Document:

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                                                                   Exhibit 10.29

                            FIFTH AMENDMENT TO LEASE

1. PARTIES

   1.1   THIS AGREEMENT made the 20 day of October, 2003 is between MACK-CALI
         REALTY,L.P. ("Lessor") whose address is c/o Mack-Cali Realty
         Corporation, 11 Commerce Drive, Cranford, New Jersey 07016 and MOVADO
         GROUP, INC. ("Lessee"), whose address is Mack Centre II, One Mack
         Drive, Paramus, New Jersey.

2. STATEMENT OF FACTS

   2.1   Lessor and Lessee entered into a Lease dated December 21,2000,as
         amended by First Amendment to Lease dated December 21,2000,Second
         Amendment to Lease dated July 26,2001,Third Amendment to Lease dated
         November 6.2001 and Fourth Amendment to Lease dated March 15,2002
         (hereinafter collectively, the "Lease") covering approximately 63,673
         gross rentable square feet on the third (3d) floor ("Existing
         Premises") in the building located at Mack Centre II, One Mack Drive,
         Paramus, New Jersey ("Building");and

   2.2   Lessee desires to expand the Existing Premises by leasing approximately
         16,744 gross rentable square feet on the third (3rd) floor of the
         Building contiguous to the Premises ("Fourth Expansion Premises"), as
         shown on Exhibit A attached hereto and made a part hereof; and

   2.3   The parties desire to amend certain terms of the Lease as set forth
         below.

3. AGREEMENT

      NOW,THEREFORE, in consideration of the terms, covenants and conditions
   hereinafter set forth, Lessor and Lessee agree as follows:

   3.1   The above recitals are incorporated herein by reference.

   3.2   All capitalized and non-capitalized terms used in this Agreement which
         are not separately defined herein but are defined in the Lease shall
         have the meaning given to any such term in the Lease.

   3.3   The Term applicable to the Fourth Expansion Premises shall commence on
         the date the Fourth Expansion Premises are delivered to Lessee (the
         "Effective Date"), but in no event prior to February 1,2004, and shall
         terminate at 1159 p.m. on June 30, 2013,said date being the Expiration
         Date, as defined in the Lease. Lessor shall use reasonable efforts to
         deliver the Fourth Expansion Premises to Lessee on or about February
         1,2004but shall have no liability for failure to deliver same by said
         date.

   3.4   Lessor hereby leases the Fourth Expansion Premises to Lessee, and
         Lessee shall accept the Fourth Expansion Premises on the Effective Date
         in its "AS-IS" condition subject to any damage by casualty as set forth
         in Section 10 of the Lease and with the Building systems serving the
         Fourth Expansion Premises in good working order. Lessor represents that
         to the best of its knowledge there are no unlawful quantities of
         asbestos or contaminates in the Fourth Expansion Premises.

   3.5   Lessee, at its sole cost and expense, shall perform improvement work to
         the Fourth Expansion Premises. Notwithstanding anything herein to the
         contrary, Lessor shall provide an allowance towards such improvements
         work of up to THREE HUNDRED FIFTY THREE THOUSAND NINE HUNDRED
         SIXTY EIGHT AND 00/100 DOLLARS ($353,968.00)("Lessor's Construction
         Allowance"). In addition, notwithstanding anything herein to the
         contrary, Lessor shall provide an additional allowance towards such
         improvement work in an amount equal to up to SIXTY F N E THOUSAND EIGHT
         HUNDRED THIRTY ONE AND 831100 DOLLARS ($65,831.83) ("Lessor's
         Additional Construction Allowance"), which amount shall be paid
         directly to Lessee in accordance with Exhibit B attached hereto.

   3.6   From and after the Effective Date, the following shall be effective:

         a. Lessor shall lease to Lessee and Lessee shall hire from Lessor the
            Fourth Expansion Premises as shown on Exhibit A attached hereto and
            made part hereof.
<PAGE>
            In addition to the Fixed Basic Rent payable applicable to the
            Existing Premises, Lessee shall pay Lessor Fixed Basic Rent
            applicable to the Fourth Expansion Premises which shall accrue as
            follows and Paragraph 10 of the Preamble to the Lease shall be
            deemed supplemented accordingly:

<TABLE>
<CAPTION>
(Lease Years)                       Yearly Rate           Monthly Installment
------------                        -----------           -------------------
<S>                                 <C>                   <C>
Effective Date -6130105             $326.508.00           $27.209.00
7/1/05 - 6130106                    $359;996.00           $29;999.67
7/1/06 - 6130109                    $368,368.00           $30,697.33
711109 - 6130113                    $397,670.00           $33,139.17
</TABLE>

            Notwithstanding anything hereinabove to the contrary, Lessee's
            obligation to pay the accrual of Fixed Basic Rent for the Fourth
            Expansion Premises shall commence only on the eight (8) month ten
            (10) day anniversary of the Effective Date.

         d. Parking Spaces as defined in Paragraph 14 of the Preamble to the
            Lease shall be amended to be a total of three hundred five (305)
            spaces, fifty-nine (59) of which shall be assigned (the additional
            16 reserved spaces as shown on Exhibit C) and two hundred sixty-two
            (262) of which shall be unassigned.

         e. Lessee shall pay Lessor the cost of electricity consumed within the
            Fourth Expansion Premises in accordance with Article 22 Building
            Standard Office Electrical Service of the Lease.

         f. Lessee's Percentage applicable to the Fourth Expansion Premises
            shall be 4.80%.

         g. Lessee shall pay Lessor, as Additional Rent, Lessee's Percentage
            applicable to the Fourth Expansion Premises of the increased cost to
            Lessor for each of the categories set forth in Article 23
            (Additional Rent) over the Base Period Costs set forth in Paragraph
            2 of the Preamble of Lease. Notwithstanding anything hereinabove to
            the contrary, Lessee shall have no obligation to pay Lessee'
            Percentage applicable to the Fourth Expansion Premises of the
            increased cost to Lessor over the Base Period Costs for the Fourth
            Expansion Premises during the first twelve (12) months following the
            Effective Date.

         h. The term "Fourth Expansion Premises" shall have the same meaning as
            the term "Premises" as in the Lease, and the Lease shall be deemed
            amended accordingly. All terms and agreements contained in the Lease
            shall apply to the Fourth Expansion Premises demised herein with the
            same force and effect as if the same had been set forth in full
            herein except as otherwise expressly provided in this Agreement.

