Document:

Amendment
No. 8 to Waiver to 

Second
Amended and Restated Revolving Credit and Term Loan Agreement

 

This AMENDMENT NO.
8 TO WAIVER TO SECOND AMENDED AND RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT (this “Amendment”) is entered
into as of February 6, 2013, by and among: Centerline Holding Company and Centerline Capital Group LLC (collectively, the “Borrowers”);
those Persons listed as Guarantors on Schedule 1 hereto (each, a “Guarantor,” and, collectively, the
“Guarantors”); Bank of America, N.A., as the Administrative Agent (the “Administrative Agent”)
and, pursuant to Section 23.1 of the Loan Agreement (as defined below), those Lenders constituting the Required Lenders
as set forth on a counterpart signature page hereto, substantially in the form of Schedule 2 hereto.

 

RECITALS

 

Reference is made to
the following facts that constitute the background of this Amendment:

 

A.           The
parties hereto, among others, have entered into that certain Second Amended and Restated Revolving Credit and Term Loan Agreement,
dated as of March 5, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”).
Capitalized terms used herein and not otherwise defined herein shall have the same meanings herein as ascribed to them in the Loan
Agreement.

 

B.           The
parties hereto have also entered into that certain Waiver to Second Amended and Restated Revolving Credit and Term Loan Agreement,
dated as of November 14, 2011, as amended by (1) that certain Amendment to Waiver to Second Amended and Restated Revolving Credit
and Term Loan Agreement, dated as of November 30, 2011, (2) that certain Amendment No. 2 to Waiver to Second Amended and Restated
Revolving Credit and Term Loan Agreement, dated as of December 15, 2011, (3) that certain Amendment No. 3 to Waiver to Second Amended
and Restated Revolving Credit and Term Loan Agreement, dated as of February 28, 2012, (4) that certain Amendment No. 4 to Waiver
to Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of May 18, 2012, (5) that certain Amendment No.
5 to Waiver to Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of July 16, 2012, (6) that certain
Amendment No. 6 to Waiver to Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of October 5, 2012,
and (7) that certain Amendment No. 7 to Waiver to Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as
of January 11, 2013 (collectively, as amended, the “Waiver”), pursuant to which, among other things, the Administrative
Agent and the Required Lenders temporarily waived (i) the Borrowers’ compliance with the Consolidated EBITDA to Fixed Charge
Ratio covenant set forth in Section 10.13 of the Loan Agreement (the “Fixed Charge Covenant”) as of the
end of each of the Fiscal Quarters ending September 30, 2011, March 31, 2012, June 30, 2012 and September 30, 2012 and (ii) the
Borrowers’ compliance with the Total Debt/Consolidated EBITDA Ratio covenant set forth in Section 10.14 of the Loan
Agreement (the “Leverage Covenant”) as of the end of the Fiscal Quarter ending June 30, 2012 and September 30,
2012 (collectively, the “Existing Waivers”).

 

    	 

    	 

    

 

C.           The
Borrowers and Guarantors have requested that the Lenders consider several further amendments to the Loan Agreement and, in order
to facilitate consideration of these requests, have further requested that the Required Lenders extend the expiration of the Existing
Waivers from February 6, 2013, until February 15, 2013.

 

D.           The
Required Lenders are willing to grant such request solely upon the terms and conditions contained herein.

 

NOW, THEREFORE, in
consideration of the foregoing recitals and of the representations, warranties, covenants and conditions set forth herein, in the
Waiver and in the Loan Agreement, and for other valuable consideration the receipt and adequacy of which is hereby acknowledged,
the parties hereto agree as follows:

 

Section 1.          Conditions
Precedent to Effectiveness of Amendment. The execution and delivery of this Amendment by the Required Lenders is conditioned
upon (a) the execution and delivery of this Amendment by the Borrowers and the Guarantors and (b) the execution, delivery and/or
completion by the Borrowers and the Guarantors of the following documents and/or actions, as applicable:

 

Section 1.1.          Payment
of Legal and Other Fees. Simultaneously with the execution and delivery of this Amendment, the Borrowers shall pay, or cause
to be paid, all of the Administrative Agent’s reasonable costs, fees and expenses incurred through the date hereof in connection
with the administration of the Loan Agreement and for which a reasonably detailed invoice has been provided, including, without
limitation, all reasonable outstanding fees and disbursements owed to the Administrative Agent’s legal counsel, Nutter, McClennen
& Fish LLP (“Nutter”) and Nutter’s consultant, Loughlin Management Partners + Co. (“LM+Co”).

 

Section 2.          Temporary
Waiver of Fixed Charge Covenant and Leverage Covenant. The Existing Waivers are hereby extended until February 15, 2013, at
which time any and all Defaults arising from or related to the Borrowers’ noncompliance with such provisions subject to the
Existing Waivers, unless further waived by the Administrative Agent and the Required Lenders, shall be immediately reinstated.

 

Section 3.          Representations
and Warranties. The Borrowers and Guarantors, jointly and severally, represent and warrant to the Lenders, the Issuing Bank
and the Administrative Agent as of the date of this Amendment that: (a) other than to the extent described in this Amendment, no
Default is in existence on the date hereof, or will result from the execution and delivery of this Amendment or the consummation
of any transactions contemplated hereby; (b) each of the representations and warranties of the Borrowers and the Guarantors
in the Loan Agreement and the other Loan Documents is true and correct in all material respects on the effective date of this Amendment
(except for representations and warranties limited as to time or with respect to a specific event, which representations and warranties
shall continue to be limited to such time or event); and (c) this Amendment, the Waiver and the Loan Agreement are legal, valid
and binding agreements of the Borrowers and the Guarantors and are enforceable against them in accordance with their terms.

 

    	- 2 -

    	 

    

 

Section 4.          Ratification.
Except as hereby amended or waived, the Loan Agreement, all other Loan Documents and each provision thereof are hereby ratified
and confirmed in every respect and shall continue in full force and effect, and this Amendment
shall not be, and shall not be deemed to be, a waiver of any Default or of any covenant, term or provision of the Loan Agreement
or the other Loan Documents. Without limiting the foregoing, the Borrowers and the Guarantors hereby expressly acknowledge and
agree that all ongoing obligations under the various Side Letters entered into in connection with, and as defined in, the Waiver,
shall continue in full force and effect. In furtherance of the foregoing ratification, by executing this Amendment
in the spaces provided below, each of the Guarantors, on a joint and several basis, hereby absolutely and unconditionally (a) reaffirms
its obligations under the Guaranties, and (b) absolutely and unconditionally consents to (i) the execution and delivery by the
Borrowers of this Amendment, (ii) the continued implementation and consummation of arrangements
and transactions contemplated by the Loan Agreement (including, without limitation, as amended or waived hereby) and the other
Loan Documents, and (iii) the performance and observance by each Borrower and each Guarantor of all of its respective agreements,
covenants, duties and obligations under the Loan Agreement (including, without limitation, as amended hereby) and the other Loan
Documents.

 

Section 5.          Counterparts.
This Amendment may be executed and delivered in any number of counterparts with the same effect
as if the signatures on each counterpart were upon the same instrument. Any counterpart delivered by facsimile or by other electronic
method of transmission shall be deemed an original signature thereto.

 

Section 6.          Amendment
as Loan Document. Each party hereto agrees and acknowledges that this Amendment constitutes
a “Loan Document” under and as defined in the Loan Agreement.

 

Section
7.          Governing Law.
This AMENDMENT shall be deemed to constitute a
contract made under the laws of the State of New York, INCLUDING ARTICLE 5 OF THE UCC, and shall be governed by and construed in
accordance with the internal laws of the State of New York (INCLUDING SECTION 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW,
but otherwise without regard to its conflicts of law rules).

