Document:

<PAGE>
                                                                    Exhibit 10.6

                 SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT

         This Second Amendment to Loan and Security Agreement (the "Second
Amendment") is made as of this 2nd day of May, 2000 by and between

         Fleet Retail Finance Inc. f/k/a BankBoston Retail Finance Inc. (the
"Agent"), a Delaware corporation with its principal executive offices at 40
Broad Street, Boston, Massachusetts) for the Lenders party to the Agreement
(defined below), and

         The Lenders party to the Agreement (defined below), and

         Aeropostale, Inc., f/k/a MSS Delaware, Inc. (the "Borrower"), a
Delaware corporation with its principal executive offices at 11 Penn Plaza, New
York, New York 10001

in consideration of the mutual covenants herein contained and benefits to be
derived herefrom.

                              W I T N E S S E T H:

         WHEREAS, on July 31, 1998 the Agent, the Lenders and the Borrower
entered in a certain Loan and Security Agreement (as amended and in effect, the
"Agreement"); and

         WHEREAS, the Agent, the Lenders and the Borrower desire to modify
certain provisions of the Agreement as set forth herein.

         NOW, THEREFORE, it is hereby agreed among the Agent, the Lenders and
the Borrower as follows:

         1.       Capitalized Terms. All capitalized terms used herein and not
                  otherwise defined shall have the same meaning herein as in the
                  Agreement.

         2.       Amendments to Article 1. The provisions of Article 1 of the
                  Agreement are hereby amended as follows:

                  (a)      by deleting the following definitions in their
                           entirety:

                           "INTEREST RATE REDUCTION CONDITIONS" and "PRICING
                           CHANGE"

                  (b)      by deleting the definition of "Base Margin" in its
                           entirety and substituting the following in its stead:

                           "BASE MARGIN": Shall mean zero (0) basis points with
                                    respect to any loans and advances made after
                                    the effective date of that certain Second
                                    Amendment to
<PAGE>
                                    Loan and Security dated as of May __, 2000
                                    among the Borrower, the Agent and the
                                    Lenders.

                  (c)      by deleting the definition of "Eurodollar Margin" in
                           its entirety and substituting the following in its
                           stead:

                           "EURODOLLAR MARGIN": Shall mean 200 basis points with
                                    respect to any loans and advances made after
                                    the effective date of that certain Second
                                    Amendment to Loan and Security dated as of
                                    May __, 2000 among the Borrower, the Agent
                                    and the Lenders.

                  (d)      by deleting the definition of "Inventory Advance
                           Rate" in its entirety and substituting the following
                           in its stead:

                           "INVENTORY ADVANCE RATE": The following percentages
                                    of Retail during the period indicated:

<TABLE>
<CAPTION>
PERIOD                  PERCENTAGE OF
                        RETAIL
<S>                     <C>
November through
June of each
year                            28.5%

July through
October of each
year                              31%
</TABLE>

         3.       Amendment to Financial Performance Covenants. The provisions
                  of Paragraph 2 of Exhibit 5-12(a) to the Agreement are hereby
                  amended by deleting the table appearing therein and
                  substituting the following new table:

                                   $ THOUSANDS

<TABLE>
<CAPTION>
FISCAL YEAR ENDING                     MAXIMUM CAPITAL
                                       EXPENDITURES
<S>                                    <C>
January, 1999                                    2,500
January, 2000                                   12,000
January, 2001                                   20,000
</TABLE>

                  In addition, the provisions of subparagraphs (a) and (c) of
                  said Paragraph 2 are hereby deleted in their

                                        2
<PAGE>
                  entirety. All other provisions of said Paragraph 2 remain in
                  full force and effect.

         4.       UCC 3 Amendments. This Second Amendment shall not be effective
                  until the Borrower has executed and delivered to the Agent UCC
                  3 Financing Statements to reflect the Borrower's name change,
                  which Financing Statements shall be filed in such
                  jurisdictions as the Agent deems appropriate.

         5.       Ratification of Loan Documents. Except as provided herein, all
                  terms and conditions of the Agreement and of the other Loan
                  Documents remain in full force and effect. Furthermore, except
                  as provided herein, all warranties and representations made in
                  the Agreement and in the other Loan Documents remain in full
                  force and effect.