   3.7   This Agreement shall not extend or otherwise amend the Term or Fixed
         Basic Rent applicable to the Premises as defined herein.

   3.8   If (i) Lessee leases additional space in the Building during the
         initial term of the Lease (other than the Fourth Expansion Premises),
         and no broker, other than Lessee's Broker (as defined in Paragraph 3.9
         hereof) is involved, or (ii) Lessee renews or extends the Lease,as the
         case may be, pursuant to any options contained in the Lease, and no
         broker, other than Lessee's Broker is involved, Lessee shall, subject
         to the provisions hereinafter set forth, be entitled to receive an
         additional allowance toward improvement work to be performed by Lessee
         in an amount equal to two and one- half percent (2.5%)of the aggregate
         basic rental for said additional space, expansion or renewal, as the
         case may be, less any concessions ("Lessor's Further Construction
         Allowance"). If a broker other than Lessee's Broker is appointed by
         Lessee ("Lessee's Second Broker"), (a) Lessor's Further Construction
         Allowance shall be an amount equal to the difference between five
         percent (5%) of the aggregate basic rental for said additional space,
         expansion or renewal, as the case may be, less any concessions and the
         commission payable to Lessee's Second Broker, not to exceed two and
         one-half percent (2.5%) of the aggregate basic rental for said
         additional
<PAGE>
         space, expansion or renewal, as the case may be, less any concessions,
         and (b) Lessee agrees to indemnify and hold Lessor harmless from any
         and all claims of Lessee's Broker, and any future broker claiming to
         have dealt with Lessee,other than Lessee's Second Broker, arising out
         of or in connection with any such transaction. Notwithstanding anything
         hereinabove to the contrary, (a) in no event shall Lessor be liable to
         Lessee for any Lessor's Further Construction Allowance applicable to
         any renewals or extensions beyond June 30,2018, and (b) in the event
         Lessee is in default at a time when payment of Lessor's Further
         Construction Allowance is due hereunder or a petition (voluntary or
         involuntary) in bankruptcy is filed against Lessee at any time when
         payment of Lessor's Further Construction Allowance is due hereunder,
         said payment shall be deferred until the default is cured or the Lease
         is assumed by the trustee in bankruptcy upon all of the terms and
         conditions of the Lease. If the Lease is terminated as of a result of
         the default or rejected by the bankruptcy trustee, any obligation of
         Lessor to Lessee as to the deferred payment and all subsequent payments
         provided for herein shall cease.

   3.9   Each of Lessor and Lessee represent and warrant to the other that no
         broker except CRESA Partners New Jersey, L.L.C. (as
         successor-in-interest to Alexander Summer LLC ( "Lessee's Broker")
         brought about this transaction, and each agrees to indemnify and hold
         the other harmless from any and all claims of any other broker claiming
         to have dealt with such party, arising out of or in connection with
         negotiations of, or entering into of, this Agreement. In addition,
         Lessee agrees to indemnify and hold Lessor harmless from any and all
         claims of Lessee's Broker arising out of or in connection with the
         agreement of Lessee's Broker to reduce its commission in connection
         with this transaction to two percent (2%) and to two and one-half
         percent (2.5%) for future transactions ,other than any claim as to
         which Lessor is obligated to indemnify Lessee as provided below in this
         Section 3.9 . Lessor agrees to pay Lessee's Broker a commission to
         which it is entitled pursuant to a separate agreement, as modified by
         letter agreement dated October ,2003 (receipt of a copy of both of
         which Lessee acknowledges), and to indemnify and hold harmless Lessee
         with respect to claims by Lessee's Broker that Lessor has failed to pay
         said commission pursuant to the terms of, or that Lessor has otherwise
         breached, that agreement, as modified.

   3.10  Except as expressly amended herein, the Lease shall remain in full
         force and effect as if the same had been set forth in full herein, and
         Lessor and Lessee hereby ratify and confirm all of the terms and
         conditions thereof.

   3.11  This Agreement shall be binding upon and inure to the benefit of the
         parties hereto and their respective legal representatives, successors
         and permitted assigns.

   3.12  Each party agrees that it will not raise or assert as a defense to any
         obligation under the Lease or this Agreement or make any claim that the
         Lease or this Agreement is invalid or unenforceable due to any failure
         of this document to comply with ministerial requirements including, but
         not limited to, requirements for corporate seals, attestations,
         witnesses, notarizations, or other similar requirements, and each party
         hereby waives the right to assert any such defense or make any claim of
         invalidity or unenforceability due to any of the foregoing.

      IN WITNESS WHEREOF, Lessor and Lessee have hereunto set their hands and
seals the date and year first above written, and acknowledge one to the other
that they possess the requisite authority to enter into this transaction and to
sign this Agreement.

LESSOR                                  LESSEE
MACK-CALI REALTY, L.P.                  MOVADO GROUP, MC.

