Document:

<PAGE>

                                                                     EXHIBIT 4.4

                                 THIRD AMENDMENT
                                 ---------------

         THIRD AMENDMENT, dated as of March 15, 2002 (this "Amendment"), to the
Credit Agreement, dated as of May 28, 1998 (as amended, supplemented or
otherwise modified from time to time, the "Credit Agreement"; unless otherwise
defined herein, capitalized terms which are defined in the Credit Agreement are
used herein as defined therein), among PANAVISION INC., a Delaware corporation
(the "Borrower"), the several banks and other financial institutions or entities
from time to time parties thereto (the "Lenders"), J.P. MORGAN SECURITIES INC.
(formerly known as Chase Securities Inc.), as advisor and arranger, CREDIT
SUISSE FIRST BOSTON, as documentation agent, and JPMORGAN CHASE BANK (formerly
known as The Chase Manhattan Bank), as administrative agent (in such capacity,
the "Administrative Agent").

                               W I T N E S S E T H
                               - - - - - - - - - -

         WHEREAS, pursuant to the Credit Agreement, the Lenders have agreed to
make, and have made, certain loans and other extensions of credit to the
Borrower; and

         WHEREAS, the Borrower has requested, and, upon this Amendment becoming
effective, the Lenders have agreed, that certain provisions of the Credit
Agreement be amended in the manner provided for in this Amendment.

         NOW, THEREFORE, for valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, and in consideration of the premises, the
parties hereto hereby agree as follows:

                              SECTION I AMENDMENTS

     1.1. Amendments to Section 1.1.

     (a) The definition of "Applicable Margin" in Section 1.1 of the Credit
Agreement is hereby amended in its entirety to read as follows:

         "Applicable Margin": for each Type of Loan, the rate per annum set
     forth under the relevant column heading below:

                                       Alternate Base      Eurodollar
                                         Rate Loans           Loans
                                         ----------           -----
        Revolving Credit Loans              2.75%             3.75%
        Tranche A Term Loans                2.75%             3.75%
        Tranche B Term Loans                3.00%             4.00%

     (a) The definition of "Commitment Fee Rate" in Section 1.1 of the Credit
Agreement is hereby amended in its entirety to read as follows:

         "Commitment Fee Rate":  3/4 of 1% per annum.

<PAGE>

     (c) The definition of "Consolidated EBITDA" in Section 1.1 of the Credit
Agreement is hereby amended by deleting from clause (j) thereof the phrase "the
Second Amendment dated as of June 30, 1999" and substituting in lieu thereof the
phrase "the Third Amendment dated as of March 15, 2002".

1.   Amendment to Section 2.7. Section 2.7 of the Credit Agreement is hereby
     amended by adding the following new paragraph (d) at the end thereof:

         (d) In the event that, during the period commencing on March 15, 2002
     and ending on June 30, 2002, the Borrower does not make optional or
     mandatory prepayments of Term Loans under Section 2.9 or 2.10(a), as
     applicable, in an aggregate principal amount of at least $100,000,000, the
     Borrower agrees to pay to the Administrative Agent for the account of each
     Lender a fee equal to 1% of the sum of each such Lender's Revolving Credit
     Commitment and Term Loans outstanding on the last day of such period, which
     fee shall be payable on July 1, 2002.

2.   Amendment to Section 7.1. Section 7.1 of the Credit Agreement is hereby
     amended in its entirety to read as follows:

         7.1. Financial Condition Covenants.

         (a) Consolidated Total Leverage Ratio. Permit the Consolidated Total
     Leverage Ratio as at the last day of any fiscal quarter which day shall
     occur during the following periods to exceed the following respective
     ratios:

                                                          Consolidated Total
           Period                                           Leverage Ratio

           October 1, 2001 to December 31, 2001              6.75 to 1.00
           January 1, 2002 to June 30, 2002                  8.50 to 1.00
           July 1, 2002 to September 30, 2002                7.00 to 1.00
           October 1, 2002 to December 31, 2002              6.00 to 1.00
           January 1, 2003 and thereafter                    5.00 to 1.00

         (b) Consolidated Interest Coverage Ratio. Permit the Consolidated
     Interest Coverage Ratio for any period of four consecutive fiscal quarters
     of the Borrower to be less than 2.00 to 1.00.

