Document:

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                                                                    Exhibit 10.9

                           CREDIT CARD PROCESSING AGREEMENT

        This Credit Card Processing Agreement is made as of this 31st day of
January, 1996 between WORLD FINANCIAL NETWORK NATIONAL BANK, a national
banking association (the "BANK"), and Henri Bendel, Inc., a Delaware
corporation (the "CORPORATION"), and Western Factoring, Inc., a Nevada
corporation ("FACTORING") (the Corporation and Factoring being collectively
referred to herein as the "COMPANY").

        WHEREAS the Company and the Bank believe that it is desirable and in
their respective best interests for the Bank to continue, in a manner
generally consistent with past practices, to issue credit cards bearing the
trade names, trademarks, logos and service marks used in the Company's Henri
Bendel retail or catalogue business (the "BUSINESS") which will allow the
customers of the Company to purchase goods from the Company using funds
advanced by the Bank; and

        WHEREAS in order to implement such arrangements, the parties hereto
desire to enter into this Agreement;

        NOW, THEREFORE, the parties hereby agree as follows:

        Section 1.  TRADEMARKS.  The Company hereby authorizes the Bank to
use the trademark "Henri Bendel" on credit cards owned or issued by the Bank,
monthly billing statements, collection correspondence, credit card
agreements, credit applications, customer service correspondence and in such
other written and oral communications with cardholders as are necessary or
convenient in connection with this Agreement, in each case consistent with
past practices.  The "Henri Bendel" trademark is referred to herein as the
"MARK".  The Company shall have the right to approve in its sole discretion
the "art" (including colors and font styles) for all proposed uses of the
Mark by the Bank.  The Bank shall not use the Mark for any purpose other than
as set forth in the first sentence of this Section 1.

        Section 2.  CREDIT CARD SYSTEM.

        2.1.    NEW CREDIT CARDS.

        2.1.1.  ISSUANCE OF CREDIT CARDS.  To the extent requested by the
Company, the Bank will issue credit cards bearing the Mark ("CREDIT CARDS")
to customers of the Business who apply for such Credit Cards and related
extensions of credit. Such customers (i) must qualify for the extension of
credit under credit standards related to

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new account approvals, credit limits and authorization management ("CREDIT
STANDARDS") which will be determined by the Bank from time to time and (ii)
must accept the Bank's standard form of credit card agreement containing the
terms and conditions governing extensions of credit to Persons who hold
Credit Cards and their authorized users (attached hereto as Exhibit
2.1.1(a)). Notwithstanding the foregoing, (i) the Credit Standards
established by the Bank from time to time in connection with the issuance of
Credit Cards for use in connection with the Business shall be consistent with
past practices (as described in Exhibit 2.1.1(b)), with such changes as shall
be (A) approved by the Company in its reasonable discretion or (B) determined
by the Bank in good faith to be necessary from the standpoint of safe and
sound banking practices and (ii) the Bank may make any change in the terms of
its agreement with any person who holds a Credit Card (including repayment
terms, fees and finance charge rates) after prior notice to and consultation
with the Company.  The Bank hereby confirms its understanding that the
Company intends to offer and promote credit as outlined in Section 2.2.  The
Bank will bear the costs of the issuance of Credit Cards under this Section
2.1.

        2.1.2.  CREDIT MAXIMIZATION.  The Company will be entitled to use
credit related promotional strategies consistent with past practices.  The
Bank will work in good faith with the Company to develop business strategies
with respect to the issuance of Credit Cards intended to maximize the
potential of the Business and, in that regard, will consider in good faith
proposals involving variances from the Bank's general Credit Standards or
changes in the terms of the Bank's agreement with any person who holds a
Credit Card; PROVIDED that subject to compliance with the provisions of
Section 2.1.1, Credit Standards and the terms of such agreement shall in all
circumstances be determined by the Bank.  The terms of any program involving
variances from the Bank's general Credit Standards or changes in the terms of
the Bank's agreement with any person who holds a Credit Card, including
(without limitation) fees or other charges to be paid by either party, shall
be agreed on a program-by-program basis.

        2.2.  PROMOTION.  The Company will use its reasonable efforts to
promote the use of Credit Cards in the Business and to acquire new
Cardholders (as defined below), for the Bank through the use of, for
example, "instant credit," "quick credit," pre-approved solicitations,
applications and promotional material displayed in stores and inserted in
catalogues and special offers to Cardholders, in each case consistent with
past practices. The costs incurred by the Company and the Bank (including,
among other things, the cost of printing application forms, promotional
material, pre-approved solicitations and instant

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and quick credit contracts and the cost of special offers) will be borne by
the Company and the Bank on terms to be negotiated from time to time in a
manner consistent with past practices.  The Bank shall have two Business Days
to review for legal compliance all credit application forms and marketing
materials (including, without limitation, those referred to above) prior to
their being printed.

        Section 3.  ACCEPTANCE OF CREDIT CARDS.  The Company will permit
Persons who hold Credit Cards (subject to the restrictions of this Agreement)
or other credit cards owned by the Bank that the Bank has designated and
their authorized users ("CARDHOLDERS") to purchase goods sold by the Business
without any cash payment by use of a Credit Card, subject to the following
conditions:

        3.1.  CHARGE SLIP (CREDIT CARD PRESENTED).  If the customer presents
a Credit Card at the time of sale, the Company will maintain a record of the
sale in a form acceptable to the Bank which reflects the following:

        3.1.1.  A brief identification of the property or service purchased
(the "TRANSACTION");

        3.1.2.  The date of the Transaction;

        3.1.3.  The dollar amount of the purchase price of the merchandise or
service which was the subject of the Transaction, including applicable
shipping, handling and taxes;

        3.1.4.  An imprint or electronic capture of the Credit Card account
number or, in the event of equipment malfunction, a written notation of such
account number; and

        3.1.5.  The Cardholder's signature.

        3.2.    CHARGE SLIP (CREDIT CARD NOT PRESENTED). The Bank
acknowledges and agrees that a Cardholder need not present a Credit Card at
the time of sale and that, subject to Section 3.5, the Company may accept
charges to a Credit Card verbally from the customer or via a written order
form from the customer.  If the customer does not present a Credit Card at
the time of sale, the Company will maintain a record of the sale in a form
acceptable to the Bank which reflects, in lieu of the information set forth
in Section 3.1.1 through 3.1.5, the following:

        3.2.1.  A brief identification of the Transaction;

        3.2.2.  The date of the Transaction;

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        3.2.3.  The dollar amount of the purchase price of the merchandise or
service which was the subject of the Transaction, including applicable
shipping, handling and taxes;

        3.2.4.  A written notation of the Credit Card account number, which
shall have been obtained from the customer and recorded in the Company's
customer file;

        3.2.5.  The customer's name and address and, except in the case of
catalogue purchases, personal identification type and number; and

        3.2.6.  If applicable, the name and address to where the merchandise
which was the subject of the Transaction was shipped and the date and method
of shipment.

        3.3.  RETENTION OF CHARGE SLIP.  The Company will retain a legible
copy of each charge slip for six months following the date of the Transaction
and will provide such copy to the Bank within 30 days of the Bank's request
therefor; PROVIDED that the Bank will request delivery of such information
only in the case of a bona fide dispute (the existence of such dispute to be
determined by the Bank in its reasonable discretion) relating to the
underlying Transaction, upon the inquiry of the applicable Cardholder or as
requested by auditors of the Bank in connection with their audit of the
Bank's financial statements or by any governmental authority.

        3.4.  AUTHORIZATION.  The Transaction is authorized by the Bank in
accordance with the floor limits and other procedures in effect at the time
or such authorization is dispensed with under rules established by the Bank
from time to time in accordance with Section 8.3 to deal with situations in
which authorization is not available because of disruption of the Bank's
computer system or other causes provided for in such rules, consistent with
past practice.

        3.5.    CHARGEBACKS.  The Company agrees to accept as a chargeback
any charge on a Credit Card where:

        3.5.1.  The Cardholder disputes the charge and the Company fails to
provide a legible copy of the charge slip within 30 days of the Bank's
request therefor in accordance with Section 3.3;

        3.5.2.  The Company failed to obtain authorization from the Bank in
accordance with Section 3.4;

        3.5.3.  The Company failed to complete the charge slip in accordance
with Section 3.1 or 3.2, as applicable;

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        3.5.4.  A Company employee fraudulently misused the Credit Card or
account number;

        3.5.5.  A dispute arises from the Cardholder being charged or
credited more than once for the same sale, payment or return;

        3.5.6.  A dispute with the Cardholder arises from a voided
Transaction or an invalid Credit Card account number;

        3.5.7.  A dispute with the Cardholder arises from an improperly
opened Credit Card account, or the account is otherwise uncollectible, where
a Company employee failed to comply with new account procedures in effect at
the time the account was opened;

        3.5.8.  The Bank, consistent with past practices, gives the
Cardholder credit for (or accepts as payment) a non-expired discount coupon
or gift certificate in respect of a prior purchase; or

        3.5.9.  A dispute arises from the Company's failure properly to
identify a catalogue purchaser as the Cardholder where such failure results
in merchandise being shipped without the actual Cardholder's authorization.

        The amount charged back with supporting detail will be invoiced to
the Company weekly, and all required payments by the Company shall be made
within 30 days after receipt of an invoice.  If the Company pays the Bank any
chargeback amount pursuant to this Section 3.5 or if such payment is netted
against amounts payable by the Bank pursuant to Section 4.1.1, any
remittances relating to such chargeback from the Cardholder subsequently
collected by the Bank shall, to the extent not refunded to the Cardholder, be
credited by the Bank to the Company.

        Section 4.  PAYMENT.

        4.1.    PAYMENT BY BANK.

        4.1.1.  The Bank will pay to the Company, as full consideration for
any Transaction between the Company and any Cardholder using a Credit Card,
as to which the Company has complied with the provisions of Section 3 above,
the amount shown on the records of the Company for each Transaction,
including all applicable shipping, handling and taxes, less a discount, which
discount shall be equal to the discount rate determined in accordance with
Section 4.1.5 (expressed as a fraction) multiplied by the amount shown on the
records of the Company for each Transaction (exclusive of all applicable
shipping, handling and taxes).

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        4.1.2.  The Bank will pay such amount by transferring immediately
available funds to an account designated by the Company at any bank to which
the Bank may make electronic fund transfers before the end of the second
Business Day following the receipt by the Bank of the information required by
Section 3.1 or 3.2, such information to be properly formatted and edited and
transferred via a telecommunications connection between the Company and the
Bank pursuant to such computer programs and telecommunications protocols as
the Bank may, in its reasonable discretion, designate from time to time,
subject to reasonable prior notice.  The Company will transmit (in the manner
referred to above) to the Bank an audited and balanced file in the format
specified by the Bank containing all such information within two Business
Days after the occurrence of the underlying Transaction; PROVIDED that if, as
a result of technical disruptions, any store locations are not polled within
a normal period after the occurrence of the underlying Transactions, the
Company will transmit such information relating to such store locations as
soon as reasonably practicable after polling is completed.

        4.1.3.  The Company may not attempt to collect any amount from any
Cardholder with respect to a Transaction which has been paid for by the Bank
under this Section 4.1 and not charged back to the Company pursuant to
Section 3.5.

        4.1.4.  The Company will, consistent with past practices, accept
payments from Cardholders for amounts due on Credit Cards ("IN-STORE
PAYMENTS").  Any In-Store Payments received by the Company will be held in
trust for the Bank and its assigns and netted against amounts payable by the
Bank pursuant to Section 4.1.1 (PROVIDED that the Company shall not be
required to keep In-Store Payments separate from other payments received by
the Company) and evidence of such payments will be transmitted to the Bank on
a daily basis in accordance with the procedures set forth in Section 4.1.2.
Notwithstanding the foregoing:

        (a)     if any bankruptcy or other insolvency proceeding has been
commenced against the Company (and so long as the same has not been
dismissed), the Company shall promptly comply with any written instruction (a
"STORE PAYMENT NOTICE") received by the Company from the Bank or any
successor to the Bank as "Servicer" under the Pooling and Servicing Agreement
referred to below (the Bank or any such successor being the "SERVICER") to
take either of the following actions (as specified in such instruction):

                (i)     cease accepting In-Store Payments and thereafter inform
        Cardholders who wish to make In-Store Payments that payment should
        instead be sent to Servicer (but only if the Servicer is required by
        the

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        Pooling and Servicing Agreement to give such notice) or

                (ii)    (A) deposit an amount equal to all In-Store Payments
        received by each retail location operated by the Company, not later than
        the Business Day following receipt, into a segregated trust account (the
        "STORE ACCOUNT") established by the Company for this purpose and,
        pending such deposit, to hold all In-Store Payments in trust for the
        Bank and its assigns, (B) use commercially reasonable efforts not to
        permit any amounts or items not constituting In-Store Payments to be
        deposited in the Store Account and (C) cause all available funds in
        each Store Account to be transferred on a daily basis to an account
        designated in the Store Payment Notice;

PROVIDED that the Company need not take the actions specified in clause (i)
or clause (ii) if the Company or any of its affiliates provides the Servicer
or the Trustee under (and as defined in) the Pooling and Servicing Agreement
with a letter of credit, surety bond or other similar instrument covering
collection risk with respect to In-Store Payments and all conditions
specified in the Pooling and Servicing Agreement with respect to such letter
of credit, surety bond or other similar instrument are satisfied;

                (b)     if and to the extent that the Bank so requests in
writing at a time when the Bank is required by the Pooling and Servicing
Agreement to make such request, In-Store Payments shall no longer be netted
against amounts payable by the Bank pursuant to Section 4.1.1, but instead
the Company shall transfer to the Bank by wire transfer of immediately
available funds (or, if the aggregate amount to be transferred pursuant to
this clause (b) and Section 4.2 is less than $10,000, by check), not later
than the third Business Day following receipt of any In-Store Payments, an
amount equal to the sum of such In-Store Payments.

So long as the Company complies with instructions delivered in accordance with
paragraph (a) or (b), any amounts payable by the Bank pursuant to Section 4.1.1
shall be made without deduction for In-Store Payments.

                For purposes of the foregoing, the "POOLING AND SERVICING
AGREEMENT" means the Pooling and Servicing Agreement dated as of January 17,
1996 among the Bank and The Bank of New York, as trustee, including each
Supplement thereunder, as the same may be amended, supplemented or otherwise
modified from time to time, except that no amendment, supplement or other
modification to such Agreement that affects the circumstances in which the
Company may be required to take the actions referred to in

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paragraph (a) or (b) above or in Section 4.2.3 shall be given effect for
purposes of this Agreement unless consented to by the Company.

