Document:

Exhibit 10 (z)(iv)

 

EXECUTION VERSION

 

FOURTH AMENDMENT, dated as of November 2, 2011 (this “Fourth Amendment”), to the Second Amended and Restated Credit Agreement, dated as of May 6, 2010 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Liz Claiborne, Inc., Liz Claiborne Canada Inc., Juicy Couture Europe Limited, the other Loan Parties from time to time party thereto, the Lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent and US Collateral Agent, J.P. Morgan Europe Limited, as European Administrative Agent and European Collateral Agent, JPMorgan Chase Bank, N.A., Toronto Branch, as Canadian Administrative Agent and Canadian Collateral Agent, Bank of America, N.A., as Syndication Agent, and Wells Fargo Capital Finance, LLC, SunTrust Bank and General Electric Capital Corporation, as Documentation Agents.

 

W  I  T  N  E  S  S  E  T  H:

 

WHEREAS, the Borrowers, the Lenders, the Syndication Agent, the Documentation Agents, the Administrative Agent, the European Administrative Agent and the Canadian Administrative Agent are parties to the Credit Agreement;

 

WHEREAS, the Borrowers have requested certain amendments to the Credit Agreement as set forth herein; and

 

WHEREAS, the Lenders have consented to the requested amendments as set forth herein;

 

NOW, THEREFORE, in consideration of the premises contained herein, the parties hereto agree as follows:

 

1.                                      Defined Terms.  Unless otherwise defined herein, capitalized terms used herein which are defined in the Credit Agreement are used herein as therein defined.

 

2.                                      Amendments to Section 1.01 (Defined Terms).

 

(a)   Section 1.01 of the Credit Agreement is hereby amended by inserting in alphabetical order the following new definitions:

 

“Brand Option Agreement” means the Brand Option Agreement, dated as of October 12, 2011, between the Company and J. C. Penney Corporation, Inc.

 

“Brand Option Deposit” means the “Deposit” as such term is defined in the Brand Option Agreement, as in effect on the Fourth Amendment Date.

 

“Brand Option Proceeds” means as of any date of determination (a) any cash payment received by the Company constituting the Brand Option Deposit, net of (b) the sum, without duplication, of (i) all reasonable fees and out-of-pocket expenses paid to third parties (other than Affiliates) in connection with the Brand Option Agreement and the transactions contemplated thereby, (ii) the amount of all taxes paid (or reasonably estimated to be payable) and the amount of any reserves established to fund contingent liabilities or return obligations reasonably estimated to be payable, in each case during fiscal year 2012 or 2013 and that are directly attributable to the Brand Option Agreement or the transactions contemplated thereby (as determined reasonably and in good faith by a Financial Officer of the Borrower Representative) and (iii) any portion of the Brand Option Deposit that shall have been returned to J. C. Penney Corporation, Inc. pursuant to the terms of the Brand Option Agreement on or prior to such date of determination.

 

 

“DB Purchase Agreement” means the Purchase Agreement, dated as of October 11, 2011, by and among Kohl’s Illinois, Inc., as purchaser, Kohl’s Department Stores, Inc. and the Company and L.C. Licensing, LLC, as sellers, as in effect on the Fourth Amendment Date and as otherwise amended, supplemented or modified thereafter (with the prior written consent of the Administrative Agent if such amendment, supplement or modification is adverse to the interests of the Lenders in any material respect).

 

“DB Purchased Assets” means the “Acquired Assets” as such term is defined in the DB Purchase Agreement.

 

“Fourth Amendment Date” means November 2, 2011.

 

“Fourth Amendment Effective Date” means the “Fourth Amendment Effective Date” as such term is defined in the Fourth Amendment to this Agreement, dated as of November 2, 2011.

 

“JCPenney Purchase Agreement” means the Purchase Agreement, dated as of October 12, 2011, by and between J. C. Penney Corporation, Inc., as purchaser, and the Company, as seller, as in effect on the Fourth Amendment Date and as otherwise amended, supplemented or modified thereafter (with the prior written consent of the Administrative Agent if such amendment, supplement or modification is adverse to the interests of the Lenders in any material respect).

 

“Kensie Purchase Agreement” means the Trademark Purchase Agreement, dated as of October 11, 2011, by and among KMJ Brand Holdings LLC, as buyer, Westcoast Contempo Fashions Limited, as seller, the Company and Bluestar Alliance LLC, as in effect on the Fourth Amendment Date and as otherwise amended, supplemented or modified thereafter (with the prior written consent of the Administrative Agent if such amendment, supplement or modification is adverse to the interests of the Lenders in any material respect).

 

“Kensie Purchased Assets” means the “Acquired Assets” as such term is defined in the Kensie Purchase Agreement.

 

“Liz Purchased Assets” means the “Acquired Assets” as such term is defined in the JCPenney Purchase Agreement.

 

(b)   Section 1.01 of the Credit Agreement is hereby amended by deleting the definitions of “JCPenney License Agreement” and “Option Assets” in their entirety.

 

(c)   The definition of “Trademark Disposition Date” set forth in Section 1.01 of the Credit Agreement is hereby amended by replacing the reference to “Section 6.05(l)” with “Section 6.05(t)”.

 

3.                                      Amendment to Section 2.11(Prepayment of Loans).  Section 2.11 of the Credit Agreement is hereby amended by re-lettering clause (h) thereof as clause (i) and inserting the following new clause (h) in appropriate alphabetical order:

 

“(h)  In the event and on each occasion that any Net Proceeds are received on or after the Fourth Amendment Effective Date by or on behalf of the Company or any Subsidiary in respect of any transaction described in Section 6.05(t), the Borrowers shall, immediately after such Net Proceeds are received by the Company or any Subsidiary, prepay the Revolving Loans and Swingline Loans in an aggregate amount equal to the lesser of (x) the amount of such Net Proceeds, (y) $50,000,000 less the

 

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aggregate amount of all Net Proceeds from the transactions described in Section 6.05(t) that were previously applied to prepay the Revolving Loans and Swingline Loans pursuant to Section 2.11(c) or this Section 2.11(h) and (z) the aggregate amount of Revolving Loans and Swingline Loans then outstanding.  However, notwithstanding the foregoing, so long as no Event of Default shall have occurred and be continuing, if any prepayment of Eurocurrency Loans would be required to be made under this Section 2.11(h) other than on the last day of the Interest Period therefor, the Administrative Agent, at the direction of the Borrower Representative, shall keep such funds in a non-interest bearing account and shall not apply such funds to the prepayment of any such Eurocurrency Loan until the last day of such Interest Period.”