         (c) Consolidated EBITDA. Permit Consolidated EBITDA for any period of
     four consecutive fiscal quarters of the Borrower ending with any fiscal
     quarter set forth below to be less than the amount set forth below opposite
     such fiscal quarter:

              Fiscal Quarter                                Amount
              --------------                                ------
              March 31, 2002                             $60,000,000
              June 30, 2002                              $55,000,000
              September 30, 2002                         $70,000,000
              December 31, 2002                          $80,000,000

     3. Amendment to Section 7.7. The Credit Agreement is hereby amended by
deleting Section 7.7 in its entirety and substituting in lieu thereof the
following:

<PAGE>

         7.7. Limitation on Capital Expenditures. Make or commit to make any
     Capital Expenditure, except (a) Capital Expenditures of the Borrower and
     its Subsidiaries in the ordinary course of business not exceeding
     $30,000,000 for the 2001 fiscal year of the Borrower, $21,000,000 for the
     2002 fiscal year of the Borrower and $25,000,000 in each fiscal year of the
     Borrower thereafter; (b) Capital Expenditures made with the proceeds of any
     event which would be a Recovery Event but for the second parenthetical
     clause in the definition thereof; and (c) Capital Expenditures made with
     the proceeds of any Dispositions of Property by the Borrower or its
     Subsidiaries pursuant to Section 7.5(a)(i).

     4. Amendment to Section VIII. Section VIII of the Credit Agreement is
hereby amended by (a) inserting the word "or" at the end of paragraph (l)
thereof and (b) adding the following new paragraphs (m) and (n) immediately
after paragraph (l):

         (m) (i) the Borrower shall fail to receive from one or more Persons
     (other than any Subsidiary of the Borrower) Senior Subordinated Notes in an
     aggregate principal amount of $37,700,000 in exchange solely for shares of
     newly issued common stock or perpetual preferred stock of the Borrower by
     the earlier of (A) a date no more than two Business Days later than the
     date of the approval by the Delaware Chancery Court of the proposed
     settlement of the matter In re M&F Worldwide Corp. Shareholder Litigation,
     Consolidated Civil Action No. 18502 NC and (B) June 30, 2002, or (ii) the
     Borrower shall fail to cancel such Senior Subordinated Notes promptly after
     receipt thereof; or

         (n) (i) the Borrower shall fail to receive from one or more Persons
     (other than any Subsidiary of the Borrower) by June 30, 2002 cash in an
     aggregate amount equal to $10,000,000 in exchange solely for shares of
     newly issued common stock or perpetual preferred stock of the Borrower or
     (ii) the Borrower shall fail to apply such cash amount promptly after
     receipt thereof as an optional prepayment of Revolving Credit Loans (it
     being understood and agreed that such optional prepayment shall be made
     without any permanent reduction of the Revolving Credit Commitments);

                                SECTION II WAIVER

     The Lenders hereby waive compliance by the Borrower and its Subsidiaries
with the provisions of Section 2.10(a) of the Credit Agreement insofar as such
provisions would otherwise apply to the issuance by the Borrower of its Capital
Stock as contemplated by paragraph (n) of Section VIII of the Credit Agreement.

                            SECTION III MISCELLANEOUS

     3.1. Conditions to Effectiveness of Amendment. This Amendment shall become
effective as of the date first set forth above (the "Third Amendment Effective
Date") upon satisfaction of the following conditions:

         (a) The Administrative Agent shall have received counterparts of this
     Amendment duly executed and delivered by the Borrower, the Administrative
     Agent and the Required Lenders; and

         (b) The Administrative Agent shall have received, for the account of
     each Lender executing this Amendment, an amendment fee equal to 1/4% of the
     sum of each such Lender's Revolving Credit Commitment and Term Loans then
     outstanding.

<PAGE>

     Interest that is payable after the Third Amendment Effective Date but that
     accrued prior thereto shall be payable at the interest rates in effect
     prior to this Amendment becoming effective.

     3.2. Representations and Warranties. The Borrower represents and warrants
to each Lender that as of the effective date of this Amendment: (a) this
Amendment constitutes the legal, valid and binding obligation of the Borrower,
enforceable against it in accordance with its terms, except as such enforcement
may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or similar laws affecting creditors' rights generally, by general
equitable principles (whether enforcement is sought by proceedings in equity or
at law) and an implied covenant of good faith and fair dealing; (b) the
representations and warranties made by the Loan Parties in the Loan Documents
are true and correct in all material respects on and as of the date hereof
(except to the extent that such representations and warranties are expressly
stated to relate to an earlier date, in which case such representations and
warranties shall have been true and correct in all material respects on and as
of such earlier date); and (c) no Default or Event of Default shall have
occurred and be continuing as of the date hereof.

