Document:

Insured Deposit Account Agreement among TD Bank USA, N.A

 EXHIBIT 10.32 
 CONFIDENTIAL TREATMENT REQUESTED FOR PORTIONS OF THIS DOCUMENT. 
 PORTIONS
FOR WHICH CONFIDENTIAL TREATMENT IS REQUESTED ARE DENOTED 
 BY [CONFIDENTIAL TREATMENT REQUESTED]. MATERIAL OMITTED
HAS BEEN 
 FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

INSURED DEPOSIT ACCOUNT AGREEMENT 
 This Insured Deposit Account Agreement, dated as of December 19, 2009 (this “Agreement”), is by and among TD Bank USA, N.A., a national bank with its main office in the State of Maine
(“TD Bank USA”), TD Bank, N.A., a national bank with its main office in Wilmington, Delaware (“TD Bank”, and together with TD Bank USA, the “Depository Institutions”), TD AMERITRADE, Inc., a corporation incorporated
under the laws of the State of New York (“TDA”), TD AMERITRADE Clearing, Inc., a corporation incorporated under the laws of the State of Nebraska (“TDAC”), TD Ameritrade Trust Company, a non-depository trust company with its
principal place of business in the State of Maine (“TDATC”, and together with TDA and TDAC, the “Ameritrade Companies”), and solely with respect to Sections 6 and 36, The Toronto-Dominion Bank, a Canadian chartered bank (the
“TD Parent”). 
 WHEREAS, pursuant to that certain Agreement of Sale and Purchase dated as of June 22, 2005 (the
“Purchase Agreement”) between TD Parent and TD AMERITRADE Holding Corporation, a corporation incorporated under the laws of the State of Delaware (“Ameritrade Parent”), Ameritrade Parent acquired all of the outstanding capital
stock of TDA; 
 WHEREAS, in connection with the transactions contemplated by the Purchase Agreement, Ameritrade Parent, TD
Parent and certain other Stockholders thereof entered into a Stockholders Agreement, dated as of January 24, 2006 (as amended, supplemented, restated or otherwise modified from time to time, the “Stockholders Agreement”); 

WHEREAS, the Depository Institutions accept savings deposits, as that term is defined in 12 C.F.R. Section 204.2(d)(2), including
money market deposit accounts (the “Money Market Deposit Accounts”), on a regular and continuous basis; 
 WHEREAS, TD
Bank USA, the Ameritrade Companies and TD Parent were parties to an Amended and Restated Money Market Deposit Account Agreement dated as of August 2, 2006, as amended (the “2006 Agreement”) pursuant to which TD Bank USA made available
omnibus Money Market Deposit Accounts to TDA and TDATC for the benefit of their customers; 
 WHEREAS, TD Bank and the parties
to the 2006 Agreement desire to amend and restate the 2006 Agreement to provide that TD Bank will also provide omnibus Money Market Deposit Accounts to TDA and TDATC for the benefit of their customers; 

WHEREAS, TDA desires to make the Money Market Deposit Accounts available, either as a “designated sweep vehicle” or as a
non-sweep deposit account to its customers whose accounts are cleared by TDAC (such customers, the “TDAC Customers”); 

 WHEREAS, TDATC desires to make the Money Market Deposit Accounts available as a
“designated sweep vehicle” to its customers (such customers, the “TDATC Customers” and, together with the TDAC Customers, the “Customers”); 
 WHEREAS, pursuant to this Agreement, one or more omnibus Money Market Deposit Accounts representing individual Money Market Deposit Accounts of TDAC Customers will be established and maintained at the
Depository Institutions in the name of TDAC as agent and custodian for its customers, including those TDAC Customers that are trust agents, nominees, custodians or other representatives of others (“TDAC Master Accounts”) as described
hereunder; 
 WHEREAS, pursuant to this Agreement, one or more omnibus Money Market Deposit Accounts representing individual
Money Market Deposit Accounts of TDATC Customers will be established and maintained at TD Bank USA in the name of TDATC as agent and custodian for its customers, including those TDATC Customers that are trust agents, nominees, custodians or other
representatives of others (“TDATC Master Accounts” and together with the TDAC Master Accounts, the “Master Accounts”) as described hereunder; 
 WHEREAS, TDAC will act as agent and recordkeeper with respect to certain books and records relating to the TDAC Customers’ individual Money Market Deposit Accounts represented by the TDAC Master
Account (each a “TDAC Customer Account”) and will maintain its deposit account records to reflect at all times the existence of a relationship that serves as the basis for federal deposit insurance by the Federal Deposit Insurance
Corporation (the “FDIC”), subject to the terms and conditions of this Agreement; 
 WHEREAS, TDATC will act as agent
and recordkeeper with respect to certain books and records relating to the TDATC Customers’ individual Money Market Deposit Accounts represented by the TDATC Master Account (each a “TDATC Customer Account” and, together with the TDAC
Customer Accounts, the “Customer Accounts”) and will maintain its deposit account records to reflect at all times the existence of a relationship that serves as the basis for federal deposit insurance by the FDIC, subject to the terms and
conditions of this Agreement; 
 WHEREAS, the parties intend that the Customer Accounts will be eligible for federal deposit
insurance by the FDIC for the maximum aggregate amount of principal and interest available with respect to the Customer’s aggregate deposits maintained in a single recognized legal capacity, as evidenced by the records of the Depository
Institutions pursuant to applicable laws and regulations; 
 WHEREAS, the parties intend that the TDAC Master Accounts at TD
Bank shall be the primary accounts and that the TDAC Master Accounts at TD Bank USA shall receive those portions of TDAC Customers’ accounts that exceed the maximum aggregate amount of deposit insurance available with respect to each TDAC
Customer amount on deposit in the TD Bank Master Account (the “Overflow Deposit”); and 

  
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 WHEREAS, for purposes of this Agreement, “Affiliate” shall mean, for any specified
person, any other person who controls, is controlled by or is under common control with, such specified person. For purposes of this definition, (a) “control” (including, with its correlative meanings, the terms
“controlling”, “controlled by” and “under common control with”) as used with respect to any person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of such person, whether through the ownership of securities or other similar interest, by contract or otherwise, (b) with respect to the Ameritrade Companies, Affiliate shall not be deemed to include TD Parent or any of its
subsidiaries (collectively known as the TD Bank Financial Group) and (c) with respect to the Depository Institutions and TD Parent, Affiliate shall not be deemed to include the Ameritrade Companies. 

Now, therefore, the parties agree as follows: 
 1. (a) TDAC will act as the authorized agent, nominee, custodian and messenger of each TDAC Customer, and not of the Depository Institutions, in establishing, maintaining, making deposits to and
withdrawals from, and effecting other transactions in the TDA Master Accounts established and maintained by TDAC in its name. Except as set forth in Section 8, all deposits, withdrawals and other transactions in the TDA Master Accounts shall
only be effected by TDAC, as agent for the TDAC Customers, and not directly by the TDAC Customers. 
 (b) TDATC will act as the
authorized agent, nominee, custodian and messenger of each TDATC Customer, and not of the Depository Institutions, in establishing, maintaining, making deposits to and withdrawals from, and effecting other transactions in the TDATC Master Accounts
established by TDATC in its name. Except as set forth in Section 8, all deposits, withdrawals and other transactions in the TDATC Master Accounts shall only be effected by TDATC, as agent for the TDATC Customers, and not directly by the TDATC
Customers. 
 (c) TDAC hereby agrees to act as recordkeeper in maintaining the information set forth in Section 9 with
respect to the TDAC Customer Accounts. 
 (d) TDATC hereby agrees to act as recordkeeper in maintaining the information set forth
in Section 9 with respect to the TDATC Customer Accounts. 
 (e) TDA, TDATC and TDAC agree to accept on behalf of the
Depository Institutions notices from Customers regarding unauthorized activity in their Money Market Deposit Accounts. 
 2.
Terms and Conditions of the Customer Accounts. Unless otherwise required by law or regulation, the parties agree that the Customer Accounts shall be governed by the following terms and conditions: 

(a) no commitment shall be made to pay an interest rate or to employ a method of calculation of an interest rate on the funds deposited in
the Master Accounts for a longer period than permitted by applicable law, regulation or rule; 
 (b) there shall be no maturity
on the Customer Accounts; 

  
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 (c) the Depository Institutions reserve the right to require seven (7) days’ prior
notice of any withdrawal of funds from the Customer Accounts; provided, however, that if a Depository Institution elects to exercise its right to require seven (7) days’ prior notice of any withdrawal of funds from a Customer Account, it
shall, subject to applicable regulatory limitations, exercise such right as to all accounts established at such Depository Institution under 12 C.F.R. Section 204.2(d); 
 (d) there is no restriction on the number of any additional deposits to the Customer Accounts; 
 (e) the Customer Accounts shall not be transferable; 
 (f) withdrawals from the
Customer Accounts shall be permitted only in accordance with Section 7 hereof; 
 (g) the Customer Accounts shall be subject
to any and all terms and conditions as may from time to time be imposed on any money market deposit account described in 12 C.F.R. Section 204.2(d)(2) by any applicable law, regulation or rule or by any other determination of any governmental
or regulatory authority; 
 (h) no checks shall be furnished by the Depository Institutions to the Customers for check writing
purposes directly against the Customer Accounts; and 
 (i) no debit cards shall be furnished by the Depository Institutions to
the Customers for debit of funds directly against the Customer Accounts. 
 3. Procedures for Establishment of, and Deposits
to, the Master Accounts. 
 (a) The TDA Master Accounts shall be established on behalf and for the benefit of the TDAC
Customers in the name of “TD AMERITRADE Clearing, Inc. for the Exclusive Benefit of Its Customers” at an office of each Depository Institution to be determined by mutual agreement of the parties (each, an “Office”). The TDAC
Master Accounts will be maintained on the books and records of the Depository Institutions, evidenced by book entry on the account records of the Depository Institutions in the name of TDAC as agent for the TDAC Customers. As set forth in
Section 9, and for the purposes set forth therein, TDAC shall maintain account information and deposit records with respect to the TDAC Customer Accounts. 
 (b) The TDATC Master Accounts shall be established on behalf and for the benefit of the TDATC Customers in the name of “TD Ameritrade Trust Company for the Exclusive Benefit of Its Customers” at
an office of TD Bank USA to be determined by mutual agreement of the parties (the “Office”). The TDATC Master Accounts will be maintained on the books and records of TD Bank USA, evidenced by a book entry on the account records of TD Bank
USA in the name of TDATC as agent for the TDATC Customers. As set forth in Section 9, and for the purposes set forth therein, TDATC shall maintain account information and deposit records with respect to the TDATC Customer Accounts. 

  
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 (c) TDAC and TDATC, as agents for their respective Customers, may on any Business Day (as
defined below) deposit federal or other immediately available funds from the Customer Accounts into the applicable Master Account by wire transfer to the appropriate Office, accompanied by appropriate instructions. If that wire transfer together
with such instructions is received by the applicable Depository Institution prior to 6:00 p.m., Eastern Time, on any Business Day, the funds deposited by such wire transfer shall be credited to the applicable Master Account on that Business Day. The
term “Business Day” shall mean a day on which TDAC, TDATC and the banks in Wilmington, Delaware and Portland, Maine are open for business, except with respect to the determination of LIBOR rate, if applicable, in which case a Business Day
shall mean a day on which banks in the City of London are open for business. 
 (d) If withdrawals from a Master Account cause
the deposit balance therein to be reduced to zero, the Depository Institution shall nevertheless continue to maintain such Master Account until TDAC or TDATC, as appropriate, notifies the Depository Institution to close such Master Account.

 4. Cost of Funds. (a) For each Business Day, the cost of funds to the Depository Institutions with respect to the
deposits maintained in the Master Accounts will be comprised of the interest paid on funds in the Master Accounts and a fee, as further described in Section 5, to be paid for the services provided by the Ameritrade Companies as contemplated
herein. 
 (b) The interest rate payable by the Depository Institutions on the Master Accounts during any day shall be such
rate(s) (calculated on the basis of the actual days elapsed of a year of 365 days) as determined by each Depository Institution in its discretion on each Business Day. The Depository Institutions shall notify TDAC and TDATC of the interest rate(s)
by telephone (confirmed promptly by the Depository Institutions thereafter by facsimile or e-mail) not later than 11:00 a.m., Eastern Time, on each Business Day, or such other time as the parties may otherwise mutually agree. If a Depository
Institution does not provide such notification to TDAC or TDATC, or if a day is not a Business Day, the applicable Master Account shall bear interest at the interest rate last established for such Master Account pursuant to this Section 4.

