EXHIBIT 10.37 THE BANK OF NEW YORK NEW YORK'S FIRST BANK - FOUNDED 1784 BY ALEXANDER HAMILTON 530 FIFTH AVENUE, NEW YORK, N.Y. 10036 February 23, 1996 Jones Apparel Group, Inc. 250 Rittenhouse Circle Bristol, PA 19007 Attn: Wesley R. Card Chief Financial Officer Dear Mr. Card: I am pleased to advise you that The Bark of New York (the "Bank") has increased the line of credit that we hold available for you and your subsidiaries from $25,000,000 to $40,000,000. This line is fully available for import letters of credit and loans. As you know, lines of credit are cancellable by either party at any time and the making of advances and issuing letters of credit are subject to the discretion of the Bank. Without limiting the foregoing, the extension of such credit facilities is subject to the Bank's satisfaction with the business, operations, prospects and financial condition of the applicants at the time of each drawdown or request for issuance of a letter of credit. I look forward to further expanding our relationship with Jones Apparel Group, Inc. Sincerely, /s/ Russel A. Burr Russel A. Burr Senior Vice President cc: Herbert J. Goodfriend Vice Chairman and Secretary Gary Klocek Controller