        4.1.5.  DISCOUNT RATE.  The applicable discount rate referred to in
Section 4.1.1 shall be the then applicable discount rate determined in
accordance with the matrix set forth in Exhibit 4.1.5; PROVIDED that in the
event of a legislated or judicial reduction in the annual percentage rate or
fees that may be charged by the Bank to Cardholders, the Company and the Bank
agree to negotiate in good faith an increase in the discount rate.

        4.2.    PAYMENT BY COMPANY.  If the Bank has paid the Company for any
Transaction and

        4.2.1   If:

        (a)     the representations and warranties of the Company with
respect to such Transaction, as set forth in Sections 5.1 through 5.3 below,
are not true in all material respects; or

        (b)     any merchandise which was the subject of such Transaction is
returned to the Company and the Company, pursuant to its policies concerning
returned merchandise, accepts such merchandise for credit; or

        (c)     in order to settle a dispute concerning the nature, quality
or quantity of goods purchased from the Company with the Credit Card, the
Company agrees to refund all or part of the purchase price thereof; then

        4.2.2.  The Company:

        (a)     shall pay the Bank an amount equal to the face amount of such
Transaction or portion thereof refunded to the customer, less any discount
actually taken by the Bank when it made payment to the Company in
consideration for such Transaction pursuant to Section 4.1.1;

        (b)     shall create a written memorandum of such Transaction setting
forth the information required by Section 3 above (a "CREDIT MEMORANDUM")

        (c)     shall transmit the information contained in such Credit
Memorandum to the Bank by the method of electronic transmission referred to
in Section 4.1.2 above; and

        (d)     subject to Section 4.2.3, shall permit the payment required
by this Section 4.2 to be netted against amounts payable by the Bank pursuant
to Section 4.1.1.  The

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Company shall retain any such Credit Memorandum in the same manner and for
the same time as the charge slip referred to in Section 3.3 and shall
promptly deliver any such Credit Memorandum to the Bank upon its request.  If
the Company pays the Bank any amount for a Transaction pursuant to this
Section 4.2 or if such payment is netted against amounts payable by the Bank
pursuant to Section 4.1.1, any remittances relating to such Transaction from
the customer subsequently collected by the Bank shall, to the extent not
refunded to the Cardholder, be credited by the Bank to the Company.

        4.2.3.  Notwithstanding clause (d) of Section 4.2.2, if and to the
extent that the Bank so requests in writing at a time when the Bank is
required by the Pooling and Servicing Agreement to make such request, amounts
payable by the Company pursuant to Section 4.2 ("ADJUSTMENT PAYMENTS") shall
no longer be netted against amounts payable by the Bank pursuant to Section
4.1.1, but instead the Company shall transfer the amount of each Adjustment
Payment to the Bank by wire transfer of immediately available funds (or, if
the aggregate amount to be transferred pursuant to this Section 4.2 and
clause (b) of Section 4.1.4 is less than $10,000, by check), not later than
the second Business Day following the date on which the events giving risk to
such Adjustment Payment occur (and amounts payable by the Bank pursuant to
Section 4.1.1 shall be made without deduction for Adjustment Payments).

        4.3.    OTHER FEES.

        4.3.1.  DEFERRED PAYMENT.  If any Transaction between the Company and
any Cardholder using a Credit Card is consummated on a deferred payment basis
(for which the period of deferral may not exceed 90 days), then for each
month during the period of deferral, the Company will pay the Bank an amount
equal to the Deferred Payment Rate for such month multiplied by the average
daily balance of purchase price so deferred during such month.  For purposes
of this Section 4.3, "DEFERRED PAYMENT RATE" means, for any month, (i) if the
debt of the Bank has an implied investment grade rating at all times during
such month, the average interest rate paid by the Bank to obtain funds during
such month, and (ii) if the debt of the Bank does not have an implied
investment grade rating at all times during such month, the then-current
reference rate or index maintained or provided by a nationally recognized
investment banking firm (which firm shall be reasonably acceptable to the
Company and the Bank) in respect of issuers whose debt has the lowest
investment grade rating.

        4.3.2.  POSTAL RATE ADJUSTMENT.  The Company agrees to reimburse the
Bank for any costs incurred by the

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Bank as a result of changes in postal rates or rules applicable to mailings
to Cardholders after the date hereof; PROVIDED that the postal costs and
postal discounts applicable to mailings to Cardholders shall be no less
favorable than the postal costs and postal discounts applicable to comparable
mailings to holders of any other credit cards issued by the Bank.  The Bank
and the Company agree to use their reasonable efforts to minimize postal
costs and maximize postal discounts.

        4.3.3.  SPECIAL PROJECTS.  With respect to special services provided
by the Bank from time to time with respect to the Business (including,
without limitation, consulting, surveys, gift certificate calls and
fulfillment, rebate fulfillment, telemarketing and special processing or
accounting reports required in connection with promotional activities), the
Company will pay to the Bank amounts to be agreed on a program-by-program
basis.  To the extent not otherwise provided for in this Agreement, (i) the
Bank shall not incur expenses required to be paid or reimbursed by the
Company for any project in amounts in excess of $1,000 without having first
obtained prior written or oral authorization from the Company for such
expenses; and (ii) the Bank shall not incur expenses required to be paid or
reimbursed by the Company for any project in amounts in excess of $50,000
without having first obtained prior written authorization from the Company
for such expenses; PROVIDED that, in the event any terms of any such written
authorization are in conflict with the terms of this Agreement, the terms of
this Agreement shall be controlling.

        4.3.4.  PAYMENTS.  All amounts payable by the Company under this
Section 4.3 shall be paid by wire transfer of immediately available funds
within 30 days after receipt of an invoice for such amounts.

        4.4.    SETOFFS.  The Bank may at any time, in addition to all other
rights and remedies available to it, setoff against any amount owing to the
Company by the Bank under this Agreement, any amounts owing by the Company to
the Bank under this Agreement.

        4.5.    INVOICE.  The amount of any invoice prepared and delivered by
the Bank under this Agreement shall be deemed to be correct, accurate and
binding upon the Company if the Company makes no objection within 30 days
after the date of such invoice; PROVIDED that the making of any objection
shall not relieve the Company of its obligation to make full payment of the
amount set forth on the related invoice when such amount is otherwise payable
pursuant to this Section 4, it being understood that the Company does not
waive its rights thereby and may, subject to Section

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10.4, assert a claim with respect to such invoice in an appropriate
proceeding.

        Section 5.  REPRESENTATIONS AND WARRANTIES OF THE COMPANY.  The
Company represents and warrants to the Bank that:

        5.1.    VALID TRANSACTIONS.  Each Transaction will be completed in
compliance with the provisions of Section 3 and will create a valid, binding
and legally enforceable obligation of the Cardholder whose name is shown on
the Credit Card to pay to the Company the amount shown on the charge slip,
which obligation to the Company will be discharged in full by the payment
made to the Company by the Bank in respect of such Transaction under Section
4.1 above.

        5.2.    ACCURATE INFORMATION.  Each charge slip will accurately
reflect the Transaction described therein.  Each charge slip and Credit
Memorandum and any charge slip or Credit Memorandum information transmitted
to the Bank by the Company will be complete and accurate and in a form deemed
necessary by the Bank to allow Cardholder billing in accordance with
applicable law.  The Company will accurately report all returns and other
credits to the Bank within the time period specified in Section 4.

        5.3.    NO LIENS.  No amount due to the Company with respect to any
Transaction will be subject to any lien or encumbrance in favor of any third
party or to any offset, counterclaim or defense of any Person other than the
Bank or its Affiliates.

        5.4.    MARK.  The use of the Mark by the Bank under this Agreement
does not infringe the rights of any other Person.

        Section 6.  REPRESENTATIONS AND WARRANTIES OF THE BANK.  The Bank
hereby represents and warrants to the Company that:

        6.1.    COMPLIANCE WITH LAWS.  Each Credit Card and the related
credit card agreement, all monthly billing statements and any collection
efforts of the Bank conform and will conform in all material respects with
all federal or state laws or regulations applicable to the extension of
credit to or the collection of amounts from consumers including, without
limitation, the Truth-in-Lending Act, the Equal Credit Opportunity Act, the
Fair Credit Reporting Act and federal and state bankruptcy and debtor relief
laws ("CONSUMER LAWS")

        6.2     NON-CONTRAVENTION.  The performance by the Bank of its
obligations under this Agreement will not

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conflict with or result in a breach of any of the terms or provisions of, or
constitute a default under, any agreement or instrument to which the Bank is
party or by which the Bank is bound, nor will such performance result in any
violation of the provisions of the articles of association or the by-laws of
the Bank or any applicable law or statute or any order, rule or regulation of
any court or governmental agency or body having jurisdiction over the Bank.

        Section 7.  COVENANTS OF THE COMPANY.  The Company hereby covenants and
agrees with the Bank as follows:

        7.1.    CREDIT CARD NOTICES AND COMMUNICATIONS.  The Company will,
consistent with past practices, accept and turn over to the Bank promptly upon
receipt thereof by the Company (i) subject to Section 4.1.4, any payments made
by any Cardholder with respect to any Transaction or any Credit Card and (ii)
any notices or other communications received by the Company with respect to
any Credit Card including, without limitation, customer changes of address
and other information on approved forms.

        7.2.    COMPLIANCE WITH APPLICABLE LAW.  The Company will, at all times,
comply in all material respects with all Consumer Laws.

        7.3.    RULES.  The Company shall comply with such written rules and
operating instructions relating to the use of the Credit Cards, the
distribution of applications, Credit Card security, authorization procedures,
"downtime" procedures and other matters related to this Agreement as the Bank
may, from time to time, promulgate with prior notice to the Company; PROVIDED
that such rules and operating instructions shall be consistent with past
practices, with such changes as shall be approved by the Company in its
reasonable discretion.

        7.4.    CARDHOLDER INQUIRIES AND COMPLAINTS.  If a Cardholder makes
an inquiry or complaint to the Company about the nature, quality or quantity
of goods purchased from the Company with a Credit Card, or a Cardholder has
made an inquiry or complaint to the Bank concerning the nature, quality or
quantity of goods purchased from the Company with a Credit Card, the Company
shall deal directly with the Cardholder to resolve any such complaint or
inquiry.  The Company shall answer all inquiries from the Bank about
complaints made to the Bank by Cardholders within 10 days after the Company
receives an inquiry from the Bank.

        7.5.    EQUIPMENT.  The Company shall obtain and maintain at its own
expense such point of sale and authorization terminals, credit card
imprinters and other

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items of equipment as are necessary for it to receive authorizations, transmit
charge slip and Credit Memorandum information, process credit applications
and perform its obligations under this Agreement.  Such point of sale and
authorization terminals shall be capable of communicating with the computer
equipment maintained by the Bank according to such computer programs and
telecommunications protocols as may be specified by the Bank in its reasonable
discretion from time to time subject to reasonable prior notice of any change
in such equipment or protocols.

        7.6.    EXCLUSIVITY.  The Company may not accept or promote any
credit card as payment for its goods or services unless such credit card is a
Credit Card, a proprietary credit card of another division of the Company or
any Affiliate of the Company (whether or not issued by the Bank) or a credit
card issued by a bank or other Person engaged in the business of issuing
credit cards to Persons for the purpose of making payments to third parties
generally under such names as Master Card, Visa, Discover, American Express
or Optima.  The Company may not issue its own credit cards or enter into an
agreement with any third party under which credit cards bearing the Mark are
issued; PROVIDED that after the second anniversary of the date hereof, the
Company shall be entitled to negotiate with any third party with respect to
the issuance of co-branded or affinity bank credit cards bearing the Mark and
to accept any Bona Fide Offer by such third party if, at least 30 days prior
to accepting such Bona Fide Offer, the Company provides the Bank with an
opportunity to submit a competing offer with respect to the issuance of
co-branded or affinity bank credit cards bearing the Mark, which competing
offer, if it has terms at least as favorable to the Company as such Bona Fide
Offer, shall be accepted by the Company in lieu of such Bona Fide Offer.  For
purposes of this Section 7.6, "BONA FIDE OFFER" means an offer to the Company
with respect to a program of at least two years' duration for the issuance of
co-branded or affinity bank credit cards that is, in the Company's reasonable
judgment, generally competitive in light of marketplace conditions existing
at the time (such marketplace conditions to include, without limitation,
other offers with respect to co-branded or affinity bank credit cards being
made to the Company, its Affiliates and other retail or catalogue merchants)

        7.7.    OBSOLETE MATERIALS.  The Company shall reimburse the Bank for
the cost of replacing reasonable amounts of obsolete forms and other
materials if such replacement is requested by the Company due to changes in
the Mark or in the logo, colors or styles used to identify or promote the
Business.

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        Section 8.  COVENANTS OF THE BANK.  The Bank hereby covenants and agrees
with the Company as follows:

        8.1.    COMPLIANCE WITH APPLICABLE LAW.  The Bank will, in issuing,
billing, administering, and collecting with respect to the Credit Cards and at
all other times, comply in all material respects with all Consumer Laws.

        8.2.    COLLECTION.  The Bank will use efforts to collect from each
Cardholder the purchase price and additional taxes and other charges of
Transactions consistent with past practices and with its efforts to collect
accounts receivable under other credit cards issued by it; PROVIDED that the
Bank will initiate collection of any account receivable under a Credit Card
at or before the time such account receivable is 60 days past due.  The Bank
will, consistent with past practices, determine the use and timing of dunning
letters, statement messages and collection agents and will manage all
written-off accounts (including, without limitation, the management of outside
collection agencies).  The Bank may implement reasonable variances from past
collection practices after prior notice to and consultation with the Company.

        8.3.    PERFORMANCE STANDARDS.  In performing its obligations under
this Agreement, subject to Section 12.11, the Bank shall comply with the
performance standards set forth in Exhibit 8.3, as such performance standards
may be modified from time to time at the reasonable request of the Bank or
the Company.  Within 10 days after the end of each fiscal month, the Bank
will deliver to the Company a compliance certificate of the chief executive
officer or chief financial officer of the Bank setting forth in reasonable
detail data demonstrating compliance during such calendar month with such
performance standards. Enhancements to, and modifications or upgrades of,
the computer processing, payment, billing and information services provided
by the Bank will be made from time to time at the reasonable request of the
Company.  Any such enhancements, modifications or upgrades shall, to the
extent requested by the Company, be made on terms to be agreed upon.

