Document:

<PAGE>

EXHIBIT 10.20

                              AMENDMENT AND WAIVER
                                       TO
                                CREDIT AGREEMENT

        AMENDMENT AND WAIVER, dated as of June 26, 2007 (the "Amendment") to the
Credit Agreement, dated as of May 10, 2002 (as amended, the "Agreement"), by and
between ACETO CORPORATION, a New York corporation, ACETO AGRICULTURAL CHEMICALS
CORPORATION, a New York corporation, CDC PRODUCTS CORPORATION, a New York
corporation, ACETO SANITARY CORP. F/K/A MAGNUM RESEARCH CORP., a New York
corporation, ACCI REALTY CORP., a New York corporation, LARLABS CORP., a New
York corporation, ARSYNCO INC., a New Jersey corporation, ROEHR CHEMICALS, INC.,
a New York corporation, ACETO INDUSTRIAL CHEMICAL CORP., a New York corporation,
jointly and severally (each a "Company" and, collectively, the "Companies") and
JPMORGAN CHASE BANK, N.A., a national banking association, successor to JPMorgan
Chase Bank (the "Lender").

                                    RECITALS

        The Company has requested certain amendments and a waiver as set forth
herein and the Lender has agreed to such amendments and waiver subject to the
terms and conditions of this AMENDMENT.

        NOW, THEREFORE, the parties hereto hereby agree as follows:

                                   ARTICLE 1.
                         AMENDMENTS TO CREDIT AGREEMENT

        SECTION 1.1. Section 1.01 is hereby amended to add the following defined
term immediately following the defined term "Quoted Rate Loans" therein.

        "RCP Joint Venture" shall mean UPI - Aceto LLC, a domestic limited
liability company formed for the purpose of buying and marketing an
Environmental Protection Agency regulated crop protection product of which (i)
the Aceto or its Subsidiaries own directly or indirectly at least 49.5% of the
membership interest of such entity, (ii) United Phosphorous Inc. owns not more
than 50.5% of the membership interests of such entity, and (iii) the allocated
profits, losses and capital requirements of such entity are allocated one half
to each of Aceto or its Subsidiaries and to United Phosphorous Inc.

<PAGE>

        SECTION 1.2. The definition of "Revolving Credit Commitment Termination
Date" in Section 1.01 of the Agreement is hereby amended to delete the date
"June 30, 2007" and to insert the date "June 30, 2010" in place thereof.

        SECTION 1.3. Section 7.06 of the Agreement is hereby further amended to
delete the word "and" prior to clause (h) therein and to add the following text
at the end of clause (h):

                and (i) loans and investments by Aceto or its Subsidiaries to
                and in the RCP Joint Venture provided; (i) no Default or Event
                of Default should have occurred and be continuing on the date of
                any such loan or investment (ii) the initial investment or loan
                shall have occurred on or prior to September 30, 2007, and (iii)
                such loans and investments shall not exceed $5,100,000 in the
                aggregate at any time outstanding.

        SECTION 1.4. Section 7.13(a) of the Agreement is hereby amended to
delete the amount "$72,000,000" and to insert the amount "$100,000,000" in place
thereof in each instance.

        SECTION 1.5. Section 7.14 of the Agreement is hereby amended to delete
the text "not in excess of $4,500,000 in the aggregate" in clause (a)(i)
thereof.

        SECTION 1.6. Section 7.14 of the Agreement is hereby further amended to
delete the dollar amount "$7,000,000" in clause (a)(ii) thereof and to insert
the dollar amount "$10,000,000" in place thereof.

        SECTION 1.7. Schedules I, II, III, IV, V, VI, VII and VIII are hereby
amended and restated in their entirety as set forth as Schedules I, II, III, IV,
V, VI, VII and VIII to this Amendment.

                                   ARTICLE 2.
                           WAIVER TO CREDIT AGREEMENT

        SECTION 2.1. Compliance with Section 6.13 of the Agreement is hereby
waived with respect to the Companies' failure to timely execute a Joinder
Agreement and to provide the other documentation required thereunder with
respect to Aceto Pharma Corp.

                                       2
<PAGE>

                                   ARTICLE 3.
                         REPRESENTATIONS AND WARRANTIES

        The Companies hereby represent and warrant to the Lender that:

        SECTION 3.1. Each of the representations and warranties set forth in
each Loan Document is true and correct is all material respects as of the date
hereof with respect to the Companies, with the same effect as though made on the
date hereof (unless any such representation and warranty is as of a specific
date, in which event, as of such date), and is hereby incorporated herein in
full by reference as if fully restated herein in its entirety.

        SECTION 3.2. As of the date hereof, and after giving effect to the terms
hereof, and all prior waivers and amendments executed by the Lender and the
Companies prior to the date hereof , there exists no Default or Event of
Default.

        SECTION 3.3. The Companies have the corporate power and authority to
enter into, perform and deliver this Amendment and any other documents,
instruments, agreements or other writings to be delivered in connection
herewith. This Amendment and all documents contemplated hereby or delivered in
connection herewith, have each been duly authorized, executed and delivered and
the transactions contemplated herein have been duly authorized.

        SECTION 3.4. This Amendment and any other documents, agreements or
instruments now or hereafter executed and delivered to the Lender by the
Companies in connection herewith constitute (or shall, when delivered,
constitute) valid and legally binding obligations of Companies, each of which is
and shall be enforceable against Companies in accordance with their respective
terms.

        SECTION 3.5. No consent, waiver or approval of any entity is or will be
required in connection with the execution, delivery, performance, validity or
enforcement of this Amendment, or any other agreements, instruments or documents
to be executed and/or delivered in connection herewith or pursuant hereto.

        SECTION 3.6. Each of the Loan Documents to which it is a party and each
lien and security interest granted thereunder is in full force and effect and
will remain in full force and effect after giving effect to this Amendment.

        SECTION 3.7. Neither the certificate of incorporation nor the bylaws or
other organizational documents of any Company has been amended since June 1,
2004.

                                       3
<PAGE>

                                   ARTICLE 4.
                           CONDITIONS TO EFFECTIVENESS

        SECTION 4.1. The amendments and waivers provided herein shall not be
effective unless the Lender shall have received on or prior to the date hereof
the following:

                (a)     a Joinder Agreement dated the date hereof in the form
                        attached hereto as Annex I duly executed by the
                        Companies and Aceto Pharma Corp.

                (b)     a Secretary's Certificate dated the date hereof in the
                        form attached hereto as Annex II duly executed by the
                        officers of Aceto Pharma Corp. identified therein.

                (c)     payment of a nonrefundable amendment and waiver fee in
                        the amount of $15,000.

                (d)     reimbursement of the reasonable legal fees and expenses
                        of Farrell Fritz, P.C. counsel to the Lender, in the
                        amount of $2,900.

                                   ARTICLE 5.
                                  MISCELLANEOUS

        SECTION 5.1. This Amendment may be executed in any number of
counterparts, all of which taken together shall constitute one and the same
instrument, and any party hereto may execute this Amendment by signing any such
counterpart.

        SECTION 5.2. THIS AMENDMENT SHALL BE GOVERNED BY, AND INTERPRETED AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING
EFFECT TO THE CONFLICT OF LAWS PROVISIONS THEREOF).

        SECTION 5.3. On and after the effective date of this Amendment, each
reference in the Agreement to "this Agreement", "hereunder", "hereof" or words
of like import referring to the Agreement, and each reference in the Loan
Documents to "the Agreement", "thereunder", "thereof", or words of like import
referring to the Agreement, shall mean and be a reference to the Agreement as
amended by this Amendment. The Agreement, as amended by this Amendment, is and
shall continue to be in full force and effect and is hereby in all respects
ratified and confirmed. This Amendment shall constitute a "Loan Document".

        SECTION 5.4. The Companies agree to take such further actions as the
Lender shall reasonably request in connection herewith to evidence the
amendments herein contained to the Agreement.

