Document:

Exhibit 10.27

 

[Execution]

 

AMENDED AND RESTATED

COLLATERAL ASSIGNMENT OF TRADEMARKS
 (SECURITY AGREEMENT)

 

THIS AMENDED AND RESTATED COLLATERAL ASSIGNMENT OF TRADEMARKS (SECURITY AGREEMENT) (this “Agreement”), dated August 22, 2007, is made among LERNER NEW YORK, INC., a Delaware corporation (“Pledgor”), with an office at 450 West 33rd Street, New York, New York 10001, in favor of WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association, with an office at 1133 Avenue of the Americas, New York, New York 10036, in its capacity as agent (in such capacity, “Pledgee”), for the Lenders and Bank Product Providers (as defined in the Loan Agreement).

 

W I T N E S S E T H:

 

WHEREAS, Pledgor has previously entered into the Collateral Assignment of Trademarks (Security Agreement), dated as of November 27, 2002 (the “Existing Security Agreement”), in order to further evidence Pledgor’s grant in favor of Pledgee, of a security interest in the Trademarks (as defined herein) and the goodwill and certain other assets with respect to the Trademarks, as further set forth therein.

 

WHEREAS, Pledgee, Pledgor, Lernco, Inc. (“Lernco”) and Jasmine Company, Inc. (“Jasmine” and together with Pledgor, and Lernco, collectively, “Borrowers”), Guarantors, and the Persons from time to time party thereto as lenders (“Lenders”), have amended and restated or are about to amend and restate the existing financing arrangements of Pledgee, Lenders, Borrowers and Guarantors pursuant to which Lenders (or Pledgee on behalf of Lenders) may make loans and advances and provide other financial accommodations to Borrowers as set forth in the Second Amended and Restated Loan and Security Agreement, dated as of the date hereof, by and among Pledgee, Lenders, Borrowers and Guarantors (as the same now exists or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced, the “Loan Agreement”) and other agreements, documents and instruments referred to therein or at any time executed and/or delivered in connection therewith or related thereto, including, but not limited to, this Guarantee (all of the foregoing, together with the Loan Agreement, as the same now exist or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced, being collectively referred to herein as the “Financing Agreements”).

 

WHEREAS, Pledgor owns all right, title, and interest in and to, among other things, all the trademarks, United States trademarks and trademark registrations, and the trademark applications and tradenames, set forth on Exhibit A hereto (the “Trademarks”); and

 

WHEREAS, in furtherance of the terms of the Financing Agreements and in consideration of Agent and the Lenders entering into the Loan Agreement, Pledgor and Pledgee wish to amend and restate the Existing Security Agreement.

 

 

NOW THEREFORE, for valuable consideration received and to be received, and as security for the full payment and performance of the Obligations (as defined in the Loan Agreement) arising from the Loan Agreement, and to induce Pledgee and the Lenders to make and continue to make loans and advances to the Borrowers under the Loan Agreement, Pledgor and Pledgee hereby amend and restate the Existing Security Agreement in its entirety as set forth in this Agreement and Pledgor hereby grants to Pledgee, for itself and the ratable benefit of the Lenders and Bank Product Providers, a security interest in:

 

(a)           the Trademarks;

 

(b)           all registrations of the Trademarks in any State of the United States and any foreign countries and localities;

 

(c)           all tradenames, trademarks and trademark registrations hereafter adopted or acquired and used, including, but not limited to, those which are based upon or derived from the Trademarks or any variations thereof (the “Future Trademarks”);

 

(d)           all extensions, renewals, and continuations of the Trademarks and Future Trademarks and the registrations referred to in clause (b) above;

 

(e)           all rights to sue for past, present and future infringements of the Trademarks and Future Trademarks;

 

(f)            all packaging, labeling, trade names, service marks, logos, and trade dress including or containing the Trademarks and Future Trademarks, or a representation thereof, or any variation thereof;

 

(g)           all licenses and other agreements under which Pledgor is licensor, but only to the extent that the grant of a security interest therein would not be prohibited by or be a breach of terms thereof, and all fees, rents, royalties, proceeds or monies thereunder, relating to the Trademarks and Future Trademarks and the use thereof; and

 

(h)           all goodwill of Pledgor’s business connected with, symbolized by or in any way related to the items set forth in clauses (a) through (g) above.

 

All of the foregoing items set forth in clauses (a) through (h) are hereinafter referred to collectively as the “Collateral.”

 

AND Pledgor hereby covenants with Pledgee as follows:

 

1.             Pledgor’s Obligations.  Pledgor agrees that, notwithstanding this Agreement, it will perform and discharge and remain liable for all its covenants, duties, and obligations arising in connection with the Collateral and any licenses and agreements related thereto.  Pledgee shall have no obligation or liability in connection with the Collateral or any licenses or agreements relating thereto by reason of this Agreement or any payment received by Pledgee or any Lender relating to the Collateral, nor shall Pledgee or any Lender be required to perform any covenant, duty, or obligation of Pledgor arising in connection with the Collateral or any license or

 

2

 

agreement related thereto or to take any other action regarding the Collateral or any such licenses or agreement.

 

2.             Representations and Warranties.  Pledgor represents and warrants to Pledgee that:

 

(a)           Pledgor is the owner of the Collateral, and no adverse claims have been made with respect to its title to or the validity of the Collateral;

 

(b)           the Trademarks are the only trademarks, trademark registrations, trademark applications and trade names in which Pledgor has all right, title and interest;

 

(c)           none of the Collateral is subject to any prior mortgage, pledge, lien, security interest, lease, charge, encumbrance or license (by Pledgor as licensor), except for Pledgee’s interests granted hereunder and under the Existing Security Agreement; and

 

(d)           when this Agreement is filed in the United States Patent and Trademark Office (the “Trademark Office”) and the Pledgee has taken the other actions contemplated in this Agreement and by the Financing Agreements, if, and to the extent that a security interest may be perfected in such Collateral under applicable law this Agreement will create a legal and valid perfected and continuing lien on and security interest in the Collateral in favor of Pledgee (except for any non-U.S. Trademarks), enforceable against Pledgor and all third parties, subject to no other prior mortgage, lien, charge, encumbrance, or security or other interest.

 

3.             Covenants.  Pledgor will maintain the Collateral, defend the Collateral against the claims of all persons, and will maintain and renew all registrations of the Collateral; notwithstanding the foregoing, Pledgor will not be required to maintain, renew or defend any Collateral which, in Pledgor’s reasonable judgment, no longer has any material economic value.  Pledgor will maintain at least the same standards of quality (which Pledgee has reviewed) for the goods and services in connection with which the Trademarks are used as Pledgor maintained for such goods and services prior to entering into this Agreement.  Pledgee shall have the right to enter upon Pledgor’s premises as provided in the Financing Agreements to monitor such quality standards.  Without limiting the generality of the foregoing, and so long as any Trademark or Future Trademark, in Pledgor’s reasonable judgment, has material economic value, Pledgor shall not permit the expiration, termination or abandonment of such Trademark or Future Trademark without the prior written consent of Pledgee.  If, before the Obligations have been satisfied in full and the Financing Agreements have been terminated, Pledgor shall be licensed to use any new trademark, or become entitled to the benefit of any trademark application or trademark registration, the provisions of Section 1 hereof shall automatically apply thereto and Pledgor shall give Pledgee prompt notice thereof in writing.

 

4.             Use Prior to Default.  Effective until Pledgee’s exercise of its rights and remedies upon an Event of Default under and as defined in the Financing Agreements (an “Event of Default”), Pledgor shall be entitled to use the Collateral in the ordinary course of its business, subject to the terms and covenants of the Financing Agreements and this Agreement.

 

5.             Remedies Upon Default.  Whenever any Event of Default shall occur and be continuing, Pledgee shall have all the rights and remedies granted to it in such event by the Financing Agreements, which rights and remedies are specifically incorporated herein by

 

3

 

reference and made a part hereof, and any and all rights and remedies of law available to Pledgee.  Pledgee in such event may collect directly any payments due to Pledgor in respect of the Collateral and may sell, license, lease, assign, or otherwise dispose of the Collateral in the manner set forth in the Financing Agreements.  Pledgor agrees that, in the event of any disposition of the Collateral upon and during the continuance of any such Event of Default, it will duly execute, acknowledge, and deliver all documents necessary or advisable to record title to the Collateral in any transferee or transferees thereof, including, without limitation, valid, recordable assignments of the Trademarks or Future Trademarks.  In the event Pledgor fails or refuses to execute and deliver such documents, Pledgor hereby irrevocably appoints Pledgee as its attorney-in-fact, with power of substitution, to execute, deliver, and record any such documents on Pledgor’s behalf as provided in the Financing Agreements.  Notwithstanding any provision hereof to the contrary, during the continuance of an Event of Default, Pledgor may sell any merchandise or services bearing the Trademarks and Future Trademarks in the ordinary course of its business and in a manner consistent with its past practices, until it receives written notice from Pledgee to the contrary.  The preceding sentence shall not limit any right or remedy granted to Pledgee with respect to Pledgor’s inventory under the Financing Agreements or any other agreement now or hereinafter in effect.