By: Mack-Cali Realty Corporation,
    its general partner

By: /s/ Michael A. Grossman             By:  /s/ Timothy F. Michno
    -------------------------                --------------------------
    Michael A. Grossman                      Name: Timothy F. Michno
    Executive Vice President                 Title: General Counsel
<PAGE>
                                  (FLOOR PLAN)

THIRD (3RD) FLOOR
MACK-CALI CENTRE II
650 FROM ROAD
PARAMUS, NEW JERSEY
<PAGE>
Lessee may make the alterations required for Lessee's use of the Fourth
Expansion Premises (hereinafter the "Work") after the Effective Date of the
Fifth Amendment subject to the following:

         a. Lessee, at its sole cost and expense, shall prepare and submit to
            Lessor, for Lessor's and governmental approval, the following
            descriptive information, detailed architectural and engineering
            drawings and specifications (hereinafter the "Plans") for the Work.
            The Plans shall be as complete and finished as required to
            completely describe the Work and shall include, but not be limited
            to, the following:

            i.    Demolition Plans depicting all existing conditions to be
                  removed, abandoned or cut patched.

            ii.   Architectural floor plans depicting partition locations and
                  types; door location, size, and hardware types.

            iii.  Structural plans, if required, depicting new structural
                  components and their connections to existing elements.

            iv.   Electrical plans depicting any new and existing electrical
                  wiring, devices, fixtures and equipment.

            v.    Mechanical plans depicting any new plumbing, piping, heating,
                  ventilating, air conditioning equipment, and duct work and its
                  connections to existing elements.

            vi.   Life Safety System plans depicting all new or altered alarm
                  system fixtures, devices, detectors and wiring within the
                  Fourth Expansion Premises and their connection to existing
                  systems.

            vii.  Coordinated reflected ceiling plan showing ceiling systems and
                  materials and all of the above items and their proximity to
                  one another.

            viii. Finish plans showing locations and types of all interior
                  finishes with a schedule of all proposed materials and
                  manufacturers.

            The Plans shall provide for all systems and construction components
            complying with the requirements of all governmental authorities and
            insurance bodies having jurisdiction over the Building.

         b. The Plans for the Work are subject to Lessor's prior written
            approval which shall not be unreasonably withheld, provided,
            however, that Leasor may in any event disapprove the Plans if they
            are incomplete, inadequate or inconsistent with the terms of the
            Lease or with the quality and architecture of the Building. Lessor
            agrees to approve or disapprove the Plans within three (3) business
            days of receipt of same (the "Lessor's Approval Period`'). If Lessor
            disapproves the Plans or any portion thereof, Lessor shall promptly
            notify Lessee thereof and of the revisions which Lessor reasonably
            requires in order to obtain Lessor's approval Lessee shall, at its
            sole cost and expense, submit the Plans, in such form as may be
            necessary, with the appropriate governmental agencies for obtaining
            required permits and certificates, Any changes required by any
            governmental agency affecting the Work or the Plans shall be
            complied with by Lessee in completing said Work at Lessee's sole
            cost and expense. Lessee shall submit completed Plans to Lessor
            simultaneously with Lessee's submission of said plans to the local
            building department.

   2.    Lessor shall permit Lessee to solicit competitive pricing and select
         its own general and/or individual subcontractors to perform the Work in
         its sole cost subject to the following:

         a. All general contractors shall be subject to Lessor's prior written
            approval, which shall

                               Exhibit B - Page 1
<PAGE>
         c. Lessee shall be permitted to use the same team of architects and
            contractors who built Lessee's current office space on the third
            floor of the Building.

         d. If Lessee does not use the same team of architects and contractors
            who built Lessee's current office space on the third floor of the
            Building, then Lessee shall use the Base Building Sub-Contractors
            and their respective trades are set forth in Paragraph 6 below.

         e. Lessee notifies Lessor in writing of Lessee's selection of general
            and subcontractors.

         f. All costs associated with the biding process soliciting competitive
            pricing will be at the sole cost and expense of the Lessee.

   3.    Intentionally omitted.

   4.    If Lessee elects to engage another general contractor, or individual
         sub-contractors, Lessee shall, at its sole cost and expense, complete
         the Work. Lessee shall complete such Work through its own contractors
         in accordance with the following terms and conditions:

         a. Lessee's workmen and mechanics shall work in harmony and not
            interfere with the labor employed by Lessor, Lessor's mechanics or
            contractors or by any other Lessee or their mechanic or contractors,
            if any. If at any time Lessee and or its contractors cause
            disharmony or interference with the operation of the Building,
            Lessor shall give forty-eight (48) hours written notice to Lessee
            and Lessee shall promptly resolve any dispute so that the tenor of
            the construction process and the operation of the Building is
            returned to that which existed prior to Lessor's notice. Such entry
            by Lessee's contractors shall be deemed controlled by all of the
            terms, covenants, provisions and conditions of the Lease.*

         b. Prior to the commencement of the Work, Lessee shall provide Lessor
            with evidence of Lessee's contractors and sub-contractors carrying
            such worker's compensation, general liability, personal and property
            insurance required by law and in amounts no less than the amounts
            set forth in Paragraph 8 herein. Lessor shall not be liable in any
            way for any injury, loss or damage which may occur to any portion of
            the Work, Lessee's decorations, or installments so made, the same
            being solely at Lessee's risk.

         c. All proposed Building System work, including the preparation of the
            plans and specifications identified herein, shall be approved by
            Lessor's engineers (the "Engineering Review"), and the reasonable
            cost thereof shall be Lessee's responsibility.

