Document:

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                                                                    Exhibit 10.1

           FIRST AMENDMENT TO CREDIT AGREEMENT AND GUARANTY AGREEMENT

     THIS FIRST AMENDMENT TO CREDIT AGREEMENT AND GUARANTY AGREEMENT (this
"Amendment") is made as of the 11/th/ day of September, 2002 by and among URBAN
OUTFITTERS, INC., a Pennsylvania corporation ("Urban"), the Subsidiaries party
to the Credit Agreement referenced below, the Guarantors party to the Guaranty
Agreement referenced below, the Lenders who are or may become party to the
Credit Agreement, and WACHOVIA BANK, NATIONAL ASSOCIATION (formerly known as
First Union National Bank), as Administrative Agent (the "Bank").

                                    RECITALS:

     Urban, the Subsidiaries listed on Schedule 1 thereto, the Lenders referred
to therein, and the Bank (as Administrative Agent) entered into a certain Credit
Agreement dated the 12/th/ day of September, 2001 (the "Credit Agreement").
Anthropologie, Inc., Urban Outfitters Wholesale, Inc., Urban Outfitters Direct
LLC, Anthropologie Direct LLC, U.O.D., Inc., U.O.D. Secondary, Inc. and UOGC
(collectively, the "Original Guarantors") executed a Guaranty Agreement dated
September 12, 2001 (the "Guaranty") in favor of the Bank (as Administrative
Agent) and the Lenders. Urban Outfitters West LLC ("West LLC") joined the
Guaranty by a Supplement dated as of October 1, 2001, and Free People LLC "Free
People") joined the Guaranty by a Supplement dated as of May 21, 2002 (West LLC
and Free People are to be referred to collectively as the "Additional
Guarantors", and the Original Guarantors together with the Additional Guarantors
shall be referred to collectively as the "Guarantors"). Capitalized terms used
in this Amendment which are not otherwise defined in this Amendment shall have
the respective meanings assigned to them in the Credit Agreement.

     The Borrowers and the Bank wish to amend the Credit Agreement in certain
respects, and the Guarantors and the Bank wish to amend the Guaranty Agreement,
as hereinafter provided.

     NOW, THEREFORE, in consideration of the Recitals and the mutual promises
contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Borrowers and the Bank,
intending to be legally bound hereby, agree as follows:

SECTION 1. Recitals. The Recitals are incorporated herein by reference and shall
be deemed to be a part of this Amendment.

SECTION 2. Amendments to the Credit Agreement. The Credit Agreement is hereby
amended as set forth in this Section 2.

SECTION 2.1 Amendments to Definitions. The definitions set forth in Section 1.1
of the Credit Agreement are hereby amended by:

  (a)  amending and restating in their entirety as set forth below the following
       defined terms:

     "Aggregate Commitment" means the aggregate amount of the Lenders'
Commitments hereunder, as such amount may be reduced or modified at any time or
from time to time pursuant to the terms hereof. On the Amendment Effective Date,
the Aggregate Commitment shall be Thirty Million Dollars ($30,000,000).

     "L/C Commitment" means (a) in the case of documentary Letters of Credit,
the Aggregate Commitment, and (b) in the case of standby Letters of Credit, the
lesser of (i) the Aggregate Commitment and (ii) Five Hundred Thousand Dollars
($500,000).

                                       1

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  (b) adding the following definition to Section 1.1 of the Credit Agreement
      in appropriate alphabetical order:

          "Amendment Effective Date" means the date of effectiveness of the
  First Amendment to Credit Agreement, as defined in Section 4 of the First
  Amendment.

SECTION 2.2 Amendment to Section 2.4. The reference in the last sentence of
Section 2.4 of the Credit Agreement to "the Closing Date" shall be deleted and
replaced by a reference to "the Amendment Effective Date."

SECTION 2.3 Amendment to Section 2.6. The reference to September 11, 2002
contained in Section 2.6(a) of the Credit Agreement shall be deleted and
replaced by a reference to September 10, 2003.

SECTION 2.4 Amendment to Section 6.1. Sections 6.1(o) and 6.1(p) of the Credit
Agreement are amended by changing the date specified therein from "January 31,
2001" to "January 31, 2002."

SECTION 2.5 Amendment to Section 10.13. Section 10.13 of the Credit Agreement is
deleted in its entirety and replaced with the following:

            Section 10.13. Capital Expenditures. Make Capital Expenditure
Payments exceeding $50,000,000 in the aggregate in the Fiscal Year ending
January 31, 2004.

SECTION 2.6 Amendment to Section 13.1. The contact information for notices to
First Union contained in Section 13.1 of the Credit Agreement is hereby modified
so that all notices under that Section shall be sent to Wachovia at: Wachovia
Securities, Inc., 1339 Chestnut Street, PA 4830, Philadelphia, PA 19107,
Attention: Susan Vitale, Vice President, Telephone No.: (267)321-6712, Telecopy
No.: (267) 321-6700, with copies to: Wachovia Securities, Inc., 1339 Chestnut
Street, PA 4830, Philadelphia, PA 19107, Attention: Tom Harper, Director,
Telephone No.: (267)321-6616, Telecopy No.: (267) 321-6700. The contact
information for Pepper, Hamilton shall remain the same.

