Document:

Form of Transition Services Agreement

 Exhibit 10.3 
 TRANSITION SERVICES AGREEMENT 
 by and between 
 MORGAN STANLEY 
 and 
 DISCOVER FINANCIAL SERVICES 
 Dated as of
[                    ], 2007 

 TABLE OF CONTENTS 
  

			
	 	  	PAGE
	ARTICLE 1	  	
	DEFINITIONS	  	
		
	 Section 1.01. Definitions
	  	1
	
	ARTICLE 2
	PURCHASE AND SALE OF SERVICES
		
	 Section 2.01. Purchase and Sale of Services
	  	6
	 Section 2.02. Subsidiaries
	  	6
	 Section 2.03. No Additional Services
	  	6
	 Section 2.04. Services Provided by Recipient
	  	6
	 Section 2.05. Third Party Licenses and Consents
	  	7
	
	ARTICLE 3
	SERVICE COSTS; OTHER CHARGES
		
	 Section 3.01. Service Costs Generally
	  	7
	 Section 3.02. Taxes
	  	7
	 Section 3.03. Invoicing and Settlement of Costs
	  	8
	
	ARTICLE 4
	THE SERVICES
		
	 Section 4.01. Standards of Service
	  	8
	 Section 4.02. Changes to the Services
	  	9
	 Section 4.03. Management of Services By Provider
	  	9
	 Section 4.04. Operating Committee
	  	9
	 Section 4.05. Disaster Recovery and BCP
	  	10
	
	ARTICLE 5
	DISCLAIMER, LIABILITY AND INDEMNIFICATION
		
	 Section 5.01. EXCLUSION OF WARRANTIES
	  	10
	 Section 5.02. Limitation of Liability
	  	10
	 Section 5.03. Indemnification of Provider by Recipient
	  	11
	 Section 5.04. Indemnification of Recipient by Provider
	  	12
	 Section 5.05. Taxes
	  	12
	 Section 5.06. Indemnification as Exclusive Remedy
	  	12
	 Section 5.07. Conduct of Proceedings
	  	12
	 Section 5.08. Notice of Certain Matters
	  	12

  

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	ARTICLE 6
	TERM AND TERMINATION
		
	 Section 6.01. Term
	  	13
	 Section 6.02. Termination
	  	13
	 Section 6.03. Effect of Termination
	  	14
	
	ARTICLE 7
	ADDITIONAL AGREEMENTS
		
	 Section 7.01. Confidential Information
	  	15
	 Section 7.02. Ownership of Assets
	  	16
	 Section 7.03. Security
	  	17
	 Section 7.04. Access To Information
	  	17
	 Section 7.05. Labor Matters
	  	18
	
	ARTICLE 8
	MISCELLANEOUS
		
	 Section 8.01. Prior Agreements
	  	18
	 Section 8.02. Other Agreements
	  	18
	 Section 8.03. No Agency; Independent Contractor Status
	  	18
	 Section 8.04. Subcontractors
	  	19
	 Section 8.05. Force Majeure
	  	19
	 Section 8.06. Entire Agreement
	  	20
	 Section 8.07. Information
	  	20
	 Section 8.08. Notices
	  	20
	 Section 8.09. Governing Law
	  	20
	 Section 8.10. Jurisdiction
	  	20
	 Section 8.11. WAIVER OF JURY TRIAL
	  	21
	 Section 8.12. Severability
	  	21
	 Section 8.13. Amendments and Waivers
	  	21
	 Section 8.14. Successors and Assigns
	  	21
	 Section 8.15. Counterparts
	  	22

  

			
	 Exhibit A
	  	Service Costs
	 Exhibit B
	  	Compliance with Gramm-Leach-Bliley Act and Data Protection Laws
		
	 Schedules
	  	

  

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 TRANSITION SERVICES AGREEMENT 
 This Transition Services Agreement (this “Agreement”) is entered into as of
[            ], 2007 by and between Morgan Stanley, a Delaware corporation (“Morgan Stanley”), and Discover Financial Services, a Delaware corporation
(“Discover”). 
 RECITALS 
 WHEREAS, Morgan Stanley owns 100% of the outstanding common stock of Discover prior to the consummation of the Distribution (as defined below); 
 WHEREAS, Morgan Stanley will no longer own any of the outstanding common stock of Discover after the consummation of the Distribution; 
 WHEREAS, Morgan Stanley has heretofore directly or indirectly provided certain services to members of the Discover Group (as defined below); and

 WHEREAS, Discover has heretofore directly or indirectly provided certain services to the Morgan Stanley Group (as defined below).

 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Morgan Stanley and
Discover, for themselves, their successors and permitted assigns, hereby agree as follows: 
 ARTICLE 1 
 DEFINITIONS 
 Section 1.01. Definitions. (a) As used in this Agreement, the following terms shall have the following meanings, applicable both to the singular and the plural forms of the terms described: 
 “Actions” has the meaning set forth in Section 5.03. 
 “Affiliate” has the meaning set forth in the Separation and Distribution Agreement; provided that the Affiliates of each party for purposes of this Agreement shall be determined after giving
effect to the consummation of the Distribution. 
 “Agreement” has the meaning set forth in the preamble hereto. 

