Document:

<PAGE>   1

                                                                    EXHIBIT 10.1

                                FOURTH AMENDMENT
                                       TO
                           LOAN AND SECURITY AGREEMENT

                  THIS AMENDMENT, made as of September 14, 2001, by and among
the parties identified as "Lenders" on the signature pages to this Amendment
("LENDERS"), CITICORP USA, INC., as agent for the Lenders (herein, in such
capacity as agent, called "AGENT"), and MAYOR'S JEWELERS, INC., formerly known
as JAN BELL MARKETING, INC., a Delaware corporation ("JAN BELL"), individually
and as "Borrowers' Agent", as defined in the "Loan Agreement" referenced below,
JBM RETAIL COMPANY, INC., a Delaware corporation ("JBM"), and MAYOR'S JEWELERS,
INC., a Florida corporation ("MAYOR'S") (Jan Bell, JBM and Mayor's hereinafter
referred to collectively as the "BORROWERS" and each individually as a
"Borrower").

                              W I T N E S S E T H :
                              - - - - - - - - - -

                  WHEREAS, Borrowers, Lenders and the Agent are parties to a
Loan and Security Agreement, dated as of July 28, 1998 (herein, as amended to
date, the "LOAN AGREEMENT"), pursuant to which Lenders have agreed to extend
certain credit to Borrowers upon the terms and conditions contained therein; and

                  WHEREAS, "Events of Default" (as defined in the Loan
Agreement) have occurred and are continuing as a result of Borrowers' failure to
comply with the requirements of Sections 5.3(B), (C) and (D) of the Loan
Agreement with respect to the Fiscal Quarter ending on or about July 31, 2001
("EXISTING EVENTS OF DEFAULT"); and

                  WHEREAS, Borrowers have requested that Lenders waive the
Existing Events of Default and, subject to the terms and conditions set forth
herein, Lenders are willing to do so; and

                  WHEREAS, Borrowers, Lenders and the Agent have agreed to amend
the Loan Agreement in certain respects as hereinafter set forth; and

                  WHEREAS, Borrowers, Lenders and the Agent desire to enter into
this Amendment in order to give effect to the foregoing;

                  NOW, THEREFORE, in consideration of the foregoing premises,
Borrowers, the Agent and Lenders agree as follows:

         1. DEFINITIONS. Unless otherwise expressly provided herein, all
capitalized terms used herein (without definition) shall have the meanings given
to such terms in the Loan Agreement.

         2. WAIVER. Pursuant to Borrowers' request, Lenders hereby waive the
Existing Events of Default; provided, HOWEVER, that such waiver is limited to
the Existing Events of Default and shall not be, or be deemed to be, a waiver of
any other Default or Event of Default presently or hereafter existing.

         3. AMENDMENT TO BORROWING AVAILABILITY DEFINITION. The definition of
"Borrowing Availability" set forth in Section 1.1 of the Loan Agreement is
hereby amended by deleting clause (ii) thereof in its entirety and substituting
in lieu thereof the following revised clause (ii):

                  (ii) the LESSER of (A) up to sixty-five percent (65%) of the
value of Eligible Inventory of Borrowers at such date, calculated on the basis
of the lower of cost or market value, with cost calculated on a first in, first
out basis, and with the exact percentages within such range applicable to
various types of Eligible Inventory of each Borrower to be determined by the
Agent from time to time (as to which indicative initial percentages are
specified below in this definition) and (B) eighty-five percent (85%) of the
percentage derived from the ratio of (1) the median appraised orderly
liquidation value of all owned Inventory of Borrowers at such date, determined
by reference to the gemological review most recently delivered by Borrowers to
the Agent pursuant to Section 5.1(K) hereof or any other applicable provision,
to (2) all owned Inventory of Borrowers at such date, calculated on the basis of
the lower of cost or market value, with cost calculated on a first in, first out
basis;

<PAGE>   2

         4. AMENDMENT TO INTEREST MARGIN DEFINITION. The definition of "Interest
Margin" set forth in Section 1.1 of the Loan Agreement is hereby deleted in its
entirety and the following revised definition of "Interest Margin" is hereby
substituted in lieu thereof:

                  "INTEREST MARGIN" - (a) with respect to each LIBOR Rate Loan,
four percent (4.00%) per annum, being the interest rate to be added to the LIBOR
Rate in order to determine the LIBOR Margined Rate and (b) with respect to each
Base Rate Loan, two and three-fourths percent (2.75%) per annum, being the
interest rate to be added to the Base Rate in order to determine the Base
Margined Rate.

