Document:

Exhibit 10.1
    

    
      FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT 
AGREEMENT,
      FIRST AMENDMENT TO SECOND AMENDED AND RESTATED 
SECURITY
      AGREEMENT AND FIRST AMENDMENT TO SECOND AMENDED AND 
RESTATED
      PLEDGE AGREEMENT
    

    
      THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT,
      FIRST AMENDMENT TO SECOND AMENDED AND RESTATED SECURITY AGREEMENT AND
      FIRST AMENDMENT TO SECOND AMENDED AND RESTATED PLEDGE AGREEMENT (this “First
      Amendment”) is executed as of the 1st day of July, 2013 (the “First
      Amendment Effective Date”), 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  72201, as Lead Borrower for the Borrowers, being
    

    
      said DILLARD’S, INC.,
    

    
      DILLARD TENNESSEE OPERATING LIMITED PARTNERSHIP, a limited
      partnership organized under the laws of the State of Tennessee having a
      place of business at Avenue Carriage Crossing, 4620 Merchants Park
      Circle, Collierville, Tennessee  38017;
    

    
      DILLARD STORE SERVICES, INC., a corporation organized under the
      laws of the State of Arizona having a place of business at 396 North
      William Dillard Dr., Gilbert, Arizona 85233;
    

    
      THE HIGBEE COMPANY, a corporation organized under the laws of the
      State of Delaware having a place of business at 26500 Cedar Road,
      Beachwood, Ohio  44122;
    

    
      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 Vegas, 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;
    

    
      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;
    

    
      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;
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      HIGBEE LOUISIANA, LLC, a limited liability company organized
      under the laws of the State of Delaware having a place of business at
      1600 Cantrell Road, Little Rock, Arkansas 72201;
    

    
      DILLARD TEXAS CENTRAL, LLC, a limited liability company organized
      under the laws of the State of Delaware having a place of business at
      4501 North Beach, Fort Worth, Texas  76135;
    

    
      DILLARD TEXAS EAST, LLC, a limited liability company organized
      under the laws of the State of Delaware having a place of business at
      4501 North Beach, Fort Worth, Texas  76135;
    

    
      DILLARD TEXAS FOUR-POINT, LLC, a limited liability company
      organized under the laws of the State of Delaware having a place of
      business at 4501 North Beach, Fort Worth, Texas  76135;
    

    
      DILLARD TEXAS SOUTH, LLC, a limited liability company organized
      under the laws of the State of Delaware having a place of business at
      4501 North Beach, Fort Worth, Texas  76135;
    

    
      DSS NEIL OPERATIONS, LLC, a limited liability company organized
      under the laws of the State of Delaware having a place of business at
      6100 “O” St., Lincoln, Nebraska  68505;
    

    
      DSS UNITER, LLC, a limited liability company organized under the
      laws of the State of Delaware having a place of business at 396 William
      Dillard Dr., Gilbert, Arizona  85233;
    

    
      HIGBEE GAK, LP, a limited partnership organized under the laws of
      the State of Delaware having a place of business at 800 Gil Harbin
      Industrial Blvd., Valdosta, Georgia  31601;
    

    
      HIGBEE LANCOMS, LP, a limited partnership organized under the
      laws of the State of Delaware having a place of business at 6610
      Bluebonnet, Baton Rouge, Louisiana  70836;
    

    
      HIGBEE SALVA, LP, a limited partnership organized under the laws
      of the State of Delaware having a place of business at 100 Columbiana
      Center, Columbia, South Carolina  29212; and
    

    
      HIGBEE WEST MAIN, LP, a limited partnership organized under the
      laws of the State of Delaware having a place of business at 100
      Chesterfield Mall, Chesterfield, Missouri  63017;
    

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

    
      
        

        

      

      
        
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      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, 9th 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 Second
      Amended and Restated Credit Agreement dated as of April 11, 2012 (as
      amended prior to the date hereof and as may be further amended,
      restated, supplemented or modified 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 First 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 to, among other things, extend the term of the
      Credit Agreement and decrease pricing.
    

    
      C.  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:
    

    
      SECTION 1.  Amendments.  In reliance on the
      representations, warranties, covenants and agreements contained in this
      First Amendment, but subject to the satisfaction of each condition
      precedent contained in Section 4 hereof, the Credit Agreement
      shall be amended effective as of the First Amendment Effective Date in
      the manner provided in this Section 1.
    

    
      1.1  Amended Definitions.  The definitions of
      “Alternate Base Rate”, “Applicable Margin”, “Commitment Fee Rate”,
      “Hedging Agreement”, “Initial Maturity Date”, “Interest Period”, “Loan
      Documents” and “Obligations” contained in Section 1.01 of the Credit
      Agreement shall be amended and restated in their entirety to read in
      full as follows:
    

    
      “Alternate Base Rate” shall mean, for any day, the
      highest of (a) the annual rate of interest then most recently announced
      by JPMorgan at its head office in New York, New York as its “Base Rate”,
      (b) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1%
      (0.50%) per annum and (c) the Daily LIBOR Rate for such day (or if that
      day is not a Business Day, the immediately preceding Business Day) plus
      1.50%.  If for any reason the Agent shall have determined (which
      determination shall be conclusive absent manifest error) that it is
      unable to ascertain the Federal Funds Effective Rate or the Daily LIBOR
      Rate for any reason, including the inability or failure of the Agent to
      obtain sufficient quotations thereof in accordance with the terms
      hereof, the Alternate Base Rate shall be determined without regard to
      clause (b) or clause (c), as applicable, of the first sentence of this
      definition, until the circumstances giving rise to such inability no
      longer exist.  Any change in the Alternate Base Rate due to a change in
      JPMorgan’s Base Rate, the Federal Funds Effective Rate or the Daily
      LIBOR Rate shall be effective from and including the effective date of
      such change in JPMorgan’s Base Rate, the Federal Funds Effective Rate or
      the Daily LIBOR Rate, respectively.
    

    
      
        

        

      

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

    
    	
          
            Base Rate
          

          
            Loans
          

        	
          
            LIBOR
          

          
            Loans
          

        	
          
            Commercial
          

          
            Letters of 
          

          
            Credit
          

        	
          
            Standby 
          

          
            Letters of 
          

          
            Credit
          

        
	
          0.00%
        	
          1.50%
        	
          0.75%
        	
          1.50%
        

    

    
      “Co-Documentation Agents” means Branch Banking and
      Trust Company, HSBC Bank USA, National Association, Regions Bank,
      SunTrust Bank and U.S. Bank, National Association.
    

