Document:

Exhibit 4.1

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                         DILLARD ASSET FUNDING COMPANY

                                  Transferor,

                            DILLARD NATIONAL BANK,

                                   Servicer

                                      and

                             JPMORGAN CHASE BANK,

                                    Trustee

                      on behalf of the Certificateholders

                      of Dillard Credit Card Master Trust

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                                FIRST AMENDMENT

                           Dated as of April 1, 2001

                                      to

                             AMENDED AND RESTATED

                        POOLING AND SERVICING AGREEMENT

                           Dated as of June 28, 2000

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                               Table of Contents

                                                                           Page

SECTION 1.          Amendments to Section 1.1.................................1

SECTION 2.          Amendments to Section 2.1.................................4

SECTION 3.          Amendments to Section 2.4.................................4

SECTION 4.          Amendments to Section 2.5.................................4

SECTION 5.          Amendments to Section 2.6.................................4

SECTION 6.          Amendment to Section 4.1..................................4

SECTION 7.          Amendment to Section 6.1..................................5

SECTION 8.          Amendment to Section 6.3(b)...............................6

SECTION 9.          Amendment to Section 9.2(a)...............................6

SECTION 10.         Section 10.02(a)..........................................7

SECTION 11.         Amendment to Section 12.1.................................7

SECTION 12.         Amendment to Section 12.2(a)..............................8

SECTION 13.         Amendments to Section 13.1................................8

SECTION 14.         Amendments to Section 13.2...............................10

SECTION 15.         Section 13.7.............................................10

SECTION 16.         No Waiver................................................10

SECTION 17.         Pooling and Servicing Agreement in Full Force and Effect
                       as Amended............................................10

SECTION 18.         Counterparts.............................................10

SECTION 19.         GOVERNING LAW............................................11

SECTION 20.         Effective Dates..........................................11

SECTION 21.         The Trustees.............................................11

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          FIRST AMENDMENT, dated as of April 1, 2001 (the "First Amendment"),
to AMENDED AND RESTATED POOLING AND SERVICING AGREEMENT, dated as of June 28,
2000, by and among DILLARD ASSET FUNDING COMPANY, as Transferor, DILLARD
NATIONAL BANK, as Servicer, and JPMORGAN CHASE BANK, as Trustee (as amended
and supplemented through the date hereof, the "Pooling and Servicing
Agreement").

          WHEREAS, Section 13.1(b) of the Pooling and Servicing Agreement
provides that the Servicer, the Transferor and the Trustee, without the
consent of the Certificateholders, may amend the Pooling and Servicing
Agreement from time to time upon the satisfaction of certain conditions;

          WHEREAS, the Servicer, the Transferor and the Trustee desire to
amend the Pooling and Servicing Agreement as set forth below; and

          WHEREAS, all conditions precedent to the execution of this Amendment
have been complied with;

          NOW, THEREFORE, the Servicer, the Transferor and the Trustee are
executing and delivering this Amendment in order to amend the Pooling and
Servicing Agreement in the manner set forth below.

          Capitalized terms used but not defined herein shall have the
meanings assigned to them in the Pooling and Servicing Agreement.

          SECTION 1. Amendments to Section 1.1. (a) The defined term "Trust"
appearing in Section 1.1 of the Pooling and Servicing Agreement is hereby
amended by deleting the reference to "Section 9-306 of the UCC" and inserting
in lieu thereof the following: "Section 9-315 of the UCC".

          (b) Section 1.1 of the Pooling and Servicing Agreement shall be
amended to delete the definition therein of "Certificateholder" or "Holder"
and replace it with the following definition of "Certificateholder" or
"Holder":

                  "Certificateholder" or "Holder" shall mean the Person in
         whose name a Certificate is registered in the Certificate Register;
         if applicable, the holder of any Bearer Certificate or Coupon, as the
         case may be or such other person deemed to be a "Certificateholder"
         or "Holder" in any Series Supplement; and, if used with respect to
         the Transferor Interest, a Person in whose name the Transferor
         Certificate is registered in the Certificate Register or a Person in
         whose name ownership of the uncertificated interest in the Transferor
         Interest is recorded in the books and records of the Trustee.

          (c) Section 1.1 of the Pooling and Servicing Agreement shall be
amended to delete the definition therein of "Permitted Investments" and
replace it with the following definition of "Permitted Investments":

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                  "Permitted Investments" shall mean, unless otherwise
         provided in the Supplement with respect to any Series:

                  (a)  book-entry securities or negotiable instruments or
                       securities represented by instruments in bearer or
                       registered form which evidence (i)obligations of or
                       fully guaranteed by the United States of America; (ii)
                       demand deposits, time deposits or certificates of
                       deposit of any depositary institution or trust company
                       incorporated under the laws of the United States of
                       America or any state thereof (or domestic branches of
                       foreign banks) and subject to supervision and
                       examination by federal or state banking or depositary
                       institution authorities; provided, however, that at the
                       time of the Trust's -------- ------- investment, the
                       certificates of deposit or short-term deposits of such
                       depositary institution or trust company shall have a
                       credit rating from Moody's and Standard & Poor's of
                       "P-1" and "A-1+", respectively; (iii) commercial paper,
                       other than commercial paper issued by the Transferor or
                       any of its Affiliates, having, at the time of the
                       Trust's investment or contractual commitment to invest
                       therein, a rating from Moody's and Standard & Poor's of
                       "P-1" and "A-l+", respectively and (iv) bankers'
                       acceptances issued by any depository institution or
                       trust company described in clause (a)(ii) above;

                  (b)  demand deposits in the name of the Trust or the Trustee
                       in any depositary institution or trust company referred
                       to in clause (a)(ii) above;

