THIRD FORBEARANCE AGREEMENT

EXHIBIT 4.06

EXECUTION FINAL

SWANK, INC.
90 Park Avenue
New York, New York 10016

CONGRESS FINANCIAL CORPORATION
(NEW ENGLAND)
One Post Office Square
Suite 3600
Boston, Massachusetts 02109
Attention:      Mr. John Husson,
                      Senior Vice President

Gentlemen:

       Congress Financial Corporation (New England) (" Congress ") and Swank, Inc. (" Borrower ") have previously entered into and executed that certain Letter re: Forbearance Agreement, dated February 4, 2004 (the " Forbearance Agreement "). Capitalized terms which are not otherwise defined herein shall have the respective meanings set forth in the Forbearance Agreement when used herein.

       At Borrower's request, Congress previously extended the Forbearance Period termination date from March 19, 2004 to April 2, 2004, pursuant to a letter re: Second Forbearance Agreement Extension, dated as of March 19, 2004, executed between Congress and Borrower. Borrower has requested that Congress further extend the Forbearance Period for an additional forty-five (45) days, and Congress is willing to agree to the foregoing, on and subject to the terms and conditions contained in this letter agreement (this " Agreement ").

       In consideration of the premises and the agreements set forth herein, the parties hereto hereby agree as follows:

       1.      Forbearance Extension . Each reference to "April 2, 2004" contained in Section 4(a) of the Forbearance Agreement is hereby deleted and "May 17, 2004" is hereby substituted in lieu thereof.

       2.      Availability Reserves . In view of the continuance of the Existing Defaults and Congress' continued forbearance with respect thereto pursuant to this Agreement, Congress has advised Borrower that Congress shall establish a Reserve with respect to the amount of Loans and Letter of Credit Accommodations available to Borrower under the Loan Agreement in the following respective amounts on each of the following dates: