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                                                                    Exhibit 10.5

                           CREDIT CARD PROCESSING AGREEMENT



          This Credit Card Processing Agreement is made as of this 31st day of
January, 1996 between WORLD FINANCIAL NETWORK NATIONAL BANK, a national banking
association (the "BANK"), and Express, Inc., a Delaware corporation (the
"CORPORATION"), and Retail Factoring, Inc., a Nevada corporation ("FACTORING")
(the Corporation and Factoring being collectively referred to herein as the
"COMPANY").

          WHEREAS the Company and the Bank believe that it is desirable and in
their respective best interests for the Bank to continue, in a manner generally
consistent with past practices, to issue credit cards bearing the trade names,
trademarks, logos and service marks used in the Company's Express retail or
catalogue business (the "BUSINESS") which will allow the customers of the
Company to purchase goods from the Company using funds advanced by the Bank; and

          WHEREAS in order to implement such arrangements, the parties hereto
desire to enter into this Agreement;

          NOW, THEREFORE, the parties hereby agree as follows:

          Section 1.  TRADEMARKS.  The Company hereby authorizes the Bank to use
the trademark "Express" on credit cards owned or issued by the Bank, monthly
billing statements, collection correspondence, credit card agreements, credit
applications, customer service correspondence and in such other written and oral
communications with cardholders as are necessary or convenient in connection
with this Agreement, in each case consistent with past practices.  The "Express"
trademark is referred to herein as the "MARK".  The Company shall have the right
to approve in its sole discretion the "art" (including colors and font styles)
for all proposed uses of the Mark by the Bank.  The Bank shall not use the Mark
for any purpose other than as set forth in the first sentence of this Section 1.

          Section 2.  CREDIT CARD SYSTEM.

          2.1.  NEW CREDIT CARDS.

          2.1.1.  ISSUANCE OF CREDIT CARDS.  To the extent requested by the
Company, the Bank will issue credit cards bearing the Mark ("CREDIT CARDS") to
customers of the Business who apply for such Credit Cards and related extensions
of credit.  Such customers (i) must qualify for the extension of credit under
credit standards related to

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new account approvals, credit limits and authorization management ("CREDIT
STANDARDS") which will be determined by the Bank from time to time and (ii)
must accept the Bank's standard form of credit card agreement containing the
terms and conditions governing extensions of credit to Persons who hold
Credit Cards and their authorized users (attached hereto as Exhibit
2.1.1(a)).  Notwithstanding the foregoing, (i) the Credit Standards
established by the Bank from time to time in connection with the issuance of
Credit Cards for use in connection with the Business shall be consistent with
past practices (as described in Exhibit 2.1.1(b)), with such changes as shall
be (A) approved by the Company in its reasonable discretion or (B) determined
by the Bank in good faith to be necessary from the standpoint of safe and
sound banking practices and (ii) the Bank may make any change in the terms of
its agreement with any person who holds a Credit Card (including repayment
terms, fees and finance charge rates) after prior notice to and consultation
with the Company.  The Bank hereby confirms its understanding that the
Company intends to offer and promote credit as outlined in Section 2.2.  The
Bank will bear the costs of the issuance of Credit Cards under this Section
2.1.

          2.1.2.  CREDIT MAXIMIZATION.  The Company will be entitled to use
credit related promotional strategies consistent with past practices.  The Bank
will work in good faith with the Company to develop business strategies with
respect to the issuance of Credit Cards intended to maximize the potential of
the Business and, in that regard, will consider in good faith proposals
involving variances from the Bank's general Credit Standards or changes in the
terms of the Bank's agreement with any person who holds a Credit Card; PROVIDED
that subject to compliance with the provisions of Section 2.1.1, Credit
Standards and the terms of such agreement shall in all circumstances be
determined by the Bank.  The terms of any program involving variances from the
Bank's general Credit Standards or changes in the terms of the Bank's agreement
with any person who holds a Credit Card, including (without limitation) fees or
other charges to be paid by either party, shall be agreed on a
program-by-program basis.

          2.2.  PROMOTION.  The Company will use its reasonable efforts to
promote the use of Credit Cards in the Business and to acquire new Cardholders
(as defined below), for the Bank through the use of, for example, "instant
credit," "quick credit," pre-approved solicitations, applications and
promotional material displayed in stores and inserted in catalogues and special
offers to Cardholders, in each case consistent with past practices. The costs
incurred by the Company and the Bank (including, among other things, the cost of
printing application forms, promotional material, pre-approved solicitations and
instant


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and quick credit contracts and the cost of special offers) will be borne by
the Company and the Bank on terms to be negotiated from time to time in a
manner consistent with past practices.  The Bank shall have two Business Days
to review for legal compliance all credit application forms and marketing
materials (including, without limitation, those referred to above) prior to
their being printed.

          Section 3.  ACCEPTANCE OF CREDIT CARDS.  The Company will permit
Persons who hold Credit Cards (subject to the restrictions of this Agreement) or
other credit cards owned by the Bank that the Bank has designated and their
authorized users ("CARDHOLDERS") to purchase goods sold by the Business without
any cash payment by use of a Credit Card, subject to the following conditions:

          3.1.  CHARGE SLIP (CREDIT CARD PRESENTED).  If the customer presents a
Credit Card at the time of sale, the Company will maintain a record of the sale
in a form acceptable to the Bank which reflects the following:

          3.1.1.  A brief identification of the property or service purchased
(the "TRANSACTION");

          3.1.2.  The date of the Transaction;

          3.1.3.  The dollar amount of the purchase price of the merchandise or
service which was the subject of the Transaction, including applicable shipping,
handling and taxes;

          3.1.4.  An imprint or electronic capture of the Credit Card account
number or, in the event of equipment malfunction, a written notation of such
account number; and

          3.1.5.  The Cardholder's signature.

          3.2.  CHARGE SLIP (CREDIT CARD NOT PRESENTED). The Bank acknowledges
and agrees that a Cardholder need not present a Credit Card at the time of sale
and that, subject to Section 3.5, the Company may accept charges to a Credit
Card verbally from the customer or via a written order form from the customer.
If the customer does not present a Credit Card at the time of sale, the Company
will maintain a record of the sale in a form acceptable to the Bank which
reflects, in lieu of the information set forth in Section 3.1.1 through 3.1.5,
the following:

          3.2.1.  A brief identification of the Transaction;

          3.2.2.  The date of the Transaction;


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          3.2.3.  The dollar amount of the purchase price of the merchandise or
service which was the subject of the Transaction, including applicable shipping,
handling and taxes;

          3.2.4.  A written notation of the Credit Card account number, which
shall have been obtained from the customer and recorded in the Company's
customer file;

          3.2.5.  The customer's name and address and, except in the case of
catalogue purchases, personal identification type and number; and

          3.2.6.  If applicable, the name and address to where the merchandise
which was the subject of the Transaction was shipped and the date and method of
shipment.

