Document:

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                                                                  Exhibit 10.3.1

                                December 11, 2000

James A. McGrady
Chief Financial Officer and Treasurer
Value City Department Stores, Inc.
3241 Westerville Road
Columbus, Ohio 43224-3751

         Re:      Your Request for Amendment of Subordinated Debt Terms and for
                  Waiver of Defaults

Dear Jim:

         Pursuant to your request, this letter agreement (the "Term Sheet")
provides the terms and conditions with respect to the amendment of the bridge
loan facility that Schottenstein Stores Corporation ("Lender") recently
purchased from Prudential Securities Credit Corp., LLC ("Prudential") and has
committed to provide for Value City Department Stores, Inc. (the "Borrower") and
its direct and indirect subsidiaries ("Credit Parties").

         Acceptance of this Term Sheet constitutes a binding agreement between
the parties. This Term Sheet shall become effective only if the Lender receives
on or before December 11, 2000, one copy of this Term Sheet with the acceptance
of the Borrower endorsed thereon. If the amendment contemplated by the Facility
is not closed by December 11, 2000 (or is extended by Lender in its sole
discretion), Lender's obligations hereunder will terminate.

         You agree that this letter is for your confidential use only and will
not be disclosed by you to any other person other than your accountants,
attorneys and other advisors, on a confidential basis, except that you may make
such public disclosures of the terms and conditions hereto as you are required
by law to make. The Borrower, by executing below, agrees that the Borrower will
pay all costs, including without limitation, attorneys fees and out-of-pocket
expenses, incurred in connection with this matter. In addition, you have asked
Lender to waive the existence of certain events of default under the Borrower's
existing bridge loan (the "Bridge Facility"), which is evidenced by a
$75,000,000 Senior Subordinated Convertible Loan Agreement dated as of March 15,
2000 (the "Loan Agreement"). A copy of the waiver agreement for existing events
of default is attached hereto as Annex A. This letter shall confirm Lender's
agreement to waive the existing events of default through and including the
earlier of the termination of the Borrower's present National City Bank Agented
Senior Credit Facility or an acceleration of such senior indebtedness upon the
terms and conditions contained therein.

         All terms and conditions of the Loan Agreement will remain as
originally written, except the following:

         1. Interest will continue to accrue on the entire amount of the
Advances at the stated rate, but shall be payable monthly only to the extent of
the lesser of (a) 45% of any such interest accruing, or (b) $3,500,000 per
annum; provided, however, that such payments will not exceed the amount of
Lender's income taxes paid or payable for such fiscal year. The difference
between interest accrued and interest paid shall be payable on the earlier of
(1) Maturity Date, or (2) such time as all Senior Debt is paid in full

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                                                                  Exhibit 10.3.1

         2. The subordination provisions of the Loan Agreement shall be amended
to conform with the terms of Annex B prior to March 15, 2001.

         If this Term Sheet attached hereto becomes subject to dispute, each of
the Borrower and Lender hereby waives trial by jury. This Term Sheet shall be
governed by and construed in accordance with the laws of the State of Ohio.

         Please evidence your receipt and agreement to the terms of this Term
Sheet by signing the enclosed copy of this Term Sheet returning it to me.

                                                Very truly yours,
                                                SCHOTTENSTEIN STORES CORPORATION

                                                By:
                                                   -----------------------------
                                                   Jeffrey Swanson
                                                   Its: Senior Vice President

Agreed and Accepted

VALUE CITY DEPARTMENT STORES, INC.

By:
     -----------------------------
     James A. McGrady
Its: Chief Financial Officer

Approved

NATIONAL CITY BANK, as agent

By:
     -----------------------------

Its:
     -----------------------------<PAGE>

                                                                     EXHIBIT 4.4

                        T. ROWE PRICE ASSOCIATES, INC.
                                      AND
                           T. ROWE PRICE GROUP, INC.

       AMENDMENT TO T. ROWE PRICE ASSOCIATES, INC. 1995 DIRECTOR STOCK
                                  OPTION PLAN

     T. Rowe Price Associates, Inc., a Maryland corporation ("Price
Associates"), and T. Rowe Price Group, Inc., a Maryland corporation ("Price
Group"), hereby amend the T. Rowe Price Associates, Inc. 1995 Director Stock
Option Plan (the "Plan") for the purpose of substituting Price Group for Price
Associates under the Plan and to otherwise reflect the terms of the plan of
share exchange pursuant to which Price Associates became a wholly-owned
subsidiary of Price Group through a share exchange, and shares of common stock
of Price Associates, par value $0.20 per share, were converted into shares of
Price Group, par value $0.20 per share.

     1.   The Plan is hereby named the T. Rowe Price Group, Inc. 1995 Director
Stock Option Plan.

     2.   In accordance with Paragraph 9 of the Plan, Paragraph 12 is hereby
added thereto, to read, in its entirety, as follows:

             "12. Notwithstanding anything contained herein to the contrary,
     from and after the consummation of a reorganization of T. Rowe Price
     Associates, Inc. into a wholly-owned subsidiary of T. Rowe Price Group,
     Inc. through a share exchange on the terms approved by the shareholders of
     T. Rowe Price Associates, Inc. on June 30, 2000 (the "Share Exchange"):

             (i)    T. Rowe Price Group, Inc. ("Price Group") will (A)
                    automatically succeed to the Company as the issuer under
                    this Plan, (B) be assigned, accept and assume all the
                    powers, rights, liabilities, obligations and duties of the
                    Company immediately prior to the time Price Group succeeded
                    to this Plan, and (C) perform the terms of this Plan in the
                    same manner and to the same extent as the Company was
                    required to perform them immediately prior to the
                    succession.

