Board-Approved Projections. At least annually, but no later than thirty (30) days after the last day of each fiscal year of Borrower, and promptly with any material updates or changes thereto that are approved by the Board, annual Board-approved operating budgets and financial projections, in a form of presentation reasonably acceptable to Bank;

options granted under any other share option plan approved under [Schedule 4] that has been established by the Company or any of its Associated Companies,

Approved Working Drawings. The Final Working Drawings shall be approved by Landlord (the “Approved Working Drawings”) prior to the commencement of construction of the Premises by Tenant. After approval by Landlord of the Final Working Drawings, Tenant may submit the same to the appropriate municipal authorities for all applicable building permits (the “Permits”). Tenant hereby agrees that neither Landlord nor Landlord's consultants shall be responsible for obtaining any building permit or certificate of occupancy for the Premises and that obtaining the same shall be Tenant’s responsibility; provided, however, that Landlord shall cooperate with Tenant in executing permit applications and performing other ministerial acts reasonably necessary to enable Tenant to obtain any such permit or certificate of occupancy. No changes, modifications or alterations in the Approved Working Drawings may be made without the prior written consent of Landlord, which consent may not be unreasonably withheld.

The Borrower may from time to time request that Letters of Credit be issued in a currency other than those specifically listed in the definition of “Approved Currency”; provided that # such requested currency is a lawful currency that is readily transferable and readily convertible into Dollars in the London interbank market and # dealings in deposits in such requested currency are carried on in the London interbank market. Such request shall be subject to the reasonable approval of the Administrative Agent and the applicable Issuing Bank.

“Approved Fund” means any # investment company, finance company, fund,

No Sinking Fund. The Subordinated Note is not entitled to the benefit of any sinking fund.

No Separate Fund. All severance benefits payable under this Agreement are payable from the Company’s general assets. There is no separate trust or fund established for the payment of severance benefits under this Agreement. All amounts payable hereunder shall be less all appropriate deductions, including federal, state and local withholding taxes.

An Eligible Employee who is on an Approved Leave (as defined below) may, by written election, elect to suspend participation in the Plan, or, as applicable: # have payroll deductions in respect of the Plan continue; or # where payroll deductions are not possible because the Approved Leave is unpaid, make cash payments to the Company, in the time and manner prescribed by the Company, with such payments to be equal to the amount of payroll deduction in effect in respect of the Plan for the pay period immediately prior to the Approved Leave.

Approved Carrier/Policy Changes. All insurance shall be obtained from an insurance company rated “​” or better by A.M. Best or otherwise approved by CKI. The Licensee shall give at least ​ prior written notice to CKI of the cancellation or any modification of such insurance policy that would affect any of CKI’s, PVH’s, CKTT’s, or Mr. Calvin Klein’s status or benefits thereunder. This insurance may be obtained for CKI, PVH, CKTT, or Mr. Calvin Klein by the Licensee in conjunction with a policy which covers products other than the Licensed Products.

Agent and Lenders acknowledge that Borrower is seeking a revolving loan facility to be secured by a first lien security interest in Borrower’s Inventory and accounts receivable generated by product sales in the normal course of business; provided that # any such loan facility will be (i)(x) in a maximum principal amount of $2,500,000, # subject to an advance rate of no greater than # seventy- five percent (75.0%) in respect of such accounts receivable and # fifty percent (50.0%) in respect of Inventory, in each case unless otherwise agreed to in writing by Agent in its sole discretion, and # subject to an Intercreditor Agreement, # Agent shall have a second priority Lien and security interest in any accounts receivable and Inventory securing such revolving loan facility, and # the material terms and conditions of such revolving loan facility shall be acceptable to Agent in its commercially reasonable discretion (such revolving loan facility, together with any replacement revolving loan facility as approved by Agent that is subject to an Intercreditor Agreement, collectively an “Approved AR Loan Facility”). Agent and Borrower agree to work together in good faith, and at Borrower’s sole cost and expense, to negotiate and enter into such amendments to this Agreement and such other Loan Documents as may be necessary to permit such Debt owing under any Approved AR Loan Facility, to release and/or subordinate such Liens as may be necessary to effectuate any such Approved AR Loan Facility, and to enter into such third party documents as may be reasonably requested by Borrower and/or the revolving loan lender under any such Approved AR Loan Facility.