          3.3.  RETENTION OF CHARGE SLIP.  The Company will retain a legible
copy of each charge slip for six months following the date of the Transaction
and will provide such copy to the Bank within 30 days of the Bank's request
therefor; PROVIDED that the Bank will request delivery of such information only
in the case of a bona fide dispute (the existence of such dispute to be
determined by the Bank in its reasonable discretion) relating to the underlying
Transaction, upon the inquiry of the applicable Cardholder or as requested by
auditors of the Bank in connection with their audit of the Bank's financial
statements or by any governmental authority.

          3.4.  AUTHORIZATION.  The Transaction is authorized by the Bank in
accordance with the floor limits and other procedures in effect at the time or
such authorization is dispensed with under rules established by the Bank from
time to time in accordance with Section 8.3 to deal with situations in which
authorization is not available because of disruption of the Bank's computer
system or other causes provided for in such rules, consistent with past
practice.

          3.5.  CHARGEBACKS.  The Company agrees to accept as a chargeback any
charge on a Credit Card where:

          3.5.1.  The Cardholder disputes the charge and the Company fails to
provide a legible copy of the charge slip within 30 days of the Bank's request
therefor in accordance with Section 3.3;

          3.5.2.  The Company failed to obtain authorization from the Bank in
accordance with Section 3.4;

          3.5.3.  The Company failed to complete the charge slip in accordance
with Section 3.1 or 3.2, as applicable;


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          3.5.4.  A Company employee fraudulently misused the Credit Card or
account number;

          3.5.5.  A dispute arises from the Cardholder being charged or credited
more than once for the same sale, payment or return;

          3.5.6.  A dispute with the Cardholder arises from a voided Transaction
or an invalid Credit Card account number;

          3.5.7.  A dispute with the Cardholder arises from an improperly opened
Credit Card account, or the account is otherwise uncollectible, where a Company
employee failed to comply with new account procedures in effect at the time the
account was opened;

          3.5.8.  The Bank, consistent with past practices, gives the Cardholder
credit for (or accepts as payment) a non-expired discount coupon or gift
certificate in respect of a prior purchase; or

          3.5.9.  A dispute arises from the Company's failure properly to
identify a catalogue purchaser as the Cardholder where such failure results in
merchandise being shipped without the actual Cardholder's authorization.

          The amount charged back with supporting detail will be invoiced to the
Company weekly, and all required payments by the Company shall be made within 30
days after receipt of an invoice.  If the Company pays the Bank any chargeback
amount pursuant to this Section 3.5 or if such payment is netted against amounts
payable by the Bank pursuant to Section 4.1.1, any remittances relating to such
chargeback from the Cardholder subsequently collected by the Bank shall, to the
extent not refunded to the Cardholder, be credited by the Bank to the Company.

          Section 4.  PAYMENT.

          4.1.  PAYMENT BY BANK.

          4.1.1.  The Bank will pay to the Company, as full consideration for
any Transaction between the Company and any Cardholder using a Credit Card, as
to which the Company has complied with the provisions of Section 3 above, the
amount shown on the records of the Company for each Transaction, including all
applicable shipping, handling and taxes, less a discount, which discount shall
be equal to the discount rate determined in accordance with Section 4.1.5
(expressed as a fraction) multiplied by the amount shown on the records of the
Company for each Transaction (exclusive of all applicable shipping, handling and
taxes).


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          4.1.2.  The Bank will pay such amount by transferring immediately
available funds to an account designated by the Company at any bank to which
the Bank may make electronic fund transfers before the end of the second
Business Day following the receipt by the Bank of the information required by
Section 3.1 or 3.2, such information to be properly formatted and edited and
transferred via a telecommunications connection between the Company and the
Bank pursuant to such computer programs and telecommunications protocols as
the Bank may, in its reasonable discretion, designate from time to time,
subject to reasonable prior notice.  The Company will transmit (in the manner
referred to above) to the Bank an audited and balanced file in the format
specified by the Bank containing all such information within two Business
Days after the occurrence of the underlying Transaction; PROVIDED that if, as
a result of technical disruptions, any store locations are not polled within
a normal period after the occurrence of the underlying Transactions, the
Company will transmit such information relating to such store locations as
soon as reasonably practicable after polling is completed.

          4.1.3.  The Company may not attempt to collect any amount from any
Cardholder with respect to a Transaction which has been paid for by the Bank
under this Section 4.1 and not charged back to the Company pursuant to
Section 3.5.

          4.1.4.  The Company will, consistent with past practices, accept
payments from Cardholders for amounts due on Credit Cards ("IN-STORE
PAYMENTS"). Any In-Store Payments received by the Company will be held in
trust for the Bank and its assigns and netted against amounts payable by the
Bank pursuant to Section 4.1.1 (PROVIDED that the Company shall not be
required to keep In-Store Payments separate from other payments received by
the Company) and evidence of such payments will be transmitted to the Bank on
a daily basis in accordance with the procedures set forth in Section 4.1.2.
Notwithstanding the foregoing:

          (a) if any bankruptcy or other insolvency proceeding has been
commenced against the Company (and so long as the same has not been
dismissed), the Company shall promptly comply with any written instruction (a
"STORE PAYMENT NOTICE") received by the Company from the Bank or any
successor to the Bank as "Servicer" under the Pooling and Servicing Agreement
referred to below (the Bank or any such successor being the "SERVICER") to
take either of the following actions (as specified in such instruction):

          (i)  cease accepting In-Store Payments and thereafter inform
     Cardholders who wish to make In-Store Payments that payment should instead
     be sent to Servicer (but only if the Servicer is required by the

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     Pooling and Servicing Agreement to give such notice); or

          (ii) (A) deposit an amount equal to all In-Store Payments received by
     each retail location operated by the Company, not later than the Business
     Day following receipt, into a segregated trust account (the "STORE
     ACCOUNT") established by the Company for this purpose and, pending such
     deposit, to hold all In-Store Payments in trust for the Bank and its
     assigns, (B) use commercially reasonable efforts not to permit any amounts
     or items not constituting In-Store Payments to be deposited in the Store
     Account and (C) cause all available funds in each Store Account to be
     transferred on a daily basis to an account designated in the Store Payment
     Notice;