 

Section 8.          Successors
and Assigns. This Amendment shall be binding upon each of the Borrowers, the Guarantors,
the Lenders, the Issuing Bank, the Administrative Agent, and their respective successors and assigns, and shall inure to the benefit
of each such Person and their permitted successors and assigns.

 

Section 9.          Headings.
Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this
Amendment for any other purpose.

 

Section 10.        Expenses.
Each Borrower jointly and severally agrees to promptly reimburse the Administrative Agent and any of the Lenders for all expenses,
including, without limitation, reasonable fees and expenses of Nutter and LM+Co, that such Person has heretofore or hereafter incurred
or incurs in connection with the preparation, negotiation and execution of this Amendment and all other instruments, documents
and agreements executed and delivered in connection with this Amendment.

 

    	- 3 -

    	 

    

 

Section 11.         Integration.
This Amendment contains the entire understanding of the parties hereto and with any other Lenders and parties to the Loan Agreement
with regard to the subject matter contained herein. This Amendment supersedes all prior or contemporaneous negotiations, promises,
covenants, agreements and representations of every nature whatsoever with respect to the matters referred to in this Amendment,
all of which have become merged and finally integrated into this Amendment. Each of the parties hereto understands that in the
event of any subsequent litigation, controversy or dispute concerning any of the terms, conditions or provisions of this Amendment,
no party shall be entitled to offer or introduce into evidence any oral promises or oral agreements between the parties relating
to the subject matter of this Amendment not included or referred to herein and not reflected by a writing included or referred
to herein.

 

Section 12.
         No Course of Dealing. The Administrative Agent and the Required Lenders
have entered into this Amendment on the express understanding with the Borrowers and the Guarantors that, in entering into this
Amendment, neither the Administrative Agent nor the Lenders are establishing any course of dealing with the Borrowers or the Guarantors.
The Administrative Agent’s and the Lenders’ rights to require strict performance with all of the terms and conditions
of the Loan Agreement and the other Loan Documents shall not in any way be impaired by the execution of this Amendment. Neither
the Administrative Agent nor the Lenders shall be obligated in any manner to execute any further amendments or waivers and if such
amendments or waivers are requested by the Borrowers and/or the Guarantors in the future, assuming the terms and conditions thereof
are satisfactory to the Administrative Agent and the Lenders, the Administrative Agent and the Lenders may require the payment
of fees in connection therewith. Each of the Borrowers and the Guarantors agree that none of the waivers or amendments set forth
herein constitute a course of dealing giving rise to any obligation on the part of the Administrative Agent or the Lenders that
requires a similar or any other waiver or amendment with respect to the Loan Agreement or any other Loan Document.

 

Section 13.         Jury
Trial Waiver. THE BORROWERS, THE GUARANTORS, THE ADMINISTRATIVE AGENT AND THE LENDERS, BY ACCEPTANCE
OF THIS AMENDMENT, MUTUALLY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION BASED HEREON, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AMENDMENT, THE LOAN AGREEMENT, OR ANY OTHER LOAN DOCUMENTS
CONTEMPLATED TO BE EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR
WRITTEN) OR ACTIONS OF ANY PARTY, INCLUDING, WITHOUT LIMITATION, ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS OR ACTIONS
OF THE ADMINISTRATIVE AGENT OR ANY LENDER RELATING TO THE ADMINISTRATION OF THE LOAN OR ENFORCEMENT OF THE LOAN DOCUMENTS, ARISING
OUT OF TORT, STRICT LIABILITY, CONTRACT OR ANY OTHER LAW, AND AGREE THAT NO PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH
ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED.

