MARCH 2000 AMENDMENT TO
AMENDED AND RESTATED CREDIT AGREEMENT
THIS AMENDMENT, dated as of the 17th day of March, 2000, 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.
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 a November 1998 Amendment and Waiver dated as of November 17, 1998 and by a
February 1999 Amendment and Waiver dated as of February 19, 1999. 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.
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. Certain Definitions. Section 1.01 of the Credit Agreement is hereby amended by adding thereto a
new defined term as follows:
"'March Amendment Date' means March 17, 2000."
Section 1.2. Margin. Section 1.01 of the Credit Agreement is hereby further amended by changing the definition
of "Margin" to read as follows:
"'Margin', for a LIBOR Loan, means 1.2% per annum initially from and after the March Amendment Date;
provided, however, that the Margin shall be subject to change based on changes in Average Debt