SECTION 2.7 Replacement of Schedules 2 and 3. Schedules 2 and 3 to the Credit
Agreement are hereby replaced with the new Schedule 2 and Schedule 3 attached
hereto and made a part hereof.

SECTION 3. Amendment to the Guaranty. The Guaranty is hereby amended as set
forth in this Section 3.

SECTION 3.1 Amendment to the "WHEREAS" Clauses. The references in each of the
second and third "Whereas" clauses of the Guaranty to "Twenty-Five Million
Dollars ($25,000,000)" are hereby deleted, and replaced by a reference to
"Thirty Million Dollars ($30,000,000)."

SECTION 3.2. Amendment to Section 13. The contact information for notices to the
Administrative Agent contained in Section 13 of the Guaranty is hereby modified
so that all notices under that Section shall be sent to Wachovia at: Wachovia
Securities, Inc., 1339 Chestnut Street, PA 4830, Philadelphia, PA 19107,
Attention: Susan Vitale, Vice President, Telephone No.: (267)321-6712, Telecopy
No.: (267) 321-6700, with copies to: Wachovia Securities, Inc., 1339 Chestnut
Street, PA 4830, Philadelphia, PA 19107, Attention: Tom Harper, Director,
Telephone No.: (267)321-6616, Telecopy No.: (267) 321-6700. The contact
information for Pepper, Hamilton shall remain the same.

                                       2

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SECTION 4. Conditions to Effectiveness. The effectiveness of this Amendment and
the obligations of the Bank hereunder are subject to the satisfaction of the
following conditions (the "Amendment Effective Date"):

      (a) the Bank shall have received (i) from each of the Borrowers and
          each of the Guarantors a counterpart hereof signed by such party or
          facsimile or other written confirmation (in form satisfactory to Bank)
          that such party has signed a counterpart hereof; (ii) from each of the
          Borrowers, a duly executed counterpart of the Note in the amount of
          the Aggregate Commitment, which Note shall replace and supercede any
          prior Notes; and (iii) from each of the Additional Guarantors, a duly
          executed supplement to the existing Guaranty Agreement, in form and
          substance acceptable to the Bank, each dated as of the date on which
          such Additional Guarantor was created or acquired by any of the
          Borrowers, together with a favorable legal opinion for each Additional
          Guarantor addressed to the Bank as the Administrative Agent, and the
          Lenders, in form and substance satisfactory to the Bank;

      (b) the Bank shall have received a certificate signed by a Responsible
          Officer of Urban, dated the Amendment Effective Date, stating that:

          (i) no Default or Event of Default exists; and

          (ii) the representations and warranties of each of the Borrowers
          contained in the Credit Agreement are true and correct on and as of
          such date, as though made on and as of such date;

      (c) the Bank shall have received all documents it may reasonably
          request relating the existence of each Borrower and Guarantor
          (including the Additional Guarantors), the corporate authority for and
          the validity of this Amendment, and any other matters relevant hereto,
          all in form and substance satisfactory to the Bank, including, without
          limitation, resolutions duly adopted by the board of directors of each
          Borrower and Guarantor (including the Additional Guarantors)
          authorizing the borrowings contemplated hereunder (and the obligations
          of the Guarantors (including the Additional Guarantors) pursuant to
          the Guaranty Agreement with respect thereto) and the execution,
          delivery and performance of this Amendment; and

      (d) The Bank shall have received payment of the $25,000 Administration
          Fee due and owing pursuant to Section 4.3(b) of the Credit Agreement.

SECTION 5. No Other Amendment. Except for the amendments set forth above, the
text of the Credit Agreement and each of the other Loan Documents, including,
without limitation, the Guaranty Agreement, shall remain unchanged and in full
force and effect. This Amendment is not intended to effect, nor shall it be
construed as, a novation. The Credit Agreement and this Amendment shall be
construed together as a single agreement. Nothing herein contained shall waive,
annul, vary or affect any provision, condition, covenant or agreement contained
in the Credit Agreement, except as herein amended, nor affect or impair any
rights, powers or remedies under the Credit Agreement as hereby amended. The
Borrowers promise and agree to perform all of the requirements, conditions,
agreement and obligations under the terms of the Credit Agreement, as hereby
amended, the Credit Agreement, as amended, being hereby ratified and affirmed.
The Borrowers hereby expressly agree that the Credit Agreement, as amended, and
each of the other Loan Documents, is in full force and effect. In addition,

                                       3

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the consent letter dated January 31, 2002 by and between Urban (for itself and
each of the Borrowers) and the Bank shall remain in full force and effect.