         6.       Miscellaneous.

                           (a) This Second Amendment may be executed in several
                  counterparts and by each party on a separate counterpart, each
                  of which when so executed and delivered shall be an original,
                  and all of which together shall constitute one instrument.

                           (b) This Second Amendment expresses the entire
                  understanding of the parties with respect to the transactions
                  contemplated hereby. No prior negotiations or discussions
                  shall limit, modify, or otherwise affect the provisions
                  hereof.

                           (c) Any determination that any provision of this
                  Second Amendment or any application hereof is invalid, illegal
                  or unenforceable in any respect and in any instance shall not
                  effect the validity, legality, or enforceability of such
                  provision in any other instance, or the validity, legality or
                  enforceability of any other provisions of this Second
                  Amendment.

                           (d) The Borrower shall pay on demand all costs and
                  expenses of the Agent, including, without limitation,
                  reasonable attorneys' fees in connection with the preparation,
                  negotiation, execution and delivery of this Second Amendment.

                           (e) The Borrower warrants and represents that the
                  Borrower has consulted with independent legal counsel of the
                  Borrower's selection in connection with this Second Amendment
                  and is not relying on any representations or warranties of any
                  Lender or the

                                        3
<PAGE>
                  Agent or their respective counsel in entering into this Second
                  Amendment.

                           (f) The Borrower acknowledges and agrees that the
                  Borrower does not have any claims, counterclaims, offsets, or
                  defenses against any Lender or the Agent directly or
                  indirectly relating to the Borrower's relationship with,
                  and/or the Borrower's Liabilities, and to the extent that the
                  Borrower has or ever had any such claims, counterclaims,
                  offsets, or defenses against any of the Lenders or the Agent,
                  the Borrower affirmatively WAIVES the same. The Borrower, and
                  for its representatives, successors and assigns, hereby
                  RELEASES, and forever discharges the Lenders and the Agent and
                  their respective officers, directors, agents, servants,
                  attorneys, and employees, and their respective
                  representatives, successors and assigns, of, to, and from all
                  known debts, demands, actions, suits, accounts, covenants,
                  contracts, agreements, damages, and any and all claims,
                  demands, or liabilities whatsoever, of every name and nature,
                  both at law and in equity through the date hereof.

         IN WITNESS WHEREOF, the parties have hereunto caused this Second
Amendment to be executed and their seals to be hereto affixed as of the date
first above written.

                                      AEROPOSTALE, INC.
                                                     ("Borrower")

                                      By:  /s/ John S. Mills
                                         ---------------------------------------

                                      Name:  John S. Mills
                                           -------------------------------------

                                      Title:  President, Chief Operating Officer
                                            ------------------------------------

                                      FLEET RETAIL FINANCE INC.
                                                     ("Agent")

                                      By:  /s/ Timothy R. Tobin
                                         ---------------------------------------

                                      Name:  Timothy R. Tobin
                                           -------------------------------------

                                      Title:  Vice President
                                            ------------------------------------

                                       4
<PAGE>
                                      The "Lenders"

                                      FLEET RETAIL FINANCE INC.

                                      By:  /s/ Timothy R. Tobin
                                         --------------------------------------

                                      Name:  Timothy R. Tobin
                                           ------------------------------------

                                      Title:  Vice President
                                            -----------------------------------

                                      IBJ WHITEHALL BUSINESS CREDIT
                                      CORPORATION

                                      By:  /s/ Andrew C. Sepe
                                         --------------------------------------

                                      Name:  Andrew C. Sepe
                                           ------------------------------------

                                      Title:  Assistant Vice President
                                            -----------------------------------

                                       5<PAGE>
                                                                    Exhibit 10.7

                 THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT

         This Third Amendment to Loan and Security Agreement (the "Third
Amendment") is made as of this 13th day of June, 2001 by and between

         Fleet Retail Finance Inc. f/k/a BankBoston Retail Finance Inc. (the
"Agent"), a Delaware corporation with its principal executive offices at 40
Broad Street, Boston, Massachusetts) for the Lenders party to the Agreement
(defined below), and

         The Lenders party to the Agreement (defined below), and

         Aeropostale, Inc., f/k/a MSS Delaware, Inc. (the "Borrower"), a
Delaware corporation with its principal executive offices at 1372 Broadway, New
York, New York 10018

in consideration of the mutual covenants herein contained and benefits to be
derived herefrom.