 (c) Interest shall be calculated daily and credited monthly to the principal for the Master Accounts on the last Business Day
of the calendar month, or on such other date as may be agreed to by the parties. Interest will begin to accrue on funds deposited to the Master Accounts on the day on which such funds are credited to the Master Accounts in accordance with the
provisions of Section 3(c) hereof, and will accrue to, but not including, the day on which funds are withdrawn from the Master Accounts. 
 5. Fees. (a) During the term of this Agreement, TDA shall be obligated to make available the Money Market Deposit Accounts as the default designated sweep vehicle to the TDAC Customers. It is
agreed, however, that TDA retains the ability to change the default designated sweep vehicle from the Money Market Deposit Accounts to free credit balances held at TDAC for new accounts opened after the date of implementation of such a change. In
connection herewith, the Ameritrade Companies shall provide marketing and support services in 

  
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respect of Money Market Deposit Accounts established on behalf of the Customers. In consideration of the services to be provided by TDA, TDAC and TDATC respectively hereunder, the Depository
Institutions agree to pay to TDA, TDAC and TDATC collectively an aggregate fee (the “Marketing Fee”), on a monthly basis in arrears, in an amount equal to (i) the calculated yield computed in accordance with Exhibit A
earned by the Depository Institutions during the month on the securities, derivatives, Notional Investments (as defined in Exhibit A) and other assets funded by the Master Accounts, including CRA assets funded by the Master Accounts (the
“Assets”) computed in accordance with Exhibit A, less (ii) the actual interest cost paid by the Depository Institutions during the month on the Master Accounts, less (iii) a servicing fee (the
“Service Fee”) of 25 basis points on the amount of the Master Accounts, less (iv) the total amount of the FDIC insurance premium assessments paid by the Depository Institutions each year with respect to the balances of
the Master Accounts held at the Depository Institutions (quarterly allocation to be determined by the parties), less (v) 55 basis points of average outstanding CRA loans, subject to revision annually at the Depository Institutions’
fiscal year-end to reflect inherent loss in the CRA portfolio for the prior year calculated in accordance with the Depository Institutions’ policy on allowance for loan losses, plus (vi) the tax benefit realized by the Depository
Institutions on tax-exempt municipal securities funded by the Master Accounts, as calculated in accordance with Exhibit B. In the event that the computation of the Marketing Fee in any given month results in a negative amount, TDA, TDAC and
TDATC collectively agree to pay to the Depository Institutions such amount. The mechanics of the payment of the Marketing Fee may vary from time to time as agreed to in writing by the parties. The parties hereto agree that no portion of the
Marketing Fee shall compensate TDAC, or reimburse TDAC for expenses incurred, in connection with acting as messenger for their respective Customers. The Marketing Fee shall be allocated between the Depository Institutions based on the respective
attributes of the fee components attributed to and expenses incurred by each Depository Institution, such allocation to be determined by agreement between the Depository Institutions on a monthly basis. 

(b) Each Notional Investment shall be evidenced by a written confirmation executed by both parties which details the agreed-upon yield,
maturity date, principal amount and other material terms. In the event any portion of the funds underlying a particular Notional Investment are withdrawn prior to the maturity of the investment, TDA, TDAC and TDATC, as appropriate, shall pay a
penalty equal to the Economic Replacement Value (as defined below), if positive, on the principal amount withdrawn to the appropriate Depository Institution. Such penalty shall be due upon receipt by TDA, TDAC and TDATC, as appropriate, of written
notice of the amount of the penalty from such Depository Institution. The Economic Replacement Value is the interest cost to the Depository Institution calculated as the actual discounted value of any positive difference between the cost of the
replacement funds underlying the Notional Investment and the cost of the previously agreed-upon funding, and shall be calculated in the manner detailed in that certain letter dated May 13, 2009 from TDA, TDAC and TDATC to TD Bank USA, N.A. and
TD Parent (or any superseding letter or agreement). At the request of TDA, TDAC and/or TDATC, the Depository Institution(s) will provide estimates of the penalty that would be payable under this paragraph in the event of withdrawal of funds
underlying certain Notional Investments, and will cooperate with TDA, TDAC and TDATC regarding potential liquidation strategies, and specifically, the determination of which Notional Investment will be withdrawn. 

  
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 (c) The parties acknowledge that the Assets shall be managed in accordance with the approved
policies of the Depository Institutions’ Boards of Directors and their Asset Liability Committees (the “ALCOs”) as administered by the ALCOs pursuant to an investment strategy developed and implemented within appropriate strategic and
regulatory considerations. The Depository Institutions shall provide the Chief Financial Officer as well as the Treasurer of TDA with their investment policies and will provide notice to both when its investment policy is updated. In addition,
within 45 days following the end of each calendar quarter, the Depository Institutions will provide a letter to TDA, TDAC and TDATC by email to the Treasurer of TDA, or his designee, in which the Depository Institutions certify their compliance with
their respective stated investment policies. 
 (d) The parties hereby agree that the Marketing Fee shall not be subject to
either a cap or a floor. Notwithstanding the foregoing, the parties understand and agree that the arrangement created by this Agreement is subject to Section 23B of the Federal Reserve Act and, accordingly, must be on terms and conditions that
the Depository Institutions in good faith would accept from unaffiliated deposit sources. In the event that either Depository Institution determines that the Marketing Fee paid by such Depository Institution, together with the interest rate paid on
the Master Accounts, exceeds the rate that such Depository Institution would have to pay to obtain funds in similar amounts and duration from unaffiliated deposit sources, then upon request of that Depository Institution, the parties shall
renegotiate the Marketing Fee or terminate this Agreement in accordance with Section 15 hereof. 
 (e) The Depository
Institutions shall provide to TDA, TDAC and TDATC, on an annual basis, an agreed-upon procedure report prepared by auditors for the Depository Institutions verifying that (1) the calculations used and (2) the marketing fees paid by the
Depositary Institutions are in conformity with the terms of this Agreement. 
 6. Allocation of Deposits. (a) TDAC
shall allocate TDAC Customer funds in the TDAC Master Accounts so that an amount that is less than or equal to the TDAC Customer’s FDIC insurance limit be deposited in the TDAC Master Account at TD Bank, with any overage to be allocated to the
TDAC Master Account at TD Bank USA, and TDATC shall allocate TDATC Customer funds to the TDATC Master Accounts held at TD Bank USA. 
 (b) The Depository Institutions recognize that TDA and TDATC may enter into agreements similar to this Agreement with other depository institutions for the purpose of providing FDIC insurance to Customer
Accounts that exceed the Depository Institutions’ FDIC insurance limits. The Depository Institutions agree that the selection of other depository institutions to participate in the offering of Money Market Deposit Accounts to Customers shall be
in the sole discretion of TDA and TDATC, subject to TD Parent’s right to object based on reasonable commercial business considerations, provided, however, that regardless of any such objection, the final decision concerning the selection of the
other depository institutions remains in the sole discretion of TDA and TDATC. The effectiveness of this Agreement shall in no way be conditioned upon the participation with by other designated or undesignated depository institutions in the offering
of Money Market Deposit Accounts to Customers. TDA and TDATC recognize that the Depository Institutions may offer Money Market Deposit Accounts to persons other than the Customers without restriction. 

  
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 (c) In the event that TDA or TDATC enter into agreements similar to this Agreement with
other depository institutions, it is understood and agreed that the funds of the Customers shall be allocated to the depository institutions offering Money Market Deposit Accounts as the Customers and TDAC or TDATC as agent for the Customers shall
determine appropriate. In this regard, the Depository Institutions recognize that TDA and TDATC may (i) provide the Customers with a list of depository institutions making Money Market Deposit Accounts available, (ii) pursuant to the
direction of a Customer, place funds in a Money Market Deposit Account at the depository institution that the Customer has selected, and (iii) deposit in excess of FDIC insurance limits applicable to a Customer in a Money Market Deposit Account
at the depository institution selected by the Customer. 
 7. Withdrawals from and Closure of a Master Account.
(a) Withdrawals from a Master Account may be made prior to 4:00 p.m., Eastern Time, on any Business Day only by TDAC, as agent for the TDAC Customers, or by TDATC, as agent for the TDATC Customers. All withdrawals shall be made no more than
once a day on any Business Day pursuant to instructions delivered by TDAC or TDATC, as applicable, or their respective messenger. TDAC, TDATC or such messenger, as applicable, shall receive evidence of the Depository Institution’s receipt of
the withdrawal and transfer instructions for same day funds representing the total of such withdrawals to be made to TDAC, as agent for the TDAC Customers, or TDATC, as agent for the TDATC Customers, as applicable. If directed by TDAC, TDATC or
their respective messenger, as applicable, the Depository Institution will transfer funds to accounts at another depository institution. Each of TDAC and TDATC agrees that upon its receipt of such payment for withdrawals, the Depository Institution
shall have no further obligation and shall be discharged as to TDAC or TDATC, as appropriate, and any Customers on whose behalf such payment was made, and that the Depository Institution shall have no further obligation with respect to the funds
represented by such withdrawal other than the obligation to pay any accrued and unpaid interest relating to those funds. 
 (b)
Each of TDAC and TDATC reserves the right to make withdrawals equal to the remaining balance in a Master Account. Such Master Account may only be closed by TDAC, as agent for the TDAC Customers, or TDATC, as agent for the TDATC Customers, as
applicable. 
 8. Registration at the Depository Institutions. Pursuant to instructions received from a Customer, if TDAC
or TDATC, as applicable, so advises a Depository Institution, such Depository Institution shall record a Money Market Deposit Account on behalf of such Customer on the books and records of the Depository Institution in the name of such Customer
(i) if such Customer terminates its agency relationship with respect to the applicable Master Account at the Depository Institution, (ii) if TDA or TDATC cease to make the Depository Institution’s Money Market Deposit Account
available as a designated sweep vehicle, or (iii) if this Agreement is terminated by any party. Upon request, TDAC or TDATC, as applicable, will provide the Depository Institution with confirmation of such Customer’s instructions. To
facilitate such recordation in the name of such Customer, and upon direction by such Customer or by TDAC or 

  
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TDATC, as applicable, shall reasonably cooperate with the Depository Institution in establishing the identity of such Customer, including, without limitation, the name, address and taxpayer
identification number of such Customer. Upon recordation of a Money Market Deposit Account in the name of a Customer, the provisions of this Agreement shall no longer govern the terms of such account and TDAC or TDATC, as applicable, shall have no
further obligation with respect to servicing such Customer’s Money Market Deposit Account. 
 9. Books and Records
Concerning the Master Accounts. (a) As agents and custodians for the Customers, each of TDAC and TDATC will maintain, in good faith and in the regular course of business, and in accordance with applicable published requirements of the FDIC
(including, without limitation, FDIC requirements for pass-through deposit insurance coverage), books and records setting forth the daily balance and accrued interest in the Master Accounts at the Depository Institutions and identifying with respect
to such Master Accounts the names, addresses and social security or tax identification numbers of the Customers and any representative capacity in which the Customers may be acting. It is understood that the names, addresses and social security or
tax identification numbers of the Customers, and any representative capacity in which they may be acting, will be maintained on TDAC’s or TDATC’s, as applicable, books and records in its capacity as agent and custodian for the Customers
and will not be disclosed to the Depository Institutions except as otherwise required by law or this Agreement. 
 (b) In
connection with the Depository Institutions’ compliance with 12 C.F.R. Part 204 (“Regulation D”), TDAC and TDATC, as recordkeepers for the Depository Institutions, shall allow independent auditors, examiners and other authorized
representatives of the federal bank regulatory agencies that have appropriate jurisdiction over the Depository Institutions reasonable access from time to time upon request to the books and records of TDAC and TDATC, as applicable, with respect to
the Master Accounts, and each of TDAC and TDATC shall cooperate with such independent auditors and agencies to the extent necessary to enable the Depository Institutions to comply with their obligations under Regulation D and other regulatory
guidelines with regard to such requests for access. 
 (c) Each of TDAC and TDATC covenants that it shall at all times maintain,
or cause to be maintained, an emergency system to ensure that the books and records concerning the Master Accounts will be retrievable within a reasonable period of time in the event of a computer failure or malfunction. 