SECTION 6. Representations and Warranties. Each of the Borrowers hereby
represents and warrants to the Bank as follows:

      (a) No Default, or Event of Default, nor any act, event, condition or
          circumstance which with the passage of time or the giving of notice,
          or both, would constitute an Event of Default, under the Credit
          Agreement or any other Loan Document has occurred and is continuing
          unwaived by the Bank on the date hereof;

      (b) The representations and warranties of the Borrowers set forth in
          Section 6.1 of the Credit Agreement (as amended hereby) shall be true
          on and as of the Amendment Effective Date.

      (c) Each of the Borrowers has the power and authority to enter into this
          Amendment and to do all acts and things as are required or
          contemplated hereunder, or thereunder, to be done, observed and
          performed by it.

      (d) This Amendment has been duly authorized, validly executed and
          delivered by one or more authorized officers of each Borrower and
          constitutes a legal, valid and binding obligation of each of the
          Borrowers, enforceable against each of the Borrowers in accordance
          with its terms, provided that such enforceability is subject to
          general principles of equity.

      (e) The execution and delivery of this Amendment and the performance
          hereunder by each of the Borrowers does not and will not require the
          consent or approval of any regulatory authority or governmental
          authority or agency having jurisdiction over any Borrower, nor be in
          contravention of or in conflict with the certificate of incorporation
          or bylaws of any Borrower, or the provision of any statute, or any
          judgement, order, indenture, instrument, agreement or undertaking, to
          which any Borrower is party or by which the assets or properties of
          any Borrower are or may become bound.

SECTION 7. Counterparts. This Amendment may be executed in multiple counterparts
each of which shall be deemed to be an original and all of which,
taken together, shall constitute one and the same agreement.

SECTION 8. Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the Commonwealth of Pennsylvania, without reference
to the conflicts or choice of law principles thereof.

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed, under seal, by their respective authorized officers as of the day and
year first above written.

                                            Borrowers:

[CORPORATE SEAL]                            URBAN OUTFITTERS, INC.,
                                            as a Borrower

                                            By: /S/ Richard A. Hayne
                                                --------------------
                                                Name: Richard A. Hayne
                                                Title: President

[CORPORATE SEAL]                            UO FENWICK, INC.,
                                            as a Borrower

                                            By: /S/ Kenneth J. Kubacki
                                                ----------------------
                                                Name: Kenneth J. Kubacki
                                                Title: President

[CORPORATE SEAL]                            INTER-URBAN, INC.,
                                            as a Borrower

                                            By: /S/ Kenneth J. Kubacki
                                                ----------------------
                                                Name: Kenneth J. Kubacki
                                                Title: President

[CORPORATE SEAL]                            URBAN OUTFITTERS (DELAWARE), INC.,
                                            as a Borrower

                                            By: /S/ Kenneth R. Bull
                                                -------------------
                                                Name: Kenneth R. Bull
                                                Title: Treasurer

[CORPORATE SEAL]                            ANTHROPOLOGIE (DELAWARE), INC.,
                                            as a Borrower

                                            By: /S/ Kenneth R. Bull
                                                -------------------
                                                Name: Kenneth R. Bull
                                                Title: Treasurer

[CORPORATE SEAL]                            URBAN OUTFITTERS UK LIMITED,
                                            as a Borrower

                                            By: /S/ Richard A. Hayne
                                                --------------------
                                                Name: Richard A. Hayne
                                                Title:  Director

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[CORPORATE SEAL]                         URBAN OUTFITTERS UK LIMITED,
                                         as a Borrower

                                         By: /S/ Stephen A. Feldman
                                             ----------------------
                                             Name:  Stephen A. Feldman
                                             Title: Director

[CORPORATE SEAL]                         URBAN OUTFITTERS IRELAND LIMITED,
                                         as a Borrower

                                         By: /S/ Stephen A. Feldman
                                             ----------------------
                                             Name:  Stephen A. Feldman
                                             Title: Director

[CORPORATE SEAL]                         URBAN OUTFITTERS IRELAND LIMITED,
                                         as a Borrower

                                         By: /S/ Glen A. Bodzy
                                             -----------------
                                             Name:  Glen A. Bodzy
                                             Title: Director

                                                  Lenders:

                                         WACHOVIA BANK, NATIONAL ASSOCIATION

                                         as a Lender and as Administrative Agent

                                         By: /S/ Susan T. Vitale
                                             -------------------
                                             Name:  Susan T. Vitale
                                             Title: Vice President

ACKNOWLEDGED AND AGREED BY GUARANTORS:

ANTHROPOLOGIE, INC.                             [CORPORATE SEAL]

By: /S/ Glen T. Senk
    ----------------
    Name: Glen T. Senk

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     Title: President

URBAN OUTFITTERS WHOLESALE, INC.                       [CORPORATE SEAL]

By: /S/ Kenneth R. Bull
    -------------------
    Name:  Kenneth R. Bull
    Title: Treasurer