                                       4
<PAGE>

        IN WITNESS WHEREOF, the Companies and the Lender have caused this
Amendment to be duly executed as of the day and year first above written.

                                                 ACETO CORPORATION

                                                 By: /s/ Leonard Schwartz
                                                 ------------------------
                                                 Name:   Leonard Schwartz
                                                 Title:  Chief Executive Officer

                                                 ACETO AGRICULTURAL CHEMICALS
                                                 CORPORATION

                                                 By: /s/ Leonard Schwartz
                                                 ------------------------
                                                 Name:   Leonard Schwartz
                                                 Title:  Director

                                                 CDC PRODUCTS CORPORATION

                                                 By: /s/ Leonard Schwartz
                                                 ------------------------
                                                 Name:   Leonard Schwartz
                                                 Title:  Director

                                                 ACETO SANITARY CORP.

                                                 By: /s/ Leonard Schwartz
                                                 ------------------------
                                                 Name:   Leonard Schwartz
                                                 Title:  President

                                                 ACCI REALTY CORP.

                                                 By: /s/ Leonard Schwartz
                                                 ------------------------
                                                 Name:   Leonard Schwartz
                                                 Title:  President

                                       5
<PAGE>

                                                 LARLABS CORP.

                                                 By: /s/ Leonard Schwartz
                                                 ------------------------
                                                 Name:   Leonard Schwartz
                                                 Title:  President

                                                 ARSYNCO INC.

                                                 By: /s/ Leonard Schwartz
                                                 ------------------------
                                                 Name:   Leonard Schwartz
                                                 Title:  Chairman

                                                 ROEHR CHEMICALS, INC.

                                                 By: /s/ Leonard Schwartz
                                                 ------------------------
                                                 Name:   Leonard Schwartz
                                                 Title:  President

                                                 ACETO INDUSTRIAL CHEMICAL CORP.

                                                 By: /s/ Leonard Schwartz
                                                 ------------------------
                                                 Name:   Leonard Schwartz
                                                 Title:  President

                                                 JPMORGAN CHASE BANK, N.A.

                                                 By: /s/ Sanford Wald
                                                 ------------------------
                                                 Name:   Sanford Wald
                                                 Title:  Vice President

                                       6
<PAGE>

                                                                         ANNEX I

                                JOINDER AGREEMENT

        Reference is made to that certain Credit Agreement, dated as of May 10,
2002, by and between ACETO CORPORATION, a New York corporation, ACETO
AGRICULTURAL CHEMICALS CORPORATION, a New York corporation, CDC PRODUCTS
CORPORATION, a New York corporation, ACETO SANITARY CORP., a New York
corporation, ACCI REALTY CORP., a New York corporation, LARLABS CORP., a New
York corporation, ARSYNCO INC., a New Jersey corporation, ROEHR CHEMICALS, INC.,
a New York corporation, ACETO INDUSTRIAL CHEMICAL CORP., a New York corporation,
jointly and severally (each a "Company" and, collectively, the "Companies") and
JPMORGAN CHASE BANK, N.A., a national banking association, successor to JPMorgan
Chase Bank (the "Lender") (as same has been and may be further amended,
restated, supplemented or otherwise modified, from time to time, the "Credit
Agreement").

        ACETO PHARMA CORP., a Delaware corporation (the "New Company") hereby
acknowledges and agrees that from and after, the date hereof, (i) the New
Company shall be and become (a) a Company under, and in accordance with and
subject to, the Credit Agreement and Company shall be bound by the terms of the
Credit Agreement; (ii) the New Company shall perform in accordance with the
terms of the Credit Agreement and any other Loan Documents to which it is a
party; (iii) the New Company shall be jointly and severally liable with the
Companies for all of its Obligations including, without limitation, those
incurred prior to the date hereof; and (iv) the New Company hereby joins in
making each of the representations, warranties, covenants and agreements of the
Companies set forth in the Credit Agreement, as if it were originally named a
Company therein, as of the date hereof.

        The New Company agrees to execute and deliver such documents and
instruments as the Lender may request from time to time to further evidence the
agreements of the New Company herein.

        The New Company hereby represents and warrants to the Lender as follows:

        1.      The New Company is duly organized, validly existing and in good
standing under the laws of its jurisdiction of incorporation, has the corporate
power to own its assets and to transact the business in which it is presently
engaged.

        2.      The New Company has the corporate power, authority and legal
right to make, deliver, and perform this Joinder Agreement, has taken all
necessary corporate action to authorize execution, delivery, performance of this
Joinder Agreement. No consent of any other person, no consent, license, permit,
approval or authorization of, exemption by, notice or report to, or
registration, filing or declaration with, any governmental authority is required
in connection with the execution, delivery, performance and validity or
enforceability of this Joinder Agreement.

                                       7
<PAGE>

        3.      There is no litigation, investigation or other proceeding of or
before any arbitrator or governmental authority pending or threatened against
the New Company or any of its assets, which, if adversely determined, would have
a material adverse effect on the business, assets or financial condition of the
New Company.

        4.      This Joinder Agreement has been duly executed and delivered on
behalf of the New Company and constitutes the legal, valid and binding
obligation of the New Company enforceable against the New Company in accordance
with its terms except as enforcement may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, or similar laws affecting the
enforcement of creditors' rights generally.

        5.      The New Company has reviewed the Credit Agreement and agrees to
be bound by the terms and conditions thereof.

        All capitalized terms used in this Joinder Agreement and not otherwise
defined herein shall have the meaning set forth thereof included in the Credit
Agreement.

        THIS JOINDER AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK, WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAW.

                          [NEXT PAGE IS SIGNATURE PAGE]

                                       8
<PAGE>

        IN WITNESS WHEREOF, the undersigned have executed this Joinder Agreement
as of the 26 day of June, 2007.

                                                 ACETO PHARMA CORP.

                                                 By: /s/ Leonard Schwartz
                                                 ------------------------
                                                 Name:   Leonard Schwartz
                                                 Title:  President

ACKNOWLEDGED AND AGREED:

ACETO CORPORATION

By: /s/ Leonard Schwartz
------------------------
Name:   Leonard Schwartz
Title:  Chief Executive Officer

ACETO AGRICULTURAL CHEMICALS CORPORATION

By: /s/ Leonard Schwartz
------------------------
Name:   Leonard Schwartz
Title:  Director

CDC PRODUCTS CORPORATION

By: /s/ Leonard Schwartz
------------------------
Name:   Leonard Schwartz
Title:  Director

ACETO SANITARY CORP.

By: /s/ Leonard Schwartz
------------------------
Name:   Leonard Schwartz
Title:  President

ACCI REALTY CORP.

By: /s/ Leonard Schwartz
------------------------
Name:   Leonard Schwartz
Title:  President

                                       9
<PAGE>

LARLABS CORP.

By: /s/ Leonard Schwartz
------------------------
Name:   Leonard Schwartz
Title:  President

ARSYNCO INC.

By: /s/ Leonard Schwartz
------------------------
Name:   Leonard Schwartz
Title:  Chairman

ROEHR CHEMICALS, INC.

By: /s/ Leonard Schwartz
------------------------
Name:   Leonard Schwartz
Title:  President

ACETO INDUSTRIAL CHEMICAL CORP.

By: /s/ Leonard Schwartz
------------------------
Name:   Leonard Schwartz
Title:  President

JPMORGAN CHASE BANK, N.A.

By: /s/ Sanford Wald
--------------------
Name:  Sanford Wald
Title: Vice President

                                       10
<PAGE>

                                                                        ANNEX II

                             SECRETARY'S CERTIFICATE

        I, Douglas Roth, the duly elected Secretary of Aceto Pharma Corp., a
Delaware corporation (the "Company"), do hereby certify as follows:

        1.      Attached hereto as Exhibit A is a true, correct and complete
copy of the certificate of incorporation of the Company as in effect as of the
date hereof together with any amendments thereto. I know of no plan or
proceeding for the dissolution or liquidation of the Company.