 

6.             Cumulative Remedies.  The rights and remedies provided herein are cumulative and not exclusive of any other rights or remedies provided by law.  The rights and remedies provided herein are intended to be in addition to and not in substitution of the rights and remedies provided by the Financing Agreements or any other agreement or instrument delivered in connection therewith.

 

7.             Amendments and Waivers.  This Agreement may not be modified, supplemented, or amended, or any of its provisions waived except in a writing signed by Pledgor and Pledgee.  Pledgor hereby authorizes Pledgee to modify this Agreement by amending Exhibit A hereto to include any Future Trademarks.

 

8.             Waiver of Rights.  No course of dealing between the parties to this Agreement or any failure or delay on the part of any such party in exercising any rights or remedies hereunder shall operate as a waiver of any rights and remedies of such party or any other party, and no single or partial exercise of any rights or remedies by one party hereunder shall operate as a waiver or preclude the exercise of any other rights and remedies of such party or any other party.  No waiver by Pledgee of any breach or default by Pledgor shall be deemed a waiver of any other previous breach or default or of any breach or default occurring thereafter.

 

9.             Assignment.  The provisions of this Agreement shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto; provided, however, that no interest herein or in or to the Collateral may be assigned by Pledgor without the prior written consent of Pledgee; and, provided further, that Pledgee may assign the rights and benefits hereof to any party acquiring any interest in the Obligations or any part thereof.

 

10.           Future Acts.  Until the Obligations shall have been paid in full, Pledgor shall have the duty to make applications on material unregistered, but registrable as trademarks, Collateral owned by Pledgor in any location where Pledgor does business, to prosecute such applications diligently, and to preserve and maintain all rights in the material Trademarks and the other

 

4

 

material Collateral, except to the extent Pledgor reasonably determines that such Trademarks do not have any material economic value.  Any expenses incurred in connection with such applications and other actions shall be borne by Pledgor.  Pledgor shall not abandon any right to file a trademark application or registration for any trademark, or abandon any such pending trademark application or registration, without the consent of Pledgee, except to the extent that Pledgor reasonably determines that the trademark covered by such application or registration has no material economic value.

 

11.           Enforcement.  Upon Pledgor’s failure to do so after Pledgee’s demand, or upon the occurrence and during the continuance of an Event of Default, Pledgee shall have the right but shall in no way be obligated to bring suit in its own name to enforce the Trademarks and Future Trademarks and any license thereunder, having material economic value to the Pledgee, in which event Pledgor shall at the request of Pledgee do any and all lawful acts and execute any and all proper documents required by Pledgee in aid of such enforcement and Pledgor shall promptly, upon demand, reimburse and indemnify Pledgee or its agents for all costs and expenses incurred by Pledgee in the exercise of its rights under this Section 11.

 

12.           Release.  At such time as Pledgor shall completely satisfy all of the non-contingent Obligations, and the Financing Agreements have been terminated, other than upon enforcement of Pledgee’s remedies under the Financing Agreements after an Event of Default, Pledgee will, at Pledgor’s sole cost and expense, execute and deliver to Pledgor a release or other instrument as may be necessary or proper to release Pledgor’s lien in the Collateral, subject to any dispositions thereof which may have been made by Pledgee pursuant hereto and as may be necessary to record such release with the U.S. Patents and Trademarks Office, or equivalent authority.

 

13.           Severability.  If any clause or provision of this Agreement shall be held invalid or unenforceable, in whole or in part, in any jurisdiction, such invalidity or unenforceability shall attach only to such clause or provision, or part thereof, in such jurisdiction, and shall not in any manner affect such or any other clause or provision in any other jurisdiction.

 

14.           Notices.  All notices, requests and demands to or upon Pledgor or Pledgee under this Agreement shall be given in the manner prescribed by the Financing Agreements.

 

15.           Governing Law.  This Agreement shall be governed by and construed, applied, and enforced in accordance with the federal laws of the United States of America applicable to trademarks and the laws of the State of New York, except that no doctrine of choice of law shall be used to apply the laws of any other State or jurisdiction.  The parties agree that all actions or proceedings arising in connection with this Agreement shall be tried and litigated only in the state and federal courts located in the State of New York, New York County, or in the United States District Court for the Southern District of New York, whichever Pledgee may elect (except that Pledgee shall have the right to bring any action or proceeding against Pledgor or its property in the courts of any other jurisdiction which Pledgee deems necessary or appropriate in order to realize on the Collateral or to otherwise enforce its rights against Pledgor or its property).  PLEDGOR AND PLEDGEE EACH WAIVES THE RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION ARISING UNDER THIS AGREEMENT, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND ANY

 

5

 

RIGHT EITHER MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS, LACK OF PERSONAL JURISDICTION, OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 15.

 

16.           Counterparts, etc.  This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of this Agreement by telefacsimile shall have the same force and effect as the delivery of an original executed counterpart of this Agreement.  Any party delivering an executed counterpart of this Agreement by telefacsimile shall also deliver an original executed counterpart, but the failure to do so shall not affect the validity, enforceability or binding effect of this Agreement.

 

17.           Supplement.  This Agreement is a supplement to, and is hereby incorporated into, the Financing Agreements and made a part thereof.

 

18.           Interpretation.  To the extent that any covenants set forth in Section 3 hereto, or representations or warranties set forth in Section 2 hereto are in direct conflict with the terms of any covenants, representations or warranties contained in the Financing Agreements, the terms of this Agreement shall control.  To the extent any other provisions of this Agreement are in direct conflict with the terms of any other provisions of the Financing Agreements, the terms of the Financing Agreements shall control.

 

19.           Acknowledgment and Restatement.

 

(a)           Pledgor hereby acknowledges, confirms and agrees that Pledgor is indebted to Pledgee and Lenders in respect of any obligations, liabilities or indebtedness for loans, advances and letter of credit accommodations to Pledgee under the Existing Loan Agreement, the Existing  Security Agreement or the other Existing  Financing Agreements, together with all interest accrued and accruing thereon, and all fees, costs, expenses and other charges relating thereto, all of which are unconditionally owing by Pledgor to Pledgee without offset, defense, or counterclaim of any kind, nature or description whatsoever. Pledgor hereby ratifies, assents, adopts and agrees to pay all of the Obligations arising before, on or after the date hereof.

 

(b)           Pledgor hereby acknowledges, confirms and agrees that Pledgee has and shall continue to have, for itself and the benefit of Lenders, valid, enforceable and perfected first priority security interests in and liens upon all of the Collateral heretofore granted to Pledgee pursuant to the Existing  Security Agreement to secure all of the Obligations subject only to liens permitted under the Loan Agreement and the other Financing Agreements.

 

(c)           Pledgor hereby acknowledges, confirms and agrees that: (i) the Existing  Security Agreement has been duly executed and delivered by Pledgor and is in full force and effect as of the date hereof; (ii) the agreements and obligations of Pledgor contained in the Existing  Security Agreement constitute legal, valid and binding obligations of Pledgor enforceable against it in accordance with the terms thereof, and Pledgor has no valid defense, offset or counterclaim to the enforcement of such obligations; and (iii) Pledgee and Lenders are

 

6

 

entitled to all of the rights, remedies and benefits provided for in the Existing  Security Agreement.

 

(d)           Except as otherwise stated in Section 19(b) hereof and in this Section 19(d), as of the date hereof, the terms, conditions, agreements, covenants, representations and warranties set forth in the Existing  Security Agreement are hereby amended and restated in their entirety, and as so amended and restated, are replaced and superseded by the terms, conditions agreements, covenants, representations and warranties set forth in this Agreement, except that nothing herein shall impair or adversely affect the continuation of the liability of Pledgor for the obligations or the security interests and liens heretofore granted, pledged or assigned to Pledgee for itself and the benefit of Lenders.  The amendment and restatement contained herein shall not, in any manner, be construed to constitute payment of, or impair, limit, cancel or extinguish, or constitute a novation in respect of, the indebtedness and other obligations and liabilities of Pledgor evidenced by or arising under the Existing  Security Agreement and any of the other Existing  Financing Agreements to which Pledgor is a party, and the liens and security interests securing such indebtedness and other obligations and liabilities shall not in any manner be impaired, limited, terminated, waived or released.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

7

 

IN WITNESS WHEREOF, the parties have entered into this Agreement as of the date first written above.

 

	
 
    	
PLEDGORS
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
LERNER   NEW YORK, INC.,
    
	
 
    	
a   Delaware corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Ronald W. Ristau
    
	
 
    	
Name:   
    	
Ronald   W. Ristau
    
	
 
    	
Title:
    	
President,   Chief Financial Officer and Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
PLEDGEE
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
WACHOVIA   BANK, NATIONAL ASSOCIATION, as 
    
	
 
    	
Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Laurence Forte
    
	
 
    	
Name:   
    	
Laurence   Forte
    
	
 
    	
Title:
    	
Managing   Director
    

 

 

Trademarks

 

	
TM Rights (Grouped by country)
    	
 
    	
Report Date: 8/23/2007
    

 

	
Country:
    	
 
    	
Canada
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ID
    	
 
    	
Mark
    	
 
    	
Classes
    	
 
    	
Reg. Owner
    	
 
    	
App. #
    	
 
    	
App. Dt
    	
 
    	
Reg. #
    	
 
    	
Reg. Dt
    	
 
    	
Allow. Dt
    	
 
    	
ITU
    
	
12638
    	
 
    	
CITY CREPE
    	
 
    	
25
    	
 
    	
Lerner New York,   Inc.
    	
