Document:

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                                                                    EXHIBIT 10.3

                       FIRST AMENDMENT TO CREDIT AGREEMENT

         THIS FIRST AMENDMENT TO CREDIT AGREEMENT (the "Amendment") dated as of
March 11, 2003, by and among BELK, INC., a Delaware corporation (the "Company"),
certain of its Subsidiaries from time to time party to the Credit Agreement
referred to below (collectively with the Company, the "Borrowers"), the Lenders
from time to time party to the Credit Agreement referred to below, and WACHOVIA
BANK, NATIONAL ASSOCIATION, a national banking association, as Administrative
Agent for the Lenders (the "Administrative Agent").

                              STATEMENT OF PURPOSE

         The Borrowers, the Lenders and the Administrative Agent are parties to
the Credit Agreement, dated as of June 28, 2002 (as amended, restated or
otherwise modified from time to time, the "Credit Agreement") pursuant to which
the Lenders have extended certain credit facilities to the Borrowers;

         The Borrowers have requested that the Administrative Agent and the
Lenders enter into a certain amendment to the Credit Agreement;

         Subject to the terms and conditions of this Amendment the
Administrative Agent and the Lenders are willing to agree to the requested
amendment.

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

         SECTION 1. Definitions. All capitalized terms not defined herein shall
have the meanings assigned thereto in the Credit Agreement.

         SECTION 2. Amendment. The Credit Agreement is hereby amended in the
following manner:

         (a) Section 10.6 of the Credit Agreement is hereby amended by adding a
new subsection "(c)" immediately after existing subsection "(b)" as follows and
by reordering existing subsection "(c)" as subsection "(d)":

         "(c) the Company may purchase, redeem, retire or otherwise acquire,
directly or indirectly shares of its capital stock in an amount not to exceed
$50,000,000 in the aggregate during any consecutive twelve (12) month period
(provided that no Default or Event of Default shall have occurred and be
continuing both before and after giving effect to such purchase, redemption,
retirement or acquisition."

         SECTION 3. Representations and Warranties. By its execution hereof, and
after giving effect to this Amendment, the Borrowers hereby certify that: (a)
each of the the representations and warranties contained in the Credit Agreement
are true and correct as of the First

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Amendment Effective Date (as defined below) with the same effect as if made on
and as of such date; 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, (b) no Default or Event of Default has occurred and is
continuing, and (c) the execution, delivery and performance of this Amendment
have been authorized by all requisite corporate action on the part of the
Borrowers and that this Amendment and each other document executed in connection
therewith has been duly executed and delivered by the duly authorized officers
of the Borrowers and constitutes the legal, valid and binding obligation of each
Borrower enforceable in accordance with its terms.

         SECTION 4. Effectiveness. This Amendment shall become effective on the
date (such date, the "First Amendment Effective Date") upon which each of the
following conditions shall have been satisfied:

         (a) Execution of Amendment. The receipt by the Administrative Agent of
a duly authorized original of this Amendment executed by all of the parties
hereto.

         (b) Other Documents. The receipt by the Administrative Agent of all
other documents, certificates and other instruments reasonably requested by the
Administrative Agent or the Lenders with respect to the transactions
contemplated by this Amendment.

         SECTION 5. Limited Amendment. Except as expressly provided in this
Amendment, the Credit Agreement and each other Loan Document shall continue to
be, and shall remain, in full force and effect. This Amendment shall not be
deemed or otherwise construed (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 or (b) to prejudice any other right or
remedies 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 Loan
Documents or any of the instruments or agreements referred to therein, as the
same may be amended, restated or otherwise 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 the Borrowers or any other person, firm or
corporation 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 or (d) to be a waiver of, or consent
to or a modification or amendment of, any other term or condition of any other
agreement by and among the Borrowers and the Administrative Agent or any other
Lender.

         SECTION 6. Confirmation of all Loan Documents. Each of the Borrowers
hereby expressly consents to the modifications and amendments set forth in this
Amendment. Each of the Borrowers, (a) reaffirms all of its respective covenants,
representations, warranties and other obligations set forth in the Credit
Agreement and the other Loan Documents to which it is a party and (b)
acknowledges, represents and agrees that its respective covenants,
representations, warranties 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.

                                       2

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         SECTION 7. Expenses. The Borrowers shall pay all reasonable
out-of-pocket expenses of the Administrative Agent in connection with the
preparation, execution and delivery of this Amendment, including, without
limitation, the reasonable fees and disbursements of counsel for the
Administrative Agent.

         SECTION 8. Counterparts. This Amendment may be executed by one or more
of 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.

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

         SECTION 10. Fax Transmission.A facsimile, telecopy or other
reproduction of this Amendment may be executed by one or more parties hereto,
and an executed copy of this Amendment may be delivered by one or more parties
hereto by facsimile or similar instantaneous electronic transmission device
pursuant to which the signature of or on behalf of such party can be seen, and
such execution and delivery shall be considered valid, binding and effective for
all purposes. At the request of any party hereto, all parties hereto agree to
execute an original of this Amendment as well as any facsimile, telecopy or
other reproduction hereof.

