Document:

Exhibit 10.17

	SECOND AMENDMENT TO

       THIRD AMENDED AND RESTATED
    CREDIT AGREEMENT

Effective Date: As of January 18, 2008

Execution Date: January 18, 2008

     THIS SECOND AMENDMENT (this “Amendment”) is made to the Third Amended and Restated Credit Agreement (the “Credit Agreement”), dated as of February 20, 2007, by and between:

     WHITEHALL JEWELERS, INC. (f/k/a Whitehall Jewellers, Inc.) (the “Borrower”), a Delaware corporation having its principal place of business at 125 South Wacker, #2600, Chicago, Illinois 60606;

     the lending institutions signatory hereto (collectively, the “Lenders”);

     LASALLE BANK NATIONAL ASSOCIATION (“LaSalle”), as administrative agent (in such capacity, the “Administrative Agent”) and as collateral agent (in such capacity, the “Collateral Agent”) for the Agents (as
hereinafter defined) and the Lenders; and 

     BANK OF AMERICA, N. A. and WELLS FARGO RETAIL FINANCE, LLC, as co-managing
agents (collectively, in such capacity, the “Managing Agents” and together with the Lenders and Agents, the “Credit
Parties”). 

     In consideration of the mutual covenants contained herein and benefits to be derived herefrom.

BACKGROUND:

     A. The Borrower has requested that the Credit Agreement be amended so as to permit the Borrower to, among
other things, borrow up to $35,000,000 in term loans pursuant to the Subordinate Facility (hereinafter defined) in two tranches, secured by all of Borrower’s assets, and use the proceeds thereof for working capital and general corporate
purposes.

     B. The Credit Parties are willing to agree to the foregoing, but only upon the terms and conditions set
forth in this Amendment.

     ACCORDINGLY, IT IS HEREBY AGREED, AS FOLLOWS: 

     SECTION 2. AMENDMENTS

     2.1 The following definitions are hereby added to Article
I of the Credit Agreement in the proper alphabetical order: 

“Guarantor” means Whitehall Jewelers Holdings, Inc., a Delaware corporation. 

“Guaranty
Security Agreement ” means
the Guaranty Security Agreement dated as of January 18, 2008 executed by the
Guarantor in favor of the Collateral Agent. 

 “Guaranty” means
the Guaranty Agreement dated as of January 18, 2008 executed by the Guarantor
in favor of the Collateral Agent. 

“Stock Pledge
Agreement” means
the Stock Pledge Agreement dated as of January 18, 2008 executed by the Guarantor
in favor of the Collateral Agent. 

“Subordinate
Credit Agreement” means
the Term Loan Credit Agreement dated as of January 18, 2008 by and among the
Borrower, PWJ Lending II LLC, as agent, and the lenders from time to time party
thereto, as amended, modified or supplemented from time to time in accordance
with the terms of the Intercreditor Agreement. 

     2.2 The definition of “Applicable Margin” in Article I of the Credit Agreement is deleted in its entirety and the following is substituted therefor: 

     “Applicable Margin”: the Applicable Margin shall be determined on any date from the following pricing grid:

	
Tranche A  	   	
Tranche A  	   	
Tranche A-1  	   	
Tranche A-1  
	
LIBOR  	   	
Base Rate  	   	
LIBOR  	   	
Base Rate  
	
Margin  	   	
Margin  	   	
Margin  	   	
Margin  
	
1.75%  	   	
0.25%  	   	
3.50%  	   	
1.50%  

     2.3 The definition of “Intercreditor
Agreement” in Article I of the Credit Agreement is deleted in its entirety and the following is substituted therefor:

  
“Intercreditor
Agreement” means
the Intercreditor and Lien Subordination Agreement date as of January 18, 2008
by and among the Administrative Agent and Collateral Agent, PWJ Lending II LLC,
as agent under the Subordinate Facility, and the Borrower. 

     2.4 The definition of “Security Documents ” in Article I of the Credit Agreement is deleted in its entirety and the following is substituted therefor: 

     “Security Documents” means the Security Agreement, the Intellectual Property Security Agreement, the Blocked Account Agreements, the DDA Notifications, the Credit Card Notifications, the
  Guaranty, the Guaranty Security Agreement, the Stock Pledge Agreement and each other security agreement or other instrument or document executed and delivered to the Collateral Agent pursuant to this Agreement or any other Loan Document granting a
  Lien to secure any of the Obligations. 