     3.3. Counterparts. This Amendment may be executed by one or more of the
parties to this Amendment on any number of separate counterparts (including by
facsimile transmission), and all of said counterparts taken together shall be
deemed to constitute one and the same instrument. A set of the copies of this
Amendment signed by all the parties shall be lodged with the Borrower and the
Administrative Agent. The execution and delivery of the Amendment by any Lender
shall be binding upon each of its successors and assigns (including Transferees
of its commitments and Loans in whole or in part prior to effectiveness hereof)
and binding in respect of all of its commitments and Loans, including any
acquired subsequent to its execution and delivery hereof and prior to the
effectiveness hereof.

     3.4 Continuing Effect; No Other Amendments. Except to the extent the Credit
Agreement is expressly amended hereby, all of the terms and provisions of the
Credit Agreement and the other Loan Documents are and shall remain in full force
and effect. This Amendment shall constitute a Loan Document.

     3.5. Payment of Expenses. The Borrower agrees to pay and reimburse the
Administrative Agent for all of its out-of-pocket costs and reasonable expenses
incurred to date in connection with this Amendment and the other Loan Documents,
including, without limitation, the reasonable fees and disbursements of legal
counsel to the Administrative Agent.

     3.6. GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

                     [REST OF PAGE INTENTIONALLY LEFT BLANK]

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to
be duly executed and delivered by their respective proper and duly authorized
officers as of the day and year first above written.

                                    PANAVISION INC.

                                    By: /s/ SCOTT L. SEYBOLD
                                       ----------------------------------
                                       Name:  Scott L. Seybold
                                       Title: Executive Vice President
                                              and Chief Financial Officer

                                    JPMORGAN CHASE BANK, as
                                      Administrative Agent and as a Lender

                                    By: /s/ TRACEY NAVIN EWING
                                       ----------------------------------
                                       Name:  Tracey Navin Ewing
                                       Title: Vice President

                                    CREDIT SUISSE FIRST BOSTON, as
                                      Documentation Agent and as a Lender

                                    By: /s/ JOEL GLODOWSKI
                                       ----------------------------------
                                       Name:  Joel Glodowski
                                       Title: Managing Director

                                    By: /s/ JOHN D. LEWIS
                                       ----------------------------------
                                        Name: John D. Lewis
                                        Title: Associate

<PAGE>

                                    Archimedes Funding, LLC
                                    By:  ING Capital Advisors LLC,
                                         as Collateral Manager

                                    By: /s/  MICHAEL J. CAMPBELL
                                        ----------------------------------------
                                        Name:  Michael J. Campbell
                                        Title: Managing Director

                                    Credit Agricole Indosuez

                                    By: /s/ LEO VON REISSIG
                                        ----------------------------------------
                                        Name:  Leo von Reissig
                                        Title: Authorized Signatory

                                    By: /s/ FREDERIK W. AASE
                                        ----------------------------------------
                                        Name:  Frederik W. Aase
                                        Title: Authorized Signatory

                                    Crescent/Mach I Partners, L.P.
                                    By:  TCW Asset Management Company,
                                         its Investment Manager

                                    By: /s/  RICHARD F. KURTH
                                        ----------------------------------------
                                        Name:  Richard F. Kurth
                                        Title: Vice President

                                    CSAM Funding I

                                    By: /s/  ANDREW MARSHAK
                                        ----------------------------------------
                                        Name:  Andrew Marshak
                                        Title: Authorized Signatory

                                    Debt Strategies Fund, Inc.