 
    	
1,244,680
    	
 
    	
1/25/2005
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
No
    
	
12642
    	
 
    	
CITY SPA
    	
 
    	
25
    	
 
    	
Lerner New York,   Inc.
    	
 
    	
1,244,681
    	
 
    	
1/25/2005
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
No
    
	
11934
    	
 
    	
CITY STRETCH
    	
 
    	
25
    	
 
    	
Lerner New York,   Inc.
    	
 
    	
1,200,819
    	
 
    	
12/30/2003
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
No
    

 

	
Country:
    	
 
    	
China (People’s Republic   of)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ID
    	
 
    	
Mark
    	
 
    	
Classes
    	
 
    	
Reg. Owner
    	
 
    	
App. #
    	
 
    	
App. Dt
    	
 
    	
Reg. #
    	
 
    	
Reg. Dt
    	
 
    	
Allow. Dt
    	
 
    	
ITU
    
	
12664
    	
 
    	
CITY CREPE
    	
 
    	
25
    	
 
    	
Lerner New York,   Inc.
    	
 
    	
844,333
    	
 
    	
1/21/2005
    	
 
    	
844,333
    	
 
    	
4/7/2005
    	
 
    	
 
    	
 
    	
No
    
	
12673
    	
 
    	
CITY SPA
    	
 
    	
25
    	
 
    	
Lerner New York,   Inc.
    	
 
    	
844,334
    	
 
    	
1/21/2005
    	
 
    	
844,334
    	
 
    	
4/7/2005
    	
 
    	
 
    	
 
    	
No
    
	
12655
    	
 
    	
CITY STRETCH
    	
 
    	
25
    	
 
    	
Lerner New York,   Inc.
    	
 
    	
844,335
    	
 
    	
1/21/2005
    	
 
    	
844,335
    	
 
    	
4/7/2005
    	
 
    	
 
    	
 
    	
No
    

 

	
Country:
    	
 
    	
France
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ID
    	
 
    	
Mark
    	
 
    	
Classes
    	
 
    	
Reg. Owner
    	
 
    	
App. #
    	
 
    	
App. Dt
    	
 
    	
Reg. #
    	
 
    	
Reg. Dt
    	
 
    	
Allow. Dt
    	
 
    	
ITU
    
	
12665
    	
 
    	
CITY CREPE
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
844,333
    	
 
    	
1/21/2005
    	
 
    	
844,333
    	
 
    	
4/7/2005
    	
 
    	
 
    	
 
    	
No
    
	
12674
    	
 
    	
CITY SPA
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
844,334
    	
 
    	
1/21/2005
    	
 
    	
844,334
    	
 
    	
4/7/2005
    	
 
    	
 
    	
 
    	
No
    
	
12656
    	
 
    	
CITY STRETCH
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
844,335
    	
 
    	
1/21/2005
    	
 
    	
844,335
    	
 
    	
4/7/2005
    	
 
    	
 
    	
 
    	
No
    

 

	
Country:
    	
 
    	
Germany
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ID
    	
 
    	
Mark
    	
 
    	
Classes
    	
 
    	
Reg. Owner
    	
 
    	
App. #
    	
 
    	
App. Dt
    	
 
    	
Reg. #
    	
 
    	
Reg. Dt
    	
 
    	
Allow. Dt
    	
 
    	
ITU
    
	
12666
    	
 
    	
CITY CREPE
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
844,333
    	
 
    	
1/21/2005
    	
 
    	
844,333
    	
 
    	
4/7/2005
    	
 
    	
 
    	
 
    	
No
    
	
12675
    	
 
    	
CITY SPA
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
844,334
    	
 
    	
1/21/2005
    	
 
    	
844,334
    	
 
    	
4/7/2005
    	
 
    	
 
    	
 
    	
No
    
	
12657
    	
 
    	
CITY STRETCH
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
844,335
    	
 
    	
1/21/2005
    	
 
    	
844,335
    	
 
    	
4/7/2005
    	
 
    	
 
    	
 
    	
No
    

 

1

 

	
Country:
    	
 
    	
Guatemala
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ID
    	
 
    	
Mark
    	
 
    	
Classes
    	
 
    	
Reg. Owner
    	
 
    	
App. #
    	
 
    	
App. Dt
    	
 
    	
Reg. #
    	
 
    	
Reg. Dt
    	
 
    	
Allow. Dt
    	
 
    	
ITU
    
	
12644
    	
 
    	
CITY CREPE
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
487-05
    	
 
    	
1/25/2005
    	
 
    	
138,693
    	
 
    	
10/28/2005
    	
 
    	
 
    	
 
    	
No
    
	
12643
    	
 
    	
CITY SPA
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
486-05
    	
 
    	
1/25/2005
    	
 
    	
138,696
    	
 
    	
10/28/2005
    	
 
    	
 
    	
 
    	
No
    
	
12007
    	
 
    	
CITY STRETCH
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
0320-04
    	
 
    	
1/20/2004
    	
 
    	
134,501
    	
 
    	
2/23/2005
    	
 
    	
 
    	
 
    	
No
    
	
1332
    	
 
    	
DAVID BENJAMIN
    	
 
    	
25
    	
 
    	
Lerner   Stores, Inc.
    	
 
    	
 
    	
 
    	
8/13/1987
    	
 
    	
55,589
    	
 
    	
8/12/1988
    	
 
    	
 
    	
 
    	
No
    

 

	
Country:
    	
 
    	
Hong Kong
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ID
    	
 
    	
Mark
    	
 
    	
Classes
    	
 
    	
Reg. Owner
    	
 
    	
App. #
    	
 
    	
App. Dt
    	
 
    	
Reg. #
    	
 
    	
Reg. Dt
    	
 
    	
Allow. Dt
    	
 
    	
ITU
    
	
12698
    	
 
    	
CITY CREPE
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
300359811
    	
 
    	
1/25/2005
    	
 
    	
300359811
    	
 
    	
6/15/2005
    	
 
    	
 
    	
 
    	
No
    
	
12697
    	
 
    	
CITY SPA
    	
 
    	
25
    	
 
    	
Lerner New York, Inc.
    	
 
    	
300359802
    	
 
    	
1/25/2005
    	
 
    	
300359802
    	
 
    	
6/15/2005
    	
 
    	
 
    	
 
    	
No
    
	
11974
    	
 
    	
CITY STRETCH
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
300135044
    	
 
    	
12/30/2003
    	
 
    	
300135044
    	
 
    	
6/2/2004
    	
 
    	
 
    	
 
    	
No
    

 

	
Country:
    	
 
    	
Indonesia
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ID
    	
 
    	
Mark
    	
 
    	
Classes
    	
 
    	
Reg. Owner
    	
 
    	
App. #
    	
 
    	
App. Dt
    	
 
    	
Reg. #
    	
 
    	
Reg. Dt
    	
 
    	
Allow. Dt
    	
 
    	
ITU
    
	
12878
    	
 
    	
CITY CREPE
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
D00-2005-04523-04561
    	
 
    	
2/17/2005
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
No
    
	
12877
    	
 
    	
CITY SPA
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
D00-2005-04522-04560
    	
 
    	
2/17/2005
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
No
    
	
12031
    	
 
    	
CITY STRETCH
    	
 
    	
25
    	
 
    	
Lerner New York, Inc.
    	
