.A.
		 	1455 Market Street
		 	Mail Code: CA5-701-05-19
		 	San Francisco, CA 94103
		 	Attention: Kevin Ahart, VP, Agency Management
		 	Telecopier: 415.503.5000
		 	Email: kevin.ahart@baml.com

  

					
		  	43	  	Form of J. Crew ABL Intercreditor Agreement

 Section 7.6 No Waiver; Remedies. No failure on the part of any Party to
exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The
remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
 Section 7.7 Continuing
Agreement, Transfer of Secured Obligations. This Agreement is a continuing agreement and shall (a) remain in full force and effect until the Discharge of ABL Obligations and the Discharge of Term Obligations shall have occurred,
(b) be binding upon the Parties and their successors and assigns, and (c) inure to the benefit of and be enforceable by the Parties and their respective successors, transferees and assigns. Except as set forth in Section 7.4, nothing
herein is intended, or shall be construed to give, any other Person any right, remedy or claim under, to or in respect of this Agreement or any Collateral. All references to any Credit Party shall include any Credit Party as debtor-in-possession and
any receiver or trustee for such Credit Party in any Insolvency Proceeding. Without limiting the generality of the foregoing clause (c), the ABL Agent, any ABL Secured Party, the Term Agent, or any Term Secured Party may assign or otherwise transfer
all or any portion of the ABL Obligations or the Term Obligations in accordance with the ABL Credit Agreement or the Term Credit Agreement, in each case, as applicable, to any other Person (other than the Borrower, any Guarantor or any Affiliate of
the Borrower or any Guarantor and any Subsidiary of the Borrower or any Guarantor (except as provided in such ABL Credit Agreement or such Term Credit Agreement, as applicable)), and such other Person shall thereupon become vested with all the
rights and obligations in respect thereof granted to the ABL Agent, the Term Agent, any ABL Secured Party, or any Term Secured Party, as the case may be, herein or otherwise. The ABL Secured Parties and the Term Secured Parties may continue, at any
time and without notice to the other parties hereto, to extend credit and other financial accommodations, lend monies and provide Indebtedness to, or for the benefit of, any Credit Party on the faith hereof. 

Section 7.8 GOVERNING LAW; ENTIRE AGREEMENT. (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK. This Agreement constitutes the entire agreement and understanding among the Parties with respect to the subject matter hereof and supersedes any prior agreements, written or oral, with respect thereto.

 Section 7.9 Counterparts. This Agreement may be executed in any number of counterparts, and it is not
necessary that the signatures of all Parties be contained on any one counterpart hereof, each counterpart will be deemed to be an original, and all together shall constitute one and the same document. Delivery of an executed signature page to this
Agreement by facsimile or other electronic transmission (in .pdf or similar format) shall be as effective as delivery of a manually signed counterpart of this Agreement. 
 Section 7.10 No Third Party Beneficiaries. This Agreement is solely for the benefit of the ABL Agent, ABL Secured Parties, Term Agent and Term Secured Parties. Except as set forth in
Section 7.4, no other Person (including the Borrower, any Guarantor or any Affiliate of the Borrower or any Guarantor, or any Subsidiary of the Borrower or any Guarantor (except as provided in any ABL Credit Agreement or any Term Credit
Agreement, as applicable)) shall be deemed to be a third party beneficiary of this Agreement. 

  

					
		  	44	  	Form of J. Crew ABL Intercreditor Agreement

 Section 7.11 Headings. The headings of the articles and sections of this
Agreement are inserted for purposes of convenience only and shall not be construed to affect the meaning or construction of any of the provisions hereof. 
 Section 7.12 Severability. If any of the provisions in this Agreement shall, for any reason, be held invalid, illegal or unenforceable in any respect, such invalidity, illegality, or
unenforceability shall not affect any other provision of this Agreement and shall not invalidate the Lien Priority or the application of Proceeds and other priorities set forth in this Agreement. The parties shall endeavor in good faith negotiations
to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 Section 7.13
Attorneys’ Fees. The Parties agree that if any dispute, arbitration, litigation, or other proceeding is brought with respect to the enforcement of this Agreement or any provision hereof, the prevailing party in such dispute,
arbitration, litigation, or other proceeding shall be entitled to recover its reasonable attorneys’ fees and all other costs and expenses incurred in the enforcement of this Agreement, irrespective of whether suit is brought. 

Section 7.14 VENUE; JURY TRIAL WAIVER. 
 (a) EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY IN THE
BOROUGH OF MANHATTAN AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT
OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING SHALL BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE 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 ABL SECURED PARTY OR ANY TERM SECURED PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, ANY TERM DOCUMENTS, OR ANY ABL DOCUMENTS AGAINST ANY
CREDIT PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
 (b) EACH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS 

  

					
		  	45	  	Form of J. Crew ABL Intercreditor Agreement

 
AGREEMENT IN ANY COURT REFERRED TO IN PARAGRAPH (a) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF
AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 
 (c) EACH PARTY HERETO
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT
OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. EACH
PARTY HERETO REPRESENTS THAT IT HAS REVIEWED THIS WAIVER AND IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT
TO A TRIAL BY THE COURT. 
 (d) EACH PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE
MANNER PROVIDED FOR NOTICES IN SECTION 7.5. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

Section 7.15 Intercreditor Agreement. This Agreement is the “Intercreditor Agreement” referred to in the ABL
Credit Agreement and this Agreement is the “ABL Intercreditor Agreement” referred to in the Term Credit Agreement. Nothing in this Agreement shall be deemed to subordinate the obligations due to (i) any ABL Secured Party to the
obligations due to any Term Secured Party or (ii) any Term Secured Party to the obligations due to any ABL Secured Party (in each case, whether before or after the occurrence of an Insolvency Proceeding), it being the intent of the Parties that
this Agreement shall effectuate a subordination of Liens but not a subordination of Indebtedness. 
 Section 7.16 No
Warranties or Liability. The Term Agent and the ABL Agent acknowledge and agree that neither has made any representation or warranty with respect to the execution, validity, legality, completeness, collectability or enforceability of any
other ABL Document or any Term Document. Except as otherwise provided in this Agreement, the Term Agent and the ABL Agent will be entitled to manage and supervise their respective extensions of credit to any Credit Party in accordance with law and
their usual practices, modified from time to time as they deem appropriate. 

  

					
		 	46	  	
		 		  	Form of J. Crew ABL Intercreditor Agreement

 Section 7.17 Conflicts. In the event of any conflict between the
provisions of this Agreement and the provisions of any ABL Document or any Term Document, the provisions of this Agreement shall govern. 
 Section 7.18 Costs and Expenses. All costs and expenses incurred by the Term Agent and the ABL Agent, including, without limitation pursuant to Section 3.8(d) and
Section 4.1(e) hereunder shall be reimbursed by the Borrower and the Credit Parties as provided in Section 10.04 of the Term Credit Agreement (or any similar provision) and Section 12.3 (or any similar provision) of the ABL Credit
Agreement. 
 Section 7.19 Information Concerning Financial Condition of the Credit Parties. Each of the Term
Agent and the ABL Agent hereby assumes responsibility for keeping itself informed of the financial condition of the Credit Parties and all other circumstances bearing upon the risk of nonpayment of the ABL Obligations or the Term Obligations. The
Term Agent and the ABL Agent hereby agree that no party shall have any duty to advise any other party of information known to it regarding such condition or any such circumstances. In the event the Term Agent or the ABL Agent, in its sole
discretion, undertakes at any time or from time to time to provide any information to any other party to this Agreement, (a) it shall be under no obligation (i) to provide any such information to such other party or any other party on any
subsequent occasion, (ii) to undertake any investigation not a part of its regular business routine, or (iii) to disclose any other information, (b) it makes no representation as to the accuracy or completeness of any such information
and shall not be liable for any information contained therein, and (c) the Party receiving such information hereby agrees to hold the other Party harmless from any action the receiving Party may take or conclusion the receiving Party may reach
or draw from any such information, as well as from and against any and all losses, claims, damages, liabilities, and expenses to which such receiving Party may become subject arising out of or in connection with the use of such information.

 [SIGNATURE PAGES FOLLOW] 

  

					
		 	47	  	
		 		  	Form of J. Crew ABL Intercreditor Agreement

 IN WITNESS WHEREOF, the ABL Agent, for and on behalf of itself and the ABL Secured Parties,
and the Term Agent, for and on behalf of itself and the Term Secured Parties, have caused this Agreement to be duly executed and delivered as of the date first above written. 

 

			
	BANK OF AMERICA, N.A., in its capacity as the ABL Agent
		
	By:	 	 
		 	Name:
		 	Title:

  
 [Signature
Page to Intercreditor Agreement] 

 
			
	BANK OF AMERICA, N.A., in its capacity as the Term Agent
		
	By:	 	 
		 	Name:
		 	Title:

  
 [Signature
Page to Intercreditor Agreement] 

 ACKNOWLEDGMENT 

The Borrower and each Guarantor hereby acknowledges that it has received a copy of this Agreement as in effect on the date hereof and
consents thereto, agrees to recognize all rights granted thereby to the ABL Agent, the ABL Secured Parties, the Term Agent, and the Term Secured Parties (including pursuant to Section 7.18) and will not do any act or perform any obligation
which is not in accordance with the agreements set forth in this Agreement as in effect on the date hereof. The Borrower and each Guarantor further acknowledges and agrees that (except as set forth in Section 7.4) it is not an intended
beneficiary or third party beneficiary under this Agreement and (i) as between the ABL Secured Parties, the Borrower and Guarantors, the ABL Documents remain in full force and effect as written and are in no way modified hereby, and
(ii) as between the Term Secured Parties, the Borrower and Guarantors, the Term Documents remain in full force and effect as written and are in no way modified hereby. 
 Without limiting the foregoing or any rights or remedies the Borrower and the other Credit Parties may have, Holdings, the Borrower and the other Credit Parties consent to the performance by the Term
Agent of the obligations set forth in Section 3.6 of this Agreement and acknowledge and agree that neither the Term Agent nor any other Term Secured Party shall ever be accountable or liable for any action taken or omitted by the ABL Agent or
any other ABL Secured Party or its or any of their officers, employees, agents successors or assigns in connection therewith or incidental thereto or in consequence thereof, including any improper use or disclosure of any proprietary information or
other Intellectual Property by the ABL Agent or any other ABL Secured Party or its or any of their officers, employees, agents, successors or assigns or any other damage to or misuse or loss of any property of the Credit Parties as a result of any
action taken or omitted by the ABL Agent or its officers, employees, agents, successors or assigns pursuant to, and in accordance with, Section 3.6 of this Agreement. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 [Signature
Page to Intercreditor Agreement] 

 
			
	CREDIT PARTIES:
	
	CHINOS ACQUISITION CORPORATION (which on the Closing Date shall be merged with and into J. Crew Group, Inc., with J. Crew Group, Inc. surviving such merger as the
Borrower),
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 [Signature
Page to Intercreditor Agreement] 

 
			
	The undersigned hereby confirms that, as a result of its merger with Chinos Acquisition Corporation, it hereby assumes all of the rights and obligations of Chinos
Acquisition Corporation under this Agreement (in furtherance of, and not in lieu of, any assumption or deemed assumption as a matter of law) and hereby is joined to this Agreement as the Borrower hereunder.
	
	J. CREW GROUP, INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 [Signature
Page to Intercreditor Agreement] 

 
			
	 GUARANTORS:
 CHINOS INTERMEDIATE HOLDINGS B, INC.
 J. CREW OPERATING CORP.

J. CREW INC.
 J. CREW INTERNATIONAL,
INC.
 GRACE HOLMES, INC.

H. F. D. NO. 55, INC.
 MADEWELL
INC.
 J. CREW VIRGINIA, INC.

		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 [Signature
Page to Intercreditor Agreement] 

 EXHIBIT I-1 
 FORM OF NON-BANK CERTIFICATE 
 (For Foreign Lenders That Are Not
Partnerships or Pass-Thru Entities For U.S. Federal 
 Income Tax Purposes) 

Reference is made to that certain Credit Agreement, dated as of March 7, 2011 (as amended, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among Chinos Acquisition Corporation, a Delaware corporation (which on the Closing Date shall be merged with and into J. Crew Group, Inc., a Delaware corporation (the
“Company”), with the Company surviving such merger as the Borrower (the “Borrower”)), Chinos Intermediate Holdings B, Inc., a Delaware corporation, the Lenders from time to time party thereto, and Bank of America,
N.A., as Administrative Agent and Collateral Agent. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.
                             (the “Foreign Lender”) is providing this certificate
pursuant to Section 3.01(b) of the Credit Agreement. 
 The Foreign Lender hereby represents and warrants that: 

1. The Foreign Lender is the sole record and beneficial owner of the Loans (as well as any notes evidencing such loans) in respect of
which it is providing this certificate. 
 2. The Foreign Lender is not a “bank” for purposes of
Section 881(c)(3)(A) of the Internal Revenue Code of 1986, as amended (the “Code”). In this regard, the Foreign Lender further represents and warrants that: 

 

	 	(a)	the Foreign Lender is not subject to regulatory or other legal requirements as a bank in any jurisdiction; and 

 

	 	(b)	the Foreign Lender has not been treated as a bank for purposes of any tax, securities law or other filing or submission made to any Governmental Authority, any
application made to a rating agency or qualification for any exemption from tax, securities law or other legal requirements. 

 3. The Foreign Lender is not a 10-percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code. 
 4. The Foreign Lender is not a controlled foreign corporation within the meaning of Section 881(c)(3)(C) of the Code related to the Borrower within the meaning of Section 864(d) of the Code.

 [Signature Page Follows] 

  

					
		  	I-1	  	Form of Non-Bank Certificate

 IN WITNESS WHEREOF, the undersigned has duly executed this certificate on the
             day of                     ,
20    . 
  

					
	[NAME OF FOREIGN LENDER]
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  

					
		  	I-2	  	Form of Non-Bank Certificate

 EXHIBIT I-2 
 FORM OF NON-BANK CERTIFICATE 
 (For Foreign Lenders That Are Partnerships
or Pass-Thru Entities For U.S. Federal 
 Income Tax Purposes) 

Reference is made to that certain Credit Agreement, dated as of March 7, 2011 (as amended, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among Chinos Acquisition Corporation, a Delaware corporation (which on the Closing Date shall be merged with and into J. Crew Group, Inc., a Delaware corporation (the
“Company”), with the Company surviving such merger as the Borrower (the “Borrower”)), Chinos Intermediate Holdings B, Inc., a Delaware corporation, the Lenders from time to time party thereto, and Bank of America,
N.A., as Administrative Agent and Collateral Agent. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.
                             (the “Foreign Lender”) is providing this certificate
pursuant to Section 3.01(b) of the Credit Agreement. 
 The Foreign Lender hereby represents and warrants that: 

1. The Foreign Lender is the sole record owner of the Loans (as well as any notes evidencing such Loans) in respect of which it is
providing this certificate. 
 2. The Foreign Lender’s partners/members are the sole beneficial owners of the Loans (as
well as any notes evidencing such Loans). 
 3. Neither the Foreign Lender nor any of its partners/members is a “bank”
for purposes of Section 881(c)(3)(A) of the Internal Revenue Code of 1986, as amended (the “Code”). In this regard, the Foreign Lender further represents and warrants that: 

 

	 	(a)	neither the Foreign Lender nor any of its partners/members is subject to regulatory or other legal requirements as a bank in any jurisdiction; and

  

	 	(b)	neither the Foreign Lender nor any of its partners/members has been treated as a bank for purposes of any tax, securities law or other filing or submission made to any
Governmental Authority, any application made to a rating agency or qualification for any exemption from tax, securities law or other legal requirements. 

 4. None of the Foreign Lender’s partners/members is a 10-percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code. 

5. None of the Foreign Lender’s partners/members is a controlled foreign corporation within the meaning of Section 881(c)(3)(C)
of the Code related to the Borrower within the meaning of Section 864(d) of the Code. 

  

					
		  	I-3	  	Form of Non-Bank Certificate

 [Signature Page Follows] 

  

					
		  	I-4	  	Form of Non-Bank Certificate

 IN WITNESS WHEREOF, the undersigned has duly executed this certificate on the
             day of                         ,
20    . 
  

					
	[NAME OF FOREIGN LENDER]
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  

					
		  	I-5	  	Form of Non-Bank Certificate

 EXHIBIT I-3 
 FORM OF NON-BANK CERTIFICATE 
 (For Foreign Participants That Are Not
Partnerships or Pass-Thru Entities For U.S. 
 Federal Income Tax Purposes) 

Reference is made to that certain Credit Agreement, dated as of March 7, 2011 (as amended, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among Chinos Acquisition Corporation, a Delaware corporation (which on the Closing Date shall be merged with and into J. Crew Group, Inc., a Delaware corporation (the
“Company”), with the Company surviving such merger as the Borrower (the “Borrower”)), Chinos Intermediate Holdings B, Inc., a Delaware corporation, the Lenders from time to time party thereto, and Bank of America,
N.A., as Administrative Agent and Collateral Agent. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.
                         (the “Foreign Participant”) is providing this certificate pursuant to
Section 3.01(b) and Section 10.07(d) of the Credit Agreement. 
 The Foreign Participant hereby represents and
warrants that: 
 1. The Foreign Participant is the sole record and beneficial owner of the participation in respect of which it
is providing this certificate. 
 2. The Foreign Participant is not a “bank” for purposes of Section 881(c)(3)(A)
of the Internal Revenue Code of 1986, as amended (the “Code”). In this regard, the Foreign Participant further represents and warrants that: 
  

	 	(a)	the Foreign Participant is not subject to regulatory or other legal requirements as a bank in any jurisdiction; and 

 

	 	(b)	the Foreign Participant has not been treated as a bank for purposes of any tax, securities law or other filing or submission made to any Governmental Authority, any
application made to a rating agency or qualification for any exemption from tax, securities law or other legal requirements. 

 3. The Foreign Participant is not a 10-percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code. 

4. The Foreign Participant is not a controlled foreign corporation within the meaning of Section 881(c)(3)(C) of the Code related to
the Borrower within the meaning of Section 864(d) of the Code. 
 [Signature Page Follows] 

  

					
		  	I-6	  	Form of Non-Bank Certificate

 IN WITNESS WHEREOF, the undersigned has duly executed this certificate on the
             day of                     ,
20    . 
  

					
	[NAME OF FOREIGN PARTICIPANT]
		
	By: 	 	 
		 	Name:	 	
		 	Title:	 	

  

					
		  	I-7	  	Form of Non-Bank Certificate

 EXHIBIT I-4 
 FORM OF NON-BANK CERTIFICATE 
 (For Foreign Participants That Are
Partnerships or Pass-Thru Entities For U.S. Federal 
 Income Tax Purposes) 

Reference is made to that certain Credit Agreement, dated as of March 7, 2011 (as amended, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among Chinos Acquisition Corporation, a Delaware corporation (which on the Closing Date shall be merged with and into J. Crew Group, Inc., a Delaware corporation (the
“Company”), with the Company surviving such merger as the Borrower (the “Borrower”)), Chinos Intermediate Holdings B, Inc., a Delaware corporation, the Lenders from time to time party thereto, and Bank of America,
N.A., as Administrative Agent and Collateral Agent. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.
                     (the “Foreign Participant”) is providing this certificate pursuant to Section 3.01(b) and
Section 10.07(d) of the Credit Agreement. 
 The Foreign Participant hereby represents and warrants that: 

1. The Foreign Participant is the sole record owner of the participation in respect of which it is providing this certificate.

 2. The Foreign Participant’s partners/members are the sole beneficial owners of the participation. 

3. Neither the Foreign Participant nor any of its partners/members is a “bank” for purposes of Section 881(c)(3)(A) of the
Internal Revenue Code of 1986, as amended (the “Code”). In this regard, the Foreign Participant further represents and warrants that: 
  

	 	(a)	neither the Foreign Participant nor any of its partners/members is subject to regulatory or other legal requirements as a bank in any jurisdiction; and

  

	 	(b)	neither the Foreign Participant nor any of its partners/members has been treated as a bank for purposes of any tax, securities law or other filing or submission made to
any Governmental Authority, any application made to a rating agency or qualification for any exemption from tax, securities law or other legal requirements. 

 4. None of the Foreign Participant’s partners/members is a 10-percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code. 

5. None of the Foreign Participant’s partners/members is a controlled foreign corporation within the meaning of
Section 881(c)(3)(C) of the Code related to the Borrower within the meaning of Section 864(d) of the Code. 

[Signature Page Follows] 

  

					
		  	I-8	  	Form of Non-Bank Certificate

 IN WITNESS WHEREOF, the undersigned has duly executed this certificate on the
             day of                     ,
20    . 
  

					
	[NAME OF FOREIGN PARTICIPANT]
		
	By: 	 	 
		 	Name:	 	
		 	Title:	 	

  

					
		  	I-9	  	Form of Non-Bank Certificate

 EXHIBIT J 
 FORM OF INTERCOMPANY SUBORDINATION AGREEMENT 
 [See attached] 

  

					
		  	J-1	  	Form of Intercompany Subordination Agreement

 Exhibit J 
 FORM OF INTERCOMPANY SUBORDINATION AGREEMENT 
 This INTERCOMPANY
SUBORDINATION AGREEMENT, dated as of [    ] [     ], 20[     ] (as from time to time amended, amended and restated, modified, replaced or supplemented in accordance with the terms hereof,
this “Intercompany Subordination Agreement”), is made and entered into by and among each of the undersigned, to the extent a borrower from time to time (in such capacity for the purposes of this Agreement, an
“Obligor”) from any other entity listed on the signature page (in such capacity for the purposes of this Intercompany Subordination Agreement, a “Subordinated Creditor”). 

RECITALS 
 (A)
Reference is made to (i) that Credit Agreement dated as of March 7, 2011 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Term Credit Agreement”, among Chinos Acquisition
Corporation, a Delaware corporation (“Merger Sub”) (which on the date hereof shall be merged with and into J. Crew Group, Inc., a Delaware corporation (the “Company”), with the Company surviving such
merger as the Borrower (the “Borrower”)), Chinos Intermediate Holdings B, Inc., a Delaware corporation (“Holdings”), the Lenders from time to time party thereto, and Bank of America, N.A., as
Administrative Agent and Collateral Agent (in such capacities, the “Term Agent”) and any related notes, guarantees, collateral documents, instruments and agreements executed in connection with the Term Credit Agreement, and
in each case as amended, modified, renewed, refunded, replaced, restated, restructured, increased, supplemented or refinanced in whole or in part from time to time, regardless of whether such amendment, modification, renewal, refunding, replacement,
restatement, restructuring, increase, supplement or refinancing is with the same lenders or holders, agents or otherwise and (ii) that Credit Agreement, dated as of March 7, 2011 (as amended, restated, extended, supplemented or otherwise
modified in writing from time to time, the “ABL Credit Agreement” and, together with the Term Credit Agreement, the “Credit Agreements”) among Merger Sub (which on the date hereof shall be merged with
and into the Company, with the Company surviving such merger as the Borrower), Holdings, the Lenders and Issuers from time to time party thereto and Bank of America, N.A, as Administrative Agent and Collateral Agent thereunder (in such capacities,
the “ABL Agent” and, together with the Term Agent, the “Agents”) and any related notes, guarantees, collateral documents, instruments and agreements executed in connection with the ABL Credit
Agreement, and in each case as amended, modified, renewed, refunded, replaced, restated, restructured, increased, supplemented or refinanced in whole or in part from time to time, regardless of whether such amendment, modification, renewal,
refunding, replacement, restatement, restructuring, increase, supplement or refinancing is with the same lenders or holders, agents or otherwise. Capitalized terms used but not otherwise defined herein shall have the respective meanings assigned to
them in each Credit Agreement, as applicable. 
 (B) All Indebtedness of each Obligor that is a Loan Party to each Subordinated
Creditor that is not a Loan Party now or hereafter existing (whether created directly or acquired by assignment or otherwise), and all interest, premiums, costs, expenses or indemnification 

  
 Form of J. Crew
Intercompany Subordination Agreement 

 
amounts thereon or payable in respect thereof or in connection therewith, are hereinafter referred to as the “Subordinated Debt”. Indebtedness owed by any Obligor that is
not a Loan Party shall not be subordinated to, and shall rank pari passu in right of payment with, any other obligation of such Obligor. 
 (C) This Intercompany Subordination Agreement is entered into pursuant to Sections 7.03(b)(ii) and 7.03(d) of the Term Credit Agreement and Sections 9.3(b)(ii) and 9.3(d) of the ABL Credit Agreement and
delivered in connection therewith. 
 SECTION 1. Subordination. 

(a) Each Subordinated Creditor and each Obligor agrees that the Subordinated Debt is and shall be subordinate, to the extent and in the
manner hereinafter set forth, to the prior payment in full in cash of (i) all Obligations of any such Obligor now or hereafter existing under the Term Credit Agreement and the other Loan Documents, including, without limitation, where
applicable, such Obligor’s guarantee thereof (the “Term Loan Obligations”), (ii) all Secured Obligations of any such Obligor now or hereafter existing under the ABL Credit Agreement and the other Loan Documents (as
defined in the ABL Credit Agreement), including, without limitation, where applicable, such Obligor’s guarantee thereof (the “ABL Obligations”) and (iii) all obligations of such Obligor or any guarantee thereof
under the Senior Notes (the “Notes Obligations”) (the foregoing, collectively, the “Senior Indebtedness”). 
 (b) For the purposes of this Intercompany Subordination Agreement, (A) the Term Loan Obligations shall not be deemed to have been paid in full until the latest of: (i) the payment in full in
cash of the Term Loan Obligations and all other amounts (other than contingent indemnification obligations as to which no claim has been asserted and obligations and liabilities under Secured Hedge Agreements and Cash Management Obligations as to
which arrangements satisfactory to the applicable Hedge Bank or Cash Management Bank shall have been made) payable under the Credit Agreement and the other Loan Documents and (ii) the Maturity Date; (B) the ABL Obligations shall not be
deemed to have been paid in full until the latest of: (i) the payment in full in cash of the ABL Obligations and all other amounts (other than (x) contingent indemnification obligations as to which no claim has been asserted,
(y) obligations and liabilities under Secured Hedge Agreements and Cash Management Obligations as to which arrangements satisfactory to the applicable Hedge Bank or Cash Management Bank shall have been made and (z) Letter of Credit
Obligations which have been Cash Collateralized or back-stopped by a latter of credit as provided for in the ABL Credit Agreement) payable under the ABL Credit Agreement and the other Loan Documents and (ii) the Scheduled Termination Date (as
defined in the ABL Credit Agreement) and (C) the Notes Obligations shall not be deemed to have been paid in full until the latest of: (i) the payment in full of the Notes Obligations and all other amounts (other than contingent
indemnification obligations as to which no claim has been asserted) payable under the Senior Notes Indenture and (ii) the scheduled maturity date of the Senior Notes. 
 (c) A Subordinated Creditor shall automatically be released from its obligations hereunder upon the consummation of any transaction permitted by the Credit Agreements as a result of which such
Subordinated Creditor ceases to be a Subsidiary of the Borrower. 

  

					
		 	2	  	
		 		  	Form of J. Crew Intercompany Subordination Agreement

 SECTION 2. Events of Subordination. 

(a) In the event of any dissolution, winding up, liquidation, arrangement, reorganization, adjustment, protection, relief or composition
of any Obligor or its debts, whether voluntary or involuntary, in any bankruptcy, insolvency, arrangement, reorganization, receivership, relief or other similar case or proceeding under any Debtor Relief Law or upon an assignment for the benefit of
creditors or any other marshalling of the assets and liabilities of any Obligor or otherwise, the holders of Secured Indebtedness shall be entitled to receive payment in full of the Obligations before any Subordinated Creditor is entitled to receive
any payment of all or any of the Subordinated Debt, and any payment or distribution of any kind (whether in cash, property or securities, but other than (A) equity securities or (B) debt securities of such Obligor that are subordinated, to
at least the same extent as the Subordinated Debt hereunder, to the payment of all Senior Indebtedness then outstanding) that otherwise would be payable or deliverable upon or with respect to the Subordinated Debt in any such case, proceeding,
assignment, marshalling or otherwise (including any payment that may be payable by reason of any other indebtedness of such Obligor being subordinated to payment of the Subordinated Debt) shall be paid or delivered directly to the Agents for the
account of the holders of Secured Indebtedness for application (in the case of cash) to, or as collateral (in the case of non-cash property or securities) for, the payment or prepayment of the Senior Indebtedness until the Obligations shall have
been paid in full in cash. 
 (b) If any Event of Default has occurred and is continuing under either Section 8.01(a) or
8.01(f) Term Credit Agreement or Section 10.1(a) or 10.1(f) of the ABL Credit Agreement and after notice from the applicable Agent (provided that no such notice shall be required to be given in the case of any Event of Default arising under
Section 8.01(f) of the Term Credit Agreement or Section 10.01(f) of the ABL Credit Agreement), then no payment (including any payment that may be payable by reason of any other Indebtedness of any Obligor being subordinated to payment of
the Subordinated Debt) or distribution of any kind or character shall be made by or on behalf of any Obligor for or on account of any Subordinated Debt, and no Subordinated Creditor shall take or receive from any Obligor, directly or indirectly, in
cash or other property or by set-off or in any other manner, including, without limitation, from or by way of collateral, payment of all or any of the Subordinated Debt, unless and that is a Loan Party owed to any Subordinated Creditor that is not a
Loan Party until (x) the Senior Indebtedness shall have been paid in full in cash or (y) such Event of Default shall have been cured or waived, unless otherwise agreed in writing by the Term Agent or the ABL Agent (as applicable) in its
reasonable discretion. 
 (c) In the event that any Event of Default (other than an Event of Default described in
Section 8.01(a) of the Credit Agreement) shall have occurred and be continuing and any Agent gives written notice thereof to each Subordinated Creditor, then no payment (including any payment that may be payable by reason of any other
indebtedness of any Obligor being subordinated to payment of the Subordinated Debt) shall be made by or on behalf of any Obligor for or on account of any Subordinated Debt, and no Subordinated Creditor shall take or receive from any Obligor,
directly or indirectly, in cash or other property or by set-off or in any other manner, including, without limitation, from or by way of collateral, payment of all or any of the Subordinated Debt, unless and until (x) the Obligations shall have
been paid in full or (y) such Event of Default shall have been cured or waived. 

  

					
		 	3	  	Form of J. Crew Intercompany Subordination Agreement
		 		  	

 (d) Except as otherwise set forth in Sections 2(a) through (c) above, any Obligor is
permitted to pay, and any Subordinated Creditor is entitled to receive, any payment or prepayment of principal and interest on the Subordinated Debt. 
 SECTION 3. In Furtherance of Subordination. Each Subordinated Creditor agrees as follows: 
 (a) If any proceeding referred to in Section 2(a) above is commenced by or against any Obligor, 
 (i) each Agent is hereby irrevocably authorized and empowered (in its own name or in the name of each Subordinated Creditor or otherwise), but shall have no obligation, to demand, sue for, collect and
receive every payment or distribution referred to in Section 2(a) and give acquittance therefor and to file claims and proofs of claim and take such other action (including, without limitation, voting the Subordinated Debt or enforcing any
security interest or other lien securing payment of the Subordinated Debt) as it may deem necessary or advisable for the exercise or enforcement of any of the rights or interests of the Agents or the Lenders hereunder; and 

(ii) each Subordinated Creditor shall duly and promptly take such action as Agent may reasonably request (A) to
collect the Subordinated Debt for the account of the Lenders and to file appropriate claims or proofs or claim in respect of the Subordinated Debt, (B) to execute and deliver to the Agents such powers of attorney, assignments, or other
instruments as the Agent may request in order to enable the Agents to enforce any and all claims with respect to, and any security interests and other liens securing payment of, the Subordinated Debt, and (C) to collect and receive any and all
payments or distributions which may be payable or deliverable upon or with respect to the Subordinated Debt. 
 (b) All payments
or distributions upon or with respect to the Subordinated Debt which are received by each Subordinated Creditor contrary to the provisions of this Intercompany Subordination Agreement shall be received in trust for the benefit of the Lenders, shall
be segregated from other funds and property held by such Subordinated Creditor and shall be forthwith paid over to the Agents for the account of the Lenders in the same form as so received (with any necessary indorsement) to be applied (in the case
of cash) to, or held as collateral (in the case of non-cash property or securities) for, the payment or prepayment of the Obligations or the Senior Obligations, as applicable in accordance with the terms of the applicable Credit Agreement.

  

					
		 	4	  	
		 		  	Form of J. Crew Intercompany Subordination Agreement

 (c) Each Agent is hereby authorized to demand specific performance of this Intercompany
Subordination Agreement, whether or not such Obligor shall have complied with any of the provisions hereof applicable to it, at any time when such Subordinated Creditor shall have failed to comply with any of the provisions of this Intercompany
Subordination Agreement applicable to it. Each Subordinated Creditor hereby irrevocably waives any defense based on the adequacy of a remedy at law, which might be asserted as a bar to such remedy of specific performance. 

SECTION 4. Rights of Subrogation. Each Subordinated Creditor agrees that no payment or distribution to the Agents or the Lenders
pursuant to the provisions of this Intercompany Subordination Agreement shall entitle such Subordinated Creditor to exercise any right of subrogation in respect thereof until the Senior Indebtedness shall have been paid in full in cash (other than
(x) contingent indemnification obligations as to which no claim has been asserted, (y) obligations and liabilities under Secured Hedge Agreements and Cash Management Obligations as to which arrangements satisfactory to the applicable Hedge
Bank or Cash Management Bank shall have been made and (z) Letter of Credit Obligations which have been Cash Collateralized or back-stopped by a letter of credit as provided for in the ABL Credit Agreement). 

SECTION 5. Further Assurances. Each Subordinated Creditor and each Obligor will, at its expense and at any time and from time to
time, promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary, or that the Agents may reasonably request in writing, in order to protect any right or interest granted or purported to be
granted hereby or to enable the Agents or any Lender to exercise and enforce its rights and remedies hereunder. 
 SECTION 6.
Agreements in Respect of Subordinated Debt. No Subordinated Creditor will except as permitted under the applicable Credit Agreement: 
  

	 	(i)	sell, assign, pledge, encumber or otherwise dispose of any of the Subordinated Debt unless such sale, assignment, pledge, encumbrance or disposition is made expressly
subject to this Intercompany Subordination Agreement; or 

  

	 	(ii)	permit the terms of any of the Subordinated Debt to be changed in such a manner as to have a material adverse effect upon the rights or interests of the Agents or any
Lender hereunder. 

 SECTION 7. Agreement by the Obligors. Each Obligor agrees that it will not make any
payment of any of the Subordinated Debt, or take any other action, in each case if such payment or other action would be in contravention of the provisions of this Intercompany Subordination Agreement. 