    
      “Commitment Fee Rate” means, on any day with respect
      to the Commitment Fee, 0.25%.
    

    
      “Hedging Agreement” means any interest rate
      protection agreement, foreign currency exchange agreement, commodity
      price protection agreement, or other interest or currency exchange rate
      or commodity price hedging arrangement (including any agreement,
      contract or transaction that constitutes a “swap” within the meaning of
      section 1a(47) of the Commodity Exchange Act).
    

    
      “Initial Maturity Date” means July 1, 2018.
    

    
      “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 seven
      (7) 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.
    

    
      
        

        

      

      
        
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      “Loan Documents” means this Agreement, the First
      Amendment, the Notes, the Letters of Credit, any Letter of Credit
      applications, the Fee Letter, all Borrowing Base Certificates, the
      Blocked Account Agreements, the DDA Notifications, the Security
      Documents, any Extension Amendment, all other agreements, instruments,
      documents and certificates identified in Section 4.01 executed
      and delivered to, or in favor of, the Agent or any Lenders and any other
      instrument or agreement executed and delivered in connection herewith or
      therewith.  Any reference in this Agreement or any other Loan Document
      to a Loan Document shall include all appendices, exhibits or schedules
      thereto, and all amendments, restatements, supplements or other
      modifications thereto, and shall refer to this Agreement or such Loan
      Document as the same may be in effect at any and all times such
      reference becomes operative.
    

    
      “Obligations” means (a) the payment by the Borrowers
      of (i) the principal of, and interest on the Loans, when and as due,
      whether at maturity, by acceleration, upon one or more dates set for
      prepayment or otherwise (including any interest that accrues after the
      commencement of any case or proceeding by or against any Borrower in a
      bankruptcy, whether or not allowed in such case or proceeding), (ii)
      each payment required to be made by the Borrowers under this Agreement
      in respect of any Letter of Credit, when and as due, including payments
      in respect of reimbursement of disbursements, interest thereon and
      obligations to provide cash collateral and (iii) all other monetary
      obligations, including fees, costs, expenses and indemnities, whether
      primary, secondary, direct, contingent, fixed or otherwise, of the
      Borrowers to the Secured Parties under this Agreement and the other Loan
      Documents, (b) the performance of all covenants, agreements, obligations
      and liabilities of the Borrowers under or pursuant to this Agreement and
      the other Loan Documents, (c) the payment and performance of all the
      covenants, agreements, obligations and liabilities of each Borrower
      under or pursuant to this Agreement, and the other Loan Documents, and
      (d) all debts, liabilities and obligations now or hereafter arising from
      or in connection with Specified Bank Products, as each may be amended
      from time to time; provided that Excluded Hedging Obligations of
      any Borrower shall in any event be excluded from “Obligations” owing by
      such Borrower.
    

    
      
        

        

      

      
        
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      1.2  Additional Definitions.  Section 1.01 of
      the Credit Agreement is hereby amended to add thereto in alphabetical
      order the following definitions which shall read in full as follows:
    

    
      “Commodity Exchange Act” means the Commodity
      Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and
      any successor statute and any regulations promulgated thereunder.
    

    
       “Excluded Hedging Obligation” means, with
      respect to any Borrower, (a) any Hedging Obligation if, and solely to
      the extent that, all or a portion of the joint and several liability of
      such Borrower for, or the grant by such Borrower of a security interest
      to secure, as applicable, such Hedging Obligation (or any guarantee
      thereof) is or becomes illegal under the Commodity Exchange Act or any
      rule, regulation or order of the Commodity Futures Trading Commission
      (or the application or official interpretation of any thereof) by virtue
      of such Borrower’s failure for any reason to constitute an “eligible
      contract participant” (as defined in the Commodity Exchange Act) at the
      time the joint and several liability of (or grant of such security
      interest by, as applicable) such Borrower becomes or would become
      effective with respect to such Hedging Obligation or (b) in the case of
      a Hedging Obligation subject to a clearing requirement pursuant to
      Section 2(h) of the Commodity Exchange Act (or any successor provision
      thereto), because such Borrower is a “financial entity,” as defined in
      Section 2(h)(7)(C)(i) the Commodity Exchange Act (or any successor
      provision thereto), at the time the joint and several liability of (or
      grant of such security interest by, as applicable) such Borrower becomes
      or would become effective with respect to such related Hedging
      Obligation.  If a Hedging Obligation arises under a master agreement
      governing more than one swap, such exclusion shall apply only to the
      portion of such Hedging Obligation that is attributable to swaps for
      which the joint and several liability of (or grant of such security
      interest by, as applicable) such Borrower is or becomes illegal.
    

    
      “First Amendment” means that First Amendment to
      Second Amended and Restated Credit Agreement, First Amendment to Second
      Amended and Restated Security Agreement and First Amendment to Second
      Amended and Restated Pledge Agreement dated as of July 1, 2013, among
      the Borrowers, the Agent and the Lenders.
    

    
      “Hedging Obligation” means, with respect to any
      Person, any obligation under any Hedging Agreement, including, without
      limitation the obligation to pay or perform thereunder.
    

    
      
        

        

      

      
        
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      “Qualified ECP Counterparty” means, in respect of
      any Hedging Obligation, each Borrower that, at the time the relevant
      joint and several liability of such Borrower for such Hedging Obligation
      (or grant of the relevant security interest with respect to such Hedging
      Obligation, as applicable) becomes or would become effective has total
      assets exceeding $10,000,000 or such other person as constitutes an
      “eligible contract participant” under the Commodity Exchange Act which
      may cause another person to qualify as an “eligible contract
      participant” with respect to such Hedging Obligation at such time by
      entering into a cross-guarantee under Section 1a(18)(A)(v)(II) of the
      Commodity Exchange Act.
    

    
      1.3  Amendment to Section 2.22(a).  Clause (a)
      of Section 2.22 of the Credit Agreement is hereby amended by inserting
      the following language immediately after the last sentence at the end of
      clause (a) thereof, which shall read in full as follows:
    

    
      Notwithstanding the foregoing, amounts received from any Borrower shall
      not be applied to any Excluded Hedging Obligations of such Borrower (it
      being understood, that in the event that any amount is applied to the
      Obligations other than Excluded Hedging Obligations as a result of this
      clause, the Agent shall, to the fullest extent permitted by applicable
      law, make such adjustments as it determines are appropriate to
      distributions pursuant to the “third” step and the “fifth”
      step, in each case as set forth above, from amounts received from any
      other  Borrower to ensure, as nearly as possible, that the proportional
      aggregate recoveries with respect to the Obligations described in the “third”
      step and the “fifth” step above by the holders of any
      Excluded Hedging Obligations are the same as the proportional aggregate
      recoveries with respect to other Obligations pursuant to the “third”
      step and the “fifth” step above).
    

