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[LOGO] BANK OF AMERICA AMENDMENT TO DOCUMENTS
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AMENDMENT NO. 4 TO BUSINESS LOAN AGREEMENT
This Amendment No. 4 (the "Amendment") dated as of March 31, 1999, is
between Bank of America National Trust and Savings Association (the "Bank")
and The Wet Seal, Inc. (the "Borrower").
RECITALS
A. The Bank and the Borrower entered into a certain Business Loan
Agreement dated as of March 9, 1998, as previously amended (the "Agreement").
B. The Bank and the Borrower desire to further amend the Agreement.
AGREEMENT
1. DEFINITIONS. Capitalized terms used but not defined in this
Amendment shall have the meaning given to them in the Agreement.
2. AMENDMENTS. The Agreement is hereby amended as follows:
2.1 In Paragraph 1.2 of the Agreement, the date "July 1, 2000" is
substituted for the date "July 1, 1999".
2.2 The first paragraph of Paragraph 4.1 of the Agreement is amended
to read in its entirety as follows:
"4.1 PERSONAL PROPERTY SUPPORTING GUARANTY. The obligations of
the guarantor, WSCC, to the Bank will be secured by personal
property the guarantor now owns or will own in the future as
listed below. The collateral is further defined in security
agreement(s) executed by the guarantor."
2.3 Paragraph 9.7 of the Agreement is amended to read in its entirety
as follows:
"9.7 CAPITAL EXPENDITURES. Not to make Capital Expenditures
to acquire fixed or capital assets (on a consolidated
basis) in an aggregate amount in excess of Forty
Million Dollars ($40,000,000) for the fiscal year
ending on or about January 31, 1999, Fifty-Five Million
Dollars ($55,000,000) commencing on the fiscal year
ending on or about January 31, 2000, and Forty Million
Dollars ($40,000,000) on the fiscal year ending on or
about January 31, 2001 and annually thereafter."
3. REPRESENTATIONS AND WARRANTIES. When the Borrower signs this
Amendment, the Borrower represents and warrants to the Bank that: (a) there
is no event which is, or with notice or lapse of time or both would be, a
default under the Agreement except those events, if any, that have been
disclosed in writing to the Bank or waived in writing by the Bank, (b) the
representations and warranties in the Agreement are true as of the date of
this Amendment as if made on the date of this Amendment, (c) this Amendment
is within the Borrower's powers, has been duly authorized, and does not
conflict with any of the Borrower's organizational papers, and (d) this
Amendment does not conflict with any law, agreement, or obligation by which
the Borrower is bound.
4. EFFECT OF AMENDMENT. Except as provided in this Amendment, all of
the terms and conditions of the Agreement shall remain in full force and
effect.
This Amendment is executed as of the date stated at the beginning of this
Amendment.
BANK OF AMERICA
NATIONAL TRUST AND SAVINGS ASSOCIATION THE WET SEAL, INC.
X /s/ ▇▇▇▇▇ ▇. ▇▇▇▇ X /s/ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇
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BY: ▇▇▇▇▇ ▇. ▇▇▇▇, VICE PRESIDENT BY: ▇▇▇ ▇▇▇▇▇▇ ▇▇▇, VP FINANCE
X /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇
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BY: ▇▇▇▇▇▇ ▇▇▇▇▇▇
PRESIDENT AND COO
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