Document:

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                                                                   Exhibit 10.25

                      FEBRUARY 1999 AMENDMENT AND WAIVER AS
                    TO AMENDED AND RESTATED CREDIT AGREEMENT

                  THIS AMENDMENT, dated as of the 19th day of February, 1999
among MOVADO GROUP, INC., a New York corporation (the "Borrower"); each of the
Lenders which is a signatory to the Credit Agreement referred to below; THE
CHASE MANHATTAN BANK, as Agent, as Swingline Bank and as Issuing Bank; and FLEET
BANK, N.A., as Co-Agent.

                              Preliminary Statement

                  A. Reference is made to the Amended and Restated Credit
Agreement dated as of July 23, 1997 (the "Original Credit Agreement") among the
Borrower, the Lenders signatory thereto, The Chase Manhattan Bank, as Agent, as
Swingline Bank and as Issuing Bank, and Fleet Bank, N.A., as Co-Agent. The
Original Credit Agreement was amended by an Amendment dated as of August 5, 1997
and by a June 1998 Amendment dated as of June 10, 1998 and by an Amendment and
Waiver dated as of November 17, 1998. The Original Credit Agreement, as so
amended, will be called herein the "Credit Agreement". All capitalized terms
used herein and not defined shall have the respective meanings ascribed to them
in the Credit Agreement.

                  B. The Borrower has requested that certain provisions of the
Credit Agreement be amended or waived.

                  NOW, THEREFORE, for good and valuable consideration (the
receipt and sufficiency of which are hereby acknowledged), the parties hereto
agree as follows:

ARTICLE 1.        PARTICULAR AMENDMENTS

                  Section 1.1. Capital Expenditures. Section 9.05 of the Credit
Agreement is hereby amended to read as follows:

                  "The Borrower shall not permit Consolidated Capital
                  Expenditures to exceed $10,000,000 during any fiscal year (on
                  a noncumulative basis), except that with respect to the fiscal
                  year ending January 31, 1999 Consolidated Capital Expenditures
                  shall not exceed $12,500,000; nor shall the Borrower permit
                  Consolidated Capital Expenditures to exceed $30,000,000 during
                  the period from the Closing Date until the Maturity Date."

                  Section 1.2. Reporting as to Special Transaction. (a) With
respect to the Special Transaction only, the Banks hereby waive the requirement
(contained in clause (c) of the definition of "Designated Sales" in Section 1.01
of the Credit Agreement) that the Borrower provide the financial statements and
certificate described in such clause (c) to the Agent at least 20 days before
the effective date of the sale comprising the Special Transaction.

                           (b) The Borrower covenants and agrees to provide to
the Agent, within 20 days after the effective date of the sale comprising the
Special Transaction, the financial statements and certificate described in the
aforesaid clause (c).

                           (c) The Borrower represents and warrants to the Bank
that the Borrower, as of the date hereof, reasonably and in good faith believes
that the sale comprising the Special Transaction will not result in a Default
immediately after the consummation of such sale.

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                  Section 1.3. Prepayment Threshold for Special Transaction.
Clause (a) of the definition of "Designated Sales" in Section 1.01 of the Credit
Agreement is hereby amended by changing the amount of "$30,000,000" to
"$31,500,000" (in each of the two places in which such amount appears in such
clause).

ARTICLE 2.        MATTERS GENERALLY

                  Section 2.1. Representations and Warranties. The Borrower
hereby represents and warrants that:

                           (a) All the representations and warranties set forth
                  in the Credit Agreement are true and complete on and as of the
                  date hereof (with the same effect as though made on and as of
                  such date).

                           (b) No Default or Event of Default exists.

                           (c) The Borrower has no offset or defense with
                  respect to any of its obligations under the Credit Agreement
                  or any of the Notes or any other Facility Document, and no
                  claim or counterclaim against any Lender, the Swingline Bank,
                  the Issuing Bank, the Agent or the Co-Agent whatsoever (any
                  such offset, defense, claim or counterclaim as may now exist
                  being hereby irrevocably waived by the Borrower).

                           (d) This Amendment and Waiver has been duly
                  authorized, executed and delivered by the Borrower.

                  Section 2.2. Guarantor Consent. The Guarantors shall execute
this Amendment and Waiver in the space provided below to indicate their consent
to the terms of this Amendment and Waiver.

                  Section 2.3. Expenses. The Borrower shall pay all reasonable
expenses incurred by the Agent in connection with this Amendment and Waiver,
including (without limitation) the fees and disbursements of counsel for the
Agent.

                  Section 2.4. Continuing Effect. Except as otherwise expressly
provided in this Amendment and Waiver, all the terms and conditions of the
Credit Agreement shall continue in full force and effect. All the Facility
Documents also shall continue in full force and effect.