                  (c)  repurchase agreements transacted with either

                            (i) an entity subject to the United States federal
                       bankruptcy code, provided that (A) the repurchase
                       agreement matures prior to the next Distribution Date
                       or is due on demand, (B) the Trustee or a third party
                       acting solely as agent for the Trustee has possession
                       of the collateral, (C) the Trustee on behalf of the
                       Trust has a security interest in the collateral, (D)
                       the market value of the collateral is maintained at the
                       requisite collateral percentage of the obligation in
                       accordance with standards of the Rating Agencies, (E)
                       the failure to maintain the requisite collateral level
                       will obligate the Trustee to liquidate the collateral
                       immediately, (F) the securities subject to the
                       repurchase agreement are either obligations of, or
                       fully guaranteed as to principal and interest by, the
                       United States of America or any instrumentality or
                       agency thereof, certificates of deposit or bankers
                       acceptances and (G) the securities subject to the
                       repurchase agreement are free and clear of any third
                       party lien or claim; or

                            (ii) a financial institution insured by the FDIC,
                       or any broker-dealer with "retail customers" that is
                       under the jurisdiction of the Securities Investors
                       Protection Corp. ("SIPC"), provided that (A) the market
                       value of the collateral is maintained at the requisite
                       collateral percentage of the obligation in accordance
                       with the standards of the Rating

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                       Agencies, (B) the Trustee or a third party (with a
                       short-term debt rating of P-1 by Moody's) acting
                       solely as agent for the Trustee has possession of the
                       collateral, (C) the Trustee on behalf of the Trust has
                       a security interest in the collateral, (D) the
                       collateral is free and clear of third party liens and,
                       in the case of an SIPC broker, was not acquired
                       pursuant to a repurchase or reverse repurchase
                       agreement and (E) the failure to maintain the
                       requisite collateral percentage will obligate the
                       Trustee to liquidate the collateral; provided,
                       however, that at the time of the Trust's investment or
                       contractual commitment to invest in any repurchase
                       agreement, the short-term deposits or commercial paper
                       rating of such entity or institution in subsections
                       (i) and (ii) shall have a credit rating of "P-1" from
                       Moody's and "A-1+" from Standard & Poor's; and

                  (d)  any other investments, other than investments in the
                       Transferor or any of its Affiliates, that by its terms
                       converts to cash within a finite time period if the
                       Rating Agency Condition is satisfied with respect
                       thereto.

          (d) Section 1.1 of the Pooling and Servicing Agreement shall be
amended to delete the definition therein of "Transferor Certificate" and
replace it with the following definition of "Transferor Certificate":

                  "Transferor Certificate" shall mean, if the Transferor
         elects to evidence its interest in the Transferor Interest in
         certificated form pursuant to Section 6.1, a certificate executed and
         delivered by the Transferor and authenticated by the Trustee
         substantially in the form of Exhibit A; provided, that at any time
         there shall be only one Transferor Certificate; provided further,
         that in any Supplement, "Transferor Certificate" shall mean either a
         certificate executed and delivered by the Transferor and
         authenticated by the Trustee substantially in the form of Exhibit A
         or the uncertificated interest in the Transferor Interest.

          (e) Section 1.1 of the Pooling and Servicing Agreement shall be
amended to add the following defined terms in appropriate alphabetical order:

                  "Holder of the Transferor Certificate" or "holder of the
         Transferor Certificate" shall mean the Holder of the Transferor
         Certificate or the Holder of any uncertificated interest in the
         Transferor Interest.

                  "Permitted Activities" shall mean the primary activities of
         the Trust, which shall be:

                  (a)  holding Receivables transferred from the Transferor and
                       other assets of the Trust, including any Credit
                       Enhancement with respect to any Series and passive
                       derivative financial instruments that pertain to
                       beneficial interests issued or sold to parties other
                       than the Transferor, its Affiliates or its agents;

                  (b)  issuing Certificates and other interests in the Trust
                       assets;

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                  (c) receiving Collections and making payments on such
                      Certificates and interests in accordance with the terms
                      of this Pooling and Servicing Agreement and any Series
                      Supplement; and

                  (d) engaging in other activities that are necessary or
                      incidental to accomplish these limited purposes, which
                      activities can not be contrary to the status of the
                      Trust as a qualified special purpose entity under
                      existing accounting literature.

                  "SFAS 140" shall mean Statement of Financial Accounting
         Standard No. 140, Accounting for Transfers and Servicing of Financial
         Assets and Extinguishments of Liabilities.

          SECTION 2. Amendments to Section 2.1. Section 2.1 of the Pooling and
Servicing Agreement is hereby amended by deleting the reference to Section
9-106 of the UCC appearing therein and inserting in lieu thereof the
following: "Section 9-102(a)(2) and (a)(42), respectively, of the UCC".

          SECTION 3. Amendments to Section 2.4.

          (a) Section 2.4(a)(ii) of the Pooling and Servicing Agreement shall
be amended by deleting the reference to "Section 9-306 of the UCC" and
inserting in lieu thereof the following: "Section 9-315 of the UCC".

          (b) Section 2.4(d)(iv) of the Pooling and Servicing Agreement shall
be amended by deleting the reference to "Section 9-306(3) of the UCC" and
inserting in lieu thereof the following: "Section 9-315(d) of the UCC".

          SECTION 4. Amendments to Section 2.5. Section 2.5(a) of the Pooling
and Servicing Agreement shall be amended to delete the words "or general
intangibles" that appear therein.

          SECTION 5. Amendments to Section 2.6. Section 2.6(c)(v) of the
Pooling and Servicing Agreement shall be amended by deleting the reference to
"Section 9-306 of the UCC" and inserting in lieu thereof the following:
"Section 9-315 of the UCC".