  

					
		 	5	  	
		 		  	Form of J. Crew Intercompany Subordination Agreement

 SECTION 8. Obligations Hereunder Not Affected. All rights and interests of the Agents
and the Lenders hereunder, and all agreements and obligations of each Subordinated Creditor and each Obligor under this Intercompany Subordination Agreement, shall remain in full force and effect irrespective of: 

 

	 	(i)	any amendment, extension, renewal, compromise, discharge, acceleration or other change in the time for payment or the terms of the Senior Indebtedness or any part
thereof; 

  

	 	(ii)	any taking, holding, exchange, enforcement, waiver, release, failure to perfect, sell or otherwise dispose of any security for payment of the Guaranty or any Senior
Indebtedness; 

  

	 	(iii)	the application of security and directing the order or manner of sale thereof as the Agents and the Lenders in their sole discretion may determine;

  

	 	(iv)	the release or substitution of one or more of any endorsers or other guarantors of any of the Senior Indebtedness; 

 

	 	(v)	the taking of, or failure to take any action which might in any manner or to any extent vary the risks of any Guarantor or which, but for this Section 8, might
operate as a discharge of such Guarantor; 

  

	 	(vi)	any defense arising by reason of any disability, change in corporate existence or structure or other defense of any Obligor, any other Guarantor or a Subordinated
Creditor, the cessation from any cause whatsoever (including any act or omission of any Secured Party) of the liability of such Obligor, any other Guarantor or a Subordinated Creditor; 

 

	 	(vii)	any defense based on any claim that such Guarantor’s or Subordinated Creditor’s obligations exceed or are more burdensome than those of any Obligor, any other
Guarantor or any other subordinated creditor, as applicable; 

  

	 	(viii)	the benefit of any statute of limitations affecting such Guarantor’s or Subordinated Creditor’s liability hereunder; 

 

	 	(ix)	any right to proceed against any Obligor, proceed against or exhaust any security for the Obligations, or pursue any other remedy in the power of any Secured Party,
whatsoever; 

  

	 	(x)	any benefit of and any right to participate in any security now or hereafter held by any Secured Party, and 

  

					
		 	6	  	
		 		  	Form of J. Crew Intercompany Subordination Agreement

	 	(xi)	to the fullest extent permitted by law, any and all other defenses or benefits that may be derived from or afforded by applicable law limiting the liability of or
exonerating guarantors or sureties. 

 This Intercompany Subordination Agreement shall continue to be effective or be reinstated,
as the case may be, if at any time any payment of any of the Senior Indebtedness is rescinded or must otherwise be returned by any Agent or any Lender upon the insolvency, bankruptcy or reorganization of any Obligor or otherwise, all as though such
payment had not been made. 
 SECTION 9. Waiver. Each Subordinated Creditor and each Obligor hereby waives promptness,
diligence, notice of acceptance and any other notice with respect to any of the Obligations and this Intercompany Subordination Agreement and any requirement that Agent or any Lender protect, secure, perfect or insure any security interest or lien
or any property subject thereto or exhaust any right or take any action against any Obligor or any other person or entity or any collateral. 
 SECTION 10. Amendments, Etc. 
 No amendment or waiver of any provision of
this Intercompany Subordination Agreement, and no consent to any departure by any Subordinated Creditor or any Obligor herefrom, shall in any event be effective unless the same shall be in writing and signed by the Agents, such Obligor and each
Subordinated Creditor, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 
 SECTION 10. Expenses. 
 This Intercompany Subordination Agreement is
entitled to the benefits of Section 12.3 of the ABL Credit Agreement and Section 10.04 of the Term Credit Agreement. 

SECTION 11. Addresses for Notices. All communications and notices hereunder shall (except as otherwise expressly permitted herein)
be in writing and given as provided in Section 10.08 of the Term Credit Agreement or Section 12.8 of the ABL Credit Agreement, as applicable. All communications and notice hereunder to an Obligor other than the Borrower shall be given in
care of the Borrower. 
 SECTION 12. No Waiver; Remedies. No failure on the part of the Agents or any Lender to exercise,
and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein
provided are cumulative and not exclusive of any remedies provided by law. 

  

					
		 	7	  	
		 		  	Form of J. Crew Intercompany Subordination Agreement

 SECTION 13. Joinder. Upon execution and delivery after the date hereof by any
Restricted Subsidiary of a joinder agreement in substantially the form of Exhibit A hereto, each such party shall become an Obligor and/or a Subordinated Creditor, as applicable, hereunder with the same force and effect as if originally named
as an Obligor or a Subordinated Creditor, as applicable, hereunder. The rights and obligations of each Obligor and each Subordinated Creditor hereunder shall remain in full force and effect notwithstanding the addition of any new Obligor or
Subordinated Creditor as a party to this Intercompany Subordination Agreement. 
 SECTION 14. Governing Law; Jurisdiction;
Etc. (a) THIS INTERCOMPANY SUBORDINATION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 (b) EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN THE STATE, COUNTY AND CITY OF
NEW YORK IN THE BOROUGH OF MANHATTAN AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INTERCOMPANY SUBORDINATION
AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT
OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE 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 INTERCOMPANY SUBORDINATION AGREEMENT SHALL AFFECT ANY RIGHT THAT THE AGENTS, ANY LENDER OR ANY L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS
INTERCOMPANY SUBORDINATION AGREEMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
 (c) EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS INTERCOMPANY SUBORDINATION AGREEMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 

  

					
		 	8	  	
		 		  	Form of J. Crew Intercompany Subordination Agreement

 (d) EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR
NOTICES IN SECTION 11 OF THIS INTERCOMPANY SUBORDINATION AGREEMENT. NOTHING IN THIS INTERCOMPANY SUBORDINATION AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

(e) EACH PARTY TO THIS INTERCOMPANY SUBORDINATION AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION ARISING UNDER THIS INTERCOMPANY SUBORDINATION AGREEMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS INTERCOMPANY SUBORDINATION AGREEMENT,
OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL
BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 14(E) WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT
TO TRIAL BY JURY. 
 [Remainder of page left intentionally blank] 

  

					
		 	9	  	
		 		  	Form of J. Crew Intercompany Subordination Agreement

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

			
	J. CREW GROUP, INC.
		
	By:	 	 
		 	Name:
		 	Title:

  
 [Signature
Page to Intercompany Subordination Agreement] 

 
			
	[OBLIGORS]
		
	By:	 	 
		 	Name:
		 	Title:

  
 [Signature
Page to Intercompany Subordination Agreement] 

 
			
	[SUBORDINATED CREDITORS]
		
	By:	 	 
		 	Name:
		 	Title:

  
 [Signature
Page to Intercompany Subordination Agreement] 

			
	Agreed and acknowledged as of the date
	Above written:
	
	BANK OF AMERICA, N.A., as Term Agent
		
	By	 	 
		 	Name:
		 	Title:
	
	BANK OF AMERICA, N.A., as ABL Agent
		
	By	 	 
		 	Name:
		 	Title:

  
 [Signature
Page to Intercompany Subordination Agreement] 

 Exhibit A to the Intercompany Subordination Agreement 

FORM OF JOINDER AGREEMENT 
 This JOINDER AGREEMENT, dated as of                     , 201    
(this “Joinder”), is delivered pursuant to the Intercompany Subordination Agreement, dated as of March 7, 2011 (as the same may from time to time be amended, restated, supplemented or otherwise modified, the
“Intercompany Subordination Agreement”) among J. Crew Group, Inc., a Delaware corporation (the “Borrower”), the Subordinated Creditors and Obligors from time to time party thereto, and Bank of America,
N.A., as Administrative Agent under the Term Credit Agreement and the ABL Credit Agreement. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Intercompany Subordination Agreement. 

1. Joinder in the Intercompany Subordination. The undersigned hereby agrees that on and after the date hereof, it shall be [an
“Obligor”] [and] [a “Subordinated Creditor”] under and as defined in the Intercompany Subordination Agreement, hereby assumes and agrees to perform all of the obligations of [an Obligor] [and] [a
Subordinated Creditor] thereunder and agrees that it shall comply with and be fully bound by the terms of the Intercompany Subordination Agreement as if it had been a signatory thereto as of the date thereof; provided that the representations and
warranties made by the undersigned thereunder shall be deemed true and correct as of the date of this Joinder. 
 2.
Unconditional Joinder. The undersigned acknowledges that the undersigned’s obligations as a party to this Joinder are unconditional and are not subject to the execution of one or more Joinders by other parties. The undersigned further
agrees that it has joined and is fully obligated as [an Obligor] [and] [a Subordinated Creditor] under the Intercompany Subordination Agreement. 
 3. Incorporation by Reference. All terms and conditions of the Intercompany Subordination Agreement are hereby incorporated by reference in this Joinder as if set forth in full. 

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Joinder as of the day and year first above written. 

 

			
	[                           
                                         
                ]
		
	By:	 	 
		 	Name:
		 	Title:

  
 Exhibit A

 Form of J. Crew Intercompany Subordination Agreement 

 EXHIBIT K 
 FORM OF SOLVENCY CERTIFICATE 
 of 

J. CREW GROUP, INC. 
 AND ITS SUBSIDIARIES 
 March 7, 2011 

Pursuant to (i) that certain Credit Agreement, dated as of the date hereof (the “Term Credit Agreement”), among
Chinos Acquisition Corporation, a Delaware corporation (“Merger Sub”) (which on the date hereof shall be merged with and into J. Crew Group, Inc., a Delaware corporation (the “Company”), with the Company surviving
such merger as the Borrower (the “Borrower”)), Chinos Intermediate Holdings B, Inc., a Delaware corporation (“Holdings”), the Lenders from time to time party thereto and Bank of America, N.A., as Administrative
Agent and Collateral Agent thereunder and (ii) that certain Credit Agreement, dated as of the date hereof (the “ABL Credit Agreement” and, together with the Term Credit Agreement, the “Credit Agreements”),
among Merger Sub (which on the date hereof shall be merged with and into the Company, with the Company surviving such merger as the Borrower), Holdings, the Lenders and Issuers from time to time party thereto and Bank of America, N.A., as
Administrative Agent and Collateral Agent thereunder, the undersigned hereby certifies, solely in such undersigned’s capacity as chief financial officer of the Company, and not individually, as follows: 

As of the date hereof, after giving effect to the consummation of the Transaction, including the making of the Loans under the Credit
Agreements on the date hereof, and after giving effect to the application of the proceeds of such Loans: 
  

	 	a.	The fair value of the assets of the Company and its subsidiaries, on a consolidated basis, exceeds, on a consolidated basis, their debts and liabilities, subordinated,
contingent or otherwise; 

  

	 	b.	The present fair saleable value of the property of the Company and its subsidiaries, on a consolidated basis, is greater than the amount that will be required to pay
the probable liability, on a consolidated basis, of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; 

 

	 	c.	The Company and its subsidiaries, on a consolidated basis, are able to pay their debts and liabilities, subordinated, contingent or otherwise, as such liabilities
become absolute and matured; and 

  

	 	d.	The Company and its subsidiaries, on a consolidated basis, are not engaged in, and are not about to engage in, business for which they have unreasonably small capital.

  

					
		  	K-1	  	Form of Solvency Certificate

 For purposes of this Certificate, the amount of any contingent liability at any time shall
be computed as the amount that would reasonably be expected to become an actual and matured liability. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the respective Credit Agreements. 

The undersigned is familiar with the business and financial position of the Company and its subsidiaries. In reaching the conclusions set
forth in this Certificate, the undersigned has made such other investigations and inquiries as the undersigned has deemed appropriate, having taken into account the nature of the particular business anticipated to be conducted by the Company and its
subsidiaries after consummation of the Transaction. 
 [Signature Page Follows] 

  

					
		  	K-2	  	Form of Solvency Certificate

 IN WITNESS WHEREOF, the undersigned has executed this Certificate in such undersigned’s
capacity as chief financial officer of the Company, on behalf of the Company, and not individually, as of the date first stated above. 
  

					
	J. CREW GROUP, INC.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	Chief Financial Officer

  

					
		  	K-3	  	Form of Solvency Certificate

 EXHIBIT L 
 FORM OF DISCOUNT RANGE PREPAYMENT NOTICE 
 Date:
                    , 20     
 To: [Bank of America, N.A.], as Auction Agent 
 Ladies and Gentlemen: 

This Discount Range Prepayment Notice is delivered to you pursuant to Section 2.03(a)(iv)(C) of that certain Credit Agreement, dated
as of March 7, 2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), among Chinos Acquisition Corporation, a Delaware corporation (which on the Closing
Date shall be merged with and into J. Crew Group, Inc., a Delaware corporation (the “Company”), with the Company surviving such merger as the Borrower (the “Borrower”)), Chinos Intermediate Holdings B, Inc., a
Delaware corporation, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent and Collateral Agent. Capitalized terms used herein and not otherwise defined herein shall have the meaning ascribed to such terms
in the Credit Agreement. 
 Pursuant to Section 2.03(a)(iv)(C) of the Credit Agreement, the Company
Party hereby requests that [each Lender] [each Lender of the [•, 20•]1 tranche[s] of the [    ]2 Class of Loans] submit a Discount Range Prepayment Offer. Any Discounted Loan Prepayment made in connection with this solicitation shall be subject to the following terms: 

1. This Borrower Solicitation of Discount Range Prepayment Offers is extended at the sole discretion
of the Company Party to [each Lender] [each Lender of the [•, 20•]3 tranche[s] of the [    ]4 Class of Loans]. 
 2. The maximum aggregate
principal amount of the Discounted Loan Prepayment that will be made in connection with this solicitation is [$[•] of Loans] [$[•] of the [•, 20•]5 tranche[(s)] of the [    ]6 Class of Loans] (the “Discount Range Prepayment Amount”).7 

 

	1	 List multiple tranches if applicable. 

	2	 List applicable Class(es) of Loans (e.g., Initial Loans, Incremental Loans, Other Loans or Extended Loans). 

	3	 List multiple tranches if applicable. 

	4	 List applicable Class(es) of Loans (e.g., Initial Loans, Incremental Loans, Other Loans or Extended Loans). 

	5	 List multiple tranches if applicable. 

	6	 List applicable Class(es) of Loans (e.g., Initial Loans, Incremental Loans, Other Loans or Extended Loans). 

	7	 Minimum of $10.0 million and whole increments of $1.0 million. 

  

					
		  	L-1	  	Form of Discount Range Prepayment Notice

 3. The Company Party is willing to make Discount Loan
Prepayments at a percentage discount to par value greater than or equal to [[•]% but less than or equal to [•]% in respect of the Loans] [[•]% but less than or equal to [•]% in respect of the [•, 20•]8 tranche[(s)] of the [    ]9 Class of Loans] (the “Discount Range”). 

To make an offer in connection with this solicitation, you are required to deliver to the Auction Agent a Discount Range Prepayment Offer
by no later than 5:00 p.m., New York time, on the date that is the third Business Day following the date of delivery of this notice pursuant to Section 2.03(a)(iv)(C) of the Credit Agreement. 

The Company Party hereby represents and warrants to the Auction Agent and [the Lenders][each Lender of the [•,
20•]10 tranche[s] of the
[    ]11 Class of Loans] as
follows: 
 1. The Company Party will not use proceeds of loans under the ABL Facilities to fund this Discounted
Loan Prepayment. 
 2. [At least ten (10) Business Days have passed since the
consummation of the most recent Discounted Loan Prepayment as a result of a prepayment made by a Company Party on the applicable Discounted Prepayment Effective Date.][At least three (3) Business Days have passed since the date the Company
Party was notified that no Lender was willing to accept any prepayment of any Loan at the Specified Discount, within the Discount Range or at any discount to par value, as applicable, or in the case of Borrower Solicitation of Discounted Prepayment
Offers, the date of any Company Party’s election not to accept any Solicited Discounted Prepayment Offers made by a Lender.]12 
 3. The Company Party does not possess material non-public information with respect to Holdings and its Subsidiaries or the securities of any of them that has not been disclosed to the Lenders generally
(other than Lenders who elect not to receive such information). 
  

	8	 List multiple tranches if applicable. 

	9	 List applicable Class(es) of Loans (e.g., Initial Loans, Incremental Loans, Other Loans or Extended Loans). 

	10	 List multiple tranches if applicable. 

	11	 List applicable Class(es) of Loans (e.g., Initial Loans, Incremental Loans, Other Loans or Extended Loans). 

	12	 Insert applicable representation. 

  

					
		  	L-2	  	Form of Discount Range Prepayment Notice

 The Company Party acknowledges that the Auction Agent and the relevant Lenders are relying
on the truth and accuracy of the foregoing representations and warranties in connection with any Discount Range Prepayment Offer made in response to this Discount Range Prepayment Notice and the acceptance of any prepayment made in connection with
this Discount Range Prepayment Notice. 
 The Company Party requests that the Auction Agent promptly notify each Lender party to
the Credit Agreement of this Discount Range Prepayment Notice. 
 [REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK] 

  

					
		  	L-3	  	Form of Discount Range Prepayment Notice

 IN WITNESS WHEREOF, the undersigned has executed this Discount Range Prepayment Notice as of
the date first above written. 
  

			
	[NAME OF APPLICABLE COMPANY PARTY]
		
	By:	 	 
		 	Name:
		 	Title:

 Enclosure: Form of Discount Range Prepayment
Offer 

  

					
		  	L-4	  	Form of Discount Range Prepayment Notice

 EXHIBIT M 
 FORM OF DISCOUNT RANGE PREPAYMENT OFFER 
 Date:
                    , 20     
 To: [Bank of America, N.A.], as Auction Agent 
 Ladies and Gentlemen: 

Reference is made to (a) that certain Credit Agreement, dated as of March 7, 2011 (as amended, restated, extended, supplemented
or otherwise modified in writing from time to time, the “Credit Agreement”), among Chinos Acquisition Corporation, a Delaware corporation (which on the Closing Date shall be merged with and into J. Crew Group, Inc., a Delaware
corporation (the “Company”), with the Company surviving such merger as the Borrower (the “Borrower”)), Chinos Intermediate Holdings B, Inc., a Delaware corporation, the Lenders from time to time party thereto, and
Bank of America, N.A., as Administrative Agent and Collateral Agent, and (b) that certain Discount Range Prepayment Notice, dated             , 20__, from the applicable Company
Party (the “Discount Range Prepayment Notice”). Capitalized terms used herein and not otherwise defined herein shall have the meaning ascribed to such terms in the Discount Range Prepayment Notice or, to the extent not defined
therein, in the Credit Agreement. 
 The undersigned Lender hereby gives you irrevocable notice, pursuant to
Section 2.03(a)(iv)(C) of the Credit Agreement, that it is hereby offering to accept a Discounted Loan Prepayment on the following terms: 

1. This Discount Range Prepayment Offer is available only for prepayment on [the Loans] [the [•,
20•]1 tranche[s] of the
[    ]2 Class of Loans] held by
the undersigned. 
 2. The maximum aggregate principal amount of the Discounted Loan Prepayment that may be made
in connection with this offer shall not exceed (the “Submitted Amount”): 
 [Loans - $[•]] 

[[•, 20•]3 tranche[s] of the [    ]4 Class of Loans - $[•]] 

 

	1	 List multiple tranches if applicable. 

	2	 List applicable Class(es) of Loans (e.g., Initial Loans, Incremental Loans, Other Loans or Extended Loans). 

	3	 List multiple tranches if applicable. 

	4	 List applicable Class(es) of Loans (e.g., Initial Loans, Incremental Loans, Other Loans or Extended Loans). 

  

					
		  	M-1	  	Form of Discount Range Prepayment Offer

 3. The percentage discount to par value at which such
Discounted Loan Prepayment may be made is [[•]% in respect of the Loans] [[•]% in respect of the [•,
20•]5 tranche[(s)] of the
[    ]6 Class of Loans] (the
“Submitted Discount”). 
 The undersigned Lender hereby expressly and irrevocably consents
and agrees to a prepayment of its [Loans] [[•, 20•]7 tranche[s] of the [    ]8 Class of Loans] indicated above pursuant to Section 2.03(a)(iv)(C) of the Credit Agreement at a price equal to the Applicable Discount and in an aggregate outstanding amount not to exceed the
Submitted Amount, as such amount may be reduced in accordance with the Discount Range Proration, if any, and as otherwise determined in accordance with and subject to the requirements of the Credit Agreement. 

[REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK] 
  

 

	5	 List multiple tranches if applicable. 

	6	 List applicable Class(es) of Loans (e.g., Initial Loans, Incremental Loans, Other Loans or Extended Loans). 

	7	 List multiple tranches if applicable. 

	8	 List applicable Class(es) of Loans (e.g., Initial Loans, Incremental Loans, Other Loans or Extended Loans). 

  

					
		  	M-2	  	Form of Discount Range Prepayment Offer

 IN WITNESS WHEREOF, the undersigned has executed this Discount Range Prepayment Offer as of
the date first above written. 
  

			
	[NAME OF LENDER]
		
	By:	 	 
		 	Name:
		 	Title:

  

					
		  	M-3	  	Form of Discount Range Prepayment Offer

 EXHIBIT N 
 FORM OF SOLICITED DISCOUNTED PREPAYMENT NOTICE 
 Date:
                    , 20     
 To: [Bank of America, N.A.], as Auction Agent 
 Ladies and Gentlemen: 

This Solicited Discounted Prepayment Notice is delivered to you pursuant to Section 2.03(a)(iv)(D) of that certain Credit Agreement,
dated as of March 7, 2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), among Chinos Acquisition Corporation, a Delaware corporation (which on the
Closing Date shall be merged with and into J. Crew Group, Inc., a Delaware corporation (the “Company”), with the Company surviving such merger as the Borrower (the “Borrower”)), Chinos Intermediate Holdings B, Inc.,
a Delaware corporation, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent and Collateral Agent. Capitalized terms used herein and not otherwise defined herein shall have the meaning ascribed to such
terms in the Credit Agreement. 
 Pursuant to Section 2.03(a)(iv)(D) of the Credit Agreement, the
Company Party hereby requests that [each Lender] [each Lender of the [•, 20•]1 tranche[s] of the [    ]2 Class of Loans] submit a Solicited Discounted Prepayment Offer. Any Discounted Loan Prepayment made in connection with this solicitation shall be subject to the following terms: 

1. This Borrower Solicitation of Discounted Prepayment Offers is extended at the sole discretion of
the Company Party to [each Lender] [each Lender of the [•, 20•]3 tranche[s] of the [    ]4 Class of Loans]. 
 2. The maximum aggregate
amount of the Discounted Loan Prepayment that will be made in connection with this solicitation is (the “Solicited Discounted Prepayment Amount”):5 
 [Loans - $[•]] 
 [[•,
20•]6 tranche[s] of the
[    ]7 Class of Loans -
$[•]] 
  

	1	 List multiple tranches if applicable. 

	2	 List applicable Class(es) of Loans (e.g., Initial Loans, Incremental Loans, Other Loans or Extended Loans). 

	3	 List multiple tranches if applicable. 

	4	 List applicable Class(es) of Loans (e.g., Initial Loans, Incremental Loans, Other Loans or Extended Loans). 

	5	 Minimum of $10.0 million and whole increments of $1.0 million. 

	6	 List multiple tranches if applicable. 

	7	 List applicable Class(es) of Loans (e.g., Initial Loans, Incremental Loans, Other Loans or Extended Loans). 

  

					
		  	N-1	  	Form of Solicited Discounted Prepayment Notice

 To make an offer in connection with this solicitation, you are required to deliver to the
Auction Agent a Solicited Discounted Prepayment Offer by no later than 5:00 p.m., New York time on the date that is the third Business Day following delivery of this notice pursuant to Section 2.03(a)(iv)(D) of the Credit Agreement.

 The Company Party requests that the Auction Agent promptly notify each Lender party to the Credit Agreement of this Solicited
Discounted Prepayment Notice. 
 [REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK] 

  

					
		  	N-2	  	Form of Solicited Discounted Prepayment Notice

 IN WITNESS WHEREOF, the undersigned has executed this Solicited Discounted Prepayment Notice
as of the date first above written. 
  

			
	[NAME OF APPLICABLE COMPANY PARTY]
		
	By:	 	 
		 	Name:
		 	Title:

 Enclosure: Form of Solicited Discounted
Prepayment Offer 

  

					
		  	N-3	  	Form of Solicited Discounted Prepayment Notice

 EXHIBIT O 
 FORM OF ACCEPTANCE AND PREPAYMENT NOTICE 
 Date:
                    , 20     
 To: [Bank of America, N.A.], as Auction Agent 
 Ladies and Gentlemen: 

This Acceptance and Prepayment Notice is delivered to you pursuant to (a) Section 2.03(a)(iv)(D) of that certain Credit
Agreement, dated as of March 7, 2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), among Chinos Acquisition Corporation, a Delaware corporation (which
on the Closing Date shall be merged with and into J. Crew Group, Inc., a Delaware corporation (the “Company”), with the Company surviving such merger as the Borrower (the “Borrower”)), Chinos Intermediate Holdings
B, Inc., a Delaware corporation, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent and Collateral Agent, and (b) that certain Solicited Discounted Prepayment Notice, dated
                    , 20    , from the applicable Company Party (the “Solicited Discounted Prepayment
Notice”). Capitalized terms used herein and not otherwise defined herein shall have the meaning ascribed to such terms in the Credit Agreement. 
 Pursuant to Section 2.03(a)(iv)(D) of the Credit Agreement, the Company Party hereby irrevocably notifies you that it accepts offers delivered in response to the Solicited Discounted Prepayment
Notice having an Offered Discount equal to or greater than [[•]% in respect of the Loans] [[•]% in respect of the [•, 20•]1 tranche[(s)] of the [    ]2 Class of Loans] (the “Acceptable Discount”) in an aggregate amount not to exceed the Solicited
Discounted Prepayment Amount. 
 The Company Party expressly agrees that this Acceptance and Prepayment Notice shall be
irrevocable and is subject to the provisions of Section 2.03(a)(iv)(D) of the Credit Agreement. 
 The
Company Party hereby represents and warrants to the Auction Agent and [the Lenders][each Lender of the [•,
20•]3 tranche[s] of the
[    ]4 Class of Loans] as
follows: 
 1. The Company Party will not use proceeds of loans under the ABL Facilities to fund this Discounted
Loan Prepayment. 
  

	1	 List multiple tranches if applicable. 

	2	 List applicable Class(es) of Loans (e.g., Initial Loans, Incremental Loans, Other Loans or Extended Loans). 

	3	 List multiple tranches if applicable. 

	4	 List applicable Class(es) of Loans (e.g., Initial Loans, Incremental Loans, Other Loans or Extended Loans). 

  

					
		  	O-1	  	Form of Acceptance and Prepayment Notice

 2. [At least ten (10) Business Days have passed
since the consummation of the most recent Discounted Loan Prepayment as a result of a prepayment made by a Company Party on the applicable Discounted Prepayment Effective Date.][At least three (3) Business Days have passed since the date the
Company Party was notified that no Lender was willing to accept any prepayment of any Loan at the Specified Discount, within the Discount Range or at any discount to par value, as applicable, or in the case of Borrower Solicitation of Discounted
Prepayment Offers, the date of any Company Party’s election not to accept any Solicited Discounted Prepayment Offers made by a Lender.]5 
 3. The Company Party does not possess material non-public information with respect to Holdings and its Subsidiaries or the securities of any of them that has not been disclosed to the Lenders generally
(other than Lenders who elect not to receive such information). 
 The Company Party acknowledges that the Auction Agent and the
relevant Lenders are relying on the truth and accuracy of the foregoing representations and warranties in connection with the acceptance of any prepayment made in connection with a Solicited Discounted Prepayment Offer. 

The Company Party requests that the Auction Agent promptly notify each Lender party to the Credit Agreement of this Acceptance and
Prepayment Notice. 
 [REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK] 

 
  

	5	 Insert applicable representation. 

  

					
		  	O-2	  	Form of Acceptance and Prepayment Notice

 IN WITNESS WHEREOF, the undersigned has executed this Acceptance and Prepayment Notice as of
the date first above written. 
  

			
	[NAME OF APPLICABLE COMPANY PARTY]
		
	By:	 	 
		 	Name:
		 	Title:

  

					
		  	O-3	  	Form of Acceptance and Prepayment Notice

 EXHIBIT P 
 FORM OF SPECIFIED DISCOUNT PREPAYMENT NOTICE 
 Date:
                    , 20     
 To: [Bank of America, N.A.], as Auction Agent 
 Ladies and Gentlemen: 

This Specified Discount Prepayment Notice is delivered to you pursuant to Section 2.03(a)(iv)(B) of that certain Credit Agreement,
dated as of March 7, 2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), among Chinos Acquisition Corporation, a Delaware corporation (which on the
Closing Date shall be merged with and into J. Crew Group, Inc., a Delaware corporation (the “Company”), with the Company surviving such merger as the Borrower (the “Borrower”)), Chinos Intermediate Holdings B, Inc.,
a Delaware corporation, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent and Collateral Agent. Capitalized terms used herein and not otherwise defined herein shall have the meaning ascribed to such
terms in the Credit Agreement. 
 Pursuant to Section 2.03(a)(iv)(B) of the Credit Agreement, the
Company Party hereby offers to make a Discounted Loan Prepayment [to each Lender] [to each Lender of the [•,
20•]1 tranche[s] of the
[    ]2 Class of Loans] on the
following terms: 
 1. This Borrower Offer of Specified Discount Prepayment is available only
[to each Lender] [to each Lender of the [•,
20•]3 tranche[s] of the
[    ]4 Class of Loans].

 2. The aggregate principal amount of the Discounted Loan Prepayment that will be made in
connection with this offer shall not exceed [$[•] of Loans] [$[•] of the [•, 20•]5 tranche[(s)] of the [    ]6 Class of Loans] (the “Specified Discount Prepayment
Amount”).7 

 

	1	 List multiple tranches if applicable. 

	2	 List applicable Class(es) of Loans (e.g., Initial Loans, Incremental Loans, Other Loans or Extended Loans). 

	3	 List multiple tranches if applicable. 

	4	 List applicable Class(es) of Loans (e.g., Initial Loans, Incremental Loans, Other Loans or Extended Loans). 

	5	 List multiple tranches if applicable. 

	6	 List applicable Class(es) of Loans (e.g., Initial Loans, Incremental Loans, Other Loans or Extended Loans). 

	7	 Minimum of $10.0 million and whole increments of $1.0 million. 

  

					
		  	P-1	  	Form of Specified Discount Prepayment Notice

 3. The percentage discount to par value at which such
Discounted Loan Prepayment will be made is [[•]% in respect of the Loans] [[•]% in respect of the [•, 20•]8 tranche[(s)] of the [    ]9 Class of Loans] (the “Specified Discount”). 

To accept this offer, you are required to submit to the Auction Agent a Specified Discount Prepayment Response by no later than 5:00
p.m., New York time, on the date that is the third Business Day following the date of delivery of this notice pursuant to Section 2.03(a)(iv)(B) of the Credit Agreement. 

The Company Party hereby represents and warrants to the Auction Agent and [the Lenders][each Lender of the [•,
20•]10 tranche[s] of the
[    ]11 Class of Loans] as
follows: 
 1. The Company Party will not use proceeds of loans under the ABL Facilities to fund this Discounted
Loan Prepayment. 
 2. [At least ten (10) Business Days have passed since the
consummation of the most recent Discounted Loan Prepayment as a result of a prepayment made by a Company Party on the applicable Discounted Prepayment Effective Date.][At least three (3) Business Days have passed since the date the Borrower was
notified that no Lender was willing to accept any prepayment of any Loan at the Specified Discount, within the Discount Range or at any discount to par value, as applicable, or in the case of Borrower Solicitation of Discounted Prepayment Offers,
the date of any Company Party’s election not to accept any Solicited Discounted Prepayment Offers made by a
Lender.]12 

3. The Company Party does not possess material non-public information with respect to Holdings and its Subsidiaries or the
securities of any of them that has not been disclosed to the Lenders generally (other than Lenders who elect not to receive such information). 
 The Company Party acknowledges that the Auction Agent and the relevant Lenders are relying on the truth and accuracy of the foregoing representations and warranties in connection with their decision
whether or not to accept the offer set forth in this Specified Discount Prepayment Notice and the acceptance of any prepayment made in connection with this Specified Discount Prepayment Notice. 

 

	8	 List multiple tranches if applicable. 

	9	 List applicable Class(es) of Loans (e.g., Initial Loans, Incremental Loans, Other Loans or Extended Loans). 

	10	 List multiple tranches if applicable. 

	11	 List applicable Class(es) of Loans (e.g., Initial Loans, Incremental Loans, Other Loans or Extended Loans). 

	12	 Insert applicable representation. 

  

					
		  	P-2	  	Form of Specified Discount Prepayment Notice

 The Company Party requests that the Auction Agent promptly notify each Lender party to the
Credit Agreement of this Specified Discount Prepayment Notice. 
 [REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK] 

  

					
		  	P-3	  	Form of Specified Discount Prepayment Notice

 IN WITNESS WHEREOF, the undersigned has executed this Specified Discount Prepayment Notice
as of the date first above written. 
  

			
	[NAME OF APPLICABLE COMPANY PARTY]
		
	By:	 	 
		 	Name:
		 	Title:

 Enclosure: Form of Specified Discount
Prepayment Response 

  

					
		  	P-4	  	Form of Specified Discount Prepayment Notice

 EXHIBIT Q 
 FORM OF SOLICITED DISCOUNTED PREPAYMENT OFFER 
 Date:
                    , 20     
 To: [Bank of America, N.A.], as Auction Agent 
 Ladies and Gentlemen: 

Reference is made to (a) that certain Credit Agreement, dated as of March 7, 2011 (as amended, restated, extended, supplemented
or otherwise modified in writing from time to time, the “Credit Agreement”), among Chinos Acquisition Corporation, a Delaware corporation (which on the Closing Date shall be merged with and into J. Crew Group, Inc., a Delaware
corporation (the “Company”), with the Company surviving such merger as the Borrower (the “Borrower”)), Chinos Intermediate Holdings B, Inc., a Delaware corporation, the Lenders from time to time party thereto, and
Bank of America, N.A., as Administrative Agent and Collateral Agent, and (b) that certain Solicited Discounted Prepayment Notice, dated
                    , 20__, from the applicable Company Party (the “Solicited Discounted Prepayment Notice”). Capitalized
terms used herein and not otherwise defined herein shall have the meaning ascribed to such terms in the Solicited Discounted Prepayment Notice or, to the extent not defined therein, in the Credit Agreement. 

To accept the offer set forth herein, you must submit an Acceptance and Prepayment Notice by or before no later than 5:00 p.m. New York
time on the third Business Day following your receipt of this notice. 
 The undersigned Lender hereby gives you irrevocable
notice, pursuant to Section 2.03(a)(iv)(D) of the Credit Agreement, that it is hereby offering to accept a Discounted Loan Prepayment on the following terms: 

1. This Solicited Discounted Prepayment Offer is available only for prepayment on the [Loans][[•,
20•]1 tranche[s] of the [__]2 Class of Loans] held by the undersigned. 

2. The maximum aggregate principal amount of the Discounted Loan Prepayment that may be made in connection with this offer
shall not exceed (the “Offered Amount”): 
 [Loans - $[•]] 

[[•, 20•]3 tranche[s] of the [__]4 Class of Loans - $[•]] 
  

 

	1	 List multiple tranches if applicable. 

	2	 List applicable Class(es) of Loans (e.g., Initial Loans, Incremental Loans, Other Loans or Extended Loans). 

	3	 List multiple tranches if applicable. 

	4	 List applicable Class(es) of Loans (e.g., Initial Loans, Incremental Loans, Other Loans or Extended Loans). 

  

					
		 	Q-1	 	Form of Solicited Discounted Prepayment Offer

 3. The percentage discount to par value at which such
Discounted Loan Prepayment may be made is [[•]% in respect of the Loans] [[•]% in respect of the [•,
20•]5 tranche[(s)] of the [__]6 Class of Loans] (the “Offered Discount”).