        8.4.    FORCE MAJEURE EVENT.  After the occurrence of a Force Majeure
Event (as defined in Section 12.11) which disrupts the availability of the
services provided hereunder, the Bank may elect to reestablish the
availability of such services.  If any such Force Majeure Event comparably
disrupts the performance of services similar to the services provided
hereunder with respect to one or more other credit cards issued by the Bank,
then the Bank shall reestablish the availability of such services to the same
extent and within the same timetable under

                                      14
<PAGE>

comparable circumstances as the comparable services are reestablished with
respect to such other credit cards.  The Bank shall promptly notify the
Company of any Force Majeure Event and shall inform the Company whether it
will reestablish services and the timetable therefor.  If the Bank chooses
not to reestablish or take measures to reestablish such services within a
reasonable period of time as would be indicated by sound business practice,
the Company shall be free to obtain such services from any supplier thereof.

        Section 9.  PROPERTY RIGHTS.

        9.1.    RIGHTS OF THE COMPANY.  The Company is the owner of the names
and addresses of customers of the Business; PROVIDED that (i) as set forth in
Section 9.2, the Bank is also the owner of such information with respect to
customers of the Business who are also Cardholders and (ii) The Limited, Inc.
("THE LIMITED") is also the owner of such information with respect to
customers of the Business until the second anniversary of the date, if any,
on which the Company ceases to be an Affiliate of The Limited.

        9.2.    RIGHTS OF BANK.  Except as set forth in Section 9.1, the Bank
is the owner of all information relating to the Cardholders (including names
and addresses) and the Credit Cards, the copyright to all written material
contained in any credit card agreements, applications, billing statements and
other forms used by the Bank in the administration of its agreements with the
Cardholders, all credit scoring systems and all policies of credit insurance
issued to the Bank with respect to any Cardholder; PROVIDED that the Bank
shall not be entitled to sell, rent or otherwise disclose any information
relating to the Cardholders to any third party other than (i) Affiliates of
the Company, (ii) Persons who, in the sole judgment of The Limited, do not
compete, directly or indirectly, with any retail or catalogue business
conducted by The Limited or any of its Affiliates and (iii) in the case of
disclosure, credit agencies.  Subject to Section 9.3, the Company will not
have any rights in any information or property of the Bank; PROVIDED that the
Bank will provide the Company with such information the Bank owns with
respect to Cardholders as the Company may reasonably request in order to
develop potential marketing or credit strategies.

        9.3.    DATABASE.  (a) It is the intention of the parties that the
Bank will manage, maintain and develop an information marketing database (the
"DATABASE") at its own expense, subject to a mutually satisfactory agreement
with the Company pursuant to which (i) the Company will agree to utilize the
Database, (ii) the Database will be accessible from the Company's offices and
(iii) the Bank will provide

                                      15
<PAGE>

the Company with information maintained as part of the Database on terms that
are no less favorable than those offered by the Bank to any other recipient
of comparable information.

        (b)     Notwithstanding the foregoing, the Bank will, from time to
time at the request of the Company, and without charge, promptly provide the
Company with a list of the names and addresses of all Cardholders, all
holders of other proprietary credit cards of the Company or any Affiliate of
the Company (if issued by the Bank) and all other customers of the Business,
any other business of the Company and the business of any other Affiliate of
the Company.  The Company shall reimburse the Bank for its costs of producing
and shipping such list in the format required by the Company within 30 days
after receipt of a request for such reimbursement from the Bank.

        (c)     Subject to Section 9.2, the Bank may make the Database
available, and provide information marketing services to, third parties on
terms reasonably determined by the Bank; PROVIDED that (i) the allocation
among the Bank, the Company and The Limited of fees charged by the Bank to
such third parties shall be agreed on a program-by-program basis or, in the
case of programs existing on the date hereof, continued consistent with past
practices and (ii) the Bank may not make the Database available, or provide
information marketing services to, any Person who, in the sole judgment of
The Limited, competes, directly or indirectly, with any retail or catalogue
business conducted by The Limited or any of its Affiliates.

        9.4.    ENVELOPE STUFFING.

        9.4.1.  Subject to the right of the Bank to include in mailings to
Cardholders periodic billing statements and any legal notices which the Bank
believes are necessary or appropriate to send to Cardholders, the Company
shall have the right to have materials advertising its products and services
included in the envelopes containing the periodic statements.  Such materials
shall advertise only products and services related to the Business, shall
(unless the Company provides the Bank with notice as provided below) be
limited to seven panels per envelope and shall conform to size requirements
established from time to time by the Bank with reasonable prior notice of any
changes.  The Company shall use reasonable efforts (i) to notify the Bank at
least 15 days before the proposed date of any such inclusion and shall
provide the Bank with a draft copy of any such advertising material at the
time it notifies the Bank of such mailing and (ii) to provide the Bank with a
seasonal marketing plan at least 30 days before the beginning date of each
Season.  The Company shall

                                      16
<PAGE>

provide the Bank with the materials to be included in the mailing not less
than two Business Days prior to the initial insertion date.  If the Company
does not notify the Bank of any such inclusion at least seven days before the
proposed date of such inclusion or if the material included does not take up
the available space, the Bank may utilize the space remaining inside the
envelopes for its own purposes; PROVIDED that (i) unless the Company provides
the Bank with notice at least 45 days before the proposed inclusion date of
the Company's intent to utilize more than seven panels per envelope, the Bank
shall be entitled to utilize at least three panels (or two panels and one
"bangtail" remittance envelope) per envelope for its own purposes and (ii)
all materials included by the Bank shall be subject to the approval of the
Company, which approval shall not be unreasonably withheld.

        9.4.2.  The Bank shall have the exclusive right to include in any
mailing to Cardholders materials advertising products and services not
related to the Business and the allocation between the Bank and the Company
of the revenues generated thereby shall be agreed on a program-by-program
basis or, in the case of programs existing on the date hereof, continued
consistent with past practices; PROVIDED that such products and services and
the related advertising materials shall be subject to the approval of the
Company, which approval shall not be unreasonably withheld or delayed (it
being understood that the Company may withhold such approval if it determines
in its sole discretion that the advertising of such products or services is
inconsistent with the image of the Business).

        9.4.3.  Notwithstanding the foregoing, (i) the Bank shall have the
right to use its own "bangtail" remittance envelopes to promote credit life
insurance to existing Cardholders no more than four times per year or two
times per Season and (ii) all materials used, or sent to Cardholders, by the
Bank under existing programs of the Bank (including, but not limited to,
credit life insurance) shall not be subject to the approval of the Company.

        9.4.4.  The Bank shall provide timely specifications (including size
and weight requirements) for all statement inserts, credit card carriers and
"bangtail" remittance envelopes.

        Section 10.  INDEMNIFICATION; CLAIMS AND ACTIONS.

        10.1.   INDEMNIFICATION BY THE COMPANY.  The Company hereby
indemnifies the Bank, its Affiliates and the directors, officers, employees
and agents of the Bank or any Affiliate of the Bank (each, a "RELATED PARTY")
against, and agrees to hold them harmless from, any and all losses,

                                      17
<PAGE>

claims, damages and liabilities (including, without limitation, the legal
fees and other expenses reasonably incurred in connection with any suit,
action or proceeding or any claim asserted) ("DAMAGES") incurred or suffered
by any of them arising out of or in any way related to any misrepresentation,
breach of any warranty or nonperformance of any covenant made by the Company
under this Agreement or relating to any personal or bodily injury or property
damage alleged to be caused by the sale of goods or rendering of services by
the Company.

        10.2.  INDEMNIFICATION BY THE BANK.  The Bank hereby indemnifies the
Company and its Related Parties against, and agrees to hold them harmless
from, any and all Damages incurred or suffered by any of them arising out of
or in any way related to any misrepresentation, breach of any warranty, or
nonperformance of any covenant made by the Bank under this Agreement.

        10.3.   THIRD PARTY CLAIMS.

        10.3.1.  The Bank shall not be liable to the Company for or in
connection with any claim made against the Company by any other Person
relating in any manner to this Agreement or to any services or any other
transactions contemplated hereby (other than (i) claims based upon the Bank's
failure to perform its obligations under this Agreement, its or any of its
Related Parties' negligence or willful misconduct or its failure to comply
with any law or regulation (including, without limitation, any Consumer Law),
(ii) claims by employees or subcontractors of the Bank arising from the
performance of services under this Agreement (other than claims based upon
the Company's or any if its Related Parties' negligence or willful misconduct)
(iii) claims relating to acts or omissions of the Bank and its agents in
connection with the collection of amounts owing from Cardholders and (iv)
claims relating to the submission by the Bank or its agents of data
concerning Cardholders to credit agencies), even if the Bank has been advised
of the possibility of such claims.

        10.3.2.  The Company shall not be liable to the Bank for or in
connection with any claim made against the Bank by any other Person relating
in any manner to this Agreement or to any services or other transactions
contemplated hereby (other than (i) claims based upon the Company's failure
to perform its obligations under this Agreement, its or any of its Related
Parties' negligence or willful misconduct or its failure to comply with any
law or regulation (including, without limitation, any Consumer Law), (ii)
claims by employees or subcontractors of the Company arising from this
Agreement and (iii) claims

                                      18
<PAGE>

relating to goods purchased from the Company), even if the Company has been
advised of the possibility of such claims.

        10.4.   DISPUTE RESOLUTION AND ACTIONS.  The Bank and the Company
shall use their reasonable best efforts to resolve informally any claim of
either party under this Agreement.  No action at law or in equity may be
instituted by any party with respect to any such claim unless such party has
satisfied its obligation under the first sentence of this Section 10.4.

        10.5.   LIMITATION ON ACTIONS.  No action against either party,
regardless of form, arising out of or incidental to the matters contemplated
by this Agreement, may be brought by the other party more than one year after
the event giving rise to such cause of action occurred and is known or upon
the exercise of reasonable diligence should have been known to the injured
party.

        10.6.   REIMBURSEMENT FOR LOSSES.  If, as a result of any claim made
by the Bank against any third party (including, but not limited to, an
insurer), the Bank actually receives from such third party cash proceeds (or
non-cash proceeds, whether in the form of goods or services) which represent,
in whole or in part, compensation for or reimbursement of losses or costs
actually incurred by the Company, then the Bank will hold that portion of
such proceeds fairly allocable to the Company (taking into consideration all
losses or costs actually incurred by all parties for whose benefit such
payments have been received) in trust on behalf of the Company and will
promptly pay over to the Company such allocable amount of any such cash
proceeds (or, as to non-cash proceeds, the allocable portion or, at the
discretion of the Bank, the cash equivalent thereof).

        10.7.   SURVIVAL.  The provisions of this Section 10 shall survive the
termination of this Agreement.

        Section 11.  TERMINATION.

        11.1    TERM.  This Agreement shall remain in effect until the tenth
anniversary of the date hereof, shall be automatically extended until the
twelfth anniversary of the date hereof if the Company does not give at least
12 months' prior written notice of its objection to such extension and shall
be further automatically extended in successive two-year increments if the
Bank or the Company does not give at least 12 months' prior written notice of
its objection to such extension, unless earlier terminated (a) by the Bank or
the Company in the event of a material breach by the other party of any of
such other party's obligations under this Agreement if any such breach
remains uncured 30 days after

                                      19
<PAGE>

written notice thereof to such party, (b) automatically in the event that
the Bank or the Company commences a voluntary case or other proceeding
seeking liquidation, reorganization or other relief with respect to itself or
its debts under any bankruptcy, insolvency or other similar law now or
hereinafter in effect, seeks the appointment of a trustee, receiver,
liquidator, custodian or other similar official of it or any substantial part
of its assets, consents to any such relief or to the appointment of or taking
possession by any such official in an involuntary case or other proceeding
commenced against it, makes a general assignment for the benefit of
creditors, or fails generally to pay its debts as they become due, or (c) by
the Company upon not less than 60 days' prior written notice to the Bank at
any time after the sixth anniversary of the date hereof if, based on the
application of the attached matrix, the applicable discount rate exceeds the
highest discount rate in such matrix and the costs to the Company under this
Agreement are substantially higher than the costs that would be incurred by
the Company for comparable credit card services over the remaining term of
this Agreement from an independent third-party financial institution;
PROVIDED that the Company shall not be entitled to terminate this Agreement
pursuant to clause (c) unless the Company provides the Bank with a written
description of the material terms on which such third party financial
institution proposes to provide such services and is entitled to submit a
counter-proposal within 30 days of receipt of such description.  If the Bank
submits a counter-proposal with terms substantially similar to those set
forth in such third party's proposal or agrees to maintain the discount rate
at the highest discount rate in the attached matrix, this Agreement shall
remain in full force and effect, modified as may be necessary to reflect the
terms included in the Bank's counter-proposal.  Subject to Section 11.2, the
termination of this Agreement shall not affect the obligations of the
Cardholders to the Bank, the obligation of the Company and the Bank to make
the payments required under Section 4 with respect to Transactions that
occurred before the date of termination, the rights of the Bank under
Sections 4.4, 7.4 and 9.1 and the rights of the Company under Section 9.1.
Sections 10, 11 and 12 of this Agreement shall survive any such termination.

        11.2.   EFFECT OF TERMINATION.  Upon termination of this Agreement,
the Company will have the option to purchase the then-outstanding Credit Card
account balances not previously written-off by the Bank (subject to the terms
of any securitization of such account balances) at the face amount thereof,
without recourse to the Bank, and will be provided with all related account
information and other account data; PROVIDED that the Company will be
required to purchase such then-outstanding Credit Card account balances on
such terms if the Company objects to any automatic

                                      20
<PAGE>

extension of this Agreement pursuant to Section 11.1.  All payments by the
Company pursuant to this Section 11.2 shall be made not later than one
Business Day after termination of this Agreement by wire transfer of
immediately available funds to an account notified by the Bank to the Company
not less than two Business Days prior to the payment date.  Upon any
termination of this Agreement, (i) the Company (at its sole expense) shall
notify all Cardholders that the Bank is no longer the processor of their
Credit Card accounts and (ii) the Company and the Bank shall cooperate in
facilitating the transition to a new processor.

        11.3.   EXTENSION.  Any services which the parties hereto mutually
agree to be rendered after the termination of this Agreement shall be
rendered pursuant to all of the terms and provisions of this Agreement.

        Section 12.  MISCELLANEOUS.