URBAN OUTFITTERS DIRECT, LLC                           [CORPORATE SEAL]

By: /S/ Stephen A. Feldman
    ----------------------
    Name:  Stephen A. Feldman
    Title: Chief Financial Officer

ANTHROPOLOGIE DIRECT, LLC                              [CORPORATE SEAL]

By: /S/ Stephen A. Feldman
    ----------------------
    Name:  Stephen A. Feldman
    Title: Chief Financial Officer

U.O.D., INC.                                           [CORPORATE SEAL]

By: /S/ Kenneth J. Kubacki
    ----------------------
    Name:  Kenneth J. Kubacki
    Title: President

U.O.D. SECONDARY, INC.                                 [CORPORATE SEAL]

By: /S/ Kenneth J. Kubacki
    ----------------------
    Name:  Kenneth J. Kubacki
    Title: President

UOGC, INC.                                             [CORPORATE SEAL]

By: /S/ Stephen A. Feldman
    ----------------------
    Name:  Stephen A. Feldman
    Title: Chief Financial Officer

URBAN OUTFITTERS WEST LLC                              [CORPORATE SEAL]

By: /S/ Stephen A. Feldman
    ----------------------
    Name:  Stephen A. Feldman
    Title: Chief Financial Officer

FREE PEOPLE LLC                                        [CORPORATE SEAL]

By: /S/ Kenneth R. Bull
    -------------------

                                        7

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      Name:  Kenneth R. Bull
      Title: Treasurer

                                       8

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                                   Schedule 2
                             Lenders and Commitments

Lender                                                             Commitment

Wachovia Bank, National Association                               $30,000,000
1339 Chestnut Street, PA 4830
Philadelphia, PA  19107-7619
Attention:  Susan Vitale, Vice President
Telephone No.: (267)321-6712
Telecopy No.:  (267) 321-6700

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                                   Schedule 3
                                   Guarantors

Anthropologie, Inc., a Pennsylvania corporation

Urban Outfitters Wholesale, Inc., a Pennsylvania corporation

Urban Outfitters Direct, LLC, a Pennsylvania limited liability company

Anthropologie Direct, LLC, a Pennsylvania limited liability company

U.O.D., Inc., a Delaware corporation

U.O.D. Secondary, Inc., a Delaware corporation

UOGC, Inc., a Florida corporation

Urban Outfitters West LLC, a Californialimited liability company

Free People LLC, a Delawarelimited liability company

                                       10<PAGE>

                                                                    Exhibit 10.2

                      SECOND AMENDMENT TO CREDIT AGREEMENT

          THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this "Second Amendment") is
made as of the 15th day of November, 2002, by and among URBAN OUTFITTERS, INC.,
a Pennsylvania corporation ("Urban"), and certain of its subsidiaries listed on
Schedule 1 to the Credit Agreement (as defined below) (together with Urban,
individually and collectively, the "Borrowers"); the Lenders party to the Credit
Agreement defined below, WACHOVIA BANK, NATIONAL ASSOCIATION (formerly known as
First Union National Bank), as administrative agent for the Lenders
("Administrative Agent") and JPMORGAN CHASE BANK, as a lender and an Issuing
Bank ("JPMC").

                                   BACKGROUND

          Borrowers and Administrative Agent entered into a Credit Agreement
dated September 12, 2001, as amended by First Amendment to Credit Agreement and
Guaranty Agreement dated September 11, 2002 (as amended hereby and as may be
further amended, restated or modified from time to time, the "Credit Agreement")
to fund the Borrowers' working capital and general corporate requirements and
support the issuance of letters of credit for the account of any Borrower.

          JPMC is becoming a Lender under the Credit Agreement under an
Assignment and Acceptance Agreement dated of even date herewith.

          Borrowers, Lenders, Administrative Agent and JPMC have agreed to
certain amendments to the Credit Agreement, each as set forth herein and subject
to the terms and conditions hereof.

          In consideration of the foregoing and the premises and the agreements
hereinafter set forth, and intending to be legally bound hereby, effective as of
the Second Amendment Effective Date (as defined below), the parties hereto agree
as follows:

          1.   Definitions.

               a.   General Rule. Unless otherwise defined herein, terms used
herein which are defined in the Credit Agreement shall have the respective
meanings assigned to such terms in the Credit Agreement.

               b.   Additional Definitions. As of the Second Amendment Effective
Date, the following definitions are hereby added to Section 1.1 of the Credit
Agreement in proper alphabetical order to read as follows:

               "JPMC" means JPMorgan Chase Bank, a New York state
          banking association, and its successors.

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               "Second Amendment" means Second Amendment to Credit
          Agreement by and among Borrowers, Lenders, Administrative
          Agent and JPMorgan Chase Bank dated November __, 2002.

               "Second Amendment Effective Date" means the date on
          which the conditions set forth in Paragraph 15 of the Second
          Amendment have been satisfied.

