Document:

TWELFTH
AMENDMENT TO CREDIT AGREEMENT

    

    This
TWELFTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as
of June 4, 2010, is entered into by and among THE GYMBOREE CORPORATION, a
Delaware corporation (the “Company”), each other
Borrower named in the signature pages hereof (together with the Company, each a
“Borrower” and,
collectively, the “Borrowers”), and BANK
OF AMERICA, N.A. (the “Lender”).

    

    RECITALS

    

    A.          The
Borrowers and the Lender are parties to a Credit Agreement, dated as of August
11, 2003 as amended by (i) that certain Waiver and First Amendment to Credit
Agreement dated as of December 6, 2004, (ii) that certain Second Amendment to
Credit Agreement dated as of July 25, 2005, (iii) that certain Third Amendment
to Credit Agreement dated as of March 30, 2006, (iv) that certain Fourth
Amendment to Credit Agreement dated as of July 5, 2006, (v) that certain Fifth
Amendment to Credit Agreement dated as of February 7, 2007, (vi) that certain
Sixth Amendment to Credit Agreement dated as of April 24, 2007, (vii) that
certain Seventh Amendment to Credit Agreement dated as of June 12, 2007, (viii)
that certain Eighth Amendment to Credit Agreement dated as of July 31, 2007,
(ix) that certain Ninth Amendment to Credit Agreement dated as of November 21,
2007, (x) that certain Tenth Amendment to Credit Agreement dated as of August 8,
2008 and (xi) that certain Eleventh Amendment to Credit Agreement dated as of
July 31, 2009 (collectively, and as the same may be further amended, restated,
extended, supplemented or otherwise modified from time to time, the “Credit Agreement”),
pursuant to which the Lender has extended certain credit facilities to the
Borrowers.

    

    B.           The
Borrowers have requested that the Lender agree to certain amendments to the
Credit Agreement, and the Lender has agreed to such request, subject to the
terms and conditions of this Amendment.

    

    NOW,
THEREFORE, for valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the parties hereto hereby agree as follows:

    

    1.           Defined Terms. Unless
otherwise defined herein, capitalized terms used herein shall have the meanings,
if any, assigned to such terms in the Credit Agreement (as amended hereby). As
used herein, “Amendment Documents”
means this Amendment, the Credit Agreement (as amended by this Amendment), and
each certificate and other document executed and delivered by the Borrowers
pursuant

    to
Section 5 hereof.

    

    2.           Interpretation. The
rules of interpretation set forth in Sections 1.02, 1.03, 1.04, 1.05, and 1.06
of the Credit Agreement shall be applicable to this Amendment and are
incorporated herein by this reference.

    

    3.           Amendments to Credit
Agreement. Subject to the terms and conditions hereof, and with effect
from and after the Effective Date,

    

    (i)         
 A new definition of “Twelfth Amendment Date” is hereby added to Section
1.01 of the Credit Agreement in the appropriate alphabetical order to read as
follows:

    

    “Twelfth Amendment
Date” means the “Effective Date” as defined in that Twelfth Amendment to
Credit Agreement dated as of June 4, 2010 among the Borrowers and the
Lender.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    (ii)          Section
7.06(e) of the Credit Agreement shall be amended and restated to read in full as
follows:

    

    (e)          the
Company may purchase, redeem or otherwise acquire shares of its capital stock
for cash, in an aggregate amount not to exceed, (i) for all such purchases,
redemptions and other acquisitions together occurring from and after the Second
Amendment Date until the Fifth Amendment Date, the amount of $110,000,000, (ii)
for all such purchases, redemptions and other acquisitions together occurring
from and after the Fifth Amendment Date until the Eleventh Amendment Date, the
amount of $175,000,000, (iii) for all such purchases, redemptions and other
acquisitions together occurring from and after the Eleventh Amendment Date until
the Twelfth Amendment Date, the amount of $75,000,000and (iv) for all such
purchases, redemptions and other acquisitions together occurring from and after
the Twelfth Amendment Date, the amount of $190,000,000; provided, in each
case that after giving effect to such proposed action, no Default would
exist.

     

    4.           Representations
and Warranties. Each
Borrower hereby represents and warrants to the Lender as
follows:

     

    (a)          No
Default has occurred and is continuing.