        12.1.   NOTICES.  All notices, requests and other communications to
any party hereunder shall be in writing (including telecopy or similar
writing) and shall be given, if to the Company, to:

                Henri Bendel, Inc.
                Three Limited Parkway
                Columbus, Ohio 43230
                Attn:   General Counsel
                Telecopy:   614-479-7188

with a copy to:

                The Limited, Inc.
                Three Limited Parkway
                Columbus, Ohio 43230
                Attn:   General Counsel
                Telecopy:   614-479-7188

and a copy to:

                Davis Polk & Wardwell
                450 Lexington Avenue
                New York, New York 10017
                Attn:   Dennis S. Hersch
                Telecopy:   212-450-4800

and if to the Bank, to:

                World Financial Network National Bank
                4590 East Broad Street
                Columbus, Ohio 43213
                Attn:   Daniel T. Groomes
                Telecopy:   614-755-3418

                                      21

<PAGE>

or to such other address or telecopy number and with such other copies, as
such party may hereafter specify for the purpose by notice to the other
parties.  Each such notice, request or other communication shall be effective
(i) if given by telecopy, when such telecopy is transmitted to the telecopy
number specified in this Section and evidence of receipt is received or (ii)
if given by any other means, upon delivery or refusal of delivery at the
address specified in this Section 12.1.

        12.2.   AMENDMENTS; NO WAIVERS.

        12.2.1. Any provision of this Agreement may be amended only if such
amendment is in writing and signed by all parties thereto.

        12.2.2.  No failure or delay by any party in exercising any right,
power or privilege under this Agreement shall operate as a waiver thereof nor
shall any single or partial exercise thereof preclude any other or further
exercise thereof or the exercise of any other right, power or privilege.  The
rights and remedies herein provided shall be cumulative and not exclusive of
any rights or remedies provided by law.

        12.3.   EXPENSES.  All costs and expenses incurred in connection with
the this Agreement or the transactions contemplated hereby shall be paid by
the party incurring such cost or expense.

        12.4.   SUCCESSORS AND ASSIGNS.  The provisions of this Agreement
shall be binding upon and inure to the benefit of the parties and their
respective successors and assigns; PROVIDED that no party may assign,
delegate or otherwise transfer any of its rights or obligations under this
Agreement without the consent of the other party. Notwithstanding the
foregoing, (i) the Bank may from time to time assign any or all of its rights
and obligations hereunder to any Affiliate of the Bank, provided that any
such assignee of the Bank's obligations hereunder shall have the capability
to perform such obligations without impairing the quality of the services
provided to the Company, (ii) the Company shall assign or otherwise transfer
all of its rights and obligations under this Agreement (A) to the purchaser
of all or substantially all of the assets of the Business or (B) to any
corporation which is a successor (whether by merger, consolidation or
otherwise) to the Company or any successor (whether by merger, consolidation
or otherwise) thereto, in each case subject to the execution by such assignee
or transferee of an agreement to be bound by the provisions of this Agreement
and (iii) the Bank may from time to time sell accounts receivable for
securitization, retaining its processing and servicing

                                       22

<PAGE>

obligations with respect thereto (it being understood that (A) the purchaser
of such accounts receivable shall have no recourse against the Company for
any reason whatsoever and (B) the Bank hereby indemnifies the Company and its
Related Parties against, and agrees to hold them harmless from, any and all
Damages incurred or suffered by any of them in connection with any claims
made by such purchaser)

        12.5.   GOVERNING LAW.  This Agreement shall be construed in
accordance with and governed by the law of the State of New York (without
regard to the choice of law provisions thereof)

        12.6.   COUNTERPARTS; EFFECTIVENESS.  This Agreement may be signed in
any number of counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument.
This Agreement shall become effective when each party here to or there to
shall have received a counterpart hereof signed by the other parties hereto.

        12.7.   ENTIRE AGREEMENT.  This Agreement constitutes the entire
agreement among the parties with respect to the subject matter hereof and
supersedes all prior agreements, understandings and negotiations, both
written and oral, between the parties with respect to such subject matter.
No representation, inducement, promise, understanding, condition or warranty
not set forth herein has been made or relied upon by any party hereto.
Neither this Agreement nor any provision thereof is intended to confer upon
any Person other than the parties any rights or remedies hereunder.

        12.8.   JURISDICTION.  Any suit, action or proceeding seeking to
enforce any provision of, or based on any matter arising out of or in
connection with, this Agreement or the transactions contemplated thereby may
be brought against any of the parties in the United States District Court for
the Southern District of New York or any state court sitting in the City of
New York, Borough of Manhattan, and each of the parties hereby consents to
the exclusive jurisdiction of such court (and of the appropriate appellate
courts) in any such suit, action or proceeding and waives any objection to
venue laid therein.  Process in any such suit, action or proceeding may be
served on any party anywhere in the world, whether within or without the
State of New York.  Without limiting the foregoing, the parties agree that
service of process upon such party at the address referred to in Section
12.1, together with written notice of such service to such party, shall be
deemed effective service of process upon such party.

                                       23

<PAGE>

        12.9.   CAPTIONS.  The captions herein are included for convenience
of reference only and shall be ignored in the construction or interpretation
hereof.

        12.10.  DEFINED TERMS.  The following terms, as used herein, shall
have the following meanings:

        12.10.1.  "AFFILIATE" means, with respect to any Person, any Person
directly or indirectly controlling, controlled by, or under common control
with such other Person.  For purposes of this definition, "CONTROL" when used
with respect to any Person means the power to direct the management and
policies of such Person, directly or indirectly, whether through the
ownership of voting securities, by contract or otherwise, and the terms
"CONTROLLING" and "CONTROLLED" have meanings correlative to the foregoing.

        12.10.2.  "BUSINESS DAY" means a day other than a Saturday, Sunday or
other day on which commercial banks in New York, New York or Columbus, Ohio
are authorized or required by law to close.

        12.10.3.  "PERSON" means an individual, a corporation, a partnership,
an association, a trust or other entity or organization, including a
government or political subdivision or an agency or instrumentality thereof.

        12.10.4.  "SEASON" means (i) the period from the first day of the
fiscal month of February to the last day of the fiscal month of July and (ii)
the period from the first day of the fiscal month of August to the last day
of the fiscal month of January.

        12.11.  FORCE MAJEURE.  Notwithstanding the provisions of Section
8.3, neither the Bank nor its affiliates shall be liable in any manner to the
Company for any failure to perform their obligations under this Agreement
resulting in any manner from delay, failure in performance, loss or damage
due to fire, strike, embargo, explosion, power blackout, earthquake, flood,
war, the elements, labor disputes, civil or military authority, acts of God,
public enemy, inability to secure fuel, acts or omissions of carriers or
other causes beyond their reasonable control, whether or not similar to any
of the foregoing (a "FORCE MAJEURE EVENT")

                                       24

<PAGE>

        IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed by their duly authorized officers effective on the day and year
first above written.

                                       WORLD FINANCIAL NETWORK
                                       NATIONAL BANK

                                       By: /s/ Timothy B. Lyons
                                          -------------------------------
                                       Name: Timothy B. Lyons
                                       Title:

                                       HENRI BENDEL INC.

                                       By: /s/ Timothy B. Lyons
                                          -------------------------------
                                       Name: Timothy B. Lyons
                                       Title:

                                       WESTERN FACTORING, INC.

                                       By: /s/ Timothy B. Lyons
                                          -------------------------------
                                       Name: Timothy B. Lyons
                                       Title:
<PAGE>

                    AMENDMENT TO CREDIT CARD PROCESSING AGREEMENT

This Amendment is to that certain Credit Card Processing Agreement (the
"Agreement") between World Financial Network National Bank, ("Bank"), Henri
Bendel, Inc. (the "Corporation"), and Western Factoring, Inc. ("Factoring")
(the Corporation and Factoring being collectively referred to as the
"Company") dated January 31, 1996.

                              *************************

     WHEREAS, Bank, the Corporation and Factoring entered into the Agreement
on January 31, 1996; and

     WHEREAS, the Corporation has entered into a separate agreement with
Schotenstein Bernstein Capital Group ("SBCG"), pursuant to which SBCG will
operate the Henri Bendel Chicago store from April 5, 1998 through August 31,
1998; and

     WHEREAS, the Corporation desires to permit SBCG to accept Credit Cards
from Cardholders in the Henri Bendel Chicago store; and

     WHEREAS,  Bank, the Corporation and Factoring now desire to amend the
Agreement as set forth herein;

     NOW, THEREFORE,  Bank, the Corporation and Factoring hereby agree as
follows:

1.   The Agreement is hereby amended by addition of the following new
     Section 13.

     Section 13.  OPERATION OF CHICAGO STORE.

          13.1 ACCEPTANCE OF CREDIT CARDS.  Pursuant to a separate agreement
     between the Corporation and SBCG, SBCG shall operate the Henri Bendel
     Chicago store from April 5, 1998 through August 31, 1998.  SBCG shall be
     permitted to accept Credit Cards from Cardholders to purchase goods sold
     by the Business or by SBCG at the Chicago location, subject to all of
     the terms and conditions set forth in the Agreement, including without
     limitation Section 3. The Company shall ensure that all of the terms and
     conditions of this Agreement are met with respect to any Credit Card
     transactions accepted by SBCG and shall continue to be liable for the
     performance of all of its obligations pursuant to the Agreement. The
     Company will continue to operate the point of sale credit system located
     at the Henri Bendel Chicago store and will continue to make daily
     transmissions to Bank. Bank shall continue to make payments to the
     Company pursuant to the Agreement and shall have no obligation to make
     any payments to SBCG. The Company shall make separate settlements with
     SBCG pursuant to a separate agreement between SBCG and the Company.  The
     Company shall ensure SBCG's compliance with all Consumer Laws and the
     Bank's rules and operating instructions relating to the use of the
     Credit Cards, distribution of applications, Credit Card security,
     authorization procedures and "downtime" procedures. The Company shall be
     responsible for all Cardholder inquiries and complaints related to SBCG
     or the goods or services purchased from SBCG.

<PAGE>

          13.2 INDEMNIFICATION. The Company hereby indemnifies the Bank, its
     Affiliates and the directors, officers, employees and agents of the Bank
     or any Affiliate of the Bank against, and agrees to hold them harmless
     from, any and all losses, claims, damages and liabilities (including,
     without limitation, the legal fees and other expenses reasonably
     incurred in connection with any suit, action or proceeding or any claim
     asserted) incurred or suffered by any of them arising out of or in any
     way related to any acts or omissions of SBCG in connection with SBCG's
     acceptance of the Credit Cards or its operation of the Henri Bendel
     Chicago store. The provisions of this subsection 13.2 shall survive the
     termination of the Agreement.

2.   The Effective Date of this Amendment shall be May 13, 1998.

3.   As hereby amended and supplemented, the Agreement shall remain in full
     force and effect.

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment the
dates set forth below.

World Financial Network National Bank

By: /s/ Daniel T. Groomes
    ----------------------------
    Daniel T. Groomes, President

Date:    5/13/98
     ---------------------------

Henri Bendel, Inc.                    Western Factoring, Inc.

By: /s/ Husein Jafferjee              By: /s/ Timothy Lyons
    -------------------------             -------------------------

Title: Vice President and CFO         Title:    VP
       ----------------------                ----------------------

Date:   5/18/98                       Date:     6/1/98
       ----------------------                ----------------------<PAGE>

                                                                   Exhibit 10.54

                 CONSUMER MARKETING DATABASE SERVICES AGREEMENT

                                      AMONG

                        ADS ALLIANCE DATA SYSTEMS, INC.,

                              INTIMATE BRANDS, INC.

                                       AND

                                THE LIMITED, INC.

                          DATED AS OF SEPTEMBER 1, 2000

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                             PAGE
                                                                             ----
<S>               <C>                                                        <C>
Section 1.        DEFINITIONS..................................................1

         1.1      Certain Definitions..........................................1

         1.2      Other Definitions............................................4

Section 2.        DATABASE SERVICES............................................4

         2.1      Database Services............................................4

         2.2      Operating Procedures.........................................4

         2.3      Software and Technology Ownership............................4

         2.4      Data Entry and Transmission..................................5

         2.5      ADS Intellectual Property....................................5

         2.6      Ownership Rights of Parties..................................5

         2.7      Data Use, Sales, and No-Compete Restrictions.................5

         2.8      Revenue Sharing..............................................6

         2.9      Consumer Privacy Protection..................................6

         2.10     Name, Trademarks, and Service Marks..........................8

Section 3.  FEES...............................................................8

         3.1      Fees.........................................................8

         3.2      Taxes........................................................8

         3.3      Invoices.....................................................8

         3.4      Suspension...................................................9

Section 4.        REPRESENTATIONS AND WARRANTIES OF THE TLI ENTITIES...........9

         4.1      Organization, Power and Qualification........................9

         4.2      Authorization, Validity and Non-Contravention................9

         4.3      Accuracy of Information.....................................10

         4.4      Name, Trademarks and Service Marks..........................10

         4.5      Ownership Rights............................................10

                                       1

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                                TABLE OF CONTENTS

                                  (CONTINUED)

                                                                             PAGE
                                                                             ----

Section 5.        COVENANTS OF THE TLI ENTITIES...............................10

         5.1      Compliance with Law.........................................10

Section 6.        REPRESENTATIONS AND WARRANTIES OF ADS.......................10

         6.1      Organization, Power and Qualification.......................10

         6.2      Authorization, Validity and Non-Contravention...............10

         6.3      Accuracy of Information.....................................11

         6.4      Ownership Rights............................................11

Section 7.        COVENANTS OF ADS............................................11

         7.1      Compliance with Law.........................................11

Section 8.        INDEMNIFICATION.............................................12

         8.1      Indemnification Obligations.................................12

         8.2      LIMITATION ON LIABILITY.....................................13

         8.3      NO WARRANTIES...............................................14

         8.4      Notification of Indemnification; Conduct of Defense.........14

Section 9.        TERM AND TERMINATION........................................14

         9.1      Term........................................................14

         9.2      Termination with Cause by ADS; ADS Termination Events.......14

         9.3      Termination with Cause by the TLI Entities;
                  TLI Termination Events......................................15

         9.4      Effect of Termination.......................................16

Section 10.       MISCELLANEOUS...............................................17

         10.1     Entire Agreement............................................17

         10.2     Coordination of Public Statements...........................17

         10.3     Amendment...................................................17

         10.4     Successors and Assigns......................................17

         10.5     Waiver......................................................18

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                                TABLE OF CONTENTS

                                  (CONTINUED)

                                                                             PAGE
                                                                             ----

         10.6     Severability................................................18

         10.7     Notices.....................................................18

         10.8     Captions and Cross-References...............................18

         10.9     GOVERNING LAW...............................................18

         10.10    Counterparts................................................18

         10.11    Force Majeure...............................................19

         10.12    Relationship of Parties.....................................19

         10.13    Survival....................................................19

         10.14    Mutual Drafting.............................................19

         10.15    Independent Contractor......................................19

         10.16    No Third Party Beneficiaries................................20

         10.17    Counterparts................................................20

         10.18    Confidentiality.............................................20

         10.19    Non-interference with Employees.............................21

         10.20    Victoria's Secret Catalogue

SCHEDULES
   A         Database Services.................................................23
   B         Service Standards.................................................28
   C         Fees..............................................................33
   D         Demographic and Lifestyle Elements................................34
   E         Addresses of The Limited, Inc., Intimate Brands, Inc. and
             Subsidiaries......................................................41
   F         TLI Entities' Privacy Policies....................................43

</TABLE>

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<PAGE>

                 CONSUMER MARKETING DATABASE SERVICES AGREEMENT

THIS CONSUMER MARKETING DATABASE SERVICES AGREEMENT is made as of this 1st day
of September, 2000 among ADS Alliance Data Systems, Inc., with an office at 800
TechCenter Drive, Gahanna, Ohio 43230 (hereinafter referred to as "ADS"),
Intimate Brands, Inc., with its principal office at Three Limited Parkway,
Columbus, Ohio 43230 (hereinafter referred to as "IBI"), and The Limited, Inc.,
with its principal office at Three Limited Parkway, Columbus, Ohio 43230 ("TLI"
and, together with IBI, the "TLI Entities").

                                   WITNESSETH:

WHEREAS, TLI has requested ADS to perform certain marketing database services
for TLI; and

WHEREAS, ADS has agreed to perform such database services subject to the terms
and conditions as more fully set forth herein;

NOW THEREFORE, in consideration of the terms and conditions hereof, and for
other good and valuable consideration, the receipt of which is hereby mutually
acknowledged by the parties, ADS and the TLI Entities agree as follows.

                             SECTION 1. DEFINITIONS

         1.1 CERTAIN DEFINITIONS. As used herein and unless otherwise required
by the context, the following terms shall have the following respective
meanings.

         "ADS Data" shall mean data provided by ADS to the Main Data Warehouse
which is owned by or licensed to ADS and/or its affiliates (other than TLI
Data). Such data may be of any Data Type.

         "Affiliate" means any wholly-owned subsidiary or parent company of ADS,
TLI or IBI, or any other entity of which a majority is owned by ADS, TLI, IBI or
by the same entity owning ADS, TLI or IBI.

         "Agreement" shall mean this Consumer Marketing Database Services
Agreement, including all Schedules hereto, and any future amendments or
supplements thereto.

         "Applicable Law" shall mean any applicable federal, state or local law,
rule, regulation, administrative interpretation, order, writ, injunction,
directive, judgment or decree.

         "Base Fee" shall have the meaning set forth in Schedule C hereto.

         "Business Day" shall mean any day, except Saturday, Sunday, New Year's
Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day or Christmas
Day.

         "CASS" shall mean the Coding Accuracy Support System as defined by the
United States Postal Service.

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<PAGE>

         "Catalog" shall mean the catalog operations of any Subsidiary of either
of the TLI Entities.

         "Contract Year" shall mean the consecutive one-year periods during the
Term commencing on the Effective Date of this Agreement.

         "Customer" shall mean any individual who is a retail customer of a TLI
Store or a Catalog.

         "Data" shall mean the ADS Data and the TLI Data.

         "Database System" shall mean the information database system operated
by or on behalf of ADS, including but not limited to hardware, software and
other equipment.

         "Data Mart" shall mean an application database created by ADS and used
for direct marketing analysis or segmentation selections.

         "Data Type" shall mean any one or all of the following three types of
data:

         CONSUMER DATA consists of information related to identifying and
         maintaining accurate descriptions of consumers on the database.
         Consumer Data is gained from a variety of sources, including without
         limitation from ADS with respect to WFN's proprietary credit
         cardholders, ADS or either TLI Entity and/or their Subsidiaries
         purchasing identifying information from third parties, or either TLI
         Entity and/or their Subsidiaries receiving information directly from
         Customers. The primary element of Consumer Data is name and address
         information, from which data elements from all Data Types are keyed.
         Other Consumer Data elements include without limitation credit card
         account information from proprietary or general-purpose card accounts,
         proprietary account status, consumer responses to opinion surveys, and
         demographic or psychographic information, which is usually licensed
         from third-party vendors.

         TRANSACTION DATA consists of information gained from purchase and/or
         return transactions from the point of sale, as well as accompanying
         information related to the retail, catalogue or web transactions of the
         offering division or company. Transaction Data consists of details
         about the items purchased or returned, price paid, discounts, or
         ring-coded coupons used in the transaction, as well as other related
         information regarding the organization of the brand, division, company,
         and geography of the region, district and store of the transaction.

         CONTACT DATA consists of information used to measure, manage, and
         control the results of direct marketing campaigns and other consumer
         contacts. Contact Data consists of campaign control information such as
         direct mail drop dates and tape specifications,

                                         5
<PAGE>

         consumer names and segments selected for contact, and response records
         of those consumers who responded to individual contacts.

         "Effective Date" shall mean September 1, 2000.

         "Goods and Services" shall mean those certain products and/or services
sold by either TLI Entity and/or their Subsidiaries or a TLI Store to Customers
and shall not include any credit or other financial products, such as credit
cards or insurance products.

         "Initial Term" shall have the meaning set forth in Section 9.1 of this
Agreement.

         "Main Data Warehouse" shall mean the central repository where all Data
is assembled, manipulated and maintained.

         "Operating Procedures" shall mean those written procedures mutually
agreed to by ADS, TLI and IBI, as the same may be modified from time to time by
written instrument executed by ADS, TLI and IBI.

          "Retail Point of Sale System" shall mean the equipment and processes
used by either TLI Entity, its Subsidiary, licensee or franchisee to record a
purchase transaction when a Customer buys Goods and Services at a TLI Store.

         "Renewal Term" shall mean each one (1) year renewal term of this
Agreement following the completion of the initial three (3) year term hereof.

         "Services" shall mean those marketing database services set forth in
Schedule A hereto.

         "Subsidiaries" shall mean Bath & Body Works, Inc., Victoria's Secret
Stores, Inc., Lerner New York, Inc., Lane Bryant, Inc., Express, LLC, The
Limited Stores, Inc. and Structure, Inc.

         "Term" shall mean the Initial Term and any and all Renewal Terms as
defined in Section 9.1 of this Agreement.

          "TLI Data" shall mean data provided to ADS under this Agreement by
either TLI Entity and/or their Subsidiaries which is owned by or licensed to
such entity. Such data may be of any Data Type and shall include, but not be
limited to, the data collected by TLI, IBI, their Subsidiaries and all TLI
Stores during a Transaction.

         "TLI's Stores" shall mean those certain retail locations selling Goods
and Services of either TLI Entity or its Subsidiaries which are owned and
operated by either TLI Entity or which are franchisees of either TLI Entity or
the Subsidiaries, including, Bath & Body Works, Victoria's Secret Stores, Lerner
New York, Lane Bryant, Express, The Limited, and Structure stores.

                                         6
<PAGE>

         "Transaction" shall mean any event encompassing when a Customer
purchases Goods and Services, including without limitation, purchases at any TLI
Stores, TLI's Catalog and through the Internet.

         "USPS" shall mean the United States Postal Service.

         "WFN" shall mean World Financial Network National Bank, an affiliate of
ADS.

         1.2 OTHER DEFINITIONS. As used herein, terms defined in the
introductory paragraph hereof and in other sections of this Agreement shall have
such respective defined meanings. Defined terms stated in the singular shall
include reference to the plural and vice versa.

                          SECTION 2. DATABASE SERVICES

         2.1 DATABASE SERVICES. Subject to the terms and conditions of this
Agreement, ADS shall perform the Services for the TLI Entities. During the Term,
neither TLI Entity nor their Subsidiaries shall appoint any third-party to
perform any of the Services for either TLI Entity or any one of the
Subsidiaries. It is understood and agreed that the TLI Entities and their
affiliates may manipulate, evaluate and otherwise utilize any and all Data,
including the TLI Data, in connection with their retail businesses. The TLI
Entities agree that it is their intent that if either TLI Entity or any one of
the Subsidiaries, acquires or commences any new businesses or subsidiaries,
unless prohibited from doing so by an existing agreement or other obligation,
the relevant TLI Entity intends to enter into an amendment to this Agreement to
bring all new businesses or subsidiaries within the scope of this Agreement,
except for any test, pilot or concept businesses or subsidiaries with less than
100 stores. It is understood and agreed that, unless and until each such
amendment is entered into, no new business or subsidiary shall be within the
scope of or subject to this Agreement, and no TLI Entity, nor Subsidiary shall
have any obligation under this Agreement with respect to any such business or
subsidiary or any information or data related thereto or arising therefrom.

         2.2 OPERATING PROCEDURES. The TLI Entities, the Subsidiaries and all
TLI Stores shall observe and comply with the Operating Procedures and such other
reasonable procedures mutually agreed to in writing by TLI, IBI and ADS or as
required by Applicable Law.

         2.3 SOFTWARE AND TECHNOLOGY OWNERSHIP. All software or other technology
owned, developed by or licensed to ADS (including, but not limited to, software
or other technology developed by or licensed to ADS in response to a TLI
Entity's request or to accommodate a TLI Entity's special requirements) will
remain the exclusive property of ADS, regardless of whether or not TLI or IBI is
required to pay ADS for such software or technology development (it being
understood that in no event shall either TLI Entity be required to pay for any
such software or technology development unless the relevant TLI Entity shall
have agreed to make such payment in writing in advance). Nothing in this
Agreement shall be deemed to convey a proprietary interest to TLI, IBI, any
Subsidiary or to any party other than ADS in any of the software,

                                         7
<PAGE>

hardware or technology used or provided by ADS to permit or facilitate use of
the Services, or in any of the derivative works thereof.

         2.4 DATA ENTRY AND TRANSMISSION. ADS shall not be responsible for
errors in the Services to the extent such errors result from either TLI Entity's
or their Subsidiaries' error in inputting and/or transmitting Data or either TLI
Entity's or their Subsidiaries' failure to follow ADS's Operating Procedures.
ADS shall be entitled to rely upon information submitted by the TLI Entities,
the Subsidiaries and by other parties on their behalf.

         2.5 ADS INTELLECTUAL PROPERTY. ADS intellectual property shall include,
without limitation: ADS's marketing database system and design, and ADS's unique
segmentation designs and incremental sales models, other models or modeled data
aggregations, and customer clustering and profiling products (i.e., Portrait).

         2.6 OWNERSHIP RIGHTS OF PARTIES. Except as expressly set forth in this
Agreement, no Party will, as a result of this Agreement, or of performance
hereunder, acquire any property or other right, claim or interest, including any
patent right, trade secret, or copyright or other intellectual property right,
in any of the information systems, processes, equipment, or computer software of
the other, or any service marks or trademarks of the other.

         2.7 DATA USE, SALES AND NO-COMPETE RESTRICTIONS. Each of TLI and IBI
agree that ADS shall have the exclusive right to provide, share, barter and/or
sell all TLI Data and data elements derived from the TLI Data PROVIDED that, in
no event shall ADS provide, share, barter and/or sell any TLI Data or any data
elements derived from any TLI Data without the prior written consent of the TLI
Entities which shall not be unreasonably withheld. Without limiting the
generality of the proviso to the immediately preceding sentence, ADS agrees that
it shall not (and shall cause it affiliates not to) provide, share, barter,
and/or sell TLI Data or any other data elements derived from the TLI Data which
could be identified by third parties as being derived from the TLI Data to any
third parties who, in the sole judgment of TLI and IBI, compete, directly or
indirectly, with any retail or catalogue business conducted by any TLI Entity or
any of their subsidiaries from time to time. It is understood that, subject to
compliance with the proviso to the first sentence of this Section 2.7, the
immediately preceding sentence shall not prohibit ADS to share TLI Data or other
data elements derived from the TLI Data with data "compilers" (or similar
entities); provided that ADS prohibits any such third party with whom it shares
TLI Data or any other data elements derived from the TLI Data which could be
identified by third parties as being derived from the TLI Data, from identifying
such data as being derived from ADS, the TLI Entities or their subsidiaries from
time to time. Neither TLI, IBI, nor any of the Subsidiaries may provide, share,
barter, and/or sell any Data or data elements contained in the Main Data
Warehouse to any third party without the prior express written consent of ADS.

         ADS will control all such third-party Data transactions from one
organization within the Consumer Database Marketing Services area and will name
a single point of contact for managing the review and approval process with the
TLI Entities. TLI and IBI agree to name a

                                         8
<PAGE>

single point of contact for review and written approval of such third-party
data sales with ADS, which review and written approval shall be binding on
both TLI and IBI. The initial point of contact at ADS shall be the Consumer
Database Marketing Services Director of Product Management and the initial
point of contact for the TLI Entities shall be Vice-President, Database
Marketing. Any such point of contact may be changed at any time by the
relevant Party upon delivery to the other party of written notice to such
effect (which notice shall identify and provide contact information for the
new point of contact). ADS and the TLI Entities shall agree to work in good
faith to develop procedures to identify and agree to a jointly understood
list of non-competitive third party purchasers and/or categories of
purchasers from non-competitive categories and/or industries. This list will
be reviewed and accepted in writing by both ADS and the TLI Entities at least
annually.

ADS shall retain any and all rights which ADS has to the ADS Data. The TLI
Entities shall retain any and all rights which they have to the TLI Data.
Nothing contained in this Agreement shall be deemed to convey any rights or
proprietary interest in the Data to TLI, IBI or ADS other than the specific
rights to use the Data granted in this Agreement.

                                         9
<PAGE>

         2.8 REVENUE SHARING. "Net Revenues" from Data sales to third parties
shall be shared between ADS and the TLI Entities on the following schedule
during the Term. Payments made by ADS to the TLI Entities shall be made to the
TLI Entity set forth in the Notices Section 10.7 of this Agreement. "Net
Revenues" shall mean gross revenues collected by ADS from sales of Data
elements from the Main Data Warehouse by ADS pursuant to Section 2.7 of this
Agreement, less the amount of: (a) customary trade, cash and quantity discounts
actually allowed and taken; (b) allowances actually given for returned or
rejected Data; (c) actual charges for losses; (d) government mandated and other
rebates; (e) value added tax, sales, use or turnover taxes, excise taxes,
customs duties and other applicable charges; and (f) processing expenses and
list brokerage fees. Contract Year 1: ADS shall retain one hundred percent
(100%) of the initial One Million Five Hundred Thousand Dollars ($1,500,000) of
Net Revenues. ADS shall retain seventy percent (70%) of all Net Revenues above
and beyond the initial One Million Five Hundred Thousand Dollars ($1,500,000)
of Net Revenues, and ADS shall pay the TLI Entities the remaining thirty
percent (30%) of all Net Revenues above and beyond the initial One Million Five
Hundred Thousand Dollars ($1,500,000) of Net Revenues. Contract Year 2: ADS
shall retain one hundred percent (100%) of the initial Two Million Five Hundred
Thousand Dollars ($2,500,000) of Net Revenues. ADS shall retain seventy percent
(70%) of all Net Revenues above and beyond the initial Two Million Five Hundred
Thousand Dollars ($2,500,000) of Net Revenues, and ADS shall pay the TLI
Entities the remaining thirty percent (30%) of all Net Revenues above and
beyond the initial Two Million Five Hundred Thousand Dollars ($2,500,000) of
Net Revenues. Contract Year 3 and during each Renewal Term: ADS shall retain
one hundred percent (100%) of the initial Three Million Five Hundred Thousand
Dollars ($3,500,000) of Net Revenues. ADS shall retain seventy percent (70%) of
all Net Revenues above and beyond the initial Three Million Five Hundred
Thousand Dollars ($3,500,000) of Net Revenues, and ADS shall pay the TLI
Entities the remaining thirty percent (30%) of all Net Revenues above and
beyond the initial Three Million Five Hundred Thousand Dollars ($3,500,000) of
Net Revenues.

         2.9 CONSUMER PRIVACY PROTECTION. All provision, sharing and/or sales
of Data to third parties shall be subject to and effected in accordance with
the provisions of the ADS and WFN Privacy Policies and procedures for consumer
notification and provisions for opt-out. The ADS and WFN Privacy Policies may
be modified by ADS and/or WFN from time to time as regulation, legislation, or
commonly accepted industry practices change or otherwise in ADS' and/or WFN's
reasonable discretion. In addition to the requirements set forth in the
preceding sentences of this Section 2.9, ADS agrees to take all action
necessary to ensure that the provision, sharing, bartering and/or sale of TLI
Data or data elements derived from any TLI Data by ADS shall also be subject to
and effected in accordance with the privacy policies of the TLI Entities as in
effect from time to time. The TLI Entities' privacy policies in effect as of
the date hereof are found in Schedule F. In the event either of the TLI
Entities, during the Term of this Agreement, changes its privacy policies
(which each TLI Entity shall be entitled to do as it shall determine from time
to time), then the TLI Entity shall promptly notify ADS, in writing, of such
change. If such

                                      10
<PAGE>

change would, in ADS' reasonable business judgment, materially negatively
impact the ability of ADS to profit from the business arrangements established
by the terms of this Agreement, then ADS and the TLI Entities shall enter into
negotiations to execute a mutually satisfactory written amendment to this
Agreement designed to compensate ADS for such reduced profitability.

         In determining the compensation to ADS, the parties shall consider the
following. In the event ADS would be unable as a result of the privacy policies
change to generate any Net Revenues, then the TLI Entities would pay to ADS the
following amounts set forth below:

                  (a) $690,000 per month for the remaining Services provided by
         ADS; and

                  (b) An amount equal to (i) the monthly average from the six
         (6) month period prior to the date on which the TLI Entity's privacy
         policies revision took effect of the 70% portion of Net Revenues
         retained by ADS pursuant to the Revenue Sharing provision of Section
         2.8, multiplied by (ii) the number of months remaining in the Term.

         If ADS would be able to generate some Net Revenues, but not to the
same extent as if the privacy policies were not changed, then the parties shall
negotiate in good faith to determine adequate compensation to ADS, taking into
consideration the full compensation set forth in the preceding paragraph.

         If the parties fail to execute a mutually acceptable agreement with
ninety (90) days after the date on which the TLI Entities notified ADS of the
change, then the parties shall submit to arbitration as provided below.

         Any controversy, claim or dispute between the parties related to or
arising out of this Section that cannot be resolved in the normal course of
business (which shall include at least one meeting between senior executive
officers of ADS and the TLI Entities) shall be settled by arbitration,
conducted on a confidential basis, under the then current Commercial Rules of
the American Arbitration Association. The arbitrators may not add to the terms
of this Agreement, but must resolve the dispute or disagreement in accordance
with the Agreement's existing terms. Any decision by the arbitrators shall be
binding and judgment upon the award rendered by the arbitrators may be entered
in any court having jurisdiction thereof. The arbitration shall be conducted by
three arbitrators. One arbitrator shall be selected by ADS, one arbitrator
shall be selected by the TLI Entities and the third arbitrator shall be
selected by the American Arbitration Association and shall be subject to
approval by ADS and the TLI Entities. The Arbitration shall be conducted in
accordance with the terms of this Agreement and the following principles:

(1) The parties agree that each party has the same discovery rights as are
afforded under the Federal Rules of Civil Procedure, including such discovery
of third parties as is necessary to resolve the controversy. Each party shall
bear its own costs (e.g., filing, attorney and expert

                                      11
<PAGE>

witness fees) and shall share equally the cost of arbitration (e.g.,
arbitrator, court reporter and hearing room fees). The arbitrator shall provide
detailed, written findings of fact and conclusions of law to the parties in
support of any award or decision the arbitrator makes.

(2) During any arbitration or other dispute resolution proceeding, the parties
shall remain obligated to perform as required under this Agreement; PROVIDED
that any payments that may be in dispute shall be made to the court or placed
in escrow, under terms that are mutually acceptable to the parties, until the
dispute is resolved.

         2.10 NAME, TRADEMARKS AND SERVICE MARKS. The TLI Entities hereby grant
to ADS and purchasers of Data from ADS the non-exclusive right to use the
tradenames, logos, trademarks and service marks of the TLI Entities (including,
without limitation, the name, trademarks and service marks of the Subsidiaries)
for purposes of performing the Services, provided that (i) such use shall be in
accordance with any written usage guidelines provided to ADS in advance by the
TLI Entities and (ii) such usage shall be subject to the relevant TLI Entity's
prior written consent.

                                 SECTION 3. FEES

         3.1 FEES. The TLI Entities will pay to ADS the fees set forth in
Schedule C hereto during the Term.

         3.2 TAXES. The TLI Entities will be responsible for payment of all
sales, use, excise, and value-added taxes, or taxes of a similar nature,
imposed by the United States, any state or local government, or other taxing
authority, on the Services paid for hereunder.

         3.3 INVOICES. During the Term, ADS shall send quarterly invoices to
each of the Subsidiaries at the corresponding address initially set forth in
Schedule E of this Agreement, and each of the Subsidiaries shall pay ADS within
thirty (30) days after the date of the corresponding invoice. In the event of a
dispute as to the accuracy of an invoice or calculation made pursuant to this
Agreement, the TLI Entities shall within sixty (60) days of the date of the
invoice, request that ADS provide such supporting material as would be
reasonably designed to ascertain the accuracy of the invoice or calculation.
The TLI Entities shall nevertheless pay the portion of the invoice that is not
in dispute. The parties shall cooperate to resolve any payment disputes under
this Agreement in an expeditious manner. If indicated, ADS shall either
promptly issue invoice credit to the TLI Entities against the earliest
subsequent invoices or make prompt payment to the TLI Entities as per the terms
of such resolution. Any payment by ADS to the TLI Entities shall be made to the
TLI Entity set forth in the Notices Section 10.7 of this Agreement. If any
amount remains due and unpaid, the TLI Entities shall promptly pay such amount.
Invoices not paid within thirty (30) days of the invoice date may be assessed
interest by ADS at a rate equal to the prime interest rate as published for the
relevant period in the Wall Street Journal plus one and one-half percent
(1-1/2%) per annum.

                                      12
<PAGE>

         3.4 SUSPENSION. ADS shall have the right to suspend its performance of
the Services in the event that the TLI Entities fails to pay an undisputed
amount due to ADS hereunder within sixty (60) days after the date of the
corresponding invoice.

SECTION 4. REPRESENTATIONS AND WARRANTIES OF THE TLI ENTITIES

Each TLI Entity hereby represents and warrants on behalf of itself to ADS as
follows:

         4.1 ORGANIZATION, POWER AND QUALIFICATION. It is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Delaware and has full corporate (or equivalent) power and authority to enter
into this Agreement on its own behalf and on behalf of each of its respective
Subsidiaries, and to carry out the provisions of this Agreement. It is duly
qualified and in good standing to do business in all the states where it is
located, except where the failure to so qualify would not have a material
adverse effect on its business, or where the failure to so qualify would not
have a material adverse effect on its ability to perform under this Agreement.

         4.2 AUTHORIZATION, VALIDITY AND NON-CONTRAVENTION. (a) This Agreement
has been duly authorized by all necessary corporate proceedings, has been duly
executed and delivered and is a valid and legally binding agreement, duly
enforceable in accordance with its terms (except as such enforcement may be
limited by bankruptcy, insolvency, reorganization, moratorium and other laws
relating to or affecting creditors' rights generally and by general equity
principles).

         (b) No consent, approval, authorization, order, registration or
qualification of or with any court or regulatory authority or other governmental
body having jurisdiction over it is required for, and the absence of which would
adversely affect, the legal and valid execution and delivery of this Agreement,
and the performance of the transactions contemplated by this Agreement.

         (c) Its execution, delivery and performance of this Agreement by the
relevant TLI Entity hereunder, including, without limitation, its provision of
TLI Data to ADS and the compliance by it with all provisions of this Agreement
(i) will not conflict with or violate any Applicable Law, and (ii) will not
conflict with or result in a breach of or default under any of the terms or
provisions of any indenture, loan agreement or other contract or agreement
under which it is an obligor or by which its property is bound where such
conflict, breach or default would have a material adverse effect on it, nor
will such execution, delivery or compliance violate or result in the violation
of its Articles of Incorporation or by-laws.

                                      13
<PAGE>

         4.3 ACCURACY OF INFORMATION. All factual information that is
generated by it internally and not from a third party and that is furnished
by it to ADS in writing at any time pursuant to any requirement of, or
furnished in response to any written request of, ADS under this Agreement or
any transaction contemplated hereby has been, and all such factual
information hereafter furnished by it to ADS will be, based on the relevant
TLI Entity's reasonable knowledge, true and accurate in every respect
material to the transactions contemplated hereby on the date as of which such
information was or will be stated or certified.

         4.4 NAME, TRADEMARKS AND SERVICE MARKS. It has the legal right to use
and to permit ADS to use, to the extent set forth herein, the various
tradenames, trademarks, logos and service marks utilized by it in the conduct of
its business.

         4.5 OWNERSHIP RIGHTS. It is the owner of or otherwise has the lawful
right to transfer, use and license the TLI Data pursuant to this Agreement.

                    SECTION 5. COVENANTS OF THE TLI ENTITIES

Each of the TLI Entities agrees on behalf of itself that during the Term of this
Agreement:

         5.1 COMPLIANCE WITH LAW. It shall do or cause to be done all things
necessary to comply with all Applicable Laws (including but not limited to all
applicable state and federal privacy laws including without limitation the
federal Gramm-Leach-Bliley Act (15 U.S.C. 6801 et seq.) the federal Driver's
Privacy Protection Act (18 U.S.C. 2721 et seq.)) in connection with its
business, its use of the Data and its obligations pursuant to this Agreement. It
shall comply with the Direct Marketing Association's guidelines with respect to
the Data.

                SECTION 6. REPRESENTATIONS AND WARRANTIES OF ADS

ADS hereby represents and warrants to the TLI Entities as follows:

         6.1 ORGANIZATION, POWER AND QUALIFICATION. ADS is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Delaware and has full corporate power and authority to enter into this Agreement
and to carry out the provisions of this Agreement. ADS is duly qualified and in
good standing to do business in all jurisdictions where such qualification is
necessary for ADS to carry out its obligations under this Agreement.

         6.2 AUTHORIZATION, VALIDITY AND NON-CONTRAVENTION. (a) This Agreement
has been duly authorized by all necessary corporate proceedings, has been duly
executed and delivered by ADS and is a valid and legally binding agreement of
ADS duly enforceable in accordance with its terms (except as such enforcement
may be limited by bankruptcy, insolvency, reorganization, moratorium and other
laws relating to or affecting creditors' rights generally and by general equity
principles).

         (b) No consent, approval, authorization, order, registration or
qualification of or with any court or regulatory authority or other governmental
body having jurisdiction over ADS is

                                         14
<PAGE>

required for, and the absence of which would materially adversely affect, the
legal and valid execution and delivery of this Agreement, and the performance
of the transactions contemplated by this Agreement.

         (c) The execution, delivery and performance of this Agreement by ADS
hereunder including the provision, sale, barter or sharing of Data, and the
compliance by ADS with all provisions of this Agreement (i) will not conflict
with or violate any Applicable Law, (ii) will not conflict with or result in
a breach of the terms or provisions of any indenture, loan agreement or other
contract or agreement under which ADS is an obligor or by which its property
is bound where such conflict, breach or default would have a material adverse
effect on ADS, nor will such execution, delivery or compliance violate or
result in the violation of the Articles of Incorporation or by-laws of ADS.

         6.3 ACCURACY OF INFORMATION. All factual information that is generated
by ADS internally and not from a third party that is furnished by ADS to the TLI
Entities in writing at any time pursuant to any requirement of, or furnished in
response to any written request of the TLI Entities under this Agreement or any
transaction contemplated hereby has been, and all such factual information
hereafter furnished by ADS to the TLI Entities will be, based on ADS' reasonable
knowledge, true and accurate in every respect material to the transactions
contemplated hereby on the date as of which such information has or will be
stated or certified.

         6.4 OWNERSHIP RIGHTS. ADS represents and warrants that it is the owner
of or otherwise has the lawful right to transfer, use and license the ADS Data
pursuant to this Agreement.

