Document:

EXHIBIT 10.1

                     AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

         This Amendment No. 1 dated as of November 6, 2007 (this "Amendment")
to that certain Employment Agreement, by and between Steven Madden, Ltd., a
Delaware corporation (the "Company"), and Awadhesh Sinha (the "Executive"), as
amended.

                               W I T N E S S E T H
                               - - - - - - - - - -

         WHEREAS, the Company and the Executive are parties to that certain
Employment Agreement dated as of June 15, 2005 (the "Original Agreement"), a
copy of which is attached hereto Exhibit A; and

         WHEREAS, the Executive and the Company desire to amend the Original
Agreement.

         NOW, THEREFORE, in consideration of the premises and mutual covenants
contained herein, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

         1.       Effective as of the date hereof, the Original Agreement is
                  hereby amended as follows:

                  A.       The first sentence of Section 3 of the original
                           agreement shall be amended and restated in its
                           entirety as follows:

                           `The term of the Executive's employment, unless
                           sooner terminated in accordance with the provisions
                           set forth herein, shall be for a period of three and
                           one-half (3-1/2) years commencing July 1, 2005
                           through December 31, 2008 (the "Initial Term").'

                  B.       Section 5.5(a) of the Original Agreement shall be
                           deleted in its entirety and in lieu thereof the
                           following paragraph shall be inserted:

                           (a)      If, during the period commencing on the
                                    120th day immediately prior to a Change of
                                    Control and ending on the 90th day
                                    immediately after a Change of Control,
                                    Executive's employment shall have been
                                    terminated by the Company (other than For
                                    Cause) or by Executive for Good Reason (as
                                    defined below), the Executive shall receive
                                    in cash, within ten (10) days of
                                    termination, an amount equal to three (3)
                                    times the total compensation received by the
                                    Executive pursuant to Sections 4.1, 4.2(b)
                                    and 4.5 of this Agreement for the preceding
                                    twelve (12) month period ending on the last
                                    previous December 31, except that in lieu of
                                    the actual Base Salary component received
                                    during such period under Section 4.1 of this
                                    Agreement, there shall be substituted the
                                    annual Base Salary to which the Executive
                                    was entitled as of the date of termination.

<PAGE>

                                    As used herein, the term "Good Reason" shall
                                    mean the occurrence of any of the following:

                                    (i)      the assignment to Executive,
                                             without his consent, of any duties
                                             inconsistent in any substantial and
                                             negative respect with his
                                             positions, duties, responsibilities
                                             and status with the Company as
                                             contemplated hereunder or
                                             diminution of such position, duties
                                             and status, if not remedied by the
                                             Company within thirty (30) days
                                             after receipt of written notice
                                             thereof from Executive;

                                    (ii)     any removal of Executive, without
                                             his consent, from any positions or
                                             offices Executive held as
                                             contemplated hereunder (except in
                                             connection with the termination of
                                             Executive's employment by the
                                             Company For Cause or on account of
                                             Total Disability pursuant to the
                                             requirements of this Agreement), if
                                             not remedied by the Company within
                                             thirty (30) days after receipt of
                                             written notice thereof from
                                             Executive;

                                    (iii)    a reduction by the Company of
                                             Executive's Base Salary as in
                                             effect as contemplated hereunder,
                                             except in connection with the
                                             termination of Executive's
                                             employment by the Company For Cause
                                             or due to Total Disability pursuant
                                             to the requirements of this
                                             Agreement;

                                    (iv)     any termination of Executive's
                                             employment by the Company during
                                             the Term that is not effected
                                             pursuant to the requirements of
                                             this Agreement;

                                    (v)      any material breach by the Company
                                             of the terms of this Agreement that
                                             is not remedied by the Company
                                             within thirty (30) days after
                                             receipt of written notice thereof
                                             from Executive;

                                    (vi)     the relocation of Executive's work
                                             location, without Executive's
                                             consent, to a place more than
                                             seventy five (75) miles from the
                                             location set forth herein; or

                                    (vii)    failure by any successor to the
                                             Company to expressly assume all
                                             obligations of the Company under
                                             this Agreement, which failure is
                                             not remedied by the Company within
                                             thirty (30) days after receipt of
                                             written notice thereof from
                                             Executive.

                                       2
<PAGE>

                  C.       A new Section 5.6 shall be inserted:

                           Section 5.6. Release. Payment of severance hereunder
                           is conditioned on Executive's executing and not
                           revoking a general release in such form as shall be
                           reasonably requested by the Company. The Company
                           shall also execute a similar release in favor of
                           Executive.

         2.       As hereinabove modified, all of the terms and provisions of
                  the Original Agreement shall remain in full force and effect.

                                       3
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Amendment No.
1 as of date first set forth above.

                                       Steven Madden, Ltd.

