E COM VENTURES INC
AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT
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<DESCRIPTION>AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>GMAC COMMERCIAL FINANCE LLC </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">1290 Avenue of the Americas </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">New York, New York 10104 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:56%" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">as
of February&nbsp;1, 2008 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>PERFUMANIA, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>MAGNIFIQUE PARFUMES AND COSMETICS, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>PERFUMANIA PUERTO RICO, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>TEN KESEF II, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">251 International Parkway </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Sunrise, Florida 33325 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Re:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Amendment to Amended and Restated Revolving</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2"><U>Credit
and Security Agreement (this &#147;<B>Amendment</B>&#148;)</U></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Ladies and Gentlemen: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Reference is made to certain financing arrangements by and among PERFUMANIA, INC., MAGNIFIQUE PARFUMES AND COSMETICS, INC., PERFUMANIA PUERTO RICO, INC., and TEN KESEF II, INC. (each individually, a
&#147;<B><U>Borrower</U></B>&#148; and collectively, the &#147;<B><U>Borrowers</U></B>&#148;) and GMAC Commercial Finance LLC, as agent (in such capacity, &#147;<B><U>Agent</U></B>&#148;) for certain institutional lenders (collectively,
&#147;<B><U>Lenders</U></B>&#148;) pursuant to certain financing agreements with Borrowers, including, but not limited to, the Amended and Restated Revolving Credit and Security Agreement, dated as of May&nbsp;12, 2004 (as amended by the Letter re:
Amendment to Revolving Credit and Security Agreement, dated as of June&nbsp;1, 2005, the Letter re: Amendment to Revolving Credit and Security Agreement, dated as of September&nbsp;30, 2006, the Letter re: Amendment to Revolving Credit and Security
Agreement, dated as of February&nbsp;1, 2007, the Letter re: Amendment to Revolving Credit and Security Agreement, dated as of April&nbsp;30, 2007, and as heretofore amended, supplemented or otherwise modified, the &#147;<B><U>Credit
Agreement</U></B>&#148;) entered into by and among Borrowers, Agent and Lenders. Each capitalized term used herein and not otherwise defined shall have the meaning ascribed to it in the Credit Agreement. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Borrowers have requested that Agent and Lenders agree to amend certain provisions of the Credit Agreement as hereinafter set forth and, as an
accommodation to Borrowers, Agent and Lenders have agreed to make such amendments, subject to the terms and provisions set forth in this Amendment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">In consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: </FONT></P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;6.5 of the Credit Agreement (Fixed Charge Coverage Ratio) is amended and restated in its entirety to read as follows: </FONT></TD></TR></TABLE> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">&#147;6.5 <U>Fixed Charge Coverage Ratio</U>. Borrowers shall maintain, on a consolidated basis, as at the end of each fiscal quarter (July
31,&nbsp;October&nbsp;31,&nbsp;January&nbsp;31 and April&nbsp;30 in any given year), a Fixed Charge Coverage Ratio not less than the amounts set forth below for each computation period as set forth below (for the purposes of calculating the Fixed
Charge Coverage Ratio, on a non-cumulative basis, for any given period and for only that period, landlord/tenant allowances for such period may be offset against the gross capital expenditures for such period so long as (1)&nbsp;such landlord/tenant
allowances are reflected in the financial statements provided to Agent for such period and (2)&nbsp;Borrowers have provided Agent with documentation satisfactory to Agent setting forth such landlord/tenant allowances): </FONT></P> <P
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<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:69pt"><FONT FACE="Times New Roman" SIZE="1"><B>Computation Period</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Fixed Charge Coverage Ratio</B></FONT></P></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">12 months ending February&nbsp;2, 2008</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&lt;.22&gt; : 1.0</FONT></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the 12 consecutive month period ending as of the end each fiscal quarter commencing with the fiscal quarter ending April&nbsp;30, 2008</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">To be determined based on 85% of the projections as set forth in Borrower&#146;s yearly business plan, delivered pursuant to Section 9.12 hereof which shall be acceptable to Agent and Required
Lenders, in their sole discretion</FONT></TD></TR>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;7.6 of the Credit Agreement (Capital Expenditures) is amended and restated in its entirety to read as follows: </FONT></TD></TR></TABLE> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">&#147;7.6 <U>Capital Expenditures</U>. Contract for, purchase or make any other expenditures or commitments for fixed or capital assets (including
capitalized leases) in an amount that, if added to the amounts of all other such expenditures and commitments made by Borrowers during the twelve (12)&nbsp;months preceding the date of calculation, less all landlord/tenant allowances during the
twelve (12)&nbsp;months preceding the date of calculation (which landlord/tenant allowances may be offset against capital expenditures only so long as (1)&nbsp;such landlord/tenant allowances are reflected in the financial statements provided to
Agent for such period and (2)&nbsp;Borrowers have provided Agent with documentation satisfactory </FONT>
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<FONT FACE="Times New Roman" SIZE="2">to Agent setting forth such landlord/tenant allowances), would exceed, in the aggregate, the following amounts: (a)&nbsp;for the fiscal year ending