PROVIDED that the Company need not take the actions specified in clause (i)
or clause (ii) if the Company or any of its affiliates provides the Servicer
or the Trustee under (and as defined in) the Pooling and Servicing Agreement
with a letter of credit, surety bond or other similar instrument covering
collection risk with respect to In-Store Payments and all conditions
specified in the Pooling and Servicing Agreement with respect to such letter
of credit, surety bond or other similar instrument are satisfied;

          (b)  if and to the extent that the Bank so requests in writing at a
time when the Bank is required by the Pooling and Servicing Agreement to make
such request, In-Store Payments shall no longer be netted against amounts
payable by the Bank pursuant to Section 4.1.1, but instead the Company shall
transfer to the Bank by wire transfer of immediately available funds (or, if
the aggregate amount to be transferred pursuant to this clause (b) and
Section 4.2 is less than $10,000, by check), not later than the third
Business Day following receipt of any In-Store Payments, an amount equal to
the sum of such In-Store Payments.

So long as the Company complies with instructions delivered in accordance
with paragraph (a) or (b), any amounts payable by the Bank pursuant to
Section 4.1.1 shall be made without deduction for In-Store Payments.

          For purposes of the foregoing, the "POOLING AND SERVICING
AGREEMENT" means the Pooling and Servicing Agreement dated as of January 17,
1996 among the Bank and The Bank of New York, as trustee, including each
Supplement thereunder, as the same may be amended, supplemented or otherwise
modified from time to time, except that no amendment, supplement or other
modification to such Agreement that affects the circumstances in which the
Company may be required to take the actions referred to in

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paragraph (a) or (b) above or in Section 4.2.3 shall be given effect for
purposes of this Agreement unless consented to by the Company.

          4.1.5.  DISCOUNT RATE.  The applicable discount rate referred to in
Section 4.1.1 shall be the then applicable discount rate determined in
accordance with the matrix set forth in Exhibit 4.1.5; PROVIDED that in the
event of a legislated or judicial reduction in the annual percentage rate or
fees that may be charged by the Bank to Cardholders, the Company and the Bank
agree to negotiate in good faith an increase in the discount rate.

          4.2.  PAYMENT BY COMPANY.  If the Bank has paid the Company for any
Transaction and

          4.2.1.  If:

          (a)  the representations and warranties of the Company with respect
to such Transaction, as set forth in Sections 5.1 through 5.3 below, are not
true in all material respects; or

          (b)  any merchandise which was the subject of such Transaction is
returned to the Company and the Company, pursuant to its policies concerning
returned merchandise, accepts such merchandise for credit; or

          (c)  in order to settle a dispute concerning the nature, quality or
quantity of goods purchased from the Company with the Credit Card, the
Company agrees to refund all or part of the purchase price thereof; then

          4.2.2.  The Company:

          (a)  shall pay the Bank an amount equal to the face amount of such
Transaction or portion thereof refunded to the customer, less any discount
actually taken by the Bank when it made payment to the Company in
consideration for such Transaction pursuant to Section 4.1.1;

          (b)  shall create a written memorandum of such Transaction setting
forth the information required by Section 3 above (a "CREDIT MEMORANDUM");

          (c)  shall transmit the information contained in such Credit
Memorandum to the Bank by the method of electronic transmission referred to
in Section 4.1.2 above; and

          (d)  subject to Section 4.2.3, shall permit the payment required by
this Section 4.2 to be netted against amounts payable by the Bank pursuant to
Section 4.1.1.  The

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Company shall retain any such Credit Memorandum in the same manner and for
the same time as the charge slip referred to in Section 3.3 and shall
promptly deliver any such Credit Memorandum to the Bank upon its request. If
the Company pays the Bank any amount for a Transaction pursuant to this
Section 4.2 or if such payment is netted against amounts payable by the Bank
pursuant to Section 4.1.1, any remittances relating to such Transaction from
the customer subsequently collected by the Bank shall, to the extent not
refunded to the Cardholder, be credited by the Bank to the Company.

          4.2.3.  Notwithstanding clause (d) of Section 4.2.2, if and to the
extent that the Bank so requests in writing at a time when the Bank is
required by the Pooling and Servicing Agreement to make such request, amounts
payable by the Company pursuant to Section 4.2 ("ADJUSTMENT PAYMENTS") shall
no longer be netted against amounts payable by the Bank pursuant to Section
4.1.1, but instead the Company shall transfer the amount of each Adjustment
Payment to the Bank by wire transfer of immediately available funds (or, if
the aggregate amount to be transferred pursuant to this Section 4.2 and
clause (b) of Section 4.1.4 is less than $10,000, by check), not later than
the second Business Day following the date on which the events giving risk to
such Adjustment Payment occur (and amounts payable by the Bank pursuant to
Section 4.1.1 shall be made without deduction for Adjustment Payments).

          4.3.  OTHER FEES.

          4.3.1.  DEFERRED PAYMENT.  If any Transaction between the Company
and any Cardholder using a Credit Card is consummated on a deferred payment
basis (for which the period of deferral may not exceed 90 days), then for
each month during the period of deferral, the Company will pay the Bank an
amount equal to the Deferred Payment Rate for such month multiplied by the
average daily balance of purchase price so deferred during such month.  For
purposes of this Section 4.3, "DEFERRED PAYMENT RATE" means, for any month,
(i) if the debt of the Bank has an implied investment grade rating at all
times during such month, the average interest rate paid by the Bank to obtain
funds during such month, and (ii) if the debt of the Bank does not have an
implied investment grade rating at all times during such month, the
then-current reference rate or index maintained or provided by a nationally
recognized investment banking firm (which firm shall be reasonably acceptable
to the Company and the Bank) in respect of issuers whose debt has the lowest
investment grade rating.

          4.3.2.  POSTAL RATE ADJUSTMENT.  The Company agrees to reimburse
the Bank for any costs incurred by the

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Bank as a result of changes in postal rates or rules applicable to mailings
to Cardholders after the date hereof; PROVIDED that the postal costs and
postal discounts applicable to mailings to Cardholders shall be no less
favorable than the postal costs and postal discounts applicable to comparable
mailings to holders of any other credit cards issued by the Bank. The Bank
and the Company agree to use their reasonable efforts to minimize postal
costs and maximize postal discounts.