         d. Lessor shall afford Lessee and its contractors the opportunity to
            use the Building facilities in order to enable Lessee and its
            contractors to perform the Work, provided however, that Lessee and
            its contractors shall remain responsible for the scheduling and
            transportation of materials and equipment used in the performance of
            such work. Lessee shall give Lessor adequate prior notice with
            regard to the scheduling and transportation of materials in and out
            of the Building. Lessor shall furnish, at Lessor's expense, water,
            electricity, heat and ventilation during the performance of the Work
            during regular construction trade hours of 8:00 a.m. to 5:00 p.m.,
            Monday through Friday, exclusive of trade holidays. Scavenger
            service shall be provided by Lessor at Lessee's expense.

         e. All plans, changes to the plans and work installed by Lessee and its
            sub-contractors shall require inspections to be made by Lessor's
            Base Building Sub-Contractors at Lessee's or Lessee's contractors
            expense (the "Inspection Fees"). The Base Building Sub-Contractors
            shall supply Lessor with certification that work so preformed has
            been completed in accordance with the Plans which have been
            previously approved by Lessor. If a Base Building Sub-Contractor is
            selected and actually installs the work, the Inspection Fees
            described in this paragraph with respect to such work shall not be
            required.

                               Exhibit B - Page 2
<PAGE>
         f. Lessee shall be responsible for all cleaning and removal of debris
            necessitated by the performance of the Work. If Lessee fails to
            provide such cleaning and removal, the same may be performed by
            Lessor on Lessee's behalf (except if the debris is only located
            within the Premises, Lessor shall give Lessee three (3) days notice
            prior to performing such work) and Lessee will pay Lessor an amount
            equal to the contractor's charge therefore.

            Neither the outside appearance nor the strength of the Building or
            of any of its structural parts shall be affected by the Work.

            The proper functioning of any of the Building Systems shall not be
            adversely affected or the usage of such systems by Lessee shall not
            be materially increased above the projected usage of such systems
            indicated by the current plans and specifications of the Building.

         i. Lessee and its general and sub-contractors shall be bound by and
            observe all of the conditions and covenants contained in the Lease
            and this Exhibit B.

         j. Lessor shall designate a "Project Manager" as its representative in
            the Building who shall be responsible for coordination and
            supervision of the Work as it pertains to the daily operation of the
            Building. The Project Manager and his subordinates shall be granted
            access to the Fourth Expansion Premises at all times during the
            construction period.

   5.    Any part of the Work other than Lessee's trade fixtures and equipment

   6.    Lessor shall provide a cash contribution of up to THREE HUNDRED FIFTY

         a. Copy of the Certificate of Occupancy (temporary and permanent)
            issued by the local construction official;

         b. AIA Document G704, Certificate or SUbStantial completion issued and
            signed by Lessee's Architect;

         c. Release of Lien statements from the general and all sub-contractors
            associated with the Work and invoices evidencing the cost of said
            work; and

         d. Lessee shall provide Lessor a set of reproducible drawings of the
            Plans and a "CAD" file (in .DWG or .DXF format) of the "As-Built"
            Plans.

   7.    The Base Building Sub-Contractors are:

          Fire Sprinkler Contractor
          "To be provided by Lessor upon request from Lessee."

          Electrical Contractor
          "To be provided by Lessor upon request from Lessee."

                               Exhibit B - Page 3
<PAGE>
          Plumbing Contractor
          "To be provided by Lessor upon request from Lessee."

          HVAC Contractor
          "TO be provided by Lessor upon request from Lessee."

   8.    Lessee's Contractor's Insurance:

         a. The Lessee shall require any and all contractors of the Lessee
            performing work on or about the Fourth Expansion Premises to obtain
            and or maintain specific insurance coverage for events which could
            occur while operations are being performed and which could occur
            after the completion of the work. The insurance coverage of the
            contractor shall be at least equal to the coverage required by
            Article 30 of the Lease and the contractor shall name Lessor and, if
            requested, Mortgagee as additional insureds on all policies of
            liability insurance.

         b. The contractor shall purchase and maintain such insurance as will
            protect itself and Lessor and Lessee from claims set forth below
            which may arise out of or result from its operations under the
            contract and after contract completion with Lessee, whether such
            operations are performed by the contractor or by any subcontractor
            or by anyone directly or indirectly employed by any of them or by
            anyone for whose acts any of them may be liable. The insurance
            coverage shall include but not be limited to protection for:

            i.    Claims under Workers or Workmens Compensation, Disability
                  Benefits, and other Employee Benefit Acts;

            ii.   Claims for damages because of bodily injury, occupational
                  sickness, disease or death of its employees;

            iii.  Claims for damages because of bodily injury, sickness,
                  disease, or death of any person other than its employees;

            iv.   Claims for damages insured by the usual personal injury
                  liability coverages which are sustained by (i) any person as a
                  result of an offense directly or indirectly related to the
                  employment of such person by the contractor, or (ii) by any
                  other person;

            v.    Claims for damages, other than to the work itself, because of
                  injury to or destruction of tangible property, including loss
                  of use resulting therefrom;

            vi.   Claims for damages because of bodily injury or death of any
                  person and or property damage arising out of the ownership,
                  maintenance, or use of any motor vehicle; and

            vii.  Claims which include the foregoing, but not limited thereto,
                  which may occur while operations are being performed and
                  claims which may occur after operations are completed.

         c. Lessee shall secure evidence of Lessee's contractor's insurance
            coverage adequate to protect Lessor and Lessee.

         d. The contract between the Lessee and its contractor shall require
            that the Lessee's contractor hold the Lessor harmless in a form and
            manner equal to the indemnity agreement in Article 33,
            "Indemnification" of the Lease agreement.

         e. Lessee shall cause to be executed a waiver of all subrogation rights
            rights their contractors have or may have against Lessor and any
            Mortgagee involved in the Fourth Expansion Premises in any way, for
            damages caused by fire or other perils so insured.