                  Section 2.5. Entire Agreement. This Amendment and Waiver
constitutes the entire agreement of the parties hereto with respect to an
amendment or waiver of the Credit Agreement pertaining to the subject matter
hereof, and it supersedes and replaces all prior and contemporaneous agreements,
discussions and understandings (whether written or oral) with respect to such
amendment and waiver.

                  Section 2.6. Counterparts. This Amendment and Waiver may be
executed in two or more counterparts, each of which shall be deemed to be an
original, but all of which taken together shall constitute one and the same
agreement.

                  Section 2.7. Effectiveness. This Amendment and Waiver shall
not become effective unless and until it shall have been executed and delivered
by all the parties hereto (which execution and delivery may be evidenced by
telecopies).

                  IN WITNESS WHEREOF, the parties hereto have executed this
Amendment and Waiver as of the day and year first above written.

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                                        MOVADO GROUP, INC.

                                        By: /s/John Rooney
                                            John Rooney
                                            Corporate Controller

                                        THE CHASE MANHATTAN BANK, as Agent,
                                        as Lender, as Swingline Bank and as
                                        Issuing Bank

                                        By: /s/Leonard Noll
                                            Name (Print):Leonard Noll
                                            Title:VP

                                        FLEET BANK, N.A., as Co-Agent and as
                                        Lender

                                        By: /s/Christian J. Covello
                                            Name (Print):Christian J. Covello
                                            Title:Vice President

                                        MARINE MIDLAND BANK

                                        By: /s/Diane M. Zieske
                                            Name (Print):Diane M. Zieske
                                            Title:Assistant Vice President

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                                        THE BANK OF NEW YORK

                                        By: /s/Linda Mae Coppa
                                            Name (Print):Linda Mae Coppa
                                            Title: Vice President

                                        CREDIT SUISSE FIRST BOSTON

                                        By: /s/Karl M. Studer
                                            Name (Print):  Karl M. Studer
                                            Title: Director

                                        By: /s/Jamian Hodel
                                            Name (Print):  Jamian Hodel
                                            Title: Associate

CONSENTED TO:

SWISSAM INC., as Guarantor

By:  /s/Timothy F. Michno
     Name (Print):Timothy F. Michno
     Title:Secretary

NAW CORPORATION, as Guarantor

By:  /s/Timothy F. Michno
     Name (Print):Timothy F. Michno
     Title:Secretary

NAWC CORUM CORPORATION, as Guarantor

By:  /s/ Timothy F. Michno
     Name (Print):Timothy F. Michno
     Title:Secretary

MOVADO CORPORATION., as Guarantor

By:  /s/Timothy F. Michno
     Name (Print):Timothy F. Michno
     Title:Secretary

                                        4<PAGE>   1
                                                                   Exhibit 10.26

                               JUNE 1998 AMENDMENT
                    TO AMENDED AND RESTATED CREDIT AGREEMENT

                  THIS AMENDMENT, dated as of this 10th day of June, 1998 among
MOVADO GROUP, INC., a New York corporation (the "Borrower"); each of the Lenders
which is a signatory to the Credit Agreement referred to below; THE CHASE
MANHATTAN BANK, as Agent, as Swingline Bank and as Issuing Bank; and FLEET BANK,
N.A., as Co-Agent.

                              Preliminary Statement

                  A. Reference is made to the Amended and Restated Credit
Agreement dated as of July 23, 1997 (the "Original Credit Agreement") among the
Borrower, the Lenders signatory thereto, The Chase Manhattan Bank, as Agent, as
Swingline Bank and as Issuing Bank, and Fleet Bank, N.A., as Co-Agent. The
Original Agreement was amended by an Amendment dated as of August 5, 1997 (the
"August 1997 Amendment"). The Original Credit Agreement, as amended by the
August 1997 Amendment, will be called herein the "Credit Agreement". All
capitalized terms used herein and not defined shall have the respective meanings
ascribed to them in the Credit Agreement.

                  B. As more particularly stated therein, the Credit Agreement
provides for the extension by the Lenders to the Borrower of a revolving credit
facility in the maximum principal amount of $90,000,000. Such credit facility
includes a multicurrency component, by which the Borrower may obtain credit of
up to the equivalent of $30,000,000 in Swiss francs.

                  C. The Borrower has requested that it be permitted to obtain
credit under such revolving credit facility in Japanese Yen, up to a equivalent
of $5,000,000, on substantially the same terms that are provided in the Credit
Agreement for extensions of credit in Swiss francs (and, in all events, without
any increase in the Total Revolving Credit Commitment).