          4.3.3.  SPECIAL PROJECTS.  With respect to special services
provided by the Bank from time to time with respect to the Business
(including, without limitation, consulting, surveys, gift certificate calls
and fulfillment, rebate fulfillment, telemarketing and special processing or
accounting reports required in connection with promotional activities), the
Company will pay to the Bank amounts to be agreed on a program-by-program
basis.  To the extent not otherwise provided for in this Agreement, (i) the
Bank shall not incur expenses required to be paid or reimbursed by the
Company for any project in amounts in excess of $1,000 without having first
obtained prior written or oral authorization from the Company for such
expenses; and (ii) the Bank shall not incur expenses required to be paid or
reimbursed by the Company for any project in amounts in excess of $50,000
without having first obtained prior written authorization from the Company
for such expenses; PROVIDED that, in the event any terms of any such written
authorization are in conflict with the terms of this Agreement, the terms of
this Agreement shall be controlling.

          4.3.4.  PAYMENTS.  All amounts payable by the Company under this
Section 4.3 shall be paid by wire transfer of immediately available funds
within 30 days after receipt of an invoice for such amounts.

          4.4.  SETOFFS.  The Bank may at any time, in addition to all other
rights and remedies available to it, setoff against any amount owing to the
Company by the Bank under this Agreement, any amounts owing by the Company to
the Bank under this Agreement.

          4.5.  INVOICE.  The amount of any invoice prepared and delivered by
the Bank under this Agreement shall be deemed to be correct, accurate and
binding upon the Company if the Company makes no objection within 30 days
after the date of such invoice; PROVIDED that the making of any objection
shall not relieve the Company of its obligation to make full payment of the
amount set forth on the related invoice when such amount is otherwise payable
pursuant to this Section 4, it being understood that the Company does not
waive its rights thereby and may, subject to Section

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10.4, assert a claim with respect to such invoice in an appropriate proceeding.

          Section 5.  REPRESENTATIONS AND WARRANTIES OF THE COMPANY.  The
Company represents and warrants to the Bank that:

          5.1.  VALID TRANSACTIONS.  Each Transaction will be completed in
compliance with the provisions of Section 3 and will create a valid, binding
and legally enforceable obligation of the Cardholder whose name is shown on
the Credit Card to pay to the Company the amount shown on the charge slip,
which obligation to the Company will be discharged in full by the payment
made to the Company by the Bank in respect of such Transaction under Section
4.1 above.

          5.2.  ACCURATE INFORMATION.  Each charge slip will accurately
reflect the Transaction described therein.  Each charge slip and Credit
Memorandum and any charge slip or Credit Memorandum information transmitted
to the Bank by the Company will be complete and accurate and in a form deemed
necessary by the Bank to allow Cardholder billing in accordance with
applicable law.  The Company will accurately report all returns and other
credits to the Bank within the time period specified in Section 4.

          5.3.  NO LIENS.  No amount due to the Company with respect to any
Transaction will be subject to any lien or encumbrance in favor of any third
party or to any offset, counterclaim or defense of any Person other than the
Bank or its Affiliates.

          5.4.  MARK.  The use of the Mark by the Bank under this Agreement
does not infringe the rights of any other Person.

          Section 6.  REPRESENTATIONS AND WARRANTIES OF THE BANK.  The Bank
hereby represents and warrants to the Company that:

          6.1.  COMPLIANCE WITH LAWS.  Each Credit Card and the related
credit card agreement, all monthly billing statements and any collection
efforts of the Bank conform and will conform in all material respects with
all federal or state laws or regulations applicable to the extension of
credit to or the collection of amounts from consumers including, without
limitation, the Truth-in-Lending Act, the Equal Credit Opportunity Act, the
Fair Credit Reporting Act and federal and state bankruptcy and debtor relief
laws ("CONSUMER LAWS").

          6.2.  NON-CONTRAVENTION.  The performance by the Bank of its
obligations under this Agreement will not

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conflict with or result in a breach of any of the terms or provisions of, or
constitute a default under, any agreement or instrument to which the Bank is
party or by which the Bank is bound, nor will such performance result in any
violation of the provisions of the articles of association or the by-laws of
the Bank or any applicable law or statute or any order, rule or regulation of
any court or governmental agency or body having jurisdiction over the Bank.

          Section 7.  COVENANTS OF THE COMPANY.  The Company hereby covenants
and agrees with the Bank as follows:

          7.1.  CREDIT CARD NOTICES AND COMMUNICATIONS.  The Company will,
consistent with past practices, accept and turn over to the Bank promptly
upon receipt thereof by the Company (i) subject to Section 4.1.4, any
payments made by any Cardholder with respect to any Transaction or any Credit
Card and (ii) any notices or other communications received by the Company
with respect to any Credit Card including, without limitation, customer
changes of address and other information on approved forms.

          7.2.  COMPLIANCE WITH APPLICABLE LAW.  The Company will, at all
times, comply in all material respects with all Consumer Laws.

          7.3.  RULES.  The Company shall comply with such written rules and
operating instructions relating to the use of the Credit Cards, the
distribution of applications, Credit Card security, authorization procedures,
"downtime" procedures and other matters related to this Agreement as the Bank
may, from time to time, promulgate with prior notice to the Company; PROVIDED
that such rules and operating instructions shall be consistent with past
practices, with such changes as shall be approved by the Company in its
reasonable discretion.

          7.4.  CARDHOLDER INQUIRIES AND COMPLAINTS.  If a Cardholder makes
an inquiry or complaint to the Company about the nature, quality or quantity
of goods purchased from the Company with a Credit Card, or a Cardholder has
made an inquiry or complaint to the Bank concerning the nature, quality or
quantity of goods purchased from the Company with a Credit Card, the Company
shall deal directly with the Cardholder to resolve any such complaint or
inquiry.  The Company shall answer all inquiries from the Bank about
complaints made to the Bank by Cardholders within 10 days after the Company
receives an inquiry from the Bank.

          7.5.  EQUIPMENT.  The Company shall obtain and maintain at its own
expense such point of sale and authorization terminals, credit card
imprinters and other

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items of equipment as are necessary for it to receive authorizations,
transmit charge slip and Credit Memorandum information, process credit
applications and perform its obligations under this Agreement.  Such point of
sale and authorization terminals shall be capable of communicating with the
computer equipment maintained by the Bank according to such computer programs
and telecommunications protocols as may be specified by the Bank in its
reasonable discretion from time to time subject to reasonable prior notice of
any change in such equipment or protocols.

