SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT BANK OF AMERICA, N.A. As Lender And AEROPOSTALE, INC. The Borrower November 13, 2007



PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.  SUCH PORTIONS ARE DESIGNATED “[*].”
 


 
SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT
 

 

 
BANK OF AMERICA, N.A.
 
As Lender
 
And
 
AEROPOSTALE, INC.
 
The Borrower
 

 
November 13, 2007

 
 

 
 
 

TABLE OF CONTENTS
 
 
 
 
   Article 1 -  Definitions:  -1-
       
   Article 2 -  The Revolving Credit:   -23-
       
   2-1.  Establishment of  Revolving Credit.   -23-
   2-2.  Intentionally Omitted.   -23-
   2-3.  Intentionally Omitted.   -23-
   2-4.  Risks of Value of Collateral   -23-
   2-5.  Loan Requests.   -23-
   2-6.  Making of Loans Under Revolving Credit.  -25-
   2-7.  The Loan Account.   -26-
   2-8.  The Revolving Credit Notes   -27-
   2-9.  Payment of The Loan Account.  -27-
   2-10.  Interest Rates.   -28-
   2-11.  Additional Fees.   -28-
   2-12.  Intentionally Omitted.   -29-
   2-13.  Line (Unused Fee).   -29-
   2-14.  Intentionally Omitted   -29-
   2-15.  Concerning Fees.   -29-
   2-16.  Lender’s Discretion.  -29-
   2-17.  Procedures For Issuance of L/C’s.  -29-
   2-18.  Fees For L/C’s.  -30-
   2-19.  Cash Collateralization of L/Cs.  -31-
   2-20.  Concerning L/C’s.  -31-
   2-21.  Changed Circumstances.  -33-
   2-22.  Increased Costs   -34-
   2-23.  Lender’s Commitments.   -35-
       
   Article 3 -  Conditions Precedent:  -36-
       
   3-2.  Corporate Due Diligence.  -36-
   3-3.   Opinion   -36-
   3-4.   Additional Documents   -36-
  3-5.  Officers’ Certificates   -36-
   3-6.  Representations and Warranties    -37-
   3-7.  Borrowing Base Certificate    -37-
   3-8.  All Fees and Expenses Paid    -37-
   3-9.  Financial Projections    -37-
    3-10.  Borrower’s Assets    -37-
    3-11.  Lien Search    -37-
    3-12.  Perfection of Collateral   -37-
    3-13.  Insurance   -37-
    3-14.  No Suspension Event   -38-
    3-15.  No Adverse Change   -38-
    3-16.  Execution and Delivery of Agreement   -38-
 
   
 
ii
 
 
 
 
   Article 4 -  General Representations, Covenants and Warranties:  -38-
       
   4-1.  Payment and Performance of Liabilities   -38-
   4-2.  Due Organization - Corporate Authorization - No Conflicts.  -38-
   4-3.  Trade Names.  -39-
   4-4.  Intellectual Property.  -39-
   4-5.  Locations.  -40-
   4-6.  Title to Assets.  -41-
   4-7.  Indebtedness   -42-
   4-8.  Insurance Policies.   -43-
   4-9.  Licenses   -43-
   4-10.  Leases   -44-
   4-11.  Requirements of Law   -44-
   4-12.  Maintain Properties   -44-
   4-13.  Pay Taxes/Tax Shelter Regulations.  -45-
   4-14.  No Margin Stock   -46-
   4-15.  ERISA   -46-
   4-16.  Hazardous Materials.  -46-
   4-17.  Litigation   -47-
   4-18.  Dividends or Investments   -47-
   4-19.  Loans   -48-
   4-20.  Protection of Assets   -48-
   4-21.  Line of Business   -48-
   4-22.  Affiliate Transactions   -49-
   4-23.  Additional Assurances.  -49-
   4-24.  Adequacy of Disclosure.  -50-
   4-25.  Investments   -50-
   4-26.  Prepayments of Indebtedness.  -50-
   4-27.   Other Covenants   -51-
       
  Article 5 -  Financial Reporting and Performance Covenants:   -51-
       
   5-1.  Maintain Records    -51-
   5-2.  Access to Records.    -51-
   5-3.  Prompt Notice to Lender.   -52-
   5-4.  Intentionally Omitted.   -53-
   5-5.  Borrowing Base Certificates     -53-
   5-6.  Monthly Reports    -53-
   5-7.  Quarterly Reports   -53-
   5-8.  Annual Reports.  -54-
   5-9.  Intentionally Omitted.  -54-
    5-10.   Inventories, Appraisals, and Audits.  -54-
   5-11.  Additional Financial Information.   -56- 
   5-12.  Intentionally Omitted.  -56-
       
  Article 6 -   Use and Collection of Collateral:  -56-
       
    6-1.  Use of Inventory Collateral.  -56-
    6-2.  Adjustments and Allowances   -57-
 
 
 
iii
 
 
 
   6-3.  Validity of Accounts.  -57-
   6-4.  Notification to Account Debtors   -57- 
       
  Article 7 -   Cash Management. Payment of Liabilities:  -58-
       
     7-1.    Depository Accounts.  -58-
   7-2.  Credit Card Receipts.  -58-
   7-3.  The Concentration, Blocked, and Operating Accounts.  -59-
   7-4.  Proceeds and Collection of Accounts.   -59-
   7-5.  Payment of Liabilities.  -60-
   7-6.  The Operating Account   -61-
       
  Article 8 -   Grant of Security Interest:  -61-
       
    8-1.   Grant of Security Interest   -61-
   8-2.  Extent and Duration of Security Interest   -62-
       
   Article 9 -  Lender As Borrower’s Attorney-In-Fact:  -63-
       
  9-1.   Appointment as Attorney-In-Fact.  -63-
  9-2.   No Obligation to Act.  -63-
       
   Article 10 -  Events of Default:   -64-
       
    10-1.   Failure to Pay Revolving Credit.  -64-
   10-2.  Failure To Make Other Payments.  -64-
   10-3.  Failure to Perform Covenant or Liability (No Grace Period).  -64-
   10-4.  Failure to Perform Covenant or Liability (Limited Grace Period).   -64-
   10-5.  Failure to Perform Covenant or Liability (Grace Period).   -64-
   10-6.  Misrepresentation.  -65-
   10-7.  Default of Other Debt.   -65-
   10-8.  Default of Leases.  -65-
   10-9.  Uninsured Casualty Loss.  -65-
   10-10.  Judgment.  Restraint of Business.  -65-
   10-11.  Business Failure.  -65-
   10-12.  Bankruptcy.  -66-
   10-13.  Indictment - Forfeiture  -66-
   10-14.  Default by Guarantor or Subsidiary  -66-
   10-15.  Termination of Guaranty.  -66-
   10-16.  Challenge to Loan Documents.  -66-
   10-17.  Intentionally Omitted.  -66-
   10-18.  Change in Control.  -67-
       
  Article 11 -   Rights and Remedies Upon Default:  -67- 
       
    11-1.   Rights of Enforcement    -67- 
   11-2.  Sale of Collateral.  -67-
   11-3.  Occupation of Business Location.  -68-
   11-4.  Grant of Nonexclusive License   -69-
   11-5.  Assembly of Collateral.  -69-
   11-6.  Rights and Remedies.  -69-
 
 
 
 
iv
 
 
 
  Article 12 -   Notices:   -69-
       
  12-1.   Notice Addresses.  -69-
    12-2.     Notice Given.   -▇▇-
       
  ▇▇▇▇▇▇▇ ▇▇ -  ▇▇▇▇:  -71-
       
  13-1.   Termination of Revolving Credit.   -71-
  13-2.   Effect of Termination   -71-
       
   Article 14 -  General:  -71-
       
  14-1.  Protection of Collateral   -71-
  14-2.  Successors and Assigns.  -72-
  14-3.  Severability.   -72-
  14-4.   Amendments.  Course of Dealing.  -72-
  14-5.  Power of Attorney.  -72-
  14-6.  Application of Proceeds   -73-
  14-7.  Costs and Expenses of Lender.  -73-
  14-8.  Copies and Facsimiles.   -73-
  14-9.  Massachusetts Law.  -73-
  14-10.  Consent to Jurisdiction.  -74-
  14-11.  Indemnification  -74-
  14-12.  Rules of Construction.  -75-
  14-13.  Intent.  -76-
  14-14.   Right of Set-Off.  -77-
  14-15.   Maximum Interest Rate  -77-
  14-16.  Waivers.  -77-
  14-17.  Confidentiality.  -78-
  14-18.  Press Releases  -79-
  14-19.  No Advisory or Fiduciary Responsibility  -79-
  14-20.  USA PATRIOT Act Notice  -80-
  14.21.  Existing Loan Agreement Amended and Restated.  -80-
 
 
 

 
v
 

 
EXHIBITS
 
2-8                      :           Revolving Credit Note
4-2                      :           Related Entities
4-3                      :           Trade Names
4-5                      :           Locations, Leases, and Landlords
4-6                      :           Encumbrances
4-7                      :           Indebtedness
4-8                      :           Insurance Policies
4-10                    :           Capital Leases
4-13                    :           Taxes
4-17                    :           Litigation
4-22                    :           Permitted Management Fees and Other Affiliated Transactions
4-23                    :           Excluded Assets
5-5                      :           Form of Borrowing  Base Certificate
6-3                      :           Bonds and Deposits
7-1                      :           DDAs
7-2                      :           Credit Card Arrangements

 
vi
 

SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT
 
November 13, 2007
 
THIS SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Agreement”) is made between
 
Bank of America, N.A. (the “Lender”), a national banking association with offices at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇  ▇▇▇▇▇
 
and
 
Aeropostale, Inc., (hereinafter, the “Borrower”), a Delaware corporation with its principal executive offices at ▇▇▇▇ ▇▇▇▇▇▇▇▇,  ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇  ▇▇▇▇▇
 
in consideration of the mutual covenants contained herein and benefits to be derived herefrom,
 
WITNESSETH:
 
WHEREAS, Aeropostale, Inc., f/k/a MSS-Delaware, Inc. entered into an Amended and Restated Loan and Security Agreement dated as of October 7, 2003 with Fleet Retail Finance Inc, as agent for the lenders party thereto and such lenders (as amended and in effect, the “Existing Loan Agreement”); and
 
WHEREAS, Fleet Retail Finance, Inc. has assigned all of its right, title and interest under the Existing Loan Agreement to Bank of America, N.A.;
 
WHEREAS, Aeropostale, Inc., is the successor in interest by merger to MSS-Delaware, Inc. and
 
WHEREAS, the Borrower desires to amend and restate the Existing Loan Agreement in order (a) to increase the amount of the Loan Ceiling (as hereinafter defined) to $150,000,000, and (b) to make certain other amendments to the terms and conditions of the Existing Loan Agreement; and
 
NOW, THEREFORE, the parties hereto agree that the Existing Loan Agreement shall be amended and restated in its entirety to read as follows:
 
Article 1 - Definitions:
 
As herein used, the following terms have the following meanings or are defined in the section of this Agreement so indicated:
 
 
“Acceptable Blank Stock Inventory”:  Inventory of the Loan Parties which consists of blank t-shirts and other items of apparel which are in the possession of third Persons for processing, which Inventory otherwise would be deemed Acceptable Inventory and as to which the Lender has received an agreement from such processor in form and substance reasonably acceptable to the Lender.
 
 
 
 
 
 
 
 
“Acceptable L/C Inventory”:  Inventory which is the subject of a Documentary L/C in favor of a foreign manufacturer or vendor of such Inventory, which Inventory is to be manufactured for, or delivered to, the Loan Parties and will become Acceptable In-Transit Inventory within seventy-five (75) days after the date of issuance of the Documentary L/C.
 
 
“Acceptable In-Transit Inventory”:  Inventory-in-transit to a Loan Party, title to which has passed to the Loan Party which Inventory has been placed with a carrier (f.o.b.) for shipment to the Loan Parties , and which Inventory is scheduled to be received within fifty (50) days at a Loan Party’s distribution center, as to which Inventory the Lender has a perfected security interest which is prior and superior to all security interests, claims, and all Encumbrances other than Permitted Encumbrances (it being understood, however, that the Lender will not require possession of the Documents of Title or any foreign filings to be deemed “perfected”); provided that such Inventory shall be deemed to be Acceptable In-Transit Inventory only if the Lender has received an agreement (to the extent relevant to such Inventory) with (i) each sourcing agent under any of the Loan Party’s sourcing agreements, and (ii) each Loan Party’s custom brokers, each satisfactory in form and substance to the Lender.  Notwithstanding the foregoing, the Lender, periodically (but in no event in months other than July through October of any year), may, in its reasonable discretion, include Inventory which otherwise satisfies the requirements of this definition but for the fact that title has not yet passed to a Loan Party as Acceptable In-Transit Inventory, but only if the Lender has received written confirmation from the applicable sourcing agent that title to such Inventory will pass to a Loan Party upon receipt of payment of a sum certain and the Borrower has requested the Lender to make, and has Availability for, a Revolving Credit Loan to pay such sourcing agent in such amount.
 
 
“Acceptable Inventory”:  Such of the Loan Parties Inventory, at such locations, and of such types, character, qualities and quantities, as the Lender in its sole discretion from time to time determines to be acceptable for borrowing, including, without limitation, Acceptable In-Transit Inventory and Acceptable L/C Inventory (but excluding Acceptable Blank Stock Inventory), as to which Inventory, the Lender has a perfected security interest which is prior and superior to all security interests, claims, and all Encumbrances other than Permitted Encumbrances.  Without limiting the generality of the foregoing, Acceptable Inventory shall in no event include Inventory that is not salable, non-merchandise categories (such as labels, bags and packaging), Inventory not located in the United States (other than Acceptable In-Transit Inventory and Acceptable L/C Inventory), samples, damaged goods, return-to-vendor merchandise, and packaway Inventory.
 
 
“Accounts” and “Accounts Receivable” include, without limitation, “accounts” as defined in the UCC, and also all:  accounts, accounts receivable, credit card receivables, notes, drafts, acceptances, and other forms of obligations and receivables and rights to payment for credit extended and for goods sold or leased, or services rendered, whether or not yet earned by performance; all “contract rights” as formerly defined in the UCC; all Inventory which gave rise thereto, and all rights associated with such Inventory, including the right of stoppage in transit; and all reclaimed, returned, rejected or repossessed Inventory (if any) the sale of which gave rise to any Account.
 
 
 
-2-
 
 
 
 
“ACH”: Automated clearing house.
 
 
"Account Debtor": Has the meaning given that term in the UCC and includes all credit card processors of the Borrower.
 
 
"Adjusted Eurodollar Rate": With respect to any Eurodollar Loan for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of one percent) equal to (a) the Eurodollar Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate.
 
 
"AGC": Aero GC Management LLC, a Virginia Limited Liability Company with an address of ▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇., ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, a single member managed LLC, where Borrower is the sole member.
 
 
“Aeropostale Canada”: Aeropostale Canada, Inc., an Ontario Canada corporation with a United States address of ▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇., ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, a wholly owned Subsidiary of the Borrower.
 
 
“Affiliate”: With respect to any two Persons, a relationship in which (a) one holds, directly or indirectly, not less than twenty-five percent (25%) of the capital stock, beneficial interests, partnership interests, or other equity interests of the other; or (b) one has, directly or indirectly, the right, under ordinary circumstances, to vote for the election of a majority  of the directors (or other body or Person who has those powers customarily vested in a board of directors of a corporation); or (c) not less than twenty- five percent (25%) of their respective ownership is directly or indirectly held by the same third Person.
 
 
“Aggregate Outstandings”: At any time of determination, the sum of (a) the Revolving Credit Loans outstanding, plus (b) the Stated Amount of L/Cs outstanding.
 
 
“Applicable Margin”: Shall mean the following percentages based upon the following performance criteria:
 
Level
Average Outstandings
Eurodollar Loans Margin
 
Prime Rate Margin
Line (Unused) Fee
I
Less than $50,000,000
0.75%
0%
0.125%
II
Greater than or equal to $50,000,000 and less than $100,000,000
1.00%
0%
0.125%
III
Greater than or equal to $100,000,000
1.25%
0%
0.15%
 
The Applicable Margin shall be adjusted quarterly as of the first day of each February, May, August, and November, commencing February 1, 2008, based upon the Borrower’s Average Outstandings calculated for the most recent quarter then ended. Upon the occurrence of an Event of Default, at the option of the Lender, interest shall be determined in the manner set forth in Section 2-10(f).
 
 
 
-3-
 
 
 
 
“Appraised Value”: The net appraised liquidation value of the Loan Parties’ Inventory as set forth in the Loan Parties’ stock ledger (expressed as a percentage of the Cost of such Inventory), each as reasonably determined from time to time by the Lender in accordance with its customary procedures and based upon the most recent appraisal conducted hereunder by an independent appraiser reasonably satisfactory to the Lender.
 
 
“Availability”: The lesser of the Loan Ceiling or the Borrowing Base;
 
Minus
 
(I) The then unpaid principal balance of the Loan Account.
 
Minus
 
(II) The then Stated Amount of all L/C’s.
 
Minus
 
(III) Unreimbursed L/C Obligations.
 
 
"Average Outstandings": For any three month period, the sum of (a) the average Revolving Credit Loans outstanding during such period, plus (b) the average Stated Amount of L/Cs outstanding during such period.
 
 
“AWI”:  Aeropostale West, Inc., a Delaware corporation with an address of ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇., ▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, a wholly owned Subsidiary of the Borrower.
 
 
“Bank Products”: Any services or facilities provided to a Loan Party by the Lender or any of its Affiliates (but excluding Cash Management Services), including without limitation, on account of leasing, swap and other hedging contracts.
 
 
 
-4-
 
 
 
 
“Bank Product Reserves”: Such reserves as the Lender from time to time determine in its discretion as being appropriate to reflect the liabilities and obligations of the Loan Parties with respect to Bank Products then provided or outstanding.
 
 
"Bankruptcy Code": Title 11, U.S.C., as amended from time to time.
 
 
"Base Rate Loan": Each Revolving Credit Loan while bearing interest at the Prime Rate.
 
 
“Blocked Account”: Is defined in Section 7-3.   
 
 
"Borrower": Is defined in the Preamble.
 
 
“Borrowing Base”: The amounts calculated to the following formulae, as applicable:
 
 
(a)
If the outstanding amount of Revolving Credit Loans and the Stated Amount of L/Cs is less than or equal to $75,000,000 in the aggregate, the result of the following:
 
(i)          95% of the book value (as determined in accordance with GAAP) of Acceptable Inventory,
 
plus
 
(ii)          85% of the face amount of Eligible Credit Card Receivable;
 
minus
 
(iii)          Reserves.
 
 
(b)
If the outstanding amount of Revolving Credit Loans and the Stated Amount of L/Cs is greater than $75,000,000 in the aggregate, the result of the following:
 
(i)          85% of the most recent Appraised Value of Acceptable Inventory multiplied by the Cost of Acceptable Inventory,
 
plus
 
(ii)          85% of the face amount of Eligible Credit Card Receivable;
 
minus
 
(iii)          Reserves.
 
 
“Borrowing Base Certificate”: Is defined in Section 5-5.
 
 
“Business Day”: Any day other than (a) a Saturday or  Sunday; (b) any day on which banks in Boston, Massachusetts or New York, New York, generally are not open to the general public for the purpose of conducting commercial banking business; or (c) a day on which the Lender is not open to the general public to conduct business, and, if such day relates to any Eurodollar Loan, means any such day on which dealings in dollar deposits are conducted by and between banks in the London interbank market.
 
 
 
 
-5-
 
 
 
 
"Business Plan": The Borrower’s then current business plan and any revision, amendment, or update of such business plan to which the Lender has provided its written sign-off.
 
 
"Capital Expenditures": The expenditure of funds or the incurrence of liabilities which are capitalized in accordance with GAAP, provided that for purposes of this Agreement, capital expenditures funded by the proceeds from the incurrence of Indebtedness permitted hereunder, by the proceeds received from the sale of assets permitted pursuant to §4-12(d) hereof, by casualty insurance proceeds or condemnation proceeds shall, to the extent of such proceeds, not be deemed Capital Expenditures.
 
 
“Capital Lease”: Any lease which is capitalized in accordance with GAAP.
 
 
“Cash Dominion Event”: Either (i) the occurrence and continuance of any Event of Default, or (ii) the failure of the Borrowers to maintain Availability in an amount greater than 15% of the then Borrowing Base.  For purposes of this Agreement, the occurrence of a Cash Dominion Event shall be deemed continuing (i) so long as such Event of Default has not been waived, and/or (ii) if the Cash Dominion Event arises as a result of the Borrowers’ failure to achieve Availability as required hereunder, until Availability has exceeded 15% of the then Borrowing Base for 30 consecutive Business Days, in which case a Cash Dominion Event shall no longer be deemed to be continuing for purposes of this Agreement; provided that a Cash Dominion Event shall be deemed continuing (even if an Event of Default is no longer continuing and/or Availability exceeds the required amount for 30 consecutive Business Days) at all times after a Cash Dominion Event has occurred and been discontinued on two (2) occasion(s) during any calendar year.
 
 
“Cash Equivalents” shall mean, as to any Person, (i) securities issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof) having maturities of not more than twelve (12) months from the date of acquisition by such Person, (ii) time deposits and certificates of deposit of any commercial bank incorporated in the United States of recognized standing having capital and surplus in excess of $100,000,000 with maturities of not more than twelve (12) months from the date of acquisition by such Person, (iii) repurchase obligations with a term of not more than seven (7) days for underlying securities of the types described in clause (i) above, provided that there shall be no restriction on the maturities of such underlying securities pursuant to this clause (iii) entered into with a bank meeting the qualifications specified in clause (ii) above, (iv) commercial paper issued by the parent corporation of any commercial bank (provided that the parent corporation and the bank are both incorporated in the United States) of recognized standing having capital and surplus in excess of $500,000,000 and commercial paper issued by any Person incorporated in the United States rated at least A-1 or the equivalent thereof by Standard & Poor’s Ratings Group or at least P-1 or the equivalent thereof by ▇▇▇▇▇’▇ Investors Service, Inc. and in each case maturing not more than twelve (12) months after the date of acquisition by such Person, and (v) investments in money market funds substantially all of whose assets are comprised of securities of the types described in clauses (i) through (v) above.
 
 
 
-6-
 
 
 
 
“Cash Management Reserves ”: Such reserves as the Lender, from time to time, determines in its discretion as being appropriate to reflect the reasonably anticipated liabilities and obligations of the Loan Parties with respect to Cash Management Services then provided or outstanding.
 
 
“Cash Management Services”: Any one or more of the following types or services or facilities provided to a Loan Party by the Lender or any of its Affiliates: (a) automated clearinghouse transactions, (b) cash management services, including, without limitation, controlled disbursement services, treasury, depository, overdraft, and electronic funds transfer services, (c) foreign exchange facilities, (d) credit or debit cards, and (e) merchant card services.
 
 
“Change in Control”: The occurrence of any of the following:
 
(a)           The acquisition, by any group of persons (within the meaning of the Securities Exchange Act of 1934, as amended) or by any Person, of beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission) of 30% or more of the issued and outstanding capital stock of the Borrower (on a fully diluted basis) having the right, under ordinary circumstances, to vote for the election of directors of the Borrower.
 
(b)            Persons (“Continuing Directors”) who (i) were directors of the Borrower on the first day of any period consisting of twelve (12) consecutive calendar months (the first of which twelve (12) month periods commencing with the first day of the month during which this Agreement was executed), or (ii) subsequently became directors of the Borrower and whose initial election or initial nomination for election subsequent to that date was approved by a majority of the Continuing Directors then on the board of directors of the Borrower cease, for any reason other than death or disability or replacement (in the ordinary course of business and not as a result of any change in the equity ownership of the Borrower), to constitute a majority of the directors of the Borrower.
 
 
“Chattel Paper”: Has the meaning given that term in the UCC.
 
 
“Collateral”: Is defined in Section 8-1.
 
 
 
-7-
 
 
 
 
“Commercial Tort Claim”: Has the meaning given that term in the UCC.
 
 
“Commitment”: Subject to the provisions of Section 2-23, as of the Second Amendment Effective Date, as follows:
 
LENDER
DOLLAR COMMITMENT
COMMITMENT PERCENTAGE
Bank of America, N.A.
$150,000,000.00
100%
 
 
“Commitment Percentage”: As provided in the Definition of “Commitment”, above.
                                                         
 
“Concentration Account”: Is defined in Section 7-3.
 
 
“Consolidated”: With reference to any term defined herein, shall mean that term as applied to the accounts of the Borrower and its Subsidiaries, consolidated in accordance with GAAP.
 
 
“Cost”: The lower of
 
(a)           the calculated cost of purchases, as determined from invoices received by the Borrower, the Borrower’s purchase journal or stock ledger, based upon the Borrower’s accounting practices, known to the Lender, which practices are in effect on the date on which this Agreement was executed; or
 
(b)           the cost equivalent of the lowest ticketed or promoted price at which the subject inventory is offered to the public, after all ▇▇▇▇-▇▇▇▇▇ (whether or not such price is then reflected on the Borrower’s accounting system), which cost equivalent is determined in accordance with the retail method of accounting, reflecting the Borrower’s historic business practices.
 
“Cost” does not include inventory capitalization costs or other non-purchase price charges (such as freight) used in the Borrower’s calculation of cost of goods sold.
 
 
“Cost Factor”: The result of 1 minus the Borrower’s then cumulative markup percent derived from the Borrower’s purchase journal on a rolling 12-month basis.
 
 
“Costs of Collection”: Includes, without limitation, all reasonable attorneys’ fees and reasonable out-of-pocket expenses incurred by the  Lender’s attorneys, and all reasonable costs incurred by the Lender in the administration of the Liabilities and/or the Loan Documents, including, without limitation, reasonable costs and expenses associated with travel on behalf of the Lender, which costs and expenses are directly or indirectly related to or in respect of the Lender’s:  administration and management of the Liabilities (other than customary overhead expenses); negotiation, documentation, and amendment of any Loan Document; or efforts to preserve, protect, collect, or enforce the Collateral, the Liabilities, and/or the Lender’s Rights and Remedies and/or any of the Lender’s rights and remedies against or in respect of any guarantor or other person liable in respect of the Liabilities (whether or not suit is instituted in connection with such efforts).  The Costs of Collection are Liabilities, and at the Lender’s option may bear interest at the highest post-default rate which the Lender may charge the Borrower hereunder as if such had been lent, advanced, and credited by the Lender to, or for the benefit of, the Borrower. Notwithstanding the foregoing, the entitlement of any Lender to “Costs of Collection” is limited to the extent provided in §14-7 hereof.
 
 
 
 
-8-
 
 
 
 
"DDA": Any checking or other demand daily depository account maintained by a Loan Party.
 
 
"Default Interest Event":  The occurrence of any of the following:
 
(a)           The acceleration of the time for payment of the Liabilities upon the occurrence of an Event of Default.
 
(b)           The occurrence of any Event of Default under Sections 10-1, 10-2, 10-11 or 10-12 hereof.
 
(c)The failure of the Borrower to comply with the provisions of Section 5-5(which failure continues for five Business Days), or Sections 5-6 or 5-7 (which failures continue for fifteen (15) Business Days), or Article 7.
 
 
“Deposit Account”: Has the meaning given that term in the UCC.
 
 
"Documents": Has the meaning given that term in the UCC.
 
 
“Documents of Title”: Has the meaning given that term in the UCC.
 
 
“Dollar Commitment”: As provided in the Definition of “Commitment”, above.
 
 
“Eligible Credit Card Receivables”:  As of any date of determination, Accounts due to a Loan Party from VISA, MasterCard, American Express, Diners Club, Discovercard, and other major credit card processors reasonably acceptable to the Lender, in its reasonable discretion, as arise in the ordinary course of business, and which have been earned by performance and are deemed by the Lender in its discretion to be eligible for inclusion in the calculation of the Borrowing Base.  None of the following shall be deemed to be Eligible Credit Card Receivables:
                                                                               
(a)           Accounts that have been outstanding for more than five (5) Business Days from the date of sale;
 
 
 
-9-
 
 
 
(b)           Accounts with respect to which a Loan Party does not have good, valid and marketable title thereto, free and clear of any Lien (other than Liens granted to the Lender);
 
(c)           Accounts that are not subject to a first priority security interest in favor of the Lender;
 
(d)           Accounts which are disputed, are with recourse, or with respect to which a claim, counterclaim, offset or chargeback has been asserted by the related credit card processor (but only to the extent of such dispute, counterclaim, offset or chargeback);
 
(e)           Accounts as to which the credit card processor has the right under certain circumstances to require a Loan Party to repurchase the Accounts from such credit card processor;
 
(f)           Accounts arising from the use of a private label credit card of a Loan Party; or
 
(g)           Accounts (other than VISA, Master Card, American Express, Diners Club and Discovercard) which the Lender determines in its reasonable commercial discretion acting in good faith to be unlikely to be collected.
 
 
“Employee Benefit Plan”: As defined in Section 3(2) of ERISA.
 
 
“Encumbrance”: Each of the following:
 
(a)           Any security interest, mortgage, pledge, hypothecation, lien, attachment, or charge of any kind (including any agreement to give any of the foregoing); the interest of a lessor under a Capital Lease; conditional sale or other title retention agreement; sale (to the extent of recourse) of accounts receivable or chattel paper; or other arrangement pursuant to which any Person is entitled to any preference or priority with respect to the property or assets of another Person or the income or profits of such other Person or which constitutes an interest in property to secure an obligation; each of the foregoing whether consensual or non-consensual and whether arising by way of agreement, operation of law, legal process or otherwise.
 
(b)           The filing of any financing statement under the UCC or comparable law of any jurisdiction.
 
 
“End Date”: The date upon which both (a) all Liabilities (other than indemnities, not then due and payable, which survive repayment of the Revolving Credit Loans and L/Cs and termination of the Commitments) have been paid in full and (b) all obligations of any Lender to make loans and advances and to provide other financial accommodations to the Borrower hereunder shall have been irrevocably terminated.
 
 
 
 
-10-
 
 
 
 
 
“Environmental Laws”: All of the following:
 
(a)           Any and all federal, state, local or municipal laws, rules, orders, regulations, statutes, ordinances, codes, decrees or requirements which regulate or relate to, or impose any standard of conduct or liability on account of or in respect to environmental protection matters, including, without limitation, Hazardous Materials, as are now or hereafter in effect.
 
(b)           The common law relating to damage to Persons or property from Hazardous Materials.
 
 
“Equipment”: Includes, without limitation, “equipment” as defined in the UCC, and also all motor vehicles, rolling stock, machinery, office equipment, plant equipment, tools, dies, molds, store fixtures, furniture, and other goods, property, and assets which are used and/or were purchased for use in the operation or furtherance of the Borrower’s business, and any and all accessions or additions thereto, and substitutions therefor.
 
 
“ERISA”: The Employee Retirement Income Security Act of 1974, as amended.
 
 
“ERISA Affiliate”: Any Person which is under common control with the Borrower within the meaning of Section 4001 of ERISA or is part of a group which includes the Borrower and which would be treated as a single employer under Section 414 of the Internal Revenue Code of 1986, as amended.
 
 
“Eurodollar Business Day”: Any day which is both a Business Day and a day on which the principal Eurodollar market in which Bank of America, N.A. participates is open for dealings in United States Dollar deposits.
 
 
“Eurodollar Loan”: Any Revolving Credit Loan which bears interest at the Adjusted Eurodollar Rate.
 
 
"Eurodollar Rate”: For any Interest Period with respect to a Eurodollar Loan, (a) the rate per annum equal to the rate determined by the Lender to be the offered rate that appears on the page of the Telerate screen (or any successor thereto) that displays an average British Bankers Association Interest Settlement Rate for deposits in dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period, or (b) if the rate referenced in the preceding clause (a) does not appear on such page or service or such page or service shall not be available, the rate per annum equal to the rate determined by the Lender to be the offered rate on such other page or other service that displays an average British Bankers Association Interest Settlement Rate for deposits in dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period, or (c) if the rates referenced in the preceding clauses (a) and (b) are not available, the rate per annum determined by the Lender as the rate of interest at which deposits in dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the Eurodollar Loan being made, continued or converted by Bank of America, N.A. and with a term equivalent to such Interest Period would be offered by Bank of America’s London Branch to major banks in the London interbank eurodollar market at their request at approximately 4:00 p.m. (London time) two Business Days prior to the first day of such Interest Period.
 
 
 
-11-
 
 
 
 
“Events of Default”: Is defined in Article 10.
 
 
“Existing Loan Agreement”: Has the meaning set forth in the Recitals hereto.
 
 
“Federal Funds Effective Rate”: For any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions.
 
 
“Fee Letter”: The letter agreement, dated November 13, 2007, between the Borrower and the Lender with respect to certain fees payable to the Lender in connection with this Agreement..
 
 
“Fixtures”: Has the meaning given that term in the UCC.
 
 
“GAAP”: Principles which are consistent with those promulgated or adopted by the Financial Accounting Standards Board and its predecessors (or successors) in effect and applicable to that accounting period in respect of which reference to GAAP is being made, provided, however, in the event of a Material Accounting Change, then unless otherwise specifically agreed to by the Lender, the Borrower shall include, with its monthly,  quarterly, and annual financial statements a schedule, certified by the Borrower’s chief financial officer, on which the effect of such Material Accounting Change to the statement with which provided shall be described.
 
 
“General Intangibles”: Includes, without limitation, “general intangibles” as defined in the UCC; and also all: rights to payment for credit extended; deposits; amounts due to a Loan Party; credit memoranda in favor of a Loan Party; warranty claims; tax refunds and abatements; insurance refunds and premium rebates; all means and vehicles of investment or hedging, including, without limitation, options, warrants, and futures contracts; records; customer lists; telephone numbers; goodwill; causes of action; judgments; payments under any settlement or other agreement; literary rights; rights to performance; royalties; license and/or franchise fees; rights of admission; licenses; franchises; license agreements, including all rights of a Loan Party to enforce same; permits, certificates of convenience and necessity, and similar rights granted by any governmental authority; patents, patent applications, patents pending, and other intellectual property; internet addresses and domain names; developmental ideas and concepts; proprietary processes; blueprints, drawings, designs, diagrams, plans, reports, and charts; catalogs; manuals; technical data; computer software programs (including the source and object codes therefor), computer records, computer software, rights of access to computer record service bureaus, service bureau computer contracts, and computer data; tapes, disks, semi-conductors chips and printouts; trade secrets rights, copyrights, mask work rights and interests, and derivative works and interests; user, technical reference, and other manuals and materials; trade names, trademarks, service marks, and all goodwill relating thereto; applications for registration of the foregoing; and all other general intangible property of the Loan Parties in the nature of intellectual property; proposals; cost estimates, and reproductions on paper, or otherwise, of any and all concepts or ideas, and any matter related to, or connected with, the design, development, manufacture, sale, marketing, leasing, or use of any or all property produced, sold or leased, by a Loan Party or credit extended or services performed, by a Loan Party, whether intended for an individual customer or the general business of a Loan Party, or used or useful in connection with research by a Loan Party.
 
 
 
 
-12-
 
 
 
 
“Goods”: Has the meaning given that term in the UCC.
 
 
“Guarantor” and “Guarantors”: means individually and collectively AWI, ▇▇▇▇▇’Z, AGC and any other subsidiary of the Borrower which executes and delivers a Guarantor Agreement.
 
 
“Guarantor Agreement”: Each instrument and document executed by a Guarantor of the Liabilities to evidence or secure the Guarantor’s guaranty thereof.
 
 
“Hazardous Materials”: Any (a) hazardous materials, hazardous waste, hazardous or toxic substances, petroleum products, which (as to any of the foregoing) are defined or regulated as a hazardous material in or under any Environmental Law and (b) oil in any physical state.
 
 
“Indebtedness”: All indebtedness and obligations of or assumed by any Person on account of or in respect to any of the following:
 
(a)           In respect of money borrowed (including any indebtedness which is non-recourse to the credit of such Person but which is secured by an Encumbrance on any asset of such Person) whether or not evidenced by a promissory note, bond, debenture or other written obligation to pay money.
 
 
 
-13-
 
 
 
 
(b)           In connection with any letter of credit or acceptance transaction (including, without limitation, the face amount of all letters of credit and acceptances issued for the account of such Person or reimbursement on account of which such Person would be obligated).
 
(c)           In connection with the sale or discount of accounts receivable or chattel paper of such Person other than the sale of retail Accounts to credit card processors.
 
(d)           On account of deposits or advances.
 
(e)           As lessee under Capital Leases.
 
(f)           On account of net obligations under any swap or hedging contract.
 
(g)           With respect to obligations to purchase, redeem, retire, defease or otherwise make any payment in respect of any equity interest in such Person or any other Person, or any warrant, right or option to acquire such equity interest, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends.
 
“Indebtedness” also includes:
 
(x)           Indebtedness of others secured by an Encumbrance on any asset of such Person, whether or not such Indebtedness is assumed by such Person.
 
(y)           Any guaranty, endorsement, suretyship or other undertaking pursuant to which that Person may be liable on account of any Indebtedness of any third party, other than endorsements of negotiable instruments for collection in the ordinary course of business.
 
(z)           The Indebtedness of a partnership or joint venture in which such Person is a general partner or joint venturer to the extent that the holder of such Indebtedness has recourse to such Person.
 
 
“Indemnified Claim”: Is defined in Section 14-11.
 
 
“Indemnified Person”: Is defined in Section 14-11.
 
 
“Instruments”: Has the meaning given that term in the UCC.
 
 
“Interest Payment Date”: With reference to:
 
Each Eurodollar Loan: The last day of the Interest Period relating thereto and, in addition, if such Eurodollar Loan has an Interest Period of greater than three months, the last day of the third month of such Interest Period; the Termination Date; and the End Date.
 
 
 
-14-
 
 
 
Each Base Rate Loan: the first day of each month; the Termination Date; and the End Date.
 

  “Interest Period”: (a) With respect to each Eurodollar Loan: Subject to Subsection (c), below, the period commencing on the date of the making or continuation of, or conversion to, the subject Eurodollar Loan and ending one, two, three or six months thereafter, as the Borrower may elect by notice (pursuant to Section 2-5(a)) to the Lender.

    (b) With respect to each Base Rate Loan: Subject to Subsection (c), below, the period commencing on the date of the making or continuation of or conversion to such Base Rate Loan and ending on that date (i) as of which the subject Base Rate Loan is converted to a Eurodollar Loan, as the Borrower may elect by notice (pursuant to Section 2-5(a)) to the Lender, or (ii) on which the subject Base Rate Loan is paid by the Borrower.
 
    (c) The setting of Interest Periods is in all instances subject to the following:
 
(i)           Any Interest Period for a Base Rate Loan which would otherwise end on a day which is not a Business Day shall be extended to the next succeeding Business Day.
 
(ii)           Any Interest Period for a Eurodollar Loan which would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day, unless that succeeding Business Day is in the next calendar month, in which event such Interest Period shall end on the last Business Day of the month during which the Interest Period ends.
 
(iii)           Subject to Subsection (iv), below, any Interest Period applicable to a Eurodollar Loan, which Interest Period begins on a day for which there is no numerically corresponding day in the calendar month during which such Interest Period ends, shall end on the last Business Day of the month during which that Interest Period ends.
 
(iv)           Any Interest Period which would otherwise end after the Termination Date shall end on the Termination Date.
 
(v)           The number of Interest Periods in effect at any one time is subject to Section 2-10(d) hereof.
 
 
“Inventory”: Includes, without limitation, “inventory” as defined in the UCC and also all:  packaging, advertising, and shipping materials related to any of the foregoing, and all names or marks affixed or to be affixed thereto for identifying or selling the same; Goods held for sale or lease or furnished or to be furnished under a contract or contracts of sale or service by the Borrower, or used or consumed or to be used or consumed in the Borrower’s business; Goods of said description in transit: returned, repossessed and rejected Goods of said description; and all documents (whether or not negotiable) which represent any of the foregoing
 
 
 
-15-
 
 
 
 
“Investment Property”: Has the meaning given that term in the UCC.
 
 
“ISP”: With respect to any L/C, the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance).
 
 
“Issuer”: Bank of America, N.A.
 
 
"▇▇▇▇▇’Z”: ▇▇▇▇▇’Z Surf Co., Inc., a Delaware corporation with an address of 11▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, a wholly owned Subsidiary of the Borrower.
 
 
“L/C”: Any letter of credit, the issuance of which is procured by the Lender for the account of the Borrower and any banker’s acceptance made on account of such letter of credit.
 
 
“Lease”: Any lease or other agreement, no matter how styled or structured, pursuant to which the Borrower is entitled to the use or occupancy of any space.
 
 
“Lender”: Defined in the Preamble to this Agreement.
 
 
“Lender’s Rights and Remedies”: Is defined in Section 11-6.
 
