Document:

Exhibit 10.1

    
      

    

    THIRD
      AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

     

    THIS
      THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Third
      Amendment”)
      is
      executed as of the 25th day of January, 2006, by and among

     

    DILLARD’S,
      INC., a corporation organized under the laws of the State of Delaware having
      a
      place of business at 1600 Cantrell Road, Little Rock,
      Arkansas  77201, as Lead Borrower for the Borrowers,
      being

     

    said
      DILLARD’S, INC.,

     

    DILLARD
      TEXAS OPERATING LIMITED PARTNERSHIP, a limited partnership organized under
      the
      laws of the State of Texas having a place of business at 4501 North Beach
      Street, Fort Worth, Texas  76137;

     

    THE
      JOSLIN DRY GOODS COMPANY, a corporation organized under the laws of the State
      of
      Colorado having a place of business at Park Meadows Center, Littleton,
      Colorado  80124;

     

    DILLARD
      TENNESSEE OPERATING LIMITED PARTNERSHIP, a limited partnership organized under
      the laws of the State of Tennessee having a place of business at
      7624 Highway 70 S., Nashville,
      Tennessee  37221;

     

    C.J.
      GAYFER & COMPANY, INCORPORATED, a corporation organized under the laws of
      the State of Delaware having a place of business at 1600 Cantrell Road,
      Little Rock, Arkansas  72201;

     

    J.B.
      IVEY
& COMPANY, a corporation organized under the laws of the State of North
      Carolina having a place of business at 1600 Cantrell Road, Little Rock,
      Arkansas  72201; 

     

    THE
      CASTNER-KNOTT DRY GOODS, CO., a corporation organized under the laws of the
      State of Tennessee having a place of business at 1500 N. Jackson,
      Tullahoma, Tennessee  37388; 

     

    DILLARD
      STORE SERVICES, INC., a corporation organized under the laws of the State of
      Arizona having a place of business at 2215 S. 48th Street,
      Suite E, Tempe, Arizona  85282;

     

    THE
      HIGBEE COMPANY, a corporation organized under the laws of the State of Delaware
      having a place of business at 100 Public Square, Cleveland,
      Ohio  44113;

     

    THE
      MCALPIN COMPANY, a corporation organized under the laws of the State of Kentucky
      having a place of business at 1600 Cantrell Road, Little Rock,
      Arkansas  72201;

     

    
      
        
        

      

      
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    GAYFER’S
      MONTGOMERY FAIR CO., a corporation organized under the laws of the State of
      Delaware having a place of business at 1600 Cantrell Road, Little Rock,
      Arkansas  72201;

     

    THE
      LION
      DRY GOODS COMPANY, a corporation organized under the laws of the State of Ohio
      having a place of business at 1600 Cantrell Road, Little Rock,
      Arkansas  72201;

     

    J.
      BACON
& SONS, a corporation organized under the laws of the State of Kentucky
      having a place of business at 1600 Cantrell Road, Little Rock,
      Arkansas  72201;

     

    MERCANTILE
      STORES COMPANY, INC., a corporation organized under the laws of the State of
      Delaware having a place of business at 1600 Cantrell Road, Little Rock,
      Arkansas  72201; 

     

    DILLARD’S
      WYOMING, INC., a corporation organized under the laws of the State of Wyoming
      having a place of business at 1600 Cantrell Road, Little Rock,
      Arkansas  72201; 

     

    CONSTRUCTION
      DEVELOPERS, INCORPORATED, a corporation organized under the laws of the State
      of
      Arkansas having a place of business at 1600 Cantrell Road, Little Rock,
      Arkansas  72201; 

     

    DILLARD
      INTERNATIONAL, INC., a corporation organized under the laws of the State of
      Nevada having a place of business at 3200 Las Vegas Blvd. S., Las Vega,
      Nevada  89109; 

     

    CONDEV
      NEVADA, INC., a corporation organized under the laws of the State of Nevada
      having a place of business at 1600 Cantrell Road, Little Rock,
      Arkansas  72201; 

     

    MERCANTILE
      KANSAS CITY, INC., a corporation organized under the laws of the State of
      Delaware having a place of business at 1600 Cantrell Road, Little Rock,
      Arkansas  72201; 

     

    HENNESSY
      COMPANY, a corporation organized under the laws of the State of Montana having
      a
      place of business at 1600 Cantrell Road, Little Rock,
      Arkansas  72201; 

     

    J.B.
      WHITE & COMPANY, a corporation organized under the laws of the State of
      South Carolina having a place of business at 1600 Cantrell Road, Little
      Rock, Arkansas  72201; 

     

    U.S.
      ALPHA, INC., a corporation organized under the laws of the State of Nevada
      having a place of business at 6191 S. State, Murray, Utah  84107;

     

    
      
        
        

      

      
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    DILLARD’S
      DOLLARS, INC., a corporation organized under the laws of the State of Arkansas
      having a place of business at 1600 Cantrell Road, Little Rock,
      Arkansas  72201; 

     

    MERCANTILE
      OPERATIONS, INC., a corporation organized under the laws of the State of
      Delaware having a place of business at 1600 Cantrell Road, Little Rock,
      Arkansas  72201; and

     

    the
      financial institutions and other entities identified on the signature pages
      to
      this Third Amendment as a “Lender” (collectively, the “Lenders”
and
      each individually, a “Lender”);
      and

     

    JPMORGAN
      CHASE BANK, N.A., as the Agent for the Lenders, a national banking association,
      formerly known as JPMorgan Chase Bank, having a place of business at
      2200 Ross Avenue, 3rd Floor, Dallas,
      Texas  75201;

     

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

     

    RECITALS:

     

    A.   The
      Borrowers and the Lenders are parties to that certain Amended and Restated
      Credit Agreement dated as of December 12, 2003 (as amended by that certain
      First Amendment to Amended and Restated Credit Agreement dated as of
      May 10, 2004 by and among the Borrowers, the Lenders and the Agent and that
      certain Second Amendment to Amended and Restated Credit Agreement dated as
      of
      June 3, 2005 by and among the Borrowers, the Lenders and the Agent, and as
      further amended from time to time, the “Credit
      Agreement”;
      unless
      otherwise defined herein, all capitalized terms used herein which are defined
      in
      the Credit Agreement shall have the meaning given such terms in the Credit
      Agreement, including, to the extent applicable, after giving effect to this
      Third Amendment),
      pursuant to which the Lenders provide certain financing to the Borrowers in
      accordance with the terms and conditions set forth therein.

     

    B.   On
      or
      about January 28, 2006, the Subsidiary Borrowers that are subsidiaries of the
      Subsidiary Borrower Mercantile Stores Company, Inc., a Delaware corporation
      (“MSC”),
      will,
      pursuant to a plan of liquidation, merge into MSC and, immediately thereafter,
      MSC will merge into the Subsidiary Borrower Mercantile Operations, Inc., a
      Delaware corporation.

     

    C.   In
      connection with such restructuring transactions, the Borrowers have requested
      that the Lenders amend certain terms of the Credit Agreement.

     

    D.   Subject
      to the terms and conditions set forth herein, the Lenders have agreed to the
      Borrowers’ request.

     

    AGREEMENTS:

     

    In
      consideration of the mutual covenants and agreements herein contained and other
      good and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged and confessed, the parties hereto hereby agree as
      follows:

     

    
      
        
        

      

      
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    SECTION
      1.  Amendments.In
      reliance on the representations, warranties, covenants and agreements contained
      in this Third Amendment, but subject to the satisfaction of each condition
      precedent contained in Section 2
      hereof,
      the Credit Agreement shall be amended effective as of the date hereof in the
      manner provided in this Section 1.

     

    1.1  Amendment
      to Section 2.06.
      Clause
      (c) of Section 2.06 of the Credit Agreement
      shall be
      amended and restated in its entirety to read in full as follows:

     

    (c)  Each
      Commercial Letter of Credit shall expire at or prior to the close of business
      on
      the earlier of (i) the date 180 days after the date of the issuance of such
      Commercial Letter of Credit and (ii) the date that is five Business Days
      prior to the Maturity Date.

