<PAGE> 1
BELK, INC.
2801 WEST TYVOLA ROAD
CHARLOTTE, NORTH CAROLINA 28217
April 26, 2000
Bank of America, N.A., as Agent
and as a Bank Investor
Bank of America Corporate Center
100 North Tryon Street
Charlotte, North Carolina 28255
Gentlemen:
Reference is hereby made to the Note Purchase Agreement (the
"Agreement"), dated as of May 3, 1999, by and between BELK, INC., a Delaware
corporation, as debtor (in such capacity, the "Debtor"), THE BELK CENTER, INC.,
a North Carolina corporation, as servicer, ENTERPRISE FUNDING CORPORATION, a
Delaware corporation (the "Company") and BANK OF AMERICA, N.A., a national
banking association ("Bank of America"), as agent for the Company and the Bank
Investors party thereto (in such capacity, the "Agent") as a Bank Investor (Bank
of America is known under the Agreement as NationsBank, N.A.). Capitalized terms
used herein and not defined herein shall have the respective meanings assigned
thereto in the Agreement.
This letter is to confirm our agreement with you to extend the current
Commitment Termination Date an additional 361 days from May 2, 2000 to April 28,
2001. Your acknowledgment of this letter shall serve to confirm such agreement
and shall also serve as a confirmation that the requirement of the Agreement
that any extension of the current Commitment Termination Date be made at least
30 days prior to such date has been waived.
In addition, the acknowledgment of this letter by the Agent will serve
to confirm the receipt by the Agent of Five Thousand Dollars ($5,000), which is
the amount we have agreed to pay as a fee for the extension of the commitment.
<PAGE> 2
Sincerely,
BELK, INC., as Debtor
By: /s/ James M. Berry
---------------------------
Name: James M. Berry
Title: Exec. V.P. Finance
Acknowledged and Agreed:
BANK OF AMERICA, N.A., as Agent
and as the sole Bank Investor
By: /s/ Elliott Lemon
----------------------------
Name: Elliott Lemon
Title: Vice President
ENTERPRISE FUNDING CORPORATION
By: /s/ Kevin P. Burns
----------------------------
Name: Kevin P. Burns
Title: Vice President