     2.5 The definition of “Subordinate Facility” in Article I of the Credit Agreement is deleted in its entirety and the following is substituted therefor: 

     “Subordinate Facility” means that certain credit facility provided to the Borrower pursuant to the terms of the Subordinate Credit Agreement and related Security Documents (as defined in the
  Subordinate Credit Agreement).

     2.6 The definitions of “Senior Term Loan
Agreement”, “Term Loan Administrative Agent”, “Term Loan Letter of
Credit” and “Term Loan Letter of Credit Reimbursement Agreement ” in Article I of the Credit Agreement are deleted in their entirety. 

     2.7 In the definition of Permitted Encumbrances  in Article I of the Credit Agreement, clause “(o)” is deleted in its entirety and the following is substituted therefor: 

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“(o) liens in connection with and to secure Indebtedness pursuant to the Subordinate Facility.” 

     2.8 In the definition of Permitted Indebtedness in Article I of the Credit Agreement, clause “(j)” is deleted in its entirety and the following is substituted therefor: 

“(j) Subordinated Indebtedness the proceeds of which are used to prepay Indebtedness under the Subordinate Facility as permitted under the Intercreditor Agreement;” 

     2.9 In the definition of Permitted Indebtedness in Article I of the Credit Agreement, clauses “(p)” and “(q)” are deleted in their entireties, and the clause “and” is inserted at the end of clause “(n)”, and the “;” at the end of clause (o) is replaced by “.” 

     2.10 In the definition of Prepayment Event in Article I of the Credit Agreement, clauses “(c)” and “(d)” are deleted in their entireties and are replaced by the following:

“(c) The issuance by a Loan Party of any Equity Interests, other than any such issuance of Equity Interests (i) to a Loan Party, (ii) as otherwise specifically provided in this Agreement or (iii) the proceeds of which
are used to prepay Indebtedness under the Subordinate Facility in accordance with the Intercreditor Agreement;

     (d) The incurrence by a Loan Party of any Indebtedness for borrowed money other than Permitted Indebtedness (including, without limitation, Subordinated Indebtedness the proceeds of which are
used to prepay Indebtedness under the Subordinate Facility in accordance with the Intercreditor Agreement); or” 

     2.11 The first sentence of Section 2.02(e) of the Credit Agreement is deleted in its entirety and the following is substituted therefor: 

“The Administrative Agent, without the request of the Borrower, may advance any interest, fee, service charge, Credit Party Expense, or other amount then due and payable to any Credit Party from the Loan Parties
pursuant hereto or any other Loan Document, and may charge the same to the Loan Account notwithstanding that an Overadvance may result thereby.” 

     2.12 Section 7.06(e) of the Credit Agreement is deleted in
its entirety and the following is substituted therefor: 

“(e) the Loan Parties may issue and sell Equity Interests, and make Permitted Restricted Subordinated Debt Payments, with the Equity Proceeds thereof, or with the proceeds of Subordinated Indebtedness, as the case may
be; and” 

     2.13 Section 7.07(b) of the Credit Agreement is deleted in
its entirety and the following is substituted therefor: 

“(b) Permitted Restricted Subordinated Debt Payments.”

     2.14 In Section 7.10 of the
Credit Agreement, the phrase “or the Senior Term Loan Agreement” is deleted at the end of the parenthetical. 

     2.15 Section 7.15 of the Credit Agreement is deleted in its
entirety and the following is substituted therefor: 

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     “7.15 Excess Availability. Permit Excess Availability at any time to
be less than 10% of the then Aggregate Borrowing Base.” 

     2.16 In Section 8.01(e) ,
the phrase “, under the Senior Term Loan Agreement, under the Term Loan Letter of Credit Reimbursement Agreement, and” is deleted immediately after the phrase “under the Subordinate Facility”.

     2.17 Sections 8.01 (r) and (s) of the Credit Agreement are
deleted in their entireties and Section 8.01 (q) of the Credit Agreement is deleted in its entirety and the following is substituted therefor:

     “ (q) Additional Subordinated Indebtedness or Equity Proceeds. On or prior to April 30, 2008,
the Borrower shall not receive at least $10,000,000 in Net Proceeds from (i) the Second Term Loan (as defined in the Subordinate Credit Agreement) or (ii) another loan and/or the sale of the Borrower’s Equity Interests upon terms and
subject to the execution of documentation reasonably satisfactory in form and substance to the Administrative Agent (acting upon the instructions of the Majority Lenders).”