     

    1.2  Amendment
      to Section 6.01.
      Clause
      (v) of Section 6.01 of the Credit Agreement
      shall be
      amended and restated in its entirety to read in full as follows:

     

    (v)  Indebtedness
      incurred to finance, refinance or otherwise monetize the value of any Real
      Estate owned by any Subsidiary Borrower;

     

    1.3  Amendment
      to Section 6.02.
      Clause
      (v) of Section 6.02(a) of the Credit Agreement
      shall be
      amended and restated in its entirety to read in full as follows:

     

    (v)  Liens
      to
      secure Indebtedness permitted by clause (v) of Section 6.01; provided that
      such
      Liens shall not apply to any property or assets of the Subsidiary Borrowers
      other than the Real Estate so financed, refinanced or otherwise monetized or
      which is the subject of a sale-leaseback transaction;

     

    1.4  Amendments
      to Section 6.03.
      Clause
      (a) of Section 6.03 of the Credit Agreement shall be amended and restated in
      its
      entirety to read as follows:

     

    (a)  The
      Borrowers and their
      respective Subsidiaries will not merge into or consolidate with any other
      Person, or permit any other Person to merge into or consolidate with it, or
      liquidate or dissolve, except that, if at the time thereof and immediately
      after
      giving effect thereto, no Default shall have occurred and be
      continuing:

     

    (i) any
      Subsidiary may merge, consolidate with, or liquidate or dissolve into a Borrower
      in a transaction in which a Borrower is the surviving corporation, provided,
      that, no Subsidiary Borrower shall be permitted to merge, consolidate with,
      liquidate or dissolve into the Lead Borrower;

     

    (ii)
      the
      Lead Borrower may merge with or consolidate with any other Person (other than
      a
      Subsidiary Borrower) as long as the Lead Borrower is the surviving corporation;
      and

     

    (iii) any
      Subsidiary that is not a Borrower may merge, consolidate with, liquidate or
      dissolve into any other Subsidiary that is not a Borrower, provided that any
      such merger, consolidation, liquidation or dissolution involving a Person that
      is not a wholly owned Subsidiary immediately prior to such merger,
      consolidation, liquidation or dissolution shall not be permitted unless also
      permitted by Section 6.04.

     

    
      
        
        

      

      
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    1.5  Amendment
      to Section 6.05.
      Clause
      (a) of Section 6.05 of the Credit Agreement shall be amended to delete the
“and”
at the end of subsection (iv) thereof, to insert the word “and” at the end of
      subsection (v) thereof, to add a new subsection (vi) thereto which shall read
      in
      full as set forth below and to amend and restate the proviso at the end of
      such
      clause in its entirety to read in full as set forth below:

     

    (vi) the
      sale
      of all of the capital stock of WMI Acquisition, Inc. (“WMI”)
      to a
      third party; provided, that (A) no Specified Event of Default has occurred
      and
      is continuing or would arise therefrom and (B) no Change of Control would result
      therefrom;

     

    provided
      that all
      sales, transfers, leases and other dispositions permitted hereby (other than
      sales, transfers and other disposition permitted under clause (ii)) shall be
      made at arm’s length and for fair value and solely for cash consideration (other
      than (x) sales, transfers and other dispositions permitted under clause (ii)
      and
      (y) the sale permitted under clause (vi) but only with respect to such
      transaction being solely for cash consideration and only to the extent the
      portion of the consideration that is non-cash consideration is not greater
      than
      $3,000,000); and further
      provided that
      the
      authority granted hereunder may be terminated in whole or in part by the Agent
      upon the occurrence and during the continuance of any Event of
      Default.

     

    1.6  Amendment
      to Section 6.06.
      Clause
      (a) of Section 6.06 of the Credit Agreement shall be amended and restated in
      its
      entirety to read in full as follows:

     

    (a)  The
      Borrowers will not declare or make, or agree to pay or make, directly or
      indirectly, any Restricted Payment, except:

     

    (i)  the
      Borrowers may declare and pay dividends with respect to their capital stock
      in
      cash or in additional shares of their common stock so long as no Specified
      Event
      of Default exists or would arise therefrom;

     

    (ii)  the
      limited liability company interests in JOS LLC, a Delaware limited liability
      company, and LIO LLC, a Delaware limited liability company, may be distributed
      to the Subsidiary Borrower Mercantile Stores Company, Inc., a Delaware
      corporation (“MSC”),
      on or
      prior to January 26, 2006; 

     

    (iii)    
      wholly-owned
      Subsidiaries of MSC that are Subsidiary Borrowers may adopt a plan of
      liquidation and distribute all of their assets to MSC; 

     

    
      
        
        

      

      
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    (iv)   
       MSC
      may
      make a one-time cash distribution of $549,450 to WMI in redemption of WMI’s
      0.075% interest in MSC’s stock

     

    (v)  MSC
      may
      distribute its remaining assets to the Subsidiary Borrower Mercantile
      Operations, Inc., a Delaware corporation (“MOI”),
      in
      liquidation of MOI’s 99.925% interest in the stock of MSC;

     

    (vi)    
      MOI
      may
      redeem MMC Acquisition, Inc.'s 28% interests in the stock of MOI for cash in
      the
      amount of $1,374,154, for inter-company promissory notes in the amounts of
      $103,000,000 and $77,000,000 and for the limited liability company interests
      in
      JOS LLC, a Delaware limited liability company, LIO LLC, a Delaware limited
      liability company, and MERC PROP LLC, a Delaware limited liability company;
      provided that the inter-company promissory note in the amount of $103,000,000
      shall be distributed to Lead Borrower on or about January 25, 2006;
      and

     

    (vii)    
      the
      Lead
      Borrower may repurchase equity interests in the Lead Borrower (a “Repurchase”)
      as
      long as (A) no Default or Event of Default then exists or, after giving effect
      to such Repurchase, would arise; and (B) during the ninety (90) day period
      prior
      (on a pro forma basis) to the date of such Repurchase, and for the ninety (90)
      day period following (on a projected basis) the date of such Repurchase, there
      shall be average Excess Availability of at least $250,000,000.

     

    SECTION
      2.  Conditions
      Precedent. The
      effectiveness of the amendments to the Credit Agreement contained in
Section 1
      hereof
      is subject to the satisfaction of each of the following conditions
      precedent:

     

    2.1  Amendment
      Fees and Expenses.
      The
      Lead Borrower and the other Borrowers shall
      have paid (a) all fees owed to the Agent, its Affiliates and any Lenders in
      connection with the execution of this Amendment, and (b) all fees and expenses
      of the Agent and its Affiliates in connection with the preparation, negotiation
      and execution of this Third Amendment, including, without limitation, the
      reasonable fees and expenses of Vinson & Elkins L.L.P., counsel to the
      Agent.

     

    2.2  Joinder.
      The
      Borrowers have executed and delivered, or cause to be executed and delivered,
      to
      the Agent, or shall contemporaneously herewith execute and deliver to the Agent,
      all documents required to cause the addition of MOI, as a Subsidiary Borrower
      and MOI shall have become a Subsidiary Borrower.

     

    2.3  Documentation.
      The
      Agent shall have received such other documents and instruments as it or any
      Lender may reasonably request, all in form and substance reasonably satisfactory
      to the Agent and its counsel.

     

    2.4  No Defaults.
      No
      Default or Event of Default shall exist after giving effect to this Third
      Amendment.

     

    
      
        
        

      

      
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    SECTION
      3.  Representations
      and Warranties.
      In
      order
      to induce the Agent and each Lender to enter into this Third Amendment, the
      Borrowers hereby jointly and severally represent and warrant to the Agent and
      each Lender that: 

     

    3.1  Accuracy of
      Representations and Warranties.
      Each of
      the representations and warranties of each Borrower contained in the Loan
      Documents is true and correct in all material respects as of the date hereof
      (except to the extent that such representations and warranties are expressly
      made as of a particular date, in which event such representations and warranties
      were true and correct as of such date). 

     

    3.2  Due
      Authorization, No Conflicts.
      The
      execution, delivery and performance by the Borrowers of this Third Amendment,
      and all other documents, instruments or agreements executed by any of the
      Borrowers in connection with this Third Amendment, are within the Borrowers’
corporate or limited partnership powers, as applicable, have been duly
      authorized by all necessary corporate or limited partnership action, require
      no
      action by or in respect of, or filing with, any governmental body, agency or
      official and do not violate or constitute a default under any provision of
      applicable law or any material agreement binding upon the Borrowers or their
      Subsidiaries, or result in the creation or imposition of any Lien upon any
      of
      the assets of the Borrowers or their Subsidiaries.

     

    3.3  Validity
      and Binding Effect.
      This
      Third Amendment and all other documents, instruments or agreements executed
      by
      any of the Borrowers in connection with this Third Amendment constitute the
      valid and binding obligations of the applicable Borrowers enforceable in
      accordance with their respective terms, except as the enforceability thereof
      may
      be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights
      generally, and the availability of equitable remedies may be limited by
      equitable principles of general application.