“Applicable Law” means, with respect to any Person, any federal, state, local or foreign law (statutory, common or otherwise),
constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, 

 
ruling, directive, guidance, instruction, direction, permission, waiver, notice, condition, limitation, restriction or prohibition or other similar
requirement enacted, adopted, promulgated, imposed, issued or applied by a Governmental Authority that is binding upon or applicable to such Person, its properties or assets or its business or operations, as amended unless expressly specified
otherwise. 
 “Baseline Period” has the meaning set forth in Section 2.04. 
 “Business Day” means a day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or
required by law to close. 
 “Change of Control” means, with respect to Morgan Stanley or Discover, (i) the direct or
indirect acquisition (by merger, consolidation, business combination or otherwise) by any Person or group of Persons of beneficial ownership (as defined in Rule 13d-1 and Rule 13d-5 under the Securities Exchange Act of 1934) of 50% or more of the
Total Voting Power of Morgan Stanley or Discover, as applicable, (ii) any merger, consolidation or other business combination of Morgan Stanley or Discover, as applicable, or a Subsidiary of Morgan Stanley or Discover, as applicable, with any
Person after giving effect to which (x) the shareholders of Morgan Stanley or Discover, as applicable, immediately prior to such transaction do not own at least 50% of the Total Voting Power of the ultimate parent entity of the parties to such
transaction or (y) individuals who were directors of Morgan Stanley or Discover, as applicable, immediately prior to such transaction (or their designees) do not constitute a majority of the board of directors of such ultimate parent entity,
and (iii) the direct or indirect acquisition by any Person or group of Persons of all or substantially all of the assets of Morgan Stanley or Discover, as applicable. 
 “Confidential Information” has the meaning set forth in Section 7.01. 
 “Data Protection Laws” means the European Commission Data Protection Directive (95/46/EC) or Data Protection Act 1998 or any
implementing or related legislation of any member state in the European Economic Area. 
 “Delaware Commissioner” means the
Office of the Delaware State Bank Commissioner or any successor thereto. 
 “Discover” has the meaning set forth in the
preamble hereto. 
 “Discover Entity” means any member of the Discover Group. 
 “Discover Group” means Discover and its Subsidiaries as of and after the Distribution Date. 
  

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 “Discover Systems” means any computer software program or routine or part thereof owned,
licensed or provided by or for any Discover Entity which is used by any Morgan Stanley Entity or its suppliers on any Discover Entity’s behalf pursuant to this Agreement, each as modified, maintained or enhanced from time to time by any
Discover Entity, any Morgan Stanley Entity or any third party. 
 “Distribution” has the meaning set forth in the Separation
and Distribution Agreement. 
 “Distribution Date” has the meaning set forth in the Separation and Distribution Agreement.

 “FDIC” means the Federal Deposit Insurance Corporation or any successor thereto. 
 “force majeure” has the meaning set forth in Section 8.05. 
 “FSA” means the United Kingdom Financial Services Authority or any successor thereto. 
 “Governmental Authority” means any multinational, foreign, federal, state, local or other governmental, statutory or administrative
authority, regulatory body or commission or any court, tribunal or judicial or arbitral authority which has any jurisdiction or control over either party (or their Affiliates), including without limitation the FSA, FDIC and the Delaware
Commissioner. 
 “Gramm-Leach-Bliley Act” means the Gramm-Leach-Bliley Act of 1999, or any successor federal statute
thereto, and the rules and regulations thereunder, as may be amended or supplemented from time to time. 
 “Group” means the
Discover Group or Morgan Stanley Group as applicable. 
 “Insolvency Event” means with respect to either party, as
applicable, (i) the making by such party of any assignment for the benefit of creditors of all or substantially all of its assets or the admission by such party in writing of its inability to pay all or substantially all of its debts as they
become due; (ii) the adjudication of such party as bankrupt or insolvent or the filing by such party of a petition or application to any tribunal for the appointment of a trustee or receiver for such party or any substantial part of the assets
of such party; or (iii) the commencement of any voluntary or involuntary bankruptcy proceedings (and, with respect to involuntary bankruptcy proceedings, the failure to be discharged within sixty (60) days), reorganization proceedings or
similar proceeding with respect to such party or the entry of an order appointing a trustee or receiver or approving a petition in any such proceeding. 
  

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 “Morgan Stanley” has the meaning set forth in the preamble hereto. 
 “Morgan Stanley Entity” means any member of the Morgan Stanley Group. 
 “Morgan Stanley Group” means Morgan Stanley and its Subsidiaries (other than any Subsidiary or member of, or other entity in, the
Discover Group) as of and after the Distribution Date. 
 “Morgan Stanley Systems” means any computer software program or
routine or part thereof owned, licensed or provided by or for any Morgan Stanley Entity which is used by any Discover Entity or its suppliers on any Morgan Stanley Entity’s behalf pursuant to this Agreement, each as modified, maintained or
enhanced from time to time by any Morgan Stanley Entity, any Discover Entity or any third party. 
 “Non-Compliance Notice”
has the meaning set forth in Section 5.08. 
 “Payer” has the meaning set forth in Section 3.02(c). 
 “Payee” has the meaning set forth in Section 3.02(c). 
 “Payment Date” has the meaning set forth in Section 3.03(b). 
 “Person” means individual, corporation, limited liability company, partnership, association, trust or other entity or organization,
including a governmental or political subdivision or an agency or instrumentality thereof. 
 “Personal Information” means
personally identifiable information as defined under applicable Data Protection Laws of either party which the other party receives or to which the other party otherwise has access. 
 “Prior Agreements” has the meaning set forth in Section 8.01. 
 “Provider” has the meaning set forth in Section 2.01. 
 “Provider Entity” means any member of the Provider Group. 
 “Provider Group” means, as the context requires, the Discover Group or the Morgan Stanley Group. 
 “Provider Indemnified Person” has the meaning set forth in Section 5.02. 
 “Recipient” has
the meaning set forth in Section 2.01. 
 “Recipient Entity” means any member of the Recipient Group. 
  