 
“Letter of Credit Rights”: Has the meaning given that term in the UCC and also shall refer to any right to payment or performance under a letter of credit, whether or not the beneficiary has demanded or at the time is entitled to demand payment or performance.
 
 
“Liabilities” (in the singular, “Liability”): Includes, without limitation, all and each of the following, whether now existing or hereafter arising:
 
(a)           Any and all direct and indirect liabilities, debts, and obligations of the Borrower to the Lender, each of every kind, nature, and description under the Loan Documents.
 
(b)           Each obligation to repay any loan, advance, indebtedness, note, obligation, overdraft, or amount now or hereafter owing by the Borrower to the Lender under the Loan Documents (including all future advances whether or not made pursuant to a commitment by the Lender), whether or not any of such are liquidated, unliquidated, primary, secondary, secured, unsecured, direct, indirect, absolute, contingent, or of any other type, nature, or description, or by reason of any cause of action which the Lender may hold against the Borrower under the Loan Documents.
 
 
 
-16-
 
 
 
(c)           All notes and other obligations of the Borrower now or hereafter assigned to or held by the Lender with respect to the Loan Documents, each of every kind, nature, and description.
 
(d)           All interest, fees, and charges and other amounts which may be charged by the Lender to the Borrower under the Loan Documents and/or which may be due from the Borrower to the Lender under the Loan Documents from time to time.
 
(e)           All costs and expenses incurred or paid by the Lender in respect of any of the Loan Documents (including, without limitation, Costs of Collection, reasonable attorneys’ fees, and all court and litigation costs and expenses).
 
(f)           Any and all covenants of the Borrower to or with the  Lender and any and all obligations of the Borrower to act or to refrain from acting in accordance with under Loan Documents.
 
(f)           All obligations on account of Bank Products and Cash Management Services.
 
(g)           Each of the foregoing as if each reference to the “Lender “ therein were to each Affiliate of the Lender.
 
 
"Line (Unused) Fee”: Is defined in Section 2-13.
 
 
“Liquidity Requirement”: With respect to any acquisition or payment, (i) no Suspension Event or Event of Default then exists or would arise from the consummation of the specified transaction and the making of any payments with respect thereto, (ii) the Borrower has furnished the Lender with a pro forma balance sheet, income statement and cash flow statement (including, without limitation, a projection of Availability) for the subsequent 12 month period, after giving effect to the consummation of the specified transaction and the making of any payments with respect thereto; and (iii) the Lender is reasonably satisfied that Availability, after giving effect to such specified transaction and the making of any payments with respect thereto, will be at least equal to 20% of the Borrowing Base for the 12 months following such specified transaction and the making of such payments; and (iv) the Lender is reasonably satisfied that, after giving effect to such specified transaction and the making of any payments with respect thereto, the Borrower will be solvent.
 
 
“Loan Account”: Is defined in Section 2-7.
 
 
“Loan Ceiling”: $150,000,000.00.
 
 
 
-17-
 
 
 
 
 
“Loan Documents”: This Agreement, each instrument and document executed and/or delivered as contemplated by Article 3, below, and each other instrument or document from time to time executed and/or delivered in connection with the arrangements contemplated hereby or in connection with any transaction which arises out of any depository, letter of credit, interest rate protection, foreign exchange or other hedging agreement, or equipment leasing services provided by the Lender or any Affiliate of the  Lender, as each may be amended from time to time.
 
 
 “Loan Party” or “Loan Parties”: individually and collectively the Borrower and each Guarantor.
 
 
“Material Accounting Change”: Any change in GAAP applicable to accounting periods subsequent to the Borrower’s fiscal year most recently completed prior to the execution of this Agreement, which change has a material effect on the Borrower’s financial condition or operating results, as reflected on financial statements and reports prepared by or for the Borrower, when compared with such condition or results as if such change had not taken place.
 
 
“Material Adverse Effect”: A material adverse effect upon (i) the  Loan Parties  business, properties, operations or financial affairs, taken as a whole, or (ii) the Collateral, taken as a whole, or (iii) the ability of the Loan Parties to perform their respective obligations under this Agreement and the other Loan Documents, taken as a whole, or (iv) the validity, enforceability, perfection or priority of this Agreement or the other Loan Documents or of the rights and remedies of the Lender under any Loan Document, taken as a whole.
 
 
“Maturity Date”: November 13, 2012.
 
 
“Operating Account”: Is defined in Section 7-3.
 
 
“Participant”: Is defined in Section 14-14, hereof.
 
 
“Payment Intangibles”:   Has the meaning given that term in the UCC and shall also refer to any General Intangible under which the Account Debtor’s primary obligation is a monetary obligation.
 
 
“Permitted Acquisition”: The investment in, the purchase of stock of, or the purchase of all or a substantial part of the assets or properties of any Person, or the entering into of any transaction, merger (with the Borrower as the surviving entity), consolidation or exchange of securities with any Person, in which each of the following conditions are satisfied:
 
(a)           The type of business of such Person is generally the same type of business (or is included in the types of business) in which the Borrower is engaged or a business reasonably related thereto.
 
 
 
-18-
 
 
 
(b)           Immediately after giving effect to the transaction, the Liquidity Requirement is satisfied.
 
(c)           Prior to and immediately after giving effect to the transaction, no Suspension Event exists or will arise.
 
(d)           The aggregate consideration (exclusive of the value of any common equity of the Borrower issued or delivered in connection with such transaction) however classified, whether cash, property or assumption of Indebtedness, in connection with all such transactions shall not exceed $100,000,000.00 in any fiscal year.
 
(e)           All action required to be undertaken pursuant to Section 4-18(f) by any Subsidiary created in connection with such transaction has been completed to the reasonable satisfaction of the Lender.
 
 
“Permitted Encumbrances”: Those Encumbrances permitted as provided in Section 4-6(a) hereof.
 
 
“Person”: Any natural person, and any corporation, limited liability company, trust, partnership, joint venture, or other enterprise or entity.
 
 
“Prime Rate”: For any day, the higher of: (a) the variable annual rate of interest then most recently announced by Bank of America, N.A. at its head office in Charlotte, North Carolina as its  “Prime Rate”; and (b) the Federal Funds Effective Rate in effect on such day plus ½ of 1% (0.50%) per annum.  The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate being charged to any customer.  If for any reason the Lender shall have determined (which determination shall be conclusive absent manifest error) that it is unable to ascertain the Federal Funds Effective Rate for any reason, including the inability or failure of the Lender to obtain sufficient quotations thereof in accordance with the terms hereof, the Prime Rate shall be determined without regard to clause (b) of the first sentence of this definition, until the circumstances giving rise to such inability no longer exist. Any change in the Prime Rate due to a change in Bank of America’s Prime Rate or the Federal Funds Effective Rate shall be effective on the effective date of such change in Bank of America’s Prime Rate or the Federal Funds Effective Rate, respectively.
 
 
“Proceeds”: Includes, without limitation, “Proceeds” as defined in the UCC (defined below), and each type of property described in Section 8-1 hereof.
 
 
“Receipts”: All cash, cash equivalents, checks, and credit card slips and receipts as arise out of the sale of the Collateral.
 
 
“Receivables Collateral”: That portion of the Collateral which consists of the Loan Parties’ Accounts, Accounts Receivable, General Intangibles for the payment of money, Chattel Paper, Instruments, Investment Property, letters of credit for the benefit of a Loan Party, and bankers’ acceptances held by a Loan Party, and any rights to payment.
 
 
 
-19-
 
 
 
 
"Related Entity": (a) Any corporation, limited liability company, trust, partnership, joint venture, or other enterprise which: is a parent, brother-sister, Subsidiary, or Affiliate, of the Borrower; could have such enterprise’s tax returns or financial statements consolidated with the Borrower’s; could be a member of the same controlled group of corporations (within the meaning of Section 1563(a)(1), (2) and (3) of the Internal Revenue Code of 1986, as amended from time to time) of which the Borrower is a member; controls or is controlled by the Borrower or by any Affiliate of the Borrower.
 
(b)           Any Affiliate.
 
 
"Requirement of Law": As to any Person:
 
(a)           (i)           All statutes, rules, regulations, orders, or other requirements having the force of law and (ii) all court orders and injunctions, arbitrator’s decisions, and/or similar rulings, in each instance ((i) and (ii)) of or by any federal, state, municipal, and other governmental authority, or court, tribunal, governmental panel, or other governmental body which has jurisdiction over such Person, or any property of such Person.
 
(b)           That Person’s charter, certificate of incorporation, articles of organization, and/or other organizational documents, as applicable; and
 
(c) that Person’s by-laws and/or other instruments which deal with corporate or similar governance, as applicable.
 
 
“Reserves”: Without duplication of any other reserves or items that are otherwise addressed or excluded either through eligibility criteria or in the most recent appraisal conducted hereunder by an independent appraiser reasonably satisfactory to the Lender, such reserves as the Lender from time to time determines in its reasonable discretion exercised in good faith as being necessary or appropriate (a) to reflect the impediments to the Lender’s ability to realize upon the Collateral, (b) to reflect costs, expenses and other amounts that the Lender may incur or be required to pay to realize upon the Collateral, including, without limitation, on account of rent, customs and duties and Permitted Encumbrances, (c) to reflect changes in the determination of the saleability, at retail, of Acceptable Inventory, (d) to reflect such other factors as negatively affect the market value of the Acceptable Inventory, (e) on account of gift cards, gift certificates, merchandise credits and customer deposits, (f) Cash Management Reserves, and (g) Bank Product Reserves.
 
 
“Responsible Officer”: means the chief executive officer, chief operating officer, president, chief financial officer, general counsel, chief accounting officer, treasurer, controller, vice president of finance of a Loan Party or any of the other individuals designated in writing to the Lender by an existing Responsible Officer of a Loan Party as an authorized signatory of any certificate or other document to be delivered hereunder.  Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.
 
 
 
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“Revolving Credit”: Is defined in Section 2-1.
 
 
“Revolving Credit Note”: Is defined in Section 2-8.
 
 
“Revolving Credit Loan”: A term of convenience which refers to so much of the unpaid principal balance of the Loan Account as bears the same rate of interest for the same Interest Period.
 
 
“Second Amendment Effective Date”:   The date upon which the conditions precedent set forth in Article 3 hereof have been satisfied or waived and this Agreement has become effective.
 
 
“Secured L/Cs”: L/Cs which have been secured in the manner provided pursuant to Section 2-19 hereof.
 
 
"Seller": Federated Specialty Stores, Inc., an Ohio corporation.
 
 
“Statutory Reserve Rate”: A fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Federal Reserve Board to which the Lender is subject with respect to the Adjusted Eurodollar Rate, for Eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Federal Reserve Board). Such reserve percentages shall include those imposed pursuant to such Regulation D.  Eurodollar Loans shall be deemed to constitute Eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to the Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.
 
 
“Stated Amount”: The maximum amount for which an L/C may be honored.
 
 
“Subordinated Indebtedness”: Indebtedness the payment of principal and interest of which is expressly subordinated in right of payment to the Liabilities, in such form and on such terms (which may include the payment of current interest until the occurrence, and during the continuance, of a Suspension Event) as are reasonably acceptable to the Lender.
 
 
 
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“Subsidiary”: As to any Person, any corporation, association, partnership, limited liability company, joint venture or other business entity of which at least fifty percent (50%) or more of the ordinary voting power (or equivalent interests) for the election of a majority of the board of directors (or other equivalent governing body) of such entity is held or controlled by such Person, or by one or more Subsidiaries of such Person, or by such Person and one or more Subsidiaries of such Person; or which is otherwise controlled by such Person, or by one or more Subsidiaries of such Person, or by such Person and one or more Subsidiaries of such Person through the exercise of voting power or otherwise.
 
 
“Supporting Obligation”: Has the meaning given that term in the UCC and shall also refer to a Letter of Credit Right or secondary obligation that supports the payment or performance of an Account, Chattel Paper, a Document, a General Intangible, an Instrument or Investment Property.
 
 
“Suspension Event”: Any occurrence, circumstance, or state of facts which (a) is an Event of Default, which is continuing; or (b) would become an Event of Default if any requisite notice were given and/or any requisite period of time were to run and such occurrence, circumstance, or state of facts were not absolutely cured within any applicable grace period.
 
 
“Termination Date”: The earliest of (a) the Maturity Date; or (b) the occurrence of any event described in Section 10-12 hereof; or (c) date set by notice by the Lender to the Borrower, which notice sets the Termination Date on account of the occurrence of any Event of Default other than as described in Section 10-12 hereof.
 
 
“Trust Deposit Accounts”:  Depository accounts established by the Loan Parties the proceeds of which are to be utilized solely for the payment of sales taxes, ad valorem taxes, withholding taxes and other similar taxes, and other depository accounts established by the Loan Parties for which such Loan Party is a trustee or other fiduciary for any other Persons.
 
 
“UCC”: The Uniform Commercial Code as presently in effect in Massachusetts, provided, however, that if a term is defined in Article 9 of the Uniform Commercial Code differently than in another Article thereof, the term shall have the meaning set forth in Article 9; providedfurther that, if by reason of mandatory provisions of law, perfection, or the effect of perfection or non-perfection, of a security interest in any Collateral or the availability of any remedy hereunder is governed by the Uniform Commercial Code as in effect in a jurisdiction other than Massachusetts, “Uniform Commercial Code” means the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection or effect of perfection or non-perfection or availability of such remedy, as the case may be.
 
 
“Unreimbursed L/C Obligations”: The then unpaid reimbursement obligations in respect of L/Cs which have been drawn, but which have not been repaid either by an advance under the Revolving Credit in accordance with the provisions of Section 2-17(e) hereof or otherwise.
 
 
 
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Article 2 - The Revolving Credit:
 
2-1. Establishment of  Revolving Credit.
 
(a) The Lender hereby establishes a revolving line of credit (the “Revolving Credit”) in the Borrower’s favor pursuant to which the Lender, subject to, and in accordance with, this Agreement, shall make loans and advances and otherwise provide financial accommodations to and for the account of the Borrower as provided herein, up to the maximum amount of the Lender’s Dollar Commitment; provided that the outstanding amount of Revolving Credit Loans and the Stated Amount of L/Cs shall not at any time in the aggregate exceed the lesser of (A) the Loan Ceiling, or (B) the Borrowing Base.
 
(b) The proceeds of borrowings under the Revolving Credit shall be used solely for working capital and general corporate purposes of the Borrower, including, without limitation, the repurchase of the Borrower’s capital stock, and for its Capital Expenditures, all solely to the extent permitted by this Agreement.
 
2-2. Intentionally Omitted.
 
2-3. Intentionally Omitted.
 
2-4. Risks of Value of Collateral»
 
.           The Lender’s reference to a given asset in connection with the making of loans, credits, and advances and the providing of financial accommodations under the Revolving Credit and/or the monitoring of compliance with the provisions hereof shall not be deemed a determination by the Lender relative to the actual value of the asset in question.  All risks concerning the collectability of the Borrower’s Accounts and the saleability of the Borrower’s Inventory are and remain upon the Borrower.  All Collateral secures the prompt, punctual, and faithful performance of the Liabilities whether or not relied upon by the Lender in connection with the making of loans, credits, and advances and the providing of financial accommodations under the Revolving Credit.
 
2-5. Loan Requests.
 
(a) Subject to the provisions of this Agreement, a loan or advance under the Revolving Credit duly and timely requested by the Borrower shall be made pursuant hereto, provided that:
 
(i) Availability will not be exceeded;
 
(ii) If Aggregate Outstandings exceed $75,000,000, no loans, advances or other financial accommodations shall be made if as a result thereof the Aggregate Outstandings would exceed $100,000,000 until such time as the Lender has completed, and received the results of a commercial finance audit and inventory appraisal in accordance with the provisions of Section 5-10 hereof.
 
 
 
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(iii) The Revolving Credit has not been suspended as provided in Section 2-5(h).
 
(b) Requests for loans and advances under the Revolving Credit may be requested by the Borrower in such manner as may from time to time be reasonably acceptable to the Lender.
 
(c) Subject to the provisions of this Agreement, the Borrower may request a Revolving Credit Loan and elect an interest rate and Interest Period to be applicable to that Revolving Credit Loan by giving the Lender notice no later than the following:
 
(i) If such Revolving Credit Loan is or is to be converted to a Base Rate Loan: By 1:00 PM on the Business Day on which the subject Revolving Credit Loan is to be made or is to be so converted.  Base Rate Loans requested by the Borrower, other than those resulting from the conversion of a Eurodollar Loan, shall not be less than $10,000.00 (or the then Availability if less than $10,000.00).
 
(ii) If such Revolving Credit Loan is, or is to be continued as, or converted to, a Eurodollar Loan: By 1:00 PM two (2) Eurodollar Business Days before the end of the then applicable Interest Period.  Eurodollar Loans and conversions to Eurodollar Loans shall each be not less than $1,000,000.00 and in increments of $1,000,000.00 in excess of such minimum.
 
(iii) Any Eurodollar Loan which matures while a Suspension Event is extant shall be converted, at the option of the Lender to a Base Rate Loan notwithstanding any notice from the Borrower that such Loan is to be continued as a Eurodollar Loan.
 
(d) Any request for a Revolving Credit Loan or for the conversion of a Revolving Credit Loan which is made after the applicable deadline therefor, as set forth above, shall be deemed to have been made at the opening of business on the then next Business Day or Eurodollar Business Day, as applicable.  Each request for a Revolving Credit Loan or for the conversion of a Revolving Credit Loan shall be made in such manner as may from time to time be reasonably acceptable to the Lender
 
(e) The Borrower may request that the Lender cause the issuance of L/C’s for the account of the Borrower as provided in Section 2-17.
 
(f) The Lender may rely on any request for a loan or advance, or other financial accommodation under the Revolving Credit which the Lender, in good faith, reasonably believes to have been made by a Person duly authorized to act on behalf of the Borrower and may decline to make any such requested loan or advance, or issuance, or to provide any such financial accommodation pending the Lender’s being furnished with such documentation concerning that Person’s authority to act as may be reasonably satisfactory to the Lender.
 
(g) A request by the Borrower for loan or advance, or other financial accommodation under the Revolving Credit shall be irrevocable and shall constitute certification by the Borrower that as of the date of such request, each of the following is true and correct:
 
 
 
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(i) There has been no material adverse change in the Borrower’s financial condition from the most recent financial information furnished to the Lender pursuant to this Agreement.
 
(ii) All or a portion of any loan or advance so requested will be set aside by the Borrower to cover all of the Borrower’s obligations for sales tax on account of sales since the then most recent borrowing pursuant to the Revolving Credit.
 
(iii) Each representation which is made herein or in any of the Loan Documents (defined below) is then true and complete in all material respects as of and as if made on the date of such request (other than those which are as of a specific date, in which case such representation was true and complete in all material respects as of such date).
 
(iv) No Suspension Event is then extant.
 
(h) Upon the occurrence, and during the continuance, from time to time of any Suspension Event:
 
(i) The Lender may suspend the Revolving Credit immediately.
 
(ii) The Lender shall not be obligated, during such suspension, to make any loans or advance, or to provide any financial accommodation hereunder or to seek the issuance of any L/C.
 
(iii) The Lender may suspend the right of the Borrower to request any Eurodollar Loan or to convert any Base Rate Loan to a Eurodollar Loan.
 
2-6. Making of Loans Under Revolving Credit.
 
(a) A loan or advance under the Revolving Credit  shall be made by the transfer of the proceeds of such loan or advance to the Operating Account or as otherwise instructed by the Borrower.
 
(b) A loan or advance shall be deemed to have been made under the Revolving Credit (and the Borrower shall be indebted to the Lender for the amount thereof immediately) at the following:
 
(i) The Lender’s initiation of the transfer of the proceeds of such loan or advance in accordance with the Borrower’s instructions (if such loan or advance is of funds requested by the Borrower).
 
(ii) The charging of the amount of such loan to the Loan Account (in all other circumstances).
 
(c) There shall not be any recourse to or liability of the Lender, on account of:
 
 
 
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(i) Any delay in the making of any loan or advance requested under the Revolving Credit unless due to the Lender’s gross negligence or willful misconduct.
 
(ii) Any delay in the proceeds of any such loan or advance constituting collected funds.
 
(iii) Any delay in the receipt, and/or any loss, of funds which constitute a loan or advance under the Revolving Credit, the wire transfer of which was properly initiated by the Lender in accordance with wire instructions provided to the Lender by the Borrower.
 
2-7. The Loan Account.
 
(a) An account (“Loan Account”) shall be opened on the books of the Lender. A record may be kept in the Loan Account of all loans made under or pursuant to this Agreement and of all payments thereon.
 
(b) The Lender may also keep a record (either in the Loan Account or elsewhere, as the Lender may from time to time elect) of all interest, fees, service charges, costs, expenses, and other debits owed the Lender on account of the Liabilities and of all credits against such amounts so owed.
 
(c) All credits against the Liabilities shall be conditional upon final payment to the Lender of the items giving rise to such credits.  The amount of any item credited against the Liabilities which is charged back against the Lender for any reason or is not so paid shall be a Liability and shall be added to the Loan Account, whether or not the item so charged back or not so paid is returned.
 
(d) Except as otherwise provided herein, all fees, service charges, costs, and expenses for which the Borrower is obligated hereunder are payable on demand.
 
(e) The Lender, without the request of the Borrower, may advance under the Revolving Credit any interest, fee, service charge, or other payment to which the Lender is entitled from the Borrower pursuant hereto and may charge the same to the Loan Account notwithstanding that such amount so advanced may result in Availability’s being exceeded.  Such action on the part of the Lender shall not constitute a waiver of the Lender’s rights and Borrower’s obligations under Section 2-9(b). Any amount which is added to the principal balance of the Loan Account as provided in this Section 2-7(e) shall bear interest, subject to Section 2-10(f), at the Prime Rate.
 
(f) Absent manifest error, any statement rendered by the Lender to the Borrower concerning the Liabilities shall be considered correct and accepted by the Borrower and shall be conclusively binding upon the Borrower unless the Borrower provides the Lender with written objection thereto within sixty (60) days from the receipt of such statement, which written objection shall indicate, with particularity, the reason for such objection.  The Loan Account and the Lender’s books and records concerning the loan arrangement contemplated herein and the Liabilities shall be prima facie evidence and proof of the items described therein.
 
 
 
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2-8. The Revolving Credit Notes»
 
.  The obligation to repay loans and advances under the Revolving Credit, with interest as provided herein, shall be evidenced by a promissory note (a “Revolving Credit Note”) in the form of EXHIBIT 2-8, annexed hereto, executed by the Borrower.  Neither the original nor a copy of the Revolving Credit Note shall be required, however, to establish or prove any Liability.  In the event that the Revolving Credit Note is ever lost, mutilated, or destroyed, upon receipt of an indemnification with respect to the lost Revolving Credit Note from the Lender in form and substance reasonably satisfactory to the Borrower and the Lender, the Borrower shall execute a replacement thereof and deliver such replacement to the Lender.
 
2-9. Payment of The Loan Account.
 
(a) The Borrower may repay all or any portion of the principal balance of the Loan Account from time to time until the Termination Date. Such payments shall be applied first to Base Rate Loans and only then to Eurodollar Loans.
 
(b) The Borrower, without notice or demand from the Lender, shall pay the Lender that amount, from time to time, which is necessary so that the unpaid balance of the Loan Account does not exceed Availability. Such payments shall be applied first to Base Rate Loans and only then to Eurodollar Loans.
 
(c) Subject to the provisions of Section 7-5(c) hereof, the Lender shall endeavor to cause those applications of payments (if any), pursuant to Sections 2-9(a) and 2-9(b) against Eurodollar Loans then outstanding in such manner as results in the least cost to the Borrower, but shall not have any affirmative obligation to do so nor liability on account of the Lender’s failure to have done so.  In no event shall action or inaction taken by the Lender excuse the Borrower from any indemnification obligation under Section 2-9(e).
 
(d) The Borrower shall repay the then entire unpaid balance of the Loan Account and all other Liabilities on the Termination Date.
 
(e) The Borrower shall indemnify the Lender and hold the Lender harmless from and against any loss, cost or expense (excluding loss of anticipated profits) which the Lender may sustain or incur (including, without limitation, by virtue of acceleration after the occurrence of any Event of Default) as a consequence of the following:
 
(i) Default by the Borrower in payment of the principal amount of or any interest on any Eurodollar Loan as and when due and payable, including any such loss or expense arising from interest or fees payable by the Lender to lenders of funds obtained by it in order to maintain its Eurodollar Loans.
 
(ii) Default by the Borrower in making a borrowing or conversion after the Borrower has given (or is deemed to have given) a request for a Revolving Credit Loan or a request to convert a Revolving Credit Loan from one applicable interest rate to another.
 
(iii) The making of any payment on a Eurodollar Loan or the making of any conversion of any such Loan to a Base Rate Loan on a day that is not the last day of the applicable Interest Period with respect thereto, including interest or fees payable by the Lender to lenders of funds obtained by it in order to maintain any such Loans as “breakage fees” (so-called).
 
 
 
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2-10. Interest Rates.
 
(a) Each Revolving Credit Loan shall bear interest at the Prime Rate plus the Applicable Margin for Base Rate Loans unless timely notice is given (as provided in Section 2-5(a)) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a Eurodollar Loan.
 
(b) Each Revolving Credit Loan which consists of a Eurodollar Loan shall bear interest at the Adjusted Eurodollar Rate plus the Applicable Margin for Eurodollar Loans.
 
(c) Subject to the provisions hereof, the Borrower, by notice to the Lender, may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Prime Rate or the Adjusted Eurodollar Rate as specified from time to time by the Borrower.
 
(d) The Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Prime Rate, there are more than six (6) Interest Periods for Eurodollar Loans applicable to the Revolving Credit Loans at any one time.
 
(e) The Borrower shall pay accrued and unpaid interest on each Revolving Credit Loan in arrears as follows:
 
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
 
(ii) On the Termination Date and on the End Date.
 
(iii) Following the occurrence, and during the continuance, of any Event of Default, with such frequency as may be determined by the Lender.
 
(f) Following the occurrence, and during the continuance, of any Default Interest Event (and whether or not the Lender exercises the Lender’s rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Lender, at a rate which is the aggregate of the interest rate then in effect plus two percent (2%) per annum.
 
(g) All computations of interest for Base Rate Loans shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed.  All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year).
 
2-11. Additional Fees.
 
 
 
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In addition to any other fee paid by Borrower on account of the Revolving Credit, the Borrower shall pay the Lender a Line (Unused) Fee (so referred to herein) in arrears, on the first day of each month, commencing with the first month immediately following the Second Amendment Effective Date (and on the Termination Date).  The Line (Unused) Fee shall be equal to Applicable Margin for Line (Unused) Fee per annum multiplied by the difference during the month just ended (or relevant period with respect to the payment being made on the Termination Date) between Loan Ceiling and the Average Outstandings.
 
2-12. Intentionally Omitted.
 
2-13. Line (Unused Fee).
 
In addition to any other fee paid by Borrower on account of the Revolving Credit, the Borrower shall pay the Lender a Line (Unused) Fee (so referred to herein) in arrears, on the first day of each month, commencing with the first month immediately following the Second Amendment Effective Date (and on the Termination Date).  The Line (Unused) Fee shall be equal to Applicable Margin for Line (Unused) Fee per annum multiplied by the difference during the month just ended (or relevant period with respect to the payment being made on the Termination Date) between Loan Ceiling and the Average Outstandings.
 
2-14. Intentionally Omitted
 
2-15. Concerning Fees.
 
The Borrower shall not be entitled to any credit, rebate or repayment of the Commitment Fee, Line (Unused) Fee or other fee previously earned by the Lender pursuant to this Agreement notwithstanding any termination of this Agreement or suspension or termination of the Lender’s obligation to make loans and advances hereunder.
 
2-16. Lender’s Discretion.
 
Each reference in the Loan Documents to the exercise of discretion or the like by the Lender shall be to its exercise of its reasonable judgement, in good faith, based upon the Lender’s consideration of any such factor as the Lender reasonably deems appropriate.
 
2-17. Procedures For Issuance of L/C’s.
 
(a) The Borrower may request that the Lender cause the issuance of L/C’s for the account of the Borrower.  Each such request shall be in such manner as may from time to time be acceptable to the Lender.
 
(b) Subject to the provisions of Section 2.5(a)(ii), the Lender will endeavor to cause the issuance of any L/C so requested by the Borrower, provided that, at the time that the request is made, the Revolving Credit has not been suspended as provided in Section 2-5(h) and if so issued:
 
(i) The aggregate Stated Amount of all L/C’s then outstanding, does not exceed Forty Million Dollars and No Cents ($40,000,000.00).
 
 
 
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(ii) The expiry of the L/C is not later than the Maturity Date.
 
(iii) Availability would not be exceeded.
 
(iv) Intentionally Omitted.
 
(c) The Borrower shall execute such documentation to apply for and support the issuance of an L/C as may be reasonably required by the Issuer.
 
(d) There shall not be any recourse to, nor liability of, the Lender on account of
 
(i) Any delay by an Issuer to issue an L/C;
 
(ii) Any action or inaction of an Issuer on account of or in respect to, any L/C.
 
(e) The Borrower shall reimburse the Issuer for the amount of any drawing under an L/C on the same Business Day of such drawing.  The Lender, without the request of the Borrower, may advance under the Revolving Credit (and charge to the Loan Account) the amount of any honoring of any L/C and other amount for which the Borrower, the Issuer, or the Lenders become obligated on account of, or in respect to, any L/C.  Such advance shall be made whether or not a Suspension Event is then extant or such advance would result in Availability’s being exceeded.  Such action shall not constitute a waiver of the Lender’s rights under Section 2-9(b) hereof.
 
2-18. Fees For L/C’s.
 
(a) The Borrower shall pay to the Lender a fee, on account of L/C’s, the issuance of which had been procured by the Lender, monthly in arrears, and on the Termination Date and on the End Date, equal to the following per annum percentages of the average face amount of the following categories of Letters of Credit outstanding during the three month period then ended:
 

(i) Standby Letters of Credit: At a per annum rate equal to the then Applicable Margin for Eurodollar Loans;
 
(ii) Commercial Letters of Credit: At a per annum rate equal to fifty percent (50%) of the then Applicable Margin for Eurodollar Loans.
 
(iii) After the occurrence and during the continuance of an Event of Default, effective upon written notice from the Lender, the L/C fees shall be increased by an amount equal to two percent (2%) per annum.
 
(b) In addition to the fee to be paid as provided in Subsection 2-18(a), above, the Borrower shall pay to the Lender (or to the Issuer, if so requested by Lender), on demand, all issuance, processing, negotiation, amendment, and administrative fees and other amounts charged by the Issuer on account of, or in respect to, any L/C.
 
 
 
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2-19. Cash Collateralization of L/Cs.
 
(a) With respect to L/Cs with a scheduled expiry after the Maturity Date, thirty (30) days prior to the Maturity Date, and
 
(b)           with respect to all L/Cs, upon the Lender’s request after the occurrence, and during the continuance, of any Event of Default hereunder,
 
the Borrower shall deposit in an account with the Lender, an amount in cash equal to 103% of the then Stated Amount of all outstanding L/Cs.  Such deposit shall be held by the Lender as collateral for the payment and performance of the Liabilities.  The Lender shall have the exclusive dominion and control over such account.  Such deposits shall not bear interest.  Monies in such account shall be automatically applied by the Lender to reimburse the Issuer for any honoring of any L/Cs, together with any other amounts owed to the Issuer, and after all L/Cs have been so reimbursed or otherwise expired, any remaining balance shall be applied in reduction of the Liabilities.  In lieu of depositing such cash with the Lender the Borrower may furnish the Lender, with a so-called “back-to-back” letter of credit in form and substance and issued by a bank reasonably satisfactory to the Lender in its sole and absolute discretion, in an amount equal to 103% of the then Stated Amount of all outstanding L/Cs.  Drawings under such “back-to-back” letters of credit shall be applied by the Lender to the Liabilities in the manner set forth above with respect to the cash collateral account.  If no Event of Default then exists, the cash collateral deposited with the Lender and/or the amount of the “back-to-back” letters of credit may be reduced by an amount equal to any reduction from time to time in the Stated Amount of all outstanding L/Cs (other than on account of drawings thereunder).
 
2-20. Concerning L/C’s.
 
(a) None of the Issuer, the Issuer’s correspondents, or any advising, negotiating, or paying bank with respect to any L/C shall be responsible in any way for:
 
(i) The performance by any beneficiary under any L/C of that beneficiary’s obligations to the Borrower.
 
(ii) The form, sufficiency, correctness, genuineness, authority of any person signing; falsification; or the legal effect of; any documents called for under any L/C if (with respect to the foregoing) such documents on their face appear to be in order, except to the extent that such Issuer, Issuer’s correspondents, or advising, negotiating, or paying bank has actual knowledge of any of the foregoing.
 
(b) The Issuer may honor, as complying with the terms of any L/C and of any drawing thereunder, any drafts or other documents otherwise in order, but signed or issued by an administrator, executor, conservator, trustee in bankruptcy, debtor in possession, assignee for the benefit of creditors, liquidator, receiver, or other legal representative of the party authorized under such L/C to draw or issue such drafts or other documents.
 
 
 
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(c) Unless otherwise agreed to, in the particular instance, the Borrower hereby authorizes any Issuer to:
 
(i) Select an advising bank, if any.
 
(ii) Select a paying bank, if any.
 
(iii) Select a negotiating bank.
 
(d) All directions, correspondence, and funds transfers relating to any L/C are at the risk of the Borrower.  The Issuer shall have discharged the Issuer’s obligations under any L/C which, or the drawing under which, includes payment instructions, by the initiation of the method of payment called for in, and in accordance with, such instructions (or by any other commercially reasonable and comparable method). Neither the Lender nor the Issuer shall have any responsibility for any inaccuracy, interruption, error, or delay in transmission or delivery by post, telegraph or cable, or for any inaccuracy of translation, except for their gross negligence or willful misconduct.
 
(e) The Lender’s, and the Issuer’s rights, powers, privileges and immunities specified in or arising under this Agreement are in addition to any heretofore or at any time hereafter otherwise created or arising, whether by statute or rule of law or contract.
 
(f) Except to the extent otherwise expressly provided hereunder or agreed to in writing by the Issuer and the Borrower, (i) the rules of the ISP shall apply to each standby L/C, and (ii) the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance shall apply to each commercial L/C.
 
(g) If any change in any law, executive order or regulation, or any directive of any administrative or governmental authority (whether or not having the force of law), or in the interpretation thereof by any court or administrative or governmental authority charged with the administration thereof, shall either:
 
(i) impose, modify or deem applicable any reserve, special deposit or similar requirements against letters of credit heretofore or hereafter issued by any Issuer or with respect to which the Lender, any or any Issuer has an obligation to lend to fund drawings under any L/C; or
 
(ii) impose on any Issuer any other condition or requirements relating to any such letters of credit;
 
and the result of any event referred to in Section 2-20(g)(i) or 2-20(g)(ii), above, shall be to increase the cost to any Issuer of issuing or maintaining any L/C (which increase in cost shall be the result of such Issuer’s reasonable allocation among that Issuer’s letter of credit customers of the aggregate of such cost increases resulting from such events), then, upon demand by the Lender and delivery by the Lender to the Borrower of a certificate of an officer of the subject Issuer describing such change in law, executive order, regulation, directive, or interpretation thereof, its effect on such Issuer, and the basis for determining such increased costs and their allocation, the Borrower shall immediately pay to the Lender, from time to time as specified by the Lender, such amounts as shall be sufficient to compensate such Issuer for such increased cost;  provided that the Borrower shall not be obligated to make payment of such amounts which arise from transactions which occurred more than ninety (90) Business Days prior to the Lender’s furnishing notice hereunder.   Any Issuer’s determination of costs incurred under Section 2-20(g)(i) or 2-20(g)(ii), above, and the allocation, if any, of such costs among the Borrower and other letter of credit customers of such Issuer, if done in good faith and made on an equitable basis and in accordance with such officer’s certificate, shall be conclusive and binding on the Borrower, absent manifest error.
 
 
 
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(h) The obligations of the Borrower under this Agreement with respect to L/C’s are absolute, unconditional, and irrevocable and shall be performed strictly in accordance with the terms hereof under all circumstances, whatsoever including, without limitation, the following:
 
(i) Any lack of validity or enforceability or restriction, restraint, or stay in the enforcement of this Agreement, any L/C, or any other agreement or instrument relating thereto.
 
(ii) Any amendment or waiver of, or consent to the departure from, any L/C.
 
(iii) The existence of any claim, set-off, defense, or other right which the Borrower may have at any time against the beneficiary of any L/C.
 
2-21. Changed Circumstances.
 
(a) The Lender may give the Borrower notice of the occurrence of the following:
 
(i) The Lender shall have determined in good faith (which determination shall be final and conclusive) on any day on which the rate for a Eurodollar Loan would otherwise be set, that adequate and fair means do not exist for ascertaining such rate.
 
(ii) The Lender shall have determined in good faith (which determination shall be final and conclusive) that:
 
(A) The continuation of or conversion of any Revolving Credit Loan to a Eurodollar Loan has been made impracticable or unlawful by the occurrence of a contingency that materially and adversely affects the applicable market or compliance by the Lender in good faith with any applicable law or governmental regulation, guideline or order or interpretation or change thereof by any governmental authority charged with the interpretation or administration thereof or with any request or directive of any such governmental authority (whether or not having the force of law).
 
 
 
 
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(B) The indices on which the interest rates for Eurodollar Loans are based shall no longer represent the effective cost to the Lender for U.S. dollar deposits in the interbank market for deposits in which it regularly participates.
 
(b) In the event that the Lender gives the Borrower notice of an occurrence described in Section 2-21(a), then, until the Lender notifies the Borrower that the circumstances giving rise to such notice no longer apply:
 
(i) The obligation of the Lender to make Eurodollar Loans of the type affected by such changed circumstances or to permit the Borrower to select the affected interest rate as otherwise applicable to any Revolving Credit Loans shall be suspended.
 
(ii) Any notice which the Borrower had given the Lender with respect to any Eurodollar Loan, the time for action with respect to which has not occurred prior to the Lender’s having given notice pursuant to Section 2-21(a), shall be deemed to be a request for a Base Rate Loan.
 
(c) Notwithstanding the foregoing, the Lender agrees to use its reasonable efforts (consistent with its internal policy and legal and regulatory restrictions and so long as such efforts would not be disadvantageous to it, in its reasonable discretion, in any legal, economic or regulatory manner) to designate a different lending office if the making of such designation would allow the Lender or its lending office to continue to make Eurodollar Loans.
 
2-22. Increased Costs»
 
.  If there is adopted after the date hereof any requirement of law, or if there is any new interpretation or application of any law after the date hereof by any court or by any governmental or other authority or entity charged with the administration thereof, whether or not having the force of law, which:
 
(a) subjects the Lender to any taxes or changes the basis of taxation, or increases any existing taxes, on payments of principal, interest or other amounts payable by the Borrower to the Lender under this Agreement (except for taxes on the Lender’s overall net income or capital imposed by the jurisdiction in which the Lender’s principal or lending offices are located or in which the Lender is organized);
 
(b) imposes, modifies or deems applicable any reserve, cash margin, special deposit or similar requirements against assets held by, or deposits in or for the account of or loans by or any other acquisition of funds by the relevant funding office of the Lender;
 
(c) imposes on the Lender any other condition with respect to any Loan Document; or
 
(d) imposes on the Lender a requirement to maintain or allocate capital in relation to the Liabilities;
 
and the result of any of the foregoing, in the Lender’s reasonable opinion, is to increase the cost to the Lender of making or maintaining any loan, advance or financial accommodation or to reduce the income receivable by the Lender in respect of any loan, advance or financial accommodation by an amount which the Lender deems to be material, then upon the Lender’s giving written notice thereof to the Borrower (such notice to set out in reasonable detail the facts giving rise to and a summary calculation of such increased cost or reduced income), the Borrower shall forthwith pay to the Lender, upon receipt of such notice, that amount which shall compensate the Lender for such additional cost or reduction in income, provided that the Borrower shall not be obligated to make payment of such amounts which arise from transactions which occurred more than ninety (90) Business Days prior to the Lender’s furnishing notice hereunder.
 
 
 
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Notwithstanding the foregoing, the Lender agrees to use its reasonable efforts (consistent with its internal policy and legal and regulatory restrictions and so long as such efforts would not be disadvantageous to it, in its reasonable discretion, in any legal, economic or regulatory manner) to designate a different lending office if the making of such designation would allow the Lender or its lending office to avoid the imposition of such increased costs.
 
2-23. Lender’s Commitments.
 