 

4.                                      Amendment to Section 6.02 (Liens).  Section 6.02 of the Credit Agreement is hereby amended by deleting clause (o) thereof in its entirety and inserting in lieu thereof the following:

 

“(o)         [Reserved];”

 

5.                                      Amendment to Section 6.05 (Asset Sales).  Section 6.05 of the Credit Agreement is hereby amended by (a) deleting clause (l) thereof and inserting in lieu thereof the following:

 

“(l)          [Reserved];”;

 

(b)   deleting the “and” at the end of clause (r) thereof;

 

(c)   inserting at the end of clause (s) thereof the following:

 

“and

 

(t) (i) the sale of Liz Purchased Assets pursuant to the terms of the JCPenney Purchase Agreement (the date of the consummation of such sale, the “Trademark Disposition Date”), (ii) the sale of DB Purchased Assets pursuant to the terms of the DB Purchase Agreement and (iii) the sale of Kensie Purchased Assets pursuant to the terms of the Kensie Purchase Agreement; provided that, in each case, Net Proceeds received by the Company and its Subsidiaries from such sale on or after the Fourth Amendment Effective Date shall be used to prepay the Loans in accordance with and to the extent required by Section 2.11(h); and provided, further, that any of the transactions permitted pursuant to this paragraph (t) that are consummated prior to the Fourth Amendment Effective Date shall be deemed to have been consummated in reliance upon and pursuant to this paragraph (t), and shall not be deemed to have been consummated pursuant to, or be included in the calculation of the assets sold, transferred or otherwise disposed of in reliance upon, Section 6.05(g) so long as, in the case of any such transaction consummated prior to the Fourth Amendment Effective Date, the Net Proceeds thereof shall have been applied to prepay the Loans in the manner set forth in Section 2.11(c) (assuming for purposes of this clause (t) that Section 2.11(c) were applicable thereto);”;

 

(d)   deleting the following words at the end of Section 6.05: “(it being understood that as it relates solely to the exercise of the “Year 10 Option Period” (as defined in the JCPenney License Agreement) the payment of the required cash amounts set forth in Section 5.3 of the JCPenney License Agreement shall satisfy the foregoing cash consideration requirement)”; and

 

(e)   deleting the words “(q) and (s)(ii)” at the end of the last proviso in Section 6.05 and substituting in lieu thereof “(q), (s)(ii) and (t)”.

 

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6.             Amendment to Section 6.09 (Restricted Payments; Certain Payments of Indebtedness).  Section 6.09(b) of the Credit Agreement is hereby amended by

 

(a)   inserting the words “or any Euro Notes Refinancing Debt” immediately following the words “the Existing Euro Notes” in clause (B) thereof;

 

(b)   deleting clause (G) thereof in its entirety and substituting in lieu thereof the following:

 

“(G) prepayments or repurchases of the Existing Euro Notes, the Existing Convertible Notes and/or, if no Existing Euro Notes are then outstanding, any Euro Notes Refinancing Debt, made on or after March 31, 2012 in an aggregate amount not to exceed $50,000,000 in any fiscal year of the Company; provided that (I) both immediately before and immediately after giving pro  forma effect thereto, (x) no Default or Event of Default shall have occurred and be continuing and (y) Aggregate Availability shall not have been less than (a) with respect to (1) any such prepayments or repurchases occurring during the period commencing March 31, 2012 and ending prior to June 30, 2012, and (2) any such prepayments or repurchases of Euro Notes Refinancing Debt if any Existing Convertible Notes are then outstanding, the greater of (i) $150,000,000 and (ii) an amount equal to 42.5% of the Commitments in effect at any time during the three-month period immediately preceding such prepayment or repurchase and (b) with respect to any such prepayments or repurchases occurring on or after June 30, 2012 (other than any such prepayments or repurchases of Euro Notes Refinancing Debt at any time that any Existing Convertible Notes are then outstanding, in which case clause (a) above shall govern), the greater of (i) $109,375,000 and (ii) an amount equal to 31.25% of the Commitments in effect at any time during the three-month period immediately preceding such prepayment or repurchase and (II) in no event shall any such prepayments or repurchases of the Existing Euro Notes or any Euro Notes Refinancing Debt be made with proceeds of UK Loans or Canadian Loans hereunder;”; and

 

(c)   deleting clause (I) thereof in its entirety and substituting in lieu thereof the following:

 

“(I) prepayments or repurchases of the Existing Euro Notes, the Existing Convertible Notes and/or, if no Existing Euro Notes are then outstanding, any Euro Notes Refinancing Debt, with the Net Proceeds of (i) any capital contributions made to the Company, (ii) any issuance of common stock of the Company, (iii) any incurrence of Subordinated Indebtedness of the Company or any Subsidiary, (iv) any asset sale permitted pursuant to Section 6.05(g), (v) any asset sale permitted by Section 6.05(r), and (vi) any incurrence of Indebtedness described in Section 6.02(p) (including without limitation pursuant to any Tender Offer to be consummated with the Net Proceeds of such Indebtedness); provided that (x) both immediately before and immediately after giving pro  forma effect thereto, (1) no Default or Event of Default shall have occurred and be continuing, (2) except in the case of any prepayment or repurchase of Existing Euro Notes with the Net Proceeds of any Indebtedness incurred pursuant to any Notes Documentation that constitutes Euro Notes Refinancing Debt, Aggregate Availability shall not have been less than the greater of (A) $109,375,000 and (B) an amount equal to 31.25% of the Commitments in effect at any time during the three-month period immediately preceding such prepayment or repurchase, and (3) in the case of any prepayment or repurchase of any Euro Notes Refinancing Debt pursuant to this clause (I) at any time that any Existing Convertible Notes are then outstanding, Aggregate Availability shall not have been less than the greater of (A) $150,000,000 and (B) an amount equal to 42.5% of the Commitments in effect at any time during the three-month period immediately preceding such prepayment or repurchase and (y) any Net Proceeds received by the Company and its Subsidiaries (other than in respect of asset sales described in clause (v) above) in connection with (1) such Subordinated Indebtedness, issuance of