(d) TDAC and TDATC may delegate to a third-party service provider their respective duties under this Section 9; provided, that
(i) the third-party service provider will at all times maintain, or cause to be maintained, an emergency system to ensure that the books and records concerning the Master Accounts will be retrievable within a reasonable period of time in the
event of a computer failure or malfunction and (ii) TDAC and TDATC will remain liable to the Depository Institutions for such delegated services to the same extent as if TDAC or TDATC, as applicable, had performed them themselves. 

  
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 (e) Upon request of a Depository Institution, TDAC or TDATC, as applicable, will prepare and
deliver to the Depository Institution as promptly as is commercially reasonable, the following information with respect to any date(s) designated by the Depository Institution in machine readable form or in the form of a computer printout:

 (i) a list of all beneficial owners of the applicable Master Account(s) at the Depository Institution, designated by account
number, in which deposits are being made on that day, setting forth the amount of the deposit to each Money Market Deposit Account; 
 (ii) a list of all beneficial owners of the applicable Master Account(s) at the Depository Institution, designated by account number, from which withdrawals are being made on that day, setting forth the
amount of the withdrawals from each Money Market Deposit Account; 
 (iii) a statement of the aggregate balance in each
applicable Customer’s Money Market Deposit Account after the deposits and withdrawals set forth in the lists described in (i) and (ii) above, respectively, have been effected; 

(iv) a list of all beneficial owners of the applicable Master Account(s) at the Depository Institution, designated by account number,
indicating whether each beneficial owner is an individual; an organization that is operated primarily for religious, philanthropic, charitable, educational, political or other similar purpose and that is not operated for profit; the United States; a
state, county, municipality or political subdivision thereof; or the District of Columbia, the Commonwealth of Puerto Rico, American Samoa, Guam, any territory or possession of the United States or any political subdivision thereof; and 

(v) such other information as the Depository Institution may reasonably request to facilitate or demonstrate its compliance with
Regulation D (or any successor regulation). 
 (f) TDAC and TDATC shall at all times comply, and ensure that any third party
service provider to which it delegates any of its respective duties under this Section 9 will at all times comply, with the applicable requirements of OCC Bulletin 2005-13 (12 CFR §30, Appendix B), and will allow the Depository
Institutions access to its books and records and its personnel in order to permit the Depository Institutions to maintain and assess compliance with the foregoing requirements by TDAC and TDATC and any such third party service providers. 

10. Representations, Warranties and Covenants of TDA. TDA represents, warrants and covenants as follows: 

(a) TDA is a corporation duly incorporated, validly existing and in good standing under the laws of the State of New York. 

(b) This Agreement constitutes a legal, valid and binding obligation of TDA, enforceable against TDA in accordance with its terms, except
as enforcement may be limited by bankruptcy, insolvency, liquidation or other similar laws affecting generally the enforcement of creditors’ rights. 

  
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 (c) TDA has full power and authority to do and perform all acts contemplated by this
Agreement. 
 (d) TDA either has full power and authority to receive on behalf of, and as agent for, each of the Customers any
information, including disclosure information, that the Depository Institutions may provide in connection with a Money Market Deposit Account, including any disclosure information required by law or, if TDA lacks such power and authority, TDA shall
deliver such information directly to the Customer within any applicable time periods required by law. 
 (e) TDA will perform its
obligations under this Agreement pursuant to all federal and state securities laws and all regulations of any regulatory agency or self-regulatory organization applicable to the performance of its obligations hereunder. 

(f) TDA shall maintain a fidelity bond covering its officers and employees in an amount equal to or exceeding $1,000,000. 

(g) TDA shall provide all of the services specified herein to be provided by TDA in accordance with industry practices; provided, however,
that in the event any applicable regulation, statute or rule changes or any new applicable regulation, statute or rule is enacted, the parties shall negotiate in good faith to determine appropriate service levels. 

11. Representations, Warranties and Covenants of TDAC and TDATC. TDAC and TDATC represent, warrant and covenant, severally and not
jointly, as follows: 
 (a) TDAC is a corporation duly incorporated, validly existing and in good standing under the laws of the
State of Nebraska and TDATC is a non-deposit trust company duly incorporated, validly existing and in good standing under the laws of the State of Maine. 
 (b) This Agreement constitutes a legal, valid and binding obligation of each of TDAC and TDATC, enforceable against each in accordance with its terms, except as enforcement may be limited by bankruptcy,
insolvency, liquidation or other similar laws affecting generally the enforcement of creditors’ rights. 
 (c) Each of TDAC
and TDATC has full power and authority to do and perform all acts contemplated by this Agreement. 
 (d) TDAC is the authorized
representative, agent (or sub-agent) and nominee (or sub-nominee) for each TDAC Customer in establishing, maintaining, making deposits to and withdrawals from and effecting other transactions in the TDAC Master Accounts and is authorized to give the
Depository Institutions instructions on behalf of the TDAC Customers with respect to the TDAC Master Accounts; and the Depository Institutions may conclusively rely without further inquiry on such instructions given by TDAC on behalf of the TDAC
Customers or otherwise in connection with this Agreement. TDATC is the authorized representative, agent (or sub-agent) and nominee (or sub-nominee) for each TDATC Customer in establishing, maintaining, making deposits to and withdrawals from and
effecting other 

  
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transactions in the TDATC Master Accounts and is authorized to give the Depository Institutions instructions on behalf of the TDATC Customers with respect to the TDATC Master Accounts; and the
Depository Institutions may conclusively rely without further inquiry on such instructions given by TDATC on behalf of the TDATC Customers or otherwise in connection with this Agreement. 

(e) Each of TDAC and TDATC, as recordkeepers for the Depository Institutions, will maintain the applicable Master Accounts in accordance
with the definition of “savings deposit” in 12 C.F.R. Section 204.2(d)(2) and interpretations of the Federal Reserve Board thereunder, including the transfer and withdrawal restrictions contained therein. 

(f) TDATC either has full power and authority to receive on behalf of, and as agent for, each of the TDATC Customers any information,
including disclosure information, that the Depository Institutions may provide in connection with a Money Market Deposit Account, including any disclosure information required by law or, if TDATC lacks such power and authority, TDATC shall deliver
such information directly to the Customer within any applicable time periods required by law. 
 (g) Each of TDAC and TDATC will
perform its obligations under this Agreement pursuant to all federal and state securities laws and all regulations of any regulatory agency or self-regulatory organization applicable to the performance of its obligations hereunder. 

(h) Each of TDAC and TDATC will prepare and file, on a timely basis and in the manner prescribed by the Internal Revenue Code of 1986 (the
“Internal Revenue Code”), as amended, and applicable regulations thereunder, all information returns that may be required by TDAC and TDATC in whatever capacity with respect to its respective Master Accounts (with the customary copies
thereof for state and local taxing authorities) and will furnish a copy of all information returns and notifications prescribed by the Internal Revenue Code and applicable regulations thereunder with respect to any Customer holding a Money Market
Deposit Account at the Depository Institution(s) to the Customer; provided, however, that in the event TDAC or TDATC does not have available to it the information required to complete such information return and such information is available to the
Depository Institution(s), TDAC or TDATC, as applicable, shall request such information from the Depository Institution(s) and upon receipt of such information in a timely manner, TDAC or TDATC, as appropriate, shall prepare and file such return in
an timely manner. Each of TDAC and TDATC will cause to be obtained and retained in its files any necessary exemption certificates from its respective Customers with respect to the filing of any information return and the withholding of taxes.

 (i) Each of TDAC and TDATC will withhold in a timely and proper manner any and all taxes required to be withheld under
applicable law in connection with the payment or crediting of any interest on any beneficial interest in the applicable Master Accounts and will pay in a timely and proper manner such amount to the appropriate governmental agency or its designated
agent. 
 (j) Each of TDAC and TDATC shall maintain a fidelity bond covering its officers and employees in an amount equal to or
exceeding $1,000,000. 

  
 12 

 (k) Each of TDAC and TDATC shall provide all of the services specified herein to be provided
by TDAC and TDATC in accordance with industry practices; provided, however, that in the event any applicable regulation, statute or rule changes or any new applicable regulation, statute or rule is enacted, the parties shall negotiate in good faith
to determine appropriate service levels. 
 12. Representations, Warranties and Covenants of the Depository Institutions.
The Depository Institutions represent, warrant and covenant, severally and not jointly, as of each date on which any Master Account is maintained pursuant to this Agreement as follows: 

(a) Each Depository Institution is a national banking association organized and existing under the laws of the United States, regulated by
the Office of the Comptroller of the Currency. 
 (b) This Agreement constitutes a legal, valid and binding obligation of each
Depository Institution, except as enforcement may be limited by bankruptcy, insolvency, liquidation or other similar laws affecting the enforcement of creditors’ rights generally or of creditors of depository institutions the accounts of which
are insured by the FDIC. 
 (c) Neither the execution and delivery of this Agreement, the consummation of the transactions herein
contemplated, the fulfillment of, or compliance with, the terms and provisions hereof, nor the performance of its obligations with respect to the Master Accounts will conflict with, or result in a breach of any of the terms, conditions or provisions
of (i) any material federal banking or other law, regulation, order, regulatory agreement, or rule applicable to each Depository Institution or governing the acceptance of deposits, (ii) any material applicable law, rule or regulation of
the state in which each Depository Institution has its principal place of business or of any regulatory agency or self-regulatory organization, (iii) the Articles of Association or bylaws of each Depository Institution or (iv) any material
agreement to which each Depository Institution is a party or by which it may be bound. 
 (d) Prior to the performance of any of
its obligations pursuant to this Agreement, each Depository Institution will have obtained and/or made any consent, approval, waiver or other authorization of or by, or filing or registration with, any court, administrative or regulatory agency or
other governmental authority of the federal government or the state in which the Depository Institution has its principal place of business that is required to be obtained by the Depository Institution in connection with the execution, delivery or
performance by the Depository Institution, or the consummation by the Depository Institution, of the transactions contemplated by this Agreement including, without limitation, the offering of Money Market Deposit Accounts. 

(e) The deposits made in each Depository Institution are insured by the FDIC to the full extent permitted by law. The Customer Accounts
will be eligible for FDIC insurance for the maximum aggregate amount of principal and interest available to each Customer identified on the records maintained pursuant to Section 9 of this Agreement for each recognized legal capacity for which
the Customer is eligible, subject to (i) FDIC aggregation rules for other 

  
 13 

 
accounts held by a Customer with a Depository Institution and (ii) the Depository Institution recording the Master Accounts as set forth in Section 3 of this Agreement. Each Depository
Institution will provide immediate notification of any action by the FDIC or the Depository Institution to terminate the Depository Institution’s insured status. 
 (f) Each Depository Institution is a “well capitalized” institution as defined in 12 C.F.R. Section 337.6 and may accept deposits from a deposit broker without obtaining a waiver from the
FDIC, except to the extent that the Depository Institution has been characterized as an “adequately capitalized” institution for a period of 90 days or less, as defined in 12 C.F.R. Section 337.6, and has been granted a waiver during
such period from the FDIC allowing it to accept deposits from a deposit broker. Each Depository Institution will provide immediate notification upon the occurrence of any event that causes, or could cause, the Depository Institution to be placed in
a lower capital category, or be considered “not adequately capitalized” under federal banking law or regulation. 
 (g)
As of the date hereof, there is no action, suit, proceeding, inquiry or investigation by or before any court, governmental agency, public board or body pending or any agreement, resolution or order being considered by any governmental agency, to the
knowledge of each Depository Institution, threatened against or enjoining the ability of each Depository Institution to make Money Market Deposit Accounts available as specified in this Agreement. 

