Document:

EX-10.1

 

EXHIBIT 10.1

MASTER AGREEMENT

     THIS MASTER AGREEMENT (the “Master Agreement” and together with the Annex(s) and
Collateral Documents (defined below) this “Agreement”), dated as of February 8, 2005, is
entered into between JPMorgan Chase Bank, National Association, with headquarters in Columbus,
Ohio, and MasterCard International Incorporated (“MasterCard”), a Delaware corporation,
with offices located at 2000 Purchase Street, Purchase, New York 10577-2509 (each a “Party”
and collectively the “Parties”).

	 	 	 	 	 	 	 
	Master Agreement Effective Date: January 1, 2005	 	 
	 
	 	 	 	 	 	 
	MasterCard International Incorporated	 	JPMorgan Chase Bank, National Association
	 
	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 
	

	 	

	 	 	 	

	Name:

	 	Alan Heuer
	 	Name:
	 	Diane Eshleman
	

	 	

	 	 	 	

	Title:

	 	Chief Operating Officer
	 	Title:
	 	Chief Procurement Officer
	

	 	

	 	 	 	

	Date:

	 	 	 	Date:	 	 
	

	 	

	 	 	 	

      

The Annex(s) (each, an “Annex”) checked in the table below are attached hereto
and incorporated herein as of the date of this Master Agreement, whether or not
separately executed:

     x Services Annex

The parties may agree to additional Annex(s) by signing documents that state
that they are incorporated into this Agreement, each of which will be
incorporated herein upon execution by the Parties.

BACKGROUND

     MasterCard and its Affiliates (as defined below) are in the business of providing to other
entities debit and credit card related programs and services. JPMorgan Chase Bank or an Affiliate
(“JPMC”) may from time to time wish to enter into an arrangement with MasterCard for the
use of such programs and services from MasterCard and its Affiliates. JPMC is licensed to issue
cards bearing the MasterCard, Cirrus and/ or Maestro names and marks pursuant to the MasterCard
Bylaws and Rules, the Cirrus Worldwide Operating Rules, regional Maestro licensor rules, and any
other directive, memorandum, policy, or other requirement imposed by MasterCard, Maestro, Cirrus,
or any other of MasterCard’s Affiliates relating to MasterCard cards, as such bylaws and rules,
operating rules, licensor rules, directives, memoranda, policies, or other requirements may be
amended from time to time (the “Rules”). “Affiliate” of a Party, means any entity
that Controls, is Controlled by, or is under common Control with the Party specified now as well as
in the future. “Control” means the power, directly or indirectly, to direct or cause the
direction of the management and policies of an entity through the ownership

 

 

of voting securities, by contract or otherwise. Notwithstanding the foregoing, the Parties
agree that **** , and their successors in interest, are Affiliates of JPMC.

     This Agreement sets forth the master terms and conditions that will govern MasterCard’s and
MasterCard’s Affiliates’ relationship with JPMC for the programs and services set forth in any
applicable Annex(s) (“Programs”). Each Party will name one of its employees as the primary
liaison with the other party for each such Program (each a “Relationship Manager”).

     NOW, THEREFORE, for and in consideration of the agreements set forth below, JPMC and
MasterCard agree as follows:

     1. Construction.

     1.1 Collateral Document(s). All exhibits, schedules and appendices attached hereto
(“Collateral Documents”) are hereby incorporated by reference herein. 

     1.2 References. In the Agreement, the words “including” or “includes”, and the phrase
“e.g.” shall all mean “including without limitation.” Any express reference to any regulation or
applicable law (an “Enactment”) includes references to: (a) that Enactment as amended,
extended, or applied by or under any other enactment before or after the date hereof; (b) any
enactment which that Enactment re-enacts (with or without modification); and (c) any subordinate
but applicable enactment (applicable by its terms or the terms of such Enactment) made before or
after the date hereof. Unless the context otherwise specifically requires, all references to
Sections of the Agreement shall refer to all subsections thereof.

     1.3 Headings. The Section and subsection headings of the Agreement are for reference and
convenience only and shall not be considered in the interpretation of the Agreement.

2. Confidentiality.

     2.1 Confidential Information. “Confidential Information” means with respect to:

          (a) JPMC: ****

          (b) MasterCard: ****

          (c) each Party: **** .

     2.2 General Confidentiality Obligations

          (a) JPMC and MasterCard consider it mutually beneficial that, in connection with the
transactions contemplated by this Agreement, (i) JPMC disclose certain Confidential Information to
MasterCard, and (ii) MasterCard disclose certain Confidential Information to JPMC. Each of JPMC and
MasterCard agree to treat the Confidential Information of the other Party as confidential and
proprietary to such other Party in accordance with the terms and conditions of the Agreement. For
purposes of the Agreement, the Party providing Confidential Information and such Party’s
Affiliates, as applicable, shall be referred to as the “Disclosing

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Party,” and the Party receiving the Confidential Information and such Party’s Affiliates, as applicable, shall be
referred to as the “Receiving Party.”

          (b) Except as otherwise expressly permitted under this Agreement or as set forth in any
license granted by MasterCard to JPMC, the Receiving Party shall not (i) disclose, duplicate, copy,
transmit or otherwise disseminate in any manner whatsoever any Confidential Information of the
Disclosing Party; (ii) use the Confidential Information of the Disclosing Party (A) for the
Receiving Party’s own benefit or the benefit of any third party, (B) to the Disclosing Party’s
detriment or (C) for any purpose other than performance of the Disclosing Party’s obligations
hereunder; (iii) commercially exploit any Confidential Information of the Disclosing Party or (iv)
acquire any right in, or assert any lien against, the Confidential Information of the Disclosing
Party.

          (c) The Receiving Party may disclose relevant aspects of the Disclosing Party’s Confidential
Information to the Receiving Party’s and its Affiliates’ directors, officers, consultants, ****,
employees, attorneys and accountants to the extent that such disclosure is necessary for the
performance of the Receiving Party’s obligations under the Agreement; provided that:

               (i) the Receiving Party shall take all reasonable measures to ensure that the Confidential
Information of the Disclosing Party is not disclosed or duplicated in contravention of the
provisions of the Agreement by such directors, officers, consultants, ****, employees, attorneys
and accountants;

               (ii) the Receiving Party shall assume full responsibility for the acts or omissions of the
parties receiving the Confidential Information from or through the Receiving Party; and

               (iii) before disclosing any Confidential Information of the Disclosing Party, all such persons
receiving Confidential Information shall (A) if not employees of the Receiving Party or otherwise
legally bound by reason of their professional relationship with the Receiving Party, be subject to
a written confidentiality agreement with the Receiving Party consistent with the terms of the
Agreement, (B) have a need to know such Confidential Information for performance related to the
Agreement and (C) have been informed of the confidential nature of the Confidential Information.

          (d) The obligation to treat information as Confidential Information as provided by this
Section 2.2 (General Confidentiality Obligations) shall not apply to information
that (i) is publicly available through no action of the Receiving Party in violation of the
Agreement, (ii) was in the Receiving Party’s possession prior to disclosure by the Disclosing
Party, (iii) the Receiving Party can demonstrate to have been developed by the Receiving Party
independently and without reference to any Confidential Information that the Disclosing Party has
disclosed to the Receiving Party, (iv) was obtained by the Receiving Party from third parties not
known to the Receiving Party to be bound by an obligation of confidentiality to the Disclosing
Party or (v) is required to be disclosed by applicable law, rule or regulation or pursuant to a
judicial, legislative or administrative process or procedure; provided, however, that in the event
that the Receiving Party discloses information pursuant to this subsection 2.2(d)(v),

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then the Receiving Party shall give sufficient notice to the Disclosing Party to allow the Disclosing Party
to file for a protective order.

          (e) Upon termination of this Agreement or any applicable Annex(s), pursuant to which the
Confidential Information was disclosed, or upon the Disclosing Party’s earlier request, the
Receiving Party **** shall promptly give over to the Disclosing Party, all of the Disclosing
Party’s Confidential Information then in the Receiving Party’s **** possession. The Receiving
Party **** shall retain no part or copy of any of the Disclosing Party’s Confidential Information
and, if requested in writing, shall certify their respective compliance with the foregoing
provision.

          (f) The Receiving Party acknowledges that its obligations under the Agreement with regard to
(i) trade secrets of the Disclosing Party shall remain in effect for as long as such information
shall remain a trade secret under applicable law, and (ii) all other Confidential Information of
the Disclosing Party shall remain in effect for a period of five (5) years after the expiration or
earlier termination of the applicable Annex(s) to which such other Confidential Information
pertains.

          (g) The Receiving Party acknowledges the competitive value and confidential nature of the
Disclosing Party’s Confidential Information and that disclosure thereof to any third party could be
harmful to the Disclosing Party, competitively and otherwise. If the Receiving Party, or any party
to whom the Receiving Party transmits the Confidential Information pursuant to the Agreement,
becomes legally compelled to disclose any of the Confidential Information, then the Receiving
Party, to the extent permitted by law, shall provide the Disclosing Party with prompt written
notice so that the Disclosing Party may seek a protective order or other appropriate remedy and
shall cooperate with the Disclosing Party in seeking reasonable protective arrangements. If such
protective order or other remedy is not obtained, then the Receiving Party shall furnish only that
portion of the Confidential Information that, in the written opinion of its counsel, is legally
required, and the Receiving Party shall exercise its reasonable best efforts to obtain reasonable
assurance that confidential treatment shall be accorded to the Confidential Information. JPMC may
disclose MasterCard’s Confidential Information to any bank regulatory authority having jurisdiction
over JPMC and requiring such Confidential Information without providing prior Notice to MasterCard,
provided that JPMC will use reasonable commercial efforts to provide Notice to MasterCard
reasonably promptly after disclosing such Confidential Information to such regulatory authority.

          (h) The Receiving Party acknowledges and agrees that, given the nature of the Confidential
Information and the damage that may result to the Disclosing Party if information
contained therein is disclosed to any third party in breach of the obligations set forth in
the Agreement, money damages might not be a sufficient remedy for any breach of the Agreement by
the Receiving Party, and that, in addition to all other remedies, the Disclosing Party shall be
entitled to seek specific performance and injunctive or other equitable relief as deemed proper or
necessary by a court of competent jurisdiction as a remedy for any such breach.

          (i) If MasterCard or JPMC is required to file this Agreement as an exhibit to any report or
other filing with the Securities and Exchange Commission (the “SEC”), such Party shall file
with the Secretary of the SEC an application requesting confidential treatment of the

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Agreement
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), at or about the time of such filing, provided that no such filing shall be deemed to
violate this Section 2.2. Prior to making such filing, the Party filing this Agreement with the
SEC shall: (i) consult with the other Party regarding the specific Agreement provisions for which
confidential treatment shall be requested from the SEC; and (ii) incorporate the comments of the
other Party with respect thereto to the extent that it determines in good faith that such comments
are consistent with the filing Party’s disclosure obligations under the Exchange Act.