 

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common stock or capital contribution are first applied to prepay the Loans in full in accordance with Section 2.11(a), (2) asset sales described in clause (iv) above are first applied to prepay the Loans in full in accordance with Section 2.11(c) and (3) such Indebtedness described in clause (vi) above (other than Trademark Secured Debt that constitutes Euro Notes Refinancing Debt) are first applied to prepay the Loans in full in accordance with Section 2.11(f);”;

 

(d)   inserting the words “or any Euro Notes Refinancing Debt” immediately following the words “the Existing Euro Notes” in clause (K) thereof; and

 

(e)   (i) deleting the word “and” at the end of clause (L) thereof, (ii) deleting the “.” at the end of clause (M) thereof and substituting “;” in lieu thereof and (iii) inserting the following new clauses (N) and (O) at the end thereof:

 

“(N) solely to the extent such Net Proceeds are not required to be applied to prepay the Loans pursuant to Section 2.11(h) and were not applied to prepay the Loans prior to the Fourth Amendment Effective Date pursuant to Section 2.11(c), prepayments or repurchases of the Existing Euro Notes, the Existing Convertible Notes and/or, if no Existing Euro Notes are then outstanding, any Euro Notes Refinancing Debt, with the Net Proceeds of any asset sale permitted pursuant to Section 6.05(t); provided that (x) this clause (N) shall only apply to the aggregate Net Proceeds of such asset sales received by or on behalf of the Company or any Subsidiary to the extent such aggregate Net Proceeds are in excess of $50,000,000 for all such asset sales (and, for the avoidance of doubt, shall only apply to such excess), (y) both immediately before and immediately after giving pro  forma effect to any such prepayment or repurchase of the Existing Euro Notes, the Existing Convertible Notes and/or any Euro Notes Refinancing Debt, (1) no Default or Event of Default shall have occurred and be continuing and (2) in the case of any such prepayment or repurchase of any Euro Notes Refinancing Debt at any time that any Existing Convertible Notes are then outstanding, Aggregate Availability shall not have been less than the greater of (A) $150,000,000 and (B) an amount equal to 42.5% of the Commitments in effect at any time during the three-month period immediately preceding such prepayment or repurchase and (z) in no event shall any such prepayments or repurchases of the Existing Euro Notes or any Euro Notes Refinancing Debt be made with proceeds of UK Loans or Canadian Loans hereunder.”; and

 

“(O)  prepayments or repurchases of the Existing Euro Notes, the Existing Convertible Notes and/or, if no Existing Euro Notes are then outstanding, any Euro Notes Refinancing Debt, made on or after September 30, 2012 with Brand Option Proceeds; provided that (x) both immediately before and immediately after giving pro  forma effect thereto, (1) no Default or Event of Default shall have occurred and be continuing, (2) Aggregate Availability shall not have been less than the greater of (A) $129,375,000 and (B) an amount equal to 37.00% of the Commitments in effect at any time during the three-month period immediately preceding such prepayment or repurchase, and (3) in the case of any prepayment or repurchase of any Euro Notes Refinancing Debt at any time that any Existing Convertible Notes are then outstanding, Aggregate Availability shall not have been less than the greater of (A) $170,000,000 and (B) an amount equal to 48.5% of the Commitments in effect at any time during the three-month period immediately preceding such prepayment or repurchase and (y) in no event shall any such prepayments or repurchases of the Existing Euro Notes or any Euro Notes Refinancing Debt be made with proceeds of UK Loans or Canadian Loans hereunder.”

 

7.             Amendment to Section 6.12 (Amendment of Material Documents).  Section 6.12 of the Credit Agreement is hereby amended by (a) deleting from clause (a) thereof the words “, the

 

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JCPenney License Agreement” and (b) deleting the parenthetical “(including, for the avoidance of doubt, any amendment or modification providing for an earlier Trademark Disposition Date than as set forth in the JCPenney License Agreement in effect on November 2, 2009)”.

 

8.             Amendments to Section 1.01 (Defined Terms).  (a)  Section 1.01 of the Credit Agreement is hereby amended by inserting in alphabetical order the following new definitions:

 

“Mexx Letter of Credit” means any Letter of Credit that was issued and outstanding under the Credit Agreement, for the account of either the Canadian Borrower or the European Borrower, on the Third Amendment Effective Date (immediately prior to giving effect thereto).

 

“Mexx LC Collateral Account” means any LC Collateral Account with the European Collateral Agent or the Canadian Collateral Agent, in the name of such Collateral Agent, holding cash collateral required to be delivered pursuant to Section 6(i) Section or 6(ii) of the Third Amendment (as applicable) with respect to any Mexx Letter of Credit.

 

“Mexx LC Collateral Amount” means an amount equal to 100% of the Dollar Equivalent of the LC Exposure with respect to all Mexx Letters of Credit, solely to the extent an equivalent amount of cash collateral is being held in one or more Mexx Collateral Accounts as cash collateral with respect to such Mexx Letters of Credit.

