WAIVER OF NOTICE OF EXERCISE OF PREJUDGMENT
REMEDY AND WAIVER OF JURY TRIAL

WAIVER made this 25th
day of June,  2002, by and among SWISS ARMY BRANDS,  INC. (the  "Borrower") and SWISS ARMY BRAND,  LTD., SWISS ARMY BRANDS
(SUISSE) S.A.,  EXCELSIOR  ADVERTISING,  INC., BEAR CUTLERY,  INC. ("Bear"),  SWISS ARMY BRANDS CH, INC.  ("SWABCHI")
(collectively, the "Guarantors") and SWISS ARMY RETAIL, INC ("Retail")  in favor of FLEET NATIONAL BANK
(the "Bank").

W I T N E S S E T H:

WHEREAS, the Borrower
and the Guarantors have entered into Temporary Modification to 2001 (Second) Amended and Restated Commercial Loan Agreement dated as
of even date herewith (the "Temporary Modification"); and

WHEREAS,  Retail has
entered into that Agreement of Guaranty and Suretyship dated as of even date herewith (the "Retail Guaranty")

NOW THEREFORE,   for a
valuable  consideration  received by Borrower and the  Guarantors,  the receipt and sufficiency of which are hereby acknowledged,
the Borrower and each of the Guarantors each:

1. ACKNOWLEDGE  AND AGREE THAT THE  TRANSACTION  OF WHICH THE  TEMPORARY
MODIFICATION  AND THE  RETAIL  GUARANTY  ARE PART,  ARE
         COMMERCIAL  TRANSACTIONS AS THAT TERM IS DEFINED IN SECTION 52-278a OF THE CONNECTICUT GENERAL STATUTES,  AS AMENDED,  AND THE
         BORROWER,  THE GUARANTORS AND RETAIL HEREBY  VOLUNTARILY  AND KNOWINGLY WAIVE AND RELINQUISH (A) ANY AND ALL RIGHTS WHICH THEY
         MAY HAVE PURSUANT TO ANY LAW OR  CONSTITUTIONAL  PROVISION,  INCLUDING  WITHOUT  LIMITATION  CHAPTER 903(a) OF THE CONNECTICUT
         GENERAL  STATUTES,  AS  AMENDED,  TO ANY NOTICE OR HEARING  PRIOR TO ANY  ATTEMPT BY THE BANK TO OBTAIN A  PREJUDGMENT  REMEDY
         AGAINST THE BORROWER  AND/OR ANY OF THE  GUARANTORS IN  CONNECTION  WITH SUCH  TRANSACTIONS,  AND (B) ALL RIGHTS UNDER CHAPTER
         903a OF THE  CONNECTICUT  GENERAL  STATUTES,  OR AS OTHERWISE  ALLOWED BY LAW, TO REQUEST  THAT THE BANK POST A BOND,  WITH OR
         WITHOUT  SURETY,  TO PROTECT THE BORROWER  AND/OR ANY OF THE GUARANTORS  AND/OR RETAIL OR ANY OTHER PERSON OR ENTITY LIABLE IN
         CONNECTION  WITH THIS  TRANSACTION  AGAINST  DAMAGES THAT MAY BE CAUSED BY ANY  PREJUDGMENT  REMEDY  SOUGHT OR OBTAINED BY THE
         BANK, AND THE BORROWER,  THE GUARANTORS AND RETAIL EACH HEREBY CONSENT TO THE ISSUANCE OF ANY SUCH PREJUDGMENT  REMEDY WITHOUT
         SUCH A BOND.
2. CONSENT TO THE  JURISDICTION  OF ANY STATE OR FEDERAL COURT LOCATED  WITHIN  CONNECTICUT.  THE BORROWER,  THE  GUARANTORS  AND
         RETAIL WAIVE TRIAL BY JURY AND WAIVE ANY  OBJECTION TO VENUE OF ANY ACTION  INSTITUTED  HEREUNDER  AND CONSENT TO THE GRANTING
         OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY THE COURT.Agreed to as of the date first above written.

BORROWER:

SWISS ARMY BRANDS, INC.

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GUARANTORS AND RETAIL:

SWISS ARMY BRAND, LTD.        
                      
               
EXCELSIOR ADVERTISING, INC.

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SWISS ARMY BRANDS (SUISSE) S.A.        
                      
SWISS ARMY BRANDS CH, INC.

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BEAR CUTLERY, INC.             
                      
                    
SWISS ARMY RETAIL, INC.

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ACCEPTED:
FLEET NATIONAL BANK

By
            Kevin E. Burke
            Vice President