 

    	- 4 -

    	 

    

 

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

 

	 	BORROWERS:	CENTERLINE HOLDING COMPANY	 
	 	 	 	 	 
	 	 	By: 	/s/ Michael Larsen	 
	 	 	 	Name: 	Michael Larsen	 
	 	 	 	Title: 	CFO	 
	 	 	 	 	 	 
	 	 	CENTERLINE CAPITAL GROUP LLC	 
	 	 	 	 	 
	 	 	By: 	/s/ Michael Larsen	 
	 	 	 	Name: 	Michael Larsen	 
	 	 	 	Title: 	CFO	 

 

(Signatures continued on next page)

 

S-Borrowers

Signature page to Amendment No. 8 to Waiver to Second Amended
and Restated Revolving Credit and Term Loan Agreement

 

    	 

    	 

    

 

	 	GUARANTORS:	CENTERLINE CAPITAL COMPANY LLC	 
	 	 	 	 	 	 
	 	 	By: 	/s/ Michael Larsen	 
	 	 	 	Name: 	Michael Larsen	 
	 	 	 	Title: 	CFO	 
	 	 	 	 	 	 
	 	 	CENTERLINE AFFORDABLE HOUSING ADVISORS LLC	 
	 	 	 	 	 	 
	 	 	By: 	/s/ Michael Larsen	 
	 	 	 	Name: 	Michael Larsen	 
	 	 	 	Title: 	CFO	 
	 	 	 	 	 	 
	 	 	CENTERLINE HOLDING TRUST	 
	 	 	 	 	 	 
	 	 	By: 	/s/ Michael Larsen	 
	 	 	 	Name: 	Michael Larsen	 
	 	 	 	Title: 	CFO	 
	 	 	 	 	 	 
	 	 	CENTERLINE HOLDING TRUST II	 
	 	 	 	 	 	 
	 	 	By: 	/s/ Michael Larsen	 
	 	 	 	Name: 	Michael Larsen	 
	 	 	 	Title: 	CFO	 
	 	 	 	 	 	 
	 	 	CENTERLINE AREA LLC	 
	 	 	 	 	 	 
	 	 	By: 	/s/ Michael Larsen	 
	 	 	 	Name: 	Michael Larsen	 
	 	 	 	Title: 	CFO	 

 

(Signatures continued on next page)

 

S-Guarantors

Signature page to Amendment No. 8 to Waiver to Second Amended
and Restated Revolving Credit and Term Loan Agreement

 

    	 

    	 

    

 

	 	GUARANTORS (CONT.):   	CENTERLINE FINANCE CORPORATION	 
	 	 	 	 	 	 
	 	 	By: 	/s/ Michael Larsen	 
	 	 	 	Name: 	Michael Larsen	 
	 	 	 	Title: 	CFO	 
	 	 	 	 	 	 
	 	 	CENTERLINE INVESTOR LP LLC	 
	 	 	 	 	 	 
	 	 	By: 	/s/ Michael Larsen	 
	 	 	 	Name: 	Michael Larsen	 
	 	 	 	Title: 	CFO	 
	 	 	 	 	 	 
	 	 	CENTERLINE INVESTOR LP II LLC	 
	 	 	 	 	 	 
	 	 	By: 	/s/ Michael Larsen	 
	 	 	 	Name: 	Michael Larsen	 
	 	 	 	Title: 	CFO	 
	 	 	 	 	 	 
	 	 	CENTERLINE INVESTOR LP III LLC	 
	 	 	 	 	 	 
	 	 	By: 	/s/ Michael Larsen	 
	 	 	 	Name: 	Michael Larsen	 
	 	 	 	Title: 	CFO	 
	 	 	 	 	 	 
	 	 	CM INVESTOR LLC	 
	 	 	 	 	 	 
	 	 	By: 	/s/ Michael Larsen	 
	 	 	 	Name: 	Michael Larsen	 
	 	 	 	Title: 	CFO	 
	 	 	 	 	 	 
	 	 	CENTERLINE MANAGER LLC	 
	 	 	 	 	 	 
	 	 	By: 	/s/ Michael Larsen	 
	 	 	 	Name: 	Michael Larsen	 
	 	 	 	Title: 	CFO	 

 

S-Guarantors

Signature page to Amendment No. 8 to Waiver to Second Amended
and Restated Revolving Credit and Term Loan Agreement