          SECTION 6. Amendment to Section 4.1. Section 4.1 of the Pooling and
Servicing Agreement shall be amended to read in its entirety as follows:

                 Section 4.1 Rights of Certificateholders. Each Series of
         Investor Certificates shall represent Undivided Interests in the
         Trust, including the benefits of any Credit Enhancement issued with
         respect to such Series and the right to receive the Collections and
         other amounts at the times and in the amounts specified in this
         Article IV to be deposited in the Investor Accounts and any other
         Series Account (if so specified in the related Supplement) or to be
         paid to the Investor Certificateholders of such Series; provided,
         however, that the aggregate interest represented by such Certificates
         at any time in the Principal Receivables shall not exceed an amount
         equal to the Investor Interest at such time. The Transferor
         Certificate or, as the case may be, the uncertificated

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         interest in the Transferor Interest shall represent the remaining
         undivided interest in the Trust, including the right to receive the
         Collections and other amounts at the times and in the amounts
         specified in this Article IV to be paid to the Holder of the
         Transferor Certificate; provided, however, that if the Transferor
         elects to have its interest in the Transferor Interest be
         uncertificated as provided in Section 6.1 hereof, then such
         uncertificated interest shall represent the Transferor Interest;
         provided further, that the aggregate interest represented by such
         Transferor Certificate in the Principal Receivables or, as the case
         may be, the aggregate uncertificated interest of the Transferor in the
         Principal Receivables, shall not exceed the Transferor Interest at any
         time and such Transferor Certificate or, as the case may be, such
         uncertificated interest shall not represent any interest in the
         Investor Accounts, except as provided in this Agreement, or the
         benefits of any Credit Enhancement issued with respect to any Series.

          SECTION 7. Amendment to Section 6.1. Section 6.1 of the Pooling and
Servicing Agreement shall be amended to read in its entirety as follows:

                  Section 6.1 The Certificates. Subject to Sections 6.10 and
         6.13, the Investor Certificates of each Series and any Class thereof
         may be issued in bearer form (the "Bearer Certificates") with
         attached interest coupons and a special coupon (collectively, the
         "Coupons") or in fully registered form (the "Registered
         Certificates"), and shall be substantially in the form of the
         exhibits with respect thereto attached to the related Supplement. The
         Transferor may elect at any time, by written notice to the Trustee
         and each Rating Agency, to have its interest in the Transferor
         Interest be (i) an uncertificated interest or (ii) evidenced by a
         Transferor Certificate. If the Transferor elects to have its interest
         in the Transferor Interest be uncertificated, it shall deliver to the
         Trustee for cancellation any Transferor Certificate previously
         issued. If the Transferor elects to have its interest in the
         Transferor Interest be evidenced by a Transferor Certificate, the
         Transferor Certificate shall be issued pursuant hereto or to Section
         6.9 or Section 6.10, substantially in the form of Exhibit A and shall
         upon issue be executed and delivered by the Transferor to the Trustee
         for authentication and redelivery as provided in Sections 2.1 and
         6.2. The Investor Certificates shall, upon issue pursuant hereto or
         to Section 6.9 or Section 6.10, be executed and delivered by the
         Transferor to the Trustee for authentication and redelivery as
         provided in Sections 2.1 and 6.2. Any Investor Certificate shall be
         issuable in a minimum denomination of $1,000 Undivided Interest and
         integral multiples thereof, unless otherwise specified in any
         Supplement. The Transferor Certificate, if applicable, shall be
         issued as a single certificate. Each Certificate shall be executed by
         manual or facsimile signature on behalf of the Transferor by an
         authorized signatory thereof. Certificates bearing the manual or
         facsimile signature of the individual who was, at the time when such
         signature was affixed, authorized to sign on behalf of the Transferor
         or the Trustee shall not be rendered invalid, notwithstanding that
         such individual has ceased to be so authorized prior to the
         authentication and delivery of such Certificates or does not hold
         such office at the date of such Certificates. No Certificate shall be
         entitled to any benefit under this Agreement, or be valid for any
         purpose, unless there appears on such Certificate a certificate of
         authentication substantially in the form provided for herein,
         executed by or on behalf of the Trustee by the manual signature of a
         duly authorized signatory, and such certificate upon any Certificate
         shall be conclusive evidence, and the only evidence, that such

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         Certificate has been duly authenticated and delivered hereunder. All
         Certificates shall be dated the date of their authentication except
         Bearer Certificates which shall be dated the applicable Issuance Date
         as provided in the related Supplement.

          SECTION 8. Amendment to Section 6.3(b). Section 6.3(b) of the
Pooling and Servicing Agreement shall be amended to read in its entirety as
follows:

                  (b) Except as provided in Section 6.9 or 7.2 or in any
         Supplement, in no event shall the Transferor Certificate or any
         interest therein, or, as the case may be, the uncertificated interest
         in the Transferor Interest or any interest therein, be transferred
         hereunder, in whole or in part, unless the Transferor shall have
         consented in writing to such transfer and unless the Trustee shall
         have received (1) written confirmation from each Rating Agency that
         such transfer will satisfy the Rating Agency Condition and (2) a Tax
         Opinion with respect to such transfer.

          SECTION 9. Amendment to Section 9.2(a). Section 9.2(a) of the
Pooling and Servicing Agreement shall be amended to read in its entirety as
follows:

                  (a) If any event set forth in Section 9.1(a) or (b) shall
         occur (any such event, an "Insolvency Event"), the Transferor shall
         on the day of such Insolvency Event (the "Appointment Day")
         immediately cease to transfer Principal Receivables to the Trust and
         shall promptly give notice to the Trustee of such Insolvency Event
         and the arrangement among the parties created hereby shall be deemed
         to have been dissolved, subject to the liquidation and winding up
         procedures described below. Notwithstanding any cessation of the
         transfer to the Trust of additional Principal Receivables, Finance
         Charge Receivables, whenever created, accrued in respect of Principal
         Receivables which have been transferred to the Trust shall continue
         to be a part of the Trust, and Collections with respect thereto shall
         continue to be allocated and paid in accordance with Article IV.
         Within 15 days of the Appointment Day, the Trustee shall (i) publish
         a notice in an Authorized Newspaper that an Insolvency Event has
         occurred and that the Trustee intends to sell, dispose of or
         otherwise liquidate the Receivables in a commercially reasonable
         manner and (ii) send written notice to the Investor
         Certificateholders describing the provisions of this Section 9.2 and
         requesting instructions from such Holders. Unless within 75 days from
         the day notice pursuant to clause (i) above is first published, the
         Trustee shall have received written instructions from Holders of
         Investor Certificates evidencing more than 50% of the Investor
         Interest of each Series issued and outstanding (or, if any such
         Series has two or more Classes, each Class) to the effect that such
         Certificateholders disapprove of the liquidation of the Receivables,
         the Trustee shall use its best efforts to sell, dispose of or
         otherwise liquidate the Receivables in a commercially reasonable
         manner and on commercially reasonable terms, which shall include the
         solicitation of competitive bids. None of the Transferor, any
         Affiliate of the Transferor or any agent of the Transferor shall be
         permitted to purchase such Receivables in such case. The Trustee may
         obtain a prior determination from any such conservator, receiver or
         liquidator that the terms and manner of any proposed sale,
         disposition or liquidation are commercially reasonable. The
         provisions of Sections 9.1 and 9.2 shall not be deemed to be mutually
         exclusive.

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          SECTION 10. Section 10.02(a). Section 10.02(a) of the Pooling and
Servicing Agreement shall be amended to read in its entirety as follows:

          Section 10.2 Trustee to Act; Appointment of Successor.

                  (a) On and after the receipt by the Servicer of a
         Termination Notice pursuant to Section 10.1, the Servicer shall
         continue to perform all servicing functions under this Agreement
         until the date specified in the Termination Notice or otherwise
         specified by the Trustee in writing or, if no such date is specified
         in such Termination Notice, or otherwise specified by the Trustee,
         until a date mutually agreed upon by the Servicer and Trustee. The
         Trustee shall notify each Rating Agency of such removal of the
         Servicer. The Trustee shall, as promptly as possible after the giving
         of a Termination Notice appoint a successor Servicer (the "Successor
         Servicer"), and such Successor Servicer shall accept its appointment
         by a written assumption in a form acceptable to the Trustee. The
         Trustee may obtain bids from any potential successor Servicer. If the
         Trustee is unable to obtain any bids from any potential successor
         Servicer and the Servicer delivers an Officer's Certificate to the
         effect that the Servicer cannot in good faith cure the Servicer
         Default which gave rise to a transfer of servicing, and if the
         Trustee is legally unable to act as Successor Servicer, then the
         Trustee shall (i) notify each Credit Enhancement Provider of the
         proposed sale of the Receivables and shall provide each such Credit
         Enhancement Provider an opportunity to bid on the Receivables and
         (ii) use its best efforts to sell, dispose of or otherwise liquidate
         the Receivables by the solicitation of competitive bids and on terms
         equivalent to the best purchase offer as determined by the Trustee.
         None of the Transferor, any Affiliate of the Transferor or any agent
         of the Transferor shall be permitted to purchase such Receivables in
         such case. The proceeds of such sale shall be deposited in the
         Distribution Account or any Series Account, as provided in the
         related Supplement, for distribution to the Investor
         Certificateholders of each outstanding Series pursuant to Section
         12.3 of the Agreement. In the event that a Successor Servicer has not
         been appointed and has not accepted its appointment at the time when
         the Servicer ceases to act as Servicer, the Trustee without further
         action shall automatically be appointed the Successor Servicer upon
         the later to occur of (A) the 60th day after the Termination Notice
         and (B) the Servicer ceases to act as Servicer. Notwithstanding the
         above, the Trustee shall, if it is legally unable so to act, petition
         a court of competent jurisdiction to appoint any established
         financial institution having, in the case of an entity that is
         subject to risk-based capital adequacy requirements, risk-based
         capital of at least $50,000,000 or, in the case of an entity that is
         not subject to risk-based capital requirements, having a net worth of
         not less than $50,000,000 and whose regular business includes the
         servicing of revolving credit card receivables as the Successor
         Servicer hereunder. The Servicer shall provide the Trustee access to
         the documentation and any software relating to the Receivables and
         the Collections and to any personnel having knowledge of such
         documentation or software when the Trustee is obligated to serve as
         Successor Servicer.

          SECTION 11. Amendment to Section 12.1. Section 12.1(b) of the
Pooling and Servicing Agreement shall be amended to read in its entirety
as follows:

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                  (b) All principal or interest with respect to any Series of
         Investor Certificates shall be due and payable no later than the
         Series Termination Date with respect to such Series. Unless otherwise
         provided in a Supplement, in the event that the Investor Interest of
         any Series of Certificates is greater than zero on its Series
         Termination Date (after giving effect to all transfers, withdrawals,
         deposits and drawings to occur on such date and the payment of
         principal to be made on such Series on such date), the Trustee will
         sell or cause to be sold, and pay the proceeds first, to all
         Certificateholders of such Series pro rata in final payment of all
         principal of and accrued interest on such Series of Certificates, and
         second, as provided in the related Supplement, an amount of Principal
         Receivables and the related Finance Charge Receivables (or interests
         therein) up to 110% of the sum of the Investor Interest of such
         Series plus the Enhancement Invested Amount or the Collateral
         Interest (if not included in the Investor Interest) of such Series,
         if any, at the close of business on such date (but not more than an
         amount of Principal Receivables and the related Finance Charge
         Receivables equal to the sum of (1) the product of (A) the Transferor
         Percentage, (B) the aggregate amount of Principal Receivables in the
         Trust and (C) a fraction the numerator of which is the applicable
         Investor Percentage with respect to Finance Charge Receivables and
         the denominator of which is the sum of all Investor Percentages with
         respect to Finance Charge Receivables of all Series and (2) the
         Investor Interest of such Series plus the Enhancement Invested Amount
         or the Collateral Interest (if not included in the Investor Interest)
         of such Series). The Trustee shall (i) notify each Credit Enhancement
         Provider of the proposed sale of such Receivables and shall provide
         each Credit Enhancement Provider an opportunity to bid on such
         Receivables. None of the Transferor, any Affiliate of the Transferor
         or any agent of the Transferor shall be permitted to purchase such
         Receivables in such case. Any proceeds of such sale in excess of such
         principal and interest paid shall be paid to the Holder of the
         Transferor Certificate. Upon such Series Termination Date with
         respect to the applicable Series of Certificates, final payment of
         all amounts allocable to any Investor Certificates of such Series
         shall be made in the manner provided in Section 12.3.