          7.6.  EXCLUSIVITY.  The Company may not accept or promote any
credit card as payment for its goods or services unless such credit card is a
Credit Card, a proprietary credit card of another division of the Company or
any Affiliate of the Company (whether or not issued by the Bank) or a credit
card issued by a bank or other Person engaged in the business of issuing
credit cards to Persons for the purpose of making payments to third parties
generally under such names as Master Card, Visa, Discover, American Express
or Optima.  The Company may not issue its own credit cards or enter into an
agreement with any third party under which credit cards bearing the Mark are
issued; PROVIDED that after the second anniversary of the date hereof, the
Company shall be entitled to negotiate with any third party with respect to
the issuance of co-branded or affinity bank credit cards bearing the Mark and
to accept any Bona Fide Offer by such third party if, at least 30 days prior
to accepting such Bona Fide Offer, the Company provides the Bank with an
opportunity to submit a competing offer with respect to the issuance of
co-branded or affinity bank credit cards bearing the Mark, which competing
offer, if it has terms at least as favorable to the Company as such Bona Fide
Offer, shall be accepted by the Company in lieu of such Bona Fide Offer.  For
purposes of this Section 7.6, "BONA FIDE OFFER" means an offer to the Company
with respect to a program of at least two years' duration for the issuance of
co-branded or affinity bank credit cards that is, in the Company's reasonable
judgment, generally competitive in light of marketplace conditions existing
at the time (such marketplace conditions to include, without limitation,
other offers with respect to co-branded or affinity bank credit cards being
made to the Company, its Affiliates and other retail or catalogue merchants).

          7.7.  OBSOLETE MATERIALS.  The Company shall reimburse the Bank for
the cost of replacing reasonable amounts of obsolete forms and other
materials if such replacement is requested by the Company due to changes in
the Mark or in the logo, colors or styles used to identify or promote the
Business.

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          Section 8.  COVENANTS OF THE BANK.  The Bank hereby covenants and
agrees with the Company as follows:

          8.1.  COMPLIANCE WITH APPLICABLE LAW.  The Bank will, in issuing,
billing, administering, and collecting with respect to the Credit Cards and at
all other times, comply in all material respects with all Consumer Laws.

          8.2.  COLLECTION.  The Bank will use efforts to collect from each
Cardholder the purchase price and additional taxes and other charges of
Transactions consistent with past practices and with its efforts to collect
accounts receivable under other credit cards issued by it; PROVIDED that the
Bank will initiate collection of any account receivable under a Credit Card at
or before the time such account receivable is 60 days past due.  The Bank will,
consistent with past practices, determine the use and timing of dunning letters,
statement messages and collection agents and will manage all written-off
accounts (including, without limitation, the management of outside collection
agencies).  The Bank may implement reasonable variances from past collection
practices after prior notice to and consultation with the Company.

          8.3.  PERFORMANCE STANDARDS.  In performing its obligations under this
Agreement, subject to Section 12.11, the Bank shall comply with the performance
standards set forth in Exhibit 8.3, as such performance standards may be
modified from time to time at the reasonable request of the Bank or the Company.
Within 10 days after the end of each fiscal month, the Bank will deliver to the
Company a compliance certificate of the chief executive officer or chief
financial officer of the Bank setting forth in reasonable detail data
demonstrating compliance during such calendar month with such performance
standards. Enhancements to, and modifications or upgrades of, the computer
processing, payment, billing and information services provided by the Bank will
be made from time to time at the reasonable request of the Company.  Any such
enhancements, modifications or upgrades shall, to the extent requested by the
Company, be made on terms to be agreed upon.

          8.4.  FORCE MAJEURE EVENT.  After the occurrence of a Force Majeure
Event (as defined in Section 12.11) which disrupts the availability of the
services provided hereunder, the Bank may elect to reestablish the availability
of such services.  If any such Force Majeure Event comparably disrupts the
performance of services similar to the services provided hereunder with respect
to one or more other credit cards issued by the Bank, then the Bank shall
reestablish the availability of such services to the same extent and within the
same timetable under

                                       14

<PAGE>

comparable circumstances as the comparable services are reestablished with
respect to such other credit cards.  The Bank shall promptly notify the
Company of any Force Majeure Event and shall inform the Company whether it
will reestablish services and the timetable therefor.  If the Bank chooses
not to reestablish or take measures to reestablish such services within a
reasonable period of time as would be indicated by sound business practice,
the Company shall be free to obtain such services from any supplier thereof.

          Section 9.  PROPERTY RIGHTS.

          9.1.  RIGHTS OF THE COMPANY.  The Company is the owner of the names
and addresses of customers of the Business; PROVIDED that (i) as set forth in
Section 9.2, the Bank is also the owner of such information with respect to
customers of the Business who are also Cardholders and (ii) The Limited, Inc.
("THE LIMITED") is also the owner of such information with respect to customers
of the Business until the second anniversary of the date, if any, on which the
Company ceases to be an Affiliate of The Limited.

          9.2.  RIGHTS OF BANK.  Except as set forth in Section 9.1, the Bank is
the owner of all information relating to the Cardholders (including names and
addresses) and the Credit Cards, the copyright to all written material contained
in any credit card agreements, applications, billing statements and other forms
used by the Bank in the administration of its agreements with the Cardholders,
all credit scoring systems and all policies of credit insurance issued to the
Bank with respect to any Cardholder; PROVIDED that the Bank shall not be
entitled to sell, rent or otherwise disclose any information relating to the
Cardholders to any third party other than (i) Affiliates of the Company, (ii)
Persons who, in the sole judgment of The Limited, do not compete, directly or
indirectly, with any retail or catalogue business conducted by The Limited or
any of its Affiliates and (iii) in the case of disclosure, credit agencies.
Subject to Section 9.3, the Company will not have any rights in any information
or property of the Bank; PROVIDED that the Bank will provide the Company with
such information the Bank owns with respect to Cardholders as the Company may
reasonably request in order to develop potential marketing or credit strategies.

          9.3.  DATABASE.  (a) It is the intention of the parties that the Bank
will manage, maintain and develop an information marketing database (the
"DATABASE") at its own expense, subject to a mutually satisfactory agreement
with the Company pursuant to which (i) the Company will agree to utilize the
Database, (ii) the Database will be accessible from the Company's offices and
(iii) the Bank will provide

                                       15

<PAGE>

the Company with information maintained as part of the Database on terms that
are no less favorable than those offered by the Bank to any other recipient
of comparable information.