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 “Recipient Group” means, as the context requires, the Discover Group or the Morgan
Stanley Group. 
 “Recipient Indemnified Person” has the meaning set forth in Section 5.04. 
 “Schedule” means a Schedule attached hereto forming part of this Agreement and “Schedules” shall have a corresponding meaning.

 “Separation and Distribution Agreement” means the Separation and Distribution Agreement dated as of
[            ], 2007, by and between Morgan Stanley and Discover. 
 “Service Costs” has the meaning set forth in Section 3.01. 
 “Services” has the meaning set
forth in Section 2.01. 
 “Subsidiary” means, with respect to any Person, any other entity of which securities or other
ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by such Person; provided that for the purposes of
Sections 2.02, 2.03 and 4.01, shall be limited to those Subsidiaries of a Person as at the Distribution Date only and any Subsidiaries formed in connection with any internal reorganization of such Person. 
 “Supplier” has the meaning set forth in Section 3.02(b). 
 “Supply Recipient” has the meaning set forth in Section 3.02(b). 
 “Systems” means the Morgan Stanley Systems or the Discover Systems, individually, or the Morgan Stanley Systems and the Discover
Systems, collectively, as the context may indicate or require. 
 “Tax” means any tax, levy, impost, duty or other similar
charge (including any penalty or interest payable in connection with any failure to pay or delay in paying the same). 
 “Total
Voting Power” means, with respect to any Person, the total combined voting power of all securities of such Person entitled to vote generally in the election of directors of such Person. 
 “VAT” means value added tax implemented by member states of the European Union pursuant to Directive 2006/112/EC and legislation
supplemental thereto, and any tax of a similar nature imposed under the laws of any jurisdiction which is not a member state of the European Union. 
  

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 ARTICLE 2 
 PURCHASE AND SALE OF SERVICES 
 Section 2.01. Purchase and Sale of Services. On the terms and subject to the conditions of this Agreement and in consideration of the Service Costs described below, each of Morgan Stanley and Discover (each in its capacity as
provider of Services, “Provider”) agrees to provide to the other party (in its capacity as recipient of Services, “Recipient”), or procure the provision to Recipient of, and Recipient agrees to purchase from
Provider, the transition services (the “Services”) as set forth on the Schedules. 
 Section 2.02. Subsidiaries.
It is understood that (i) the Services to be provided to Recipient under this Agreement shall, at Recipient’s request, be provided to any Person that is a Subsidiary of Recipient and (ii) Provider may satisfy its obligation to
provide or procure Services hereunder by causing one or more of its Subsidiaries to provide or procure such Services. With respect to Services provided to, or procured on behalf of, any Subsidiary of Recipient, Recipient agrees to pay on behalf of
such Subsidiary all amounts payable by or in respect of such Services pursuant to this Agreement. 
 Section 2.03. No Additional
Services. Except for the Services expressly contemplated to be provided in accordance with Section 2.01, Provider shall have no obligation under this Agreement to provide any services to the Recipient Group. Provider agrees to consider in
good faith (but shall have no obligation to accept) any requests by Recipient for the provision of any continued or additional services that Recipient considers are reasonably necessary (x) to accommodate normal growth in Recipient’s
business or (y) to transfer responsibility for the provision of any Services from Provider to Recipient or any third party as Recipient may designate during the term of this Agreement, and upon termination or expiration of any Service or of
this Agreement. Any such continued or additional services will be on such terms and conditions (including pricing) as the parties shall mutually agree. 
 Section 2.04. Services Provided by Recipient. If it is necessary for Recipient to provide any services or resources to Provider or any third party regarding any aspect of the Recipient Group business or
Services (the “Recipient Services”) so that Provider, any Subsidiary of Provider or third party provider may provide or have provided the Services hereunder, Recipient shall provide such services or resources (i) in a timely
and effective manner; (ii) without cost to Provider, any Subsidiary of Provider or any third party and (iii) in a manner that ensures that the nature, quality and standard of care of the Recipient Services provided shall be substantially
the same as have been provided by the Recipient Group’s business during the twelve months prior to the date hereof (such twelve-month period, the “Baseline Period”). 
  

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 Section 2.05. Third Party Licenses and Consents. Provider and Recipient shall use
commercially reasonable efforts to obtain all governmental or third party licenses and consents required for the provision of any Service by Provider in accordance with the terms of this Agreement; provided that the costs relating to
obtaining any such licenses or consents shall be borne by Recipient; provided further that Provider shall not be required to provide such Service (x) unless and until the required licenses and/or consents have been obtained or
(y) in the event the required licenses and/or consents are terminated or revoked. 
 ARTICLE 3 
 SERVICE COSTS; OTHER CHARGES 
 Section 3.01. Service Costs Generally. Unless any Schedule hereto indicates otherwise or the parties shall agree in writing to a different
arrangement, for each period in which Recipient receives a Service hereunder, Recipient shall pay Provider such fees and costs as set forth in Exhibit A hereto (“Service Costs”) which costs shall be adjusted appropriately in
the event of the termination of any Service or as otherwise contemplated by this Agreement. 
 Section 3.02. Taxes.
(a) Recipient shall pay all applicable sales or use taxes incurred with respect to provision of the Services. These taxes shall be incremental to other payments or charges identified in this Agreement. 
 (b) All amounts to be paid under this Agreement shall be exclusive of VAT, if any. Where, under this Agreement, any person (the
“Supplier”) makes or is deemed to make a supply to another person (the “Supply Recipient”) for VAT purposes and VAT is or becomes chargeable in respect of such supply, the Supply Recipient shall pay to the Supplier
an amount equal to such VAT: (i) where the consideration for such supply consists wholly of money, at the same time as paying such consideration; or (ii) where the consideration does not consist wholly of money, on or before the later of
the date which is 30 days after the date on which such VAT is demanded in writing or when the supply is made; provided that the Supply Recipient shall first have received an invoice in respect of such supply. 
 (c) Where this Agreement requires any party (the “Payer”) to reimburse another party (the “Payee”) for any costs or
expenses, the Payer shall also at the same time pay and indemnify the Payee against all VAT incurred by the Payee in respect of the costs or expenses to the extent that the Payee determines that neither it, nor any other member of any group of which
it is a member for VAT purposes, is entitled to credit or repayment from the relevant tax authority in respect of VAT. 
 (d) All sums
payable under this Agreement shall be paid free and clear of all deductions or withholdings unless the deduction or withholding is required by law, in which event the amount of the payment due from the party required to 