     SECTION 3. PRECONDITIONS TO EFFECTIVENESS:

     The effectiveness of this Amendment is expressly conditioned upon the following:

     3.1 Receipt by the Credit Parties of a fully executed copy of this Amendment. 

     3.1.1 The Administrative Agent shall have received and found satisfactory (i) copies of the fully
executed Subordinated Credit Agreement and such other documents and instruments
as shall evidence the Subordinate Facility, which shall provide, among other
things, for the commitment by the lenders thereunder to make term loans to the
Borrower in an aggregate amount of not less than $35,000,000, (ii) fully executed copies of the Intercreditor Agreement, the Guaranty, the Guaranty Security Agreement and the Stock Pledge Agreement, and (iv) evidence of the
receipt by the Borrower of not less than $25,000,000 (net of fees and expenses
payable in connection therewith) comprising the Initial Term Loan (as defined
in the Subordinate Credit Agreement). 

     3.2 Receipt by the Credit Parties of reimbursement from the Borrower for all reasonable costs, expenses, and
legal fees incurred in connection with the negotiation and preparation of this Amendment and all documents, instruments, and agreements incidental hereto. The Administrative Agent is hereby authorized to make an advance under the Loan to fund that
reimbursement. 

     SECTION 4. RATIFICATION; WAIVER OF CLAIMS:

     4.1 Except as provided herein, all terms and conditions of the Credit Agreement and of the other Loan
Documents shall remain in full force and effect. The Borrower hereby ratifies, confirms, and re-affirms all terms and provisions of the Loan Documents. 

     4.2 The Borrower hereby acknowledges and agrees that there is no basis nor set of facts on which any amount
(or any portion thereof) owed by the Borrower under the Credit Agreement could be reduced, offset, waived, or forgiven, by rescission or otherwise; nor is there any claim, counterclaim, offset, or defense (or other right, remedy, or basis having a
similar effect) available to the Borrower with

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regard thereto; nor is there any basis on which the terms and conditions of any of the Obligations could be claimed to be other than as stated on the written instruments which evidence such Obligations. 

     4.3 The Borrower hereby acknowledges and agrees that it has no offsets, defenses, claims, or counterclaims
against any Credit Party, or any of their respective parents, affiliates, predecessors, successors, or assigns, or any of their respective officers, directors, employees, attorneys, or representatives, with respect to the Obligations, or otherwise,
and that if the Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims against any Credit Party, or any of their respective parents, affiliates, predecessors, successors, or assigns, or any of their respective officers,
directors, employees, attorneys, or representatives, whether known or unknown, at law or in equity, from the beginning of the world through this date and through the time of execution of this Amendment, all of them are hereby expressly
WAIVED, and the Borrower hereby RELEASES each Credit Party and their respective officers, directors,
employees, attorneys, representatives, parents, affiliates, predecessors, successors, and assigns from any liability therefor. 

     SECTION 5. REPRESENTATIONS, WARRANTIES, AND COVENANTS OF THE BORROWER: 

     5.1 In order to induce the Credit Parties to enter into this Amendment, the Borrower hereby represents and
warrants to the Credit Parties that no Event of Default exists, or solely with the passage of time or notice, would exist under the Loan Documents. 

     SECTION 6. MISCELLANEOUS:

     6.1 Capitalized terms used in this Amendment which are defined in the Credit Agreement are used as so
defined. 

     6.2 This Amendment may be executed in counterparts and by each party on a separate counterpart, each of
which when so executed and delivered shall be an original, and all of which together shall constitute one agreement. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be as effective as delivery of a
manually executed counterpart of this Agreement 

     6.3 This Amendment expresses the entire understanding of the parties with respect to the transactions
contemplated hereby. No prior negotiations or discussions shall limit, modify, or otherwise affect the provisions hereof. 

     6.4 Any determination that any provision of this Amendment or any application hereof is invalid, illegal, or
unenforceable in any respect and in any instance shall not affect the validity, legality, or enforceability of such provision in any other instance, or the validity, legality, or enforceability of any other provision of this Amendment. 

     6.5 The Borrower shall execute and deliver to the Credit Parties whatever additional documents, instruments,
and agreements that the Administrative Agent may require in order to give effect to, and implement the terms and conditions of this Amendment. 

[Signature Pages Follow]

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above
written. 

BORROWER

WHITEHALL JEWELERS, INC.