     2.3 Unauthorized Acts. In the event of any unauthorized possession, use, knowledge,
disclosure or attempt thereof with respect to any Confidential Information, or loss of, or
inability to account for such Confidential Information, the Receiving Party shall to the extent
permitted by law: (a) promptly notify the Disclosing Party; (b) promptly furnish to the Disclosing
Party full details thereof, and use reasonable efforts to assist the Disclosing Party in
investigating such event; (c) reasonably cooperate with the Disclosing Party in any litigation and
investigation against third parties deemed necessary by the Disclosing Party to protect its
proprietary rights in the Confidential Information; and (d) promptly use all reasonable efforts to
prevent a recurrence of the unauthorized act or attempt. JPMC and MasterCard shall each bear their
own respective costs incurred as a result of compliance with this Section 2.3 (Unauthorized Acts).

     ****

3. Representations and Warranties.

     3.1 Representations and Warranties of JPMC. JPMC represents, warrants and covenants that:
(a) it is a National Association validly existing and in good standing; (b) it has all requisite
power and authority to execute, deliver and perform its obligations under the Agreement; and (c) it
is duly licensed, authorized or qualified to do business and is in good standing in every
jurisdiction in which a license, authorization or qualification is required for the ownership or
leasing of its assets or the transaction of business of the character transacted by it except where
the failure to be so licensed, authorized or qualified would not have a material adverse effect on
its ability to fulfill its obligations under the Agreement.

     3.2 Representations and Warranties of MasterCard. MasterCard represents, warrants and covenants that: (a) it is a corporation, validly existing
and in good standing under the laws of the state of its incorporation; (b) it has all requisite
corporate power and authority to execute, deliver and perform its obligations under the Agreement;
(c) it is duly licensed, authorized or qualified to do business and is in good standing in every
jurisdiction in which a license, authorization or qualification is required for the ownership or
leasing of its assets or the transaction of business of the character transacted by it except where
the failure to be so licensed, authorized or qualified would not have a material adverse effect on
its ability to fulfill its obligations under the Agreement; **** .

     3.3 Disclaimer. EXCEPT AS SPECIFIED IN THE AGREEMENT, NEITHER JPMC NOR MASTERCARD MAKES ANY
OTHER WARRANTIES WITH RESPECT TO THE SERVICES AND EACH EXPLICITLY DISCLAIMS ALL OTHER WARRANTIES,
EXPRESS OR IMPLIED, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A SPECIFIC
PURPOSE.

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4. Indemnities.

     4.1 Indemnity by JPMC. Subject to the limitations contained in Section 5.1
(Limitations on Liability), JPMC agrees to indemnify, hold harmless and defend MasterCard,
and its Affiliates, directors, officers, employees, agents, successors and assigns, as applicable,
in accordance with the procedures described in Section 4.3 (Indemnification
Procedures) hereof against all losses, liabilities, damages and claims, and all related costs
and expenses (including reasonable fees, expenses and disbursements of attorneys, accountants and
other experts and professionals, and costs, fees and expenses of investigation, litigation or other
proceedings of any claim, default or assessment, settlement, judgment, interest, court costs and
penalties) paid or payable to a third party (each a “Loss” and collectively
“Losses”) arising out of, in connection with, resulting from or based on allegations of,
any of the following: (a) The death or bodily injury of any agent, employee, customer,
contractor, business invitee or business visitor of MasterCard to the extent caused or contributed
to by JPMC’s gross negligence or willful misconduct; and (b) The damage, loss or destruction of
any real or personal property owned or leased by MasterCard to the extent caused or contributed to
by JPMC’s gross negligence or willful misconduct; and (c) Any alleged act or omission of JPMC, its
employees, agents, and subcontractors relating to the subject matter of this Agreement, including a
breach, or alleged breach, of JPMC’s obligations set forth in the Agreement, including Section
2 (Confidentiality) and Section 3 (Representations and Warranties)
hereof.

     4.2 Indemnity by MasterCard. Subject to the limitations contained in Section 5.1
(Limitations on Liability), MasterCard shall indemnify, hold harmless, and defend JPMC, and
its Affiliates, directors, officers, employees, agents, and assigns, as applicable, in accordance
with the procedures described in Section 4.3 (Indemnification Procedures) hereof
against all Losses arising out of, in connection with, resulting from or based on allegations of,
any of the following: (a) The death or bodily injury of
any agent, employee, customer, contractor, business invitee or business visitor of JPMC, to the
extent caused or contributed to by MasterCard’s gross negligence or willful misconduct; (b) The
damage, loss or destruction of any real or personal property owned or leased by JPMC to the extent
caused or contributed to by MasterCard’s gross negligence or willful misconduct; (c) Any alleged
act or omission of MasterCard, its employees, agents, and Subcontractors relating to the subject
matter of this Agreement, including a breach, or alleged breach, of MasterCard’s obligations set
forth in the Agreement, including Section 2 (Confidentiality) and Section 3
(Representations and Warranties) hereof; **** .

     4.3 Indemnification Procedures.

          (a) If a notice of commencement or threatened commencement of a claim or cause of action is
received by a Party entitled to indemnification under this Agreement (“Indemnified Party”),
the Indemnified Party shall give Notice thereof (“Indemnification Notice”) to the Party
that is obligated to provide indemnification (“Indemnifying Party”) within thirty (30)
calendar days of the Indemnified Party’s receipt of the notice of commencement or threatened
commencement of the claim or cause of action. The Indemnified Party’s Indemnification Notice as
provided herein shall not affect the Indemnifying Party’s indemnification obligations hereunder
except to the extent the Indemnifying Party was materially prejudiced as a result of such failure.

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          (b) Within fifteen (15) calendar days after the Indemnifying Party’s receipt of an
Indemnification Notice, but in no event later than ten (10) calendar days before the date on which
a response to a complaint or summons in connection therewith is due, the Indemnifying Party shall
notify the Indemnified Party, in writing, if the Indemnifying Party acknowledges its
indemnification obligations and elects to assume control of the defense and settlement of such
claim or cause of action (“Election Notice”). If the Indemnifying Party delivers an
Election Notice within the required time period, then the Indemnifying Party shall immediately take
control of the defense and investigation of such claim or cause of action and select and engage
counsel reasonably satisfactory to the Indemnified Party to handle and defend the claim or the
cause of action, at the Indemnifying Party’s sole cost and expense. If the Indemnifying Party
fails to deliver an Election Notice within the required time period, or delivers an Election Notice
within the required time period but does not immediately take control of the defense and
investigation of such claim or cause of action and select and engage counsel reasonably
satisfactory to the Indemnified Party to handle and defend the claim or cause of action then the
Indemnified Party shall have the right to defend the Loss in such manner as it may deem
appropriate, at the sole cost and expense of the Indemnifying Party (including payment of any
judgment or award and the costs of settlement or compromise of the claim or cause of action), and
the Indemnifying Party shall promptly reimburse the Indemnified Party for all such costs and
expenses, including payment of any judgment or award and the costs of settlement or compromise of
the claim or the cause of action.

          (c) The Indemnified Party shall cooperate in all reasonable respects with the Indemnifying
Party and its counsel in the investigation, trial and defense of such claim or cause of action and
any appeal arising therefrom; provided, however, that the Indemnified Party may,
at its own cost and expense, participate, through the Indemnified Party’s own counsel or
otherwise, in the investigation, trial and defense of such claim or cause of action; and any appeal
arising therefrom.

          (d) The Indemnifying Party will reimburse the Indemnified Party for the costs of counsel
engaged by the Indemnified Party, as such costs are incurred and upon request therefor, if:

               (i) the Indemnifying Party fails to engage counsel reasonably satisfactory to the Indemnified
Party within ten (10) calendar days after the Indemnifying Party’s receipt of an Election Notice,
but no later than five (5) calendar days before the date on which a response to a complaint or
summons in connection therewith is due; or

               (ii) JPMC and MasterCard are parties to an action, proceeding or investigation and the
Indemnified Party wishes to pursue additional or different claims and/or defenses unavailable to,
or not pursued by, the Indemnifying Party.

          (e) The Indemnified Party shall not settle any claim or cause of action for which it expects
indemnification from the Indemnifying Party without the Indemnifying Party’s prior written consent.
The Indemnifying Party agrees to not unreasonably withhold, delay or condition its consent to any
such proposed settlement; provided that (i) such proposed settlement does not involve a remedy
other than the payment of money by the Indemnifying Party; (ii) the Indemnified Party and all
plaintiffs or claimants agree to release unconditionally the

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Indemnifying Party from any
responsibility or liability with respect to the subject matter thereof and any related facts or
circumstances; and (iii) the proposed settlement does not result in any harm to the Indemnifying
Party’s reputation.

     4.4 Infringement Remedy. If JPMC is prohibited from using the Services or Work Product or
any part thereof, as a result of, or in connection with, any claim or cause of action relating to a
breach of MasterCard’s warranty under Section 3.2(f) herein or relating to MasterCard’s
indemnification obligation under Section 4.2(f), then, in addition to any other rights or
remedies JPMC may have, at law or in equity, MasterCard, after consultation with JPMC, may promptly
take the following actions, at MasterCard’s sole expense and in the following order of precedence:
(i) procure for JPMC the right to continue using the infringing item; or (ii) modify the infringing
item so that it becomes non-infringing or replace the infringing item with a non-infringing item;
provided that the non-infringing item (A) has equivalent features, functionality and performance as
the infringing item and (B) yields substantially equivalent results as the infringing item. ****

5. Limitations on Liability; **** .

     5.1 EXCEPT AS PROVIDED IN SUBSECTION 5.2 BELOW, NEITHER PARTY SHALL HAVE ANY LIABILITY,
WHETHER BASED ON CONTRACT OR TORT (INCLUDING NEGLIGENCE) FOR ANY PUNITIVE, EXEMPLARY,
CONSEQUENTIAL, SPECIAL, INDIRECT OR INCIDENTAL LOSS OR DAMAGE SUFFERED BY THE OTHER
PARTY, INCLUDING LOSS OF DATA, PROFITS (EXCLUDING PROFITS UNDER THE AGREEMENT), INTEREST OR
REVENUE, OR USE OR INTERRUPTION OF BUSINESS, ARISING FROM OR RELATED TO THE AGREEMENT, EVEN IF SUCH
PARTY IS ADVISED OF THE POSSIBILITY OF SUCH LOSSES OR DAMAGES.

     5.2 The limitations or exculpation of liability set forth in Section 5.1 are not applicable to
(i) the failure of JPMC to make undisputed payments due under the Agreement, (ii) the
indemnification obligations of the Parties, (iii) breaches of Section 2 (Confidentiality), (iv) a
Party’s fraud, gross negligence and willful misconduct, and (v) a Party’s Abandonment (defined
herein) of its obligations under the Agreement. “Abandonment” means a Party’s cessation of
performing any material portion of its obligations under this Agreement or any Annex(s).

     ****

6. Term; Termination.

     6.1 Term. This Master Agreement is effective from the Agreement Effective Date until
terminated in accordance with this Agreement (“Agreement Term”). Notwithstanding the
above, upon expiration or termination of the Agreement Term, this Master Agreement shall remain in
full force and effect for each then outstanding Annex(s) until the termination or expiration of
such Annex(s) in accordance with its terms. In the event that all Annexes have terminated or
expired in accordance with their terms, then this Agreement shall automatically terminate
therewith, unless otherwise stated herein or therein.

     ****

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     6.3 Termination for Insolvency ****. If either Party: (a) files for bankruptcy; (b)
becomes or is declared insolvent, or is the subject of any proceedings related to its liquidation,
insolvency or the appointment of a receiver or similar officer for it; (c) makes an assignment for
the benefit of all or substantially all of its creditors; (d) enters into an agreement for the
composition, extension, or readjustment of substantially all of its obligations; (e) recklessly or
intentionally makes any material misstatement as to financial condition; or **** .

     6.4 Discontinuance of Performance. Upon receipt of any termination Notice, both Parties
shall discontinue performance on the date specified in the Notice but such Notice and cessation of
performance shall not affect the accrued rights or liabilities of either Party prior to receipt of
such Notice.

     6.5 Other Terminations. In addition to the termination rights contained in this Section 6
(Term; Termination), there are additional termination rights provided for in this Agreement. In
addition, any Annex(s) may be terminated as provided in such Annex(s).

7. Compliance with Applicable Laws.

     7.1 General. The Parties shall perform their respective obligations in a manner that
complies with all Applicable Laws. If a charge of non-compliance with any Applicable Law occurs,
then such charged Party shall promptly notify the other Party in writing of such charge and shall
provide the other Party with a written plan to address and correct such non-compliance. A Party
shall be responsible for any fines and penalties, or those portions of any fines and penalties
arising from its noncompliance with any Applicable Laws. Each Party shall use commercially
reasonable efforts to perform under the Agreement regardless of changes in Applicable Laws. If
such changes prevent a Party from performing its obligations under the Agreement, such Party shall
develop and, upon the other Party’s prior written approval, implement a suitable workaround, at
such Party’s own expense, until such time as such Party can perform its obligations under the
Agreement without such workaround.

     ****

     7.3 Regulatory Actions. If permitted by Applicable Laws, each Party shall notify the other
Party and any Relationship Manager of any material claim or demand which is communicated to such
Party from any foreign, Federal, state and local agencies or entities that enforce Applicable Laws
and/or audit a Party’s compliance therewith (“Regulator”), regarding such Party’s
activities (provided such claim or demand is related to the Agreement) or any action pertaining to
the foregoing which is commenced against such Party by any person or Regulator and shall keep the
other Party apprised of the status and/or disposition of all such claims, demands and litigation,
provided however, that nothing in this Agreement shall relieve a Party of its obligation to comply
with all Applicable Laws.

8. Miscellaneous Provisions

     8.1 All notices, consents, requests, demands and other communications hereunder (“Notice”)
shall be in writing and shall be deemed to have been duly given or delivered if (a) delivered
personally, (b) the sooner of five (5) days or when received after mailed postage prepaid by
certified mail, return receipt requested, with proper postage prepaid, (c) delivered by

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facsimile
if a confirmation copy is immediately mailed by the sender postage prepaid by certified mail,
return receipt requested as provided in (b) above or (d) delivered by recognized courier
contracting for same day or next day delivery:

To JPMC:

JPMorgan Chase Bank

Strategic Sourcing Group

Contracts Group

277 Park Avenue, 37th Floor

New York, NY 10022

Fax: (212) 622-4786

With copies to:

JPMorgan Chase Bank

Legal Department/Technology

Attn.: Workflow Manager

1 Chase Manhattan Plaza, 25th Floor

New York, NY 10081

Fax: (212) 383-0800

To MasterCard:

MasterCard International Incorporated

2000 Purchase Street

Purchase, New York 10577-2509

Attn.: Gary Flood, EVP

Fax: (914) 249-4306

With copies to:

MasterCard International Incorporated

2000 Purchase Street

Purchase, New York 10577-2509

Attn.: General Counsel

Fax: (914) 249-4262

or at such other address as the Parties hereto shall have last designated by Notice to the other
Party. Any item delivered personally or by recognized courier contracting for same day or next day
delivery shall be deemed delivered on the date of delivery. Facsimile deliveries shall be deemed
delivered on the date of transmission by the sender provided sender has evidence of successful
transmission and receipt. Any item mailed shall be deemed to have been delivered on the date
evidenced on the return receipt.

     8.2 Assignment, Binding Effect. The Agreement will be binding on the Parties and their
respective successors and permitted assigns. Neither Party may, or shall have the power to, assign
its rights and obligations under the Agreement without the prior written consent of the other
Party, except that:

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     ****

     8.3 Waiver. A waiver by either of the Parties hereto of any breach by the other Party of
any of the terms, provisions or conditions of the Agreement or the acquiescence of either Party
hereto in any act
(whether commission or omission) which but for such acquiescence would be a breach as aforesaid,
shall not constitute a general waiver of such term, provision or condition of any subsequent act
contrary thereto.

     8.4 Entire Agreement; Amendments.

          (a) Except as expressly provided in the Agreement, the Agreement represents the entire
agreement between the Parties with respect to its subject matter, and there are no other
representations, understandings or agreements between the Parties relative to such subject matter.
No amendment to, or change, waiver or discharge of, any provision of the Agreement shall be valid
unless in writing and signed by an authorized representative of both Parties.

     8.5 Publicity. A Party shall not furnish the name, trademark or proprietary indicia of the
other Party as a reference, or utilize the name, trademark or proprietary indicia of such other
Party in any advertising, announcements, press releases or other promotional materials including
testimonials, quotations, case studies, and other endorsements. In the case of JPMC, this Section
8.5 is applicable to JPMorgan Chase & Co., or any Affiliate thereof (including JPMC). No
exceptions are granted without the prior written consent of such other Party. In the case of JPMC,
such written consent must be obtained from the Brand Administration Group, Marketing and
Communications, of JPMorgan Chase & Co. Either Party’s consent will be granted or withheld in the
sole and absolute discretion of such other Party.

     8.6 Severability. If a court of competent jurisdiction under Applicable Law declares any
provision hereof invalid, such provision shall be ineffective only to the extent of such
invalidity, so that the remainder of that provision and all remaining provisions of the Agreement
will continue in full force and effect and the Parties shall immediately commence negotiations in
good faith to reform this Agreement to make alternative provisions herein that reflect the
intentions and purposes of the severed provision in a manner that does not run afoul of the basis
for such unenforceability or invalidity.

     8.7 Counterparts. The Agreement may be executed in one or more counterparts, each of which
shall for all purposes be deemed to be an original and all of which shall constitute the same
instrument.

     8.8 Force Majeure. To the extent that either Party’s performance of any of its obligations
pursuant to the Agreement is prevented, hindered or delayed, directly or indirectly, by fire,
flood, earthquake, elements of nature or acts of God, acts of war, terrorism, riots, civil
disorders, rebellions or revolutions, strikes, lockouts or labor difficulties or any other cause
beyond the reasonable control or anticipation of a Party, (a “Force Majeure Event”), and
such non-performance could
not have been prevented by reasonable precautions, then the non-performing Party shall be excused
from any further performance of those obligations. The non-performing Party shall only be excused
for so long as such Force Majeure Event continues and such Party continues to use its best efforts
**** recommence performance whenever and to

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whatever extent possible without delay, including
through the use of alternate sources, work around plans or other means. The Party whose performance
is prevented, hindered or delayed by a Force Majeure Event shall immediately notify the other Party
by telephone of the occurrence of the Force Majeure Event and describe the Force Majeure Event in
reasonable detail (to be confirmed in writing within two days of the inception of such delay). If
any Force Majeure Event prevents or restricts a Party’s performance under this Agreement and such
Party does not within sixty (60) consecutive days recommence performance, the other Party may, upon
Notice, terminate the Agreement. The occurrence of a Force Majeure Event does not limit or
otherwise affect a Party’s obligation to provide either normal recovery procedures or any other
disaster recovery services as provided under the Rules. ****

     8.9 Dispute Resolution.

          (a) All disputes arising under or relating to the Agreement shall be referred to a
representative of each Party prior to the escalation of such dispute. If the dispute is not
resolved within three (3) days after such referral, the Parties shall immediately escalate the
dispute pursuant to Paragraph (b) below.

          (b) Immediately upon receipt of the Notice of the dispute, the Relationship Managers shall
work to resolve the dispute. If the dispute is not resolved within five (5) days after such
referral, the Parties shall immediately escalate the dispute to the Chief Operating Officer of
MasterCard and a senior executive of JPMC. If the dispute is not resolved within three (3) days
after such referral, the parties shall immediately submit the dispute for negotiation pursuant to
Subsection 8.9(c) below.

          (c) Immediately upon receipt of the Notice of the dispute, the Parties’ designated
representatives shall meet (including by teleconference) for the purpose of resolving the dispute
by negotiation in good faith. Upon the conclusion of the negotiation, the Parties’ designated
representatives will produce a joint written recommendation, including actions to be taken with
respect to any issues not agreed upon or remaining unresolved. The Parties agree to be bound by
any such joint written recommendation.

          (d) Each Party acknowledges that the performance of its obligations pursuant to the Agreement
is critical to the business and operations of the other Party. Accordingly, in the event of a
dispute between the Parties, both Parties shall continue to perform their obligations under the
Agreement in good faith during the resolution of such dispute unless and until the Agreement is
terminated in accordance with the provisions hereof.

          (e) Notwithstanding anything to the contrary in this Subsection 8.9(e), the language in it
will not be construed to prevent either Party from (i) terminating the Agreement pursuant to
Section 6 (Term; Termination) of this Master Agreement; or (ii) instituting
litigation to (A) avoid, based on a well-founded belief, the expiration of any limitations period
applicable to a particular claim, (B) preserve a superior position with respect to creditors, (C)
seek a temporary restraining order or other immediate injunctive relief or (D) if the Party who
wishes to institute the litigation has in good faith attempted the negotiation described in
Subsection 8.9(b) above and objectively believes in good faith that it has and will
continue to fail to resolve the Parties’ dispute or disputes.