  

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make such payment (other than amounts of interest) shall be increased to an amount which after any withholding or deduction leaves an amount equal to the
payment which would have been due if no such deduction or withholding had been required. 
 Section 3.03. Invoicing and Settlement of
Costs. (a) Unless any Schedule hereto indicates otherwise or the parties shall agree in writing to a different arrangement, Provider shall invoice or notify in writing the [title of officer] of Recipient on a monthly basis (not later than
the [            ] day of each month). 
 (b) Recipient agrees to pay on or
before 45 days after the date on which Provider invoices Recipient for the Service Costs (or the next Business Day, if such day is not a Business Day) (each, a “Payment Date”) by wire transfer of immediately available funds payable
to the order of Provider all amounts invoiced by Provider pursuant to Section 3.03(a) during the preceding calendar month. If Recipient fails to pay any monthly payment within 45 days of the relevant Payment Date, Recipient shall be obligated
to pay, in addition to the amount due on such Payment Date, to the extent permitted by Applicable Law, interest on such amount at the [            ] rate compounded monthly from the
relevant Payment Date through the date of payment. 
 ARTICLE 4 
 THE SERVICES 
 Section 4.01. Standards of Service. (a) The
level or volume of any specific Service required to be provided to Recipient hereunder shall not exceed the level or volume of such Service as historically utilized by the Recipient Group during the Baseline Period. In providing any Service,
Provider shall have no obligation to allocate human, equipment or other resources in excess of the level of resources historically allocated to the provision to the Recipient Group of such Service by Provider during the Baseline Period. 

(b) The manner, nature, quality and standard of care applicable to the delivery by Provider of the Services hereunder shall be substantially the same
as that of similar services which Provider provides from time to time throughout its business. 
 (c) Provider agrees that all Services it
provides or causes to be provided will be provided in compliance with Applicable Law. 
 (d) Upon a sale or other disposition of any portion
of the Recipient Group’s business, assets or properties, Provider’s obligation to provide any Service in respect of the business, assets or properties so disposed shall terminate, and the aggregate level or volume or such Service required
to be provided to the Recipient 

  

 8 

 
Group and (if applicable) the Service Costs payable by Recipient in respect thereof shall be reduced appropriately. If any member of the Recipient Group
shall purchase, lease or otherwise acquire any business, assets or properties or rights in respect thereof, Provider shall have no obligation to provide any Services hereunder in respect of such acquired business, assets or properties. 

Section 4.02. Changes to the Services. It is understood and agreed that Provider may from time to time modify, change or enhance the
manner, nature, quality and/or standard of care of any Service provided to Recipient to the extent Provider is making a similar change in the performance of such services for the Provider Group and provided that any such modification, change or
enhancement will not reasonably be expected to have a material adverse effect on such Service. Provider shall furnish to Recipient substantially the same notice (in content and timing), if any, as Provider furnishes to its own organization with
respect to such modifications, changes or enhancements. Any incremental expense incurred by Provider in making any such modification, change or enhancement to the Services performed hereunder or in providing such Services on an ongoing basis shall
be taken into account in the calculation of Service Costs as contemplated by Section 2.01. 
 Section 4.03. Management of
Services By Provider. Except as may otherwise be expressly provided in this Agreement, the management of and control over the provision of the Services by Provider shall reside solely with Provider and notwithstanding anything to the contrary
Provider shall be permitted to choose the methodology, systems and applications it utilizes in the provision of such Services. The provision, use of and access to the Services shall be subject to (i) any technical and operational changes that
may be required to manage any restrictions imposed by Provider in respect of data access; (ii) Providers’ business, operational and technical environment, standards, policies and procedures as may be modified from time to time;
(iii) any Recipient Services and/or other third party services, resources or dependencies; (iv) any Applicable Law; and (v) the terms of this Agreement. 
 Section 4.04. Operating Committee. (a) The parties shall use an operating committee (the “Operating Committee”) to implement the terms of this Agreement. Each of Morgan Stanley and
Discover shall appoint three employees to the Operating Committee and designate one of such employees to be such party’s lead representative (each, a “Lead Representative”) for the purpose of fielding queries from
representatives of the relevant Group concerning the implementation and ongoing operation of this Agreement. In addition, the Lead Representatives shall have such other functions and responsibilities as may be determined by the Operating Committee
from time to time. The Operating Committee will oversee the implementation and ongoing operation of this Agreement and shall attempt in good faith to resolve disputes between the parties. Each of the parties shall have the right to (i) replace
one or more of its Operating 

  