             (ii)   The terms of this Plan will be binding upon and inure to the
                    benefit of Price Group.

             (iii)  References in this Plan to the "Company" or "T. Rowe Price
                    Associates, Inc." or words of similar import will be
                    interpreted to mean T. Rowe Price Group, Inc.

             (iv)   References in this Plan to the "Company's Common Stock" will
                    be interpreted to mean the common stock of Price Group, par
                    value $0.20, subject to any adjustments authorized by
                    Paragraph 6 of this Plan.
<PAGE>

             (v)    Each award agreement entered into pursuant to this Plan will
                    be interpreted to be consistent with this Plan to the extent
                    that it would have been consistent with this Plan had Price
                    Group not succeeded to Price Associates as issuer
                    hereunder."

     3.   The terms of the Plan are confirmed in all other respects and
remain in full force and effect.

             IN WITNESS WHEREOF, each of the undersigned has caused the
foregoing amendment to be duly executed this 29/th/ day of December, 2000.

                                T. ROWE PRICE ASSOCIATES, INC.

                                /s/ George A. Roche
                                -----------------------------------------------
                                By:     George A. Roche
                                        Chairman of the Board and President

                                T. ROWE PRICE GROUP, INC.

                                /s/ George A. Roche
                                -----------------------------------------------
                                By:     George A. Roche
                                        Chairman of the Board and President<PAGE>

                                                                     EXHIBIT 4.4

                        T. ROWE PRICE ASSOCIATES, INC.
                                      AND
                           T. ROWE PRICE GROUP, INC.

     AMENDMENT TO T. ROWE PRICE ASSOCIATES, INC. 1993 STOCK INCENTIVE PLAN

          T. Rowe Price Associates, Inc., a Maryland corporation ("Price
Associates"), and T. Rowe Price Group, Inc., a Maryland corporation ("Price
Group"), hereby amend the T. Rowe Price Associates, Inc. 1993 Stock Incentive
Plan (the "1993 Plan") for the purpose of substituting Price Group for Price
Associates under the 1993 Plan and to otherwise reflect the terms of the plan of
share exchange pursuant to which Price Associates became a wholly-owned
subsidiary of Price Group through a share exchange, and shares of common stock
of Price Associates, par value $0.20 per share, were converted into shares of
Price Group, par value $0.20 per share.

          1.  The 1993 Plan is hereby named the T. Rowe Price Group, Inc. 1993
Stock Incentive Plan.

          2.  In accordance with Paragraph 11 of the 1993 Plan, Paragraph 14 is
hereby added thereto, to read, in its entirety, as follows:

              "14.  Notwithstanding anything contained herein to the contrary,
     from and after the consummation of a reorganization of T. Rowe Price
     Associates, Inc. into a wholly-owned subsidiary of T. Rowe Price Group,
     Inc. through a share exchange on the terms approved by the shareholders of
     T. Rowe Price Associates, Inc. on June 30, 2000 (the "Share Exchange"):

              (i)   T. Rowe Price Group, Inc. ("Price Group") will (A)
                    automatically succeed to the Company as the issuer under
                    this Plan, (B) be assigned, accept and assume all the
                    powers, rights, liabilities, obligations and duties of the
                    Company immediately prior to the time Price Group succeeded
                    to this Plan, and (C) perform the terms of this Plan in the
                    same manner and to the same extent as the Company was
                    required to perform them immediately prior to the
                    succession.

              (ii)  The terms of this Plan will be binding upon and inure to the
                    benefit of Price Group.

              (iii) References in this Plan to the "Company" or "T. Rowe Price
                    Associates, Inc." or words of similar import will be
                    interpreted to mean T. Rowe Price Group, Inc.

              (iv)  References in this Plan to the "Company's Common Stock" will
                    be interpreted to mean the common stock of Price Group, par
                    value $0.20, subject to any adjustments authorized by
                    Paragraph 8(h) of this Plan.
<PAGE>

               (v)  Each award agreement entered into pursuant to this Plan will
                    be interpreted to be consistent with this Plan to the extent
                    that it would have been consistent with this Plan had Price
                    Group not succeeded to Price Associates as issuer
                    hereunder."

     3.  The terms of the Plan are confirmed in all other respects and remain in
full force and effect.

               IN WITNESS WHEREOF, each of the undersigned has caused the
foregoing amendment to be duly executed this 29/th/ day of December, 2000.

                              T. ROWE PRICE ASSOCIATES, INC.

                              /s/ George A. Roche
                              ----------------------------------------------
                              By: George A. Roche
                                  Chairman of the Board and President

                              T. ROWE PRICE GROUP, INC.

                              /s/ George A. Roche
                              ----------------------------------------------
                              By: George A. Roche
                              Chairman of the Board and President

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