Exhibit 10.1

AMENDMENT NO. 1 TO CREDIT AGREEMENT

This Amendment No. 1 to Credit Agreement dated as of March 29, 2007 (this
“Amendment”) is entered into with reference to the Credit Agreement, dated as of
September 19, 2006 (as amended, restated, extended, supplemented or otherwise
modified in writing from time to time, the “Credit Agreement”), among Guess ?,
Inc. (the “Domestic Borrower”) and Guess? Canada Corporation (the “Canadian
Borrower”, and together with Domestic Borrower, collectively, the “Borrowers”),
the Lenders from time to time party thereto, Bank of America, N.A., as Domestic
Administrative Agent and Domestic L/C Issuer, and Bank of America, N.A., acting
through its Canadian branch, as Canadian Administrative Agent and Canadian L/C
Issuer (collectively, the “Administrative Agents”).  Capitalized terms used in
this Amendment and not otherwise defined herein are used with the meanings set
forth for those terms in the Credit Agreement.

1.             Amendments.  The Borrowers and the Lenders hereby agree to amend
the Credit Agreement as follows:

(a)           Section 6.01(c) of the Credit Agreement is hereby amended by
deleting the phrase “not later than 60 days” from the first line thereof and
replacing it with the phrase “not later than 90 days.”

(b)           Section 7.02(b) of the Credit Agreement is hereby amended by
inserting “, replacements” after the word “renewals” in the second line thereof
and by inserting “, replacement” after the word “renewal” in each of the fourth,
eighth and ninth lines thereof.

(c)           Section 7.02(k) of the Credit Agreement is hereby amended by
deleting the figure “$50,000,000” from the last line thereof and replacing it
with the figure “$150,000,000.”

(d)           The introductory clause of Section 7.03(h) of the Credit Agreement
is hereby amended and restated to read in its entirety as follows:

(h)           the purchase or other acquisition of not less than 51% of the
Equity Interests in, or a substantial portion of the property of, any Person, or
of any business unit of a Person, that, upon the consummation thereof, will be
majority-owned directly by the Domestic Borrower or one or more of its
wholly-owned Subsidiaries (including as a result of a merger or consolidation);
provided that, with respect to each purchase or other acquisition made pursuant
to this Section 7.03(h):

2.             Conditions Precedent.  The effectiveness of this Amendment shall
be conditioned upon the receipt by the Domestic Administrative Agent of
(a) counterparts of this Amendment executed by the Borrowers and (b) written
consents hereto executed by the Guarantors in substantially the form of
Exhibit A attached hereto.

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3.             Representations and Warranties.  The Borrowers represent and
warrant to the Administrative Agents and the Lenders that, as of the date of
this Amendment, the representations and warranties of the Domestic Borrower and
each other Loan Party contained in Article V or any other Loan Document, or
which are contained in any document furnished at any time under or in connection
therewith, shall be true and correct in all material respects on and as of the
date hereof, except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they shall be true and
correct in all material respects as of such earlier date, and except that the
representations and warranties contained in Sections 5.05(a) and (b) shall be
deemed to refer to the most recent statements furnished pursuant to
Sections 6.01(a) and (b), respectively, and no Default now exists.

4.             Confirmation. In all other respects, the terms of the Credit
Agreement and the other Loan Documents are hereby confirmed.

5.             Counterparts.  This Amendment may be executed in any number of
counterparts, and all of such counterparts taken together shall be deemed to
constitute one and the same instrument.

6.             Governing Law.  This Amendment shall be governed by and construed
in accordance with the laws of the California.

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IN WITNESS WHEREOF, the Borrowers and the Lenders have executed this Amendment
as of the date first written above by their duly authorized representatives.

 

GUESS ?, INC.

 

 

 

 

 

 

 

By:

/s/ Carlos Alberini

 

 

Name: Carlos Alberini

 

Title: President and Chief Operating Officer

 

 

 

 

 

GUESS? CANADA CORPORATION

 

 

 

 

 

 

 

By:

/s/ Carlos Alberini

 

 

Name: Carlos Alberini

 

Title: Chief Operating Officer

 

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BANK OF AMERICA, N.A., as Domestic
Administrative Agent and Domestic Lender

 

 

 

 

 

 

 

By:

/s/ Matthew Koenig

 

 

Name:

Matthew Koenig

 

Title:

Sr. Vice President

 

 

 

 

 

 

 

BANK OF AMERICA, N.A., acting through its
Canadian Branch, as Canadian Administrative
Agent and Canadian Lender

 

 

 

 

 

 

 

By:

/s/ Medina Sales De Andrade

 

 

Name:

Medina Sales De Andrade

 

Title:

Vice President

 

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Exhibit A to Amendment No. 1

CONSENT

Dated as of March 29, 2007

Each of the undersigned, as Guarantors under a Guaranty (as such terms are
defined in and under the Credit Agreement referred to in the foregoing Amendment
No. 1) delivered pursuant to the Credit Agreement, hereby consent and agree to
the said Amendment No. 1 and hereby confirm and agree that its Guaranty as
amended by that certain First Amendment to Guaranty, of even date herewith, is,
and shall continue to be, in full force and effect and is hereby ratified and
confirmed in all respects.

 

GUESS ?, Inc.

 

GUESS.com, Inc.

 

GUESS? Retail, Inc.

 

GUESS? Value, LLC

 

GUESS? Bermuda Holdings, LLC

 

 

 

 

 

 

 

By:

/s/ Carlos Alberini

 

 

Name:

Carlos Alberini

 

Title:

President and Chief Operating Officer

 

A-1

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