 
    	
D00-2004-00270-00271
    	
 
    	
1/7/2007
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

	
Country:
    	
 
    	
Italy
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ID
    	
 
    	
Mark
    	
 
    	
Classes
    	
 
    	
Reg. Owner
    	
 
    	
App. #
    	
 
    	
App. Dt
    	
 
    	
Reg. #
    	
 
    	
Reg. Dt
    	
 
    	
Allow. Dt
    	
 
    	
ITU
    
	
12667
    	
 
    	
CITY CREPE
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
844,333
    	
 
    	
1/21/2005
    	
 
    	
844,333
    	
 
    	
4/7/2005
    	
 
    	
 
    	
 
    	
No
    
	
12676
    	
 
    	
CITY SPA
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
844,334
    	
 
    	
1/21/2005
    	
 
    	
844,334
    	
 
    	
4/7/2005
    	
 
    	
 
    	
 
    	
No
    
	
12658
    	
 
    	
CITY STRETCH
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
844,335
    	
 
    	
1/21/2005
    	
 
    	
844,335
    	
 
    	
4/7/2005
    	
 
    	
 
    	
 
    	
No
    

 

2

 

	
Country:
    	
 
    	
Japan
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ID
    	
 
    	
Mark
    	
 
    	
Classes
    	
 
    	
Reg. Owner
    	
 
    	
App. #
    	
 
    	
App. Dt
    	
 
    	
Reg. #
    	
 
    	
Reg. Dt
    	
 
    	
Allow. Dt
    	
 
    	
ITU
    
	
12668
    	
 
    	
CITY CREPE
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
844,333
    	
 
    	
1/21/2005
    	
 
    	
844,333
    	
 
    	
4/7/2005
    	
 
    	
 
    	
 
    	
No
    
	
12677
    	
 
    	
CITY SPA
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
844,334
    	
 
    	
1/21/2005
    	
 
    	
844,334
    	
 
    	
4/7/2005
    	
 
    	
 
    	
 
    	
No
    
	
12659
    	
 
    	
CITY STRETCH
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
844,335
    	
 
    	
1/21/2005
    	
 
    	
844,335
    	
 
    	
4/7/2005
    	
 
    	
 
    	
 
    	
No
    

 

	
Country:
    	
 
    	
Macao
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ID
    	
 
    	
Mark
    	
 
    	
Classes
    	
 
    	
Reg. Owner
    	
 
    	
App. #
    	
 
    	
App. Dt
    	
 
    	
Reg. #
    	
 
    	
Reg. Dt
    	
 
    	
Allow. Dt
    	
 
    	
ITU
    
	
12825
    	
 
    	
CITY CREPE
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
N/16028
    	
 
    	
2/7/2005
    	
 
    	
N/16028
    	
 
    	
6/8/2005
    	
 
    	
 
    	
 
    	
No
    
	
12826
    	
 
    	
CITY SPA
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
N/16029
    	
 
    	
2/7/2005
    	
 
    	
N/16029
    	
 
    	
6/8/2005
    	
 
    	
 
    	
 
    	
No
    
	
12046
    	
 
    	
CITY STRETCH
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
N/012906
    	
 
    	
1/12/2004
    	
 
    	
N/012906
    	
 
    	
5/11/2004
    	
 
    	
 
    	
 
    	
No
    

 

	
Country:
    	
 
    	
Mexico
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ID
    	
 
    	
Mark
    	
 
    	
Classes
    	
 
    	
Reg. Owner
    	
 
    	
App. #
    	
 
    	
App. Dt
    	
 
    	
Reg. #
    	
 
    	
Reg. Dt
    	
 
    	
Allow. Dt
    	
 
    	
ITU
    
	
13251
    	
 
    	
CITY CREPE
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
699,019
    	
 
    	
1/27/2005
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
No
    
	
13252
    	
 
    	
CITY SPA
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
699,020
    	
 
    	
1/27/2005
    	
 
    	
875,034
    	
 
    	
3/31/2005
    	
 
    	
 
    	
 
    	
No
    
	
14907
    	
 
    	
CITY STRETCH
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
851,073
    	
 
    	
4/26/2007
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
No
    

 

	
Country:
    	
 
    	
Nicaragua
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ID
    	
 
    	
Mark
    	
 
    	
Classes
    	
 
    	
Reg. Owner
    	
 
    	
App. #
    	
 
    	
App. Dt
    	
 
    	
Reg. #
    	
 
    	
Reg. Dt
    	
 
    	
Allow. Dt
    	
 
    	
ITU
    
	
12972
    	
 
    	
CITY CREPE
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
2005/00625
    	
 
    	
2/28/2005
    	
 
    	
83,715
    	
 
    	
10/18/2005
    	
 
    	
 
    	
 
    	
No
    
	
12977
    	
 
    	
CITY SPA
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
2005/00627
    	
 
    	
2/28/2005
    	
 
    	
83,655
    	
 
    	
10/18/2005
    	
 
    	
 
    	
 
    	
No
    
	
12973
    	
 
    	
CITY STRETCH
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
2005/00626
    	
 
    	
2/28/2005
    	
 
    	
83,716
    	
 
    	
10/18/2005
    	
 
    	
 
    	
 
    	
No
    

 

	
Country:
    	
 
    	
Panama
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ID
    	
 
    	
Mark
    	
 
    	
Classes
    	
 
    	
Reg. Owner
    	
 
    	
App. #
    	
 
    	
App. Dt
    	
 
    	
Reg. #
    	
 
    	
Reg. Dt
    	
 
    	
Allow. Dt
    	
 
    	
ITU
    
	
1341
    	
 
    	
DAVID BENJAMIN
    	
 
    	
25
    	
 
    	
Lerner Stores, Inc.
    	
 
    	
 
    	
 
    	
3/13/1987
    	
 
    	
43,716
    	
 
    	
4/8/1988
    	
 
    	
 
    	
 
    	
No
    
	
1340
    	
 
    	
DAVID BENJAMIN
    	
 
    	
18
    	
 
    	
Lerner   Stores, Inc.
    	
 
    	
 
    	
 
    	
3/12/1987
    	
 
    	
43,704
    	
 
    	
4/8/1988
    	
 
    	
 
    	
 
    	
No
    
	
1339
    	
 
    	
DAVID BENJAMIN
    	
 
    	
14
    	
 
    	
Lerner   Stores, Inc.
    	
 
    	
 
    	
 
    	
3/12/1987
    	
 
    	
43,703
    	
 
    	
4/8/1988
    	
 
    	
 
    	
 
    	
No
    

 

3

 

	
Country:
    	
 
    	
Philippines
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ID
    	
 
    	
Mark
    	
 
    	
Classes
    	
 
    	
Reg. Owner
    	
 
    	
App. #
    	
 
    	
App. Dt
    	
 
    	
Reg. #
    	
 
    	
Reg. Dt
    	
 
    	
Allow. Dt
    	
 
    	
ITU
    
	
14182
    	
 
    	
CITY CREPE
    	
 
    	
 
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
4-2005-0000999
    	
 
    	
2/2/2005
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
No
    
	
14920
    	
 
    	
CITY SPA
    	
 
    	
25
    	
 
    	
Lerner New York, Inc.
    	
 
    	
4-2005-000998
    	
 
    	
2/2/2005
    	
 
    	
4-2005-000998
    	
 
    	
4/28/2006
    	
 
    	
 
    	
 
    	
No
    
	
12073
    	
 
    	
CITY STRETCH
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
4-2004-000206
    	
 
    	
1/9/2004
    	
 
    	
4-2004-000206
    	
 
    	
3/10/2006
    	
 
    	
 
    	
 
    	
No
    

 

	
Country:
    	
 
    	
Puerto Rico
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ID
    	
 
    	
Mark
    	
 
    	
Classes
    	
 
    	
Reg. Owner
    	
 
    	
App. #
    	
 
    	
App. Dt
    	
 
    	
Reg. #
    	
 
    	
Reg. Dt
    	
 
    	
Allow. Dt
    	
 
    	
ITU
    
	
12981
    	
 
    	
CITY CREPE
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
64,560
    	
 
    	
3/8/2005
    	
 
    	
64,560
    	
 
    	
2/21/2006
    	
 
    	
 
    	
 
    	
No
    
	
12982
    	
 
    	
CITY SPA
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
64,561
    	
 
    	
3/8/2005
    	
 
    	
64,561
    	
 
    	
2/21/2006
    	
 
    	
 
    	
 
    	
No
    
	
12052
    	
 
    	
CITY STRETCH
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
60,138
    	
 
    	
2/2/2004
    	
 
    	
60,138
    	
 
    	
11/3/2005
    	
 
    	
 
    	
 
    	
No
    

 

	
Country:
    	
 
    	
South Korea
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ID
    	
 
    	
Mark
    	
 
    	
Classes
    	
 
    	
Reg. Owner
    	
 
    	
App. #
    	
 
    	
App. Dt
    	
 
    	
Reg. #
    	
 
    	
Reg. Dt
    	
 
    	
Allow. Dt
    	
 
    	
ITU
    
	
12669
    	
 
    	
CITY CREPE
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
844,333
    	
 
    	
1/21/2005
    	
 
    	
844,333
    	
 
    	
4/7/2005
    	
 
    	
 
    	
 
    	
No
    
	
12678
    	
 
    	
CITY SPA
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
844,334
    	
 
    	
1/21/2005
    	
 
    	
844,334
    	
 
    	
4/7/2005
    	
 
    	
 
    	
 
    	
No
    
	
12660
    	
 
    	
CITY STRETCH
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
844,335
    	
 
    	
1/21/2005
    	
 
    	
844,335
    	
 
    	
4/7/2005
    	
 
    	
 
    	
 
    	
No
    

 

	
Country:
    	
 
    	
Spain
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ID
    	
 
    	
Mark
    	
 
    	
Classes
    	
 
    	
Reg. Owner
    	
 
    	
App. #
    	
 
    	
App. Dt
    	
 
    	
Reg. #
    	
 
    	
Reg. Dt
    	
 
    	
Allow. Dt
    	
 
    	
ITU
    
	
12670
    	
 
    	
CITY CREPE
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
844,333
    	
 
    	