         5. AMENDMENTS TO AFFIRMATIVE COVENANTS.

                  (a) Section 5.1(I) of the Loan Agreement is hereby amended by
         deleting therefrom the phrase "On a monthly basis, on or before the
         fifteenth day of each Fiscal Month (or more frequently if requested by
         the Agent)" and substituting in lieu thereof the phrase "On a weekly
         basis, on or before Tuesday of each week (or more frequently if
         requested by the Agent)".

                  (b) Section 5.1(K) of the Loan Agreement is hereby deleted in
         its entirety and the following revised Section 5.1(K) is hereby
         substituted in lieu thereof:

                  (K) Furnish to the Agent, at least three (3) times in each
                  calendar year as provided in the next succeeding sentence, or
                  more frequently if requested by the Agent at any time when an
                  Event of Default has occurred and is continuing, a review
                  report as to Borrower's Inventory, including a valuation
                  thereof, prepared by a reputable non-affiliated gemological
                  company, selected by the Agent (except as provided
                  hereinbelow). One such report in each calendar year shall be
                  provided to the Agent concurrently with the delivery to the
                  Agent of Jan Bell's annual audited financial statements
                  pursuant to Section 5.1(H) hereof for the preceding Fiscal
                  Year and the other two such reports shall be delivered to the
                  Agent at such times in each calendar year as it shall request.
                  The Agent and Lenders agree that, with respect only to the
                  report to be delivered to the Agent in each calendar year
                  concurrently with Jan Bell's annual audited financial
                  statements for the preceding Fiscal Year, delivery to Agent of
                  a copy of a review report commissioned by Borrower's certified
                  public accountants from a reputable non-affiliated gemological
                  company in connection with the preparation of such
                  accountant's audit report for Jan Bell's financial statements
                  for its preceding Fiscal Year shall satisfy the requirement
                  for such report (but not any other report) relative to the
                  calendar year in question if the preparer of such report and
                  the form and scope of such report are reasonably satisfactory
                  to Agent.

                  (c) Borrowers acknowledge and agree that pursuant to Sections
         5.1(G) and 8.4 of the Loan Agreement the Agent may conduct, at
         Borrowers' expense, such number of field audits as it reasonably
         requests in any calendar year. Without limitation of the foregoing,
         Borrowers acknowledge and agree that the Agent intends to conduct at
         least three (3) field audits in each calendar year.

         6. AMENDMENTS TO FINANCIAL COVENANTS.

                  (a) Section 5.3 of the Loan Agreement is hereby amended by
adding thereto, immediately after subsection (E) thereof, the following new
subsection (F) to read as follows:

                  (F) EXCESS COLLATERAL AVAILABILITY. Maintain at all times
                  "Excess Collateral Availability" (as defined below) of at
                  least Eight Million Dollars ($8,000,000). For purposes hereof,
                  "Excess Collateral Availability" shall mean the excess at any
                  one time of (i) Borrowing Availability over (ii) the total
                  amount of the outstanding Revolver Loans.

                  (b) Section 5.3 of the Loan Agreement is hereby further
amended by adding the following paragraph immediately after new subsection (F)
thereof:

                           Lenders hereby agree that during the period
                  commencing on the date of the Fourth Amendment to Loan and
                  Security Agreement, among Borrowers, Lenders and the Agent,
                  and ending on the last day of Borrowers' Fiscal Quarter ending
                  on or about April 30, 2002 ("WAIVER END DATE"), so long as Jan
                  Bell and its Subsidiaries are in compliance with the

                                       2
<PAGE>   3

                  requirements of the preceding subsection (F), the failure of
                  Jan Bell and its Subsidiaries to comply with the requirements
                  of the preceding subsections (B), (C) and (D) for the third
                  Fiscal Quarter 2001 and/or the fourth Fiscal Quarter 2001
                  shall not constitute Events of Default; PROVIDED, HOWEVER,
                  that on the Waiver End Date, any failures of Borrowers to have
                  complied with such covenants for such periods shall constitute
                  Events of Default.