          (b)  Notwithstanding the foregoing, the Bank will, from time to time
at the request of the Company, and without charge, promptly provide the Company
with a list of the names and addresses of all Cardholders, all holders of other
proprietary credit cards of the Company or any Affiliate of the Company (if
issued by the Bank) and all other customers of the Business, any other business
of the Company and the business of any other Affiliate of the Company.  The
Company shall reimburse the Bank for its costs of producing and shipping such
list in the format required by the Company within 30 days after receipt of a
request for such reimbursement from the Bank.

          (c)  Subject to Section 9.2, the Bank may make the Database available,
and provide information marketing services to, third parties on terms reasonably
determined by the Bank; PROVIDED that (i) the allocation among the Bank, the
Company and The Limited of fees charged by the Bank to such third parties shall
be agreed on a program-by-program basis or, in the case of programs existing on
the date hereof, continued consistent with past practices and (ii) the Bank may
not make the Database available, or provide information marketing services to,
any Person who, in the sole judgment of The Limited, competes, directly or
indirectly, with any retail or catalogue business conducted by The Limited or
any of its Affiliates.

          9.4.  ENVELOPE STUFFING.

          9.4.1.  Subject to the right of the Bank to include in mailings to
Cardholders periodic billing statements and any legal notices which the Bank
believes are necessary or appropriate to send to Cardholders, the Company shall
have the right to have materials advertising its products and services included
in the envelopes containing the periodic statements.  Such materials shall
advertise only products and services related to the Business, shall (unless the
Company provides the Bank with notice as provided below) be limited to seven
panels per envelope and shall conform to size requirements established from time
to time by the Bank with reasonable prior notice of any changes.  The Company
shall use reasonable efforts (i) to notify the Bank at least 15 days before the
proposed date of any such inclusion and shall provide the Bank with a draft copy
of any such advertising material at the time it notifies the Bank of such
mailing and (ii) to provide the Bank with a seasonal marketing plan at least 30
days before the beginning date of each Season.  The Company shall

                                       16

<PAGE>

provide the Bank with the materials to be included in the mailing not less
than two Business Days prior to the initial insertion date.  If the Company
does not notify the Bank of any such inclusion at least seven days before the
proposed date of such inclusion or if the material included does not take up
the available space, the Bank may utilize the space remaining inside the
envelopes for its own purposes; PROVIDED that (i) unless the Company provides
the Bank with notice at least 45 days before the proposed inclusion date of
the Company's intent to utilize more than seven panels per envelope, the Bank
shall be entitled to utilize at least three panels (or two panels and one
"bangtail" remittance envelope) per envelope for its own purposes and (ii)
all materials included by the Bank shall be subject to the approval of the
Company, which approval shall not be unreasonably withheld.

          9.4.2.  The Bank shall have the exclusive right to include in any
mailing to Cardholders materials advertising products and services not related
to the Business and the allocation between the Bank and the Company of the
revenues generated thereby shall be agreed on a program-by-program basis or, in
the case of programs existing on the date hereof, continued consistent with past
practices; PROVIDED that such products and services and the related advertising
materials shall be subject to the approval of the Company, which approval shall
not be unreasonably withheld or delayed (it being understood that the Company
may withhold such approval if it determines in its sole discretion that the
advertising of such products or services is inconsistent with the image of the
Business).

          9.4.3.  Notwithstanding the foregoing, (i) the Bank shall have the
right to use its own "bangtail" remittance envelopes to promote credit life
insurance to existing Cardholders no more than four times per year or two times
per Season and (ii) all materials used, or sent to Cardholders, by the Bank
under existing programs of the Bank (including, but not limited to, credit life
insurance) shall not be subject to the approval of the Company.

          9.4.4.  The Bank shall provide timely specifications (including size
and weight requirements) for all statement inserts, credit card carriers and
"bangtail" remittance envelopes.

          Section 10.  INDEMNIFICATION; CLAIMS AND ACTIONS.

          10.1.  INDEMNIFICATION BY THE COMPANY.  The Company hereby indemnifies
the Bank, its Affiliates and the directors, officers, employees and agents of
the Bank or any Affiliate of the Bank (each, a "RELATED PARTY") against, and
agrees to hold them harmless from, any and all losses,

                                       17

<PAGE>

claims, damages and liabilities (including, without limitation, the legal
fees and other expenses reasonably incurred in connection with any suit,
action or proceeding or any claim asserted) ("DAMAGES") incurred or suffered
by any of them arising out of or in any way related to any misrepresentation,
breach of any warranty or nonperformance of any covenant made by the Company
under this Agreement or relating to any personal or bodily injury or property
damage alleged to be caused by the sale of goods or rendering of services by
the Company.

          10.2.  INDEMNIFICATION BY THE BANK.  The Bank hereby indemnifies the
Company and its Related Parties against, and agrees to hold them harmless from,
any and all Damages incurred or suffered by any of them arising out of or in any
way related to any misrepresentation, breach of any warranty, or nonperformance
of any covenant made by the Bank under this Agreement.

          10.3.  THIRD PARTY CLAIMS.

          10.3.1.  The Bank shall not be liable to the Company for or in
connection with any claim made against the Company by any other Person relating
in any manner to this Agreement or to any services or any other transactions
contemplated hereby (other than (i) claims based upon the Bank's failure to
perform its obligations under this Agreement, its or any of its Related Parties'
negligence or willful misconduct or its failure to comply with any law or
regulation (including, without limitation, any Consumer Law), (ii) claims by
employees or subcontractors of the Bank arising from the performance of services
under this Agreement (other than claims based upon the Company's or any if its
Related Parties' negligence or willful misconduct), (iii) claims relating to
acts or omissions of the Bank and its agents in connection with the collection
of amounts owing from Cardholders and (iv) claims relating to the submission by
the Bank or its agents of data concerning Cardholders to credit agencies), even
if the Bank has been advised of the possibility of such claims.