1/21/2005
    	
 
    	
844,333
    	
 
    	
4/7/2005
    	
 
    	
 
    	
 
    	
No
    
	
12679
    	
 
    	
CITY SPA
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
844,334
    	
 
    	
1/21/2005
    	
 
    	
844,334
    	
 
    	
4/7/2005
    	
 
    	
 
    	
 
    	
No
    
	
12661
    	
 
    	
CITY STRETCH
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
844,335
    	
 
    	
1/21/2005
    	
 
    	
844,335
    	
 
    	
4/7/2005
    	
 
    	
 
    	
 
    	
No
    

 

4

 

	
Country:
    	
 
    	
Sri Lanka
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ID
    	
 
    	
Mark
    	
 
    	
Classes
    	
 
    	
Reg. Owner
    	
 
    	
App. #
    	
 
    	
App. Dt
    	
 
    	
Reg. #
    	
 
    	
Reg. Dt
    	
 
    	
Allow. Dt
    	
 
    	
ITU
    
	
12892
    	
 
    	
CITY CREPE
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
123,755
    	
 
    	
2/8/2005
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
No
    
	
12893
    	
 
    	
CITY SPA
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
123,753
    	
 
    	
2/8/2005
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
No
    
	
12891
    	
 
    	
CITY STRETCH
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
123,754
    	
 
    	
2/8/2005
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
No
    

 

	
Country:
    	
 
    	
Taiwan
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ID
    	
 
    	
Mark
    	
 
    	
Classes
    	
 
    	
Reg. Owner
    	
 
    	
App. #
    	
 
    	
App. Dt
    	
 
    	
Reg. #
    	
 
    	
Reg. Dt
    	
 
    	
Allow. Dt
    	
 
    	
ITU
    
	
12730
    	
 
    	
CITY CREPE
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
94004484
    	
 
    	
1/28/2005
    	
 
    	
1,175,833
    	
 
    	
10/1/2005
    	
 
    	
 
    	
 
    	
No
    
	
12729
    	
 
    	
CITY SPA
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
94004485
    	
 
    	
1/28/2005
    	
 
    	
1,175,834
    	
 
    	
10/1/2005
    	
 
    	
 
    	
 
    	
No
    
	
12731
    	
 
    	
CITY STRETCH
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
94004482
    	
 
    	
1/28/2005
    	
 
    	
1,175,832
    	
 
    	
10/1/2005
    	
 
    	
 
    	
 
    	
No
    

 

	
Country:
    	
 
    	
United Kingdom
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ID
    	
 
    	
Mark
    	
 
    	
Classes
    	
 
    	
Reg. Owner
    	
 
    	
App. #
    	
 
    	
App. Dt
    	
 
    	
Reg. #
    	
 
    	
Reg. Dt
    	
 
    	
Allow. Dt
    	
 
    	
ITU
    
	
12671
    	
 
    	
CITY CREPE
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
844,333
    	
 
    	
1/21/2005
    	
 
    	
844,333
    	
 
    	
4/7/2005
    	
 
    	
 
    	
 
    	
No
    
	
12680
    	
 
    	
CITY SPA
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
844,334
    	
 
    	
1/21/2005
    	
 
    	
844,334
    	
 
    	
4/7/2005
    	
 
    	
 
    	
 
    	
No
    
	
12662
    	
 
    	
CITY STRETCH
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
844,335
    	
 
    	
1/21/2005
    	
 
    	
844,335
    	
 
    	
4/7/2005
    	
 
    	
 
    	
 
    	
No
    

 

	
Country:
    	
 
    	
United States
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ID
    	
 
    	
Mark
    	
 
    	
Classes
    	
 
    	
Reg. Owner
    	
 
    	
App. #
    	
 
    	
App. Dt
    	
 
    	
Reg. #
    	
 
    	
Reg. Dt
    	
 
    	
Allow. Dt
    	
 
    	
ITU
    
	
14894
    	
 
    	
CHELSEA CHIC
    	
 
    	
3
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
77/182,801
    	
 
    	
5/16/2007
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Yes
    
	
14941
    	
 
    	
CITY BEAUTY
    	
 
    	
3
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
77/245,507
    	
 
    	
8/2/2007
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Yes
    
	
11541
    	
 
    	
CITY CREPE
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
78/273,754
    	
 
    	
7/14/2003
    	
 
    	
2,862,833
    	
 
    	
7/13/2004
    	
 
    	
 
    	
 
    	
No
    
	
14713
    	
 
    	
CITY MOODS
    	
 
    	
3
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
77/006,335
    	
 
    	
9/25/2006
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Yes
    
	
14898
    	
 
    	
CITY MOODS
    	
 
    	
4
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
77/179,195
    	
 
    	
5/11/2007
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
No
    
	
11544
    	
 
    	
CITY SPA
    	
 
    	
25
    	
 
    	
Lerner New York, Inc.
    	
 
    	
78/273,779
    	
 
    	
7/14/2003
    	
 
    	
2,858,086
    	
 
    	
6/29/2004
    	
 
    	
 
    	
 
    	
No
    
	
11365
    	
 
    	
CITY STRETCH
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
76/502,113
    	
 
    	
3/26/2003
    	
 
    	
2,912,135
    	
 
    	
12/21/2004
    	
 
    	
 
    	
 
    	
No
    
	
14762
    	
 
    	
CITY STYLE 
    	
 
    	
14,25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
77/045,359
    	
 
    	
11/16/2006
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
No
    

 

5

 

	
14905
    	
 
    	
DOWNTOWN DARLING
    	
 
    	
3
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
77/193,891
    	
 
    	
5/31/2007
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Yes
    
	
14903
    	
 
    	
EMPIRE DREAM
    	
 
    	
3
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
77/193,888
    	
 
    	
5/31/2007
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Yes
    
	
14897
    	
 
    	
FABULOUS ON FIFTH
    	
 
    	
3
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
77/183,988
    	
 
    	
5/17/2007
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Yes
    
	
14901
    	
 
    	
GOTHAM GODDESS
    	
 
    	
3
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
77/182,820
    	
 
    	
5/16/2007
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Yes
    
	
13442
    	
 
    	
GREAT STYLE.   GREAT VALUE. ALWAYS SEXY.
    	
 
    	
35
    	
 
    	
Lerner New York, Inc.
    	
 
    	
78/672,385
    	
 
    	
7/18/2005
    	
 
    	
3,109,349
    	
 
    	
6/27/2006
    	
 
    	
 
    	
 
    	
No
    
	
14387
    	
 
    	
LEFT POCKET   STITCHING DESIGN
    	
 
    	
25
    	
 
    	
Lerner New York, Inc.
    	
 
    	
78/847,060
    	
 
    	
3/27/2006
    	
 
    	
3,263,673
    	
 
    	
7/10/2007
    	
 
    	
 
    	
 
    	
No
    
	
14393
    	
 
    	
LEFT WAVE   STITCHING DESIGN
    	
 
    	
25
    	
 
    	
Lerner New York, Inc.
    	
 
    	
78/849,251
    	
 
    	
3/29/2006
    	
 
    	
3,263,679
    	
 
    	
7/10/2007
    	
 
    	
 
    	
 
    	
No
    
	
14904
    	
 
    	
MANHATTAN MOMENT
    	
 
    	
3
    	
 
    	
Lerner New York, Inc.
    	
 
    	
77/193,876
    	
 
    	
5/31/2007
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Yes
    
	
14902
    	
 
    	
MISS MANHATTAN
    	
 
    	
3
    	
 
    	
Lerner New York, Inc.
    	
 
    	
77/182,833
    	
 
    	
5/16/2007
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Yes
    
	
6203
    	
 
    	
NEW   YORK & COMPANY
    	
 
    	
35
    	
 
    	
Lerner New York, Inc.
    	
 
    	
75/648,424
    	
 
    	
2/23/1999
    	
 
    	
2,507,567
    	
 
    	
11/13/2001
    	
 
    	
 
    	
 
    	
Yes
    
	
4996
    	
 
    	
NEW YORK JEANS
    	
 
    	
25
    	
 
    	
Lerner New York, Inc.
    	
 
    	
74/641,983
    	
 
    	
3/3/1995
    	
 
    	
2,714,767
    	
 
    	
5/13/2003
    	
 
    	
 
    	
 
    	
Yes
    
	
6978
    	
 
    	
NY JEANS NEW   YORK & COMPANY
    	
 
    	
25
    	
 
    	
Lerner New York, Inc.
    	
 
    	
720,617
    	
 
    	
6/3/1999
    	
 
    	
2,387,472
    	
 
    	
9/19/2000
    	
 
    	
 
    	
 
    	
No
    
	
9701
    	
 
    	
NY JEANS NEW   YORK & COMPANY
    	
 
    	
25
    	
 
    	
Lerner New York, Inc.
    	
 
    	
78/034,551
    	
 
    	
11/9/2000
    	
 
    	
2,573,780
    	
 
    	
5/28/2002
    	
 
    	
 
    	
 
    	
Yes
    
	
14947
    	
 
    	
REFRESH, INDULGE &   PAMPER
    	
 
    	
35
    	
 
    	
Lerner New York, Inc.
    	