               "Wachovia" means Wachovia Bank, National Association
          (formerly known as First Union National Bank), a national
          banking association, and its successors.

               c.   Amended Definition. As of the Second Amendment Effective
Date, the following definition found in Section 1.1 of the Credit Agreement is
hereby amended and restated to read in its entirety as follows:

               "Issuing Lender" means, collectively, Wachovia and JPMC,
          each in its capacity as issuer of any Letter of Credit, or
          any successor thereto.

               d.   Replaced Definition. All references in the Credit Agreement
to "First Union" shall be deemed to be references to "Wachovia."

          2.   Amendment and Restatement of Schedule 2 (Lenders and
Commitments). As of the Second Amendment Effective Date, Schedule 2 to the
Credit Agreement (Lenders and Commitments) is amended and restated in its
entirety as set forth on Schedule 2 hereto, to reflect the addition of JPMC as a
Lender.

          3.   Deletion of Schedule 5 to the Credit Agreement. As of the Second
Amendment Effective Date, Schedule 5 to the Credit Agreement (Import Letter of
Credit Pricing) is hereby deleted in its entirety.

          4.   Amendment to Section 3.1 of the Credit Agreement (L/C
Commitment.) As of the Second Amendment Effective Date, the lead-in to Section
3.1 of the Credit Agreement is hereby amended and restated in its entirety as
follows:

         Section 3.1  L/C Commitment. Subject to the terms and
         conditions hereof, each Issuing Lender: (i) agrees to issue
         standby and documentary letters of credit for the account of
         any Borrower or Guarantor and (ii) agrees to issue Alternate
         Currency Letters of Credit for the account of any Non-U.S.
         Borrower (collectively, "Letters of Credit"), on any Business
         Day from the Closing Date through but not including the
         Termination Date in such form as may be approved from time to
         time by each Issuing Lender; provided, that no Issuing Lender
         shall have any obligation to issue any Letter of Credit if:

                                      -2-

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          5.   New Section 3.1(b)(vi) of the Credit Agreement (L/C Commitment).
As of the Second Amendment Effective Date, a new Section 3.1(b)(vi) is hereby
added to the Credit Agreement as follows:

                    vi.    at the time of issuance of any Letter of Credit by
JPMC, the amount available to be drawn under the Letter of Credit requested from
JPMC together with the face amount of all other outstanding Letters of Credit
issued by JPMC plus any unreimbursed draws under Letters of Credit issued by
JPMC shall not exceed Ten Million Dollars ($10,000,000);

          6.   Amendment to Section 3.2(d) of the Credit Agreement (Terms of
Letters of Credit). As of the Second Amendment Effective Date, Section 3.2(d) of
the Credit Agreement is hereby amended and restated in its entirety as follows:

          (d) be subject to the Uniform Customs and, to the extent not
          inconsistent therewith: (i) the laws of the Commonwealth of
          Pennsylvania, with respect to Wachovia as the Issuing Lender,
          or (ii) the laws of the State of New York, with respect to
          JPMC as the Issuing Lender.

          7.   Amendment to Section 3.5 of the Credit Agreement (Procedure for
Issuance of Letters of Credit.) As of the Second Amendment Effective Date,
Section 3.5 of the Credit Agreement is hereby amended and restated in its
entirety as follows:

          Section 3.5  Procedure for Issuance of Letters of Credit. The
          Borrowers may from time to time request that an Issuing
          Lender issue a Letter of Credit, or request that a Letter of
          Credit be amended or extended, by delivering to such Issuing
          Lender (which Issuing Lender shall be at the discretion of
          Borrowers, subject to the terms of Section 3.1(b)(vi) hereof)
          at its office listed in Section 13.1(b), an Application
          therefor, completed to the satisfaction of the Issuing
          Lender, and such other certificates, documents and other
          papers and information as the Issuing Lender may request.
          Upon receipt of any Application, the Issuing Lender shall
          process such Application and the certificates, documents and
          other papers and information delivered to it in connection
          therewith in accordance with its customary procedures and
          shall, subject to Section 3.1 and Article V hereof, promptly
          issue the Letter of Credit requested thereby (but in no event
          shall the Issuing Lender be required to issue any standby
          Letter of Credit earlier than three (3) Business Days, or any
          documentary Letter of Credit earlier than one (1) Business
          Day, after its receipt of the Application therefor and all
          such other certificates, documents and other papers and
          information relating thereto) by issuing the original of such
          Letter of Credit to the beneficiary thereof or as otherwise
          may be agreed by the Issuing Lender and the Borrowers. The
          Issuing

                                  -3-

<PAGE>

          Lender shall promptly furnish to the Borrowers a copy of such
          Letter of Credit.

          8.   Amendment to Section 3.6(b) of the Credit Agreement (Commissions
and Other Charges.) As of the Second Amendment Effective Date, Section 3.6(b) of
the Credit Agreement is hereby amended and restated in its entirety as follows:

               (b)  In connection with the issuance, transfer,
          extension, modification or other administration of any Letter
          of Credit, the Borrowers shall pay to the Issuing Lender upon
          request all customary costs and expenses of the Issuing
          Lender therefore.