	 	
By:   	/s/
    Peter Michielutti	 
	 	
Name:   	/s/
    Peter Michielutti	 
	 	
Title:   	EVP
    and CFO	 

Signature Page to Second Amendment to 

Third Amended and Restated Credit Agreement

LASALLE BANK NATIONAL ASSOCIATION, as 

Administrative Agent and as Collateral Agent 

	 	
By:   	/s/
    Jeff Ryan	 
	 	
Name:   	Jeff
    Ryan	 
	 	
Title:   	VP	 

LASALLE BANK NATIONAL ASSOCIATION, as a

Lender

	 	
By:   	/s/
    Jeff Ryan	 
	 	
Name:   	Jeff
    Ryan	 
	 	
Title:   	VP	 

Signature Page to Second Amendment to 

Third Amended and Restated Credit Agreement

LASALLE BANK NATIONAL ASSOCIATION, as

L/C Issuer

	 	
By:   	/s/
    Jeff Ryan	 
	 	
Name:   	Jeff
    Ryan	 
	 	
Title:   	VP	 

Signature Page to Second Amendment to

Third Amended and Restated Credit Agreement

WELLS FARGO RETAIL FINANCE, LLC, as a Lender

	 	
By:   	/s/
    Danielle M. Baldinelli	 
	 	
Name:   	Danielle
    M. Baldinelli	 
	 	
Title:   	Assistant
    Vice President	 

WELLS FARGO RETAIL FINANCE, LLC, as a Managing Agent

	 	By:  	/s/
        Danielle M. Baldinelli	 
	 	Name:  	Danielle
        M. Baldinelli	 
	 	Title:  	Assistant
        Vice President	 

Signature Page to Second Amendment to

Third Amended and Restated Credit Agreement

CF BLACKBURN LLC, as a Lender

By: GMAC COMMERCIAL FINANCE LLC

(Servicer)

	 	
By:   	/s/
    Michael Malcagni	 
	 	
Name:   	Michael
    Malcagni	 
	 	
Title:   	Vice
    President	 

Signature Page to Second Amendment to 

Third Amended and Restated Credit Agreement

BANK OF AMERICA, N.A., as a Lender

	 	
By:   	/s/
      Keith Vercarteen	 
	 	
Name:   	Keith
    Vercarteen	 
	 	
Title:   	Managing
      Director	 

BANK OF AMERICA, N.A., as a Managing Agent

	 	By:  	/s/
        Keith Vercarteen	 
	 	Name:  	Keith
        Vercarteen	 
	 	Title:  	Managing
        Director	 

Signature Page to Second Amendment to 

Third Amended and Restated Credit AgreementExhibit 10.18

	THIRD AMENDMENT TO

       THIRD AMENDED AND RESTATED
    CREDIT AGREEMENT

Effective Date: As of April 11, 2008

Execution Date: April 11, 2008

           THIS THIRD AMENDMENT (this “Amendment”) is made by and
among:

           WHITEHALL JEWELERS, INC. (f/k/a Whitehall Jewellers, Inc.), a Delaware corporation
(the “ Borrower”) having its principal place of business at 125 South Wacker, #2600, Chicago, Illinois 60606;

           the lending institutions signatory hereto (collectively, the “Lenders”);

           LASALLE BANK NATIONAL ASSOCIATION (“LaSalle”), as administrative agent (in such capacity, the “Administrative Agent”) and as collateral agent (in such capacity, the “Collateral Agent” and together with the
Administrative Agent, collectively, the “Agents”) for the Credit Parties (as hereinafter defined); and 

          BANK OF AMERICA, N. A. and WELLS FARGO RETAIL FINANCE, LLC, as co-managing
agents (collectively, in such capacity, the “Managing Agents” and together with the Lenders and Agents, the “Credit
Parties”). 

           In consideration of the mutual covenants contained herein and benefits to be derived herefrom.

BACKGROUND:

                    a.      The Borrower, the Lenders, the Agents and the Managing Agents are party to that certain Third Amended and
Restated Credit Agreement dated as of February 20, 2007 (as amended and in effect, the “Credit Agreement”). Capitalized terms used herein and not otherwise defined
shall have the meaning given such terms in the Credit Agreement. 

                    b.      The
Borrower has advised the Credit Parties that it has entered into a certain Asset
Purchase Agreement dated as of April 11, 2008 to acquire certain of the assets
and leasehold interests of Friedman’s, Inc. and Crescent Jewelers located
at the store locations set forth in Exhibit
A hereto. 