          10.3.2.   The Company shall not be liable to the Bank for or in
connection with any claim made against the Bank by any other Person relating in
any manner to this Agreement or to any services or other transactions
contemplated hereby (other than (i) claims based upon the Company's failure to
perform its obligations under this Agreement, its or any of its Related Parties'
negligence or willful misconduct or its failure to comply with any law or
regulation (including, without limitation, any Consumer Law), (ii) claims by
employees or subcontractors of the Company arising from this Agreement and (iii)
claims

                                       18

<PAGE>

relating to goods purchased from the Company), even if the Company has been
advised of the possibility of such claims.

          10.4.  DISPUTE RESOLUTION AND ACTIONS.  The Bank and the Company shall
use their reasonable best efforts to resolve informally any claim of either
party under this Agreement.  No action at law or in equity may be instituted by
any party with respect to any such claim unless such party has satisfied its
obligation under the first sentence of this Section 10.4.

          10.5.  LIMITATION ON ACTIONS.  No action against either party,
regardless of form, arising out of or incidental to the matters contemplated by
this Agreement, may be brought by the other party more than one year after the
event giving rise to such cause of action occurred and is known or upon the
exercise of reasonable diligence should have been known to the injured party.

          10.6.  REIMBURSEMENT FOR LOSSES.  If, as a result of any claim made by
the Bank against any third party (including, but not limited to, an insurer),
the Bank actually receives from such third party cash proceeds (or non-cash
proceeds, whether in the form of goods or services) which represent, in whole or
in part, compensation for or reimbursement of losses or costs actually incurred
by the Company, then the Bank will hold that portion of such proceeds fairly
allocable to the Company (taking into consideration all losses or costs actually
incurred by all parties for whose benefit such payments have been received) in
trust on behalf of the Company and will promptly pay over to the Company such
allocable amount of any such cash proceeds (or, as to non-cash proceeds, the
allocable portion or, at the discretion of the Bank, the cash equivalent
thereof).

          10.7.  SURVIVAL.  The provisions of this Section 10 shall survive the
termination of this Agreement.

          Section 11.  TERMINATION.

          11.1  TERM.  This Agreement shall remain in effect until the tenth
anniversary of the date hereof, shall be automatically extended until the
twelfth anniversary of the date hereof if the Company does not give at least 12
months' prior written notice of its objection to such extension and shall be
further automatically extended in successive two-year increments if the Bank or
the Company does not give at least 12 months' prior written notice of its
objection to such extension, unless earlier terminated (a) by the Bank or the
Company in the event of a material breach by the other party of any of such
other party's obligations under this Agreement if any such breach remains
uncured 30 days after

                                       19

<PAGE>

written notice thereof to such party, (b) automatically in the event that the
Bank or the Company commences a voluntary case or other proceeding seeking
liquidation, reorganization or other relief with respect to itself or its
debts under any bankruptcy, insolvency or other similar law now or
hereinafter in effect, seeks the appointment of a trustee, receiver,
liquidator, custodian or other similar official of it or any substantial part
of its assets, consents to any such relief or to the appointment of or taking
possession by any such official in an involuntary case or other proceeding
commenced against it, makes a general assignment for the benefit of
creditors, or fails generally to pay its debts as they become due, or (c) by
the Company upon not less than 60 days' prior written notice to the Bank at
any time after the sixth anniversary of the date hereof if, based on the
application of the attached matrix, the applicable discount rate exceeds the
highest discount rate in such matrix and the costs to the Company under this
Agreement are substantially higher than the costs that would be incurred by
the Company for comparable credit card services over the remaining term of
this Agreement from an independent third-party financial institution;
PROVIDED that the Company shall not be entitled to terminate this Agreement
pursuant to clause (c) unless the Company provides the Bank with a written
description of the material terms on which such third party financial
institution proposes to provide such services and is entitled to submit a
counter-proposal within 30 days of receipt of such description.  If the Bank
submits a counter-proposal with terms substantially similar to those set
forth in such third party's proposal or agrees to maintain the discount rate
at the highest discount rate in the attached matrix, this Agreement shall
remain in full force and effect, modified as may be necessary to reflect the
terms included in the Bank's counter-proposal.  Subject to Section 11.2, the
termination of this Agreement shall not affect the obligations of the
Cardholders to the Bank, the obligation of the Company and the Bank to make
the payments required under Section 4 with respect to Transactions that
occurred before the date of termination, the rights of the Bank under
Sections 4.4, 7.4 and 9.1 and the rights of the Company under Section 9.1.
Sections 10, 11 and 12 of this Agreement shall survive any such termination.

          11.2.  EFFECT OF TERMINATION.  Upon termination of this Agreement, the
Company will have the option to purchase the then-outstanding Credit Card
account balances not previously written-off by the Bank (subject to the terms of
any securitization of such account balances) at the face amount thereof, without
recourse to the Bank, and will be provided with all related account information
and other account data; PROVIDED that the Company will be required to purchase
such then-outstanding Credit Card account balances on such terms if the Company
objects to any automatic

                                       20

<PAGE>

extension of this Agreement pursuant to Section 11.1. All payments by the
Company pursuant to this Section 11.2 shall be made not later than one
Business Day after termination of this Agreement by wire transfer of
immediately available funds to an account notified by the Bank to the Company
not less than two Business Days prior to the payment date.  Upon any
termination of this Agreement, (i) the Company (at its sole expense) shall
notify all Cardholders that the Bank is no longer the processor of their
Credit Card accounts and (ii) the Company and the Bank shall cooperate in
facilitating the transition to a new processor.

          11.3.  EXTENSION.  Any services which the parties hereto mutually
agree to be rendered after the termination of this Agreement shall be rendered
pursuant to all of the terms and provisions of this Agreement.

      Section 12.  MISCELLANEOUS.

          12.1.  NOTICES.  All notices, requests and other communications to any
party hereunder shall be in writing (including telecopy or similar writing) and
shall be given, if to the Company, to:

          Express, Inc.
          Three Limited Parkway
          Columbus, Ohio 43230
          Attn:     General Counsel
          Telecopy:  614-479-7188

with a copy to:

          The Limited, Inc.
          Three Limited Parkway
          Columbus, Ohio 43230
          Attn:  General Counsel
          Telecopy:  614-479-7188

and a copy to:

          Davis Polk & Wardwell
          450 Lexington Avenue
          New York, New York 10017
          Attn:  Dennis S. Hersch
          Telecopy:  212-450-4800

and if to the Bank, to:

          World Financial Network National Bank
          4590 East Broad Street
          Columbus, Ohio 43213
          Attn:  Daniel T. Groomes
          Telecopy:  614-755-3418

                                       21

<PAGE>

or to such other address or telecopy number and with such other copies, as such
party may hereafter specify for the purpose by notice to the other parties.
Each such notice, request or other communication shall be effective (i) if given
by telecopy, when such telecopy is transmitted to the telecopy number specified
in this Section and evidence of receipt is received or (ii) if given by any
other means, upon delivery or refusal of delivery at the address specified in
this Section 12.1.