(a) The Dollar Commitments, Commitment Percentages, and identities of the Lenders (but not the overall Commitment) may be changed, from time to time by the  assignment of Dollar Commitments and Commitment Percentages with other Persons who determine to become “Lenders”, provided, however, that
 
(i) Unless an Event of Default has occurred and is continuing (in which event, no consent of the Borrower is required) any assignment (other than an assignment to a then Lender) shall be subject to the prior consent of the Borrower (not to be unreasonably withheld), which consent will be deemed given unless the Borrower provides the Lender with written objection, not more than five (5) Business Days after the Lender shall have given the Borrower written notice of a proposed assignment).
 
(ii) Any such assignment or reallocation shall be on a pro-rata basis such that each reallocated or assigned Dollar Commitment to any Person remains the same percentage of the overall Commitment (in terms of dollars) as the reallocated Commitment Percentage is to such Person.
 
(iii) No such assignment shall be in an amount less than Ten Million Dollars ($10,000,000.00), or, if less, the total Dollar Commitment of such assigning Lender.
 
(b) Upon written notice given the Borrower from time to time by the Lender, of any assignment or allocation referenced in Section 2-23(a):
 
(i) The Borrower shall execute replacement one or more Revolving Credit Notes to reflect such changed Dollar Commitments, Commitment Percentages, and identities and shall deliver such replacement Revolving Credit Notes to the Lender (which promptly thereafter shall deliver to the Borrower the Revolving Credit Notes so replaced) provided however, in the event that a Revolving Credit Note is to be exchanged following its acceleration or the entry of an order for relief under the Bankruptcy Code with respect to the Borrower, the Lender, in lieu of causing the Borrower to execute one or more new Revolving Credit Notes, may issue the Lender’s Certificate confirming the resulting Commitments and Commitment Percentages.
 
 
 
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(ii) Such change shall be effective from the effective date specified in such written notice and any Person added as a Lender shall have all rights and privileges of a Lender hereunder thereafter as if such Person had been a signatory to this Agreement and any other Loan Document to which a Lender is a signatory and any person removed as a Lender shall be relieved of any obligations or responsibilities of a Lender hereunder thereafter.
 
(iii) The Borrower shall maintain a register identifying the Lenders from time to time.
 
(c) Intentionally Omitted.
 
Article 3 - Conditions Precedent:
 
3-1. As a condition to the effectiveness of this Agreement, the establishment of the Revolving Credit, and the making of the first loan under the Revolving Credit, each of the documents respectively described in Sections 3-2 through and including 3-5, (each in form and substance reasonably satisfactory to the Lender) shall have been delivered to the Lender, and the conditions respectively described in Sections 3-6 through and including 3-15, shall have been satisfied:
 
3-2. Corporate Due Diligence.
 
(a) A Certificate of corporate good standing issued by the Secretary of State of each State in which a Loan Party is organized.
 
(b) Certificates of due qualification, in good standing, issued by the Secretary(ies) of State of each State in which the nature of a Loan Party’s business conducted or assets owned would reasonably be expected to require such qualification.
 
(c) A Certificate of each Loan Party’s Secretary of the due adoption, continued effectiveness, and setting forth the texts of, each corporate resolution adopted in connection with the establishment of the loan arrangement contemplated by the Loan Documents and attesting to the true signatures of each Person authorized as a signatory to any of the Loan Documents.
 
3-3. Opinion. An opinion of counsel to the Loan Parties in form and substance reasonably satisfactory to the Lender.
 
3-4. Additional Documents.Such additional instruments and documents as the Lender or its counsel reasonably may require or request.
 
3-5. Officers’ Certificates.  Certificates executed by the President and the Chief Financial Officer of the Borrower and stating that the representations and warranties made by the Loan Parties to the Lender in the Loan Documents are true and complete in all material respects as of the date of such Certificate, and that no event has occurred which is or which, solely with the giving of notice or passage of time (or both) would be an Event of Default.
 
 
 
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3-6. Representations and Warranties.  Each of the representations made by or on behalf of the Loan Parties in this Agreement or in any of the other Loan Documents or in any other report, statement, document, or paper provided by or on behalf of a Loan Party shall be true and complete in all material respects as of the date as of which such representation or warranty was made.
 
3-7. Borrowing Base Certificate.  The Lender shall have received a Borrowing Base Certificate dated the Closing Date, relating to the month ended on October 31, 2007, and executed by a Responsible Officer of the Borrower.
 
3-8. All Fees and Expenses Paid.  All fees due at or immediately after the first funding under the Revolving Credit and all costs and expenses reasonably incurred by the Lender in connection with the establishment of the credit facility contemplated hereby (including the reasonable fees and expenses of counsel to the Lender) shall have been paid (to the extent then invoiced).
 
3-9. Financial Projections.  The Lender shall have received and be satisfied with a detailed forecast for the period commencing on the Closing Date through the fiscal year ending on or about January 31, 2009, which shall include an Availability model, Consolidated income statement, balance sheet, and statement of cash flow, by quarter, each prepared in conformity with GAAP and consistent with the Borrower’s current practices.
 
3-10. Borrower’s Assets.  The Lender shall have received a copy of the results of the Loan Parties’ most recent physical inventory and such results shall be reasonably satisfactory to the Lender.  In addition, the Lender shall be reasonably satisfied that the inventory of each Loan Party is located at such places or is in transit to such Loan Party and is in the amounts and of the quality and value previously represented by the Borrower to the Lender and the Lender shall have received such reports, material and other information concerning the inventory and the Loan Parties’ suppliers as shall reasonably satisfy the Lender in its sole discretion.
 
3-11. Lien Search.  The Lender shall have received results of searches or other evidence satisfactory to the Lender (in each case dated as of a date reasonably satisfactory to the Lender) indicating the absence of liens on the assets of the Loan Parties, except for Permitted Encumbrances and liens for which termination statements and releases reasonably satisfactory to the Lender are being tendered concurrently with the establishment of the Revolving Credit.
 
3-12. Perfection of Collateral.  The Lender shall have filed all such financing statements and given all such notices as may be necessary for the Lender to perfect its security interest in such of the Collateral as to which the Lender determines to perfect its security interests and to assure its first priority status (subject only to Permitted Encumbrances).
 
3-13. Insurance.  The Lender shall be reasonably satisfied with the Loan Parties’ insurance arrangements and shall have received all documentation requested in connection with such insurance including, documentation naming the Lender as “loss payee” under each policy.
 
 
 
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3-14. No Suspension Event.  No Suspension Event shall then exist.
 
3-15. No Adverse Change.  No event shall have occurred or failed to occur, which occurrence or failure reasonably would be expected to have a Material Adverse Effect.
 
3-16. Execution and Delivery of Agreement.  This Agreement shall have been duly executed and delivered by the parties hereto, and shall be in full force and effect and shall be in form and substance satisfactory to the Lender.
 
No document shall be deemed delivered to the Lender until received and accepted by the Lender at its head offices in Boston, Massachusetts.  Under no circumstances will this Agreement take effect until executed and accepted by the Lender at said head office.
 
Article 4 - General Representations, Covenants and Warranties:
 
To induce the Lender to establish the loan arrangement contemplated herein and to make loans and advances and to provide financial accommodations under the Revolving Credit (each of which loans shall be deemed to have been made in reliance thereupon), the Borrower, in addition to all other representations, warranties, and covenants made by the Borrower in any other Loan Document, makes those representations, warranties, and covenants included in this Agreement.
 
4-1. Payment and Performance of Liabilities.  The Borrower shall pay each Liability when due (or when demanded if payable on demand) and shall promptly, punctually, and faithfully perform each other Liability.
 
4-2. Due Organization - Corporate Authorization - No Conflicts.
 
(a) Each Loan Party presently is and shall hereafter remain in good standing in its State of organization and each is and shall hereafter remain duly qualified and in good standing in every other State in which, by reason of the nature or location of the Loan Parties’ assets or operation of the Loan Parties’ business, such qualification is necessary, except where the failure to so qualify would not have a Material Adverse Effect.
 
(b) Each Related Entity as of the date hereof is listed on EXHIBIT 4-2, annexed hereto.  Each Subsidiary is and shall hereafter remain in good standing in the State in which incorporated and is and shall hereafter remain duly qualified in which other State in which, by reason of that entity’s assets or the operation of such entity’s business, such qualification may be necessary, except where the failure to so qualify would not reasonably be expected to have a Material Adverse Effect.  The Borrower shall provide the Lender with prior written notice of any entity’s becoming or ceasing to be a Related Entity.
 
(c) No Loan Party shall change its State of incorporation or its taxpayer identification number.
 
(d) Each Loan Party has all requisite corporate power and authority to execute and deliver all Loan Documents to which such Loan Party is a party and has and will hereafter retain all requisite corporate power to perform all Liabilities.
 
 
 
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(e) The execution and delivery by the Loan Parties of each Loan Document to which it is a party; the Loan Parties’ consummation of the transactions contemplated by such Loan Documents (including, without limitation, the creation of security interests by the Loan Parties as contemplated hereby); each Loan Party’s performance under those of the Loan Documents to which it is a party; the borrowings hereunder; and the use of the proceeds thereof:
 
(i) Have been duly authorized by all necessary corporate action.
 
(ii) Do not, and will not, contravene in any material respect any provision of any Requirement of Law or obligation of such Loan Party.
 
(iii) Will not result in the creation or imposition of, or the obligation to create or impose, any Encumbrance upon any assets of a Loan Party pursuant to any Requirement of Law or obligation, except pursuant to the Loan Documents.
 
(f) The Loan Documents have been duly executed and delivered by each Loan Party and are the legal, valid and binding obligations of the Loan Parties enforceable against the Loan Parties in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and similar laws of general application relating to or affecting the rights and remedies of creditors generally and except as the remedy of specific performance or injunctive relief is subject to the discretion of the court before which any proceeding therefor may be brought.
 
4-3. Trade Names.
 
(a) EXHIBIT 4-3, annexed hereto, is a listing of:
 
(i) All names under which the Loan Parties conducted their business within the past five (5) years.
 
(ii) All entities and/or persons with whom the Loan Parties consolidated or merged within the past five (5) years, or from whom the Loan Parties, within the past five (5) years, acquired in a single transaction or in a series of related transactions substantially all of such entity’s or person’s assets.
 
(b) No Loan Party will change its name or conduct its business under any name not listed on EXHIBIT 4-3 except (i) upon not less than twenty-one (21) days prior written notice (with reasonable particularity) to the Lender and (ii) in compliance with all other provisions of this Agreement.
 
4-4. Intellectual Property.
 
(a) The Loan Parties each owns and possesses, or has the right to use (and will hereafter own, possess, or have such right to use) all patents, industrial designs, trademarks, trade names, trade styles, brand names, service marks, logos, copyrights, trade secrets, know-how, confidential information, and other intellectual or proprietary property of any third Person necessary for the Loan Parties’ conduct of their respective business.
 
 
 
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(b) The conduct by the Loan Parties of their respective business does not presently infringe in any manner which could reasonably be expected to have a Material Adverse Effect (nor will the Loan Parties conduct their businesses in the future so as to infringe  in any manner which could reasonably be expected to have a Material Adverse Effect) the patents, industrial designs, trademarks, trade names, trade styles, brand names, service marks, logos, copyrights, trade secrets, know-how, confidential information, or other intellectual or proprietary property of any third Person.
 
4-5. Locations.
 
(a) The Collateral, and the books, records, and papers of Loan Parties pertaining thereto, are kept and maintained solely at, or in transit to and from, the Loan Parties’ chief executive offices at
 
(i) ▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
 
(ii) ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇., ▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇
 
(iii) those locations which are listed on EXHIBIT 4-5 annexed hereto, as such EXHIBIT may be amended from time to time, which EXHIBIT includes, with respect to each such location, the name and address of the landlord on the Lease which covers such location (or an indication that a Loan Party owns the subject location) and of all service bureaus with which any such records are maintained.
 
(b) No Loan Party shall remove any of the Collateral from said chief executive office or those locations listed on EXHIBIT 4-5 except:
 
(i) to accomplish sales of Inventory in the ordinary course of business; or
 
(ii) to move Inventory, Equipment and other assets  from one such location to another such location; or
 
(iii) to utilize such of the Collateral as is removed from such locations in the ordinary course of business (such as motor vehicles).
 
(iv) to accomplish other dispositions permitted pursuant to Section 4-12(d) hereof.
 
(v) otherwise upon thirty (30) days prior written notice to the Lender.
 
(c) Except (i) with respect to Inventory delivered to a processor for finishing, (ii) with respect to Inventory in transit, and (iii) as otherwise disclosed pursuant to, or permitted by, this Section 4-5, no tangible personal property of a Loan Party is in the care or custody of any third party or stored or entrusted with a bailee or other third party and none shall hereafter be placed under such care, custody, storage, or entrustment.
 
 
 
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4-6. Title to Assets.
 
(a) Each of the Loan Parties is, and shall hereafter remain, the owner of, or holder of subsisting license or leasehold rights in and to, the Collateral free and clear of all Encumbrances with the exceptions of the following (the “Permitted Encumbrances”):
 
(i) Encumbrances in favor of the Lender.
 
(ii) Those Encumbrances (if any) listed on EXHIBIT 4-6, annexed hereto.
 
(iii) Purchase money security interests in Equipment to secure Indebtedness otherwise permitted hereby.
 
(iv) Encumbrances for taxes, governmental assessments or charges in the nature of taxes not yet due or which are being contested in good faith by appropriate proceedings as to which adequate reserves are maintained on the books of the Loan Parties in accordance with GAAP.
 
(v) Encumbrances in respect of property or assets of the Loan Parties imposed by law, which were incurred in the ordinary course of business, such as carriers’, warehousemen’s, customs broker’s, materialmen’s, repairmen’s, and mechanics’ liens and other similar Encumbrances, in each case in respect of obligations not overdue for a period of more than thirty (30) days or which are being contested in good faith by appropriate proceedings.
 
(vi) Utility deposits and pledges or deposits in connection with worker’s compensation, unemployment insurance and other social security legislation.
 
(vii) Encumbrances arising under Capital Leases.
 
(viii) Encumbrances resulting from the sale, transfer and assignment of retail Accounts to credit card processors.
 
(ix) Deposits to secure the performance of bids, tenders, trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business, all to the extent such obligations are otherwise permitted hereunder.
 
(x) Encumbrances on Equipment of a Person which becomes a Subsidiary after the date hereof pursuant to, and Equipment acquired in connection with, a Permitted Acquisition, provided that (A) such Encumbrances existed at the time such Person became a Subsidiary or such Equipment was acquired and were not created in anticipation of the acquisition, and (B) any such Encumbrance does not cover any other assets of such Person after it became a Subsidiary or any other assets of the Loan Parties after such Equipment was acquired, and (C) such Encumbrance does not secure any Indebtedness other than Indebtedness existing immediately prior to the time such Person became a Subsidiary or the time of such acquisition.
 
 
 
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(xi) Encumbrances consisting of the right of setoff of a customary nature or bankers’ liens on amounts on deposit incurred in the ordinary course of business.
 
(xii) Encumbrances on goods in favor of customs and revenue authorities which secure the payment of customs duties in connection with the importation of such goods, which obligations are not overdue.
 
(xiii) Encumbrances constituting precautionary filings by lessors and bailees with respect to assets which are leased or entrusted to a Loan Party but in which assets such Loan Party has mere possessory rights.
 
(xiv) Encumbrances arising from judgments which do not result in an Event of Default under Section 10-10 hereof.
 
(b) No Loan Party has or shall have possession of any property on consignment.
 
(c) No Loan Party shall acquire or obtain the right to use any Equipment, the acquisition or right to use of which Equipment is otherwise permitted by this Agreement, in which Equipment any third party has an interest, except for:
 
(i) Equipment which is merely incidental to the conduct of a Loan Party’s business.
 
(ii) Equipment, the acquisition or right to use of which has been consented to by the Lender, which consent may be conditioned upon the Lender’s receipt of such agreement with the third party which has an interest in such Equipment as is satisfactory to the Lender.
 
(iii) Equipment, the acquisition of which is permitted pursuant to  Section 4-7(c) hereof or which is the subject of an operating lease (but not Capital Leases).
 
4-7. Indebtedness.  No Loan Party has or shall hereafter have any Indebtedness with the exceptions of:
 
(a) Any Indebtedness to the Lenders.
 
(b) The Indebtedness (if any) listed on EXHIBIT 4-7, annexed hereto.
 
(c) Capital Lease obligations and purchase money Indebtedness not to exceed the aggregate principal amount outstanding in excess of $25,000,000.00, and extensions, renewals and refinancings thereof  on terms no less favorable in any material respect to the Loan Parties than the Indebtedness or Capital Lease being refinanced.
 
(d) Subordinated Indebtedness.
 
 
 
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(e) Other Indebtedness not to exceed $50,000,000.00 outstanding at any time.
 
4-8. Insurance Policies.
 
(a) EXHIBIT 4-8, annexed hereto, is a schedule of all material insurance policies owned by the Loan Parties or under which the Loan Parties are the named insured as of the date hereof .  Each of such policies is in full force and effect.  None of the issuers (to the Borrower’s knowledge) of any such policy, have provided notice that the Loan Parties are in default or violation of any such policy.
 
(b) The Loan Parties shall have and maintain at all times insurance covering such risks, in such amounts, containing such terms, in such form, for such periods, and written by such companies as may be reasonably satisfactory to the Lender .  The coverage reflected on EXHIBIT 4-8 presently satisfies the foregoing requirements, it being recognized by the Loan Parties, however, that such requirements may change hereafter to reflect changing circumstances.  All insurance carried by the Loan Parties shall provide for a minimum of fourteen (14) days’ written notice of cancellation to the Lender and all such insurance which covers the Collateral shall include an endorsement in favor of the Lender, as loss payee and additional insured, which endorsement shall provide that the insurance, to the extent of the Lender’s interest therein, shall not be impaired or invalidated, in whole or in part, by reason of any act or neglect of the Loan Parties or by the failure of the Loan Parties to comply with any warranty or condition of the policy.  In the event of the failure by the Loan Parties to maintain insurance as required herein, the Lender , at its option, may obtain such insurance, provided, however, the Lender’s obtaining of such insurance shall not constitute a cure or waiver of any Event of Default occasioned by the Loan Parties’ failure to have maintained such insurance.  The Loan Parties shall furnish to the Lender certificates or other evidence satisfactory to the Lender regarding compliance by the Loan Parties with the foregoing insurance provisions.
 
(c) After the occurrence, and during the continuance, of an Event of Default, the Loan Parties shall each advise the Lender of each claim made by a Loan Party under any policy of insurance which covers the Collateral and will permit the Lender, at the Lender’s option in each instance, to the exclusion of the Loan Parties, to conduct the adjustment of each such claim. The Loan Parties each hereby appoint the Lender as such Loan Party’s attorney in fact, exercisable after the occurrence, and during the continuance, of an Event of Default, to obtain, adjust, settle, and cancel any insurance described in this section and to endorse in favor of the Lender any and all drafts and other instruments with respect to such insurance.  This appointment, being coupled with an interest, is irrevocable until this Agreement is terminated by a written instrument executed by a duly authorized officer of the Lender.  The Lender shall not be liable on account of any exercise pursuant to said power except for any exercise in actual willful misconduct and bad faith.  The Lender may apply any proceeds of such insurance against the Liabilities, whether or not such have matured, in such order of application as the Lender may determine.
 
4-9. Licenses.  Each material license, distributorship, franchise, and similar agreement issued to, or to which a Loan Party is a party is in full force and effect.  To the Borrower’s knowledge, no party to any such license or agreement is in default or violation thereof. No Loan Party has received any notice or threat of cancellation of any such license or agreement.
 
 
 
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4-10. Leases.  EXHIBIT 4-10, annexed hereto, is a schedule of all presently effective Capital Leases (other than Capital Leases the total obligations under which do not aggregate more than $100,000).  EXHIBIT 4-5 includes a list of all other presently effective Leases.  Each of such Leases and Capital Leases presently is in full force and effect.  As of the date hereof, no party to any such Lease or Capital Lease is in default or violation in any material respect of any such Lease or Capital Lease (for which the Loan Party has not received an indemnification from the Seller) and no Loan Party has received any notice or threat of cancellation of any such Lease or Capital Lease.  Each Loan Party hereby authorizes the Lender at any time and from time to time after the occurrence, and during the continuance, of an Event of Default to contact any of the Loan Party’s landlords in order to confirm the Loan Party’s continued compliance with the terms and conditions of the Lease(s) between such Loan Party and that landlord and to discuss such issues, concerning the Loan Party’s occupancy under such Lease(s), as the Lender  may determine.
 
4-11. Requirements of Law.  Each Loan Party is in compliance with, and shall hereafter comply with and use its respective assets in compliance with, all Requirements of Law, except to the extent that such non-compliance would not reasonably be expected to have a Material Adverse Effect.  No Loan Party has received any notice of any material violation of any Requirement of Law, which violation has not been cured or otherwise remedied.
 
4-12. Maintain Properties.  The Loan Parties each shall:
 
(a) Keep the Collateral in good order and repair (ordinary reasonable wear and tear and insured casualty excepted).
 
(b) Not suffer or cause the waste or destruction of any material part of the Collateral.
 
(c) Not use any of the Collateral in violation of any policy of insurance thereon.
 
(d) Not sell, lease, or otherwise dispose of any of the Collateral, other than the following:
 
(i) The sale of Inventory in compliance with this Agreement.
 
(ii) as long as no Event of Default exists or would arise as a result thereof, the disposal of Equipment which is obsolete, worn out, or damaged beyond repair, which Equipment is replaced to the extent necessary to preserve or improve the operating efficiency of the Loan Parties .
 
(iii) The surrender, disposition, or expiration of Collateral (such as trademarks and copyrights) no longer used or useful for the conduct of the Loan Parties’ businesses in the ordinary course.
 
(iv) The turning over to the Lender of all Receipts as provided herein.
 
 
 
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(v) The transfer , sale and assignment of retail Accounts to credit card processors.
 
4-13. Pay Taxes/Tax Shelter Regulations.
 
(a) Except as disclosed on EXHIBIT 4-13, (i) all tax returns (federal, state, local or foreign) that relate to or include any Loan Party and that are due on or before the date hereof, taking into account any extensions for the filing thereof, have been or will be prepared and timely filed in accordance in all material respects with applicable Requirements of Law, (ii) all such tax returns are or will be correct and complete insofar as they relate to the Loan Parties, and (iii) all taxes (federal, state, local or foreign) for which a Loan Party may be liable that are due (whether or not shown on any tax return) have been or will be paid in full.
 
(b) Each Loan Party has, and hereafter shall: pay, as they become due and payable, all taxes and unemployment contributions and other charges of any kind or nature levied, assessed or claimed against such Loan Party, or the Collateral by any person or entity whose claim could result in an Encumbrance upon any asset of any Loan Party or by any governmental authority, except to the extent such taxes are being contested by a Loan Party in good faith, and adequate reserves are being maintained therefor on Loan Parties books in accordance with GAAP; properly exercise any trust responsibilities imposed upon a Loan Party by reason of withholding from employees’ pay or by reason of a Loan Party’s receipt of sales tax or other funds for the account of any third party; timely make all contributions and other payments as may be required pursuant to any Employee Benefit Plan now or hereafter established by the Loan Parties; and timely file all tax and other returns and other reports with each governmental authority to whom a Loan Party is obligated to so file, in each case, taking into account any applicable extension periods.
 
(c) At its option, after the occurrence, and during the continuance, of a Suspension Event, the Lender may, but shall not be obligated to, pay any taxes, unemployment contributions, and any and all other charges levied or assessed upon a Loan Party, or the Collateral by any person or entity or governmental authority, and make any contributions or other payments on account of a Loan Party’s Employee Benefit Plan as the Lender, in the Lender’s discretion, may deem necessary or desirable, to protect, maintain, preserve, collect, or realize upon any or all of the Collateral or the value thereof or any right or remedy pertaining thereto, provided, however, the Lender’s making of any such payment shall not constitute a cure or waiver of any Event of Default occasioned by a Loan Party’s  failure to have made such payment.
 
(d) The Borrower does not intend to treat the Revolving Credit and the L/Cs and the transactions related thereto as being “reportable transactions” (within the meaning of Treasury Regulation Section 1.6011-4).  In the event the Borrower determines to take any action inconsistent with such intention, it will promptly notify the Lender thereof.  If the Borrower so notifies the Lender, the Borrower acknowledges that the Lender may treat the Revolving Credit and/or its interest in the L/Cs as part of a transaction that is subject to Treasury Regulation Section 301.6112-1, and the Lender, will maintain the lists and other records required by such Treasury Regulation.
 
 
 
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4-14. No Margin Stock.  No Loan Party is engaged in the business of extending credit for the purpose of purchasing or carrying any margin stock (within the meaning of Regulations U,T, and X of the Board of Governors of the Federal Reserve System of the United States).  No part of the proceeds of any borrowing hereunder will be used at any time to purchase or carry any such margin stock or to extend credit to others for the purpose of purchasing or carrying any such margin stock.
 
4-15. ERISA.  From and after the date hereof, none of the Loan Parties nor any ERISA Affiliate shall, in any manner which could reasonably be expected to have a Material Adverse Effect:
 
(a) Fail to comply in all material respects with any Employee Benefit Plan.
 
(b) Fail timely to file all reports and filings required by ERISA to be filed by a Loan Party.
 
(c) Engage in any non-exempt “prohibited transactions” (as described in ERISA).
 
(d) Engage in, or commit, any act such that a tax or penalty could be imposed upon the Loan Parties on account thereof pursuant to ERISA.
 
(e) Accumulate any material funding deficiency within the meaning of Section 302 of ERISA.
 
(f) Terminate any Employee Benefit Plan such that a lien could be asserted against any assets of the Loan Parties on account thereof pursuant to ERISA.
 
(g) Be a member of, contribute to, or have any obligation under any Employee Benefit Plan which is a multiemployer plan within the meaning of Section 4001(a)(3) of ERISA.
 
4-16. Hazardous Materials.
 
(a) Other than matters that could not reasonably be expected to have a Material Adverse Effect, no Loan Party has ever:
 
(i) Been legally responsible for any release or threat of release of any Hazardous Material.
 
(ii) Received notification of any release or threat of release of any Hazardous Material from any site or vessel occupied or operated by a Loan Party and/or of the incurrence of any expense or loss in connection with the assessment, containment, or removal of any release or threat of release of any Hazardous Material from any such site or vessel.
 
(b) The Loan Parties each shall:
 
 
 
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(i) Dispose of any Hazardous Material only in compliance with all Environmental Laws, except for dispositions which could not reasonably be expected to have a Material Adverse Effect.
 
(ii) Not store on any site or vessel occupied or operated by a Loan Party and not transport or arrange for the transport of any Hazardous Material, except if such storage or transport is in the ordinary course of the Loan Parties’ business and is in compliance with all Environmental Laws or could not reasonably be expected to have a Material Adverse Effect.
 
(c) The Loan Parties shall provide the Lender with written notice upon such Loan Party obtaining knowledge of any incurrence of any expense or loss by any governmental authority or other Person in connection with the assessment, containment, or removal of any Hazardous Material, for which expense or loss a Loan Party may be liable, other than expense or loss that could not reasonably be expected to have a Material Adverse Effect.
 
4-17. Litigation.  Except as described in EXHIBIT 4-17, annexed hereto, there is not presently pending or threatened by or against the Loan Parties any suit, action, proceeding, or investigation which, if determined adversely to the Loan Parties, would have a material adverse effect upon the Loan Parties ‘s financial condition or ability to conduct its business as such business is presently conducted or is contemplated to be conducted in the foreseeable future.
 
4-18. Dividends or Investments.  No Loan Party shall:
 
(a) Pay any dividend or make any other distribution (whether in cash, securities or other property) with respect to any class of its capital stock, or make any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any or its capital stock or any option, warrant or other right to acquire such capital stock except by a Guarantor to the Borrower or unless the Liquidity Requirements are satisfied.
 
(b) Intentionally Omitted.
 
(c) Except as provided in Section 4-25 or with respect to Permitted Acquisitions, invest in or purchase any stock or securities or rights to purchase any such stock or securities, of any corporation or other entity.
 
(d) Merge or consolidate or be merged or consolidated with or into any other corporation or other entity, other than (i) the merger of any of the Borrower’s Subsidiaries with and into the Borrower, and (ii) in connection with any Permitted Acquisitions.
 
(e) Consolidate any of a Loan Party’s operations with those of any other corporation or other entity, except in connection with any Permitted Acquisition.
 
(f) Organize or create any Subsidiary, other than in connection with a Permitted Acquisition and only if (i) such Subsidiary guarantees the repayment of the Liabilities and (ii) such Subsidiary grants the Lender a first priority Encumbrance (subject to Permitted Encumbrances) on all of its assets, all of the foregoing satisfactory in form and substance to the Lender.
 
 
 
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(g) Subordinate any debts or obligations owed to a Loan Party by any third party to any other debts owed by such third party to any other Person.
 
(h) Acquire any assets other than Permitted Acquisitions, by the making of Capital Expenditures to the extent permitted hereunder, and other than in the ordinary course and conduct of the Loan Parties business permitted under Section 4-21 hereof.
 
4-19. Loans.  No Loan Party shall make any loans or advances to, nor acquire the Indebtedness of, any Person, provided, however, the foregoing does not prohibit any of the following:
 
(a) Advance payments made to the Loan Parties’ suppliers in the ordinary course.
 
(b) Advances to a Loan Party’s officers, employees, and salespersons with respect to reasonable expenses to be incurred by such officers, employees, and salespersons for the benefit of such Loan Party in the ordinary course of business, which expenses are properly substantiated by the person seeking such advance and properly reimbursable by such Loan Party.
 
(c) Advances on account of sales of Inventory in the ordinary course of business made on credit and all Accounts arising therefrom.
 
(d) Provided that the Liquidity Requirements have been satisfied, loans and/or Investment in or to Aeropostale Canada.
 
(e) Loans and/or Investments by one Loan Party to another in the ordinary course of business.
 

4-20. Protection of Assets.  The Lender, in the Lender’s reasonable discretion, and from time to time, may discharge any tax or Encumbrance on any of the Collateral, or take any other action that the Lender may deem necessary to repair, insure, maintain, preserve, collect, or realize upon any of the Collateral.  The Lender shall not have any obligation to undertake any of the foregoing and shall have no liability on account of any action so undertaken except where there is a specific finding in a judicial proceeding (in which the Lender has had an opportunity to be heard), from which finding no further appeal is available, that the Lender had acted in actual bad faith or in a grossly negligent manner.  The Borrower shall pay to the Lender, on demand, or the Lender, in its reasonable discretion, may add to the Loan Account, all amounts paid or incurred by the Lender pursuant to this section.  The obligation of the Borrower to pay such amounts is a Liability.
 
4-21. Line of ▇▇▇▇▇▇▇▇.▇▇ Loan Party shall engage in any business other than the business in which it is currently engaged (which is agreed to be the design, sourcing, marketing, distribution and sale of apparel products and accessories and the licensing of trade names, trademarks and intellectual property to third Persons in connection with the foregoing), any business reasonably related thereto or any business or activity that is reasonably similar or complementary thereto or a reasonable extension, development or expansion thereof or ancillary thereto.
 
 
 
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4-22. Affiliate Transactions.  No Loan Party shall make any payment, nor give any value to any Related Entity except for goods and services actually purchased by such Loan Party from, or sold by such Loan Party to, such Related Entity for a price and on terms which shall not be less favorable to the Loan Party from those which would have been charged in an arms length transaction, except:
 
(a)  until the occurrence, and during the continuance, of an Event of Default, the Loan Parties may (a) pay management fees at the times and in the amounts, and (b) may maintain and make payments with respect to those transactions, in each case as set forth in EXHIBIT 4-22 hereof;
 
(b) transactions in the ordinary course of business among the Loan Parties;
 
(c) provided that the Liquidity Requirements have been satisfied, loans to, payments to, or Investments in Aeropostale Canada.
 
4-23. Additional Assurances.
 
(a) Except as set forth on EXHIBIT 4-23, no Loan Party is the owner of, nor has it any interest in, any property or asset which, immediately upon the satisfaction of the conditions precedent to the effectiveness of the credit facility contemplated hereby (Article 3) will not be subject to a perfected security or other collateral interest in favor of the Lender (subject only to Permitted Encumbrances) to secure the Liabilities.
 
(b) Except as set forth on EXHIBIT 4-23, no Loan Parties will hereafter acquire any asset or any interest in property which is not, immediately upon such acquisition, subject to such a perfected security or other collateral interest in favor of the Lender to secure the Liabilities (subject only to Permitted Encumbrances).
 
(c) The Loan Parties shall each execute and deliver to the Lender such instruments, documents, and papers, and shall do all such things from time to time hereafter as the Lender may reasonably request to carry into effect the provisions and intent of this Agreement; to protect and perfect the Lender’s security interests in the Collateral; and to comply in all material respects with all applicable statutes and laws, and facilitate the collection of the Receivables Collateral.  The Loan Parties shall each execute all such instruments as may be reasonably required by the Lender with respect to the recordation and/or perfection of the security interests created herein.
 
(d) Each Loan Party hereby designates the Lender as and for such Loan Party’s true and lawful attorney, with full power of substitution, to sign and file any financing statements in order to perfect or protect the Lender’s security and other collateral interests in the Collateral.
 
 
 
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(e) To the full extent permitted by applicable law, a carbon, photographic, or other reproduction of this Agreement or of any financing statement or other instrument executed pursuant to this Section 4-23 shall be sufficient for filing to perfect the security interests granted herein.
 
(f) On or before January 30, 2008 the Borrower shall cause Aeropostale Canada to execute such documents and take such steps as the Lender reasonably request in order for Aeropostale Canada to become a Guarantor hereunder and to have its assets included in the Borrowing Base.
 
4-24. Adequacy of Disclosure.
 
(a) All financial statements for periods after the date hereof which are furnished to the Lender by the Loan Parties shall be prepared in accordance with GAAP consistently applied and present fairly, in all material respects, the condition of the Loan Parties at the date(s) thereof and the results of operations and cash flows for the period(s) covered.
 
(b) Intentionally Omitted
 
(c) As of the Second Amendment Effective Date, no Loan Party has any contingent obligations or obligation under any Lease or Capital Lease which is not noted in the Loan Party’s financial statements furnished to the Lender prior to the execution of this Agreement.
 
(d) No document, instrument, agreement, or paper now or hereafter given the Lender by or on behalf of a Loan Party in connection with the execution of this Agreement by the Lender contains or will contain any untrue statement of a material fact or omits or will omit to state a material fact necessary in order to make the statements therein not misleading.  There is no fact known to a Loan Party which has, or which, in the foreseeable future would reasonably be expected to have, a material adverse effect on the financial condition of the Loan Parties which has not been disclosed in writing to the Lender.
 
4-25. Investments.  As long as no Cash Dominion Event exists, the Loan Parties may make investments consisting of Cash Equivalents maintained at such bank(s) as the Borrower may select.
 
4-26. Prepayments of Indebtedness.
 
No Loan Party will make or agree to pay or make, directly or indirectly, any payment or other distribution (whether in cash securities or other property) of or in respect of principal of or interest on any Indebtedness, including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Indebtedness, except:
 
(a) as long as no Event of Default has occurred and is continuing or would result therefrom, mandatory payments and prepayments of interest and principal as and when due in respect of any Indebtedness permitted hereunder, excluding any Subordinated Indebtedness;
 
 
 
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(b)  payments on account of Subordinated Indebtedness to the extent permitted under any subordination agreement or provisions governing such Indebtedness;
 
(c) voluntary prepayments of Indebtedness permitted hereunder (other than Subordinated Indebtedness) as long as the Liquidity Requirement is satisfied; and
 
(d) refinancings of Indebtedness to the extent permitted under this Agreement.
 
4-27. Other ▇▇▇▇▇▇▇▇▇.▇▇ Loan Party shall indirectly do or cause to be done any act which, if done directly by a Loan Party, would breach any covenant contained in this Agreement.
 
Article 5 - Financial Reporting and Performance Covenants:
 
5-1. Maintain Records.  The Borrower shall, and shall cause each Guarantor to:
 
(a) At all times, keep proper books of account, in which full, true, and accurate entries shall be made of all of the Loan Parties’ transactions, all in accordance with GAAP, applied consistently with all prior periods, to fairly reflect, in all material respects, the financial condition of the Loan Parties at the close of, and its results of operations for, the periods in question.
 
(b) Timely provide the Lender with those financial reports, statements, and schedules required by this Article 5 or otherwise, each of which reports, statements and schedules shall be prepared, to the extent applicable, in accordance with GAAP (but for the absence of footnotes and year end adjustments), applied consistently with all prior periods, to fairly reflect, in all material respects, the financial condition of the Loan Parties at the close of, and their results of operations for, the period(s) covered therein.
 
(c) At all times, keep accurate (in all material respects) and current records of the Collateral including, without limitation, accurate current stock, cost, and sales records of its respective Inventory, accurately and sufficiently itemizing and describing the kinds, types, and quantities of Inventory and the cost and selling prices thereof.
 
(d) At all times, retain independent certified public accountants who are reasonably satisfactory to the Lender and instruct such accountants to fully cooperate with, and be available to, the Lender to discuss a Loan Party’s financial performance, financial condition, operating results, controls, and such other matters, within the scope of the retention of such accountants, as may be raised by the Lender.
 
(e) Not change a Loan Party’s fiscal year for book accounting purposes, except in connection with an initial public offering of the Borrower’s capital stock.
 
5-2. Access to Records.
 
(a) The Borrower shall, and shall cause each Guarantor to, afford the Lender and the Lender’s representatives with access from time to time, during normal business hours and, unless an Event of Default exists, upon reasonable notice, as the Lender and such representatives may require to all properties owned by or over which a Loan Party has control.  The Lender and the Lender’s representatives shall have the right, and the Borrower will, and will cause each Guarantor to, permit the Lender and such representatives from time to time as the Lender and such representatives may request, during normal business hours and, unless an Event of Default exists, upon reasonable notice, to examine, inspect, copy, and make extracts from any and all of the Loan Parties’ books, records, electronically stored data, papers, and files pertaining to its business operations, financial information or the Collateral.  The Borrower shall, and shall cause the Guarantor to, make copying facilities reasonably available to the Lender.
 
 
 
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(b) The Borrower for itself, and as the sole shareholder or member, as applicable, of each Guarantor , hereby authorizes the Lender and the Lender’s representatives to:
 
(i) Inspect, copy, duplicate, review, cause to be reduced to hard copy, run off, draw off, and otherwise use any and all computer or electronically stored information or data which relates to the Loan Parties, whether in the possession of a Loan Party or in the possession of any service bureau, contractor, accountant, or other person, (and the Loan Parties each directs any such service bureau, contractor, accountant, or other person fully to cooperate with the Lender and the Lender’s  representatives with respect thereto), provided that, except as set forth in Section 5-10 hereof, such inspections and reviews shall not be undertaken by the Lender as long as no Event of Default then exists and is continuing.
 
(ii) Verify at any time the Collateral or any portion thereof, including verification with Account Debtors, and/or with each Loan Party’s computer billing companies, collection agencies, and accountants and to sign the name of the Loan Party on any notice to such Loan Party’s Account Debtors or verification of the Collateral, provided that, as long as no Event of Default exists and is continuing, the form and content of any such verification letters shall be subject to the prior approval of the Borrower (whose consent shall not be unreasonably withheld or delayed).
 
5-3. Prompt Notice to Lender.
 
(a) The Borrower shall, and shall cause each Guarantor to, provide the Lender with written notice promptly upon the occurrence of any of the following events, which written notice shall be with reasonable particularity as to the facts and circumstances in respect of which such notice is being given:
 
(i) Any change in a Loan Party’s executive officers.
 
(ii) The completion of any physical count of a Loan Party’s Inventory (together with a copy of the certified results thereof).
 
(iii) Any ceasing of any Loan Party making of payment, in the ordinary course, to a material portion (in amount or number) of its creditors.
 
(iv) Any failure by a Loan Party to pay rent at any of the locations, which failure continues for more than twenty (20) Business Days following the day on which such rent first came due, except for Leases for such locations which have been terminated or abandoned by a Loan Party.
 
 
 
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(v) Any material change in the business, operations, or financial affairs of a Loan Party.
 
(vi) The occurrence of any Suspension Event, that has not been cured by the Loan Parties or waived by the Lender.
 
(vii) Any decision on the part of a Loan Party to discharge a Loan Party’s present independent accountants or any withdrawal or resignation by such independent accountants from their acting in such capacity (as to which, see Subsection 5-1(d)).
 
(viii) Any litigation which, if determined adversely to a Loan Party, would reasonably be expected to have a material adverse effect on the financial condition of such Loan Party.
 
(ix) The acquisition by a Loan Party of any Commercial Tort Claim.
 
(x) The intention by Borrower to treat the Revolving Credit and/or the L/Cs and related transactions as being a “reportable transaction” (within the meaning of Treasury Regulation Section 1.6011-4), by delivering a duly completed copy of IRS Form 8886 or any successor form.
 
