Exhibit 10.2

FIRST AMENDMENT TO THIRD AMENDED

AND RESTATED CREDIT AGREEMENT

THIS FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”), dated as of December 9, 2011, by and among BELK, INC., a Delaware
corporation, (the “Company”), the Subsidiaries of the Company listed on the
signature pages hereto (the “Subsidiary Borrowers” and, together with the
Company, the “Borrowers”), the Lenders party to the Credit Agreement referenced
below (the “Lenders”) and WELLS FARGO BANK, NATIONAL ASSOCIATION (successor by
merger to Wachovia Bank, National Association), as administrative agent (the
“Administrative Agent”) for the Lenders.

STATEMENT OF PURPOSE

The Borrowers, the Lenders and the Administrative Agent are parties to that
certain Third Amended and Restated Credit Agreement dated as of November 23,
2010 (as amended, restated, supplemented or otherwise modified from time to
time, the “Credit Agreement”).

The Borrowers have requested, and the Lenders and the Administrative Agent have
agreed, subject to the terms and conditions set forth herein, to amend the
Credit Agreement as specifically set forth herein.

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

SECTION 1 Capitalized Terms. All capitalized undefined terms used in this
Amendment (including, without limitation, in the Statement of Purpose hereto)
shall have the meanings assigned thereto in the Credit Agreement.

SECTION 2 Amendments. Subject to and in accordance with the terms and conditions
set forth herein, and effective on and after the Effective Date (as defined
below) the Administrative Agent and the Lenders hereby agree to amend the Credit
Agreement as follows:

(a) New Definition. Section 1.1 of the Credit Agreement is hereby amended by
adding the defined term set forth below in appropriate alphabetical order:

“2011 Senior Notes” means the $100,000,000 5.21% Senior Notes, due January 25,
2022, issued by the Borrowers in favor of certain purchasers pursuant to the
Note Purchase Agreement dated December 14, 2011 by and among the Borrowers and
such purchasers.”

(b) Amendment to Definitions. The definition of “Senior Notes” in Section 1.1 of
the Credit Agreement is hereby restated in its entirety as follows:

“Senior Notes” means, collectively, the 2005 Senior Notes, the 2007 Senior
Notes, the 2010 Senior Notes, and the 2011 Senior Notes.”

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(c) Amendments to Section 11.1. Section 11.1 of the Credit Agreement is hereby
amended as follows:

(i) The introductory clause to Section 11.1 is hereby restated in its entirety
as follows:

“11.1 Limitations on Debt. Create, incur, assume or suffer to exist any Debt or
additional Debt except:”;

(ii) Section 11.1 is hereby amended by deleting the word “and” from existing
subsection 11.1(k) and by inserting a new subsection “(l)” immediately after
existing subsection “(k)” as follows:

“(l) Debt evidenced by the 2011 Senior Notes not to exceed $100,000,000 in the
aggregate in principal amount, and the renewal, refinancing, extension and
replacement thereof (but not the increase in the aggregate principal amount);
provided that (i) the aggregate principal amount shall not be increased,
(ii) the maturity date of any such renewal, refinancing, extension or
replacement of the 2011 Senior Notes shall not be prior to or shorter than the
initial maturity date of the 2011 Senior Notes, and (iii) any such renewal,
refinancing, extension or replacement of the 2011 Senior Notes shall be on terms
no more restrictive to the Borrowers and their Subsidiaries than the terms of
the initial 2011 Senior Notes; and”; and

(iii) Existing subsection 11.1(l) is hereby restated in its entirety as follows:

“(m) additional Debt in an aggregate amount not to exceed $150,000,000 on any
date of determination.”

SECTION 3 Effectiveness. This Amendment shall become effective on the date upon
which each of the following conditions is satisfied (such date, the “Effective
Date”):

(a) Amendment. The Administrative Agent shall have received counterparts of this
Amendment duly executed by each of the Borrowers, the Administrative Agent and
Lenders constituting Required Lenders.

(b) Other Documents. The Administrative Agent shall have received any other
documents or instruments reasonably requested by the Administrative Agent in
connection with the execution of this Amendment.