(h) As of the date hereof, the statements made in the TDA and TDATC Customer Handbook and Account Agreement (the “Handbook”), to
the extent that they make representations concerning the Depository Institution and deposit insurance coverage, are true and accurate in all material respects. 
 (i) As of the date hereof, neither Depository Institution is the subject of or party to a memorandum of understanding or any supervisory agreements, mandated Board Resolutions, cease-and-desist orders,
consent agreements, or regulatory restrictions that would directly or indirectly affect its ability to fulfill its obligations under this Agreement. 
 (j) The Depository Institutions will furnish to the Ameritrade Companies (i) copies of all annual, quarterly, and other reports and information furnished to stockholders of The Toronto-Dominion Bank,
the company controlling the Depository Institutions, not later than the time such reports and other information are first furnished to such stockholders, and (ii) any other reports and financial statements filed with the Securities and Exchange
Commission. 
 (k) Each Depository Institution has provided, and while any Master Account is maintained, will provide the
Ameritrade Companies with all information that each Depository Institution is required to provide Money Market Deposit Account holders under any federal or state law, rule or regulation governing savings deposits held under arrangements similar to
that sat forth herein. None of TDA, TDAC or TDATC shall not have any responsibility for any omission on a Depository Institution’s part to notify the Ameritrade Companies or for any delay in notification, of any disclosure that is required to
be distributed by a Depository Institution at the time of, or subsequent to, the date hereof. 

  
 14 

 (l) The Master Accounts will not at any time be subject to any right, charge, security
interest, lien or claim of any kind against TDA, TDAC or TDATC in favor of the Depository Institutions or any person claiming through the Depository Institutions, and the Depository Institutions will not exercise any right of set-off or recoupment
against the Master Accounts. 
 (m) Each Depository Institution is authorized under appropriate law and regulation to pay
interest on the Master Accounts at the interest rate determined in accordance with Section 4 hereof. 
 (n) The obligation
of each Depository Institution in respect of each interest in the Master Accounts is entitled to the priority provided to “deposit liabilities” by Section 11(d)(11) of the Federal Deposit Insurance Act 

(o) No applicable law or regulation of the state of each Depository Institution’s principal place of business or any political
subdivision thereof imposes any state or local income or franchise tax with respect to any Money Market Deposit Account established by a nonresident of such state. 
 (p) Each Depository Institution shall maintain a fidelity bond covering its officers and employees in an amount equal to or exceeding $1,000,000. 

(q) The Depository Institutions hereby covenant and agree that, upon request by and at the sole option of TDA, TDAC or TDATC, the
Depository Institutions shall provide Master Accounts and related services to any of their Affiliates or any successor entity of TDA, TDAC or TDATC, as applicable, controlled by Ameritrade Parent upon terms and conditions that are substantially
similar to those contained herein pursuant to either an amendment to this Agreement or a separate agreement; provided, however, that if a new agreement is entered into pursuant to this Section 12(q), the term of the new agreement shall be the
term of this Agreement such that any expiration or termination of this Agreement shall cause such new agreement to terminate simultaneously with this Agreement. 
 (r) Each Depository Institution shall provide all of the services specified herein to be provided by the Depository Institution in accordance with industry practices; provided, however, that in the event
any applicable regulation, statute or rule changes or any new applicable regulation, statute or rule is enacted, the parties shall negotiate in good faith to determine appropriate service levels. 

13. Master Account Description, Statements and Disclosures. (a) TDA and TDATC agree to provide each Customer with a
description of the terms and conditions of such Master Account, substantially in the form of the disclosure contained under the section titled “Money Market Account” in the Handbook, as the same shall be amended from time to time, prior to
or simultaneously with the Customer’s election of the Money Market Deposit Account as the “designated sweep vehicle.” TDA and TDATC agree to provide any amendments to the section titled “Money Market Account” in the Handbook
to the Depository Institutions for their review and approval prior to providing the amended section to Customers. 

  
 15 

 (b) TDA and TDATC agree to periodically provide each Customer with a statement on a monthly,
quarterly or other basis permitted by law, which shall reflect each deposit to or withdrawal from the Customer Account during the previous period, the closing balance of such Customer Account at the end of the previous period, and the amount of
interest earned on funds in such Customer’s Money Market Deposit Account during the previous period. The parties acknowledge that the Depository Institutions will have no responsibility for providing such periodic statements or for the
completeness or accuracy thereof. 
 (c) TDA and TDATC agree to distribute all disclosures provided by the Depository
Institutions pursuant to Section 12(k) hereof to the Customers. 
 (d) Upon establishment of a Money Market Deposit Account
by a Customer, TDA or TDATC, as applicable, shall provide the Customer with information regarding the date of the initial deposit to the applicable Master Account, the name of the Depository Institution, and the fact that TDA or TDATC, as
applicable, will receive from the Depository Institution the fee described in Section 5 hereof. The information may be furnished by TDA or TDATC, as applicable, in the form of a trade confirmation or a customer transaction statement.

 14. Indemnification. (a) Each Depository Institution agrees to indemnify and hold harmless the Ameritrade
Companies and their Affiliates, officers, directors, employees, agents, and contractors from and against any liability, claim, cost or expense (including court costs and attorney’s fees) arising out of (i) such Depository
Institution’s material breach of any of its representations, warranties, covenants or other agreements set forth in this Agreement and (ii) such Depository Institution’s gross negligence, fraud or intentional misconduct. 

(b) The Ameritrade Companies agree to indemnify and hold harmless the Depository Institutions and any of their Affiliates, and their
respective officers, directors, employees, agents or contractors from and against any liability, claim, cost or expense (including court costs and attorney’s fees) arising out of (i) TDA’s, TDAC’s or TDATC’s material breach
of any of TDA’s, TDAC’s or TDATC’s, representations, warranties, covenants or other agreements set forth in this Agreement and (ii) TDA’s, TDAC’s or TDATC’s gross negligence, fraud or intentional misconduct.

 (c) For purposes of this Section 14, the party obligated to provide the indemnity described in Sections 14(a) and
(b) will be referred to as the “Indemnitor” and the party receiving the benefit of such indemnity will be referred to as the “Indemnitee”. The Indemnitee shall give the Indemnitor prompt notice of any claim for
indemnification; provided, that the Indemnitee’s failure to give such prompt notice shall not relieve the Indemnitor of its indemnification obligation except to the extent that the Indemnitor was materially prejudiced by such failure. The
Indemnitor shall have no obligation pursuant to Section 14(a) or (b) unless the Indemnitee permits the Indemnitor to assume and control the defense of the related claim, suit, action or proceeding, with counsel chosen by the Indemnitor
(who must be reasonably acceptable to the Indemnitee). The Indemnitor shall not enter into any settlement or compromise of any such claim, suit, action or proceeding without the Indemnitee’s prior written approval, which approval shall not be
unreasonably withheld. The Indemnitor shall pay any and all liabilities, claims, costs or expenses awarded against the Indemnitee and all expenses incurred by the Indemnitee in connection with, or arising from, any such claim, suit or proceeding.

  
 16 

 (d) Notwithstanding the foregoing, the Indemnitee may, at its own option and expense, employ
counsel to monitor any claim for which it is entitled to indemnification under this Section 14, and counsel for the Indemnitor shall provide cooperation and assistance to such counsel for the purpose of apprising the Indemnitee of the status of
such proceeding, including the status of settlement negotiations, if any. Nothing in this Agreement shall be deemed to limit or eliminate the right of a party at any time to waive indemnification to which it is otherwise entitled pursuant to this
Section 14 by independently defending or settling any claim on its own behalf; provided, that the party exercising this right will provide the other party with prompt written notice of its intent to do so, and such party agrees that it will not
be entitled to seek any other remedy against the other with respect to the subject matter of the claim for which it has waived indemnification. 
 (e) Notwithstanding any other provision herein, neither party will be liable to the other for: 
 (i) special, indirect, consequential, punitive, exemplary or incidental damages of the other party of any kind, including but not limited to lost profits, lost savings, and loss of use of facility or
equipment, regardless of whether arising from breach of contract, warranty, tort, strict liability or otherwise, even if advised of the possibility of such losses or damages or if such losses or damages could have been reasonably foreseen; or

 (ii) any delay or failure to perform its obligations under this Agreement to the extent that such delays or failures result
from causes or circumstances beyond its reasonable control, including, but not limited to, failure of electronic or mechanical equipment, strikes, failure of common carrier or utility systems, severe weather, market disruptions, or other causes
commonly known as “acts of God”; in any such event, in order to be so excused from such delay or failure to perform, the party so affected must give notice of the cause of such delay or failure to the other party as promptly as practicable
and use reasonable efforts to remedy the cause of such delay or failure if practicable and take all reasonable actions as may be appropriate to continue performance under this Agreement. 

15. Termination. (a) This Agreement shall have a term of five years beginning on July 1, 2008, and shall renew
automatically at the end of such five-year term and any renewal term for additional five-year periods; provided, however, that this Agreement may be terminated by the Ameritrade Companies, on the one hand, or by the Depository Institutions, on the
other hand, upon the giving of two years advance written notice of such termination. 
 (b) In the event any opinion, ruling or
statement is issued or any determination is made by any governmental or regulatory authority that the Money Market Deposit Accounts and/or the Master Accounts do not qualify as “savings deposits” under 12 C.F.R. Section 204.2(d)(2),
the Depository Institutions shall so notify the Ameritrade Companies, and Ameritrade Companies and the Depository Institutions may renegotiate the terms and the rate established with respect to the Master Accounts pursuant to Section 4(b) of

  
 17 

 
this Agreement in response to such opinion, ruling, statement or determination or the Depository Institution may present to Ameritrade Companies an alternative program having substantially
similar terms and conditions. In the event that, within thirty (30) days following the Depository Institution’s notification to the Ameritrade Companies, the Ameritrade Companies and the Depository Institutions are unable to renegotiate
the terms and a rate and/or fee acceptable to the Depository Institutions or the alternative program proposed by the Depository Institutions is not acceptable to the Ameritrade Companies after a good faith consideration of such alternative, this
Agreement shall then terminate ninety (90) days following the date of the initial notification from the Depository Institutions to the Ameritrade Companies. 
 (c) The Ameritrade Companies shall have the right to terminate this Agreement upon 90 days notice in the event of any of the following: 

(i) the Stockholders Agreement terminates pursuant to Section 6.3(c)(iii) thereof; 

(ii) The TD Parent breaches any of the provisions of Section 36(b), (c) or (d) hereof; 

(iii) a Depository Institution fails to remain a “well capitalized” or “adequately capitalized” institution (each, as
defined in 12 C.F.R. 337.6) in accordance with the terms of Section 12(f) hereof; or 
 (iv) a Depository Institution
materially breaches any of its covenants, obligations or agreements under this Agreement and fails to cure such breach within 30 days of receipt of a notice of such breach from TDA, TDAC or TDATC. 

(v) the Depository Institutions fail to comply in any material respect with the investment principles set forth in Section 5(c)
hereof and the Boards of Directors of the Depository Institutions and the Boards of Directors of the Ameritrade Companies have been unable to resolve the issue among the parties within 60 days of submitting such issue to such Boards of Directors.

 (d) In the event of any right of termination pursuant to Section 15(c)(i) the Ameritrade Companies shall have the right
to commence good faith negotiations to acquire the Assets at their fair market value pursuant to a structure mutually acceptable to the parties. 
 (e) In the event that any of TDA, TDAC or TDATC materially breaches any of its respective covenants, obligations or agreements under this Agreement and fails to cure such breach within 30 days of receipt
of a notice of such breach from the Depository Institutions, the Depository Institutions shall have the right to terminate this Agreement upon 180 days’ prior written notice to the Ameritrade Companies. 