    

    (b)    
     The execution, delivery and performance by the
Borrowers of this Amendment have been duly authorized by all necessary corporate
and other action and do not and will not require any registration with, consent
or approval of, or notice to or action by, any Person (including any
Governmental Authority) in order to be effective and enforceable.

    

    (c)         
The Amendment Documents constitute the legal, valid and binding obligations of
the Borrowers party thereto, enforceable against each such Borrower in
accordance with their respective terms, without defense, counterclaim or
offset.

    

    (d)        
 All representations and warranties of the Borrowers contained in Article V
of the Credit Agreement are true and correct on and as of the Effective Date,
except to the extent that any such representation and warranty specifically
relates to an earlier date, in which case they are true and correct as of such
earlier date.

    

    (e)         
Each Borrower is entering into this Amendment on the basis of its own
investigation and for its own reasons, without reliance upon the Lender or any
other Person.

    

    (f)          
There has occurred since January 30, 2010 no event or circumstance that has
resulted or could reasonably be expected to result in a Material Adverse
Effect.

    

    (g)         
The Obligations of each Borrower under the Credit Agreement and each other Loan
Document are not subject to any defense, counterclaim, set-off, right of
recoupment, abatement or other claim.

    

    5.           Effective
Date.

    

    (a)         
This Amendment will become effective as of the date shown first above (the
“Effective
Date”), provided each of the conditions precedent set forth in this
Section 5 has been satisfied:

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    (i)          
The Lender shall have received from each Borrower a duly executed original (or,
if elected by the Lender, an executed facsimile copy) counterpart to this
Amendment.

    

    (ii)        
The Borrowers shall have paid to the Lender’s counsel, all reasonable attorneys’
fees and expenses incurred by the Lender in connection with the development,
preparation, negotiation and delivery of this Amendment and the other Amendment
Documents.

    

    (b)         
From and after the Effective Date, the Credit Agreement is amended as set forth,
herein. Except as expressly amended pursuant hereto, the Credit Agreement shall
remain unchanged and in full force and effect and is hereby ratified and
confirmed in all respects.

    

    6.          
Reservation of
Rights. Each Borrower acknowledges and agrees that neither the execution
nor the delivery by the Lender of this Amendment shall (a) be deemed to create a
course of dealing or otherwise obligate the Lender to execute similar amendments
under the same or similar circumstances in the future or (b) be deemed to create
any implied waiver of any right or remedy of the Lender with respect to any term
or provision of any Loan Document (including any term or provision relating to
the occurrence of a Material Adverse Effect).

    

    7.          
Miscellaneous.

    

    (a)          
Except as herein expressly amended, all terms, covenants and provisions of the
Credit Agreement are and shall remain in full force and effect and all
references therein to such Credit Agreement shall henceforth refer to the Credit
Agreement as amended by this Amendment. This Amendment shall be deemed
incorporated into, and a part of, the Credit Agreement.

    

    (b)          
This Amendment shall be binding upon and inure to the benefit of the parties
hereto and thereto and their respective successors and assigns. No third party
beneficiaries are intended in connection with this Amendment.

    

    (c)          
THIS AMENDMENT IS SUBJECT TO THE PROVISIONS OF SECTIONS 9.19, 9.20 and 9.23 OF
THE CREDIT AGREEMENT RELATING TO GOVERNING LAW, VENUE, WAIVER OF RIGHT TO TRIAL
BY JURY AND JUDICIAL REFERENCE, THE PROVISIONS OF WHICH ARE BY THIS REFERENCE
INCORPORATED HEREIN IN FULL.

    

    (d)          
This Amendment may be executed in any number of counterparts, each of which
shall be deemed an original, but all such counterparts together shall constitute
but one and the same instrument. Each of the parties hereto understands and
agrees that this document (and any other document required herein) may be
delivered by any party hereto or thereto either in the form of an executed
original or an executed original sent by facsimile transmission to be followed
promptly by mailing of a hard copy original, and the receipt by the Lender of a
facsimile transmitted document purportedly bearing the signature of a Borrower
shall bind such Borrower with the same force and effect as the delivery of a
hard copy original. Any failure by the Lender to receive the hard copy executed
original of such document shall not diminish the binding effect of receipt of
the facsimile transmitted executed original of such document of the party whose
hard copy page was not received by the Lender.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    (e)         
This Amendment, together with the Credit Agreement, contains the entire and
exclusive agreement of the parties hereto with reference to the matters
discussed herein and therein. This Amendment supersedes all prior drafts and
communications with respect thereto. This Amendment may not be amended except in
accordance with the provisions of Section 9.01 of the Credit
Agreement.  If any term or provision of this Amendment shall be deemed
prohibited by or invalid under any applicable law, such provision shall be
invalidated without affecting the remaining provisions of this Amendment or the
Credit Agreement, respectively.