ACCORDINGLY, IT IS HEREBY AGREED AS FOLLOWS: 

          SECTION 2.   AMENDMENTS

          2.1      The definition of “Applicable Margin” in Article I of the Credit Agreement is deleted in its entirety and the following is substituted therefor:

          “Applicable Margin”: the Applicable Margin shall be determined on any date from the following pricing grid:

	
Tranche A  	         	
Tranche A  	         	
Tranche A-1  	         	
Tranche A-1  
	LIBOR  	 	
Base Rate  	 	LIBOR  	 	
Base Rate  
	Margin  	 	
Margin  	 	Margin  	 	
Margin  
	
2.75%  	 	
1.25%  	 	
4.50%  	 	
2.50%  

          2.2      The definition of “Eligible Inventory” in Article I of the Credit Agreement is hereby amended by deleting “and” at the end of clause (g) thereof, by relettering clause (h)
as clause (i), and by inserting the following new clause (h) thereto: 

                    “(h) Inventory located at stores acquired by the Borrower pursuant to the Friedmans Acquisition for which the Purchased Leases related to such store locations have not been assumed by the
Borrower within the time periods required pursuant to Section 6.21 hereof; and 

          2.3      The definition “Permitted Encumbrances” in Article I of the Credit Agreement is hereby amended

                    a.      by deleting “and” at the end of clause (o) thereof, by relettering clause (p) as clause (q), and by inserting the following new clause (p) thereto: 

                    “(p)
liens in favor of Sumit Diamonds (“Vendor”), provided that Vendor executes
and delivers and intercreditor and subordination agreement in form and substance
satisfactory  to the Agents; and” 

                    b.      by deleting the words “clauses (a) through (o)” in the proviso thereto and substituting the
words “clauses (a) through (p)” in their stead. 

          2.4      The definition of “Permitted
Indebtedness” in Article I of the Credit Agreement is hereby amended by deleting “and” at the end of clause (n)
thereof, by relettering clause (o) as clause (q), and by inserting the following new clauses (n) and (o) thereto: 

                    “(n) the Remaining Cash Payment (as such term is defined in the Friedmans Acquisition Agreement);

                    (o) Indebtedness due to the Vendor on account of the purchase of Inventory from the Vendor; and” 

          2.5      The definition of “Permitted Investments” in Article I of the Credit Agreement is hereby amended by deleting “and” at the end of clause (k) thereof, by relettering clause (l)
as clause (m), and by inserting the following new clause (l) thereto: 

                    “(l) the Friedmans Acquisition; and” 

          2.6      The definition of “Subordinate Facility” in
Article I of the Credit Agreement is deleted in its entirety and the following is substituted therefor:

     “Subordinate Facility” means that certain credit facility provided to the Borrower pursuant to the terms of
the Subordinate Credit Agreement and related Security Documents (as defined in the Subordinate Credit Agreement), including the Subordinate Facility Second Additional Term Loan, the Subordinate Facility Third Additional Term Loan, and the
Subordinate Facility Fourth Additional Term Loan. 

          2.7      The following new definitions are hereby added to Article
I of the Credit Agreement in appropriate alphabetical order: 

          “Friedmans Acquisition” means the acquisition of certain of the
assets of Friedman’s, Inc. and Crescent Jewelers by Borrower pursuant to the Friedmans Acquisition Agreement. 

2

     “Friedmans
Acquisition Agreement” means
that certain Asset Purchase Agreement dated April 11, 2008 by and among Borrower,
as Buyer, and Friedman’s, Inc. and Crescent Jewelers, as Sellers. 

      “Subordinate Facility Fourth Additional Term Loan” shall mean the term loan to the Borrower in the amount of
$5,000,000 made on or before thirty (30) days after the date of the Third Amendment (as hereinafter defined) under the Subordinate Facility. 

     “Third
Amendment” means
that certain Third Amendment to Third Amended and Restated Credit Agreement dated
as of April 11, 2008 among the Borrower and the Credit Parties. 

     “Vendor” has the meaning set forth in clause (p) of the definition of Permitted Encumbrances.

          2.8      Section 6.11 of the Credit Agreement is hereby amended by
adding “(including, without limitation, pursuant to the Friedmans Acquisition)” after the word “Borrower” in the second line thereof.