(b) The Borrower shall, and shall cause each Guarantor to, provide the Lender, when received by the Borrower or Guarantor, with a copy of any management letter or similar communications from any accountant of the Borrower or Guarantor.
 
5-4. Intentionally Omitted.
 
5-5. Borrowing Base Certificates.  Monthly, within seven (7) days after the end of the Borrower’s prior fiscal month, the Borrower shall provide the Lender with a certificate in the form of Exhibit 5-5 (a “Borrowing Base Certificate”) showing the Borrowing Base as of the close of business on the last day of the Borrower’s immediately preceding fiscal month, each such Certificate to be certified as complete and correct on behalf of the Borrower by a Responsible Officer of the Borrower.
 
5-6. Monthly Reports.  Only if a Cash Dominion Event exists, within twenty (20) days following the end of each of the Borrower’s fiscal months, the Borrower shall provide the Lender with original counterparts of an internally prepared financial statement of the Loan Parties’ financial condition and the results of their respective operations for, the period ending with the end of the subject month, which financial statement shall include, at a minimum, a balance sheet, income statement (on a “consolidated” basis), cash flow and comparison of same store sales for the corresponding quarter of the then immediately previous year, as well as to the Business Plan, and management’s analysis and discussion of the operating results reflected therein.
 
5-7. Quarterly Reports.  Within forty-five (45) days following the end of each of the Borrower’s fiscal quarters, the Borrower shall provide the Lender with original counterparts of an internally prepared financial statement of the Loan Parties’ financial condition and the results of their respective operations for, the period ending with the end of the subject quarter, which financial statement shall include, at a minimum, a balance sheet, income statement (on a “consolidated” basis), cash flow and comparison of same store sales for the corresponding quarter of the then immediately previous year, as well as to the Business Plan, and management’s analysis and discussion of the operating results reflected therein.  The delivery either electronically or in paper to the Lender of the Borrower’s Form 10Q or Form 10K, as the case may be, which is filed with the Securities and Exchange Commission shall satisfy the Borrower’s obligations under this Section 5-7.
 
 
 
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5-8. Annual Reports.
 
(a) Annually, within ninety (90) days following the end of the Borrower’s fiscal year, the Borrower shall furnish the Lender with an original signed counterpart of the Borrower’s consolidated annual financial statement, which statement shall have been prepared by, and bear the unqualified opinion of, the Borrower’s independent certified public accountants (i.e. said statement shall be “certified” by such accountants).  Such annual statement shall include, at a minimum (with comparative information for the then prior fiscal year) a balance sheet, income statement, statement of changes in shareholders’ equity, and cash flows.  The delivery either electronically or in paper to the Lender of the Borrower’s Form 10K which is filed with the Securities and Exchange Commission shall satisfy the Borrower’s obligations under this Section 5-8(a).
 
(b) No later than the earlier of fifteen (15) days prior to the end of each of the Borrower’s fiscal years or the date on which such accountants commence their work on the preparation of the Borrower’s annual financial statement, the Borrower shall give written notice to such accountants (with a copy of such notice, when sent, to the Lender) that:
 
(i) Such annual financial statement will be delivered by the Borrower to the Lender.
 
(ii) It is an intention of the Loan Parties, in their engagement of such accountants, to satisfy the financial reporting requirements set forth in this Article 5.
 
(iii) The Loan Parties have been advised that the Lender will rely thereon with respect to the administration of, and transactions under, the credit facility contemplated by this Agreement.
 
(c) Each annual statement shall be accompanied by such accountant’s Certificate indicating that, in the preparation of such annual statement, such accountants did not conclude that any Suspension Event had occurred during the subject fiscal year (or if one or more had occurred, the facts and circumstances thereof).
 
5-9. Intentionally Omitted.
 
5-10. Inventories, Appraisals, and Audits.
 
(a) The Lender, at the expense of the Borrower, may observe each physical count and/or inventory of so much of the Collateral as consists of Inventory which is undertaken on behalf of, and at the request of, a Loan Party.
 
 
 
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(b) The Loan Parties, at their own expense, shall cause not less than one (1) physical inventory to be undertaken in each twelve (12) month period during which this Agreement is in effect to be conducted by a national third party inventory taker.
 
(i) The Loan Parties shall provide the Lender with a copy of the final results of each such inventory (as well as of any other physical inventory undertaken by a Loan Party) within fourteen (14) days following the completion of such inventory.
 
(ii) The Borrower shall provide the Lender with a reconciliation of the results of each such inventory (as well as of any other physical inventory undertaken by a Loan Party) to the Loan Party’s books and records within forty-five (45) days following completion of such inventory.
 
(iii) The Lender, in its discretion, following the occurrence, and during the continuance, of a Suspension Event, may cause such additional inventories to be taken as the Lender determines (each, at the expense of the Borrower).
 
(c) Upon the Lender’s request from time to time, the Borrower shall, and shall cause each Guarantor to, permit the Lender to obtain appraisals conducted by such appraisers as are satisfactory to the Lender and using a methodology similar in scope and nature as was undertaken on behalf of the Lender prior to the effectiveness of this Agreement.  Without limiting the foregoing, the Lender may obtain periodic Inventory liquidation analyses performed by Hilco/Great American Group or another liquidation analysis firm selected by the Lender; provided that the expense for any such appraisals shall be borne by the Lender (except as provided in the final two sentences of this clause), unless and until the Aggregate Outstandings exceed, or are anticipated to exceed, $75,000,000.  At any time after the Aggregate Outstandings exceed, or are anticipated to exceed, $75,000,000, the Lender shall have the right to undertake two appraisals, at the Loan Parties’ expense, in each twelve month period.  After the occurrence and during the continuance of an Event of Default, all such appraisals shall be undertaken at the Loan Parties’ expense.
 
(d) Upon the Lender’s request from time to time, the Borrower shall, and shall cause each Guarantor to, permit the Lender to conduct commercial finance audits of the Borrower’s and Guarantor’s books and records using a methodology similar in scope and nature as was undertaken on behalf of the Lender prior to the effectiveness of this Agreement, provided that the expense for any such audits shall be borne by the Lender (except as provided in the final two sentences of this clause), unless and until the Aggregate Outstandings exceed, or are anticipated to exceed, $75,000,000.  At any time after the Aggregate Outstandings exceed, or are anticipated to exceed, $75,000,000, the Lender shall have the right to undertake two audits, at the Loan Parties’ expense, in each twelve month period.  After the occurrence and during the continuance of an Event of Default, all such audits shall be undertaken at the Loan Parties’ expense.
 
(e) Intentionally Omitted.
 
 
 
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5-11. Additional Financial Information.
 
(a) In addition to all other information required to be provided pursuant to this Article 5, the Borrower promptly shall provide the Lender (and shall cause each Guarantor and any other guarantor of the Liabilities to also provide the Lender), with such other and additional information concerning the Borrower or Guarantor, the Collateral, the operation of the Borrower’s or Guarantor’s business, and the Borrower’s or Guarantor’s) financial condition, including original counterparts of financial reports and statements, as the Lender may from time to time reasonably request from the Borrower.
 
(b) The Borrower may provide the Lender, at the Lender’s discretion, from time to time hereafter, with updated projections of the Loan Parties’ anticipated performance and operating results.
 
(c) In all events, the Borrower, no sooner than ninety (90) nor later than thirty (30) days prior to the end of each of the Borrower’s fiscal years, shall furnish the Lender with an updated and extended balance sheet, income statement, cash flow statement (including an Availability model), prepared on a monthly basis and which shall go out at least through the end of the then next fiscal year. Together with such updated and extended projections, the Borrower shall deliver to the Lender a description of the methodology and assumptions upon which the projections were prepared.
 
(d) The Loan Parties each recognizes that all appraisals, inventories, analysis, financial information, and other materials which the Lender may obtain, develop, or receive with respect to the Loan Parties is confidential to the Lender and that, except as otherwise provided herein, no Loan Party is entitled to receipt of any of such appraisals, inventories, analysis, financial information, and other materials, nor copies or extracts thereof or therefrom.
 
5-12. Intentionally Omitted.
 
Article 6 - Use and Collection of Collateral:
 
6-1. Use of Inventory Collateral.
 
(a) The Borrower shall not, and shall cause each Guarantor not to engage in any sale of the Inventory other than for fair consideration in the conduct of the Borrower’s or Guarantor’s business in the ordinary course (other than promotions, markdowns, and discounts in the ordinary course of business) nor shall either engage in sales or other dispositions to creditors in reduction or satisfaction of such creditors’ claims; sales or other dispositions in bulk; or any use of any of the Inventory in breach of any provision of this Agreement. Notwithstanding the foregoing, the Loan Parties may “job-out” end of season and slow-moving Inventory, provided that the Inventory so disposed of does not exceed five percent (5%) of the Loan Parties’ aggregate retail receipts in any fiscal year.
 
(b) No sale of Inventory shall be on consignment, approval, or under any other circumstances such that, with the exception of the Loan Parties’ customary return policy applicable to the return of inventory purchased by the Loan Parties’ retail customers in the ordinary course, such Inventory may be returned to the Loan Parties without the consent of the Lender.
 
 
 
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6-2. Adjustments and Allowances.  A Loan Party may grant such allowances or other adjustments to the such Loan Party’s Account Debtors as the Loan Party, respectively, may reasonably deem to accord with sound business practice, provided, however, the authority granted the Loan Parties pursuant to this Section 6-2 may be limited or terminated by the Lender at any time after the occurrence, and during the continuance, of an Event of Default in the Lender’s discretion.
 
6-3. Validity of Accounts.
 
(a) The amount of each Account shown on the books, records, and invoices of the Loan Parties represented as owing by each Account Debtor is and will be the correct amount actually owing by such Account Debtor (subject to adjustments for returned Inventory in the ordinary course of business) and shall have been fully earned by performance by such Loan Party.
 
(b) The Lender, from time to time (at the expense of the Borrower in each instance), may verify the validity, amount, and all other matters with respect to the Receivables Collateral directly with Account Debtors (including without limitation, by forwarding balance verification requests to each Loan Party’s Account Debtors), and with each Loan Party’s accountants, collection agents, and computer service bureaus (each of which is hereby authorized and directed to cooperate in full with the Lender and to provide the Lender with such information and materials as the Lender may request), provided that, as long as no Event of Default exists and is continuing, the form and content of any such verification letters shall be subject to the prior approval of the Borrower (whose consent shall not be unreasonably withheld or delayed).
 
(c) No Loan Party has knowledge of any impairment of the validity or collectibility of any of the Accounts (other than customary adjustments and chargebacks in the ordinary course of business) and shall notify the Lender of any such fact immediately after a Loan Party becomes aware of any such impairment.
 
(d) Except as set forth in EXHIBIT 6-3, no Loan Party shall post any bond to secure a Loan Party’s performance under any agreement to which a Loan Party is a party nor cause any surety, guarantor, or other third party obligee to become liable to perform any obligation of a Loan Party (other than to the Lender) in the event of Loan Party’s failure so to perform.
 
6-4. Notification to Account Debtors.  The Lender shall have the right at any time after the occurrence, and during the continuance, of an Event of Default, to notify any of a Loan Party’s Account Debtors to make payment directly to the Lender and to collect all amounts due on account of the Collateral.
 
 
 
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Article 7 - Cash Management. Payment of Liabilities:
 
7-1. Depository Accounts.
 
(a) Annexed hereto as EXHIBIT 7-1 is a Schedule of all present DDAs, which Schedule includes, with respect to each depository (i) the name and address of that depository; (ii) the account number(s) of the account(s) maintained with such depository; and (iii) a contact person at such depository.
 
(b) To the extent not previously delivered to the Lender, the Borrower shall, and shall cause each Guarantor to, deliver to the Lender, as a condition to the effectiveness of this Agreement:
 
(i) Notification, executed on behalf of the Borrower or Guarantor, as applicable, to each depository institution with which any DDA is maintained (other than the Operating Account), in form reasonably satisfactory to the Lender, of the Lender’s interest in such DDA.
 
(ii) An agreement (generally referred to as a “Blocked Account Agreement”), in form reasonably satisfactory to the Lender, with any depository institution at which a Blocked Account is maintained.
 
(iii) An agreement, in form reasonably satisfactory to the Lender, with any depository institution at which the Operating Account is maintained.
 
(c) No Loan Party will establish any DDA hereafter unless, contemporaneous with such establishment, such Loan Party, delivers to the Lender an agreement (in form satisfactory to the Lender) executed on behalf of the depository with which such DDA is being established.
 
7-2. Credit Card Receipts.
 
(a) Annexed hereto as EXHIBIT 7-2 is a Schedule which describes all arrangements to which each Loan Party is a party with respect to the payment to such Loan Party, of the proceeds of all credit card charges for sales by the Loan Party.
 
(b) To the extent not previously delivered to the Lender, the Borrower shall, and shall cause each Guarantor to, deliver to the Lender, as a condition to the effectiveness of this Agreement, notifications, executed on behalf of the Borrower or such Guarantor, as applicable, to each of the Borrower’s and Guarantor’s credit card clearinghouses and processors of notice (in form satisfactory to the Lender), which notice provides that payment of all credit card charges submitted by the Borrower or Guarantor to that clearinghouse or other processor and any other amount payable to the Borrower or Guarantor by such clearinghouse or other processor shall be directed to the Concentration Account or as otherwise designated from time to time by the Lender.  Neither the Borrower nor any Guarantor shall change such direction or designation except upon and with the prior written consent of the Lender.
 
 
 
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7-3. The Concentration, Blocked, and Operating Accounts.
 
(a) The following checking accounts have been or will be established (and are so referred to herein):
 
(i) The Concentration Account: Established by the Lender with Bank of America, N.A.
 
(ii) The Blocked Account: Established by the Borrower with Bank of America, N.A.
 
(iii) The Operating Account:  Established by the Borrower with Bank of America, N.A.
 
(b) The contents of each DDA, of the Operating Account, and of the Blocked Account constitutes Collateral and Proceeds of Collateral. The contents of the Concentration Account constitutes the Lender’s property.
 
(c) The Loan Parties:
 
(i) To the extent not previously delivered to the Lender, contemporaneously with the execution of this Agreement, shall provide the Lender with such agreement (generally referred to as a “Blocked Account Agreement”) of the depository with which the Blocked Account is maintained as may be reasonably satisfactory to the Lender;
 
(ii) To the extent not previously delivered to the Lender, contemporaneously with the execution of this Agreement, shall provide the Lender with such agreement of the depository with which the Operating Account is maintained as may be reasonably satisfactory to the Lender; and
 
(iii) Shall not establish any Blocked Account or Operating Account hereafter except upon not less than thirty (30) days prior written notice to the Lender and the delivery to the Lender of a similar such agreement.
 
(d) The Loan Parties shall pay all fees and charges of, and maintain such impressed balances as may be required by the Lender or by any bank in which any account is opened as required hereby (even if such account is opened by and/or is the property of the Lender).
 
7-4. Proceeds and Collection of Accounts.
 
(a) All Receipts constitute Collateral and proceeds of Collateral and, after the occurrence and during the continuance of a Cash Dominion Event, shall be held in trust by the Loan Parties for the Lender; shall not be commingled with any of a Loan Party’s other funds; and shall be deposited and/or transferred only to the Blocked Account.
 
 
 
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(b) After the occurrence and during the continuance of a Cash Dominion Event, the Borrower shall cause the, and shall cause each Guarantor to, ACH or wire transfer to the Blocked Account, no less frequently than daily (and whether or not there is then an outstanding balance in the Loan Account) of
 
(i) the then current contents of each DDA (other than the Operating Account), each such transfer to be net of any minimum balance, not to exceed $5,000.00, as may be required to be maintained in the subject DDA by the bank at which such DDA is maintained); and
 
(ii) the proceeds of all credit card charges not otherwise provided for pursuant hereto.
 
Telephone advice (confirmed by written notice) shall be provided to the Lender on each Business Day on which any such transfer is made.
 
(c) After the occurrence and during the continuance of a Cash Dominion Event, whether or not any Liabilities are then outstanding, the Loan Parties shall cause the ACH or wire transfer to the Concentration Account, no less frequently than daily, of then entire ledger balance of the Blocked Account, net of such minimum balance, not to exceed $5,000.00, as may be required to be maintained in the Blocked Account by the bank at which the Blocked Account is maintained.
 
(d) After the occurrence and during the continuance of a Cash Dominion Event, in the event that, notwithstanding the provisions of this Section 7-4, a Loan Party receives or otherwise has dominion and control of any Receipts, or any proceeds or collections of any Collateral, such Receipts, proceeds, and collections shall be held in trust by such Loan Party for the Lender and shall not be commingled with any of the Loan Party’s other funds or deposited in any account of the Loan Party other than as instructed by the Lender.
 
7-5. Payment of Liabilities.
 
(a) On each Business Day, the Lender shall apply, towards the Liabilities, the then collected balance of the Concentration Account (net of fees charged, and of such impressed balances as may be required by the bank at which the Concentration Account is maintained).
 
(b) The following rules shall apply to deposits and payments under and pursuant to this Agreement:
 
(i) Funds shall be deemed to have been deposited to the Concentration Account on the Business Day on which deposited, provided that notice of such deposit is available to the Lender by 2:00 PM on that Business Day.
 
(ii) Funds paid to the Lender, other than by deposit to the Concentration Account, shall be deemed to have been received on the Business Day when they are good and collected funds, provided that notice of such payment is available to the Lender by 2:00PM on that Business Day.
 
 
 
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(iii) If notice of a deposit to the Concentration Account (Section 7-5(b)(i)) or payment (Section 7-5(b)(ii)) is not available to the Lender until after 2:00PM on a Business Day, such deposit or payment shall be deemed to have been made at 9:00 AM on the then next Business Day.
 
(iv) All deposits to the Concentration Account and other payments to the Lender are subject to clearance and collection.
 
(c) All payments shall be applied First to pay Liabilities other than the principal balance of the Loan Account; Second in reduction of Base Rate Loans until paid in full, and Third in reduction of Eurodollar Loans until paid in full, together with any amounts which become due as a result of such payment pursuant to Section 2-7(e) hereof; provided that at the Borrower’s option, as long as no Event of Default then exists, the Borrower shall have the right, in lieu of making a prepayment on account of the Eurodollar Loans, to cause any amounts in excess of the sums required to pay the Liabilities described in clauses First and Second, above, to be deposited with the Lender and held as collateral for the Liabilities and applied to the payment of the applicable Eurodollar Loans at the end of the current Interest Periods applicable thereto, in order of maturity of such Interest Periods (or upon the occurrence, and during the continuance, of an Event of Default, to the Liabilities in such order and manner as the Lender, in its discretion, shall determine).
 
(d) The Lender shall transfer to the Operating Account any surplus in the Concentration Account remaining after the application towards the Liabilities referred to in Section 7-5(a), above (less those amount which are to be netted out, as provided therein) provided, however, in the event that both (i) a Suspension Event has occurred and is continuing, and (ii) one or more L/C’s are then outstanding, the Lender may establish a funded reserve of up to 103% of the aggregate Stated Amounts of such L/C’s.
 
7-6. The Operating Account. Except as otherwise specifically provided in, or permitted by, this Agreement, all checks shall be drawn by the Loan Parties upon, and other disbursements shall be made by the Loan Parties solely from, the Operating Account.  Until the occurrence, and during the continuance, of an Event of Default, as provided in the agreement with the depository with which the Operating Account has been established, the Lender shall not be entitled to exercise any dominion or control over the funds in the Operating Account.
 
Article 8 - Grant of Security Interest:
 
8-1. Grant of Security Interest.  To secure the Borrower’s prompt, punctual, and faithful performance of all and each of the Liabilities, the Borrower hereby grants to the Lender a continuing security interest in and to, and assigns to the Lender, (and ratifies and confirms the Borrower’s prior grant of a security interest to the Lender pursuant to the Existing Loan Agreement, in and to) the following, and each item thereof, whether now owned or now due, or in which the Borrower has an interest, or hereafter acquired, arising, or to become due, or in which the Borrower obtains an interest, and all products, Proceeds, substitutions, and accessions of or to any of the following (all of which, together with any other property in which the Lender may in the future be granted a security interest, is referred to herein as the “Collateral”):
 
 
 
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(a) All Accounts and Accounts Receivable.
 
(b) All Inventory.
 
(c) All General Intangibles, including, without limitation, all Payment Intangibles.
 
(d) All Equipment.
 
(e) All Goods.
 
(f) All Fixtures.
 
(g) All Chattel Paper.
 
(h) All books, records, and information relating to the Collateral and/or to the operation of the Borrower’s business, and all rights of access to such books, records, and information, and all property in which such books, records, and information are stored, recorded, and maintained.
 
(i) All Investment Property, Instruments, Documents, Deposit Accounts, policies and certificates of insurance, deposits, impressed accounts, compensating balances, money, cash, or other property.
 
(j) All Letter of Credit Rights and Supporting Obligations.
 
(k) All Commercial Tort Claims.
 
(l) All insurance proceeds, refunds, and premium rebates, including, without limitation, proceeds of fire and credit insurance, whether any of such proceeds, refunds, and premium rebates arise out of any of the foregoing(8-1(a) through 8-1(k)) or otherwise.
 
(m) All liens, guaranties, rights, remedies, and privileges pertaining to any of the foregoing (8-1(a) through 8-1(l)), including the right of stoppage in transit.
 
provided that, the Collateral shall not include leases or licenses and rights thereunder to the extent of enforceable anti-assignment provisions therein contained which have not been waived, provided, however, that in no event shall the foregoing be construed to exclude from the security interest created by this Agreement, proceeds or products of any such leases or licenses or any accounts receivable or the right to payments due or to become due the Borrower under any such lease or license.
 
8-2. Extent and Duration of Security Interest.  This grant of a security interest is in addition to, and supplemental of, any security interest previously granted by the Borrower to the Lender and shall continue in full force and effect applicable to all Liabilities, until all Liabilities have been paid and/or satisfied in full (other than indemnities not then due and payable, which survive repayment of the Revolving Credit Loans and the L/Cs and termination of the Commitments) and the security interest granted herein is specifically terminated in writing by a duly authorized officer of the Lender (which the Lender agrees to do upon payment and satisfaction of all such Liabilities).
 
 
 
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Article 9 - Lender As Borrower’s Attorney-In-Fact:
 
9-1. Appointment as Attorney-In-Fact.  The Borrower hereby irrevocably constitutes and appoints the Lender as the Borrower’s true and lawful attorney, with full power of substitution, exercisable only after the occurrence, and during the continuance, of an Event of Default, to convert the Collateral into cash at the sole risk, cost, and expense of the Borrower, but for the sole benefit of the Lender. The rights and powers granted the Lender by this appointment include but are not limited to the right and power to:
 
(a) Prosecute, defend, compromise, or release any action relating to the Collateral.
 
(b) Sign change of address forms to change the address to which the Borrower’s mail is to be sent to such address as the Lender shall designate; receive and open the Borrower’s mail; remove any Receivables Collateral and Proceeds of Collateral therefrom and turn over the balance of such mail either to the Borrower or to any trustee in bankruptcy, receiver, assignee for the benefit of creditors of the Borrower, or other legal representative of the Borrower whom the Lender determines to be the appropriate person to whom to so turn over such mail.
 
(c) Endorse the name of the Borrower in favor of the Lender upon any and all checks, drafts, notes, acceptances, or other items or instruments; sign and endorse the name of the Borrower on, and receive as secured party, any of the Collateral, any invoices, schedules of Collateral, freight or express receipts, or bills of lading, storage receipts, warehouse receipts, or other documents of title respectively relating to the Collateral.
 
(d) Sign the name of the Borrower on any notice to the Borrower’s Account Debtors or verification of the Receivables Collateral; sign the Borrower’s name on any Proof of Claim in Bankruptcy against Account Debtors, and on notices of lien, claims of mechanic’s liens, or assignments or releases of mechanic’s liens securing the Accounts.
 
(e) Take all such action as may be necessary to obtain the payment of any letter of credit and/or banker’s acceptance of which the Borrower is a beneficiary.
 
(f) Repair, manufacture, assemble, complete, package, deliver, alter or supply goods, if any, necessary to fulfill in whole or in part the purchase order of any customer of the Borrower.
 
(g) Use, license or transfer any or all General Intangibles of the Borrower.
 
9-2. No Obligation to Act.  The Lender shall not be obligated to do any of the acts or to exercise any of the powers authorized by Section 9-1 herein, but if the Lender elects to do any such act or to exercise any of such powers, it shall not be accountable for more than it actually receives as a result of such exercise of power, provided that, if the Lender elects to use or license any General Intangibles of the Borrower consisting of trademarks, copyrights or similar property, the Lender shall use reasonable efforts to preserve and maintain any such trademark, copyright or similar property (but nothing contained herein shall obligate the Lender to undertake (or refrain from undertaking) any specific action with respect thereto). The Lender shall not be responsible to the Borrower for any act or omission to act pursuant to Section 9-1, except to the extent that the subject act or omission to act had been grossly negligent or in actual bad faith.
 
 
 
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Article 10 - Events of Default:
 
The occurrence of any event described in this Article 10 shall constitute an “Event of Default” herein.  Upon the occurrence of any Event of Default described in Section 10-12, any and all Liabilities shall become due and payable without any further act on the part of the Lender.  Upon the occurrence, and during the continuance, of any other Event of Default, any and all Liabilities shall become immediately due and payable, at the option of the Lender and without notice or demand.  The occurrence and continuance of any Event of Default shall also constitute, without notice or demand, a default under all other Loan Documents, whether such Loan Documents now exist or hereafter arise.
 
10-1. Failure to Pay Revolving Credit.  The failure by the Borrower to pay any principal amount when due under the Revolving Credit.
 
10-2. Failure To Make Other Payments.  The failure by the Borrower to pay when due (or upon demand, if payable on demand) any payment Liability within three (3) days of the date when due other than the principal amount under the Revolving Credit.
 
10-3. Failure to Perform Covenant or Liability (No Grace Period).  The failure by the Borrower to promptly, punctually, faithfully and timely perform, discharge, or comply with any covenant or Liability not otherwise described in Section 10-1 or Section 10-2 hereof, and included in any of the following provisions hereof:
 
Section______Relates to______:
 
4-5                      Location of Collateral
 
4-6                      Title to Assets
 
4-7                      Indebtedness
 
4-8(b)                 Insurance Policies
 
6                          Use of Collateral
 
Article 7             Cash Management
 
10-4. Failure to Perform Covenant or Liability (Limited Grace Period).  The failure by the Borrower, upon three (3) days written notice by the Lender, to cure the Borrower’s failure to promptly, punctually and faithfully perform, discharge, or comply with any covenant under Sections 4-13, 4-22, 4-23, and Article 5 hereof.
 
10-5. Failure to Perform Covenant or Liability (Grace Period). The failure by the Borrower, upon fifteen (15) days written notice by the Lender, to cure the Borrower’s failure to promptly, punctually and faithfully perform, discharge, or comply with any covenant hereunder or under any other Loan Document or with any Liability not described in any of Sections 10-1, 10-2, 10-3 or 10-4 hereof.
 
 
 
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10-6. Misrepresentation. Any representation or warranty at any time made by the Borrower to the Lender is not true or complete in all material respects when given.
 
10-7. Default of Other Debt. The occurrence of any event such that any Indebtedness of the Borrower to any creditor in excess of $10,000,000.00, other than the Lender, could then be accelerated (whether or not the subject creditor takes any action on account of such occurrence), provided that if such event is waived in writing by the holder of the Indebtedness prior to the exercise of remedies by the Lender hereunder, the occurrence of such event shall not constitute an Event of Default hereunder.
 
10-8. Default of Leases. The occurrence of any event such that any Lease or Leases of the Borrower could then be terminated (whether or not any or all of the subject lessors take any action on account of such occurrence) and such termination (individually or together with all other such terminations) could reasonably likely have a Material Adverse Effect, provided that if such event is waived in writing by the subject lessors prior to the exercise of remedies by the Lender hereunder, the occurrence of such event shall not constitute an Event of Default hereunder.
 
10-9. Uninsured Casualty Loss.The occurrence of any uninsured loss, theft, damage, or destruction of or to any material portion of the Collateral, having an aggregate value in excess of $1,500,000.00.
 
10-10. Judgment.  Restraint of Business.
 
(a) The entry of any uninsured judgment against the Borrower, in excess of $5,000,000.00, individually or in the aggregate, which judgment is not satisfied (if a money judgment) or appealed from (with execution or similar process stayed) within thirty (30) days of its entry.
 
(b) The entry of any order or the imposition of any other process having the force of law, in either case applicable specifically to the Borrower, the effect of which is to restrain in any material adverse way the conduct by the Borrower of its business in the ordinary course, which order is not dissolved within ten (10) days of its imposition.
 
10-11. Business Failure. Any act by, against, or relating to the Borrower, or its property or assets, which act constitutes the application for, consent to, or sufferance of the appointment of a receiver, trustee, or other person, pursuant to court action or otherwise, over all, or any material part of the Borrower’s property; the granting of any trust mortgage or execution of an assignment for the benefit of the creditors of the Borrower generally; the offering by or entering into by the Borrower of any composition, extension, or any other arrangement seeking relief generally from or extension of the debts of the Borrower; or the initiation of any judicial or non-judicial proceeding or agreement by, against, or including the Borrower which seeks or intends to accomplish a reorganization or arrangement with creditors, provided that, if such proceeding is initiated against the Borrower, an Event of Default shall not arise hereunder unless such proceeding is not timely contested in good faith by the Borrower by appropriate proceedings or, if so contested, is not dismissed within sixty (60) days of when initiated; and/or the initiation by or on behalf of the Borrower of the liquidation or winding up of all or any material part of the Borrower’s business or operations.
 
 
 
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10-12. Bankruptcy. The failure by the Borrower to generally pay the debts of the Borrower as they mature; adjudication of bankruptcy or insolvency relative to the Borrower; the entry of an order for relief or similar order with respect to the Borrower in any proceeding pursuant to the Bankruptcy Code or any other federal bankruptcy law; the filing of any complaint, application, or petition by the Borrower initiating any matter in which the Borrower is or may be granted any relief from its debts generally pursuant to the Bankruptcy Code or any other insolvency statute or procedure of general application; the filing of any complaint, application, or petition against the Borrower initiating any matter in which the Borrower is or may be granted any relief from its debts generally pursuant to the Bankruptcy Code or any other insolvency statute or procedure of general application, which complaint, application, or petition is not timely contested in good faith by the Borrower by appropriate proceedings or, if so contested, is not dismissed within sixty (60) days of when filed.
 
10-13. Indictment - Forfeiture.  The indictment of, or institution of any legal process or proceeding against, the Borrower, under any federal, state, municipal, and other civil or criminal statute, rule, regulation, order, or other requirement having the force of law where the relief, penalties, or remedies sought or available include the forfeiture of any property of the Borrower and/or the imposition of any stay or other order, the effect of which would reasonably be expected to restrain in any material way the conduct by the Borrower of its business in the ordinary course.
 
10-14. Default by Guarantor or Subsidiary.  The occurrence of any of the foregoing Events of Default with respect to any Guarantor of the Liabilities, or the occurrence of any of the foregoing Events of Default with respect to any Subsidiary of the Borrower, as if such guarantor or Subsidiary were the “Borrower” described therein.
 
10-15. Termination of Guaranty. The termination or attempted termination of any Guaranty Agreement by any Guarantor of the Liabilities (other than in accordance with its terms or as permitted by the Lenders).
 
10-16. Challenge to Loan Documents.
 
(a) Any challenge by or on behalf of the Borrower or any guarantor of the Liabilities to the validity of any Loan Document or the applicability or enforceability of any Loan Document strictly in accordance with the subject Loan Document’s terms or which seeks to void, avoid, limit, or otherwise adversely affect any security interest created by or in any Loan Document or any payment made pursuant thereto.
 
(b) Any determination by any court or any other judicial or government authority that the Loan Documents, taken as a whole, are not enforceable strictly in accordance with their terms or which voids, avoids, limits, or otherwise adversely affects any security interest created by any Loan Document or any payment made pursuant thereto.
 
10-17. Intentionally Omitted.
 
 
 
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10-18. Change in Control.  Any Change in Control.
 
Article 11 - Rights and Remedies Upon Default:
 
In addition to all of the rights, remedies, powers, privileges, and discretions which the Lender is provided prior to the occurrence of an Event of Default, the Lender shall have the following rights and remedies upon the occurrence, and during the continuance, of any Event of Default.
 
11-1. Rights of Enforcement.  The Lender shall have all of the rights and remedies of a secured party upon default under the UCC, in addition to which the Lender shall have all and each of the following rights and remedies:
 
(a) To collect the Receivables Collateral with or without the taking of possession of any of the Collateral.
 
(b) To take possession of all or any portion of the Collateral.
 
(c) To sell, lease, or otherwise dispose of any or all of the Collateral, in its then condition or following such preparation or processing as the Lender deems advisable and with or without the taking of possession of any of the Collateral.
 
(d) To conduct one or more going out of business sales which include the sale or other disposition of the Collateral.
 
(e) To apply the Receivables Collateral or the Proceeds of the Collateral towards (but not necessarily in complete satisfaction of) the Liabilities.
 
(f) To exercise all or any of the rights, remedies, powers, privileges, and discretions under all or any of the Loan Documents.
 
11-2. Sale of Collateral.
 
(a) Any sale or other disposition of the Collateral may be at public or private sale upon such terms and in such manner as the Lender deems advisable, having due regard to compliance with any statute or regulation which might affect, limit, or apply to the Lender’s  disposition of the Collateral.
 
(b) The Lender, in the exercise of the Lender’s rights and remedies upon default, may conduct one or more going out of business sales, in the Lender’s own right or by one or more agents and contractors. Such sale(s) may be conducted upon any premises owned, leased, or occupied by the Borrower.  The Lender and any such agent or contractor, in conjunction with any such sale, may augment the Inventory with other goods (all of which other goods shall remain the sole property of the Lender or such agent or contractor).  Any amounts realized from the sale of such goods which constitute augmentations to the Inventory (net of an allocable share of the costs and expenses incurred in their disposition) shall be the sole property of the Lender or such agent or contractor and neither the Borrower nor any Person claiming under or in right of the Borrower shall have any interest therein.
 
 
 
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(c) Unless the Collateral is perishable or threatens to decline speedily in value, or is of a type customarily sold on a recognized market (in which event the Lender shall provide the Borrower with such notice as may be practicable under the circumstances), the Lender shall give the Borrower at least ten (10) days prior written notice of the date, time, and place of any proposed public sale, and of the date after which any private sale or other disposition of the Collateral may be made.  The Borrower agrees that such written notice shall satisfy all requirements for notice to the Borrower which are imposed under the UCC or other applicable law with respect to the exercise of the Lender’s rights and remedies upon default.
 
(d) The Lender may purchase the Collateral, or any portion of it at any sale held under this Article (to the extent permitted by applicable law).
 
(e) The Lender shall apply the proceeds of any exercise of the Lender’s Rights and Remedies under this Article 11 towards the Liabilities in the following order:
 
 
First:
To all costs and expenses incurred by the Lender under this Agreement, or any other Loan Document, including all Costs of Collection.
 
 
Second:
To accrued and unpaid interest on the Revolving Credit Loans until all accrued and unpaid interest on the Revolving Credit Loans has been paid in full.
 
 
Third:
To the principal balance of the Revolving Credit Loans, until the unpaid principal balance of the Revolving Credit Loans has been paid in full.
 
 
Fourth:
To all fees due under this Agreement or any other Loan Document, until the remaining balance of all fees (including L/C Fees, Line (Unused Fees)) have been paid in full.
 
 
Fifth:
To all other Liabilities, including without limitation, on account of Bank Products and Cash Management Services, until such Liabilities have been paid in full.
 
 
Sixth:
As provided under applicable law, to each Person then entitled thereto.
 
11-3. Occupation of Business Location. In connection with the Lender’s exercise of the Lender’s rights under this Article 11, the Lender may enter upon, occupy, and use any premises owned or occupied by the Borrower, and may exclude the Borrower from such premises or portion thereof as may have been so entered upon, occupied, or used by the Lender. The Lender shall not be required to remove any of the Collateral from any such premises upon the Lender’s taking possession thereof, and may render any Collateral unusable to the Borrower.  In no event shall the Lender be liable to the Borrower for use or occupancy by the Lender of any premises pursuant to this Article 11, nor for any charge (such as wages for the Borrower’s employees and utilities) incurred in connection with the Lender’s exercise of the Lender’s Rights and Remedies, except for such charges which are incurred as a result of the Lender’s gross negligence or willful misconduct.
 
 
 
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11-4. Grant of Nonexclusive License.  The Borrower hereby grants to the Lender a royalty free nonexclusive irrevocable license, exercisable upon the occurrence, and during the continuance, of an Event of Default, to use, apply, and affix any trademark, trade name, logo, or the like in which the Borrower now or hereafter has rights, such license being with respect to the Lender’s exercise of the rights hereunder including, without limitation, in connection with any completion of the manufacture of Inventory or sale or other disposition of Inventory. In exercising its rights under such license, the Lender shall use reasonable efforts to preserve and maintain any such trademark, trade name, or logo, but nothing contained herein shall obligate the Lender to undertake (or refrain from undertaking) any specific action and the Lender shall, under no circumstances, have any liability to the Borrower, except for such which are a result of the Lender’s gross negligence or willful misconduct.
 
11-5. Assembly of Collateral. The Lender may require the Borrower to assemble the Collateral and make it available to the Lender at the Borrower’s sole risk and expense at a place or places which are reasonably convenient to both the Lender and Borrower.
 
11-6. Rights and Remedies. The rights, remedies, powers, privileges, and discretions of the Lender hereunder (herein, the “ Lender’s Rights and Remedies”) shall be cumulative and not exclusive of any rights or remedies which it would otherwise have.  No delay or omission by the Lender in exercising or enforcing any of the Lender’s Rights and Remedies shall operate as, or constitute, a waiver thereof.  No waiver by the Lender of any Event of Default or of any default under any other agreement shall operate as a waiver of any other default hereunder or under any other agreement.  No single or partial exercise of any of the Lender’s Rights or Remedies, and no express or implied agreement or transaction of whatever nature entered into between the Lender and any person, at any time, shall preclude the other or further exercise of the Lender’s Rights and Remedies.  No waiver by the Lender of any of the Lender’s Rights and Remedies on any one occasion shall be deemed a waiver on any subsequent occasion, nor shall it be deemed a continuing waiver.  All of the Lender’s Rights and Remedies and all of the Lender’s rights, remedies, powers, privileges, and discretions under any other agreement or transaction are cumulative, and not alternative or exclusive, and may be exercised by the Lender at such time or times and in such order of preference as the Lender in its sole discretion may determine.  The Lender’s Rights and Remedies may be exercised without resort or regard to any other source of satisfaction of the Liabilities.
 
Article 12 - Notices:
 
12-1. Notice Addresses.  All notices, demands, and other communications made in respect of this Agreement (other than a request for a loan or advance or other financial accommodation under the Revolving Credit) shall be made to the following addresses, each of which may be changed upon seven (7) days written notice to all others given by certified mail, return receipt requested:
 
If to the Lender:
 
 
 
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Bank of America, N.A.
 
▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇
 
▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
 
Attention                      : ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
 
          Vice President
 
Fax                                : (▇▇▇) ▇▇▇-▇▇▇▇
 
Email: ▇▇▇▇▇▇▇▇▇.▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇
 
With a copy to:
 
▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇▇ LLP
 
▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇
 
▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇  ▇▇▇▇▇
 
Attention                      :  ▇▇▇▇▇ ▇. ▇▇▇▇▇▇, Esquire
 
Fax                                : (▇▇▇) ▇▇▇-▇▇▇▇
 
Email: ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇.▇▇▇
 
If to the Borrower:
 
Aeropostale, Inc.
 
▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇.
 
▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇
 
Attention                      : ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, VP and Treasurer
 
Fax                                : (▇▇▇) ▇▇▇-▇▇▇▇
 
Email: ▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇.▇▇▇
 
With a Copy to:
 
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, Esquire
 
General Counsel
 
Aeropostale, Inc.
 
▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇
 
▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
 
Fax: (▇▇▇) ▇▇▇-▇▇▇▇
 
Email: ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇.▇▇▇
 
12-2. Notice Given.
 
(a) Except as otherwise specifically provided herein, notices shall be deemed made and correspondence received, as follows (all times being local to the place of delivery or receipt):
 
(i) By mail: the sooner of when actually received or three (3) days following deposit in the United States mail, postage prepaid.
 
(ii) By recognized overnight express delivery: the Business Day following the day when sent.
 
 
 
 
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(iii) By Hand: If delivered on a Business Day after 9:00 AM and no later than three (3) hours prior to the close of customary business hours of the recipient, when delivered.  Otherwise, at the opening of the then next Business Day.
 