                            [Signature Pages Follow]

                                       3

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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.

[CORPORATE SEAL]                      BELK, INC., as a Borrower

                                      By: /s/    John R. Belk
                                          --------------------------------------
                                          Name:  John R. Belk
                                                 -------------------------------
                                          Title: President
                                                 -------------------------------

                                      BELK ADMINISTRATION COMPANY, as a Borrower

                                      By: /s/    John R. Belk
                                          --------------------------------------
                                          Name:  John R. Belk
                                                 -------------------------------
                                          Title: President
                                                 -------------------------------

                                      BELK INTERNATIONAL, INC., as a Borrower

                                      By: /s/    John R. Belk
                                          --------------------------------------
                                          Name:  John R. Belk
                                                 -------------------------------
                                          Title: President
                                                 -------------------------------

                                      BELK STORES SERVICES, INC., as a Borrower

                                      By: /s/    John R. Belk
                                          --------------------------------------
                                          Name:  John R. Belk
                                                 ------------------------------
                                          Title: President
                                                 ------------------------------

                                      BELK-SIMPSON COMPANY, GREENVILLE,
                                      SOUTH CAROLINA, as a Borrower

                                      By: /s/    John R. Belk
                                          --------------------------------------
                                          Name:  John R. Belk
                                                 -------------------------------
                                          Title: President
                                                 -------------------------------

<PAGE>

                                      THE BELK CENTER, INC, as a Borrower

                                      By: /s/    John R. Belk
                                          --------------------------------------
                                          Name:  John R. Belk
                                                 -------------------------------
                                          Title: President
                                                 -------------------------------

                                      UNITED ELECTRONIC SERVICES, INC., as a
                                      Borrower

                                      By: /s/    John R. Belk
                                          --------------------------------------
                                          Name:  John R. Belk
                                                 -------------------------------
                                          Title: President
                                                 -------------------------------

                                      BELK ACCOUNTS RECEIVABLE LLC, as a
                                      Borrower

                                      By: /s/    John R. Belk
                                          --------------------------------------
                                          Name:  John R. Belk
                                                 -------------------------------
                                          Title: President
                                                 -------------------------------

                                      BELK STORES OF VIRGINIA LLC, as a Borrower

                                      By: /s/    John R. Belk
                                          --------------------------------------
                                          Name:  John R. Belk
                                                 -------------------------------
                                          Title: President
                                                 -------------------------------

                                      BELK GIFT CARD COMPANY LLC, as a Borrower

                                      By: /s/    John R. Belk
                                          --------------------------------------
                                          Name:  John R. Belk
                                                 -------------------------------
                                          Title: President
                                                 -------------------------------

                           [Signature pages continue]

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                                      WACHOVIA BANK, NATIONAL ASSOCIATION, as
                                      Administrative Agent and Lender

                                      By: /s/    Kimberly A. Quinn
                                          --------------------------------------
                                          Name:  Kimberly A. Quinn
                                                 -------------------------------
                                          Title: Director
                                                 -------------------------------

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

                                      By: /s/    Amy Krovocheck
                                          --------------------------------------
                                          Name:  Amy Krovocheck
                                                 -------------------------------
                                          Title: Vice President
                                                 -------------------------------

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                                      BRANCH BANKING AND TRUST COMPANY,
                                      as Documentation Agent and Lender

                                      By: /s/    Stuart M. Jones
                                          --------------------------------------
                                          Name:  Stuart M. Jones
                                                 -------------------------------
                                          Title: Senior Vice President
                                                 -------------------------------

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                                      RBC CENTURA BANK

                                      By: /s/    E. Phifer Helms
                                          --------------------------------------
                                          Name:  E. Phifer Helms
                                                 -------------------------------
                                          Title: Senior Vice President
                                                 -------------------------------

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                                      SUNTRUST BANK

                                      By: /s/    Deborah S. Armstrong
                                          --------------------------------------
                                          Name:  Deborah S. Armstrong
                                                 -------------------------------
                                          Title: Managing Director
                                                 -------------------------------

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                                      COMPASS BANK

                                      By: /s/    Keely W. McGee
                                          --------------------------------------
                                          Name:  Keely W. McGee
                                                 -------------------------------
                                          Title: Vice President
                                                 -------------------------------

<PAGE>

                                      CAROLINA FIRST BANK

                                      By: /s/    Charles D. Chamberlain
                                          --------------------------------------
                                          Name:  Charles D. Chamberlain
                                                 -------------------------------
                                          Title: Executive Vice President
                                                 -------------------------------<PAGE>
                                                                    EXHIBIT 10.6

                  AMENDMENT NUMBER 6 TO NOTE PURCHASE AGREEMENT

         AMENDMENT NUMBER 6 TO NOTE PURCHASE AGREEMENT (this "Amendment"), dated
as of November 3, 2003 among BELK, INC., a Delaware corporation, as debtor (in
such capacity, the "Debtor"), THE BELK CENTER, INC., a North Carolina
corporation, as servicer (the "Servicer" or "Belk Center"), YC SUSI TRUST, a
Delaware statutory trust, as assignee of Enterprise Funding Corporation (the
"Trust"), and BANK OF AMERICA, N.A., a national banking association ("Bank of
America"), as agent for the Trust and the Bank Investors (in such capacity the
"Agent") and as a Bank Investor amending that certain Note Purchase Agreement,
dated as of May 3, 1999, as amended prior to the date hereof (the "Note Purchase
Agreement").