 The undersigned Lender hereby expressly and irrevocably consents and agrees to a prepayment of its
[Loans] [[•, 20•]7 tranche[s] of the [__]8 Class of Loans] pursuant to Section 2.03(a)(iv)(D) of the Credit
Agreement at a price equal to the Acceptable Discount and in an aggregate outstanding amount not to exceed such Lender’s Offered Amount as such amount may be reduced in accordance with the Solicited Discount Proration, if any, and as otherwise
determined in accordance with and subject to the requirements of the Credit Agreement. 
 [REMAINDER OF THE PAGE INTENTIONALLY
LEFT BLANK] 
  
  

	5	 List multiple tranches if applicable. 

	6	 List applicable Class(es) of Loans (e.g., Initial Loans, Incremental Loans, Other Loans or Extended Loans). 

	7	 List multiple tranches if applicable. 

	8	 List applicable Class(es) of Loans (e.g., Initial Loans, Incremental Loans, Other Loans or Extended Loans). 

  

					
		 	Q-2	 	Form of Solicited Discounted Prepayment Offer

 IN WITNESS WHEREOF, the undersigned has executed this Solicited Discounted Prepayment Offer
as of the date first above written. 
  

			
	[NAME OF LENDER]
		
	By:	 	 
		 	 Name:

Title:

  

					
		 	Q-3	 	Form of Solicited Discounted Prepayment Offer

 EXHIBIT R 
 FORM OF SPECIFIED DISCOUNT PREPAYMENT RESPONSE 
 Date:
                    , 20     
 To: [Bank of America, N.A.], as Auction Agent 
 Ladies and Gentlemen: 

Reference is made to (a) that certain Credit Agreement, dated as of March 7, 2011 (as amended, restated, extended, supplemented
or otherwise modified in writing from time to time, the “Credit Agreement”), among Chinos Acquisition Corporation, a Delaware corporation (which on the Closing Date shall be merged with and into J. Crew Group, Inc., a Delaware
corporation (the “Company”), with the Company surviving such merger as the Borrower (the “Borrower”)), Chinos Intermediate Holdings B, Inc., a Delaware corporation, the Lenders from time to time party thereto, and
Bank of America, N.A., as Administrative Agent and Collateral Agent, and (b) that certain Specified Discount Prepayment Notice, dated
                    , 20    , from the applicable Company Party (the “Specified Discount Prepayment
Notice”). Capitalized terms used herein and not otherwise defined herein shall have the meaning ascribed to such terms in the Specified Discount Prepayment Notice or, to the extent not defined therein, in the Credit Agreement. 

The undersigned Lender hereby gives you irrevocable notice, pursuant to Section 2.03(a)(iv)(B) of the Credit
Agreement, that it is willing to accept a prepayment of the following [Loans] [[•, 20•]1 tranche[s] of the [    ]2 Class of Loans - $[•]] held by such Lender at the Specified Discount in an aggregate outstanding amount as follows: 
 [Loans - $[•]] 
 [[•, 20•]3 tranche[s] of the [    ]4 Class of Loans - $[•]] 

The undersigned Lender hereby expressly and irrevocably consents and agrees to a prepayment of its [Loans][[•,
20•]5 tranche[s] the
[    ]6 Class of Loans]
pursuant to Section 2.03(a)(iv)(B) of the Credit Agreement at a price equal to the [applicable] Specified 
  

	1	 List multiple tranches if applicable. 

	2	 List applicable Class(es) of Loans (e.g., Initial Loans, Incremental Loans, Other Loans or Extended Loans). 

	3	 List multiple tranches if applicable. 

	4	 List applicable Class(es) of Loans (e.g., Initial Loans, Incremental Loans, Other Loans or Extended Loans). 

	5	 List multiple tranches if applicable. 

	6	 List applicable Class(es) of Loans (e.g., Initial Loans, Incremental Loans, Other Loans or Extended Loans).

  

					
		 	R-4	 	Form of Specified Discount Prepayment Response

 Discount in the aggregate outstanding amount not to exceed the amount set forth above, as such amount may be
reduced in accordance with the Specified Discount Proration, and as otherwise determined in accordance with and subject to the requirements of the Credit Agreement. 
 [REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK] 

  

					
		 	R-5	 	Form of Specified Discount Prepayment Response

 IN WITNESS WHEREOF, the undersigned has executed this Specified Discount Prepayment Response
as of the date first above written. 
  

			
	[NAME OF LENDER]
		
	By:	 	 
		 	Name:
		 	Title:

  

					
		 	R-6	 	Form of Specified Discount Prepayment ResponseABL Facility Security Agreement dated as of March 7, 2011

 Exhibit 10.3 
 EXECUTION VERSION 
  

 
  

SECURITY AGREEMENT 
 dated as of March 7, 2011 
 among 

CHINOS ACQUISITION CORPORATION, 
 which on the Effective Date shall be merged with and into 
 J. CREW GROUP, INC.,

 with J. Crew Group, Inc. surviving such merger as the Borrower, 

CHINOS INTERMEDIATE HOLDINGS B, INC. 
 as Holdings, 
 THE SUBSIDIARY GUARANTORS PARTY HERETO FROM TIME TO TIME,

 and 

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

 
  

  

					
		 		 	ABL Security Agreement

 TABLE OF CONTENTS 

 

											
	 	 	 	 	 	 	 	  	Page	 
			
	 ARTICLE I
	 	 Definitions
	  	 	1	  
					
		 	 Section 1.01.
	 		 	Credit Agreement	  	 	1	  
					
		 	 Section 1.02.
	 		 	Other Defined Terms	  	 	2	  
			
	 ARTICLE II
	 	 Pledge of Securities
	  	 	7	  
					
		 	 Section 2.01.
	 		 	Pledge	  	 	7	  
					
		 	 Section 2.02.
	 		 	Delivery of the Pledged Collateral	  	 	8	  
					
		 	 Section 2.03.
	 		 	Representations, Warranties and Covenants	  	 	9	  
					
		 	 Section 2.04.
	 		 	Certification of Limited Liability Company and Limited Partnership Interests	  	 	11	  
					
		 	 Section 2.05.
	 		 	Registration in Nominee Name; Denominations	  	 	11	  
					
		 	 Section 2.06.
	 		 	Voting Rights; Dividends and Interest	  	 	11	  
					
		 	 Section 2.07.
	 		 	Collateral Agent Not a Partner or Limited Liability Company Member	  	 	13	  
			
	 ARTICLE III
	 	 Security Interests in Personal Property
	  	 	14	  
					
		 	 Section 3.01.
	 		 	Security Interest	  	 	14	  
					
		 	 Section 3.02.
	 		 	Representations and Warranties	  	 	16	  
					
		 	 Section 3.03.
	 		 	Covenants	  	 	19	  
					
		 	 Section 3.04.
	 		 	Other Actions	  	 	21	  
			
	 ARTICLE IV
	 	 Special Provisions Concerning IP Collateral
	  	 	23	  
					
		 	 Section 4.01.
	 		 	Grant of License to Use Intellectual Property	  	 	23	  
					
		 	 Section 4.02.
	 		 	Protection of Collateral Agent’s Security	  	 	24	  
			
	 ARTICLE V
	 	 Collections
	  	 	25	  
			
	 ARTICLE VI
	 	 Remedies
	  	 	26	  
					
		 	 Section 6.01.
	 		 	Remedies Upon Default	  	 	26	  
					
		 	 Section 6.02.
	 		 	Application of Proceeds	  	 	29	  
			
	 ARTICLE VII
	 	 Indemnity, Subrogation and Subordination
	  	 	29	  
			
	 ARTICLE VIII
	 	 Miscellaneous
	  	 	30	  
					
		 	 Section 8.01.
	 		 	Notices	  	 	30	  
					
		 	 Section 8.02.
	 		 	Waivers; Amendment	  	 	30	  
					
		 	 Section 8.03.
	 		 	Collateral Agent’s Fees and Expenses; Indemnification	  	 	31	  
					
		 	 Section 8.04.
	 		 	Successors and Assigns	  	 	32	  

  

					
		 		 	ABL Security Agreement

 TABLE OF CONTENTS 

(continued) 
  

											
	 	 	 	 	 	 	 	  	Page	 
					
		 	 Section 8.05.
	 		 	Survival of Agreement	  	 	32	  
					
		 	 Section 8.06.
	 		 	Counterparts; Effectiveness; Several Agreement	  	 	32	  
					
		 	 Section 8.07.
	 		 	Severability	  	 	33	  
					
		 	 Section 8.08.
	 		 	Right of Set Off	  	 	33	  
					
		 	 Section 8.09.
	 		 	GOVERNING LAW	  	 	33	  
					
		 	 Section 8.10.
	 		 	WAIVER OF RIGHT TO TRIAL BY JURY	  	 	34	  
					
		 	 Section 8.11.
	 		 	Headings	  	 	34	  
					
		 	 Section 8.12.
	 		 	Security Interest Absolute	  	 	34	  
					
		 	 Section 8.13.
	 		 	Termination or Release	  	 	34	  
					
		 	 Section 8.14.
	 		 	Additional Restricted Subsidiaries	  	 	35	  
					
		 	 Section 8.15.
	 		 	Collateral Agent Appointed Attorney-in-Fact	  	 	36	  
					
		 	 Section 8.16.
	 		 	General Authority of the Collateral Agent	  	 	37	  
					
		 	 Section 8.17.
	 		 	Collateral Agent’s Duties	  	 	37	  
					
		 	 Section 8.18.
	 		 	Recourse; Limited Obligations	  	 	37	  
					
		 	 Section 8.19.
	 		 	Mortgages	  	 	37	  
					
		 	 Section 8.20
	 		 	Intercreditor Agreement	  	 	38	  

  
 ABL Security
Agreement 

					
	SCHEDULES
			
	Schedule I	  	-	    	Subsidiary Guarantors
	Schedule II	  	-	    	Pledged Equity; Pledged Debt
	Schedule III	  	-	    	Commercial Tort Claims
	Schedule IV	  	-	    	UCC Filing Offices
	
	EXHIBITS
			
	Exhibit I	  	-	    	Form of Security Agreement Supplement
	Exhibit II	  	-	    	Form of Perfection Certificate
	Exhibit III	  	-	    	Form of Trademark Security Agreement
	Exhibit IV	  	-	    	Form of Patent Security Agreement
	Exhibit V	  	-	    	Form of Copyright Security Agreement
	Exhibit VI	  		    	Form of Deposit Account Control Agreement
	Exhibit VII	  		    	Form of Securities Account Control Agreement

  

					
		 		 	ABL Security Agreement

 This SECURITY AGREEMENT, dated as of March 7, 2011 (this “Agreement”),
among CHINOS ACQUISITION CORPORATION, a Delaware corporation (which on the Effective Date shall be merged with and into J. CREW GROUP, INC., a Delaware corporation (the “Company”), with the Company surviving such merger as the
Borrower (the “Borrower”), CHINOS INTERMEDIATE HOLDINGS B, INC., a Delaware corporation (“Holdings”), the Subsidiary Guarantors set forth on Schedule I hereto and BANK OF AMERICA, N.A., as Collateral Agent
for the Secured Parties (as defined below). 
 Reference is made to the Credit Agreement, dated as of March 7, 2011 (as
amended, restated, amended and restated, supplemented and/or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, Holdings, the Lenders and Issuers party thereto from time to time, and Bank of America,
N.A., as Administrative Agent for the Lenders and Collateral Agent for the Secured Parties. 
 The Lenders have agreed to extend
credit to the Borrower subject to the terms and conditions set forth in the Credit Agreement, the Issuers have agreed to issue Letters of Credit for the account of the Borrower or a Restricted Subsidiary on the terms and conditions set forth in the
Credit Agreement, the Hedge Banks have agreed to enter into and/or maintain one or more Secured Hedge Agreements and the Cash Management Banks have agreed to enter into and/or maintain Cash Management Services, on the terms and conditions set forth
in the Credit Agreement, in such Secured Hedge Agreements and in such Cash Management Services agreements, as applicable. The obligations of the Lenders to extend such credit, the obligation of the Issuers to issue Letters of Credit, the obligation
of the Hedge Banks to enter into and/or maintain such Secured Hedge Agreements and the obligation of the Cash Management Banks to enter into and/or maintain such Cash Management Services are, in each case, conditioned upon, among other things, the
execution and delivery of this Agreement by each Grantor (as defined below). The Grantors are affiliates of one another, will derive substantial direct and indirect benefits from (i) the extensions of credit to the Borrower pursuant to the
Credit Agreement, (ii) the issuance of Letters of Credit by the Issuers for the account of the Borrower or, in accordance with the Credit Agreement, a Restricted Subsidiary, (iii) the entering into and/or maintaining by the Hedge Banks of
Secured Hedge Agreements with the Borrower and/or one or more of its Restricted Subsidiaries, and (iv) the entering into and/or maintaining by the Cash Management Banks of Cash Management Services with the Borrower and/or one or more of its
Restricted Subsidiaries, and are willing to execute and deliver this Agreement in order to induce the Lenders to extend such credit, the Issuers to issue such Letters of Credit, the Hedge Banks to enter into and/or maintain such Secured Hedge
Agreements and the Cash Management Banks to enter into and/or maintain such Cash Management Services. The Intercreditor Agreement governs the relative rights and priorities of the Secured Parties and the Term Secured Parties (as defined below) in
respect of the Term Priority Collateral (as defined below) and the ABL Priority Collateral (as defined below) (and with respect to certain other matters as described therein). Accordingly, the parties hereto agree as follows: 

ARTICLE I 

Definitions 
 Section 1.01. Credit Agreement. 
 (a) Capitalized terms used in this
Agreement, including the preamble and introductory paragraphs hereto, and not otherwise defined herein have the meanings specified in the Credit Agreement. 

  

					
		 	- 1 -	 	ABL Security Agreement

 (b) 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. 
 (c) The rules of construction specified in Article I of the Credit Agreement also apply to this Agreement. 
 Section 1.02. Other Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “ABL Priority Collateral” shall have the meaning assigned that term in the Intercreditor Agreement. 
 “Accommodation Payment” has the meaning assigned to such term in Article VII. 
 “Account(s)” means “accounts” as defined in Section 9-102 of 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. 
 “Account Debtor” means any Person who is or who may become obligated to any
Grantor under, with respect to or on account of an Account. 
 “After-Acquired Intellectual Property” has the
meaning assigned to such term in Section 4.02(f). 
 “Agreement” has the meaning assigned to such
term in the introductory paragraph hereto. 
 “Allocable Amount” has the meaning assigned to such term in
Article VII. 
 “Article 9 Collateral” has the meaning assigned to such term in
Section 3.01(a). 
 “Bankruptcy Event of Default” means any Event of Default under
Sections 10.1(f) of the Credit Agreement. 
 “Blue Sky Laws” has the meaning assigned to such term in
Section 6.01. 
 “Borrower” has the meaning assigned to such term in the introductory paragraph to
this Agreement. 
 “Collateral” means the Article 9 Collateral and the Pledged Collateral. 

  

					
		 	- 2 -	 	ABL Security Agreement

 “Collateral Account” means the Concentration Account (as defined in the
Credit Agreement), which cash collateral account shall be maintained with, and under the sole dominion and control of, the Collateral Agent for the benefit of the relevant Secured Parties. 

“Company” has the meaning assigned to such term in the preliminary statement hereto. 

“Copyright License” means any written agreement, now or hereafter in effect, granting any right to any third party under
any Copyright now or hereafter owned by any Grantor or that such Grantor otherwise has the right to license, or granting any right to any Grantor under any Copyright now or hereafter owned by any third party, and all rights of such Grantor under any
such agreement. 
 “Copyrights” means all of the following now owned or hereafter acquired by or assigned to
any Grantor: (a) all copyright rights in any work subject to the copyright laws of the United States or any other country, whether as author, assignee, transferee or otherwise, whether registered or unregistered and whether published or
unpublished, (b) all registrations and applications for registration of any such copyright in the United States or any other country, including registrations, recordings, supplemental registrations and pending applications for registration in
the United States Copyright Office, including those listed on Schedule 7(c) to the Perfection Certificate and all: (i) rights and privileges arising under applicable Law with respect to such Grantor’s use of such copyrights,
(ii) reissues, renewals, and extensions thereof and amendments thereto, (iii) income, fees, royalties, damages, claims and payments now or hereafter due and/or payable with respect thereto, including damages and payments for past, present
or future infringements thereof, (iv) rights corresponding thereto throughout the world and (v) rights to sue for past, present or future infringements thereof. 
 “Credit Agreement” has the meaning assigned to such term in the preliminary statement of this Agreement. 
 “Debtor Relief Laws” shall mean the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, 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. 

“Discharge of Term Obligations” has the meaning assigned that term in the Intercreditor Agreement. 

“Domain Names” means all Internet domain names and associated URL addresses in or to which any Grantor now or hereafter
has any right, title or interest. 
 “Effective Date Grantor” has the meaning assigned to such term in
Section 2.02 of this Agreement. 
 “Equipment” shall mean (x) any “equipment” as
such term is defined in Article 9 of the UCC and in any event, shall include, but shall not be limited to, all machinery, equipment, furnishings, appliances, furniture, fixtures, tools, and vehicles now or hereafter owned by any Grantor in each
case, regardless of whether characterized as equipment under the UCC and 

  

					
		 	- 3 -	 	ABL Security Agreement

 
(y) and any and all additions, substitutions and replacements of any of the foregoing and all accessions thereto, wherever located, whether or not at any time of determination incorporated
or installed therein or attached thereto, and all replacements therefore, together with all attachments, components, parts, equipment and accessories installed thereon or affixed thereto. 

“Excluded Equity Interests” has the meaning assigned to such term in Section 2.01 of this Agreement.

 “Excluded Property” has the meaning assigned to such term in Section 3.01 of this Agreement.

 “General Intangibles” has the meaning provided in Article 9 of the UCC and shall in any event include
all choses in action and causes of action and all other intangible personal property of every kind and nature (other than Accounts) now owned or hereafter acquired by any Grantor, as the case may be, including corporate or other business records,
indemnification claims, contract rights (including rights under leases, whether entered into as lessor or lessee, Swap Contracts and other agreements), goodwill, registrations, franchises, tax refund claims and any letter of credit, guarantee,
claim, security interest or other security held by or granted to any Grantor. 
 “Grant of Security Interest”
means a Grant of Security Interest in certain IP Collateral in the form of Exhibit III, IV or V attached hereto. 
 “Grantor” means the Borrower and each Guarantor. 

“Holdings” has the meaning assigned to such term in the preliminary statement hereto. 

“Inactive Subsidiaries” has the meaning assigned to such term in Section 3.02(f) of this Agreement.

 “Intellectual Property” means all intellectual and similar property of every kind and nature now owned,
licensed or hereafter acquired by any Grantor, including: inventions, designs, Patents, Copyrights, Licenses, Trademarks, Domain Names, trade secrets, confidential or proprietary technical and business information, know how, show how or other data
or information, software, databases, all other proprietary information and all embodiments or fixations thereof and related documentation, registrations and all additions, improvements and accessions to, and books and records describing or used in
connection with, any of the foregoing. 
 “IP Collateral” means the Collateral consisting of Intellectual
Property. 
 “License” means any Patent License, Trademark License, Copyright License or other license or
sublicense agreement granting rights under Intellectual Property to which any Grantor is a party. 
 “Patent
License” means any written agreement, now or hereafter in effect, granting to any third party any right to develop, commercialize, import, make, have made, offer for sale, use or sell any invention on which a Patent, now or hereafter owned
by any Grantor or that any Grantor otherwise has the right to license, is in existence, or granting to any Grantor any such right with respect to any invention on which a Patent, now or hereafter owned by any third party, is in existence, and all
rights of any Grantor under any such agreement. 

  

					
		 	- 4 -	 	ABL Security Agreement

 “Patents” means all of the following now owned or hereafter acquired by any
Grantor: (a) all letters patent of the United States or the equivalent thereof in any other country, all registrations and recordings thereof, and all applications for letters patent of the United States or the equivalent thereof in any other
country, including registrations, recordings and pending applications in the United States Patent and Trademark Office or any similar offices in any other country, including those listed on Schedule 7(a) to the Perfection Certificate, and
(b) all (i) rights and privileges arising under applicable Law with respect to such Grantor’s use of any patents, (ii) inventions and improvements described and claimed therein, (iii) reissues, divisions, continuations,
renewals, extensions and continuations-in-part thereof and amendments thereto, (iv) income, fees, royalties, damages, claims and payments now or hereafter due and/or payable with respect to any of the foregoing including damages and payments
for past, present or future infringements thereof, (v) rights corresponding thereto throughout the world and (vi) rights to sue for past, present or future infringements thereof. 

“Perfection Certificate” means a certificate substantially in the form of Exhibit II, completed and supplemented
with the schedules and attachments contemplated thereby, and duly executed by a Responsible Officer of the Borrower. 

“Pledged Collateral” has the meaning assigned to such term in Section 2.01. 

“Pledged Debt” has the meaning assigned to such term in Section 2.01. 

“Pledged Equity” has the meaning assigned to such term in Section 2.01. 

“Pledged Securities” means any Promissory Notes, stock certificates, unit certificates, limited or unlimited liability
membership certificates or other Securities or Instruments now or hereafter included in the Pledged Collateral, including all Pledged Equity, Pledged Debt and all other certificates, instruments or other documents representing or evidencing any
Pledged Collateral. 
 “Secured Obligations” means the “Obligations” as defined in the Credit
Agreement; it being acknowledged and agreed that the term “Secured Obligations” as used herein shall include each extension of credit under the Credit Agreement and all obligations of the Loan Parties and their respective Subsidiaries
which arise under the Loan Documents (including the Guaranty) or with respect to the Obligations in respect of Secured Hedge Agreements or Cash Management Obligations, in each case, whether outstanding on the date of this Agreement or extended or
arising from time to time after the date of this Agreement. 
 “Secured Parties” has the meaning provided in
the Credit Agreement. 
 “Securities Act” has the meaning assigned to such term in Section 6.01.

 “Security” means a “security” as such term is defined in Article 8 of the UCC and, in any
event, shall include any stock, shares, partnership interests, voting trust certificates, certificates of interest or participation in any profit sharing agreement or arrangement, options, warrants,

  

					
		 	- 5 -	 	ABL Security Agreement

 
bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities”
or any certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing. 

“Security Agreement Supplement” means an instrument substantially in the form of Exhibit I hereto. 

“Security Interest” has the meaning assigned to such term in Section 3.01(a). 

“Term Agent” has the meaning assigned that term in the Intercreditor Agreement. 

“Term Documents” has the meaning assigned that term in the Intercreditor Agreement. 

“Term Priority Collateral” has the meaning assigned that term in the Intercreditor Agreement. 

“Term Secured Parties” has the meaning assigned that term in the Intercreditor Agreement. 

“Trademark License” means any written agreement, now or hereafter in effect, granting to any third party any right to
use any Trademark now or hereafter owned by any Grantor or that any Grantor otherwise has the right to license, or granting to any Grantor any right to use any Trademark now or hereafter owned by any third party, and all rights of any Grantor under
any such agreement (not including vendor or distribution agreements that allow incidental use of intellectual property rights in connection with the sale or distribution of such products or services). 

“Trademarks” means all of the following now owned or hereafter acquired by any Grantor: (a) all trademarks, service
marks, trade names, corporate names, company names, business names, fictitious business names, trade styles, trade dress, logos, other source or business identifiers, designs and general intangibles of like nature, the goodwill of the business
symbolized thereby or associated therewith, all registrations and recordings thereof, and all registration and recording applications filed in connection therewith, including registrations and registration applications in the United States Patent
and Trademark Office or any similar offices in any State of the United States or any other country or any political subdivision thereof, and all extensions or renewals thereof, including those listed on Schedule 7(b) to the Perfection
Certificate, (b) all rights and privileges arising under applicable Law with respect to such Grantor’s use of any trademarks, (c) all extensions and renewals thereof and amendments thereto, (d) all income, fees, royalties,
damages and payments now and hereafter due and/or payable with respect to any of the foregoing, including damages, claims and payments for past, present or future infringements thereof, (e) all rights corresponding thereto throughout the world
and (f) all rights to sue for past, present and future infringements or dilutions thereof or other injuries thereto. 

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York; provided that,
if by reason of mandatory provisions of law, perfection, or the effect of perfection or non-perfection or the priority of a security interest in any Collateral or the 

  

					
		 	- 6 -	 	ABL Security Agreement

 
availability of any remedy hereunder is governed by the Uniform Commercial Code as in effect in a jurisdiction other than New York, “UCC” means the Uniform Commercial Code as in
effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection or effect of perfection or non-perfection or priority or availability of such remedy, as the case may be. 

“UFCA” has the meaning assigned to such term in Article VII. 

“UFTA” has the meaning assigned to such term in Article VII. 

ARTICLE II 

Pledge of Securities 
 Section 2.01. Pledge. As security for the payment or performance, as the case may be, in full of the Secured Obligations, each Grantor hereby assigns and pledges to the Collateral Agent, its
successors and assigns, for the benefit of the Secured Parties, and hereby grants to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, a continuing security interest in, all of such Grantor’s right, title
and interest in, to and under (a) (i) all Equity Interests held by it (including those Equity Interests listed on Schedule II other than those of the Inactive Subsidiaries and of J. Crew Japan, Ltd.) and (ii) any other Equity
Interests obtained in the future by such Grantor and the certificates representing all such Equity Interests (the foregoing clauses (i) and (ii) collectively, the “Pledged Equity”), in each case including 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 of the Pledged Equity and all warrants, rights or options
issued thereon or with respect thereto; provided that the Pledged Equity shall not include (A) more than 65% of the issued and outstanding Equity Interests of (x) each Subsidiary that is a Foreign Subsidiary that is directly owned by the
Borrower or by any Subsidiary Guarantor and (y) each Subsidiary that is a Domestic Subsidiary that is directly owned by the Borrower or by any Subsidiary Guarantor and that is a disregarded entity for United States Federal income tax purposes
substantially all of the assets of which consist of Equity Interests in one or more Foreign Subsidiaries, (B) any Equity Interest of any Person (other than a Wholly-Owned Subsidiary), to the extent not permitted or restricted by the terms of
such Person’s organizational or joint venture documents or other agreements with holders of such Equity Interests, (C) any Equity Interest if, to the extent and for so long as the pledge of such Equity Interest hereunder is prohibited by
any applicable Law (other than to the extent that any such prohibition would be rendered ineffective pursuant to the UCC or any other applicable Law); provided that such Equity Interest shall cease to be an Excluded Equity Interest at such time as
such prohibition ceases to be in effect, (D) any Equity Interest that the Borrower and the Administrative Agent shall have agreed in writing to treat as an Excluded Equity Interest for purposes hereof on account of the cost of pledging such
Equity Interest hereunder (including any material adverse tax consequences to Holdings and its Affiliates resulting therefrom) being excessive in view of the benefits to be obtained by the Secured Parties therefrom (any Equity Interests excluded
pursuant to clauses (A) through (D) above, the “Excluded Equity Interests”); (b)(i) the Promissory Notes and any Instruments evidencing indebtedness owned by it (including those listed opposite the
name of such Grantor on Schedule II) and (ii) any Promissory Notes and Instruments evidencing 

  

					
		 	- 7 -	 	ABL Security Agreement

 
indebtedness obtained in the future by such Grantor (the foregoing clauses (i) and (ii) collectively, the “Pledged Debt”), in each case
including 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 Pledged Debt; (c) all other property that may be delivered to and held by
the Collateral Agent pursuant to the terms of this Section 2.01; (d) subject to Section 2.06, all payments of principal or interest, dividends, cash, instruments and other property from time to time received,
receivable or otherwise distributed in respect of, in exchange for or upon the conversion of, and all other Proceeds received in respect of, the securities referred to in clauses (a), (b) and (c) above;
(e) subject to Section 2.06, all rights and privileges of such Grantor with respect to the securities and other property referred to in clauses (a), (b), (c) and (d) above; and (f) all
Proceeds of, and Security Entitlements in respect of, any of the foregoing (the items referred to in clauses (a) through (f) above being collectively referred to as the “Pledged Collateral”). 

TO HAVE AND TO HOLD the Pledged Collateral, together with all right, title, interest, powers, privileges and preferences pertaining or
incidental thereto, unto the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, forever; subject, however, to the terms, covenants and conditions hereinafter set forth. 

Section 2.02. Delivery of the Pledged Collateral. 
 (a) On the Effective Date (in the case of any Grantor that grants a Lien on any of its assets hereunder on the Effective Date (each, including, for the avoidance of doubt, the Company, a
“Effective Date Grantor”)) or on the date on which it signs and delivers its first Security Agreement Supplement (in the case of any other Grantor), each Grantor shall deliver or cause to be delivered to the Collateral Agent, for
the benefit of the applicable Secured Parties, any and all Pledged Securities (other than any Uncertificated Securities, but only for so long as such Securities remain uncertificated); provided that Promissory Notes and Instruments evidencing
Indebtedness shall only be so required to be delivered to the extent required pursuant to paragraph (b) of this Section 2.02. Thereafter, whenever such Grantor acquires any other Pledged Security (other than any
Uncertificated Securities, but only for so long as such Securities remain uncertificated), such Grantor shall promptly deliver or cause to be delivered to the Collateral Agent such Pledged Security as Collateral; provided that Promissory
Notes and Instruments evidencing Indebtedness shall only be so required to be delivered to the extent required pursuant to paragraph (b) of this Section 2.02. 

(b) As promptly as practicable (and in any event within thirty (30) days after receipt by Grantor (or such longer period as the
Administrative Agent may agree in its reasonable discretion)), each Grantor will cause any Indebtedness for borrowed money having an aggregate principal amount equal to or in excess of $5,000,000 owed to such Grantor by any Person (other than a Loan
Party) to be evidenced by a duly executed Promissory Note that is pledged and delivered to the Collateral Agent, for the benefit of the Secured Parties, pursuant to the terms hereof. 

(c) Upon delivery to the Collateral Agent, (i) any certificate or promissory note representing Pledged Collateral shall be
accompanied by undated stock or note powers, as applicable, duly executed in blank or other undated instruments of transfer duly-executed in 

  

					
		 	- 8 -	 	ABL Security Agreement

 
blank reasonably satisfactory to the Collateral Agent and by such other instruments and documents as the Collateral Agent may reasonably request and (ii) all other property comprising part
of the Pledged Collateral shall be accompanied by such instruments and documents as the Collateral Agent may reasonably request. Each delivery of Pledged Securities shall be accompanied by a schedule describing such Pledged Securities, which
schedule shall be deemed to supplement Schedule II and be made a part hereof; provided that failure to provide any such schedule hereto shall not affect the validity of such pledge of such Pledged Securities. Each schedule so delivered
shall supplement any prior schedules so delivered. 
 (d) Notwithstanding the foregoing, to the extent that any Effective Date
Grantor does not or cannot deliver any Pledged Collateral (other than Pledged Collateral consisting of the Equity Interests of the Borrower or any wholly-owned Domestic Subsidiary of the Borrower) on the Effective Date, after the use of commercially
reasonable efforts to do so, such Effective Date Grantor shall not be required to deliver such Pledged Collateral until the date that is ninety (90) days after the Effective Date (or such longer period as the Administrative Agent may agree in
its reasonable discretion (or, subject to the Intercreditor Agreement, to the extent such Pledged Collateral constitutes Term Priority Collateral, as the Term Agent may agree prior to the Discharge of Term Obligations)). 

(e) The assignment, pledge and security interest granted in Section 2.01 are granted as security only and shall not subject
the Collateral Agent or any other Secured Party to, or in any way alter or modify, any obligation or liability of any Grantor with respect to or arising out of the Pledged Collateral. 

Section 2.03. Representations, Warranties and Covenants. Each Grantor, jointly and severally, represents, warrants and
covenants, as to itself and the other Grantors, to and with the Collateral Agent, for the benefit of the Secured Parties, that: 

(a) Schedule II sets forth, as of the Effective Date and as of each date on which a supplement to Schedule II is delivered
pursuant to Section 2.02(c), a true and correct list of (i) all the issued and outstanding units of each class of the Equity Interests of the issuer thereof represented by the Pledged Equity directly owned beneficially, or of
record, by such Grantor specifying the issuer and certificate number (if any) of, and the number and percentage of ownership represented by, such Pledged Equity and (ii) all the Pledged Debt owned by such Grantor (other than checks to be
deposited in the ordinary course of business), including all Promissory Notes and Instruments required to be pledged hereunder; 

(b) the Pledged Equity issued by the Borrower, each other Grantor or their respective Subsidiaries and the Pledged Debt (solely with
respect to Pledged Debt issued by a Person other than any Grantor or any of their respective Subsidiaries, to the best of each Grantor’s knowledge) have been duly and validly authorized and issued by the issuers thereof and (i) in the case
of Pledged Equity (other than Pledged Equity consisting of limited liability company interests or partnership interests which, pursuant to the relevant organizational or formation documents, cannot be fully paid and non-assessable), are fully paid
and nonassessable and (ii) in the case of Pledged Debt (solely with respect to Pledged Debt issued by a Person other than any Grantor or any of their respective Subsidiaries, to the best of each Grantor’s knowledge), are legal, valid and
binding obligations of the issuers thereof, subject to applicable Debtor Relief Laws and general principles of equity; 

  

					
		 	- 9 -	 	ABL Security Agreement

 (c) Each of the Grantors (i) holds the Pledged Securities indicated on Schedule
II as owned by such Grantor free and clear of all Liens, other than (A) Liens created by the Collateral Documents and, subject to the Intercreditor Agreement, the Term Documents and (B) other Liens expressly permitted pursuant to
Section 9.1 of the Credit Agreement, (ii) will make no assignment, pledge, hypothecation or transfer of, or create or permit to exist any security interest in or other Lien on, the Pledged Collateral, other than (A) Liens created by
the Collateral Documents and the Term Documents, subject to the Intercreditor Agreement, and (B) other Liens expressly permitted pursuant to Section 9.1 of the Credit Agreement, and (iii) will defend its title or interest thereto or
therein against any and all Liens (other than the Liens permitted pursuant to this Section 2.03(c)), however arising, of all Persons whomsoever; 
 (d) except for (i) restrictions and limitations imposed by the Loan Documents or securities laws generally or by Liens expressly permitted pursuant to Section 9.1 of the Credit Agreement and
(ii) in the case of Pledged Equity of Persons that are not Subsidiaries, transfer restrictions that exist at the time of acquisition of Equity Interests in such Persons, the Pledged Equity is and will continue to be freely transferable and
assignable, and none of the Pledged Equity is or will be subject to any option, right of first refusal, shareholders agreement, charter or by-law or other organizational document provisions or contractual restriction of any nature that might
prohibit, impair, delay or otherwise affect in any manner material and adverse to the Secured Parties the pledge of such Pledged Equity hereunder, the sale or disposition thereof pursuant hereto or the exercise by the Collateral Agent of rights and
remedies hereunder; 
 (e) each of the Grantors has the power and authority to pledge the Pledged Collateral pledged by it
hereunder in the manner hereby done or contemplated; 
 (f) no consent or approval of any Governmental Authority, any securities
exchange or any other Person was or is necessary to the validity and perfection of the pledge effected hereby (other than such as have been obtained and are in full force and effect); 

(g) by virtue of the execution and delivery by the Grantors of this Agreement, when any Pledged Securities are delivered to the
Collateral Agent in accordance with this Agreement, the Collateral Agent will (i) obtain a legal, valid and first-priority (subject only to any nonconsensual Liens permitted pursuant to Section 9.1 of the Credit Agreement and, subject to
the Intercreditor Agreement, Liens granted to the Term Agent pursuant to the Term Documents or to any other agent or trustee pursuant to any Permitted Refinancing of the Term Facility) perfected lien upon and security interest in such Pledged
Securities as security for the payment and performance of the Secured Obligations, (ii) have Control of such Pledged Securities and (iii) assuming that neither the Collateral Agent nor any of the Secured Parties (and, in case of delivery
of such Pledged Securities to the Term Agent or to any other agent or trustee pursuant to any Permitted Refinancing of the Term Facility, neither such Person nor any of the Term Secured Parties (as defined in the Intercreditor Agreement)) have
“notice of an adverse claim” (as defined in Section 8-105 of the UCC) with respect to such Pledged Securities at the time such Pledged Securities are delivered to the Collateral Agent, be a protected purchaser (within the meaning of
Section 8-303 of the UCC) thereof; 

  

					
		 	- 10 -	 	ABL Security Agreement

 (h) the pledge effected hereby is effective to vest in the Collateral Agent, for the benefit
of the Secured Parties, the rights of the Collateral Agent in the Pledged Collateral as set forth herein; and 
 (i) subject to
the terms of this Agreement and to the extent permitted by applicable Law, each Grantor hereby agrees that upon the occurrence and during the continuation of an Event of Default, it will comply with instructions of the Collateral Agent with respect
to the Equity Interests in such Grantor that constitute Pledged Equity hereunder that are not certificated without further consent by the applicable owner or holder of such Pledged Equity. 