(iv) By Facsimile or electronic transmission (which must include a header on which the party sending such transmission is indicated): If sent on a Business Day after 9:00 AM and no later than three (3) hours prior to the close of customary business hours of the recipient, one (1) hour after being sent.  Otherwise, at the opening of the then next Business Day.
 
(b) Rejection or refusal to accept delivery and inability to deliver because of a changed address or Facsimile Number for which no due notice was given shall each be deemed receipt of the notice sent.
 
Article 13 - Term:
 
13-1. Termination of Revolving Credit.  The Revolving Credit shall remain in effect (subject to suspension as provided in Section 2-5(h) hereof) until the Termination Date.
 
13-2. Effect of Termination.  On the Termination Date, the Borrower shall pay the Lender (whether or not then due), in immediately available funds, all then Liabilities (other than indemnities, not then due and payable, which survive repayment of the Revolving Credit Loans and L/Cs and termination of the Commitments), including, without limitation: the entire balance of the Loan Account; any accrued and unpaid Line (Unused) Fee; any payments due on account of the indemnification obligations included in Section 2-9(e); and all unreimbursed costs and expenses of the Lender for which the Borrower is responsible; and shall make such arrangements concerning any L/C’s then outstanding are reasonably satisfactory to the Lender.  Until such payment, all provisions of this Agreement, other than those contained in Article 2 which place an obligation on the Lender to make any loans or advances or to provide financial accommodations under the Revolving Credit or otherwise, shall remain in full force and effect until all Liabilities (other than indemnities, not then due and payable, which survive repayment of the Revolving Credit Loans and L/Cs and termination of the Commitments) shall have been paid in full.  The release by the Lender of the security and other collateral interests granted the Lender by the Borrower hereunder may be upon such conditions and indemnifications as the Lender may reasonably require to protect the Lender against and chargebacks, credits, returned items and any other reversal of payments which had been received by the Lender and applied toward such Liabilities.
 
Article 14 - General:
 
14-1. Protection of Collateral.  The Lender has no duty as to the collection or protection of the Collateral beyond the safe custody of such of the Collateral as may come into the possession of the Lender and shall have no duty as to the preservation of rights against prior parties or any other rights pertaining thereto.  With the Borrower’s prior approval (which shall not be unreasonably delayed or withheld), the Lender may include reference to the Borrower (and may utilize any logo or other distinctive symbol associated with the Borrower) in connection with any advertising, promotion, or marketing undertaken by the Lender.
 
 
 
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14-2. Successors and Assigns. This Agreement shall be binding upon the Borrower and the Borrower’s representatives, successors, and assigns and shall inure to the benefit of the Lender and its successors and assigns, provided, however, no trustee or other fiduciary appointed with respect to the Borrower shall have any rights hereunder.  In the event that the Lender, in accordance with the provisions of Section 2-23 hereof, assigns or transfers its rights under this Agreement, the assignee shall thereupon succeed to and become vested with all rights, powers, privileges, and duties of such assignor hereunder and such assignor shall thereupon be discharged and relieved from its duties and obligations hereunder.
 
14-3. Severability.  Any determination that any provision of this Agreement or any application thereof is invalid, illegal, or unenforceable in any respect in any instance shall not affect the validity, legality, or enforceability of such provision in any other instance, or the validity, legality, or enforceability of any other provision of this Agreement.
 
14-4. Amendments.  Course of Dealing.
 
(a) This Agreement and the other Loan Documents incorporate all discussions and negotiations between the Borrower and the Lender, either express or implied, concerning the matters included herein and in such other instruments, any custom, usage, or course of dealings to the contrary notwithstanding.  No such discussions, negotiations, custom, usage, or course of dealings shall limit, modify, or otherwise affect the provisions thereof.  No failure by the Lender to give notice to the Borrower of the Borrower’s having failed to observe and comply with any warranty or covenant included in any Loan Document shall constitute a waiver of such warranty or covenant or the amendment of the subject Loan Document.
 
(b) The Borrower may undertake any action otherwise prohibited hereby, and may omit to take any action otherwise required hereby, upon and with the express prior written consent of the Lender.  No consent, modification, amendment, or waiver of any provision of any Loan Document shall be effective unless executed in writing by or on behalf of the party to be charged with such modification, amendment, or waiver (and if such party is the Lender, then by a duly authorized officer thereof). Any modification, amendment, or waiver provided by the Lender shall be in reliance upon all representations and warranties theretofore made to the Lender by or on behalf of the Borrower (and any guarantor, endorser, or surety of the Liabilities) and consequently may be rescinded in the event that any of such representations or warranties was not true and complete in all material respects when given.
 
14-5. Power of Attorney.  In connection with all powers of attorney included in this Agreement, the Borrower hereby grants unto the Lender full power to do any and all things necessary or appropriate in connection with the exercise of such powers as fully and effectually as the Borrower might or could do, hereby ratifying all that said attorney shall do or cause to be done by virtue of this Agreement.  No power of attorney set forth in this Agreement shall be affected by any disability or incapacity suffered by the Borrower and each shall survive the same. All powers conferred upon the Lender by this Agreement, being coupled with an interest, shall be irrevocable until this Agreement is terminated by a written instrument executed by a duly authorized officer of the Lender.
 
 
 
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14-6. Application of Proceeds.  Except as otherwise provided in Section 11-2(e) hereof, the proceeds of any collection, sale, or disposition of the Collateral, or of any other payments received hereunder, shall be applied towards the Liabilities in such order and manner as the Lender determines in its sole discretion.  The Borrower shall remain liable for any deficiency remaining following such application.
 
14-7. Costs and Expenses of Lender.
 
(a) The Borrower shall pay on demand all Costs of Collection and all reasonable expenses of the Lender in connection with the preparation, execution, and delivery of this Agreement and of any other Loan Documents, whether now existing or hereafter arising, and all other reasonable expenses which may be incurred by the Lender in preparing or amending this Agreement and all other agreements, instruments, and documents related thereto, or otherwise incurred with respect to the Liabilities, and all other costs and expenses of the Lender which relate to the credit facility contemplated hereby.
 
(b) The Borrower shall pay on demand all costs and expenses (including reasonable attorneys’ fees) incurred, following the occurrence, and during the continuance, of any Event of Default, by the Lender in connection with the enforcement, attempted enforcement, or preservation of any rights and remedies under this, or any other Loan Document, as well as any such costs and expenses in connection with any “workout”, forbearance, or restructuring of the credit facility contemplated hereby.
 
(c) The Borrower authorizes the Lender to pay all such fees and expenses and in the Lender’s discretion, to add such fees and expenses to the Loan Account.
 
(d) The undertaking on the part of the Borrower in this Section 14-7 shall survive payment of the Liabilities and/or any termination, release, or discharge executed by the Lender in favor of the Borrower, other than a termination, release, or discharge which makes specific reference to this Section 14-7.
 
14-8. Copies and Facsimiles. This Agreement and all documents which relate thereto, which have been or may be hereinafter furnished the Lender may be reproduced by the Lender by any photographic, microfilm, xerographic, digital imaging, or other process, and the Lender may destroy any document so reproduced.  Any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made in the regular course of business). Any facsimile which bears proof of transmission shall be binding on the party which or on whose behalf such transmission was initiated and likewise shall be so admissible in evidence as if the original of such facsimile had been delivered to the party which or on whose behalf such transmission was received.
 
14-9. Massachusetts Law. This Agreement and all rights and obligations hereunder, including matters of construction, validity, and performance, shall be governed by the laws of The Commonwealth of Massachusetts.
 
 
 
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14-10. Consent to Jurisdiction.
 
(a) The Borrower agrees that any legal action, proceeding, case, or controversy against the Borrower with respect to any Loan Document may be brought in the Superior Court of Suffolk County Massachusetts or in the United States District Court, District of Massachusetts, sitting in Boston, Massachusetts, as the Lender may elect in the Lender’s sole discretion.  By execution and delivery of this Agreement, the Borrower, for itself and in respect of its property, accepts, submits, and consents generally and unconditionally, to the non-exclusive jurisdiction of the aforesaid courts.
 
(b) The Borrower WAIVES personal service of any and all process upon it, and irrevocably consents to the service of process out of any of the aforementioned courts in any such action or proceeding by the mailing of copies thereof by certified mail, postage prepaid, to the Borrower at the Borrower’s address for notices as specified herein, such service to become effective ten (10) Business Days after such mailing.
 
(c) The Borrower WAIVES any objection based on forum non conveniens and any objection to venue of any action or proceeding instituted in the aforesaid courts under any of the Loan Documents.
 
(d) Nothing herein shall affect the right of the Lender to bring legal actions or proceedings in any other competent jurisdiction.
 
(e) The Borrower agrees that any action commenced by the Borrower asserting any claim or counterclaim arising under or in connection with this Agreement or any other Loan Document shall be brought solely in the Superior Court of Suffolk County Massachusetts or in the United States District Court, District of Massachusetts, sitting in Boston, Massachusetts, and that such Courts shall have exclusive jurisdiction with respect to any such action.
 
14-11. Indemnification.  The Borrower shall indemnify, defend, and hold the  Lender and any employee, officer, or agent of the Lender (each, an “Indemnified Person”) harmless of and from any claim brought or threatened against any Indemnified Person by the Borrower, any guarantor or endorser of the Liabilities, or any other Person (as well as from reasonable attorneys’ fees and expenses in connection therewith) on account of the relationship of the Borrower or of any other guarantor or endorser of the Liabilities with the Lender (each, an “Indemnified Claim”) other than any claim resulting from the gross negligence or willful misconduct of such Indemnified Person.  Each Indemnified Claim may be defended, compromised, settled, or pursued by the Indemnified Person with counsel of the Lender’s selection (and if such Indemnified Claim is brought by a Person other than the Borrower, any guarantor or endorser of the Liabilities or any Affiliate of the Borrower, after consultation with (but not approval of) the Borrower regarding the selection of such counsel), but at the expense of the Borrower, provided that any Indemnified Claim may not be settled without the consent of the Borrower (which shall not be unreasonably withheld or delayed) if as the result of any such settlement the Borrower will be obligated to make any payment (other than reimbursement of the reasonable costs and expenses of  the Indemnified Person). This indemnification shall survive payment of the Liabilities and/or any termination, release, or discharge executed by the Lender in favor of the Borrower, other than a termination, release, or discharge which makes specific reference to this Section 14-11.
 
 
 
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14-12. Rules of Construction. The following rules of construction shall be applied in the interpretation, construction, and enforcement of this Agreement and of the other Loan Documents:
 
(a) Words in the singular include the plural and words in the plural include the singular.
 
(b) Titles, headings (indicated by being underlined or shown in Small Capitals) and any Table of Contents are solely for convenience of reference; do not constitute a part of the instrument in which included; and do not affect such instrument’s meaning, construction, or effect.
 
(c) The words “includes” and “including” are not limiting.
 
(d) Text which follows the words “including, without limitation” (or similar words) is illustrative and not limitational.
 
(e) Except where the context otherwise requires or where the relevant subsections are joined by “or”, compliance with any Section or provision of any Loan Document which constitutes a warranty or covenant requires compliance with all subsections (if any) of that Section or provision.  Except where the context otherwise requires, compliance with any warranty or covenant of any Loan Document which includes subsections which are joined by “or” may be accomplished by compliance with any of such subsections.
 
(f) Text which is shown in italics, shown in bold, shown IN ALL CAPITAL LETTERS, or in any combination of the foregoing, shall be deemed to be conspicuous.
 
(g) The words “may not” are prohibitive and not permissive.
 
(h) The word “or” is not exclusive.
 
(i) Terms which are defined in one section of any Loan Document are used with such definition throughout the instrument in which so defined.
 
(j) The symbol “$” refers to United States Dollars.
 
(k) Unless limited by reference to a particular Section or provision, any reference to “herein”, “hereof”, or “within” is to the entire Loan Document in which such reference is made.
 
(l) References to “this Agreement” or to any other Loan Document is to the subject instrument as amended to the date on which application of such reference is being made.
 
 
 
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(m) Except as otherwise specifically provided, all references to time are to Boston time.
 
(n) In the determination of any notice, grace, or other period of time prescribed or allowed hereunder:
 
(i) Unless otherwise provided (A) the day of the act, event, or default from which the designated period of time begins to run shall not be included and the last day of the period so computed shall be included unless such last day is not a Business Day, in which event the last day of the relevant period shall be the then next Business Day and (B) the period so computed shall end at 5:00 PM on the relevant Business Day.
 
(ii) The word “from” means “from and including”.
 
(iii) The words “to” and “until” each mean “to, but excluding”.
 
(iv) The word “through” means “to and including”.
 
(o) References to “presently”, “currently”, “Second Amendment Effective Date of this Agreement”, and other similar expressions mean the date of this Agreement.
 
(p) The term “upon the occurrence, and during the continuance, of an Event of Default”, “upon the occurrence, and during the continuance, of Default Interest Event” and any other similar term means the occurrence of an Event of Default or a Default Interest Event which has not been (i) waived by the Lender, or (ii) resolved to the reasonable satisfaction of the Lender. For purposes hereof, an Event of Default shall be deemed “resolved to the reasonable satisfaction of the Lender” if (A) the Lender has not theretofore exercised any of its rights and remedies on account of the existence of such Event of Default, and (B) the matter giving rise to such Event of Default has been fully remediated by the Borrower, provided, however, that (1) nothing contained herein shall furnish the Borrower with any additional cure periods beyond those set forth in Article 10, if any, prior to an event constituting an “Event of Default”, (2) notwithstanding the foregoing, any Event of Default under Article 7, or Sections 10-1, 10-2, 10-11, or 10-12 hereof may only be waived by the Lender and shall not ever be deemed “resolved to the reasonable satisfaction of the Lender”, and (3) the Borrower may not resolve any occurrences which constitute Events of Default to the reasonable satisfaction of the Lender on more than four (4) occasions in any fiscal year.
 
(q) The Loan Documents shall be construed and interpreted in a harmonious manner and in keeping with the intentions set forth in Section 14-13 hereof, provided, however, in the event of any inconsistency between the provisions of this Agreement and any other Loan Document, the provisions of this Agreement shall govern and control.
 
14-13. Intent. It is intended that:
 
(a) This Agreement take effect as a sealed instrument.
 
 
 
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(b) The scope of the security interests created by this Agreement be broadly construed in favor of the Lender.
 
(c) The security interests created by this Agreement secure all Liabilities, whether now existing or hereafter arising.
 
(d) All reasonable costs and expenses (other than  overhead costs) incurred by the Lender in connection with its relationship with the Borrower shall be borne by the Borrower.
 
(e) Unless otherwise explicitly provided herein, the Lender’s consent to any action of the Borrower which is prohibited unless such consent is given may be given or refused by the Lender in its reasonable discretion and without reference to Section 2-16 hereof.
 
14-14. Right of Set-Off. Any and all deposits (other than Trust Deposit Accounts) or other sums at any time credited by or due to the Borrower from the Lender, or any participant (a “Participant”) in the credit facility contemplated hereby or any from any Affiliate of the Lender, or any Participant and any cash, securities, instruments or other property of the Borrower in the possession of the Lender, any Participant or any such Affiliate, whether for safekeeping or otherwise (regardless of the reason such Person had received the same) shall at all times constitute security for all Liabilities and for any and all obligations of the Borrower to the  Lender or any Participant or any such Affiliate and may be applied or set off against the Liabilities and against such obligations at any time, whether or not such are then due and whether or not other collateral is then available to the Lender or any Participant or any such Affiliate.
 
14-15. Maximum Interest Rate. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”).  If the Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Revolving Loans or, if it exceeds such unpaid principal, refunded to the Borrower.  In determining whether the interest contracted for, charged, or received by the Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Liabilities hereunder.
 
14-16. Waivers.
 
(a) The Borrower (and all guarantors, endorsers, and sureties of the Liabilities) make each of the waivers included in Section 14-16(b), below, knowingly, voluntarily, and intentionally, and understands that the Lender, in entering into the financial arrangements contemplated hereby and in providing loans and other financial accommodations to or for the account of the Borrower as provided herein, whether not or in the future, is relying on such waivers.
 
 
 
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(b) THE BORROWER, AND EACH SUCH GUARANTOR, ENDORSER, AND SURETY RESPECTIVELY WAIVES THE FOLLOWING:
 
(i) Except as otherwise specifically required hereby, and to the extent permissible under applicable law, notice of non-payment, demand, presentment, protest and all forms of demand and notice, both with respect to the Liabilities and the Collateral.
 
(ii) Except as otherwise specifically required hereby, and to the extent permissible under applicable law, the right to notice and/or hearing prior to the Lender’s  exercising of the Lender’s rights upon default.
 
(iii) THE RIGHT TO A JURY IN ANY TRIAL OF ANY CASE OR CONTROVERSY IN WHICH THE LENDER IS OR BECOMES A PARTY (WHETHER SUCH CASE OR CONTROVERSY IS INITIATED BY OR AGAINST THE LENDER OR IN WHICH THE LENDER IS JOINED AS A PARTY LITIGANT), WHICH CASE OR CONTROVERSY ARISES OUT OF OR IS IN RESPECT OF, ANY RELATIONSHIP AMONGST OR BETWEEN THE BORROWER OR ANY OTHER PERSON AND THE LENDER (AND THE LENDER LIKEWISE WAIVES THE RIGHT TO A JURY IN ANY TRIAL OF ANY SUCH CASE OR CONTROVERSY).
 
(iv) Except to the extent that such may not be waived under applicable law, the benefits or availability of any stay, limitation, hindrance, delay, or restriction with respect to any action which the Lender may or may become entitled to take hereunder.
 
(v) Any defense, counterclaim, set-off, recoupment, or other basis on which the amount of any Liability, as stated on the books and records of the Lender, could be reduced or claimed to be paid otherwise than in accordance with the tenor of and written terms of such Liability.
 
(vi) Any claim against the Lender to consequential, special, or punitive damages.
 
14-17. Confidentiality. The Lender shall keep, and shall cause its officers, directors, employees, affiliates and attorneys to keep, all financial statements, reports and other proprietary information furnished to it by the Borrower, the Guarantor or their respective Affiliates (hereinafter collectively, the “Information”) confidential and shall not disclose such Information, or cause such Information to be disclosed, to any Person, provided, however, that (i) the Information may be disclosed to the Lender’s officers, directors, employees, affiliates, attorneys and other advisors as need to know the Information in connection with the Lender’s administration of the Liabilities; (ii) the Information may be disclosed to any regulatory or other governmental authorities having jurisdiction over the Lender as required in connection with the exercise of their regulatory activity; (iii) the Information may be disclosed to any prospective assignee or participant, who has agreed to be bound by the provisions of this Section  14-17; (iv) the Information may be disclosed in connection with the enforcement of the Liabilities by the Lender to the extent required in connection therewith; and (v) the Information may otherwise be disclosed to the extent required by law.  Notwithstanding anything herein to the contrary, “Information” shall not include, and Lender (and each employee, representative, or other agent of the Lender) may disclose to any and all Persons without limitation of any kind, any information with respect to the “tax treatment” and “tax structure” (in each case, within the meaning of Treasury Regulation Section 1.6011-4) of the transactions contemplated hereby and all materials of any kind (including options or other tax analyses) that are provided to the Lender (and each employee, representative, or other agent of the Lender) relating to such tax treatment and tax structure; provided, that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the tax treatment or tax structure of the Revolving Credit, the L/Cs and other transactions contemplated hereby.
 
 
 
-78-
 
 
 
14-18. Press Releases.Once the Borrower has filed this Agreement with the Securities and Exchange Commission and disseminated a corresponding Press Release regarding this Agreement, then Borrower consents to the publication by the Lender of advertising material relating to the financing transactions contemplated by this Agreement using the Borrower’s name, product photographs, logo or trademark.  The Lender shall provide a draft reasonably in advance of any advertising material to the Borrower for review and comment prior to the publication thereof.  Subject to the conditions contained in this Section 14-18, the Lender reserves the right to provide to industry trade organizations information necessary and customary for inclusion in league table measurements.
 
14-19. No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby, the Loan Parties acknowledge and agree that: (i) the credit facility provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document) are an arm’s-length commercial transaction between the Loan Party, on the one hand, and the Lender, on the other hand, and each of the Loan Parties is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents (including any amendment, waiver or other modification hereof or thereof); (ii) in connection with the process leading to such transaction, the Lender is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary, for the Loan Parties or any of their respective Affiliates, stockholders, creditors or employees or any other Person; (iii) the Lender has not assumed and will not assume an advisory, agency or fiduciary responsibility in favor of the Loan Parties with respect to any of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Loan Document (irrespective of whether the Lender has advised or is currently advising the Loan Parties or any of their respective Affiliates on other matters) and the Lender has no any obligation to the Loan Parties or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; (iv) the Lender and its Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Loan Parties and their respective Affiliates, and the Lender has no obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and (v) the Lender has not provided and will not provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification hereof or of any other Loan Document) and each of the Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate.  Each of the Loan Parties hereby waives and releases, to the fullest extent permitted by law, any claims that it may have against the Lender with respect to any breach or alleged breach of agency or fiduciary duty.
 
 
 
-79-
 
 
 
14-20. USA PATRIOT Act Notice. The Lender hereby notifies the Loan Parties that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the Loan Parties, which information includes the name and address of each such Person and other information that will allow the Lender to identify the Loan Parties in accordance with the Act. Each of the Loan Parties is in compliance, in all material respects, with the Patriot Act.  No part of the proceeds of the Revolving Loans will be used by the Loan Parties, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended.
 
14-21. Existing Loan Agreement Amended and Restated.  This Agreement shall amend and restate the Existing Loan Agreement in its entirety.  On the Second Amendment Effective Date, the rights and obligations of the parties under the Existing Loan Agreement shall be subsumed within and be governed by this Agreement; provided, however, that each of the “Revolving Credit Loans” (as such term is defined in the Existing Loan Agreement) outstanding under the Existing Loan Agreement on the Second Amendment Effective Date shall, for purposes of this Agreement, be included as  Revolving Credit Loans hereunder and each of the “L/Cs” (as defined in the Existing Loan Agreement) outstanding under the Existing Loan Agreement on the Second Amendment Effective Date shall be L/Cs hereunder.
 

[signature pages follow]

 
-80-
 

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date above first written.  This Agreement shall take effect as a sealed instrument.

AEROPOSTALE, INC.
(“Borrower”)

 
By:
/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
 
Name:
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
 
Title:
Executive Vice President and
   
Chief Financial Officer


BANK OF AMERICA, N.A.
(“Lender”)

 
By:
/s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
 
Name:
▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
 
Title:
Managing Director


1041615.7



 
[Signature Page to Second Amended and Restated Loan and Security Agreement]
 


 

Exhibit 2.8

Revolving Credit Note



AMENDED AND RESTATED REVOLVING CREDIT NOTE
Bank of America, N.A.






Boston, Massachusetts
November 13, 2007


FOR VALUE RECEIVED, the undersigned, Aeropostale, Inc., Inc., a Delaware corporation with its principal executive offices at ▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ (the "Borrower") promises to pay to the order of Bank of America, N.A. (as assignee of Fleet Retail Finance Inc. (“Fleet”) pursuant to that certain Assignment and Acceptance dated as of even date herewith by and between Fleet, as Assignor, and Bank of America, N.A., as Assignee), a national banking association with offices at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇  ▇▇▇▇▇ (hereinafter, with any subsequent holder, a "Lender") the aggregate unpaid principal balance of loans and advances made to or for the account of the Borrower pursuant to the Revolving Credit established pursuant to the Second Amended and Restated Loan and Security Agreement dated as of even date herewith (as such may be amended hereafter, the "Loan Agreement") among the Lender, the Guarantors party thereto, and the Borrower, with interest at the rate and payable in the manner stated therein.  All capitalized terms used but not defined herein shall have the meaning set forth in the Loan Agreement.

This is a "Revolving Credit Note" to which reference is made in the Loan Agreement and is subject to all terms and provisions thereof.  The principal of, and interest on, this Revolving Credit Note shall be payable as provided in the Loan Agreement and shall be subject to acceleration as provided therein.  This Revolving Credit Note replaces in its entirety that certain Revolving Credit Note dated October 7, 2003 by the Borrower, in favor of Fleet.
 
 
 
 
 

 
The Lender's books and records concerning loans and advances pursuant to the Revolving Credit, the accrual of interest thereon, and the repayment of such loans and advances, shall be prima facie evidence of the indebtedness to the Lender hereunder.

No delay or omission by the Lender in exercising or enforcing any of the Lender's powers, rights, privileges, remedies, or discretions hereunder shall operate as a waiver thereof on that occasion nor on any other occasion.  No waiver of any default hereunder shall operate as a waiver of any other default hereunder, nor as a continuing waiver.

The Borrower waives presentment, demand, notice, and protest, and also waives any delay on the part of the holder hereof; assents to any extension or other indulgence (including, without limitation, the release or substitution of collateral) permitted by the Lender with respect to this Revolving Credit Note and/or any collateral given to secure this Revolving Credit Note or any extension or other indulgence with respect to any other liability or any collateral given to secure any other liability of the Borrower.

This Revolving Credit Note shall be binding upon the Borrower and upon its successors, assigns, and representatives, and shall inure to the benefit of the Lender and its successors, endorsees, and assigns.

The liabilities of the Borrower, and of any endorser or guarantor of this Revolving Credit Note, are joint and several, provided, however, the release by the Lender of any one or more such Persons shall not release any other Person obligated on account of this Revolving Credit Note.  Each reference in this Revolving Credit Note to the Borrower, any endorser, and any guarantor, is to such Person individually and also to all such Persons jointly.  No Person obligated on account of this Revolving Credit Note may seek contribution from any other Person also obligated unless and until all liabilities, obligations and indebtedness to the Lender of the Person from whom contribution is sought have been satisfied in full.

This Revolving Credit Note is delivered to the Lender at its offices in Boston, Massachusetts, shall be governed by the laws of The Commonwealth of Massachusetts, and shall take effect as a sealed instrument.

The Borrower makes the following waiver knowingly, voluntarily, and intentionally, and understands that the Lender in the establishment and maintenance of its relationship with the Borrower contemplated by the within Revolving Credit Note, is relying thereon.  THE BORROWER, TO THE EXTENT ENTITLED THERETO, WAIVES ANY PRESENT OR FUTURE RIGHT OF THE BORROWER OR OF ANY OTHER PERSON LIABLE TO THE LENDER ON ACCOUNT OF OR IN RESPECT TO THE LIABILITIES, TO A TRIAL BY JURY IN ANY CASE OR CONTROVERSY IN WHICH THE LENDER IS OR BECOMES A PARTY (WHETHER SUCH CASE OR CONTROVERSY IS INITIATED BY OR AGAINST THE LENDER OR IN WHICH THE LENDER IS JOINED AS A PARTY LITIGANT), WHICH CASE OR CONTROVERSY ARISES OUT OF, OR IS IN RESPECT TO, ANY RELATIONSHIP AMONGST OR BETWEEN THE BORROWER, ANY SUCH PERSON, AND THE LENDER.

[Signature Page to Follow]

 
 
 
 

 
                 BORROWER:
Witness:
/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
  
 AEROPOSTALE, INC.  
 

 
By:
/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
 
Name:
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
 
Title:
Executive Vice President and
   
Chief Financial Officer




1043675.3


[Signature Page to Second Amended and Restated Loan and Security Agreement]
 
 
 
 
 
EXHIBIT 4-2
 
RELATED ENTITIES
 
   Other than the Guarantors, Aeropostale Canada, Inc.
 
 
 
 
 
 

 
 
 
 
 
 
Exhibit 4-3
Trade Names
 
    Aeropostale
    ▇▇▇▇▇'Z
 
 
 
 
 
 
 
 
 
 
 
Exhibit 4-5
 
Locations, Leases, and Landlords
 
(See Attached)
 
 
 
 
 
 
 

Store #
  
Store Name
  
Space #
  
City
  
State
  
Zip Code
  
Sq. Ft.
  
Developer
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
▇
  
▇▇▇
      
▇▇▇▇▇ ▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇
  
315,000
  
LIT-Northend LLC
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
5
  
Willowbrook ▇▇▇▇▇▇
  
▇▇▇ & ▇▇▇ ▇▇▇▇▇
  
▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇
  
40,000
  
Willowbrook Center
  
▇ ▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇
▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
4,865
  
▇▇▇▇▇ Corporation
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
14
  
▇▇▇ ▇▇▇▇▇▇
      
▇▇▇ ▇▇▇▇
  
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
59,121
  
Helmsley Spear
  
▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇ ▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
4,255
  
▇▇▇▇▇ Corporation
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇
  
3,385
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,709
  
Taubman
  
▇▇▇ ▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇
  
3,130
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇
  
#▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,017
  
RMS Investment Company
  
▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
      
▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,423
  
Westfield
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
      
▇▇▇ ▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇
  
3,890
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
3,900
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
  
#▇▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
3,724
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
  
#▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇
  
3,621
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
3,132
  
Wilmorite
  
▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇ ▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,584
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇ ▇▇▇▇ ▇▇ ▇▇ ▇▇▇▇▇▇▇▇
  
#▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
5,127
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇
  
#▇▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇
  
3,667
  
Preit-▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
  
#▇▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,864
  
Westfield
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
      
▇▇▇ ▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,778
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
43
  
Lycoming Mall
  
US Rts. 220 & 180
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,519
  
Preit-▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
4,020
  
Kravco
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇
      
▇▇▇▇▇ ▇▇ ▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,590
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇ ▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇
  
4,221
  
Kravco
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
3,977
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
4,674
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
3,290
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇ ▇▇▇▇
  
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
4,326
  
Vomado
  
▇▇▇ ▇▇▇▇▇ ▇ ▇▇▇▇
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇
56
  
Washington Crown Center
  
▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇-▇▇▇▇
  
3,436
  
Preit-▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇
  
#▇▇
  
▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
3,600
  
Wilmorite
  
▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇
  
#▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇
  
5,903
  
Westfield
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
      
▇▇▇ ▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
3,479
  
Wilmorite
  
▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇
      
▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,202
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
3,073
  
Pyramid
  
▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
2,800
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇ ▇▇▇ ▇▇▇▇
  
#▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,300
  
▇▇▇▇▇ Corporation
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
66
  
Roosevelt Field ▇▇▇▇
  
#▇▇▇▇ & ▇▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
5,377
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇ ▇▇▇▇▇
  
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
4,116
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
  
Massachusetts
  
2760
  
2,853
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,799
  
Taubman
  
▇▇▇ ▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
3,409
  
Pyramid
  
▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇▇
  
#▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,593
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
4,645
  
Prizm Asset Mgt Co
  
▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇
  
#▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,840
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇▇
      
▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,383
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
4,030
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
4,098
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
3,317
  
Pyramid
  
▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
88
  
Scottsdale ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
  
#▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,708
  
Macerich Company
  
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
3,384
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
3,500
  
Westfield
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
      
▇▇▇ ▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,600
  
Allied Properties
  
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,896
  
Kravco
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇
  
#▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇
  
4,240
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇
  
▇▇▇▇▇ ▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
4,895
  
Vomado
  
▇▇▇ ▇▇▇▇▇ ▇ ▇▇▇▇
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
  
#▇▇▇▇
  
▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇
  
4,296
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
  
#▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,786
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
  
#▇▇▇
  
▇▇ ▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,567
  
▇▇▇▇▇▇
  
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,900
  
Macerich Company
  
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,845
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
3,726
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇▇▇▇
      
▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,945
  
Westfield
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
      
▇▇▇ ▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
  
#▇▇▇
  
▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,000
  
▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇
      
▇▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,500
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇
      
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
3,136
  
Pyramid
  
▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
4,500
  
The ▇▇▇▇▇ Corp
  
▇▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,406
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
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4,625
  
Macerich Company
  
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3,634
  
Simon Property Group
  
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▇▇▇▇▇
  
3,154
  
▇▇▇▇ Realty & Improvement Co
  
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
  
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▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,369
  
Simon Property Group
  
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▇▇▇▇▇
  
3,635
  
Macerich Company
  
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▇▇▇▇
  
▇▇▇▇▇
  
3,482
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
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▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,990
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
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▇▇▇▇ ▇▇▇▇▇▇
  
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▇▇▇▇▇
  
3,500
  
Simon Property Group
  
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▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇
  
3,222
  
Kravco
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
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▇▇▇▇
  
4,351
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
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▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇
  
3,645
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
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▇▇▇▇▇
132
  
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▇▇▇▇▇
  
4,354
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
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▇▇▇-▇▇▇▇▇▇ ▇▇▇▇
  
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▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
2,500
  
▇▇▇▇▇ ▇▇▇▇ LaSalle
  
▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇
  
▇▇▇▇▇ ▇▇▇
  
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▇▇▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇
  
3,598
  
Vornado
  
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▇▇▇▇▇▇▇
  
▇▇
  
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C1 &C2
  
▇▇▇▇▇ ▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
4,046
  
Kravco
  
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▇▇▇▇▇▇▇▇▇▇▇▇
  
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▇▇▇▇▇
  
3,690
  
▇▇▇▇▇ Corporation
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
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▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,124
  
Preit-▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
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▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,581
  
Macerich Company
  
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
139
  
Galleria at Crystal Run
  
D209
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
3,599
  
Pyramid
  
▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
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▇▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
3,070
  
Pyramid
  
▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
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▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,590
  
Taubman
  
▇▇▇ ▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
  
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▇▇▇▇▇
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▇▇▇▇▇▇ ▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,268
  
Westfield
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
      
▇▇▇ ▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
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▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
  
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▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,557
  
The ▇▇▇▇▇ Corp
  
▇▇▇▇ ▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
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▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇
  
4,404
  
Kravco
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
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▇▇▇▇▇
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▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
3,672
  
Taubman
  
▇▇▇ ▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
  
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▇▇▇▇▇
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▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
5,124
  
Taubman
  
▇▇▇ ▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
  
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▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
4,086
  
Westfield
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
      
▇▇▇ ▇▇▇▇▇▇▇
  
▇▇
  
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▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
4,827
  
Macerich Company
  
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇
  
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▇▇▇▇▇
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▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
3,550
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
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▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇
  
2,981
  
Macerich Company
  
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇
  
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▇▇▇▇▇
▇▇▇
  
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▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
3,127
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
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▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
4,875
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
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#▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
4,000
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇
  
4,000
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
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▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
4,598
  
Westfield
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
      
▇▇▇ ▇▇▇▇▇▇▇
  
▇▇
  
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▇▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
4,731
  
Forest City Enterprises
  
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇
  
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▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,731
  
Glimcher Properties Ltd
  
▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
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▇▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,330
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,213
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
5,240
  
Macerich Company
  
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
  
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3,823
  
Macerich Company
  
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3,091
  
Macerich Company
  
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
  
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3,500
  
Pyramid
  
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▇▇▇▇▇
  
2,838
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
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▇▇▇▇▇
  
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▇▇▇▇▇
  
4,274
  
General Growth
  
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▇▇▇▇▇
  
6,056
  
Vornado
  
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▇▇▇▇▇▇▇▇▇
  
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4,633
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
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▇▇▇▇
  
3,670
  
▇▇▇▇▇ ▇▇▇▇ LaSalle
  
▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇
  
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▇▇▇
  
▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
3,533
  
Pyramid
  
▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
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▇▇▇▇▇▇▇▇
  
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▇▇▇▇▇
  
3,600
  
Pyramid
  
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▇▇▇▇▇▇▇▇
  
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▇▇▇▇▇▇▇
  
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▇▇▇▇▇
  
3,702
  
Macerich Company
  
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
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▇▇▇▇
  
▇▇▇▇ ▇▇▇▇▇
  
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
3,549
  
Pyramid
  
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▇▇▇▇▇
  
3,593
  
Westfield
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
      
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▇▇▇▇▇▇ ▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,017
  
General Growth
  
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▇▇▇▇▇▇▇
  
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▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,000
  
General Growth
  
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▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,500
  
General Growth
  
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3,720
  
Glimcher Properties Ltd
  
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192
  
The Pavillions at Buckland Hills
  
1138
  
▇▇▇▇▇▇▇▇▇▇
  
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4,000
  
General Growth
  
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▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,360
  
Preit-▇▇▇▇▇
  
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▇▇▇▇
  
3,633
  
Simon Property Group
  
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▇▇▇▇
  
2,842
  
Simon Property Group
  
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▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,077
  
Vornado
  
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▇▇▇▇▇
  
3,974
  
Westfield
  
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▇▇▇ ▇▇▇▇▇▇▇
  
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▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,081
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
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▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
3,467
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
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▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
2,787
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
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▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,184
  
Taubman
  
▇▇▇ ▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇
  
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▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
  
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▇▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
4,072
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
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▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
4,077
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
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▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,107
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
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▇▇▇▇▇ ▇▇▇▇
  
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▇▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,961
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,549
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
  
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▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇
  
3,090
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇
  
Connecticut
  
6451
  
3,436
  
Westfield
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
      
▇▇▇ ▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
  
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▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,424
  
Westfield
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
      
▇▇▇ ▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
  
▇▇
  
▇▇▇▇ ▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,467
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,826
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,139
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,500
  
▇▇▇▇▇▇
  
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,523
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,698
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
222
  
Plymouth Meeting Mall
  
2100
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,083
  
Preit-▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,442
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇
  
2,543
  
Glimcher Properties Ltd
  
▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,019
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,630
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,835
  
Westfield
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
      
▇▇▇ ▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,561
  
▇▇▇▇▇ Corporation
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,958
  
▇▇▇▇▇▇ Management
  
▇▇▇▇▇▇ ▇▇▇ & ▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
230
  
Coolsprings Galleria
  
2430
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,418
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,047
  
Taubman
  
▇▇▇ ▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,165
  
Preit-▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
 
 
 
 
 
 
 
 
 
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇
  
▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,125
  
Glimcher Properties Ltd
  
▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇/▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,597
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
2,630
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
4,000
  
Preit-▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇ ▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,667
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,452
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,567
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇
  
▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,712
  
Glimcher Properties Ltd
  
▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,055
  
Glimcher Properties Ltd
  
▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,974
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,208
  
Westfield
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
      
▇▇▇ ▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,418
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,009
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
2,467
  
Macerich Company
  
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,363
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,676
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,310
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇ ▇▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,590
  
▇▇▇▇▇ Corporation
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇ ▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,570
  
Westfield
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
      
▇▇▇ ▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇ ▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,133
  
Westfield
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
      
▇▇▇ ▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇
  
▇▇ ▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,016
  
Forest City Enterprises
  
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
3,081
  
Pyramid
  
▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,632
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,578
  
Macerich Company
  
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,088
  
▇▇▇▇▇ Corporation
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇
  
▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
3,000
  
▇▇▇▇▇ Realty
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,870
  
Glimcher Properties Ltd
  
▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,237
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇'▇ ▇▇▇▇▇▇
  
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▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,024
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
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▇▇
  
▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,120
  
Colonial Properties
  
▇▇▇▇ ▇▇▇ ▇▇▇ ▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
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▇▇▇
  
▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,842
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ .
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
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▇▇▇▇▇ ▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,456
  
The ▇▇▇▇▇ Corp
  
▇▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇ ▇▇▇▇▇▇
  
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▇▇▇
  
▇▇▇ ▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
4,000
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
269
  
Four ▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,585
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇
  
▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,243
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,539
  
▇▇▇▇▇▇ Realty Management
  
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,325
  
▇▇▇▇▇▇
  
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
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▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,457
  
▇▇▇▇▇▇
  
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇
  
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▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
4,211
  
Copaken White Blitt
  
▇▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇
  
▇▇
  
▇▇▇▇▇
277
  
Brass Mill
  
1128
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
3,759
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,265
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,051
  
▇▇▇▇▇ Corporation
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,745
  
▇▇▇▇▇▇
  
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,242
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,216
  
Westfield
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
      
▇▇▇ ▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇
  
▇▇
  
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▇▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,438
  
Colonial Properties
  
▇▇▇▇ ▇▇▇ ▇▇▇ ▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
  
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▇▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,895
  
Colonial Properties
  
▇▇▇▇ ▇▇▇ ▇▇▇ ▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,500
  
Westfield
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
      
▇▇▇ ▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇
  
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▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇▇
  
2747
  
3,300
  
Preit-▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
4,560
  
Glimcher Properties Ltd
  
▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,615
  
Taubman
  
▇▇▇ ▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
  
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▇▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,699
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,089
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇
      
▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
4,022
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
293
  
Tanger Factory Outlet Center-NY
  
304
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
3,860
  
Tanger Properties, L.P.
  
▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,071
  
Kravco
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇/▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,000
  
Macomb Association
  
▇▇ ▇ ▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇ ▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,369
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,044
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,846
  
Colonial Properties
  
▇▇▇▇ ▇▇▇ ▇▇▇ ▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,600
  
Glimcher Properties Ltd
  
▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇
  
▇▇
  
▇▇▇▇▇▇
  
▇▇▇▇▇
  
▇▇▇▇
  
3,514
  
Kravco
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
2,827
  
Vomado
  
▇▇▇ ▇▇▇▇▇ ▇ ▇▇▇▇
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,800
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
307
  
Polaris
  
2094
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,243
  
Glimcher Properties Ltd
  
▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
  
▇▇
  
▇▇ ▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,861
  
Westfieid
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
      
▇▇▇ ▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,036
  
Westfieid
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
      
▇▇▇ ▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,920
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇
  
▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,093
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
3,372
  
Zamias
  
▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
▇▇▇▇
  
3,370
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,438
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
4,041
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,858
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,849
  
Forest City Enterprises
  
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,023
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,623
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,910
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
3,000
  
Weiner
  
▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇
  
▇▇
  
2339
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇▇
      
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,509
  
Shopco Advisory Corp.
  