                                       By: /s/ JAMIESON A. KARSON
                                           -------------------------------------
                                           Jamieson A. Karson
                                           Chief Executive Officer

                                       /s/ AWADHESH SINHA
                                       -----------------------------------------
                                       Awadhesh Sinha

                                       4
<PAGE>

                                    EXHIBIT A
                                    ---------

                Original Employment Agreement dated June 15, 2005

                                       5<PAGE>

                                                                  EXHIBIT 10.5.3

                                 AMENDMENT NO. 3
                                 ---------------

                         dated as of September 30, 2007

                                      among

                                PAGE FUNDING LLC,
                                -----------------
                            as Purchaser and Issuer,

                       CONSUMER PORTFOLIO SERVICES, INC.,
                       ----------------------------------
                             as Seller and Servicer,

                                       and

                     WELLS FARGO BANK, NATIONAL ASSOCIATION,
                     ---------------------------------------
                         as Backup Servicer and Trustee

                                     to the

             Third Amended and Restated Sale and Servicing Agreement
                          dated as of February 14, 2007

<PAGE>

                               AMENDMENT NO. 3 TO
             THIRD AMENDED AND RESTATED SALE AND SERVICING AGREEMENT

      AMENDMENT NO. 3, dated as of September 30, 2007 (the "AMENDMENT") by and
among PAGE FUNDING LLC, a Delaware limited liability company (in its capacities
as Purchaser, the "PURCHASER" and as Issuer, the "ISSUER," respectively),
CONSUMER PORTFOLIO SERVICES, INC., a California corporation (in its capacities
as Seller, the "SELLER" and as Servicer, the "SERVICER," respectively), WELLS
FARGO BANK, NATIONAL ASSOCIATION, a national banking association (in its
capacities as Backup Servicer, the "BACKUP SERVICER" and as Trustee, the
"TRUSTEE," respectively).

                              PRELIMINARY STATEMENT

      Reference is made to the Third Amended and Restated Sale and Servicing
Agreement dated as of February 14, 2007, among PAGE FUNDING LLC, CONSUMER
PORTFOLIO SERVICES, INC., and WELLS FARGO BANK, NATIONAL ASSOCIATION, as
previously amended by Amendment No. 1 thereto, dated as of March 30, 2007, and
by Amendment No. 2 thereto, dated as of June 29, 2007 (as so amended, the "SALE
AND SERVICING AGREEMENT").

      Reference is also made to the Second Amended and Restated Note Purchase
Agreement dated as of February 14, 2007, among the Issuer and Purchaser, the
Seller and Servicer, and UBS Real Estate Securities Inc., as Class A Note
Purchaser and initial Class A Noteholder (the "NOTE PURCHASE AGREEMENT").

                                    RECITALS

      WHEREAS, PAGE FUNDING LLC, CONSUMER PORTFOLIO SERVICES, INC., and WELLS
FARGO BANK, NATIONAL ASSOCIATION (collectively, the "AMENDING PARTIES") have
executed the Sale and Servicing Agreement and the Amending Parties desire to
amend the Sale and Servicing Agreement in certain respects as provided below,
with the effect of extending the Commitment referenced in Section 2.05 of the
Note Purchase Agreement; and

      WHEREAS, UBS Real Estate Securities Inc., as Controlling Note Purchaser
and Majority Noteholder of the Highest Priority Class, desires to consent to
this Amendment, and as the Class A Note Purchaser desires to consent to the
resulting extension of the Commitment under the Note Purchase Agreement.

                             ARTICLE I - DEFINITIONS

      SECTION 1.1. DEFINED TERMS. Unless otherwise defined in this Amendment,
capitalized terms used in this Amendment (including in the Preamble and the
Recitals) shall have the meaning given such terms in the Annex A to the Sale and
Servicing Agreement, as identifiable from the context in which such term is
used.

                                       2

<PAGE>

                             ARTICLE II - AMENDMENT

      SECTION 2.1 AMENDMENT TO ANNEX A TO THE SALE AND SERVICING AGREEMENT. In
Annex A to the Sale and Servicing Agreement, the definition of "CLASS A FACILITY
TERMINATION DATE " is hereby amended and restated in its entirety to read as
follows:

            "CLASS A FACILITY TERMINATION DATE" means the earlier of (I) the
      first to occur of (A) the Class A Scheduled Maturity Date or (B) the date
      of the occurrence of a Class A Funding Termination Event specified in
      clauses (iv) through (vi) of the definition thereof, and (II) the date of
      the occurrence of a Class A Funding Termination Event specified in clauses
      (i) through (iii) of the definition thereof.

      SECTION 2.2 AMENDMENT TO ANNEX A TO THE SALE AND SERVICING AGREEMENT. In
Annex A to the Sale and Servicing Agreement, the definition of "CLASS A
SCHEDULED MATURITY DATE " is hereby amended and restated in its entirety to read
as follows:

            "CLASS A SCHEDULED MATURITY DATE" means September 30, 2008 or such
      later date as agreed upon pursuant to Section 2.05 of the Class A Note
      Purchase Agreement.

                           ARTICLE III - EFFECTIVENESS

      SECTION 3.1. EFFECTIVE DATE. This Amendment shall be effective as of the
date of this Amendment upon execution and delivery by the parties hereto and UBS
Real Estate Securities, Inc. of this Amendment.