          SECTION 12. Amendment to Section 12.2(a). Section 12.2(a) of the
Pooling and Servicing Agreement shall be amended to read in its entirety as
follows:

                  (a) If so provided in any Supplement, the Transferor (so
         long as the Transferor is the Servicer or an Affiliate of the
         Servicer) may, but shall not be obligated to, cause a final
         distribution to be made in respect to the related Series of
         Certificates on a Distribution Date specified in such Supplement by
         depositing into the Distribution Account or the applicable Series
         Account, not later than the Transfer Date preceding such Distribution
         Date, for application in accordance with Section 12.3, the amount
         specified in such Supplement from funds readily available to the
         Trust and not from the Transferor.

          SECTION 13. Amendments to Section 13.1. Sections 13.1(a) and (b) of
the Pooling and Servicing Agreement shall be amended to read in their entirety
as follows:

                  Section 13.1  Amendments.

                  (a) This Agreement (including any Supplement) may be amended
         from time to time by the Transferor, the Servicer and the Trustee,
         without the consent of any of the

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         Certificateholders (i) to cure any ambiguity, to revise any exhibits or
         schedules (other than Schedule 1), to correct or supplement any
         provisions herein or thereon or (ii) to add any other provisions with
         respect to matters or questions raised under this Agreement which shall
         not be inconsistent with the provisions of this Agreement; provided,
         however, that such action shall not, (a) as evidenced by an Opinion of
         Counsel, adversely affect in any material respect the interests of any
         of the Certificateholders unless such Certificateholders have consented
         thereto or (b) as evidenced by an Officer's Certificate,
         significantly change the Permitted Activities of the Trust.

                  (b) This Agreement (including any Supplement) and any
         schedule or exhibit thereto may also be amended from time to time by
         the Transferor, the Servicer and the Trustee, without the consent of
         any of the Certificateholders, for the purpose of adding any
         provisions to or changing in any manner or eliminating any of the
         provisions of this Agreement, or of modifying in any manner the
         rights of the Holders of Certificates; provided, however, that (i)
         the Servicer shall have provided an Officer's Certificate to the
         Trustee to the effect that such amendment will not materially and
         adversely affect the interests of any Certificateholder and will not
         significantly change the Permitted Activities of the Trust, (ii) the
         Servicer shall have provided a Tax Opinion with respect to such
         amendment and (iii) the Servicer shall have provided at least ten
         (10) Business Days' prior written notice to each Rating Agency of
         such amendment and shall have received written confirmation from each
         Rating Agency that such action will satisfy the Rating Agency
         Condition; provided, further, that such amendment shall not, without
         the consent of each Certificateholder of each Series affected
         thereby, (i) reduce in any manner the amount of, or delay the timing
         of, distributions which are required to be made on any Certificate of
         such Series, (ii) alter the requirements for changing the Minimum
         Transferor Interest Percentage for such Series, (iii) change the
         definition of or the manner of calculating the interest of any
         Certificateholder of such Series, (iv) change the manner in which the
         Transferor Interest is determined or (v) reduce the percentage
         pursuant to Subsection 13.1(c) required to consent to any such
         amendment.

                  (c) This Agreement and any Supplement may also be amended
         from time to time by the Transferor, the Servicer and the Trustee (x)
         with the consent of Certificateholders evidencing Undivided Interests
         aggregating more than 66 2/3% of the Investor Interest of each and
         every Series adversely affected, for the purpose of adding any
         provisions to or changing in any manner or eliminating any of the
         provisions of this Agreement or of modifying in any manner the rights
         of the Certificateholders of any Series then issued and outstanding
         if such amendment would not, as evidenced by an Officer's
         Certificate, significantly change the Permitted Activities of the
         Trust or (y) with the consent of Certificateholders evidencing
         undivided interests aggregating more than 66 2/3% of the Investor
         Interest, for the purpose of significantly changing the Permitted
         Activities of the Trust; provided, however, that no such amendment
         under this subsection shall (i) reduce in any manner the amount of,
         or delay the timing of, distributions which are required to be made
         on any Certificate of such Series without the consent of all of the
         related Certificateholders; (ii) change the definition of or the
         manner of calculating the Investor Interest, the Investor Percentage
         or the Investor Default Amount of such Series without the consent of
         the related Certificateholders or (iii) reduce the aforesaid
         percentage required to consent to any such amendment, in each case
         without the consent

                                      9
<PAGE>

         of each Certificateholder of all Series affected. The Transferor shall
         give written notice to the Rating Agencies of any such amendment.

          SECTION 14. Amendments to Section 13.2. Section 13.2 (b) and (c) of
the Pooling and Servicing Agreement shall be amended to read in their entirety
as follows:

                  "(b) Within 30 days after the Transferor makes any change in
         its name, identity or corporate structure which would make any
         financing statement or continuation statement filed in accordance
         with paragraph (a) above seriously misleading within the meaning of
         Section 9-506 of the UCC, the Transferor shall give the Trustee
         notice of any such change and shall file such financing statements or
         amendments as may be necessary to continue the perfection of the
         Trust's security interest in the Receivables and the proceeds
         thereof.

                  "(c) The Transferor will give the Trustee prompt written
         notice of any change in the jurisdiction in which it is located (as
         such location is determined pursuant to Section 9-307 of the UCC) and
         whether, as a result of such change, the applicable provisions of the
         UCC would require the filing of any amendment of any previously filed
         financing or continuation statement or of any new financing
         statements and shall file such financing statements as may be
         necessary to continue the perfection of the Trust's security interest
         in the Receivables and the proceeds thereof within the time specified
         in Section 9-316(a) of the UCC."