                           SECTION 7. COVENANTS OF ADS

ADS agrees that during the Term of this Agreement:

         7.1 COMPLIANCE WITH LAW. ADS shall do or cause to be done all things
necessary to comply with all Applicable Laws (including but not limited to all
applicable state and federal privacy laws including without limitation the
federal Gramm-Leach-Bliley Act (15 U.S.C. 6801 et seq.) the federal Driver's
Privacy Protection Act (18 U.S.C. 2721 et seq.)) in connection with its
business, its use of the Data and its obligations pursuant to this Agreement.
ADS shall comply with the Direct Marketing Association's guidelines with respect
to the Data. ADS shall do or cause to be done all things necessary to ensure
that (x) its actions with respect to obtaining Data and (y) the provision,
sharing, bartering and/or selling of Data to third parties complies (in the case
of clauses (x) and (y)) with Applicable Law (including the federal and state
privacy laws noted above) and shall require in its transactions with third
parties that the use of Data by such third parties complies with all Applicable
Laws.

                                         15
<PAGE>

                           SECTION 8. INDEMNIFICATION

         8.1 INDEMNIFICATION OBLIGATIONS. (a) TLI shall be liable to and shall
indemnify and hold ADS and its affiliates, subsidiaries and parent and their
respective officers, directors, employees, subcontractors and their successors
and assigns, harmless from any and all Losses (as hereinafter defined) incurred
by reason of: (i) TLI's breach of any representation, warranty or covenant
hereunder, (ii) TLI's performance of or failure to perform its obligations
hereunder, (iii) any action or failure to act by TLI, any of the Subsidiaries or
a TLI Store and its respective officers, directors and/or employees, which
results in a claim against ADS, its officers, employees, affiliates,
subsidiaries, and parent, unless the proximate cause of any such claim is an act
or failure to act by ADS, its officers, directors or employees.

         (b) IBI shall be liable to and shall indemnify and hold ADS and its
affiliates, subsidiaries and parent and their respective officers, directors,
employees, subcontractors and their successors and assigns, harmless from any
and all Losses (as hereinafter defined) incurred by reason of: (i) IBI's breach
of any representation, warranty or covenant hereunder, (ii) IBI's performance of
or failure to perform its obligations hereunder, (iii) any action or failure to
act by IBI, any of the Subsidiaries or a IBI Store and its respective officers,
directors and/or employees, which results in a claim against ADS, its officers,
employees, affiliates, subsidiaries, and parent, unless the proximate cause of
any such claim is an act or failure to act by ADS, its officers, directors or
employees.

         (c) ADS shall be liable to and shall indemnify and hold TLI, IBI and
their respective affiliates, subsidiaries and parent and their respective
officers, directors, employees, sub-contractors and their successors and
assigns, harmless from any and all Losses (as hereinafter defined) incurred by
reason of: (i) ADS's breach of any representation, warranty or covenant
hereunder, (ii) ADS's performance or and failure to perform its obligations
hereunder, and (iii) any action or failure to act by ADS and its officers,
directors, and employees which results in a claim against TLI, IBI or their
officers, employees, affiliates, subsidiaries and parent, unless the proximate
cause of any such claim is an act or failure to act by TLI, IBI and their
respective officers, directors or employees.

         (d) For purposes of this Section 8.1 the term "Losses" shall mean any
liability, damage, costs, fees, losses, judgments, penalties, fines, and
expenses, including without limitation, any reasonable attorneys' fees,
disbursements, settlements (which require the other party's consent which shall
not be unreasonably withheld), and court costs, reasonably incurred by ADS, TLI,
or IBI as the case may be, without regard to whether or not such Losses would be
deemed material under this Agreement except that Losses may not include any
overhead costs that any party would normally incur in conducting its everyday
business.

                                         16
<PAGE>

         8.2 LIMITATION ON LIABILITY. (a) IN NO EVENT SHALL ADS, TLI OR IBI BE
LIABLE FOR ANY INCIDENTAL, INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES ARISING
OUT OF THIS AGREEMENT.

         (b) ADS' TOTAL ANNUAL LIABILITY TO THE TLI ENTITIES FOR ALL DAMAGES FOR
ANY CAUSE WHATSOEVER OCCURRING DURING ANY YEAR OF THE TERM OF THIS AGREEMENT,
SHALL NOT EXCEED ONE HUNDRED PERCENT (100%) OF THE ACTUAL FEES RECEIVED OR
RECEIVABLE BY ADS FROM THE TLI ENTITIES DURING SUCH YEAR. ADS' TOTAL CUMULATIVE
LIABILITY TO THE TLI ENTITIES UNDER THIS AGREEMENT FOR ALL DAMAGES FOR ANY CAUSE
WHATSOEVER, SHALL NOT EXCEED ONE HUNDRED PERCENT (100%) OF THE ACTUAL FEES
RECEIVED OR RECEIVABLE BY ADS FROM THE TLI ENTITIES DURING THE TERM OF THIS
AGREEMENT; PROVIDED, HOWEVER, THAT THE LIMITATIONS ON LIABILITY SET FORTH IN
CLAUSES (A) AND (B) OF THIS SECTION 8.2 SHALL NOT APPLY TO ADS' INDEMNITY
OBLIGATIONS WHEN THE INDEMNITY OBLIGATION ARISES FROM ALLEGATIONS OR CLAIMS WITH
RESPECT TO THE FOLLOWING:

         (1)      ADS' FAILURE TO COMPLY WITH ANY APPLICABLE LAWS OR THE TLI
                  ENTITIES' PRIVACY POLICIES AS IN EFFECT FROM TIME TO TIME;

         (2)      ADS' BREACH OF ANY OF ITS OBLIGATIONS UNDER SECTION 2.7; AND

         (3)      ADS' WILLFUL OR GROSSLY NEGLIGENT ACTS.

         (c) THE TLI ENTITIES' TOTAL ANNUAL LIABILITY TO ADS FOR ALL DAMAGES FOR
ANY CAUSE WHATSOEVER OCCURRING DURING ANY YEAR OF THE TERM OF THIS AGREEMENT,
SHALL NOT EXCEED ONE HUNDRED PERCENT (100%) OF THE ACTUAL FEES PAID BY THE TLI
ENTITIES TO ADS DURING SUCH YEAR. THE TLI ENTITIES' TOTAL CUMULATIVE LIABILITY
TO ADS UNDER THIS AGREEMENT FOR ALL DAMAGES FOR ANY CAUSE WHATSOEVER, SHALL NOT
EXCEED ONE HUNDRED PERCENT (100%) OF THE ACTUAL FEES PAID BY THE TLI ENTITIES TO
ADS DURING THE TERM OF THIS AGREEMENT; PROVIDED, HOWEVER, THAT THE LIMITATIONS
ON LIABILITY SET FORTH IN CLAUSES (A) AND (C) OF THIS SECTION 8.2 SHALL NOT
APPLY TO THE TLI ENTITIES' INDEMNITY OBLIGATIONS WHEN THE INDEMNITY ARISES FROM
ALLEGATIONS OR CLAIMS WITH RESPECT TO THE TLI ENTITIES' WILLFUL OR GROSSLY
NEGLIGENT ACTS.

                                         17
<PAGE>

         8.3 NO WARRANTIES. EXCEPT AS EXPRESSLY PROVIDED HEREIN, THERE ARE NO
EXPRESS OR IMPLIED WARRANTIES, INCLUDING THE IMPLIED WARRANTIES OF
NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE,
RESPECTING THE SERVICES PROVIDED BY ADS PURSUANT TO THIS AGREEMENT; PROVIDED
THAT THE PROVISIONS OF THIS SECTION 8.3 SHALL NOT LIMIT OR AFFECT ADS'
INDEMNIFICATION OBLIGATIONS SET FORTH IN SECTIONS 8.1, 8.2 AND 8.4.

         8.4 NOTIFICATION OF INDEMNIFICATION; CONDUCT OF DEFENSE. (a) In no case
shall the indemnifying party be liable under Section 8.1 of this Agreement with
respect to any claim or claims made against the indemnified party or any other
person so indemnified unless it shall be notified in writing of the nature of
the claim within a reasonable time after the assertion thereof, but failure to
so notify the indemnifying party shall not relieve it from any liability which
it may have under other provisions of this Agreement.

         (b) The indemnifying party shall be entitled to participate, at its own
expense, in the defense, or, if it so elects, within a reasonable time after
receipt of such notice, to assume the defense of any suit brought against the
indemnified party which gives rise to a claim against the indemnifying party,
but, if the indemnifying party so elects to assume the defense, such defense
shall be conducted by counsel chosen by it and approved by the indemnified party
or the person or persons so indemnified, who are the defendant or defendants in
any suit so brought, which approval shall not be unreasonably withheld. If the
indemnifying party elects to assume the conduct of the defense of any suit
brought to enforce any such claim and retains counsel to do so, the indemnified
party or the person or persons so indemnified who are the defendant or
defendants in the suit, shall bear the fees and expenses of any additional
counsel thereafter retained by the indemnified party or such other person or
persons.

                         SECTION 9. TERM AND TERMINATION

         9.1 TERM. This agreement will be effective as of September 1, 2000 and
shall remain effective through August 31, 2003, unless sooner terminated in
accordance with this Section 9. After August 31, 2003 (the "Initial Term") the
agreement shall be extended automatically for one (1) year Renewal Terms unless
any party has notified the other in writing not later than six (6) months prior
to the end of the Initial Term or any subsequent Renewal Term, subject to the
termination provisions in Section 9 of this Agreement. Notice of termination
shall be given in the manner set forth in Section 10.7.

         9.2 TERMINATION WITH CAUSE BY ADS; ADS TERMINATION EVENTS. Any of the
following conditions or events shall constitute a "ADS Termination Event"
hereunder, and ADS may terminate this Agreement immediately without further
action if either TLI Entity causes such ADS Termination Event to occur and be
continuing:

                                        18
<PAGE>

         (a)      If TLI or IBI shall (i) generally not pay its debts as they
become due; (ii) file, or consent by answer or otherwise to the filing against
it, of a petition for relief, reorganization or arrangement or any other
petition in bankruptcy, for liquidation or to take advantage of any bankruptcy
or insolvency law of any jurisdiction; (iii) make an assignment for the
benefit of its creditors; (iv) consent to the appointment of a custodian,
receiver, trustee or other officer with similar powers of itself or of any
substantial part of its property; (v) be adjudicated insolvent or be
liquidated; (vi) take corporate action in preparation for the events set forth
in subsections (ii), (iii), or (iv); (vii) have a materially adverse change in
its financial condition, including, but not limited to receiving a bond
downgrade or being downgraded by a rating agency to a rating below an
investment grade rating, or (viii) receive an adverse opinion by its auditors
or accountants as to its viability as a going concern or (ix) breach or fail
to perform or observe any covenant or agreement contained in any creditor loan
agreement, debt instrument or any other contract or agreement to which it is
bound; or

         (b)      If a court or government authority of competent jurisdiction
shall enter an order appointing, without consent by TLI or IBI, a custodian,
receiver, trustee or other officer with similar powers with respect to it or
with respect to any substantial part of its property, or if an order for
relief shall be entered in any case or proceeding for liquidation or
reorganization or otherwise to take advantage of any bankruptcy or insolvency
law of any jurisdiction, or ordering the dissolution, winding up or
liquidation of TLI or IBI, or if any petition for any such relief shall be
filed against TLI or IBI and such petition shall not be dismissed within 60
days; or

         (c)      If TLI or IBI shall materially default in the performance of
or compliance with any term or violates any of the covenants, representations,
warranties or agreements contained in this Agreement and TLI shall not have
remedied such default within thirty (30) days after written notice thereof
shall have been received by TLI or IBI from ADS; or

         (d)      If any law, ordinance, regulation or the like, including,
without limitation, any applicable state or federal law, prohibits or
significantly impacts ADS' performance of the Services. In the event of
termination on this basis, TLI, IBI and ADS shall negotiate in good faith to
establish mutually agreeable terms and condition for continued use of the then
existing Main Data Warehouse.

         9.3      TERMINATION WITH CAUSE BY THE TLI ENTITIES; TLI TERMINATION
EVENTS. Any of the following conditions or events shall constitute an "TLI
Termination Event" hereunder, and the TLI Entities may terminate this
Agreement immediately without further action if ADS causes such TLI
Termination Event to occur and be continuing:

         (a)      If ADS shall (i) generally not be paying its debts as they
become due; (ii) file or consent by answer or otherwise to the filing against
it, of a petition for relief, reorganization or arrangement or any other
petition in bankruptcy, for liquidation or to take advantage of any bankruptcy
or insolvency law of any jurisdiction; (iii) make an assignment for the
benefit of its creditors; (iv) consent to the appointment of a custodian,
receiver, trustee or other officer with

                                      19

<PAGE>

similar powers for itself or of any substantial part of its property; (v) be
adjudicated insolvent or be liquidated; or (vi) take corporate action in
preparation for events set forth in subsections (ii), (iii) or (iv); (vii)
have a materially adverse change in its financial condition, including, but
not limited to receiving a bond downgrade or being downgraded by a rating
agency to a rating below an investment grade rating, or (viii) receive an
adverse opinion by its auditors or accountants as to its viability as a going
concern or (ix) breach or fail to perform or observe any covenant or agreement
contained in any creditor loan agreement, debt instrument or any other
contract or agreement to which it is bound; or

         (b)      If a court or government authority of competent jurisdiction
shall enter an order appointing, without consent by ADS, a custodian,
receiver, trustee or other officer with similar powers with respect to it or
with respect to any substantial part of its property, or if an order for
relief shall be entered in any case or proceeding for liquidation or
reorganization or otherwise to take advantage of any bankruptcy or insolvency
law of any jurisdiction, or ordering the dissolution, winding up or
liquidation of ADS, or if any petition for any such relief shall be filed
against ADS and such petition shall not be dismissed within 60 days; or

         (c)      If ADS shall materially default in the performance of or
compliance with any term or violates any of the covenants, representations,
warranties or agreements contained in this Agreement and ADS shall not have
remedied such default within thirty (30) days after written notice thereof
shall have been received by ADS from the TLI Entities.

         (d)      The TLI Entities may terminate this Agreement upon thirty
(30) days written notice if ADS Substantially fails to meet two or more of the
required service standards set forth in Schedule B hereto. It is understood
and agreed that the penalties specified in the Schedules hereto are in
addition to the rights of the TLI Entities under this Agreement, including
their right to terminate this Agreement pursuant to Section 9.1(c) and 9.3(d).
"Substantially" in this case means more than one-third of the time to provide
the Services in any given Contract Year, in accordance with the relevant
service standards and subject to Section 10.11.