    

    (f)         
Each Borrower covenants to pay to or reimburse the Lender, upon demand, for all
reasonable fees and expenses incurred in connection with the development,
preparation, negotiation, execution and delivery of this Amendment and the other
Amendment Documents.

    

    (g)         
This Amendment shall constitute a “Loan Document” under and as defined in the
Credit Agreement.

    

    [Remainder of page intentionally left
blank]

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the date first above written.

    

    
      	 
      	
              THE
      GYMBOREE CORPORATION,

            
	 
      	
              as
      a Borrower

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Jeffrey P. Harris

            	 
      
	 
      	
              Name:

            	
              Jeffrey
      P. Harris

            
	 
      	
              Title:

            	
              Chief
      Financial Officer

            
	 
      	 
      	 
      
	 
      	
              GYMBOREE
      MANUFACTURING, INC.,

            
	 
      	
              as
      a Borrower

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Jeffrey P. Harris

            	 
      
	 
      	
              Name:

            	
              Jeffrey
      P. Harris

            
	 
      	
              Title:

            	
              Chief
      Financial Officer

            
	 
      	 
      	 
      
	 
      	
              GYM-MARK,
      INC.,

            
	 
      	
              as
      a Borrower

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Jeffrey P. Harris

            	 
      
	 
      	
              Name:

            	
              Jeffrey
      P. Harris

            
	 
      	
              Title:

            	
              Chief
      Financial Officer

            
	 
      	 
      	 
      
	 
      	
              GYMBOREE
      RETAIL STORES, INC.,

            
	 
      	
              as
      a Borrower

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Jeffrey P. Harris

            	 
      
	 
      	
              Name:

            	
              Jeffrey
      P. Harris

            
	 
      	
              Title:

            	
              Chief
      Financial Officer

            
	 
      	 
      	 
      
	 
      	
              GYMBOREE
      PLAY PROGRAMS, INC.,

            
	 
      	
              as
      a Borrower

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Jeffrey P. Harris

            	 
      
	 
      	
              Name:

            	
              Jeffrey
      P. Harris

            
	 
      	
              Title:

            	
              Chief
      Financial Officer

            

    

    

    THE
GYMBOREE CORPORATION

    TWELFTH
AMENDMENT TO CREDIT AGREEMENT

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    
      	 
      	
              GYMBOREE
      OPERATIONS, INC.,

            
	 
      	
              as
      a Borrower

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Jeffrey P. Harris

            	 
      
	 
      	
              Name:

            	
              Jeffrey
      P. Harris

            
	 
      	
              Title:

            	
              Chief
      Financial Officer

            
	 
      	 
      	 
      
	 
      	
              GYMBOREE,
      INC. (CANADA)

            
	 
      	
              as
      a Borrower

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Jeffrey P. Harris

            	 
      
	 
      	
              Name:

            	
              Jeffrey
      P. Harris

            
	 
      	
              Title:

            	
              Chief
      Financial Officer

            
	 
      	 
      	 
      
	
              LENDER:

            	
              BANK
      OF AMERICA, N.A., as the Lender

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              Brandon J. Kirkbride

            	 
      
	 
      	
              Name:

            	
              Brandon
      J. Kirkbride

            
	 
      	
              Title:

            	
              Vice
      President

            

    

    

    THE
GYMBOREE CORPORATION

    TWELFTH
AMENDMENT TO CREDIT AGREEMENTTHIRTEENTH
AMENDMENT TO CREDIT AGREEMENT

    

    This
THIRTEENTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as
of August 24, 2010, is entered into by and among THE GYMBOREE CORPORATION, a
Delaware corporation (the “Company”), each other
Borrower named in the signature pages hereof (together with the Company, each a
“Borrower” and,
collectively, the “Borrowers”), and BANK
OF AMERICA, N.A. (the “Lender”).