▇▇▇▇ ▇▇▇▇▇▇▇▇
      
▇▇▇ ▇▇▇▇
  
▇▇
  
▇▇▇▇▇

 
 
 
 
 
 
 
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,016
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,354
  
Glimcher Properties Ltd
  
▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,200
  
Glimcher Properties Ltd
  
▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,227
  
Preit-▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇
      
▇▇▇▇ ▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇-▇▇▇▇
  
3,603
  
Preit-▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇ ▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,401
  
Red Development
  
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇ ▇▇▇▇
  
▇▇
  
▇▇▇▇▇
339
  
The Mall at Whitney Field
  
Formerly ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,548
  
Preit-▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,786
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇ ▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,928
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,055
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,200
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
3,500
  
Pyramid
  
▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
      
3,266
  
Forest City Enterprises
  
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,750
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
348
  
Connecticut Post
  
2041
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
2,890
  
Westfield
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
      
▇▇▇ ▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,625
  
▇▇▇▇▇ ▇▇▇▇ LaSalle
  
▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,800
  
Red Development
  
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇ ▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇
      
▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,223
  
Kravco
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,415
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,103
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,964
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,150
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,997
  
▇▇ ▇▇▇▇▇▇▇
  
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
      
3,728
  
Westfield
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
      
▇▇▇ ▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
      
3,000
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇ ▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,333
  
Preit-▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇▇ ▇▇ # ▇▇▇▇▇▇ 0003
  
iWest ▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,402
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
3,208
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
363
  
Mall of Georgia
  
2025
  
▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,713
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
4,281
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
  
#▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,600
  
▇▇ ▇▇▇▇▇▇▇
  
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
      
3,600
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇ ▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
      
3,199
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,090
  
Preit-▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇ ▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,530
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
3,158
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇
  
▇▇▇ ▇▇▇ ▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇
      
2,958
  
Pyramid
  
▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇
      
3,366
  
Pyramid
  
▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
      
3,828
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,707
  
Landau & ▇▇▇▇▇▇
  
▇▇▇ ▇ ▇▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,971
  
Preit-▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇
      
3,500
  
Forest City Enterprises
  
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
      
2,521
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
  
Vermont
      
3,000
  
Finard & Company
  
▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
3,419
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇-▇▇▇▇
  
3,968
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,250
  
Zamias
  
▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,060
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇
  
2,930
  
Wilmorite
  
▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,650
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,651
  
▇▇▇▇▇▇
  
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,024
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,252
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇▇▇ - ▇▇
      
▇▇▇▇▇ ▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,514
  
Landau & ▇▇▇▇▇▇ of Iowa, Inc.
  
▇▇▇ ▇ ▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇ ▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
      
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,450
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,002
  
Preit-▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇▇-▇▇▇▇
  
3,696
  
Preit-▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇-▇▇▇▇
  
3,050
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇-▇▇▇▇
  
3,450
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,300
  
▇▇▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇ ▇▇▇▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇
  
3,790
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,673
  
▇▇▇▇▇▇▇ and Associates, Inc.
  
▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,953
  
Glimcher Properties Ltd
  
▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,100
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇ ▇▇▇▇▇
  
▇▇▇▇▇
  
▇▇▇▇▇
  
3,500
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
3,401
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇-▇▇▇▇
  
3,150
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇
      
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
▇▇▇▇▇
  
3,339
  
Landau & ▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇
  
▇▇▇▇▇▇
  
▇▇▇▇▇
  
4,284
  
Glimcher Properties Ltd
  
▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇ ▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,920
  
Warmack and Company, LLC
  
▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇ ▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇
  
▇▇▇▇▇ ▇▇
  
▇▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,054
  
▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
4,214
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,600
  
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ Realty
  
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,152
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
4,281
  
The ▇▇▇▇▇ Corp
  
▇▇▇▇ ▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇. ▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
4,021
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,600
  
Landau & ▇▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,498
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇ ▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
3,862
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,040
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
 
 
 
 
 
 
 
 
▇▇▇
  
▇▇▇▇▇▇▇
      
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
3,300
  
Westfield
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
      
▇▇▇ ▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
  
▇▇ ▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,200
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
▇▇▇▇▇
  
2,659
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,053
  
Wilmorite
  
▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,000
  
Macerich Company
  
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,418
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇ ▇▇▇▇ ▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇ ▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,811
  
Westfield
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
      
▇▇▇ ▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇-▇▇▇▇
  
3,300
  
Preit-▇▇▇▇▇
  
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
3,028
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇ ▇▇▇▇ ▇▇▇▇
      
▇▇▇ ▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,410
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,500
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇ ▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,500
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇'▇ ▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,720
  
▇▇▇▇▇▇
  
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇▇
  
1129
  
3,470
  
Mountain Development Corp.
  
▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,167
  
CBL & Associates
  
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇ (▇▇)
      
▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,000
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇ ▇▇▇▇▇
  
▇▇▇▇▇
  
▇▇▇▇▇
  
2,909
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇ ▇▇▇▇▇
  
▇▇▇▇▇
  
▇▇▇▇▇
  
2,982
  
Macerich Company
  
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
3,809
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,041
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,848
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇
  
3,190
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇ (▇▇)
      
▇▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,747
  
Northgate Associates
  
▇.▇. ▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,835
  
▇▇▇▇▇▇▇ Long Associates
  
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,654
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,174
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,175
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,541
  
▇▇▇▇▇▇ Group
  
▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇ ▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,349
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇
  
▇▇▇▇▇
  
▇▇▇▇▇
  
3,531
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇
  
▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,538
  
Colonial Properties
  
▇▇▇▇ ▇▇▇ ▇▇▇ ▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇
  
▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
2,997
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇
  
#▇▇▇▇
  
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
▇▇▇▇▇-▇▇▇▇
  
3,330
  
General Growth
  
▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇.
      
▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
3,674
  
▇▇▇▇▇▇ Realty Management
  
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇▇
▇▇▇
  
▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇
      
▇▇▇▇▇ ▇▇▇▇
  
▇▇▇▇▇▇▇▇▇▇▇▇
  
▇▇▇▇▇
  
4,749
  
Prime Retail, L.P.
  
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇
491
  
Prime Outlets of Hagerstown
      
▇▇▇▇▇▇▇▇▇▇
  
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5,063
  
Prime Retail, L.P.
  
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5,764
  
Prime Retail, L.P.
  
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
      
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5,000
  
Tanger Properties, L.P.
  
▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
  
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3,200
  
Simon Property Group
  
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
      
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3,600
  
Prime Retail, L.P.
  
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
      
▇▇▇▇▇▇▇▇
  
▇▇
  
▇▇▇▇
507
  
Greenwood Mall
      
Bowling Green
  
Kentucky
  
42104
  
3,584
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
508
  
Myrtle Beach Outlet
      
Myrtle Beach
  
South Carolina
  
29579
  
5,040
  
Tanger Properties, L.P.
  
3200 Northline Avenue
  
Suite 360
  
Greensboro
  
NC
  
27408
509
  
Pleasant Prairie Outlets
      
Kenosha
  
Wisconsin
  
53158
  
3,600
  
Prime Retail, L.P.
  
326 Third Street
      
Lakewood
  
NJ
  
8701
510
  
Jeffersonville
      
Jeffersonville
  
Ohio
  
43128
  
4,976
  
Prime Retail, L.P.
  
326 Third Street
      
Lakewood
  
NJ
  
8701
511
  
Prime Outlets Brich Run
      
Birch Run
  
Michigan
  
48415
  
6,000
  
Prime Retail, L.P.
  
326 Third Street
      
Lakewood
  
NJ
  
8701
512
  
Prime Outlets Niagara
      
Niagara Falls
  
New York
  
14304
  
3,874
  
Prime Retail, L.P.
  
326 Third Street
      
Lakewood
  
NJ
  
8701
515
  
Waterloo Outlets
      
Waterloo
  
New York
  
13165
  
6,000
  
Chelsea Property Group
  
105 Eisenhower Parkway
      
Roseland
  
NJ
  
7068
516
  
Huntley Outlets
      
Huntley
  
Illinois
  
60149
  
5,104
  
Prime Retail, L.P.
  
326 Third Street
      
Lakewood
  
NJ
  
8701
517
  
New River Valley Mall
      
Christiansburg
  
Virginia
  
24073-6506
  
3,542
  
Preit-Rubin
  
200 South Broad Street
      
Philadelphia
  
PA
  
19102
518
  
Crossroads Mall
      
Portage
  
Michigan
  
49024
  
3,271
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
519
  
Wyoming Valley Mall
      
Wilkes Barre
  
Pennsylvania
  
18702
  
3,385
  
Preit-Rubin
  
200 South Broad Street
      
Philadelphia
  
PA
  
19102
520
  
Virginia Center Commons
      
Glen Allen
  
Virginia
  
23059
  
2,809
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
521
  
Geneva Center Commons
      
Geneva
  
Illinois
  
60134
  
3,600
  
Jeffery R. Anderson Realty
  
3805 Edwards Road
  
Suite 700
  
Cincinnati
  
OH
  
45209
522
  
Southridge Mall
      
Greendale
  
Wisconsin
  
53129
  
4,500
  
The Mills Corp
  
5425 Wisconsin Avenue
  
Suite 500
  
Chevey Chase
  
MD
  
20815
523
  
Tulsa Promenade
      
Tulsa
  
Oklahoma
  
74135
  
3,682
  
Coyote Management LP
  
16475 Dallas Parkway
  
Suite 250
  
Addison
  
TX
  
75001
524
  
Esplanade Mall
      
Kenner
  
Louisiana
  
70065
  
3,274
  
Mills Corporation
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
525
  
Kirkwood Mall
      
Bismark
  
North Dakota
  
58504
  
4,284
  
The Mills Corp
  
7th Street and Bismark Exp
      
Bismark
  
ND
  
58504
526
  
Grapevine Mills Mall
      
Grapevine
  
Texas
  
76051
  
2,803
  
Mills Corporation
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
527
  
Golden East Crossing
      
Rocky Mount
  
North Carolina
  
27804
  
2,606
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
528
  
Sarasota Square
      
Sarasota
  
Florida
  
34238
  
3,389
  
Westfield
  
11601 Willshire Boulevard
      
Los Angeles
  
CA
  
90025
529
  
Green Tree Mall
      
Clarksville
  
Indiana
  
47129
  
3,000
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
530
  
Columbia Mall (MO)
      
Columbia
  
Missouri
  
65203
  
3,003
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
531
  
Quintard Mall
      
Oxford
  
Alabama
  
36203
  
3,515
  
Grimmer Realty Company
  
200 Green Springs Highway
      
Birmingham
  
AL
  
35209
532
  
Huntington Mall
      
Barboursville
  
West Virginia
  
25504
  
3,566
  
Cafaro
  
2445 Belmont Ave
      
Youngstown
  
OH
  
44504
533
  
Northtown Mall
      
Spokane
  
Washington
  
99207
  
3,067
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
534
  
Southwest Plaza
      
Littleton
  
Colorado
  
80123
  
3,828
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
535
  
Bellis Fair Mall
      
Bellingham
  
Washington
  
98226
  
3,426
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
536
  
Patrick Henry Mall
      
New Port News
  
Virginia
  
23602
  
3,434
  
Preit-Rubin
  
200 South Broad Street
      
Philadelphia
  
PA
  
19102
537
  
The Citadel Mall
      
Colorado Springs
  
Colorado
  
80909
  
3,848
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
538
  
North East Mall
      
Hurst
  
Texas
  
76053
  
3,199
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
539
  
Alderwood Mall
      
Lynnwood
  
Washington
  
98037
  
3,132
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
540
  
Kitsap Mall
      
Silverdale
  
Washington
  
98383
  
3,500
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
541
  
South Hill Mall
      
Puyallup
  
Washington
  
98373
  
3,382
  
Cafaro
  
2445 Belmont Ave
      
Youngstown
  
OH
  
44504
542
  
Arbor Lakes Mall
      
Maple Grove
  
Minnesota
  
55369
  
3,620
  
Red Development
  
4717 Central Avenue
      
Kansas City
  
MS
  
64112
543
  
Vancouver Mall
      
Vancouver
  
Washington
  
98662
  
3,210
  
Westfield
  
11601 Willshire Boulevard
      
Los Angeles
  
CA
  
90025
544
  
Bay Park Square
      
Green Bay
  
Wisconsin
  
54304
  
3,527
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
545
  
Country Side Mall
      
Clearwater
  
Florida
  
33761
  
3,349
  
Westfield
  
11601 Willshire Boulevard
      
Los Angeles
  
CA
  
90025
546
  
Fox River Mall
      
Appleton
  
Wisconsin
  
54913
  
4,000
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
547
  
Columbia Mall
      
Grand Forks
  
North Dakota
  
58201
  
3,309
  
The Mills Corp
  
257 E Main Street
      
Barrington
  
IL
  
60010
548
  
Lima Mall
      
Lima
  
Ohio
  
45805
  
4,000
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204

 
 
 
 
 
 
 
 
549
  
Valley View Mall-WI
      
LaCrosse
  
Wisconsin
  
54601
  
3,422
  
Preit-Rubin
  
200 South Broad Street
      
Philadelphia
  
PA
  
19102
550
  
Post Oak Mall
      
College Station
  
Texas
  
77840
  
3,785
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
551
  
Midland Mall
  
Pay rent for 3800 sqft, sp
  
Midland
  
Michigan
  
48642
  
3,800
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
552
  
Moorestown Mall
      
Moorestown
  
New Jersey
  
8057
  
3,000
  
Preit-Rubin
  
200 South Broad Street
      
Philadelphia
  
PA
  
19102
553
  
Carolina Mall
      
Concord
  
North Carolina
  
28025
  
3,418
  
Hull Storey Retail Group
  
3632 Wheeler Road
      
Augusta
  
GA
  
30909
554
  
Valley West Mall
      
West DeMoines
  
Iowa
  
50266
  
3,880
  
Watson Centers
  
3100 W Lake Street
  
Suite 420
  
Minneapolis
  
MN
  
55416
555
  
Cordova Mall
      
Pensacola
  
Florida
  
32504
  
3,999
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
556
  
Mall of the Bluffs
      
Council Bluffs
  
Iowa
  
51503
  
3,571
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
557
  
Quail Springs
      
Oklahoma City
  
Oklahoma
  
73134
  
3,333
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
558
  
Towne West Square
      
Wichita
  
Kansas
  
67209
  
3,180
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
559
  
Eastdale Mall
      
Montgomery
  
Alabama
  
36117
  
3,395
  
Aronov Realty Management
  
3500 Eastern Blvd
      
Montgomery
  
AL
  
36116
560
  
North Point Mall
      
Alpharetta
  
Georgia
  
30022
  
3,596
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
561
  
Altamonte Mall
      
Altamonte Springs
  
Florida
  
32701
  
3,552
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
562
  
Foothills Mall
      
Fort Collins
  
Colorado
  
80525
  
3,188
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
563
  
Vista Ridge Mall
      
Lewisville
  
Texas
  
75067
  
2,762
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
564
  
Ridgedale Mall
      
Minnetonka
  
Minnesota
  
55305
  
3,481
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
565
  
North Star Mall
      
San Antonio
  
Texas
  
78216
  
4,620
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
566
  
Memorial City Mall
      
Houston
  
Texas
  
77027
  
3,458
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
567
  
Empire Mali
      
Sioux Falls
  
South Dakota
  
57106
  
3,409
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
568
  
Southern Hills Mall
      
Sioux City
  
Iowa
  
51106
  
3,561
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
569
  
Oglethorpe Mall
      
Savannah
  
Georgia
  
31406
  
3,580
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
570
  
Southlake Mall
      
Morrow
  
Georgia
  
30260
  
4,121
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
571
  
Millcreek Mall
      
Erie
  
Pennsylvania
  
16565
  
3,708
  
Cafaro
  
2445 Belmont Ave
      
Youngstown
  
OH
  
44504
572
  
Vintage Faire Mall
      
Modesto
  
California
  
95356
  
3,776
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
573
  
Wiregrass Commons
      
Dothan
  
Alabama
  
36303
  
3,407
  
Preit-Rubin
  
200 South Broad Street
      
Philadelphia
  
PA
  
19102
574
  
Westgate Mall
      
Spartanburg
  
South Carolina
  
29301
  
4,191
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
575
  
Deerbrook Mall
      
Humble
  
Texas
  
77338
  
3,090
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
576
  
Colonial Mall Valdosta
      
Valdosta
  
Georgia
  
31601
  
3,371
  
Colonial Properties
  
2101 6th Ave North
  
Suite 750
  
Birmingham
  
AL
  
35203
577
  
Parkway Place Mall
      
Huntsville
  
Alabama
  
35801
  
3,545
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
578
  
Francis Scott Key Mall
      
Frederick
  
Maryland
  
21703
  
4,089
  
Preit-Rubin
  
200 South Broad Street
      
Philadelphia
  
PA
  
19102
579
  
Tanger Five Oaks
      
Sevierville
  
Tennessee
  
37862
  
3,550
  
Tanger Properties, L.P.
  
3200 Northline Avenue
  
Suite 360
  
Greensboro
  
NC
  
27408
580
  
Prime Outlets Ellenton
      
Ellenton
  
Florida
  
34222
  
4,118
  
Prime Retail, L.P.
  
326 Third Street
      
Lakewood
  
NJ
  
8701
581
  
Prime Outlets at Gaffney
      
Gaffney
  
South Carolina
  
29341
  
3,514
  
Prime Retail, L.P.
  
326 Third Street
      
Lakewood
  
NJ
  
8701
582
  
Tanger Outlet Center in Foley
  
see letter 12/22/03 for l
  
Foley
  
Alabama
  
36535
  
5,240
  
Tanger Properties, L.P.
  
3200 Northline Avenue
  
Suite 360
  
Greensboro
  
NC
  
27408
583
  
Gettysburg Outlet
      
Gettysburg
  
Pennsylvania
  
17325
  
3,600
  
Delancey Realty Services
  
718 Arch Street
  
Suite 400
  
Philadelphia
  
PA
  
19106
584
  
Woodland Hills Mall
      
Tulsa
  
Oklahoma
  
74133
  
3,531
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
585
  
Valley River Mall
      
Eugene
  
Oregon
  
97401
  
3,500
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
586
  
Dakota Square
  
Paying 7% of sales until $
  
Minot
  
North Dakota
  
58701
  
3,393
  
Prime Retail, L.P.
  
326 Third Street
      
Lakewood
  
NJ
  
8701
587
  
South Plains Mall
      
Lubbock
  
Texas
  
79414
  
3,590
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
588
  
Rivercenter Mall
      
San Antonio
  
Texas
  
78205
  
3,558
  
Jones Lang LaSalle
  
3424 Peachtree Road NE
  
Suite 300
  
Atlanta
  
GA
  
30326
589
  
Lakeline Mall
      
Cedar Park
  
Texas
  
78613
  
2,986
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
590
  
Tuttle Crossing
      
Dublin
  
Ohio
  
43016
  
3,013
  
Mills Corporation
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
591
  
Lakeforest Mall
      
Gaithersburg
  
Maryland
  
20877
  
3,162
  
Mills Corporation
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
592
  
Clackamas Town Center
      
Portland
  
Oregon
  
97086
  
3,390
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
593
  
Fort Henry Mall
      
Kingsport
  
Tennessee
  
37664
  
2,880
  
Boardwalk Management Company, Inc.
  
31640 US Highway 19 N
  
Suite 1
  
Palm Harbor
  
FL
  
34684
594
  
Regency Square Mall
      
Florence
  
Alabama
  
35630
  
3,500
  
Hull Storey Retail Group
  
3632 Wheeler Road
      
Augusta
  
GA
  
30909
595
  
Eastridge Mall
      
Gastonia
  
North Carolina
  
28054
  
2,870
  
Westfield
  
11601 Willshire Boulevard
      
Los Angeles
  
CA
  
90025
596
  
Acadiana Mall
      
Lafayette
  
Louisiana
  
70503
  
2,984
  
Lafayette Associates
  
2690 Crooks Rd
  
Suite 400
  
Troy
  
Ml
  
48084
597
  
Spotsylvania Mall
  
For calculation purposes
  
Fredericksburg
  
Virginia
  
22407
  
3,563
  
Cafaro
  
2445 Belmont Ave
      
Youngstown
  
OH
  
44504
596
  
Rushmore Mall
      
Rapid City
  
South Dakota
  
57701
  
3,393
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
599
  
Tanger Branson
      
Branson
  
Missouri
  
65616
  
3,345
  
Tanger Properties, L.P.
  
3200 Northline Avenue
  
Suite 360
  
Greensboro
  
NC
  
27408
600
  
Castle Rock Outlets
      
Castle Rock
  
Colorado
  
80106
  
4,718
  
Craig Realty Group
  
1500 Quail Street
  
Suite 100
  
Newport Beach
  
CA
  
92660
601
  
Silver Sand Outlet Center
      
Destin
  
Florida
  
32550
  
3,852
  
Howard Group
  
185 Grand Blvd
  
Suite 100
  
Sandestin
  
FL
  
32550
602
  
Northpark Mall
      
Ridgeland
  
Mississippi
  
39157
  
3,753
  
Mills Corporation
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
603
  
Tyrone Square
      
St. Petersburg
  
Florida
  
33710
  
3,500
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
604
  
West Acres
      
Fargo
  
North Dakota
  
58103
  
3,318
  
West Acres Development
  
P.O. Box 9978
      
Fargo
  
ND
  
58106
605
  
University Mall
      
Tampa Bay
  
Florida
  
33612
  
4,026
  
Glimcher Properties Ltd
  
150 East Gay Street
      
Columbus
  
OH
  
43215
606
  
Oakridge Mall
      
San Jose
  
California
  
95123
  
3,065
  
Westfield
  
11601 Willshire Boulevard
      
Los Angeles
  
CA
  
90025
607
  
Desert Ridge Mall
      
Phoenix
  
Arizona
  
85050
  
3,550
  
Vestar Development
  
2425 E Camelback Road
  
Siute 750
  
Phoenix
  
AZ
  
85016
608
  
Florida Mall
      
Orlando
  
Florida
  
32809
  
3,077
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
609
  
The Maine Mall Outlets
      
Kittery
  
Maine
  
3904
  
3,203
  
Ram Management Company
  
200 US RT 1
  
Suite 200
  
Scarborough
  
ME
  
4074
611
  
Coastal Grand Mall
      
Myrtle Beach
  
South Carolina
  
29577
  
3,360
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
612
  
Superstition Springs Mall
      
Mesa
  
Arizona
  
85206
  
3,310
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
613
  
Tanger Williamsburg (IA)
      
Williamsburg
  
Iowa
  
52361
  
5,000
  
Tanger Properties, L.P.
  
3200 Northline Avenue
  
Suite 360
  
Greensboro
  
NC
  
27408
614
  
Wheaton Mall
      
Silver Spring
  
Maryland
  
20902
  
3,650
  
Westfield
  
11601 Willshire Boulevard
      
Los Angeles
  
CA
  
90025
615
  
St. Augustine Outlets
      
St. Augustine
  
Florida
  
32092
  
3,900
  
Chelsea Property Group
  
105 Eisenhower Parkway
      
Roseland
  
NJ
  
7068
616
  
Johnson Creek
      
Johnson Creek
  
Wisconsin
  
53038
  
4,000
  
Chelsea Property Group
  
105 Eisenhower Parkway
      
Roseland
  
NJ
  
7068
617
  
Plaza Camino Real
      
Carlsbad
  
California
  
92008
  
3,860
  
Westfield
  
11601 Willshire Boulevard
      
Los Angeles
  
CA
  
90025
618
  
Berkeley Mall
      
Goldsboro
  
North Carolina
  
27534
  
3,782
  
Faison
  
720 S. Lafayette Street
      
Shelby
  
NC
  
28150
619
  
Center at Salisbury
      
Salisbury
  
Maryland
  
21801
  
3,100
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
620
  
Barton Creek Mall
      
Austin
  
Texas
  
78746
  
3,615
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
621
  
Brandon Town Center
      
Brandon
  
Florida
  
3351
  
3,081
  
Westfield
  
11601 Willshire Boulevard
      
Los Angeles
  
CA
  
90025
622
  
North County Fair Mall
      
Escondido
  
California
  
92025
  
4,117
  
Westfield
  
11601 Willshire Boulevard
      
Los Angeles
  
CA
  
90025
623
  
Jacksonville Mall
      
Jacksonville
  
North Carolina
  
28546
  
3,015
  
Preit-Rubin
  
200 South Broad Street
      
Philadelphia
  
PA
  
19102
624
  
Katy Mills
      
Katy
  
Texas
  
77494
  
3,213
  
Mills Corporation
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
625
  
Citrus Park Mall
      
Tampa
  
Florida
  
33625
  
3,783
  
Westfield
  
11601 Willshire Boulevard
      
Los Angeles
  
CA
  
90025
626
  
Westgate Mall
      
Amarillo
  
Texas
  
79121-0140
  
3,500
  
Jones Lang LaSalle
  
3424 Peachtree Road NE
  
Suite 300
  
Atlanta
  
GA
  
30326
627
  
Mission Valley Mall
      
San Diego
  
California
  
92108
  
3,146
  
Westfield
  
11601 Willshire Boulevard
      
Los Angeles
  
CA
  
90025
628
  
Towson Town Center
      
Towson
  
Maryland
  
21204
  
3,000
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
629
  
Parkway Plaza
      
El Cajon
  
California
  
92020
  
3,981
  
Westfield
  
11601 Willshire Boulevard
      
Los Angeles
  
CA
  
90025
 
 
 
 
 
 
 
 
630
  
Cortana Mall
      
Baton Rouge
  
Louisiana
  
70815
  
3,500
  
Mall Prop
  
654 Madison Avenue
      
New York
  
NY
  
10021
631
  
Southland Mall
      
Houma
  
Louisiana
  
70364
  
3,510
  
Sizeler Properties
  
4200 Regent Street
  
Suite 210
  
Columbus
  
OH
  
43219
632
  
Belmar Mall
      
Lakewood
  
Colorado
  
80226
  
3,538
  
Continuum Property Management Co.
  
405 S. Teller St
      
Denver
  
CO
  
80226
633
  
Chandler Fashion Center
      
Chandler
  
Arizona
  
85226
  
3,072
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
634
  
Panama City
      
Panama City
  
Florida
  
32405
  
2,804
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
635
  
Mall St Vincent
      
Shreveport
  
Louisiana
  
71104
  
3,214
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
636
  
St Louis Mills
      
Hazelwood
  
Missouri
  
63042
  
3,692
  
Mills Corporation
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
637
  
Chico Mall
      
Chico
  
California
  
95928
  
3,130
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
638
  
Battlefield Mall
      
Springfield
  
Missouri
  
65804
  
4,568
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
639
  
Clifton Park Mall
      
Clifton Park
  
New York
  
12065
  
3,400
  
The Mills Corp
  
900 N Michigan Avenue
  
Suite 1300
  
Chicago
  
IL
  
60611
640
  
Cumberland Mall
      
Vineland
  
New Jersey
  
8360
  
2,994
  
Preit-Rubin
  
200 South Broad Street
      
Philadelphia
  
PA
  
19102
641
  
Chapel Hills Mall (CO)
      
Colorado Springs
  
Colorado
  
80920
  
3,547
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
642
  
Paddock Mall
      
Ocala
  
Florida
  
34474
  
3,575
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
643
  
Richmond Square
      
Richmond
  
Indiana
  
47374
  
4,332
  
Landau & Heyman
  
249 W 17th Street
      
New York
  
NY
  
10011
644
  
East Towne Mall
      
Madison
  
Wisconsin
  
53704
  
3,800
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
645
  
Indiana Mall
      
Indiana
  
Pennsylvania
  
15701
  
3,341
  
Zamias
  
300 Market Street
      
Johnstown
  
PA
  
15901
646
  
Markland Mall
      
Kokomo
  
Indiana
  
46902
  
3,480
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
647
  
Colorado Mills
      
Lakewood
  
Colorado
  
80401
  
3,467
  
Mills Corporation
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
648
  
Salem Center
      
Salem
  
Oregon
  
97301
  
3,537
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
649
  
Jordan Creek Mall
      
Des Moines
  
Iowa
  
50266
  
3,149
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
650
  
Sooner Mall
      
Norman
  
Oklahoma
  
73072
  
3,485
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
651
  
Albertville Outlets
      
Albertville
  
Minnesota
  
55301
  
4,500
  
Chelsea Property Group
  
105 Eisenhower Parkway
      
Roseland
  
NJ
  
7068
652
  
Arrowhead Town Center
      
Glendale
  
Arizona
  
85038
  
3,013
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
653
  
Lighthouse Outlets
      
Michigan City
  
Indiana
  
46360
  
4,879
  
Chelsea Property Group
  
105 Eisenhower Parkway
      
Roseland
  
NJ
  
7068
654
  
Plaza Bonita
      
National City
  
California
  
91950
  
4,064
  
Westfield
  
11601 Willshire Boulevard
      
Los Angeles
  
CA
  
90025
655
  
Colonial Mall Decatur
      
Decatur
  
Alabama
  
35601
  
3,235
  
Colonial Properties
  
2101 6th Ave North
  
Suite 750
  
Birmingham
  
AL
  
35203
656
  
Brookwood Village
      
Birmingham
  
Alabama
  
35209
  
3,610
  
Colonial Properties
  
2101 6th Ave North
  
Suite 750
  
Birmingham
  
AL
  
35203
657
  
Baybrook Mall
      
Friendswood
  
Texas
  
77546
  
3,482
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
658
  
Regency Square Mall (VA)
      
Richmond
  
Virginia
  
23229
  
3,052
  
Taubman
  
200 E Long Lake Road
  
Suite 300
  
Bloomfield Hills
  
MI
  
48303
659
  
Algonquin Commons
      
Algonquin
  
Illinois
  
60102
  
3,600
  
Jeffery R. Anderson Realty
  
3805 Edwards Road
  
Suite 700
  
Cincinnati
  
OH
  
45209
660
  
Spokane Valley Mall
      
Spokane
  
Washington
  
99216
  
3,891
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
661
  
Golden Triangle Mall
      
Denton
  
Texas
  
76205
  
3,554
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
662
  
Central Mall (TX)
      
Texarkana
  
Texas
  
75503
  
3,199
  
Jones Lang LaSalle
  
3424 Peachtree Road NE
  
Suite 300
  
Atlanta
  
GA
  
30326
663
  
Prime Outlet Williamsburg
      
Williamsburg
  
Virginia
  
23188
  
4,118
  
Prime Retail, L.P.
  
326 Third Street
      
Lakewood
  
NJ
  
8701
664
  
Adrian Mall
      
Adrian
  
Michigan
  
49221
  
3,434
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
665
  
Mall at Wellington Green
      
Wellington
  
Florida
  
33414
  
2,866
  
Taubman
  
200 E Long Lake Road
  
Suite 300
  
Bloomfield Hills
  
MI
  
48303
667
  
Victor Valley Mall
      
Victorville
  
California
  
92393
  
3,165
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
668
  
Cincinnati Mills
      
Cincinnati
  
Ohio
  
45240
  
3,426
  
Mills Corporation
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
669
  
Shoppes at Grand Prairie
      
Peoria
  
Illinois
  
61615
  
3,574
  
Culian Properties
  
211 Fulton Street
  
Suite 700
  
Pearia
  
IL
  
61602
670
  
Clay Terrace Mall
      
Carmel
  
Indiana
  
21740
  
2,832
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
671
  
Old Hickory Mall
      
Jackson
  
Tennessee
  
38305
  
3,928
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
672
  
Zona Rosa Mall
      
Kansas City
  
Missouri
  
64153
  
3,595
  
Steiner and Associates, Inc.
  
4200 Regent Street
  
Suite 210
  
Columbus
  
OH
  
43219
673
  
Valley Plaza Mall
      
Bakersfield
  
California
  
93304
  
3,570
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
674
  
Chautauqua Mall
      
Lakewood
  
New York
  
14750
  
3,478
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
675
  
Ingram Park Mall
      
San Antonio
  
Texas
  
78238
  
3,480
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
676
  
Richland Mall
      
Waco
  
Texas
  
76710
  
3,500
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
677
  
Broadway Mall
      
Hicksville
  
New York
  
11801
  
4,014
  
Jones Lang LaSalle
  
3424 Peachtree Road NE
  
Suite 300
  
Atlanta
  
GA
  
30326
678
  
Northgate Mall (WA)
      
Seattle
  
Washington
  
98125
  
3,621
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
679
  
Melbourne Square Mall
      
Melbourne
  
Florida
  
32904
  
3,000
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
680
  
Greenbrier Mall
      
Chesapeake
  
Virginia
  
23320
  
3,502
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
681
  
Galleria at Dallas
      
Dallas
  
Texas
  
75240
  
3,200
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
682
  
Treasure Coast Mall
      
Jensen Beach
  
Florida
  
34957
  
2,663
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
683
  
Tanger Howell
      
Howell
  
Michigan
  
48855
  
4,500
  
Tanger Properties, L.P.
  
3200 Northline Avenue
  
Suite 360
  
Greensboro
  
NC
  
27408
684
  
Coastland Mall
      
Naples
  
Florida
  
34102
  
3,644
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
685
  
Edgewater Mall
      
Biloxi
  
Mississippi
  
39531
  
4,235
  
Jim Wilson
  
3500 Piedmont Road NE
  
Suite 600
  
Atlanta
  
GA
  
30305
686
  
Broadway Square
      
Tyler
  
Texas
  
75703
  
3,630
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
687
  
Osage Beach Outlets
      
Osage Beach
  
Missouri
  
65065
  
4,518
  
Chelsea Property Group
  
105 Eisenhower Parkway
      
Roseland
  
NJ
  
7068
688
  
Imperial Valley Mall
      
El Centra
  
California
  
92243
  
3,958
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
689
  
Mall at Barnes Crossing
      
Tupelo
  
Mississippi
  
38804
  
3,575
  
David Hocker
  
1901 Frederica Street
      
Owensboro
  
KY
  
42301
690
  
Valley Mall (MD)
      
Hagerstown
  
Maryland
  
21740
  
3,025
  
Preit-Rubin
  
200 South Broad Street
      
Philadelphia
  
PA
  
19102
691
  
Orange Park Mall
      
Orange Park
  
Florida
  
32073
  
3,127
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
692
  
Sunland Park Mall
      
El Paso
  
Texas
  
79912
  
3,407
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
693
  
Northwest Arkansas Mall
      
Fayetteville
  
Arkansas
  
72703
  
3,536
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
694
  
Flatiron Crossing
  
Suite 5555
  
Broomfield
  
Colorado
  
80021
  
3,600
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
695
  
Parkdale Mall
      
Beaumont
  
Texas
  
77706
  
3,004
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
696
  
Charlottesville Mall
      
Charlottesville
  
Virginia
  
22901
  
2,816
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
697
  
Houston Galleria
      
Houston
  
Texas
  
77056
  
3,297
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
698
  
The Avenues
      
Jacksonville
  
Florida
  
32256
  
3,842
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
699
  
Sawgrass Mills Mall
      
Sunrise
  
Florida
  
33323
  
3,326
  
Mills Corporation
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
700
  
Oak View Mall
      
Omaha
  
Nebraska
  
68144
  
3,344
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
701
  
First Colony
      
Sugarland
  
Texas
  
77479
  
3,762
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
702
  
Lufkin Mall
      
Lufkin
  
Texas
  
75901
  
3,156
  
The Mills Corp
  
900 N Michigan Avenue
  
Suite 1300
  
Chicago
  
IL
  
60611
703
  
Southdale Center
      
Edina
  
Minnesota
  
55435
  
3,897
  
The Mills Corp
  
10 Southdale Center
      
Edina
  
MN
  
55435
704
  
Hampshire Mall
      
Hadley
  
Massachusetts
  
1035
  
3,250
  
Pyramid
  
4 Clinton Square
      
Syracuse
  
NY
  
13202
705
  
Coronado Mall
      
Alburquerque
  
New Mexico
  
87110
  
3,454
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
706
  
Capital Mall
      
Olympia
  
Washington
  
98502
  
3,240
  
Westfield
  
11601 Willshire Boulevard
      
Los Angeles
  
CA
  
90025
707
  
College Square Mall
      
Morristown
  
Tennessee
  
37813
  
4,027
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
708
  
Boynton Beach
      
Boynton Beach
  
Florida
  
33426
  
3,314
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
710
  
Aviation Mall
      
Queensbury
  
New York
  
12804
  
3,400
  
Pyramid
  
4 Clinton Square
      
Syracuse
  
NY
  
13202
711
  
Paradise Valley Mall
      
Phoenix
  
Arizona
  
85032
  
3,500
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
 
 
 
 
 
 
 
 
 
712
  
Clinton Crossings Outlet
      
Clinton
  
Connecticut
  
6413
  
4,052
  
Chelsea Property Group
  
105 Eisenhower Parkway
      
Roseland
  
NJ
  
7068
713
  
Edinburgh Outlets
      
Edinburgh
  
Indiana
  
46124
  
6,074
  
Chelsea Property Group
  
105 Eisenhower Parkway
      
Roseland
  
NJ
  
7068
714
  
Saint Louis Galleria
      
St. Loius
  
Missouri
  
63117
  
3,663
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
715
  
Valencia Town Center
      
Valencia
  
California
  
91355
  
3,289
  
The Mills Corp
  
24201 W Valencia Blvd
  
Suite 150
  
Valencia
  
CA
  
91355
716
  
Frenchtown Square
      
Monroe
  
Michigan
  
48162
  
2,976
  
Cafaro
  
2445 Belmont Ave
      
Youngstown
  
OH
  
44504
717
  
Ontario Mills
      
Ontario
  
California
  
91764
  
3,769
  
Mills Corporation
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
718
  
Montgomery Mall (MD)
      
Bethesda
  
Maryland
  
20817
  
3,500
  
Westfield
  
11601 Willshire Boulevard
      
Los Angeles
  
CA
  
90025
719
  
Chicago Outlets
      
Aurora
  
Illinois
  
60504
  
4,459
  
Chelsea Property Group
  
105 Eisenhower Parkway
      
Roseland
  
NJ
  
7068
720
  
Wrentham Outlets
      
Wrentham
  
Massachusetts
  
2093
  
3,531
  
Chelsea Property Group
  
105 Eisenhower Parkway
      
Roseland
  
NJ
  
7068
721
  
Desoto Square
      
Bradenton
  
Florida
  
34205
  
3,130
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
722
  
The Crossings Outlets
      
Tannersville
  
Pennsylvania
  
18372
  
3,000
  
Chelsea Property Group
  
105 Eisenhower Parkway
      
Roseland
  
NJ
  
7068
723
  
Petaluma Outlets
      
Petaluma
  
California
  
94952
  
4,453
  
Chelsea Property Group
  
105 Eisenhower Parkway
      
Roseland
  
NJ
  
7068
724
  
Alexandria Mall
      
Alexandria
  
Louisiana
  
71301
  
3,740
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
725
  
Burlington Square Mall
      
Burlington
  
North Carolina
  
27215
  
3,000
  
Prime Retail, LP.
  