          SECTION 15. Section 13.7. A new Section 13.7 shall be added and
shall read as follows:

                  Section 13.7. Characterization of the Trust. For purposes of
         SFAS 140, the parties hereto intend that the Trust shall be treated
         as a "qualifying special purpose entity" as such term is used in SFAS
         140 and any successor rule thereto and its permitted activities shall
         be limited in accordance with paragraph 35 thereof.

          SECTION 16. No Waiver. The execution and delivery of this First
Amendment shall not constitute a waiver of a past default under the
Pooling and Servicing Agreement or impair any right consequent thereon.

          SECTION 17. Pooling and Servicing Agreement in Full Force and Effect
as Amended. Except as specifically amended or waived hereby, all of the terms
and conditions of the Pooling and Servicing Agreement shall remain in full
force and effect. All references to the Pooling and Servicing Agreement in any
other document or instrument shall be deemed to mean such Pooling and
Servicing Agreement as amended by this First Amendment. This First Amendment
shall not constitute a novation of the Pooling and Servicing Agreement, but
shall constitute an amendment thereof. The parties hereto agree to be bound by
the terms and obligations of the Pooling and Servicing Agreement, as amended
by this First Amendment, as though the terms and obligations of the Pooling
and Servicing Agreement were set forth herein.

          SECTION 18. Counterparts. This First Amendment may be executed
simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be an original, and all of which counterparts shall constitute
one and the same instrument.

                                      10
<PAGE>

          SECTION 19. GOVERNING LAW. THIS FIRST AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK.

          SECTION 20. Effective Dates. This First Amendment, with the exception
of Sections 1(b), 1(d), 6, 7 and 8, shall be effective as of the day and year
first above written. Sections 1(b), 1(d), 6, 7 and 8 to this First Amendment
shall be effective as of February 2, 2002. Notwithstanding the foregoing, any
amendment effected by this First Amendment that relates to a reference to the
UCC shall be deemed to be effective as of July 1, 2001.

          SECTION 21. The Trustees. Neither the Trustee nor the Owner Trustee
shall be responsible in any manner whatsoever for or in respect of the
validity or sufficiency of this First Amendment or for or in respect of the
recitals contained herein, all of which are made solely by the Servicer and
the Transferor.

                                      11
<PAGE>
          IN WITNESS WHEREOF, the Servicer, the Transferor and the Trustee
have caused this First Amendment to be duly executed by their respective
officers, thereunto duly authorized, as of the day and year first above
written.

                              DILLARD ASSET FUNDING COMPANY
                               Transferor

                              By: CHASE MANHATTAN BANK USA, N.A.,
                                  not in its individual capacity but solely as
                                  owner trustee

                                  By:________________________________
                                     Name:
                                     Title:

                              DILLARD NATIONAL BANK,
                               Servicer

                              By:________________________________
                                 Name:
                                 Title:

                              JPMORGAN CHASE BANK,
                                Trustee

                              By:________________________________
                                 Name:
                                 Title:<PAGE>

                                 THIRD AMENDMENT

                                       TO

                                CREDIT AGREEMENT

                                      Among

                         MISSION RESOURCES CORPORATION,
                                  as Borrower,

                              JPMORGAN CHASE BANK,
                            as Administrative Agent,

                                  BNP PARIBAS,
                              as Syndication Agent,

                       WACHOVIA BANK, NATIONAL ASSOCIATION
                                       AND
                              FLEET NATIONAL BANK,
                           as Co-Documentation Agents,

                                       and

                          The Lenders Signatory Hereto

                         Effective as of October 7, 2002

<PAGE>

                       THIRD AMENDMENT TO CREDIT AGREEMENT

     This THIRD AMENDMENT TO CREDIT AGREEMENT (this "Third Amendment") executed
effective as of the 7th of October, 2002 (the "Effective Date") is among MISSION
RESOURCES CORPORATION, a corporation formed under the laws of the State of
Delaware (the "Borrower"); each of the undersigned guarantors (the "Guarantors",
and together with the Borrower, the "Obligors"); each of the lenders that is a
signatory hereto (collectively, the "Lenders"); JPMORGAN CHASE BANK (formerly
known as The Chase Manhattan Bank), as administrative agent for the Lenders (in
such capacity, together with its successors, the "Administrative Agent"), BNP
PARIBAS, as syndication agent for the Lenders (in such capacity, together with
its successors, the "Syndication Agent"); and WACHOVIA BANK, NATIONAL
ASSOCIATION (formerly known as First Union National Bank) and FLEET NATIONAL
BANK, as co-documentation agents for the Lenders (in such capacity, together
with each of their successors, the "Co-Documentation Agents").

                                    Recitals

     A. The Borrower, the Agents and the Lenders are parties to that certain
Credit Agreement dated as of May 16, 2001, as amended by that certain First
Amendment to Credit Agreement dated as of May 29, 2001, as amended by that
certain Second Amendment to Credit Agreement dated as of March 28, 2002 (such
agreement, as amended, the "Credit Agreement"), pursuant to which the Lenders
have made certain credit available to and on behalf of the Borrower.

     B. The Borrower has requested and the Agents and the Lenders have agreed to
amend certain provisions of the Credit Agreement.

     C. NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

     Section 1. Defined Terms. Each capitalized term which is defined in the
Credit Agreement, but which is not defined in this Third Amendment, shall have
the meaning ascribed such term in the Credit Agreement. Unless otherwise
indicated, all section references in this Third Amendment refer to the Credit
Agreement.

     Section 2. Amendments to Credit Agreement.

     2.1 Amendments to Section 1.02.

     (a) The definition of "Agreement" is hereby amended to read as follows:

          "Agreement" shall mean this Credit Agreement, as amended by the First
     Amendment, as amended by the Second Amendment, as amended by the Third
     Amendment, and as further amended from time to time.