 

(b)   The definition of “US Borrowing Base” set forth in Section 1.01 of the Credit Agreement is hereby amended by (i) deleting clause (a) thereof in its entirety and substituting in lieu thereof the following new clause (a):

 

“(a) the sum of (i) 100% of the aggregate cash balances denominated in dollars or Euros in depositary accounts of the US Loan Parties constituting investment accounts that are held at JPMorgan Chase Bank, N.A. or any Affiliate thereof approved by the Administrative Agent and subject to an Account Control Agreement and upon which the US Collateral Agent has a first priority perfected Lien for the benefit of the Agents, the Lenders and the Issuing Banks, subject only to Liens permitted pursuant to Section 6.02(f) and (ii) 100% of the Dollar Equivalent of the aggregate cash balances in Mexx LC Collateral Accounts, in an aggregate amount not to exceed the Mexx LC Collateral Amount, plus”; and

 

(ii)           deleting the last sentence thereof in its entirety and substituting in lieu thereof the following new sentence:

 

“The US Borrowing Base at any time shall be determined by reference to the most recent US Borrowing Base Certificate delivered to the Administrative Agent pursuant to Section 5.01(g); provided that if any cash referred to in clause (a)(i) above is applied to pay, repay, purchase, repurchase, redeem, retire or acquire any Indebtedness pursuant to Section 6.09(b), the US Borrowing Base shall be automatically reduced by the Dollar Equivalent of such amount and the Borrower shall deliver written notice to the Administrative Agent of such payment substantially simultaneously therewith.”

 

9.             Amendments to Section 1.05 (Currency Translations).  Section 1.05(c) of the Credit Agreement is hereby amended by (i) deleting the word “and” at the end of clause (x) thereof and substituting in lieu thereof a “,” and (ii) deleting the period at the end of clause (y) thereof and substituting in lieu thereof the following:

 

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“ and (z) any amounts to be included in the US Borrowing Base on any date, in its reasonable discretion.”

 

10.          Fees.  In consideration of the agreements of the Lenders party hereto contained in this Fourth Amendment, the Borrower agrees to pay to the Administrative Agent, for the account of each Lender that delivers an executed counterpart of this Fourth Amendment prior to 5:00 p.m., New York City time, on November 1, 2011, an amendment fee (the “Amendment Fee”) in an amount equal to 0.10% of the sum of such Lender’s Commitment.

 

11.          Representations and Warranties.  The Borrowers hereby represent that as of the Fourth Amendment Effective Date (as defined below) each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents is true and correct in all material respects as if made on and as of such date (it being understood and agreed that any representation or warranty that by its terms is made as of a specific date shall be required to be true and correct in all material respects only as of such specified date), and no Default or Event of Default has occurred and is continuing after giving effect to the amendments contemplated herein.

 

12.          Effectiveness of Amendment.  (a) This Fourth Amendment (other than the amendments set forth in Sections 8 and 9 hereof) shall become effective on and as of the date (such date the “Fourth Amendment Effective Date”) of satisfaction of the following conditions:

 

(i)            execution and delivery of this Fourth Amendment by the Borrowers, the Loan Guarantors, the Administrative Agent, the US Collateral Agent, the European Administrative Agent, the European Collateral Agent, the Canadian Administrative Agent, the Canadian Collateral Agent and the Required Lenders;

 

(ii)           no Default or Event of Default shall have occurred and be continuing on the Fourth Amendment Effective Date;

 

(iii)          each of the representations and warranties made by any Loan Party in the Loan Documents shall be true and correct in all material respects on and as of the Fourth Amendment Effective Date as if made on and as of such date except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date;

 

(iv)          receipt by the Administrative Agent of the Amendment Fee and all other fees required to be paid, and all reasonable and documented out-of-pocket costs and expenses for which invoices have been presented (including the reasonable and documented fees and expenses of one firm of external legal counsel in each relevant jurisdiction); and

 

(v)           the Trademark Disposition Date shall have occurred or shall occur substantially simultaneously with the Fourth Amendment Effective Date.

 

(b)   The amendments set forth in Sections 8 and 9 hereof shall become effective on and as of the date of satisfaction of the following conditions:

 

(i)            the conditions set forth in Section 12(a) above shall have been satisfied; and

 

(ii)           execution and delivery of this Fourth Amendment by the Supermajority Lenders

 

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13.          Expenses.  The Borrowers agree to pay and reimburse the Administrative Agent for all its reasonable and documented out-of-pocket costs and expenses incurred in connection with the preparation and delivery of this Fourth Amendment, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent.

 

14.          Effect.  Except as expressly amended or modified hereby, all of the representations, warranties, terms, covenants and conditions of the Loan Documents shall remain unamended, unmodified and not waived and shall continue to be in full force and effect.  This Fourth Amendment shall not constitute an amendment of any provision of the Credit Agreement or any other Loan Document not expressly referred to herein and shall not be construed as a waiver or consent to any further or future action on the part of the Borrowers that would require a waiver or consent of the Lenders or any Agent.  Except as expressly amended hereby, the provisions of the Credit Agreement are and shall remain in full force and effect.  On and after the Fourth Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement”, “thereunder”, “thereof”, or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement after giving effect to this Fourth Amendment.

 

15.          Consent of Guarantors.  Each of the Loan Guarantors hereby consents to this Fourth Amendment, and to the amendments and modifications to the Credit Agreement pursuant hereto and acknowledges the effectiveness and continuing validity of its obligations under or with respect to the Credit Agreement, any Loan Guaranty, any Collateral Document and the Notes Intercreditor Agreement, as applicable, and its liability for the Obligations or Secured Obligations, as applicable, pursuant to the terms thereof and that such obligations are without defense, setoff and counterclaim.

 

16.          Counterparts.  This Fourth Amendment may be executed in any number of counterparts by the parties hereto (including by facsimile or electronic transmission), each of which counterparts when so executed shall be an original, but all the counterparts shall together constitute one and the same instrument.

 

17.          Severability.  Any provision of this Fourth Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

18.          Integration.  This Fourth Amendment and the other Loan Documents represent the entire agreement of the Loan Parties, the Administrative Agent, the European Administrative Agent, the Canadian Administrative Agent and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent, the European Administrative Agent, the Canadian Administrative Agent or any Lender relative to the subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents.