Section 2.04. Certification of Limited Liability Company and Limited Partnership Interests. Each Grantor acknowledges and
agrees that, to the extent any interest in any limited liability company or limited partnership controlled by any Grantor and pledged under Section 2.01 is a “security” within the meaning of Article 8 of the UCC and is
governed by Article 8 of the UCC, such interest shall be represented by a certificate. Each Grantor further acknowledges and agrees that with respect to any interest in any limited liability company or limited partnership controlled on or after
the date hereof by such Grantor and pledged hereunder that is not a “security” within the meaning of Article 8 of the UCC, such Grantor shall at no time elect to treat any such interest as a “security” within the meaning of
Article 8 of the UCC, nor shall such interest be represented by a certificate, unless such election and such interest is thereafter represented by a certificate that is promptly delivered to the Collateral Agent, subject to the Intercreditor
Agreement, pursuant to the terms hereof. 
 Section 2.05. Registration in Nominee Name; Denominations. If an Event
of Default shall have occurred and be continuing and the Collateral Agent shall have given the Borrower notice of its intent to exercise such rights, (a) the Collateral Agent, on behalf of the Secured Parties, shall have the right (in its sole
and absolute discretion) to cause each of the Pledged Securities to be transferred of record into the name of the Collateral Agent and (b) the Collateral Agent shall have the right to exchange the certificates representing Pledged Securities
for certificates of smaller or larger denominations for any purpose consistent with this Agreement; provided that, notwithstanding the foregoing, if a Bankruptcy Event of Default shall have occurred and be continuing, the Collateral Agent
shall not be required to give the notice referred to above in order to exercise the rights described above. Each Grantor will promptly give to the Collateral Agent copies of any material notices received by it with respect to Pledged Securities
registered in the name of such Grantor. Each Grantor will take any and all actions reasonably requested by the Collateral Agent to facilitate compliance with this Section 2.05. 

Section 2.06. Voting Rights; Dividends and Interest. (a) Unless and until an Event of Default shall have occurred and be
continuing and the Collateral Agent shall have notified the Borrower that the rights of the Grantors under this Section 2.06 are being suspended: 
 (i) Each Grantor shall be entitled to exercise any and all voting and/or other consensual rights and powers inuring to an owner of Pledged Securities or any part thereof for any purpose consistent with
the terms of this Agreement, the Credit Agreement and the other Loan Documents; provided that such rights and powers shall not be exercised in any manner that could materially and adversely affect the rights inuring to a holder of any Pledged
Securities or the rights and remedies of 

  

					
		 	- 11 -	 	ABL Security Agreement

 
any of the Collateral Agent or the other Secured Parties under this Agreement, the Credit Agreement or any other Loan Document or the ability of the Secured Parties to exercise the same.

 (ii) The Collateral Agent shall promptly execute and deliver to each Grantor, or cause to be executed and
delivered to such Grantor, all such proxies, powers of attorney and other instruments as such Grantor may reasonably request in writing for the purpose of enabling such Grantor to exercise the voting and/or consensual rights and powers it is
entitled to exercise pursuant to subparagraph (i) above, in each case as shall be specified in such request and be in form and substance reasonably satisfactory to the Collateral Agent. 

(iii) Each Grantor shall be entitled to receive and retain any and all dividends, interest, principal and other
distributions paid on or distributed in respect of the Pledged Securities, to the extent (and only to the extent) that such dividends, interest, principal and other distributions are permitted by, and otherwise paid or distributed in accordance
with, the terms and conditions of the Credit Agreement, the other Loan Documents and applicable Laws; provided that any noncash dividends, interest, principal or other distributions that would constitute Pledged Equity or Pledged Debt,
whether resulting from a subdivision, combination or reclassification of the outstanding Equity Interests of the issuer of any Pledged Securities or received in exchange for Pledged Securities or any part thereof, or in redemption thereof, or as a
result of any merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Pledged Collateral, and, if received by any Grantor, shall not be commingled by such
Grantor with any of its other funds or property but shall be held separate and apart therefrom, shall be held in trust for the benefit of the Collateral Agent and the other Secured Parties and shall be forthwith delivered to the Collateral Agent in
the same form as so received (with any necessary endorsement reasonably requested by the Collateral Agent). So long as no Event of Default has occurred and is continuing, the Collateral Agent shall promptly deliver to each Grantor (at the expense of
such Grantor) any Pledged Securities in its possession if requested to be delivered to the issuer thereof in connection with any exchange or redemption of such Pledged Securities. 

(b) Upon the occurrence and during the continuance of any Event of Default, after the Collateral Agent shall have notified the Borrower
of the suspension of the rights of the Grantors under Section 2.06(a), then all rights of any Grantor to dividends, interest, principal or other distributions that such Grantor is authorized to receive pursuant to
Section 2.06(a)(iii) shall cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall have the sole and exclusive right and authority to receive and retain such dividends, interest, principal or other
distributions. All dividends, interest, principal or other distributions received by any Grantor contrary to the provisions of this Section 2.06 shall be held in trust for the benefit of the Collateral Agent and the other Secured
Parties, shall be segregated from other property or funds of such Grantor and shall be forthwith delivered to the Collateral Agent upon demand in the same form as so received (with any necessary stock or note powers and other instruments of transfer
reasonably requested by the Collateral Agent). Any and all money and other property paid over to or received by the Collateral Agent pursuant to the provisions of this paragraph 

  

					
		 	- 12 -	 	ABL Security Agreement

 
(b) shall be retained by the Collateral Agent in an account to be established by the Collateral Agent upon receipt of such money or other property and shall be applied in accordance
with the provisions of Section 6.02. After all Events of Default have been cured or waived and the Borrower shall have delivered to the Collateral Agent a certificate to such effect, the Collateral Agent shall promptly repay to each
Grantor (without interest) all dividends, interest, principal or other distributions that such Grantor would otherwise be permitted to retain pursuant to the terms of Section 2.06(a)(iii) in the absence of any such Event of Default and
that remain in such account, and such Grantor’s right to receive and retain any and all dividends, interest, principal and other distributions paid on or distributed in respect of the Pledged Securities shall be automatically reinstated.

 (c) Upon the occurrence and during the continuance of an Event of Default, after the Collateral Agent shall have notified the
Borrower of the suspension of the rights of the Grantors under Section 2.06(a), then all rights of any Grantor to exercise the voting and consensual rights and powers it is entitled to exercise pursuant to Section 2.06(a)(i),
and the obligations of the Collateral Agent under Section 2.06(a)(ii), shall cease, and all such rights shall thereupon become, subject to the rights of the Term Agent under the Intercreditor Agreement, vested in the Collateral Agent,
which shall have the sole and exclusive right and authority to exercise such voting and consensual rights and powers; provided that, unless otherwise directed by the Requisite Lenders, the Collateral Agent shall have the right from time to
time following and during the continuance of an Event of Default to permit the Grantors to exercise such rights. After all Events of Default have been cured or waived and the Borrower shall have delivered to the Collateral Agent a certificate to
such effect, each Grantor shall have the exclusive right to exercise the voting and/or consensual rights and powers that such Grantor would otherwise be entitled to exercise pursuant to the terms of Section 2.06(a)(i), and the
obligations of the Collateral Agent under Section 2.06(a)(ii) shall be reinstated. 
 (d) Any notice given by the
Collateral Agent to the Borrower suspending the rights of the Grantors under this Section 2.06, (i) shall be given in writing, (ii) may be given with respect to one or more of the Grantors at the same or different times and
(iii) may suspend the rights of the Grantors under Sections 2.06(a)(i) or (iii) in part without suspending all such rights (as specified by the Collateral Agent in its sole and absolute discretion) and without waiving or
otherwise affecting the Collateral Agent’s rights to give additional notices from time to time suspending other rights so long as an Event of Default has occurred and is continuing. Notwithstanding anything to the contrary contained in
Section 2.06(a), (b) or (c), if a Bankruptcy Event of Default shall have occurred and be continuing, the Collateral Agent shall not be required to give any notice referred to in said Sections in order to exercise any
of its rights described in such Sections, and the suspension of the rights of each of the Grantors under each such Section shall be automatic upon the occurrence of such Bankruptcy Event of Default. 

Section 2.07. Collateral Agent Not a Partner or Limited Liability Company Member. Nothing contained in this Agreement shall
be construed to make the Collateral Agent or any other Secured Party liable as a member of any limited liability company or as a partner of any partnership and neither the Collateral Agent nor any other Secured Party by virtue of this Agreement or
otherwise (except as referred to in the following sentence) shall have any of the duties, obligations or liabilities of a member of any limited liability company or as a partner in any partnership. The parties hereto expressly agree that, unless the
Collateral Agent shall 

  

					
		 	- 13 -	 	ABL Security Agreement

 
become the absolute owner of Pledged Equity consisting of a limited liability company interest or a partnership interest pursuant hereto, this Agreement shall not be construed as creating a
partnership or joint venture among the Collateral Agent, any other Secured Party, any Grantor and/or any other Person. 

ARTICLE III 
 Security Interests in Personal Property 
 Section 3.01.
Security Interest. 
 (a) As security for the payment or performance, as the case may be, in full of the Secured
Obligations, each Grantor hereby grants to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, a security interest (the “Security Interest”) in, all of such Grantor’s right, title and
interest in, to or under any and all of the following assets and properties, whether now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any time in the future may acquire any right, title or interest
(collectively, the “Article 9 Collateral”): 
 (i) all Accounts; 

(ii) all Chattel Paper; 
 (iii) all Documents; 
 (iv) all Equipment; 

(v) all General Intangibles; 
 (vi) all Instruments; 
 (vii) all Inventory; 

(viii) all Investment Property: 
 (ix) all books and records pertaining to the Article 9 Collateral; 
 (x) all Goods and Fixtures; 
 (xi) all Money, cash, cash
equivalents and Deposit Accounts; 
 (xii) all Letter-of-Credit Rights; 

(xiii) all Commercial Tort Claims described on Schedule III from time to time; 

(xiv) the Collateral Account, and all cash, Money, Securities and other investments deposited therein; 

  

					
		 	- 14 -	 	ABL Security Agreement

 (xv) all Supporting Obligations; 

(xvi) all Security Entitlements in any or all of the foregoing; 

(xvii) all Intellectual Property; and 

(xviii) to the extent not otherwise included, all Proceeds and products of any and all of the foregoing and all collateral
security and guarantees given by any Person with respect to any of the foregoing; 
 provided that “Collateral” shall not
include any of the following assets or property, each being an “Excluded Property”: (i) any “intent to use” trademark application, solely during the period in which the grant of a security interest therein would
impair the validity or enforceability of such intent-to-use trademark application under applicable federal law, after which period such application shall be automatically subject to the security interest granted herein and deemed to be included in
the Collateral, (ii) the Excluded Equity Interests, (iii) any specifically identified asset with respect to which the Collateral Agent has confirmed in writing to the Grantors its reasonable determination, in consultation with the
Borrower, that the costs or other consequences (including adverse tax consequences) of providing a security interest is excessive in view of the practical benefits to be obtained by the Secured Parties, (iv) any assets securing purchase money
obligations or Capitalized Lease Obligations permitted to be incurred under the Credit Agreement, to the extent that the terms of the agreements relating to such Lien prohibit the security interest under this Agreement from attaching to such assets,
(v) any particular asset, if the pledge thereof or the security interest therein is prohibited by applicable Law other than to the extent such prohibition is rendered ineffective under the UCC or other applicable Law notwithstanding such
prohibition, (vi) any rights of a Grantor arising under or evidenced by any contract, lease, instrument, license or agreement to the extent the pledges thereof and security interests therein are prohibited or restricted by such contract, lease,
instrument, license or other agreement, other than Proceeds and receivables thereof, except to the extent (x) the pledge of such rights is deemed effective under the UCC or other applicable Law or principle of equity notwithstanding such
prohibition or restriction, or (y) such prohibition or restriction is deemed ineffective under the UCC or other applicable Law or principle of equity, (vii) licenses and any other property and assets to the extent that the Collateral Agent
may not validly possess a security interest therein under applicable Laws (including, without limitation, rules and regulations of any Governmental Authority) to the extent such applicable Laws, rules or regulations are not rendered ineffective by
the UCC or other applicable Law, or the pledge or creation of a security interest in which would require governmental consent, approval, license or authorization (except that Proceeds of dispositions thereof in accordance with applicable Law
(including, without limitation, rules and regulations of any Governmental Authority) shall constitute Collateral), provided that Collateral shall include to the maximum extent permitted by applicable Law all rights incident or appurtenant to
such licenses, property and assets (except to the extent any Lien on such asset in favor of the Collateral Agent requires consent, approval or authorization from any Governmental Authority) and the right to receive all Proceeds realized from the
sale, assignment or transfer of such licenses, property and assets, or (viii) any governmental licenses or state or local franchises, charters and authorizations, to the extent security interests in such licenses, franchises, charters or
authorizations are prohibited or restricted thereby (except to the extent such prohibition or restriction is deemed ineffective under 

  

					
		 	- 15 -	 	ABL Security Agreement

 
the UCC or other applicable Law or principle of equity). Each Grantor shall, if requested to do so by the Collateral Agent, use commercially reasonable efforts to obtain any such required consent
that is reasonably obtainable with respect to Collateral described in clause (vi) above which the Collateral Agent reasonably determines to be material. 
 (b) Each Grantor hereby irrevocably authorizes the Collateral Agent for the benefit of the Secured Parties at any time and from time to time to file in any relevant jurisdiction any financing statements
or continuation statements (including fixture filings) with respect to the Article 9 Collateral or any part thereof and amendments thereto that (i) describe the collateral covered thereby in any manner that the Administrative Agent or the
Collateral Agent reasonably determines is necessary or advisable to ensure the perfection of the security interest in the Article 9 Collateral granted under this Agreement including indicating the Collateral as all assets or all personal
property of such Grantor or words of similar effect and (ii) contain the information required by Article 9 of the UCC of each applicable jurisdiction for the filing of any financing statement or amendment, including (A) whether such
Grantor is an organization, the type of organization and any organizational identification number issued to such Grantor and (B) in the case of a financing statement filed as a fixture filing, a sufficient description of the real property to
which such Article 9 Collateral relates. Each Grantor agrees to provide such information to the Collateral Agent promptly upon request. 
 (c) The Security Interest is granted as security only and shall not subject the Collateral Agent or any other Secured Party to, or in any way alter or modify, any obligation or liability of any Grantor
with respect to or arising out of the Article 9 Collateral. 
 (d) Each Grantor hereby further authorizes the Collateral
Agent to file a Grant of Security Interest substantially in the form of Exhibit III, IV or V, as applicable, covering relevant IP Collateral consisting of Patents (and Patents for which applications are pending), registered
Trademarks (and Trademarks for which registration applications are pending) and registered Copyrights (and Copyrights for which registration applications are pending) with the United States Patent and Trademark Office or United States Copyright
Office (or any successor office), as applicable, and such other documents as may be necessary or advisable for the purpose of perfecting, confirming, continuing, enforcing or protecting the Security Interest granted by such Grantor hereunder,
without the signature of such Grantor, and naming such Grantor, as debtor, and the Collateral Agent, as secured party. 

Section 3.02. Representations and Warranties. Each Grantor represents and warrants, as to itself and the other Grantors, to
the Collateral Agent and the Secured Parties that: 
 (a) Each Grantor has good and valid rights (not subject to any Liens other
than Liens permitted by Section 9.1 of the Credit Agreement) and/or good or marketable title in the Article 9 Collateral with respect to which it has purported to grant a Security Interest hereunder (which rights and/or title, are in any
event, sufficient under Section 9-203 of the UCC), and has full power and authority to grant to the Collateral Agent the Security Interest in such Article 9 Collateral pursuant hereto and to execute, deliver and perform its obligations in
accordance with the terms of this Agreement, without the consent or approval of any other Person other than any consent or approval that has been obtained. 

  

					
		 	- 16 -	 	ABL Security Agreement

 (b) The Perfection Certificate has been duly executed and delivered to the Collateral Agent
and the information set forth therein, including the exact legal name of each Grantor and its jurisdiction of organization, taken as a whole, is correct and complete in all material respects as of the Effective Date. The UCC financing statements
(including fixture filings, as applicable) prepared by the Collateral Agent based upon the information provided to the Collateral Agent in the Perfection Certificate for filing in each governmental, municipal or other office specified in Schedule
IV of this Agreement (or specified by notice from the applicable Grantor to the Collateral Agent after the Effective Date in the case of filings, recordings or registrations required by Section 8.11 of the Credit Agreement and the
Collateral and Guarantee Requirement), are all the filings, recordings and registrations (other than any filings required to be made in the United States Patent and Trademark Office or the United States Copyright Office in order to perfect the
Security Interest in Article 9 Collateral consisting of Intellectual Property) necessary to establish a legal, valid and perfected security interest in favor of the Collateral Agent (for the benefit of the Secured Parties) in respect of all
Article 9 Collateral in which the Security Interest may be perfected by filing, recording or registration in the United States (or any political subdivision thereof) and its territories and possessions, and no further or subsequent filing,
refiling, recording, rerecording, registration or reregistration with respect to such Article 9 Collateral is necessary in any such jurisdiction, except as provided under applicable Law with respect to the filing of continuation statements.
Each Grantor represents and warrants that, as of the Effective Date, fully executed Grants of Security Interest in the form attached as Exhibit III, IV or V, as applicable, containing a description of all IP Collateral
consisting of Patents (and Patents for which applications are pending), registered Trademarks (and Trademarks for which registration applications are pending) or registered Copyrights (and Copyrights for which registration applications are pending),
as applicable, have been delivered to the Collateral Agent for recording by the United States Patent and Trademark Office or the United States Copyright Office, as applicable, pursuant to 35 U.S.C. § 261, 15 U.S.C.
§ 1060 or 17 U.S.C. § 205 and the regulations thereunder. 
 (c) The Security Interest constitutes
(i) a legal and valid security interest in all the Article 9 Collateral securing the payment and performance of the Secured Obligations, (ii) subject to the filings described in Section 3.02(b), a perfected security
interest in all Article 9 Collateral in which a security interest may be perfected by filing, recording or registering a financing statement in the United States (or any political subdivision thereof) and its territories and possessions
pursuant to the UCC and (iii) a security interest that shall be perfected in all Article 9 Collateral (other than with respect to any Copyright that is not material to the business of the Grantors, taken as a whole) in which a security
interest may be perfected upon the receipt and recording of the relevant Grants of Security Interest with the United States Patent and Trademark Office and the United States Copyright Office, as applicable, within the three month period (commencing
as of the date hereof) pursuant to 35 U.S.C. § 261 or 15 U.S.C. § 1060 or the one month period (commencing as of the date hereof) pursuant to 17 U.S.C. § 205. The Security Interest is and shall be prior
to any other Lien on any of the Article 9 Collateral, other than (i) any nonconsensual Lien that is expressly permitted pursuant to Section 9.1 of the Credit Agreement and has priority as a matter of law and (ii) any other Lien
that is expressly permitted pursuant to Section 9.1 of the Credit Agreement and which, in the case of Liens permitted pursuant to Section 9.1(w) of the Credit Agreement, are subject at all times to the Intercreditor Agreement. 

  

					
		 	- 17 -	 	ABL Security Agreement

 (d) The Article 9 Collateral is owned by the Grantors free and clear of any Lien,
except for Liens expressly permitted pursuant to Section 9.1 of the Credit Agreement. None of the Grantors has filed or consented to the filing of (i) any financing statement or analogous document under the UCC or any other applicable Laws
covering any Article 9 Collateral, (ii) any assignment in which any Grantor assigns any Article 9 Collateral or any security agreement or similar instrument covering any Article 9 Collateral with the United States Patent and
Trademark Office or the United States Copyright Office, or (iii) any assignment in which any Grantor assigns any Article 9 Collateral or any security agreement or similar instrument covering any Article 9 Collateral with any foreign
governmental, municipal or other office, which financing statement or analogous document, assignment, security agreement or similar instrument is still in effect, except, in each case, for Liens expressly permitted pursuant to Section 9.1 of
the Credit Agreement. 
 (e) All Commercial Tort Claims of each Grantor where the amount of the damages claimed by such Grantor
is in excess of $5,000,000 in existence on the date of this Agreement (or on the date upon which such Grantor becomes a party to this Agreement) are described on Schedule III hereto. 

(f) C & W Outlet, Inc., a New York corporation (“C & W”) and ERL, Inc., a New Jersey corporation
(“ERL” and together with C & W, the “Inactive Subsidiaries”), are inactive, hold no assets or liabilities, and will be dissolved as required by Section 3.03(h). J. Crew Japan, Ltd. holds no assets or
liabilities other than the internet domain name jcrew.co.jp. and no more than $50,000 in cash. 
 (g) Except as could not
reasonably be expected to have a Material Adverse Effect, with respect to the IP Collateral: 
 (i) such Grantor is the
exclusive owner of all right, title and interest in and to the IP Collateral or has the right or license to use the IP Collateral subject only to the terms of the Licenses; 
 (ii) the operation of such Grantor’s business as currently conducted and the use of the IP Collateral in connection therewith do not conflict with, infringe, misappropriate, dilute, misuse or
otherwise violate the intellectual property rights of any third party; 
 (iii) the IP Collateral set forth on the Perfection
Certificate includes all of the patents, patent applications, domain names, trademark registrations and applications, copyright registrations and applications owned by such Grantor as of the date hereof; 

(iv) the IP Collateral is subsisting and has not been adjudged invalid or unenforceable in whole or in part, and to such Grantor’s
knowledge, is valid and enforceable. Such Grantor is not aware of any uses of any material item of IP 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 each and every item of IP Collateral in full force and effect, and to protect and maintain its interest therein; 

  

					
		 	- 18 -	 	ABL Security Agreement

 (vi) no claim, action, suit, investigation, litigation or proceeding has been asserted or is
pending or threatened 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 IP Collateral, (B) alleging that the Grantor’s rights in or use of the IP
Collateral or that any services provided by, processes used by, or products manufactured or sold by, such Grantor infringe, misappropriate, dilute, misuse or otherwise violate any patent, trademark, copyright or any other proprietary right of any
third party, or (C) alleging that the IP Collateral is being licensed or sublicensed in violation or contravention of the terms of any license or other agreement. To such Grantor’s knowledge, no Person is engaging in any activity that
infringes, misappropriates, dilutes, misuses or otherwise violates the material IP Collateral or the Grantor’s rights in or use thereof. The consummation of the transactions contemplated by the Loan Documents will not result in the termination
or impairment of any of the IP Collateral; 
 (vii) with respect to each License: (A) such License is valid and binding and
in full force and effect; (B) such Grantor has not received any notice of termination or cancellation under such License; (C) such Grantor has not received any notice of a breach or default under such License; and (D) neither such
Grantor nor, to such Grantor’s knowledge, any other party to such License is in breach or default thereof in any material respect, and no event has occurred that, with notice or lapse of time or both, would constitute such a breach or default
or permit termination, modification or acceleration under such License; and 
 (viii) to such Grantor’s knowledge,
(A) none of the material 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 material 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 material 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 material IP Collateral. 
 Section 3.03. Covenants.

 (a) The Borrower agrees to promptly (and in any event within thirty (30) calendar days of such event, or such later date
as the Collateral Agent may agree in its reasonable discretion) notify the Collateral Agent of any change (i) in the legal name of any Grantor, (ii) in the identity or type of organization or corporate structure of any Grantor,
(iii) in the jurisdiction of organization of any Grantor, (iv) in the location of any Grantor under the UCC or (v) in the organizational identification number of any Grantor. In addition, if any Grantor does not have an organizational
identification number on the Effective Date (or the date such Grantor becomes a party to this Agreement) and later obtains one, the Borrower shall promptly thereafter notify the Collateral Agent of such organizational identification number and shall
take all actions reasonably satisfactory to the Collateral Agent to the extent necessary to maintain the security interests (and the priority thereof) of the Collateral Agent in the Collateral intended to be granted hereby fully perfected and in
full force and effect. The Loan Parties agree not to effect or permit any change referred to in the preceding sentence unless all filings, publications and 

  

					
		 	- 19 -	 	ABL Security Agreement

 
registrations, have been made (or will be made in a timely fashion) under the UCC or other applicable Law that are required in order for the Collateral Agent to continue at all times following
such change to have a valid, legal and perfected first priority security interest to the extent required under the Loan Documents (subject only to (i) any nonconsensual Lien that is expressly permitted pursuant to Section 9.1 of the Credit
Agreement and has priority as a matter of law and (ii) Liens expressly permitted pursuant to Section 9.1 of the Credit Agreement and which, in the case of Liens permitted in respect of the Term Facility pursuant to Section 9.1
thereof, are subject to the Intercreditor Agreement) in all the Collateral for its own benefit and the benefit of the other Secured Parties. 
 (b) Each Grantor shall, at its own expense, take any and all commercially reasonable actions necessary to defend title to the Article 9 Collateral against all Persons, except with respect to
Article 9 Collateral that such Grantor determines in its reasonable business judgment is no longer necessary or beneficial to the conduct of the business, and to defend the Security Interest of the Collateral Agent in the Article 9
Collateral and the priority thereof against any Lien not permitted pursuant to Section 9.1 of the Credit Agreement. 
 (c)
At the time of delivery of annual financial statements with respect to the preceding Fiscal Year pursuant to Section 7.1(a) of the Credit Agreement and delivery of the related Compliance Certificate, the Borrower shall deliver to the
Collateral Agent a certificate executed by a Responsible Officer of the Borrower setting forth the information required pursuant to the Perfection Certificate (other than Section 1(b) and Section 1(c)(ii) of the Perfection Certificate) or
confirming that there has been no change in such information since the date of such certificate or the date of the most recent certificate delivered pursuant to this Section 3.03(c). 

(d) Each Grantor agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all such further instruments and
documents and take all such actions as the Collateral Agent may from time to time reasonably request to better assure, preserve, protect and perfect the Security Interest and the rights and remedies created hereby, including the payment of any fees
and Taxes required in connection with the execution and delivery of this Agreement, the granting of the Security Interest and the filing of any financing statements (including fixture filings) or other documents in connection herewith or therewith.
If any amount payable under or in connection with any of the Article 9 Collateral (other than by a Loan Party) that equals or exceeds $5,000,000 (or, in the case of ABL Priority Collateral, $2,000,000) shall be or become evidenced by any
Promissory Note or Instrument, such Promissory Note or Instrument shall be promptly pledged and, subject to the Intercreditor Agreement, delivered to the Collateral Agent, for the benefit of the Secured Parties, in a manner reasonably satisfactory
to the Collateral Agent. 
 (e) At its option, the Collateral Agent may discharge past due taxes, assessments, charges, fees,
Liens, security interests or other encumbrances at any time levied or placed on the Article 9 Collateral and not permitted pursuant to Section 9.1 of the Credit Agreement, and may pay for the maintenance and preservation of the
Article 9 Collateral to the extent any Grantor fails to do so as required by the Credit Agreement, this Agreement or any other Loan Document and within a reasonable period of time after the Collateral Agent has requested that it do so, and each
Grantor jointly and severally agrees to reimburse the Collateral 

  

					
		 	- 20 -	 	ABL Security Agreement

 
Agent within ten (10) days after demand for any payment made or any reasonable out-of-pocket expense incurred by the Collateral Agent pursuant to the foregoing authorization; provided
that nothing in this paragraph shall be interpreted as excusing any Grantor from the performance of, or imposing any obligation on the Collateral Agent or any Secured Party to cure or perform, any covenants or other promises of any Grantor with
respect to taxes, assessments, charges, fees, Liens, security interests or other encumbrances and maintenance as set forth herein or in the other Loan Documents. 
 (f) If at any time any Grantor shall take a security interest in any property of an Account Debtor or any other Person the value of which equals or exceeds $2,000,000 to secure payment and performance of
an Account or related contracts, such Grantor shall promptly assign such security interest to the Collateral Agent for the benefit of the applicable Secured Parties. Such assignment need not be filed of public record unless necessary to continue the
perfected status of the security interest against creditors of and transferees from the Account Debtor or other Person granting the security interest. 
 (g) Each Grantor (rather than the Collateral Agent or any Secured Party) shall remain liable (as between itself and any relevant counterparty) to observe and perform all the conditions and obligations to
be observed and performed by it under each contract, agreement or instrument relating to the Article 9 Collateral, all in accordance with the terms and conditions thereof, and each Grantor jointly and severally agrees to indemnify and hold
harmless the Collateral Agent and the Secured Parties from and against any and all liability for such performance. 
 (h) The
Grantors agree to use commercially reasonable efforts to dissolve the Inactive Subsidiaries as promptly as practical after the Effective Date. 
 (i) Notwithstanding anything in this Agreement to the contrary other than the filing of a UCC financing statement, (i) no actions shall be required to perfect the security interest granted hereunder
in Letter-of-Credit Rights, (ii) no actions shall be required to perfect the security interest granted hereunder in motor vehicles and other assets subject to certificates of title and (iii) no Grantor shall be required to complete any
filings or other action with respect to the perfection of the security interests created hereby in any jurisdiction outside of the United States or any State thereof. 
 Section 3.04. Other Actions. In order to further insure the attachment, perfection and priority of, and the ability of the Collateral Agent to enforce, the Security Interest, each Grantor
agrees, in each case at such Grantor’s own expense and subject to the Intercreditor Agreement, to take the following actions with respect to the following Article 9 Collateral: 

(a) Instruments. If any Grantor shall at any time hold or acquire any Instruments constituting Collateral and evidencing an amount
equal to or in excess of $5,000,000 (or, in the case of ABL Priority Collateral, $2,000,000) such Grantor shall promptly endorse, assign and deliver the same to the Collateral Agent for the benefit of the applicable Secured Parties, accompanied by
such undated instruments of transfer or assignment duly executed in blank as the Collateral Agent may from time to time reasonably request. 

  

					
		 	- 21 -	 	ABL Security Agreement

 (b) Investment Property. Except to the extent otherwise provided in
Article II, if any Grantor shall at any time hold or acquire any Certificated Securities, such Grantor shall promptly endorse, assign and deliver the same to the Collateral Agent for the benefit of the applicable Secured Parties,
accompanied by such undated instruments of transfer or assignment duly executed in blank as the Collateral Agent may from time to time reasonably request. If any Securities now or hereafter acquired by any Grantor are uncertificated and are issued
to such Grantor or its nominee directly by the issuer thereof, upon the Collateral Agent’s request and following the occurrence of an Event of Default such Grantor shall promptly notify the Collateral Agent thereof and, at the Collateral
Agent’s reasonable request, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Agent, either (but only to the extent such Securities and other Investment Property constitute Collateral) (i) cause the
issuer to agree to comply with instructions from the Collateral Agent as to such Securities, without further consent of any Grantor or such nominee, or (ii) arrange for the Collateral Agent to become the registered owner of the Securities. If
any Securities, whether certificated or uncertificated, or other Investment Property are held by any Grantor or its nominee through a Securities Intermediary, upon the Collateral Agent’s request and following the occurrence of an Event of
Default (or, with respect to a Qualified Cash Securities Account, during the continuation of any Qualified Cash Trigger Period), such Grantor shall immediately notify the Collateral Agent thereof and at the Collateral Agent’s request and
option, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Agent shall either (i) cause such Securities Intermediary to agree to comply with Entitlement Orders or other instructions from the Collateral
Agent to such Securities Intermediary as to such Security Entitlements without further consent of any Grantor or such nominee, or (ii) in the case of Financial Assets or other Investment Property held through a Securities Intermediary, arrange
for the Collateral Agent to become the Entitlement Holder with respect to such Investment Property, with the Grantor being permitted, only with the consent of the Collateral Agent, to exercise rights to withdraw or otherwise deal with such
Investment Property. Notwithstanding the foregoing, unless and until an Event of Default has occurred and is continuing, (A) other than during a Qualified Cash Trigger Period, the Collateral Agent agrees with each of the Grantors that the
Collateral Agent shall not give any such Entitlement Orders or instructions or directions to any such issuer, or Securities Intermediary, and shall not withhold its consent to the exercise of any withdrawal or dealing rights by any Grantor and
(B) during a Qualified Cash Trigger Period, the Collateral Agent agrees to issue Entitlement Orders as reasonably requested by the Borrower with respected to any Qualified Cash Securities Account; provided that, with respect to this
subclause (B), to the extent any such Entitlement Order requested by the Borrower constitutes withdrawal or transfer of Security Entitlements, prior to any such withdrawal or transfer the Borrower shall deliver to the Administrative Agent a
Borrowing Base Certificate giving pro forma effect to the proposed withdrawal or transfer of Security Entitlements. 
 (c)
Commercial Tort Claims. If any Grantor shall at any time after the date of this Agreement acquire a Commercial Tort Claim in an amount (taking the greater of the aggregate claimed damages thereunder or the reasonably estimated value thereof)
of $5,000,000 or more, such Grantor shall promptly notify the Collateral Agent thereof in a writing signed by such Grantor and provide supplements to Schedule III describing the details thereof and shall grant to the Collateral Agent a
security interest therein and in the proceeds thereof, all upon the terms of this Agreement. 