     (b) The definition of "Cash Equivalent" is hereby added where
alphabetically appropriate:

                                       1

<PAGE>

          "Cash Equivalents" shall mean investments of the type described in
     Sections 9.05(c), (d), (e) or (f).

     (c) The definition of "Consolidated Net Income" is hereby amended by
inserting the phrase "or any non-recurring items, including, but not limited to,
contract termination fees and associated expenses, system conversion costs,
legal settlements, severance and termination costs, costs associated with merger
and acquisition and capital offering efforts, and other similar expenses or
charges," between the words "losses" and "during" in subsection (iv) thereof.

     (d) The following definition of "Third Amendment" is hereby added where
alphabetically appropriate:

          "Third Amendment" shall mean that certain Third Amendment to Credit
     Agreement dated as of October 7, 2002 among the Borrower, the Guarantors,
     the Agents and the Lenders.

     2.2 Section 2.07(b). Section 2.07(b) is hereby amended by inserting the new
clause (iv), which reads in its entirety as follows:

          (iv) If the Borrower and its Consolidated Restricted Subsidiaries
     shall hold cash and Cash Equivalents exceeding $12,000,000.00 in the
     aggregate for any period of three consecutive Business Days, then the
     Borrower shall prepay the Loans on the first Business Day immediately
     following such three consecutive Business Day period in an aggregate
     principal amount equal to the excess of the fair market value, as
     determined by the Administrative Agent, of the cash and Cash Equivalents
     held by the Borrower and its Consolidated Restricted Subsidiaries on such
     Business Day over $12,000,000.00.

     2.3 Section 8.09(a).

     (a) Section 8.09(a) is hereby amended by deleting the percentage "80%" in
each place at which it appears therein and inserting in lieu thereof the
percentage "90%."

     (b) Section 8.09(a) is hereby further amended by adding the following
sentence at the end thereof, which reads in its entirety as follows:

          "In the event that on the effective date of the Third Amendment, the
     Borrower is not in compliance with this Section 8.09(a) as a result of the
     modifications made pursuant to the Third Amendment, then such
     non-compliance will not be a Default or Event of Default for a period of 30
     days during which it is expected the Borrower will achieve compliance."

     2.4 Section 9.01. Section 9.01 is hereby amended by deleting subsections
(a) and (b) thereof and inserting in lieu thereof the following:

     (a) Interest Coverage Ratio. The Borrower will not, as of the last day of
any fiscal quarter set forth below, permit its ratio of EBITDAX for the period
of four fiscal quarters then ending to Interest Expense for such period to be
less than the ratio set forth below:

                                       2

<PAGE>

         Fiscal Quarter                        Interest Coverage Ratio
         --------------                        -----------------------
         9/30/02 through 3/31/03               1.75 to 1.00

         4/1/03 through 6/30/03                1.90 to 1.00

         7/1/03 through 9/30/03                2.10 to 1.00

         10/1/03 through 12/31/03              2.30 to 1.00

         1/1/04 and thereafter                 2.50 to 1.00.

     (b) Ratio of Total Debt to EBITDAX. The Borrower will not, at any time
during any period set forth below, permit its ratio of Total Debt as of such
time during such period to EBITDAX for the four fiscal quarters ending on the
last day of the fiscal quarter immediately preceding the date of determination
for which financial statements are available to be greater than the ratio set
forth below:

         Fiscal Quarter                        Total Debt to EBITDAX
         --------------                        ---------------------
         9/30/02 through 12/31/02              5.50 to 1.00

         1/1/03 through 3/31/03                5.00 to 1.00

         4/1/03 through 6/30/03                4.75 to 1.00

         7/1/03 through 9/30/03                4.50 to 1.00

         10/1/03 through 12/31/03              4.00 to 1.00

         1/1/04 and thereafter                 3.50 to 1.00.

     2.5 Annex I. Annex I is hereby amended by deleting such annex in its
entirety and inserting in lieu thereof Annex I attached hereto.

     Section 3. Borrowing Base Redetermination. The Required Lenders and the
Borrower agree that the amount of the Borrowing Base: (i) for the period from
and after the Effective Date up to and including March 30, 2003 will be
$50,000,000 (less any adjustments occurring after the Effective Date pursuant to
Section 8.08(c) or Section 9.13); and (ii) for the period from and after March
31, 2003 until the next redetermination after such date will be $40,000,000
(less any adjustments occurring after the Effective Date pursuant to Section
8.08(c) or Section 9.13). This provision does not limit the right of the parties
to initiate interim redeterminations of the Borrowing Base in accordance with
Section 2.08(e).

     Section 4. Termination of Consent. That certain Consent, dated as of
August 9, 2002 among the Borrower, the Guarantors, the Agents and Lenders
parties thereto is hereby terminated.

                                       3

<PAGE>

     Section 5. Conditions Precedent. The effectiveness of this Third Amendment
is subject to the receipt by the Administrative Agent of the following documents
and satisfaction of the other conditions provided in this Section 5, each of
which shall be reasonably satisfactory to the Administrative Agent in form and
substance:

     5.1 Loan Documents. The Agent shall have received multiple counterparts as
requested of this Third Amendment from the Required Lenders.

     5.2 No Default. No Default or Event of Default shall have occurred and be
continuing as of the Effective Date.

     5.3 Amendment Fee. Payment by the Borrower of an amendment fee to the
Administrative Agent for the account of each Lender that (i) indicated in
writing to the Administrative Agent on or before 5:00 p.m. Houston time,
[October 2, 2002] its (A) agreement to execute this Third Amendment and (B)
approval to reset the Borrowing Base as set forth in Section 3 of this Third
Amendment, and (ii) executes and delivers a counterpart hereof to the
Administrative Agent no later than the Effective Date.