    
      1.4  Addition of Commodity Exchange Act Cross-Guarantee
      Affirmative Covenant.  A new Section 5.13 is hereby added to the
      end of Article V of the Credit Agreement in appropriate numerical order
      and shall read in full as follows:
    

    
      Section 5.13        Commodity
      Exchange Act Cross-Guarantee Provisions.  Each Borrower hereby
      absolutely, unconditionally and irrevocably undertakes to provide such
      funds or other support as may be needed from time to time by each other
      Borrower in order for each such other Borrower to honor its obligations
      under this Agreement and the other Loan Documents including obligations
      with respect to any Hedging Obligation (provided, however, that each
      Borrower shall only be liable under this Section 5.13 for the
      maximum amount of such liability that can be hereby incurred without
      rendering its obligations under this Section 5.13, or otherwise
      under this Agreement or any Loan Document, as it relates to the other
      Borrowers, voidable under applicable law relating to fraudulent
      conveyance or fraudulent transfer, and not for any greater amount). The
      obligations of the Borrowers under this Section 5.13 shall remain
      in full force and effect until all Obligations are paid in full to the
      Lenders and the Agent, and all of the Lenders’ Commitments are
      terminated.  The Borrowers intend that this Section 5.13
      constitute, and this Section 5.13 shall be deemed to constitute,
      a “keepwell, support, or other agreement” for the benefit of each other
      Borrower for all purposes of Section 1a(18)(A)(v)(II) of the Commodity
      Exchange Act.
    

    
      
        

        

      

      
        
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      1.5  Amendment to Section 6.01(f).  Clause (f)
      of Section 6.01 of the Credit Agreement is hereby amended and restated
      in its entirety to read in full as follows:
    

    
      (f) Indebtedness under Hedging Agreements with any Lender or its
      Affiliates; provided that no Hedging Agreement shall be entered into for
      speculative purposes;
    

    
      1.6  Amendment to Section 9.01(c).  Clause (c)
      of Section 9.01 of the Credit Agreement is hereby amended and restated
      in its entirety to read in full as follows:
    

    
      (c)       if to any other Lender, to it at its address (or telecopy
      number) set forth on its Administrative Questionnaire or on any
      Assignment and Acceptance for such Lender.
    

    
      1.7  Amendment of Right of Setoff.  Section 9.09
      of the Credit Agreement is hereby amended by inserting the following
      proviso at the end of the first sentence thereof, which shall read in
      full as follows:
    

    
      ;provided that no amount received pursuant to this Section 9.09
      from any Borrower shall be applied to any Excluded Hedging Obligation of
      any Borrower.  
    

    
      1.8  Replacement of Schedule 1.1(a) - Commitment Schedule.  The
      schedule of Lenders and Commitments set forth in Schedule 1.1(a) to the
      Credit Agreement is hereby replaced in its entirety with the schedule of
      Lenders and Commitments attached hereto as Schedule 1.1 and the
      schedule of Lenders and Commitments attached hereto as Schedule 1.1
      shall be deemed to be attached as the schedule of Lenders and
      Commitments to the Credit Agreement as of the First Amendment Effective
      Date.  After giving effect to this First Amendment and any Loans made on
      the First Amendment Effective Date, (a) each Lender who holds Loans in
      an aggregate amount less than its Commitment Percentage of all Loans
      shall advance new Loans which shall be disbursed to the Agent and used
      to repay Loans outstanding to each Lender who holds Loans in an
      aggregate amount greater than its Commitment Percentage of all Loans,
      (b) each Lender’s participation in each Letter of Credit, if any, shall
      be automatically adjusted to equal its Commitment Percentage, and (c)
      such other adjustments shall be made as the Agent shall specify so that
      the Credit Extensions applicable to each Lender equals its Commitment
      Percentage of the aggregate Credit Extensions of all Lenders.
    

    
      1.9  Deletion of Schedule 1.1(b) – Notice Addresses for
      each Lender.  Schedule 1.1(b) to the Credit Agreement is hereby
      deleted in its entirety from the Credit Agreement and the reference to
      “Schedule 1.1(b) Notice Addresses for Each Lender” in the list of
      Schedules in the Table of Contents shall be deleted in its entirety.
    

    
      
        

        

      

      
        
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      1.10  Amendment to Cover Page and Introductory Paragraph.  The
      cover page and the introductory paragraph to the Credit Agreement are
      hereby amended to replace the reference to “HSBC BANK USA,
      NATIONAL ASSOCIATION, REGIONS BANK, UBS SECURITIES LLC and U.S. BANK,
      NATIONAL ASSOCIATION, as Co-Documentation Agents” with a reference
      to “BRANCH BANKING AND TRUST COMPANY, HSBC BANK USA,
      NATIONAL ASSOCIATION, REGIONS BANK, SUNTRUST BANK and U.S. BANK,
      NATIONAL ASSOCIATION, as Co-Documentation Agents”.
    

    
      SECTION 2.  Amendment to Security Agreement.  Effective
      as of the First Amendment Effective Date, Section 6.02 of the Security
      Agreement is hereby amended by inserting the following language
      immediately after the last sentence at the end of Section 6.02 thereof,
      which shall read in full as follows:
    

    
      Notwithstanding the foregoing, amounts received from any Borrower shall
      not be applied to any Excluded Hedging Obligations of such Borrower (it
      being understood, that in the event that any amount is applied to the
      Obligations other than Excluded Hedging Obligations as a result of this
      Section 6.02, the Agent shall, to the fullest extent permitted by
      applicable law, make such adjustments as it determines are appropriate
      to distributions pursuant to the “THIRD” step and the “SIXTH”
      step, in each case as set forth above, from amounts received from any
      other Borrower to ensure, as nearly as possible, that the proportional
      aggregate recoveries with respect to the Obligations described in the “THIRD”
      step and the “SIXTH” step above by the holders of any
      Excluded Hedging Obligations are the same as the proportional aggregate
      recoveries with respect to other Obligations pursuant to the “THIRD”
      step and the “SIXTH” step above).
    