12

 

     8.10 Governing Law; Venue. The Agreement and any action arising hereunder shall be
construed in accordance with and be governed by the laws of the State of New York, without regard
to the United Nations Convention on the International Sale of Goods. Each Party irrevocably agrees
that any legal action, suit or proceeding brought by it in any way arising out of the Agreement
must be brought solely and exclusively in the United States District Court for the Southern
District of New York, or in the state courts of the State of New York, as appropriate and the
parties hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection
which they may now or hereafter have to the laying of venue of any such proceeding brought in such
courts and any claim that any such proceeding brought in such courts has been brought in an
inconvenient forum. If the UCITA is enacted as part of the law of New York, it shall not govern any
aspect of the Agreement, any license granted hereunder, nor any of the Parties’ rights and
obligations arising pursuant to the Agreement. The Agreement and the Parties’ rights and
obligations hereunder shall be governed by the law as it existed prior to the enactment of the
UCITA. Each Party hereby irrevocably waives all rights to trial by jury in any legal proceeding
arising out of or relating to the Agreement.

     8.11 Third Party Beneficiaries. Except as specified in the Agreement, the Parties do not
intend to create any obligations of or any rights, causes of action or benefits in favor of any
person or entity other than JPMC or MasterCard.

     8.12 Interpretation of Documents. In the event of a conflict between (a) the terms of the
Master Agreement and the terms of any Collateral Document, then the terms of the Collateral
Document(s) shall prevail, (b) the terms of the Master Agreement and the terms of the applicable
Annex(s), then the terms of such applicable Annex(s) shall prevail, (c) the terms of the applicable
Annex(s) and the terms of the Collateral Document(s), then the terms of the Collateral Document(s)
shall prevail, and (d) any reference in the Agreement to an article, section or exhibit, and the
heading of such article, section or exhibit referred to in connection therewith, then the heading
of such article, section or exhibit referred to in connection therewith shall prevail.

     8.13 No Interference. Nothing contained in the Agreement shall be deemed to preclude a
Party from entering into arrangements that are the same as or are similar to the arrangement
described in the Agreement with any other entities (including to, entities that provide programs
that are the same as or are similar to the Programs).

     8.14 Covenant of Further Assurances. JPMC and MasterCard covenant and agree that,
subsequent to the execution and delivery of the Agreement and, without any additional
consideration, each of JPMC and MasterCard shall execute and deliver any further legal instruments
and perform any acts, which are or may become necessary to effectuate the purposes of the
Agreement.

     8.15 Negotiated Terms. The Parties agree that the terms and conditions of the Agreement
are the result of negotiations between the Parties and that the Agreement shall not be construed in
favor of or against any Party by reason of the extent to which any Party or its professional
advisors participated in the preparation of the Agreement.

     ****

13

 

     8.17 Relationship Between Parties. Nothing in this Agreement is intended to or shall be
construed to constitute or establish an agency, joint venture, partnership or fiduciary
relationship between the Parties, and neither Party shall have the right or authority to act for or
on behalf of the other Party.

     ****

     8.20 MasterCard Rules. JPMC and MasterCard are entering into this Master Agreement,
together with Annex(s) and Collateral Document(s) for the purposes of agreeing to certain rights
and obligations that are consistent with, but supplemental to the Rules, or in some cases not
covered by existing Rules. Notwithstanding the foregoing, nothing in this Agreement shall be
construed to modify JPMC’s and MasterCard’s respective rights and obligations under the Rules.

     ****

14

 

MASTER AGREEMENT EXHIBIT A

Form of Second Tier Quarterly Report

****

	 	 	 	 	 	 	 
	Legal Company Name

	 	Date Report Submitted
	 	Report Period
	 	Report Period     YTD
	MasterCard International Inc.

	 	MM/DD/YY
	 	XQ20___: MM/DD- MM/DD
	 	$for reporting period $
	 
	****

	 	****
	 	****
	 	YTD
	Company Name:

	 	****	 	 	 	 
	Address:
	 	 	 	 	 	 
	State:
	 	 	 	 	 	 
	City:
	 	 	 	 	 	 
	Zip Code:
	 	 	 	 	 	 
	Phone Number:
	 	 	 	 	 	 
	Contact Name:
	 	 	 	 	 	 
	****
	 	 	 	 	 	 

	 	 	 	 	 
	Indirect Detail

	 	Current Period
	 	YTD
	 
	 	 	 	 
	****

	 	****
	 	****
	 
	 	 	 	 
	Per Period **** :

	 	Current Period
	 	YTD
	 
	 	 	 	 
	****

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

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

	 	****
	 	****
	 
	 	 	 	 
	Per Period ****:

	 	Current Period
	 	YTD
	 
	 	 	 	 
	****

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

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

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

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

	 	****
	 	****

 

 

  16

****

 

 

SERVICES ANNEX

     THIS SERVICES ANNEX (“Services Agreement”), dated as of February 8, 2005, is entered
into between JPMorgan Chase Bank, National Association, with headquarters in Columbus, Ohio, and
MasterCard International Incorporated (“MasterCard”), a Delaware corporation, with offices
located at 2000 Purchase Street, Purchase, New York 10577-2509.

Master Agreement Effective
Date: January 1, 2005

MasterCard International Incorporated      JPMorgan Chase Bank, National Association

	 	 	 	 	 	 	 
	Master Agreement Effective Date: January 1, 2005	 	 
	 
	 	 	 	 	 	 
	MasterCard International Incorporated	 	JPMorgan Chase Bank, National Association
	 
	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 
	

	 	

	 	 	 	

	Name:

	 	Alan Heuer
	 	Name:
	 	Diane Eshleman
	

	 	

	 	 	 	

	Title:

	 	Chief Operating Officer
	 	Title:
	 	Chief Procurement Officer
	

	 	

	 	 	 	

	Date:

	 	 	 	Date:	 	 
	

	 	

	 	 	 	

     NOW, THEREFORE, for and in consideration of the agreements set forth below, JPMC and
MasterCard (each a “Party” and collectively the “Parties”) agree as follows:

1. Construction

     1.1. Terms. Capitalized terms used but not defined in this Annex will have the
meanings given to them in the Master Agreement. References in this Annex to Sections will refer to
the Sections of this Annex unless otherwise noted.

     1.2. References. In this Services Agreement, the phrase “as part of the Services”
means that the services described are included as a part of the Services (defined herein) for the
fees specified herein and no additional charge shall be payable by JPMC in connection therewith,
unless otherwise stated herein; however, any failure to include a specific reference to, or mention
of the phrase “as part of the Services” in connection with any services shall not imply or be
construed to mean that the services described are not included as a part of the Services for the
fees specified herein or that an additional charge may be payable by JPMC in connection therewith,
unless otherwise stated herein.

 

 

  2

          (a) The term “Services” includes (i) the services set forth in a Schedule or as
otherwise mutually agreed (including the development and delivery of Work Product (defined below),
if any); and (ii) material additional resources that are not referenced herein but are required for
performance of the Services.

          (b) The term “Work Product” means any deliverables, services, or any materials created
or developed under the Agreement by or for MasterCard **** or for which MasterCard is otherwise
responsible hereunder or under any Schedule(s), unless such materials are explicitly deemed not to
be Work Product in such Schedule(s). ****

     1.3. Schedule(s). Each Schedule(s) (defined below) shall be deemed to incorporate by
reference the terms and conditions of the Agreement and shall constitute a separate and binding
contract between the JPMC entity or entities and the MasterCard entity or entities that sign the
Schedule(s).

2. Services

     2.1. Scope of the Services Generally.

          (a) During the Services Term (defined below), in the event that the Parties agree to the
performance of certain Services, MasterCard and JPMC shall work in good faith to complete and
execute a form (including any exhibits) that describes the Services to be performed (including any
Service Levels (defined below), specifications or other Work Product) (“Schedule”).
Services provided to JPMC by MasterCard shall be governed by the terms set forth in the Master
Agreement, the Services Agreement, Collateral Documents and such additional terms as are contained
in the applicable Schedule.

     ****

     2.2. Performance of Services. MasterCard shall provide to JPMC the Services as agreed
in the Schedule(s). MasterCard understands that prompt performance and delivery by MasterCard of
all Services is required by JPMC in order to enable JPMC to meet its schedules and commitments, and
that MasterCard shall adhere to **** the work and staffing schedules, any performance schedule or
timetable for Services (“Timetable”) and any performance standards contained in such
Schedule(s) or any other performance standards relating to the Services as may be mutually agreed
upon by the parties in writing (“Service Levels”).

     ****

3. Management and Control; Reporting

     3.1. Periodic Meetings. At either Party’s request, or at such times as are set forth
in the applicable Schedule, JPMC’s designated representative and MasterCard Relationship Manager
shall meet, at mutually agreed upon locations, to discuss and evaluate their relationship,
including (a) activities and objectives under the Agreement or any applicable Schedule and Service
Levels, (b) operational procedures or other aspects of the Agreement, including customer service,
pricing, market conditions (including opportunities to achieve cost reduction), budgets and long
range goals, (c) recommend and discuss long-term strategic planning including

 

 

  3

development work and new releases, (d) any other issues that impact either Party, or the
Services or (e) other issues deemed appropriate by the Parties. Each Party shall be responsible
for its own expenses relating to such meetings.

     3.2. Reports. Throughout each Services Term, and as part of the Services, MasterCard
shall maintain and provide to JPMC, as provided by such Schedule, (a) all performance reports
measuring MasterCard’s **** performance against the applicable Service Levels and such other
reports as are reasonably requested by JPMC from time to time (“Reports”) in content and
format specified by such Schedule, in both hardcopy and in an electronic form, and (b) such
documentation and information as may be reasonably requested by JPMC from time to time in order to
verify the accuracy of the Reports. At JPMC’s request, MasterCard shall promptly correct any
material errors or inaccuracies in the Reports. All Reports shall be provided in English and/or
any other languages specified by JPMC and agreed upon in writing by the Parties.

4. Intellectual Property Rights

     4.1. Ownership of Pre-Existing, Outside and Independently Developed Materials. Each
Party or its licensors will retain ownership, together with all related Intellectual Property
Rights, of (i) all third party-owned materials provided by a Party under each applicable Schedule;
(ii) all materials developed or acquired by a Party prior to the effective date of the applicable
Schedule or independently from performance of the Services, and (iii) all other materials made
generally available by MasterCard to its members and any works based on such generally available
materials, including, without limitation enhancements, modifications or new developments.

     4.2. Ownership of Work Product Created Pursuant to Schedules and Not Made Generally
Available to members. Any Work Product produced by MasterCard during the term of this
Agreement not intended to be made generally available to its members shall be performed under a
Schedule negotiated with JPMC. Each such Schedule will specify that Work Product created to the
specifications of JPMC pursuant to that Schedule will be “Type I Materials”, “Type II
Materials”, “Type III Materials”, “Type IV Materials”, “Type V
Materials” or “Type VI Materials”, (the foregoing a “Type”) or otherwise as
both Parties agree. If a Type is inadvertently not specified in the Schedule, the Parties will
negotiate in good faith that Schedule when the oversight is discovered to assign a reasonable and
mutually agreeable Type for the Work Product developed under that Schedule. All disputes arising
under or relating this Section 4.2 shall be resolved pursuant to Section 8.9 of the Master
Agreement.