  

					
		 	- 22 -	 	ABL Security Agreement

 ARTICLE IV  

Special Provisions Concerning IP Collateral 
 Section 4.01. Grant of License to Use Intellectual Property. 
 Without
limiting the provisions of Section 3.01 hereof or any other rights of the Collateral Agent as the holder of a Security Interest in any IP Collateral, for the purpose of enabling the Collateral Agent to exercise rights and remedies under
this Agreement at such time as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby grants to the Collateral Agent, for the benefit of the Secured Parties, an irrevocable, nonexclusive license
(exercisable without payment of royalty or other compensation to the Grantors) to use, license or sublicense any of the IP Collateral now owned or hereafter acquired by such Grantor, and wherever the same may be located (whether or not any license
agreement by and between any Grantor and any other Person relating to the use of such IP Collateral may be terminated hereafter), and including in such license reasonable access to all media in which any of the licensed items may be recorded or
stored and to all computer software and programs used for the compilation or printout thereof, provided, however, that any such license granted by the Collateral Agent to a third party shall include reasonable and customary terms necessary to
preserve the existence, validity and value of the affected IP Collateral, including without limitation, provisions requiring the continuing confidential handling of trade secrets, requiring the use of appropriate notices and prohibiting the use of
false notices, protecting and maintaining the quality standards of the Trademarks in the manner set forth below (it being understood and agreed that, without limiting any other rights and remedies of the Collateral Agent under this Agreement, any
other Loan Document or applicable Law, nothing in the foregoing license grant shall be construed as granting the Collateral Agent rights in and to such IP Collateral above and beyond (x) the rights to such IP Collateral that each Grantor has
reserved for itself and (y) in the case of IP Collateral that is licensed to any such Grantor by a third party, the extent to which such Grantor has the right to grant a sublicense to such IP Collateral hereunder). 

The use of such license by the Collateral Agent may only be exercised, at the option of the Collateral Agent, during the continuation of
an Event of Default; provided that any license, sublicense or other transaction entered into by the Collateral Agent in accordance herewith shall immediately terminate at such time as the Collateral Agent is no longer lawfully entitled to
exercise its rights and remedies under this Agreement. Nothing in this Section 4.01 shall require a Grantor to grant any license that is prohibited by any rule of law, statute or regulation, or is prohibited by, or constitutes a breach
or default under or results in the termination of any contract, license, agreement, instrument or other document evidencing, giving rise to or theretofore granted, with respect to such property or otherwise unreasonably prejudices the value thereof
to the relevant Grantor. In the event the license set forth in this Section 4.01 is exercised with regard to any Trademarks, then the following shall apply: (i) all goodwill arising from any licensed or sublicensed use of any
Trademark shall inure to the benefit of the Grantor; (ii) the licensed or sublicensed Trademarks shall only be used in association with goods or services of a quality and nature consistent with the quality and reputation with which such
Trademarks were associated when used by Grantor prior to the exercise of the license rights set forth herein; and (iii) at the Grantor’s request and expense, licensees and sublicensees shall

  

					
		 	- 23 -	 	ABL Security Agreement

 
provide reasonable cooperation in any effort by the Grantor to maintain the registration or otherwise secure the ongoing validity and effectiveness of such licensed Trademarks, including, without
limitation the actions and conduct described in Section 4.02 below. 
 Section 4.02 Protection of Collateral
Agent’s Security. 
 (a) Except to the extent permitted by subsection 4.02(h) below, or to the extent that
failure to act could not reasonably be expected to have a Material Adverse Effect, with respect to registration or pending application of each item of its IP Collateral for which such Grantor has standing to do so, each Grantor agrees to take, at
its expense, all reasonable steps, including, without limitation, in the U.S. Patent and Trademark Office, the U.S. Copyright Office and any other governmental authority located in the United States to (i) maintain the validity and
enforceability of any registered IP Collateral and maintain such IP 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 IP 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. 

(b) Except to the extent permitted by subsection 4.02(h) below, or to the extent that failure to act could not reasonably be
expected to have a Material Adverse Effect, no Grantor shall do or permit any act or knowingly omit to do any act whereby any of its IP Collateral may lapse, be terminated, or become invalid or unenforceable or placed in the public domain (or in
case of a trade secret, lose its competitive value). 
 (c) In the event that any Grantor becomes aware that any material item
of the IP Collateral is being infringed or misappropriated by a third party, such Grantor shall promptly notify the Collateral Agent and shall take such actions, at its expense, as such Grantor reasonably deems appropriate under the circumstances to
protect or enforce such IP Collateral, including, without limitation, suing for infringement or misappropriation and for an injunction against such infringement or misappropriation. 

(d) Each Grantor shall use proper statutory notice as commercially practical in connection with its use of each item of its IP
Collateral. Except to the extent permitted by subsection 4.02(h) below, or to the extent that failure to act could not reasonably be expected to have a Material Adverse Effect, no Grantor shall do or permit any act or knowingly omit to
do any act whereby any of its IP Collateral may lapse or become invalid or unenforceable or placed in the public domain. 
 (e)
Except to the extent permitted by subsection 4.02(h) below, or to the extent that failure to act could not reasonably be expected to have a Material Adverse Effect, each Grantor shall take all reasonable steps to preserve and protect
each item of its IP Collateral, including, without limitation, maintaining the quality of any and all products or services used or 

  

					
		 	- 24 -	 	ABL Security Agreement

 
provided in connection with any of the Trademarks, consistent with the quality of the products and services as of the date hereof, and taking all reasonable steps necessary to ensure that all
licensed users of any of the Trademarks abide by the applicable license’s terms with respect to the standards of quality. 

(f) Each Grantor agrees that, should it obtain an ownership or other interest in any IP Collateral after the Effective Date (the
“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 IP Collateral subject to the terms and conditions of this Agreement with respect thereto. 
 (g) Once every Fiscal Quarter of the Borrower, each Grantor shall sign and deliver to the Collateral Agent an appropriate Security Agreement Supplement and related Grant of Security Interest with respect
to applications for registration or registrations of IP Collateral owned or exclusively licensed by it as of the last day of such fiscal quarter, to the extent that such IP Collateral is not covered by any previous Security Agreement Supplement (and
Grant of Security Interests) so signed and delivered by it. In each case, it will promptly cooperate as reasonably necessary to enable the Collateral Agent to make any necessary or reasonably desirable recordations with the U.S. Copyright Office or
the U.S. Patent and Trademark Office, as appropriate. 
 (h) Notwithstanding the foregoing provisions of this
Section 4.02 or elsewhere in this Agreement, nothing in this Agreement shall prevent any Grantor from abandoning or discontinuing the use or maintenance of any or its IP Collateral, or from failing to take action to enforce license
agreements or pursue actions against infringers, if such Grantor determines in its reasonable business judgment that such abandonment, discontinuance, or failure to take action is desirable in the conduct of its business. 

ARTICLE V 

Collections 
 (a) Each Grantor hereby agrees to comply with the provisions of Section 8.12 of the Credit Agreement to the extent applicable to such Grantor. 

(b) Subject to Section 8.12 of the Credit Agreement, without the prior written consent of the Collateral Agent, no Grantor shall
modify or amend (i) the instructions pursuant to any of the Credit Card Notifications, (ii) the Credit Card Agreements, (iii) in the case of Cash Receipts or Deposit Accounts, the Deposit Account Control Agreements or (iv) in the
case of Qualified Cash or Approved Securities Accounts, the Securities Account Control Agreements. Each Grantor shall, and the Collateral Agent hereby authorizes each Grantor to, enforce and collect all amounts owing on the Inventory, Accounts and
related contracts, for the benefit and on behalf of the Collateral Agent and the other Secured Parties; provided, however, that such authorization may, at the direction of the Collateral Agent, be terminated in accordance with the terms of the
Credit Agreement and the other Loan Documents after the occurrence and during the continuance of any Cash Dominion Period. 

  

					
		 	- 25 -	 	ABL Security Agreement

 ARTICLE VI 
 Remedies 
 Section 6.01. Remedies Upon Default.

 Upon the occurrence and during the continuance of an Event of Default, subject to the Intercreditor Agreement, it is agreed
that the Collateral Agent shall have the right to exercise any and all rights afforded to a secured party under this Agreement, the UCC or other applicable Law, and, subject to the Intercreditor Agreement, also may, (i) require each Grantor to,
and each Grantor 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) occupy any premises owned or, to the extent lawful and permitted, leased by any of the Grantors 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; provided that the Collateral Agent shall provide the applicable Grantor
with notice thereof prior to or promptly after such occupancy; (iii) 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; provided that the
Collateral Agent shall provide the applicable Grantor with notice thereof prior to or promptly after such exercise; (iv) withdraw any and all cash or other Collateral from any Collateral Account, Approved Deposit Account or Approved Securities
Account and apply such cash and other Collateral to the payment of any and all Secured Obligations in the manner provided in Section 6.02 of this Agreement; (v) subject to the mandatory requirements of applicable Law and the notice
requirements described below, sell or otherwise dispose of all or any part of the Collateral securing the Secured Obligations at a public or private sale or at any broker’s board or on any securities exchange, for cash, upon credit or for
future delivery as the Collateral Agent shall deem appropriate and (vi) with respect to any IP Collateral, on demand, cause the Security Interest to become an assignment, transfer and conveyance of any of or all such IP Collateral (provided
that no such demand may be made unless an Event of Default has occurred and has continued for thirty (30) days) by the applicable Grantors to the Collateral Agent, or license or sublicense, whether general, special or otherwise, and whether on
an exclusive or nonexclusive basis, any such IP Collateral throughout the world on such terms and conditions and in such manner as the Collateral Agent shall determine, provided, however, that such terms shall include all terms and
restrictions that customarily required to ensure the continuing validity and effectiveness of the IP Collateral at issue, such as, without limitation, notice, quality control and inurement provisions with regard to Trademarks, patent designation
provisions with regard to patents, and copyright notices and restrictions or decompilation and reverse engineering of copyrighted software, and confidentiality protections for trade secrets. 

  

					
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Each Grantor acknowledges and recognizes that (a) the Collateral Agent may be unable to effect a public sale of all or a part of the Collateral consisting of securities by reason of certain
prohibitions contained in the Securities Act of 1933, 15 U.S.C. §77, (as amended and in effect, the “Securities Act”) or the securities laws of various states (the “Blue Sky Laws”), but may be compelled to
resort to one or more private sales to a restricted group of purchasers who will be obliged to agree, among other things, to acquire such securities for their own account, for investment and not with a view to the distribution or resale thereof,
(b) private sales so made may be at prices and upon other terms less favorable to the seller than if such securities were sold at public sales, (c) neither the Collateral Agent nor any other Secured Party has any obligation to delay sale
of any of the Collateral for the period of time necessary to permit such securities to be registered for public sale under the Securities Act or the Blue Sky Laws, and (d) private sales made under the foregoing circumstances shall be deemed to
have been made in a commercially reasonable manner. To the maximum extent permitted by Law, each Grantor hereby waives any claim against any Secured Party arising because the price at which any Collateral may have been sold at a private sale was
less than the price that might have been obtained at a public sale, even if the Collateral Agent accepts the first offer received and does not offer such Collateral to more than one offeree. Upon consummation of any such sale the Collateral Agent
shall have the right to assign, transfer and deliver to the purchaser or purchasers thereof the Collateral so sold. Each such purchaser at any sale of Collateral shall hold the property sold absolutely, free from any claim or right on the part of
any Grantor, and each Grantor hereby waives (to the extent permitted by applicable Law) all rights of redemption, stay and appraisal which such Grantor now has or may at any time in the future have under any rule of law or statute now existing or
hereafter enacted. 
 The Collateral Agent shall give the applicable Grantors ten (10) days’ written notice (which
each Grantor agrees is reasonable notice within the meaning of Section 9-611 of the UCC or its equivalent in other jurisdictions) of the Collateral Agent’s intention to make any sale of Collateral. Such notice, in the case of a public
sale, shall state the time and place for such sale and, in the case of a sale at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale is to be made and the day on which the Collateral, or portion
thereof, will first be offered for sale at such board or exchange. Any such public sale shall be held at such time or times within ordinary business hours and at such place or places as the Collateral Agent may fix and state in the notice (if any)
of such sale. The Collateral Agent may conduct one or more going out of business sales, in the Collateral Agent’s own right or by one or more agents and contractors. Such sale(s) may be conducted upon any premises owned, leased, or occupied by
any Grantor. The Collateral Agent and any such agent or contractor, in conjunction with any such sale, may augment the Inventory with other goods (all of which other goods shall remain the sole property of the Collateral Agent or such agent or
contractor). Any amounts realized from the sale of such goods which constitute augmentations to the Inventory (net of an allocable share of the costs and expenses incurred in their disposition) shall be the sole property of the Collateral Agent or
such agent or contractor and neither any Grantor nor any Person claiming under or in right of any Grantor shall have any interest therein. At any such sale, the Collateral, or portion thereof, to be sold may be sold in one lot as an entirety or in
separate parcels, as the Collateral Agent may (in its sole and absolute discretion) determine. The Collateral Agent shall not be obligated to make any sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of
sale of such Collateral shall have been given. The Collateral Agent may, without notice or publication, adjourn any public or private sale or cause 

  

					
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the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same was so
adjourned. In case any sale of all or any part of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained by the Collateral Agent until the sale price is paid by the purchaser or purchasers thereof, but the
Collateral Agent shall not incur any liability in case any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may be sold again upon like notice. At any public (or,
to the extent permitted by applicable Law, private) sale made pursuant to this Agreement, any Secured Party may bid for or purchase, free (to the extent permitted by applicable Law) from any right of redemption, stay, valuation or appraisal on the
part of any Grantor (all said rights being also hereby waived and released to the extent permitted by applicable Law), the Collateral or any part thereof offered for sale and may make payment on account thereof by using any claim then due and
payable to such Secured Party from any Grantor as a credit against the purchase price, and such Secured Party may, upon compliance with the terms of sale, hold, retain and dispose of such property without further accountability to any Grantor
therefor. For purposes of determining the Grantors’ rights in the Collateral, a written agreement to purchase the Collateral or any portion thereof shall be treated as a sale thereof; the Collateral Agent shall be free to carry out such sale
pursuant to such agreement and no Grantor shall be entitled to the return of the Collateral or any portion thereof subject thereto, notwithstanding the fact that after the Collateral Agent shall have entered into such an agreement all Events of
Default shall have been remedied and the Secured Obligations paid in full, provided, however, that such agreements shall include all terms and restrictions that are customarily required to ensure the continuing validity and
effectiveness of the IP Collateral at issue, such as, without limitation, quality control and inurement provisions with regard to Trademarks, patent designation provisions with regard to patents, and copyright notices and restrictions or
decompilation and reverse engineering of copyrighted software, and protecting the confidentiality of trade secrets. As an alternative to exercising the power of sale herein conferred upon it, the Collateral Agent may proceed by a suit or suits at
law or in equity to foreclose this Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a court appointed receiver. Any sale
pursuant to the provisions of this Section 6.01 shall be deemed to conform to the commercially reasonable standards as provided in Section 9-610(b) of the UCC or its equivalent in other jurisdictions. 

Each Grantor irrevocably makes, constitutes and appoints the Collateral Agent (and all officers, employees or agents designated by the
Collateral Agent) as such Grantor’s true and lawful agent (and attorney-in-fact) during the continuance of an Event of Default and after notice to the Borrower of its intent to exercise such rights (except in the case of a Bankruptcy Event of
Default, in which case no such notice shall be required), for the purpose of, subject to the Intercreditor Agreement, (i) making, settling and adjusting claims in respect of Article 9 Collateral under policies of insurance, endorsing the
name of such Grantor on any check, draft, instrument or other item of payment for the proceeds of such policies of insurance, (ii) making all determinations and decisions with respect thereto and (iii) obtaining or maintaining the policies
of insurance required by Section 8.5 of the Credit Agreement or to pay any premium in whole or in part relating thereto. All sums disbursed by the Collateral Agent in connection with this paragraph, including reasonable out-of-pocket
attorneys’ fees, court costs, expenses and other charges relating thereto, shall be payable, within ten (10) days of demand, by the Grantors to the Collateral Agent and shall be additional Secured Obligations secured hereby. 

  

					
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 By accepting the benefits of this Agreement and each other Collateral Document, the Secured
Parties expressly acknowledge and agree that this Agreement and each other Collateral Document may be enforced only by the action of the Collateral Agent and that no other Secured Party shall have any right individually to seek to enforce or to
enforce this Agreement or to realize upon the security to be granted hereby, it being understood and agreed that such rights and remedies may be exercised by the Collateral Agent for the benefit of the Secured Parties upon the terms of this
Agreement and the other Collateral Documents. 
 Section 6.02. Application of Proceeds. 

Subject to the Intercreditor Agreement, the Collateral Agent shall apply the proceeds of any collection or sale of Collateral, including
any Collateral consisting of cash, in accordance with the provisions of Section 10.3 of the Credit Agreement. The Collateral Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in
accordance with this Agreement. Upon any sale of Collateral by the Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the Collateral Agent or of the officer making the sale
shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Collateral Agent or such
officer or be answerable in any way for the misapplication thereof. It is understood and agreed that the Grantors shall remain jointly and severally liable to the extent of any deficiency between the amount of the proceeds of the Collateral and the
aggregate amount of the Secured Obligations. 
 ARTICLE VII 

Indemnity, Subrogation and Subordination 
 Upon payment by any Grantor of any Secured Obligations, all rights of such Grantor against the Borrower or any other Grantor arising as a result thereof by way of right of subrogation, contribution,
reimbursement, indemnity or otherwise shall in all respects be subordinate and junior in right of payment to the prior payment in full in cash of all the Secured Obligations (other than (i) contingent indemnity obligations for then unasserted
claims; (ii) obligations and liabilities under Secured Hedge Agreements as to which arrangements satisfactory to the applicable Hedge Bank shall have been made; or (iii) Cash Management Obligations as to which arrangements satisfactory to
the applicable Cash Management Bank shall have been made) and the termination of all Commitments to any Loan Party under any Loan Document. If any amount shall erroneously be paid to the Borrower or any other Grantor on account of (i) such
subrogation, contribution, reimbursement, indemnity or similar right or (ii) any such indebtedness of the Borrower or any other Grantor, such amount shall be held in trust for the benefit of the Secured Parties and shall forthwith be paid to
the Collateral Agent to be credited against the payment of the Secured Obligations, whether matured or unmatured, in accordance with the terms of the Credit Agreement and the other Loan Documents. Subject to the foregoing, to the extent that any
Grantor (other than the Borrower) shall, under this Agreement or the Credit Agreement as a joint and several obligor, repay any of the Secured Obligations (an “Accommodation Payment”), then the Grantor making such Accommodation
Payment shall be entitled to contribution and indemnification from, and be reimbursed by, each 

  

					
		 	- 29 -	 	ABL Security Agreement

 
of the other Grantors in an amount equal to a fraction of such Accommodation Payment, the numerator of which fraction is such other Grantor’s Allocable Amount and the denominator of which is
the sum of the Allocable Amounts of all of the Grantors. As of any date of determination, the “Allocable Amount” of each Grantor shall be equal to the maximum amount of liability for Accommodation Payments which could be asserted
against such Grantor hereunder and under the Credit Agreement without (a) rendering such Grantor “insolvent” within the meaning of Section 101 (31) of the Bankruptcy Code, Section 2 of the Uniform Fraudulent Transfer
Act (“UFTA”) or Section 2 of the Uniform Fraudulent Conveyance Act (“UFCA”), (b) leaving such Grantor with unreasonably small capital or assets, within the meaning of Section 548 of the Bankruptcy
Code, Section 4 of the UFTA, or Section 5 of the UFCA, or (c) leaving such Grantor unable to pay its debts as they become due within the meaning of Section 548 of the Bankruptcy Code or Section 4 of the UFTA, or
Section 5 of the UFCA. 
 ARTICLE VIII 
 Miscellaneous 
 Section 8.01. Notices. 

All communications and notices hereunder shall (except as otherwise expressly permitted herein) be in writing and given as provided in
Section 12.8 of the Credit Agreement. All communications and notices hereunder to a Grantor other than the Borrower shall be given in care of the Borrower. 
 Section 8.02. Waivers; Amendment. 
 (a) No failure or delay by the
Collateral Agent in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to
enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Collateral Agent hereunder and under the other Loan Documents are cumulative and are not
exclusive of any other rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by
paragraph (b) of this Section 8.02, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a
Revolving Credit Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default or Event of Default, regardless of whether the Collateral Agent or any other Secured Party may have had notice or knowledge of such Default or
Event of Default at the time. 
 (b) Subject to the Intercreditor Agreement, neither this Agreement nor any provision hereof may
be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Collateral Agent and the Grantor or Grantors with respect to which such waiver, amendment or modification is to apply, subject to any consent
required in accordance with Section 12.1 of the Credit Agreement. 

  

					
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 Section 8.03. Collateral Agent’s Fees and Expenses; Indemnification.

 (a) The parties hereto agree that the Collateral Agent shall be entitled to reimbursement of its expenses incurred hereunder
as provided in Section 12.3 of the Credit Agreement. 
 (b) Without limitation of its indemnification obligations under the
other Loan Documents, each Grantor jointly and severally agrees to indemnify the Collateral Agent and the other Indemnitees (as defined in Section 12.4 of the Credit Agreement) against, and hold each Indemnitee harmless from, any and all
liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (including, without limitation, all Attorney Costs of Shearman & Sterling LLP and, if reasonably necessary,
one local counsel in each relevant jurisdiction material to the interests of all Indemnitees taken as a whole), imposed on, incurred by or asserted against any such Indemnitee arising out of, in connection with, (a) the execution, delivery,
enforcement, performance or administration of this Agreement or any other agreement, letter or instrument delivered in connection with the transactions contemplated hereby or the consummation of the transactions contemplated hereby, (b) the
ownership, delivery, lease, possession, use, operation, condition, sale, return or other disposition of any Collateral or (c) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether
based on contract, tort or any other theory (including any investigation of, preparation for, or defense of any pending or threatened claim, investigation, litigation or proceeding) and regardless of whether or not such investigation, litigation or
proceeding is brought by any Grantor, its directors, stockholders or creditors or an Indemnitee or any other Person, whether or not any Indemnitee is otherwise a party thereto and, in each case, whether or not caused by or arising, in whole or
in part, out of the negligence of the Indemnitee; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments,
suits, costs, expenses or disbursements (i) resulted from the gross negligence, bad faith, or willful misconduct of such Indemnitee or of any Affiliate or Related Indemnified Person of such Indemnitee, as determined by the final non-appealable
judgment of a court of competent jurisdiction, (ii) are relating to disputes amongst Indemnitees other than (1) any claim against an Indemnitee or its Related Parties in its capacity or in fulfilling its role as Collateral Agent and
(2) any claim arising out of any act or omission of the Borrower or any of its Affiliates or (iii) subject to Section 3.1 of the Credit Agreement, related to Taxes (other than Taxes relating to liabilities, obligations, losses,
damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements indemnified under this Section 8.03(b)). No Indemnitee nor any Grantor shall have any liability and each party hereby waives, any claim
against any other party to this Agreement or any Indemnitee, for any special, punitive, indirect or consequential damages relating to this Agreement or arising out of its activities in connection herewith or therewith (whether before or after the
Effective Date) (other than, in the case of any Grantor, in respect of any such damages incurred or paid by an Indemnitee to a third party). 
 (c) Any such amounts payable as provided hereunder shall be additional Secured Obligations secured hereby and by the other Collateral Documents. The provisions of this Section 8.03 shall
remain operative and in full force and effect regardless of the termination of this Agreement or any other Loan Document, the repayment of any of the Secured Obligations, the invalidity or unenforceability of any term or provision of this Agreement
or any 

  

					
		 	- 31 -	 	ABL Security Agreement

 
other Loan Document, any resignation of the Administrative Agent, Collateral Agent, Swing Loan Lender or Issuer or any investigation made by or on behalf of the Collateral Agent or any other
Secured Party. All amounts due under this Section 8.03 shall be payable within twenty (20) Business Days after written demand therefor. 
 Section 8.04. Successors and Assigns. 
 Whenever in this Agreement any
of the parties hereto is referred to, such reference shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of any Grantor or the Collateral Agent that are contained
in this Agreement shall bind and inure to the benefit of their respective permitted successors and assigns. Except as provided in Section 12.2 of the Credit Agreement, no Grantor may assign any of its rights or obligations hereunder without the
written consent of the Collateral Agent. 
 Section 8.05. Survival of Agreement. 

Without limitation of any provision of the Credit Agreement or Section 8.03 hereof, all covenants, agreements, indemnities,
representations and warranties made by the Grantors in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon
by the Lenders and shall survive the execution and delivery of the Loan Documents and the making of any Revolving Credit Loans and issuance of any Letters of Credit, regardless of any investigation made by any such Lender or on its behalf and
notwithstanding that the Collateral Agent or any Lender may have had notice or knowledge of any Default or Event of Default or incorrect representation or warranty at the time any credit is extended under the Credit Agreement, and shall continue in
full force and effect until this Agreement is terminated as provided in Section 8.13 hereof, or with respect to any individual Grantor until such Grantor is otherwise released from its obligations under this Agreement in accordance with
the terms hereof. 
 Section 8.06. Counterparts; Effectiveness; Several Agreement. 

This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which when taken
together shall constitute one and the same instrument. Delivery by telecopier or by electronic .pdf copy of an executed counterpart of a signature page to this Agreement shall be effective as delivery of an original executed counterpart of this
Agreement. This Agreement shall become effective when it shall have been executed by each Effective Date Grantor (and, with respect to each Person that becomes a Grantor hereunder following the Effective Date, on the date of delivery of a Security
Agreement Supplement by such Grantor) and the Collateral Agent and thereafter shall be binding upon and inure to the benefit of each Grantor and the Collateral Agent and the other Secured Parties and their respective permitted successors and
assigns, subject to Section 8.04 hereof. This Agreement shall be construed as a separate agreement with respect to each Grantor and may be amended, restated, modified, supplemented, waived or released with respect to any Grantor without
the approval of any other Grantor and without affecting the obligations of any other Grantor hereunder. 

  

					
		 	- 32 -	 	ABL Security Agreement

 Section 8.07. Severability. 

If any provision of this Agreement is held to be invalid, illegal, or unenforceable, the legality, validity and enforceability of the
remaining provisions of this Agreement shall not be affected or impaired thereby. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 8.08. GOVERNING LAW, ETC. 
 (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 (b) THE GRANTORS AND THE COLLATERAL AGENT EACH IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW
YORK CITY IN THE BOROUGH OF MANHATTAN AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR
RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE 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. EACH PARTY HERETO AGREES THAT THE COLLATERAL AGENT RETAINS THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY GRANTOR IN THE COURTS OF ANY OTHER JURISDICTION IN
CONNECTION WITH THE EXERCISE OF ANY RIGHTS UNDER THIS AGREEMENT OR THE ENFORCEMENT OF ANY JUDGMENT. 
 (c) THE GRANTORS AND THE
COLLATERAL AGENT EACH IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT IN ANY COURT REFERRED TO IN PARAGRAPH (b) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH
ACTION OR PROCEEDING IN ANY SUCH COURT. 

  

					
		 	- 33 -	 	ABL Security Agreement

 Section 8.09. WAIVER OF RIGHT TO TRIAL BY JURY. 

EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY
IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

Section 8.10. Headings. 
 Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into
consideration in interpreting, this Agreement. 
 Section 8.11. Security Interest Absolute. 

All rights of the Collateral Agent hereunder, the Security Interest, the grant of a security interest in the Pledged Collateral and all
obligations of each Grantor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Credit Agreement, any other Loan Document, the Secured Hedge Agreement, any Cash Management Services,
any agreement with respect to any of the Secured Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Secured
Obligations, or any other amendment or waiver of or any consent to any departure from the Credit Agreement, any other Loan Document, the Secured Hedge Agreement, any Cash Management Services, or any other agreement or instrument, (c) any
exchange, release or non-perfection of any Lien on other collateral, or any release or amendment or waiver of or consent under or departure from any guarantee, securing or guaranteeing all or any of the Secured Obligations or (d) subject only
to termination of a Grantor’s obligations hereunder in accordance with the terms of Section 8.12, but without prejudice to reinstatement rights under Section 2.04 of the Guaranty, any other circumstance that might otherwise
constitute a defense available to, or a discharge of, any Grantor in respect of the Secured Obligations or this Agreement. 

Section 8.12. Termination or Release. 
 (a) This Agreement, the Security Interest and all other security interests granted hereby shall terminate with respect to all Secured Obligations when (i) all Revolving Credit Commitments have
expired or been terminated and the Lenders have no further commitment to lend under the Credit Agreement, (ii) all outstanding Secured Obligations (other than (A) contingent indemnification obligations with respect to then unasserted
claims and (B) Secured Obligations in respect of obligations that may thereafter arise with respect to Obligations in respect of Secured Hedge Agreements and Cash Management Obligations, in each

  

					
		 	- 34 -	 	ABL Security Agreement

 
case, not yet due and payable; unless the Collateral Agent has received written notice, at least two (2) Business Days prior to the proposed date of any such release of the Security
Interest, stating that arrangements reasonably satisfactory to the applicable Cash Management Bank or Hedge Bank, as the case may be, in respect thereof have not been made) shall have been paid in full in cash, (iii) all Letters of Credit shall
have expired or terminated (or been Cash Collateralized or backstopped in a manner reasonably satisfactory to the applicable Issuer) and (iv) all Letter of Credit Obligations have been reduced to zero (or Cash Collateralized in a manner
reasonably satisfactory to the applicable Issuer), provided, however, that in connection with the termination of this Agreement, the Administrative Agent or the Collateral Agent may require such indemnities as it shall reasonably deem
necessary or appropriate to protect the Secured Parties against (x) loss on account of credits previously applied to the Secured Obligations that may subsequently be reversed or revoked, and (y) any obligations that may thereafter arise
with respect to the Obligations in respect of Secured Hedge Agreements and Cash Management Obligations, in each case to the extent not provided for thereunder. 
 (b) The Security Interest in any Collateral shall be automatically released in the circumstances set forth in Section 11.11(a) of the Credit Agreement or upon any release of the Lien on such
Collateral in accordance with Sections 11.11(b) or (d) of the Credit Agreement. 
 (c) In connection with any termination
or release pursuant to paragraph (a) or (b), the Collateral Agent shall promptly execute and deliver to any Grantor, at such Grantor’s expense, all documents that such Grantor shall reasonably request to evidence such
termination or release. Any execution and delivery of documents pursuant to this Section 8.12 shall be without recourse to or warranty by the Collateral Agent. 
 (d) At any time that the respective Grantor desires that the Collateral Agent take any of the actions described in immediately preceding clause (c), it shall, upon request of the Collateral
Agent, deliver to the Collateral Agent an officer’s certificate certifying that the release of the respective Collateral is permitted pursuant to paragraph (a) or (b). The Collateral Agent shall have no liability whatsoever
to any Secured Party as the result of any release of Collateral by it as permitted (or which the Collateral Agent in good faith believes to be permitted) by this Section 8.12. 

Section 8.13. Additional Restricted Subsidiaries. 
 Pursuant to Section 8.11 of the Credit Agreement, certain Restricted Subsidiaries of the Loan Parties that were not in existence or not Restricted Subsidiaries on the date of the Credit Agreement are
required to enter in this Agreement as Grantors upon becoming Restricted Subsidiaries. Upon execution and delivery by the Collateral Agent and a Restricted Subsidiary of a Security Agreement Supplement, such Restricted Subsidiary shall become a
Grantor hereunder with the same force and effect as if originally named as a Grantor herein. The execution and delivery of any such instrument shall not require the consent of any other Grantor hereunder. The rights and obligations of each Grantor
hereunder shall remain in full force and effect notwithstanding the addition of any new Grantor as a party to this Agreement. 

  

					
		 	- 35 -	 	ABL Security Agreement

 Section 8.14. Collateral Agent Appointed Attorney-in-Fact. 

(a) Each Grantor hereby appoints the Collateral Agent the true and lawful attorney-in-fact of such Grantor for the purpose of carrying
out the provisions of this Agreement and taking any action and executing any instrument that the Collateral Agent may deem necessary or advisable to accomplish the purposes hereof at any time after and during the continuance of a Cash Dominion
Period, subject to Section 3.04(b), a Qualified Cash Trigger Period or an Event of Default, as applicable, which appointment is irrevocable and coupled with an interest. Without limiting the generality of the foregoing, the Collateral
Agent shall have the right, subject to the Intercreditor Agreement, (i) upon the occurrence and during the continuance of a Cash Dominion Period, subject to Section 3.04(b), a Qualified Cash Trigger Period and (unless a Bankruptcy
Event of Default has occurred and is continuing, in which case no such notice shall be required) upon and after delivery of notice by the Collateral Agent to the Borrower of its intent to exercise such rights, with full power of substitution either
in the Collateral Agent’s name or in the name of such Grantor (a) to take actions required to be taken by the Grantors under Article V of this Agreement; and (b) to receive, endorse, assign and/or deliver any and all
notes, acceptances, checks, drafts, money orders or other evidences of payment relating to the Collateral or any part thereof; and (ii) subject to the Intercreditor Agreement, upon the occurrence and during the continuance of an Event of
Default and (unless a Bankruptcy Event of Default has occurred and is continuing, in which case no such notice shall be required) delivery of notice by the Collateral Agent to the Borrower of its intent to exercise such rights, with full power of
substitution either in the Collateral Agent’s name or in the name of such Grantor (a) to demand, collect, receive payment of, give receipt for and give discharges and releases of all or any of the Collateral; (b) to sign the name of
any Grantor on any invoice or bill of lading relating to any of the Collateral; (c) to send verifications of Accounts to any Account Debtor; (d) to commence and prosecute any and all suits, actions or proceedings at law or in equity in any
court of competent jurisdiction to collect or otherwise realize on all or any of the Collateral or to enforce any rights in respect of any Collateral; (e) to settle, compromise, compound, adjust or defend any actions, suits or proceedings
relating to all or any of the Collateral; (f) to notify, or to require any Grantor to notify, Account Debtors to make payment directly to the Collateral Agent or to a Collateral Account and adjust, settle or compromise the amount of payment of
any Account or related contracts; (g) to make, settle and adjust claims in respect of Collateral under policies of insurance and to endorse the name of such Grantor on any check, draft, instrument or any other item of payment with respect to
the proceeds of such policies of insurance and for making all determinations and decisions with respect thereto; and (h) to use, sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with all or any of the
Collateral, and to do all other acts and things necessary to carry out the purposes of this Agreement, as fully and completely as though the Collateral Agent were the absolute owner of the Collateral for all purposes; provided that nothing
herein contained shall be construed as requiring or obligating the Collateral Agent to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Collateral Agent, or to present or file any claim or
notice, or to take any action with respect to the Collateral or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby. The Collateral Agent and the other Secured Parties shall be accountable only for
amounts actually received as a result of the exercise of the powers granted to them herein, and neither they nor their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for
their own gross negligence or willful misconduct or that of any of their Affiliates, directors, officers, employees, counsel, agents or attorneys-in-fact. 