                              W I T N E S S E T H:

         WHEREAS, on July 31, 1998 the Agent, the Lenders and the Borrower
entered in a certain Loan and Security Agreement (as amended and in effect, the
"Agreement"); and

         WHEREAS, the Agent, the Lenders and the Borrower desire to modify
certain provisions of the Agreement as set forth herein.

         NOW, THEREFORE, it is hereby agreed among the Agent, the Lenders and
the Borrower as follows:

         1.       Capitalized Terms. All capitalized terms used herein and not
                  otherwise defined shall have the same meaning herein as in the
                  Agreement.

         2.       Amendments to Article 1. The provisions of Article 1 of the
                  Agreement are hereby amended as follows:

                  (a)      The definition of "Commitment" is hereby deleted in
                           its entirety, and the following substituted in its
                           stead:

                           "COMMITMENT": Subject to 2-23, as follows:

<TABLE>
<CAPTION>
LENDER                   DOLLAR COMMITMENT       COMMITMENT
                                                 PERCENTAGE
<S>                      <C>                     <C>
Fleet Retail Finance        $35,000,000.00           63.64%
Inc.

IBJ Whitehall               $20,000,000.00           36.36%
Business Credit
Corporation
</TABLE>

                  (b)      The definition of "Eurodollar Margin" is hereby
                           deleted in its entirety, and the following
                           substituted in its stead:
<PAGE>
                           "EURODOLLAR MARGIN": Shall mean 1.75% during the
                                    period commencing June 13, 2001 through and
                                    including December 31, 2001. Thereafter,
                                    commencing January 1, 2002 and on the first
                                    day of each calendar quarter thereafter, the
                                    Eurodollar Margin shall be adjusted based
                                    upon the Borrower's aggregate daily Excess
                                    Availability for the immediately preceding
                                    calendar quarter divided by the total number
                                    of days in such immediately preceding
                                    calendar quarter.

<TABLE>
<CAPTION>
LEVEL           EXCESS AVAILABILITY            Eurodollar
                                                 Margin
-----           -------------------            ----------
<S>     <C>                                    <C>
    I   Greater than or equal to $20,000,000       1.50%

   II   Greater than or equal to $15,000,000       1.75%
             and less than $20,000,000

  III          less than $15,000,000               2.00%
</TABLE>

                  (c)      The definition of "Fixed Charge Coverage Ratio" is
                           hereby deleted in its entirety.

                  (d)      The definition of "Loan Ceiling" is hereby amended by
                           deleting the following therefrom:

                           $45,000,000.00

                           and substituting the following in its stead:

                           $55,000,000.00

                  (e)      The definition of "Maturity Date" is hereby amended
                           by deleting the following therefrom:

                           July 31, 2001

                           and substituting the following in its stead:

                           July 31, 2004

                                        2
<PAGE>
                  (f)      The definition of "Inventory Advance Rate" is hereby
                           deleted in its entirety, and the following
                           substituted in its stead:

                           "INVENTORY ADVANCE RATE": The following percentages
                                    of Retail during the month indicated:

<TABLE>
<CAPTION>
    MONTH               PERCENTAGE OF RETAIL
<S>                     <C>
January                 25.0%

February                28.5%

March                   28.5%

April                   28.5%

May                     29.5%

June                    29.5%

July                    33.0%

August                  33.0%

September               33.0%

October                 34.0%

November                34.0%

December                25.0%
</TABLE>

                  (g)      The following new definitions are hereby added to the
                           Agreement:

                           (i)      "AMENDMENT FEE LETTER": That letter, styled
                                    the "Amendment Fee Letter" between the
                                    Borrower and the Agent, dated as June 13,
                                    2001, as such letter may from time to time
                                    be amended.

                           (ii)     "EXCESS AVAILABILITY": As of the date of
                                    determination, the excess of the amount
                                    which is calculated pursuant to paragraph
                                    2-1(b)(ii)(B) of the definition of Borrowing
                                    Base on such date as reflected on the Loan
                                    Account over the aggregate of (i) the then
                                    unpaid principal balance of the Loan
                                    Account, (ii) the then Stated Amount of all
                                    L/C's, and (iii) the Unreimbursed L/C
                                    Obligations (as defined in Section
                                    2-1(b)(i)(D).