     

    3.4  Absence
      of Defaults.
      Neither
      a Default nor an Event of Default has occurred which is continuing after giving
      effect to this Third Amendment.

     

    SECTION
      4.  Miscellaneous.

     

    4.1  Reaffirmation
      of Loan Documents; Extension of Liens.
      Any and
      all of the terms and provisions of the Credit Agreement and the other Loan
      Documents shall, except as amended and modified hereby, remain in full force
      and
      effect. Each Borrower hereby extends each Lien granted by such Borrower to
      secure the Obligations until the Obligations have been paid in full, and agree
      that the amendments herein contained shall in no manner affect or impair the
      Obligations or the Liens securing payment and performance thereof, all of which
      are ratified and confirmed.

     

    4.2  Parties
      in Interest.
      All of
      the terms and provisions of this Third Amendment shall bind and inure to the
      benefit of the parties hereto and their respective successors and
      assigns.

     

    4.3  Loan
      Document.
      This
      Third Amendment is a Loan Document for all purposes of the Credit Agreement
      and
      the other Loan Documents.

     

    
      
        
        

      

      
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    4.4  Counterparts,
      Effectiveness of Third Amendment.
      This
      Third Amendment may be executed in counterparts, and all parties need not
      execute the same counterpart; however, no party shall be bound by this Third
      Amendment until this Third Amendment has been executed by the Agent, each
      Borrower and Required Lenders, at which time this Third Amendment shall be
      binding on, enforceable against and inure to the benefit of the Borrowers,
      the
      Agent and all Lenders. Facsimiles shall be effective as originals.

     

    4.5  COMPLETE
      AGREEMENT.
      THIS
      THIRD AMENDMENT,
      THE
      CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT
      AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
      CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL
      AGREEMENTS BETWEEN THE PARTIES.

     

    4.6  Headings.
      The
      headings, captions and arrangements used in this Third Amendment are, unless
      specified otherwise, for convenience only and shall not be deemed to limit,
      amplify or modify the terms of this Third Amendment, nor affect the meaning
      thereof.

     

    4.7  No
      Implied Waivers; Consent.
      No
      failure or delay on the part of the Lenders or the Agent in exercising, and
      no
      course of dealing with respect to, any right, power or privilege under this
      Third Amendment, the Credit Agreement or any other Loan Document shall operate
      as a waiver thereof, nor shall any single or partial exercise of any right,
      power or privilege under this Third Amendment, the Credit Agreement or any
      other
      Loan Document preclude any other or further exercise thereof or the exercise
      of
      any other right, power or privilege. The Lenders hereby consent to and waive
      any
      Default or Event of Default resulting from a violation of Sections 6.01, 6.03
      or
      6.06 of the Credit Agreement which may have resulted from the following actions
      occurring prior to the effectiveness of this Third Amendment:

     

    (a)  MSC’s
      adoption of a plan of complete liquidation whereby it merges into
      MOI;

     

    (b)  the
      distribution of the limited liability company interests in JOS LLC, a Delaware
      limited liability company, and LIO LLC, a Delaware limited liability company,
      to
      MSC on or prior to January 26, 2006;

     

    (c)  the
      adoption of a plan of liquidation, and distribution of all of their assets,
      by
      certain wholly-owned Subsidiaries of MSC to MSC;

     

    (d)  MSC’s
      one
      time cash distribution of $549,450 to WMI Acquisition, Inc. (“WMI”)
      in
      redemption of WMI’s 0.075% interest in MSC’s stock;

     

    (e)  MSC’s
      distribution of its remaining assets to MOI in liquidation of MOI’s 99.925%
      interest in the stock of MSC; and

     

    (f)  MOI
      may
      redeem MMC Acquisition, Inc.'s 28% interests in the stock of MOI for cash in
      the
      amount of $1,374,154, for inter-company promissory notes in the amounts of
      $103,000,000 and $77,000,000 and for the limited liability company interests
      in
      JOS LLC, a Delaware limited liability company, LIO LLC, a Delaware limited
      liability company, and MERC PROP LLC, a Delaware limited liability company;
      provided that the inter-company promissory note in the amount of $103,000,000
      shall be distributed to Lead Borrower on or about January 25, 2006.

     

    
      
        
        

      

      
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    4.8  Review
      and Construction of Documents.
      The
      Borrowers hereby acknowledge, and represent and warrant to the Lenders that
      (a) the Borrowers have had the opportunity to consult with legal counsel of
      their own choice and have been afforded an opportunity to review this Third
      Amendment with their legal counsel, (b) the Borrowers have reviewed this
      Third Amendment and fully understand the effects thereof and all terms and
      provisions contained herein, (c) the Borrowers have executed this Third
      Amendment of their own free will and volition, and (d) this Third Amendment
      shall be construed as if jointly drafted by the Borrowers and the Lenders.
      The
      recitals contained in this Third Amendment shall be construed to be part of
      the
      operative terms and provisions of this Third Amendment.

     

    4.9  Interpretation.
      Wherever the context hereof shall so require, the singular shall include the
      plural, the masculine gender shall include the feminine gender and the neuter
      and vice versa.

     

    4.10  
      Severability.
      In case
      any one or more of the provisions contained in this Third Amendment shall for
      any reason be held to be invalid, illegal or unenforceable in any respect,
      such
      invalidity, illegality, or unenforceability shall not affect any other provision
      hereof, and this Third Amendment shall be construed as if such invalid, illegal,
      or unenforceable provision had never been contained herein.

     

    4.11   
      Further
      Assurances.
      The
      Borrowers agree to execute, acknowledge, deliver, file and record such further
      certificates, instruments and documents, and to do all other acts and things,
      as
      may be requested by the Lenders or the Agent as necessary or advisable to carry
      out the intents and purposes of this Third Amendment.

     

    4.12    
      Governing
      Law.
      This
      Third Amendment and the rights and obligations of the parties hereunder shall
      be
      construed in accordance with and be governed by the laws of the State of New
      York and, and to the extent controlling, laws of the United States of
      America.

     

    [Signature
      Page Follows]

    
      
        
        

      

      
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    IN
      WITNESS WHEREOF, the parties hereto have executed this Third Amendment as of
      the
      day and year first above written.

    

      

        
          	 	
                  DILLARD’S,
                    INC.,

                	 
	 	
                  as
                    the Lead Borrower and a Borrower

                	 
	 	 	 	 
	 	
                  DILLARD
                    TEXAS OPERATING LIMITED PARTNERSHIP,

                	 
	 	
                  By
                    its General Partner, Dillard’s, Inc., as Borrower

                	 
	 	 	 	 
	 	
                  THE
                    JOSLIN DRY GOODS COMPANY,

                	 
	 	
                  as
                    a Borrower

                	 
	 	 	 	 
	 	
                  DILLARD
                    TENNESSEE OPERATING LIMITED PARTNERSHIP, as a Borrower

                	 
	 	
                  By
                    its General Partner, Dillard’s, Inc.

                	 
	 	 	 	 
	 	
                  C.J.
                    GAYFER & COMPANY, INCORPORATED,

                	 
	 	
                  as
                    a Borrower

                	 
	 	 	 	 
	 	
                  J.B.
                    IVEY & COMPANY,

                	 
	 	
                  as
                    a Borrower

                	 
	 	 	 	 
	 	
                  THE
                    CASTNER-KNOTT DRY GOODS CO.,

                	 
	 	
                  as
                    a Borrower

                	 
	 	 	 	 
	 	
                  DILLARD
                    STORES SERVICES, INC.,

                	 
	 	
                  as
                    a Borrower

                	 
	 	 	 	 
	 	
                  THE
                    HIGBEE COMPANY,

                	 
	 	
                  as
                    a Borrower

                	 
	 	 	 	 
	 	
                  THE
                    MCALPIN COMPANY,

                	 
	 	
                  as
                    a Borrower

                	 
	 	 	 	 
	 	
                  GAYFER’S
                    MONTGOMERY FAIR CO.,

                	 
	 	
                  as
                    a Borrower

                	 
	 	 	 	 
	 	
                  THE
                    LION DRY GOODS COMPANY,

                	 
	 	
                  as
                    a Borrower

                	 
	 	 	 
	 	
                  J.
                    BACON & SONS,

                	 
	 	
                  as
                    a Borrower

                	 
	 	 	 	 
	 	
                  MERCANTILE
                    STORES COMPANY, INC.,

                	 
	 	
                  as
                    a Borrower

                	 

        

         

        Signature
          Page to Third Amendment to

        Amended
          and Restated Credit Agreement

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  DILLARD’S
                    WYOMING, INC.,

                	 
	 	
                  as
                    a Borrower

                	 
	 	 	 
	 	
                  CONSTRUCTION
                    DEVELOPERS, INCORPORATED,

                	 
	 	
                  as
                    a Borrower

                	 
	 	 	 	 
	 	
                  CONDEV
                    NEVADA, INC.,

                	 
	 	
                  as
                    a Borrower

                	 
	 	 	 	 
	 	
                  MERCANTILE
                    KANSAS CITY, INC., as a

                	 
	 	as
                  a Borrower	 
	 	 	 	 
	 	
                  HENNESSY
                    COMPANY,

                	 
	 	
                  as
                    a Borrower

                	 
	 	 	 	 
	 	
                  J.B.
                    WHITE & COMPANY,

                	 
	 	
                  as
                    a Borrower

                	 
	
                   

                	 	 	 
	 	
                  DILLARD’S
                    DOLLARS, INC.,

                	 
	 	
                  as
                    a Borrower

                	 
	 	 	 	 
	 	
                  MERCANTILE
                    OPERATIONS, INC.,

                	 
	 	
                  as
                    a Borrower

                	 
	 	 	 	 
	 	
                  By:

                	  
	 
	 	
                  Name:

                	
                  Sherrill
                    E. Wise

                	 
	 	
                  Title:

                	
                  Vice
                    President to each Borrower listed above

                	 
	 	 	
                   

                	 
	 	
                  U.S.
                    ALPHA, INC.,

                	 
	 	
                  as
                    a Borrower

                	 
	 	 	
                   

                	 
	 	 	
                   

                	 
	 	
                  By

                	
                    
                    

                	 
	 	
                  Name:

                	
                  James
                    I. Freeman

                	 
	 	
                  Title:

                	
                  Vice
                    President

                	 
	 	 	
                   

                	 
	 	
                  DILLARD
                    INTERNATIONAL, INC.,

                	 
	 	
                  as
                    a Borrower

                	 
	 	 	
                   

                	 
	 	 	
                   

                	 
	 	
                  By

                	
                    
                    

                	 
	 	
                  Name:

                	
                  James
                    I. Freeman

                	 
	 	
                  Title:

                	
                  Chief
                    Executive Officer

                	 

        

         

          Signature
            Page to Third Amendment to

          Amended
            and Restated Credit Agreement

           

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

           

        

        
          	 	
                  JPMORGAN
                    CHASE BANK, N.A.

                	 
	 	
                  as
                    the Agent, as Swingline Lender, as Issuing Bank, and as a
                    Lender

                	 
	 	 	 	 
	 	 	 	 
	 	
                  By

                	  
	 
	 	
                  Name:

                	
                  Courtney
                    Jeans

                	 
	 	
                  Title:

                	
                  Vice
                    President

                	 
	 	 	
                   

                	 
	 	 	
                   

                	 
	 	
                  THE
                    CIT GROUP/BUSINESS CREDIT, INC.,

                	 
	 	
                  as
                    a Lender

                	 
	 	 	 	 
	 	 	 	 
	 	
                  By:

                	  
	 
	 	
                  Name:

                	  
	 
	 	
                  Title:

                	  
	 
	 	 	 	 
	 	 	 	 
	 	
                  WELLS
                    FARGO FOOTHILL, LLC,

                	 
	 	
                  as
                    a Lender

                	 
	 	 	 	 
	 	 	 	 
	 	
                  By:

                	  
	 
	 	
                  Name:

                	  
	 
	 	
                  Title:

                	  
	 
	 	 	 	 
	 	 	 	 
	 	
                  GENERAL
                    ELECTRIC CAPITAL CORPORATION,

                	 
	 	
                  as
                    a Lender

                	 
	 	 	 	 
	 	 	 	 
	 	
                  By:

                	  
	 
	 	
                  Name:

                	  
	 
	 	
                  Title:

                	  
	 

        

         

          Signature
            Page to Third Amendment to

          Amended
            and Restated Credit Agreement

           

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

           

        

        
          	 	
                  WACHOVIA
                    BANK, NATIONAL ASSOCIATION,

                	 
	 	
                  as
                    a Lender

                	 
	 	
                  (formerly
                    known as Congress Financial Corporation)

                	 
	 	 	 	 
	 	 	 	 
	 	
                  By:

                	  
	 
	 	
                  Name:

                	  
	 
	 	
                  Title:

                	  
	 
	 	 	 	 
	 	 	 	 
	 	
                  NATIONAL
                    CITY BUSINESS CREDIT, INC.,

                	 
	
                   

                	as
                  a Lender	 
	 	
                  (formerly
                    known as National City Commercial Finance, Inc.)

                	 
	 	 	 	 
	 	 	 	 
	 	
                  By:

                	  
	 
	 	
                  Name:

                	  
	 
	 	
                  Title:

                	  
	 
	 	 	 	 
	 	 	 	 
	 	
                  GMAC
                    COMMERCIAL FINANCE LLC,

                	 
	 	
                  as
                    a Lender

                	 
	 	 	 	 
	 	 	 	 
	 	
                  By:

                	  
	 
	 	
                  Name:

                	  
	 
	 	
                  Title:

                	  
	 
	 	 	 	 
	 	 	 	 
	 	
                  PNC
                    BANK, NATIONAL ASSOCIATION,

                	 
	 	
                  as
                    a Lender

                	 
	 	 	 	 
	 	 	 	 
	 	
                  By:

                	  
	 
	 	
                  Name:

                	  
	 
	 	
                  Title:

                	  
	 

        

         

          Signature
            Page to Third Amendment to

          Amended
            and Restated Credit Agreement

           

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

           

        

        
          	 	
                  UBS
                    AG, STAMFORD BRANCH

                	 
	 	
                  as
                    a Lender

                	 
	 	 	 	 
	 	 	 	 
	 	
                  By:

                	  
	 
	 	
                  Name:

                	  
	 
	 	
                  Title:

                	  
	 
	 	 	 	 
	 	
                  AMSOUTH
                    BANK,

                	 
	 	
                  as
                    a Lender

                	 
	 	 	 	 
	 	 	 	 
	 	
                  By:

                	  
	 
	 	
                  Name:

                	  
	 
	 	
                  Title:

                	  
	 
	 	 	 	 
	 	 	 	 
	 	
                  REGIONS
                    BANK,

                	 
	 	
                  as
                    a Lender

                	 
	 	 	 	 
	 	 	 	 
	 	
                  By:

                	  
	 
	 	
                  Name:

                	  
	 
	 	
                  Title:

                	  
	 
	 	 	 	 
	 	
                  HSBC
                    BUSINESS CREDIT (USA) INC.,

                	 
	 	
                  as
                    a Lender

                	 
	 	 	 	 
	 	 	 	 
	 	
                  By:

                	  
	 
	 	
                  Name:

                	  
	 
	 	
                  Title:

                	  
	 

        

         

          Signature
            Page to Third Amendment to

          Amended
            and Restated Credit Agreement

           

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

           

        

        
          	 	
                  SIEMENS
                    FINANCIAL SERVICES, INC.,

                	 
	 	
                  as
                    a Lender

                	 
	 	 	 	 
	 	 	 	 
	 	
                  By:

                	  
	 
	 	
                  Name:

                	   
	 
	 	
                  Title:

                	   
	 
	 	 	 	 
	
                   

                	 	 	 
	 	
                  UPS
                    CAPITAL CORPORATION

                	 
	 	
                  as
                    a Lender

                	 
	 	 	 	 
	 	 	 	 
	 	
                  By:

                	  
	 
	 	
                  Name:

                	  
	 
	 	
                  Title:

                	  
	 
	 	 	 	 
	 	
                  ALLIED
                    IRISH BANK,

                	 
	 	
                  as
                    a Lender

                	 
	 	 	 	 
	 	 	 	 
	 	
                  By:

                	  
	 
	 	
                  Name:

                	  
	 
	 	
                  Title:

                	  
	 
	 	 	 	 
	 	
                  ISRAEL
                    DISCOUNT BANK OF NEW YORK,

                	 
	 	
                  as
                    a Lender

                	 
	 	 	 	 
	 	 	 	 
	 	
                  By:

                	  
	 
	 	
                  Name:

                	  
	 
	 	
                  Title:

                	  
	 

        

         

         

        
          	 	
                  By:

                	  
	 
	 	
                  Name:

                	  
	 
	 	
                  Title:

                	  
	 

        

         

        
          Signature
            Page to Third Amendment to

          Amended
            and Restated Credit Agreement

           

          
            
               

            

            
               

              
                

              

            

            
               

            

          

        

         

        
          	 	
                  SUNTRUST
                    BANK,

                	 
	 	
                  as
                    a Lender

                	 
	 	 	 	 
	 	 	 	 
	 	
                  By:

                	  
	 
	 	
                  Name:

                	  
	 
	 	
                  Title:

                	  
	 
	 	 	 	 
	 	 	 	 
	 	
                  CITICORP
                    USA, INC.,

                	 
	 	
                  as
                    a Lender

                	 
	 	 	 	 
	 	 	 	 
	 	
                  By:

                	  
	 
	 	
                  Name:

                	  
	 
	 	
                  Title:

                	   
	 
	 	 	 	 
	 	 	 	 
	 	
                  NORTH
                    FORK BUSINESS CAPITAL CORP.,

                	 
	 	
                  as
                    a Lender

                	 
	 	 	 	 
	 	 	 	 
	 	
                  By:

                	  
	 
	 	
                  Name:

                	  
	 
	 	
                  Title:

                	   
	 

        

      

    

     

    
      Signature
        Page to Third Amendment to

      Amended
        and Restated Credit AgreementExhibit 10.2

    
      

    

    Conformed
      Copy

     

    FOURTH
      AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

     

    THIS
      FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Fourth
      Amendment”)
      is
      executed as of the 9th day of June, 2006, by and among

     

    DILLARD’S,
      INC., a corporation organized under the laws of the State of Delaware having
      a
      place of business at 1600 Cantrell Road, Little Rock,
      Arkansas  77201, as Lead Borrower for the Borrowers,
      being

     

    said
      DILLARD’S, INC.,

     

    DILLARD
      TEXAS OPERATING LIMITED PARTNERSHIP, a limited partnership organized under
      the
      laws of the State of Texas having a place of business at 4501 North Beach
      Street, Fort Worth, Texas  76137;

     

    DILLARD
      TENNESSEE OPERATING LIMITED PARTNERSHIP, a limited partnership organized under
      the laws of the State of Tennessee having a place of business at
      7624 Highway 70 S., Nashville,
      Tennessee  37221;

     

    J.B.
      IVEY
& COMPANY, a corporation organized under the laws of the State of North
      Carolina having a place of business at 1600 Cantrell Road, Little Rock,
      Arkansas  72201; 

     

    DILLARD
      STORE SERVICES, INC., a corporation organized under the laws of the State of
      Arizona having a place of business at 2215 S. 48th Street,
      Suite E, Tempe, Arizona  85282;

     

    THE
      HIGBEE COMPANY, a corporation organized under the laws of the State of Delaware
      having a place of business at 100 Public Square, Cleveland,
      Ohio  44113;

     

    GAYFER’S
      MONTGOMERY FAIR CO., a corporation organized under the laws of the State of
      Delaware having a place of business at 1600 Cantrell Road, Little Rock,
      Arkansas  72201;

     

    DILLARD’S
      WYOMING, INC., a corporation organized under the laws of the State of Wyoming
      having a place of business at 1600 Cantrell Road, Little Rock,
      Arkansas  72201; 

     

    CONSTRUCTION
      DEVELOPERS, INCORPORATED, a corporation organized under the laws of the State
      of
      Arkansas having a place of business at 1600 Cantrell Road, Little Rock,
      Arkansas  72201; 

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    DILLARD
      INTERNATIONAL, INC., a corporation organized under the laws of the State of
      Nevada having a place of business at 3200 Las Vegas Blvd. S., Las Vega,
      Nevada  89109; 

     

    CONDEV
      NEVADA, INC., a corporation organized under the laws of the State of Nevada
      having a place of business at 1600 Cantrell Road, Little Rock,
      Arkansas  72201; 

     

    MERCANTILE
      OPERATIONS, INC., a corporation organized under the laws of the State of
      Delaware having a place of business at 1600 Cantrell Road, Little Rock,
      Arkansas  72201;

     

    U.S.
      ALPHA, INC., a corporation organized under the laws of the State of Nevada
      having a place of business at 6191 S. State, Murray, Utah  84107;
      and

     

    DILLARD’S
      DOLLARS, INC., a corporation organized under the laws of the State of Arkansas
      having a place of business at 1600 Cantrell Road, Little Rock,
      Arkansas  72201; and

     

    the
      financial institutions and other entities identified on the signature pages
      to
      this Fourth Amendment as a “Lender” (collectively, the “Lenders”
and
      each individually, a “Lender”);
      and

     

    JPMORGAN
      CHASE BANK, N.A., as the Agent for the Lenders, a national banking association,
      formerly known as JPMorgan Chase Bank, having a place of business at
      2200 Ross Avenue, 3rd Floor, Dallas,
      Texas  75201;

     

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

     

    RECITALS:

     

    A.    The
      Borrowers and the Lenders are parties to that certain Amended and Restated
      Credit Agreement dated as of December 12, 2003 (as amended by that certain
      First Amendment to Amended and Restated Credit Agreement dated as of
      May 10, 2004 by and among the Borrowers, the Lenders and the Agent; that
      certain Second Amendment to Amended and Restated Credit Agreement dated June
      3,
      2005 by and among the Borrowers, the Lenders and the Agent; that certain Third
      Amendment to Amended and Restated Credit Agreement dated January 25, 2006 and
      as
      further amended from time to time, the “Credit
      Agreement”;
      unless
      otherwise defined herein, all capitalized terms used herein which are defined
      in
      the Credit Agreement shall have the meaning given such terms in the Credit
      Agreement, including, to the extent applicable, after giving effect to this
      Fourth Amendment),
      pursuant to which the Lenders provide certain financing to the Borrowers in
      accordance with the terms and conditions set forth therein.

     

    B.    The
      Borrowers have requested that the Lenders amend certain terms of the Credit
      Agreement.

     

    C.    Subject
      to the terms and conditions set forth herein, the Lenders have agreed to the
      Borrowers’ request.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    AGREEMENTS:

     

    In
      consideration of the mutual covenants and agreements herein contained and other
      good and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged and confessed, the parties hereto hereby agree as
      follows:

     

    SECTION
      1.  Amendments.

     

    In
      reliance on the representations, warranties, covenants and agreements contained
      in this Fourth Amendment, but subject to the satisfaction of each condition
      precedent contained in Section 2
      hereof,
      the Credit Agreement shall be amended effective as of the date hereof in the
      manner provided in this Section 1.

     

    1.1  Amended
      Definitions.
      The
      definitions of “Applicable
      Margin”,
      “Maturity
      Date” and“Interest
      Period” contained
      in Section 1.01
      of the
      Credit Agreement shall be amended and restated in their entirety to read in
      full
      as follows:

     

    “Applicable
      Margin”
means,
      on any day with respect to Base Rate Loans, LIBOR Loans, Commercial Letters
      of
      Credit and the Commitment Fee, the applicable per annum percentage set forth
      at
      the appropriate intersection in the table shown below:

     

    
      	
              Level

            	
              Performance
                Criteria

            	
              Base
                Rate Loans

            	
              LIBOR
                Loans

            	
              Commercial
                Letters of Credit

            	
              Commitment
                Fee

            
	
              1

            	
              average
                Excess Availability greater than $700,000,000

            	
              -0.50%

            	
              1.00%

            	
              .50%

            	
              .25%

            
	
              2

            	
              average
                Excess Availability greater than $500,000,000 but less than or equal
                to
                $700,000,000

            	
              -0.25%

            	
              1.25%

            	
              .625%

            	
              .25%

            
	
              3

            	
              average
                Excess Availability greater than$300,000,000 but less than or equal
                to
                $500,000,000

            	
               0.00%

            	
              1.50%

            	
              .75%

            	
              .25%

            
	
              4

            	
              average
                Excess Availability less than or equal to $300,000,000

            	
               0.00%

            	
              1.75%

            	
              1.00%

            	
              .375%

            

    

     

    Commencing
      on June 9, 2006, the Applicable Margin shall be as set forth in Level 1.
      The Applicable Margin shall be adjusted quarterly as of the first day of each
      calendar quarter, commencing January 1, 2007, based upon the average Excess
      Availability for the immediately preceding calendar quarter. Upon the occurrence
      and during the continuance of an Event of Default, the Applicable Margin shall
      be immediately increased to the percentages set forth in Level 4 (even if the
      Excess Availability requirements for another Level have been met) and interest
      shall be determined in the manner set forth in Section 2.10. Prior to
      June 2, 2006, the Applicable Margin shall be calculated as provided in this
      Agreement prior to giving effect to the amendments to this Agreement contained
      in the Fourth Amendment.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    “Maturity
      Date”
means
      December 12, 2011.