February&nbsp;2, 2008, $13,600,000, (b)&nbsp;for the period commencing February&nbsp;3, 2008 and ending on the last day of the Borrower&#146;s April, 2008 fiscal month, $3,250,000, (c)&nbsp;for the period commencing February&nbsp;3, 2008 and ending
on the last day of the Borrower&#146;s May, 2008 fiscal month, $4,200,000, (d)&nbsp;for the period commencing February&nbsp;3, 2008 and ending on the last day of the Borrower&#146;s June, 2008 fiscal month, $5,150,000, (e)&nbsp;for the period
commencing February&nbsp;3, 2008 and ending on the last day of the Borrower&#146;s July, 2008 fiscal month, $6,300,000 and (f)&nbsp;for the period commencing February&nbsp;3, 2008 and ending on August&nbsp;11, 2008, $6,875,000 (the &#147;CapEx
Limit&#148;).&#148; </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;13.1 of the Credit Agreement (Term) is amended and restated in its entirety to read as follows: </FONT></TD></TR></TABLE> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">&#147;Term. This Agreement, which shall inure to the benefit of and shall be binding upon the respective successors and permitted assigns of each
Borrower, Agent and each Lender, shall become effective on the date hereof and shall continue in full force and effect until August&nbsp;11, 2008 unless sooner terminated as herein provided. Borrowers may terminate this Agreement at any time upon
ten (10)&nbsp;days&#146; prior written notice upon payment in full of the Obligations. In the event that the Obligations are prepaid in full prior to August&nbsp;11, 2008 (the date of such prepayment hereinafter referred to as the &#147;Prepayment
Date&#148;), Borrowers shall pay to Agent for the benefit of Lenders an early termination fee (the &#147;Early Termination Fee&#148;) in an amount equal to three-eighths of one percent (.375%) of the Maximum Loan Amount if the Prepayment Date occurs
prior to August&nbsp;11, 2008. Notwithstanding the preceding sentence, as an accommodation to Borrowers, Agent and Lenders agree to waive the payment of the Early Termination Fee otherwise payable in connection with the termination of this Agreement
and the prepayment of the Obligations in full if and only if (a)&nbsp;such prepayment arises from the proceeds of financing (&#147;Replacement Financing&#148;) provided to Borrowers or Model Reorg, Inc., an affiliate of Quality King Distributors,
Inc., in connection with the merger of Perfumania, Inc. with Model Reorg, Inc., an affiliate of Quality King Distributors, Inc., and (b)&nbsp;Lenders participate in such Replacement Financing.&#148; </FONT></P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">In consideration of the amendment to the Credit Agreement provided for herein, Borrowers jointly and severely agree to pay a non refundable fee to Agent, for the benefit of Lenders,
in the amount of $50,000, which fee shall be fully earned and payable as of the date hereof and shall be charged by Agent to the account of Borrowers as of the date hereof </FONT></TD></TR></TABLE> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Except as specifically set forth herein, no other changes or modifications to the Credit Agreement are intended or implied, and, in all other respects, the Credit Agreement shall
continue to remain in full force and effect in accordance with its terms as of the date hereof. Except as specifically set forth herein, nothing contained herein shall evidence an amendment or other modification by Agent and Lenders of any other
provision of the Credit Agreement. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The terms and provisions of this Amendment shall be for the benefit of the parties hereto and their respective successors and assigns; no other person, firm, entity or corporation
shall have any right, benefit or interest under this Amendment. This Amendment sets forth the entire agreement and understanding of the parties with respect to the matters set forth herein. This Amendment cannot be changed, modified, amended or
terminated except in a writing executed by the party or parties to be charged. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">7.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">This Amendment may be signed in counterparts, each of which shall be an original and all of which, when taken together, shall constitute one instrument. In making proof of this
Amendment, it shall not be necessary to produce or account for more than one counterpart signed by the party or parties to be charged. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><I>[Signature Page Follows] </I></FONT></P>

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<TD VALIGN="bottom" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">Very truly yours,</FONT></TD></TR>
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<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>GMAC COMMERCIAL FINANCE LLC</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2"><B>as
Agent and Lender</B></FONT></P></TD></TR>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/S/</FONT></P></TD></TR>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
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<TD VALIGN="bottom" COLSPAN="3" NOWRAP><FONT FACE="Times New Roman" SIZE="2"><B>WACHOVIA BANK, NATIONAL ASSOCIATION</B></FONT></TD></TR>
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<TD VALIGN="bottom" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2"><B>as Lender</B></FONT></TD></TR>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/S/</FONT></P></TD></TR>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
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<TD VALIGN="bottom" COLSPAN="5"><FONT FACE="Times New Roman" SIZE="2">ACKNOWLEDGED AND AGREED:</FONT></TD></TR>
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<TD VALIGN="bottom" COLSPAN="5" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>PERFUMANIA, INC.</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>MAGNIFIQUE PARFUMES AND COSMETICS, INC.</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>PERFUMANIA PUERTO RICO, INC.</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
FACE="Times New Roman" SIZE="2"><B>TEN KESEF II, INC.</B></FONT></P></TD></TR>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/S/</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></TD>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">of&nbsp;each</FONT></TD></TR>
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