                                    By: /s/  MATTHEW WALLACK
                                        ----------------------------------------
                                        Name:  Matthew Wallack
                                        Title: Authorized Signatory

<PAGE>

                                      Eaton Vance CDO III, Ltd.
                                      By:  Eaton Vance Management
                                           as Investment Advisor

                                      By: /s/ PAYSON F. SWAFFIELD
                                          --------------------------------------
                                          Name:  Payson F. Swaffield
                                          Title: Vice President

                                      Eaton Vance Institutional Senior Loan Fund
                                      By:  Eaton Vance Management
                                           as Investment Advisor

                                      By: /s/ PAYSON F. SWAFFIELD
                                          --------------------------------------
                                          Name:  Payson F. Swaffield
                                          Title: Vice President

                                      Eaton Vance Senior Income Trust
                                      By:  Eaton Vance Management
                                           as Investment Advisor

                                      By: /s/ PAYSON F. SWAFFIELD
                                          --------------------------------------
                                          Name:  Payson F. Swaffield
                                          Title: Vice President

                                      First Dominion Funding I

                                      By: /s/ ANDREW MARSHAK
                                          --------------------------------------
                                          Name:  Andrew Marshak
                                          Title: Authorized Signatory

                                      First Dominion Funding II

                                      By: /s/ ANDREW MARSHAK
                                          --------------------------------------
                                          Name:  Andrew Marshak
                                          Title: Authorized Signatory

                                      First Dominion Funding III

                                      By: /s/ ANDREW MARSHAK
                                          --------------------------------------
                                          Name:  Andrew Marshak
                                          Title: Authorized Signatory

<PAGE>

                                       Fleet National Bank

                                       By: /s/ ALISA B. CALLAHAN
                                           -------------------------------------
                                           Name:  Alisa B. Callahan
                                           Title: Vice President

                                       The Fuji Bank, Ltd.

                                       By: /s/ JOHN D. DOYLE
                                           -------------------------------------
                                           Name:  John D. Doyle
                                           Title: Vice President and Manager

                                       GE Capital

                                       By: /s/ SUSAN TIMMERMAN
                                           -------------------------------------
                                           Name: Susan Timmerman
                                           Title: Senior Risk Manager

                                       General Electric Capital Corporation
                                       (Acting through its Commercial
                                       Finance Bank Loan Group)

                                       By: /s/ GREGORY HONG
                                           -------------------------------------
                                           Name:  Gregory Hong
                                           Title: Duly Authorized Signatory

                                       Grayson & Co.

                                       By:  Boston Management & Research
                                            as Investment Advisor

                                       By: /s/ PAYSON F. SWAFFIELD
                                           -------------------------------------
                                           Name:  Payson F. Swaffield
                                           Title: Vice President

                                       ING Prime Rate Trust
                                       By:  ING Investments, LLC
                                            as its Investment Manager

                                       By: /s/ BRIAN S. HORTON
                                           -------------------------------------
                                           Name:  Brian S. Horton
                                           Title: Vice President

<PAGE>

                                    Pilgrim America High Income Investments Ltd.
                                    By:  ING Investments, LLC
                                         as its Investment Manager

                                    By: /s/ BRIAN S. HORTON
                                        ---------------------------------------
                                        Name: Brian S. Horton
                                        Title: Vice President

                                    Sequils - Pilgrim I, Ltd.
                                    By:  ING Investments, LLC
                                         as its Investment Manager

                                    By:  /s/ BRIAN S. HORTON
                                        ---------------------------------------
                                         Name: Brian S. Horton
                                         Title: Vice President

                                    ML CLO XV Pilgrim America (Cayman) Ltd.
                                    By:  ING Investments, LLC
                                         as its Investment Manager

                                    By: /s/ BRIAN S. HORTON
                                        ---------------------------------------
                                        Name: Brian S. Horton
                                        Title: Vice President

                                    KZH Crescent - 2 LLC

                                    By: /s/ SUSAN LEE
                                        ---------------------------------------
                                        Name: Susan Lee
                                        Title: Authorized Agent

                                    KZH ING - 2 LLC

                                    By: /s/ SUSAN LEE
                                        ---------------------------------------
                                        Name:  Susan Lee
                                        Title: Authorized Agent

                                    KZH Soleil LLC

                                    By: /s/ SUSAN LEE
                                        ---------------------------------------
                                        Name:  Susan Lee
                                        Title: Authorized Agent

<PAGE>

                                Lloyds TSB Bank Plc.

                                By: /s/ NICHOLAS J. BRUCE
                                    ------------------------------------------
                                    Name:  Nicholas J. Bruce
                                    Title: Vice President Credit Services

                                By: /s/ DAVID RODWAY
                                    ------------------------------------------
                                    Name:  David Rodway
                                    Title: Vice President Credit Services, USA

                                Merrill Lynch Senior Floating Rate Fund, Inc.