         7. GEMOLOGICAL REVIEW. Without limitation of the requirements of
Section 5.1(K) of the Loan Agreement, within sixty (60) days after the date
hereof, at Borrowers' expense, Borrowers shall deliver to the Agent a review
report as to Borrowers' Inventory, including a valuation thereof, prepared by a
reputable non-affiliated gemological company selected by the Agent.

         8. MISCELLANEOUS.

                  (a) EFFECT OF AMENDMENT. Except as set forth expressly herein,
         all terms of the Loan Agreement, as amended hereby, shall be and remain
         in full force and effect and shall constitute the legal, valid, binding
         and enforceable obligations of Borrowers to the Agent and Lenders. To
         the extent any terms and conditions in any of the Loan Documents shall
         contradict or be in conflict with any terms or conditions of the Loan
         Agreement, after giving effect to this Amendment, such terms and
         conditions are hereby deemed modified and amended accordingly to
         reflect the terms and conditions of the Loan Agreement as modified and
         amended hereby. This Amendment may be signed in multiple counterparts,
         all of which shall constitute one and the same agreement.

                  (b) RATIFICATION. Borrowers hereby restate, ratify and
         reaffirm each and every term and condition set forth in the Loan
         Agreement, as amended hereby, and the Loan Documents, effective as of
         the date hereof.

                  (c) ESTOPPEL. To induce the Agent and Lenders to enter into
         this Amendment, Borrowers hereby acknowledge and agree that, as of the
         date hereof, no Default or Event of Default has occurred and is
         continuing and, in addition, there exists no right of offset, defense,
         counterclaim or objection in favor of Borrowers with respect to any
         Obligations.

                  (d) GOVERNING LAW. This Amendment shall be governed by, and
         construed in accordance with, the internal laws (and not the laws of
         conflicts) of the State of New York.

                  (e) COSTS AND EXPENSES. Borrowers agree to pay on demand all
         costs and expenses of the Agent in connection with the preparation,
         execution, delivery and enforcement of this Amendment and all other
         Loan Documents executed in connection herewith, the closing hereof, and
         any other transactions contemplated hereby, including the fees and
         out-of-pocket expenses of the Agent's counsel.

                                       3
<PAGE>   4
                  IN WITNESS WHEREOF, this Amendment has been duly executed by
the parties hereto as of the date first above written.

                                       "BORROWER"

                                       MAYOR'S JEWELERS, INC., formerly known as
                                       Jan Bell Marketing, Inc.

                                       By: /s/ DAVID BOUDREAU
                                           -------------------------------------
                                       Title: Senior Vice President

                                       MAYOR'S JEWELERS, INC.

                                       By: /s/ DAVID BOUDREAU
                                           -------------------------------------
                                       Title: Senior Vice President

                                       JBM RETAIL COMPANY, INC.

                                       By: /s/ DAVID BOUDREAU
                                           -------------------------------------
                                       Title: Senior Vice President

                                       "AGENT"

                                       CITICORP USA, INC.

                                       By:
                                          --------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

                                       "LENDERS"

                                       CITICORP USA, INC.

                                       By: /s/ MILES D. MCMANUS
                                           -------------------------------------
                                           Title: Vice President

                                       FLEET RETAIL FINANCE INC., f/k/a
                                       BankBoston Retail Finance, Inc.

                                       By: /s/ KEITH VERCAUTEREN
                                           -------------------------------------
                                           Title: Vice President

                                       4
<PAGE>   5

                                       FOOTHILL CAPITAL CORPORATION

                                       By: /s/ MICHAEL BARANOWSKI
                                           -------------------------------------
                                           Title: Vice President

                                       FIRST UNION NATIONAL BANK

                                       By:
                                           -------------------------------------
                                           Name:  Richard Preskenis
                                           Title: Vice President

                                       NATIONAL CITY COMMERCIAL FINANCE, INC.

                                       By: /s/ DENNIS HATVANY
                                           -------------------------------------
                                           Title: Vice President

                                       5
<PAGE>   6

                          ACKNOWLEDGMENT OF GUARANTORS

         Each of the undersigned, being a guarantor, pursuant to certain
Corporate Guaranty and Security Agreement, dated as of July 28, 1998
(collectively, the "GUARANTY"), of the obligations of Jan Bell Marketing, Inc.,
JBM Retail Company, Inc. and Mayor's Jewelers, Inc. (collectively, "BORROWERS")
under the "Loan Agreement" referenced in the within and foregoing Fourth
Amendment to Loan and Security Agreement among the lenders named therein,
Citicorp USA, Inc., as agent for such lenders, and Borrowers (the "FOURTH
AMENDMENT") hereby (a) acknowledges its receipt of a copy of, and consents to
the Fourth Amendment, (b) agrees to be bound thereby and (c) acknowledges and
agrees that the Guaranty shall continue in full force and effect from and after
the execution and delivery of the Fourth Amendment without modification,
diminution or impairment.

         IN WITNESS WHEREOF, the undersigned have set their hands as of the 14th
day of September, 2001.

                                       JBM VENTURE CO., INC.

                                       By: /s/ DAVID BOUDREAU
                                           -------------------------------------
                                       Title: Vice President

                                       ULTIMATE FINE JEWELRY INTERNATIONAL, INC.

                                       By: /s/ DAVID BOUDREAU
                                           -------------------------------------
                                       Title: Vice President

                                       JBM INTERNATIONAL, INC.

                                       By: /s/ DAVID BOUDREAU
                                           -------------------------------------
                                       Title: Vice President

                                       MAIER & BERKELE, INC.

                                       By: /s/ DAVID BOUDREAU
                                           -------------------------------------
                                       Title: Vice President

                                       MAYOR'S JEWELERS INTELLECTUAL PROPERTY
                                       HOLDING COMPANY

                                       By: /s/ DAVID BOUDREAU
                                           -------------------------------------
                                       Title: Vice President

                                       MAYOR'S JEWELERS RECEIVABLES
                                       HOLDING COMPANY

                                       By: /s/ DAVID BOUDREAU
                                           -------------------------------------
                                       Title: Vice President

                                       6
<PAGE>   7

                                       AMERICAN HOROGICAL CORPORATION

                                       By: /s/ DAVID BOUDREAU
                                           -------------------------------------
                                       Title: Vice President

                                       JAN BELL MARKETING/PUERTO RICO, INC.

                                       By: /s/ DAVID BOUDREAU
                                           -------------------------------------
                                       Title: Vice President

                                       7<PAGE>   1

                                                                    EXHIBIT 10.1

                       FIRST AMENDMENT TO CREDIT AGREEMENT

                  THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is
made as of the 29th day of May, 2001, among BELK, INC. (the "Borrower"),
WACHOVIA BANK, N.A. (the "Bank") and the undersigned Guarantors.

                                   Background:

                  The Borrower and the Bank have entered into a Credit Agreement
dated as of May 30, 2000 (the "Credit Agreement", which term shall include all
subsequent amendments, extensions and modifications thereto).

                  The Borrower and the Bank wish to amend the Credit Agreement
in certain respects as hereinafter provided.

                  The obligations of the Borrower under the Credit Agreement
were guaranteed by the Guarantors pursuant to Guaranty Agreements dated May 30,
2000. The Guarantors join herein to consent to the amendments contained herein.

                  NOW, THEREFORE, the Borrower and the Bank agree as follows:

                  SECTION 1. Definitions. Capitalized terms used herein which
are not otherwise defined herein shall have the respective meanings assigned to
them in the Credit Agreement.

                  SECTION 2. Amendments to Credit Agreement.

                  SECTION 2.1 Amendment to Definition of Leverage Ratio. The
definition of the term "Leverage Ratio" set forth in Section 1.01 of the Credit
Agreement is hereby deleted in its entirety and the following definition
substituted therefor:

                           "LEVERAGE RATIO" MEANS AS TO ANY PERSON AS OF THE
         LAST DAY OF ANY FISCAL QUARTER, THE RATIO OF (I) THE SUM OF FUNDED DEBT
         AS OF SUCH DATE PLUS ALL OBLIGATIONS OF SUCH PERSON AS LESSEE UNDER
         LEASES THAT ARE OR ARE REQUIRED TO BE, IN ACCORDANCE WITH GENERALLY
         ACCEPTED ACCOUNTING PRINCIPLES, RECORDED AS CAPITAL LEASES AS OF SUCH
         DATE TO (II) EBITDA FOR THE PERIOD OF FOUR CONSECUTIVE FISCAL QUARTERS
         THEN ENDING.

                  SECTION 2.2 Amendment to Section 2.05. Section 2.05 of the
Credit Agreement is hereby amended by deleting the date "May 29, 2001" in the
first sentence of Section 2.05 and substituting therefor the date "May 28,
2002."

                  SECTION 2.3 Amendment to Section 2.07 (a). Section 2.07(a) of
the Credit Agreement is hereby amended by deleting such section in its entirety
and substituting therefor the following:

<PAGE>   2

                  (a) INTEREST RATE OPTIONS. SUBJECT TO THE PROVISIONS OF THIS
         SECTION 2.07, AT THE ELECTION OF THE BORROWER, THE PRINCIPAL BALANCE OF
         THE NOTE OR ANY PORTION THEREOF SHALL BEAR INTEREST PER ANNUM AT (I)
         THE BASE RATE OR (II) THE LIBOR MARKET INDEX RATE PLUS THE APPLICABLE
         MARGIN OR (III) UNDER THE CIRCUMSTANCES SPECIFIED IN SECTION 3.04 ONLY,
         THE ALTERNATE RATE. THE BORROWER SHALL SELECT THE RATE OF INTEREST
         APPLICABLE TO ANY LOAN AT THE TIME A NOTICE OF BORROWING IS GIVEN
         PURSUANT TO SECTION 2.02 OR AT THE TIME A NOTICE OF
         CONVERSION/CONTINUATION IS GIVEN PURSUANT TO SECTION 2.08. EACH LOAN OR
         PORTION THEREOF BEARING INTEREST BASED ON THE BASE RATE SHALL BE A
         "BASE RATE LOAN," EACH LOAN OR PORTION THEREOF BEARING INTEREST BASED
         ON THE LIBOR MARKET INDEX RATE SHALL BE A "LIBOR RATE LOAN" AND EACH
         LOAN OR PORTION THEREOF BEARING INTEREST BASED ON THE ALTERNATE RATE
         SHALL BE AN "ALTERNATE RATE LOAN." ANY LOAN OR ANY PORTION THEREOF AS
         TO WHICH THE BORROWER HAS NOT DULY SPECIFIED AN INTEREST RATE AS
         PROVIDED HEREIN SHALL BE DEEMED A BASE RATE LOAN. THE BORROWER IS
         DEEMED TO HAVE ELECTED THE LIBOR MARKET INDEX RATE PLUS THE APPLICABLE
         MARGIN AS THE INTEREST RATE FOR ALL LOANS FUNDED PURSUANT TO SECTION
         2.02(C).

                  SECTION 2.4. Addition to Section 2.07. Section 2.07 of the
Credit Agreement is hereby amended by adding the following new subsection (e):

                           (e) APPLICABLE MARGIN. "APPLICABLE MARGIN" MEANS:

                                    (i) FOR THE PERIOD COMMENCING ON MAY 29,
         2001 TO AND INCLUDING THE FIRST PERFORMANCE PRICING DETERMINATION DATE,
         0.675%; AND

                                    (ii) FROM AND AFTER THE FIRST PERFORMANCE
         PRICING DETERMINATION DATE, FOR EACH LIBOR RATE LOAN, THE PERCENTAGE
         DETERMINED ON EACH PERFORMANCE PRICING DETERMINATION DATE BY REFERENCE
         TO THE TABLE SET FORTH BELOW AS TO THE LEVERAGE RATIO FOR THE QUARTERLY
         OR ANNUAL PERIOD ENDING IMMEDIATELY PRIOR TO SUCH PERFORMANCE PRICING
         DETERMINATION DATE.

                            LEVERAGE RATIO          APPLICABLE MARGIN
                            --------------          -----------------

                          >   2.25 TO 1.0                 0.75%

                          >   1.50 TO 1.0 BUT            0.675%
                          <   2.25 TO 1.0
                          -

                          <   1.50 TO 1.0                 0.60%
                          -

         IN DETERMINING INTEREST FOR PURPOSES OF THIS SECTION 2.07, THE BORROWER
         AND THE BANK SHALL REFER TO THE BORROWER'S MOST RECENT CONSOLIDATED
         QUARTERLY AND ANNUAL (AS THE CASE MAY BE) FINANCIAL STATEMENTS
         DELIVERED PURSUANT TO SECTION 6.01(A) OR (B), AS THE CASE MAY BE. IF
         SUCH FINANCIAL STATEMENTS REQUIRE A CHANGE IN INTEREST PURSUANT TO THIS
         SECTION 2.07, THE BORROWER SHALL DELIVER TO THE BANK, ALONG WITH SUCH
         FINANCIAL STATEMENTS, A NOTICE TO THAT EFFECT, WHICH NOTICE SHALL SET
         FORTH IN

                                       2
<PAGE>   3

         REASONABLE DETAIL THE CALCULATIONS SUPPORTING THE REQUIRED CHANGE. THE
         "PERFORMANCE PRICING DETERMINATION DATE" IS THE DATE WHICH IS 45 DAYS
         AFTER THE END OF EACH FISCAL QUARTER. ANY SUCH REQUIRED CHANGE IN
         INTEREST SHALL BECOME EFFECTIVE ON SUCH PERFORMANCE PRICING
         DETERMINATION DATE, AND SHALL BE IN EFFECT UNTIL THE NEXT PERFORMANCE
         PRICING DETERMINATION DATE, PROVIDED THAT: (I) CHANGES IN INTEREST
         SHALL ONLY BE EFFECTIVE FOR INTEREST PERIODS COMMENCING ON OR AFTER THE
         PERFORMANCE PRICING DETERMINATION DATE; AND (II) INTEREST SHALL NOT BE
         DECREASED PURSUANT TO THIS SECTION 2.07 IF A DEFAULT IS IN EXISTENCE ON
         THE PERFORMANCE PRICING DETERMINATION DATE.

                  SECTION 2.5. Addition of Section 2.11. The Credit Agreement is
hereby amended by adding the following new Section 2.11:

                            SECTION 2.11. FACILITY FEE. THE BORROWER SHALL PAY
         TO THE BANK, A FACILITY FEE, CALCULATED ON THE AGGREGATE AMOUNT OF THE
         COMMITMENT (WITHOUT TAKING INTO ACCOUNT THE AMOUNT OF THE OUTSTANDING
         LOANS MADE BY BANK), AT THE RATE OF 0.125%, WHICH FACILITY FEE SHALL BE
         EARNED AS OF MAY 29, 2001. SUCH FACILITY FEE SHALL BE PAYABLE IN
         INSTALLMENTS ON MAY 29, 2001, SEPTEMBER 1, 2001, DECEMBER 1, 2001 AND
         MARCH 1, 2002 IN EQUAL PAYMENTS OF $54,687.50; PROVIDED, HOWEVER, IN
         THE EVENT THE BORROWER REFINANCES THE BANK'S COMMITMENT IN A
         TRANSACTION NOT STRUCTURED AND/OR ARRANGED BY THE BANK, THE BORROWER
         SHALL PAY TO THE BANK ANY UNPAID INSTALLMENTS OF THE FACILITY FEE ON
         THE DATE THE COMMITMENT IS SO REFINANCED, AND, PROVIDED, FURTHER, IN
         THE EVENT THE BANK ELECTS TO ACCELERATE THE OBLIGATIONS OF THE BORROWER
         HEREUNDER UPON THE OCCURRENCE OF AN EVENT OF DEFAULT, ANY UNPAID
         BALANCE OF THE FACILITY FEE SHALL IMMEDIATELY BE DUE AND PAYABLE IN
         FULL.

                  SECTION 2.6. Amendment of Section 6.11. The Credit Agreement
is hereby amended by modifying the parenthetical in the first sentence of
Section 6.11 to read as follows:

         (EXCLUDING ANY SUBSIDIARY OPERATING AS AN INSURANCE OR BANKING ENTITY
         AND EXCLUDING BELK GIFT COMPANY LLC SO LONG AS BELK GIFT COMPANY LLC
         HAS AGGREGATE ASSETS NOT EXCEEDING $100,000 IN VALUE)

                  SECTION 2.7 Amendment of Section 6.27. Section 6.27 of the
Credit Agreement is amended by deleting the amount "$650,000,000" and
substituting therefor the amount "$735,250,000."

                  SECTION 3. Consent of Guarantors. Each of the Guarantors
hereby consents to the amendments set forth above.

                  SECTION 4. No Other Amendment. Except for the amendment set
forth above, the text of the Credit Agreement shall remain unchanged and in full
force and effect. This Amendment is not intended to effect, nor shall it be
construed as, a novation. The Credit Agreement and this Amendment shall be
construed together as a single instrument and any reference to the "Agreement"
or any other defined term for the Credit Agreement in the Credit

                                       3
<PAGE>   4

Agreement, the Loan Documents or any certificate, instrument or other document
delivered pursuant thereto shall mean the Credit Agreement as amended hereby and
as it may be amended, supplemented or otherwise modified hereafter. Nothing
herein contained shall waive, annul, vary or affect any provision, condition,
covenant or agreement contained in the Credit Agreement, except as herein
amended, the Guaranty Agreements or any of the other Loan Documents nor affect
nor impair any rights, powers or remedies under the Credit Agreement, as hereby
amended, the Guaranty Agreements or any of the other Loan Documents. The Bank
does hereby reserve all of its rights and remedies against the Guarantors and
all other parties who may be or may hereafter become secondarily liable for the
repayment of the Notes. The Borrower promises and agrees to perform all of the
requirements, conditions, agreements and obligations under the terms of the
Credit Agreement, as hereby amended, and the other Loan Documents, the Credit
Agreement, as amended, and the other Loan Documents being hereby ratified and
affirmed. The Borrower hereby expressly agrees that the Credit Agreement, as
amended, and the other Loan Documents are in full force and effect. The
Guarantors hereby promise and agree to perform all of the requirements,
conditions, agreements and obligations under the terms of the Guaranty
Agreements and the other Loan Documents to which any of them is a party, the
Guaranty Agreements and the other Loan Documents being hereby ratified and
affirmed. Each Guarantor hereby agrees that the Guaranty Agreements and other
Loan Documents to which it is a party are in full force and effect.

                  SECTION 5. Representations and Warranties. The Borrower and
each Guarantor hereby represents and warrants in favor of the Bank as follows:

                  (a) No Default or Event of Default under the Credit Agreement
has occurred and is continuing on the date hereof;

                  (b) The Borrower and each Guarantor has the corporate power
and authority to enter into this Amendment and to do all acts and things as are
required or contemplated hereunder to be done, observed and performed by it;

                  (c) This Amendment has been duly authorized, validly executed
and delivered by one or more authorized officers of the Borrower and of the
Guarantors and each of this Amendment, and the Credit Agreement, as amended
hereby, constitutes the legal, valid and binding obligation of the Borrower,
enforceable against it in accordance with its terms and the Guaranty Agreements
and other Loan Documents to which each Guarantor is a party constitute the
legal, valid and binding obligation of each Guarantor, enforceable against it in
accordance with its terms; and