(f) Upon any termination of this Agreement pursuant to this Section 15, the Depository Institutions shall follow the instructions of
TDAC and TDATC, as agents for the Customers, as to the disposition of the funds then on deposit in the Master Accounts at the 

  
 18 

 
Depository Institutions. The cost of funds to the Depository Institutions, as set forth in Section 4, shall continue in effect until such time as TDAC and TDATC, as agents for the Customers,
have withdrawn all funds on deposit in the Master Accounts, 
 16. Survival. Following expiration or termination of this
Agreement pursuant to Section 15 hereof, Sections 14, 16, 17, 20, 21, 22, 25, 26, and 28 shall survive any such expiration or termination. All other sections of this Agreement shall survive until the Master Accounts established at the
Depository Institutions are closed. 
 17. Confidentiality. (a) The Ameritrade Companies and the Depository
Institutions mutually acknowledge that, in the course of their dealings with each other in connection with this Agreement, each may learn Confidential Information of or concerning the other party or third persons to whom the other party has an
obligation of confidentiality. For the purposes of this Agreement, “Confidential Information” shall mean, with respect to any person, any confidential, business, trade secret, proprietary or other like information that is provided,
produced or disclosed by such person in connection with performance of this Agreement, whether in written, electronic or oral form, whether tangible or intangible, and whether or not labeled or designated as “confidential.” Confidential
Information also includes any information regarding the contents of this Agreement. 
 (b) Each party shall treat all
Confidential Information received from the other party as proprietary, and shall not disclose such Confidential Information orally or in writing to any third party without the prior written consent of the other applicable party, and shall not
appropriate any of such Confidential Information for its own use or for the use of any other person. Without limiting the foregoing, each party agrees to take at least such precautions to protect the other party’s Confidential Information as it
takes to protect its own Confidential Information, but in no event shall such precautions be less than reasonable or as required by applicable law. 
 (c) Upon the request of another party, each party shall (a) return to such other party all tangible items containing any of such other party’s Confidential Information, including all copies,
abstractions and compilations thereof, and (b) remove from its computer systems any record in electronic form that contains any of such other party’s Confidential Information, including all copies, abstractions and compilations thereof,
without retaining any copies of the items required to be returned. Any party may further require that the other parties certify in writing that they have fulfilled their obligations under this Section 17(c). 

(d) Notwithstanding anything herein to the contrary, each party may keep records of the other parties’ Confidential Information for
recordkeeping as required by applicable law; provided, that the confidentiality of all such Confidential Information is maintained in a manner consistent with the requirements of this Agreement. The obligations of this Section 17 extend to the
employees, agents, service providers and subcontractors of each party and their respective Affiliates, and each party shall inform such persons of their obligations under this Section 17. 

  
 19 

 (e) Nothing in this Agreement shall be construed to restrict disclosure or use of any
information otherwise constituting Confidential Information that: (a) was in the possession of or rightfully known by the recipient, without an obligation to maintain its confidentiality, prior to receipt from the other party; (b) is or
becomes generally known to the public without violation of this Agreement; (c) is obtained by the recipient in good faith from a third person having the right to disclose it without an obligation of confidentiality; or (d) is independently
developed by the receiving party without the participation of any persons who have had access to the other party’s Confidential Information. 
 (f) Each party shall, upon learning of any unauthorized disclosure or use of another party’s Confidential Information, notify the other parties promptly and cooperate fully with such other parties to
protect their Confidential Information. 
 (g) If any party believes it is required, by applicable law or by a subpoena or order
of a court, regulatory agency or self-regulatory organization having appropriate jurisdiction, to disclose any of another party’s Confidential Information, subject to applicable law that may prohibit the rendering of such notification, it shall
promptly notify the applicable party prior to any disclosure and shall make all reasonable efforts to allow such other party an opportunity to seek a protective order or other judicial relief. Despite any contrary provision in this Agreement, if the
party seeking to prevent disclosure of such Confidential Information does not obtain a protective order or other judicial relief within a reasonable period of time, the party required to disclose the Confidential Information may disclose such
information only to the extent required and will continue to treat the Confidential Information in accordance with this Agreement for all other purposes. Notwithstanding the foregoing and in connection with the Depository Institutions’
compliance with Regulation D, if a Depository Institution receives a request for information regarding a Customer Account at such Depository Institution from a federal bank regulatory agency with jurisdiction over such Depository Institution, the
Depository Institution will inform TDA and TDAC or TDATC, as applicable, of the request and TDA and TDAC or TDATC, as applicable, will provide the information sought as soon as possible, but in any event within ten (10) days. 

(h) Each party, with reasonable notice to the other parties and during normal business hours, shall have the right to inspect the other
parties’ books and records relating to this Agreement in order to monitor the other parties’ compliance with applicable privacy policies, laws and regulations. The party requesting the inspection shall bear all costs in connection with
such inspection. Each party agrees that it shall not interfere with the ordinary and normal course of the other parties’ business in conducting the inspection. 
 (i) The parties acknowledge that disclosure of any Confidential Information by the party receiving it will cause irreparable injury to the disclosing party, its customers and other persons, and is
inadequately compensable in monetary damages. Accordingly, a party may seek injunctive relief in any court of competent jurisdiction for the breach or threatened breach of this Section 17, in addition to any other remedies in law or equity, and
no party will raise the defense of an adequate remedy at law in opposition to any such petition for injunctive relief. This Section 17(i) shall not apply to disclosures required by applicable law, as provided in, and under the conditions of
Section 17(g) hereof. 

  
 20 

 18. Notices. 
 (a) All notices under the Agreement will be in writing and will be sent: 
 if to TD
Bank USA, N.A., to: 
 TD Bank USA, N.A. 
 Two Portland Square 
 Portland, Maine 04101 

Attention: General Counsel 
 Facsimile: **** 
 if to TD Bank, N.A., to: 

TD Bank, N.A. 

Two Portland Square 
 Portland, Maine 04101 
 Attention: General Counsel 

Facsimile: **** 

if to TD Parent, to: 
 The Toronto-Dominion Bank 
 TD Tower, 66 Wellington Street West 

Toronto, Ontario M5K1AZ 
 Attention: General Counsel 
 Facsimile: **** 

if to TDA, to: 

TD AMERITRADE, Inc. 
 c/o TD AMERITRADE Holding Corporation 
 4211 South 102nd Street 

Omaha, Nebraska 68127 
 Attention: Chief Financial Officer 
 Facsimile: **** 

if to TDAC, to: 

TD AMERITRADE Clearing, Inc. 
 4211 South
102nd Street 

Omaha, Nebraska 68127 
 Attention: Chief Financial Officer 
 Facsimile: **** 

  
 21 

 if to TDATC, to: 
 TD Ameritrade Trust Company 
 6940 Columbia Gateway Drive, Suite 200 

Columbia, MD 21046 
 Attention: General Counsel 
 Facsimile: **** 

and, a copy to: 

TD AMERITRADE Holding Company 
 6940 Columbia Gateway Drive, Suite 200 
 Columbia, MD 21046 

Attention: General Counsel 
 Facsimile: **** 
 (b) All notices to be sent or delivered hereunder shall be deemed
to be given or become effective for all purposes of this Agreement as follows: (i) when delivered in person, when delivered; (ii) when sent by registered, certified or express mail, on the earlier of the third business day after the date
of deposit in the United States mail or the date of receipt; and (iii) when sent by telegram, telecopy or other form of rapid transmission, when receipt of such transmission is received by the sender. 

19. Expenses. Each party hereto shall pay its own expenses incident to the preparation of this Agreement and the consummation of
the transactions contemplated herein. 
 20. Governing Law. This Agreement and all rights and obligations of the parties
hereunder shall be governed by and construed in accordance with the laws of the State of New York. 
 21. Assignment.
None of TDA, TDAC or TDATC, on the one hand, or the Depository Institutions, on the other hand, may assign its rights or delegate its duties under this Agreement, either in whole or in part, without the prior written consent of the other party;
provided, however, that such consent shall not be required for an assignment by TDA, TDAC or TDATC to any entity that is an Affiliate of, or successor entity to, TDA, TDAC or TDATC, or to a purchaser of all or substantially all of the assets of TDA,
TDAC or TDATC, as applicable. Any attempted assignment or delegation in violation of this Section 21 shall be void. This Agreement shall be binding upon all successors and permitted assigns of each party, irrespective of any change with regard
to the name of or the personnel of any party. 
 22. Court Fees and Damages. In the event of suit by any of the parties
to enforce this Agreement, the prevailing party shall be entitled to such court costs and attorney’s fees as the court deems reasonable. 

  
 22 

 23. Entire Agreement. This Agreement, together with all exhibits and schedules
attached hereto, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, negotiations, representations and proposals, whether written or oral, with the exception of any
confidentiality agreements that may have been entered into by the parties prior to the execution of this Agreement and the letter dated May 13, 2009 from TDA, TDAC and TDATC to TD Bank USA and TD Parent, referenced in Section 5(b).

 24. Invalidity. If any provision or condition of this Agreement is held invalid or unenforceable by any court or
regulatory agency, such invalidity or unenforceability attaches only to such provision or condition, and the validity of the remaining provisions and conditions remain unaffected and shall be enforced to the fullest extent permitted by applicable
law or regulation. 
 25. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall
be deemed an original and all of which together shall constitute one and the same instrument. 
 26. Headings. The
division of this Agreement into sections, clauses, paragraphs or subdivision and the insertion of headings are for convenience only and shall not affect the construction or interpretation. This Agreement shall be read and interpreted with all
changes of gender or number required by the context to the ordinary and usual meanings of words, but words with recognized technical or trade meanings shall be interpreted according to such recognized meanings. 

27. References to Statutes, Rules or Regulations. Any reference to a statute, rule or regulation in this Agreement is deemed also
to refer to any amendment or successor provision to that statute, rule or regulation. 
 28. Gramm-Leach-Bliley
Compliance. (a) The Depository Institutions and the Ameritrade Companies hereby acknowledge that they are subject to the privacy regulations under Title V of the Gramm-Leach-Bliley Act, 15 U.S.C. §6801 et seq., pursuant to which
regulation the Ameritrade Companies are required to obtain certain undertakings from the Depository Institutions, and the Depository Institutions are required to obtain certain undertakings from the Ameritrade Companies with regard to the privacy,
use and protection of nonpublic personal financial information of their respective clients or prospective clients. Therefore, notwithstanding anything to the contrary contained in this Agreement, the Depository Institutions and the Ameritrade
Companies agree that (i) they shall not disclose or use any Client Data except to the extent necessary to carry out obligations under this Agreement and for no other purpose, (ii) they shall not disclose Client Data to any third party,
including, without limitation, third party service providers without the prior consent of each other and an agreement in writing from the third party to use or disclose such Client Data only to the extent necessary to carry out the Depository
Institutions’ obligations or the Ameritrade Companies’ obligations under this Agreement, and for no other purposes, (iii) they shall maintain, and shall require all third parties approved under subsection (ii) to maintain,
effective information security measures to protect Client Data from unauthorized disclosure or use, and (iv) they shall provide each other 

  
 23 

 
with information regarding such security measures upon reasonable request and promptly provide information regarding any failure of such security measures or any security breach related to Client
Data. The obligations set forth in this Section shall survive termination of this Agreement. 
 (b) For purposes of this
Agreement, “Client Data” means the nonpublic personal information (as defined in 15 U.S.C. §6809(4)) of TDA, TDAC or TDATC clients or prospective clients (and/or TDA’s, TDAC’s and TDATC’s respective Affiliates) received
by a Depository Institution, or of a Depository Institution’s clients or prospective clients received by TDA, TDAC or TDATC, in connection with the performance of obligations under this Agreement, including, but not limited to (i) an
individual’s name, address, e-mail address, IP address, telephone number and/or social security number, (ii) the fact that an individual has a relationship with such Depository Institution, TDA, TDAC or TDATC and/or its respective
Affiliates, or (iii) an individual’s account information. 
 (c) The Ameritrade Companies and the Depository
Institutions may disclose Client Data (i) pursuant to a request by any governmental or regulatory agency or individual body having authority or jurisdiction over TDA, TDAC, TDATC or the Depository Institutions, as the case may be, pursuant to a
request or order under applicable laws or regulations, and (ii) to regulatory examiners, their Affiliates, auditors, and counsel in connection with the transactions contemplated hereby. In the event a subpoena or other legal process concerning
Client Data disclosed by a Depository Institution to TDA, TDAC or TDATC, or TDA, TDAC or TDATC to the Depository Institution, is served upon TDA, TDAC or TDATC or a Depository Institution, as the case may be, TDA, TDAC or TDATC or such Depository
Institution, as the case may be, agrees that it will notify the other immediately upon receipt of such subpoena or other legal process and will reasonably cooperate with the other in any lawful effort by the other to contest the legal validity of
such subpoena or other legal process. 
 29. Litigation. (a) TDA, TDAC and TDATC, as applicable, will promptly
advise the Depository Institution of any legal or administrative action of which TDA, TDAC or TDATC, as applicable, obtain knowledge by any state or federal court, agency or authority taken or threatened to be taken that would preclude, limit or
otherwise restrict the offering of the Money Market Deposit Accounts as contemplated by this Agreement. 
 (b) Each Depository
Institution will promptly advise the Ameritrade Companies of any legal or administrative action of which the Depository Institution obtains knowledge by any state or federal court, agency or authority, taken or threatened to be taken that would
preclude or limit or otherwise restrict the offering of the Money Market Deposit Accounts as contemplated by this Agreement. 