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Committee members at any time with employees or officers with comparable knowledge, expertise and decision-making authority and (ii) designate an
alternative Lead Representative. 
 (b) The Operating Committee shall act by a majority vote of its members. If the Operating Committee fails
to make a decision, resolve a dispute or agree upon any necessary action, the unresolved matter shall be referred to [Name] of Morgan Stanley and [Name] of Discover, who shall attempt in good faith within a period of 14 days to conclusively resolve
any such matter. 
 (c) During the term of this Agreement, the full Operating Committee shall meet at such times as may be required by either
Lead Representative. Meetings of the Operating Committee may be in person or via teleconference and shall be convened and held in accordance with such procedures as the Operating Committee may determine from time to time. 
 Section 4.05. Disaster Recovery and BCP. Each party will maintain and operate and shall use reasonable efforts to ensure that all material
subcontractors shall maintain and operate contingency, business continuity and disaster recovery facilities and procedures for the purposes of performing its obligations under this Agreement consistent with the facilities and procedures maintained
and operated by such party in respect of its business generally. 
 ARTICLE 5 
 DISCLAIMER, LIABILITY AND INDEMNIFICATION 
 SECTION 5.01. EXCLUSION OF WARRANTIES. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE SERVICES ARE PROVIDED “AS-IS” WITH NO WARRANTIES, AND PROVIDER EXPRESSLY EXCLUDES AND DISCLAIMS ANY
WARRANTIES UNDER OR ARISING AS A RESULT OF THIS AGREEMENT, WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING, WITHOUT LIMITATION, THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT OR ANY OTHER
WARRANTY WHATSOEVER. 
 Section 5.02. Limitation of Liability. (a) Recipient agrees that none of the members of the Provider
Group and their respective directors, officers, agents, and employees (each, a “Provider Indemnified Person”) shall have any liability, whether direct or indirect, in contract or tort or otherwise, to any Recipient Entity or any
other Person for or in connection with the Services rendered or to be rendered by or on behalf of any Provider Indemnified Person pursuant to this Agreement, the transactions contemplated hereby or any actions or inactions by or on behalf of
Provider Indemnified Person in connection with any such Services or 

  

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transactions, except to the extent any damages have been finally determined by a court of competent jurisdiction to have resulted from such Provider
Indemnified Person’s gross negligence or willful misconduct in connection with any such Services, actions or inactions. 
 (b)
Notwithstanding the provisions of Section 5.02(a), none of the members of the Provider Group shall be liable for any special, indirect, incidental, consequential or punitive damages of any kind whatsoever in any way due to, resulting from or
arising in connection with any of the Services or the performance of or failure to perform Provider’s obligations under this Agreement. This disclaimer applies without limitation (i) to claims arising from the provision of the Services or
any failure or delay in connection therewith, (ii) to claims for lost profits, (iii) regardless of the form of action, whether in contract, tort (including negligence), strict liability, or otherwise, and (iv) regardless of whether
such damages are foreseeable or whether any member of the Provider Group has been advised of the possibility of such damages. 
 (c) None of
the members of the Provider Group shall have any liability to any Recipient Entity or any other Person for failure to perform Provider’s obligations under this Agreement or otherwise, where such failure to perform is not caused by the gross
negligence or willful misconduct of the Provider Entity providing such Services and such failure to perform similarly affects the Provider Group receiving such Services and does not have a disproportionately adverse effect on the Recipient Group,
taken as a whole. 
 (d) In addition to the foregoing, Recipient agrees that it shall, in all circumstances, use commercially reasonable
efforts to mitigate and otherwise minimize its damages and those of the other Recipient Entities, whether direct or indirect, due to, resulting from or arising in connection with any failure by Provider to comply fully with its obligations under
this Agreement. 
 Section 5.03. Indemnification of Provider by Recipient. Recipient agrees to indemnify and hold harmless each
Provider Indemnified Person from and against any damages, and to reimburse each Provider Indemnified Person for all reasonable expenses as they are incurred in investigating, preparing, pursuing, or defending any claim, action, proceeding, or
investigation, whether or not in connection with pending or threatened litigation and whether or not any Provider Indemnified Person is a party (collectively, “Actions”), arising out of or in connection with Services rendered or to
be rendered by or on behalf of any Provider Indemnified Person pursuant to this Agreement, the transactions contemplated hereby or any actions or inactions by or on behalf of any Provider Indemnified Person in connection with any such Services or
transactions; provided that Recipient shall not be responsible for any damages of any Provider Indemnified Person to the extent such damages have been finally determined by a court of competent jurisdiction to have resulted from such Provider
Indemnified 

  

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Person’s gross negligence or willful misconduct in connection with any of the advice, actions, inactions, or Services referred to above (it being
understood and agreed that the provision by any Provider Entity of any of the Services without obtaining the consent of any party to any contract or agreement to which any Provider Entity is a party as of the date hereof shall not constitute gross
negligence or willful misconduct by any Provider Entity; provided that the relevant Provider Entity has used commercially reasonable efforts to obtain the relevant consent). 
 Section 5.04. Indemnification of Recipient by Provider. Provider agrees to indemnify and hold harmless each member of the Recipient Group and
their respective directors, officers, agents, and employees (each, a “Recipient Indemnified Person”) from and against any damages, and shall reimburse each Recipient Indemnified Person for all reasonable expenses as they are
incurred in investigating, preparing, or defending any Action, to the extent such damages have been finally determined by a court of competent jurisdiction to have arisen out of the gross negligence or willful misconduct of any Provider Indemnified
Person in connection with the Services rendered or to be rendered pursuant to this Agreement. 
 Section 5.05. Taxes. If a party
is required to make any payment under Section 5.03 or 5.04, it shall upon demand pay to the Person receiving such payment an amount equal to any loss, liability or cost which the receiving Person determines will or has been (directly or
indirectly) suffered or incurred on account of Tax by the receiving Person in respect of such payment, net of any Tax benefit arising in respect of the damages giving rise to such payment. 
 Section 5.06. Indemnification as Exclusive Remedy. Except for the termination rights provided under Sections 6.02(b) and 6.02(c), the
indemnification provisions of this Article 5 shall be the exclusive remedy for breach of the Agreement. 
 Section 5.07. Conduct of
Proceedings. Any proceedings relating to indemnification under Section 5.03 or 5.04 or Clause (b) of Exhibit B shall be conducted in accordance with the procedures set forth in Section 7.03 of the Separation and
Distribution Agreement. 
 Section 5.08. Notice of Certain Matters. If Recipient at any time believes that Provider is not in
full compliance with its obligations under Sections 4.01(a), 4.01(b) or 4.01(c), Recipient shall so notify Provider in writing promptly (but not later than 15 days) after becoming aware of such possible non-compliance by Provider. Such notice (a
“Non-Compliance Notice”) shall set forth in reasonable detail the basis for Recipient’s belief as well as Recipient’s view as to the steps to be taken by Provider to address the possible non-compliance. For the 30 days
after receipt of such a notice, appropriate representatives of Provider and Recipient shall work in good faith to develop a plan to resolve the matters referred to in the Non-Compliance 