  

					
		 	- 36 -	 	ABL Security Agreement

 (b) All acts in accordance with this Section 8.14 of said attorney or designee
are hereby ratified and approved by the Grantors. The powers conferred on the Collateral Agent, for the benefit of the Secured Parties, under this Section 8.14 are solely to protect the Collateral Agent’s interests in the Collateral
and shall not impose any duty upon the Collateral Agent or any Secured Party to exercise any such powers. 
 Section 8.15.
General Authority of the Collateral Agent. 
 By acceptance of the benefits of this Agreement and any other Collateral
Documents, each Secured Party (whether or not a signatory hereto) shall be deemed irrevocably (a) to consent to the appointment of the Collateral Agent as its agent hereunder and under such other Collateral Documents, (b) to confirm that
the Collateral Agent shall have the authority to act as the exclusive agent of such Secured Party for the enforcement of any provisions of this Agreement and such other Collateral Documents against any Grantor, the exercise of remedies hereunder or
thereunder and the giving or withholding of any consent or approval hereunder or thereunder relating to any Collateral or any Grantor’s obligations with respect thereto, (c) to agree that it shall not take any action to enforce any
provisions of this Agreement or any other Collateral Document against any Grantor, to exercise any remedy hereunder or thereunder or to give any consents or approvals hereunder or thereunder except as expressly provided in this Agreement or any
other Collateral Document and (d) to agree to be bound by the terms of this Agreement and any other Collateral Documents. 

Section 8.16. Collateral Agent’s Duties. 
 Except for the safe custody of any Collateral in its possession and the accounting for moneys actually received by it 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 shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its
possession if such Collateral is accorded treatment substantially equal to that which it accords its own property. 

Section 8.17. Recourse; Limited Obligations. 
 This Agreement is made with full recourse to each Grantor and pursuant to and upon all the warranties, representations, covenants and agreements on the part of such Grantor contained herein, in the Credit
Agreement and the other Loan Documents and otherwise in writing in connection herewith or therewith, with respect to the Secured Obligations of each applicable Secured Party. It is the desire and intent of each Grantor and each applicable Secured
Party that this Agreement shall be enforced against each Grantor to the fullest extent permissible under applicable Law applied in each jurisdiction in which enforcement is sought. 

Section 8.18. Mortgages. 
 In the event that any of the Collateral hereunder is also subject to a valid and enforceable Lien under the terms of a Mortgage and the terms thereof are inconsistent with the terms of this

  

					
		 	- 37 -	 	ABL Security Agreement

 
Agreement, then with respect to such Collateral, the terms of such Mortgage shall control in the case of fixtures and real property leases, letting and licenses of, and contracts, and agreements
relating to the lease of, real property, and the terms of this Agreement shall control in the case of all other Collateral. 

Section 8.19. Intercreditor Agreement. 
 (a) Notwithstanding anything herein to the contrary, the Liens granted to the Collateral Agent under this Agreement and the exercise of the rights and remedies of the Collateral Agent hereunder and under
any other Collateral Document are subject to the provisions of the Intercreditor Agreement. In the event of any conflict between the terms of the Intercreditor Agreement and this Agreement or any other Collateral Document, the terms of the
Intercreditor Agreement shall govern and control. Notwithstanding anything to the contrary herein, the Collateral Agent acknowledges and agrees that no Grantor shall be required to take or refrain from taking any action at the request of the
Collateral Agent with respect to the Collateral if such action or inaction would be inconsistent with the terms of the Intercreditor Agreement. 
 (b) Subject to the foregoing, (i) to the extent the provisions of this Agreement (or any other Collateral Documents) require the delivery of, or control over, Term Priority Collateral to be granted
to the Collateral Agent at any time prior to the Discharge of Term Obligations, then delivery of such Term Priority Collateral (or control with respect thereto, (and any related approval or consent rights)) shall instead be granted to the Term
Agent, to be held in accordance with the Term Documents and subject to the Intercreditor Agreement and (ii) any provision of this Agreement (or any other Collateral Documents) requiring Grantors to name the Collateral Agent as an additional
insured or a loss payee under any insurance policy or a beneficiary of any letter of credit, such requirement shall have been complied with if any such insurance policy or letter of credit also names the Term Agent as an additional insured, loss
payee or beneficiary, as the case may be, in each case pursuant and subject to the terms of the Intercreditor Agreement. 
 (c)
Furthermore, at all times prior to the Discharge of Term Obligations, the Collateral Agent is authorized by the parties hereto to effect transfers of Term Priority Collateral at any time in its possession (and any “control” or similar
agreements with respect to Term Priority Collateral) to the Term Agent. 
 (d) Notwithstanding anything to the contrary herein
but subject to the Intercreditor Agreement, in the event the Term Documents provide for the grant of a security interest or pledge over the assets of any Grantor and such assets do not otherwise constitute Collateral under this Agreement or any
other Loan Document, such Grantor shall (i) promptly grant a security interest in or pledge such assets to secure the Secured Obligations, (ii) promptly take any actions necessary to perfect such security interest or pledge to the extent
set forth in the Term Documents and (iii) take all other steps reasonably requested by the Collateral Agent in connection with the foregoing. 
 (e) Nothing contained in the Intercreditor Agreement shall be deemed to modify any of the provisions of this Agreement, which, as among the Grantors and the Collateral Agent shall remain in full force and
effect in accordance with its terms. 

  

					
		 	- 38 -	 	ABL Security Agreement

 [Signature Pages Follow] 

  

					
		 	- 39 -	 	ABL Security Agreement

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

					
	CHINOS ACQUISITION CORPORATION (which on the Effective Date shall be merged with and into J. Crew Group, Inc., with J. Crew Group, Inc. surviving such merger as
the Borrower),
		
	By:	 	 /s/ Ronald Cami

		 	Name:	 	Ronald Cami
		 	Title:	 	Ronald Cami
	
	CHINOS INTERMEDIATE HOLDINGS B, INC., as Holdings,
		
	By:	 	 /s/ James Scully

		 	Name:	 	James Scully
		 	Title:	 	Chief Administrative Officer and Chief Financial Officer

  

					
		 		 	ABL Security Agreement

					
	The undersigned hereby confirms that, as a result of its merger with Chinos Acquisition Corporation, it hereby assumes all of the rights and obligations of Chinos
Acquisition Corporation under this Agreement (in furtherance of, and not in lieu of, any assumption or deemed assumption as a matter of law) and is joined to this Agreement as the Borrower thereunder.
	
	J. CREW GROUP, INC.
		
	By:	 	 /s/ James Scully

		 	Name:	 	James Scully
		 	Title:	 	Chief Administrative Officer and Chief Financial Officer

  

					
	J. Crew – Signature Page to ABL Security Agreement	 	ABL Security Agreement

 
					
	SUBSIDIARY GUARANTOR:
	
	J. Crew Operating Corp.
	J. Crew Inc.
	J. Crew International, Inc.
	Grace Holmes, Inc.
	H. F. D. No. 55, Inc.
	Madewell Inc.
	J. Crew Virginia, Inc.
	
	Each of the above as a Subsidiary Guarantor
		
	By:	 	 /s/ James Scully

		 	Name:	 	James Scully
		 	Title:	 	Chief Administrative Officer and Chief Financial Officer

  

					
	J. Crew – Signature Page to ABL Security Agreement	 	ABL Security Agreement

 
					
	COLLATERAL AGENT:
	
	BANK OF AMERICA, N.A., as Collateral Agent
		
	By:	 	 /s/ Mark D. Twomey

		 	Name:	 	Mark D. Twomey
		 	Title:	 	Senior Vice President

  

					
	J. Crew – Signature Page to ABL Security Agreement	 	ABL Security Agreement

 SCHEDULE I TO SECURITY AGREEMENT 

SUBSIDIARY GUARANTORS 

J. Crew Operating Corp. 
 J. Crew Inc.

 J. Crew International, Inc. 
 Grace
Holmes, Inc. 
 H. F. D. No. 55, Inc. 
 Madewell Inc. 
 J. Crew Virginia, Inc. 

  

					
		 		 	ABL Security Agreement

 SCHEDULE II TO SECURITY AGREEMENT 

EQUITY INTERESTS 
  

															
	 Issuer
	  	 Registered

Owner/Grantor
	  	 Percentage of
Equity Interests
	 	 	 Number of
Shares
	 	  	 Class of Equity
Interest
	  	 Number of
Certificate

	 J. Crew Group, Inc.
	  	 Chinos Intermediate Holdings B, Inc. (after giving effect to the Transaction)
	  	 	100	% 	 	 	1,000	  	  	Common Stock	  	1
	 J. Crew Operating Corp.
	  	 J. Crew Group, Inc.
	  	 	100	% 	 	 	100	  	  	Common Stock	  	C1
	 J. Crew Inc.
	  	 J. Crew Operating Corp.
	  	 	100	% 	 	 	100	  	  	Common Stock	  	2
	 Grace Holmes, Inc.
	  	 J. Crew Operating Corp.
	  	 	100	% 	 	 	10	  	  	Common Stock	  	3
	 H. F. D. No. 55, Inc.
	  	 J. Crew Operating Corp.
	  	 	100	% 	 	 	10	  	  	Common Stock	  	3
	 J. Crew Virginia, Inc.
	  	 J. Crew Operating Corp.
	  	 	100	% 	 	 	100	  	  	Common Stock	  	1
	 Madewell Inc.
	  	 J. Crew Operating Corp.
	  	 	100	% 	 	 	10	  	  	Common Stock	  	1
	 J. Crew International, Inc.
	  	 J. Crew Inc.
	  	 	100	% 	 	 	100	  	  	Common Stock	  	3
	 J. Crew Canada Inc.
	  	 J. Crew Operating Corp.
	  	 	65	% 	 	 	100	  	  	Common Stock	  	C-3

 PLEDGED DEBT

  

	1.	Intercompany Notes: 

 Global
Intercompany Note, dated as of the Effective Date, among the Borrower and its Subsidiaries party thereto. 
  

	2.	Promissory Notes or Other Pledged Debt: 

 None.

  

					
		 		 	ABL Security Agreement

 SCHEDULE III TO SECURITY AGREEMENT 

COMMERCIAL TORT CLAIMS 
 None. 

  

					
		 		 	ABL Security Agreement

 SCHEDULE IV TO SECURITY AGREEMENT 

UCC FILINGS 
  

			
	 Grantor
	  	 Jurisdiction

	Chinos Intermediate Holdings B, Inc.	  	Delaware
	J. Crew Group, Inc.	  	Delaware
	J. Crew Operating Corp.	  	Delaware
	J. Crew Inc.	  	Delaware
	J. Crew International, Inc.	  	Delaware
	Grace Holmes, Inc.	  	Delaware
	H. F. D. No. 55, Inc.	  	Delaware
	Madewell Inc.	  	Delaware
	J. Crew Virginia, Inc.	  	Virginia

  

					
		 		 	ABL Security Agreement

 EXHIBIT I TO SECURITY AGREEMENT 

FORM OF SECURITY AGREEMENT SUPPLEMENT 
 SUPPLEMENT NO.      dated as of                     ,
20     (this “Supplement”), to the Security Agreement dated as of March 7, 2011 (the “Security Agreement”), among CHINOS ACQUISITION CORPORATION, a Delaware corporation (which on the
Effective Date was merged with and into J. CREW GROUP, INC., a Delaware corporation (the “Company”), with the Company surviving such merger as the Borrower (the “Borrower”)), CHINOS INTERMEDIATE HOLDINGS B, INC., a
Delaware corporation (“Holdings”), the Subsidiary Guarantors thereto and BANK OF AMERICA, N.A., as Collateral Agent for the Secured Parties. 
 A. Reference is made to (i) the Credit Agreement, dated as of March 7, 2011 (as amended, restated, supplemented and/or otherwise modified from time to time, the “Credit
Agreement”), by, among others, the Borrower, Holdings, the Lenders party thereto, and Bank of America, N.A., as Administrative Agent for the Lenders and Collateral Agent for the Secured Parties and (ii) the Guaranty (as defined in the
Credit Agreement). 
 B. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such
terms in the Credit Agreement and the Security Agreement, as applicable. 
 C. The Grantors have entered into the Security
Agreement in order to induce (x) the Lenders to make Loans and (y) the Issuers to issue Letters of Credit. Section 8.13 of the Security Agreement provides that additional Restricted Subsidiaries of the Grantors may become Grantors
under the Security Agreement by execution and delivery of an instrument substantially in the form of this Supplement. The undersigned Restricted Subsidiary (the “New Subsidiary”) is executing this Supplement in accordance with the
requirements of the Credit Agreement to become a Grantor under the Security Agreement in order to induce the Lenders to make additional Loans and as consideration for Loans previously made. 

Accordingly, the Collateral Agent and the New Subsidiary agree as follows: 

Section 1. In accordance with Section 8.13 of the Security Agreement, the New Subsidiary by its signature below becomes a
Grantor under the Security Agreement with the same force and effect as if originally named therein as a Grantor and the New Subsidiary hereby (a) agrees to all the terms and provisions of the Security Agreement applicable to it as a Grantor
thereunder and (b) represents and warrants that the representations and warranties made by it as a Grantor thereunder are true and correct on and as of the date hereof; provided that, to the extent that such representations and
warranties specifically refer to an earlier date, they shall be true and correct in all respects as of such earlier date. In furtherance of the foregoing, the New Subsidiary, as security for the payment and performance in full of the Secured
Obligations does hereby create and grant to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, their successors and assigns, a security interest in and lien on all of the New Subsidiary’s right, title and
interest in and to the Collateral (as defined in the Security Agreement) of the New Subsidiary. Each reference to a “Grantor” in the Security Agreement shall be deemed to include the New Subsidiary as if originally named therein as a
Grantor. The Security Agreement is hereby incorporated herein by reference. 

  

					
		 		 	ABL Security Agreement

 Section 2. The New Subsidiary represents and warrants to the Collateral Agent and the
other Secured Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as such enforceability may be
limited by Debtor Relief Laws and by general principles of equity. 
 Section 3. This Supplement may be executed in
counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Supplement shall become effective when the
Collateral Agent shall have received a counterpart of this Supplement that bears the signature of the New Subsidiary and the Collateral Agent has executed a counterpart hereof. Delivery of an executed signature page to this Supplement by facsimile
or electronic (including .pdf file) transmission shall be as effective as delivery of a manually signed counterpart of this Supplement. 
 Section 4. The New Subsidiary hereby represents and warrants that the Perfection Certificate and updated schedules to the Security Agreement attached hereto as Schedule I have been duly
executed and delivered to the Collateral Agent and the information set forth therein, including the exact legal name of the New Subsidiary and its jurisdiction of organization, is correct and complete in all material respects as of the date hereof.

 Section 5. Except as expressly supplemented hereby, the Security Agreement shall remain in full force and effect.

 Section 6. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK. 
 Section 7. In case any one or more of the provisions contained in this Supplement should be held invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Security Agreement shall not in any way be affected or impaired thereby (it being understood that the
invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to replace the invalid,
illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 Section 8. All communications and notices hereunder shall be in writing and given as provided in Section 8.01 of the Security Agreement. 

Section 9. The New Subsidiary agrees to reimburse the Collateral Agent for its reasonable out-of-pocket expenses in connection with
this Supplement, including all Attorney Costs of counsel for the Collateral Agent as provided in Section 8.03(a) of the Security Agreement. 

  

					
		 		 	ABL Security Agreement

 IN WITNESS WHEREOF, the New Subsidiary and the Collateral Agent have duly executed
this Supplement to the Security Agreement as of the day and year first above written. 
  

			
	[NAME OF NEW SUBSIDIARY]
		
	By:	 	  

	Name:
	Title:
	Legal Name:
	Jurisdiction of Formation:
	Location of Chief Executive Office:
	
	BANK OF AMERICA, N.A., as Collateral Agent
		
	By:	 	  

	Name:
	Title:

  

					
		 		 	ABL Security Agreement

 SCHEDULE I TO SECURITY AGREEMENT SUPPLEMENT 

[ATTACH COMPLETED PERFECTION CERTIFICATE FOR NEW SUBSIDIARY AND 

ALL SCHEDULES TO SECURITY AGREEMENT, UPDATED FOR NEW SUBSIDIARY] 

  

					
		 		 	ABL Security Agreement

 EXHIBIT II TO SECURITY AGREEMENT 

FORM OF PERFECTION CERTIFICATE 
 Reference is made to (i) the Credit Agreement dated as of March 7, 2011 (the “Term Facility Credit Agreement”), among Chinos Acquisition Corporation, which on the Closing Date
shall be merged with and into J. Crew Group, Inc. (the “Company”), with the Company surviving such merger as the Borrower (the “Borrower”), Chinos Intermediate Holdings B, Inc. (“Holdings”), the
lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent and Collateral Agent and (ii) the Credit Agreement dated as of March 7, 2011 (the “ABL Credit Agreement” and, together with the
Term Facility Credit Agreement, the “Credit Agreements”), among Chinos Acquisition Corporation, which on the Effective Date shall be merged with and into the Company, with the Company surviving such merger as the Borrower, Holdings,
the lenders from time to time party thereto, Bank of America, N.A., as Administrative Agent, Collateral Agent and an Issuer and the other Issuers party thereto. Capitalized terms used but not defined herein have the meanings assigned in the
applicable Credit Agreement or the Security Agreement referred to therein, as applicable. 
 The undersigned, a Responsible
Officer of the Borrower, hereby certifies to the Administrative Agent and each other Secured Party on behalf of the Loan Parties as follows: 
 SECTION 1. Names. (a) Set forth on Schedule 1(a) is (i) the exact legal name of each Loan Party, as such name appears in its certificate of organization or like document and
(ii) each other legal name such Loan Party has had in the past five years, together with the date of the relevant name change and each other name used by each Loan Party on any filings with the Internal Revenue Service at any time in the past
five years. 
 (b) Except as set forth on Schedule 1(b) and pursuant to the Transactions, no Loan Party has changed
its identity or corporate structure or entered into a similar reorganization in any way within the past five years. Changes in identity or corporate structure would include mergers, consolidations and acquisitions of all or substantially all of the
assets of (or all or substantially all the assets constituting a business unit, division, product line or line of business of) a Person or other acquisitions of material assets outside the ordinary course of business, as well as any change in the
form, nature or jurisdiction of organization. With respect to any such change that has occurred within the past five years, Schedules 1(a), 1(b) and 2(a) set forth the information required by Sections 1(a) and
2(a) of this Perfection Certificate as to each acquiree or constituent party to such merger, consolidation or acquisition. 
 (c) Set forth on Schedule 1(c) is (i) the exact legal name of each direct and indirect Subsidiary of Holdings, as such name appears in its certificate of organization or like document and
(ii) each contractual agreement existing on the date hereof that would restrict a Guarantee of the Obligations by any such Subsidiary that would otherwise be required to become a Guarantor pursuant to the Credit Agreements. 

  

					
		 		 	ABL Security Agreement

 SECTION 2. Jurisdictions and Locations. 

(a) Set forth on Schedule 2(a) is (i) the jurisdiction of organization and the form of organization of each Loan Party,
(ii) the organizational identification number, if any, assigned by such jurisdiction and (iii) the address (including the county) of the chief executive office of such Loan Party. 

(b) Set forth in Schedule 2(b) are all locations where each Loan Party maintains any books or records relating to any Collateral.

 (c) Set forth in Schedule 2(c) hereto are all other locations where each Loan Party maintains any of the Collateral
consisting of Inventory or equipment, not identified above, with an aggregate value in excess of $2,000,000. 
 (d) Set forth in
Schedule 2(d) hereto are the names, addresses and title in regards to the Collateral of all persons or entities other than each Loan Party, such as lessees, consignees, warehousemen or purchasers of chattel paper, which have possession or are
intended to have possession of any of the Collateral consisting of instruments, chattel paper, Inventory or equipment. 

SECTION 3. Unusual Transactions. Except for Inventory or Accounts acquired pursuant to any merger, consolidation or acquisition
which is listed on Schedule 1(b) hereof, all Accounts have been originated by the Loan Parties and all Inventory with an aggregate value in excess of $5,000,000 has been acquired by the Loan Parties in the ordinary course of business.

 SECTION 4. Stock Ownership and other Equity Interests. Set forth on Schedule 4 is a true and correct list,
for each Loan Party, of all the issued and outstanding Pledged Equity owned, beneficially or of record, by such Loan Party, specifying the issuer and certificate number (if any) of, and the number and percentage of ownership represented by, such
Pledged Equity and setting forth the percentage of such Pledged Equity pledged under the Security Agreements. 
 SECTION 5.
Debt Instruments. Set forth on Schedule 5 is a true and correct list, for each Loan Party, of all promissory notes and other evidence of indebtedness (other than checks to be deposited in the ordinary course of business) owned by
such Loan Party that are required to be pledged under the Credit Agreements and the Collateral Documents, and to the extent applicable, specifying the creditor and debtor thereunder and the outstanding principal amount thereof. 

SECTION 6. Real Property. Set forth on Schedule 6 is a true and correct list, for each Loan Party, of all real
property with a fair market value in excess of $5,000,000 owned by such Loan Party that is required to be pledged under the Credit Agreements and the Collateral Documents. 
 SECTION 7. Intellectual Property. (a) Set forth on Schedule 7(a) is a true and correct list, with respect to each Loan Party, of all United States patents and patent applications
owned by such Loan Party (except, for the avoidance of doubt, as otherwise indicated on Schedule 7(a)), including the name of the owner, title, registration or application number of any registrations or applications. 

  

					
		 		 	ABL Security Agreement

 (b) Set forth on Schedule 7(b) is a true and correct list, with respect to each
Loan Party, of all United States trademark registrations and applications owned by such Loan Party (except, for the avoidance of doubt, as otherwise indicated on Schedule 7(b)), including the name of the registered owner and the
registration or application number of any registrations and applications. 
 (c) Set forth on Schedule 7(c) is a
true and correct list, with respect to each Loan Party, of all United States copyright registrations and applications owned by such Loan Party (except, for the avoidance of doubt, as otherwise indicated on Schedule 7(c)), including the
name of the registered owner, title and the registration or serial number of any copyright registrations. 
 (d) Set forth on
Schedule 7(d) is a true and correct list, with respect to each Loan Party, of all exclusive Copyright Licenses under which such Loan Party is a licensee, including the name and address of the licensor under such exclusive Copyright License
and the name of the registered owner, title and the registration or serial number of any copyright registration to which such exclusive Copyright License relates. 
 SECTION 8. Commercial Tort Claims. Set forth on Schedule 8 is a true and correct list of commercial tort claims in excess of $5,000,000 held by any Loan Party, including a brief
description thereof. 
 SECTION 9. Deposit Accounts. Attached hereto as Schedule 9 is a true and correct list of
deposit accounts, brokerage accounts, commodity accounts or securities investment accounts maintained by any Loan Party, including the name and address of the applicable depositary or other institution, the name and type of account, the name of the
Loan Party that maintains each account and the account number. 

  

					
		 		 	ABL Security Agreement

 IN WITNESS WHEREOF, the undersigned has duly executed this Certificate on the date above
first written. 
  

							
	CHINOS ACQUISITION CORPORATION
			
		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	
	
	J. CREW GROUP, INC.
			
		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

 Signature Page to Perfection Certificate 

  

					
		 		 	ABL Security Agreement

 Schedule 1(a) 
 Names 

  

					
		 		 	ABL Security Agreement

 Schedule 1(b) 
 Unusual Transactions 

  

					
		 		 	ABL Security Agreement

 Schedule 1(c) 

  

					
		 		 	ABL Security Agreement

 Schedule 2(a) 
 Jurisdictions and Locations 

  

					
		 		 	ABL Security Agreement

 Schedule 2(b) 
 Books and Records 

  

					
		 		 	ABL Security Agreement

 Schedule 2(c) 
 Location of Collateral 

  

					
		 		 	ABL Security Agreement

 Schedule 2(d) 
 Holders of Collateral 

  

					
		 		 	ABL Security Agreement

 Schedule 4 
 Stock Ownership and Other Equity Interests 

  

					
		 		 	ABL Security Agreement

 Schedule 5 
 Debt Instruments 

  

					
		 		 	ABL Security Agreement

 Schedule 6 
 Real Property 

  

					
		 		 	ABL Security Agreement

 Schedule 7(a) 
 Intellectual Property 
 U.S. Patent Registrations and Patent Applications

  

					
		 		 	ABL Security Agreement

 Schedule 7(b) 
 Intellectual Property 
 U.S. Trademark Registrations 

U.S. Trademark Applications 

  

					
		 		 	ABL Security Agreement

 Schedule 7(c) 
 Intellectual Property 
 U.S. Copyright Registrations and Copyright
Applications 

  

					
		 		 	ABL Security Agreement

 Schedule 7(d) 
 Intellectual Property 
 Exclusive Copyright Licenses under which a Loan
Party is a Licensee 

  

					
		 		 	ABL Security Agreement

 Schedule 8 
 Commercial Tort Claims 

  

					
		 		 	ABL Security Agreement

 Schedule 9 
 Deposit Accounts 

  

					
		 		 	ABL Security Agreement

 EXHIBIT III TO SECURITY AGREEMENT 

[FORM OF] TRADEMARK SECURITY AGREEMENT 
 This TRADEMARK SECURITY AGREEMENT (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Trademark Security Agreement”) dated
                    , 20    , is made by the Persons listed on the signature pages hereof (collectively, the
“Grantors”) in favor of Bank of America, N.A., as collateral agent (the “Collateral Agent”) for the Secured Parties (as defined in the Credit Agreement referred to below). 

Reference is made to (i) the Credit Agreement, dated as of March 7, 2011 (as amended, restated, amended and restated, supplemented and/or
otherwise modified from time to time, the “Credit Agreement”), among Chinos Acquisition Corporation, J. Crew Group, Inc., Chinos Intermediate Holdings B, Inc., the Lenders party thereto from time to time and Bank of
America, N.A., as Administrative Agent and Collateral Agent, (ii) each Secured Hedge Agreement and (iii) each agreement relating to Cash Management Services. The Lenders have agreed to extend credit to the Borrower subject to the terms and
conditions set forth in the Credit Agreement, the Issuers have agreed to issue Letters of Credit for the account of the Borrower or a Restricted Subsidiary on the terms and conditions set forth in the Credit Agreement, the Hedge Banks have agreed to
enter into and/or maintain one or more Secured Hedge Agreements and the Cash Management Banks have agreed to enter into and/or maintain Cash Management Services, on the terms and conditions set forth in the Credit Agreement, in such Secured Hedge
Agreements or agreements relating to Cash Management Services, as applicable. 
 Whereas, as a condition precedent to the Lenders extension of
such credit, the obligation of the Hedge Banks to enter into and/or maintain such Secured Hedge Agreements and the obligation of the Cash Management Banks to enter into and/or maintain such Cash Management Services, each Grantor has executed and
delivered that certain Security Agreement dated March 7, 2011, made by the Grantors to the Collateral Agent (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Security
Agreement”). 
 Whereas, under the terms of the Security Agreement, the Grantors have granted to the Collateral Agent, for the
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 Trademark Security Agreement for recording with the U.S. Patent and
Trademark 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. Terms. Terms defined in the Credit Agreement and
Security Agreement and not otherwise defined herein are used herein as defined in the Credit Agreement and Security Agreement. 

  

					
		 		 	ABL Security Agreement

 SECTION 2. Grant of Security. Each Grantor hereby grants to the Collateral Agent, its successors
and assigns, for the benefit of the Secured Parties a continuing security interest in all of the Grantor’s right, title and interest in, to and under the Trademarks, including the Trademarks set forth on Schedule A attached hereto.

 SECTION 3. Security for Obligations. The grant of a security interest in the Trademarks by each Grantor under this Trademark
Security Agreement is made to secure the payment or performance, as the case may be, in full of the Secured Obligations. 
 SECTION 4.
Recordation. Each Grantor authorizes and requests that the Commissioner for Trademarks and any other applicable government officer record this Trademark Security Agreement. 
 SECTION 5. Execution in Counterparts. This Trademark 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 6. Security Agreement. This Trademark Security
Agreement has been entered into in conjunction with the provisions of the 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 Security Agreement, the terms and provisions of which are incorporated herein by reference as if fully set forth herein. 

[Remainder of this page intentionally left blank] 

  

					
		 		 	ABL Security Agreement

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

					
	[NAME OF GRANTOR], Grantor
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	BANK OF AMERICA, N.A. as Collateral Agent and Grantee
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

					
		 		 	ABL Security Agreement

 SCHEDULE A 

 

					
	 MARK
	 	 SERIAL/REG. NO.
	 	 APP./REG. DATE

		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	

  

					
		 		 	ABL Security Agreement

 EXHIBIT IV TO SECURITY AGREEMENT 

[FORM OF] PATENT SECURITY AGREEMENT 
 This PATENT SECURITY AGREEMENT (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Patent Security Agreement”) dated
                    , 20    , is made by the Persons listed on the signature pages hereof (collectively, the
“Grantors”) in favor of Bank of America, N.A., as collateral agent (the “Collateral Agent”) for the Secured Parties (as defined in the Credit Agreement referred to below). 

Reference is made to (i) the Credit Agreement, dated as of March 7, 2011 (as amended, restated, amended and restated,
supplemented and/or otherwise modified from time to time, the “Credit Agreement”), among Chinos Acquisition Corporation, J. Crew Group, Inc., Chinos Intermediate Holdings B, Inc., the Lenders party thereto from time to
time and Bank of America, N.A., as Administrative Agent and Collateral Agent, (ii) each Secured Hedge Agreement and (iii) each agreement relating to Cash Management Services. The Lenders have agreed to extend credit to the Borrower subject
to the terms and conditions set forth in the Credit Agreement, the Issuers have agreed to issue Letters of Credit for the account of the Borrower or a Restricted Subsidiary on the terms and conditions set forth in the Credit Agreement, the
Hedge Banks have agreed to enter into and/or maintain one or more Secured Hedge Agreements and the Cash Management Banks have agreed to enter into and/or maintain Cash Management Services, on the terms and conditions set forth in the Credit
Agreement, in such Secured Hedge Agreements or agreements relating to Cash Management Services, as applicable. 
 Whereas, as a
condition precedent to the Lenders extension of such credit, the obligation of the Hedge Banks to enter into and/or maintain such Secured Hedge Agreements and the obligation of the Cash Management Banks to enter into and/or maintain such Cash
Management Services, each Grantor has executed and delivered that certain Security Agreement dated March 7, 2011, made by the Grantors to the Collateral Agent (as amended, amended and restated, supplemented or otherwise modified from time to
time, the “Security Agreement”).  
 Whereas, under the terms of the Security Agreement, the
Grantors have granted to the Collateral Agent, for the 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 Patent
Security Agreement for recording with the U.S. Patent and Trademark 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. Terms. Terms defined in the Credit Agreement and Security Agreement and not otherwise defined herein are used herein as defined in the Credit Agreement and Security Agreement.

  

					
		 		 	ABL Security Agreement

 SECTION 2. Grant of Security. Each Grantor hereby grants to the Collateral
Agent, its successors and assigns, for the benefit of the Secured Parties a continuing security interest in all of the Grantor’s right, title and interest in, to and under the Patents, including the Patents set forth on Schedule A attached
hereto. 
 SECTION 3. Security for Obligations. The grant of a security interest in the Patent by each Grantor under
this Patent Security Agreement is made to secure the payment or performance, as the case may be, in full of the Secured Obligations. 
 SECTION 4. Recordation. Each Grantor authorizes and requests that the Commissioner for Patents and any other applicable government officer record this Patent Security Agreement. 

SECTION 5. Execution in Counterparts. This Patent 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 6. Security Agreement. This Patent Security Agreement has been entered into in conjunction with the provisions of the 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 Security Agreement, the terms and provisions of which are incorporated
herein by reference as if fully set forth herein. 
 [Remainder of this page intentionally left blank] 

  

					
		 		 	ABL Security Agreement

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

					
	[NAME OF GRANTOR], Grantor
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	BANK OF AMERICA, N.A., as Collateral Agent and Grantee
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

					
		 		 	ABL Security Agreement

 SCHEDULE A 

 

					
	 PATENT
	 	 PATENT NO.
	 	 FILING/ISSUE DATE

		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	

  

					
		 		 	ABL Security Agreement

 EXHIBIT V TO SECURITY AGREEMENT 

[FORM OF] COPYRIGHT SECURITY AGREEMENT 
 This COPYRIGHT SECURITY AGREEMENT (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Copyright Security Agreement”) dated
                    , 2011, is made by the Persons listed on the signature pages hereof (collectively, the “Grantors”)
in favor of Bank of America, N.A., as collateral agent (the “Collateral Agent”) for the Secured Parties (as defined in the Credit Agreement referred to below). 

Reference is made to (i) the Credit Agreement, dated as of March 7, 2011 (as amended, restated, amended and restated,
supplemented and/or otherwise modified from time to time, the “Credit Agreement”), among Chinos Acquisition Corporation, J. Crew Group, Inc., Chinos Intermediate Holdings B, Inc., the Lenders party thereto from time to
time and Bank of America, N.A., as Administrative Agent and Collateral Agent, (ii) each Secured Hedge Agreement and (iii) each agreement relating to Cash Management Services. The Lenders have agreed to extend credit to the Borrower subject
to the terms and conditions set forth in the Credit Agreement, the Issuers have agreed to issue Letters of Credit for the account of the Borrower or a Restricted Subsidiary on the terms and conditions set forth in the Credit Agreement, the Hedge
Banks have agreed to enter into and/or maintain one or more Secured Hedge Agreements and the Cash Management Banks have agreed to enter into and/or maintain Cash Management Services, on the terms and conditions set forth in the Credit Agreement, in
such Secured Hedge Agreements or agreements relating to Cash Management Services, as applicable. 
 Whereas, as a condition
precedent to the Lenders extension of such credit, the obligation of the Hedge Banks to enter into and/or maintain such Secured Hedge Agreements and the obligation of the Cash Management Banks to enter into and/or maintain such Cash Management
Services, each Grantor has executed and delivered that certain Security Agreement dated March 7, 2011, made by the Grantors to the Collateral Agent (as amended, amended and restated, supplemented or otherwise modified from time to time, the
“Security Agreement”).  
 Whereas, under the terms of the Security Agreement, the Grantors have
granted to the Collateral Agent, for the 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 Copyright Security Agreement
for recording with the U.S. 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.
Terms. Terms defined in the Credit Agreement and Security Agreement and not otherwise defined herein are used herein as defined in the Credit Agreement and Security Agreement. 

  

					
		 		 	ABL Security Agreement

 SECTION 2. Grant of Security. Each Grantor hereby grants to the Collateral
Agent, its successors and assigns, for the benefit of the Secured Parties a continuing security interest in all of the Grantor’s right, title and interest in, to and under the Copyrights and exclusive Copyright Licenses, including the
Copyrights and exclusive Copyright Licenses set forth on Schedule A attached hereto. 
 SECTION 3. Security for
Obligations. The grant of a security interest in the Copyrights and exclusive Copyright Licenses by each Grantor under this Copyrights Security Agreement is made to secure the payment or performance, as the case may be, in full of the Secured
Obligations. 
 SECTION 4. Recordation. Each Grantor authorizes and requests that the Commissioner for Copyrights
and any other applicable government officer record this Copyright Security Agreement. 
 SECTION 5. Execution in
Counterparts. This Copyright 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 6. Security Agreement. This Copyright Security Agreement has been entered into in conjunction with the
provisions of the 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 Security Agreement, the terms and provisions of which are incorporated herein by reference as if fully set forth herein. 