     Section 6. Representations and Warranties; Etc. Each Obligor hereby
affirms: (a) that as of the date of execution and delivery of this Third
Amendment, all of the representations and warranties contained in each Loan
Document to which such Obligor is a party are true and correct in all material
respects as though made on and as of the Effective Date (unless made as of a
specific earlier date, in which case, was true as of such date); and (b) that
after giving effect to this Third Amendment and to the transactions contemplated
hereby, no Defaults exist under the Loan Documents or will exist under the Loan
Documents.

     Section 7. Miscellaneous.

     7.1 Confirmation. The provisions of the Credit Agreement (as amended by
this Third Amendment) shall remain in full force and effect in accordance with
its terms following the effectiveness of this Third Amendment.

     7.2 Ratification and Affirmation of Obligors. Each of the Obligors hereby
expressly (i) acknowledges the terms of this Third Amendment, (ii) ratifies and
affirms its obligations under the Guaranty Agreement and the other Security
Instruments to which it is a party, (iii) acknowledges, renews and extends its
continued liability under the Guaranty Agreement and the other Security
Instruments to which it is a party and agrees that its guarantee under the
Guaranty Agreement and the other Security Instruments to which it is a party
remains in full force and effect with respect to the Indebtedness as amended
hereby.

     7.3 Counterparts. This Third Amendment may be executed by one or more of
the parties hereto in any number of separate counterparts, and all of such
counterparts taken together shall be deemed to constitute one and the same
instrument.

     7.4 No Oral Agreement. This written Third Amendment, the Credit Agreement
and the other Loan Documents executed in connection herewith and therewith
represent the final agreement between the parties and may not be contradicted by
evidence of prior,

                                       4

<PAGE>

contemporaneous, or unwritten oral agreements of the parties. There are no
subsequent oral agreements between the parties.

     7.5 GOVERNING LAW. This Third Amendment (including, but not limited to, the
validity and enforceability hereof) shall be governed by, and construed in
accordance with, the laws of the State of Texas.

                                       5

<PAGE>

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

BORROWER:                        MISSION RESOURCES CORPORATION

                                 By:__________________________________
                                    Daniel P. Foley
                                    Senior Vice President -- Corporate Finance

GUARANTORS:                      BLACK HAWK OIL COMPANY

                                 By:_______________________________
                                    Daniel P. Foley
                                    Senior Vice President -- Corporate Finance

                                 MISSION HOLDINGS LLC

                                 By:_______________________________
                                    Victoria L. Garrett
                                     Manager

                                MISSION E&P LIMITED PARTNERSHIP

                                  By Black Hawk Oil Company,
                                  its general partner

                                  By:__________________________
                                     Daniel P. Foley
                                     Senior Vice President -- Corporate Finance

                                PAN AMERICAN ENERGY FINANCE CORP.

                                By:_______________________________
                                   Daniel P. Foley
                                   Senior Vice President -- Corporate Finance

<PAGE>

ADMINISTRATIVE AGENT:               JPMORGAN CHASE BANK,
                                    as Administrative Agent

                                    By:__________________________________
                                    Name:
                                    Title:

SYNDICATION AGENT:                  BNP PARIBAS,
                                    as Syndication Agent

                                    By:__________________________________
                                    Name:

                                    By:__________________________________
                                    Name:

DOCUMENTATION AGENT:                WACHOVIA BANK, NATIONAL ASSOCIATION
                                    as Documentation Agent

                                    By:__________________________________
                                    Name:
                                    Title:

DOCUMENTATION AGENT:                FLEET NATIONAL BANK,
                                    as Documentation Agent

                                    By:__________________________________
                                    Name:
                                    Title:

LENDERS:                            JPMORGAN CHASE BANK

                                    By:__________________________________
                                    Name:
                                    Title:

<PAGE>

                                    BNP PARIBAS

                                    By:__________________________________
                                    Name:
                                    Title:

                                    By:__________________________________
                                    Name:
                                    Title:

                                    WACHOVIA BANK, NATIONAL ASSOCIATION

                                    By:__________________________________
                                    Name:
                                    Title:

                                    FLEET NATIONAL BANK

                                    By:__________________________________
                                    Name:
                                    Title:

                                    U.S. BANK NATIONAL ASSOCIATION

                                    By:__________________________________
                                    Name:
                                    Title:

                                    UNION BANK OF CALIFORNIA, N.A.

                                    By:__________________________________
                                    Name:
                                    Title:

                                    By:__________________________________
                                    Name:
                                    Title:

<PAGE>

                                    WELLS FARGO BANK TEXAS, N.A.

                                    By:__________________________________
                                    Name:
                                    Title:

                                    CIBC INC.

                                    By:__________________________________
                                    Name:
                                    Title:

                                    HIBERNIA NATIONAL BANK

                                    By:__________________________________
                                    Name:
                                    Title:

                                    SOUTHWEST BANK OF TEXAS, N.A.

                                    By:__________________________________
                                    Name:
                                    Title:

<PAGE>
                                     ANNEX I
                         LIST OF MAXIMUM CREDIT AMOUNTS

Aggregate Maximum Credit Amounts

<TABLE>
<CAPTION>
                   Name of Lender              Percentage Share    Maximum Credit Amount
                   --------------              ----------------    ---------------------
<S>                                                 <C>                 <C>
 JPMorgan Chase Bank                                12.50%              $ 18,750,000
 BNP Paribas                                        12.50%              $ 18,750,000
 Wachovia Bank, National Association                11.25%              $ 16,875,000
 Fleet National Bank                                11.25%              $ 16,875,000
 U.S. Bank National Association                     10.00%              $ 15,000,000
 Union Bank of California, NA                       10.00%              $ 15,000,000
 Wells Fargo Bank Texas, N.A.                       10.00%              $ 15,000,000
 CIBC Inc.                                           7.50%              $ 11,250,000
 Hibernia National Bank                              7.50%              $ 11,250,000
 Southwest Bank of Texas, N.A.                       7.50%              $ 11,250,000
 TOTAL                                             100.00%              $150,000,000
</TABLE>

                                   Annex I-1

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