                           ARTICLE IV - MISCELLANEOUS

      SECTION 4.1. RATIFICATION; REPRESENTATIONS AND WARRANTIES, ETC.

      (a) Except as expressly amended hereby, all of the terms of the Basic
      Documents shall remain in full force and effect and are hereby ratified
      and confirmed in all respects. This Amendment shall not constitute a
      novation;

      (b) The Purchaser, Seller, Issuer and Servicer each hereby represents and
      warrants that (i) it has the requisite power and authority, and legal
      right, to execute and deliver this Amendment and to perform its
      obligations under this Amendment, the Sale and Servicing Agreement, as
      amended hereby, and the Basic Documents, (ii) it has taken all necessary
      corporate and legal action to duly authorize the execution and delivery of
      this Amendment and the performance of its obligations under this
      Amendment, (iii) this Amendment has been duly executed and delivered by
      it, (iv) this Amendment constitutes its legal, valid and binding
      obligation, enforceable against it in accordance with its terms, except as
      enforceability may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium or similar laws affecting the rights of
      creditors generally and by general equitable principles (whether
      enforcement is sought by proceedings in equity or at law), and (v) after
      giving effect to this Amendment, no Default or Event of Default has
      occurred and is continuing;

                                       3

<PAGE>

      (c) Each representation and warranty contained in the Basic Documents (as
      modified by this Amendment, if applicable) is true and correct and is
      hereby restated and affirmed; and

      (d) Each covenant contained in the Basic Documents (as modified by this
      Amendment, if applicable) is hereby restated and affirmed.

      SECTION 4.2. FURTHER ASSURANCES. The parties hereto hereby agree to
execute and deliver such additional documents, instruments or agreements as may
be reasonably necessary and appropriate to effectuate the purposes of this
Amendment and the other Basic Documents.

      SECTION 4.3. CONFLICTS. In the event of a conflict of any provision hereof
with any provision or definition set forth in the Basic Documents, the
provisions and definitions of this Amendment shall control.

      SECTION 4.4. SEVERABILITY. Any provision of this Amendment or any other
Basic Document that is prohibited, unenforceable or not authorized in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition, unenforceability or non-authorization without invalidating the
remaining provisions hereof or thereof or affecting the validity, enforceability
or legality of such provisions in any other jurisdiction.

      SECTION 4.5. ENTIRE AGREEMENT. This Amendment and the other Basic
Documents constitute the entire agreement among the parties relative to the
subject matter hereof. Any previous agreement among the parties with respect to
the subject matter hereof is superseded by this Amendment and the other Basic
Documents. Nothing in this Amendment or in the other Basic Documents, expressed
or implied, is intended to confer upon any party other than the parties hereto
and thereto any rights, remedies, obligations or liabilities under or by reason
of this Amendment or the other Basic Documents.

      SECTION 4.6. BINDING EFFECT. This Amendment and the other Basic Documents
shall be binding upon and shall be enforceable by Purchaser, Seller, Issuer,
Servicer, Note Purchaser, the Backup Servicer and the Trustee and their
respective successors and permitted assigns.

      SECTION 4.7. COUNTERPARTS. This Amendment may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but
all of such counterparts shall together constitute but one and the same
instrument.

      SECTION 4.8. GOVERNING LAW. THIS AMENDMENT AND ALL MATTERS ARISING OUT OF
OR RELATING TO THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF
LAW PRINCIPLES.

      SECTION 4.9. HEADINGS. The headings of Sections contained in this
Amendment are provided for convenience only. They form no part of this
Amendment, and shall not affect the construction or interpretation of this
Amendment or any provisions hereof.

                                       4

<PAGE>

                  [Remainder of page intentionally left blank.]

                                       5

<PAGE>

      IN WITNESS WHEREOF, the Amending Parties have caused this Amendment to be
duly executed by their respective duly authorized officers as of the day and
year first above written. PAGE FUNDING LLC, as Purchaser and as Issuer

                                        By: /s/ ROBERT E RIEDL
                                        Title: Vice President

                                        CONSUMER PORTFOLIO SERVICES, INC.,
                                        as Seller and as Servicer

                                        By: /s/ JEFFREY P FRITZ
                                        Title: Sr. Vice President & CFO

                                        WELLS FARGO BANK, NATIONAL ASSOCIATION,
                                        not in its individual capacity, but
                                        solely as Backup Servicer and Trustee

                                        By: /s/ JULIE A TANNER FISCHER
                                        Title: Assistant Vice President

CONSENTED TO BY:
UBS REAL ESTATE SECURITIES, INC.,
as Controlling Note Purchaser and Majority Noteholder of the Highest Priority
Class and as the Class A Note Purchaser under the Note Purchase Agreement

By: /s/ PRAKASH B. WADWHANI
Name: Prakash B. Wadwhani
Title: Executive Director

By: /s/ THOMAS DANG
Name: Thomas Dang
Title: Director

                                       6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00131-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00131-of-00352.parquet"}]]