    
      SECTION 3.  Amendment to Pledge Agreement.  Effective
      as of the First Amendment Effective Date, Section 6.02 of the Pledge
      Agreement is hereby amended by inserting the following language
      immediately after the last sentence at the end of Section 6.02 thereof,
      which shall read in full as follows:
    

    
      Notwithstanding the foregoing, amounts received from any Borrower shall
      not be applied to any Excluded Hedging Obligations of such Borrower (it
      being understood, that in the event that any amount is applied to the
      Obligations other than Excluded Hedging Obligations as a result of this
      Section 6.02, the Agent shall, to the fullest extent permitted by
      applicable law, make such adjustments as it determines are appropriate
      to distributions pursuant to the “THIRD” step and the “SIXTH”
      step, in each case as set forth above, from amounts received from any
      other Borrower to ensure, as nearly as possible, that the proportional
      aggregate recoveries with respect to the Obligations described in the “THIRD”
      step and the “SIXTH” step above by the holders of any
      Excluded Hedging Obligations are the same as the proportional aggregate
      recoveries with respect to other Obligations pursuant to the “THIRD”
      step and the “SIXTH” step above).
    

    
      
        

        

      

      
        
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      SECTION 4.  Conditions Precedent.  The
      effectiveness of the amendments to the Credit Agreement contained in Section
      1, the amendments to the Security Agreement in Section 2 and
      the amendments to the Pledge Agreement in Section 3 hereof are
      subject to the satisfaction of each of the following conditions
      precedent:
    

    
             4.1  Amendment.  The
      Agent shall have received counterparts of this First Amendment from the
      Borrowers and each Lender.
    

    
             4.2  Notes.  The
      Agent shall have received a Note payable to the order of each Lender
      whose Commitments were affected by Section 1.8 in the amount of
      such Lender’s Commitment as indicated on the schedule of Commitments to
      the Credit Agreement (as amended by Section 1.8 hereof), in each
      case duly executed and delivered by the Borrowers.
    

    
             4.3  Amendment
      Fees and Expenses.  
    

    
                 (a)  The Borrowers shall have paid to the Agent for the
      account of the Lenders an amendment fee equal to 10.0 bps (0.10%) of the
      Total Commitment on the First Amendment Effective Date after giving
      effect to this First Amendment (the “Amendment Fee”), which
      Amendment Fee shall be paid to the Lenders on a pro rata basis based on
      their respective Commitment Percentage of the Total Commitment on the
      First Amendment Effective Date after giving effect to this First
      Amendment.  
    

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

    
             4.4  Officers’
      Certificates, Opinions, etc.  The Borrowers shall have delivered
      to the Agent (a) such certificates of authorized officers of the
      Borrowers, 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 First Amendment, any
      documents related to this First Amendment and any other legal matters
      relating to the Borrowers or the other Loan 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, as
      legal counsel to the Borrowers, with respect to the due authorization,
      execution, delivery and enforceability of this First Amendment and such
      other matters related thereto as the Agent shall reasonably require.
    

    
             4.5  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.
    

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

    
      
        

        

      

      
        
          10
        

        
          

        

      

      
        

        

      

    

    

    

    
      SECTION 5.  Post-Closing Condition.  On or prior
      to the date that is thirty (30) days after the First Amendment Effective
      Date (or prior to such later date as the Agent may determine and agree
      to in writing in its sole discretion), the Borrowers shall deliver, or
      cause to be delivered an opinion from each of the Borrowers’ counsel
      (other than Simpson Thacher & Bartlett LLP), with respect to the due
      authorization, execution, delivery and enforceability of this First
      Amendment and such other matters related thereto as the Agent shall
      reasonably require.
    

    
      SECTION 6.  Representations and Warranties.  In
      order to induce the Agent and each Lender to enter into this First
      Amendment, the Borrowers hereby jointly and severally represent and
      warrant to the Agent and each Lender that:
    

    
             6.1  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 First Amendment Effective
      Date (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).  
    

    
             6.2  Due
      Authorization, No Conflicts.  The execution, delivery and
      performance by the Borrowers of this First Amendment, and all other
      documents, instruments or agreements executed by any of the Borrowers in
      connection with this First Amendment, are within the Borrowers’
      corporate, limited liability company or limited partnership powers, as
      applicable, have been duly authorized by all necessary corporate,
      limited liability company 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.
    

    
             6.3  Validity
      and Binding Effect.  This First Amendment and all other
      documents, instruments or agreements executed by any of the Borrowers in
      connection with this First 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.
    

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

    
      SECTION 7.  Miscellaneous.
    

    
             7.1  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.
    

    
      
        

        

      

      
        
          11
        

        
          

        

      

      
        

        

      

    

    

    

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

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

    
             7.4  Counterparts,
      Effectiveness of First Amendment.  This First Amendment may be
      executed in counterparts, and all parties need not execute the same
      counterpart; however, no party shall be bound by this First Amendment
      until this First Amendment has been executed by the Agent, each Borrower
      and all Lenders, at which time this First Amendment shall be binding on,
      enforceable against and inure to the benefit of the Borrowers, the Agent
      and all Lenders.  Delivery of an executed counterpart of this First
      Amendment by facsimile or other electronic transmission shall be
      effective as delivery of a manually executed counterpart thereof.
    

    
             7.5  COMPLETE
      AGREEMENT.  THIS FIRST 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.
    

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

    
             7.7  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 First 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 First 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.
    

    
             7.8  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.
    

    
             7.9  Severability.  In
      case any one or more of the provisions contained in this First 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 First Amendment shall be
      construed as if such invalid, illegal, or unenforceable provision had
      never been contained herein.
    

    
            7.10  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 reasonably
      requested by the Lenders or the Agent as necessary or advisable to carry
      out the intents and purposes of this First Amendment.
    

    
      
        

        

      

      
        
          12
        

        
          

        

      

      
        

        

      

    

    

    

    
            7.11  Governing Law.  This
      First 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.
    

    
            7.12  Exiting Lenders.  Subject
      in each case to the receipt of funds necessary to pay off all principal
      and interest owed to UBS Loan Finance LLC and to CIT Finance LLC
      (collectively, the “Exiting Lenders”, and each
      individually, an “Exiting Lender”) by the Lenders, each
      Exiting Lender hereby (a) consents to this First Amendment as required
      under Section 9.02 of the Credit Agreement and (b) acknowledges and
      agrees to Section 1.8 of this First Amendment.  Each of the
      parties hereto hereby agrees and confirms that after giving effect to Section
      1.8 of this First Amendment, each Exiting Lender’s Commitments shall
      be $0, its Commitments to lend and all of its obligations under the
      Credit Agreement shall be terminated and each Exiting Lender shall cease
      to be a Lender for all purposes under the Loan Documents.
    