                           (iii)    "THIRD AMENDMENT" Shall mean that certain
                                    Third Amendment to Loan and Security
                                    Agreement dated June 13, 2001 by and among
                                    the Borrower, the Agent and the Lenders.

                                        3
<PAGE>
         3.       Amendment to Article 2. The provisions of Section 2-14 are
                  hereby amended by deleting the table appearing therein and
                  substituting the following new table:

<TABLE>
<CAPTION>
        TERMINATION DATE                               FEE
<S>                                           <C>
June 13, 2001 through June 13, 2002           1.0% of the Commitment

June 14, 2002 through June 13, 2003           0.5% of the Commitment

After June 14, 2003                           0
</TABLE>

         4.       Amendments to Article 4.

                  (a)      The provisions of Section 4-5(a)(i) are hereby
                           deleted in their entirety, and the following
                           substituted in their stead:

                           (i) 1372 Broadway, New York, New York 10020

                  (b)      The provisions of Section 4-5(a)(ii) are hereby
                           amended by inserting the following text after the
                           words "EXHIBIT 4-5":

                                    , as such EXHIBIT may be amended from time
                                    to time,

         5.       Amendments to Article 5.

                  (a)      The provisions of Section 5-1(e) are hereby amended
                           by inserting the following text at the end thereof;

                                    , except in connection with an initial
                                    public offering of the Borrower's capital
                                    stock.

                  (b)      The provisions of Section 5-10(c) are hereby amended
                           by deleting the following provision from the last
                           line thereof:

                                    $40,000.00

                           and substituting the following in its stead:

                                    $45,000.00

                                        4
<PAGE>
         6.       Amendment to Financial Performance Covenants. Exhibit 5-12(a)
                  is hereby deleted in its entirety, and is replaced by Exhibit
                  5-12(a) attached hereto and incorporated herein by reference.

         7.       Amendment Fee. As compensation for the commitments of the
                  Lenders to enter into this Third Amendment with the Borrower
                  and to continue to make loans and advances to the Borrower and
                  as compensation for such Lenders' respective maintenance of
                  sufficient funds available for such purpose, such Lenders have
                  earned an Amendment Fee to be paid at the times and in the
                  amounts as set forth the Amendment Fee Letter.

         8.       Ratification of Loan Documents. Except as provided herein, all
                  terms and conditions of the Agreement and the other Loan
                  Documents remain in full force and effect. The Borrower hereby
                  ratifies, confirms, and reaffirms all representations,
                  warranties, and covenants contained therein and hereby
                  represents that no Events of Default exist under the Loan
                  Documents. The Borrower further ratifies and confirms that any
                  and all Collateral previously granted to the Agent continues
                  to secure the existing Liabilities as well as the Liabilities
                  as amended hereby, and any future Liabilities. Except as set
                  forth on Schedule A hereto, there have been no changes to the
                  Exhibits to the Agreement and the other Loan Documents.

         9.       Conditions to Effectiveness. This Third Amendment shall be
                  become effective upon the satisfaction of the following
                  conditions precedent:

                  (a)      This Third Amendment shall have been duly executed
                           and delivered by each of the Borrower, the Lenders
                           and the Agent and shall be in full force and effect.
                           The Agent shall have received a fully executed copy
                           of this Amendment.

                  (b)      The Borrower and the Agent shall have entered into
                           the Amendment Fee Letter, and the Borrower shall have
                           paid to the Agent, the Amendment Fee.

                  (c)      The Borrower shall have delivered to the Agent its
                           Secretary's Certificate with certified copies of (i)
                           Incumbency Certificate; (ii) Specimen Signatures; and
                           (iii) Resolutions.

                  (d)      All proceedings in connection with the transactions
                           contemplated by this Third Amendment and all
                           documents incident thereto shall be reasonably
                           satisfactory in substance and form to the Agent, and
                           the Agent shall have received all information and
                           such counterpart originals or certified or other
                           copies of such documents as the Agent may reasonably
                           request. Further, the Borrower shall have delivered
                           to the Agent such additional documents which the
                           Lender may reasonably request.