          (a) Type I Materials. JPMC will have all right, title, and interest (including but
not limited to ownership of Intellectual Property Rights) in and to Type I Materials. MasterCard
shall have no license or other rights in any Type I Materials, except residual rights to use any
ideas, concepts, know-how, or techniques which MasterCard employees are exposed to in the course of
providing Type I Materials and which are retained in the unaided memories of MasterCard employees,
provided that such use does not violate JPMC’s patent rights or copyrights or any other restriction
expressly identified in a Schedule. An employee’s memory is unaided if the employee has not
intentionally memorized the information for the purpose of retaining and subsequently using or
disclosing it. Upon expiration or earlier termination of the Master Agreement, the Services
Agreement or the applicable Schedule, as the case may be, or

 

 

  4

upon JPMC’s earlier request, MasterCard shall immediately surrender to JPMC all Type I
Materials or any component of such Type I Materials designated by JPMC in writing. MasterCard
shall retain no part or copy of any Type I Materials. If requested by JPMC, MasterCard shall
certify in writing its exacting compliance with the foregoing provision.

          (b) Type II Materials. MasterCard or third parties will have all right, title, and
interest (including but not limited to ownership of Intellectual Property Rights) in and to Type II
Materials. MasterCard will deliver one copy of the Type II Materials to JPMC. MasterCard hereby
grants JPMC and its Affiliates, an irrevocable, perpetual, nonexclusive, worldwide, paid-up,
royalty free license to use, execute, reproduce, display, perform, export, sublicense and
distribute (within JPMC and its Affiliates) copies of, and prepare derivative works based on, Type
II Materials.

          (c) Type III Materials. JPMC will have all right, title, and interest (including but
not limited to ownership of Intellectual Property Rights) in and to Type III Materials. MasterCard
will retain one copy of the Type III Materials. JPMC grants to MasterCard (i) an irrevocable,
perpetual, nonexclusive, worldwide, paid-up, royalty free license to use, execute, reproduce,
display, perform, export, sublicense and distribute (internally and externally) copies of, and
prepare derivative works based on, Type III Materials and (ii) the right to authorize others to do
any of the foregoing.

          (d) Type IV Materials. JPMC will have all right, title, and interest (including but
not limited to ownership of patent rights and copyright) in and to Type IV Materials. MasterCard
will retain one copy of the Type IV Materials. JPMC grants to MasterCard (i) an irrevocable,
perpetual, exclusive (as to everyone but JPMC), worldwide, paid-up, royalty free license to use,
execute, reproduce, display, perform, import, sublicense, distribute (internally and externally)
copies of, and prepare derivative works based on, Type IV Materials and (ii) the right to authorize
others to do any of the foregoing.

          (e) Type V Materials. MasterCard will have all right, title, and interest (including
but not limited to ownership of Intellectual Property Rights) in and to Type V Materials. JPMC
will retain one copy of the Type V Materials. MasterCard grants to JPMC (i) an irrevocable,
perpetual, nonexclusive, worldwide, paid-up, royalty free license to use, execute, reproduce,
display, perform, export, sublicense and distribute (internally and externally) copies of, and
prepare derivative works based on, Type V Materials and (ii) the right to authorize others to do
any of the foregoing. 

          (f) Type VI Materials. MasterCard will have all right, title, and interest (including
but not limited to ownership of patent rights and copyright) in and to Type VI Materials. JPMC
will retain one copy of the Type VI Materials. MasterCard grants to JPMC (i) an irrevocable,
perpetual, exclusive (as to everyone but MasterCard), worldwide, paid-up, royalty free license to
use, execute, reproduce, display, perform, import, sublicense, distribute (internally and
externally) copies of, and prepare derivative works based on, Type IV Materials and (ii) the right
to authorize others to do any of the foregoing.

     4.3. Works-Made-For-Hire. All Type I Materials, Type III Materials and Type IV
Materials shall be considered a “work-made-for-hire” to the extent permissible under applicable

 

 

  5

law and are otherwise hereby irrevocably assigned to JPMC without further charge or cost,
subject to MasterCard’s rights in Type III Materials and Type IV Materials above. Type II
Materials, Type V Materials and Type VI Materials will not be considered “work-made-for-hire.”
Each Party will prepare and execute such applications, assignments and other instruments and
provide such cooperation reasonably requested by the other Party to give full effect to the
provisions of this paragraph.

     ****

     4.6. Consents.

          (a) All consents or approvals necessary to allow MasterCard **** to use any of the following
to provide the Services: (i) Intellectual Property Rights that were, are or shall be, developed by
or for JPMC, including Work Product (“JPMC Intellectual Property”), and (ii) services
provided for the benefit of JPMC under JPMC’s Third Party Services contracts (“JPMC
Consents”) shall be obtained by JPMC at JPMC’s sole cost and expense with MasterCard’s
cooperation.

          (b) If any JPMC Consent is not obtained, then, unless and until such JPMC Consent is obtained,
MasterCard shall use reasonable commercial efforts to determine and adopt, subject to the prior
written approval of JPMC, such alternative approaches as are necessary and sufficient to provide
the Services without such JPMC Consents, provided that nothing in this sentence shall relieve JPMC
of its obligations under Section 4.6(a).

          (c) All consents, licenses, permits, authorizations or approvals of MasterCard (i) necessary
to allow JPMC to use throughout an applicable Annex(s) Term all (A) third party services retained
by MasterCard **** in order to provide the Services and (B) third party Intellectual Property
Rights necessary to provide the Services, or (ii) required by legislative enactment and regulations
applicable to MasterCard that are legally required to be obtained in connection with the
performance of the Services (“MasterCard Consents”) shall be obtained by MasterCard at
MasterCard’s sole cost and expense with JPMC’s cooperation.

5. Payments

     5.1. Fees. JPMC or the JPMC Affiliate, which executed the applicable Schedule, shall
be solely responsible to pay to MasterCard or the MasterCard Affiliate providing Services any fees
or charges due to MasterCard set forth in an applicable Schedule. MasterCard or the MasterCard
Affiliate providing Services shall be solely responsible to pay to JPMC or the JPMC Affiliate,
which executed the applicable Schedule, any fees or charges due to JPMC set forth in the applicable
Schedule. Any fees related to the Services will be calculated as set forth in each applicable
Schedule.

     ****

6. Taxes

     6.1. Responsibility for Paying Taxes; Generally

 

 

  6

          (a) (i) The Parties acknowledge that MasterCard may purchase goods or services from third
parties in connection with the provision of Services to JMPC. MasterCard shall be responsible for
any sales, service, value-added, use, excise, consumption, and any other taxes or duties on such
purchases, including taxes imposed on MasterCard’s acquisition or use of such goods or services.

               (ii) Unless JPMC provides MasterCard with a valid and applicable exemption certificate or as
otherwise provided in this Section, JPMC will be responsible for sales, use, excise, services,
consumption and other taxes or duties (excluding value added tax) that are assessed on the
provision of the Services and for which MasterCard invoices JPMC before the expiration of the
applicable JPMC statutory period for assessment of deficiencies.

               (iii) Except when separately identified by Schedule or as otherwise provided in this Section,
JPMC will be responsible for value-added taxes that are assessed on the provision of the Services
(including the reimbursement of expenses), any particular goods provided to JPMC by MasterCard, its
Affiliates or **** the charges for such goods or Services. If a value added tax is later assessed
against MasterCard due to a change in law or otherwise, on the provision of the Services, however
levied or assessed, except for assessments levied against MasterCard for administrative errors by
MasterCard (e.g. incorrect calculation of the quantum of VAT due), to the extent MasterCard may not
recover or obtain a credit for such tax, both parties will negotiate in good faith and agree on a
commercial resolution to this issue to their mutual satisfaction.

               (iv) When Services are specifically identified in the Schedule as being subject to
value-added taxes, MasterCard will be responsible for levying such taxes on the provision of the
Services and JPMC will be responsible for paying those taxes in addition to the consideration
payable.

               (v) Any taxes assessed, as determined by JPMC, on the provision of the Services resulting
from MasterCard relocating or rerouting the delivery of Services for MasterCard’s convenience to,
from or through a location other than the location approved by JPMC as of the Effective Date of the
applicable Schedule, shall be paid by JPMC and JPMC shall receive a credit with respect to the fees
invoiced thereunder equal to the payments made pursuant to this Subsection 6.1(a)(v).

          (b) Each of JPMC and MasterCard **** shall bear sole responsibility for all taxes, assessments
and other real property related levies on its owned or leased real property, personal property
(including software), franchise and privilege taxes on its business, and taxes based on its net
income or gross receipts. MasterCard’s employees shall not be considered employees of JPMC by
reason of their provision of Services under this contract and MasterCard shall bear sole
responsibility for all payroll and employment taxes relating to its employees.

     6.2. Segregation of Fees JPMC and MasterCard shall reasonably cooperate to segregate
the fees payable hereunder into the following separate payment streams: (a) those for taxable
Services; (b) those for nontaxable Services; (c) those for exempt Services, (d) those for which a
sales, use or other similar tax has already been paid; and (e) those for which MasterCard functions
merely as a paying agent for JPMC in receiving goods, supplies or services (including

 

 

  7

leasing and licensing arrangements) that otherwise are nontaxable or have previously been
subject to tax. Where required by law to support the taxable and nontaxable classification,
MasterCard shall list separately, but not necessarily identify taxability, on its invoices the
portion of fees which are subject to any sales, use, excise, value-added, services, consumption or
other taxes due during the term of an applicable Schedule in connection with the provision of the
Services, and the total amount of any taxes MasterCard is collecting from JPMC.

     6.3. Cooperation JPMC and MasterCard shall reasonably cooperate to more accurately
determine each party’s tax liability and to minimize such liability to the extent legally
permissible. Where required JPMC and MasterCard shall provide and make available to the other party
any resale certificates, information regarding out-of-state sales or use of equipment, materials or
services, and other certificates or information reasonably requested by such other Party. Some
Services delivered to certain JPMC locations are exempt from sales and use taxes. JPMC will
provide MasterCard with the documentation applicable to tax exempt transactions. ****

     6.4. Assessment for Tax Deficiency. If either Party is assessed a deficiency for
taxes payable by the other Party pursuant to the Agreement, the assessed Party will promptly notify
the other Party of such assessment and will administratively contest such assessment to the extent
it is timely requested or authorized to do so by the other Party. The other Party will be given a
reasonable opportunity to participate in any such administrative contest and to review prior to
submission the terms of any communication the assessed Party undertakes as part of such
administrative contest. The assessed Party will not agree the amount of any such assessment without
the approval of the other Party, such agreement not to be unreasonably withheld. The other Party
shall indemnify and hold harmless the assessed Party from any such tax deficiency. Penalties and
interest, if any, associated with such deficiency shall be the responsibility of the assessed Party
where such deficiency resulted from a failure of the assessed Party to properly invoice the other
Party. The other Party shall reimburse the assessed Party for all accounting and attorneys’ fees
and expenses reasonably incurred in contesting such assessment at the request or upon the
authorization of the other Party; provided, however, that the assessed Party shall not be required
to contest any such assessment unless requested or authorized to do so by the other Party, and
payment by the assessed Party of an assessed deficiency which it was not timely requested or
authorized by the other Party to contest, said assessment having been promptly advised to the other
Party, will be deemed a payment which the assessed Party was required to pay to the appropriate
government entity.