                                      -END-
<PAGE>
                                    EXHIBIT C

                 LOCATION OF ADDITIONAL RESERVED PARKING SPACES

MACK-CALI CENTRE
II 650 FROMROAD
PARAMUS. NEW JERSEYEX-10.19: AMEND #3 TO REVOLVING CREDIT AGREEMENT

 

Exhibit 10.19

AMENDMENT NO. 3

TO REVOLVING CREDIT AGREEMENT

        This Amendment No. 3 to Revolving Credit Agreement, dated as of December
4, 2003 (this “Amendment”), amends that certain Revolving Credit Agreement,
dated as of May 22, 2002, as amended by that certain Amendment No. 1 dated as
of August 29, 2002, and that certain Amendment No. 2 dated as of May 30, 2003
(as amended, the “Credit Agreement”), among Barnes & Noble, Inc., a Delaware
corporation, (the “Borrower”), the lending institutions listed on Schedule 1 to
the Credit Agreement (the “Banks”), Fleet National Bank, as administrative
agent for itself and each other Bank (in such capacity, the “Administrative
Agent”), ING Capital LLC, as documentation agent, Wachovia Bank, National
Association, as syndication agent, and Fleet Securities, Inc. and First Union
Securities, Inc. (d/b/a Wachovia Securities), as co-arrangers.

        WHEREAS, the Borrower has requested certain amendments to the Credit
Agreement and the Bank parties hereto are willing to agree to such amendments.

        NOW, THEREFORE, in consideration of these premises, the promises, mutual
covenants and agreements contained in this Amendment and fully intending to be
legally bound hereby, the parties hereby agree as follows:

        1. Capitalized Terms. Terms used in this Amendment which are not defined
herein, but which are defined in the Credit Agreement, shall have the same
respective meanings herein as therein.

        2. Amendments to Credit Agreement.

        2.1 Amendment of Section 1.1. The definition of “Affiliated
Subsidiaries” contained in Section 1.1 of the Loan Agreement is amended by
adding the following proviso thereto (prior to the period at the end thereof):

         “, provided that any Subsidiary set forth in the preceding clause
(i) or (ii) shall no longer be considered an Affiliated Subsidiary from
and after the date upon which it becomes a wholly-owned Subsidiary of the
Borrower”.

        2.2 Amendment of Section 1.1. The definition of “Cumulative Excess Cash
Flow” contained in Section 1.1 of the Credit Agreement is amended (i) by
deleting the reference to “February 3, 2002” contained therein; and (ii) by
inserting in place thereof the following: “November 2, 2003”.

        2.3 Amendment of Section 1.1. The definition of “Qualified Investments”
contained in Section 1.1 of the Credit Agreement is amended to read in its
entirety as follows:

“Qualified Investments. As applied to any member of the Borrower
Affiliated Group, investments in (i) notes, bonds or other obligations of
the United States of America or any agency thereof that as to principal
and interest constitute direct obligations of or are guaranteed by the
United States of America, (ii) certificates of deposit or other deposit
instruments or accounts of banks or trust companies organized under the
laws of the United States or any state thereof that have capital and
surplus of at least $100,000,000, (iii) commercial paper that is rated
not less than prime-one or A-1 or their equivalents by Moody’s Investors
Service, Inc. or Standard & Poor’s Corporation, respectively, or their
successors, (iv) any repurchase agreement secured by any one or more of
the foregoing, (v) Investments in wholly-owned Subsidiaries (other than
any Affiliated Subsidiary); provided, however, that the aggregate amount
of Investments in Foreign Subsidiaries may not at any time exceed 10% of
the Borrower’s Consolidated Tangible Net Worth determined as of the end
of the most recently completed fiscal quarter of the Borrower, (vi) loans
permitted by Section

33

 

6.13, (vii) from and after November 2, 2003, Investments described in
clause (i) of the definition of Investments in B&N.com in an aggregate
amount outstanding not to exceed $115,000,000, (viii) in addition to all
of the foregoing, from and after November 2, 2003, Investments described
in clause (i) of the definition of Investments in connection with
Permitted Acquisitions; provided, however, that the aggregate
consideration (including all cash and non-cash consideration and any
assumption of Indebtedness, but excluding any Equity Securities of the
Borrower) for such Investments, together with all such consideration paid
in connection with Permitted Acquisitions not constituting Investments,
shall not exceed, when made, the sum of $105,000,000 plus 50% of the
Borrower’s Cumulative Excess Cash Flow, and provided, further, that, with
respect to Investments in B&N.com only, (a) Investments described in
clause (i) of the definition of Investments shall first be applied to the
basket referred to in clause (vii) above and, after such basket has been
fully utilized, to the basket under this clause (viii), (b) Investments
described in clause (ii) of the definition of Investments shall also be
permitted to be made under this clause (viii) in B&N.com, and (c) the
aggregate Investments made in B&N.com pursuant to this clause (viii)
shall not exceed when made $100,000,000 (the “B&N.com Sub-Limit”), (ix)
Investments in Affiliated Subsidiaries and Investments in other
minority-owned Persons made prior to the date hereof and disclosed on
Exhibit D hereto, and (x) Interest Rate Protection Agreements for an
aggregate notional amount not to exceed $300,000,000 at any time
outstanding. Notwithstanding the foregoing, (a) in the event that the
Borrower makes Investments in B&N.com under clause (viii) of the
foregoing provision and, subsequent to such Investments, B&N.com becomes
a wholly-owned Subsidiary of the Borrower, the aggregate amount of all
such Investments shall be deemed to be available again under such clause
(viii) from the date upon which B&N.com became a wholly-owned Subsidiary
(other than any amounts in excess of the Investments permitted under
clause (vii) above made on or after November 2, 2003 which were used to
acquire any capital stock of B&N.com except in connection with an
offering of rights to all shareholders of B&N.com), and (b) prior to
B&N.com becoming a wholly-owned Subsidiary of the Borrower, the Borrower
may, without such Investments being double-counted, convert any
Investment it has made in B&N.com under clause (viii) of the foregoing
provision to an Investment made under clause (vii) thereof (subject to
the limitations contained in such clause (vii)), and any such amount
converted shall then no longer count against utilization of the B&N.com
Sub-Limit.”