    
      [Signature Page Follows]
    

    

    

    
      
        

        

      

      
        
          13
        

        
          

        

      

      
        

        

      

    

    

    

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

    	
           
        	
          
            DILLARD’S, INC.,
          

        	

        
	

        	
          as Lead Borrower and a Borrower
        	

        
	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Sherrill E. Wise
        	

        
	

        	
          Name:
        	
          Sherrill E. Wise
        	

        
	

        	
          Title:
        	
          Vice President/Treasurer/Asst.
        	

        
	

        	

        	
          Secretary
        	

        
	

        	

        	

        	

        	
           
        
	

        	
          
            DILLARD TENNESSEE OPERATING 
          

          
            LIMITED PARTNERSHIP,
          

        	

        
	

        	
          as a Borrower
        	

        
	

        	

        	

        	

        	
           
        
	

        	
          By: TNLP InvestCo, LLC, its General Partner
        	

        
	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	
           
        
	

        	
          
             
          

        	
          
            By:
          

        	
          /s/ Teri Murdock
        	

        
	

        	
          
             
          

        	
          
            Name:
          

        	
          Teri Murdock
        	

        
	

        	
          
             
          

        	
          
            Title:
          

        	
          Vice President/Secretary
        	

        
	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	
           
        
	

        	
          
            DILLARD STORE SERVICES, INC.,
          

        	

        
	

        	
          as a Borrower
        	

        
	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Debbie Cornwell
        	

        
	

        	
          Name:
        	
          Debbie Cornwell
        	

        
	

        	
          Title:
        	
          Vice President/Secretary
        	

        
	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	
           
        
	

        	
          
            THE HIGBEE COMPANY,
          

        	

        
	

        	
          
            as a Borrower
          

        	

        
	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	
           
        
	

        	
          
            By:
          

        	
          
            /s/ Dean Lusk
          

        	

        
	

        	
          
            Name:
          

        	
          
            Dean Lusk
          

        	

        
	

        	
          
            Title:
          

        	
          
            Vice President/Secretary
          

        	

        
	

        	

        	

        	

        	
           
        

    

    
      SIGNATURE PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
      AGREEMENT,
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED SECURITY
      AGREEMENT AND FIRST AMENDMENT TO SECOND
AMENDED AND RESTATED PLEDGE
      AGREEMENT – DILLARD’S, INC.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          
            CONSTRUCTION DEVELOPERS, 
          

          
            INCORPORATED,
          

        	

        
	

        	
          as a Borrower
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Dean Elliott
        	

        
	

        	
          Name:
        	
          Dean Elliott
        	

        
	

        	
          Title:
        	
          Vice President/Secretary
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          
            DILLARD INTERNATIONAL, INC.,
          

        	

        
	

        	
          as a Borrower
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Dean Worley
        	

        
	

        	
          Name:
        	
          Dean Worley
        	

        
	

        	
          Title:
        	
          President/Asst. Secretary
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          
            CONDEV NEVADA, INC.,
          

        	

        
	

        	
          as a Borrower
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Bob Reeves
        	

        
	

        	
          Name:
        	
          Bob Reeves
        	

        
	

        	
          Title:
        	
          Vice President/Secretary
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          
            U.S. ALPHA, INC.,
          

        	

        
	

        	
          as a Borrower
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Julie Bull
        	

        
	

        	
          Name:
        	
          Julie Bull
        	

        
	

        	
          Title:
        	
          Vice President/Secretary
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          
            DILLARD’S DOLLARS, INC.,
          

        	

        
	

        	
          as a Borrower
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Martin Talley
        	

        
	

        	
          Name:
        	
          Martin Talley
        	

        
	

        	
          Title:
        	
          Vice President/Secretary
        	

        

    

    
      SIGNATURE PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
      AGREEMENT,
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED SECURITY
      AGREEMENT AND FIRST AMENDMENT TO SECOND
AMENDED AND RESTATED PLEDGE
      AGREEMENT – DILLARD’S, INC.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          
            HIGBEE LOUISIANA, LLC,
          

        	

        
	

        	
          as a Borrower
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Don Powers
        	

        
	

        	
          Name:
        	
          Don Powers
        	

        
	

        	
          Title:
        	
          Vice President/Secretary
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          
            DILLARD TEXAS CENTRAL, LLC,
          

        	

        
	

        	
          as a Borrower
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Kim Brown
        	

        
	

        	
          Name:
        	
          Kim Brown
        	

        
	

        	
          Title:
        	
          Vice President/Secretary
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          
            DILLARD TEXAS EAST, LLC,
          

        	

        
	

        	
          as a Borrower
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Marilyn Weaver
        	

        
	

        	
          Name:
        	
          Marilyn Weaver
        	

        
	

        	
          Title:
        	
          Vice President/Secretary
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          
            DILLARD TEXAS FOUR-POINT, LLC,
          

        	

        
	

        	
          as a Borrower
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Tammy Barnes
        	

        
	

        	
          Name:
        	
          Tammy Barnes
        	

        
	

        	
          Title:
        	
          Vice President/Secretary
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          
            DILLARD TEXAS SOUTH, LLC,
          

        	

        
	

        	
          as a Borrower
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Steven K. Nelson
        	

        
	

        	
          Name:
        	
          Steven K. Nelson
        	

        
	

        	
          Title:
        	
          President/Asst. Secretary
        	

        

    

    
      SIGNATURE PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
      AGREEMENT,
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED SECURITY
      AGREEMENT AND FIRST AMENDMENT TO SECOND
AMENDED AND RESTATED PLEDGE
      AGREEMENT – DILLARD’S, INC.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          
            DSS NEIL OPERATIONS, LLC,
          

        	

        
	

        	
          as a Borrower
        	

        
	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Stacy Fleisch
        	

        
	

        	
          Name:
        	
          Stacy Fleisch
        	

        
	

        	
          Title:
        	
          Vice President/Secretary
        	

        
	

        	

        	

        	

        	
           
        
	

        	
          
            DSS UNITER, LLC,
          

        	

        
	

        	
          as a Borrower
        	

        
	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Chris Johnson
        	

        
	

        	
          Name:
        	
          Chris Johnson
        	

        
	

        	
          Title:
        	
          Vice President/Asst. Secretary
        	

        
	