         9.4      EFFECT OF TERMINATION. Upon expiration or termination of
this Agreement, all of the following provisions shall be applicable:

                  (1)   The TLI Entities shall pay ADS the full amount of any
                        and all outstanding invoices for undisputed fees or
                        charges within thirty (30) days;

                  (2)   within ten (10) Business Days of the expiration or
                        termination of this Agreement, ADS shall deliver to
                        the TLI Entities (x) all of the TLI Data and all other
                        information or materials reflecting or based upon, in
                        whole or in part, any TLI Data which ADS developed for
                        the TLI Entities pursuant to this Agreement (the TLI
                        Data and such other information and materials are
                        referred to collectively as the "Relevant Data") in
                        cartridge media or such other format as the TLI
                        Entities shall reasonably request, (y) a copy

                                      20

<PAGE>

                        of ADS' data model, table structure, business rules
                        and all other documentation relating to the Services
                        which is reasonably required by TLI for the transition
                        of the Services, and (z) all other promotional or
                        other materials relating, directly or indirectly, to
                        any TLI Entity or any aspect of the business of either
                        TLI Entity;

                  (3)   the rights of ADS to utilize any Relevant Data in any
                        manner whatsoever, directly or indirectly, for
                        internal purposes or otherwise (including, without
                        limitation, the provision, sharing, bartering or
                        selling of any Relevant Data to third parties) shall
                        cease immediately;

                  (4)   from and after such expiration or termination, ADS shall
                        take all steps reasonably necessary or appropriate to
                        assist the TLI Entities in transitioning to another
                        provider of services similar to the Services,
                        including causing ADS personnel to be reasonably
                        available to the TLI Entities or such new service
                        provider as reasonably necessary or appropriate to
                        respond to inquiries and otherwise to facilitate the
                        transition; and

                  (5)   all obligations of the parties hereunder shall cease
                        except such obligations which survive termination
                        pursuant to Section 10.13, it being understood,
                        however, that the parties shall be obligated to
                        perform all of their obligations hereunder until the
                        effective date of termination.

                            SECTION 10. MISCELLANEOUS

         10.1     ENTIRE AGREEMENT. This Agreement constitutes the entire
Agreement and supersedes all prior agreements and understandings, whether oral
or written, among the parties hereto with respect to the subject matter hereof
and merges all prior discussions between them.

         10.2     COORDINATION OF PUBLIC STATEMENTS. No party will make any
public announcement of this Agreement or provide any information concerning
this Agreement to any representative of any news, trade or other media without
the prior approval of the other party, and will not respond to any inquiry
from any public or governmental authority, except as required by law,
concerning this Agreement without prior consultation and coordination with the
other party.

         10.3     AMENDMENT. Except as otherwise provided for in this
Agreement, the provisions herein may be modified only upon the mutual
agreement of the parties, however, no such modification shall be effective
until reduced to writing and executed by both parties.

         10.4     SUCCESSORS AND ASSIGNS. This Agreement and all obligations
and rights arising hereunder shall be binding upon and inure to the benefit of
the parties hereto and their respective successors, transferees and assigns.
None of TLI, IBI or ADS may assign its rights and obligations under this
Agreement without the prior written consent, which consent shall not be

                                      21

<PAGE>

unreasonably withheld, of ADS (in the case of TLI or IBI) or TLI (in the case
of ADS); provided that a party may assign its rights and obligations to any
Affiliate of such party without the other parties' consent (it being
understood that no assignment pursuant to this proviso shall relieve the
assigning party of any of its obligations hereunder).

         10.5     WAIVER. No waiver of the provisions hereto shall be
effective unless in writing and signed by the party to be charged with such
waiver. No waiver shall be deemed to be a continuing waiver in respect of any
subsequent breach or default either of similar or different nature unless
expressly so stated in writing. No failure or delay on the part of any party
in exercising any power or right under this Agreement shall be deemed to be a
waiver, nor does any single or partial exercise of any power or right preclude
any other or further exercise, or the exercise of any other power or right.

         10.6     SEVERABILITY. If any of the provisions or parts of the
Agreement are determined to be illegal, invalid or unenforceable in any
respect under any applicable statute or rule of law, such provisions or parts
shall be deemed omitted without affecting any other provisions or parts of the
Agreement which shall remain in full force and effect, unless the declaration
of the illegality, invalidity or unenforceability of such provision or
provisions substantially frustrates the continued performance by, or
entitlement to benefits of, any party, in which case this Agreement may be
terminated by the affected party, without penalty.

         10.7     NOTICES. All communications and notices pursuant hereto to
any party shall be in writing and addressed or delivered to it at its address
shown below, or at such other address as may be designated by it by notice to
the other party, and shall be deemed given when delivered by hand, or two (2)
Business Days after being mailed (with postage prepaid) or when sent by
receipted courier service:

<TABLE>
<CAPTION>

         If to ADS:                                  If to the TLI Entities:
         ---------                                   ----------------------
         <S>                                         <C>
                800 TechCenter Drive                         The Limited, Inc.
                Gahanna, Ohio  43230                         Three Limited Parkway
                Attn.: Dennis Kooker, VP Consumer            Columbus, Ohio 43230
                Database Marketing Services                  Attn.: Daniel P. Finkelman
                With a Copy to:  Karen Morauski

</TABLE>

         10.8     CAPTIONS AND CROSS-REFERENCES. The table of contents and
various captions in this Agreement are included for convenience only and shall
not affect the meaning or interpretation of any provision of this Agreement.
References in this Agreement to any Section are to such Section of this
Agreement.

         10.9     GOVERNING LAW. THIS AGREEMENT SHALL BE A CONTRACT MADE UNDER
AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF OHIO, REGARDLESS OF THE
DICTATES OF OHIO CONFLICTS OF LAW, AND THE PARTIES HEREBY SUBMIT TO EXCLUSIVE
JURISDICTION AND VENUE IN THE UNITED

                                      22

<PAGE>

STATES FEDERAL DISTRICT COURT FOR THE NORTHERN DISTRICT OF OHIO OR ANY OF THE
STATE COURTS LOCATED IN FRANKLIN COUNTY, OHIO.

         10.10    COUNTERPARTS. This Agreement may be signed in one or more
counterparts, all of which shall be taken together as one agreement.

         10.11    FORCE MAJEURE. No party will be responsible for any failure
or delay in performance of its obligations under this Agreement because of
circumstances beyond its control, including, but not limited to, acts of God,
flood, criminal acts, fire, riot, computer viruses, computer hackers,
accident, strikes or work stoppage, embargo, sabotage, inability to obtain
material, equipment or phone lines, government action (including any laws,
ordinances, regulations or the like which restrict or prohibit the providing
of the services contemplated by this Agreement), and other causes whether or
not of the same class or kind as specifically named above. In the event a
party is unable to perform substantially for any of the reasons described in
this Section, it will notify the other party promptly of its inability so to
perform, and if the inability continues for at least thirty (30) consecutive
days, the party so notified may then terminate this Agreement forthwith. This
provision shall not, however, release the party unable to perform from using
its best efforts to avoid or remove such circumstance and such party unable to
perform shall continue performance hereunder with the utmost dispatch whenever
such causes are removed.

         10.12    RELATIONSHIP OF PARTIES. This Agreement does not constitute
the parties as partners or joint venturers and no party will so represent
itself.

         10.13    SURVIVAL. No termination of this Agreement shall in any way
affect or impair the powers, obligations, duties, rights, indemnities,
liabilities, covenants or warranties and/or representations of the parties
with respect to times and/or events occurring prior to such termination. No
powers, obligations, duties, rights, indemnities, liabilities, covenants or
warranties and/or representations of the parties with respect to times and/or
events occurring after termination shall survive termination except for the
following Sections: Section 3, Section 8, Section 10.7 and Section 10.18.

         10.14    MUTUAL DRAFTING. This Agreement is the joint product of ADS,
IBI and TLI and each provision hereof has been subject to mutual consultation,
negotiation and agreement of ADS, IBI and TLI.

         10.15    INDEPENDENT CONTRACTOR. The parties hereby declare and agree
that ADS is engaged in an independent business, and shall perform its
obligations under this Agreement as an independent contractor; that any of
ADS's personnel performing the services hereunder are agents, employees,
affiliates, or subcontractors of ADS and are not agents, employees,
affiliates, or subcontractors of the TLI Entities; that ADS has and hereby
retains the right to exercise full control of and supervision over the
performance of ADS's obligations hereunder and full control over the
employment, direction, compensation and discharge of any and all of the ADS's
agents,

                                      23

<PAGE>

employees, affiliates, or subcontractors, including compliance with workers'
compensation, unemployment, disability insurance, social security, withholding
and all other federal, state and local laws, rules and regulations governing
such matters; that ADS shall be responsible for ADS's own acts and those of
ADS's agents, employees, affiliates, and subcontractors; and that except as
expressly set forth in this Agreement, ADS does not undertake by this
Agreement or otherwise to perform any obligation of the TLI Entities, whether
regulatory or contractual, or to assume any responsibility for the TLI
Entities' business or operations.

         10.16    NO THIRD PARTY BENEFICIARIES. The provisions of this
Agreement are for the benefit of the parties hereto and not for any other
person or entity.

         10.17    COUNTERPARTS. This Agreement may be executed in several
counterparts all of which taken together shall constitute one single agreement
between the parties.

         10.18    CONFIDENTIALITY. (a) No party shall disclose any information
not of a public nature concerning the business or properties of any other
party which it learns as a result of negotiating or implementing this
Agreement or the transactions contemplated hereby, including, without
limitation, the terms and conditions of this Agreement, trade secrets,
business and financial information, business methods, procedures, know-how and
other information of every kind that relates to the business of any party
except to the extent disclosure is required by applicable law, is necessary
for the performance of the disclosing party's obligation under this Agreement,
or is agreed to in writing by the other party; provided that: (i) prior to
disclosing any confidential information to any third party, the party making
the disclosure shall give notice to the other party of the nature of such
disclosure and of the fact that such disclosure will be made; and (ii) prior
to filing a copy of this Agreement with any governmental authority or agency,
the filing party will consult with the other party with respect to such filing
and shall redact such portions of this Agreement which the other party
requests be redacted, unless, in the filing party's reasonable judgment based
on the advice of its counsel (which advice shall have been discussed with
counsel to the other party), the filing party concludes that such request is
inconsistent with the filing party's obligations under applicable laws. No
party shall use the other party's name for advertising or promotional purposes
without such other party's written consent. None of the foregoing shall
preclude any party from disclosing Data in the course of exercising its rights
under Section 2.4 hereof.

         (b)      The obligations of this Section, shall not apply to any
                  information:

                  (i)   which is generally known to the trade or to the public
                        at the time of such disclosure; or

                  (ii)  which becomes generally known to the trade or the public
                        subsequent to the time of such disclosure; provided,
                        however, that such general knowledge is not the result
                        of a disclosure in violation of this Section; or

                                      24

<PAGE>

             (iii) which is obtained by a party from a source other than the
                   other party, without breach of this Agreement or any other
                   obligation of confidentiality or secrecy owed to such
                   other party or any other person or organization; or

             (iv)  which is independently conceived and developed by the
                   disclosing party and proven by the disclosing party
                   through tangible evidence not to have been developed as a
                   result of a disclosure of information to the disclosing
                   party, or any other person or organization which has
                   entered into a confidential arrangement with the
                   non-disclosing party.

         (c) If any disclosure is made pursuant to the provisions of this
Section, to any parent company, subsidiary, affiliate or third party, the
disclosing party shall be responsible for ensuring that such parent, subsidiary,
affiliate or third party keeps all such information in confidence and that any
third party executes a confidentiality agreement provided by the non-disclosing
party. Each party covenants that at all times it shall have in place procedures
designed to assure that each of its employees who is given access to the other
party's confidential information shall protect the privacy of such information.
Each party acknowledges that any breach of the confidentiality provisions of
this Agreement by it will result in irreparable damage to the other party and
therefore in addition to any other remedy that may be afforded by law any breach
or threatened breach of the confidentiality provisions of this Agreement may be
prohibited by restraining order, injunction or other equitable remedies of any
court. The provisions of this Section will survive termination or expiration of
this Agreement.

         10.19 NON-INTERFERENCE WITH EMPLOYEES. The parties acknowledge that
their continuing relationship with their own employees is an essential
requirement of their business. Accordingly, during the Term of this Agreement
and continuing for six (6) months thereafter, unless it has received the other
parties' prior written consent, each party agrees not to solicit for employment
any person who is an employee of the other who is involved in any way in
providing or receiving the Services under this Agreement (it being understood
that general solicitations through newspaper advertisements, recruitment firms
and similar means not violate the provisions of this Section 10.19).

         10.20 VICTORIA'S SECRET CATALOGUE. Notwithstanding any provision of
this Agreement to the contrary, (i) Victoria's Secret Catalogue is not a part of
or subject to this Agreement and (ii) any and all data or other information
derived from or attributable to the business or operations of Victoria's Secret
Catalogue ("VSC Data"), which may be present on the Main Data Warehouse from
time to time, shall not be subject to or considered a part of this Agreement.
Without limiting the generality of the foregoing, the rights granted to ADS and
its affiliates, and the restrictions imposed on the TLI Entities and their
affiliates, pursuant to this Agreement shall not extend to or encompass any such
VSC Data. Notwithstanding the foregoing, data derived from another business that
is the same as VSC Data, including without limitation customer names and
addresses, is subject to and considered a part of this Agreement.

                                        25
<PAGE>

IN WITNESS WHEREOF, the parties hereto have executed this Agreement in manner
and form sufficient to bind them as of the date first above written.

THE LIMITED, INC. BY AND ON BEHALF OF            ADS ALLIANCE DATA SYSTEMS, INC.
THE LIMITED, INC. AND ITS SUBSIDIARIES

By:    /s/ Daniel P. Finkelman                   By:    /s/ J.B. Sullivan
      --------------------------                       ------------------------
Title: Senior Vice President                     Title: Senior Vice President
      --------------------------                       ------------------------
Date:  9/15/00                                   Date:  9-15-00
      --------------------------                       ------------------------

INTIMATE BRANDS, INC. BY AND ON BEHALF OF  INTIMATE
BRANDS, INC. AND ITS SUBSIDIARIES

By:    /s/ Michael D. Newman
      --------------------------
Title:     CFO
      --------------------------
Date:     9-26-00
      --------------------------

                                       26

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