         WHEREAS, the Debtor has requested that the Note Purchase Agreement be
amended to reflect a reduction of the Facility Limit;

         WHEREAS, Bank of America solely constitutes the Majority Investors (as
defined in the Note Purchase Agreement); and

         WHEREAS, the parties hereto have agreed to make certain amendments to
the Note Purchase Agreement.

         NOW, THEREFORE, the parties hereby agree as follows:

         SECTION 1. Defined Terms. As used in this Amendment, capitalized terms
shall have the same meanings assigned thereto in the Note Purchase Agreement.

         SECTION 2. Amendment to Definitions. The definition of "Facility Limit"
is hereby amended to read as follows (solely for convenience, changed text is
italicized):

            ""Facility Limit" means $250,000,000; provided that such
            amount may not at any time exceed the aggregate Commitments
            at any time in effect; provided, further, that from and
            after the Termination Date the Facility Limit shall at all
            times equal the Net Investment plus the Aggregate Interest
            Component."

         SECTION 3. Commitment. The Commitment of Bank of America as a Bank
Investor is hereby reduced to $250,000,000.

<PAGE>

         SECTION 4. Conditions Precedent. This amendment shall not become
effective until:

         (a) The Trust shall have received the following, each of which shall be
in form and substance satisfactory to the Trust:

                  (i) an executed replacement Note (the "Replacement Note") (in
         substantially the form called for by the Note Purchase Agreement) in a
         principal amount equal to the Facility Limit as decreased hereby, in
         replacement of the original Note (the "Original Note");

                  (ii) an executed copy of this Amendment; and

         (b) The Net Investment is no greater than $250,000,000.

         SECTION 5. Representations and Warranties. The Debtor hereby makes to
the Trust on and as of the date hereof, the following representations and
warranties:

                  (a) Authority. The Debtor has the requisite corporate power
         and authority to execute and deliver this Amendment and to perform its
         obligations hereunder and under the Note Purchase Agreement (as amended
         hereby). The execution, delivery and performance by the Debtor of this
         Amendment and the performance of the Note Purchase Agreement (as
         amended hereby) have been duly approved by all necessary corporate
         action and no other corporate proceedings are necessary to consummate
         such transactions;

                  (b) Enforceability. This Amendment has been duly executed and
         delivered by the Debtor. The Note Purchase Agreement (as amended
         hereby) is the legal, valid and binding obligation of the Debtor
         enforceable against the Debtor in accordance with its terms, and is in
         full force and effect; and

                  (c) Representations and Warranties. The representations and
         warranties of the Debtor contained in the Note Purchase Agreement
         (other than any such representations or warranties that, by their
         terms, are specifically made as of a date other than the date hereof)
         are correct on and as of the date hereof as though made on and as of
         the date hereof.

                                       2
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         SECTION 6. Limited Scope. This Amendment is specific to the
circumstances described above and does not imply any future amendment or waiver
of rights allocated to the Trust under the Note Purchase Agreement.

         SECTION 7. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

         SECTION 8. Severability; Counterparts. This Amendment may be executed
in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which when taken together shall constitute one and the same
instrument. Any provisions of this Amendment which are prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

         SECTION 9. Ratification. Except as expressly affected by the provisions
hereof, the Note Purchase Agreement as amended shall remain in full force and
effect in accordance with its terms and is hereby ratified and confirmed by the
parties hereto. On and after the date hereof, each reference in the Note
Purchase Agreement to "this Agreement", "hereunder", "herein" or words of like
import shall mean and be a reference to the Note Purchase Agreement as amended
by the Amendment.

              [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

                                       3
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         IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amendment Number 3 as of the date first written above.

                                       BELK, INC., as Debtor

                                       By:      /s/      John M. Belk
                                                --------------------------------
                                       Name:             John M. Belk
                                                --------------------------------
                                       Title:            Chairman
                                                --------------------------------

                                       THE BELK CENTER, INC.,
                                       as Servicer

                                       By:      /s/      John M. Belk
                                                --------------------------------
                                       Name:             John M. Belk
                                                --------------------------------
                                       Title:            Chairman
                                                --------------------------------

                                       YC SUSI TRUST,
                                       as Trust

                                       By:      /s/      Elliot Lemon
                                                --------------------------------
                                       Name:             Elliot Lemon
                                                --------------------------------
                                       Title:            Vice President
                                                --------------------------------

                                       BANK OF AMERICA, N.A.
                                       as Agent and as a Bank Investor

                                       By:      /s/      Elliot Lemon
                                                --------------------------------
                                       Name:             Elliot Lemon
                                                --------------------------------
                                       Title:            Vice President
                                                --------------------------------

                                       4

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