        	

        	

        	

        	
           
        
	

        	
          
            HIGBEE GAK, LP,
          

        	

        
	

        	
          as a Borrower
        	

        
	

        	

        	

        	

        	
           
        
	

        	
          By: GAK GP, LLC, its General Partner
        	

        
	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	
           
        
	

        	
          
             
          

        	
          
            By:
          

        	
          /s/ Rebecca James
        	

        
	

        	
          
             
          

        	
          
            Name:
          

        	
          Rebecca James
        	

        
	

        	
          
             
          

        	
          
            Title:
          

        	
          Vice President/Secretary
        	

        
	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	
           
        
	

        	
          
            HIGBEE LANCOMS, LP,
          

        	

        
	

        	
          as a Borrower
        	

        
	

        	

        	

        	

        	
           
        
	

        	
          
            By: LANCOMS GP, LLC, its General Partner
          

        	

        
	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	
           
        
	

        	
          
             
          

        	
          
            By:
          

        	
          /s/ LaNette Bryant
        	

        
	

        	
          
             
          

        	
          
            Name:
          

        	
          LaNette Bryant
        	

        
	

        	
          
             
          

        	
          
            Title:
          

        	
          Vice President/Secretary
        	

        

    

    
      SIGNATURE PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
      AGREEMENT,
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED SECURITY
      AGREEMENT AND FIRST AMENDMENT TO SECOND
AMENDED AND RESTATED PLEDGE
      AGREEMENT – DILLARD’S, INC.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          
            HIGBEE SALVA, LP,
          

        	

        
	

        	
          as a Borrower
        	

        
	

        	
           
        	

        	

        	

        
	

        	
          By: SALVA GP, LLC, its General Partner
        	

        
	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	
           
        
	

        	
          
             
          

        	
          
            By:
          

        	
          /s/ Sherrill E. Wise
        	

        
	

        	
          
             
          

        	
          
            Name:
          

        	
          Sherrill E. Wise
        	

        
	

        	
          
             
          

        	
          
            Title:
          

        	
          Vice President/Asst. Secretary
        	

        
	
          
             
          

        	

        	

        	

        	

        
	

        	
          
            HIGBEE WEST MAIN, LP,
          

        	

        
	

        	
          as a Borrower
        	

        
	

        	

        	

        	

        	
           
        
	

        	
          By: WEST MAIN GP, LLC, its General Partner
        	

        
	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	
           
        
	

        	
          
             
          

        	
          
            By:
          

        	
          /s/ Bobby Barrett
        	

        
	

        	
          
             
          

        	
          
            Name:
          

        	
          Bobby Barrett
        	

        
	

        	
          
             
          

        	
          
            Title:
          

        	
          Vice President/Secretary
        	

        

    

    
      SIGNATURE PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
      AGREEMENT,
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED SECURITY
      AGREEMENT AND FIRST AMENDMENT TO SECOND
AMENDED AND RESTATED PLEDGE
      AGREEMENT – DILLARD’S, INC.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          
            JPMORGAN CHASE BANK, N.A.,
          

        	

        
	

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

          
            Lender
          

        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Kevin D. Padgett
        	

        
	

        	
          Name:
        	
          Kevin D. Padgett
        	

        
	

        	
          Title:
        	
          Authorized Officer
        	

        

    

    
      SIGNATURE PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
      AGREEMENT,
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED SECURITY
      AGREEMENT AND FIRST AMENDMENT TO SECOND
AMENDED AND RESTATED PLEDGE
      AGREEMENT – DILLARD’S, INC.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          
            WELLS FARGO BANK, NATIONAL 
          

          
            ASSOCIATION,
          

        	

        
	

        	
          
            as Syndication Agent, an Issuing Lender and a
          

          
            Lender
          

        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Lauren Murphy
        	

        
	

        	
          Name:
        	
          Lauren Murphy
        	

        
	

        	
          Title:
        	
          Assistant Vice President
        	

        

    

    
      SIGNATURE PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
      AGREEMENT,
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED SECURITY
      AGREEMENT AND FIRST AMENDMENT TO SECOND
AMENDED AND RESTATED PLEDGE
      AGREEMENT – DILLARD’S, INC.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          
            BANK OF AMERICA, N.A.,
          

        	

        
	

        	
          as a Lender
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Matthew Potter
        	

        
	

        	
          Name:
        	
          Matthew Potter
        	

        
	

        	
          Title:
        	
          Vice President
        	

        

    

    
      SIGNATURE PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
      AGREEMENT,
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED SECURITY
      AGREEMENT AND FIRST AMENDMENT TO SECOND
AMENDED AND RESTATED PLEDGE
      AGREEMENT – DILLARD’S, INC.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          
            BMO HARRIS BANK, N.A.,
          

        	

        
	

        	
          as a Lender
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
           
        	

        
	

        	
          Name:
        	

        	

        
	

        	
          Title:
        	

        	

        

    

    
      SIGNATURE PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
      AGREEMENT,
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED SECURITY
      AGREEMENT AND FIRST AMENDMENT TO SECOND
AMENDED AND RESTATED PLEDGE
      AGREEMENT – DILLARD’S, INC.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          
            BRANCH BANKING AND TRUST 
          

          
            COMPANY,
          

        	

        
	

        	
          as a Lender
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Sarah Bryson
        	

        
	

        	
          Name:
        	
          Sarah Bryson
        	

        
	

        	
          Title:
        	
          Vice President
        	

        

    

    
      SIGNATURE PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
      AGREEMENT,
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED SECURITY
      AGREEMENT AND FIRST AMENDMENT TO SECOND
AMENDED AND RESTATED PLEDGE
      AGREEMENT – DILLARD’S, INC.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          
            CAPITAL ONE, N.A.,
          

        	

        
	

        	
          as a Lender
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Kiel Johnson
        	

        
	

        	
          Name:
        	
          Kiel Johnson
        	

        
	

        	
          Title:
        	
          Assistant Vice President
        	

        

    

    
      SIGNATURE PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
      AGREEMENT,
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED SECURITY
      AGREEMENT AND FIRST AMENDMENT TO SECOND
AMENDED AND RESTATED PLEDGE
      AGREEMENT – DILLARD’S, INC.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          
            CITY NATIONAL BANK,
          

        	

        
	

        	
          as a Lender
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ David Knoblauch
        	

        
	

        	
          Name:
        	
          David Knoblauch
        	

        
	

        	
          Title:
        	
          Vice President
        	

        