30. No Recourse to TDA, TDAC or TDATC. It is understood and agreed that none of TDA TDAC or TDATC is a guarantor of, and shall in
no way be liable to perform, the obligations of the Depository Institutions under the Master Accounts. 

  
 24 

 31. Business Continuity Plan. Each of the Depository Institutions and the Ameritrade
Companies warrants that it has and will maintain throughout the term of this Agreement a written business continuity plan (“BCP”) to enable it to recover and resume the services provided by it to the other party or parties under this
Agreement within one Business Day in the event of any disruptive event. Each of the Depository Institutions and the Ameritrade Companies further represents and warrants that it has tested its BCP and will continue to conduct sufficient ongoing
verification testing for the recovery and resumption of services provided to the other party or parties under this Agreement and will update its BCP at least annually. Each party will notify the other party or parties within thirty (30) days of
any material alterations to its BCP that would impair its ability to recover and resume any interrupted services it provides to the other party or parties. Upon request by the other party or parties, each party will provide to the other party or
parties a description of its BCP procedures as they relate to the recovery and resumption of the services provided to the other party or parties accompanied by a written certification that the BCP has undergone review and testing to account for any
changes to such services. Each party will immediately notify the other party or parties of any actual, threatened, or anticipated event that does or may disrupt or impact the services provided by it to the other party or parties pursuant to this
Agreement and will cooperate fully with the other party or parties to minimize any such disruption and promptly restore and recover the services. 
 32. Amendments. The terms of this Agreement cannot be modified, supplemented or rescinded by a party to this Agreement except in writing signed by each party to be bound by such modification,
supplement or rescission. 
 33. Benefit of the Parties. This Agreement is entered into for the sole and exclusive
benefit of the parties hereto. Nothing in this Agreement shall be construed to grant any person other than the parties hereto, and their respective successors and permitted assigns, any right, remedy or claim under or with respect to this Agreement
or any provision hereof. 
 34. No Agency. Each party represents and warrants that it is an independent contractor with
no authority to contract for the other party or in any way to bind or to commit the other party to any agreement of any kind or to assume any liabilities of any nature in the name or on behalf of the other party. Under no circumstances will either
party, or any of its employees, hold itself out as or be considered an agent, employee, partner or joint venturer of the other party. 
 35. No Waiver. The failure of any party to require performance by another party of any provision of this Agreement shall in no way affect the full right to require such performance at any time
thereafter. All rights or remedies of a party specified in this Agreement and all other rights or remedies that either party may have at law, in equity or otherwise shall be distinct, separate and cumulative rights or remedies, and no one of them,
whether exercised by the party seeking enforcement or not, shall be deemed to be in exclusion of any other right or remedy of such party. 
 36. TD Parent Representations and Covenants. TD Parent hereby represents, warrants and covenants that: 
 (a) as of the date hereof, it and its Affiliates, TDA, TDAC and TDATC (i) have made all material filings and submitted all material information offered to or requested by the Financial Industry
Regulatory Authority (“FINRA”) with respect to this Agreement and the operation of 

  
 25 

 
the program contemplated hereunder, (ii) have obtained all applicable approvals from FINRA with respect to this Agreement, (iii) have no knowledge that FINRA has raised any material
objection or issue with respect to the operation of the program contemplated by this Agreement or its predecessor, and (iv) have modified this Agreement to conform to any existing written interpretation or, to the extent requested, other oral
interpretation or instruction, issue by FINRA with respect to the program contemplated by this Agreement unless otherwise permitted by such regulator; 
 (b) it has and shall maintain a long-term credit rating above A-/A3 and a short-term credit rating above A2/P2’ 
 (c) it has and shall maintain capital at or above the Office of the Superintendent of Financial Institutions’ (“OSFI”) “target” capitalization ratio as published from time to time
by OFSI; and 
 (d) it owns directly or indirectly 100% of the issued and outstanding shares of common stock of the Depository
Institutions and it will not sell any of its common interest in the Depository Institution during the term of this Agreement (as such term may be extended by any renewal period). 
 In the event that TD Parent falls short of the “target” capitalization ratio set forth in Section 36(b) hereof, the Ameritrade Companies shall not exercise their right of termination
pursuant to Section 15(d)(iii) hereof so long as TD Parent provides the Ameritrade Companies written documentation reasonably satisfactory to the Ameritrade Companies that it shall continue to have the right to operate as a Schedule I Canadian
bank. 
 37. Termination of Original Agreement. Each of TD Bank USA, TDA, TDAC, TDATC and the TD Parent hereby agree that
this Agreement supersedes the 2006 Agreement, and that the 2006 Agreement is hereby terminated and shall no longer be of any force or effect, except with respect to those provisions of the 2006 Agreement that expressly survive the termination of the
2006 Agreement in accordance with the terms thereof. 
 [the remainder of this page intentionally left blank] 

  
 26 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
set forth above. 
 Dated December 19, 2009 

 

					
	TD BANK, N.A.
		
	By:	 	 /s/ Stephen J. Boyle

		 	Name:	 	Stephen J. Boyle
		 	Title:	 	Executive Vice President and Chief
		 		 	Financial Officer
	
	TD BANK USA, N.A.
		
	By:	 	 /s/ Suzanne Clermont

		 	Name:	 	Suzanne Clermont
		 	Title:	 	President
	
	TD AMERITRADE, INC.
		
	By:	 	 /s/ William J. Gerber

		 	Name:	 	William J. Gerber
		 	Title:	 	Chief Financial Officer
	
	TD AMERITRADE CLEARING, INC.
		
	By:	 	 /s/ William J. Gerber

		 	Name:	 	William J. Gerber
		 	Title:	 	Chief Financial Officer
	
	TD AMERITRADE TRUST COMPANY
		
	By:	 	 /s/ William J. Gerber

		 	Name:	 	William J. Gerber
		 	Title:	 	Chairman

  
 27 

 
					
	THE TORONTO-DOMINION BANK
		
	By:	 	 /s Alan Jette

		 	Name:	 	Alan Jette
		 	Title:	 	Senior Vice President

  
 28 

 Exhibit A 
 Each month the calculated yield used to calculate the amount to be paid to TDA, TDAC and TDATC in accordance with paragraph 5 of the MMDA Agreement shall be computed as follows: 

[CONFIDENTIAL TREATMENT REQUESTED] 

  
 29 

 Exhibit B 

Tax-Exempt Municipal Bond Tax Benefit Calculation 
 The parties agree to share the tax benefit generated by the Tax-Exempt Municipal Bond Portfolio in accordance with the following calculation:* 

 

	1.	Divide the Book Value of Tax-Exempt Municipal Securities by Total Balance Sheet Assets. 

 

	2.	Multiply the quotient obtained in (1) above by Total Income Statement Interest Expense to equal interest allocated. 

 

	3	Subtract from the amount calculated in (2) above the interest allocated from total Tax-Exempt Municipal Bond Interest Income. The result equals the Net Schedule M1
adjustment. 

  

	4.	Multiply the Net Schedule M1 adjustment by the Federal Tax Provision Rate. The product equals the full bank legal entity benefit. 

 

	5.	Multiply the full legal bank entity tax benefit by 50%. The product equals the amount of the tax benefit to be added to the marketing Fee. 

Definitions: 
 Book Value of Tax-Exempt
Municipal Bonds 
 Par value net of outstanding premiums and discounts. 
 Total Balance Sheet Assets 
 Total US GAAP Assets of TD Bank USA, NA, or TD
Bank, N.A., as appropriate 
 Total Interest Expense 
 Total US GAAP interest expense of TD Bank USA, NA, or TD Bank, N.A., as appropriate 
 Total
Tax-Exempt Municipal Bond Interest Income 
 Total US GAAP accrued interest net of amortized premiums and accreted discounts

 Federal Tax Provision Rate 
 As calculated by external tax preparer 
  

	*	“Although the CRA assets are not currently invested in municipal securities deemed to be “bank qualified” as defined under the Internal Revenue Code, in
the event that any of the municipal securities comprising the CRA assets are determined to be “bank qualified”, the parties shall modify the formula to reflect the appropriate tax treatment of such “bank qualified’ municipal
securities. 

  
 30EX-10.1

 Exhibit 10.1 
 EXECUTION VERSION 
 AMENDMENT NO. 2 TO CREDIT AGREEMENT 

AMENDMENT NO. 2 TO CREDIT AGREEMENT, dated as of February 4, 2013 (this “Amendment”), among J. CREW
GROUP, INC., a Delaware corporation (the “Borrower”), CHINOS INTERMEDIATE HOLDINGS B, INC., a Delaware corporation (“Holdings”), each bank, financial institution and other Person that executes a
signature page hereto as a Term B-1 Lender (collectively, the “Term B-1 Lenders”) and BANK OF AMERICA, N.A., as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders.

 PRELIMINARY STATEMENTS: 
 (1) Holdings, the Borrower, Chinos Acquisition Corporation (which has merged with and into the Borrower), the Lenders from time to time party thereto and the Administrative Agent have entered into a
Credit Agreement, dated as of March 7, 2011 (as amended by Amendment No. 1 to the Credit Agreement, dated as of December 18, 2012, the “Credit Agreement” and, as further amended by, and after giving effect to,
this Amendment, the “Amended Credit Agreement”). Capitalized terms not otherwise defined in this Amendment have the same meanings as specified in the Amended Credit Agreement; 

(2) Pursuant to the terms of the penultimate paragraph of Section 10.01 of the Credit Agreement, the Borrower desires to refinance,
substitute and replace and convert all outstanding Loans under the Credit Agreement (as further described in the amendments set forth in Section 1 below, the “Prior Term Loans”) with and into a new class of term
loans (as further described in the amendments set forth in Section 1 below, the “Term B-1 Loans”) having substantially identical terms with, in the same aggregate principal amount as and having the same rights and
obligations under the Loan Documents as, the Prior Term Loans, except as provided in the amendments set forth in Section 1 below; 
 (3) The Borrower has requested (x) that each Lender agreeing to convert its Prior Term Loans into Term B-1 Loans (any such Lender that executes and delivers this Amendment and makes such a
commitment, a “Continuing Term Lender”; and, any Lender that does not execute and deliver this Amendment or make such a commitment, an “Exiting Term Lender”) in an amount equal to the aggregate
principal amount of the Prior Term Loans held by it immediately prior to the Second Amendment Effective Date (as defined below) and (y) that Eligible Assignees make commitments to provide Term B-1 Loans, and the commitment of each such Term B-1
Lender to provide Term B-1 Loans described in the foregoing clause (y) shall be in an amount notified to such Term B-1 Lender by the Administrative Agent (but in no event greater than the amount such Term B-1 Lender committed to make Term B-1
Loans) (as further described in the amendments set forth in Section 1 below, such Term B-1 Lender’s “Commitment”), such that the aggregate Commitments on the Second Amendment Effective Date shall be
$1,179,000,000; it being understood that (i) Merrill Lynch, Pierce, Fenner & Smith Incorporated, as joint lead arranger and joint bookrunner of the Term B-1 Loans (in such capacity, the “Arranger”), and the
Administrative Agent shall arrange and allocate any assignments to effectuate such refinancing, replacement or conversion on a cashless basis of 

 
Prior Term Loans and borrowings of Term B-1 Loans and the Administrative Agent or any of its Affiliates may (but shall not be required to), in order to better effectuate such assignments, acquire
Prior Term Loans itself for further assignment to other Lenders or Eligible Assignees, and (ii) Goldman Sachs Bank USA shall be a joint lead arranger, joint bookrunner and the syndication agent in respect of the Term B-1 Loans, and Mizuho
Corporate Bank, Ltd. and Sumitomo Mitsui Banking Corporation shall each be a co-documentation agent; 
 (4) Upon the occurrence
of the Second Amendment Effective Date, each Continuing Term Lender will convert an aggregate principal amount of the Prior Term Loans held by it immediately prior to the Second Amendment Effective Date (as further described in the amendments set
forth in Section 1 below, the “Converted Prior Term Loans”) for and into a like principal amount in Dollars of Term B-1 Loans (such portion of the Term B-1 Loans, the “Converted Term B-1
Loans”); it being understood and agreed that the Converted Term B-1 Loans are a conversion of, but not in payment or satisfaction of, the Converted Prior Term Loans; 

(5) In addition, each Term B-1 Lender severally agrees to make Term B-1 Loans to the Borrower on the Second Amendment Effective Date to
the extent its Commitment exceeds the aggregate amount of its Converted Term B-1 Loans (if any) and any Prior Term Loans assigned (or to be assigned concurrently therewith) to it from any Exiting Term Lender (any such Prior Term Loans so assigned to
be converted for and into Converted Term B-1 Loans), in an aggregate principal amount equal to such excess, and the proceeds of such Term B-1 Loans will be used by the Borrower, together with cash on hand, to (a) refinance in full the
outstanding principal amount of all Prior Term Loans (other than Converted Term B-1 Loans) and (b) pay all fees, costs and expenses related to the transactions contemplated by this Amendment; 

(6) The Borrower has requested that the Term B-1 Lenders amend the Credit Agreement to (a) effect the refinancing, replacement or
conversion of the Prior Term Loans and (b) make other amendments to the Credit Agreement as set forth below; 
 (7) The
Administrative Agent, the Borrower and the Term B-1 Lenders have agreed, subject to the terms and conditions hereinafter set forth, to amend the Credit Agreement as set forth below; 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the sufficiency and receipt of all of
which is hereby acknowledged, the parties hereto hereby agree as follows: 
 SECTION 1. Amendments to Credit Agreement.
Upon, and subject to, the satisfaction of the conditions precedent set forth in Section 2 below, the Credit Agreement is hereby amended as follows: 
 (a) Section 1.01 of the Credit Agreement is amended by adding in the appropriate alphabetical order the following new definitions: 

“Converted Prior Term Loans” has the meaning specified in Section 2.01(c). 