        2.      Attached hereto as Exhibit B is a true, correct and complete
copy of the by-laws of the Company as in effect as of the date of adoption of
the resolutions set forth below and as of the date hereof.

        3.      Attached hereto as Exhibit C is a true, correct and complete
copy of resolutions duly adopted by the Board of Directors of the Company. Such
resolutions have not been amended, modified, revoked or rescinded as of the date
hereof, are in full force and effect and are the only resolutions adopted by the
Board of Directors of the Company with respect to the subject matter thereof.

        4.      The below named persons are duly elected and qualified officers
of the Company holding the respective offices set forth opposite their names and
the signatures set forth opposite their names are their genuine signatures:

         Name                       Office              Signature
         ----                       ------              ---------

         Leonard Schwartz           President           /s/ Leonard Schwartz

        5.      The Certificate of Incorporation and the By-laws have not been
amended since the date of their certification.

                                       11
<PAGE>

        IN WITNESS WHEREOF, I have signed this Certificate as of the 26 day of
June, 2007.

                                                     /s/ Douglas Roth
                                                     ----------------
                                                     Secretary

        THE UNDERSIGNED hereby confirms that Douglas Roth has been duly elected,
was duly qualified and on the date hereof is the Secretary of the Company and
that the signature above is his genuine signature.

                                                     /s/ Leonard Schwartz
                                                     --------------------
                                                     President

                                       12
<PAGE>

                                                                       EXHIBIT C

                   RESOLUTIONS ADOPTED AT A SPECIAL MEETING OF
                            THE BOARD OF DIRECTORS OF
                               ACETO PHARMA CORP.

RESOLVED THAT

        1.      That the President is hereby authorized from time to time on
behalf of Aceto Pharma Corp. (the "Company"):

        (a)     To borrow money and obtain credit and other financial
                accommodations for or on behalf of the Company at any time, and
                from time to time, from JPMorgan Chase Bank, N.A. (the "Bank")
                pursuant to a Credit Agreement (the "Credit Agreement") among
                the Bank, Aceto Corporation, Aceto Agricultural Chemicals
                Corporation, CDC Products Corporation, Aceto Sanitary Corp.
                f/k/a Magnum Research Corp., ACCI Realty Corp, Arsynco Inc.,
                Roehr Chemicals, Inc., and Aceto Industrial Chemical Corp., a
                New York corporation (excluding the Company, collectively, the
                "Other Borrowers") and the company;

        (b)     To guarantee to the Bank the payment and performance of all
                obligations and liabilities of the Other Borrowers to the Bank,
                whether now existing or hereafter incurred, upon terms and
                conditions satisfactory to the Bank;

        (c)     To apply for letters of credit or engage in acceptance
                financing;

        (d)     To pledge, grant a security interest in, assign, endorse,
                negotiate, deliver or otherwise hypothecate or transfer to the
                Bank any and all assets now or hereafter held, owned or
                controlled by the Company as security for any loan, credit or
                financial accommodation from the Bank to the Company;

        (e)     To execute and deliver in the name of the Company any agreement
                or agreements, including, but not limited to a Joinder to the
                Credit Agreement (collectively, the "Agreements") with the Bank
                with respect to financial or credit accommodations to the
                Company and the Other Borrowers with such changes, additions and
                deletions to the Agreements agreed to by any such officer, which
                execution and delivery shall be deemed conclusive evidence of
                the approval by the Company of the terms and agreements thereof;

        (f)     To make, execute and deliver to the Bank any and all financing
                statements, consents, certificates, documents, instruments, and
                assignments, including, but not limited to, schedules,
                endorsements, guarantees, indemnities, agreements, waivers,
                amendments, consents, notices or other instruments as may be

                                       13
<PAGE>

                required by the Bank, from time to time, in connection with or
                in furtherance of the Agreements or any other transactions; and

        (g)     To do and perform all other acts and things from time to time
                deemed by any officer or agent of the Bank or other person
                designated by any of them, necessary, convenience or proper to
                carry out, modify or supplement the Agreements or to fully carry
                out the intent of this resolution, and the execution, delivery
                or performance thereof by such officer or officers of the
                Company shall be deemed conclusive evidence of the approval
                thereof by the Company.

        2.      That the Secretary be and hereby is authorized and directed to
certify to the Bank the names of the present officers of the Company and persons
authorized to sign for it, and the offices respectively held by them, together
with specimens of their signatures.

        3.      That the Secretary be and hereby is authorized and directed to
certify to the Bank that this resolution has been duly adopted, is in full force
and is in accordance with the provisions of the charter and by-laws of the
Company.

        4.      That any other transactions heretofore made on behalf of the
Company with the Bank be and hereby are ratified, confirmed and approved, and
that the Bank are hereby authorized to rely upon the authority conferred by this
Resolution.

                                       14Sixth Amendment to Second Amended and Restated Credit Agreement

 Exhibit 10.7 
 SIXTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 
 THIS SIXTH AMENDMENT TO SECOND AMENDED AND
RESTATED CREDIT AGREEMENT (the “Amendment”), dated as of August 15, 2007, is among ELIZABETH ARDEN, INC., a Florida Corporation (the “Borrower”), the banks listed on the signature pages hereto (the
“Banks”), JPMORGAN CHASE BANK, N.A. (formerly JPMorgan Chase Bank), as the administrative agent (the “Administrative Agent”), and BANK OF AMERICA, N.A. (successor in interest by merger to Fleet National Bank), as
the collateral agent (the “Collateral Agent”). 
 RECITALS: 
 A. The Borrower, the Administrative Agent, the Collateral Agent and the banks party thereto have entered into that certain Second Amended and Restated
Credit Agreement dated as of December 24, 2002 (as the same has been modified by that certain First Amendment to Second Amended and Restated Credit Agreement dated February 25, 2004, that certain Second Amendment to Second Amended and
Restated Credit Agreement dated June 2, 2004, that certain Third Amendment to Second Amended and Restated Credit Agreement dated September 30, 2004, that certain Fourth Amendment to Second Amended and Restated Credit Agreement dated
November 2, 2005, that certain Fifth Amendment to Second Amended and Restated Credit Agreement dated August 11, 2006 and as the same may hereafter be amended or otherwise modified from time to time, the “Agreement”). Since
the Fifth Amendment to Second Amended and Restated Credit Agreement, Siemens Financial Services, Inc assigned all of their right, title and interest in and to the Agreement to Wachovia Bank, National Association pursuant to that certain Assignment
and Assumption dated as of January 5, 2007. 
 B. The Borrower and the Guarantors have requested that the Agents and the Banks amend
certain provisions of the Agreement and the Administrative Agent, the Collateral Agent, and the Banks have agreed to do so on and subject to the terms set forth herein. 
 NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows effective
as of August 15, 2007 unless otherwise indicated: 
 ARTICLE I. 
 Definitions 
 Section 1.1. Definitions. Capitalized terms used in this
Amendment, to the extent not otherwise defined herein, shall have the same meanings as in the Agreement, as amended hereby. 
 ARTICLE II. 

 Amendments 
 Section 2.1. Additions to Section 1.01(Definitions). Section 1.01 of the Agreement is amended to add the following new definitions: 
 “Call Spread” means an option transaction entered into by the Borrower in connection with the issuance of the Convertible
Bonds and the repurchase of its common stock with certain of the proceeds thereof pursuant to which the Borrower 

 
will purchase a call option with respect to its common stock while simultaneously writing a call option on the same quantity of stock at a higher strike
price than the strike price on the call option purchased. 
 “Convertible Bonds” shall mean unsecured bonds
issued or to be issued by the Borrower with the option to convert the amounts owing pursuant thereto to common stock of the Borrower and otherwise on such terms and conditions as are satisfactory to the Administrative Agent in all respects.