     

    “Interest
      Period”
means,
      with respect to any LIBOR Borrowing, the period commencing on the date of such
      Borrowing and ending on the numerically corresponding day in the calendar month
      that is one, two, three or six months thereafter (or the day that is
      fourteen (14) days thereafter if, at the time of the relevant Borrowing, LIBOR
      funding for such a period is available to all Lenders participating therein),
      as
      the Lead Borrower may elect, provided
      that
      (a) if any Interest Period would end on a day other than a Business Day,
      such Interest Period shall be extended to the next succeeding Business Day
      unless such next succeeding Business Day would fall in the next calendar month,
      in which case such Interest Period shall end on the next preceding Business
      Day,
      (b) any Interest Period that commences on the last Business Day of a
      calendar month (or on a day for which there is no numerically corresponding
      day
      in the last calendar month of such Interest Period) shall end on the last
      Business Day of the last calendar month of such Interest Period, and (c) any
      Interest Period which would otherwise end after the Maturity Date shall end
      on
      the Maturity Date. For purposes hereof, the date of a Borrowing initially shall
      be the date on which such Borrowing is made and thereafter shall be the
      effective date of the most recent conversion or continuation of such
      Borrowing.

     

    1.2  Amendment
      to Section 2.03.
      Clause
      (a) of Section 2.03
      of the Credit Agreement shall be amended to delete the last sentence thereof
      and
      to replace it with the following:

     

    Subject
      to the other provisions of this Section 2.03 and the provisions of Section
      2.24,
      Borrowings of Loans of more than one Type may be incurred at the same time,
      but
      no more than fifteen (15) Borrowings of LIBOR Loans may be outstanding at any
      time.

     

    

    1.3  Amendment
      of Schedule 1.1.
      Schedule 1.1 of the Credit Agreement shall be amended and restated in its
      entirety as set forth on Exhibit
      A
      hereto.

     

    

    SECTION
      2.    Conditions
      Precedent.
      The
      effectiveness of the amendments to the Credit Agreement contained in Section
      1
      hereof is subject to the satisfaction of each of the following conditions
      precedent:

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    2.1  Amendment
      Fees and Expenses.
      The
      Lead Borrower and the other Borrowers shall
      have paid (a) all fees owed to the Agent, its Affiliates and any Lenders in
      connection with the execution of this Fourth Amendment, and (b) all fees and
      expenses of the Agent and its Affiliates in connection with the preparation,
      negotiation and execution of this Fourth Amendment, including, without
      limitation, the reasonable fees and expenses of Vinson & Elkins L.L.P.,
      counsel to the Agent.

     

    2.2  Officers’
      Certificates, Opinions, etc.
      The
      Borrowers shall have delivered to the Agent (a) such certificates of authorized
      officers of the Borrowers, certificates of Governmental Authorities, resolutions
      of the boards of directors (or other appropriate bodies) of the Borrowers and
      such other documents, instruments and agreements as the Agent shall require
      to
      evidence the valid corporate existence and authority to conduct business of
      the
      Borrowers and the due authorization, execution and delivery of this Fourth
      Amendment, any documents related to this Fourth Amendment and any other legal
      matters relating to the Borrowers or the other Financing Documents entered
      into
      by the Borrowers, all in form and substance satisfactory to the Agent and its
      counsel, and (b) an opinion of Simpson Thacher & Bartlett LLP, legal counsel
      to the Borrowers, with respect to the due authorization, execution, delivery
      and
      enforceability of this Fourth Amendment and such other matters related thereto
      as the Agent shall reasonably require.

     

    2.3  Notes.
      The
      Borrowers have executed and delivered to the Agent, on behalf of each Lender
      whose Commitment will increase or decrease upon the effectiveness of the
      amendments contained in this Fourth Amendment, new Notes in the principal amount
      of the each such Lender’s Commitment (after giving effect to the amendments
      contained in this Fourth Amendment).

     

    2.4  Documentation.
      The
      Agent shall have received such other documents and instruments as it or any
      Lender may reasonably request, all in form and substance reasonably satisfactory
      to the Agent and its counsel.

     

    2.5  No Defaults.
      No
      Default or Event of Default shall exist.

     

    SECTION
      3.  Representations
      and Warranties.

     

    In
      order
      to induce the Agent and each Lender to enter into this Fourth Amendment, the
      Borrowers hereby jointly and severally represent and warrant to the Agent and
      each Lender that: 

     

    3.1  Accuracy of
      Representations and Warranties.
      Each of
      the representations and warranties of each Borrower contained in the Loan
      Documents is true and correct in all material respects as of the date hereof
      (except to the extent that such representations and warranties are expressly
      made as of a particular date, in which event such representations and warranties
      were true and correct as of such date). 

     

    3.2  Due
      Authorization, No Conflicts.
      The
      execution, delivery and performance by the Borrowers of this Fourth Amendment,
      and all other documents, instruments or agreements executed by any of the
      Borrowers in connection with this Fourth Amendment, are within the Borrowers’
corporate or limited partnership powers, as applicable, have been duly
      authorized by all necessary corporate or limited partnership action, require
      no
      action by or in respect of, or filing with, any governmental body, agency or
      official and do not violate or constitute a default under any provision of
      applicable law or any material agreement binding upon the Borrowers or their
      Subsidiaries, or result in the creation or imposition of any Lien upon any
      of
      the assets of the Borrowers or their Subsidiaries.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    3.3  Validity
      and Binding Effect.
      This
      Fourth Amendment and all other documents, instruments or agreements executed
      by
      any of the Borrowers in connection with this Fourth Amendment constitute the
      valid and binding obligations of the applicable Borrowers enforceable in
      accordance with their respective terms, except as the enforceability thereof
      may
      be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights
      generally, and the availability of equitable remedies may be limited by
      equitable principles of general application.

     

    3.4  Absence
      of Defaults.
      Neither
      a Default nor an Event of Default has occurred which is continuing.

     

    SECTION
      4.  Miscellaneous.

     

    4.1  Reaffirmation
      of Loan Documents; Extension of Liens.
      Any and
      all of the terms and provisions of the Credit Agreement and the other Loan
      Documents shall, except as amended and modified hereby, remain in full force
      and
      effect. Each Borrower hereby extends each Lien granted by such Borrower to
      secure the Obligations until the Obligations have been paid in full, and agree
      that the amendments herein contained shall in no manner affect or impair the
      Obligations or the Liens securing payment and performance thereof, all of which
      are ratified and confirmed.

     

    4.2  Parties
      in Interest.
      All of
      the terms and provisions of this Fourth Amendment shall bind and inure to the
      benefit of the parties hereto and their respective successors and
      assigns.

     

    4.3  Loan
      Document.
      This
      Fourth Amendment is a Loan Document for all purposes of the Credit Agreement
      and
      the other Loan Documents.

     

    4.4  Counterparts,
      Effectiveness of Fourth Amendment.
      This
      Fourth Amendment may be executed in counterparts, and all parties need not
      execute the same counterpart; however, no party shall be bound by this Fourth
      Amendment until this Fourth Amendment has been executed by the Agent, each
      Borrower and all Lenders, at which time this Fourth Amendment shall be binding
      on, enforceable against and inure to the benefit of the Borrowers, the Agent
      and
      all Lenders. Facsimiles shall be effective as originals.

     

    4.5  COMPLETE
      AGREEMENT.
      THIS
FOURTH AMENDMENT,
      THE
      CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT
      AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
      CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL
      AGREEMENTS BETWEEN THE PARTIES.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    4.6  Headings.
      The
      headings, captions and arrangements used in this Fourth Amendment are, unless
      specified otherwise, for convenience only and shall not be deemed to limit,
      amplify or modify the terms of this Fourth Amendment, nor affect the meaning
      thereof.