 

19.          GOVERNING LAW.  THIS FOURTH AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS FOURTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

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

 

	
 
    	
BORROWERS
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
LIZ   CLAIBORNE, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/   Nicholas Rubino
    
	
 
    	
Name:
    	
Nicholas   Rubino
    
	
 
    	
Title:
    	
SVP,   Chief Legal Officer, General Counsel &
    
	
 
    	
Corporate   Secretary
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
LIZ   CLAIBORNE CANADA, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/   Nicholas Rubino
    
	
 
    	
Name:
    	
Nicholas   Rubino
    
	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
JUICY   COUTURE EUROPE LIMITED
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/   Mark Weisz
    
	
 
    	
Name:
    	
Mark   Weisz
    
	
 
    	
Title:
    	
Director
    

 

SIGNATURE PAGE TO THE FOURTH AMENDMENT

 

 

 

	
 
    	
LOAN   GUARANTORS:
    
	
 
    	
 
    
	
 
    	
BOODLE, INC.
    
	
 
    	
DB   NEWCO CORP.
    
	
 
    	
HAVANA   LLC
    
	
 
    	
JERG, INC.
    
	
 
    	
JUICY   COUTURE, INC.
    
	
 
    	
KATE SPADE LLC
    
	
 
    	
L. C. AUGUSTA, INC.
    
	
 
    	
L.C.   CARIBBEAN HOLDINGS, INC.
    
	
 
    	
L.C.   LICENSING, LLC
    
	
 
    	
L.C.   SERVICE COMPANY, INC.
    
	
 
    	
L.C.   SPECIAL MARKETS, INC.
    
	
 
    	
LC LIBRA, LLC
    
	
 
    	
LCI ACQUISITION U.S., INC.
    
	
 
    	
LCI   HOLDINGS, INC.
    
	
 
    	
LCI   INVESTMENTS, INC.
    
	
 
    	
LIZ   CLAIBORNE ACCESSORIES, INC.
    
	
 
    	
LIZ   CLAIBORNE ACCESSORIES-SALES, INC.
    
	
 
    	
LIZ   CLAIBORNE COSMETICS, INC.
    
	
 
    	
LIZ   CLAIBORNE EXPORT, INC.
    
	
 
    	
LIZ   CLAIBORNE FOREIGN HOLDINGS, INC.
    
	
 
    	
LIZ CLAIBORNE JAPAN, INC.
    
	
 
    	
LIZ CLAIBORNE PUERTO RICO, INC.
    
	
 
    	
LIZ   CLAIBORNE SALES, INC.
    
	
 
    	
LIZ   CLAIBORNE SHOES, INC.
    
	
 
    	
LUCKY   BRAND DUNGAREES, INC.
    
	
 
    	
LUCKY   BRAND DUNGAREES STORES, INC.
    
	
 
    	
MONET INTERNATIONAL, INC.
    
	
 
    	
MONET PUERTO RICO, INC.
    
	
 
    	
NONEE   I HOLDING, LLC
    
	
 
    	
NONEE   I, LLC
    
	
 
    	
SEGRETS, INC.
    
	
 
    	
SKYLARK   SPORT MARKETING CORPORATION
    
	
 
    	
WESTCOAST   CONTEMPO PROMENADE, INC.
    
	
 
    	
WESTCOAST   CONTEMPO RETAIL, INC.
    
	
 
    	
WESTCOAST   CONTEMPO (U.S.A.) INC.
    
	
 
    	
KATE SPADE PUERTO RICO, INC.
    
	
 
    	
LCCI   HOLDINGS LLC
    
	
 
    	
WCFL   HOLDINGS LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/   Nicholas Rubino
    
	
 
    	
Name:
    	
Nicholas   Rubino
    
	
 
    	
Title:
    	
Director
    

 

SIGNATURE PAGE TO THE FOURTH AMENDMENT

 

 

	
 
    	
JUICY   COUTURE CANADA INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/   Mark Weisz
    
	
 
    	
Name:
    	
Mark   Weisz
    
	
 
    	
Title:
    	
Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
LUCKY   BRAND DUNGAREES CANADA INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/   Nicholas Rubino
    
	
 
    	
Name:
    	
Nicholas   Rubino
    
	
 
    	
Title:
    	
Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
WESTCOAST   CONTEMPO FASHIONS LIMITED
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/   Nicholas Rubino
    
	
 
    	
Name:
    	
Nicholas   Rubino
    
	
 
    	
Title:
    	
Director
    

 

SIGNATURE PAGE TO THE FOURTH AMENDMENT

 

 

	
 
    	
Signed   and delivered as a deed for and on behalf of
    
	
 
    	
JUICY   COUTURE IRELAND LIMITED
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/   Mark Weisz
    
	
 
    	
Name:
    	
Mark   Weisz
    
	
 
    	
Title:
    	
Director
    
	
 
    	
 
    
	
 
    	
in   the presence of:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
(Witness’   Signature)
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
(Witness’   Address)
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
(Witness’   Occupation)
    

 

SIGNATURE PAGE TO THE FOURTH AMENDMENT

 

 

	
 
    	
LIZ   CLAIBORNE EUROPE
    
	
 
    	
KATE   SPADE UK LIMITED
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/   Nicholas Rubino
    
	
 
    	
Name:
    	
Nicholas   Rubino
    
	
 
    	
Title:
    	
Director
    

 

SIGNATURE PAGE TO THE FOURTH AMENDMENT

 

 

	
 
    	
JPMORGAN   CHASE BANK, N.A., as Administrative
   Agent, US Collateral Agent and Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/   Scott Troy
    
	
 
    	
Name:
    	
Scott   Troy
    
	
 
    	
Title:
    	
Vice   President
    

 

SIGNATURE PAGE TO THE FOURTH AMENDMENT

 

 

	
 
    	
J.P.   MORGAN EUROPE LIMITED, as European
   Administrative Agent and European Collateral Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/   Agostino A. Marchetti
    
	
 
    	
Name:
    	
Agostino   A. Marchetti
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

SIGNATURE PAGE TO THE FOURTH AMENDMENT

 

 

	
 
    	
JPMORGAN   CHASE BANK, N.A., TORONTO
   BRANCH, as Canadian Administrative Agent and
   Canadian Collateral Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/   Jim Jacob
    
	
 
    	
Name:
    	