    

    RECITALS

    

    A.           The
Borrowers and the Lender are parties to a Credit Agreement, dated as of August
11, 2003 as amended by (i) that certain Waiver and First Amendment to Credit
Agreement dated as of December 6, 2004, (ii) that certain Second Amendment to
Credit Agreement dated as of July 25, 2005, (iii) that certain Third Amendment
to Credit Agreement dated as of March 30, 2006, (iv) that certain Fourth
Amendment to Credit Agreement dated as of July 5, 2006, (v) that certain Fifth
Amendment to Credit Agreement dated as of February 7, 2007, (vi) that certain
Sixth Amendment to Credit Agreement dated as of April 24, 2007, (vii) that
certain Seventh Amendment to Credit Agreement dated as of June 12, 2007, (viii)
that certain Eighth Amendment to Credit Agreement dated as of July 31, 2007,
(ix) that certain Ninth Amendment to Credit Agreement dated as of November 21,
2007, (x) that certain Tenth Amendment to Credit Agreement dated as of August 8,
2008, (xi) that certain Eleventh Amendment to Credit Agreement dated as of July
31, 2009 and (xii) that certain Twelfth Amendment to Credit Agreement dated as
of June 4, 2010 (collectively, and as the same may be further amended, restated,
extended, supplemented or otherwise modified from time to time, the “Credit Agreement”),
pursuant to which the Lender has extended certain credit facilities to the
Borrowers.

    

    B.           The
Borrowers have requested that the Lender agree to certain amendments to the
Credit Agreement, and the Lender has agreed to such request, subject to the
terms and conditions of this Amendment.

    

    NOW,
THEREFORE, for valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the parties hereto hereby agree as follows:

    

    1.           Defined Terms. Unless
otherwise defined herein, capitalized terms used herein shall have the meanings,
if any, assigned to such terms in the Credit Agreement (as amended hereby). As
used herein, “Amendment Documents”
means this Amendment, the Credit Agreement (as amended by this Amendment), and
each certificate and other document executed and delivered by the Borrowers
pursuant

    to
Section 5 hereof.

    

    2.           Interpretation. The
rules of interpretation set forth in Sections 1.02, 1.03, 1.04, 1.05, and 1.06
of the Credit Agreement shall be applicable to this Amendment and are
incorporated herein by this reference.

    

    3.           Amendments to Credit
Agreement. Subject to the terms and conditions hereof, and with effect
from and after the Effective Date,

    

    (a)           Section 1.01 of the
Credit Agreement shall be amended by amending and restating the definition
“Applicable Rate” to read in full as follows:

    

    “Applicable Rate”
means, (a) prior to the Thirteenth Amendment Date, the following percentages per
annum, based upon the Consolidated Adjusted Leverage Ratio as set forth in the
most recent Compliance Certificate received by the Lender pursuant to Section 6.02(a) in
conjunction with financial statements provided pursuant to Section 6.01(a) or
(b):

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      	
                                                              Pricing

                                                              Level

                                                            	 	
                                                              Consolidated Adjusted

                                                              Leverage Ratio

                                                            	 	
                                                              Unused Line

                                                              Fee (%)

                                                            	 	 	
                                                              Eurodollar Rate Loans/

                                                              Letters of Credit (%)

                                                            	 	 	
                                                              Base Rate

                                                              Loans (%)

                                                            	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                                                              1

                                                            	 	
                                                              > 3.00:1.00

                                                            	 	 	0.650	 	 	 	3.00	 	 	 	0.750	 
	
                                                              2

                                                            	 	
                                                              > 2.50:1.00 but < 3.00:1.00

                                                            	 	 	0.550	 	 	 	2.50	 	 	 	0.500	 
	
                                                              3

                                                            	 	
                                                              > 2.00:1.00 but < 2.50:1.00

                                                            	 	 	0.450	 	 	 	2.25	 	 	 	0.250	 
	
                                                              4

                                                            	 	
                                                              < 2.00:1.00

                                                            	 	 	0.350	 	 	 	2.00	 	 	 	0.000	 

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    and (b)
at all times from and after the Thirteenth Amendment Date, the following
percentages per annum, based upon the Consolidated Adjusted Leverage Ratio as
set forth in the most recent Compliance Certificate received by the Lender
pursuant to Section
6.02(a) in conjunction with financial statements provided pursuant to
Section 6.01(a)
or (b):