                  (e)      The Borrower shall have paid all reasonable costs and
                           expenses of the Agent including, without limitation,
                           all attorneys' fees and expenses incurred by the

                                        5
<PAGE>
                           Agent in connection with the Agreement, the Loan
                           Documents, and the preparation, negotiation and
                           execution of this Third Amendment.

         10.      Miscellaneous.

                           (a) This Third Amendment may be executed in several
                  counterparts and by each party on a separate counterpart, each
                  of which when so executed and delivered shall be an original,
                  and all of which together shall constitute one instrument.

                           (b) This Third Amendment expresses the entire
                  understanding of the parties with respect to the transactions
                  contemplated hereby. No prior negotiations or discussions
                  shall limit, modify, or otherwise affect the provisions
                  hereof.

                           (c) Any determination that any provision of this
                  Third Amendment or any application hereof is invalid, illegal
                  or unenforceable in any respect and in any instance shall not
                  effect the validity, legality, or enforceability of such
                  provision in any other instance, or the validity, legality or
                  enforceability of any other provisions of this Third
                  Amendment.

                           (d) The Borrower shall pay on demand all costs and
                  expenses of the Agent, including, without limitation,
                  reasonable attorneys' fees in connection with the preparation,
                  negotiation, execution and delivery of this Third Amendment.

                           (e) The Borrower warrants and represents that the
                  Borrower has consulted with independent legal counsel of the
                  Borrower's selection in connection with this Third Amendment
                  and is not relying on any representations or warranties of any
                  Lender or the Agent or their respective counsel in entering
                  into this Third Amendment.

                           (f) The Borrower acknowledges and agrees that the
                  Borrower does not have any claims, counterclaims, offsets, or
                  defenses against any Lender or the Agent directly or
                  indirectly relating to the Borrower's relationship with,
                  and/or the Borrower's Liabilities, and to the extent that the
                  Borrower has or ever had any such claims, counterclaims,
                  offsets, or defenses against any of the Lenders or the Agent,
                  the Borrower affirmatively WAIVES the same. The Borrower, and
                  for its representatives, successors and assigns, hereby
                  RELEASES, and forever discharges the Lenders and the Agent and
                  their respective officers, directors, agents, servants,
                  attorneys, and employees, and their respective
                  representatives, successors and assigns, of, to, and from all
                  known debts, demands, actions, suits, accounts, covenants,
                  contracts, agreements, damages, and any and all claims,
                  demands, or liabilities whatsoever, of every name and nature,
                  both at law and in equity through the date hereof.

                  [remainder of page left intentionally blank]

                                        6
<PAGE>
         IN WITNESS WHEREOF, the parties have hereunto caused this Third
Amendment to be executed and their seals to be hereto affixed as of the date
first above written.

                                        AEROPOSTALE, INC.
                                                     ("Borrower")

                                        By:  /s/ John S. Mills
                                           ------------------------------------

                                        Name:  John S. Mills
                                             ----------------------------------

                                        Title:  President
                                              ---------------------------------

                                        FLEET RETAIL FINANCE INC.
                                                       ("Agent")

                                        By:  /s/ Timothy R. Tobin
                                           ------------------------------------

                                        Name:  Timothy R. Tobin
                                             ----------------------------------

                                        Title:  Vice President
                                              ---------------------------------

                                                     The "Lenders"

                                        FLEET RETAIL FINANCE INC.

                                        By: /s/ Timothy R. Tobin
                                           ------------------------------------

                                        Name:  Timothy R. Tobin
                                             ----------------------------------

                                        Title:  Vice President
                                              ---------------------------------

                                       7
<PAGE>
                                        IBJ WHITEHALL BUSINESS CREDIT
                                        CORPORATION

                                        By:  /s/ Dan Buano
                                           ------------------------------------

                                        Name:  Dan Buano
                                             ----------------------------------

                                        Title:  Assistant Vice President
                                              ---------------------------------

                                        8
<PAGE>
                                 EXHIBIT 5-12(a)
                         FINANCIAL PERFORMANCE COVENANTS

         1.       MINIMUM EBITDA: The Borrower shall not permit or suffer its
                  EBITDA, tested as of the last day of each month, (i) on a
                  cumulative basis for the months ending June 2, 2001 through
                  and including February 2, 2002 as set forth in the table
                  below, and (ii) thereafter tested monthly on a trailing 12
                  month basis, to be less than the following.