          9.   New Section 3.6(c) of the Credit Agreement (Commissions and Other
Charges). As of the Second Amendment Effective Date, a new Section 3.6(c) is
hereby added to the Credit Agreement in its entirety as follows:

               (c)  All fees, commissions, costs, expenses or other
               charges paid to an Issuing Lender by Borrowers under
               this Section 3.6 shall be non-refundable.

          10.  Amendment to Section 3.9 of the Credit Agreement (Obligations
Absolute). As of the Second Amendment Effective Date, the last sentence of
Section 3.9 is hereby deleted in its entirety and replaced with the following
two sentences:

               The parties hereto expressly agree that, in the absence
          of gross negligence or willful misconduct on the part of an
          Issuing Bank (as finally determined by a court of competent
          jurisdiction), the Issuing Bank shall be deemed to have
          exercised care in each determination of whether drafts or
          other documents presented under a Letter of Credit comply
          with the terms thereof. In furtherance of the foregoing, and
          without limiting the generality thereof, the parties agree
          that, with respect to documents presented which appear on
          their face to be in substantial compliance with the terms of
          a Letter of Credit, the Issuing Bank may, in its sole
          discretion, either accept and make payment upon such
          documents without responsibility for further investigation,
          regardless of any notice or information to the contrary, or
          refuse to accept and make payment upon such documents if such
          documents are not in compliance with the terms of such Letter
          of Credit.

          11.  Amendment to Section 3.12 (Continuing Letter of Credit
Agreement). As of the Second Amendment Effective Date, Section 3.12 of the
Credit Agreement is hereby amended and restated in its entirety as follows:

          Section 3.12.  Letter of Credit Documents.

               (a)  Wachovia. Letters of Credit and amendments
          thereto issued by Wachovia, as Issuing Lender, shall be
          requested,

                                      -4-

<PAGE>

          processed and issued, and draws thereon shall be negotiated,
          processed and paid, in accordance with and subject to the
          terms and procedures of: (i) the Continuing Letter of Credit
          Agreement and/or (ii) the Import Express Electronic Letter
          of Credit Service Agreement between Wachovia and
          Anthropologie, Inc. dated July 5, 2000 and the Import
          Express Electronic Letter of Credit Service Agreement
          between Wachovia and Urban dated July 5, 2000.

               (b)  JPMC. Letters of Credit and amendments thereto
          issued by JPMC, as Issuing Lender, are subject to the terms
          and procedures of: (i) the Continuing Agreement for
          Commercial and Standby Letters of Credit by and between JPMC
          and Borrowers dated October 30, 2002 and (ii) the Agreement
          for Trade-Related Electronic Services by and between JPMC
          and Borrowers dated October 30, 2002.

          12.  New Section 3.13 (Letter of Credit Reports). As of the Second
Amendment Effective Date, a new Section 3.13 is hereby added to the Credit
Agreement as follows:

          3.13 Letter of Credit Reports. Each Issuing Lender shall
          deliver to the Administrative Agent: (i) within five (5)
          Business Days after the last day of each calendar month, a
          report of the actual daily outstandings for each day in the
          previous month for all Letters of Credit issued by such
          Issuing Lender; and (ii) immediately upon the request of
          Administrative Agent, a daily report of all actual daily
          outstanding Letters of Credit issued by such Issuing Lender
          for the period requested by the Administrative Agent.
          Additionally, the Administrative Agent shall promptly report
          to each Lender, within fifteen (15) Business Days after the
          end of each month, the average daily outstandings for each
          day in the previous month for all Letters of Credit.

          13.  Amendment to Section 13.6 (Binding Arbitration; Waiver of Jury
Trial; Preservation of Remedies). As of the Second Amendment Effective Date,
Section 13.6 of the Credit Agreement is hereby amended and restated in its
entirety as follows:

          Section 13.6. Waiver of Jury Trial; Preservation of Remedies.

          (a)  [Intentionally Omitted.]

          (b)  Jury Trial. THE ADMINISTRATIVE AGENT, EACH LENDER AND
          EACH BORROWER HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY
          TRIAL WITH RESPECT TO ANY ACTION, CLAIM OR OTHER PROCEEDING
          ARISING OUT OF ANY DISPUTE, CLAIM OR CONTROVERSY IN
          CONNECTION WITH THIS

                                      -5-

<PAGE>

          AGREEMENT, THE NOTES, THE LETTERS OF CREDIT OR THE OTHER
          LOAN DOCUMENTS, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR
          THEREUNDER, OR THE PERFORMANCE OF SUCH RIGHTS AND
          OBLIGATIONS.