 
    	
77/255,645
    	
 
    	
8/15/2007
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Yes
    
	
14386
    	
 
    	
RIGHT POCKET   STITCHING DESIGN
    	
 
    	
25
    	
 
    	
Lerner New York, Inc.
    	
 
    	
78/847,085
    	
 
    	
3/27/2006
    	
 
    	
3,263,674
    	
 
    	
7/10/2007
    	
 
    	
 
    	
 
    	
No
    
	
14394
    	
 
    	
RIGHT WAVE   STITCHING DESIGN
    	
 
    	
25
    	
 
    	
Lerner New York, Inc.
    	
 
    	
78/849,306
    	
 
    	
3/29/2006
    	
 
    	
3,263,680
    	
 
    	
7/10/2007
    	
 
    	
 
    	
 
    	
No
    
	
14896
    	
 
    	
UPTOWN ANGEL
    	
 
    	
3
    	
 
    	
Lerner New York, Inc.
    	
 
    	
77/182,846
    	
 
    	
5/16/2007
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Yes
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Country:
    	
 
    	
Vietnam
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ID
    	
 
    	
Mark
    	
 
    	
Classes
    	
 
    	
Reg. Owner
    	
 
    	
App. #
    	
 
    	
App. Dt
    	
 
    	
Reg. #
    	
 
    	
Reg. Dt
    	
 
    	
Allow. Dt
    	
 
    	
ITU
    
	
12834
    	
 
    	
CITY CREPE
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
4-2005-01222
    	
 
    	
1/31/2005
    	
 
    	
75,950
    	
 
    	
10/10/2006
    	
 
    	
 
    	
 
    	
No
    
	
12835
    	
 
    	
CITY SPA
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
4-2005-01223
    	
 
    	
1/31/2005
    	
 
    	
75,951
    	
 
    	
10/10/2006
    	
 
    	
 
    	
 
    	
No
    
	
11976
    	
 
    	
CITY STRETCH
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
4-2004-00110
    	
 
    	
1/5/2004
    	
 
    	
62,940
    	
 
    	
5/23/2005
    	
 
    	
 
    	
 
    	
No
    

 

6

 

	
Country:
    	
 
    	
WIPO
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ID
    	
 
    	
Mark
    	
 
    	
Classes
    	
 
    	
Reg. Owner
    	
 
    	
App. #
    	
 
    	
App. Dt
    	
 
    	
Reg. #
    	
 
    	
Reg. Dt
    	
 
    	
Allow. Dt
    	
 
    	
ITU
    
	
12663
    	
 
    	
CITY CREPE
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
844,333
    	
 
    	
1/21/2005
    	
 
    	
844,333
    	
 
    	
4/7/2005
    	
 
    	
 
    	
 
    	
No
    
	
12672
    	
 
    	
CITY SPA
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
844,334
    	
 
    	
1/21/2005
    	
 
    	
844,334
    	
 
    	
4/7/2005
    	
 
    	
 
    	
 
    	
No
    
	
12654
    	
 
    	
CITY STRETCH
    	
 
    	
25
    	
 
    	
Lerner New   York, Inc.
    	
 
    	
844,335
    	
 
    	
1/21/2005
    	
 
    	
844,335
    	
 
    	
4/7/2005
    	
 
    	
 
    	
 
    	
No
    

 

7

 

SPECIAL POWER OF ATTORNEY

 

	
STATE OF NEW YORK
    	
)
    
	
 
    	
) ss.:
    
	
COUNTY OF NEW YORK
    	
)
    

 

KNOW ALL MEN BY THESE PRESENTS, that LERNER NEW YORK, INC. (“Debtor”), having an office at 450 West 33rd Street, New York, New York 10001 hereby appoints and constitutes, severally, WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent (“Secured Party”), and each of its officers, its true and lawful attorney, with full power of substitution and with full power and authority to perform the following acts on behalf of Debtor:

 

1.             Execution and delivery of any and all agreements, documents, instrument of assignment, or other papers which Secured Party, in its discretion, deems necessary or advisable for the purpose of assigning, selling, or otherwise disposing of all right, title, and interest of Debtor in and to any trademarks and all registrations, recordings, reissues, extensions, and renewals thereof, or for the purpose of recording, registering and filing of, or accomplishing any other formality with respect to the foregoing.

 

2.             Execution and delivery of any and all documents, statements, certificates or other papers which Secured Party, in its discretion, deems necessary or advisable to further the purposes described in Subparagraph 1 hereof.

 

This Power of Attorney is made pursuant to the Amended and Restated Collateral Assignment of Trademarks, dated of even date herewith, between Debtor and Secured Party (the “Security Agreement”) and is subject to the terms and provisions thereof. This Power of Attorney, being coupled with an interest, is irrevocable until all “Obligations”, as such term is defined in the Security Agreement, are paid in full and the Security Agreement is terminated in writing by Secured Party.

 

	
Dated: August 22, 2007
    	
 
    
	
 
    	
 
    
	
 
    	
LERNER NEW YORK, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Ronald W. Ristau
    
	
 
    	
Title:
    	
President, Chief Financial Officer and Secretary
    

 

 

	
STATE OF NEW YORK
    	
)
    
	
 
    	
) ss.:
    
	
COUNTY OF NASSAU
    	
)
    

 

On this 22nd day of August 2007, before me personally came Ronald W. Ristau, to me known, who being duly sworn, did depose and say, that he is the President & CFO of LERNER NEW YORK, INC., the corporation described in and which executed the foregoing instrument; and that he signed his name thereto by order of the Board of Directors of said corporation.

 

	
 
    	
/s/ Eve R. Abarca
    
	
 
    	
Notary Public
    
	
 
    	
EVE R. ABARCA
    
	
 
    	
Notary Public, State of   New York
    
	
 
    	
No. 41-4988110
    
	
 
    	
Qualified in Nassau County
    
	
 
    	
Commission Expires   November 4, 2009Exhibit 10.32

 

[Execution]

 

AMENDMENT NO. 2

TO

SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

 

This AMENDMENT NO. 2 TO SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Amendment”), dated as of October 19, 2010, is entered into by and among Lerner New York, Inc., a Delaware corporation (“Lerner”), Lernco, Inc., a Delaware corporation (“Lernco”), and Lerner New York Outlet, Inc., formerly known as Jasmine Company, Inc., a Massachusetts corporation (“Lerner Outlet” and together with Lerner and Lernco, collectively, “Borrowers” and individually each a “Borrower”), the Lenders (as defined in the Loan Agreement), and Wells Fargo Bank, National Association, a national banking association, successor by merger to Wachovia Bank, National Association, in its capacity as agent for the Lenders and the Bank Product Providers (in such capacity, “Agent”).

 

W I T N E S S E T H :

 

WHEREAS, Borrowers, New York & Company, Inc., a Delaware corporation, (“NY&Co”), Lerner New York Holding, Inc., a Delaware corporation (“Parent”), Nevada Receivable Factoring, Inc., a Nevada corporation (“Nevada Factoring”), Associated Lerner Shops of America, Inc., a New York corporation (“Associated Lerner”), and Lerner New York GC, LLC, an Ohio limited liability company (“Lerner GC” and together with NY&Co, Parent, Nevada Factoring and Associated Lerner, collectively, “Guarantors” and each a “Guarantor”), Lenders, Agent, Bank of America, N.A., as successor by merger to LaSalle Business Credit, LLC, as Agent for LaSalle Bank Midwest National Association, acting through its division, LaSalle Retail Finance, in its capacity as documentation agent for Lenders (in such capacity, “Documentation Agent”), have entered into financing arrangements pursuant to which Lenders (or Agent on behalf of Lenders) may make loans and advances and provide other financial accommodations to Borrowers as set forth in the Second Amended and Restated Loan and Security Agreement, dated as of August 22, 2007, among Borrowers, Guarantors, Lenders, Agent and Documentation Agent (as the same now exists and may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced, the “Loan Agreement”) and the other agreements, documents and instruments referred to therein or any time executed and/or delivered in connection therewith or related thereto, including this Amendment (all of the foregoing, together with the Loan Agreement, as the same now exist or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced, being collectively referred to herein as the “Financing Agreements”);

 

WHEREAS, Borrowers and Guarantors have requested that Agent and Lenders make certain amendments to the Loan Agreement and the other Financing Agreements, and Agent and Lenders are willing to agree to such amendments, subject to the terms and conditions contained herein; and

 

 

WHEREAS, the parties hereto desire to enter into this Amendment to evidence and effectuate such amendments, subject to the terms and conditions and to the extent set forth herein;

 

NOW, THEREFORE, in consideration of the premises and covenants set forth herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

Section 1.       Definitions.

 

1.1     Additional Definition.  Section 1 of the Loan Agreement is hereby amended by adding the following definition:

 

“Lerner Outlet” shall mean Lerner New York Outlet, Inc., a Massachusetts corporation, formerly known as Jasmine Company, Inc., and its successors and assigns.