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	
                                  Pricing

                                  Level

                                	 	
                                  Consolidated Adjusted

                                  Leverage Ratio

                                	 	 	
                                  Unused Line

                                  Fee (%)

                                	 	 	
                                  Eurodollar Rate Loans

                                  (%)

                                	 	 	
                                  Base Rate

                                  Loans (%)

                                	 	 	
                                  Letters of

                                  Credit (%)

                                	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                                  1

                                	 	
                                  > 3.00:1.00

                                	 	 	 	0.60	 	 	 	3.00	 	 	 	0.750	 	 	 	1.500	 
	
                                  2

                                	 	
                                  > 2.50:1.00 but < 3.00:1.00

                                	 	 	 	0.50	 	 	 	2.25	 	 	 	0.250	 	 	 	1.250	 
	
                                  3

                                	 	
                                  > 2.00:1.00 but < 2.50:1.00

                                	 	 	 	0.40	 	 	 	2.00	 	 	 	0.000	 	 	 	1.125	 
	
                                  4

                                	 	
                                  < 2.00:1.00

                                	 	 	 	0.30	 	 	 	1.75	 	 	 	0.000	 	 	 	1.000	 

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    Any
increase or decrease in the Applicable Rate resulting from a change in the
Consolidated Adjusted Leverage Ratio shall become effective as of the first
Business Day immediately following the date a Compliance Certificate is
delivered pursuant to Section 6.02(a) in
conjunction with financial statements provided pursuant to Section 6.01(a) or
(b); provided, however,
that if a Compliance Certificate is not delivered when due in accordance with
such Section, then Pricing Level 1 shall apply as of the first Business Day
after the date on which such Compliance Certificate was required to have been
delivered.

    

    (b)           The
definition of “Applicable SLC Rate” is hereby deleted in its entirety from Section 1.01 of the
Credit Agreement.

    

    (c)           Section 1.01 of the
Credit Agreement shall be amended by amending and restating the definition
“Scheduled Maturity Date” to read in full as follows:

    

    “Scheduled Maturity
Date” means September 1, 2011.

    

    (c)           A
new definition of “Thirteenth Amendment Date” is hereby added to Section 1.01 of the
Credit Agreement in the appropriate alphabetical order to read as
follows:

    

    “Thirteenth Amendment
Date” means the “Effective Date” as defined in that Thirteenth Amendment
to Credit Agreement dated as of August 24, 2010 among the Borrowers and the
Lender.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    (e)           Section 2.03(h)(i) of
the Credit Agreement shall be amended to read as follows:

     

    (i)           Standby Letters of
Credit.  The applicable Borrower shall pay to the Lender a
letter of credit fee for each Standby Letter of Credit equal to the Applicable
Rate times the daily maximum amount available to be drawn under such Letter of
Credit (whether or not such maximum amount is then in effect under such Letter
of Credit). Such letter of credit fees shall be computed on a quarterly basis in
arrears, and shall be due and payable on the first Business Day after the end of
each March, June, September and December, commencing with the first such date to
occur after the issuance of such Letter of Credit, on the Maturity Date and
thereafter on demand. If there is any change in the Applicable Rate during any
quarter, the daily maximum amount of each Letter of Credit shall be computed and
multiplied by the Applicable Rate separately for each period during such quarter
that such Applicable Rate was in effect. Such fees shall be fully earned when
paid and are non-refundable.

     

    4.           Representations and
Warranties. Each Borrower hereby represents and warrants to the Lender as
follows:

     

    (a)           No
Default has occurred and is continuing.

    

    (b)           The
execution, delivery and performance by the Borrowers of this Amendment have been
duly authorized by all necessary corporate and other action and do not and will
not require any registration with, consent or approval of, or notice to or
action by, any Person (including any Governmental Authority) in order to be
effective and enforceable.

    

    (c)           The
Amendment Documents constitute the legal, valid and binding obligations of the
Borrowers party thereto, enforceable against each such Borrower in accordance
with their respective terms, without defense, counterclaim or
offset.