 

    	 

    	 

    

 

Schedule
1

 

Guarantors

 

	1.	CCC
	2.	CAHA
	3.	Holding Trust
	4.	Holding Trust II
	5.	Centerline AREA LLC
	6.	Centerline Finance Corporation
	7.	Centerline Investor LP
	8.	Centerline Investor LP II
	9.	Centerline LIHTC Sub
	10.	CM Investor LLC
	11.	Centerline Manager LLC

 

    	 

    	 

    

 

Schedule 2

 

Form of Signature Page for Lenders included
in Required Lenders for purposes of approving AMENDMENT NO. 8 TO WAIVER TO SECOND AMENDED AND RESTATED REVOLVING CREDIT AND TERM
LOAN AGREEMENT:

 

The undersigned hereby evidences its agreement
to the terms of that certain AMENDMENT NO. 8 TO WAIVER TO SECOND AMENDED AND RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT,
dated as of February 6, 2013, and the consummation of the transactions contemplated thereby, amending that certain Second Amended
and Restated Revolving Credit and Term Loan Agreement, dated as of March 5, 2010, by and among Centerline Holding Company and Centerline
Capital Group LLC, as the Borrowers, the Guarantors described therein, the Lenders described therein, and Bank of America, N.A.,
as the Administrative Agent and the Issuing Bank, as such agreement is amended, restated, supplemented or otherwise modified from
time to time.

 

	 	BANK OF AMERICA, N.A.
	 	 	 
	 	By: 	/s/ John F. Simon
	 	Name: 	John F. Simon
	 	Title: 	SVP

 

Representing
40.816326532% of all Revolving Loan Commitments and Term Loan Commitments 

 

    	 

    	 

    

 

Schedule 2

 

Form of Signature Page for Lenders included
in Required Lenders for purposes of approving AMENDMENT NO. 8 TO WAIVER TO SECOND AMENDED AND RESTATED REVOLVING CREDIT AND TERM
LOAN AGREEMENT:

 

The undersigned hereby evidences its agreement
to the terms of that certain AMENDMENT NO. 8 TO WAIVER TO SECOND AMENDED AND RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT,
dated as of February 6, 2013, and the consummation of the transactions contemplated thereby, amending that certain Second Amended
and Restated Revolving Credit and Term Loan Agreement, dated as of March 5, 2010, by and among Centerline Holding Company and Centerline
Capital Group LLC, as the Borrowers, the Guarantors described therein, the Lenders described therein, and Bank of America, N.A.,
as the Administrative Agent and the Issuing Bank, as such agreement is amended, restated, supplemented or otherwise modified from
time to time.

 

	 	CUSA
	 	 	 
	 	By: 	/s/ William T. Cahill
	 	Name: 	William T. Cahill
	 	Title: 	Vice President

 

Representing
20.41% of all Revolving Loan Commitments and Term Loan Commitments 

 

    	 

    	 

    

 

Schedule 2

 

Form of Signature Page for Lenders included
in Required Lenders for purposes of approving AMENDMENT NO. 8 TO WAIVER TO SECOND AMENDED AND RESTATED REVOLVING CREDIT AND TERM
LOAN AGREEMENT:

 

The undersigned hereby evidences its agreement
to the terms of that certain AMENDMENT NO. 8 TO WAIVER TO SECOND AMENDED AND RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT,
dated as of February 6, 2013, and the consummation of the transactions contemplated thereby, amending that certain Second Amended
and Restated Revolving Credit and Term Loan Agreement, dated as of March 5, 2010, by and among Centerline Holding Company and Centerline
Capital Group LLC, as the Borrowers, the Guarantors described therein, the Lenders described therein, and Bank of America, N.A.,
as the Administrative Agent and the Issuing Bank, as such agreement is amended, restated, supplemented or otherwise modified from
time to time.

 

	 	MLBUSA COMMUNITY DEVELOPMENT CORP.
	 	 	 