326 Third Street
      
Lakewood
  
NJ
  
8701
726
  
Aurora Outlets
      
Aurora
  
Ohio
  
44202
  
4,043
  
Chelsea Property Group
  
105 Eisenhower Parkway
      
Roseland
  
NJ
  
7068
727
  
The Woodlands Mall
      
The Woodlands
  
Texas
  
77380
  
3,510
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
728
  
LaPlaza Mall
      
McAllen
  
Texas
  
78503
  
3,625
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
729
  
Fair Oaks Mall
      
Fairfax
  
Virginia
  
22033
  
3,695
  
Taubman
  
200 E Long Lake Road
  
Suite 300
  
Bloomfield Hills
  
Ml
  
48303
730
  
Chula Vista Mall
      
Chula Vista
  
California
  
91910
  
3,040
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
731
  
Rogue Valley Mall
      
Medford
  
Oregon
  
97501
  
2,895
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
732
  
Boise Town Square
      
Boise
  
Idaho
  
83704
  
3,540
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
733
  
Lakeside Mall
      
Metairie
  
Louisiana
  
70002
  
3,643
  
Lakeside Mall
  
3301 Veteran's Memorial Blvd
      
Metairie
  
LA
  
70002
734
  
Crabtree Valley Mall
      
Raliegh
  
North Carolina
  
27612
  
3,551
  
Plaza Associates
  
4325 Glentown Avenue
      
Raleigh
  
NC
  
27612
735
  
The Meadows Malt
      
Las Vegas
  
Nevada
  
89107
  
3,690
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
736
  
Galleria at Tyler
      
Riverside
  
California
  
32503
  
3,403
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
737
  
Sunrise Mall (TX)
      
Brownsville
  
Texas
  
78256
  
3,431
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
738
  
Peachtree Mall
      
Columbus
  
Georgia
  
31909
  
3,800
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
739
  
Woodbury Commons
      
Central Valley
  
New York
  
10917
  
4,214
  
Chelsea Property Group
  
105 Eisenhower Parkway
      
Roseland
  
NJ
  
7068
740
  
Atlantic City Outlets
      
Atlantic City
  
New Jersey
  
8401
  
5,100
  
Cordish Company
  
601 East Pratt St
  
6th Floor
  
Baltimore
  
MD
  
21202
741
  
Las Americas
      
San Ysidro
  
California
      
4,500
  
JER International
  
4211 Camino De La Plaza
  
Suite 176
  
San Diego
  
CA
  
92173
742
  
Woodbury Lakes Mali
      
Woodbury
  
Minnesota
  
55125
  
3,596
  
Red Development
  
4717 Central Avenue
      
Kansas City
  
MS
  
64112
743
  
The Gateway
      
Salt Lake City
  
Utah
  
84101
  
2,704
  
Inland Southwest Management LLC
  
2901 Butterfield Rd
      
Oak Brook
  
IL
  
60523
744
  
University Mall (UT)
      
Orem
  
Utah
  
84097
  
3,942
  
Woodbury Corporation
  
2733 E Parley Way
  
Suite 300
  
Salt Lake City
  
UT
  
84109
745
  
Provo Town Center
      
Provo
  
Utah
  
84601
  
3,286
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
746
  
Palm Desert Mall
      
Palm Desert
  
California
  
92260
  
3,048
  
Westfield
  
11601 Willshire Boulevard
      
Los Angeles
  
CA
  
90025
747
  
Camarillo Outlets
      
Camarillo
  
California
  
93010
  
2,925
  
Chelsea Property Group
  
105 Eisenhower Parkway
      
Roseland
  
NJ
  
7068
748
  
Cielo Vista Mall
      
El Paso
  
Texas
  
79925
  
3,536
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
749
  
Northlake Mall
      
Charlotte
  
North Carolina
  
28216
  
3,071
  
Taubman
  
200 E Long Lake Road
  
Suite 300
  
Bloomfield Hills
  
MI
  
48303
750
  
Fayette Mall
      
Lexington
  
Kentucky
  
40503
  
3,502
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
751
  
Marley Station
      
Glenn Bumie
  
Maryland
  
21061
  
3,500
  
Mills Corporation
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
752
  
Shops at Saucon Valley
      
Bethlehem
  
Pennsylvania
  
18034
  
3,400
  
Saucon Valley Venture LLC
  
6410 Popar Avenue
  
Suite 850
  
Memphis
  
TN
  
3819
753
  
Great Mall Milpitas
      
Milpitas
  
California
  
95035
  
3,800
  
Mills Corporation
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
754
  
Oakland Mall
      
Troy
  
Michigan
  
48083
  
4,000
  
Oakland Mall LLC
  
39577 Woodward Avenue
  
Suite 110
  
Bloomfield Hills
  
MI
  
48304
755
  
Albany Mall
      
Albany
  
Georgia
  
31707
  
3,676
  
Aronov Realty Management
  
3500 Eastern Blvd
      
Montgomery
  
AL
  
36116
756
  
Rock Hill Galleria
      
Rock Hill
  
South Carolina
  
29730
  
3,500
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
757
  
Lindale Mall
      
Cedar Rapids
  
Iowa
  
52402
  
3,668
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
758
  
Citadel Mall (SC)
      
Charleston
  
South Carolina
  
29407
  
2,960
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
759
  
Westgate Mall (MA)
      
Brockton
  
Massachusetts
  
2301
  
2,964
  
Jones Lang LaSalle
  
3424 Peachtree Road NE
  
Suite 300
  
Atlanta
  
GA
  
30326
760
  
Rimrock Mall
      
Billings
  
Montana
  
59102
  
3,800
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
761
  
Eastridge Mall (CA)
      
San Jose
  
California
  
95122
  
3,335
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
762
  
Uniontown Mall
      
Uniontown
  
Pennsylvania
  
15401
  
3,513
  
Preit-Rubin
  
200 South Broad Street
      
Philadelphia
  
PA
  
19102
763
  
Crossroads Mall (WV)
      
Breckley
  
West Virginia
  
25800
  
3,620
  
Preit-Rubin
  
200 South Broad Street
      
Philadelphia
  
PA
  
19102
764
  
Coral Square Mall
      
Coral Springs
  
Florida
  
33071
  
3,880
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
765
  
Turtle Creek Mall
      
Hattiesburg
  
Mississippi
  
39402
  
3,430
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
766
  
MacArthur Center
      
Norfolk
  
Virginia
  
23510
  
3,554
  
Taubman
  
200 E Long Lake Road
  
Suite 300
  
Bloomfield Hills
  
Ml
  
48303
767
  
Forest Mall
      
Fond Du Lac
  
Wisconsin
  
54935
  
3,533
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
768
  
Tacoma Mall
      
Tacoma
  
Washington
  
98409
  
3,587
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
769
  
Fingerlakes Mall
      
Auburn
  
New York
  
13022
  
3,591
  
Jones Lang LaSalle
  
3424 Peachtree Road NE
  
Suite 300
  
Atlanta
  
GA
  
30326
770
  
Firewheel Town Center
      
Garland
  
Texas
  
75040
  
3,654
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
771
  
Newgate Mall
      
Ogden
  
Utah
  
84405
  
3,456
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
772
  
Legends at Village West
      
Kansas City
  
Kansas
  
66109
  
3,384
  
Red Development
  
4717 Central Avenue
      
Kansas City
  
MS
  
64112
773
  
Shoppes at La Cantera
      
San Antonio
  
Texas
  
78256
  
3,246
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
774
  
Highland Mall
      
Austin
  
Texas
  
78752
  
3,742
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
775
  
Indian River Mall
      
Vero Beach
  
Florida
  
32966
  
2,912
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
776
  
Northshore Square Mall
      
Slidell
  
Louisiana
  
70460
  
3,398
  
Sizeler Properties
  
4200 Regent Street
  
Suite 210
  
Columbus
  
OH
  
43219
777
  
Northridge Mall
      
Northridge
  
California
  
91324
  
3,758
  
Genera! Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
778
  
Montclair Plaza
      
Montclair
  
California
  
91763
  
3,501
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
779
  
Piedmont Mall
      
Danville
  
Virginia
  
24540
  
3,500
  
Genera! Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
780
  
Santa Rosa Mall
      
Santa Rosa
  
California
  
95401
  
3,201
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
781
  
Irvine Spectrum Center
      
Irvine
  
California
  
92618
  
3,430
  
Irvine Company
  
100 Innovation Dr
      
Irvine
  
CA
  
92617
782
  
Layton Hills Mall
      
Layton
  
Utah
  
84041
  
3,281
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
783
  
Aurora Mall
      
Aurora
  
Colorado
  
80012
  
3,700
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
784
  
Southaven Towne Center
      
Southaven
  
Mississippi
  
38671
  
3,090
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
785
  
Eastern Shores
      
Spanish Fort
  
Alabama
  
36527
  
3,500
  
MG Herring Group
  
5710 LBJ Freeway
  
Suite 450
  
Dallas
  
TX
  
75240
786
  
Mt. Berry Square
      
Rome
  
Georgia
  
30165
  
3,205
  
Prime Retail, LP.
  
326 Third Street
      
Lakewood
  
NJ
  
8701
787
  
Dolphin Mall
      
Miami
  
Florida
  
33172
  
4,689
  
Taubman
  
200 E Long Lake Road
  
Suite 300
  
Bloomfield Hills
  
Ml
  
48303
788
  
Santa Anita Mall
      
Arcadia
  
California
  
91007
  
3,335
  
Westfield
  
11601 Willshire Boulevard
      
Los Angeles
  
CA
  
90025
789
  
Fresno Fashion Fair
      
Fresno
  
California
  
93710
  
3,794
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
790
  
Settlers Green
      
North Conway
  
New Hampshire
  
3860
  
4,171
  
OVP Management
  
13 Settlers Green
      
North Conway
  
NH
  
3860
791
  
Northridge Mall (CA)
      
Salinas
  
California
  
93906
  
3,840
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401

 
 
 
 
 
 
 

792
  
Newpark Mall
      
Newark
  
California
  
94560
  
3,012
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
793
  
Las Vegas Fashion Outlets
      
Primm
  
Nevada
  
89019
  
4,200
  
Talisman Company
  
5420 Kietzke Lane
  
Suite 108
  
Reno
  
NV
  
89511
794
  
Seattle Premium Outlets
      
Tulalip
  
Washington
  
98271
  
2,935
  
Chelsea Property Group
  
105 Eisenhower Parkway
      
Roseland
  
NJ
  
7068
795
  
Solano Mall
      
Fairfield
  
California
  
94533
  
3,089
  
Westfield
  
11601 Willshire Boulevard
      
Los Angeles
  
CA
  
90025
796
  
Weberstown Mall
      
Stockton
  
California
  
95207
  
3,790
  
Glimcher Properties Ltd
  
150 East Gay Street
      
Columbus
  
OH
  
43215
797
  
Walnut Square Mall
      
Dalton
  
Georgia
  
30721
  
2,901
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
798
  
Longview Mall
      
Longview
  
Texas
  
75604
  
4,000
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
799
  
Foothills Mall (TN)
      
Maryville
  
Tennessee
  
37801
  
3,600
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
800
  
North Georgia Outlets
      
Dawsonville
  
Georgia
  
30534
  
4,014
  
Chelsea Property Group
  
105 Eisenhower Parkway
      
Roseland
  
NJ
  
7068
801
  
Central Mall (OK)
      
Lawton
  
Oklahoma
  
73501
  
3,174
  
Jones Lang LaSalle
  
3424 Peachtree Road NE
  
Suite 300
  
Atlanta
  
GA
  
30326
802
  
Pittsburgh Mills
      
Tarentum
  
Pennsylvania
  
15084
  
3,321
  
Mills Corporation
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
803
  
Prien Lake Mall
      
Lake Charles
  
Louisiana
  
70601
  
3,760
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
804
  
Metropolis Mall
      
Plainfield
  
Indiana
  
46168
  
3,300
  
North Shore Properties
  
5252 E 82nd Street
  
Suite 300
  
Indianapolis
  
IN
  
46250
805
  
Volusia Mall
      
Daytona Beach
  
Florida
  
32114
  
2,945
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
806
  
Mainplace Mall
      
Santa Ana
  
California
  
92705
  
3,100
  
Westfield
  
11601 Willshire Boulevard
      
Los Angeles
  
CA
  
90025
807
  
Rolling Oaks Mall
      
San Antonio
  
Texas
  
78247
  
2,979
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
809
  
Bradley Square
      
Cleveland
  
Tennessee
  
37312
  
3,482
  
Prime Retail, L.P.
  
326 Third Street
      
Lakewood
  
NJ
  
8701
810
  
Gumee Mills Mall
      
Gumee
  
Illinois
  
60031
  
3,500
  
Mills Corporation
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
811
  
Tucson Mall
      
Tucson
  
Arizona
  
85705
  
3,198
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
812
  
Lakewood Center
      
Lakewood
  
California
  
90712
  
3,500
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
813
  
South Towne Center
      
Salt Lake City
  
Utah
  
84070
  
3,000
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
814
  
Streets at Southpoint
      
Durham
  
North Carolina
  
27713
  
3,845
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
815
  
Aubum Mall (MA)
      
Aubum
  
Massachusetts
  
1501
  
3,510
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
816
  
Tanger Park City Outlets
      
Park City
  
Utah
  
84098
  
4,500
  
Tanger Properties, L.P.
  
3200 Northline Avenue
  
Suite 360
  
Greensboro
  
NC
  
27408
817
  
Horizon Outlet Center
      
Tulare
  
California
  
93274
  
4,000
  
Horizon Group Properties Inc
  
6250 N. River Rd
  
Suite 10400
  
Rosemont
  
IL
  
60018
818
  
Glendale Galleria
      
Glendale
  
California
  
91210
  
2,864
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
819
  
Port Charlotte Town Center
      
Port Charlotte
  
Florida
  
33948
  
3,457
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
820
  
Hot Springs Mall
      
Hot Springs
  
Arkansas
  
71913
  
3,849
  
Aronov Realty Management
  
3500 Eastern Blvd
      
Montgomery
  
AL
  
36116
821
  
Summit Sierra
      
Reno
  
Nevada
  
89511
  
3,502
  
Bayer Properties Inc.
  
2222 Arlington Ave.
      
Birmingham
  
AL
  
35205
822
  
Regency Square (FL)
      
Jacksonville
  
Florida
  
32225
  
2,863
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
823
  
Stonebriar Mall
      
Frisco
  
Texas
  
75034
  
3,242
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
824
  
Tanger Locust Grove
      
Locust Grove
  
Georgia
  
30248
  
5,300
  
Tanger Properties, L.P.
  
3200 Northline Avenue
  
Suite 360
  
Greensboro
  
NC
  
27408
825
  
Northpark Mall
      
Dallas
  
Texas
  
75225
  
3,520
  
Nasher
  
8080 N Central Expressway
  
Suite 100
  
Dallas
  
TX
  
75206
826
  
Horton Plaza
      
San Diego Bossier
  
California
  
92101
  
3,500
  
Westfield
  
11601 Willshire Boulevard
      
Los Angeles
  
CA
  
90025
827
  
Pierre Bossier
      
Bossier
  
Louisiana
  
71111
  
3,412
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
828
  
Mall at Turtle Creek
  
Suite 200
  
Jonesboro
  
Arkansas
  
72401
  
3,500
  
David Hocker
  
1901 Frederica Street
      
Owensboro
  
KY
  
42301
829
  
Tanger Lincoln City
      
Lincoln City
  
Nebraska
  
97367
  
4,297
  
Tanger Properties, L.P.
  
3200 Northline Avenue
  
Suite 360
  
Greensboro
  
NC
  
27408
830
  
Branson Landing
      
Branson
  
Missouri
  
65616
  
3,054
  
The Mills Corp
  
3027 W Highway 76
  
Suite B
  
Branson
  
MO
  
65616
831
  
Briarwood Mall
      
Ann Arbor
  
Michigan
  
48180
  
4,344
  
Mills Corporation
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
832
  
Shops at Sunset
      
Miami
  
Florida
  
33143
  
3,116
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
833
  
Columbiana Centre
      
Columbia
  
South Carolina
  
29212
  
3,925
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
834
  
Westminster Mall
      
Westminster
  
California
  
92683
  
3,850
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
835
  
West Oaks Mall (FL)
      
Orlando
  
Florida
  
34761
  
3,504
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
836
  
Victoria Mall (TX)
      
Victoria
  
Texas
  
77904
  
3,500
  
Hull Storey Retail Group
  
3632 Wheeler Road
      
Augusta
  
GA
  
30909
837
  
Merced Mall
      
Merced
  
California
  
95348
  
3,446
  
Codding Enterprises
  
1400 Valley House Dr.
  
Suite 100
  
Rohnert Park
  
CA
  
94928
838
  
Woodburn Company Store
      
Woodburn
  
Oregon
  
97071
  
4,668
  
Craig Realty Group
  
1500 Quail Street
  
Suite 100
  
Newport Beach
  
CA
  
92660
839
  
Bonita Lakes
      
Meridian
  
Mississippi
  
39301
  
2,977
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
840
  
Carriage Crossing
      
Memphis
  
Tennessee
  
38017
  
3,499
  
Wilson
  
2500 Windy Ridge Parkway
  
Suite 160
  
Atlanta
  
GA
  
30339
841
  
Killeen Mall
      
Killeen
  
Texas
  
76543
  
3,089
  
Jones Lang LaSalle
  
3424 Peachtree Road NE
  
Suite 300
  
Atlanta
  
GA
  
30326
842
  
Town East (TX)
      
Mesquite
  
Texas
  
75150
  
2,963
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
843
  
Willowbend Mall
      
Piano
  
Texas
  
75093
  
3,416
  
Taubman
  
200 E Long Lake Road
  
Suite 300
  
Bloomfield Hills
  
MI
  
48303
844
  
Glynn Place
      
Brunswick
  
Georgia
  
31525
  
3,120
  
Colonial Properties
  
2101 6th Ave North
  
Suite 750
  
Birmingham
  
AL
  
35203
845
  
Oakbrook Center
      
Oakbrook
  
Illinois
  
60523
  
2,997
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
846
  
Visalia Mall
      
Visalia
  
California
  
93277
  
4,000
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
847
  
Tanger Gonzales Outlets
      
Gonzales
  
Louisiana
  
70737
  
4,000
  
Tanger Properties, L.P.
  
3200 Northline Avenue
  
Suite 360
  
Greensboro
  
NC
  
27408
848
  
Rosedale Center
      
Roseville
  
Minnesota
  
55113
  
3,390
  
Jones Lang LaSalle
  
3424 Peachtree Road NE
  
Suite 300
  
Atlanta
  
GA
  
30326
849
  
Magic Valley Mall
      
Twin Falls
  
Idaho
      
3,353
  
Woodbury Corporation
  
2733 E Parley Way
  
Suite 300
  
Salt Lake City
  
UT
  
84109
850
  
Galleria at Sunset
      
Henderson
  
Nevada
  
89014
  
3,802
  
Forest City Enterprises
  
100 Terminal Tower
      
Cleveland
  
OH
  
44113
851
  
Fair Oaks Mall
      
Columbus
  
Indiana
  
47201
  
2,854
  
Veritas Realty
  
930 E 66th Street
      
Indianapolis
  
IN
  
46220
852
  
Grand Teton Mail
      
Idaho Falls
  
Idaho
  
83404
  
3,600
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
853
  
Mesilla Valley Mail
      
Las Cruces
  
New Mexico
  
1502
  
3,968
  
Jones Lang LaSalle
  
3424 Peachtree Road NE
  
Suite 300
  
Atlanta
  
GA
  
30326
854
  
Irving Mall (TX)
      
Irving
  
Texas
  
75062
  
3,974
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
855
  
Capitola Mall
      
Capitola
  
California
  
95010
  
3,431
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
856
  
Jordan Landing
      
West Jordan
  
Utah
  
84084
  
3,798
  
Foursquare Properties
  
5850 Avenida Encinas
  
Suite A
  
Carlsnad
  
CA
  
92008
B57
  
Red Cliffs Mall
      
St. George
  
Utah
  
84790
  
3,331
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
858
  
Bayshore Town Center
      
Milwaukee
  
Wisconsin
  
53217
  
3,502
  
Steiner and Associates, Inc.
  
4200 Regent Street
  
Suite 210
  
Columbus
  
OH
  
43219
859
  
Tanger Commerce II
      
Commerce
  
Georgia
  
30529
  
4,000
  
Tanger Properties, LP.
  
3200 Northline Avenue
  
Suite 360
  
Greensboro
  
NC
  
27408
860
  
Fashion Place
      
Murray
  
Utah
  
84107
  
3,671
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
861
  
West Oaks (TX)
      
Houston
  
Texas
  
77082
  
3,500
  
Jones Lang LaSalle
  
3424 Peachtree Road NE
  
Suite 300
  
Atlanta
  
GA
  
30326
862
  
Waterford Lakes Town Center
      
Orlando
  
Florida
  
32828
  
3,128
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
863
  
Brea Mall
      
Brea
  
California
  
92821
  
3,400
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
864
  
Lloyd Center
      
Portland
  
Oregon
  
97232
  
4,060
  
Glimcher Properties Ltd
  
150 East Gay Street
      
Columbus
  
OH
  
43215
865
  
Columbia Center (WA)
      
Kennewick
  
Washington
  
99336
  
3,361
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
866
  
Willowbrook Mall (TX)
      
Houston
  
Texas
  
77070
  
3,248
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
867
  
Oak Park Mall
      
Overland Park
  
Kansas
  
66214
  
3,355
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
868
  
Merritt Square
      
Merritt Island
  
Florida
  
32952
  
3,650
  
Thor Merritt Square
  
139 Fifth Avenue
      
New York
  
NY
  
10010
869
  
Mall at Stonecrest
      
Lithonia
  
Georgia
  
30038
  
3,200
  
Forest City Enterprises
  
100 Terminal Tower
      
Cleveland
  
OH
  
44113
870
  
Hershey Outlets
      
Hershey
  
Pennsylvania
  
17033
  
4,065
  
FSH Associates
  
120 N Pointe Blvd
  
Suite 301
  
Lancaster
  
PA
  
17601
871
  
Shoppes at Montage
      
Moosic
  
Pennsylvania
  
18507
  
3,500
  
Jeffery R. Anderson Realty
  
3805 Edwards Road
  
Suite 700
  
Cincinnati
  
OH
  
45209
872
  
Round Rock Outlets
      
Round Rock
  
Texas
  
78664
  
3,824
  
Chelsea Property Group
  
105 Eisenhower Parkway
      
Roseland
  
NJ
  
7068
 
 
 
 
 
 
 

 
873
  
Coconut Point
      
Estero
  
Florida
  
33928
  
3,175
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
874
  
Gulfview Square
      
Port Richey
  
Florida
  
34668
  
3,650
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
875
  
Village at Sandhill
      
Columbia
  
South Carolina
  
29229
  
3,804
  
Hill Partners
  
10 Flintlake Rd
      
Columbia
  
SC
  
29223
876
  
Pinnacle Hills
      
Rogers
  
Arkansas
  
72758
  
3,690
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
877
  
Green Oaks Village
      
Brighton
  
Michigan
  
48116
  
3,500
  
Lormax
  
One Town Square
  
Suite 1600
  
Southfield
  
MI
  
75201
878
  
Shops at Fallen Timbers
  
Suite 1599
  
Maumee
  
Ohio
  
43537
  
3,545
  
General Growth Properties
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
879
  
Greene Town Center
      
Beavercreek
  
Ohio
  
45440
  
2,873
  
Steiner and Associates, Inc.
  
4200 Regent Street
  
Suite 210
  
Columbus
  
OH
  
43219
880
  
Topanga Plaza
      
Canoga Park
  
California
  
91303
  
3,907
  
Westfield
  
11601 Willshire Boulevard
      
Los Angeles
  
CA
  
90025
881
  
Miromar Outlets
      
Estero
  
Florida
  
33928
  
4,000
  
Mirormar
  
10801 Corkscrew Rd
  
Suite 305
  
Estero
  
FL
  
33928
882
  
Rio Grande Outlets
      
Mercedes
  
Texas
  
78570
  
4,284
  
Chelsea Property Group
  
105 Eisenhower Parkway
      
Roseland
  
NJ
  
7068
883
  
Southgate Mall
      
Missoula
  
Montana
  
59801
  
3,057
  
Southgate Mall Associates
  
3011 American Way
      
Missoula
  
MT
  
59808
884
  
International Plaza
      
Tampa
  
Florida
  
33607
  
4,000
  
Taubman
  
200 E Long Lake Road
  
Suite 300
  
Bloomfield Hills
  
MI
  
48303
885
  
Lake Buena Vista Outlets
      
Orlando
  
Florida
  
32821
  
4,000
  
Lake Buena Vista Joint Venture
  
1725 University Drive
  
Suite 450
  
Coral Springs
  
FL
  
33071
886
  
Prime Outlets at Gulfport
      
Gulfport
  
Mississippi
  
39503
  
4,847
  
Prime Retail, L.P.
  
326 Third Street
      
Lakewood
  
NJ
  
8701
887
  
Hillsboro Outlets
      
Hillsboro
  
Texas
  
76645
  
4,015
  
Prime Retail, LP.
  
326 Third Street
      
Lakewood
  
NJ
  
8701
888
  
Mall Del Norte
      
Laredo
  
Texas
  
78041
  
3,800
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
889
  
Pinnacle at Tutwiler Farm
      
Birmingham
  
Alabama
  
35235
  
3,480
  
Colonial Properties
  
2101 6th Ave North
  
Suite 750
  
Birmingham
  
AL
  
35203
890
  
Leesburg Premium Outlets
  
Suite 1625
  
Leesburg
  
Virginia
  
20176
  
3,467
  
Chelsea Property Group
  
105 Eisenhower Parkway
      
Roseland
  
NJ
  
7068
891
  
Prime Outlets at Queenstown
      
Queenstown
  
Maryland
  
21658
  
4,000
  
Prime Retail, L.P.
  
326 Third Street
      
Lakewood
  
NJ
  
8701
892
  
Arden Fair Mall
  
Ste 1167
  
Sacramento
  
California
  
95815
  
2,867
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
893
  
Southlake Town Square
      
Dallas
  
Texas
  
76092
  
3,365
  
SLTS Grand Ave, LP
  
1256 Main Street
  
Suite 240
  
Southlake
  
TX
  
76092
894
  
Sacramento Gateway
      
Sacramento
  
California
  
95815
  
3,494
  
Opus Northwest
  
10350 Bren Road West
      
Minnetonka
  
MN
  
55343
895
  
Prime Outlets Lebanon
      
Lebanon
  
Tennessee
  
37090
  
3,759
  
Prime Retail, LP.
  
326 Third Street
      
Lakewood
  
NJ
  
8701
896
  
Tanger Outlet Myrtle Beach
      
Myrtle Beach
  
South Carolina
  
29572
  
3,490
  
Tanger Properties, L.P.
  
3200 Northline Avenue
  
Suite 360
  
Greensboro
  
NC
  
27408
897
  
Galleria at Centervllle
      
Centerville
  
Georgia
  
31028
  
3,056
  
Zamias
  
300 Market Street
      
Johnstown
  
PA
  
15901
898
  
Oak Hollow
      
High Point
  
North Carolina
  
27262
  
3,190
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
899
  
Aiken Mall
  
Suite 335
  
Aiken
  
South Carolina
  
29803
  
2,989
  
Veritas Realty
  
930 E 66th Street
      
Indianapolis
  
IN
  
46220
900
  
Town Center at Otay Ranch
      
Chula Vista
  
California
  
91915
  
3,500
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
901
  
Randolph Mall
      
Asheboro
  
North Carolina
  
27203
  
3,653
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
902
  
Brazos Mall
      
Lake Jackson
  
Texas
  
77566
  
3,537
  
Prime Retail, LP.
  
326 Third Street
      
Lakewood
  
NJ
  
8701
903
  
Manassas Mall
      
Manassas
  
Virginia
  
20109
  
3,400
  
Vomado
  
210 Route 4 East
      
Paramus
  
NJ
  
7652
904
  
Promenade at Bolingbrook
      
Bolingbrook
  
Illinois
  
60440
  
3,600
  
Forest City Enterprises
  
100 Terminal Tower
      
Cleveland
  
OH
  
44113
905
  
Prime Outlets Oshkosh
      
Oshkosh
  
Wisconsin
  
54904
  
3,500
  
Prime Retail, LP.
  
326 Third Street
      
Lakewood
  
NJ
  
8701
906
  
Supermall of the Great Northwest
  
Suite 1268
  
Auburn
  
Washington
  
98001
  
4,630
  
Glimcher Properties Ltd
  
150 East Gay Street
      
Columbus
  
OH
  
43215
907
  
Tanger Tilton
      
Tilton
  
New Hampshire
  
3276
  
3,500
  
Tanger Properties, L.P.
  
3200 Northline Avenue
  
Suite 360
  
Greensboro
  
NC
  
27408
908
  
Pembroke Lakes Mall
      
Pembroke Pines
  
Florida
  
33026
  
4,064
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
909
  
Puente Hills Mall
      
Industry
  
California
  
91748
  
3,419
  
Glimcher Properties Ltd
  
150 East Gay Street
      
Columbus
  
OH
  
43215
910
  
Cache Valley Mall
      
Logan
  
Utah
  
84341
  
3,253
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
911
  
Chesapeake Square Mall
      
Chesapeake
  
Virginia
  
23321
  
3,568
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
912
  
Cottonwood Mall
      
Alburquerque
  
New Mexico
  
87114
  
3,025
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
913
  
Plaza at West Covina
      
West Covina
  
California
  
91790
  
3,269
  
Westfield
  
11601 Willshire Boulevard
      
Los Angeles
  
CA
  
90025
914
  
Shawnee Mall
      
Shawnee
  
Oklahoma
  
74804
  
3,946
  
Prime Retail, L.P.
  
326 Third Street
      
Lakewood
  
NJ
  
8701
915
  
Antelope Valley Mall
      
Palmdale
  
California
  
93551
  
3,088
  
Forest City Enterprises
  
100 Terminal Tower
      
Cleveland
  
OH
  
44113
916
  
Cascade Mall
      
Burlington
  
Washington
  
98233
  
3,426
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
917
  
Eagle Ridge Mall
      
Lake Wales
  
Florida
  
33859
  
3,500
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
918
  
Westside Pavilion
      
Los Angeles
  
California
  
90064
  
3,858
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
919
  
Valley Mall
      
Yakima
  
Washington
  
98903
  
3,646
  
Valley Mall LLC
  
7455 SW Bridgeport Road
  
Suite 205
  
Tigard
  
OR
  
97224
920
  
Hickory Point Mall
      
Forsyth
  
Illinois
  
62535
  
3,500
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
921
  
Prime Outlets Orlando
      
Orlando
  
Florida
  
32819
  
4,500
  
Prime Retail, L.P.
  
326 Third Street
      
Lakewood
  
NJ
  
8701
922
  
San Tan Village
      
Gilbert
  
Arizona
  
85296
  
3,593
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
924
  
Tanger Outlets Lancaster
      
Lancaster
  
Pennsylvania
  
17602
  
3,910
  
Tanger Properties, L.P.
  
3200 Northline Avenue
  
Suite 360
  
Greensboro
  
NC
  
27408
925
  
Outlet Shopps El Paso
      
El Paso
  
Texas
  
79932
  
4,400
  
Horizon Group Properties Inc
  
6250 N. River Rd
  
Suite 10400
  
Rosemont
  
IL
  
60018
926
  
Avenue Webb Gin
      
Snellville
  
Georgia
  
30078
  
3,152
  
Cousins
  
191 Peachtree Street NE
  
Suite 3600
  
Atlanta
  
GA
  
30303
927
  
Town Square Las Vegas
      
Las Vegas
  
Nevada
  
89119
  
3,318
  
Tumberry
  
P.O. Box 8000
  
Dept 976
  
Buffalo
  
NY
  
14267
929
  
Las Palmas Marketplace
      
El Paso
  
Texas
  
79936
  
3,500
  
ADD Holdings
  
5823 N. Mesa
  
Suite 195
  
El Paso
  
TX
  
79912
930
  
Mesa Mall
      
Grand Junction
  
Colorado
  
81505
  
3,652
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
931
  
Tempe Marketplace
  
Suite 350
  
Tempe
  
Arizona
  
85281
  
3,516
  
Vestar Development
  
2425 E Camelback Road
  
Siute 750
  
Phoenix
  
AZ
  
85016
932
  
Pinnacle at Turkey Creek
      
Knoxville
  
Tennessee
      
3,267
  
Colonial Properties
  
2101 6th Ave North
  
Suite 750
  
Birmingham
  
AL
  
35203
933
  
Hamburg Pavilion
      
Lexington
  
Kentucky
  
40509
  
4,000
  
Thomas
  
45 Ansley Drive
      
Newman
  
GA
  
30263
934
  
The Loop
      
Kissimmee
  
Florida
  
34741
  
3,353
  
Wilder
  
800 Boylston Street
  
Suite 1300
  
Boston
  
MA
  
2199
935
  
Prime Outlets Lee
      
Lee
  
Massachusetts
  
1238
  
4,382
  
Prime Retail, L.P.
  
326 Third Street
      
Lakewood
  
NJ
  
8701
936
  
Allen Premium Outlets
      
Allen
  
Texas
  
75013
  
4,066
  
Chelsea Property Group
  
105 Eisenhower Parkway
      
Roseland
  
NJ
  
7068
937
  
The Block at Orange
      
Orange
  
California
  
92868
  
3,400
  
Mills Corporation
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
938
  
Las Vegas Outlet
      
Las Vegas
  
Nevada
  
89106
  
4,214
  
Chelsea Property Group
  
105 Eisenhower Parkway
      
Roseland
  
NJ
  
7068
939
  
Five Points Plaza
      
Huntington Beach
  
California
  
92648
  
4,125
  
Metrovation
  
225 108TH Avenue
  
NE Suite 520
  
Bellevue
  
WA
  
98004
940
  
Town Center Plaza
      
Leawood
  
Kansas
  
66211
  
3,971
  
DDR
  
5029 West 117th Street
      
Leawood
  
KS
  
66211
941
  
Gateway Station
      
Fort Worth
  
Texas
  
76028
  
3,225
  
Kimco Realty
  
3333 New Hyde Park Rd
  
Suite 100
  
New Hyde Park
  
NY
  
11042
942
  
Pacific View Mall
      
Ventura
  
California
  
93003
  
3,683
  
Macerich Company
  
401 Wilshire Boulevard
  
Suite 700
  
Santa Monica
  
CA
  
90401
943
  
Country Club Mall
      
Cumberland
  
Maryland
  
21502
  
3,600
  
JJ Gumberg
  
1051 Brinton Road
      
Pittsburgh
  
PA
  
15221
944
  
Midland Park
      
Midland
  
Texas
  
79705-3256
  
5,672
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
945
  
Highland Village
      
Highland Village
  
Texas
  
75077
  
3,212
  
Shops at Highland Village Developers
  
121 West Forsyth
  
Suite 200
  
Jacksonville
  
FL
  
32202
946
  
Burr Ridge Town Center
      
Burr Ridge
  
Illinois
  
60527
  
3,052
  
Opus Northwest
  
10350 Bren Road West
      
Minnetonka
  
MN
  
55343
947
  
Cumberland Mall
      
Atlanta
  
Georgia
  
30339
  
3,599
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
948
  
South Park Mall
      
San Antonio
  
Texas
  
78224
  
3,500
  
Jones Lang LaSalle
  
3424 Peachtree Road NE
  
Suite 300
  
Atlanta
  
GA
  
30326
949
  
Colonie Center
      
Albany
  
New York
  
12205
  
3,500
  
Feldman
  
2201 E. Camelback Rd
  
Suite 350
  
Phoenix
  
AZ
  
85016
950
  
West County Mall
      
Des Peres
  
Missouri
  
63131
  
4,160
  
Westfield
  
11601 Willshire Boulevard
      
Los Angeles
  
CA
  
90025
951
  
Harrisburg Mall
      
Harrisburg
  
Pennsylvania
  
17111
  
4,586
  
Feldman
  
2201 E. Camelback Rd
  
Suite 350
  
Phoenix
  
AZ
  
85016
952
  
Short Pump Town Center
      
Richmond
  
Virginia
  
23233
  
2,825
  
Forest City Enterprises
  
100 Terminal Tower
      
Cleveland
  
OH
  
44113
953
  
Prime Outlets Pismo Beach
      
Pismo
  
California
  
93449
  
3,500
  
Prime Retail, L.P.
  
326 Third Street
      
Lakewood
  
NJ
  
8701
954
  
Meadowood Mall
      
Reno
  
Nevada
  
89502
  
4,000
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
 
 
 
 
 
 
 

 
955
  
Riverdale Village
      
Coon Rapids
  
Minnesota
  
55433
  
3,333
  
DDR
  
5029 West 117th Street
      
Leawood
  
KS
  
66211
956
  
Shops at Centerra
      
Loveland
  
Colorado
  
80538
  
3,960
  
Poag & McEwen
  
6410 Poplar Avenue
  
Suite 850
  
Memphis
  
TN
  
38119
957
  
Village at Stonecreek
      
San Antonio
  
Texas
  
78259
  
3,405
  
Reata
  
3300 Enterprise Parkway
      
Beachwood
  
OH
  
44122
958
  
Hill Country Galleria
      
Bee Cave
  
Texas
  
78738
  
3,727
  
Open Realty
  
P.O. Box 8000
  
Dept 976
  
Buffalo
  
NY
  
14267
959
  
North Hanover Mali
      
Hanover
  
Pennsylvania
  
17331
  
4,333
  
Preit-Rubin
  
200 South Broad Street
      
Philadelphia
  
PA
  
19102
962
  
Warwick Mall
      
Warwick
  
Rhode Island
  
2886
  
247
  
Warwick Mall
  
P.O. Box 2513
      
Providence
  
RI
  
2906
1004
  
West Coast Distribution Center
      
Ontario
  
California
  
91761
  
359,996
  
ProLogis
  
2817 E Cedar Street
  
Suite 200
  
Ontario
  
CA
  
91761
                                                 
                                                 
                                                 
                                                 
2011
  
Jimmy'z Exton Square
      
Exton
  
Pennsylvania
  
19341
  
3,600
  
Preit-Rubin
  
200 South Broad Street
      
Philadelphia
  
PA
  
19102
2012
  
Jimmy'Z Galleria at Tyler
      
Riverside
  
California
  
92503
  
3,503
  
Genera! Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
2013
  
Jimmy'z Wellington Green
      
West Palm Beach
  
Florida
  
33414
  
3,800
  
Taubman
  
200 E Long Lake Road
  
Suite 300
  
Bloomfield Hills
  
Ml
  
48303
2014
  
JIMMYZ Woodlands Mall
  
Suite 700
  
The Woodlands
  
Texas
  
77380
  
3,327
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
2015
  
Jimmy'z Woodfield Mall
      
Shaumburg
  
Illinois
  
60173
  
4,283
  
Taubman
  
200 E Long Lake Road
  
Suite 300
  
Bloomfield Hills
  
Ml
  
48303
2016
  
JIMMY'Z Mall of America
      
Bloomington
  
Minnesota
  
55425
  
3,717
  
Simon Property Group
  
225 W Washington Street
      
Indianapolis
  
IN
  
46204
2017
  
Jimmy'z San Marcos Outlets
      
San Marcos
  
Texas
  
78666
  
4,012
  
Prime Retail, L.P.
  
326 Third Street
      
Lakewood
  
NJ
  
8701
2018
  
Jimmy'z Grove City Outlets
      
Grove City
  
Pennsylvania
  
16127
  
5,446
  
Prime Retail, LP.
  
326 Third Street
      
Lakewood
  
NJ
  
8701
2019
  
Jimmy'z Logan Valley Mall
      
Altoona
  
Pennsylvania
  
16602
  
3,319
  
Preit-Rubin
  
200 South Broad Street
      
Philadelphia
  
PA
  
19102
2020
  
Jimmy'z St. Louis Galleria
      
St. Louis
  
Missouri
  
63117
  
3,500
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
2021
  
Jimmy'z Fox River Mall
      
Appleton
  
Wisconsin
  
54913
  
3,368
  
General Growth
  
110 N Wacker Dr.
      
Chicago
  
IL
  
60606
2022
  
Jimmy'z Hanes Mall
      
Winston-Salem
  
North Carolina
  
27103
  
3,952
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
2023
  
Jimmy'z Manhattan Mall
      
New York
  
New York
  
10001
  
4,500
  
Argent Ventures LLC
  
551 Fifth Avenue
  
34th Floor
  
New York
  
NY
  
10176
2024
  
Jimmy'z College Square
      
Morristown
  
Tennessee
  
37813
  
3,500
  
CBL & Associates
  
2030 Hamilton Place Blvd
      
Chattanooga
  
TN
  
37421
                                                 
                                                 
                                                 
                                                 
3009
  
Canadian Office
  
Suite 208
  
Mississauga
  
Ontario
  
L4V1E3
  
1,391
  
Orlando Corporation
  
6205 Airport Road
      
Mississauga
  
Ontario
  
L4V 1E3
3011
  
Metropolis at Metrotown
  
M175
  
Burnaby
  
British Columbia
  
V5H4P1
  
3524
  
Ivanhoe Cam
  
1001 Square Victoria
  
bureau C-500
  
Montreal
  
Quebec 
  
 H2Z 2B5
3012
  
Guildford TC
  
2608A
  
Surrey
  
British Columbia
  
V3R7C1
  
3608
  
Ivanhoe Cam
  
1001 Square Victoria
  
bureau C-500
  
Montreal
  
Quebec 
  
 H2Z 2B5
3013
  
White Oaks Mall
  
491/495
  
London
  
Ontario
  
N6E1V4
  
3380
  
Redcliff
  
4040 University Avenue
  
Suite 1200
  
Toronto
  
Ontario
  
M5J1T1
3014
  
Pickering Town Center
  
193
  
Pickering
  
Ontario
  
L1V1B8
  
3434
  
20 Vic
  
1355 Kingston Road
      
Pickering
  
Ontario
  
L1V1B8
3015
  
Fairview Park
  
E005
  
Kitchener
  
Ontario
  
N2C1X1
  
3026
  
Cadillac Fairview
  
20 Queen Street West
  
5th Floor
  
Toronto
  
Ontario
  
MSH 3R4
3016
  
Georgian Mall
  
D 016
  
Barrie
  
Ontario
  
L4M4Z8
  
3384
  
Cadillac Fairview
  
20 Queen Street West
  
5th Floor
  
Toronto
  
Ontario
  
MSH 3R4
3017
  
Oakville Place
  
121A
  
Oakville
  
Ontario
  
L6H3H6
  
3191
  
Ivanhoe Cam
  
1001 Square Victoria
  
bureau C-500
  
Montreal
  
Quebec 
  
 H2Z 2B5
3018
  
Vaughan Mills
  
439
  
Vaughn
  
Ontario
  
L4K5W4
  
5095
  
Ivanhoe Cam
  
1001 Square Victoria
  
bureau C-500
  
Montreal
  
Quebec 
  
 H2Z 2B5
3019
  
Dufferin Mall
  
168
  
Toronto
  
Ontario
  
M6H4B1
  
3112
  
Oxford
  
130 Adelaide Street
  
Suite 100
  
Toronto
  
Ontario
  
M5H 3P5
3021
  
Square One
  
2-305
  
Mississauga
  
Ontario
  
L5B2C9
  
3447
  
Oxford
  
130 Adelaide Street
  
Suite 100
  
Toronto
  
Ontario
  
M5H 3P5
3022
  
Lime Ridge Mall
  
229B
  
Hamilton
  
Ontario
  
L9A4X5
  
3135
  
Cadillac Fairview
  
20 Queen Street West
  
5th Floor
  
Toronto
  
Ontario
  
MSH 3R4
3023
  
Scarborough TC
  
46/47
  
Scarborough
  
Ontario
  
M1P4P5
  
3235
  
Oxford
  
130 Adelaide Street
  
Suite 100
  
Toronto
  
Ontario
  
M5H 3P5
 
 
 
 
 
 
EXHIBIT 4-6
 
ENCUMBERANCES
 
   Please see attached.
 
