GUESS INC ET AL/CA/
EXHIBIT 10.1
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<BR></FONT><FONT SIZE=2><B>EXHIBIT 10.1    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRD
AMENDMENT, dated as of June&nbsp;28, 2002 (this "</FONT><FONT SIZE=2><I>Amendment</I></FONT><FONT SIZE=2>"), to the CREDIT AGREEMENT, dated as of December&nbsp;3, 1999, as
amended by the First Amendment dated as of March&nbsp;27, 2001 and the Second Amendment dated as of November&nbsp;5, 2001 (the "</FONT><FONT SIZE=2><I>Credit Agreement</I></FONT><FONT SIZE=2>"),
among GUESS ?,&nbsp;INC. (the "</FONT><FONT SIZE=2><I>Borrower</I></FONT><FONT SIZE=2>"), the several banks and other financial institutions or entities from time to time parties to the Credit
Agreement (the "</FONT><FONT SIZE=2><I>Lenders</I></FONT><FONT SIZE=2>"), the Co-Agent named therein and JPMORGAN CHASE BANK, as Administrative Agent. Terms defined in the Credit
Agreement shall be used in this Amendment with their defined meanings unless otherwise defined herein. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>W I T N E S S E T H:  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Borrower has requested the Lenders to enter into this Amendment on the terms and conditions set forth herein; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, in consideration of the premises and for other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby
agree as follows: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>AMENDMENTS</I></FONT><FONT SIZE=2>. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.1
of the Credit Agreement is hereby amended and restated in its entirety as follows: </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>"7.1
</FONT><FONT SIZE=2><I>Financial Condition Covenants</I></FONT><FONT SIZE=2>. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Consolidated Leverage Ratio</I></FONT><FONT SIZE=2>. Permit the Consolidated Leverage Ratio for any period of four consecutive fiscal quarters of
the Borrower to be greater than 5.75 to 1.0. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Consolidated Fixed Charge Coverage Ratio</I></FONT><FONT SIZE=2>. Permit the Consolidated Fixed Charge Coverage Ratio for any period of four
consecutive fiscal quarters of the Borrower to be less than 0.95 to 1.0. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Consolidated Net Worth</I></FONT><FONT SIZE=2>. Permit Consolidated Net Worth at any time to be less than $150,000,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Consolidated Net Income</I></FONT><FONT SIZE=2>. Permit Consolidated Net Income for any period of four consecutive fiscal quarters of the
Borrower to be less than $1.00 (or, in the case of such period ending on June&nbsp;30, 2002, negative $9,000,000). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Liquidity Ratio</I></FONT><FONT SIZE=2>. Permit the Liquidity Ratio to be less than 1.0 to 1.0. It is understood that verification of compliance
with this Section&nbsp;7.1(e) shall only be required in connection with the delivery of Borrowing Base Certificates pursuant to Section&nbsp;6.2(f) and at any other time requested by the
Administrative Agent." </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>MISCELLANEOUS</I></FONT><FONT SIZE=2>. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Borrower hereby represents and warrants as of the date hereof that, after
giving effect to this Amendment, (a)&nbsp;no Default or Event of Default has occurred and is continuing and (b)&nbsp;all representations and warranties of each Loan Party contained in the Loan
Documents (with each reference to the Loan Documents in such representations and warranties being deemed to include, unless the context otherwise requires, this Amendment and the Credit Agreement as
amended by this Amendment) are true and correct in all material respects with the same effect as if made on and as of such date (except for those representations and warranties which expressly relate
to a specific earlier date). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Expenses</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Borrower agrees to pay or reimburse the Administrative Agent on demand for all its reasonable
out-of-pocket costs and expenses incurred in connection with the preparation and </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

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<P><FONT SIZE=2>
execution of this Amendment and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Change</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly provided herein, no term or provision of the Credit Agreement shall be
amended, modified or supplemented, and each term and provision of the Credit Agreement shall remain in full force and effect. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Effectiveness</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;This Amendment shall become effective as of the date hereof upon satisfaction of the following
conditions: (a)&nbsp;the Administrative Agent shall have received counterparts hereof duly executed by the Borrower and the Required Lenders and (b)&nbsp;the Borrower shall have paid to the
Administrative Agent, for the account of each Lender that submits an executed signature page to the Administrative Agent or its counsel (including by facsimile transmission) no later than
5:00&nbsp;p.m., New York City time, on June&nbsp;28, 2002, an amendment fee in an aggregate amount equal to $75,000, to be allocated among such Lenders ratably according to their respective
Revolving Credit Commitments. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Counterparts</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;This Amendment may be executed by the parties hereto in any number of separate counterparts,
and all of said counterparts taken together shall be deemed to constitute one and the same instrument. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>GOVERNING LAW</I></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS
OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their proper and duly authorized officers as of the date first above written. </FONT></P>

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<TD COLSPAN=3><FONT SIZE=2>GUESS ?,&nbsp;INC.</FONT></TD>
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<TD WIDTH="45%"><BR><HR NOSHADE><FONT SIZE=2> Name:<BR>
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<TD COLSPAN=3><BR><FONT SIZE=2>JPMORGAN CHASE BANK,</FONT><FONT SIZE=2><BR>
as Administrative Agent, as Issuing Lender and as a Lender</FONT></TD>
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<TD COLSPAN=3><BR><FONT SIZE=2>UNITED CALIFORNIA BANK,</FONT><FONT SIZE=2><BR>
as Co-Agent and as a Lender</FONT></TD>
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<TD COLSPAN=3><BR><FONT SIZE=2>GMAC COMMERCIAL CREDIT LLC</FONT></TD>
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<TD COLSPAN=3><BR><FONT SIZE=2>ISRAEL DISCOUNT BANK OF NEW YORK</FONT></TD>
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<TD WIDTH="45%"><BR><HR NOSHADE><FONT SIZE=2> Name:<BR>
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<TD COLSPAN=3><BR><FONT SIZE=2>FIRSTAR BANK</FONT></TD>
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<TD WIDTH="45%"><BR><HR NOSHADE><FONT SIZE=2> Name:<BR>
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<TD COLSPAN=3><BR><FONT SIZE=2>BANK LEUMI USA</FONT></TD>
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<TD WIDTH="45%"><BR><HR NOSHADE><FONT SIZE=2> Name:<BR>
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<TD COLSPAN=3><BR><FONT SIZE=2>ATLANTIC BANK OF NEW YORK</FONT></TD>
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<TD WIDTH="45%"><BR><HR NOSHADE><FONT SIZE=2> Name:<BR>
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<TD COLSPAN=3><BR><FONT SIZE=2>FLEET NATIONAL BANK</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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