7. Audits

     ****

     7.4. Record Retention. Both Parties shall retain and produce records and supporting
documentation sufficient to document the Services and the fees paid or payable by JPMC under this
Services Agreement, during the Services Term and for seven (7) years following the expiration or
termination of this Services Agreement, in accordance with all Applicable Laws and the Rules and
otherwise consistent with JPMC’s record retention policy, but in no event less than seven (7)
years.

 

 

  8

8. Term and ****

     8.1. Term. The Services Agreement is effective from the Services Agreement Effective
Date set forth above until terminated in accordance with the Master Agreement (“Services
Term”). Notwithstanding the above, upon expiration or termination of the Services Term, this
Services Agreement shall remain in full force and effect for each then outstanding Schedule(s)
until the termination or expiration of such Schedule(s) in accordance with its terms. In the event
that all Schedules have terminated or expired in accordance with their terms, then this Services
Agreement shall automatically terminate therewith, unless otherwise stated herein or therein.

     ****

9. Changes; ****

     9.1. Changes that May Affect Services. MasterCard shall notify JPMC promptly of any
organization; security-related, or other changes that adversely affect the ability of MasterCard to
perform its obligations under the Master Agreement or this Services Agreement **** .

     ****

 

 

SCHEDULE ONE

     THIS SCHEDULE ONE (together with the Agreement and any Annex(s) hereto or incorporated into
this document, this “Schedule One”), dated as of February 8, 2005, is entered into between
JPMorgan Chase Bank, National Association, with headquarters in Columbus, Ohio, and MasterCard
International Incorporated (“MasterCard”), a Delaware corporation, with offices located at
2000 Purchase Street, Purchase, New York 10577-2509.  

	 	 	 	 	 	 	 
	Schedule One Effective Date: January 1, 2005	 	 
	 
	 	 	 	 	 	 
	MasterCard International Incorporated	 	JPMorganChase Bank, National Association
	 
	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 
	

	 	

	 	 	 	

	Name:

	 	Alan Heuer
	 	Name:
	 	Diane Eshleman
	

	 	

	 	 	 	

	Title:

	 	Chief Operating Officer
	 	Title:
	 	Chief Procurement Officer
	

	 	

	 	 	 	

	Date:

	 	 	 	Date:	 	 
	

	 	

	 	 	 	

     WHEREAS, JPMorgan Chase Bank, National Association and its Affiliates with card businesses in
the U.S (“JPMC”) and MasterCard (each a “Party” and together, the
“Parties”) desire to enter into a relationship pursuant to which MasterCard shall provide
certain discounted fees and incentives to JPMC, and JPMC shall make certain commitments to
MasterCard, in each case in the United States as described in this Schedule One.

     NOW, THEREFORE, for and in consideration of the commitments set forth below, JPMC and
MasterCard agree as follows:

	1.  	Definitions. Unless otherwise defined in Exhibit A to this Schedule One, all
capitalized terms used but not defined herein are used as defined in the Agreement.

****

	3.  	Schedule One Term. The “Term” of this Schedule One will be deemed to have
commenced on the Schedule One Effective Date and will continue, subject to Section 6
of the Master Agreement, for a period of five (5) years from the Schedule One Effective Date.
Renewal of this Schedule One is as set forth in Section 10.

	4.  	Services. MasterCard will provide the following Services to JPMC during the Term of
this Schedule One:

	 	4.1.  	Core Services including ****.
	 
	 	   	****

1

 

	5.  	Fees. For each quarter during the Term, JPMC will pay the fees as listed in Tables
5a and 5b for **** , and will receive the benefit as listed in Tables 5a and 5b for **** , in
each case with respect to activity in the United States and in lieu of MasterCard Standard
Pricing. Such fees and benefit will be calculated as follows. First, the **** achieved by
JPMC in a quarter shall **** for such quarter pursuant to the Tables in this Section 5,
provided that the rates in Table 5a shall be applied to **** and the rates in Table 5b shall
be applied only to **** that is above ****. Second, the fees to be paid by JPMC shall be
calculated by multiplying the relevant fee or benefit amount as set forth in the Tables in
this Section 5, measured **** , by the **** determined in accordance with the preceding
sentence, and then **** from the resulting fee amount **** . In each case, **** will be
subtracted from the fees otherwise payable by JPMC in connection with **** , and JPMC shall
pay **** . Third, the **** amount calculated pursuant to the preceding two sentences shall be
**** . For example, if the **** achieved by JPMC in a quarter is **** , the **** for such
quarter shall be **** . JPMC’s fees **** for such quarter shall therefore be determined in
accordance with the fifth pricing column of the Tables in this Section 5, namely in the range
of **** . Using this example, JPMC’s total fees for such quarter shall be determined in
accordance with the following formula:

     ****

Table 5a

Baseline Pricing Structure

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Tiered Schedule
	

	 	>=$***
	 	>=$***
	 	>=$***
	 	>=$***
	 	>=$***
	 	>=$***
	 	>=$***
	 	>=$***
	 	>=$***
	 	>=$***	 	 
	****

	 	<$***
	 	<$***
	 	<$***
	 	<$***
	 	<$***
	 	<$***
	 	<$***
	 	<$***
	 	<$***
	 	<$***
	 	>=$***
	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	****

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

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

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

Table 5b

Incremental Pricing Structure

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Tiered Schedule
	

	 	>=$***
	 	>=$***
	 	>=$***
	 	>=$***
	 	>=$***
	 	>=$***
	 	>=$***
	 	>=$***
	 	>=$***
	 	>=$***	 	 
	****

	 	<$***
	 	<$***
	 	<$***
	 	<$***
	 	<$***
	 	<$***
	 	<$***
	 	<$***
	 	<$***
	 	<$***
	 	>=$***
	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	****

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

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

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

In the event that JPMC’s annualized **** for a quarter is less than **** , the Parties agree that
JPMC shall be charged MasterCard Standard Pricing on all **** for such quarter.

Notwithstanding the foregoing, JPMC shall pay MasterCard Standard Pricing on **** in accordance
with the Rules; the applicable alternative rates described above will be reflected in a

2

 

quarterly
rebate (the “Quarterly Rebate”) computed by MasterCard using information provided by JPMC
in Quarterly Member Reports or such other reports as are required by the Rules (“QMR
Reports”). MasterCard will pay the Quarterly Rebate to JPMC within forty-five (45) days of
MasterCard receiving all QMR Reports required from JPMC for a quarter. MasterCard will pay any
Quarterly Rebate to JPMC in such manner as the Parties may agree from time to time. MasterCard
acknowledges that, as a result of the calculation of **** in the Tables, **** .

In addition, within forty-five (45) days of MasterCard receiving all QMR Reports required from JPMC
for a Program Year, MasterCard will calculate the fees due from JPMC (or, as the case may be, the
rebate due to JPMC) for such Program Year using the applicable alternative rates described in the
preceding Tables, based on the actual **** achieved by JPMC in such Program Year (the “Actual
Annual Incentive”). MasterCard will then reconcile the Actual Annual Incentive (as adjusted
pursuant to the preceding sentence) against Quarterly Rebates paid in the Program Year in
accordance with the following provisions. If the Actual Annual Incentive due to JPMC exceeds the
sum of the Quarterly Rebates paid by MasterCard in such Program Year, then MasterCard will promptly
pay the difference to JPMC in such manner as the Parties may agree. If the Actual Annual Incentive
due to JPMC is less than the sum of the Quarterly Rebates paid by MasterCard in such Program Year,
the MasterCard, may, in its discretion, require JPMC to promptly refund the balance to MasterCard
in such manner as the Parties may agree, or offset such balance against any future incentives owed
JPMC pursuant to this Schedule One.

****

6. Other Incentives.

     ****

	 	6.2.  	Marketing Funds. MasterCard will make funds available to support
MasterCard-JPMC marketing initiatives in the United States, principally to cover
third-party expenses for projects that promote both JPMC and MasterCard brands (the
“Marketing Funds”). The Marketing Funds will be expended by MasterCard or paid to
JPMC as agreed by the Parties in writing, such agreement not to be unreasonably withheld,
conditioned or delayed, provided that JPMC will provide MasterCard with invoices and any
additional supporting documentation that may be reasonably requested by MasterCard in
connection with any Marketing Funds that are to be paid directly to JPMC or JPMC’s third
party suppliers. The Parties may agree to use the Marketing Funds in connection with
MasterCard Advisors services, in which case the value of the services to be deducted
against the Marketing Funds will be as agreed between the Parties at the time of the
relevant engagement and memorialized in a written statement of work executed by both
Parties. MasterCard will make available Marketing Funds in the amount of **** in each Program Year during the initial Term, for
a total commitment not to exceed **** . Unless agreed otherwise by the Parties, any
Marketing Funds not used in a Program Year shall be forfeited and MasterCard shall have
no further obligation with respect thereto. Notwithstanding any other provision of this
Section 6.2, MasterCard may elect in its sole discretion not to make the Marketing Funds
available in any Program Year, in the event that a **** is determined to exist pursuant
to **** of this Schedule One. In the event that

3

 

MasterCard makes a payment of Marketing
Funds in respect of any Program Year in which JPMC is later determined not to qualify
for such payment as a result of the preceding sentence, JPMC will promptly refund such
payment to MasterCard within thirty (30) days of the date of such determination.
MasterCard will provide a monthly report to JPMC detailing how the Marketing Funds are
being used and the balance remaining for each Program Year during the Term of Schedule
One. In addition to the support to be provided pursuant to this Section 6.2, MasterCard
may also provide additional support for business build or acquisition of co-brand,
commercial or conversion portfolios.

     ****

	7.  	Payments. Subject to the provisions of Section 5 of this Schedule One, JPMC
shall pay all MasterCard fees through the MasterCard Consolidated Billing System
(“MCBS”) as provided for in the Rules, or through such other means as the
Parties may agree. Similarly, MasterCard may receive a refund of any amounts due and
owing from JPMC pursuant to this Schedule One via a debit to JPMC’s account in MCBS or through
such other means as the Parties may agree. The Parties agree to resolve any disputes of
amounts due, owing or paid pursuant to Section 8.9 of the Master Agreement.
	 
	8.  	JPMC Obligations. In consideration of the terms and conditions set forth in this
Schedule One, JPMC acknowledges and agrees that it shall do the following during the Term:

	 	8.1.  	Use of Support. JPMC will use all support exclusively to grow its MasterCard
Card business and will not explicitly use any support for the benefit of any payment card
brand other than MasterCard.