 “ZUG Allocation” means, at any time and with respect to a category of inventory included in the Borrowing
Base, a dollar amount equal to that percentage of the gross cost of such inventory that is then most recently established as being attributable to the inventory that is owned by Elizabeth Arden GmbH and that is located in the United States, such
percentage to be determined by the Borrower in good faith, based upon an estimate of the forecasted production for Elizabeth Arden GmbH. 
 Section 2.2. Amendments to Certain Definitions in Section 1.01(Definitions). The following definitions contained in Section 1.01 of the Agreement are amended in their respective entireties to read as follows:

 “Applicable Percentage” of any Bank means the percentage of the aggregate Commitments represented by such
Bank’s Commitment. 
 “Borrowing Base” shall mean, as of any date, the sum of the following, determined
as of such date, without duplication: 
 (a) Eligible Accounts Receivable. The product of the Advance Percent
(as defined below in this definition) multiplied by the aggregate amount of all Eligible Accounts Receivable; plus 
 (b) Finished Goods Inventory; Packaged. Eighty-five percent (85%) of the product of the Appraised Liquidation Percentage (as defined below in this definition) multiplied by the sum of (i) the gross cost of all
finished goods inventory owned by the Borrower and Elizabeth Arden GmbH which has been packaged for delivery to a customer and, with respect to such inventory owned by Elizabeth Arden GmbH, is located in the United States minus (ii) the ZUG
Allocation applicable to such inventory; plus 
 (c) Finished Goods Inventory; Unpackaged.
Eighty–five percent (85%) of the product of the Appraised Liquidation Percentage multiplied by the sum of (i) the gross cost of all finished goods inventory owned by the Borrower and Elizabeth Arden GmbH which has not been
packaged for delivery to a customer and, with respect to such inventory owned by Elizabeth Arden GmbH, is located in the United States minus (ii) the ZUG Allocation applicable to such inventory; plus  

 (d) Raw Materials Inventory. Eighty–five percent (85%) of the
product of the Appraised Liquidation Percentage multiplied by the sum of (i) the gross cost of all work-in-process and raw materials inventory owned by the Borrower and Elizabeth Arden GmbH and, with respect to such inventory owned by Elizabeth
Arden GmbH, is located in the United States minus (ii) the ZUG Allocation applicable to such inventory; plus 
 (e) Gift Inventory. The lesser of: 
 (i) eighty–five percent (85%) of the product of the
Appraised Liquidation Percentage multiplied by the sum of (i) the gross cost of all inventory owned by the Borrower and Elizabeth Arden GmbH and held as a gift to be given with purchased merchandise in the ordinary course of business or as
promotional merchandise in the ordinary course of business and, with respect to such inventory owned by Elizabeth Arden GmbH, is located in the United States minus (ii) the ZUG Allocation applicable to such inventory; or 
 (ii) $500,000; plus 
 (f) Temporary Increase. If the date of determination is during the period from and including August 15, 2007 to and including October 31, 2007, $25,000,000; provided, however,
that: 
 (i) if the Borrower delivers a Borrowing Base Certificate at any time after October 1, 2007 which shows that the
Borrowing Availability, as calculated in accordance with such Borrowing Base Certificate, is equal to or greater than $25,000,000 but calculating the Borrowing Base on a pro forma basis without giving effect to this clause (f), then effective
as of the date of the delivery of such Borrowing Base Certificate, the Borrower may, by written notice to the Administrative Agent, exclude the amount available under this clause (f) from the Borrowing Base; and 
 (ii) this clause (f) shall be included when determining the Borrowing Base for all purposes under this Agreement, including
when determining Borrowing Availability, Average Borrowing Base Capacity and the Borrowing Base; 
 plus 
 (g) Cash Collateral. The amount of cash or cash equivalents that are pledged to the Collateral Agent as collateral for the
Obligations; minus 
 (h) Reserves. The Bank Product Reserve and the aggregate amount of the other
reserves established by the Administrative Agent at any time and from time to time after the Effective Date that the Administrative Agent determines are necessary to protect the Banks’ interests, such determination to be made in the
Administrative Agent’s reasonable and sole discretion. Reserves established under this clause (h) may include, without limitation: (i) with respect to accounts receivable, reserves for Allowance Accounts, customer markdowns,
and destroyed in field and (ii) with respect to inventory, inventory classified as long term assets and capitalized costs. The “other reserves” 

 
established under this clause (h) shall not include any amounts attributable to Bank Products, such amounts shall be included in the Bank Product
Reserve. 
 As used in this definition, the term “Advance Percent” means eighty–five percent
(85%) based on continuing confirmation of a Dilution Percentage of no more than five percent (5%) determined, as of any date, upon the Administrative Agent’s most recent field examination or if the Dilution Percentage is more than
five percent (5%) determined, as of any date, upon the Administrative Agent’s most recent field examination, such other percent as the Administrative Agent may, at any time hereafter, determine is necessary to protect its interests, such
determination to be made in the Administrative Agent’s reasonable sole discretion. The term “Dilution Percentage” means the average dilution percentage for the accounts receivable of the Borrower for the period selected by the
Administrative Agent based on its most recent field examination. “Average dilution percentage” shall be calculated by the Administrative Agent for the period by dividing the dilution of accounts receivables occurring during such
period by the gross sales for such period and multiplying the resulting quotient by 100. For purposes of the foregoing, “dilution” means any reduction in the value of accounts receivables caused by returns, write–offs,
discounts, credits, allowances, and/or any other non–cash offsets asserted by account debtors having the effect of reducing the value of the accounts receivable; provided reductions in the value of accounts receivable arising from
Allowance Accounts, customer markdowns, destroyed in field and certain other sales allowances identified by the Administrative Agent will not be considered in calculating dilution if sufficient information is supplied in connection with the
Administrative Agent’s field examinations so that such amounts may be included in the reserves established pursuant to clause (h) above in a manner and in an amount satisfactory to the Administrative Agent in its reasonable and sole
discretion. The Administrative Agent shall also be entitled to reduce the other advance percentages used in this definition of Borrowing Base in its reasonable and sole discretion. The term “Appraised Liquidation Percentage” means
the percentage net liquidation value of inventory determined on an orderly going–out–of–business–sale basis, net of all commissions, associated costs, fees and expenses associated with such liquidation, as determined from the
most recent appraisal thereof performed by a credentialed appraiser satisfactory to the Administrative Agent. The Borrowing Base will be calculated without duplication and any items included in reserves, in the calculation of the Dilution Percentage
or in an ineligible category (a “Borrowing Base Deduction”) shall not also be included in any other Borrowing Base Deduction. No Accounts or Inventory acquired in a Permitted Acquisition or arising from a business acquired in a
Permitted Acquisition shall be included in the Borrowing Base unless and until the Administrative Agent shall be satisfied that the manner of calculating the Borrowing Base as herein set forth is appropriate for the assets and business acquired;
provided that for the sole purpose of determining compliance with the test under clause (v) (A) and (B) of the definition of the term “Permitted Acquisition” (and not otherwise), such Accounts and
Inventory which satisfy the eligibility requirements hereunder may be included in the Borrowing Base for purposes of the calculation of Borrowing Base Capacity under such test. The Administrative Agent shall make the determination of whether
Accounts and Inventory acquired in a Permitted Acquisition or arising from a business acquired in a Permitted Acquisition shall be included in the Borrowing Base as promptly as reasonably possible after receiving a request to do so from the Borrower
and after receipt of all collateral audits and appraisals 