                  NOW, THEREFORE, for ten dollars and other good and valuable
consideration (the receipt and sufficiency of which are hereby acknowledged),
the parties hereto agree as follows:

ARTICLE 1.        PARTICULAR AMENDMENTS

                  Section 1.1. Definition. Section 1.01 of the Credit Agreement
is hereby amended by adding the following definition:

                  "'Japanese Yen' means lawful money of Japan."

                  Section 1.2. Credit in Japanese Yen. (a) In the first sentence
of Section 2.01 of the Credit Agreement, the phrase "in dollars or Swiss francs"
is hereby changed to read "in dollars or Swiss francs or Japanese Yen".

                           (b) Also in that same sentence of Section 2.01,
clause "(iii)" is hereby changed to be clause "(iv)", and the following is
hereby added as new clause (iii):

                           "(iii) the Dollar Equivalent of such Lender's
                  outstanding Japanese Yen Loans being in excess of such
                  Lender's Pro-Rata Percentage of $5,000,000, or".

                           (c) Section 2.02(c) of the Credit Agreement is hereby
changed to read as follows:

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                           "(c) Except with respect to Syndicated Loans that are
                  L/C Reimbursement Loans, each Lender shall make each
                  Syndicated Loan to be made by it hereunder on the proposed
                  date thereof by wire transfer of immediately available funds
                  to such account as the Agent may designate not later than
                  12:00 (noon), New York City time, in the case of fundings in
                  dollars to an account in New York City, or 11:00 a.m., local
                  time, in the case of fundings in Swiss francs to an account in
                  London or Switzerland, or 11:00 a.m., Tokyo time, in the case
                  of fundings in Japanese Yen to an account in Tokyo, and the
                  Agent shall promptly credit the amounts so received to an
                  account in the name of the Borrower maintained with the Agent
                  in New York City or London or Tokyo (as the case may be) or to
                  another account designated by the Borrower in writing and
                  approved by the Agent, or, if a Borrowing shall not occur on
                  such date because any condition precedent herein specified
                  shall not have been met, return the amounts so received to the
                  respective Lenders."

                           (d) In the second sentence of Section 2.03 of the
Credit Agreement, clause (f) is hereby changed to read as follows:

                  "(f) whether such Borrowing is to be a Borrowing denominated
                  in dollars or a Swiss Franc Borrowing or a Japanese Yen
                  Borrowing;".

                           (e) The second sentence of Section 2.14(a) of the
Credit Agreement is hereby changed to read as follows:

                  "Each such payment (other than Issuing Bank Fees, which shall
                  be paid directly to the Issuing Bank) shall be made to the
                  Agent at its offices at 270 Park Avenue, New York, New York
                  (or in the case of Swiss Franc Loans, at its offices at
                  Trinity Tower, 9 Thomas More Street, London England, E19YT; or
                  in the case of Japanese Yen Loans, at its offices at Akasaka
                  Park Building, 12th Floor, 5-2-20 Akasaka Minato-ku, Tokyo
                  107, Japan) or to such other address as the Agent may
                  designate to the Borrower in writing."

                           (f) In the first sentence of Section 3.01 of the
Credit Agreement, the phrase "in dollars or Swiss francs" is hereby changed to
read "in dollars or Swiss francs or Japanese Yen".

                           (g) The last sentence of Section 2.02(a) of the
Credit Agreement is hereby amended to read as follows:

                  "Except for Syndicated Loans that are L/C Reimbursement Loans
                  and Syndicated Loans that are made pursuant to Section 2.05(a)
                  in order to refinance Swingline Loans, the Syndicated Loans
                  comprising any Borrowing shall be in an aggregate principal
                  amount that is an integral multiple of $500,000 (in the case
                  of each Borrowing of dollars or of Swiss francs) or $100,000
                  (in the case of each Borrowing of Japanese Yen), and not less
                  than $1,000,000 (in the case of each ABR Borrowing) or
                  $2,500,000 (in the case of each LIBOR Borrowing of dollars) or
                  the Swiss Franc Equivalent of $1,250,000 (in the case of each
                  Swiss Franc Borrowing) or the Japanese Yen Equivalent of
                  $250,000 (in the case of each Japanese Yen Borrowing)."

                           (h) In the definition of "L/C Exposure" in Section
1.01, the phrase "plus the Dollar Equivalent at such time of the aggregate
undrawn amount of all outstanding Letters of Credit that are denominated in
Japanese Yen" is hereby added at the end of clause (a); and the phrase "plus the
Dollar Equivalent at such time of the aggregate principal amount of all L/C

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Disbursements denominated in Japanese Yen that have not yet been reimbursed at
such time" is hereby added at the end of clause (b).

                           (i) In the definition of "Syndicated Loan Exposure"
in Section 1.01, the phrase "plus the Dollar Equivalent at such time of the
aggregate principal amount of all outstanding Syndicated Loans of such Lender
that are Japanese Yen Loans" is hereby added at the end thereof.