    

    (d)           All
representations and warranties of the Borrowers contained in Article V of the
Credit Agreement are true and correct on and as of the Effective Date, except to
the extent that any such representation and warranty specifically relates to an
earlier date, in which case they are true and correct as of such earlier
date.

    

    (e)           Each
Borrower is entering into this Amendment on the basis of its own investigation
and for its own reasons, without reliance upon the Lender or any other
Person.

    

    (f)           There
has occurred since January 30, 2010 no event or circumstance that has resulted
or could reasonably be expected to result in a Material Adverse
Effect.

    

    (g)           The
Obligations of each Borrower under the Credit Agreement and each other Loan
Document are not subject to any defense, counterclaim, set-off, right of
recoupment, abatement or other claim.

    

    5.           Effective
Date.

    

    (a)           This
Amendment will become effective as of the date shown first above (the “Effective Date”),
provided each of the conditions precedent set forth in this Section 5 has been
satisfied:

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    (i)           The
Lender shall have received from each Borrower a duly executed original (or, if
elected by the Lender, an executed facsimile copy) counterpart to this
Amendment.

    

    (ii)           The
Lender shall have received from the Company a certificate signed by the
assistant secretary of each Borrower in form and substance satisfactory to the
Lender, and certifying evidence of the authorization of the execution, delivery
and performance by each Borrower of the Amendment Documents to which it is
party.

    

    (iii)          The
Lender shall have received such documents and certifications as the Lender may
reasonably require to evidence that each Borrower is duly organized or formed,
validly existing, in good standing and qualified to engage in business in each
jurisdiction where its ownership, lease or operation of properties or the
conduct of its business requires such qualification, except to the extent that
failure to do so could not reasonably be expected to have a Material Adverse
Effect.

    

    (iv)          The
Borrowers shall have paid (A) to the Lender an upfront fee of 0.10% times the
Commitment, and (B) to the Lender’s counsel, all reasonable attorneys’ fees and
expenses incurred by the Lender in connection with the development, preparation,
negotiation and delivery of this Amendment and the other Amendment
Documents.

    

    (v)           The
Lender shall have received, in form and substance satisfactory to it, such
additional approvals, consents, opinions, documents and other information as the
Lender shall request.

    

    (b)           From
and after the Effective Date, the Credit Agreement is amended as set forth,
herein. Except as expressly amended pursuant hereto, the Credit Agreement shall
remain unchanged and in full force and effect and is hereby ratified and
confirmed in all respects.

    

    6.           Reservation of
Rights. Each Borrower acknowledges and agrees that neither the execution
nor the delivery by the Lender of this Amendment shall (a) be deemed to create a
course of dealing or otherwise obligate the Lender to execute similar amendments
under the same or similar circumstances in the future or (b) be deemed to create
any implied waiver of any right or remedy of the Lender with respect to any term
or provision of any Loan Document (including any term or provision relating to
the occurrence of a Material Adverse Effect).

    

    7.           Miscellaneous.

    

    (a)           Except
as herein expressly amended, all terms, covenants and provisions of the Credit
Agreement are and shall remain in full force and effect and all references
therein to such Credit Agreement shall henceforth refer to the Credit Agreement
as amended by this Amendment. This Amendment shall be deemed incorporated into,
and a part of, the Credit Agreement.

    

    (b)           This
Amendment shall be binding upon and inure to the benefit of the parties hereto
and thereto and their respective successors and assigns. No third party
beneficiaries are intended in connection with this Amendment.

    

    (c)           THIS
AMENDMENT IS SUBJECT TO THE PROVISIONS OF SECTIONS 9.19, 9.20 and 9.23 OF THE
CREDIT AGREEMENT RELATING TO GOVERNING LAW, VENUE, WAIVER OF RIGHT TO TRIAL BY
JURY AND JUDICIAL REFERENCE, THE PROVISIONS OF WHICH ARE BY THIS REFERENCE
INCORPORATED HEREIN IN FULL.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    (d)          This
Amendment may be executed in any number of counterparts, each of which shall be
deemed an original, but all such counterparts together shall constitute but one
and the same instrument. Each of the parties hereto understands and agrees that
this document (and any other document required herein) may be delivered by any
party hereto or thereto either in the form of an executed original or an
executed original sent by facsimile transmission to be followed promptly by
mailing of a hard copy original, and the receipt by the Lender of a facsimile
transmitted document purportedly bearing the signature of a Borrower shall bind
such Borrower with the same force and effect as the delivery of a hard copy
original. Any failure by the Lender to receive the hard copy executed original
of such document shall not diminish the binding effect of receipt of the
facsimile transmitted executed original of such document of the party whose hard
copy page was not received by the Lender.