[Remainder of this page intentionally left blank] 

  

					
		 		 	ABL Security Agreement

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

					
	[NAME OF GRANTOR], Grantor
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	BANK OF AMERICA, N.A., as Collateral Agent and Grantee
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

					
		 		 	ABL Security Agreement

 SCHEDULE A 
 COPYRIGHTS 
  

					
	 COPYRIGHT
	 	 COPYRIGHT NO.
	 	 APP./REG. DATE

		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	

 COPYRIGHT LICENSES 

 

							
	 AGREEMENT
	 	 PARTIES
	 	 DATE
	 	 SUBJECT MATTER

		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	

  

					
		 		 	ABL Security Agreement

 

 

 EXHIBIT VI TO SECURITY AGREEMENT 

DEPOSIT ACCOUNT CONTROL AGREEMENT 
 (Access Restricted after Notice – Two Secured Parties) 
 This Deposit Account Control
Agreement (the “Agreement”), dated as of the date specified on the initial signature page of this Agreement, is entered into by and among J. Crew Group, Inc. (“Company”), Bank of America, N.A., as
collateral agent (in such capacity, “First Lien Agent”) under that certain asset-based Credit Agreement by and among the Company, the First Lien Agent and the other parties thereto, dated as of March 7, 2011 (the
“Asset-based Credit Agreement”);, Bank of America, N.A., as collateral agent(in such capacity, “Second Lien Agent”, and, together with First Lien Agent, each an “Agent” and collectively
“Agents”) under that certain term loan Credit Agreement by and among the Company, the Second Lien Agent and the other parties thereto, dated as of March 7, 2011 (the “Term Loan Credit Agreement”); and Wells
Fargo Bank, National Association (“Bank”), and sets forth the rights of Agents and the obligations of Bank with respect to the deposit accounts of Company at Bank which accounts are identified at the end of this Agreement as the
Collateral Accounts (each hereinafter referred to individually as a “Collateral Account” and collectively as the “Collateral Accounts”). Each account designated as a Collateral Account includes, for purposes of this
Agreement, and without the necessity of separately listing subaccount numbers, all subaccounts presently existing or hereafter established for deposit reporting purposes and integrated with the Collateral Account by an arrangement in which deposits
made through subaccounts are posted only to the Collateral Account. Each Collateral Account operated as a “Multi-Currency Account” is a deposit account maintained with Bank’s Cayman Islands Branch, which may be denominated in
foreign currency. As used in this Agreement, the term “Controlling Agent” means First Lien Agent until such time as Bank has received written notice from First Lien Agent stating in substance that henceforth Second Lien Agent will
be Controlling Agent (a “Change Notice”), at which time Second Lien Agent will replace First Lien Agent as Controlling Agent. 
  

	1.	Agents’ Respective Interests in Collateral Accounts. Each Agent represents that it is either (i) a lender who has extended credit to Company and
has been granted a security interest in the Collateral Accounts or (ii) the agent for a group of such lenders. Bank represents that it is the bank (as defined in Article 9 of the Uniform Commercial Code in effect in the State of New York) with
which the Collateral Accounts are maintained and the Company is the Bank’s customer with respect to the Collateral Accounts. Company hereby confirms the security interest granted by Company to each Agent in all of Company’s right, title
and interest in and to the Collateral Accounts and all sums now or hereafter on deposit in or payable or withdrawable from the Collateral Accounts (the “Collateral Account Funds”). In furtherance of the intentions of the parties
hereto, this Agreement constitutes written notice by each Agent to Bank and Bank’s Cayman Islands Branch of such Agent’s security interest in the Collateral Accounts. 

 

	2.	Agent Control. Bank, Agents and Company each agree that Bank will comply with instructions given to Bank by Controlling Agent (or the other Agent with
Controlling Agent’s consent) directing disposition of funds in the Collateral Accounts (“Disposition Instructions”) without further consent by Company. Except as otherwise required by law, Bank will not agree with any third
party to comply with instructions for disposition of funds in the Collateral Accounts originated by such third party. 

  

	3.	 Company Access to Collateral Accounts. Notwithstanding the provisions of the “Agent Control” section of this Agreement, Agents agree
that Company will be allowed access to the Collateral Accounts and Collateral Account Funds until Bank receives, and has had a 

  

					
		 	84	 	ABL Security Agreement

	 	 
reasonable opportunity (such reasonable opportunity not to exceed two (2) Business Days as defined in section 6) to act on written notice from Controlling Agent (or the other Agent with
Controlling Agent’s consent) directing that Company no longer have access to any Collateral Accounts or Collateral Account Funds (an “Access Termination Notice”) and at any time after the earlier of (i) Bank’s receipt
of a written notice from Controlling Agent expressly terminating such Access Termination Notice (a “Rescission Notice”) or (ii) the termination of this Agreement pursuant to Section 16 below. Company irrevocably authorizes Bank
to comply with any Access Termination Notice and/or Disposition Instructions even if Company objects to them in any way, and agrees that Bank may pay any and all Collateral Account Funds to the appropriate Agent in response to any Disposition
Instructions. Company further agrees that after Bank receives an Access Termination Notice and before the earlier of (i) Bank’s receipt of a Rescission Notice or (ii) the termination of this Agreement pursuant to Section 16
below, Company will not have access to any Collateral Accounts or Collateral Account Funds. 

  

	4.	Transfers in Response to Disposition Instructions. Notwithstanding the provisions of the “Agent Control” section of this Agreement, unless Bank
separately agrees in writing to the contrary, Bank will have no obligation to disburse funds in response to Disposition Instructions other than by automatic standing wire. Bank agrees that on each Business Day after it receives an Access Termination
Notice and corresponding Disposition Instructions and has had a reasonable opportunity (such reasonable opportunity not to exceed two (2) Business Days as defined in section 6) to act on them, unless instructed by the Controlling Agent to
continue to hold all funds in the Collateral Account, it will transfer to the account specified at the end of this Agreement as the Destination Account (as defined below) or, if no account is specified, to such account as Controlling Agent (or the
other Agent with Controlling Agent’s consent) specifies in the Access Termination Notice (in either case, such destination accounts, as changed in accordance with the terms of this Agreement, the “Destination Account”) the full amount
of the collected and available balance in the Collateral Accounts at the beginning of such Business Day. Before Bank receives a Change Notice from First Lien Agent, the Destination Account will be First Lien Agent’s account specified at the end
of this Agreement with the bank specified at the end of this Agreement (or specified in the Disposition Instructions, if applicable). After Bank has received a Change Notice from First Lien Agent and has had a reasonable opportunity to act on it
(such reasonable opportunity not to exceed two (2) Business Days as defined in section 6), (i) the Destination Account will be Second Lien Agent’s account specified at the end of this Agreement with the bank specified at the end of
this Agreement (or as otherwise specified in the Disposition Instructions, if applicable), (ii) Bank will honor instructions only from Second Lien Agent regarding the Collateral Accounts (without notifying or obtaining the consent of First Lien
Agent) and (iii) Second Lien Agent will assume all of First Lien Agent’s rights and obligations under this Agreement. Any disposition of funds which Bank makes in response to Disposition Instructions is subject to Bank’s standard
policies, procedures and documentation governing the type of disposition made; provided, however, that in no circumstances will any such disposition require Company’s consent after Bank receives an Access Termination Notice and before
Bank’s receipt of a Rescission Notice. To the extent any Collateral Account is a certificate of deposit or time deposit, Bank will be entitled to deduct any applicable early withdrawal penalty prior to disbursing funds from such account in
response to Disposition Instructions. To the extent the Agent entitled to give Disposition Instructions requests that funds be transferred from any Collateral Account in a currency different from the currency denomination of the Collateral Account,
the funds transfer will be made after currency conversion at Bank’s then current buying rate for exchange applicable to the new currency. 

  

	5.	 Lockboxes. To the extent items deposited to a Collateral Account have been received in one or more post office lockboxes maintained for Company
by Bank (each a “Lockbox”) and processed by Bank for deposit, Company acknowledges that Company has granted each of the Agents a security interest in all such items (the “Remittances”). Company agrees that after

  

					
		 	85	 	ABL Security Agreement

	 	 
Bank receives an Access Termination Notice and before the earlier of (i) Bank’s receipt of a Rescission Notice or (ii) the termination of this Agreement pursuant to Section 16
below, Company will have no further right or ability to instruct Bank regarding the receipt, processing or deposit of Remittances, and that the Agent entitled to give Disposition Instructions alone will have the right and ability to so instruct
Bank. Company and Agents acknowledge and agree that Bank’s operation of each Lockbox, and the receipt, retrieval, processing and deposit of Remittances, will at all times be governed by Bank’s Master Agreement for Treasury Management
Services or other applicable treasury management services agreement, and by Bank’s applicable standard lockbox Service Description, and Bank acknowledges and agrees that, as of the date hereof, the applicable foregoing agreements do not
contravene the terms of this Agreement. 

  

	6.	Balance Reports and Bank Statements. Bank agrees, at the request of either Agent on any day on which Bank is open to conduct its regular banking business, other
than a Saturday, Sunday or public holiday (each a “Business Day”), to make available to each Agent a report (“Balance Report”) showing the opening available balance in the Collateral Accounts as of the beginning of
such Business Day, by a transmission method determined by Bank, in Bank’s sole discretion. Company expressly consents to this transmission of information. After Bank receives an Access Termination Notice from an Agent, and before the earlier of
(i) Bank’s receipt of a Rescission Notice or (ii) the termination of this Agreement pursuant to Section 16 below, Bank will, on receiving a written request from either Agent, send to such Agent by United States mail, at the
address indicated for such Agent after its signature to this Agreement or such other address as may be provided to Bank by such Agent in writing in accordance with the notice provision hereof, duplicate copies of all periodic statements on the
Collateral Accounts which are subsequently sent to Company. 

  

	7.	Returned Items. Agents and Company understand and agree that the face amount (“Returned Item Amount”) of each Returned Item (as defined below)
will be paid by Bank debiting the Collateral Account to which the Returned Item was originally credited, without prior notice to Agents or Company. As used in this Agreement, the term “Returned Item” means (i) any item
deposited to a Collateral Account and returned unpaid, whether for insufficient funds or for any other reason, and without regard to timeliness of the return or the occurrence or timeliness of any drawee’s notice of non-payment; (ii) any
item subject to a claim against Bank of breach of transfer or presentment warranty under the Uniform Commercial Code (as adopted in the applicable state) or Regulation CC (12 C.F.R. §229), as in effect from time to time; (iii) any
automated clearing house (“ACH”) entry credited to a Collateral Account and returned unpaid or subject to an adjustment entry under applicable clearing house rules, whether for insufficient funds or for any other reason, and without
regard to timeliness of the return or adjustment; (iv) any credit to a Collateral Account from a merchant card transaction, against which a contractual demand for chargeback has been made; and (v) any credit to a Collateral Account made in
error. Company agrees to pay all Returned Item Amounts immediately on demand, without setoff or counterclaim, to the extent there are not sufficient funds in the applicable Collateral Account to cover the Returned Item Amounts on the day Bank
attempts to debit them from the Collateral Account. After Bank receives an Access Termination Notice and before the earlier of (a) Bank’s receipt of a Rescission Notice or (b) the termination of this Agreement pursuant to
Section 16 below, each Agent agrees to pay all Returned Item Amounts within fifteen (15) calendar days after written demand, without setoff or counterclaim, to the extent that (i) the Returned Item Amounts are not paid in full by
Company within five (5) calendar days after written demand on Company by Bank, and (ii) such Agent has received proceeds from the corresponding Returned Items under this Agreement. 

 

	8.	 Settlement Items. Agents and Company understand and agree that the face amount (“Settlement Item Amount”) of each Settlement
Item will be paid by Bank debiting the applicable Collateral Account, without prior notice to Agents or Company. As used in this Agreement, the term “Settlement Item” means (i) each check or other payment order drawn on or
payable 

  

					
		 	86	 	ABL Security Agreement

	 	 
against any controlled disbursement account or other deposit account at any time linked to any Collateral Account by a zero balance account connection or other automated funding mechanism (each a
“Linked Account”), which Bank cashes or exchanges for a cashier’s check or official check in the ordinary course of business prior to receiving an Access Termination Notice and having had a reasonable opportunity to act on it
(such reasonable opportunity not to exceed two (2) Business Days as defined in section 6), and which is presented for settlement against the Collateral Account (after having been presented against the Linked Account) after Bank receives the
Access Termination Notice and before the earlier of (a) Bank’s receipt of a Rescission Notice or (b) the termination of this Agreement pursuant to Section 16 below, (ii) each check or other payment order drawn on or payable
against a Collateral Account, which, on the Business Day Bank receives an Access Termination Notice, Bank cashes or exchanges for a cashier’s check or official check in the ordinary course of business after Bank’s cutoff time for posting,
(iii) each ACH credit entry initiated by Bank, as originating depository financial institution, on behalf of Company, as originator, prior to Bank having received an Access Termination Notice and having had a reasonable opportunity to act on it
(such reasonable opportunity not to exceed two (2) Business Days as defined in section 6), which ACH credit entry settles after Bank receives an Access Termination Notice and before the earlier of (a) Bank’s receipt of a Rescission
Notice or (b) the termination of this Agreement pursuant to Section 16 below, and (iv) any other payment order drawn on or payable against a Collateral Account or any Linked Account, which Bank has paid or funded prior to receiving an
Access Termination Notice and having had a reasonable opportunity to act on it (such reasonable opportunity not to exceed two (2) Business Days as defined in section 6), and which is first presented for settlement against the Collateral Account
in the ordinary course of business after Bank receives the Access Termination Notice and before the earlier of (a) Bank’s receipt of a Rescission Notice or (b) the termination of this Agreement pursuant to Section 16 below and
has transferred Collateral Account Funds to the applicable Agent under this Agreement. Company agrees to pay all Settlement Item Amounts immediately on written demand, without setoff or counterclaim, to the extent there are not sufficient funds in
the applicable Collateral Account to cover the Settlement Item Amounts on the day they are to be debited from the Collateral Account. Each Agent agrees to pay all Settlement Item Amounts within fifteen (15) calendar days after written demand,
without setoff or counterclaim, to the extent that (i) the Settlement Item Amounts are not paid in full by Company within five (5) calendar days after written demand on Company by Bank, and (ii) such Agent received Collateral Account
Funds under this Agreement and any amounts continued to be held in the Collateral Accounts by Bank pursuant to instructions by the Controlling Agent to continue to hold all funds in the Collateral Account pursuant to Section 4.

  

	9.	Bank Fees. Company agrees to pay all Bank’s fees and charges for the maintenance and administration of the Collateral Accounts and for the treasury
management and other account services provided with respect to the Collateral Accounts and any Lockboxes (collectively “Bank Fees”), including, but not limited to, the fees for (a) Balance Reports provided on the Collateral
Accounts, (b) funds transfer services received with respect to the Collateral Accounts, (c) lockbox processing services, (d) Returned Items, (e) funds advanced to cover overdrafts in the Collateral Accounts (but without Bank
being in any way obligated to make any such advances), and (f) duplicate bank statements. The Bank Fees will be paid by Bank debiting one or more of the Collateral Accounts on the Business Day that the Bank Fees are due, without notice to
Agents or Company. If there are not sufficient funds in the Collateral Accounts to cover fully the Bank Fees on the Business Day Bank attempts to debit them from the Collateral Accounts, such shortfall or the amount of such Bank Fees will be paid by
Company to Bank, without setoff or counterclaim, within five (5) calendar days after written demand from Bank. Controlling Agent agrees to pay any Bank Fees which accrue after Bank receives an Access Termination Notice and before the earlier of
(i) Bank’s receipt of a Rescission Notice or (ii) the termination of this Agreement pursuant to Section 16 below, within fifteen (15) calendar days after written demand, without setoff or counterclaim, to the extent
(i) such Bank Fees are not paid in full by Company within five (5) calendar days after written demand on Company by Bank, and (ii) such Agent received Collateral Account Funds under this Agreement and any amounts continued to be held
in the Collateral Accounts by Bank pursuant to instructions by the Controlling Agent to continue to hold all funds in the Collateral Account pursuant to Section 4. 

  

					
		 	87	 	ABL Security Agreement

	10.	Account Documentation. Except as specifically provided in this Agreement, Agents and Company agree that the Collateral Accounts will be subject to, and
Bank’s operation of the Collateral Accounts will be in accordance with, the terms of Bank’s applicable deposit account agreement governing the Collateral Accounts (“Account Agreement”). In addition to the Account
Agreement, each Collateral Account operated as a “Multi-Currency Account” will be governed by Bank’s Master Agreement for Treasury Management Services or other applicable treasury management services agreement, and by
Bank’s Multi-Currency Account Service Description in effect from time to time. All documentation referenced in this Agreement as governing any Collateral Account or the processing of any Remittances is hereinafter collectively referred to as
the “Account Documentation”. In the event of any conflict between this Agreement and the Account Documentation, this Agreement will control. 

 

	11.	Partial Subordination of Bank’s Rights. Bank hereby subordinates to the respective security interests of each of the Agents in the Collateral
Accounts (i) any security interest which Bank may have or acquire in the Collateral Accounts, and (ii) any right which Bank may have or acquire to set off or otherwise apply any Collateral Account Funds against the payment of any
indebtedness from time to time owing to Bank from Company, except for debits to the Collateral Accounts permitted under this Agreement for the payment of Returned Item Amounts, Settlement Item Amounts or Bank Fees. 

 

	12.	Bankruptcy Notice; Effect of Filing. If Bank at any time receives notice of the commencement of a bankruptcy case or other insolvency or liquidation
proceeding by or against Company, Bank will continue to comply with its obligations under this Agreement, except to the extent that any action required of Bank under this Agreement is prohibited under applicable bankruptcy laws or regulations or is
stayed pursuant to the automatic stay imposed under the United States Bankruptcy Code or by order of any court or agency. With respect to any obligation of either of the Agents hereunder which requires prior demand on Company, the commencement of a
bankruptcy case or other insolvency or liquidation proceeding by or against Company will automatically eliminate the necessity of such demand on Company by Bank, and will immediately entitle Bank to make demand on the applicable Agent with the same
effect as if demand had been made on Company and the time for Company’s performance had expired. 

  

	13.	Legal Process, Legal Notices and Court Orders. Bank will comply with any legal process, legal notice or court order it receives in relation to a
Collateral Account if Bank determines in its sole discretion that the legal process, legal notice or court order is legally binding on it. 

  

	14.	 Indemnification. Company will indemnify, defend and hold harmless Bank, its officers, directors, employees, and agents (collectively, the
“Indemnified Parties”) from and against any and all claims, demands, losses, liabilities, damages, out-of-pocket costs and expenses (including reasonable attorneys’ fees) (collectively “Losses and Liabilities”)
Bank may suffer or incur as a result of or in connection with (a) Bank complying with any binding legal process, legal notice or court order referred to in the immediately preceding section of this Agreement, (b) Bank following any
instruction or request of Controlling Agent (or the other Agent with Controlling Agent’s consent), including but not limited to any Access Termination Notice or Disposition Instructions, or (c) Bank complying with its obligations under
this Agreement, except to the extent such Losses and Liabilities are caused by Bank’s gross negligence or willful misconduct. Upon and after Bank has received an Access Termination Notice from Controlling Agent, to the extent such obligations
of indemnity are not satisfied by Company within five (5) days after demand on Company by Bank, each of the Agents will indemnify, defend and hold harmless Bank and the other Indemnified Parties against any and all Losses and Liabilities Bank
may suffer or incur as a result of or in connection with Bank following any instruction or request of such Agent, except to the extent such Losses and Liabilities are caused by Bank’s

  

					
		 	88	 	ABL Security Agreement

	 	 
gross negligence or willful misconduct and only to the extent of any Collateral Account Funds received by such Agent under this Agreement and any amounts continued to be held in the Collateral
Accounts by Bank pursuant to instructions by the Controlling Agent to continue to hold all funds in the Collateral Account pursuant to Section 4. 

  

	15.	Bank’s Responsibility. This Agreement does not create any obligations of Bank, and Bank makes no express or implied representations or warranties with
respect to its obligations under this Agreement, except for those expressly set forth herein. In particular, Bank need not investigate whether either of the Agents is entitled under such Agents’ agreements with Company to give an Access
Termination Notice or Disposition Instructions. Bank may rely on any and all notices and communications it believes are given by the appropriate party. Bank will not be liable to Company, Agents or any other party for any Losses and Liabilities
caused by (i) circumstances beyond Bank’s reasonable control (including, without limitation, computer malfunctions, interruptions of communication facilities, labor difficulties, acts of God, wars, or terrorist attacks) or (ii) any
other circumstances, except to the extent such Losses and Liabilities are directly caused by Bank’s gross negligence or willful misconduct. In no event will Bank be liable for any indirect, special, consequential or punitive damages, whether or
not the likelihood of such damages was known to Bank, and regardless of the form of the claim or action, or the legal theory on which it is based. Any action against Bank by Company or either of the Agents under or related to this Agreement must be
brought within twelve (12) months after the cause of action accrues. 

  

	16.	 Termination. This Agreement may be terminated by (i) both Agents acting together, or (ii) Second Lien Agent acting as Controlling
Agent after delivery of a Change Notice, or (iii) Bank, at any time, by the terminating party or parties giving thirty (30) calendar days prior written notice of such termination to the other parties to this Agreement at their contact
addresses specified after their signatures to this Agreement (or such other address as any party hereto may have specified to the other parties hereto in writing in accordance with the notice provisions of this Agreement). This Agreement may be
terminated (i) upon five (5) calendar days written notice from Bank to Company and Agents should Company or either Agent fail (and, in the case of any Agent, as of the date on which such written notice is delivered, continue to fail) to
make any payment when due to Bank from Company or either Agent under the terms of this Agreement, or immediately upon written notice (ii) to Bank from both Agents acting together or Second Lien Agent acting as Controlling Agent, on termination
or release of the security interest(s) of all terminating Agents in the Collateral Accounts; provided that any notice from any terminating Agent under clause (ii) of this sentence must contain such Agent’s notification of the termination
or release of its security interest in the Collateral Accounts. Company’s and Agents’ respective obligations to report errors in funds transfers and bank statements (other than obligations (if any) of Agents) and to pay Returned Items
Amounts, Settlement Item Amounts, and Bank Fees, as well as the indemnifications made, and the limitations on the liability of Bank accepted, by Company and Agents under this Agreement will continue after the termination of this Agreement with
respect to all the circumstances to which they are applicable, existing or occurring before such termination, and any liability of any party to this Agreement, as determined under the provisions of this Agreement, with respect to acts or omissions
of such party prior to such termination will also survive such termination; provided that, notwithstanding anything to the contrary herein, all obligations of the Agents hereunder shall expire six (6) months after termination of this Agreement.
Upon any termination of this Agreement which occurs after Bank has received an Access Termination Notice and Bank has had a reasonable opportunity to act on it (such reasonable opportunity not to exceed two (2) Business Days as defined in
Section 6), (i) Bank will transfer all collected and available balances in the Collateral Accounts on the date of such termination in accordance with Controlling Agent’s written instructions, and (ii) Bank will close any Lockbox
and forward any mail received at the Lockbox unopened to such address as is communicated to Bank by Controlling Agent under the notice provisions of this 

  

					
		 	89	 	ABL Security Agreement

	 	 
Agreement for a period of three (3) months after the effective termination date, unless otherwise arranged between Controlling Agent and Bank, provided that Bank’s fees with respect to
such disposition must be prepaid directly to Bank at the time of termination by cashier’s check payable to Bank or other payment method acceptable to Bank in its sole discretion. 

 

	17.	Modifications, Amendments, and Waivers. This Agreement may not be modified or amended, or any provision thereof waived, except in a writing signed by all the
parties to this Agreement. 

  

	18.	Notices. All notices from one party to another must be in writing, must be delivered to Company, Agents and/or Bank at their respective contact addresses
specified after their signatures to this Agreement, or any other address of any party communicated to the other parties in writing, and will be effective on receipt. Any notice sent or demand made by a party to this Agreement to another party must
also be sent to all other parties to this Agreement. Bank is authorized by Company and Agents to act on any instructions or notices received by Bank if (a) such instructions or notices purport to be made in the name of an Agent, (b) Bank
reasonably believes that they are so made, and (c) they do not conflict with the terms of this Agreement as such terms may be amended from time to time, unless such conflicting instructions or notices are supported by a court order.

  

	19.	Successors and Assigns. Neither Company nor either of the Agents may assign or transfer its rights or obligations under this Agreement to any person or
entity without the prior written consent of Bank, which consent will not be unreasonably withheld or delayed. Notwithstanding the foregoing, either of the Agents may transfer its rights and duties under this Agreement to (i) a transferee to
which, by contract or operation of law, such Agent transfers substantially all of its rights and duties under the financing or other arrangements between such Agent and Company, or (ii) if such Agent is acting as a representative in whose favor
a security interest is created or provided for, a transferee that is a successor representative; provided that as between Bank and such Agent, such Agent will not be released from its obligations under this Agreement unless and until Bank receives
any such transferee’s binding written agreement to assume all of such Agent’s obligations hereunder. Bank may not assign or transfer its rights or obligations under this Agreement to any person or entity without the prior written consent
of both Agents, which consent will not be unreasonably withheld or delayed; provided, however, that no such consent will be required if such assignment or transfer takes place as part of a merger, acquisition or corporate reorganization affecting
Bank. 

  

	20.	Governing Law and waiver of Jury Trial. This Agreement will be governed by and be construed in accordance with the laws of the state of New York, without regard
to conflict of laws principles. The State of New York will also be deemed to be Bank’s jurisdiction, for purposes of Article 9 of the Uniform Commercial Code as it applies to this Agreement. Each party to this Agreement waives all right to
trial by jury of any and all claims relating in any way to this Agreement. Each party to this Agreement acknowledges that this is a waiver of a legal right and that this waiver is made knowingly and voluntarily after consultation with counsel of its
choice. Each party to this Agreement agrees that all such claims shall be tried before a judge of a court having jurisdiction, without a jury. 

  

	21.	Severability. To the extent that the terms of this Agreement are inconsistent with, or prohibited or unenforceable under, any applicable law or regulation, they
will be deemed ineffective only to the extent of such prohibition or unenforceability, and will be deemed modified and applied in a manner consistent with such law or regulation. Any provision of this Agreement which is deemed unenforceable or
invalid in any jurisdiction will not affect the enforceability or validity of the remaining provisions of this Agreement or the same provision in any other jurisdiction. 

  

					
		 	90	 	ABL Security Agreement

	22.	Counterparts. This Agreement may be executed in any number of counterparts each of which will be an original with the same effect as if the signatures were on
the same instrument. Delivery of an executed counterpart of a signature page of this Agreement by telecopier or electronic image scan transmission (such as a “pdf” file) will be effective as delivery of a manually executed counterpart of
the Agreement. 

  

	23.	Entire Agreement. This Agreement, together with the Account Documentation, contains the entire and only agreement among all the parties to this Agreement
and between Bank and Company, on the one hand, and Bank and either of the Agents, on the other hand, with respect to (a) the interest of either of the Agents in the Collateral Accounts and Collateral Account Funds, and (b) Bank’s
obligations to either of the Agents in connection with the Collateral Accounts and Collateral Account Funds. 

  

	24.	Rights Among the Agents. Notwithstanding anything herein to the contrary, as between the Agents, the exercise of any right or remedy by the Agents in
respect of the Collateral Accounts are subject to the limitations and provisions of that certain Intercreditor Agreement, dated as of March 7, 2011 (as amended, restated, supplemented, or otherwise modified from time to time, the
“Intercreditor Agreement”), among the First Lien Agent and the Second Lien Agent, and acknowledged by the Company and certain of its affiliates. Without limitation on any other agreement, document or instrument to which Bank is a
party, solely by execution, delivery and performance of its obligations under this Agreement, Bank shall not be charged with knowledge of any provisions of the Intercreditor Agreement. 

[SIGNATURE PAGES FOLLOW] 

  

					
		 	91	 	ABL Security Agreement

 This Agreement has been signed by the duly authorized officers or representatives of Company, First Lien
Agent, Second Lien Agent and Bank on the date specified below. 
 Date: March 7, 2011 

 

			
		
	 Collateral Account Numbers:
	 	  

		
	 First Lien Agent Account Number:
	 	 Destination Account pursuant to First Lien Agent notice

		
	 Bank of First Lien Agent Account:
	 	  

		
	 Second Lien Agent Account Number:
	 	 Destination Account pursuant to Second Lien Agent notice

		
	 Bank of Second Lien Agent Account:
	 	  

 

			
	
	J. CREW GROUP, INC.
		
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title:
	 	  

	
	Address for Notices:
	
	  

	
	  

	
	  

[SIGNATURE PAGES CONTINUE] 

  

					
		 	92	 	ABL Security Agreement

									
	 BANK OF AMERICA, N.A., as First Lien Agent
	 		 	BANK OF AMERICA, N.A., as Second Lien Agent
					
	 By:
	 	  
	 		 	By:	 	  

					
	 Name:
	 	  
	 		 	Name:	 	  

					
	 Title:
	 	  
	 		 	Title:	 	  

			
	 Address for Notices:
	 		 	Address for Notices:
					
	Attn:	 	  
	 		 	Attn:	 	  

			
	  
	 		 	  

			
	  
	 		 	  

			
	  
	 		 	  

  

					
		 	93	 	ABL Security Agreement

			
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION

		
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title:
	 	  

 

	
	 Address for Notices:

	
	  
 
	  
 
	  
 
	
	 with a copy to:

	
	  

	
	  

	
	  

  

					
		 	94	 	ABL Security Agreement

 EXHIBIT VII TO SECURITY AGREEMENT 

FORM OF SECURITIES ACCOUNT CONTROL AGREEMENT 
 EXECUTION COPY 
 COLLATERAL ACCOUNT CONTROL AGREEMENT 

(BANK OF AMERICA, N.A.) 
 March 7, 2011 
 Merrill Lynch, Pierce, Fenner & Smith Incorporated 

Mutual Fund Operations, NC1-004-03-45 
 200 North
College Street 
 Charlotte, NC 28255 

Whereas, J. Crew Operating Corp. (“Pledgor”) is party to (i) that certain Credit Agreement dated March 7, 2011, by and among Chinos
Acquisition Corporation, a Delaware corporation (which on the closing date of the ABL Credit Agreement (as defined below) shall be merged with and into J. Crew Group, Inc., a Delaware corporation),Chinos Intermediate Holdings B, Inc., a Delaware
corporation, the First Lien Pledgee (as defined below) and each lender from time to time party thereto (the “ABL Credit Agreement”) and (ii) that certain Credit Agreement dated March 7, 2011, by and among Chinos Acquisition
Corporation (which on the closing date of the Term Loan Credit Agreement (as defined below) shall be merged with and into J. Crew Group, Inc., a Delaware corporation), Chinos Intermediate Holdings B, Inc., the Second Lien Pledgee (as defined below)
and each lender from time to time party thereto (the “Term Loan Credit Agreement” and, together with the ABL Credit Agreement, the “Credit Agreements”). 
 Whereas, Pledgor has granted to Bank of America, N.A., as collateral agent for certain secured parties under the ABL Credit Agreement (the “First Lien Pledgee”) and Bank of America, N.A., as
collateral agent for certain secured parties under the Term Loan Credit Agreement (the “Second Lien Pledgee” and, together with the First Lien Pledgee, the “Pledgees”) a security interest in account number
[            ] (whether one or more, collectively, the “Collateral Account”), held by Merrill Lynch, Pierce, Fenner & Smith Incorporated (the “Securities
Intermediary”) together with all financial assets, investment property, securities, cash and other property now or hereafter held therein, and the proceeds thereof, including without limitation, the certificates and instruments, if any,
representing or evidencing such property and assets, dividends payable in cash or stock, and shares or other proceeds of conversions or splits of any securities in the Collateral Account (collectively, the “Collateral”). Pledgor, First
Lien Pledgee, Second Lien Pledgee and the Securities Intermediary agree that the Collateral Account is a “securities account” within the meaning of Article 8 of the Uniform Commercial Code in effect in the State of New York (the
“UCC”), for which Pledgor is the entitlement holder and Securities Intermediary is the securities intermediary under Article 8 of the UCC, and that all Collateral held in the Collateral Account will be treated as financial assets under the
UCC. 
 For purposes of this Agreement, First Lien Pledgee shall be deemed to be “Controlling Pledgee” from the date hereof and until
the date upon which the Securities Intermediary receives from the First Lien Pledgee a Notice of Termination of First Lien Obligations in the form of Exhibit A attached hereto (“Notice of Termination of First Lien Obligations”). From and
after the date upon which the Securities Intermediary receives and has a reasonable period of time to act upon each of a Notice of Termination of First Lien Obligations, the Second Lien Pledgee shall be deemed to be the “Controlling
Pledgee.” 
 In connection therewith, the parties hereto agree (which agreement by the Pledgor will be construed as instructions to the
Securities Intermediary (this “Agreement”)): 

  

					
		 	95	 	ABL Security Agreement

	 	1.	The Securities Intermediary is instructed to register the pledge on its books. Securities Intermediary shall hold all certificated securities that comprise all or part
of the Collateral with proper endorsements to the Securities Intermediary or in blank, or will deliver possession of such certificated securities to the First Lien Pledgee or if the First Lien Pledgee has terminated its interest in this agreement
pursuant to Section 12 below, Second Lien Pledgee. 

  

	 	2.	The Securities Intermediary is instructed to deliver to the Pledgees copies of monthly statements on the Collateral Account at the address indicated below the signature
of each Pledgee and shall provide to Pledgees such other information regarding the Collateral Account as Pledgees may from time to time reasonably request without cost to such Pledgee. 

 

	 	3.	The Collateral Account will be styled: “J. Crew Operating Corp Collateral Account For Bank of America, N.A.” 

 

	 	4.	All dividends, interest, gains and other profits with respect to the Collateral Account will be reported in the name and tax identification number of the Pledgor.

  

	 	5.	Without limitation on the provisions of Section 6, the Securities Intermediary is authorized to accept and act upon instructions, directions, and orders from the
Pledgor with respect to the Collateral Account, the Collateral, any interest therein, or the proceeds thereof, including but not limited to instructions, directions, and orders for the sale, transfer, free delivery, release or other disposition of
the Collateral, any interest therein, or the proceeds thereof, in each case without the prior consent of either Pledgee, until the Securities Intermediary has received and had a reasonable opportunity to act upon (such reasonable opportunity not to
exceed two (2) business days) a written notice from Controlling Pledgee which states that Controlling Pledgee is exercising exclusive control over the Collateral Account (“Notice of Exclusive Control”) and at any time after the
Securities Intermediary’s receipt of a written notice from the Controlling Pledgee expressly terminating such Notice of Exclusive Control. A Notice of Exclusive Control (Exhibit B) may designate the account, person or other location to which
the financial assets in the Collateral Account, and cash dividends, interest, income, earnings, and other distributions received with respect thereto, shall thereafter be delivered. Notwithstanding the foregoing, the Securities Intermediary shall at
all times be entitled to apply the Collateral, any part thereof, any interest therein, or the proceeds thereof to the satisfaction of an Unsubordinated Obligation (as defined below) owed to it. 