	 	By: 	/s/ John F. Simon
	 	Name:	John F. Simon
	 	Title: 	Authorized Signatory

 

Representing
10.204081632% of all Revolving Loan Commitments and Term Loan Commitments 

 

    	 

    	 

    

 

Schedule 2

 

Form of Signature Page for Lenders included
in Required Lenders for purposes of approving AMENDMENT NO. 8 TO WAIVER TO SECOND AMENDED AND RESTATED REVOLVING CREDIT AND TERM
LOAN AGREEMENT:

 

The undersigned hereby evidences its agreement
to the terms of that certain AMENDMENT NO. 8 TO WAIVER TO SECOND AMENDED AND RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT,
dated as of February 6, 2013, and the consummation of the transactions contemplated thereby, amending that certain Second Amended
and Restated Revolving Credit and Term Loan Agreement, dated as of March 5, 2010, by and among Centerline Holding Company and Centerline
Capital Group LLC, as the Borrowers, the Guarantors described therein, the Lenders described therein, and Bank of America, N.A.,
as the Administrative Agent and the Issuing Bank, as such agreement is amended, restated, supplemented or otherwise modified from
time to time.

 

	 	Comerica Bank
	 	 	 
	 	By: 	/s/ Thomas W. Million
	 	Name:	Thomas W. Million
	 	Title: 	Vice President

 

Representing
4.081632653% of all Revolving Loan Commitments and Term Loan CommitmentsAMENDMENT NO. 1 TO CREDIT AGREEMENT

 

 

AMENDMENT NO. 1 TO CREDIT
AGREEMENT, dated as of February 7, 2013 (this “Amendment”),
is entered into by and among Francesca’s Collections, inc., a Texas corporation
(the “Borrower”), Francesca’s HOLDINGS CORPORATION, a Delaware
corporation (“Holdings”), ROYAL BANK OF CANADA (“Royal Bank”), as Administrative Agent and
Collateral Agent (the “Administrative Agent”) and the lenders party hereto.

 

PRELIMINARY STATEMENTS:

 

WHEREAS, the Borrower,
Holdings, the Administrative Agent and the lenders party thereto (the “Lenders”) entered into that certain Amended
and Restated Credit Agreement, dated as of July 27, 2011 (as amended, restated amended and restated supplemented or otherwise modified,
the “Credit Agreement”; capitalized terms not otherwise defined in this Amendment have the same meanings as
specified in the Credit Agreement).

 

WHEREAS, the Borrower,
Holdings, the Lenders and the Administrative Agent have agreed to amend the Credit Agreement as hereinafter set forth;

 

NOW, THEREFORE, in
consideration of the premises and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged),
the parties hereto hereby agree as follows:

 

SECTION 1.
Amendments to Credit Agreement. Section 6.1(g) of the Credit Agreement is, effective as
of the date hereof and subject to the satisfaction of the conditions precedent set forth in Section 3, hereby amended and
restated in its entirety to read as follows “[Reserved].”.

 

SECTION 2. Reference
to and Effect on the Loan Documents. On and after the Effective Date, each
reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like
import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”,
“thereunder”, “thereof” or words of like import referring to the “Credit Agreement”, shall
mean and be a reference to the Credit Agreement, as amended by this Amendment.

 

(b)              
The Credit Agreement, as specifically amended by this Amendment, and the other Loan Documents are, and shall continue to
be, in full force and effect, and are hereby in all respects ratified and confirmed.

 

(c)                Except
as expressly provided herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of
any right, power or remedy of any Lender or the Administrative Agent under the Credit Agreement or any other Loan
Document, nor shall it constitute a waiver of any provision of the Credit Agreement or any Loan Document.