     

    4.7  No
      Implied Waivers.
      No
      failure or delay on the part of the Lenders or the Agent in exercising, and
      no
      course of dealing with respect to, any right, power or privilege under this
      Fourth Amendment, the Credit Agreement or any other Loan Document shall operate
      as a waiver thereof, nor shall any single or partial exercise of any right,
      power or privilege under this Fourth Amendment, the Credit Agreement or any
      other Loan Document preclude any other or further exercise thereof or the
      exercise of any other right, power or privilege.

     

    4.8  Review
      and Construction of Documents.
      The
      Borrowers hereby acknowledge, and represent and warrant to the Lenders that
      (a) the Borrowers have had the opportunity to consult with legal counsel of
      their own choice and have been afforded an opportunity to review this Fourth
      Amendment with their legal counsel, (b) the Borrowers have reviewed this
      Fourth Amendment and fully understand the effects thereof and all terms and
      provisions contained herein, (c) the Borrowers have executed this Fourth
      Amendment of their own free will and volition, and (d) this Fourth
      Amendment shall be construed as if jointly drafted by the Borrowers and the
      Lenders. The recitals contained in this Fourth Amendment shall be construed
      to
      be part of the operative terms and provisions of this Fourth
      Amendment.

     

    4.9  Interpretation.
      Wherever the context hereof shall so require, the singular shall include the
      plural, the masculine gender shall include the feminine gender and the neuter
      and vice versa.

     

    4.10   
      Severability.
      In case
      any one or more of the provisions contained in this Fourth Amendment shall
      for
      any reason be held to be invalid, illegal or unenforceable in any respect,
      such
      invalidity, illegality, or unenforceability shall not affect any other provision
      hereof, and this Fourth Amendment shall be construed as if such invalid,
      illegal, or unenforceable provision had never been contained
      herein.

     

    4.11    Further
      Assurances.
      The
      Borrowers agree to execute, acknowledge, deliver, file and record such further
      certificates, instruments and documents, and to do all other acts and things,
      as
      may be requested by the Lenders or the Agent as necessary or advisable to carry
      out the intents and purposes of this Fourth Amendment.

     

    4.12   
      Governing
      Law.
      This
      Fourth Amendment and the rights and obligations of the parties hereunder shall
      be construed in accordance with and be governed by the laws of the State of
      New
      York and, and to the extent controlling, laws of the United States of
      America.

     

    [Signature
      Page Follows]

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have executed this Fourth Amendment as
      of
      the day and year first above written.

     

    
      	 	
              DILLARD’S,
                INC.,

            	 
	 	
              as
                the Lead Borrower and a Borrower

            	 
	 	
               

            	 	 
	 	
              DILLARD
                TEXAS OPERATING LIMITED PARTNERSHIP,

            	 
	 	
              By
                its General Partner, Dillard’s, Inc., as Borrower

            	 
	 	
              as
                a Borrower

            	 
	 	 	 	 
	 	
              DILLARD
                TENNESSEE OPERATING LIMITED PARTNERSHIP, as a Borrower

            	 
	 	
              By
                its General Partner, Dillard’s, Inc.

            	 
	 	
               

            	 	 
	 	
              J.B.
                IVEY & COMPANY, 

            	 
	 	
              as
                a Borrower

            	 
	 	
               

            	 	 
	 	
              DILLARD
                STORES SERVICES, INC., as a Borrower

            	 
	 	
              as
                a Borrower

            	 
	 	 	 	 
	 	
              THE
                HIGBEE COMPANY,

            	 
	 	
              as
                a Borrower

            	 
	 	
               

            	 	 
	 	
              GAYFER’S
                MONTGOMERY FAIR CO., as a Borrower

            	 
	 	
               

            	 	 
	 	
              DILLARD’S
                WYOMING, INC.,

            	 
	 	
              as
                a Borrower

            	 
	 	
               

            	 	 
	 	
              CONSTRUCTION
                DEVELOPERS, INCORPORATED,

            	 
	 	
              as
                a Borrower

            	 
	 	
               

            	 	 
	 	
              CONDEV
                NEVADA, INC.,

            	 
	 	
              as
                a Borrower

            	 
	 	
               

            	 	 
	 	
              MERCANTILE
                OPERATIONS, INC., 

            	 
	 	as
              a Borrower	 
	 	
               

            	 	 
	 	
              DILLARD’S
                DOLLARS, INC.,

            	 
	 	
              as
                a Borrower

            	 
	 	
               

            	 	 
	 	
              By:
                

            	
              /s/
                Sherrill E. Wise

            	 
	 	
              Name:
                

            	
              Sherrill
                E. Wise

            	 
	 	
              Title:

            	
              Vice
                President to each Borrower listed above

            	 

    

     

    Signature
      Page

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              U.S.
                ALPHA, INC.,

            	 
	 	
              as
                a Borrower

            	 
	 	 	 	 
	 	
              By:

            	
              /s/
                James I. Freeman

            	 
	 	
              Name:
                

            	
              James
                I. Freeman

            	 
	 	
              Title:

            	
              Vice
                President

            	 
	 	
               

            	
               

            	 
	 	
              DILLARD
                INTERNATIONAL, INC.,

            	 
	 	
              as
                a Borrower

            	 
	 	
               

            	
               

            	 
	 	
              By:

            	
              /s/
                James I. Freeman

            	 
	 	
              Name:
                

            	
              James
                I. Freeman

            	 
	 	
              Title:

            	
              Chief
                Executive Officer

            	 

    

     

    Signature
      Page

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              JPMORGAN
                CHASE BANK, N.A.

            	 
	 	
              as
                the Agent, as Swingline Lender, as Issuing Bank, and as a
                Lender

            	 
	 	
               

            	 	 
	 	
              By:
                

            	
              /s/
                Courtney Jeans

            	 
	 	
              Name:

            	
              Courtney
                Jeans

            	 
	 	
              Title:

            	
              Vice
                President

            	 
	 	
               

            	
               

            	 
	 	
              THE
                CIT GROUP/BUSINESS CREDIT, INC.,

            	 
	 	
              as
                a Lender

            	 
	 	
               

            	
               

            	 
	 	
               

            	
               

            	 
	 	
              By:

            	
              /s/
                Matthew DeFranco

            	 
	 	
              Name:

            	
              Matthew
                DeFranco

            	 
	 	
              Title:

            	
              Assistant
                Vice President

            	 
	 	
               

            	
               

            	 
	 	
               

            	
               

            	 
	 	
              WELLS
                FARGO FOOTHILL, LLC,

            	 
	 	
              as
                a Lender

            	 
	 	
               

            	
               

            	 
	 	
               

            	
               

            	 
	 	
              By:

            	
              /s/
                Maged Ghebrial

            	 
	 	
              Name:

            	
              Maged
                Ghebrial

            	 
	 	
              Title:

            	
              Vice
                President

            	 
	 	
               

            	
               

            	 
	 	
               

            	
               

            	 
	 	
              GENERAL
                ELECTRIC CAPITAL CORPORATION,

            	 
	 	
              as
                a Lender

            	 
	 	
               

            	
               

            	 
	 	
               

            	
               

            	 
	 	
              By:

            	
              /s/
                Rebecca A. Ford

            	 
	 	
              Name:

            	
              Rebecca
                A. Ford

            	 
	 	
              Title:

            	
              Duly
                Authorized Signatory

            	 

    

     

    Signature
      Page

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              WACHOVIA
                BANK, NATIONAL ASSOCIATION,

            	 
	 	
              as
                a Lender

            	 
	 	
              (formerly
                known as Congress Financial Corporation)

            	 
	 	
               

            	 	 
	 	
               

            	 	 
	 	
              By:

            	
              /s/
                Joe Curdy

            	 
	 	
              Name:

            	
              Joe
                Curdy

            	 
	 	
              Title:

            	
              Vice
                President 

            	 
	 	
               

            	
               

            	 
	 	
               

            	
               

            	 
	 	
              NATIONAL
                CITY BUSINESS CREDIT, INC.,

            	 
	 	
              as
                a Lender

            	 
	 	
              (formerly
                known as National City Commercial Finance, Inc.)