 

	 	6.	 Until the termination of this Agreement pursuant to Section 12 below, the Pledgor authorizes the Securities Intermediary, and the Securities
Intermediary agrees, to comply with any order or instruction from Controlling Pledgee concerning the Collateral Account, including an order or instruction directing sale, transfer (to the extent that the Collateral is transferable) or redemption of
all or part of the Collateral and the remittance of the proceeds thereof, if any, to Controlling Pledgee, without further consent by the Pledgor. Securities Intermediary shall have no responsibility or liability to Pledgor for complying with any
order or instruction, whether oral or written, concerning the Collateral Account, the Collateral, any interest therein, or the proceeds thereof originated by the Pledgees and shall have no responsibility to investigate the appropriateness of any
such order or instruction, even if Pledgor notifies Securities Intermediary that such Pledgee is not legally entitled to originate any such order or instruction. Securities Intermediary shall have no responsibility or liability to either Pledgee for
complying with any order or instruction, whether oral or written, concerning the Collateral Account, the Collateral, any interest therein, or the proceeds thereof originated by Pledgor except to the extent such compliance would cause Securities
Intermediary to violate paragraph 5 hereof. Securities 

  

					
		 	96	 	ABL Security Agreement

	 	 
Intermediary shall be able to rely upon any notice, order or instruction that it reasonably believes to be genuine. Securities Intermediary shall have no responsibility or liability to Pledgees
with respect to the value of the Collateral Account or any of the Collateral. This Agreement does not create any obligation or duty on the part of Securities Intermediary other than those expressly set forth herein. 

 

	 	7.	The Pledgor agrees to indemnify and hold the Securities Intermediary, its directors, officers, employees, and agents harmless from and against any and all claims,
causes of action, liabilities, losses, lawsuits, demands, damages, costs and expenses, including without limitation court costs and reasonable attorneys’ fees and expenses and allocated costs of in house counsel, that may arise out of or in
connection with Securities Intermediary’s compliance with any instructions from Pledgor or Pledgees with respect to the Collateral Account, except to the extent caused by Securities Intermediary’s bad faith, negligence or willful
misconduct. After Securities Intermediary shall have received a Notice of Exclusive Control from Controlling Pledgee, Controlling Pledgee will indemnify and hold harmless, to the extent such obligations of indemnity are not satisfied by Pledgor,
Securities Intermediary, its directors, officers, employees, and agents harmless from and against any and all claims, causes of action, liabilities, losses, lawsuits, demands, damages, costs and expenses, including without limitation court costs and
reasonable attorneys’ fees and expenses and allocated costs of in house counsel, that may arise out of or in connection with Securities Intermediary’s compliance with any instructions from Controlling Pledgee with respect to the Collateral
Account, except to the extent caused by Securities Intermediary’s bad faith, negligence or willful misconduct, and only to the extent of any financial assets actually received by Pledgees under this Agreement. The obligations of the Pledgor set
forth in this paragraph 7 shall survive the termination of this Agreement. 

  

	 	8.	The Securities Intermediary is instructed that the Collateral Account is to remain a “cash account” within the meaning of Regulation T issued by the Board of
Governors of the Federal Reserve System. The Securities Intermediary represents that it has not received notice regarding any lien, encumbrance or other claim to the Collateral or the Collateral Account from any other person and has not entered into
an agreement with any third party to act on such third party’s instructions without further consent of the Pledgor. The Securities Intermediary further agrees not to enter into any such agreement with any third party. 

 

	 	9.	The Securities Intermediary subordinates to the lien and security interest of the Pledgees any right of setoff, encumbrance, security interest, lien or other claim that
it may have against the Collateral, except for any lien, claim, encumbrance or right of set off against the Collateral Account for (i) customary commissions and fees arising from permitted trading activity within the Collateral Account, and
(ii) payment owed to Securities Intermediary for open trade commitments for the purchase and/or sale of financial assets in and for the Collateral Account (the “Unsubordinated Obligations”). 

 

	 	10.	To the extent a conflict exists between the terms of this Agreement and any account agreement between the Pledgor and the Securities Intermediary, the terms of this
Agreement will control, provided that this Agreement shall not alter or affect any mandatory arbitration provision currently in effect between Securities Intermediary and Pledgor. 

 

	 	11.	The terms of this Agreement may not be modified except by a writing signed by all parties hereto. 

 

	 	12.	 Securities Intermediary reserves the right, unilaterally, to terminate this Agreement, such termination to be effective thirty (30) days after
written notice thereof is given to Pledgor and 

  

					
		 	97	 	ABL Security Agreement

	 	 
Pledgees. Upon termination of this Agreement pursuant to this Section 12, in the event that it is not possible or practicable, in the judgment of the Securities Intermediary, to transfer the
Collateral or deliver the Collateral to any other party, the Securities Intermediary will sell such assets and deliver the proceeds according to the instructions provided by the Controlling Pledgee or the joint instructions given by the Controlling
Pledgee and Pledgor. The First Lien Pledgee may terminate this Agreement with respect to such First Lien Pledgee by giving a Notice of Termination of First Lien Obligations to Securities Intermediary. The Second Lien Pledgee may terminate this
Agreement with respect to such Second Lien Pledgee by giving notice to Securities Intermediary, the First Lien Pledgee (unless the First Lien Pledgee shall have terminated pursuant to this Section 12) and Pledgor. Termination shall not affect
any of the rights or liabilities of the parties hereto incurred before the date of termination or the rights or liabilities of the parties who remain party to this Agreement. Notwithstanding anything to the contrary herein, all obligations of the
Pledgees hereunder shall expire one (1) year after termination of this Agreement. 

  

	 	13.	This Agreement sets forth the entire agreement of the parties with respect to the subject matter hereof, and, subject to paragraph 10 above, supersedes any prior
agreement and contemporaneous oral agreements of the parties concerning its subject matter. 

  

	 	14.	Except as otherwise expressly provided herein, any notice, order, instruction, request or other communication required or permitted to be given under this Agreement
shall be in writing and may be delivered in person, sent by facsimile or other electronic means if electronic confirmation of error free receipt is received, or sent by United States mail, postage prepaid, addressed to the party at the address set
forth below. 

  

	 	15.	The Securities Intermediary will be excused from failing to act or delay in acting, and no such failure or delay shall constitute a breach of this Agreement or
otherwise give rise to any liability of the Securities Intermediary, if (i) such failure or delay is caused by circumstances beyond the reasonable control of the Securities Intermediary, including without limitation legal constraint, emergency
conditions, action or inaction of governmental, civil or military authority, terrorism, fire, strike, lockout or other labor dispute, war, riot, theft, flood, earthquake or other natural disaster, breakdown of public or private or common carrier
communication or transmission facilities, equipment failure, or act, negligence or default of Pledgor or (ii) such failure or delay resulted from Securities Intermediary’s reasonable belief that the action would have violated any
guideline, rule or regulation of any governmental authority. 

  

	 	16.	Pledgor agrees to pay Securities Intermediary, upon receipt of Securities Intermediary’s invoice, all reasonable out-of-pocket costs, expenses and attorneys’
fees incurred in the preparation and administration of this Agreement (including any amendments hereto or instruments or agreements required hereunder). Pledgor agrees to pay Securities Intermediary, upon receipt of Securities Intermediary’s
invoice, all reasonable out-of-pocket costs, expenses and attorneys’ fees incurred by Securities Intermediary in connection with the enforcement of this Agreement or any instrument or agreement required hereunder, including without limitation
any reasonable out-of-pocket costs, expenses, and fees arising out of the resolution of any conflict, dispute, motion regarding entitlement to rights or rights of action, or other action to enforce Securities Intermediary’s rights hereunder in
a case arising under Title 11, United States Code. This paragraph 16 shall survive termination of this Agreement. 

  

	 	17.	 Notwithstanding any of the other provisions of this Agreement, in the event of the commencement of a case pursuant to Title 11, United States Code,
filed by or against Pledgor, or in the event of the commencement of any similar case under then applicable federal or state law providing for the relief of debtors or the protection of creditors by or against Pledgor, Securities

  

					
		 	98	 	ABL Security Agreement

	 	 
Intermediary may act as Securities Intermediary deems necessary to comply with all applicable provisions of governing statutes and Pledgor shall not assert any claim against Securities
Intermediary for so doing. 

  

	 	18.	If any term or provision of this Agreement shall be invalid or unenforceable, the remainder of this Agreement, or the application of such term or provision to persons
or circumstances other than those to which it is held invalid or unenforceable, shall be construed in all respects as if such invalid or unenforceable term or provision were omitted. 

 

	 	19.	This Agreement may be executed in counterparts, each of which shall be an original, and all of which shall constitute one and the same agreement.

  

	 	20.	This Agreement shall be governed and construed in accordance with the law of the State of New York excluding choice of law principles that would require application of
the laws of a jurisdiction other than the State of New York. 

  

	 	21.	Notwithstanding anything herein to the contrary, as between the Pledgees, the exercise of any right or remedy by the Pledgees in respect of the Collateral Account are
subject to the limitations and provisions of that certain Intercreditor Agreement, dated as of March 7, 2011 (as amended, restated, supplemented, or otherwise modified from time to time, the “Intercreditor Agreement”), among the First
Lien Pledgee and the Second Lien Pledgee, and acknowledged by the Pledgor and certain of its affiliates. Securities Intermediary shall not be charged with knowledge of any provisions of the Intercreditor Agreement. 

*        *        *      
  *        *        * 

  

					
		 	99	 	ABL Security Agreement

 IN WITNESS WHEREOF, the Pledgor and the Pledgee have agreed to the terms of this Agreement as of the date
indicated above. 
  

									
	 PLEDGOR:
 J. CREW OPERATING CORP.
	 		  	 FIRST LIEN PLEDGEE:
 BANK OF AMERICA, N.A.

					
	 By:
	 	  
	 		  	By:	  	  

					
	 Name:
	 	  
	 		  	Name:	  	  

					
	 Title:
	 	  
	 		  	Title:	  	  

				
	 Telephone No.:
	 	  
	 		  	Telephone No.:
				
	  
	 		  		  	
					
	 Date:
	 	  
	 		  	Date:	  	  

				
	 SECOND LIEN PLEDGEE:
 BANK OF AMERICA, N.A.
	 		  		  	
					
	 By:
	 	  
	 		  		  	
					
	 Name:
	 	  
	 		  		  	
					
	 Title:
	 	  
	 		  		  	
					
	 Telephone No.:
	 		 		  		  	
					
	 Date:
	 	  
	 		  		  	

  

					
		 	100	 	ABL Security Agreement

 Acknowledged and Agreed to: 
 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 
  

			
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	 Date:
	 	  

Merrill Lynch, Pierce, Fenner & Smith Incorporated 
 Mutual Fund Operations, NC1-004-03-45 
 200 North College Street 

Charlotte, NC 28255 

  

					
		 	101	 	ABL Security Agreement

 Exhibit A 
 [Letterhead of the First Lien Pledgee] 
 [Date] 

NOTICE OF TERMINATION OF FIRST LIEN OBLIGATIONS 
 BY FACSIMILE TRANSMISSION  
 ((704) 335-6727) AND CERTIFIED MAIL 

Merrill Lynch, Pierce, Fenner & Smith Incorporated 
 Mutual Fund Operations 
 NC1-004-03-45 
 200 North College Street 
 Charlotte, NC 28255 

                        Re: J.
Crew Operating Corp. 

                         
       Account No. 
 Ladies and Gentlemen: 
 As referenced in the Collateral Account Control Agreement, dated as of March 7, 2011, among J. Crew Operating Corp., as Pledgor, Bank of America, N.A., as First Lien Pledgee, Bank of America, N.A.,
as Second Lien Pledgee, and Merrill Lynch, Pierce, Fenner & Smith Incorporated (the “Agreement”), you are hereby notified that there has been a discharge of First Lien Obligations and that the Second Lien Pledgee shall be the
Controlling Pledgee under the Agreement. 
 Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

  

							
		 	Sincerely,	 	
			
		 	BANK OF AMERICA, N.A., as First Lien Pledgee	 	
		 	By:	 	  
	 	
		 	Name:	 	  
	 	
		 	Title:	 	  
	 	

  

					
		 	102	 	ABL Security Agreement

 Exhibit B 
 [Letterhead of the Pledgee] 
 NOTICE OF EXCLUSIVE CONTROL 

[Date] 
 BY FACSIMILE
TRANSMISSION 
 ((704) 335-6727) AND CERTIFIED MAIL 
 Merrill Lynch, Pierce, Fenner & Smith Incorporated 
 Mutual Fund Operations 

NC1-004-03-45 
 200 North College Street

 Charlotte, NC 28255 
  

	 	Re:	J. Crew Operating Corp. 

Account No. 
 Ladies and
Gentlemen: 
 As referenced in the Collateral Account Control Agreement, dated as of March 7, 2011, among J. Crew Operating Corp., Bank of
America, N.A. as collateral agent for the secured parties under the ABL Credit Agreement, Bank of America, N.A. as collateral agent for the secured parties under the Term Loan Credit Agrement and Merrill Lynch, Pierce, Fenner & Smith
Incorporated, we hereby give you notice of our exclusive control over securities account number [            ](the “Collateral Account”) and all financial assets credited
thereto. You are hereby instructed not to accept any direction, instruction or entitlement order with respect to the Collateral Account or the financial assets credited thereto from any person other than the undersigned. 

This notice is being delivered following the occurrence of a [Cash Dominion Period (as defined in the ABL Credit Agreement)] [Qualified Cash Trigger
Period (as defined in the ABL Credit Agreement)] [Event of Default (as defined in the ABL Credit Agreement)] [Event of Default (as defined in the Term Loan Credit Agreement)]. 
 [You are hereby instructed to deliver the financial assets in the Collateral Account and cash dividends, interest, income, earning, and other distributions received with respect thereto, as follows:

  

					
		  	  
	  	
		  	  
	  	
		  	  
	  	
		  	
                    
                                         
                       ]
	  	
			
		  		  	Very truly yours,
			
		  		  	[CONTROLLING PLEDGEE NAME]

  

					
		 	103	 	ABL Security Agreement

 
			
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 

	cc:	Pledgor 

 [Second Lien Pledgee
(only if notice is delivered by the First Lien Pledgee)] 
 Ropes & Gray LLP 

1211 Avenue of the Americas 
 New York, NY 10036 

  

					
		 	104	 	ABL Security Agreement

			
	 SECURITIES ACCOUNT CONTROL CONSENT AGREEMENT
 (ACCESS RESTRICTED AFTER NOTICE)
 (Wells Fargo Securities, LLC
Safekeeping)
	  	

  
 THIS SECURITIES ACCOUNT
CONTROL – CONSENT AGREEMENT (the “Agreement”) is entered into as of March 7, 2011, by and among J. CREW OPERATING CORP. (“Customer”), WELLS FARGO SECURITIES, LLC (“Intermediary”), BANK OF AMERICA, N.A., as
collateral agent for the First Lien Secured Parties (as defined below) (“First Lien Collateral Agent”) and Bank of America, N.A., as collateral agent for the Second Lien Secured Parties (as defined below) (“Second Lien Collateral
Agent” and, together with the First Lien Collateral Agent, the “Collateral Agents”). 
 RECITALS

 A. Customer maintains that certain Account no.
[            ], and may now or hereafter maintain sub-accounts thereunder or consolidated therewith (collectively, the “Securities Account”) with Intermediary pursuant to an
agreement between Intermediary and Customer dated as of September 29, 2010 (the “Account Agreement”), and pursuant to the ABL Security Agreement (as defined below), Customer has granted to First Lien Collateral Agent on behalf of
certain secured parties (the “First Lien Secured Parties”) a security interest in and first lien on the Securities Account and all financial assets and other property now or at any time hereafter held in the Securities Account and ”),
and pursuant to the Term Loan Security Agreement (as defined below), Customer has granted to Second Lien Collateral Agent on behalf of certain secured parties (the “Second Lien Secured Parties” and, together with the First Lien Secured
Parties, the “Secured Parties”) a security interest in and second lien on the Securities Account and all financial assets and other property now or at any time hereafter held in the Securities Account. 

B. Customer is party to (i) that certain Credit Agreement dated March 7, 2011, by and among Chinos Acquisition Corporation, a
Delaware corporation (which on the closing date of the ABL Credit Agreement shall be merged with and into J. Crew Group, Inc., a Delaware corporation), Chinos Intermediate Holdings B, Inc., a Delaware corporation, the First Lien Collateral Agent and
each lender from time to time party thereto (the “ABL Credit Agreement”) and (ii) that certain Credit Agreement dated March 7, 2011, by and among Chinos Acquisition Corporation (which on the closing date of the Term Loan Credit
Agreement shall be merged with and into J. Crew Group, Inc., a Delaware corporation), Chinos Intermediate Holdings B, Inc., the Second Lien Collateral Agent and each lender from time to time party thereto (the “Term Loan Credit Agreement”
and, together with the ABL Credit Agreement, the “Credit Agreements”). 
 C. Collateral Agents, Customer and
Intermediary have agreed to enter into this Agreement pursuant to the Credit Agreements to perfect the Secured Parties’ security interests in the Collateral (as defined below). 

D. Collateral Agents, Customer and Intermediary have agreed that “Collateral” shall mean: (i) the Securities Account;
(ii) all securities held therein, any securities entitlements with respect to financial assets credited to the Securities Account and any and all other investment property or assets maintained or recorded in the Securities Account and the
certificates or instruments, if any, representing or evidencing such investment property and assets (collectively, the “Securities”); (iii) all replacements or substitutions for, and proceeds of the sale or other disposition of, the
Securities, including without limitation, cash proceeds; and (iv) New York shall be its jurisdiction. 
 NOW, THEREFORE, in
consideration of their mutual covenants and promises, the parties agree as follows: 
 1. The Securities Account.
Intermediary hereby represents and warrants to Collateral Agents and Customer that (i) the Securities Account has been established in the name of Customer as recited above and is a securities account as defined in Article 8 of the Uniform
Commercial Code in effect in the State of New York (the “N.Y. UCC”), for which Customer is the 

  

					
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	 SECURITIES ACCOUNT CONTROL CONSENT AGREEMENT
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Safekeeping)
	  	

  
 
entitlement holder and Intermediary is the securities intermediary under Article 8 of the NY UCC, (ii) the Account Agreement, the security entitlements arising out of the financial assets
carried in the Securities Account and any free credit balances are valid and legally binding obligations of Intermediary, and (iii) except for the claims and interest of the Secured Parties and Customer in the Securities Account, Intermediary
does not know of any claim to or interest in the Securities Account or in any financial asset carried therein. Intermediary will treat all property held by it in the Securities Account as financial assets under Article 8 of the Uniform Commercial
Code as enacted in the State of New York. 
 2. No Withdrawals After Receipt of Notice of Exclusive Control. After
Intermediary receives a Notice of Exclusive Control (as such term is defined in Section 4 below), and until the earlier of (i) Intermediary’s receipt of a Rescission Notice (as such term is defined in Section 4 below) or
(ii) the termination of this Agreement pursuant to Section 9 below, notwithstanding the provisions of Section 4 below, Intermediary shall (x) neither accept nor comply with any entitlement order from Customer, including
withdrawing any financial assets from the Securities Account nor deliver any such financial assets to Customer nor pay any free credit balance or other amount owing from Intermediary to Customer with respect to the Securities Account without the
specific prior written consent of Controlling Agent (as defined below), and (y) immediately comply with entitlement orders originated by Controlling Agent concerning the Securities Account without further consent of Customer. 

3. Priority of Lien. Intermediary hereby (i) acknowledges that it has received notice of the existence of (a) a
Security Agreement dated as of March 7, 2011 (the “ABL Security Agreement”) among, inter alios, First Lien Collateral Agent and Customer, pursuant to which Customer has granted a security interest to First Lien Collateral Agent
on behalf of the First Lien Secured Parties in the Securities Account and (b) a Security Agreement dated as of March 7, 2011 (the “Term Loan Security Agreement”, and together with the ABL Security Agreement, the “Security
Agreements”) among, inter alios, Second Lien Collateral Agent and Customer, pursuant to which Customer has granted a security interest to Second Lien Collateral Agent on behalf of the Second Lien Secured Parties in the Securities Account
and (ii) recognizes the security interest granted therein to the Secured Parties in the Collateral by Customer. Intermediary hereby confirms that the Securities Account is a cash Securities Account and that it will not advance any margin or
other credit to Customer therein, either directly or by allowing it to trade in instruments such as options and commodities contracts that create similar obligations, nor hypothecate any securities carried in the Securities Account. Intermediary
hereby waives and releases all liens, encumbrances, claims and rights of setoff it may have against the Securities Account or any financial asset carried in the Securities Account or any credit balance in the Securities Account and agrees that,
except for payment of (i) its customary fees and commission pursuant to the Account Agreement and its customary fees and (ii) the amount of payment owed to Intermediary for open trade commitments with respect to the Securities Account, it
will not assert any such lien, encumbrance, claim or right against the Securities Account or any financial asset carried in the Securities Account or any credit balance in the Securities Account. Intermediary will not agree with any person other
than a Collateral Agent party hereto or, subject to the terms hereof, the Customer that Intermediary will comply with entitlement orders concerning the Securities Account originated by such other person. 

4. Control. Customer, Collateral Agent and Intermediary each agree that Intermediary will comply with entitlement orders
given to Bank by Collateral Agents without further consent of Customer. Except as otherwise provided in Sections 2 and 3 above, Intermediary shall make trades of financial assets held in the Securities Account at the instruction of Customer, or its
authorized representatives, and comply with entitlement orders concerning the Securities Account from Customer, or its authorized representatives, until such time as Controlling Agent (as defined below) delivers a written notice to Intermediary that
Controlling Agent is thereby exercising exclusive control over the Securities Account in accordance with the terms of the ABL 

  

					
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	 SECURITIES ACCOUNT CONTROL CONSENT AGREEMENT
 (ACCESS RESTRICTED AFTER NOTICE)
 (Wells Fargo Securities, LLC
Safekeeping)
	  	

  
 
Credit Agreement or Term Loan Credit Agreement, as applicable. Such notice shall be referred to herein as the “Notice of Exclusive Control”. After Intermediary receives a Notice of
Exclusive Control, it will immediately cease complying with instructions or entitlement orders concerning the Securities Account originated by Customer or its representatives, until the earlier of (i) Intermediary’s receipt of written
notice from Controlling Agent expressly terminating such Notice of Exclusive Control (a “Rescission Notice”) or (ii) the termination of this Agreement pursuant to Section 9 below. “Controlling Agent” means (x) the
First Lien Collateral Agent at all times prior to the date on which the First Lien Collateral Agent has notified the Intermediary in accordance with Section 9 hereof of the termination of the security interest of the First Lien Secured Parties
in the Collateral, and (y) the Second Lien Collateral Agent at all times thereafter. For the avoidance of doubt, there shall at all times be only one Controlling Agent. 
 5. Statements, Confirmations and Notices of Adverse Claims. Intermediary will send copies of all statements concerning the Securities Account simultaneously to each of Customer and each
Collateral Agent at the address indicated below the signature of each party and shall provide to Collateral Agents such other information regarding the Securities Account as Collateral Agents may from time to time reasonably request, without cost to
such Collateral Agent. If Intermediary acquires knowledge that any person asserts any lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against the Securities Account
or in any financial asset carried therein, Intermediary will promptly notify (and in any event within two (2) Business Days) each Collateral Agent and Customer thereof. 
 6. Responsibility of Intermediary. Except for permitting a withdrawal or payment in violation of Section 2 above or advancing margin or other credit to Customer in violation of
Section 3 above, Intermediary shall have no responsibility or liability to Collateral Agents for making trades of financial assets held in the Securities Account at the instruction of Customer, or its authorized representatives, which are
received by Intermediary before it receives a written Notice of Exclusive Control. Intermediary shall have no responsibility or liability to Customer for complying with a Notice of Exclusive Control or complying with entitlement orders concerning
the Securities Account originated by the Controlling Agent. Intermediary shall have no duty to investigate or make any determination as to whether a Cash Dominion Period (as defined in the ABL Credit Agreement), Qualified Cash Trigger Period (as
defined in the ABL Credit Agreement) or Event of Default (as defined in the Term Loan Credit Agreement) exists and shall comply with a Notice of Exclusive Control even if it believes that a Cash Dominion Period, Qualified Cash Trigger Period or
Event of Default does not exist. Neither this Agreement nor any of the Security Agreements imposes or creates any obligation or duty of Intermediary other than those obligations and duties expressly set forth herein. 

7. Tax Reporting. All items of income, gain, expense and loss recognized in the Securities Account shall be reported to the
Internal Revenue Service and all state and local taxing authorities under the name and taxpayer identification number of Customer. 
 8. Account Agreement. This Agreement supplements the Account Agreement among the parties hereto. In the event of a conflict between this Agreement and the Account Agreement, the terms of
this Agreement will control. Regardless of any provision in the Account Agreement, New York shall be deemed to be the Intermediary’s location for the purposes of this Agreement and the perfection and priority of the Secured Parties’
security interest in the Securities Account. 
 9. Termination. The rights and powers granted herein to Collateral
Agents have been granted in order to perfect the Secured Parties’ security interest in the Collateral, are powers coupled with an interest and will neither be affected by the bankruptcy of Customer nor by the lapse of time. The provisions of
Sections 2, 3 and 4 of this Agreement shall continue in effect 

  

					
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	 SECURITIES ACCOUNT CONTROL CONSENT AGREEMENT
 (ACCESS RESTRICTED AFTER NOTICE)
 (Wells Fargo Securities, LLC
Safekeeping)
	  	

  
 
with respect to the First Lien Collateral Agent until the security interest of the First Lien Secured Parties in the Collateral has been terminated pursuant to the terms of the ABL Security
Agreement and the First Lien Collateral Agent has notified Intermediary of such termination in writing, at which time this Agreement shall terminate with respect to the First Lien Collateral Agent, but shall remain in effect with respect to
Customer, Second Lien Collateral Agent (unless otherwise terminated with respect to Second Lien Collateral Agent under this Section 9) and Intermediary. The provisions of Sections 2, 3 and 4 above shall continue in effect with respect to the
Second Lien Collateral Agent until the security interest of the Second Lien Secured Parties in the Collateral has been terminated pursuant to the terms of the Term Loan Security Agreement and the Second Lien Collateral Agent has notified
Intermediary of such termination in writing, at which time this Agreement shall terminate with respect to the Second Lien Collateral Agent, but shall remain in effect with respect to Customer, First Lien Collateral Agent (unless otherwise terminated
with respect to First Lien Collateral Agent under this Section 9) and Intermediary. Notwithstanding anything to the contrary herein, all obligations of the Collateral Agents hereunder shall expire six (6) months after termination of this
Agreement. This Agreement may be terminated by Customer only upon delivery to Intermediary of a written notification of such termination jointly executed by Customer and Collateral Agents. This Agreement may be terminated by both Collateral Agents
acting together, or by the Second Lien Collateral Agent acting as Controlling Agent after delivery of notice by the First Lien Collateral Agent to the Intermediary in accordance with Section 9 hereof of the termination of the security interest
of the First Lien Secured Parties in the Collateral, at any time, with or without cause, upon its delivery of written notice of such termination to each of Customer and Intermediary at the contact addresses specified herein (or such other address as
any party hereto may have specified to the other parties hereto in writing). This Agreement may be terminated by Intermediary at any time upon not less than thirty (30) days’ prior written notice delivered to each of Customer and
Collateral Agents. Upon delivery or receipt of such notice of termination to or by Intermediary, and unless otherwise instructed by Controlling Agent, Intermediary will (a) immediately transmit to such other securities account as Customer may
direct (i) all Collateral contained in the Securities Account, and (ii) upon receipt, all funds received after such notice for deposit in, or otherwise to the credit of, the Securities Account; and (b) deliver directly to Customer all
proceeds of the Collateral, whether then in the possession of Intermediary or received by Intermediary after such notice, without depositing such amounts in the Securities Account or any other account. 

10. This Agreement. This Agreement, the schedules and exhibits hereto and the agreements and instructions required to be
executed and delivered hereunder set forth the entire agreement of the parties with respect to the subject matter hereof and supersede and discharge all prior agreements (written or oral) and negotiations and all contemporaneous oral agreements
concerning such subject matter and negotiations. There are no oral conditions precedent to the effectiveness of this Agreement. 

11. Amendments. No amendment, modification or termination of this Agreement or waiver of any right hereunder shall be
binding on any party hereto unless it is in writing and is signed by the party to be charged. 
 12. Severability.
If any term or provision set forth in this Agreement shall be invalid or unenforceable, the remainder of this Agreement, or the application of such terms or provisions to persons or circumstances, other than those to which it is held invalid or
unenforceable, shall be construed in all respects as if such invalid or unenforceable term or provision were omitted. 
 13.
Successors and Assigns. The terms of this Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and assigns, heirs and personal representatives. 

  

					
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	 SECURITIES ACCOUNT CONTROL CONSENT AGREEMENT
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Safekeeping)
	  	

  
 14.
Rules of Construction. In this Agreement, words in the singular number include the plural, and in the plural include the singular; words of the masculine gender include the feminine and the neuter, and when the sense so indicates words
of the neuter gender may refer to any gender and the word “or” is disjunctive but not exclusive. The captions and section numbers appearing in this Agreement are inserted as a matter of convenience. They do not define, limit or describe
the scope or intent of the provisions of this Agreement. 
 15. Notices. Any notice, demand, request or other
communication required or permitted to be given under this Agreement shall be in writing and addressed to the party at the address set forth next to such parties’ name on the signature pages to this Agreement (or at such other address as any
party hereto may have specified to the other parties hereto in writing). Notice shall be considered given as of the earlier of the date of actual receipt, or the date of the facsimile transmission without error, or the date of hand delivery, or the
date of delivery to the recipient’s computer, or one (1) business day after delivery to a nationally recognized overnight delivery service, or two (2) business days after the date of mailing, independent of the date of actual delivery
or whether delivery is ever in fact made, as the case may be, provided the giver of notice can establish that notice was given as provided herein. 
 16. Choice of Law. The parties hereto agree that certain material events, occurrences and transactions relating to this Agreement bear a reasonable relationship to the State of New York. The
validity, terms, performance and enforcement of this Agreement shall be governed by those laws of the State of New York which are applicable to agreements which are negotiated, executed, delivered and performed solely in the State of New York. Each
party to this Agreement waives all right to trial by jury of any and all claims relating in any way to this Agreement or the transactions contemplated by this Agreement. Each party to this Agreement acknowledges that this is a waiver of a legal
right and that this waiver is made knowingly and voluntarily after consultation with counsel of its choice. Each party to this Agreement agrees that all such claims shall be tried before a judge of a court having jurisdiction, without a jury.

 17. Counterparts. This Agreement may be executed in any number counterparts, all of which shall constitute one
and the same instrument, and any party hereto may execute this Agreement by signing and delivering one or more counterparts. Delivery of an executed counterpart of this Agreement by facsimile shall be equally as effective as delivery of an original
executed counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by facsimile also shall deliver an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart
shall not affect the validity, enforceability, and binding effect of this Agreement. 
 18. Indemnification.
Customer agrees to indemnify and hold harmless Intermediary, its officers, directors, employees and agents, against claims, liabilities or expenses (including reasonable attorneys’ fees) arising out of Intermediary’s compliance with any
instructions from Customer or Controlling Agent (but only to the extent such instructions from Controlling Agent would be subject to indemnification under Section 12.4 of the ABL Credit Agreement or Section 10.05 of the Term Loan Credit
Agreement) with respect to the Securities Account, except to the extent such claims, liabilities or expenses are caused by Intermediary’s bad faith, negligence or willful misconduct. After Intermediary shall have received a Notice of Exclusive
Control from Controlling Agent, to the extent such obligations of indemnity are not satisfied by Customer after Intermediary having exhausted any and all remedies against Customer, Controlling Agent will indemnify and hold harmless Intermediary, its
officers, directors, employees and agents, against claims, liabilities or expenses (including reasonable attorneys’ fees) Intermediary may suffer or incur as a direct result of Intermediary’s compliance with any instructions from
Controlling Agent with respect to the Securities Account, except to the extent such claims, liabilities or expenses are caused by Intermediary’s bad faith, negligence or willful misconduct, and only to the extent of any financial assets
actually received by Collateral Agents under this Agreement. 

  

					
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	 SECURITIES ACCOUNT CONTROL CONSENT AGREEMENT
 (ACCESS RESTRICTED AFTER NOTICE)
 (Wells Fargo Securities, LLC
Safekeeping)
	  	

  
 19.
Rights Among the Collateral Agents. Notwithstanding anything herein to the contrary, as between the Collateral Agents, the exercise of any right or remedy by the Collateral Agents in respect of the Securities Account are subject to the
limitations and provisions of that certain Intercreditor Agreement, dated as of March 7, 2011 (as amended, restated, supplemented, or otherwise modified from time to time, the “Intercreditor Agreement”), among the First Lien
Collateral Agent and the Second Lien Collateral Agent, and acknowledged by the Customer and certain of its affiliates. Intermediary shall not be charged with knowledge of any provisions of the Intercreditor Agreement. 

  

					
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	 SECURITIES ACCOUNT CONTROL CONSENT AGREEMENT
 (ACCESS RESTRICTED AFTER NOTICE)
 (Wells Fargo Securities, LLC
Safekeeping)
	  	

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

 

	
	J. CREW OPERATING CORP.
	
	  

	By:
	Its:
	Address:
	
	Facsimile:
	
	FIRST LIEN COLLATERAL AGENT:
	
	BANK OF AMERICA, N.A.
	
	  

	By:
	Its:
	Address:
	Ph:
	
	SECOND LIEN COLLATERAL AGENT:
	
	BANK OF AMERICA, N.A.
	
	  

	By:
	Its:
	Address:
	Ph:

  

					
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	 SECURITIES ACCOUNT CONTROL CONSENT AGREEMENT
 (ACCESS RESTRICTED AFTER NOTICE)
 (Wells Fargo Securities, LLC
Safekeeping)
	  	

  
  

			
	 INTERMEDIARY:

	
	 WELLS FARGO SECURITIES, LLC

	
	  

	 By:
	 	
	 Its:
	 	
	Address:	 	
	  

	  

	  

	 Facsimile:
	 	  

  

					
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	 SECURITIES ACCOUNT CONTROL CONSENT AGREEMENT
 (ACCESS RESTRICTED AFTER NOTICE)
 (Wells Fargo Securities, LLC
Safekeeping)
	  	

  
 Wells Fargo
Securities is the trade name for certain capital markets and investment banking services of 
 Wells Fargo &
Company and its subsidiaries, including Wells Fargo Securities, LLC and Wells Fargo 
 Institutional Securities, LLC,
members of FINRA and SIPC, and Wachovia Bank, National Association. 
 Wells Fargo Securities, LLC carries and provides
clearing services for Wells Fargo Institutional Securities, 
 LLC customer accounts. 

  

					
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