(c) 2011 Senior Notes. The Borrowers shall have provided evidence to the
Administrative Agent that (i) the 2011 Senior Notes will be issued upon
customary terms and conditions, (ii) the maturity date of the 2011 Senior Notes
is not earlier than the date which is at least six (6) months after the
Revolving Credit Termination Date, (iii) the 2011 Senior Notes and all documents
related thereto shall be in form and substance reasonably satisfactory to the
Administrative Agent, (iv) except for inclusion of certain covenants relating to
change of control, maximum permitted assets of unrestricted subsidiaries and
rated bond requirement, which covenants are either no more restrictive or less
restrictive than those contained in the Credit Agreement, and a maximum leverage
covenant, which is less restrictive than that contained in the Credit Agreement,
the terms of the 2011 Senior Notes shall be no more restrictive to the Borrowers
and their Subsidiaries than the terms of the other Senior Notes, and (v) the
Borrowers shall have provided the Administrative Agent with copies of such
additional documents and information relating to the 2011 Senior Notes as the
Administrative Agent shall reasonably request. Upon request of the Borrowers,
the Administrative Agent will confirm to the Borrowers when each of the
foregoing conditions has been satisfied.

 

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SECTION 4 Limited Effect. Except as expressly provided herein, the Credit
Agreement and the other Loan Documents shall remain unmodified and in full force
and effect. This Amendment shall not be deemed (a) to be a waiver of, or consent
to, or a modification or amendment of, any other term or condition of the Credit
Agreement or any other Loan Document, (b) to prejudice any right or rights which
the Administrative Agent or the Lenders may now have or may have in the future
under or in connection with the Credit Agreement or the other Loan Documents or
any of the instruments or agreements referred to therein, as the same may be
amended, restated, supplemented or modified from time to time, or (c) to be a
commitment or any other undertaking or expression of any willingness to engage
in any further discussion with any Borrower or any other Person with respect to
any waiver, amendment, modification or any other change to the Credit Agreement
or the Loan Documents or any rights or remedies arising in favor of the Lenders
or the Administrative Agent, or any of them, under or with respect to any such
documents. References in the Credit Agreement to “this Agreement” (and indirect
references such as “hereunder”, “hereby”, “herein”, “hereof” or other words of
like import) and in any Loan Document to the “Credit Agreement” shall be deemed
to be references to the Credit Agreement as modified hereby.

SECTION 5 Representations and Warranties. Each Borrower represents and warrants
that (a) it has the corporate power and authority to make, deliver and perform
this Amendment, (b) it has taken all necessary corporate or other action to
authorize the execution, delivery and performance of this Amendment, (c) this
Amendment has been duly executed and delivered on behalf of such Borrower,
(d) this Amendment constitutes a legal, valid and binding obligation of such
Borrower, enforceable against such Borrower in accordance with its terms, except
as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditors’ rights generally and by general equitable principles, (e) each of the
representations and warranties made by such Borrower in or pursuant to the Loan
Documents is true and correct in all material respects on and as of the date
hereof as if made on and as of the date hereof, except for any representation
and warranty made as of an earlier date, which representation and warranty shall
remain true and correct as of such earlier date, (f) to the extent consummated,
each of the transactions contemplated by the 2011 Senior Notes have been
consummated in all material respects pursuant to the provisions of the documents
related thereto, true and complete copies of which have been delivered to the
Administrative Agent, and in compliance in all material respects with all
applicable provisions of law, (g) the proceeds of the issuance 2011 Senior Notes
shall be used by Borrowers to refinance in their entirety the 2005 Senior Notes,
and (h) no Default or Event of Default has occurred and is continuing as of the
date hereof or after giving effect hereto and after giving effect to the
issuance of the 2011 Notes.

SECTION 6 Acknowledgement and Reaffirmation. By its execution hereof, each
Borrower hereby expressly (a) consents to this Amendment, (b) reaffirms all of
its respective covenants and other obligations set forth in the Credit Agreement
and the other Loan Documents to which it is a party and (c) acknowledges that
its respective covenants and other obligations set forth in the Credit Agreement
and the other Loan Documents to which it is a party remain in full force and
effect.

SECTION 7 Costs and Expenses. The Borrowers agree to pay in accordance with
Section 14.2 of the Credit Agreement all reasonable costs and expenses of the
Administrative Agent in connection with the preparation, execution and delivery
of this Amendment and the other instruments and documents to be delivered
hereunder, including, without limitation, the reasonable fees and out-of-pocket
expenses of counsel for the Administrative Agent with respect thereto and with
respect to advising the Administrative Agent as to its rights and
responsibilities hereunder and thereunder.

SECTION 8 Execution in Counterparts. This Amendment may be executed by one or
more of the parties to this Amendment on any number of separate counterparts,
and all of said counterparts taken together shall be deemed to constitute one
and the same instrument. Delivery of an executed signature page of this
Amendment by facsimile transmission shall be effective as delivery of a manually
executed counterpart hereof.