     ****

	 	8.4.  	Compliance.

	 	(a)  	With respect to JPMC: JPMC shall deliver a certificate to
MasterCard within forty-five (45) days following the end of each Program Year
representing and warranting as to JPMC’s compliance with the provisions of
Sections 6.1, 8.1, 8.2 and 8.3(a).
	 
	 	(b)  	With respect to MasterCard: MasterCard shall deliver a
certificate to JPMC within forty-five (45) days following the end of each Program
Year representing and warranting as to MasterCard’s compliance with the provisions
of Section 8.3(b) herein and Section 8.16 of the Master Agreement.

     ****

	10.  	Renewal. This Schedule One will automatically renew with respect to services at the
end of the Term for up to two (2) additional one-year renewal terms, each a “Renewal
Term”.
	 
	11.  	Audit Right. Without prejudice to any other right or remedy under this Agreement,
MasterCard may once a year request, upon reasonable notice, that JPMC make available its

4

 

relevant accounts and records and any other information relating to JPMC’s performance of its
obligations hereunder, at JPMC’s premises, during normal business hours, to MasterCard’s
independent auditor working under the direction of MasterCard as the auditing party, for the
purposes of verifying JPMC’s compliance with its commitments under this Agreement. JPMC
shall, subject to any confidentiality obligations JPMC may have, comply with this request and
provide reasonable co-operation to the auditor subject to the auditor executing such
confidentiality undertakings and complying with such security procedures as JPMC may
reasonably require.

****

5

 

Exhibit A - Definitions

	1.  	“Activated Account” means a **** consumer credit or consumer debit account issued by JPMC
that generates **** or more during the twelve month period prior to the date of measurement.
	 
	2.  	“Actual Baseline Volume” means the actual **** achieved by JPMC in calendar year **** as
reported in the QMR Reports for the calendar year of **** .
	 
	3.  	“Baseline Retail Sales Volume” shall mean **** .
	 
	4.  	“Competing Card” means a payment card containing the name, logo, hologram, or service marks
of any payment brand that competes with MasterCard including, without limitation, Visa, Visa
Electron, Interlink, American Express, Discover or Novus.

****

	6.  	“Converted” means the actual reissuance of plastic cards bearing the MasterCard brand marks
for Activated Accounts.
	 
	7.  	“Core Fees” shall mean **** .

****

	9.  	“Existing Agreements” means: (i) the Agreement dated as of July 1, 1999 between MasterCard
and The Chase Manhattan Bank related to offline debit cards, general-purpose credit and charge
cards and commercial cards in the United States, as described therein; **** the Agreement
dated as of January 1, 2000 between MasterCard and Bank One related to commercial cards in the
Unites States, as described therein.

****

	11.  	“MasterCard Card” shall mean a payment card containing the name, logo, hologram, or service
marks of MasterCard or its Affiliates issued in accordance with the Rules.
	 
	12.  	“MasterCard Co-brand Agreement” means an agreement between MasterCard, on the one hand, and
JPMC, one or more of its Affiliates or one or more of its marketing partners, on the other
hand, providing for certain incentives in connection with a MasterCard Card portfolio
associated with such partner and certain branding commitments to MasterCard.
	 
	13.  	“MasterCard Credit Volume” means **** .
	 
	14.  	“MasterCard Standard Pricing” means, for any period of calculation, the standard MasterCard
fees that would apply to JPMC in the absence of this Schedule One or any other incentive
agreement between JPMC and MasterCard.
	 
	15.  	“Non-Conversion Period” means **** .

 

 

	16.  	“Program Year” shall mean each twelve (12) month period ending December 31 during the Term of
this Schedule One.
	 
	17.  	“quarter” (and its correlative term, “quarterly”) shall refer to each of the following
periods: January 1 to March 31, April 1 to June 30, July 1 to September 30, and October 1 to
December 31.

****

	20.  	“Rules” shall mean MasterCard’s Bylaws and Rules or the Cirrus Worldwide Operating Rules as
amended from time to time and upon notice to JPMC.
	 
	21.  	“Schedule One Effective Date” shall mean the date specified in the signature block of this
Schedule One.
	 
	22.  	“Support” means the obligations of MasterCard to provide preferred pricing, incentives and
other payments to JPMC pursuant to this Schedule One.

****

 

 

Exhibit B -

****

 

 

Exhibit C -

****EX-10.1

 

Exhibit 10.1

EXECUTION COPY

FIRST AMENDMENT TO CREDIT AGREEMENT

     THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), is made and entered into as of
April 15, 2005 (the “Effective Date”), by and among VOLUME SERVICES AMERICA, INC. (“VSA”), VOLUME
SERVICES, INC. (“VS”), and SERVICE AMERICA CORPORATION (“SAC”) (VSA, VS and SAC are sometimes
collectively referred to herein as the “Borrowers” and individually as a “Borrower”), CENTERPLATE,
INC. (“Holdings”), the Lenders party to the Credit Agreement, WACHOVIA BANK, NATIONAL ASSOCIATION,
as a Lender and Syndication Agent, and GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware
corporation, for itself, as a Lender, and as Administrative Agent for the Lenders parties from time
to time to the Credit Agreement described below.

W I T N E S S E T H:

     WHEREAS, the Borrowers, Holdings, the Lenders and the Administrative Agent are parties to that
certain Credit Agreement, dated as of April 1, 2005 (the “Credit Agreement”; capitalized terms used
herein and not otherwise defined herein shall have the meanings given such terms in the Credit
Agreement), pursuant to which the Lenders have agreed to make certain loans and other extensions of
credit to Borrowers upon the terms and conditions set forth therein; and

     WHEREAS, Borrowers, the Lenders and the Administrative Agent desire to make certain amendments
to the Credit Agreement in accordance with, and subject to the terms and conditions set forth in,
this Amendment.

     NOW, THEREFORE, in consideration of the premises, the covenants and agreements contained
herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto do hereby agree, subject to Section 6, as follows.

     1. Amendments to the Credit Agreement. Subject to the terms and conditions of this
Amendment, the Credit Agreement shall be amended as follows:

     (a) The cover page of the Credit Agreement shall be deleted in its entirety and shall
be replaced in its entirety by the cover page attached as Exhibit A to this
Amendment.

     (b) Section 1.1 of the Credit Agreement, Defined Terms, shall be
amended by deleting each of the definitions of “Activation Event,” “Activation
Notice,” “CapEx Funding Account,” “Qualified Assignee,” and “Related
Person,” and substituting in lieu thereof the following:

     “Activation Event” has the meaning ascribed to it in Section
5.17(d).

     “Activation Notice” has the meaning ascribed to it in Section
5.17(d).

 

 

     “CapEx Funding Account” shall mean a segregated deposit or brokerage
account established by the Borrower Representative with Keybank National Association
or any other bank acceptable to the Administrative Agent, in which the
Administrative Agent has a first priority perfected security interest on behalf of
the Secured Parties pursuant to a Control Agreement to which the Borrower
Representative, the Administrative Agent and Keybank National Association (or such
other bank) are a party, and from which funds may be deposited and withdrawn in
accordance with Section 2.22.

     “Qualified Assignee” shall mean (a) any Lender, any Affiliate of any
Lender and, with respect to any Lender that is an investment fund that invests in
commercial loans, any other investment fund that invests in commercial loans and
that is managed or advised by the same investment advisor as such Lender or by an
Affiliate of such investment advisor, and (b) any commercial bank, savings and loan
association or savings bank or any other entity which is an
“accredited investor”(as
defined in Regulation D under the Securities Act of 1933) which extends credit or
buys loans as one of its businesses, including insurance companies, mutual funds,
lease financing companies and commercial finance companies, in each case, if such
Person is to have a Revolving Credit Commitment which has a rating of BBB or higher
from S&P and a rating of Baa2 or higher from Moody’s at the date that it becomes a
Lender and which, through its applicable lending office, is capable of lending to
the Borrowers without the imposition of any withholding or similar taxes; provided
that no Person determined by Administrative Agent to be acting in the capacity of a
vulture fund or distressed debt purchaser shall be a Qualified Assignee, and no
Person or Affiliate of such Person (other than a Person that is already a Lender)
holding any of the IDS Securities or Subordinated Debt or Capital Stock issued by
any Loan Party shall be a Qualified Assignee (other than GECC or any Affiliate of
GECC).

     “Related Person” has the meaning ascribed to it in Section
5.17(h).”

     (c) Any instances of “Subordinated Notes Indenture” or “Holdings Subordinated Notes
Indenture” appearing in the Credit Agreement shall be amended by deleting such references
and substituting in lieu thereof “Holdings Subordinated Note Indenture” in each such
instance.

     (d) Section 1.1 of the Credit Agreement, Defined Terms, shall be
further amended by inserting the following new definition of “Securitization” in
appropriate alphabetical order:

     “Securitization” means a public or private offering by a Lender or any
of its direct or indirect Affiliates or their respective successors and assigns, of
securities which represent an interest in, or which are collateralized, in whole or
in part, by the Loans and Loan Documents.”

2

 

     (e) Section 2.10(f) of the Credit Agreement, Mandatory Payments, shall
be amended by deleting the first sentence and part of the second sentence and substituting
in lieu thereof the following:

     “Upon delivery of the annual audited financial statements of Holdings and its
Subsidiaries pursuant to Section 5.4(c) for each Annual Fiscal Period,
commencing with the Annual Fiscal Period 2005, the Borrowers shall prepay the
Obligations by an amount equal to 50% of the Annual Excess Cash Flow for such Annual
Fiscal Period;”

     (f) Section 2.12(a)(ii) of the Credit Agreement, Change in Legality,
shall be amended by deleting the reference to “such Revolving Lender” in such sentence and
substituting in lieu thereof “such Lender.”

     (g) Section 2.14(a) of the Credit Agreement, Application and Allocation of
Payments, shall be amended by deleting the fourth sentence of such section and
substituting in lieu thereof the following:

     “Upon the occurrence and during the continuation of an Event of Default,
payments shall be applied to amounts then due and payable in the following order:
first, to Fees (excluding the Commitment Fee and Letter of Credit
Participation Fees), and the Administrative Agent’s expenses reimbursable hereunder;
second, to interest on the Swingline Loan; third, to principal
payments on the Swingline Loan; fourth, to the Commitment Fee, the Letter of
Credit Participation Fee and interest on the other Loans, ratably in proportion to
the interest accrued as to each Loan; fifth, to principal payments on the
other Loans and to provide cash collateral for Letter of Credit Obligations in the
manner described in Section 2.18, ratably to the aggregate, combined principal
balance of the other Loans and outstanding Letter of Credit Obligations;
sixth, to all other Obligations, including expenses of Lenders to the extent
reimbursable under Section 9.4; and seventh, the remaining balance thereof,
if any, shall be returned to the Borrower Representative, except in the case where
the maturity date of the Obligations have been accelerated pursuant to Article VII
or deemed accelerated pursuant to paragraphs (g) or (h) of Article VII and any
Obligations remain outstanding.”