        It is understood and agreed by the Borrower that, for purposes of
determining the Borrower’s compliance with Qualified Investments, the permitted
baskets in effect prior to the Amendment Effective Date shall continue to
govern such compliance for all periods ending on or prior to November 1, 2003.

        2.4 Amendment of Section 1.1. The definition of “Security Agreements”
contained in Section 1.1 of the Loan Agreement is amended to read in its
entirety as follows:

         “Security Agreements. (a) The Security Agreements dated as of the
date hereof and executed and delivered by the Borrower and each Domestic
Subsidiary who is a member of the Borrower Affiliated Group to the
Administrative Agent, for the ratable benefit of the Banks and the
Administrative Agent, and (b) any other Security Agreements dated after
the date hereof and executed and delivered by a Domestic Subsidiary who
is a member of the Borrower Affiliated Group to the Administrative Agent,
for the ratable benefit of the Banks and the Administrative Agent.”

        2.5 Amendment of Section 1.1. The definition of “Pledge Agreements”
contained in Section 1.1 of the Loan Agreement is amended to read in its
entirety as follows:

         “Pledge Agreements. (a) The Pledge Agreements dated as of the date
hereof and executed and delivered by each of the Borrower and certain of
its Subsidiaries to the Administrative Agent, for the ratable benefit of
the Banks and the Administrative Agent, pursuant to which, without
limitation, (i) all of the issued and outstanding capital stock of all
Subsidiaries (or, in the case of Foreign Subsidiaries, 65%), other than
Affiliated Subsidiaries, is pledged to the Administrative Agent, and (ii)
all of the issued and outstanding capital stock of the Affiliated
Subsidiaries and the

34

 

capital stock or other equity of minority-owned Persons, in each
case which is directly owned by the Borrower or any other member of the
Borrower Affiliated Group, is pledged to the Administrative Agent, (b)
all Pledge Agreements to be delivered by the Borrower from time to time
in accordance with Section 5.2(d) and the definition of Permitted
Acquisitions, and (c) any other Pledge Agreements dated after the date
hereof and executed and delivered by any Domestic Subsidiary who is a
member of the Borrower Affiliated Group to the Administrative Agent, for
the ratable benefit of the Banks and the Administrative Agent.”

        2.6 Amendment of Section 1.1. The definition of “Patent and Trademark
Security Agreements” contained in Section 1.1 of the Loan Agreement is amended
to read in its entirety as follows:

         “Patent and Trademark Security Agreements. (a) The Patent and
Trademark Security Agreements dated as of the date hereof and executed
and delivered by the Borrower and each Domestic Subsidiary who is a
member of the Borrower Affiliated Group to the Administrative Agent for
the ratable benefit of the Banks, and (b) any other Patent and Trademark
Security Agreements dated after the date hereof and executed and
delivered by a Domestic Subsidiary who is a member of the Borrower
Affiliated Group to the Administrative Agent, for the ratable benefit of
the Banks and the Administrative Agent.”

        2.7 Amendment of Section 1.1. Clause (viii) of the definition of
“Permitted Acquisition” contained in Section 1.1 of the Loan Agreement is
amended to read in its entirety as follows:

         “(viii) the aggregate consideration (including all cash and non-cash
consideration and any assumption of Indebtedness, but excluding any
Equity Securities of the Borrower) for such acquisitions which do not
constitute Investments, together with all Investments made pursuant to
clause (viii) of the definition of Qualified Investments (but not any
other provision of such definition), from and after November 2, 2003,
shall not exceed, when made, the sum of $105,000,000 plus 50% of the
Borrower’s Cumulative Excess Cash Flow.”

        It is understood and agreed by the Borrower that, for purposes of
determining the Borrower’s compliance with clause (viii) of the definition of
Permitted Acquisition, the permitted basket in effect prior to the Amendment
Effective Date shall continue to govern such compliance for all periods ending
on or prior to November 1, 2003.

        2.8. Amendment of Section 6.9(b). Section 6.9(b) is hereby amended and
restated in its entirety as follows:

“(b) the Borrower may effect redemptions and repurchases of its stock and
pay dividends to its stockholders, provided that, with respect to this
clause (b), (x) no Default or Event of Default has occurred or is
continuing, both before and after giving effect to any such
distributions, dividends, redemptions, repurchases and payments, and (y)
the cumulative aggregate amount of redemptions and repurchases made from
and after November 2, 2003, shall not exceed, when made, an aggregate
amount equal to the sum of $105,000,000 plus 15% of the Borrower’s
Cumulative Excess Cash Flow.”

        It is understood and agreed by the Borrower that, for purposes of
determining the Borrower’s compliance with Section 6.9(b), the permitted basket
in effect prior to the Amendment Effective Date shall continue to govern such
compliance for all periods ending on or prior to November 1, 2003.