 
conducted with respect to such Accounts and Inventory as reasonably requested by the Administrative Agent considering, among other factors, the materiality
of the Acquisition and the relative similarity of the Accounts or Inventory to the Accounts and Inventory already included in the Borrowing Base. 
 “Commitment” means, with respect to a Bank, the obligation of such Bank to make advances of funds and purchase participation interests in Letters of Credit in the aggregate principal or face amount at
any time outstanding not to exceed the amount set forth opposite such Bank’s name on Schedule 1.01 hereto (or, in the case of an Assignee, in its Assignment and Assumption Agreement), as such amount may be: (a) reduced from
time to time pursuant to Section 2.09, (b) increased from time to time pursuant to Section 2.18, and (c) adjusted to reflect assignments pursuant to Section 9.06. As of August 15, 2007, the
aggregate amount of the Commitments is $300,000,000. 
 “Dividend” means, as to any Person, any declaration
or payment of any dividend or the making of any distribution, loan advance or investment on or with respect to any shares of a Person’s Capital Stock (other than dividends or distributions payable solely in shares or other evidence of ownership
of such Person’s Capital Stock). Dividend shall not include the repurchase of a Person’s Capital Stock. 
 “Indentures” shall mean the Indenture dated as of January 13,
2004 among the Borrower, the Guarantors and HSBC Bank USA as trustee relating to the 7 3/4% Senior Subordinated
Notes due 2014. To the extent that any terms defined in an Indenture are incorporated herein as therein defined, such definitions shall be incorporated herein as set forth in such Indenture on the date hereof, without giving effect to any amendment
or other modification thereto unless modified for purposes of such incorporation, with the consent of the Required Banks. 
 “Loan Documents” means this Agreement, the Guarantee Agreement, the Security Agreement, the Notes, any Swap Agreement and any other agreement entered into by the Borrower or any Subsidiary with a Bank or any Affiliate of
any Bank relating to a Bank Product, and each other instrument, agreement, certificate or other documentation referred to herein or contemplated hereby, as the same may be amended or otherwise modified from time to time. 
 “Permitted Indebtedness” means (i) any Borrowings made hereunder, (ii) Senior Subordinated Notes;
(iii) Indebtedness consisting of the deferred purchase price obligations incurred in connection with the Sovereign Sales, LLC and Riviera Concepts Inc. Acquisitions and Indebtedness assumed in connection with the Riviera Concepts Inc.
Acquisition; provided that the aggregate outstanding amount of all Indebtedness permitted under this clause (iii) does not at any time exceed the sum of $26,000,000 minus the principal payments required to be made on such Indebtedness
and such Indebtedness is subordinated to the Obligations on terms and provisions satisfactory to the Administrative Agent (the Indebtedness permitted under this clause (iii), herein the “2006 Acquisition Indebtedness”),
(iv) up to $15,000,000 of other subordinated indebtedness or preferred stock existing as of the effective date of the Original Credit Agreement, (v) the intercompany Indebtedness incurred in connection with the Arden Acquisition described
on Schedule 5.09 (the “Acquisition  

 
Indebtedness”), (vi) no more than $10,000,000 (in the aggregate) of Purchase Money Indebtedness outstanding at any time, (vii) up to
$50,000,000 (in the aggregate) of Indebtedness (in addition to the Acquisition Indebtedness) outstanding at any time owed by Foreign Subsidiaries and any unsecured Guarantee thereof by the Borrower, provided that if such Indebtedness of the Foreign
Subsidiaries is secured, then it will only be secured by accounts receivable and inventory of such Foreign Subsidiaries, (viii) unsecured Indebtedness incurred under the terms of the Convertible Bonds and any guarantees by the Guarantors of
such Indebtedness as long as the Borrower provides the Administrative Agent and the Lenders: (a) at least 10 Business Days prior notice of the incurrence thereof, which notice shall set forth in reasonable detail the terms upon which such
Convertible Bonds will be issued and (b) promptly after such Convertible Bonds are entered into, copies of the documentation pursuant to which such Convertible Bonds are issued, (ix) any unsecured Indebtedness incurred in connection with
the Call Spread, (x) any other unsecured Indebtedness in an aggregate amount of no more than $15,000,000 outstanding at any time, which shall be on such terms and conditions as are satisfactory to the Administrative Agent in all respects,
(xi) any refinancings of any of the above, which shall be on such terms and conditions as are satisfactory to the Administrative Agent in all respects, and (xii) intercompany Indebtedness (in addition to the Acquisition Indebtedness)
between or among the Borrower or the Guarantors, as lenders, and any Foreign Subsidiary, as a borrower, which when the aggregate outstanding principal amount thereof is aggregated with the principal amounts committed or outstanding (whichever is
greater) under clause (vii) above and the aggregate amount of any Permitted Investment made pursuant to Section 5.09(j), the total shall not exceed $65,000,000 in the aggregate, provided, that, after giving effect to
such intercompany Indebtedness, the Borrower shall have Borrowing Availability under this Agreement of at least $15,000,000 and provided, further, any committed or outstanding principal amounts of Indebtedness under
clause (vii) above (whichever is greater) shall permanently reduce dollar–for–dollar the amount of intercompany Indebtedness permitted under this clause (xii). 
 “Principals” means William Tatham, E. Scott Beattie, J. W. Nevil Thomas, Fred Berens, Maura Clark and Richard C. W.
Mauran. 
 “Restricted Payment” means (i) any dividend or other distribution on any shares of the
capital stock of the Borrower or any Subsidiary (except dividends payable solely in shares of its capital stock) or (ii) any payment (except any payment made with the proceeds of the Convertible Bonds and any payments contemplated by the Call
Spread) on account of the purchase, redemption, retirement or acquisition of (a) any shares of the capital stock of the Borrower or any Subsidiary or (b) any option, warrant or other right to acquire shares of the capital stock of the
Borrower or any Subsidiary. 
 “Termination Date” means December 31, 2012. 

 Section 2.3. Amendments to the definition of “Applicable Margin” in Section 1.01
(Definitions). The last sentence in the definition of “Applicable Margin” in Section 1.01 of the Agreement is amended in its entirety to read as follows: 
 Notwithstanding anything contained herein to the contrary, during the period when the amount under clause (f) of the definition of
“Borrowing Base” is included in the calculation of the Borrowing Base: (a) the Applicable Margin determined pursuant to the other provisions of this definition with respect to the first $25,000,000 of the Loan shall be increased by
1.00% and (b) unless otherwise required pursuant to the operation of Article VIII, the Borrower agrees to cause the first $25,000,000 of the Loan to be a LIBOR Borrowing at all times during such period. 
 Section 2.4. Amendment to Definition of “Eligible Accounts Receivable” in Section 1.01(Definitions). The phrase “FFI
Accounting System or on the” is deleted from the third line of the definition of the term Eligible Accounts Receivable and clause (iv) set forth in definition of the term “Eligible Accounts Receivable” in
Section 1.01 of the Agreement is amended in its entirety to read as follows: 
 (iv) the account debtor is located
in the United States, Canada or Puerto Rico or if the account debtor is located outside of such jurisdictions, the account debtor provides a letter of credit (with terms satisfactory to the Administrative Agent) issued by a bank acceptable to the
Administrative Agent or a foreign credit insurance (with terms satisfactory to the Administrative Agent) issued by a Person acceptable to the Administrative Agent; 
 Section 2.5. Amendment to Definition of “Permitted Acquisition” in Section 1.01(Definitions). The date September 30, 2004 in clause (v) of the definition of the term Permitted
Acquisition is amended to be September 30, 2007. 
 Section 2.6. Deletions from Definitions in
Section 1.01(Definitions). The following definitions are deleted from Section 1.01 of the Agreement: Active Excess Inventory, Active No Requirement Inventory, Eligible Arden Finished Goods Inventory; Eligible Arden Raw Materials
Inventory; Eligible Finished Goods Inventory; Eligible Gift Inventory, Eligible Inventory, Eligible Raw Material Inventory, FFI Accounting System, Historical Inventory, Intercreditor Agreement, Seller Preferred, Senior Notes and Slow Moving
Inventory. 
 Section 2.7. Amendment to Section 2.01(c) (Commitment to Lend; Total Availability). The last sentence of
clause (c) of Section 2.01 of the Agreement is amended in its entirety to read as follows: 
 The Borrowing Base shall be adjusted
upon the Administrative Agent’s review and acceptance of (i) each Borrowing Base Certificate submitted by the Borrower or (ii) any additional information obtained by the Administrative Agent (including any Notice of Borrowing or
updated Borrowing Base Certificates) relating to the determination of Eligible Accounts Receivable and the Inventory included in the Borrowing Base. 