                           (j) In the definition of "Type" in Section 1.01, the
phrase "and Japanese Yen" is hereby added at the end thereof.

                  Section 1.3. Conforming Changes. With respect to each
Borrowing that is requested in Japanese Yen and with respect to each Letter of
Credit issued in Japanese Yen, the phrase "Swiss Franc" and the phrase "Swiss
francs" shall be deemed to mean "Japanese Yen" in each and every instance in the
Credit Agreement where such phrase is used (except for the instances specified
in Section 1.2 of this Amendment). Without limiting the generality of the
immediately preceding sentence, with respect to each such Borrowing and each
such Letter of Credit, the phrase "Swiss Franc Borrowing" shall mean "Japanese
Yen Borrowing"; the phrase "Swiss Franc Loans" shall mean "Japanese Yen Loans";
the phrase "Swiss francs" shall mean "Japanese Yen"; and the phrase "Swiss Franc
Equivalent" shall mean "Japanese Yen Equivalent".

                  Section 1.4. Authorization Letter. The authorization letter as
to oral instructions that was executed and delivered by the Borrower to the
Agent on the Closing Date (in the form of Exhibit B to the Credit Agreement) is
hereby amended by adding to the list of names set forth therein the name of Mr.
Hideaki Moriya.

ARTICLE 2.        MATTERS GENERALLY

                  Section 2.1. Representations and Warranties. The Borrower
hereby represents and warrants that:

                           (a) All the representations and warranties set forth
                  in the Credit Agreement are true and complete on and as of the
                  date hereof (with the same effect as though made on and as of
                  such date).

                           (b) No Default or Event of Default exists.

                           (c) The Borrower has no offset or defense with
                  respect to any of its obligations under the Credit Agreement
                  or any of the Notes or any other Facility Document, and no
                  claim or counterclaim against any Lender, the Swingline Bank,
                  the Issuing Bank, the Agent or the Co-Agent whatsoever (any
                  such offset, defense, claim or counterclaim as may now exist
                  being hereby irrevocably waived by the Borrower).

                           (d) This Amendment has been duly authorized, executed
                  and delivered by the Borrower.

                  Section 2.2. Guarantor Consent. SwissAm shall execute this
Amendment in the space provided below to indicate its consent to the terms of
this Amendment.

                  Section 2.3. Expenses. The Borrower shall pay all reasonable
expenses incurred by the Agent in connection with this Amendment, including
(without limitation) the fees and disbursements of counsel for the Agent.

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                  Section 2.4. Continuing Effect. Except as otherwise expressly
provided in this Amendment, all the terms and conditions of the Credit Agreement
shall continue in full force and effect. All the Facility Documents also shall
continue in full force and effect.

                  Section 2.5. Entire Agreement. This Amendment constitutes the
entire agreement of the parties hereto with respect to an amendment of the
Credit Agreement pertaining to the subject matter hereof, and it supersedes and
replaces all prior and contemporaneous agreements, discussions and
understandings (whether written or oral) with respect to such amendment.

                  Section 2.6. Counterparts. This Amendment may be executed in
two or more counterparts, each of which shall be deemed to be an original, but
all of which taken together shall constitute one and the same agreement.

                  Section 2.7. Effectiveness. This Amendment shall not become
effective unless and until it shall have been executed and delivered by all the
parties hereto (which execution and delivery may be evidenced by telecopies).

                  IN WITNESS WHEREOF, the parties hereto have executed this
Amendment as of the day and year first above written.

                                        MOVADO GROUP, INC.

                                        By:/s/John Rooney
                                            Name (Print):John Rooney
                                            Title:Corp Controller

                                        THE CHASE MANHATTAN BANK, as Agent, as
                                        Lender, as Swingline Bank and as
                                        Issuing Bank

                                        By:/s/Philip A. Mousin
                                            Philip A. Mousin
                                            Vice President

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                                        FLEET BANK, N.A., as Co-Agent and
                                        as Lender

                                        By: /s/Robert Isaksen
                                            Name (Print):Robert Isaksen
                                            Title:Vice President

                                        MARINE MIDLAND BANK

                                        By: /s/Gary Sarro
                                            Name (Print):Gary Sarro
                                            Title:Vice President

                                        THE BANK OF NEW YORK

                                        By: /s/Frank S. Bridges
                                            Name (Print):
                                            Title:

                                        CREDIT SUISSE FIRST BOSTON

                                        By: /s/Karl Studer
                                            Name (Print):  Karl Studer
                                            Title: Director

                                        By: /s/Roger Huwiler
                                            Name (Print):  Roger Huwiler
                                            Title: Associate

CONSENTED TO:

SWISSAM INC., as Guarantor

By:  /s/David R. Phalen
     Name (Print):
     Title:

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