                  (d) The execution and delivery of this Amendment and the
Borrower's performance hereunder and under the Credit Agreement as amended
hereby, and the execution and delivery of this Amendment by each Guarantor, do
not and will not require the consent or approval of any regulatory authority or
governmental authority or agency having jurisdiction over the Borrower or any
Guarantor other than those which have already been obtained or given, nor be in
contravention of or in conflict with the Articles of Incorporation or Bylaws or
Articles of Organization or Operating Agreement of the Borrower or any
Guarantor, or the provision of

                                       4
<PAGE>   5

any statute, or any judgment, order or indenture, instrument, agreement or
undertaking, to which the Borrower is a party or by which its assets or
properties are or may become bound.

                  SECTION 6. Counterparts. This Amendment may be executed in
multiple counterparts, each of which shall be deemed to be an original and all
of which, taken together, shall constitute one and the same agreement.

                  SECTION 7. Governing Law. This Amendment shall be deemed to be
made pursuant to the laws of the State of North Carolina with respect to
agreements made and to be performed wholly in the State of North Carolina and
shall be construed, interpreted, performed and enforced in accordance therewith.

                  SECTION 8. Effective Date. This Amendment shall be effective
as of the date first set forth above. The Borrower shall pay all out of pocket
fees and expenses of the Bank in connection with this Amendment including,
without limitation, the reasonable fees and expenses of counsel for the Bank.

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

                                           BORROWER:

Attest:                                    BELK, INC.

/s/ Luther T. Moore                        By: /s/ John M. Belk
--------------------                           ----------------
Its: Asst. Secretary                       Its: Chairman
     ---------------                            ---------------

[CORPORATE SEAL]
                                           GUARANTORS:

                                           BELK-SIMPSON COMPANY, GREENVILLE,
                                           SOUTH CAROLINA
ATTEST:

/s/ Luther T. Moore                        By: /s/ John M. Belk
--------------------                           ----------------
Its: Asst. Secretary                       Its: Chairman
     ---------------                            ---------------

[CORPORATE SEAL]

                                           BELK STORES SERVICES, INC.
ATTEST:

/s/ Luther T. Moore                        By: /s/ John M. Belk
--------------------                           ----------------
Its: Asst. Secretary                       Its: Chairman
     ---------------                            ---------------

[CORPORATE SEAL]

                                       5
<PAGE>   6

                                           THE BELK CENTER, INC.
ATTEST:

/s/ Luther T. Moore                        By: /s/ John M. Belk
--------------------                           ----------------
Its: Asst. Secretary                       Its: Chairman
     ---------------                            ---------------

[CORPORATE SEAL]

                                           BELK ADMINISTRATION COMPANY

ATTEST:

/s/ Luther T. Moore                        By: /s/ John M. Belk
--------------------                           ----------------
Its: Asst. Secretary                       Its: Chairman
     ---------------                            ---------------

[CORPORATE SEAL]

                                           BELK INTERNATIONAL, INC.

ATTEST:

/s/ Luther T. Moore                        By: /s/ John M. Belk
--------------------                           ----------------
Its: Asst. Secretary                       Its: Chairman
     ---------------                            ---------------

[CORPORATE SEAL]

                                           UNITED ELECTRONIC SERVICES, INC.

ATTEST:

/s/ Luther T. Moore                        By: /s/ John M. Belk
--------------------                           ----------------
Its: Asst. Secretary                       Its: Chairman
     ---------------                            ---------------

[CORPORATE SEAL]

                                           BELK STORES OF VIRGINIA LLC

                                           By: /s/ John M. Belk
                                               ----------------
                                           Its: Chairman
                                                ---------------

                                       6
<PAGE>   7

                                           BELK ACCOUNTS RECEIVABLE LLC

                                           By: /s/ John M. Belk
                                               ----------------
                                           Its: Chairman
                                                ---------------

                                           BANK:

                                           WACHOVIA BANK, N.A.

                                           By: /s/ John C. Muller, Jr.
                                               ------------------------
                                           Its: Senior Vice President
                                                -----------------------

                                       7

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