  
 2 

 “Prior Term Loan” means all Loans outstanding under this
Agreement immediately prior to the refinancing thereof with Term B-1 Loans on the Second Amendment Effective Date. 
 “Second Amendment” means that certain Amendment No. 2 to Credit Agreement, dated as of the Second Amendment Effective Date, among the Borrower, Holdings, Bank of America, N.A., as
Administrative Agent and the Lenders party thereto. 
 “Second Amendment Effective Date” has the
meaning specified in the Second Amendment. 
 “Term B-1 Loans” means (a) term loans made in
Dollars and converted from Converted Prior Term Loans pursuant to Section 2.01(c) and/or (b) term loans made in Dollars to refinance Prior Term Loans pursuant to Section 2.01(b). Term B-1 Loans shall constitute Replacement Loans
pursuant to, and in accordance with, the terms of the penultimate paragraph of Section 10.01. 
 (b) Section 1.01 of
the Credit Agreement is further amended by amending the definition of “Adjusted Eurodollar Rate” by replacing the percentage “1.25%” where it appears in clause (b) thereof with the percentage “1.00%”.

 (c) Section 1.01 of the Credit Agreement is further amended by amending the definition of “All-In
Yield” by replacing the percentages “1.25%” and “2.25%” where they appear in such definition with the percentages “1.00%” and “2.00%”, respectively. 

(d) Section 1.01 of the Credit Agreement is further amended by amending and restating in full the definition of “Applicable
Rate” to read as follows: 
 “Applicable Rate” means a percentage per annum equal to (a) until
but excluding the first Business Day following the Borrower’s fiscal quarter ending May 4, 2013, (i) for Eurodollar Rate Loans, 3.00% and (ii) for Base Rate Loans, 2.00%, and (b) thereafter, the applicable percentage per
annum set forth below determined by reference to Moody’s corporate family rating of the Borrower as publically announced by Moody’s: 
  

											
	Applicable Rate	 
	 Pricing Level
	  	Moody’s
Corporate Family
Rating	  	Eurodollar
Rate	 	 	Base
Rate	 
	1	  	B1 or better	  	 	2.75	% 	 	 	1.75	% 
	2	  	less than B1	  	 	3.00	% 	 	 	2.00	% 

 Any increase or decrease in the Applicable Rate resulting from a change in Moody’s corporate family
rating shall become effective as of the first Business Day immediately following the public announcement by Moody’s of such a change in the Borrower’s corporate family rating. 

  
 3 

 (e) Section 1.01 of the Credit Agreement is further amended by amending the definition
of “Class” to add the phrase “, Replacement Loans” after the term “Incremental Loans” and to add the phrase “, an amendment providing for Replacement Loans” after the term “Incremental
Amendment”. 
 (f) Section 1.01 of the Credit Agreement is further amended by amending and restating in full the
definition of “Commitment” to read as follows: 
 “Commitment” means, as to each Lender, its
obligation to make a Loan to the Borrower hereunder, expressed as an amount representing the maximum principal amount of the Loan to be made by such Lender under this Agreement, as such commitment may be (a) reduced from time to time pursuant
to Section 2.04 and (b) reduced or increased from time to time pursuant to (i) assignments by or to such Lender pursuant to an Assignment and Assumption, (ii) an Incremental Amendment, (iii) a Refinancing Amendment or an
amendment providing for Replacement Loans or (iv) an Extension. The initial Commitment amount for each Lender (x) agreeing to convert Converted Prior Term Loans on the Second Amendment Effective Date pursuant to Section 2.01(c), shall
be an amount equal to the principal amount of such Lender’s Prior Term Loans on the Second Amendment Effective Date, (y) with a commitment to make Term B-1 Loans pursuant to Section 2.01(b), shall be in an amount notified to such
Lender by the Administrative Agent in connection with the Second Amendment or an Assignment and Assumption in respect of Term B-1 Loans or (z) that assumes a Commitment, shall be an amount set forth in an Assignment and Assumption, Incremental
Amendment, Refinancing Amendment or amendment in respect of Replacement Loans, pursuant to which such Lender shall have assumed its Commitment, as the case may be. The aggregate amount of the Commitments on the Second Amendment Effective Date is
$1,179,000,000. 
 (g) Section 1.01 of the Credit Agreement is further amended by amending and restating clause (c) of
the definition of “Compliance Certificate” to read as follows: “(c) solely in the case of certificates delivered with financial statements delivered under Section 6.01(a) and commencing with the certificate delivered
pursuant to Section 6.02(a) for the fiscal year ending February 2, 2013, setting forth a calculation of the Senior Secured Net Leverage Ratio as of the end of the most recent Test Period and”.” 

(h) Section 1.01 of the Credit Agreement is further amended by amending the definition of “Facility” to add the
phrase “, any Replacement Loans” after the term “Incremental Loans”. 
 (i) Section 1.01 of the Credit
Agreement is further amended by deleting the definition of “Initial Loans” therefrom. 
 (j) Section 1.01
of the Credit Agreement is further amended by amending the definition of “Lender” to add the sentence “For avoidance of doubt, each Lender that provides a Replacement Loan (including any Term B-1 Loan) is a Lender to the extent
any such Person has executed and delivered an amendment or Assignment and Assumption providing for Replacement Loans (including any Term B-1 Loan) and to the extent such amendment or Assignment and Assumption shall have become effective in
accordance with the terms hereof and thereof (including the Second Amendment).” immediately before the last sentence in such definition and to add the phrase “attached to the Second Amendment” immediately after the reference to
“Schedule 2.01” in the last sentence of such definition. 

  
 4 

 (k) Article I of the Credit Agreement is hereby amended by adding the following
Section 1.10 at the immediate end thereof: 
 “SECTION 1.10. Prior Term Loans. (a) On and after
the Second Amendment Effective Date, all references to “Initial Loans” in this Agreement or any other Loan Document shall refer to the Term B-1 Loans and the Term B-1 Loans shall constitute Loans for all purposes hereunder and thereunder.

 (b) On and after the Second Amendment Effective Date, all Loans shall continue to have the same terms, rights
and benefits under the Loan Documents as the Prior Term Loans had under the Loan Documents immediately prior to the Second Amendment Effective Date, except as modified by the Second Amendment.” 

(l) Section 2.01 of the Credit Agreement is hereby amended and restated in full as follows: 

“(a) Prior Term Loans. On the Closing Date, each of the initial Lenders made Prior Term Loans subject to the
terms and conditions set forth in the Agreement as in effect on such date. 
 (b) Term B-1 Loans. Subject
to the terms and conditions set forth herein and in the Second Amendment, each Lender severally agrees to make Term B-1 Loans in Dollars to the Borrower on the Second Amendment Effective Date in a principal amount equal to the excess of (A) its
Commitment to make Term B-1 Loans over (B) the aggregate principal amount of its Converted Prior Term Loans, if any. The Borrower shall refinance all Prior Term Loans that are not Converted Prior Term Loans with the gross proceeds of
such Term B-1 Loans described in the immediately preceding sentence. Amounts borrowed under this Section 2.01(b) and repaid or prepaid may not be reborrowed. Term B-1 Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided
herein. 
 (c) Term B-1 Conversion. Subject to the terms and conditions set forth herein and in the Second
Amendment, with respect to each Continuing Term Lender (as defined in the Second Amendment) that has Prior Term Loans, such Continuing Term Lender severally agrees to convert on the Second Amendment Effective Date an aggregate principal amount of
the Prior Term Loans (“Converted Prior Term Loans”) held by it immediately prior to the Second Amendment Effective Date for and into a like principal amount in Dollars of Term B-1 Loans. Amounts borrowed under this
Section 2.01(c) and repaid or prepaid may not be reborrowed. Term B-1 Loans converted from Converted Prior Term Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 

(d) Special Provisions Relating to Refinancing and Conversion of Prior Term Loans by, into or with Term B-1 Loans.

  
 5 

 (i) Notwithstanding anything to the contrary in this Agreement, 

(A) on the Second Amendment Effective Date, (i) Term B-1 Loans shall be deemed made as Eurodollar Rate Loans in an
amount equal to the principal amount of the Prior Term Loans refinanced by Term B-1 Loans pursuant to Section 2.01(b) and the Converted Prior Term Loans converted into Term B-1 Loans pursuant to Section 2.01(c), in each case, that were
outstanding as Eurodollar Rate Loans at the time of such refinancing or conversion, as applicable (such Term B-1 Loans to correspond in amount to Prior Term Loans so reclassified of a given Interest Period), (ii) Interest Periods for the Term
B-1 Loans described in the immediately preceding clause (i) shall end on the same dates as the Interest Periods applicable to the corresponding Prior Term Loans described in the immediately preceding clause (i), and the Eurodollar Rates
applicable to such Term B-1 Loans during such Interest Periods shall be the same as those applicable to the Prior Term Loans so refinanced or converted, as applicable, and (iii) Term B-1 Loans shall be deemed made as Base Rate Loans in an
amount equal to the principal amount of the Prior Term Loans refinanced by Term B-1 Loans pursuant to Section 2.01(b) and the Converted Prior Term Loans converted into Term B-1 Loans pursuant to Section 2.01(c), in each case, that were
outstanding as Base Rate Loans at the time of such refinancing or conversion, as applicable; and 
 (B) no costs
shall be payable under Section 3.05 in connection with transactions consummated under Section 2.01(c).” 
 (m)
Section 2.15 of the Credit Agreement is hereby amended by (i) replacing the term “Closing Date” with the term “Second Amendment Effective Date” and (ii) replacing each instance of the word “Initial” with
the term “Term B-1”. 
 (n) Section 7.10 of the Credit Agreement is hereby amended by adding the following
language immediately prior to the period at the immediate end thereof: 
 “; provided that, the Term B-1 Loans shall
be used solely to (a) refinance and replace the aggregate principal amount of the Prior Term Loans outstanding immediately prior to the Second Amendment Effective Date in full and pay all accrued but unpaid interest thereon and (b) pay
fees, costs and expenses related to the transactions contemplated by the Second Amendment” 
 (o) Section 9.13 of the
Credit Agreement is hereby amended by adding the following paragraph immediately after the first paragraph thereof: 

“Each Lender, by its execution and delivery of the Second Amendment and its making of Term B-1 Loans on the Second Amendment
Effective Date, hereby (a) confirms its agreement to the foregoing provisions of this Section 9.13 and (b) pursuant to Section 5.2(c) of the ABL Intercreditor Agreement, agrees to be bound by the terms of the ABL Intercreditor
Agreement as a “Term Secured Party” (as defined in the ABL Intercreditor Agreement).” 
 SECTION 2. Conditions
of Effectiveness of Amendments. This Amendment and the amendments to the Credit Agreement set forth in Section 1 shall become effective on the first date (such date, the “Second Amendment Effective Date”) when
each of the conditions set forth in this Section 2 shall have been satisfied: 
 (a) Execution of
Counterparts. The Administrative Agent shall have received counterparts of (i) this Amendment executed by (A) the Borrower and Holdings, (B) the Administrative Agent and (C) Term B-1 Lenders providing Commitments in an
aggregate amount equal to $1,179,000,000 or, as to any of the foregoing parties, advice satisfactory to the Administrative Agent that each of the foregoing parties has executed this Amendment and, if applicable, provided such Commitments, and
(ii) the consent attached hereto (the “Consent”) executed by each Guarantor. 