  

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Notice. In the event such matters are not resolved through such discussions, Recipient may elect to terminate Provider’s obligation to provide or
procure, and its obligation to purchase, the Service or Services referred to in its Non-Compliance Notice in accordance with Section 6.02. In the event such matters are resolved through such discussions and Recipient does not elect to terminate
such Service or Services within 15 days of the end of the 30-day period referred to in the third sentence of this Section 5.07, Recipient shall not be entitled to deliver another Non-Compliance Notice or pursue other remedies with respect to
same or any substantially similar matter so long as Provider complies in all material respects with the terms of such resolution. In no event shall any termination of this Agreement pursuant to this Section 5.07 limit or affect Recipient’s
right to seek remedies in respect of any breach by Provider of any of its obligations under this Agreement prior to such termination. 
 ARTICLE 6 
 TERM AND TERMINATION 
 Section 6.01. Term. Except as otherwise provided in this Article 6, in Section 8.05, or in any Schedule or as otherwise agreed in
writing by the parties, the term of this Agreement with respect to each Service shall commence as of the Distribution Date or, if later, the date on which such Service is added as a Schedule, and shall cease as of the applicable date set forth in
the applicable Schedule or such earlier date as determined in accordance with Section 6.02. This Agreement shall terminate in its entirety upon the expiration of the terms (as determined pursuant to the preceding sentence) of all Services;
provided that the provisions of Articles 4 (other than Section 4.04), 5, 6, 7 and 8 shall survive any such termination indefinitely. 
 Section 6.02. Termination. (a) Except as otherwise provided in any Schedule hereto, Recipient may from time to time terminate this Agreement with respect to one or more of the Services it receives, in whole or in part, upon
giving at least 60 days’ prior notice to Provider. 
 (b) Provider may terminate any Service or any part thereof it provides at any time
if (i) a related Service or a third party service pursuant to which Provider provides such Service to Recipient has been terminated or (ii) Recipient shall have failed to perform any of its material obligations under this Agreement
relating to any such Service, Provider has notified Recipient in writing of such failure and such failure shall have continued for a period of 60 days after receipt by Recipient of written notice of such failure. For the avoidance of doubt, the
failure by Recipient to pay the full amount of any invoice when due shall be considered a breach of Recipient’s material obligation under this Agreement. With respect to clause (i) of this Section 6.02(b), if Provider receives written
notice from any third party service provider that such Person intends to terminate such service, Provider 

  

 13 

 
and Recipient shall use commercially reasonable efforts to secure the continued provision of that service from such third party or an alternative service
provider; provided that any costs incurred in doing so shall be borne by Recipient. 
 (c) Recipient may terminate any Service it
receives as provided in the applicable Schedule or at any time if Provider shall have failed to perform any of its material obligations under this Agreement relating to any such Service, Recipient has notified Provider in writing of such failure,
and such failure shall have continued for a period of 30 days after receipt by Provider of written notice of such failure. 
 (d) At any time
following announcement of a transaction involving a Change of Control of Recipient, Provider may elect, by delivery of notice in writing to Recipient, to terminate any or all Services hereunder, such termination to take effect, subject to
Section 6.02(a), on the date or dates specified by Provider in such notice; provided that without the written consent of Recipient, no such termination of Service shall occur prior to the closing of such Change of Control transaction.

 (e) Either party may terminate this Agreement at any time with immediate effect upon serving written notice upon the other party if the
other party suffers an Insolvency Event. 
 Section 6.03. Effect of Termination. (a) Other than as required by law, upon
termination of any Service pursuant to Section 6.02, Provider shall have no further obligation to provide the terminated Service and Recipient shall have no obligation to pay any fees relating to such Services or make any other payments
hereunder; provided that notwithstanding such termination, (i) Recipient shall remain liable to Provider for fees owed and payable in respect of Services provided prior to the effective date of the termination, and (ii) Provider
shall continue to charge Recipient for administrative and program costs relating to benefits paid after but incurred prior to the termination of any Service and other services required to be provided after the termination of such Service and
Recipient shall be obligated to pay such expenses in accordance with the terms of this Agreement. 
 (b) Termination of this Agreement as
provided for herein shall not prejudice or affect any rights or remedies which shall have accrued or shall thereafter accrue to either party. 
 (c) Following notice of termination of any Service, Provider and Recipient agree to cooperate in providing for an orderly transition of such Service to Recipient or a successor service provider. Provider agrees to (i) provide promptly,
and in any event no later than [            ] days following termination of such Service, copies in a usable format then in existence designated by Provider, of all records relating
directly or indirectly to benefit determinations of Recipient 