 
 
 
 
 
 
 
 

 
FLEET RETAIL/AEROPOSTALE/MSS DELAWARE

UCC Search Chart

2/14/08


DEBTOR
STATE
FILING OFFICE
SEARCH THRU DATE
TAX LIEN – SEE LEGEND
SECURED CREDITOR
FILING DATE
FILING NUMBER
ACOUNTS RECIEVABLE
INVENTORY
EQUIPMENT (ALL)
EQUIPMENT (SPECIFIC)
GOODS
INVESTMENT PROPERTY
GENERAL INTANGIBLES
INTELLECTUAL PROPERTY
R.E. FIXTURE FILING
OTHER COLLATERAL AND/OR COMMENTS
Aeropostale, Inc.
DE
SOS
10/31/07
F:C
Fleet Retail Finance Inc. (Formerly known as BankBoston Retail Finance Inc.), as Agent Continuation
11/26/01
 
 
 
10/12/06
11535942
 
 
 
63529575
X
X
X
  
X
X
X
X
  
In Lieu Financing Statement
Aeropostale, Inc.
DE
SOS
10/31/07
  
IBM Credit Corporation (Lessor)
2/11/02
20590376
      
X
          
Lease
Aeropostale, Inc.
DE
SOS
10/31/07
  
IBM Credit Corporation
8/1/02
22024366
      
X
          
Lease
Aeropostale, Inc.
DE
SOS
10/31/07
  
IBM Credit Corporation
8/2/02
22038556
      
X
          
Lease
Aeropostale, Inc.
DE
SOS
10/31/07
  
IBM Credit LLC
1/29/03
30496334
      
X
          
Lease
Aeropostale, Inc.
DE
SOS
10/31/07
  
IBM Credit LLC
4/11/03
30946346
      
X
          
Lease
Aeropostale, inc.
DE
SOS
10/31/07
  
Racine Joing Venturell, CBL & Associates Properties, Inc.
7/15/03
32010372
X
X
X
  
X
X
      
Security interest granted to Landlord by Tenant
Aeropostale, Inc.
DE
SOS
10/31/07
  
IBM Credit LLC
5/3/04
41226796
      
X
          
Lease
Aeropostale, Inc.
DE
SOS
10/31/07
  
IBM Credit LLC
4/12/05
51122523
      
X
          
Lease
Aeropostale, Inc.
DE
SOS
10/31/07
  
IBM Credit LLC
7/11/05
52117746
      
X
          
Lease
Aeropostale, Inc.
DE
SOS
10/31/07
  
Georgia Square Mai!
4/08/06
61389535
X
X
X
  
X
X
      
Security interest granted to Landlord by Tenant
Aeropostale, Inc.
DE
SOS
10/31/07
  
CBL & Associates Properties
5/30/06
6185994
X
X
X
  
X
X
      
Security interest granted to Landlord by Tenant
Aeropostale, Inc.
DE
SOS
10/31/07
  
IBM Credit LLC
6/29/06
62246189
      
X
            
Aeropostale, Inc.
DE
SOS
10/31/07
  
IBM Credit LLC
1/3/07
70016856
      
X
            
Aeropostale, Inc.
DE
SOS
10/31/07
  
IBM Credit LLC
2/15/07
70608736
      
X
            
Aeropostale, Inc.
DE
SOS
10/31/07
  
IBM Credit LLC
7/2/07
72496072
      
X
            
Aeropostale, Inc.
DE
SOS
10/31/07
  
IBM Credit LLC
9/19/07
73541892
      
X
            
Aeropostale, Inc.
DE
SOS
10/31/07
  
IBM Credit LLC
10/24/07
74028519
      
X
            


F: Federal Tax Lien
S: State Tax Lien
J: Judgment Lien
C: Clear
 
979915_1.XLS
 
 
1
 

21694.00138
 
FLEET RETAIL/AEROPOSTALE/MSS DELAWARE

UCC Search Chart

2/14/08


Aeropostale West, Inc.
DE
SOS
10/31/07
  
Fleet Retail Finance Inc. (Formerly known as BankBoston Retail Finance Inc.), as Agen
 
Continuation
2/1/02
 
 
10/12/06
20282032
 
 
63529559
X
X
X
  
X
X
X
X
  
In Lieu Financing Statement
Aero GC Management LLC
VA
SOS
11/02/07
  
No UCC Filings
                        
Aero GC Management LLC
VA
SOS
11/02/07
F: C
                          
Aero GC Management LLC
VA
Richmond City
11/07/07
S: C
                          
Aero GC Management LLC
NY
SOS
11/02/00
F: C
                          
Aero GC Management LLC
NY
New York County
10/28/07
S: C
                          
Jimmy 'Z Surf Co., Inc.
DE
SOS
11/01/07
  
No UCC Filings
                        
Jimmy 'Z Surf Co., Inc.
DE
SOS
11/01/07
F: C
                          
Jimmy 'Z Surf Co., Inc.
DE
New Castle County
11/01/07
S: C
                          
Jimmy 'Z Surf Co., Inc.
NY
SOS
11/02/07
S: C
                          
Jimmy 'Z Surf Co., Inc.
NY
New York County
10/28/07
S: C
                          


F: Federal Tax Lien
S: State Tax Lien
J: Judgment Lien
C: Clear
 
 

9979915_1.XLS
 
 
2
 
 
 
Exhibit 4-7
Indebtedness
 
    None.
   
 
 
 
 
 
 
 
 
Exhibit 4-8
Insurance Policies

(See Attached)

 
 
 


 
 
 

       
 
Logo 1
 
STANDARD FIRE INSURANCE POLICY
Affiliated FM Insurance Company
 
P. O. Box 7500
 
Johnston, Rhode Island 02919
 
1-800-343-7722
 
   
A STOCK INSURANCE COMPANY
    
         
DECLARATIONS
  
INSURED & MAILING ADDRESS
  
DATE OF ISSUE
       
08/06/2007
   
Aeropostale, Inc.
    
Policy No.
  
201 Willowbrook Boulevard
  
Policy Period:
*
  
Wayne, NJ 07470-7041
  
12:01 AM. Standard Time at
Account No.
      
location of property involved.
*
        
Previous Policy No.
      
From: 08/01/2007
*
        
Replaces Binder No.
      
To: 08/01/2008
         
       
Years: One
It is important that that written portions of all policies covering the same property read exactly alike. If they do not, they should be made uniform at once.
         
INSURANCE IS PROVIDED AGAINST ONLY THOSE PERILS AND FOR ONLY THOSE COVERAGES INDICATED BELOW BY A PREMIUM CHARGE AND AGAINST OTHER PERILS AND FOR OTHER COVERAGES ONLY WHEN ENDORSED HEREON OR ADDED HERETO
         
PERIL(S) Insured Against and Cover- AMOUNT  RATE  PREPAID POLICY ANNUAL INSTALLMENT
age(s) Provided (Insert Name of Each)     
         
As per Form * $ As per Form * $ Various *  $ 
         
New York Fire Fee: * $ $  $ $ 
 
 
      TOTAL PREMIUM FOR POLICY TERM $
Item No. Amount of Insurance Co-Insurance  Description of Property Covered  
 
As per Form *
 
Subject To Form No(s). attached hereto:  
As per Form *
 
This policy shall not be valid unless countersigned by the duly authorized agent of the Company at Alpharetta, Georgia  
Countersignature Date:  
Atlanta Operations  
LSS/trw  
 
  /s/ (illegible)
  Authorized Representative
 
IN  CONSIDERATION OF THE PROVISIONS AND STIPULATIONS HEREIN OR ADDED HERETO
AND OF the premium above specified, this Company for the term of years specified above from Inception date shown above At 12:01 A.M. (Standard Time) to expiration date shown above At 12:01 A.M. (Standard Time) at location of property Involved, to an amount not exceeding the amount(s) above specified, does insure the insured named above and legal representatives TO THE LESSER AMOUNT OF EITHER:
 
1. THE ACTUAL CASH VALUE OF THE PROPERTY AT THE TIME OF THE LOSS, OR
 
2. THE AMOUNT WHICH IT WOULD COST TO REPAIR OR REPLACE THE PROPERTY WITH MATERIAL OF LIKE KIND AND QUALITY WITHIN A REASONABLE TIME AFTER SUCH LOSS, WITHOUT ALLOWANCE FOR ANY INCREASED COST OF REPAIR OR RECONSTRUCTION BY REASON OF ANY ORDINANCE OR LAW REGULATING CONSTRUCTION OR REPAIR AND WITHOUT COMPENSATION FOR LOSS RESULTING FROM INTERRUPTION OF BUSINESS OR MANUFACTURE, OR
 
3. TO AN AMOUNT NOT EXCEEDING THE AMOUNTS SPECIFIED ABOVE, BUT IN ANY EVENT FOR NO MORE THAN THE INTEREST OF THE INSURED, AGAINST ALL DIRECT LOSS BY FIRE, LIGHTNING AND BY REMOVAL FROM PREMISES ENDANGERED BY THE PERILS INSURED AGAINST IN THIS POLICY, EXCEPT AS HEREINAFTER PROVIDED, to the property described hereinafter while located or contained as described in this policy, or pro rata for five days at each proper place to which any of the property shall necessarily be removed for preservation from the perils insured against in this policy, but not elsewhere. Assignment of this policy shall not be valid except with the written consent of this Company.
This policy is made and accepted subject to the foregoing provisions and stipulations and those hereinafter stated, which are hereby made a part of this policy, together with such other provisions, stipulations and agreements as may be added hereto, as provided in this policy.
 
 
* = Material omitted pursuant to a request for Confidential Treatment and filed separately with the Commission on the date of filing of this Form 10-Q/A.
 
 
 
 
 
CONCEALMENT, FRAUD.

This entire policy shall be void if, whether before or after a loss, the insured has willfully concealed or misrepresented any material fact or circumstance concerning this insurance or the subject thereof, or the interest of the insured therein, or in case
of any fraud or false swearing by the insured relating thereto.

UNINSURABLE AND EXCEPTED PROPERTY

This policy shall not cover accounts, bills, currency, deeds, evidences of debt, money or securities; nor, unless specifically named hereon in writing, bullion or manuscripts.

PERILS NOT INCLUDED.

This Company shall not be liable for loss by fire or other perils insured against in this policy caused, directly or indirectly, by. (a) enemy attack by armed forces, including action taken by military, naval or air forces in resisting an actual or an immediately impending enemy attack; (b) invasion; (c) insurrection; (d) rebellion; (e) revolution; (f) civil war; (g) usurped power; (h) order of any civil authority except acts of destruction at the time of and for the purpose of preventing the spread of fire, provided that such fire did not originate from any of the perils excluded by this policy; (i) neglect of the insured to use all reasonable means to save and preserve the property at and after a loss, or when the property is endangered by fire in neighboring premi­ses; (j) nor shall this Company be liable for loss by theft.

OTHER INSURANCE.

Other insurance may be prohibited or the amount of insurance may be limited by endorsement attached hereto. CONDITIONS SUSPENDING OR RESTRICTING INSURANCE. UNLESS OTHERWISE PROVIDED IN WRITING ADDED HERETO THIS COMPANY SHALL NOT BE LIABLE FOR LOSS OCCURRING
(a) while the hazard is increased by any means within the control or knowledge of the Insured; or
(b) while a described building, whether Intended for occupancy by owner or tenant, Is vacant or unoccupied beyond a period of sixty consecutive days; or
(c) as a result of explosion or riot, unless fire ensue, and in that event for loss by fire only.

OTHER PERILS OR SUBJECTS.

Any other peril to be insured against or subject of insurance to be covered in this policy shall be by endorsement in writing hereon or added hereto.

ADDED PROVISIONS.

The extent of the application of Insurance under this policy and of the contributions to be made by this company in case of loss, and any other provision or agreement not inconsistent with the provisions of this policy, may be provided for in writing added hereto, but no provision may be waived except such as by the terms of this policy is subject to change.

WAIVER PROVISIONS.

No permission affecting this insurance shall exist, or waiver of any provision be valid, unless granted herein or expressed in writing added hereto. No provision, stipulation or forfeiture shall be held to be waived by any requirement or proceeding on the part of this company relating to appraisal or to any examination provided for herein.

CANCELLATION OF POLICY.

This policy shall be cancelled at any time at the request of the insured, in which case this Company shall, upon demand and sur­render of this policy, refund the excess of paid premium above the customary short rates for the expired time. This pol­icy may be cancelled at any time by this Company by giving to the insured a five days' written notice of cancellation with or without tender of the excess of paid premium above the pro rata premium for the expired time, which excess, if not tendered shall be refunded on demand. Notice of cancellation shall state that said excess premium (if not tendered) will be refunded on demand.

MORTGAGEE INTERESTS AND OBLIGATIONS.

If loss hereunder is made payable, in whole or in part, to a designated mortgagee not named herein as the insured, such interest in this policy may be cancelled by giving to such mortgagee a ten days' written notice of cancellation. If the insured fails to render proof of loss such mortgagee, upon notice, shall render proof or loss in the form herein specified within sixty (60) days thereafter and shall be subject to the pro­visions hereof relating to appraisal and time of payment and of bringing suit If this Company shall claim that no liability ex­isted as to the mortgagor or owner, it shall, to the extent of pay­ment of loss to the mortgagee, be subrogated to all the mort­gagee's rights of recovery, but without impairing mortgagee's right to sue; or it may pay off the mortgage debt and require assignment thereof and of the mortgage. Other provisions relating to the interests and obligations of such mortgagee be added hereto by agreement in writing.

PRO RATA LIABILITY.

This Company shall not be liable for a greater proportion or any loss than the amount hereby insured shall bear to the whole insurance covering property against the peril involved, whether collectible or

REQUIREMENTS IN CASE LOSS OCCURS.

The Insured shall give immediate written notice to this Company of any loss, protect the property from further damage, forthwith separate the damaged and undamaged personal property, it in the best possible order, furnish a complete inventory of the destroyed, damaged and undamaged property, showing detail quantities, costs, actual cash value and amount of loss claimed; and within sixty days after the loss, unless such time is extended in writing by this Company, the insured shall render to this Company a proof of loss, signed and sworn to by the insured, stating the knowledge and belief of the insured as the following: the time and origin of the loss, the interest of the insured and of all others in the property, the actual cash value each item thereof and the amount of loss thereto, all encumbrances thereon, all other contracts of insurance, whether valid or not, covering any of said property, any changes in the title use, occupation, location, possession or exposures of said property since the issuing of this policy, by whom and for what purpose any building herein described and the several part thereof were occupied at the time of loss and whether or not then stood on leased ground, and shall furnish a copy of all the descriptions and schedules in all policies and, if required, verified plans and specifications of any building, fixtures or machinery destroyed or damaged. The insured, as often as may be reason ably required, shall exhibit to any person designated by this Company all that remains of any property herein described, and submit to examinations under oath by any person named by this Company, and subscribe the same; and, as often as may be reasonably required, shall produce for examination all books of account, bills, invoices and other vouchers, or certified copies thereof it originals be lost, at such reasonable time and place as may be designated by this Company or its representative, and shall permit extracts and copies thereof to be made.

APPRAISAL.

In case the insured and this Company shall fail to agree as to the actual cash value or the amount of loss, then, on the written demand of either, each shall select a competent and disinterested appraiser and notify the other of the appraiser selected within twenty days of such demand. The appraisers shall first select a competent and dis­interested umpire; and failing for fifteen days to agree upon such umpire, then, on request of the insured or this Company, such umpire shall be selected by a judge of a court of record in the state in which the property covered is located. The appraisers shall then appraise the loss, stating separately actual cash value and loss to each item; and, failing to agree, shall submit their differences, only, to the umpire. An award in writ­ing, so itemized, of any two when filed with this Company shall determine the amount of actual cash value and loss. Each appraiser shall be paid by the party selecting him and the ex­penses of appraisal and umpire shall be paid by the parties equally.

COMPANY'S OPTIONS.

It shall be optional with this Company to take all, or any part, of the property at the agreed or appraised value, and also to re­pair, rebuild or replace the property destroyed or damaged with other of like kind and quality within a reasonable time, on giving notice of its intention so to do within thirty days after the receipt of the proof of loss herein required.

ABANDONMENT.

There can be no abandonment to this Company of any property.

WHEN LOSS PAYABLE.

The amount of loss for which this Company may be liable shall be payable sixty days after proof of loss, as herein provided, is received by this company and ascertainment of the loss Is made either by agreement between the insured and this Company ex­pressed in writing or by the filing with this Company of an award as herein provided.

SUIT.

No suit or action on this policy for the recovery of any claim shall be sustainable in any court of law or equity unless all the requirements of this policy shall have been complied with, and unless commenced within twelve months next after inception of the loss.

SUBROGATION.

This Company may require from the insured an assignment of all right of recovery against any party for loss to the extent that payment therefor is made by this Company.

In Witness Whereof, this Company has executed and attested these presents; but this policy shall not be valid unless countersigned by the duly authorized Agent of this Company at the agency hereinbefore mentioned.

 
/s/ (illegible)
/s/ (illegible)
 

 
 
 
 
 
Declarations
 
A.
POLICY TERM:

August 1, 2007 to August 1, 2008

B.
NAMED INSURED;

Aeropostale, Inc., and its wholly or majority owned subsidiaries and any interest which may now exist or hereinafter be created or acquired which are owned, controlled or operated by any one or more of those named insureds.

C.
POLICY LIMIT:

This company's liability will not exceed the respective Sub-Limits of Liability shown elsewhere for the coverages involved. However, in no event will the company's total Limit of Liability exceed * as a result of any one occurrence, regardless of the number of perils, coverages or locations involved.

D.
INSURANCE PROVIDED:

1.
All risks of direct physical loss or damage, as defined and limited herein, on Personal Property, Stock and Supplies, Extra Expense and including the Extensions of Coverage applying at the following described locations:
 
Location Schedule
Limits of Liability Per Store
   
Retail Stores per schedule on file with this company dated 7/2/2007
*

2.
All risks, as defined and limited herein, not to exceed the limits of liability specified for the coverages indicated and including the Extensions of Coverage applying at the following location:

Location Schedule
Limits of Liability
   
Distribution Warehouse, 2 Brick Plant Road, South River, NJ, 08882, Index No. 000876.67
  
   
Personal Property
*
Stock and Supplies
*
Business Interruption
See Section E. Sub-Limits
   
Distribution Warehouse, 950 North Barrington Avenue, Ontario, CA, 91764
  
   
Personal Property
*
Stock and Supplies
*
Business Interruption
See Section E. Sub-Limits

* (1/06)
  
   
Affiliated FM Insurance Company Policy No. *
Page 1 of 10
 
 
* = Material omitted pursuant to a request for Confidential Treatment and filed separately with the Commission on the date of filing of this Form 10-Q/A.

 
 
 
 
Declarations
E.
SUB-LIMITS:

Unless otherwise stated below, the following sub-limits of liability will apply on a per occurrence basis for all coverages provided, and are part of, not in addition to, the above limit(s) of liability.

For Annual Aggregate sub-limits the policy year will begin at the inception date of this policy and be concurrent with the anniversary dates of this policy.

1.
*
  
Earth Movement (Annual Aggregate, for all coverages provided), not to exceed:
       
 
*
  
Earth Movement (Annual Aggregate, for all coverages provided), as respects locations in Tier Two New Madrid Siesmic Zones and Pacific Northwest Seismic Zones per S-4 and S-5 attached
       
 
*
  
Earth Movement (Annual Aggregate, for all coverages provided) as respects locations in California
       
 
*
  
Earth Movement (Annual Aggregate, for all coverages provided) as respects locations in Tier One New Madrid Seismic Zones per form S-3 attached.
       
2.
*
  
Flood (Annual Aggregate, for all coverages provided), not to exceed:
       
 
*
  
Flood (Annual Aggregate, for all coverages provided) as respects locations in a flood zone or area designated by the Federal Emergency Management Agency (FEMA) as subject to a flood frequency greater than the 100 year frequency up to and including the 500 year frequency.
       
 
*
  
Flood (Annual Aggregate, for all coverages provided), as respects locations in a flood zone or area designated by the Federal Emergency Management Agency (FEMA) as subject to a flood frequency up to and including the 100 year frequency.
       
3.
*
  
Business Interruption, not to exceed:
       
4.
*
  
Extra Expense

F.
EXTENSIONS OF COVERAGE (EOC) SUB-LIMITS:
 
The following sub-limits of liability will apply on a per occurrence basis for all coverages provided, unless otherwise stated below, and are part of, not in addition to the above limit(s) of liability.

For Annual Aggregate sub-limits the policy year will begin at the inception date of this policy and be concurrent with the anniversary dates of this policy.

All Risk EOC Sub-Limits:

1.
*
  
Fire Fighting Materials and Expenses
2.
*
  
Professional Fees
3.
*
  
Expediting Expenses
4.
*
  
Trees, Shrubs, Plants and Lawns limit $1,000 per item
5.
*
  
Pavements and Roadways
6.
*
  
Land and Water Clean Up Expense (Annual Aggregate, for all coverages provided)
7.
*
  
Installation Floater
8.
*
  
Newly Acquired Property
9.
*
  
Unnamed Locations Coverage
10.
*
  
Fine Arts
11.
*
  
Accounts Receivable
12.
*
  
Valuable Papers and Records
13.
*
  
Electronic Data Processing, Data and Media
14.
 Demolition and Increased Cost of Construction
 
Policy Limit
  
Item A: Undamaged Portion
 
*
  
Item B: Demolition
 
*
  
Item C: Compliance with the Law
 
*
  
Item D: Business Interruption

* (1/06)
  
   
Affiliated FM Insurance Company Policy No. *
Page 2 of 10
 
 
* = Material omitted pursuant to a request for Confidential Treatment and filed separately with the Commission on the date of filing of this Form 10-Q/A.

 
 
 
 
 
Declarations
SECTION F, EXTENSIONS OF COVERAGE (EOC) SUB-LIMITS continued:

15.
*
  
Errors and Omissions
16.
*
  
Transit Coverage
17.
*
  
A. Non-Certified Act of Terrorism Coverage
 
*
  
B. Certified Act of Terrorism Coverage
 
Not Covered
  
C. Terrorism Coverage for Locations Outside of the United States (Annual Aggregate, for all coverages provided)
18.
*
  
Fungus, mold or mildew
19.
*
  
Deferred Payment
20.
*
  
Off-Premises Service Interruption - Property Damage
21.
*
  
Arson or Theft Reward
22.
*
  
Money and Securities
23.
*
  
Locks and Keys
24.
*
  
Tenants Legal Liability and Expense
25.
*
  
Soft Costs

Business Interruption - Extensions of Coverage Sub-Limits:

A.
*
  
Days of Ordinary Payroll
B.
*
  
Days of Civil Authority
C.
*
  
Off-Premises Service Interruption
D.
*
  
Contingent Business Interruption
E.
*
  
Research and Development Expense
F.
*
  
Ingress/Egress
G.
*
  
Tax Treatment
H.
*
  
Days of Extended Period of Indemnity

The above Extensions of Coverage sub-limits of liability will be the maximum payable for property damage and business interruption (if applicable) resulting from such property damage, or any combination thereof.

With respect to items A. and H. the number of days is part of and not in excess to any other outstanding sub-limits of liability.

* for Unnamed Locations Coverage and Property Removed from Described Locations, (Annual Aggregate for all coverages provided) for Property Damage and Business Interruption (if provided) combined when caused by or resulting from Terrorism.

* for Flood (Annual Aggregate for all coverages if provided) for Property Damage and Business Interruption (if provided) combined when caused by or resulting from Terrorism.

These limits shall not include the Actual Cash Value portion of fire damage caused by Terrorism.

Terrorism Risk Insurance Act of 2002: As respects the United States, its territories and possessions and the Commonwealth of Puerto Rico any recovery under this Policy for any insured loss or damage from acts of terrorism, as covered under this Policy, may be partially reimbursed by the United States Government in accordance with the Terrorism Risk Insurance Act of 2002. Reimbursement by the United States Government will be under a formula established by Federal Law.

* (1/06)
  
   
Affiliated FM Insurance Company Policy No. *
Page 3 of 10
 
 
* = Material omitted pursuant to a request for Confidential Treatment and filed separately with the Commission on the date of filing of this Form 10-Q/A.

 
 
 
 
 
Declarations
G.
DEDUCTIBLE AMOUNT:

The following deductible amounts shall apply per occurrence for loss or damage under this policy in the respective loss categories indicated:

1.
Earth Movement (per occurrence for all coverages provided):

 
A.
As respects locations in California, Tier One and Tier Two New Madrid Seismic Zones, and Pacific Northwest Seismic Zones per forms S-3, S-4 and S-5 attached:

For each occurrence, this company will not be liable for loss or damage to insured property unless the amount of loss or damage exceeds 5% of the combined value of property at the location where loss or damage occurs, in accordance with the valuation section of this policy and annual business interruption value as defined in the Business Interruption Endorsement attached to this policy at the time such loss or damage at the location where loss occurs, subject to a minimum deductible amount of * per location. If coverage is provided for more than one location, this deductible percentage or minimum deductible amount will be calculated for and applied separately to each location.

 
B.
*
Per occurrence for each location as respects all other locations.

2.
Flood (per occurrence for each location for all coverages provided), as follows:
 
 
A.
Personal Property per building - *
 
All other coverages per building - *
 
As respects locations in a flood zone or area designated by the Federal Emergency Management Agency (FEMA) as subject to a flood frequency up to and including the 100 year frequency.

 
B.
*
Per occurrence for each location as respects all other locations.

3.
Wind and Hail (for all coverages provided in this policy) applying at locations reported in Wind and Hail Prone Counties and Parishes per form S-2 attached:

This company will not be liable for loss to insured property unless the amount of loss or damage exceeds 5% of the combined value of property at the location where loss or damage occurs, in accordance with the valuation section of this policy and annual business interruption value at the location where loss or damage occurs, in accordance with the Business Interruption Endorsement attached to this policy at the time such loss or damage at the location where loss occurs, subject to a minimum deductible amount of * per location. If coverage is provided for more than one location, this deductible percentage or minimum deductible amount will be calculated for and applied separately to each location.

4.
Boiler and Machinery:

 
A.
Physical Damage: *

 
B.
Average Daily Value:

In the event of loss or damage insured by this policy, the deductible will be determined by multiplying the one hundred percent average daily value (ADV) by 1. The ADV will be calculated by dividing the sum of the 100% actual annual (enter type of BI coverage provided) that would have been earned had no loss or damage occurred, by the number of annual working days. This calculation will not include any reduction for: (have BI coverage entered earlier drop in here); fixed charges; expenses not being incurred; or in the annual number of working days because of scheduled or unscheduled shutdown(s) that occur during the period of interruption.
 
* (1/06)
  
   
Affiliated FM Insurance Company Policy No. *
Page 4 of 10
 
 
* = Material omitted pursuant to a request for Confidential Treatment and filed separately with the Commission on the date of filing of this Form 10-Q/A.
 
 
 
 
 
Declarations
 
SECTION G, DEDUCTIBLE AMOUNT continued:

5.
Off Premises Service Interruption Waiting Period:

A. Property Damage: *

B. Business Income:

In the event of loss or damage covered by this policy, no coverage is provided for business interruption unless and until the service interruption exceeds 72 hours beginning from the time of loss or damage covered by this policy. The company's liability commences only after, and does not include, this waiting period.

6.
Electronic Data Processing Equipment, Data and Media Deductible:

In the event of loss or damage to Electronic Data Processing (EDP) Equipment, Data and Media insured by this policy caused by the malicious introduction of a machine code or instruction, no coverage is provided unless the period of interruption exceeds 48 hours beginning from the time of insured loss. The company's liability commences only after, and does not include, the Waiting Period specified.

If the period of interruption exceeds 48 hours, the insured loss will be calculated based upon the amount of insured loss in excess of the Waiting Period and subject to a combined deductible for all coverages of * per location.

Any period in which business operations or services would have not been maintained, or any period in which goods would have not been produced will not be included as part of or serve to reduce the effect of any Waiting Period.

7.
*
All Other Losses, as respects the following locations:

Distribution Warehouse, 2 Brick Plant Road, South River, NJ 08882.
Distribution Warehouse, 950 North Barrington Avenue, Ontario, CA, 91764

8.
*
All Other Losses.

H.
SPECIAL TERMS AND CONDITIONS:

I.
Application of Flood and Wind and/or Hail Deductibles

If an occurrence involves loss or damage caused by or resulting from both:
 
a. Wind and/or hail; and
 
b. Flood;
 
Then:
 
1) A specific wind and/or hail deductible; and
 
2) A specific flood deductible;

Will apply separately to each location.

Such loss or damage will be adjusted separately and will be subject to its respective deductible.
 
* (1/06)
  
   
Affiliated FM Insurance Company Policy No. *
Page 5 of 10
 
 
* = Material omitted pursuant to a request for Confidential Treatment and filed separately with the Commission on the date of filing of this Form 10-Q/A.
 
 
 
 
 

Declarations

SECTION H, SPECIAL TERMS AND CONDITIONS continued:

2.
Notice of Cancellation

The time required by the Company for mailing or delivering notice of cancellation of this policy to the First Named Insured as shown in Item 17., Cancellation, shown in Section G., General Conditions, is extended from 60 days to 90, except the notice for non-payment of premium remains at ten (10) days.

3.
Off Premises Power Coverage - Telephone and Telecommunication Coverage

Coverage provided by the Off Premises Service Interruption - Property Damage and Business Interruption Extensions of Coverage are amended to include the following as covered services:

Telephone and telecommunication;

Except there shall be no coverage for any loss caused by or resulting from loss or damage to satellites.

4.
Inventory Valuation;

The following paragraphs shown in Section G., General Conditions, 14. Basis of Valuation, are amended to read as follows:

a.
2)
On goods sold awaiting delivery: the cash selling price at the location where loss occurs, less all discounts and charges which the merchandise would have been subject to had no loss occurred.
     
    On goods manufactured by the Insured; merchandise not manufactured by the Insured; and inventory, all offered for sale prior to loss or damage, the Insured's original cost in acquiring the goods plus 94% at retail stores only.
     
    Inventory at distribution centers: the replacement cost.
 
a.
3)
On raw materials and supplies: the replacement cost.

5.
Leader Store Coverage Extension

The Business Interruption Coverage provided by form PRO GE 2200 of this Policy is extended to cover loss directly resulting from direct physical damage of the type insured against by this Policy, to property of the type not otherwise excluded by this Policy at leader store(s) situate in the same shopping center or mall as the affected Location of the Insured, but in no event for more than 30 consecutive days, nor to exceed * in any one loss casualty or disaster.
 
Leader Store is defined as: the store(s) designated by the shopping center owner as the anchor or lead store(s) or the store(s) generally understood to be either the largest or one of the few largest store(s) that are located in the shopping center to attract customers and/or shopping traffic to the entire shopping center in which the insured's facility is located.
 
* (1/06)
  
   
Affiliated FM Insurance Company Policy No. *
Page 6 of 10
 
 
* = Material omitted pursuant to a request for Confidential Treatment and filed separately with the Commission on the date of filing of this Form 10-Q/A.
 
 
 
 

Declarations

SECTION H. SPECIAL TERMS AND CONDITIONS continued:

6.
Contingent Business Interruption Coverage Territory

Coverage provided in Section 5., Extensions of Coverage, Item D. Contingent Business Interruption Coverage, is limited to property anywhere in the world except in the following countries, provinces or jurisdictions;

Afghanistan, Algeria, Angola, Armenia, Azerbaijan, Bosnia and Herzegovina, Botswana, Burundi, Chechnya, China (Kashmir area), Croatia, Eritrea, Ethiopia, Cuba, Haiti, Iran, Iraq, India (Kashmir area), Lebanon, Liberia, Libya, Montenegro, Montserrat, Myanmar (Burma), Nigeria, North Korea, Pakistan, Rwanda, Serbia, Somalia, Sudan, Sri Lanka, Syria, Turkish provinces of Agri, Bingol, Bitlis, Diyarbakir, Elazig, Hakkari, Mardin, Mus, Siirt, Urfa, and Van, The Democratic Republic of the Congo (former Zaire) and Yemen.

Or any other country where trade relations are unlawful as determined by the Government of the United States of America or its agencies.

7.
Terrorism - New York

CERTIFIED TERRORISM ENDORSEMENT 7180 (1/03)

Endorsement Form No. 7180 (1/03), CERTIFIED TERRORISM ENDORSEMENT, affecting "Certified Act(s) of Terrorism" Under The Terrorism Risk Insurance Act of 2002 will only apply to locations in the State of New York.

NON-CERTIFIED TERRORISM ENDORSEMENT EXPIRATION

Effective 12/31/07, endorsement Form No. 7181 NY (4/03), NON-CERTIFIED TERRORISM ENDORSEMENT, affecting "Non-Certified Act(s) of Terrorism" will expire.

CERTIFIED TERRORISM ENDORSEMENT EXPIRATION

Effective 12/31/07, endorsement Form No 7180 (1/03), CERTIFIED TERRORISM ENDORSEMENT, affecting "Certified Act(s) of Terrorism" Under The Terrorism Risk Insurance Act of 2002 will expire.
 
* (1/06)
  
   
Affiliated FM Insurance Company Policy No. *
Page 7 of 10
 
* = Material omitted pursuant to a request for Confidential Treatment and filed separately with the Commission on the date of filing of this Form 10-Q/A.
 
 
 
 

Declarations
 
SECTION H. SPECIAL TERMS AND CONDITIONS continued:

8.
Extended Terrorism Coverage Endorsement

Section F. Perils Excluded, Group I. Item 2. f. is amended to:

f.
Terrorism, including action taken to prevent, defend against, respond to or retaliate against Terrorism or suspected Terrorism, except to the extent provided in Section D, Extensions of Coverage, 17. Terrorism. However, if direct loss or damage by fire results from any of these acts (unless committed by or on behalf of the insured), then this Policy covers only to the extent the Actual Cash Value of the resulting direct loss or damage by fire to property insured. This coverage exception for such resulting fire loss or damage does not apply to any coverage provided in any Business Interruption Endorsement, if any, which may be a part of this Policy, or any extension of such coverage, or to any other coverages provided by this Policy.
   
 
Any act which satisfies the definition of Terrorism provided in Section H, Definitions, or in any Terrorism Endorsement to this policy, shall not be considered to be vandalism, malicious mischief, riot, civil commotion, or any other risk of physical loss or damage which may be covered elsewhere in this Policy.
   
 
If any act which satisfies the definition of Terrorism provided in Section H, Definitions, or in any Terrorism Endorsement to this policy, also comes within the terms of the hostile or warlike action exclusion of this Policy in Section F, Group I,2.a., the hostile or warlike action exclusion applies in place of this exclusion.
   
 
If any act excluded herein involves nuclear reaction, nuclear radiation or radioactive contamination, this exclusion applies in place of the nuclear hazard exclusion of this Policy, Section F, Group I, 1.

9.
Terrorism Coverage Change

Upon expiration of the coverages provided by endorsement and sub-limited in the Declarations, EXTENSION OF COVERAGE SUB-LIMITS 17. A. Non-Certified Acts of Terrorism and 17. B. Certified Acts of Terrorism:

A.
 The coverage and sub-limits provided in the EXTENSION OF COVERAGE SUB-LIMITS 17 will be replaced with the following:
       
  17. * A. Non-Certified Act of Terrorism Coverage
    * B. Certified Act of Terrorism Coverage
    * C. Terrorism for Locations Outside the United States
    * D. Terrorism
 
  Sub-limit 17. D. will not apply to any location(s) (if any) in the State of New York.
   
B.
The following deductible provision will be added to the DEDUCTIBLE AMOUNT section in the Declarations and will apply to Terrorism:
   
  Terrorism (per occurrence for all coverages provided):
   
  For each occurrence, this company will not be liable for loss or damage to insured property unless the amount of loss or damage exceeds * of the combined value of property at the location where loss or damage occurs, in accordance with the valuation section of this policy and annual business interruption value as defined in the Business Interruption Endorsement attached to this policy at the time such loss or damage at the location where loss occurs. If coverage is provided for more than one location, this deductible percentage amount will be calculated for and applied separately to each location subject to a maximum deductible amount of * per occurrence.
   
  This deductible will not apply to any location(s) (if any) in the State of New York.
 
* (1/06)
  
   
Affiliated FM Insurance Company Policy No. *
Page 8 of 10
 
 
* = Material omitted pursuant to a request for Confidential Treatment and filed separately with the Commission on the date of filing of this Form 10-Q/A.
 
 
 
 
 

Declarations

I.
INDEX OF FORMS:

The following forms are made part of this policy:

Title
Form No.
Edition
     
Declarations
*
(1/06)
     
All Risk Property Coverage
*
(8/05)
     
Business Interruption Endorsement Gross Earnings/Extra Expense
*
(1/06)
     
Arkansas Amendatory Endorsement
*
(8/05)
     
California Amendatory Endorsement
*
(6/06)
     
Effective Time Endorsement
*
(1/00)
     
Florida Amendatory Endorsement
*
(6/00)
     
Florida Amendatory Sinkhole Coverage Endorsement
*
(10/93)
     
Georgia Cancellation and Non-Renewal Endorsement
*
(5/07)
     
Illinois Amendatory Endorsement
*
(11/03)
     
Terrorism Endorsement with Limited Exception (Illinois)
*
(6/06)
     
Indiana Amendatory Endorsement
*
(1/05)
     
Kentucky Amendatory Endorsement
*
(8/05)
     
Louisiana Amendatory Endorsement
*
(3/04)
     
Non-Certified Terrorism Threshold Endorsement (Louisiana)
*
(6/06)
     
Terrorism Endorsement with Limited Exception (Louisiana)
*
(6/06)
     
Mississippi Amendatory Endorsement
*
(6/06)
     
Post TRIA OF 2002 Act of Terrorism Endorsement(Mississippi)
*
(6/06)
     
Missouri Amendatory Endorsement
*
(1/06)
     
Non-Certified Terrorism Threshold Endorsement (Missouri)
*
(6706)
     
Terrorism Endorsement with Limited Exception (Missouri)
*
(6/06)
     
New Jersey Mandatory Endorsement
*
(6/00)
     
New York Amendatory Endorsement
*
(1/06)
     
Non-Certified Terrorism Endorsement (New York)
*
(4/03)
     
North Carolina Amendatory Endorsement
*
(6/00)
 
* (1/06)
  
   
Affiliated FM Insurance Company Policy No. *
Page 9 of 10
 
* = Material omitted pursuant to a request for Confidential Treatment and filed separately with the Commission on the date of filing of this Form 10-Q/A.
 
 
 
 
 

Declarations

SECTION I, INDEX OF FORMS continued:

Title
Form No.
Edition,
     
Terrorism Endorsement with Limited Exception (North Carolina)
*
(6/06)
     
Oregon Amendatory Endorsement
*
(1/05)
     
Terrorism Endorsement with Limited Exception (Oregon)
*
(6/06)
     
South Carolina 1010 Valuation
*
-------
 

Document Metadata

Filed: December 3rd, 2010