 

SECTION 3. Conditions
of Effectiveness. This Amendment shall become effective as of the date (the “Effective
Date”) on which the following conditions shall have been satisfied (or waived):

 

    	 

    	 

    

 

(a) the Administrative
Agent shall have received counterparts of this Amendment executed by the Borrower, Holdings and the Lenders; and

 

(b) after giving effect to this
Amendment and the transactions contemplated hereby, the representations and warranties set forth in Article IV of the Credit Agreement
(as amended by this Amendment) are true and correct in all material respects as of the Effective Date, with the same effect as
though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date
(in which case such representations and warranties shall be true and correct in all material respects as of such earlier date)
and immediately prior to and after giving effect to the Effective Date, no Default or Event of Default shall have occurred and
be continuing.

 

SECTION 4. 
Representations and Warranties. Each of the Borrower and Holdings hereby represents and warrants to the Administrative Agent
that:

 

(a)on
and as of the date hereof (i) it has all requisite corporate or other power and authority to enter into and perform its obligations
under this Amendment, the Credit Agreement as amended hereby and the other Loan Documents to which it is a party, and (ii) this
Amendment has been duly authorized, executed and delivered by it; and

 

(b)this
Amendment, and the Credit Agreement as amended hereby, constitute legal, valid and binding obligations of such party, enforceable
against it in accordance with their respective terms, subject only to any limitation under laws relating to (i) bankruptcy, insolvency,
reorganization, moratorium or creditors’ rights generally; and (ii) general equitable principles including the discretion
that a court may exercise in the granting of equitable remedies.

 

SECTION 5. Costs
and Expenses. The Borrower agrees that all reasonable out-of-pocket expenses incurred by the Administrative
Agent in connection with the preparation, execution, delivery and administration, modification and amendment of this Amendment
and the other instruments and documents to be delivered hereunder or in connection herewith (including, without limitation, the
reasonable fees, charges and disbursements of counsel for the Administrative Agent), are expenses that the Borrower is required
to pay or reimburse pursuant to Section 11.3 of the Credit Agreement.

 

SECTION 6. 
Execution in Counterparts. This Amendment may be executed in one or more counterparts (and by different parties hereto
in different counterparts), each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument. Delivery by telecopier or other electronic transmission of an executed counterpart of a signature page to this
Amendment shall be effective as delivery of an original executed counterpart of this Amendment.

 

SECTION 7. 
GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

    	2

    	 

    
 

SECTION 8. WAIVER
OF RIGHT OF TRIAL BY JURY. EACH PARTY TO THIS AMENDMENT HEREBY EXPRESSLY WAIVES ANY
RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER this amendment, OR IN ANY WAY CONNECTED WITH
OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO the credit agreement as amended
hereby, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT
OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE
DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS
SECTION 8 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY
JURY.

 

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	3

    	 

    

 

IN WITNESS WHEREOF,
the parties have caused this Amendment No. 1 to Credit Agreement to be executed by their respective authorized officers as of the
date first above written.

 

 

	 	FRANCESCA’S COLLECTIONS, INC.,
	 	as a Borrower
	 	 
	 	By: 	/s/ Kal Malik
	 	 	Name: Kal Malik

Title: EVP and Chief Administrative Officer

 

 

	 	Francesca’s LLC,
	 	as a Borrower
	 	 
	 	By: 	/s/ Kal Malik
	 	 	Name: Kal Malik

Title: EVP and Chief Administrative Officer

  

    	 

    	 

    

 

	 	ROYAL BANK OF CANADA,
	 	as Administrative Agent
	 	 
	 	By: 	/s/ Rodica Dutka
	 	 	Name: Rodica Dutka

Title: Manager, Agency

  

    	 

    	 

    

 

	 	ROYAL BANK OF CANADA,
	 	as a Lender
	 	 
	 	By: 	/s/ John Flores
	 	 	Name: John Flores

Title: Authorized Signatory

  

    	 

    	 

    

 

	 	KeyBank National Association,
	 	as a Lender
	 	 
	 	By: 	/s/ Marianne T. Meil
	 	 	Name: Marianne T. Meil

Title: Senior Vice President

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