          2.9      Article VI of the Credit Agreement is hereby amended by adding the following new Section 6.21 at the end thereof: 

  
“6.21 Purchased Leases.
On or before April 11, 2008, the Borrower shall have assumed the Purchased Leases
(as defined in the Friedmans Acquisition Agreement), other than any Purchased
Leases which the Borrower has deferred assumption of until the Delayed Assumption
Date (as defined in the Friedmans Acquisition Agreement) pursuant to the Friedmans
Acquisition Agreement,
provided that the Borrower shall have assumed all Purchased Leases under
the Friedmans Acquisition Agreement on or before May 15, 2008.” 

          2.10      Section 8.01 of the Credit Agreement is hereby amended
by deleting “or” at the end of clause (p) thereof, by relettering clause (q) as clause (r) and by adding the following new clause (q): 

“(q) Subordinated Facility Fourth Additional Term Loan. On or prior to May 2, 2008, the Borrower shall not receive at least $5,000,000 in Net
Proceeds from the Subordinate Facility Fourth Additional Term Loan upon terms and subject to the execution of documentation reasonably satisfactory in form and substance to the Administrative Agent (acting upon the instructions of the Majority
Lenders); or” 

          2.11 Amendments to Schedules. The Schedules to the Credit Agreement
are hereby updated and replaced, to the extent applicable, by the Schedules attached to this Amendment, which Schedules have been prepared after giving effect to the Friedmans Acquisition. 

          SECTION 3. PRECONDITIONS TO EFFECTIVENESS:

          The effectiveness of this Amendment is expressly conditioned upon the following:

          3.1 The Credit Parties shall have received a fully executed copy of this Amendment. 

          3.2 The Agents shall have received an opinion of counsel to the Borrower, addressed to the Agents and each Lender, as to such matters concerning the Borrower and the Loan Documents as the Administrative Agent may reasonably request. 

          3.3 The Credit Parties shall have received the fully executed Friedmans Acquisition Agreement and all
exhibits and schedules thereto and other documents and agreements referenced therein, all in form and substance satisfactory to the Agents. 

          3.4 The Agents shall have received a copy of the Sale Order by the United States Bankruptcy Court for the
District of Delaware authorizing the Friedmans Acquisition. 

3

          3.5 The Agents shall have received a Confirmation and Ratification to the Third Amended and Restated
Intercreditor and Lien Subordination Agreement. 

          3.6 The Borrower shall have paid to the Administrative Agent for the account of those Lenders executing this
Amendment an amendment fee in an amount equal to 0.25% on the Commitment of each such Lender. 

          3.7 The Borrower shall have paid to the Administrative Agent the fees set forth in that certain Third
Amendment Fee Letter dated as of even date herewith between the Administrative Agent and the Borrower. 

          3.8 The Credit Parties shall have received reimbursement from the Borrower for all reasonable costs,
expenses, and legal fees incurred in connection with the negotiation and preparation of this Amendment and all documents, instruments, and agreements incidental hereto. The Administrative Agent is hereby authorized to make an advance under the Loan
to fund that reimbursement. 

          SECTION 4. RATIFICATION; WAIVER OF CLAIMS:

          4.1 Except as provided herein, all terms and conditions of the Credit Agreement and of the other Loan
Documents shall remain in full force and effect. The Borrower hereby ratifies, confirms, and re-affirms all terms and provisions of the Loan Documents. 

          4.2 The Borrower hereby acknowledges and agrees that there is no basis nor set of facts on which any amount
(or any portion thereof) owed by the Borrower under the Credit Agreement could be reduced, offset, waived, or forgiven, by rescission or otherwise; nor is there any claim, counterclaim, offset, or defense (or other right, remedy, or basis having a
similar effect) available to the Borrower with regard thereto; nor is there any basis on which the terms and conditions of any of the Obligations could be claimed to be other than as stated on the written instruments which evidence such Obligations.

          4.3 The Borrower hereby acknowledges and agrees that it has no offsets, defenses, claims, or counterclaims
against any Credit Party, or any of their respective parents, affiliates, predecessors, successors, or assigns, or any of their respective officers, directors, employees, attorneys, or representatives, with respect to the Obligations, or otherwise,
and that if the Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims against any Credit Party, or any of their respective parents, affiliates, predecessors, successors, or assigns, or any of their respective officers,
directors, employees, attorneys, or representatives, whether known or unknown, at law or in equity, from the beginning of the world through this date and through the time of execution of this Amendment, all of them are hereby expressly
WAIVED, and the Borrower hereby RELEASES each Credit Party and their respective officers, directors,
employees, attorneys, representatives, parents, affiliates, predecessors, successors, and assigns from any liability therefor. 