          12.2.  AMENDMENTS; NO WAIVERS.

          12.2.1.  Any provision of this Agreement may be amended only if such
amendment is in writing and signed by all parties thereto.

          12.2.2.  No failure or delay by any party in exercising any right,
power or privilege under this Agreement shall operate as a waiver thereof nor
shall any single or partial exercise thereof preclude any other or further
exercise thereof or the exercise of any other right, power or privilege.  The
rights and remedies herein provided shall be cumulative and not exclusive of any
rights or remedies provided by law.

          12.3.  EXPENSES.  All costs and expenses incurred in connection with
the this Agreement or the transactions contemplated hereby shall be paid by the
party incurring such cost or expense.

          12.4.  SUCCESSORS AND ASSIGNS.  The provisions of this Agreement shall
be binding upon and inure to the benefit of the parties and their respective
successors and assigns; PROVIDED that no party may assign, delegate or otherwise
transfer any of its rights or obligations under this Agreement without the
consent of the other party. Notwithstanding the foregoing, (i) the Bank may from
time to time assign any or all of its rights and obligations hereunder to any
Affiliate of the Bank, provided that any such assignee of the Bank's obligations
hereunder shall have the capability to perform such obligations without
impairing the quality of the services provided to the Company,
(ii) the Company shall assign or otherwise transfer all of its rights and
obligations under this Agreement (A) to the purchaser of all or substantially
all of the assets of the Business or (B) to any corporation which is a successor
(whether by merger, consolidation or otherwise) to the Company or any successor
(whether by merger, consolidation or otherwise) thereto, in each case subject to
the execution by such assignee or transferee of an agreement to be bound by the
provisions of this Agreement and (iii) the Bank may from time to time sell
accounts receivable for securitization, retaining its processing and servicing

                                       22

<PAGE>

obligations with respect thereto (it being understood that (A) the purchaser of
such accounts receivable shall have no recourse against the Company for any
reason whatsoever and (B) the Bank hereby indemnifies the Company and its
Related Parties against, and agrees to hold them harmless from, any and all
Damages incurred or suffered by any of them in connection with any claims made
by such purchaser).

          12.5.  GOVERNING LAW.  This Agreement shall be construed in accordance
with and governed by the law of the State of New York (without regard to the
choice of law provisions thereof).

          12.6.  COUNTERPARTS; EFFECTIVENESS.  This Agreement may be signed in
any number of counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument.
This Agreement shall become effective when each party hereto or thereto shall
have received a counterpart hereof signed by the other parties hereto.

          12.7.  ENTIRE AGREEMENT.  This Agreement constitutes the entire
agreement among the parties with respect to the subject matter hereof and
supersedes all prior agreements, understandings and negotiations, both written
and oral, between the parties with respect to such subject matter.  No
representation, inducement, promise, understanding, condition or warranty not
set forth herein has been made or relied upon by any party hereto.  Neither this
Agreement nor any provision thereof is intended to confer upon any Person other
than the parties any rights or remedies hereunder.

          12.8.  JURISDICTION.  Any suit, action or proceeding seeking to
enforce any provision of, or based on any matter arising out of or in connection
with, this Agreement or the transactions contemplated thereby may be brought
against any of the parties in the United States District Court for the Southern
District of New York or any state court sitting in the City of New York, Borough
of Manhattan, and each of the parties hereby consents to the exclusive
jurisdiction of such court (and of the appropriate appellate courts) in any such
suit, action or proceeding and waives any objection to venue laid therein.
Process in any such suit, action or proceeding may be served on any party
anywhere in the world, whether within or without the State of New York.  Without
limiting the foregoing, the parties agree that service of process upon such
party at the address referred to in Section 12.1, together with written notice
of such service to such party, shall be deemed effective service of process upon
such party.

                                       23

<PAGE>

          12.9.  CAPTIONS.  The captions herein are included for convenience of
reference only and shall be ignored in the construction or interpretation
hereof.

          12.10.  DEFINED TERMS.  The following terms, as used herein, shall
have the following meanings:

          12.10.1.  "AFFILIATE" means, with respect to any Person, any Person
directly or indirectly controlling, controlled by, or under common control with
such other Person.  For purposes of this definition, "control" when used with
respect to any Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise, and the terms
"controlling" and "controlled" have meanings correlative to
the foregoing.

          12.10.2.  "BUSINESS DAY" means a day other than a Saturday, Sunday or
other day on which commercial banks in New York, New York or Columbus, Ohio are
authorized or required by law to close.

          12.10.3.  "PERSON" means an individual, a corporation, a partnership,
an association, a trust or other entity or organization, including a government
or political subdivision or an agency or instrumentality thereof.

          12.10.4.  "SEASON" means (i) the period from the first day of the
fiscal month of February to the last day of the fiscal month of July and (ii)
the period from the first day of the fiscal month of August to the last day of
the fiscal month of January.

          12.11.  FORCE MAJEURE.  Notwithstanding the provisions of Section 8.3,
neither the Bank nor its affiliates shall be liable in any manner to the Company
for any failure to perform their obligations under this Agreement resulting in
any manner from delay, failure in performance, loss or damage due to fire,
strike, embargo, explosion, power blackout, earthquake, flood, war, the
elements, labor disputes, civil or military authority, acts of God, public
enemy, inability to secure fuel, acts or omissions of carriers or other causes
beyond their reasonable control, whether or not similar to any of the foregoing
(a "FORCE MAJEURE EVENT").




                                       24

<PAGE>

          IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed by their duly authorized officers effective on the day and year first
above written.


                              WORLD FINANCIAL NETWORK
                              NATIONAL BANK




                              By: /s/ Timothy B. Lyons
                                 ----------------------------
                              Name: Timothy B. Lyons
                              Title:


                              EXPRESS, INC.



                              By: /s/ Timothy B. Lyons
                                 ----------------------------
                              Name: Timothy B. Lyons
                              Title:


                              RETAIL FACTORING, INC.



                              By: /s/ Timothy B. Lyons
                                 ----------------------------
                              Name: Timothy B. Lyons
                              Title:







                                       25