        3. Effectiveness. This Amendment shall become effective on the first date
when the following conditions are met (the “Amendment Effective Date”):

(a) the Administrative Agent shall have received counterparts hereof
signed by the Required Banks, all of the Guarantors and the Borrower (or,
in the case of any party as to which an executed counterpart shall not
have been received, the Administrative Agent shall have received in form

35

 

satisfactory to it a telecopy or other written confirmation from such
party of execution of a counterpart hereof by such party);

(b) the Administrative Agent shall have received stock certificates and
stock transfer powers executed in blank for all B&N.com capital stock
owned by the Borrower as of the Amendment Effective Date (except for
stock certificates representing shares of Class A common stock of
B&N.com), along with an updated Schedule 1 to the B&N.com Holding Corp.
Securities Collateral Pledge Agreement;

(c) the Administrative Agent shall have received payment of an amendment
fee for each Bank which shall have executed and delivered a counterpart
hereof as contemplated by clause (a), such amendment fee to be in an
amount equal to 0.10% of such Bank’s Commitment; and

(d) each of the Administrative Agent and the Arranger shall have
received payment of all other costs, fees and expenses (including,
without limitation, reasonable legal fees and expenses for which invoices
shall have been submitted to the Borrower) and other compensation payable
to any of the foregoing on or prior to the Amendment Effective Date in
connection with the Loan Documents.

        Promptly after the Amendment Effective Date occurs, the Administrative
Agent shall notify the Borrower and the Banks thereof, and such notice shall be
conclusive and binding on all parties hereto.

        4. Ratification; Miscellaneous. Except as amended hereby, all other
provisions, terms and conditions of the Credit Agreement and the other Loan
Documents are hereby ratified and confirmed and shall continue in full force
and effect. Each of the representations and warranties made by the Borrower or
any other member of the Borrower Affiliated Group in any of the Loan Documents
was true and correct when made and is true and correct in all material respects
on and as of the date hereof (except to the extent that such representations
and warranties relate expressly to an earlier date), and no Default or Event of
Default exists on the date hereof. This Amendment shall not be deemed a waiver
of any defaults that may exist under any of the Loan Documents. This Amendment
may be executed in any number of counterparts and by the different parties
hereto on separate counterparts, each of which when so executed and delivered
shall be an original, but all of which shall constitute one and the same
instrument. This Amendment and the rights and obligations of the parties
hereunder shall be construed in accordance with and governed by the law of the
State of New York without giving effect to the conflict of law principles
thereof.

36

 

        IN WITNESS WHEREOF, the parties have executed this Amendment No. 3 to
Revolving Credit Agreement as of this 4th day of December, 2003.

	 	 	 	 	 
	

	 	 	 	 BARNES & NOBLE, INC., Borrower
	 
	 	 	 	 
	

	 	By:
	 	/ s / John C.
Weisenseel
	 
	 	 	 	 
	

	 	 	 	   Name: John Weisenseel
	

	 	 	 	   Title: Vice President and Treasurer
	 
	 	 	 	 
	

	 	 	 	 FLEET NATIONAL BANK,
	

	 	 	 	 as a Bank and as Administrative Agent
	 
	 	 	 	 
	

	 	By:
	 	/ s / Alexis MacElhiney
	 
	 	 	 	 
	

	 	 	 	   Name: Alexis MacElhiney
	

	 	 	 	   Title: Vice President
	 
	 	 	 	 
	

	 	 	 	 ING CAPITAL LLC, as a Bank and as
	

	 	 	 	 Documentation Agent
	 
	 	 	 	 
	

	 	By:
	 	/ s / William B. Redmond
	 
	 	 	 	 
	

	 	 	 	   Name: William B. Redmond
	

	 	 	 	   Title: Managing Director
	 
	 	 	 	 
	

	 	 	 	(Signatures continued on next page)

37

 

	 	 	 	 	 
	

	 	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION,
	

	 	 	 	as a Bank and as Syndication Agent
	 
	 	 	 	 
	

	 	By:
	 	/ s / Denis Waltrich
	 
	 	 	 	 
	

	 	 	 	    Name: Denis Waltrich
	

	 	 	 	    Title: Associate
	 
	 	 	 	 
	

	 	 	 	CITICORP USA, INC., as a Bank
	 
	 	 	 	 
	

	 	By:
	 	/ s / John Frezoulis
	 
	 	 	 	 
	

	 	 	 	    Name: John Frezoulis
	

	 	 	 	    Title: Vice President
	 
	 	 	 	 
	

	 	 	 	SUNTRUST BANK, as a Bank
	 
	 	 	 	 
	

	 	By:
	 	/ s / Heidi M. Khambatta
	 
	 	 	 	 
	

	 	 	 	    Name: Heidi M. Khambatta
	

	 	 	 	    Title: Vice President
	 
	 	 	 	 
	

	 	 	 	THE BANK OF NEW YORK, as a Bank
	 
	 	 	 	 
	

	 	By:
	 	/ s / Johna M. Fidanza
	 
	 	 	 	 
	

	 	 	 	    Name: Johna M. Fidanza
	

	 	 	 	    Title: Vice President
	 
	 	 	 	 
	

	 	 	 	WELLS FARGO BANK NA, as a Bank
	 
	 	 	 	 
	

	 	By:
	 	/ s / Kathleen Rosof
	 
	 	 	 	 
	

	 	 	 	    Name: Kathleen Rosof
	

	 	 	 	    Title: Vice President
	 
	 	 	 	 
	

	 	 	 	(Signatures continued on next page)

38

 

	 	 	 	 	 
	

	 	 	 	JPMORGAN CHASE BANK, as a Bank
	 
	 	 	 	 
	

	 	By:
	 	/ s / Rebecca Vogel
	 
	 	 	 	 
	

	 	 	 	    Name: Rebecca Vogel
	

	 	 	 	    Title: Vice President
	 
	 	 	 	 
	