          SECTION 5. REPRESENTATIONS, WARRANTIES, AND COVENANTS OF THE BORROWER: 

          5.1 In order to induce the Credit Parties to enter into this Amendment, Whitehall hereby represents and
warrants to the Credit Parties that, to the best of its knowledge, no Event of Default exists, or solely with the passage of time or notice, would exist under the Loan Documents. 

          SECTION 6. MISCELLANEOUS:

          6.1 Capitalized terms used in this Amendment which are defined in the Credit Agreement are used as so
defined. 

4

          6.2 This
Amendment may be executed in counterparts and by each party on a separate counterpart,
each of  which when so executed and delivered shall be an original, and all of
which together shall constitute one agreement. Delivery of an executed counterpart
of a signature page of this Agreement by telecopy
shall be as effective as delivery of a manually executed counterpart of this
Agreement

          6.3 This
    Amendment expresses the entire understanding of the parties with respect
    to the transactions contemplated hereby. No prior negotiations or discussions
    shall limit, modify, or otherwise affect the provisions hereof. 

          6.4 Any
determination that any provision of this Amendment or any application hereof
is invalid, illegal, or  unenforceable in any respect and in any instance shall
not affect the validity, legality, or enforceability of such provision in any
other instance, or the validity, legality, or enforceability of any other provision
of this Amendment. 

          6.5 The
Borrower shall execute and deliver to the Credit Parties whatever additional
documents, instruments,  and agreements that the Administrative Agent may require
in order to give effect to, and implement the terms and conditions of this Amendment. 

[Signature Pages Follow]

5

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above
written. 

BORROWER:

WHITEHALL JEWELERS, INC.

	 	
By:   	/s/
    Edward A. Dayoob	 
	 	
Name:   	Edward
    A. Dayoob	 
	 	
Title:   	CEO	 

Signature Page to Third Amendment to 

Third Amended and Restated Credit Agreement

LASALLE BANK NATIONAL ASSOCIATION, as 

Administrative Agent and as Collateral Agent 

	 	
By:   	/s/
      Jeff Ryan	 
	 	
Name:   	Jeff
    Ryan	 
	 	
Title:   	VP	 

LASALLE BANK NATIONAL ASSOCIATION, as a Lender

	 	By:  	/s/
        Jeff Ryan	 
	 	Name:  	Jeff
        Ryan	 
	 	Title:  	VP	 

LASALLE BANK NATIONAL ASSOCIATION, as L/C Issuer

	 	By:  	/s/
        Jeff Ryan	 
	 	Name:  	Jeff
        Ryan	 
	 	Title:  	VP	 

Signature Page to Third Amendment to 

Third Amended
and Restated Credit Agreement

WELLS FARGO RETAIL FINANCE, LLC, as a Lender

	 	By:  	/s/
        Danielle M. Baldinelli	 
	 	Name:  	Danielle
    M. Baldinelli	 
	 	Title:  	Assistant
        VP	 

WELLS FARGO RETAIL FINANCE, LLC, as a 

Managing Agent

	 	By:  	/s/
        Danielle M. Baldinelli	 
	 	Name:  	Danielle
        M. Baldinelli	 
	 	Title:  	Assistant
        VP	 

Signature Page to Third Amendment to

Third Amended and Restated Credit Agreement

CF BLACKBURN LLC, as a Lender

By: GMAC COMMERCIAL FINANCE LLC

(Servicer) 

	 	By:  	/s/
        Michael Malcagni	 
	 	Name:  	Michael
    Malcagni	 
	 	Title:  	Vice
        President	 

Signature Page to Third Amendment to 

Third Amended and Restated Credit Agreement

BANK OF AMERICA, N.A., as a Lender

	 	By:  	/s/
        Keith Vercarteen	 
	 	Name:  	Keith
    Vercarteen	 
	 	Title:  	Managing
        Director	 

BANK OF AMERICA, N.A., as a Managing Agent

	 	By:  	/s/
        Keith Vercarteen	 
	 	Name:  	Keith
        Vercarteen	 
	 	Title:  	Managing
        Director	 

Signature Page to Third Amendment to

Third Amended and Restated Credit Agreement

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