 Section 2.8. Amendment to Section 2.06(a) (Interest Rate Election). The last sentence
of clause (a) of Section 2.06 of the Agreement is amended in its entirety to read as follows: 
 Notwithstanding the
foregoing, the Borrower may not elect an Interest Period for LIBOR Loans unless the aggregate outstanding principal amount of each Bank’s Applicable Percentage of the LIBOR Loans (including any such LIBOR Loans made pursuant to
Section 2.01 on the date that such Interest Period is to begin) to which such Interest Period will apply is at least $500,000 or any larger multiple of $100,000 provided, however, at no time shall there be more than eight
(8) different Interest Periods outstanding. 
 Section 2.9. Amendment to Section 2.09(Reduction or Termination of
Commitments). Section 2.09 of the Agreement is amended in its entirety to read as follows: 
 (a) The
Borrower may, upon at least five Domestic Business Days’ notice to the Administrative Agent, terminate the Total Commitment at any time, or proportionately reduce from time to time each Bank’s Commitment by an aggregate amount of
$10,000,000 or any larger multiple of $1,000,000, provided, however that any reduction in the aggregate amount of the Commitments shall be expressly conditioned upon the Borrower demonstrating projected Borrowing Availability
(acceptable to the Administrative Agent) for the next twelve (12) months of at least $35,000,000 and, on any date, the Total Commitment may not be reduced to less than an amount equal to the greater of: (i) the Swingline Limit and
(ii) the Committed Exposure as of such date. 
 (b) Unless earlier reduced or terminated pursuant to
Section 2.09(a), the aggregate amount of the Commitments shall: (i) be reduced to $275,000,000 on October 31, 2007; (ii) be reduced to $250,000,000 on November 15, 2007; and (iii) terminate on the
Termination Date. 
 Section 2.10. Amendment to Section 2.18(Increase of Commitments). The first and fourth sentences of
Section 2.18 of the Agreement is amended in its entirety to read as follows: 
 By written notice sent to the
Administrative Agent (which the Administrative Agent shall promptly distribute to the Banks), the Borrower may request an increase of the aggregate amount of the Commitments by an aggregate amount equal to any integral multiple of $10,000,000;
provided that (i) no Default shall have occurred and be continuing; (ii) the Borrower shall have provided evidence satisfactory to the Banks that the Indebtedness to be incurred pursuant to the increase in the Commitments is
permitted by the Senior Subordinated Note Indenture to the extent such Indenture is still in effect; and (iii) the aggregate amount of the Commitments shall not at any time exceed $300,000,000 after giving effect to any such increase.

 ... 
 Upon receipt of
notice from the Administrative Agent to the Banks and the Borrower that the Banks, or sufficient Banks and New Banks, have agreed to commit to an aggregate amount equal to the Increase Amount (or such lesser amount as the Borrower shall agree, which
shall be at least $10,000,000 and an integral multiple of $10,000,000 in excess 

 
thereof), then: provided that no Default exists at such time or after giving effect to the requested increase and the Indebtedness to be incurred
pursuant to the requested increase is permitted by the Senior Subordinated Note Indenture to the extent such Indenture is still in effect, the Borrower, the Administrative Agent and the Banks willing to increase their respective Commitments and the
New Banks (if any) shall execute and deliver an Increased Commitment Supplement in the form attached hereto as Exhibit G (the “Increased Commitment Supplement”). 
 Section 2.11. Amendment to Sections 4.04(Financial Information) and 4.05(Litigation). Sections 4.04 and 4.05 of the Agreement
are amended in their entirety to read as follows: 
 Section 4.04 Financial Information. 
 (a) The consolidated audited balance sheet of the Borrower as of June 30, 2006 and the related consolidated statements of
operations, shareholders’ equity and cash flows for the fiscal year then ended, a copy of which has been delivered to each of the Banks, fairly present in all material respects, in conformity with generally accepted accounting principles, the
financial position of the Borrower as of such date and its results of operations and cash flows for such fiscal year. 
 (b)
The unaudited consolidated balance sheet of the Borrower as of March 31, 2007, and the related consolidated statements of operations and cash flows for the fiscal period then ended, a copy of which has been delivered to each of the Banks,
fairly present in all material respects, applied on a basis consistent with the financial statements referred to in subsection (a) of this Section, the financial position of the Borrower as of such date and its results of operations and
cash flows for such fiscal period (subject to normal year–end adjustments). 
 (c) Since March 31, 2007, there has
been no material adverse change in the business, operations or financial condition of the Borrower and its Consolidated Subsidiaries, considered as a whole. 
 Section 4.05 Litigation. Except as disclosed on Schedule 4.05 or disclosed in the Borrower’s public security
filings made prior to August 15, 2007, there is (i) no injunction, stay, decree or order of any Governmental Authority or (ii) action, suit or proceeding pending against, or to the knowledge of the Borrower threatened against or
affecting, the Borrower or any Subsidiary before any Governmental Authority or official thereof in which there is a reasonable probability of an adverse decision which would reasonably be expected to have a Material Adverse Effect or which in any
manner draws into question the validity of this Agreement or any other Loan Document. 
 Section 2.12. Amendment to Section 4.16
(Inventory). Section 4.16 of the Agreement is amended in its entirety to read as follows: 

 Section 4.16 Inventory. Borrower represents and warrants that: 
 (a) The most recent inventory location report delivered under Section 5.01(g), sets forth every location where any Inventory
is located other than third party locations in which the value of the Inventory located thereon does not exceed $3,000,000 in the aggregate for all such locations; 
 (b) no inventory is subject to any lien or security interest whatsoever, except as permitted by the terms of this Agreement; and

 (c) Except as permitted by the definition of the term “Approved Location”, no inventory included in the
Borrowing Base is now, or shall at any time or times hereafter be, stored with a bailee, warehouseman or similar party unless either: (i) the obligations payable to such third party are included in the reserves established under
clause (i) of the definition of the term “Borrowing Base” or (ii) such bailee, warehouseman or similar party has signed a Consent and Subordination Agreement, any warehouse receipts issued by such party in respect of such
inventory have been issued in non-negotiable form (or in negotiable form and delivered to the Administrative Agent) and Borrower shall have taken such other action required to cause the location at which such inventory is held to constitute an
“Approved Location” hereunder. 
 Section 2.13. Amendment to Section 5.01 (Information). Clauses (h) and
(n) of Section 5.01 of the Agreement are amended in their respective entireties to read as follows: 
 (h) within forty-five (45) days after the end of each fiscal year of the Borrower, projections in reasonable detail of an annual operating budget and cash flow of the Borrower and its Subsidiaries, prepared by Borrower on a monthly
basis for the current fiscal year and on an annual basis for the next succeeding fiscal year, and also containing a certification by its principal financial officer to the effect that such projections have been prepared on a sound financial planning
basis and that the assumptions upon which such projections are based are reasonable; 
 ... 
 (n) within thirty (30) days after the end of each month, the following reports: (i) financial comparison of month to date and
year to date performance of the Borrower to prior year results and current year’s quarterly budget; (ii) a listing of the top ten concentration for accounts receivable and accounts payable; (iii) a listing of the balance of
inter–company loans to the Foreign Subsidiaries; (iv) consolidating profit and loss statement (domestic/international); and (v) SBU (i.e., strategic business unit) analysis of sales, EBITDA and gross margin. 
 Section 2.14. Amendment to Section 5.06 (Inspection of Property, Books and Records). Clause (b) of the second sentence of
Section 5.06 of the Agreement is amended in its entirety to read as follows: 
 (b) unless Borrowing
Availability is less than $20,000,000 at any time during the period from and including December 1 to and including May 31 or an Event of Default shall have occurred at any time, the Administrative Agent may not conduct, and 