  

 14 

 
employees, including but not limited to compensation and service records (to the extent relevant to such Service), correspondence, plan interpretative
policies, plan procedures, administrative guidelines, minutes, or any data or records required to be maintained by law and (ii) cooperate reasonably with Recipient in developing a transition schedule. Recipient shall promptly reimburse
Provider, upon request, for any and all reasonable costs and expenses incurred by Provider or any of its Subsidiaries arising out of or in connection with the performance of its obligations under this Section 6.03(c). For the avoidance of
doubt, this Section 6.03(c) is subject to the provisions of Section 2.03. 
 ARTICLE 7 
 ADDITIONAL AGREEMENTS 
 Section 7.01. Confidential Information. The parties hereby covenant and agree to maintain confidential all Confidential Information relating to the other party or any of such other party’s Subsidiaries. Without limiting the
generality of the foregoing, each party shall cause its employees and agents to exercise the same level of care with respect to Confidential Information relating to the other party or any of its Subsidiaries as it would with respect to proprietary
information, materials and processes relating to itself or any of its Subsidiaries. “Confidential Information” shall mean all information, materials and processes relating to a party or any Subsidiary of such party obtained by the
other party or any Subsidiary of such other party at any time (whether prior to or after the date hereof) in any format whatsoever (whether orally, visually, in writing, electronically or in any other form) relating to, arising out of or in
connection with the Services rendered or to be rendered hereunder and shall include, but not be limited to, economic and business information or data, business plans, computer software and information relating to employees, vendors, customers,
products, financial performance and projections, processes, strategies and systems but shall not include (i) information which becomes generally available to the public other than by release in violation of the provisions of this
Section 7.01, (ii) information which becomes available on a non-confidential basis to a party from a source other than the other party to this Agreement, provided the party in question reasonably believes that such source is not or
was not bound to hold such information confidential and (iii) information acquired or developed independently by a party without violating this Section 7.01 or any other confidentiality agreement with the other party. Except with the prior
written consent of the other party, each party will use the other party’s Confidential Information only in connection with the performance of its obligations hereunder and each party shall use commercially reasonable efforts to restrict access
to the other party’s Confidential Information to those employees of such party requiring access for the purpose of providing Services hereunder. Notwithstanding any provision of this Section 7.01 to the contrary, a party may disclose such
portion of the Confidential Information relating to the other party to 

  

 15 

 
the extent, but only to the extent, the disclosing party reasonably believes that such disclosure is required under law or the rules of a Governmental
Authority; provided that the disclosing party first notifies the other party hereto of such requirement and allows such party a reasonable opportunity to seek a protective order or other appropriate remedy to prevent such disclosure. The
parties acknowledge that money damages would not be a sufficient remedy for any breach of the provisions of this Section 7.01 and that the non-breaching party shall be entitled to equitable relief in a court of law in the event of, or to
prevent, a breach or threatened breach of this Section 7.01. 
 Section 7.02. Ownership of Assets. (a) Morgan Stanley
Systems and any and all enhancements thereof or improvements thereto are and shall remain the sole exclusive property of the Morgan Stanley Entities and their suppliers. From and after the creation of any and all such Morgan Stanley Systems or
enhancements thereof or improvements thereto by Discover or by any contractor, Affiliate or other third party on Discover’s behalf, in each case, pursuant to this Agreement, Discover agrees to assign and hereby assigns to Morgan Stanley or the
applicable Morgan Stanley Entity, any and all right, title and interest that Discover or such contractor, Affiliate or third party may have in such Morgan Stanley Systems or enhancements thereof or improvements thereto. 
 (b) Discover Systems and any and all enhancements thereof or improvements thereto are and shall remain the sole exclusive property of the Discover
Entities and their suppliers. From and after the creation of any and all such Discover Systems or enhancements thereof or improvements thereto by Morgan Stanley or by any contractor, Affiliate or third party on Morgan Stanley’s behalf, in each
case, pursuant to this Agreement, Morgan Stanley agrees to assign and hereby assigns to Discover or the applicable Discover Entity, any and all right, title and interest that Morgan Stanley or such contractor, Affiliate or third party may have in
such Discover Systems or enhancements thereof or improvements thereto. 
 (c) From the date hereof until the termination of this Agreement,
each party grants to the other and its suppliers a non-exclusive, royalty-free right and license to use the Morgan Stanley Systems or the Discover Systems, as applicable, solely to provide the Services contemplated hereunder. Notwithstanding
anything to the contrary hereunder, each party agrees to cooperate with the other (and shall cause its suppliers to so cooperate) to cause the orderly return of the other party’s Systems and property upon the termination of this Agreement or
upon written request, whichever is earlier. 
 (d) With respect to any Systems that a Morgan Stanley Entity or a Discover Entity, as
applicable, is required to maintain or enhance hereunder, as between Morgan Stanley and Discover, all right, title and interest in and to such enhancements and any related documentation, whether created by the party that 

  