               (c)  Preservation of Certain Remedies. The parties
          hereto and the other Loan Documents preserve, without
          diminution, certain remedies that such Persons may employ or
          exercise freely, either alone, in conjunction with or during
          a dispute, claim or controversy arising out of this
          Agreement, the Notes, the Letters of Credit or any other
          Loan Document. Each such Person shall have and hereby
          reserves the right to proceed in any court of proper
          jurisdiction or by self help to exercise or prosecute the
          following remedies: (i) all rights to foreclose against any
          real or personal property or other security by exercising a
          power of sale granted in the Loan Documents or under
          applicable law or by judicial foreclosure and sale; (ii) all
          rights of self help including without limitation peaceful
          occupation of property and collection of rents, set off, and
          peaceful possession of property; (iii) obtaining provisional
          or ancillary remedies including without limitation
          injunctive relief, sequestration, garnishment, attachment,
          appointment of receiver and in filing an involuntary
          bankruptcy proceeding; and (iv) when applicable, a judgment
          by confession of judgment.

          14.  Representations and Warranties. Borrowers hereby represent and
warrant to Lenders as follows:

               a.   Representations. As of the Second Amendment Effective Date
the Borrowers represent and warrant as follows: (i) the representations and
warranties set forth in Article VI of the Credit Agreement are true and correct
in all material respects, except for any representation or warranty made as of
an earlier date, which representation and warranty shall remain true and correct
as of such earlier date; (ii) there is no Event of Default or Default under the
Credit Agreement, as amended hereby, which has not been cured or waived; and
(iii) no Borrower is aware of any Material Adverse Effect.

               b.   Power and Authority. Each Borrower has the power and
authority under the laws of its jurisdiction of formation and under its
respective formation documents to enter into and perform this Second Amendment
and the other documents and agreements required hereunder (collectively, the
"Amendment Documents"); all necessary actions (corporate or otherwise) for the
execution and performance by each Borrower of the Amendment Documents have been
taken; and each of the Amendment Documents and the Credit Agreement, as amended,
constitute the valid and binding obligations of Borrowers, enforceable in
accordance with its respective terms.

               c.   No Violations of Law or Agreements. The execution and
performance of the Amendment Documents by Borrowers will not: (i) violate any
provisions of

                                      -6-

<PAGE>

any law or regulation, federal, state, local, or foreign, or any formation
document of any Borrower or (ii) result in any breach or violation of, or
constitute a default or require the obtaining of any consent under, any material
agreement or instrument by which any Borrower or its property may be bound.

          15.  Conditions to Effectiveness of Amendment. This Second Amendment
shall be effective upon the date of Administrative Agent's receipt of the
following documents, each in form and substance reasonably satisfactory to
Administrative Agent:

               a.   Second Amendment. This Second Amendment duly executed by
Borrowers, Lenders, Administrative Agent and JPMC.

               b.   Assignment and Assumption Agreement. A duly executed
Assignment and Assumption Agreement under which JPMC is assigned no less than
$10,000,000 of the Commitment.

               c.   Promissory Notes. Amended and restated Notes duly executed
by Borrowers in favor of each Lender; in form and substance acceptable to
Administrative Agent, which Notes amend, restate, replace and supersede (but are
not a novation of) the Note by Borrowers in favor of Wachovia in the original
principal amount of $30,000,000 dated September 11, 2002.

               d.   Letter Agreement for Letter of Credit Fees. A duly executed
letter agreement by and between each Issuing Lender and Borrowers with respect
to additional Letter of Credit fees due under Section 3.6(b) of the Credit
Agreement.

               e.   Other Documents. Such additional documents as Administrative
Agent may reasonably request.

          16.  Affirmations. Borrowers hereby: (i) affirm all the provisions of
the Credit Agreement, as amended by this Second Amendment, and (ii) agree that
the terms and conditions of the Credit Agreement shall continue in full force
and effect as amended hereby.

          17.  Guarantors. The Guarantors, as evidenced by their signature
below, hereby: (i) affirm all the provisions of the Credit Agreement, as amended
by this Second Amendment, (ii) agree that the terms and conditions of the Credit
Agreement shall continue in full force and effect as amended hereby and (iii)
agree that the terms and conditions of the Guaranty Agreement, as amended and
supplemented, shall continue in full force and effect.

          18.  Miscellaneous.

               a.   Borrowers agree to pay or reimburse Administrative Agent for
all reasonable fees and expenses (including without limitation reasonable fees
and expenses of counsel) incurred by Administrative Agent in connection with the
preparation, execution and delivery of this Second Amendment.

                                      -7-

<PAGE>

               b.  This Second Amendment shall be governed by and construed in
accordance with the laws of the Commonwealth of Pennsylvania, without regard to
conflicts of law or choice of law principles.

               c.  This Second Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and shall be binding
upon all parties, their successors and assigns, and all of which taken together
shall constitute one and the same agreement.

               d.  Except as expressly set forth herein, the execution, delivery
and performance of this Second Amendment shall not operate as a waiver of any
right, power or remedy of Administrative Agent, any Issuing Lender, or Lenders
under the Credit Agreement and the agreements and documents executed in
connection therewith or constitute a waiver of any provision thereof.