 
the Borrower shall not be obligated to pay for, more than two appraisal of the Inventory each calendar year; 
 Section 2.15. Amendment to Section 5.09(Investments). Clauses (j) and (k) of Section 5.09 of the
Agreement are amended in their respective entireties to read as follows: 
 (j) investments, in addition to those disclosed on
Schedule 5.09, by the Borrower or any Domestic Subsidiaries in any of the Foreign Subsidiaries who are not Guarantors, for working capital or general corporate purposes, which when aggregated with amounts committed under
clause (vii) of the definition of Permitted Indebtedness and outstanding Indebtedness under clause (xii) thereof shall not exceed $65,000,000 in the aggregate; provided, that after giving effect to any such
investments, Borrowing Availability shall be at least $15,000,000 and provided, further, any committed or outstanding amounts of Indebtedness under clause (vii) of the definition of Permitted Indebtedness shall permanently
reduce dollar–for–dollar the amount of investments permitted under this Section 5.09(j); and 
 (k)
Permitted Acquisitions, the Call Spread and the consummation of the transactions contemplated by the Call Spread. 
 Section 2.16.
Amendment to Section 5.11(Consolidations, Mergers and Sales of Assets). Clause (b)(iii) of Section 5.11 of the Agreement is amended in its entirety to read as follows: 
 (iii) transfers made as Investments permitted by Section 5.09, Restricted Payments permitted by Section 5.14 and
the repurchase of the common stock of the Borrower with the proceeds of the Convertible Bonds; 
 Section 2.17. Amendment to
Section 5.14(Restricted Payments). Clause (b) of Section 5.14 of the Agreement is amended in its entirety to read as follows: 
 (b) the purchase of the Call Spread and the consummation of the transactions contemplated by the Call Spread; and 
 Section 2.18. Amendment to Section 5.18(Swap Agreements). Section 5.18 of the Agreement is amended in its entirety to read
as follows: 
 Section 5.18 Swap Agreements. The Borrower will not, and will not permit any of its Subsidiaries
to, enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks (including, without limitation, currency and commodity risk), to which the Borrower or any Subsidiary has actual exposure (other than those in
respect of Capital Stock of the Borrower or any of its Subsidiaries), (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate
or otherwise) with respect to any interest–bearing liability or investment of the Borrower or any Subsidiary, (c) forward purchase agreements entered into in respect of the materials needed by the Borrower and the Subsidiaries in the
ordinary course of business, and (d) the Call Spread. 

 Section 2.19. Amendment to Section 5.19 (Minimum Quarterly Consolidated Debt Service Coverage
Ratio). The definition of the term “Cash Flow” in Section 5.19 of the Agreement is amended in its entirety to read as follows: 
 “Cash Flow” means, for any period, the sum of (i) Consolidated EBITDA minus (ii) Capital Expenditures
which were not financed with Indebtedness permitted under clauses (vi), (vii) or (x) of the definition of Permitted Indebtedness; minus (iii) all income and franchise taxes paid in cash. 
 Section 2.20. Amendment to Section 5.21(Restriction on Payment of Indebtedness). Section 5.21 of the Agreement is amended
in its entirety to read as follows: 
 Section 5.21 Restriction on Payment of Indebtedness. Borrower will not, nor
will it permit any Subsidiary to, make or agree to pay or make, directly or indirectly, any payment or other distribution (whether in cash securities or other property) of or in respect of principal of or interest on the Senior Subordinated Notes,
the Convertible Bonds, and any refinancing of any of the foregoing Indebtedness (collectively, the “Significant Debt”), or any payment or other distribution (whether in cash, securities or other property), including any sinking fund
or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any of the Significant Debt, except: 
 (a) payment of regularly scheduled interest and principal payments as and when due, other than payments in respect of any subordinated Indebtedness prohibited by the subordination provisions thereof; 
 (b) refinancing of Indebtedness to the extent permitted by Section 5.15; 
 (c) payment of the Mortgage Notes that become due as a result of the voluntary sale or transfer of the property or assets securing such
Indebtedness; 
 (d) any prepayment, purchase, redemption, or other acquisition of any of the Permitted Indebtedness (each a
“Prepayment”) from the Net Proceeds of an equity offering or, with respect to the Convertible Bonds, the conversion thereof into the underlying common stock of the Borrower; and 
 (e) any other Prepayment which is not permitted by clause (d) preceding but only if: 
 (i) no Default exists or would result; 
 (ii) if the Prepayment is made: 
 (A) during the period from and including June 1 to
and including November 30, then the sum of the following must equal or exceed $25,000,000 as of the date of calculation (which date must not be more than 30 days prior to the date of the Prepayment): (x) the most recent Borrowing Base in
effect on the calculation date; minus  

 
(y) the Committed Exposure on the calculation date; minus (z) the amount of the Prepayment; or 
 (B) during the period from and including December 1 to and including May 31, then the sum of the following must equal or
exceed $35,000,000 as of the date of calculation (which date must not be more than 30 days prior to the date of the Prepayment): (x) the most recent Borrowing Base in effect on the calculation date; minus (y) the Committed Exposure
on the calculation date; minus (z) the amount of the Prepayment; and 
 (iii) the Borrower shall have delivered to
the Administrative Agent a certificate certifying as to its compliance with the forgoing clauses (i) and (ii) and shall show in reasonable detail the calculation required by clause (ii). 
 Section 2.21. Amendment to Exhibit C (Borrowing Base Certificate) and E (Compliance Certificate). Exhibit C of the Agreement is
amended in its entirety to read as set forth on Exhibit C attached hereto. Exhibit E of the Agreement is amended in its entirety to read as set forth on Exhibit E attached hereto. 
 Section 2.22. Amendment to Schedule 1.01(Commitments). Schedule 1.01 of the Agreement is amended in its entirety to read as set forth on
Schedule 1.01 attached hereto. 
 ARTICLE III. 
 Conditions Precedent 
 Section 3.1. Conditions. The effectiveness of Article II of this
Amendment is subject to the satisfaction of the following conditions precedent: 
 (a) The Administrative Agent shall have
received this Amendment duly executed by the Borrower, the Guarantors and the Banks and each Bank shall have receive a new Note in the amount of its Commitment in effect after giving effect to this Amendment if such Commitment amount is different
then the principal amount of its existing Note; 
 (b) The Administrative Agent shall have received such documents and
certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of Borrower and the Guarantors, the authorization of this Amendment, the Notes and the transactions contemplated
hereby and any other legal matters relating to this Amendment reasonably requested by the Administrative Agent, all in form and substance satisfactory to the Administrative Agent and its counsel; 
 (c) The representations and warranties contained herein and in all other Loan Documents, as amended hereby, shall be true and correct in
all material respects as of the date hereof as if made on the date hereof, except for such representations and warranties limited by their terms to a specific date and the representations and warranties in the first sentence of Section 4.15(b)
which shall be deemed made as of the Effective Date; 

 (d) The receipt by each Bank of a fee equal for each Bank to its Applicable Percentage of
$62,500; 
 (e) The Administrative Agent shall have received all fees due and payable on or prior to the effective date of
this Amendment; 
 (f) No Default shall exist; and 
 (g) All proceedings taken in connection with the transactions contemplated by this Amendment and all documentation and other legal matters
incident thereto shall be satisfactory to Administrative Agent and its legal counsel, Hunton & Williams LLP. 
 ARTICLE IV.  