 

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SECTION 9 Governing Law. This Amendment shall be governed by, construed and
enforced in accordance with the laws of the State of North Carolina, without
reference to the conflicts or choice of law principles thereof.

SECTION 10 Entire Agreement. This Amendment is the entire agreement, and
supersedes any prior agreements and contemporaneous oral agreements, of the
parties concerning its subject matter.

SECTION 11 Successors and Assigns. This Amendment shall be binding on and inure
to the benefit of the parties and their respective heirs, beneficiaries,
successors and permitted assigns.

[Signature Pages Follow]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
under seal by their duly authorized officers, all as of the day and year first
written above.

 

BORROWERS:

    BELK, INC.     By:  

/s/ Kevin Binkley

    Name:   Kevin Binkley     Title:   Vice President, Treasurer     BELK
ADMINISTRATION COMPANY     By:  

/s/ Kevin Binkley

    Name:   Kevin Binkley     Title:   Vice President, Treasurer     BELK
INTERNATIONAL, INC.     By:  

/s/ Kevin Binkley

    Name:   Kevin Binkley     Title:   Vice President, Treasurer     BELK STORES
SERVICES, INC.     By:  

/s/ Kevin Binkley

    Name:   Kevin Binkley     Title:   Vice President, Treasurer    
BELK-SIMPSON COMPANY, GREENVILLE, SOUTH CAROLINA     By:  

/s/ Kevin Binkley

    Name:   Kevin Binkley     Title:   Vice President, Treasurer     THE BELK
CENTER, INC.     By:  

/s/ Kevin Binkley

    Name:   Kevin Binkley     Title:   Vice President, Treasurer     BELK
ACCOUNTS RECEIVABLE LLC     By:  

/s/ Kevin Binkley

    Name:   Kevin Binkley     Title:   Vice President, Treasurer

[First Amendment to Third Amended and Restated Credit Agreement]

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BELK STORES OF VIRGINIA LLC

By:  

/s/ Kevin Binkley

Name:   Kevin Binkley Title:   Vice President, Treasurer BELK GIFT CARD COMPANY
LLC By:  

/s/ Kevin Binkley

Name:   Kevin Binkley Title:   Vice President, Treasurer BELK MERCHANDISING, LLC
By:  

/s/ Kevin Binkley

Name:   Kevin Binkley Title:   Vice President, Treasurer BELK TEXAS HOLDINGS LLC
By:  

/s/ Kevin Binkley

Name:   Kevin Binkley Title:   Vice President, Treasurer BELK DEPARTMENT STORES
LP (f/k/a Belk Texas LP)

        By: Belk, Inc., its General Partner         By:  

/s/ Kevin Binkley

        Name:   Kevin Binkley         Title:   Vice President, Treasurer

BELK ECOMMERCE LLC By:  

/s/ Kevin Binkley

Name:   Kevin Binkley Title:   Vice President, Treasurer BELK STORES OF
MISSISSIPPI LLC By:  

/s/ Kevin Binkley

Name:   Kevin Binkley Title:   Vice President, Treasurer

[First Amendment to Third Amended and Restated Credit Agreement]

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WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent and Lender By:  

/s/ Scott Santa Cruz

Name:   Scott Santa Cruz Title:   Managing Director

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BANK OF AMERICA, N.A., as Syndication Agent and Lender By:  

/s/ Jaime Eng

Name:   Jaime Eng Title:   Vice President

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REGIONS BANK, as Documentation Agent and Lender By:  

/s/ Anthony Letrent

Name:   Anthony Letrent Title:   Senior Vice President

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U.S. BANK, NATIONAL ASSOCIATION, as Documentation Agent and Lender By:  

/s/ Frances W. Josephic

Name:   Frances W. Josephic Title:   Vice President

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FIFTH THIRD BANK, as Lender By:  

/s/ Mary Ramsey

Name:   Mary Ramsey Title:   Vice President

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TD BANK, N.A., as Lender By:  

/s/ Craig Welch

Name:   Craig Welch Title:   Senior Vice President

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JPMORGAN CHASE BANK, N.A., as Lender By:  

/s/ Patrick S. Thornton

Name:   Patrick S. Thornton Title:   Executive Director

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RBC BANK (USA), as Lender By:  

/s/ Robert L. Spencer

Name:   Robert L. Spencer Title:   Senior Relationship Manager