 

1.2     Amendments to Definitions.

 

(a)   All references to “Jasmine” in the Loan Agreement and the other Financing Agreements are hereby redesignated to be “Lerner Outlet”.

 

(b)   All references to “Wachovia Bank, National Association”, as a Lender in the Loan Agreement and the other Financing Agreements are hereby redesignated to be “Wells Fargo Bank, National Association, successor by merger to Wachovia Bank, National Association”.

 

(c)   All references to “Wachovia Capital Markets, LLC” in the Loan Agreement and the other Financing Agreements are hereby redesignated to be “Wells Fargo Bank, National Association”.

 

(d)   The definition of Agent in Section 1.6 of the Loan Agreement is hereby replaced with the following:

 

“Agent” shall mean Wells Fargo Bank, National Association, a national banking association, successor by merger to Wachovia Bank, National Association, in its capacity as agent on behalf of Lenders pursuant to the terms hereof, and any replacement or successor agent hereunder.

 

(e)   The definition of Borrowing Base in Section 1.20 of the Loan Agreement is hereby replaced with the following:

 

“Borrowing Base” shall mean, at any time, the amount equal to:

 

(a)   the lesser of:

 

(i)            the amount equal to:

 

2

 

(A)          the lesser of (1) the sum of (x) ninety percent (90%) of the Net Amount of Eligible Sell-Off Vendors Receivables of Borrowers, plus (y) ninety percent (90%) of the Net Amount of Eligible Damaged Goods Vendors Receivables of Borrowers, and (2) $4,000,000, plus

 

(B)           ninety percent (90%) of the Net Amount of the Eligible Credit Card Receivables of Borrowers, plus

 

(C)           the lesser of:

 

(1)           the Inventory Loan Limit or

 

(2)           the lesser of:

 

(y)           the sum of:

 

(i)             ninety percent (90%) multiplied by the sum of (A) the Value of the Eligible Landed Inventory of Borrowers minus (B) the amount of shrinkage and/or material variances in Inventory counts with respect to Eligible Landed Inventory of Borrowers as determined by Agent, plus

 

(ii)            the lesser of (aa) the sum of (I) ninety percent (90%) multiplied by the Landed Value of Eligible In-Transit Inventory of Borrowers, plus (II) ninety percent (90%) multiplied by the Landed Value of Eligible In-Transit LC Inventory of Borrowers, or (bb) $30,000,000, or

 

(z)            ninety percent (90%) (or ninety two and one-half percent (92.5%) during the Seasonal Advance Period) of the Net Recovery Percentage applicable to such categories of Inventory of Borrowers multiplied by the Value of such Eligible Inventory of Borrowers as reflected on the most recent appraisal of the Inventory received and accepted by Agent prior to the date of calculation, plus

 

(D)          one hundred percent (100%) of Eligible Cash Collateral; or

 

(ii)           the Revolving Loan Limit, minus,

 

(b)   the Reserves and the Bank Product Reserves.

 

Notwithstanding the foregoing, (a) as to Lerner Outlet, in no event will the amount of Revolving Loans available exceed $7,000,000; provided, that, if Agent determines that upon receipt of an appraisal delivered in accordance with Section 7.3 of this Agreement which reflects that the Inventory of Lerner Outlet is of the same type and quality of the Inventory of Lerner and Lernco, such $7,000,000 sublimit shall no longer be effective, and (b) each of the percentages specified in clauses (a)(i)(A) through (C) of this definition shall be five percent (5%) less than the amounts set forth in such clauses until such time as the Existing Term Loan and all Obligations related thereto are indefeasibly paid and satisfied in full in immediately available funds.

 

3

 

For purposes of this definition, the advance rates set forth in subparagraph (a)(i)(C)(2) above will be subject to be decreased, upon Agent providing not less than ten (10) Business Days prior telephonic or electronic notice only to Borrowers, based on the results satisfactory to Agent of appraisals of the Inventory conducted in accordance with Section 7.3 hereof and to be conducted on a “going out of business sale” basis, net of liquidation expenses, at the expense of Borrowers, conducted by appraisers acceptable to Agent.  For purposes only of applying the Inventory Loan Limit, Agent may treat the then undrawn amounts of outstanding Letter of Credit Accommodations for the purpose of purchasing Eligible Inventory as Revolving Loans to the extent Agent is in effect basing the issuance of the Letter of Credit Accommodations on the Value of the Eligible Inventory being purchased with such Letter of Credit Accommodations.  In determining the actual amounts of such Letter of Credit Accommodations to be so treated for purposes of the sublimit, the outstanding Revolving Loans and Reserves shall be attributed first to any components of the lending formulas set forth above that are not subject to such sublimit, before being attributed to the components of the lending formulas subject to such sublimit.  The amounts of Eligible Inventory shall be determined based on the lesser of the amount of Inventory set forth in the general ledgers of Borrowers or the perpetual inventory records maintained by Borrowers.  Agent shall have the right to establish Reserves against or sublimits in the Borrowing Base in such amounts and with respect to such matters as Agent in its sole discretion shall deem necessary or appropriate, at all times and after Agent has completed its updated field audits, examinations and appraisals of the Collateral; provided, however, that, so long as an Availability Compliance Period does not exist, Agent shall only give to Borrowers ten (10) Business Days’ telephonic or electronic notice if (a) Agent establishes Reserves relating to new categories of Reserves, (b) Agent changes the methodology of calculating Reserves, or (c) Agent establishes sublimits in the Borrowing Base.  The foregoing notwithstanding, in the event Agent is required to establish Reserves to preserve or protect or maximize the value of the Collateral, Agent shall only provide Borrowers with notice at the time such Reserve is established.

 

(f)    The definition of New Term Agent in Section 1.138 of the Loan Agreement is hereby replaced with the following:

 

“New Term Loan Agent” shall mean Wells Fargo Bank, National Association, a national banking association, successor by merger to Wachovia Bank, National Association or such other financial institution reasonably acceptable to Agent, in its capacity as administrative agent acting for and on behalf of the New Term Loan Lenders pursuant to the New Term Loan Agreement and any replacement or successor agent thereunder.

 

(g)   The definition of Prime Rate in Section 1.160 of the Loan Agreement is hereby replaced with the following:

 

“Prime Rate” shall mean the rate from time to time publicly announced by Wells Fargo Bank, National Association, or its successors, as its prime rate, whether or not such announced rate is the best rate available at such bank.

 

(h)   The definition of “Issuing Bank” in Section 1.102 of the Loan Agreement is hereby replaced with the following:

 

4

 

“Reference Bank” shall mean Wells Fargo Bank, National Association, or such other bank as Agent may from time to time designate.

 

(i)    The definition of Wachovia in Section 1.203 of the Loan Agreement is hereby replaced with the following:

 

“Wells” shall mean Wells Fargo Capital Finance, LLC, a national banking association, successor by merger to Wachovia Bank, National Association, in its individual capacity, and its successors and assigns.

 

(j)    The definition of Wachovia in Section 1.203 of the Loan Agreement is hereby replaced with the following:

 

“Wells Fargo” shall mean Wells Fargo Bank, National Association, a national banking association, successor by merger to Wachovia Bank, National Association, in its individual capacity, and its successors and assigns.

 

1.3     Interpretation.  All capitalized terms used herein and not defined herein shall have the meanings given to such terms in the Loan Agreement.

 

Section 2.       Perfection of Security Interest.  Section 5.2(b) of the Loan Agreement is hereby amended by deleting the reference to “Wachovia Bank, National Association” and replacing it with “Wells Fargo Bank, National Association”.

 

Section 3.       Sale of Assets.  Section 9.7(b)(x) of the Loan Agreement is hereby replaced with the following: “[Intentionally Omitted].”

 

Section 4.       Notices.  The notice information of Agent set forth in Section 14.3 of the Loan Agreement and in any of the other Financing Agreements is hereby with the following:

 

	
“If to Agent:
    	
Wells   Fargo Bank, National Association, as Agent
    
	
 
    	
One   Boston Place, 19th Floor
    
	
 
    	
Boston,   Massachusetts 02108
    
	
 
    	
Attention:   Portfolio Manager- Lerner New York, Inc.
    
	
 
    	
Telephone   No.: (617) 854-7238
    
	
 
    	
Telecopy   No.: (617) 523-4027”
    

 

Section 5.       Lerner Outlet.  Borrowers have not been including any assets of Jasmine in the Borrowing Base and have not requested that Lenders make any Loans to Jasmine.  Borrowers have informed Agent that Jasmine has changed its name to Lerner New York Outlet, Inc. and that Lerner Outlet will be including Eligible Accounts and Eligible Inventory in the Borrowing Base that are of the same type or category and quality as are presently included as Eligible Accounts or Eligible Inventory of Lerner and Lernco. Borrowers and Guarantors acknowledge that Agent may conduct a field exam or require an appraisal or an update to any existing appraisal with respect to the Eligible Accounts and Eligible Inventory of Lerner Outlet.

