Letter Agreement Extending Commitment Termination Date under Note Purchase Agreement – Belk, Inc., Bank of America, and Enterprise Funding Corporation

Summary

Belk, Inc., Bank of America, N.A., and Enterprise Funding Corporation have agreed to extend the termination date of their existing Note Purchase Agreement by 361 days, moving it from May 2, 2000, to April 28, 2001. Belk, Inc. will pay a $5,000 fee for this extension. The parties also agree to waive the requirement that extensions be made at least 30 days in advance. This letter serves as formal confirmation of these terms.

EX-10.1 2 0002.txt LETTER AGREEMENT 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. 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