  
 6 

 (b) Payment of Fees and Expenses. The Borrower shall have paid all reasonable and
documented out-of-pocket fees and expenses (including the reasonable and documented out-of-pocket fees and expenses of Shearman & Sterling LLP invoiced at least one Business Day prior to the Second Amendment Effective Date) incurred by the
Arranger and the Administrative Agent in connection with the preparation, negotiation and execution of this Amendment or otherwise required to be paid in connection with this Amendment or under the Loan Documents, including any fees separately
agreed in writing with the Arranger, in each case to the extent such fees are due and required to be paid on the Second Amendment Effective Date. 
 (c) Refinancing of Prior Term Loans. Simultaneously with the funding of the Term B-1 Loans on the Second Amendment Effective Date, the Borrower shall have paid to the Administrative Agent for the
account of the applicable Lenders an amount equal to the aggregate outstanding principal amount of all Prior Term Loans (to the extent such Prior Term Loans are not converted pursuant to Section 2.01(c) of the Amended Credit Agreement) together
with all accrued but unpaid interest on such Prior Term Loans to, but not including, the Second Amendment Effective Date. 
 (d)
Resolutions. The Administrative Agent shall have received certified copies of the resolutions of the Board of Directors of (i) Holdings and the Borrower evidencing approval of this Amendment and all matters and transactions contemplated
hereby and (ii) each Guarantor evidencing approval of the Consent and the matters and transactions contemplated hereby and thereby. 
 (e) Certificates. The Administrative Agent shall have received (i) a certificate of the Secretary or an Assistant Secretary (or another Responsible Officer) of Holdings, the Borrower and each
other Loan Party certifying the names and true signatures of the officers of Holdings, the Borrower and such other Loan Party authorized to sign this Amendment or the Consent, as applicable, and the other documents to be delivered hereunder and
thereunder, and (ii) a certificate of a Responsible Officer of the Borrower certifying (A) that the representations and warranties contained in Section 3 of this Amendment are true and correct in all material respects (except
to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date) and (B) that no Event of Default has occurred and is
continuing or would result from this Amendment and the matters and transactions contemplated hereby. 

  
 7 

 (f) Legal Opinions. An opinion of Ropes & Gray LLP, counsel for the Loan
Parties, addressed to the Administrative Agent and each Term B-1 Lender, in form reasonably acceptable to the Administrative Agent. 
 SECTION 3. Representations and Warranties. The Borrower represents and warrants as follows: 
 (a) Both before and after giving effect to this Amendment, each of the representations and warranties of the Borrower contained in Article V of the Amended Credit Agreement (as defined below), or in
any other Loan Document, are true and correct in all material respects (and in all respects if already qualified by materiality or Material Adverse Effect (after giving effect to such qualification)) on and as of such date, except (i) to the
extent that such representations or warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (and in all respects if already qualified by materiality or Material Adverse Effect (after
giving effect to such qualification)) as of such earlier date, and (ii) that for purposes of this Section 3, the representations and warranties contained in Section 5.05(a) of the Credit Agreement shall be deemed to refer to
the most recent financial statements furnished pursuant to Section 6.01(a) and Section 6.01(b) of the Credit Agreement, respectively. 
 (b) The execution, delivery and performance by each of the Borrower and Holdings of this Amendment and the Loan Documents, as amended hereby, to which it is a party, and the consummation of the
transactions contemplated hereby, are within its corporate powers, have been duly authorized by all necessary corporate action and do not (i) contravene the terms of such Person’s Organization Documents, (ii) violate any applicable
Law, (iii) result in any breach or contravention of, or the creation of any Lien upon any of the property or assets of such Person or any of the Restricted Subsidiaries (other than as permitted by Section 7.01 of the Credit Agreement)
under (A) any Contractual Obligation to which such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (B) any order, injunction, writ or decree of any Governmental Authority or any
arbitral award to which such Person or its property is subject; except with respect to any breach, contravention or violation (but not creation of Liens) referred to in clauses (ii) and (iii), to the extent that such breach, contravention or
violation would not reasonably be expected to have a, individually or in the aggregate, Material Adverse Effect. 
 (c) No
material authorization or approval or other action by, and no notice to or filing with, any Governmental Authority is required for the due execution, delivery or performance by the Borrower or Holdings of this Amendment or any of the Loan Documents,
as amended hereby, to which the Borrower or Holdings, as the case may be, is a party, except for (i) filings necessary to perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties, (ii) the approvals,
consents, exemptions, authorizations, actions, notices and filings that have been duly obtained, taken, given or made and are in full force and effect and (iii) those approvals, consents, exemptions, authorizations or other actions, notices or
filings, the failure of which to obtain or make would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

  
 8 

 (d) This Amendment has been duly executed and delivered by the Borrower and by Holdings.
This Amendment and each of the other Loan Documents, as amended hereby, to which the Borrower or Holdings, as the case may be, is a party are legal, valid and binding obligations of the Borrower or Holdings, as applicable, enforceable against it in
accordance with their respective terms, except as such enforceability may be limited by Debtor Relief Laws and by general principles of equity and principles of good faith and fair dealing. 

SECTION 4. Waivers. The Term B-1 Lenders and the Administrative Agent waive the requirement for delivery of a Committed Loan
Notice in respect of Term B-1 Loans being made on the Second Amendment Effective Date. The Continuing Term Lenders and the Administrative Agent waive the requirement for delivery of a prepayment notice in respect of the prepayment of Prior Term
Loans on the Second Amendment Effective Date pursuant to Section 2.03 of the Credit Agreement and the Amended Credit Agreement. 
 SECTION 5. Reference to and Effect on the Credit Agreement and the other Loan Documents. 
 (a) On and after the effectiveness of this Amendment, each reference in the Amended Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import
referring to the Amended Credit Agreement, and each reference in the Notes and each of the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Amended Credit
Agreement, shall mean and be a reference to the Amended Credit Agreement. 
 (b) The Credit Agreement, the Notes and each of the
other Loan Documents, as specifically amended by this Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. Without limiting the generality of the foregoing, the Collateral Documents
and all of the Collateral described therein do and shall continue to secure the payment of all Secured Obligations (as defined in the Security Agreement) of the Loan Parties under the Loan Documents, in each case, as amended by, and after giving
effect to, this Amendment. 
 (c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. On and after the effectiveness of
this Amendment, this Amendment shall for all purposes constitute a Loan Document. 
 (d) Subject to the terms of this Amendment,
from and after the Second Amendment Effective Date, each Term B-1 Lender shall be a party to the Credit Agreement and, to the extent of such Term B-1 Lender’s Pro Rata Share of the Term B-1 Loans, shall assume all of the rights and obligations
of a Lender pursuant to the terms of the Credit Agreement. 
 SECTION 6. Costs and Expenses. The Borrower hereby agrees
to pay on receipt of a reasonably detailed written invoice therefor all reasonable out-of-pocket costs and expenses of the Administrative Agent (including without limitation reasonable and documented out-of-pocket legal fees and expenses) in
connection with the preparation, execution and delivery 

  
 9 

 
of this Amendment and the other instruments and documents to be delivered hereunder, in each case, to the extent required by and in accordance with the terms of Section 10.04 of the Credit
Agreement. 
 SECTION 7. Notes. The Borrower agrees that each Term B-1 Lender may request through the Administrative
Agent, and shall receive, if requested, one or more Notes in respect of its Term B-1 Loans, payable to the order of such Term B-1 Lender and duly executed by the Borrower in substantially the form of Exhibit B to the Credit Agreement, evidencing
such Term B-1 Lender’s Term B-1 Loans; provided that such Term B-1 Lender shall have returned to the Borrower any Note held by it in respect of its Prior Term Loans for cancellation; provided, further, that if any such Note
in respect of any such Prior Term Loan is not so surrendered, then from and after the Second Amendment Effective Date such Note shall be deemed to evidence any Term B-1 Loan that refinanced any such Prior Term Loan evidenced by such Note or into
which any such Prior Term Loan evidenced by such Note were converted, as applicable. 
 SECTION 8. Execution in
Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall
constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by telecopier or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Amendment.

 SECTION 9. Integration. This Amendment together with the Amended Credit Agreement and the other Loan Documents
constitute the entire agreement among the parties with respect to the subject matter hereof and supersedes all other prior agreements and understandings, both written and verbal, among the parties or any of them with respect to the subject matter
hereof. 
 SECTION 10. Severability. If any provision of this Amendment is held to be illegal, invalid or unenforceable,
the legality, validity and enforceability of the remaining provisions of this Amendment shall not be affected or impaired thereby. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction. 
 SECTION 11. Headings. The headings of this Amendment are for purposes of reference only and
shall not limit or otherwise affect the meaning hereof. 
 SECTION 12. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER 

  
 10 

 
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 12. 

SECTION 13. Governing Law. This Amendment shall be governed by, and construed in accordance with, the law of the State of
New York. 
 [The remainder of this page is intentionally left blank] 

  
 11 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

					
	J. CREW GROUP, INC.
		
	By	 	 /s/ Stuart Haselden

		 	 Name:
	 	Stuart Haselden
		 	 Title:
	 	Senior Vice President and
Chief Financial Officer
	
	CHINOS INTERMEDIATE HOLDINGS B, INC.
		
	By	 	 /s/ Stuart Haselden

		 	 Name:
	 	Stuart Haselden
		 	 Title:
	 	Senior Vice President and
Chief Financial Officer

 Signature Page to 
 Amendment No. 2 

 
			
	BANK OF AMERICA, N.A.,
	as Administrative Agent and as a Term B-1 Lender
		
	By	 	 /s/ Kevin L. Ahart

		 	Name:  Kevin L. Ahart
		 	Title:    Vice President

  
 Signature Page
to 
 Amendment No. 2 

 CONSENT 
 Dated as of February 4, 2013 
 Each of the undersigned, as a Guarantor under
the Guaranty dated as of March 7, 2011 (collectively, the “Guaranty”), in each case, in favor of the Administrative Agent and the Lenders parties to the Credit Agreement referred to in the foregoing Amendment, hereby
consents to such Amendment and the transactions contemplated by such Amendment and hereby confirms and agrees that, notwithstanding the effectiveness of such Amendment, (a) the Guaranty and all other Loan Documents to which such Guarantor is a
party, as specifically amended by the Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed, except that, on and after the effectiveness of such Amendment, each reference in the
Guaranty or any other Loan Document to the “Credit Agreement”, “thereunder”, “thereof” or words of like import shall mean and be a reference to the Amended Credit Agreement, and (b) without limiting the generality
of the foregoing, the Collateral Documents to which such Guarantor is a party and all of the Collateral described therein do and shall continue to secure the payment of all Secured Obligations (as defined in the Security Agreement) of such Guarantor
under the Loan Documents, in each case, as amended by, and after giving effect to, the Amendment. Capitalized terms not otherwise defined in this Consent have the same meanings as specified in the Amendment or the Amended Credit Agreement, as
applicable. 
 [The remainder of this page is intentionally left blank] 

 
					
	CHINOS INTERMEDIATE HOLDINGS B, INC.
	J. CREW OPERATING CORP.
	J. CREW INC.
	J. CREW INTERNATIONAL, INC.
	GRACE HOLMES, INC.
	H. F. D. NO. 55, INC.
	MADEWELL INC.
	J. CREW VIRGINIA, INC.
		
	By	 	 /s/ Stuart Haselden

		 	 Name:
	 	Stuart Haselden
		 	 Title:
	 	Chief Financial Officer

 Signature Page to Consent

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