    

    (e)          This
Amendment, together with the Credit Agreement, contains the entire and exclusive
agreement of the parties hereto with reference to the matters discussed herein
and therein. This Amendment supersedes all prior drafts and communications with
respect thereto. This Amendment may not be amended except in accordance with the
provisions of Section 9.01 of the Credit Agreement.  If any term or
provision of this Amendment shall be deemed prohibited by or invalid under any
applicable law, such provision shall be invalidated without affecting the
remaining provisions of this Amendment or the Credit Agreement,
respectively.

    

    (f)           Each
Borrower covenants to pay to or reimburse the Lender, upon demand, for all
reasonable fees and expenses incurred in connection with the development,
preparation, negotiation, execution and delivery of this Amendment and the other
Amendment Documents.

    

    (g)          This
Amendment shall constitute a “Loan Document” under and as defined in the Credit
Agreement.

    

    [Remainder of page intentionally left
blank]

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the date first above written.

    

    
      	 
      	
              THE
      GYMBOREE CORPORATION,

            
	 
      	
              as
      a Borrower

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Jeffrey P. Harris

            	 
      
	 
      	
              Name:

            	
              Jeffrey
      P. Harris

            
	 
      	
              Title:

            	
              Chief
      Financial Officer

            
	 
      	 
      	 
      
	 
      	
              GYMBOREE
      MANUFACTURING, INC.,

            
	 
      	
              as
      a Borrower

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Jeffrey P. Harris

            	 
      
	 
      	
              Name:

            	
              Jeffrey
      P. Harris

            
	 
      	
              Title:

            	
              Chief
      Financial Officer

            
	 
      	 
      	 
      
	 
      	
              GYM-MARK,
      INC.,

            
	 
      	
              as
      a Borrower

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Jeffrey P. Harris

            	 
      
	 
      	
              Name:

            	
              Jeffrey
      P. Harris

            
	 
      	
              Title:

            	
              Chief
      Financial Officer

            
	 
      	 
      	 
      
	 
      	
              GYMBOREE
      RETAIL STORES, INC.,

            
	 
      	
              as
      a Borrower

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Jeffrey P. Harris

            	 
      
	 
      	
              Name:

            	
              Jeffrey
      P. Harris

            
	 
      	
              Title:

            	
              Chief
      Financial Officer

            
	 
      	 
      	 
      
	 
      	
              GYMBOREE
      PLAY PROGRAMS, INC.,

            
	 
      	
              as
      a Borrower

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Jeffrey P. Harris

            	 
      
	 
      	
              Name:

            	
              Jeffrey
      P. Harris

            
	 
      	
              Title:

            	
              Chief
      Financial Officer

            
	 
      	 
      	 
      

    

     

    THE
GYMBOREE CORPORATION

    THIRTEENTH
AMENDMENT TO CREDIT AGREEMENT

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    
      
        	 
      	
                GYMBOREE
      OPERATIONS, INC.,

              
	 
      	
                as
      a Borrower

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/ Jeffrey P. Harris

              	 
      
	 
      	
                Name:

              	
                Jeffrey
      P. Harris

              
	 
      	
                Title:

              	
                Chief
      Financial Officer

              
	 
      	 
      	 
      
	 
      	
                GYMBOREE,
      INC. (CANADA)

              
	 
      	
                as
      a Borrower

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/ Jeffrey P. Harris

              	 
      
	 
      	
                Name:

              	
                Jeffrey
      P. Harris

              
	 
      	
                Title:

              	
                Chief
      Financial Officer

              
	 
      	 
      	 
      
	
                LENDER:

              	
                BANK
      OF AMERICA, N.A., as the Lender

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                Brandon J. Kirkbride

              	 
      
	 
      	
                Name:

              	
                Brandon
      J. Kirkbride

              
	 
      	
                Title:

              	
                Vice
      President

              

      

    

     

    THE
GYMBOREE CORPORATION

    THIRTEENTH
AMENDMENT TO CREDIT AGREEMENT

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