Jim   Jacob
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

SIGNATURE PAGE TO THE FOURTH AMENDMENT

 

 

	
 
    	
GENERAL   ELECTRIC CAPITAL CORPORATION, as
   Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/   Peter F. Crispino
    
	
 
    	
Name:
    	
Peter   F. Crispino
    
	
 
    	
Title:
    	
Duly   Authorized Signatory
    

 

SIGNATURE PAGE TO THE FOURTH AMENDMENT

 

 

	
 
    	
Wells   Fargo Capital Finance, LLC, as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/   Reza Sabahi
    
	
 
    	
Name:
    	
Reza   Sabahi
    
	
 
    	
Title:
    	
Authorized   Signatory
    

 

SIGNATURE PAGE TO THE FOURTH AMENDMENTQuickLinks
 -- Click here to rapidly navigate through this document

 

Exhibit 10.27

 
 

  FIRST LOAN AND NOTE MODIFICATION AGREEMENT
  (Borrowing Base Revolving Line of Credit)    

Extra Space Properties Thirty LLC

        This
FIRST LOAN AND NOTE MODIFICATION AGREEMENT (the "Modification") is made effective as
of April 9, 2009 by and between EXTRA SPACE PROPERTIES THIRTY LLC, a Delaware limited liability company (the
"Borrower"), having its executive offices at c/o Extra Space Storage LLC, 2795 East Cottonwood Parkway, Suite 400, Salt Lake City, Utah
84121, and BANK OF AMERICA, N.A., a national banking association (the "Lender"), whose address is
Commercial Real Estate Banking, NV1-119-04-08, 300 S. Fourth Street, 4th Floor, Las Vegas, Nevada 89101. 

 
 

Recitals    
    

        A.    Lender
has extended to Borrower a borrowing base evolving line of credit (the "Loan") in the maximum principal amount of
up to Fifty Million and No/100 Dollars ($50,000,000.00) pursuant to a Revolving Line of Credit Agreement (the "Loan
Agreement") and evidenced by a Promissory Note (the "Note"), each dated February 13, 2009. Capitalized terms used herein
without definition, shall have the meanings given to such terms in the Loan Agreement and Note. 

        B.    The
Loan is secured by, among other things, nine (9) separate Security Instruments executed by Borrower or a Permitted Subsidiary for the benefit of Lender. Each
Security Instrument encumbers a separate Property approved by Lender as a Borrowing Base Property. The Loan Agreement, Note, Security Instruments and all other agreements, documents, and instruments
securing the Loan and the Note are referred to individually and collectively as the "Security Documents". 

        C.    EXTRA SPACE STORAGE LLC, a Delaware limited liability company (the
"Guarantor"), unconditionally guaranteed Borrower's obligations under the Loan and Loan Documents pursuant to that certain Guaranty Agreement dated
February 13, 2009 (the "Guaranty"). 

        D.    The
Loan Agreement, the Note, the Security Documents, the Guaranty, any environmental indemnities, guaranties and all other agreements, documents, and instruments
evidencing, securing, or otherwise relating to the Loan, as modified in this Modification, are sometimes referred to individually and collectively as the "Loan
Documents". Hereinafter, "Loan Agreement", "Note",
"Security Instrument", "Security Documents", "Guaranty"
and "Loan Documents" shall mean such documents as modified in this Modification. 

        E.    Borrower
has requested that Lender approve Properties located in Kahului, Maui County, Hawaii (the "Hawaii Property") and
in North Bergen, Hudson County, New Jersey (the "New Jersey Property") as Borrowing Base Properties and, in connection therewith, has also requested
that Lender modify the Loan and Loan Documents to (i) waive the requirement that 75% of the Hawaii Property be leased prior to adding the Hawaii Property as a Borrowing Base Property,
(ii) adjust the Net Operating Income used to calculate the Initial Debt Service Coverage Ratio Value for the Hawaii Property to reflect a vacancy of 30%, (iii) provide that the Hawaii
Property shall cease to be a Borrowing Base Property upon the occurrence of certain events as set forth herein, and (iv) reduce the portion of the Borrowing Base attributable to the New Jersey
Property by $100,000 until Borrower provides Lender with a no further action letter issued by the New Jersey Department of Environmental Protection (the
"NJDEP") with respect to the New Jersey Property. 

        F.     Lender
is willing to so modify the Loan and Loan Documents, and to make other modifications to such documents, subject to the terms and conditions hereof. 

 
 
 

Agreement    
    

        For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower and Lender agree as
follows: 

        1.    Recitals.    Borrower hereby acknowledges the accuracy of the Recitals which are incorporated herein by
reference. 

        2.    Modifications to Loan Documents.    The Loan Documents are modified as follows: 

        2.1    Borrowing Base Properties.    Subject to the terms and conditions of the Loan Agreement, as modified by this
Modification, Lender agrees to include the Hawaii Property and the New Jersey Property as Borrowing Base Properties pursuant to the terms and conditions of the Loan Agreement, as amended hereby. 

        2.2    Waiver.    

        (a)   Borrower
acknowledges that the Hawaii Property fails to satisfy the requirement in Section 4.1(c)(ii)(k) of the
Loan Agreement that not less than 75% of the rentable self storage units and other rentable Improvements on the Hawaii Property (on an overall square footage basis) be leased to third party tenants
prior to being added as a Borrowing Base Property (the "Leasing Requirement"). Subject to  Section 2.4 below, Lender hereby waives the failure of the
Hawaii Property to satisfy the foregoing Leasing Requirement and agrees that the
Hawaii Property may notwithstanding such failure, qualify as a Borrowing Base Property if it meets all of the other terms, conditions and requirements of the Loan Documents. This waiver does not apply
to the failure of any other Property or Borrowing Base Property to satisfy the Leasing Requirement at any time. This waiver also does not apply to the failure of any Property or Borrowing Base
Property, including the Hawaii Property, to satisfy any other term, condition, or covenant of the Loan Agreement, and all other terms and conditions of the Loan Agreement remain unchanged except as
modified herein. 