                                 MINIMUM EBITDA
                                   $ THOUSANDS

<TABLE>
<CAPTION>
PERIOD ENDING                                                  Minimum EBITDA
<S>                                                            <C>
four months ending June 2, 2001                                        (4,900)

five months ending July 7,  2001                                       (7,000)

six months ending August 4, 2001                                       (9,500)

seven months ending September 1,  2001                                 (2,000)

eight months ending October 6, 2001                                      4,500

nine months ending November 3, 2001                                      5,250

ten months ending December 1, 2001                                       9,750

eleven months ending January 5, 2002                                    25,750

twelve months ending February 2, 2002                                   22,500

thereafter, as of the end of each calendar                              22,000
month
</TABLE>

                                        9
<PAGE>
         2.       CAPITAL EXPENDITURES: (a) The Borrower shall not suffer or
                  permit its Capital Expenditures to exceed the following
                  amounts for the periods indicated:

                                   $ THOUSANDS

<TABLE>
<CAPTION>
FISCAL PERIOD ENDING                                           MAXIMUM CAPITAL
                                                               EXPENDITURES
<S>                                                            <C>
three months ending  August 4, 2001                                     10,000

three months ending November 3, 2001                                     4,500

three months ending February 2, 2002                                     1,100

three months ending May 4, 2002                                          3,000

three months ending  August 3, 2002                                      7,750

three months ending November 2, 2002                                    11,000

three months ending February 1, 2003                                     3,000

three months ending  May 3, 2003                                         3,000

three months ending August 2, 2003                                       7,750

three months ending November 1, 2003                                    11,000

three months ending January 31, 2004                                     4,500

three months ending May 1, 2004                                          3,500
</TABLE>

         (b) Commencing with the Borrower's fiscal period ending August 4, 2001,
in the event that the aggregate amount of Capital Expenditures for each fiscal
period described in the table above does not exceed the amount so permitted for
such period, the amount which is equal to the difference between the amount of
Capital Expenditures actually incurred during such period and the amount
permitted for such period may be carried over to the subsequent periods for the
purposes of calculating Capital Expenditures in such subsequent periods;
provided however, the aggregate amount of all Capital Expenditures shall not
exceed the following amounts as of the end of the following fiscal years:

                                   $ THOUSANDS

<TABLE>
<CAPTION>
FISCAL PERIOD ENDING                                           MAXIMUM CAPITAL
                                                               EXPENDITURES
<S>                                                            <C>
August 3, 2002                                                          16,350
August 3, 2003                                                          24,750
Nine months ending May 1, 2004                                          19,000
</TABLE>

                                       10
<PAGE>
         (c) Notwithstanding the provisions of subparagraph (b) above, for
purposes of calculating Maximum Capital Expenditures for the Borrower's fiscal
year ending August 3, 2002, the Borrower may increase the $16,350,000.00 limit
provided for in the table in subparagraph (b) above by the 2001 Carryover. As
used herein, "2001 Carryover" shall mean that amount which is equal to (i)
$10,000,000.00 MINUS (ii) the amount of Capital Expenditures actually incurred
by the Borrower during the three (3) month period ending August 4, 2001,
provided however, in no event shall a negative difference reduce the amount
provided for in the table in subparagraph (b) above.

         (d) In the event that the Borrower's EBITDA exceeds $30,000,000 during
any fiscal year, that amount which exceeds $30,000,000 (the "Excess Amount")
during such fiscal year shall be added to the Capital Expenditures permitted
hereunder as set forth in Table 2(a) above for the subsequent fiscal year;
provided, however, 25% of such Excess Amount shall be allocated ratably to each
fiscal quarter of such fiscal year.

         (e) For purposes of calculating Capital Expenditures hereunder, there
shall not be included within the definition of Capital Expenditures any amounts
which the Borrower's landlords have furnished the Borrower with an allowance or
credit therefor or which are otherwise payable by such landlords.

                                       11
<PAGE>
                                   Schedule A
               Changes to Exhibits to Agreement and Loan Documents
                                      none

                                       12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}]]