                                      -8-

<PAGE>

          IN WITNESS WHEREOF, the undersigned have executed this Second
Amendment the day and year first above written.

                                        Borrowers:

                                        URBAN OUTFITTERS, INC.,
                                        as a Borrower

                                        By:   /S/ Richard A. Hayne
                                              --------------------
                                              Name: Richard A. Hayne
                                              Title: President

                                        UO FENWICK, INC.,
                                        as a Borrower

                                        By:   /S/ Kenneth J. Kubacki
                                              ----------------------
                                              Name: Kenneth J. Kubacki
                                              Title: President

                                        INTER-URBAN, INC.,
                                        as a Borrower

                                        By:   /S/ Kenneth J. Kubacki
                                              ----------------------
                                              Name: Kenneth J. Kubacki
                                              Title: President

                                        URBAN OUTFITTERS (DELAWARE), INC.,
                                        as a Borrower

                                        By:   /S/ Kenneth R. Bull
                                              -------------------
                                              Name: Kenneth R. Bull
                                              Title: Treasurer

                                        ANTHROPOLOGIE (DELAWARE), INC.,
                                        as a Borrower

                                        By:   /S/ Kenneth R. Bull
                                              -------------------
                                              Name: Kenneth R. Bull
                                              Title: Treasurer

                                      -9-

<PAGE>

                                        URBAN OUTFITTERS UK LIMITED,
                                        as a Borrower

                                        By:   /S/ Richard A. Hayne
                                              --------------------
                                              Name: Richard A. Hayne
                                              Title: Director

                                        By:   /S/ Stephen A. Feldman
                                              ----------------------
                                              Name: Stephen A. Feldman
                                              Title: Director

                                        URBAN OUTFITTERS IRELAND LIMITED,
                                        as a Borrower

                                        By:   /S/ Stephen A. Feldman
                                              ----------------------
                                              Name: Stephen A. Feldman
                                              Title: Director

                                        By:   /S/ Glen A. Bodzy
                                              -----------------
                                              Name: Glen A. Bodzy
                                              Title: Director

                                        Lenders:

                                        WACHOVIA BANK, NATIONAL
                                        ASSOCIATION (f/k/a First Union National
                                        Bank), as a Lender, Issuing Lender and
                                        as Administrative Agent

                                        By:   /S/ Susan T. Vitale
                                              -------------------
                                              Name: Susan T. Vitale
                                              Title: Vice President

                                        JPMORGAN CHASE BANK, as a Lender and
                                        Issuing Lender

                                        By:   /S/ James A. Knight
                                              -------------------
                                              Name: James A. Knight
                                              Title: Vice President

                                      -10-

<PAGE>

                                        Guarantors:

                                        ANTHROPOLOGIE, INC.,
                                        as a Guarantor

                                        By:   /S/ Richard A. Hayne
                                              -----------------------
                                              Name: Richard A. Hayne
                                              Title: Vice President

                                        URBAN OUTFITTERS WHOLESALE, INC.,
                                        as a Guarantor

                                        By:   /S/ Kenneth R. Bull
                                              ------------------------
                                              Name: Kenneth R. Bull
                                              Title: Treasurer

                                        URBAN OUTFITTERS DIRECT, LLC,
                                        as a Guarantor

                                        By:   /S/ Stephen A. Feldman
                                              -------------------------------
                                              Name: Stephen A. Feldman
                                              Title: Chief Financial Officer

                                        ANTHROPOLOGIE DIRECT, LLC,
                                        as a Guarantor

                                        By:   /S/ Stephen A. Feldman
                                              -------------------------------
                                              Name: Stephen A. Feldman
                                              Title: Chief Financial Officer

                                        U.O.D., INC.,
                                        as a Guarantor

                                        By:   /S/ Kenneth J. Kubacki
                                              ------------------------------
                                              Name: Kenneth J. Kubacki

                                      -11-

<PAGE>

                                              Title: President

                                        U.O.D. SECONDARY, INC.
                                        as a Guarantor

                                        By:   /S/ Kenneth J. Kubacki
                                              -----------------------------
                                              Name: Kenneth J. Kubacki
                                              Title: President

                                        UOGC, INC.,
                                        as a Guarantor

                                        By:   /S/ Stephen  A. Feldman
                                              -----------------------------
                                              Name: Stephen A. Feldman
                                              Title: Chief Financial Officer

                                        URBAN OUTFITTERS WEST LLC

                                        By:   /S/ Stephen A. Feldman
                                              -----------------------------
                                              Name: Stephen A. Feldman
                                              Title: Chief Financial Officer

                                        FREE PEOPLE LLC

                                        By:   /S/ Kenneth R. Bull
                                              --------------------------
                                              Name: Kenneth R. Bull
                                              Title: Treasurer

                                      -12-

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