                                By: /s/ MATTHEW WALLACK
                                    ------------------------------------------
                                    Name:  Matthew Wallack
                                    Title: Authorized Signatory

                                Morgan Stanley Prime Income Trust

                                By: /s/ SHEILA A. FINNERTY
                                    Name:  Sheila A. Finnerty
                                    Title: Executive Director
                                    ------------------------------------------

                                Natexis Banques Populaires

                                By: /s/ FRANK H. MADDEN, JR.
                                    ------------------------------------------
                                    By: Frank H. Madden, Jr.
                                    Title: Vice President & Group Manager

                                By: /s/ JOSEPH A. MILLER
                                    ------------------------------------------
                                    Name:  Joseph A. Miller
                                    Title: Associate

                                Oxford Strategic Income Fund
                                By:  Eaton Vance Management
                                     as Investment Advisor

                                By: /s/ PAYSON F. SWAFFIELD
                                    ------------------------------------------
                                    Name:  Payson F. Swaffield
                                    Title: Vice President

<PAGE>

                                         Satellite Senior Income Fund, LLC

                                         By:  /s/ BRIAN KRIFTCHER
                                              ----------------------------------
                                              Name: Brian Kriftcher
                                              Title: Principal

                                         Senior Debt Portfolio
                                         By:  Boston Management & Research
                                              as Investment Advisor

                                         By:  /s/ PAYSON F. SWAFFIELD
                                              ----------------------------------
                                              Name:  Payson F. Swaffield
                                              Title: Vice President

                                         U.S. Bank National Association

                                         By: /s/ BRIAN HARRER
                                              ----------------------------------
                                             Name:  Brian Harrer
                                             Title: Banking Officer

                                         Van Kampen CLO I, Limited
                                         By:   Van Kampen Investment Advisory
                                               Corp as Collateral Manager

                                         By: /s/ WILLIAM LENGA
                                              ----------------------------------
                                             Name: William Lenga
                                             Title: Vice President

<PAGE>

     THE UNDERSIGNED GUARANTORS HEREBY CONSENT AND AGREE TO THE FOREGOING THIRD
AMENDMENT AS OF THE DATE HEREOF.

                                        PANAPAGE ONE LLC

                                        By: /s/ SCOTT L. SEYBOLD
                                            ------------------------------------
                                            Name:  Scott L. Seybold
                                            Title: Executive Vice President and
                                                   Chief Financial Officer

                                        PANAPAGE TWO LLC

                                        By: /s/ SCOTT L. SEYBOLD
                                            ------------------------------------
                                            Name:  Scott L. Seybold
                                            Title: Executive Vice President and
                                                   Chief Financial Officer

                                        PANAPAGE CO. LLC

                                        By: /s/ SCOTT L. SEYBOLD
                                            ------------------------------------
                                            Name:  Scott L. Seybold
                                            Title: Executive Vice President and
                                                   Chief Financial Officer

                                        PANAVISION INTERNATIONAL, L.P.

                                        By: Panavision Inc., its General Partner

                                        By: /s/ SCOTT L. SEYBOLD
                                            ------------------------------------
                                            Name:  Scott L. Seybold
                                            Title: Executive Vice President and
                                                   Chief Financial Officer

                                        PANAVISION U.K. HOLDINGS, INC.

                                        By: /s/ SCOTT L. SEYBOLD
                                            ------------------------------------
                                            Name:  Scott L. Seybold
                                            Title: Executive Vice President and
                                                   Chief Financial Officer

                                        PANAVISION REMOTE SYSTEMS, INC.

                                        By: /s/ SCOTT L. SEYBOLD
                                            ------------------------------------
                                            Name:  Scott L. Seybold
                                            Title: Executive Vice President and
                                                   Chief Financial Officer<PAGE>

                    [GMAC COMMERCIAL CREDIT LLC LETTERHEAD]

                                        December 31, 2001

Bernard Chaus, Inc.
530 Seventh Avenue
New York, New York 10018
Attention: Josephine Chaus, Chairwoman of the Board

Bernard Chaus, Inc.
800 Secaucus Road
Secaucus, New Jersey 07094
Attention: Bart Heminover, Vice President of Finance

Ladies/Gentlemen:

     Reference is made to the Second Restated and Amended Financing Agreement
between you and us as successor-in-interest to BNY Financial Corporation, dated
as of October 10, 1997, as supplemented and amended (the "Financing Agreement").
Capitalized terms used and not otherwise defined herein have the respective
meanings given to them in the Financing Agreement.