    

    
      SIGNATURE PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
      AGREEMENT,
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED SECURITY
      AGREEMENT AND FIRST AMENDMENT TO SECOND
AMENDED AND RESTATED PLEDGE
      AGREEMENT – DILLARD’S, INC.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          
            COMPASS BANK,
          

        	

        
	

        	
          as a Lender
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Michael Sheff
        	

        
	

        	
          Name:
        	
          Michael Sheff
        	

        
	

        	
          Title:
        	
          Senior Vice President
        	

        

    

    
      SIGNATURE PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
      AGREEMENT,
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED SECURITY
      AGREEMENT AND FIRST AMENDMENT TO SECOND
AMENDED AND RESTATED PLEDGE
      AGREEMENT – DILLARD’S, INC.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          
            FIFTH THIRD BANK,
          

        	

        
	

        	
          as a Lender
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Julia Harmon
        	

        
	

        	
          Name:
        	
          Julia Harman
        	

        
	

        	
          Title:
        	
          Vice President
        	

        

    

    
      SIGNATURE PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
      AGREEMENT,
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED SECURITY
      AGREEMENT AND FIRST AMENDMENT TO SECOND
AMENDED AND RESTATED PLEDGE
      AGREEMENT – DILLARD’S, INC.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          
            GENERAL ELECTRIC CAPITAL 
          

          
            CORPORATION,
          

        	

        
	

        	
          as a Lender
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Peter E. Crispino
        	

        
	

        	
          Name:
        	
          Peter E. Crispino
        	

        
	

        	
          Title:
        	
          Duly Authorized Signatory
        	

        

    

    
      SIGNATURE PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
      AGREEMENT,
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED SECURITY
      AGREEMENT AND FIRST AMENDMENT TO SECOND
AMENDED AND RESTATED PLEDGE
      AGREEMENT – DILLARD’S, INC.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          
            HSBC BANK USA, N.A.,
          

        	

        
	

        	
          as a Lender
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Alan Zinser
        	

        
	

        	
          Name:
        	
          Alan Zinser
        	

        
	

        	
          Title:
        	
          Senior Vice President
        	

        

    

    
      SIGNATURE PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
      AGREEMENT,
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED SECURITY
      AGREEMENT AND FIRST AMENDMENT TO SECOND
AMENDED AND RESTATED PLEDGE
      AGREEMENT – DILLARD’S, INC.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          
            PNC BANK, NATIONAL ASSOCIATION,
          

        	

        
	

        	
          as a Lender
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
           
        	

        
	

        	
          Name:
        	

        	

        
	

        	
          Title:
        	

        	

        

    

    
      SIGNATURE PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
      AGREEMENT,
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED SECURITY
      AGREEMENT AND FIRST AMENDMENT TO SECOND
AMENDED AND RESTATED PLEDGE
      AGREEMENT – DILLARD’S, INC.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          
            RBS CITIZENS, N.A.,
          

        	

        
	

        	
          as a Lender
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Michael J. Ganann
        	

        
	

        	
          Name:
        	
          Michael J. Ganann
        	

        
	

        	
          Title:
        	
          Senior Vice President
        	

        

    

    
      SIGNATURE PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
      AGREEMENT,
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED SECURITY
      AGREEMENT AND FIRST AMENDMENT TO SECOND
AMENDED AND RESTATED PLEDGE
      AGREEMENT – DILLARD’S, INC.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          
            REGIONS BANK,
          

        	

        
	

        	
          as a Lender
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Andrew S. Bae
        	

        
	

        	
          Name:
        	
          Andrew S. Bae
        	

        
	

        	
          Title:
        	
          Vice President
        	

        

    

    
      SIGNATURE PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
      AGREEMENT,
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED SECURITY
      AGREEMENT AND FIRST AMENDMENT TO SECOND
AMENDED AND RESTATED PLEDGE
      AGREEMENT – DILLARD’S, INC.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          
            SUNTRUST BANK,
          

        	

        
	

        	
          as a Lender
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Nigel Fabien
        	

        
	

        	
          Name:
        	
          Nigel Fabien
        	

        
	

        	
          Title:
        	
          Vice President
        	

        

    

    
      SIGNATURE PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
      AGREEMENT,
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED SECURITY
      AGREEMENT AND FIRST AMENDMENT TO SECOND
AMENDED AND RESTATED PLEDGE
      AGREEMENT – DILLARD’S, INC.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          
            U.S. BANK, NATIONAL ASSOCIATION,
          

        	

        
	

        	
          as a Lender
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
           
        	

        
	

        	
          Name:
        	

        	

        
	

        	
          
            Title:
          

        	

        	

        

    

    
      SIGNATURE PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
      AGREEMENT,
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED SECURITY
      AGREEMENT AND FIRST AMENDMENT TO SECOND
AMENDED AND RESTATED PLEDGE
      AGREEMENT – DILLARD’S, INC.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          
            CIT FINANCE LLC,
          

        	

        
	

        	
          as an Exiting Lender
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Renee M. Singer
        	

        
	

        	
          Name:
        	
          Renee M. Singer
        	

        
	

        	
          Title:
        	
          Managing Director
        	

        

    

    
      SIGNATURE PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
      AGREEMENT,
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED SECURITY
      AGREEMENT AND FIRST AMENDMENT TO SECOND
AMENDED AND RESTATED PLEDGE
      AGREEMENT – DILLARD’S, INC.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          
            UBS LOAN FINANCE LLC,
          

        	

        
	

        	
          as an Exiting Lender
        	

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Joselin Fernandes
        	

        
	

        	
          Name:
        	
          Joselin Fernandes
        	

        
	

        	
          Title:
        	
          Associate Director
        	

        
	

        	

        	
          Banking Products Services, US
        	

        
	

        	

        	

        	
           
        
	

        	
          By:
        	
          /s/ Kenneth Chin
        	

        
	

        	
          Name:
        	
          Kenneth Chin
        	

        
	

        	
          Title:
        	
          Director
        	

        
	

        	

        	
          Banking Products Services, US
        	

        

    

    
      SIGNATURE PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
      AGREEMENT,
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED SECURITY
      AGREEMENT AND FIRST AMENDMENT TO SECOND
AMENDED AND RESTATED PLEDGE
      AGREEMENT – DILLARD’S, INC.ex10_1.htm

EXHIBIT 10.1

THIRD AMENDMENT TO CREDIT AGREEMENT

THIS AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is entered into as of June 30, 2013, by and between AMBASSADORS GROUP, INC., a Delaware corporation ("Borrower"), and WELLS FARGO BANK, NATIONAL ASSOCIATION ("Bank").