        (b)   Borrower
acknowledges that the New Jersey Property fails to satisfy the requirement in Section 4.1(c)(ii)(e) of
the Loan Agreement that all environmental issues pertaining to the New Jersey Property be fully remediated in accordance with Applicable Law prior to being added as a Borrowing Base Property (the
"Environmental Requirement"). Subject to Section 2.6 below, Lender hereby waives the failure of
the New Jersey Property to satisfy the foregoing Environmental Requirement and agrees that the New Jersey Property may notwithstanding such failure, qualify as a Borrowing Base Property if it meets
all of the other terms, conditions and requirements of the Loan Documents. This waiver does not apply to the failure of any other Property or Borrowing Base Property to satisfy the Environmental
Requirement at any time. This waiver also does not apply to the failure of any Property or Borrowing Base Property, including the New Jersey Property, to satisfy any other term, condition, or covenant
of the Loan Agreement, and all other terms and conditions of the Loan Agreement remain unchanged except as modified herein. 

        2.3    Net Operating Income for Initial Debt Service Coverage Ratio Value.    In the event the vacancy of the Hawaii
Property is less than 30%, the Net Operating Income used to calculate the Initial Debt Service Coverage Ratio Value shall be adjusted downward and determined as if such vacancy were 30%. The foregoing
adjustment to the Net Operating Income applies only to the calculation of the Initial Debt Service Coverage Ratio Value for the Hawaii Property and shall not apply when calculating the Initial Debt
Service Coverage Ratio Value for any other Property or Borrowing Base Property. 

        2.4    Leasing and Tenant Matters.    Section 3 of Schedule 3 to the Loan Agreement is hereby amended
and restated in its entirety to read as follows: 

2

 

        "3.    Leasing Guidelines.    

        Borrower
shall not enter into any Lease of self-storage space in the Improvements except in the ordinary course of Borrower's self-storage business and only upon
Borrower's standard form of tenant lease. Any material revisions thereto, must have the prior written approval of Lender. 

        Not
less than 70% of the rentable self storage units and other rentable Improvements on the Hawaii Property (on an overall square footage basis) shall be leased to third party tenants
upon the permitted terms and conditions set forth herein. In the event Borrower fails to lease the requisite amount of rentable space on the Hawaii Property for two (2) consecutive calendar
quarters, the Hawaii Property shall cease to be a Borrowing Base Property at the time of non-compliance. Lender's determination of compliance with the foregoing leasing requirement shall
be based on information
provided by Borrower to Lender under Section 7.8 and any additional information requested by Lender pursuant to Section 4 of this  Schedule 3. If the Hawaii Property ceases to be a Borrowing Base Property, Lender may recalculate the Borrowing Base and Borrower shall remargin
the Loan as required by Section 2.1(b)." 

        2.5    Use Restrictions.    Borrower acknowledges that certain covenants, conditions and restrictions are recorded
against the Hawaii Property, including, without limitation, the Declaration of Restriction on Use made by A&B Properties, Inc., a Hawaii corporation
("A&B"), dated as of August 7, 1996, and recorded on August 13, 1996 in the Bureau of Conveyances of the State of Hawaii as Document
No. 96-116523 (collectively, the "CCRs"). In the event any holder, maker or beneficiary of the CCRs (including, without limitation,
A&B), its successors or assigns, enforces, or attempts to enforce, the terms and provisions of the CCRs and use of the Hawaii Property for its intended purposes would be actually prohibited or
materially limited as determined by Lender it its sole discretion, the Hawaii Property shall immediately cease to be a Borrowing Base Property. If the Hawaii Property ceases to be a Borrowing Base
Property, Lender may recalculate the Borrowing Base and Borrower shall remargin the Loan as required by Section 2.1(b) of the Loan Agreement. 

        2.6    No Further Action Letter.    Notwithstanding anything to the contrary set forth in the Loan Documents, until
Borrower provides Lender with a no further action letter issued by the NJDEP with respect to the New Jersey Property, the portion of the Borrowing Base attributable to the New Jersey Property shall be
reduced by an amount equal to One Hundred Thousand and No/100 Dollars ($100,000.00). 

        2.7    Conforming Modifications.    Each of the Loan Documents is hereby modified to the extent required to be
consistent with the terms hereof. Rights to or interests in any property granted as security in the Loan Documents, including the Security Instrument, shall remain as security for the obligations of
the Borrower under the Loan Documents. 

        2.8    References.    Each reference in the Loan Documents to any of the Loan Documents shall be a reference to such
document as modified herein. 

        3.    Consent and Agreement of Guarantor.    As a condition precedent to the obligations of Lender hereunder and the
effectiveness hereof, Borrower agrees to provide to Lender concurrently with the execution and delivery of this Modification, a fully executed Consent and Agreement of Guarantor in form and substance
acceptable to Lender in its sole and absolute discretion. 

        4.    Fees and Expenses.    

        4.1    Fees and Expenses.    In consideration of Lender's agreements herein, Borrower has agreed to pay to Lender:
(i) all legal fees and expenses incurred by Lender in connection herewith, (ii) all title endorsement premium costs incurred by Lender in connection with this Modification; 

3

 

and
(iii) all other costs and expenses incurred by Lender in connection with this Modification and the extension of the Loan. Borrower acknowledges and agrees that such fees are fully earned
and nonrefundable as of the date this Modification is executed and delivered by the parties hereto. 

        4.2    Method of Payment.    All fees, costs, expenses and other payments due hereunder shall be paid by Borrower to
Lender on the date of closing of this Modification or at such later date as such fees, costs, expenses and other payments are incurred by Lender. Lender may in its discretion, disburse such fees,
costs, expenses and other payments as an advance under the Loan and Borrower hereby authorizes such disbursement. Borrower acknowledges and agrees that such fees, costs and expenses are earned and
nonrefundable as of the date of closing of this Modification or such later date. 

        5.    Ratification of Loan Documents and Collateral.    

        The
Loan Documents are ratified and affirmed by Borrower and shall remain in full force and effect as modified herein. Any property or rights to or interests in property granted as
security in the Loan Documents shall remain as security for the Loan and the obligations of Borrower in the Loan Documents. 