     It is hereby agreed that, effective as of December 31, 2001, the Financing
Agreement shall be amended as follows:

     1. The second and third sentences of Section 2.2 are restated to read
as follows:

     "The Term Loan shall, with respect to principal, amortize annually as
follows, in twenty (20) quarterly installments, commencing as of March 31, 1998
and on the last day of each fiscal quarter thereafter and one final installment
on April 1, 2003 in the amount of the then outstanding principal balance,
subject to acceleration upon the occurrence and continuance of an Event of
Default under this Agreement or termination of this Agreement pursuant to
Section 7 hereof:

                                               Annual           Quarterly
      Period                                   Amortization     Installment
      ------                                   ------------     -----------

      Fiscal year ending June 30, 1998            $500,000        $250,000
      Fiscal year ending June 30, 1999          $1,000,000        $250,000
      Fiscal year ending June 30, 2000          $1,000,000        $250,000
      Fiscal year ending June 30, 2001          $1,000,000        $250,000
      Fiscal year ending June 30, 2002          $1,000,000        $250,000
      September 30, 2002                          $250,000        $250,000
      December 31, 2002                           $250,000        $250,000
      April 1, 2003                                The outstanding balance

<PAGE>

The Term Loan shall be evidenced by and subject to the terms and conditions set
forth in the secured promissory note and the allonge to promissory note
attached hereto as Exhibit 2.2."

     2. Section 7.1(a) is amended by deleting the date "December 31, 2002" and
replacing it with "April 1, 2003".

     3. The first sentence of Section 7.3(b) is restated to read as follows:

        "(b) If termination occurs at any time from October 9, 2000 through and
     including March 31, 2003, Borrower shall pay Lender $2,200,000."

     4. Section 9.1(d) is amended to provide that the Borrower will not permit
its Tangible Net Worth to be less than the following amounts as of the following
respective dates:

                "As of December 31, 2001        $3,000,000
                 As of March 31, 2002           $4,000,000
                 As of June 30, 2002            $4,000,000"

     5. Section 9.1(e) is amended to provide that the Borrower will not permit
its Working Capital to be less than the following amounts on the following
respective dates:

                "As of December 31, 2001        $6,000,000
                 As of March 31, 2002           $7,500,000
                 As of June 30, 2002            $7,000,000"

     6. Section 9.1(g) is amended to provide that the Borrower's (i) Loss (after
taxes) will not exceed, and (ii) Profit (after taxes) will not be less than, the
respective amounts specified below, as applicable to the indicated Periods under
the applicable column below:

                                               Maximum          Minimum
     "Period                                   Permitted Loss   Permitted Profit
      ------                                   --------------   ----------------

      Fiscal quarter ended December 31, 2001     $6,900,000
      Fiscal quarter ended March 31, 2002                             $200,000
      Fiscal quarter ended June 30, 2002                              $200,000
      Fiscal year ended June 30, 2002            $6,000,000"

     7. Exhibit 2.2 is amended by adding an Allonge to Promissory Note thereto,
a copy of which is attached hereto.

     Except as specifically amended hereby, the Financing Agreement shall
remain unmodified and in full force and effect in accordance with its terms.

     In consideration of the foregoing, you agree to pay us an amendment fee of
$15,000, which fee shall be in addition to any other fees, charges or interest
payable by you to us under the

                                       2
<PAGE>
Financing Agreement, and payment of which may be effectuated by our charging
your account with us.

     If you are in agreement with the foregoing, please so indicate by signing
and returning to us the enclosed copy of this letter.

                                   Very truly yours,

                                   GMAC COMMERCIAL CREDIT LLC

                                   By: /s/ John H. McGowan
                                      -----------------------
                                      Name: John H. McGowan
                                      Title: Vice President

AGREED AND ACCEPTED AS OF APRIL 30, 2002:
-----------------------------------------

BERNARD CHAUS, INC.

By: /s/ Barton Heminover
    --------------------------------
    Name: Barton Heminover
    Title: Vice President of Finance

CHAUS RETAIL, INC.
(Guarantor)

By: /s/ Barton Heminover
    --------------------------------
    Name: Barton Heminover
    Title: Vice President of Finance

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