     (h) Section 8.1(a) of the Credit Agreement, Assignment and
Participations, shall be amended by deleting the first two sentences of such Section and
substituting in lieu thereof the following:

     “Subject to the terms of this Section 8.1, any Lender may make an assignment to
a Qualified Assignee of, or sell participations in, at any time or times, the Loan
Documents, Loans, Letter of Credit Obligations and any Commitment or any portion
thereof or interest therein, including any Lender’s rights, title, interests,
remedies, powers or duties thereunder. Any assignment by a Lender shall: (i)
require the consent of the Administrative Agent (which consent shall not be
unreasonably withheld or delayed with respect to a Qualified Assignee and which
consent shall not be required with respect to a Lender or an

3

 

assignment to an Affiliate of a Lender) and the execution of an assignment
agreement (an “Assignment and Acceptance Agreement”) substantially in the
form attached hereto as Exhibit B and otherwise in form and substance reasonably
satisfactory to, and acknowledged by, the Administrative Agent; (ii) be conditioned
on such assignee Lender representing to the assigning Lender and the Administrative
Agent that it is purchasing the applicable Loans to be assigned to it for its own
account, for investment purposes and not with a view to the distribution thereof;
(iii) after giving effect to any such partial assignment, the assignee Lender shall
have Commitments in an amount at least equal to $2,000,000 in the case of Revolving
Credit Commitments and, with respect to Term Loans, $1,000,000 (or such lesser
amounts as approved by the Administrative Agent and the Borrower Representative) and
the assigning Lender shall have retained Commitments in an amount at least equal to
$2,000,000 in the case of Revolving Credit Commitments and, with respect to Term
Loans, $1,000,000 (or such lesser amounts as approved by the Administrative Agent
and the Borrower Representative); (iv) include a payment to the Administrative Agent
of an assignment fee of $3,500 (which assignment fee shall not be payable in
connection with an assignment to an Affiliate of a Lender); and (v) so long as no
Event of Default has occurred and is continuing, require the consent of Borrower
Representative, which shall not be unreasonably withheld or delayed and which
consent shall not be required with respect to assignments to a Lender or an
assignment to an Affiliate of a Lender; provided, that, notwithstanding the
foregoing in this clause (v), the consent of Borrower Representative (not to be
unreasonably withheld or delayed and solely prior to an Event of Default) shall be
required for any assignment of Revolving Credit Commitments to a Lender or an
Affiliate of a Lender which holds only Term Loans prior to giving effect to such
assignment.”

     (i) Section 9.9 of the Credit Agreement, Confidentiality, shall be
amended by relettering “(f)” as “(i)” and inserting the following between the “;” at the end
of Section 9.9(e) and “or”:

     “(f) to an investor or prospective investor in a Securitization that agrees
that its access to information regarding the Loan Parties, the Loans and Loan
Documents is solely for purposes of evaluating an investment in a Securitization and
that has agreed to comply with the covenant set forth in this Section 9.9;
(g) to a trustee, collateral manager, servicer, backup servicer, noteholder or
secured party in a Securitization in connection with the administration, servicing
and reporting on the assets serving as collateral for a Securitization that has
agreed that has agreed to comply with the covenant set forth in this Section
9.9; (h) to a nationally recognized rating agency that requires access to
information regarding the Loan Parties, the Loans and Loan Documents in connection
with rating issued with respect to a Securitization that has agreed to comply with
the covenant set forth in this Section 9.9;”

     (j) Disclosure Schedules 1.1(b), (c) and (d) to the Credit Agreement shall be
amended by deleting each such Schedule in its entirety and replacing it with the revised

4

 

Disclosure Schedules 1.1(b), (c) and (d) in each case in the form attached
hereto as Disclosure Schedules 1.1(b), (c) and (d).

     2. No Other Amendments. Except for the amendments expressly set forth and referred to
in Section 1 hereof, the Credit Agreement shall remain unchanged and in full force and
effect. Nothing in this Amendment is intended or shall be construed to be a novation of any
Obligations or any part of the Credit Agreement or any of the other Loan Documents or to affect,
modify or impair the continuity or perfection of the Administrative Agent’s Liens under the
Collateral Documents.

     3. Representations and Warranties. To induce the Lenders and the Administrative Agent
to enter into this Amendment, each of the Borrowers hereby warrants, represents and covenants to
and with to the Lenders and the Administrative Agent that: (a) this Amendment has been duly
authorized, executed and delivered by such Borrower; (b) after giving effect to this Amendment, no
Default or Event of Default has occurred and is continuing as of this date; and (c) after giving
effect to this Amendment, all of the representations and warranties made by such Borrower in the
Credit Agreement are true and correct in all material respects on and as of the date of this
Amendment (except to the extent that any such representations or warranties expressly referred to a
specific prior date and except for changes therein expressly permitted or expressly contemplated by
the Credit Agreement or the other Loan Documents). Any breach in any material respect by any
Borrower of any of its representations, warranties and covenants contained in this Section
3 shall be an Event of Default under the Credit Agreement.

     4. Ratification and Acknowledgment. Each of the Borrowers hereby ratifies and
reaffirms each and every term, covenant and condition set forth in the Credit Agreement and all
other Loan Documents executed or delivered by such Borrower.

     5. Waiver, Release and Disclaimer. To induce the Lenders and the Administrative Agent
to enter into this Amendment, each of the Borrowers hereby waives and releases any claim, defense,
demand, action or suit of any kind or nature whatsoever against the Lenders or the Administrative
Agent arising on or prior to the date of this Amendment in connection with the Credit Agreement or
any of the other Loan Documents, or any of the transactions contemplated thereunder, except that
this Section 5 shall not waive or release any of the Lenders’ or Administrative Agent’s
contractual obligations under the Credit Agreement or any of the other Loan Documents.

     6. Conditions to Effectiveness. The amendments of the Credit Agreement set forth in
Section 1 of this Amendment shall not become effective unless and until the Administrative
Agent has received one or more counterparts of this Amendment, duly executed, completed and
delivered by Borrowers, the Required Lenders and the Administrative Agent.

     7. Reimbursement of Expenses. The Borrowers hereby jointly and severally agree to
reimburse the Administrative Agent on demand for all reasonable fees and reasonable out-of-pocket
costs and expenses (including without limitation the reasonable and actual fees and expenses of its
counsel) incurred by the Administrative Agent in connection with the negotiation, documentation and
consummation of this Amendment and the other documents executed in connection herewith and the
transactions contemplated hereby.

5

 

     8. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK FOR CONTRACTS TO BE PERFORMED ENTIRELY WITHIN SAID STATE
AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

     9. Severability of Provisions. Any provision of this Amendment which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof or
affecting the validity or enforceability of such provision in any other jurisdiction. To the
extent permitted by applicable law, each Borrower hereby waives any provision of law that renders
any provision hereof prohibited or unenforceable in any respect.

     10. Counterparts. This Amendment may be executed in any number of several
counterparts, all of which shall be deemed to constitute but one original and shall be binding upon
all parties, their successors and permitted assigns.

     11. Entire Agreement. The Credit Agreement as amended through this Amendment embodies
the entire agreement between the parties hereto relating to the subject matter thereof and
supersedes all prior agreements, representations and understandings, if any, relating to the
subject matter thereof.

     12. No Strict Construction. The parties hereto have participated jointly in the
negotiation and drafting of this Amendment. In the event an ambiguity or question of intent or
interpretation arises, this Amendment shall be construed as if drafted jointly by the parties
hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by
virtue of the authorship of any provisions of this Amendment.

[Remainder of page intentionally blank; next page is signature page]

6

 

     IN WITNESS WHEREOF, the parties have caused this First Amendment to Credit Agreement to
be duly executed by their respective officers or representatives thereunto duly authorized, as of
the date first above written.

	 	 	 	 	 
	 	 	VOLUME SERVICES AMERICA, INC.
	 
	 	 	 	 
	

	 	By:
	 	/s/ Kenneth R. Frick
	

	 	 	 	 
	

	 	Name:
	 	Kenneth R. Frick
	

	 	 	 	 
	

	 	Title:
	 	Executive Vice President and CFO
	

	 	 	 	 
	 
	 	 	 	 
	 	 	VOLUME SERVICES, INC.
	 
	 	 	 	 
	

	 	By:
	 	/s/ Kenneth R. Frick
	

	 	 	 	 
	

	 	Name:
	 	Kenneth R. Frick
	

	 	 	 	 
	

	 	Title:
	 	Executive Vice President and CFO
	

	 	 	 	 
	 
	 	 	 	 
	 	 	SERVICE AMERICA CORPORATION
	 
	 	 	 	 
	

	 	By:
	 	/s/ Kenneth R. Frick
	

	 	 	 	 
	

	 	Name:
	 	Kenneth R. Frick
	

	 	 	 	 
	

	 	Title:
	 	Executive Vice President and CFO
	

	 	 	 	 
	 
	 	 	 	 
	 	 	CENTERPLATE, INC.
	 
	 	 	 	 
	

	 	By:
	 	/s/ Kenneth R. Frick
	

	 	 	 	 
	

	 	Name:
	 	Kenneth R. Frick
	

	 	 	 	 
	

	 	Title:
	 	Executive Vice President and CFO
	

	 	 	 	 

 

 

	 	 	 	 	 
	 	 	GENERAL ELECTRIC CAPITAL CORPORATION, as a Lender
and as Administrative Agent
	 
	 	 	 	 
	 
	 	 	 	 
	

	 	By:
	 	  /s/ Brian E. Miner 
	

	 	 	 	 
	

	 	Name:
	 	  Brian E. Miner
	

	 	 	 	 
	

	 	Title:
	 	  Senior Risk Manager
	

	 	 	 	 

 

 

	 	 	 	 	 
	 	 	WACHOVIA BANK,
NATIONAL ASSOCIATION, as a Lender and and Syndication Agent
	 
	 	 	 	 
	

	 	By:
	 	 /s/  Stephen C. Koelsch
	

	 	 	 	 
	

	 	Name:
	 	  Stephen C. Koelsch
	

	 	 	 	 
	

	 	Title:
	 	  Vice President
	

	 	 	 	 

 

 

EXHIBIT A

 

 

CREDIT AGREEMENT

dated as of April 1, 2005

among

VOLUME SERVICES AMERICA, INC.,

VOLUME SERVICES, INC. and SERVICE AMERICA CORPORATION,

as Borrowers,

CENTERPLATE, INC.,

as a Guarantor,

THE LENDERS SIGNATORY HERETO

FROM TIME TO TIME,

as Lenders,

GECC CAPITAL MARKETS GROUP, INC.,

as Lead Arranger and Book Runner,

GENERAL ELECTRIC CAPITAL CORPORATION,

as Administrative Agent and Lender

and

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Syndication Agent

$215,000,000 Senior Secured Credit Facilities

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}]]