“Societe Generale Agreement”: the Subscription Agreement, dated July 11, 2005, withSki Rossignol, as issuer of bonds with a total value of €50,000,000 maturing July 2010, SkisRossignol S.A., as guarantor, and Societe Generale Bank & Trust, as initial subscriber.     II. Amendment to Section 6.2. Section 6.2 is hereby amended by (i) deleting the “and”at the end of clause (n), (ii) deleting the amount “€130,000,000” in clause (o) and substitutingin lieu thereof the amount“€70,000,000”, (iii) deleting the “.” at the end of clause (o) andsubstituting in lieu thereof the phrase “; and” and (iv) inserting a new clause (p) to read asfollows:“(p) Guarantee Obligations of Quiksilver with respect to the obligations of SkiRossignol under the Societe Generale Agreement in an amount not to exceed the USDollar Equivalent of €50,000,000.”     III. Amendment to Section 6.7. Section 6.7 is hereby amended by (i) deleting the“and” at the end of clause (l), (ii) deleting the “.” at the end of clause (m) and substituting inlieu thereof the phrase “; and” and (iii) inserting a new clause (n) to read as follows:          “(n) investments in connection with the Rossignol Luxembourg Restructuring.”     IV. Amendment to Section 6.8. Section 6.8 is hereby amended by (i) deleting the “or”at the end of clause (i), (ii) inserting the phrase “or” at the end of clause (ii) and (iii)inserting before the period at the end thereof the following: “(iii) is in connection with theRossignol Luxembourg Restructuring.”     V. Effective Date. This Amendment shall become effective on the date (the“Effective Date”) on which (i) the Borrowers and the Majority Lenders shall have dulyexecuted and delivered to the US Administrative Agent this Amendment and (ii) the AdministrativeAgent shall have received evidence satisfactory to it that the Societe Generale Agreement has beenamended in a manner satisfactory to the Administrative Agent.     VI. Representations and Warranties. The Borrowers hereby represent and warrant that(a) each of the representations and warranties in Article III of the Credit Agreement shall be,after giving effect to this Amendment, true and correct in all material respects as if made on andas of the Effective Date (unless such representations and warranties are stated to relate to aspecific earlier date, in which case such representations and warranties shall be true and correctin all material respects as of such earlier date) and (b) after giving effect to this Amendment, noDefault or Event of Default shall have occurred and be continuing.     VII. No Other Amendments; Confirmation. Except as expressly amended hereby, theprovisions of the Credit Agreement, as amended and restated, are and shall remain in full force andeffect.     VIII. Governing Law. This Amendment and the rights and obligations of the partieshereto shall be governed by, and construed and interpreted in accordance with, the laws of theState of New York.
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     IX. Counterparts. This Amendment may be executed by one or more of the parties heretoon any number of separate counterparts, and all of said counterparts taken together shall be deemedto constitute one and the same instrument. This Amendment may be delivered by facsimiletransmission of the relevant signature pages hereof.*[signature pages follow]*
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     IN WITNESS WHEREOF, the undersigned have caused this Amendment to be executed and delivered bytheir duly authorized officers as of the date first above written.         QUIKSILVER, INC.           By:                    Name:                    Title:                    QUIKSILVER AMERICAS, INC.           By:                    Name:                    Title:           Seventh Amendment Signature Page
 

 
         JPMORGAN CHASE BANK, N.A., as US Administrative Agent and as a Lender           By:                    Name:                    Title:           Seventh Amendment Signature Page
 

 
         BANK OF AMERICA, N.A., as Documentation Agent and as a Lender           By:                    Name:                    Title:           Seventh Amendment Signature Page
 

 
         UNION BANK OF CALIFORNIA, N.A., as Syndication Agent and as a Lender           By:                    Name:                    Title:           Seventh Amendment Signature Page
 

 
         NATIXIS (F/K/A NATEXIS BANQUES POPULAIRES)           By:                    Name:                    Title:                    By:                    Name:                    Title:           Seventh Amendment Signature Page
 

 
         ALLIED IRISH BANK           By:                    Name:                    Title:           Seventh Amendment Signature Page
 

 
         GENERAL ELECTRIC CAPITAL CORP.           By:                    Name:                    Title:           Seventh Amendment Signature Page
 

 
         HSBC BANK USA, NATIONAL ASSOCIATION           By:                    Name:                    Title:           Seventh Amendment Signature Page
 

 
         ISRAEL DISCOUNT BANK OF NEW YORK           By:                    Name:                    Title:                    By:                    Name:                    Title:           Seventh Amendment Signature Page
 

 
         BNP-PARIBAS           By:                    Name:                    Title:           Seventh Amendment Signature Page
 

 
         SOCIETE GENERALE           By:                    Name:                    Title:           Seventh Amendment Signature Page
 

 
         SUMITOMO MITSUI BANKING CORPORATION           By:                    Name:                    Title:           Seventh Amendment Signature Page
 

 
     The US Guarantors hereby consent and agree to this Amendment as of the date hereof andreaffirm their obligations under the US Security Agreement, the US Guarantee and the other LoanDocuments to which they are party.         QS RETAIL, INC.           By:             Name:             Title:                    QS WHOLESALE, INC.           By:             Name:             Title:                    DC SHOES, INC.           By:             Name:             Title:                    HAWK DESIGNS, INC.           By:             Name:             Title:                    MERVIN MANUFACTURING, INC.           By:             Name:             Title:                    FIDRA, INC.           By:             Name:             Title:                    ROSSIGNOL SKI COMPANY INCORPORATED           By:             Name:             Title:           Seventh Amendment Signature Page
 

 
         SKIS DYNASTAR, INC.           By:             Name:             Title:           Seventh Amendment Signature Page