        6.    Borrower Representations and Warranties.    

        Borrower
represents and warrants to Lender: 

        6.1   No
default or event of default under any of the Loan Documents as modified herein, nor any event, that, with the giving of notice or the passage of time or both, would
be a default or an event of default under the Loan Documents as modified herein has occurred and is continuing. 

        6.2   There
has been no material adverse change in the financial condition of Borrower or any other person whose financial statement has been delivered to Lender in connection
with the Loan from the most recent financial statement received by Lender. 

        6.3   Each
and all representations and warranties of Borrower in the Loan Documents are accurate on the date hereof. 

        6.4   Borrower
has no claims, counterclaims, defenses, or set-offs with respect to the Loan or the Loan Documents as modified herein. 

        6.5   The
Loan Documents as modified herein are the legal, valid, and binding obligation of Borrower, enforceable against Borrower in accordance with their terms. 

        6.6   Borrower
validly exists under the laws of the State of its formation or organization, has not changed its legal name as set forth above, and has the requisite power and
authority to execute and deliver this Modification and to perform the Loan Documents as modified herein. The execution and delivery of this Modification and the performance of the Loan Documents as
modified herein have been duly authorized by all requisite action by or on behalf of Borrower. This Modification has been duly executed and delivered on behalf of Borrower. 

        7.    Borrower Covenants.    

        Borrower
covenants with Lender that: 

        7.1   Borrower
shall execute, deliver, and provide to Lender such additional agreements, documents, and instruments as reasonably required by Lender to effectuate the intent
of this Modification. 

        7.2   Borrower
fully, finally, and forever releases and discharges Lender and its successors, assigns, directors, officers, employees, agents, and representatives from any and
all actions, causes of action, claims, debts, demands, liabilities, obligations, and suits, of whatever kind or nature, in law or equity of Borrower, whether now known or unknown to Borrower,
(i) in respect of the 

4

 

Loan,
the Loan Documents, or the actions or omissions of Lender in respect of the Loan or the Loan Documents and (ii) arising from events occurring prior to the date this Modification is
executed and delivered by the parties hereto. Borrower has been advised by its legal counsel, or Borrower has made a reasoned and fully informed decision not to be so represented by counsel, and
understands and acknowledges the significance and consequences of this release, and Borrower expressly consents and agrees that the releases contained herein shall be given full force and effect
according to each and all of their express terms and provisions including those relating to unknown and unsuspected claims, demands and causes of action, if any, as well as those relating to any other
claims, demands and causes of action hereinabove specified. 

        7.3   If
required by Lender, on or prior to the execution and delivery of this Modification, Borrower shall have executed and delivered, or caused to be executed and
delivered, to Lender, each in form and substance satisfactory to Lender, such other documents, instruments, resolutions, subordinations, and other agreements as Lender may require in its sole
discretion. 

        7.4   If
required by Lender, on or prior to the execution and delivery of this Modification, Borrower shall have provided to Lender a certified resolution authorizing this
Modification and designating the person or persons authorized to sign this Modification and any related documents on behalf of Borrower. 

        8.    Execution and Delivery of Agreement by Lender.    

        Lender
shall not be bound by this Modification until (i) Lender has executed and delivered this Modification, (ii) Borrower has performed all of the obligations of Borrower
under this Modification to be performed contemporaneously with the execution and delivery of this Modification, if any, (iii) Borrower has paid all fees and costs in accordance with  Section 4
hereof, and (iv) Guarantor has executed and delivered to Lender a form of Consent and Agreement of Guarantor acceptable to
Lender in all respects. 

        9.    Integration, Entire Agreement, Change, Discharge, Termination, or Waiver.    

        The
Loan Documents as modified herein contain the complete understanding and agreement of Borrower and Lender in respect of the Loan and supersede all prior representations, warranties,
agreements, arrangements, understandings, and negotiations. No provision of the Loan Documents as
modified herein may be changed, discharged, supplemented, terminated, or waived except in a writing signed by the parties thereto. 

        10.    Binding Effect.    

        The
Loan Documents, as modified herein, shall be binding upon and shall inure to the benefit of Borrower and Lender and their successors and assigns and the executors, legal
administrators, personal representatives, heirs, devisees, and beneficiaries of Borrower; provided, however, Borrower may not assign any of its rights or delegate any of its obligations under the Loan
Documents and any purported assignment or delegation shall be void. 

        11.    Choice of Law.    

        This
Modification shall be governed by and construed in accordance with the laws of the State of Utah, without giving effect to conflicts of law principles. 

        12.    Counterpart Execution.    

        This
Modification may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same document. Signature
pages may be detached from the counterparts and attached to a single copy of this Modification to physically form one document. Receipt by the Lender of an executed copy of this Modification by
facsimile shall constitute conclusive evidence of execution and delivery of this Modification by the signatory thereto. 

5

 

        13.    USA Patriot Act Notice.    

        Federal
law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account or obtains a loan. Lender will ask for the
Borrower's legal name, address, tax ID number or social security number and other identifying information. Lender may also ask for additional information or documentation or take other actions
reasonably necessary to verify the identity of the Borrower, guarantors or other related persons 

        [Remainder
of Page Intentionally Left Blank] 

6

 

        DATED
as of the date first above stated. 

					
	 	 	 BORROWER:
	

 	
 	
EXTRA SPACE PROPERTIES THIRTY LLC
 a Delaware limited liability company
	

 	
 	
By:	
 	
/s/ CHARLES L. ALLEN

 
	 	 	Name:	 	Charles L. Allen
	 	 	Title:	 	Manager
	

 	
 	
 LENDER:
	

 	
 	
BANK OF AMERICA, N.A.

a national banking association
	

 	
 	
By:	
 	
/s/ ROBERT A. ST. JOHN

 
	 	 	Name:	 	Robert A. St. John
	 	 	Title:	 	Senior Vice President

7

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FIRST LOAN AND NOTE MODIFICATION AGREEMENT (Borrowing Base Revolving Line of Credit)

Recitals

Agreement

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