RECITALS

WHEREAS, Borrower is currently indebted to Bank pursuant to the terms and conditions of that certain Credit Agreement between Borrower and Bank dated as of May 30, 2008, as amended from time to time ("Credit Agreement").

WHEREAS, Bank and Borrower have agreed to certain changes in the terms and conditions set forth in the Credit Agreement and have agreed to amend the Credit Agreement to reflect said changes.

NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree that the Credit Agreement shall be amended as follows:

1.  Section 1.1 (a) is hereby amended by deleting “Twenty Million Dollars ($20,000,000.00)" as the maximum principal amount available under the Line of Credit, and by substituting for said amount “Twelve Million Five Hundred Thousand Dollars ($12,500,000.00)."

2.  Section 1.1 (c) is hereby renumbered as Section 1.1 (d).

3.  The following is hereby added to the Credit Agreement as the new Section 1.1 (c):

“(c)           Limitation on Borrowings.  Outstanding borrowings under the Line of Credit (including the face amount of any issued and undrawn Letters of Credit and unreimbursed draws under any Letters of Credit), to a maximum of the principal amount set forth above, shall not at any time exceed an aggregate of fifty percent (50%) of Deployable Cash, with “Deployable Cash” as defined in Section 4.9 (b) hereof.”

4.  Section 4.1 is hereby deleted in its entirety, and the following substituted therefor:

“SECTION 4.1.                                PUNCTUAL PAYMENTS.  Punctually pay all principal, interest, fees or other liabilities due under any of the Loan Documents at the times and place and in the manner specified therein, and immediately upon demand by Bank, the amount by which the outstanding principal balance of any credit subject hereto at any time exceeds any limitation on borrowings applicable thereto.”

5.  Section 4.9 is hereby deleted in its entirety, and the following substituted therefor:

 

 

  

-1-

  

“SECTION 4.9.                                FINANCIAL CONDITION.  Maintain Borrower’s financial condition as follows using generally accepted accounting principles consistently applied and used consistently with prior practices (except to the extent modified by the definitions herein):

(a)           Tangible Net Worth not less than $40,000,000.00 at any time, with “Tangible Net Worth” defined as the aggregate of total stockholders’ equity less any intangible assets.

(b)           Deployable Cash not less than $0.00 at any time, with “Deployable Cash” defined as cash and cash equivalents, available for sale securities, prepaid program costs and expenses minus participant deposits, accounts payable, accrued expenses, and other short-term liabilities (excluding deferred taxes) and the current portion of long-term capitalized lease payments.”

6.           Section 5.2 and 5.3 are hereby deleted in their entirety, and the following substituted therefor:

“SECTION 5.2.                                OTHER INDEBTEDNESS.  Create, incur, assume or permit to exist any indebtedness or liabilities resulting from borrowings, loans or advances, whether secured or unsecured, matured or unmatured, liquidated or unliquidated, joint or several, except (a) the liabilities of Borrower to Bank, (b) any other liabilities of Borrower existing as of, and disclosed to Bank prior to, the date hereof, (c) indebtedness of Borrower contractually subordinated to Borrower's obligations to Bank on terms and conditions acceptable to Bank, and (d) participant deposits.

SECTION 5.3.            MERGER, CONSOLIDATION, TRANSFER OF ASSETS.  Except as identified on Schedule 5.3 hereto, incorporated herein by this reference, and Except in connection with a Permitted Acquisition, merge into or consolidate with any other entity; make any substantial change in the nature of Borrower's business as conducted as of the date hereof; acquire all or substantially all of the assets of any other entity except in connection with a Permitted Acquisition; nor sell, lease, transfer or otherwise dispose of all or a substantial or material portion of Borrower's assets except (a) sales, leases, transfers or other dispositions in the ordinary course of its business, (b) the sale of Borrower’s real estate located at 1956 Ambassador Way, Spokane, WA 99224 and (c) the sale of Borrower’s Bookrags business unit.

            As used herein, “Permitted Acquisition” means the purchase by Borrower of all or substantially all of the assets, business, stock, partnership interests or membership interests of any person or entity, or the acquisition by Borrower of any corporation, partnership or limited liability company through a merger or consolidation in which the surviving entity is Borrower, and which satisfies the following conditions, as determined by Bank in its sole discretion: (a) the purpose of the acquisition shall be to acquire a business in a similar or related line of business to that of Borrower; (b) Bank shall have received from Borrower such information regarding the terms and conditions of the acquisition as it shall reasonably require; (c) no later than thirty (30) days prior to the anticipated closing of such acquisition, Borrower shall deliver consolidated pro forma financial statements to Bank, in form and substance satisfactory to Bank and certified by the president or chief financial officer of Borrower, evidencing that after giving effect to the acquisition, no financial covenant of this Agreement shall be violated; (d) at the time of such acquisition, no Event of Default (as defined in Section 6.1 hereof), and no condition or event or act which with the giving of notice or the passage of time or both would constitute an Event of Default, shall exist or shall have occurred and be continuing hereunder or under any of the other Loan Documents; and (e) the acquisition shall comply with all applicable laws.”

 

 

  

-2-

  

7.           In consideration of the changes set forth herein and as a condition to the effectiveness hereof, immediately upon signing this Amendment Borrower shall pay to Bank a non-refundable fee of $3,500.00.

8.  Except as specifically provided herein, all terms and conditions of the Credit Agreement remain in full force and effect, without waiver or modification.  All terms defined in the Credit Agreement shall have the same meaning when used in this Amendment.  This Amendment and the Credit Agreement shall be read together, as one document.

9.  Borrower hereby remakes all representations and warranties contained in the Credit Agreement and reaffirms all covenants set forth therein.  Borrower further certifies that as of the date of this Amendment there exists no Event of Default as defined in the Credit Agreement, nor any condition, act or event which with the giving of notice or the passage of time or both would constitute any such Event of Default.

ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON LAW.

  

-3-

  

 

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

                          WELLS FARGO BANK,

AMBASSADORS GROUP, INC.                                                                     NATIONAL ASSOCIATION

By: /s/Anthony F. Dombrowik                                                             By: /s/ Thomas Thoen

       Anthony F. Dombrowik,                                                                         Thomas Thoen,

       Chief Financial Officer                                                                             Relationship Manager

 

 

 

 

 

 

 

 

-4-

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