            	 
	 	
               

            	
               

            	 
	 	
               

            	
               

            	 
	 	
              By:

            	
              /s/
                Kathryn Ellero 

            	 
	 	
              Name:

            	
              Kathryn
                Ellero

            	 
	 	
              Title:

            	
              Vice
                President 

            	 
	 	
               

            	
               

            	 
	 	
               

            	
               

            	 
	 	
              GMAC
                COMMERCIAL FINANCE LLC,

            	 
	 	
              as
                a Lender

            	 
	 	
               

            	
               

            	 
	 	
               

            	
               

            	 
	 	
              By:

            	
              /s/
                Thomas Maiale

            	 
	 	
              Name:

            	
              Thomas
                Maiale

            	 
	 	
              Title:

            	
              Director

            	 
	 	
               

            	
               

            	 
	 	
               

            	
               

            	 
	 	
              PNC
                BANK, NATIONAL ASSOCIATION,

            	 
	 	
              as
                a Lender

            	 
	 	
               

            	
               

            	 
	 	
               

            	
               

            	 
	 	
              By:

            	
              /s/
                Kay Snyder

            	 
	 	
              Name:
                

            	
              Kay
                Snyder

            	 
	 	
              Title

            	
              Relationship
                Manager

            	 

    

     

    Signature
      Page

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              UBS
                AG, STAMFORD BRANCH

            	 
	 	
              as
                a Lender

            	 
	 	
               

            	 	 
	 	
               

            	 	 
	 	
              By:

            	
              /s/
                Richard L. Tavrow

            	 
	 	
              Name:

            	
              Richard
                L. Tavrow

            	 
	 	
              Title:

            	
              Director

            	 
	 	
               

            	
               

            	 
	 	
               

            	
               

            	 
	 	
              AMSOUTH
                BANK,

            	 
	 	
              as
                a Lender

            	 
	 	
               

            	
               

            	 
	 	
               

            	
               

            	 
	 	
              By:

            	
              /s/
                Frank D. Marsicano

            	 
	 	
              Name:

            	
              Frank
                D. Marsicano

            	 
	 	
              Title:

            	
              Attorney-in-Fact

            	 
	 	
               

            	
               

            	 
	 	
               

            	 	 
	 	
              REGIONS
                BANK,

            	 
	 	
              as
                a Lender

            	 
	 	
               

            	 	 
	 	
               

            	 	 
	 	
              By:

            	
              /s/
                Mark Burr

            	 
	 	
              Name:

            	
              Mark
                Burr

            	 
	 	
              Title

            	
              Senior
                Vice President 

            	 
	 	
               

            	
               

            	 
	 	
               

            	 	 
	 	
              HSBC
                BUSINESS CREDIT (USA) INC.,

            	 
	 	
              as
                a Lender

            	 
	 	
               

            	 	 
	 	
               

            	 	 
	 	
              By:

            	
              /s/
                Amanda O’Brien

            	 
	 	
              Name:

            	
              Amanda
                O’Brien

            	 
	 	
              Title:

            	
              Assistant
                Vice President

            	 

    

     

    Signature
      Page

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              UPS
                CAPITAL CORPORATION

            	 
	 	
              as
                a Lender

            	 
	 	
               

            	 	 
	 	
               

            	 	 
	 	
              By:

            	
              /s/
                John P. Holloway

            	 
	 	
              Name:

            	
              John
                P. Holloway

            	 
	 	
              Title:

            	
              Director
                of Portfolio Management

            	 
	 	
               

            	
               

            	 
	 	
               

            	
               

            	 
	 	
              SIEMENS
                FINANCIAL SERVICES, INC.,

            	 
	 	
              as
                a Lender

            	 
	 	
               

            	 	 
	 	
               

            	 	 
	 	
              By:

            	
              /s/
                Joseph A. Aeeardi

            	 
	 	
              Name:

            	
              Joseph
                A. Aeeardi

            	 
	 	
              Title:

            	
              Managing
                Director

            	 
	 	
               

            	
               

            	 
	 	
               

            	
               

            	 
	 	
              ISRAEL
                DISCOUNT BANK OF NEW YORK,

            	 
	 	
              as
                a Lender

            	 
	 	
               

            	 
	 	
               

            	 	 
	 	
              By:

            	
              /s/
                Andy Balta

            	 
	 	
              Name:

            	
              Andy
                Balta

            	 
	 	
              Title:

            	
              First
                Vice President 

            	 
	 	
               

            	
               

            	 
	 	
              By:

            	
              /s/
                Ronald Bongiovanni

            	 
	 	
              Name:

            	
              Ronald
                Bongiovanni

            	 
	 	
              Title:

            	
              Senior
                Vice President 

            	 
	 	
               

            	
               

            	 
	 	
               

            	 	 
	 	
              SUNTRUST
                BANK,

            	 
	 	
              as
                a Lender

            	 
	 	
               

            	 	 
	 	
               

            	 	 
	 	
              By:

            	
              /s/
                J. Haynes Gentry III

            	 
	 	
              Name:

            	
              J.
                Haynes Gentry III

            	 
	 	
              Title:

            	
              Vice
                President 

            	 

    

     

    Signature
      Page

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              CITICORP
                USA, INC.,

            	 
	 	
              as
                a Lender

            	 
	 	
               

            	 	 
	 	
               

            	 	 
	 	
              By:

            	
              /s/
                Keith R. Gerding

            	 
	 	
              Name:

            	
              Keith
                R. Gerding

            	 
	 	
              Title:

            	
              Vice
                President 

            	 
	 	
               

            	
               

            	 
	 	
               

            	
               

            	 
	 	
              NORTH
                FORK BUSINESS CAPITAL CORP., 

            	 
	 	
              as
                a Lender

            	 
	 	
               

            	
               

            	 
	 	
               

            	
               

            	 
	 	
              By

            	
              /s/
                Ron Walker

            	 
	 	
              Name:

            	
              Ron
                Walker

            	 
	 	
              Title:

            	
              Vice
                President 

            	 

    

     

    Signature
      Page

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      A

     

    Schedule
      1.1 - Commitments

     

    
      	
              Lender

               

            	 	
              Commitment

               

            	 	
              Commitment
                Percentage

               

            	 
	
              JPMorgan
                Chase Bank, N.A.

            	 	
              $

            	
              200,000,000

            	 	 	
              16.6666666

            	
              %

            
	
              General
                Electric Capital Corporation

            	 	
              $

            	
              150,000,000

            	 	 	
              12.50

            	
              %

            
	
              The
                CIT Group/Business Credit, Inc

            	 	
              $

            	
              130,000,000

            	 	 	
              10.8333333

            	
              %

            
	
              Wachovia
                Bank, National Association

            	 	
              $

            	
              125,000,000

            	 	 	
              10.4166667

            	
              %

            
	
              Wells
                Fargo Foothill, LLC

            	 	
              $

            	
              120,000,000

            	 	 	
              10.00

            	
              %

            
	
              National
                City Business Credit, Inc.

            	 	
              $

            	
              50,000,000

            	 	 	
              4.1666667

            	
              %

            
	
              GMAC
                Commercial Finance LLC

            	 	
              $

            	
              50,000,000

            	 	 	
              4.1666667

            	
              %

            
	
              SunTrust
                Bank

            	 	
              $

            	
              50,000,000

            	 	 	
              4.1666667

            	
              %

            
	
              UBS
                AG, Stamford Branch

            	 	
              $

            	
              50,000,000

            	 	 	
              4.1666667

            	
              %

            
	
              Citicorp
                USA, Inc.

            	 	
              $

            	
              50,000,000

            	 	 	
              4.1666667

            	
              %

            
	
              North
                Fork Business Capital Corp.

            	 	
              $

            	
              40,000,000

            	 	 	
              3.3333333

            	
              %

            
	
              PNC
                Bank, National Association

            	 	
              $

            	
              35,000,000

            	 	 	
              2.9166667

            	
              %

            
	
              AmSouth
                Bank

            	 	
              $

            	
              35,000,000

            	 	 	
              2.9166667

            	
              %

            
	
              HSBC
                Business Credit (USA) Inc.

            	 	
              $

            	
              35,000,000

            	 	 	
              2.9166667

            	
              %

            
	
              Regions
                Bank

            	 	
              $

            	
              25,000,000

            	 	 	
              2.0833333

            	
              %

            
	
              UPS
                Capital Corporation

            	 	
              $

            	
              25,000,000

            	 	 	
              2.0833333

            	
              %

            
	
              Siemens
                Financial Services, Inc.

            	 	
              $

            	
              25,000,000

            	 	 	
              2.0833333

            	
              %

            
	
              Israel
                Discount Bank Of New York

            	 	
              $

            	
              5,000,000

            	 	 	
              0.4166666

            	
              %

            
	
              Total

            	 	
              $

            	
              1,200,000,000

            	 	 	
              100.0000000

            	
              %

            

    

    

    A-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]