Item 1.01 Entry into a Material Definitive Agreement.
As previously reported, on July 23, 2020, J.Jill, Inc. (the Company) amended its two existing Forbearance Agreements, each dated as of
June 15, 2020 (the Existing Forbearance Agreements and, as amended, the Amended Forbearance Agreements) relating to the Companys (i) ABL Credit Agreement, dated as of May 8, 2015 (as amended from time to
time, the ABL Credit Agreement), by and among Jill Acquisition LLC, a Delaware limited liability company (Jill Acquisition), J.Jill Gift Card Solutions, Inc., a Florida corporation, J.Jill, Inc., a Delaware corporation, as
successor to J.Jill Holdings, Inc. and Jill Intermediate LLC (as replacement Parent of Jill Holdings LLC) (Holdings), the lenders from time to time party thereto and CIT Finance LLC, as the administrative agent and collateral
agent (collectively, the ABL Lenders), and (ii) Term Loan Credit Agreement, dated as of May 8, 2015 (as amended from time to time the Term Loan Credit Agreement, and, together with the ABL Credit Agreement, the
Credit Agreements), by and among Holdings (as successor to Jill Holdings LLC, a Delaware limited liability company), Jill Acquisition, certain subsidiaries of Holdings from time to time party thereto, the lenders from time to time party
thereto and Jefferies Finance LLC, as the administrative agent (collectively, the Term Loan Lenders), pursuant to which the lenders thereto agreed to a forbearance period continuing until July 30, 2020.
On July 29, 2020, each of the ABL Lenders and the Term Loan Lenders confirmed by email correspondence that they have agreed to continue to forbear from
exercising any rights and remedies under the respective Credit Agreements in respect of the defaults set forth in the Existing Forbearance Agreements.
The forbearance period shall continue until August 6, 2020, so long as, among other things, the Company otherwise remains in compliance with the Credit
Agreements and complies with the terms of the Amended Forbearance Agreements.
The foregoing description of the email correspondences does not purport to
be complete and is qualified in its entirety by reference to the full text of such email correspondences, copies of which are filed as Exhibits 10.1 and 10.2 and incorporated herein by reference.