	 	 	 	SOVEREIGN BANK, as a Bank
	 
	 	 	 	 
	

	 	By:
	 	/ s / Jesse Wong
	 
	 	 	 	 
	

	 	 	 	    Name: Jesse Wong
	

	 	 	 	    Title: Vice President
	 
	 	 	 	 
	

	 	 	 	NATIONAL CITY BANK, as a Bank
	 
	 	 	 	 
	

	 	By:
	 	/ s / Thomas J. McDonnell
	 
	 	 	 	 
	

	 	 	 	    Name: Thomas J. McDonnell
	

	 	 	 	    Title: Senior Vice President
	 
	 	 	 	 
	

	 	 	 	BANK OF AMERICA, N.A., as a Bank
	 
	 	 	 	 
	

	 	By:
	 	/ s / Temple H. Abney
	 
	 	 	 	 
	

	 	 	 	    Name: Temple H. Abney
	

	 	 	 	    Title: Vice President
	 
	 	 	 	 
	

	 	 	 	(Signatures continued on next page)

39

 

	 	 	 	 	 
	

	 	 	 	COMERICA BANK, as a Bank
	 
	 	 	 	 
	

	 	By:
	 	/ s / Joel S. Gordon
	 
	 	 	 	 
	

	 	 	 	    Name: Joel S. Gordon
	

	 	 	 	    Title: Assistant Vice President
	 
	 	 	 	 
	

	 	 	 	FIFTH THIRD BANK, as a Bank
	 
	 	 	 	 
	

	 	By:
	 	/ s / Anne Pierson
	 
	 	 	 	 
	

	 	 	 	    Name: Anne Pierson
	

	 	 	 	    Title: Assistant Vice President
	 
	 	 	 	 
	

	 	 	 	MELLON BANK, N.A. , as a Bank
	 
	 	 	 	 
	

	 	By:
	 	/ s / Mark F. Johnston
	 
	 	 	 	 
	

	 	 	 	    Name: Mark F. Johnston
	 

	 	 	 	    Title: First Vice President

	 	 	 	 	 
	 	 	          U.S. BANK NATIONAL ASSOCIATION, as a Bank
	 
	 	 	 	 
	

	 	By:
	 	    / s / Gregory L. Dryden
	

	 	 	 	Name: Gregory L. Dryden
	

	 	 	 	Title: Vice President
	 
	 	 	 	 
	 	 	          MANUFACTURERS AND TRADERS TRUST COMPANY, as a
	 	 	          Bank

	 	 	 	 	 
	

	 	By:
	 	/ s / Timothy S. Avendt
	 
	 	 	 	 
	

	 	 	 	    Name: Timothy S. Avendt
	

	 	 	 	    Title: Vice President
	 
	 	 	 	 
	

	 	 	 	(Signatures continued on next page)

40

 

	 	 	 	 	 
	

	 	 	 	FIRST HAWAIIAN BANK, as a Bank
	 
	 	 	 	 
	

	 	By:
	 	/ s / Charles L. Jenkins
	 
	 	 	 	 
	

	 	 	 	    Name: Charles L. Jenkins
	

	 	 	 	    Title: Vice President, Manager
	 
	 	 	 	 
	

	 	 	 	HIBERNIA NATIONAL BANK, as a Bank
	 
	 	 	 	 
	

	 	By:
	 	/ s / Michael R. Geissler
	 
	 	 	 	 
	

	 	 	 	    Name: Michael R. Geissler
	

	 	 	 	    Title: Vice President
	 
	 	 	 	 
	

	 	 	 	(Signatures continued on next page)

41

 

Acknowledged and Agreed:

	 	 	 
	BARNES & NOBLE BOOKSELLERS, INC., Guarantor
	 
	 	 
	By:

	 	/ s / John Weisenseel
	

	 	     Name: John Weisenseel
	

	 	     Title: Vice President and Treasurer
	

	 	     Hereunto Duly Authorized
	 
	 	 
	B. DALTON BOOKSELLER, INC., Guarantor
	 
	 	 
	By:

	 	/ s / John Weisenseel
	

	 	     Name: John Weisenseel
	

	 	     Title: Vice President and Treasurer
	

	 	     Hereunto Duly Authorized
	 
	 	 
	DOUBLEDAY BOOK SHOPS, INC., Guarantor
	 
	 	 
	By:

	 	/ s / John Weisenseel
	

	 	     Name: John Weisenseel
	

	 	     Title: Vice President and Treasurer
	

	 	     Hereunto Duly Authorized
	 
	 	 
	B&N.COM HOLDING CORP., Guarantor
	 
	 	 
	By:

	 	/ s / John Weisenseel
	

	 	     Name: John Weisenseel
	

	 	     Title: Vice President and Treasurer
	

	 	     Hereunto Duly Authorized
	 
	 	 
	CCI HOLDINGS, INC., Guarantor
	 
	 	 
	By:

	 	/ s / John Weisenseel
	

	 	     Name: John Weisenseel
	

	 	     Title: Vice President and Treasurer
	

	 	     Hereunto Duly Authorized

(Signatures continued on next page)

42

 

	 	 	 
	STERLING PUBLISHING CO., INC., Guarantor
	 
	 	 
	By:

	 	/ s / John Weisenseel
	

	 	     Name: John Weisenseel
	

	 	     Title: Vice President and Treasurer
	

	 	     Hereunto Duly Authorized
	 
	 	 
	ALTAMONT PRESS, INC., Guarantor
	 
	 	 
	By:

	 	/ s / John Weisenseel
	

	 	     Name: John Weisenseel
	

	 	     Title: Vice President and Treasurer
	

	 	     Hereunto Duly Authorized

43

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