 Miscellaneous 
 Section
4.1. Ratifications. The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth in the Agreement and except as expressly modified and superseded by this Amendment, the terms
and provisions of the Agreement, and the other Loan Documents are ratified and confirmed and shall continue in full force and effect. The Borrower, the Agents and the Banks agree that the Agreement as amended hereby and the other Loan Documents
shall continue to be legal, valid, binding and enforceable in accordance with their respective terms. For all matters arising prior to the effective date of this Amendment, the Agreement (as unmodified by this Amendment) shall control. The Borrower
(and by their execution of this Amendment below, each Guarantor) agrees that the term “Obligations” as that term is defined in the Agreement, includes, without limitation, the obligations, indebtedness and liability of the Borrower arising
under the Agreement as amended hereby and as a result, the obligations, indebtedness and liabilities secured by the Security Agreement and guaranteed by the Guaranty Agreement include all the Obligations, including, without limitation, the
obligations, indebtedness and liability of the Borrower arising under the Agreement as amended hereby. 
 Section 4.2. Representations and
Warranties; Release. The Borrower hereby represents and warrants to the Agents and the Banks as follows: (a) no Default exists; (b) the representations and warranties set forth in the Loan Documents are true and correct on and as of
the date hereof with the same effect as though made on and as of such date except with respect to any representations and warranties limited by their terms to a specific date and the representations and warranties in the first sentence of
Section 4.15(b) which shall be deemed made as of the Effective Date; and(c) the indebtedness incurred and to be incurred pursuant to the Agreement, as amended hereby, is permitted under the terms of the Senior Subordinated Note Indenture
and the terms of the other Indentures, in each case, to the extent the applicable Indenture is still in effect. IN ADDITION, TO INDUCE THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT AND THE BANKS TO AGREE TO THE TERMS OF THIS AMENDMENT, THE BORROWER
AND EACH GUARANTOR (BY ITS EXECUTION BELOW) REPRESENTS AND WARRANTS THAT AS OF THE DATE OF ITS EXECUTION OF THIS AMENDMENT THERE ARE NO CLAIMS OR OFFSETS AGAINST OR RIGHTS OF RECOUPMENT WITH RESPECT TO OR DEFENSES OR COUNTERCLAIMS TO ITS OBLIGATIONS
UNDER THE LOAN DOCUMENTS. 

 Section 4.3. Survival of Representations and Warranties. All representations and warranties made
in this Amendment or any other Loan Document including any Loan Document furnished in connection with this Amendment shall survive the execution and delivery of this Amendment, and no investigation by any Agent or any Bank or any closing shall
affect the representations and warranties or the right of the any Agent or any Bank to rely upon them. 
 Section 4.4. Reference to
Agreement. Each of the Loan Documents, including the Agreement and any and all other agreements, documents, or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Agreement as amended
hereby, are hereby amended so that any reference in such Loan Documents to the Agreement shall mean a reference to the Agreement as amended hereby. 
 Section 4.5. Expenses of Administrative Agent. As provided in the Agreement, the Borrower agrees to pay on demand all reasonable costs and expenses incurred by the Administrative Agent in connection with the preparation, negotiation,
and execution of this Amendment, including without limitation, the reasonable costs and fees of the Administrative Agent’s legal counsel provided it sends an invoice to the Borrower beforehand and addresses reasonable questions. 
 Section 4.6. Severability. Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not
impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable. 
 Section 4.7. Applicable Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York other than those conflict of law provisions that would defer to the
substantive laws of another jurisdiction. This governing law election has been made by the parties in reliance (at least in part) on Section 5-1401 of the General Obligations Law of the State of New York, as amended (as and to the extent
applicable), and other applicable law. 
 Section 4.8. Successors and Assigns. This Amendment is binding upon and shall inure to the
benefit of the Agents, each Bank, the Borrower, each Guarantor and their respective successors and assigns, except neither the Borrower nor any Guarantor may assign or transfer any of its rights or obligations hereunder without the prior written
consent of the Banks. 
 Section 4.9. Counterparts. This Amendment may be executed in one or more counterparts and on telecopy
counterparts, each of which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same agreement. 
 Section 4.10. Effect of Waiver. No consent or waiver, express or implied, by any Agent or any Bank to or for any breach of or deviation from any covenant, condition or duty by the Borrower or any Guarantor
shall be deemed a consent or waiver to or of any other breach of the same or any other covenant, condition or duty. 
 Section 4.11.
Headings. The headings, captions, and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment. 

 Section 4.12. ENTIRE AGREEMENT. THIS AMENDMENT EMBODIES THE FINAL, ENTIRE AGREEMENT AMONG THE
PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THIS AMENDMENT, AND MAY NOT BE CONTRADICTED OR VARIED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO. 
 Executed as of the date first written above. 
  

			
	ELIZABETH ARDEN, INC., as the Borrower
		
	By:	 	 /s/ Marcey Becker

		 	Marcey Becker, Senior Vice President, Finance
	
	JPMORGAN CHASE BANK, N.A. (formerly JPMorgan Chase Bank), individually as a Bank, an Issuing Bank and as Administrative Agent
		
	By:	 	 /s/ Christy L. West

		 	Christy L. West, Vice President
	
	BANK OF AMERICA, N.A. (successor in interest by merger to Fleet National Bank), as Collateral Agent and a Bank
		
	By:	 	 /s/ Douglas Scala

	Name:	 	Douglas Scala
	Title:	 	Senior Vice President
	
	THE CIT GROUP/BUSINESS CREDIT, INC. (assignee of LaSalle Business Credit, L.L.C.)
		
	By:	 	 /s/ Robyn Pingree

	Name:	 	Robyn Pingree
	Title:	 	Vice President

			
	 U.S. BANK BUSINESS CREDIT 
 (formerly
known as Firstar Bank N.A.)

		
	By:	 	 /s/ Jeffrey D. Patton

	Name:	 	Jeffrey D. Patton
	Title:	 	Asset-Based Loan Officer
	
	WACHOVIA BANK, NATIONAL ASSOCIATION (formerly known as First Union National Bank)
		
	By:	 	 /s/ Maura Atwater

	Name:	 	Maura Atwater
	Title:	 	Vice President
	
	 CREDIT SUISSE, Cayman Islands Branch
 (formerly known as Credit Suisse First Boston)

		
	By:	 	 /s/ Karl Studer

	Name:	 	Karl Studer
	Title:	 	Director
		
	By:	 	 /s/ Alain Schimd

	Name:	 	Alain Schmid
	Title:	 	Assistant Vice President
	
	 NATIONAL CITY BUSINESS CREDIT, INC.
 (successor to The Provident Bank)

		
	By:	 	 /s/ Robert Bartkowicz

	Name:	 	Robert Bartkowicz
	Title:	 	Director

 CONSENT OF GUARANTORS AND REAFFIRMATION OF LOAN DOCUMENTS 
 Each of the Guarantors consent and agree to this Amendment (including without limitation, the provisions of Sections 4.1 and 4.2 hereof) and
agree that the Loan Documents to which it is a party shall remain in full force and effect and shall continue to be the legal, valid and binding obligation of such Guarantor enforceable against it in accordance with their respective terms.

  

			
	FD MANAGEMENT, INC.
		
	By:	 	 /s/ Oscar E. Marina

		 	Oscar E. Marina, Vice President
	
	DF ENTERPRISES, INC.
		
	By:	 	 /s/ Oscar E. Marina

		 	Oscar E. Marina, Vice President
	
	ELIZABETH ARDEN INTERNATIONAL
	HOLDING, INC., (formerly FFI International, Inc.)
		
	By:	 	 /s/ Oscar E. Marina

		 	Oscar E. Marina, Vice President
	
	RDEN MANAGEMENT, INC.
		
	By:	 	 /s/ Oscar E. Marina

		 	Oscar E. Marina, Vice President
	
	ELIZABETH ARDEN (FINANCING), INC.
		
	By:	 	 /s/ Oscar E. Marina

		 	Oscar E. Marina, Vice President
	
	ELIZABETH ARDEN TRAVEL RETAIL, INC.
		
	By:	 	 /s/ Oscar E. Marina

		 	Oscar E. Marina, Vice President

 Index of Exhibits and Schedules 
  

					
	 Exhibits
	 	 	  	 
	Exhibit C	 	-	  	Borrowing Base Certificate
	Exhibit E	 	-	  	Compliance Certificate

					
			
	 Schedules
	 	 	  	 
	Schedule 1.01	 	-	  	Commitments

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