 

5

 

Section 6.       Conditions Precedent.  Concurrently with the execution and delivery hereof, and as a further condition to the effectiveness of this Amendment and the agreement of Agent to the modifications and amendments set forth in this Amendment, each of the following conditions precedent, in a manner satisfactory to Agent:

 

6.1     Agent shall have received, in form and substance satisfactory to Agent, an executed copy of an original or executed original counterparts of this Amendment by electronic mail or facsimile (with the originals to be delivered within five (5) Business Days after the date hereof), duly authorized, executed and delivered by each Borrower, Guarantor and Required Lenders; and

 

6.2     as of the date of this Amendment, no Default or Event of Default shall exist or shall have occurred and be continuing.

 

Section 7.       Additional Representations, Warranties and Covenants.  Each Borrower and Guarantor represents, warrants and covenants with, to and in favor of Agent as follows, which representations, warranties and covenants are continuing and shall survive the execution and delivery hereof, the truth and accuracy of, or compliance with each, together with the representations, warranties and covenants in the other Financing Agreements, being a condition of the effectiveness of this Amendment and a continuing condition of the making or providing of any Revolving Loans or Letters of Credit by Agent and Lenders to Borrowers:

 

7.1     This Amendment and each other agreement or instrument to be executed and delivered by Borrowers or Guarantors hereunder have been duly authorized, executed and delivered by all necessary action on the part of Borrowers and Guarantors which is a party hereto and thereto and, if necessary, their respective stockholders, and is in full force and effect as of the date hereof, as the case may be, and the agreements and obligations of Borrowers or Guarantors, as the case may be, contained herein and therein constitute legal, valid and binding obligations of Borrowers and Guarantors, as the case may be, enforceable against them in accordance with their terms.

 

7.2     All of the representations and warranties set forth in the Loan Agreement as amended hereby, and the other Financing Agreements, are true and correct in all material respects after giving effect to the provisions of this Amendment, except to the extent any such representation or warranty is made as of a specified date, in which case such representation or warranty shall have been true and correct as of such date.

 

7.3     Borrowers and Guarantors are not required to obtain any consents, waivers or approvals to the transactions contemplated by this Amendment from any other Person with respect to any agreement, mortgage, instrument with any other Person to which any Borrower or Guarantor is a party or may be bound.

 

7.4     Borrowers and Guarantors have delivered to Agent (a) a true and correct copy of the amendment to articles of incorporation of Lerner Outlet, as filed and recorded with the Secretary of State of the Commonwealth of Massachusetts reflecting the change of name of Jasmine Company, Inc. to Lerner New York Outlet, Inc. as certified by such Secretary of State, and (b) evidence, in form and substance satisfactory to Agent, that Lerner Outlet has filed an amendment

 

6

 

to each of its certificates of authority to business as a foreign corporation in all of the jurisdictions in which Lerner Outlet has qualified to do business as a foreign corporation.

 

7.5     As of the date hereof, Borrowers and Guarantors hereby represent and warrant that no liens, claims, mortgages, pledges, security interests, encumbrances or charges of any kind or nature have been incurred or exist on any of the assets and properties of Lerner Outlet, other than those permitted under the Loan Agreement.

 

7.6     Within thirty (30) days after the date hereof, Borrowers shall have delivered to Agent evidence, in form and substance satisfactory to Agent, that Borrowers have taken all steps necessary to preserve or protect the security interest or lien of Agent in any of the assets or property of Lerner Outlet, including, without limitation, (a) any filings with the United States Patent and Trademark Office to reflect the change of name of Jasmine Company, Inc. to Lerner New York Outlet, Inc. of any trademarks owned by Lerner Outlet, and (b) arranging for a Credit Card Acknowledgment to be delivered to Bank of America, N.A. with respect to the credit processing services provided in connection with Credit Card Receivables arising from payments by customers using MasterCard or VISA bank credit or debit cards.  If requested by Agent, Borrower shall deliver to Agent promptly any changes to the stock certificates or stock powers previously delivered to Agent to reflect the change of name of Jasmine Company, Inc. to Lerner New York Outlet, Inc.

 

7.7     No Default or Event of Default exists or has occurred and is continuing as of the date of this Amendment.

 

Section 8.       Acknowledgments by Guarantors.  Each Guarantor hereby expressly and specifically ratifies, restates and confirms the terms and conditions of the Amended and Restated Guarantee, dated August 22, 2007, by Guarantors in favor of Agent and Lenders, as heretofore amended, modified, supplemented, extended, renewed, restated or replaced, the “Guarantee”), in favor of Agent and Lenders and its liability for all of the Guaranteed Obligations (as defined in the Guarantee), and all other obligations, liabilities, agreements and covenants thereunder. Each Guarantor hereby acknowledges, confirms and agrees that as of the date hereof and after giving effect to the terms of this Amendment, the Guarantee guaranteeing the payment and performance of all Obligations of Borrowers are in full force and effect.

 

Section 9.       Effect of this Amendment.  This Amendment constitutes the entire agreement of the parties with respect to the subject matter hereof, and supersedes all prior oral or written communications, memoranda, proposals, negotiations, discussions, term sheets and commitments with respect to the subject matter hereof. Except as expressly provided herein, no other changes or modifications to the Loan Agreement or any of the other Financing Agreements, or waivers of or consents under any provisions of any of the foregoing, are intended or implied by this Amendment, and in all other respects the Financing Agreements are hereby specifically ratified, restated and confirmed by all parties hereto as of the effective date of this Amendment.  The applicable provisions of this Amendment and the Loan Agreement shall be read and interpreted as one agreement. To the extent that any provision of the Loan Agreement or any of the other Financing Agreements conflicts with any provision of this Amendment, the provision of this Amendment shall control.

 

7

 

Section 10.     Further Assurances.  Borrowers and Guarantors shall execute and deliver such additional documents and take such additional action as may be reasonably requested by Agent to effectuate the provisions and purposes of this Amendment.

 

Section 11.     Governing Law. The validity, interpretation and enforcement of this Amendment in any dispute arising out of the relationship between the parties hereto, whether in contract, tort, equity or otherwise shall be governed by the internal laws of the State of New York, without regard to any principle of conflict of laws or other rule of law that would result in the application of the law of any jurisdiction other than the State of New York. Without in any way limiting the foregoing, the parties elect to be governed by New York law in accordance with, and relying on (at least in part), Sections 5-1401 and 5-1402 of the General Obligations Law of the State of New York.

 

Section 12.     Binding Effect. This Amendment shall be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns.

 

Section 13.     Counterparts. This Amendment may be executed in one or more counterparts, each of which when so executed shall be deemed to be an original but all of which when taken together shall constitute one and the same instrument.  In making proof of this Amendment, it shall not be necessary to produce or account for more than one counterpart hereof signed by each of the parties hereto.  This Amendment may be executed and delivered by telecopier (or other electronic transmission of a manually executed counterpart) with the same force and effect as if it were a manually executed and delivered counterpart.  Any party delivering an executed counterpart of this Amendment by telecopier (or other electronic transmission of a manually executed counterpart) shall also deliver an original executed counterpart of this Amendment, but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment as to such party or any other party.

 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

8

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed on the day and year first written.

 

	
 
    	
 
    	
BORROWERS:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
LERNER   NEW YORK, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Sheamus Toal
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Title:
    	
EVP, Chief Financial Officer, Treasurer and Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
LERNCO, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Sheamus Toal
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Title:
    	
President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
LERNER   NEW YORK OUTLET, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Sheamus Toal
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Title:
    	
EVP,   Chief Financial Officer and Treasurer
    
	
 
    	
 
    	
 
    
	
ACKNOWLEDGED   AND AGREED TO:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
GUARANTORS
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
NEW   YORK & COMPANY, INC.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Sheamus Toal
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Title:
    	
EVP,   Chief Financial Officer
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
LERNER   NEW YORK HOLDING, INC.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Sheamus Toal
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Title:
    	
EVP,   Chief Financial Officer
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
NEVADA   RECEIVABLE FACTORING, INC.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Sheamus Toal
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Title:
    	
President   and Chief Financial Officer
    	
 
    	
 
    

 

[Signature Page to Amendment No. 2 to Second 
 Amended and Restated Loan and Security Agreement]

 

 

[SIGNATURES CONTINUED ON NEXT PAGE]

 

[SIGNATURES CONTINUED FROM PREVIOUS PAGE]

 

	
ASSOCIATED   LERNER SHOPS OF AMERICA, INC.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Sheamus Toal
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Title:
    	
Assistant   Secretary
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
LERNER   NEW YORK GC, LLC
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Sheamus Toal
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Title:
    	
Treasurer
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
AGENT   and LENDERS

WELLS   FARGO BANK, NATIONAL ASSOCIATION, successor by merger to Wachovia Bank,   National Association, as Agent and a Lender
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Danielle Baldinelli
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Title:
    	
Vice President
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
BANK OF AMERICA, N.A., as a Lender
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Matt Potter
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Title:
    	
Vice President
    	
 
    	
 
    

 

[Signature Page to Amendment No. 2 to Second 

Amended and Restated Loan and Security Agreement]

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