 16 

 
provides the Service or any contractor, Affiliate or supplier on such party’s behalf, shall be owned exclusively by and vested exclusively in the party
by or for whom the applicable System is owned, licensed or provided. 
 (e) As between any Morgan Stanley Entity, on the one hand, and any
Discover Entity, on the other hand, all right, title and interest in and to all data processed hereunder shall be owned exclusively by the Morgan Stanley Entity or Discover Entity that originally supplied it to the other. Morgan Stanley and Discover
hereby assign to the other, and shall cause any of its or their contractors, Affiliates or suppliers to assign to the other, as applicable, all right, title and interest that Morgan Stanley or Discover, as applicable, may have in the other’s
data. 
 (f) Each party shall have written agreements with its employees consistent with past practices, and shall cause any contractor,
Affiliate or third party performing Services on its behalf pursuant to this Agreement to also have written agreements with its employees that are consistent with its obligations hereunder, including the obligations to disclose and assign all right,
title and interest in intellectual property rights as contemplated in Sections 7.01 and 7.02. Each party agrees not to voluntarily terminate or to amend or modify such agreements with respect to the provisions described above without providing at
least 30 days prior written notice thereof and further agrees that any such amendments or modifications to such agreements shall be prospective only. 
 Section 7.03. Security. (a) Each member of the Recipient Group and its employees, authorized agents and subcontractors shall only use or access Services and/or any of Provider’s Systems, premises
or data such Person is authorized by Provider to use or access. In no event shall any member of the Recipient Group and its employees, authorized agents and subcontractors access any Services and/or any of Provider’s Systems, premises or data
without Provider’s prior written consent. Each member of the Recipient Group and its employees, authorized agents and subcontractors shall comply with Provider’s policies and procedures in relation to the use and access of the Services and
Provider’s Systems. 
 (b) In connection with the provision of Services hereunder, to the extent either party has access to or acquires
Personal Information such party will, and will cause the relevant member of its Group to, comply with, as applicable, Title V of Gramm-Leach-Bliley Act, the Data Protection Laws and any other laws concerning Personal Information. Without limiting
the generality of the foregoing, both parties agree to comply with the covenants set forth in Exhibit B. 
 Section 7.04.
Access To Information. (a) The provisions of Section 5.01 of the Separation and Distribution Agreement shall apply to matters arising in connection with, or otherwise relating to, the provision of Services hereunder. 
  

 17 

 (b) For the avoidance of doubt, if requested by Recipient, Provider will permit Recipient such access to
Provider’s books, records, accountants, accountants’ work papers, personnel and facilities with respect to the Services as is reasonably necessary to enable the management of Recipient to demonstrate compliance with the requirements set
forth in Section 404 of the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations of the Securities Exchange Commission promulgated thereunder. In connection with the foregoing, if at any time Recipient shall identify any
material deficiencies in the processes utilized by Provider in the provision of Services hereunder, Provider and Recipient will cooperate in good faith to develop and implement commercially reasonable action plans and timetables to remedy such
deficiencies and/or implement adequate compensating controls. 
 Section 7.05. Labor Matters. All labor matters relating to
employees of Provider and its Subsidiaries (including, without limitation, employees involved in the provision of Services to any Recipient Entity) shall be within the exclusive control of Provider, and Recipient shall not take any action affecting
such matters. Nothing in this Agreement is intended to transfer the employment of employees engaged in the provision of any Service from one party to the other, whether pursuant to the European Union Acquired Rights Directive or otherwise. All
employees and representatives of a party and any of its Affiliates will be deemed for all compensation, employee benefits, tax and social security contribution purposes to be employees or representatives of such party or its Affiliates (or their
subcontractors) and not employees or representatives of the other party or any of its Affiliates (or their subcontractors). In providing the Services, such employees and representatives will be under the direction, control and supervision of
Provider or its Affiliates (or their subcontractors) and not of Recipient. 
 ARTICLE 8 
 MISCELLANEOUS 
 Section 8.01. Prior Agreements. In the event there is any conflict between the provisions of this Agreement, on the one hand, and provisions of prior services agreements among any Provider Entity and any Recipient Entity (the
“Prior Agreements”), on the other hand, the provisions of this Agreement shall govern. 
 Section 8.02. Other
Agreements. In the event there is any inconsistency between the provisions of this Agreement, on the one hand, and the provisions of the Separation and Distribution Agreement, on the other hand, the provisions of the Separation and Distribution
Agreement shall govern. 
 Section 8.03. No Agency; Independent Contractor Status. Nothing in this Agreement shall constitute or
be deemed to constitute a partnership or joint venture between the parties hereto or constitute or be deemed to constitute any 

  

 18 

 
party the agent or employee of the other party for any purpose whatsoever and neither party shall have authority or power to bind the other or to contract in
the name of, or create a liability against, the other in any way or for any purpose. The parties hereto acknowledge and agree that Provider is an independent contractor in the performance of each and every part of this Agreement and nothing herein
shall be construed to be inconsistent with this status. Provider shall have the authority to select the means, methods and manner by which any Service is performed. 
 Section 8.04. Subcontractors. (a) Provider may hire or engage one or more subcontractors to perform all or any of its obligations under this Agreement; provided that, subject to
Section 5.02, Provider shall in all cases remain primarily responsible for ensuring that obligations with respect to the standards of services set forth in this Agreement are satisfied with respect to any Service provided by a subcontractor
hired or engaged by Provider. 
 (b) If Recipient terminates any Service prior to its scheduled expiration and as a result of such
termination any Provider Indemnified Person suffers or incurs any liability or damages arising out of or in connection with any third party contract pursuant to which Recipient had received the relevant Service, such Provider Indemnified Person
shall be entitled to indemnification in accordance with Section 5.03. 
 Section 8.05. Force Majeure. (a) For purposes
of this Section 8.05, “force majeure” means an event beyond the reasonable control of either party, which by its nature could not have been foreseen by such party, or, if it could have been foreseen, was unavoidable, and
includes without limitation, acts of God, storms, floods, riots, fires, sabotage, civil commotion or civil unrest, interference by civil or military authorities, threat, declaration, continuation, escalation or acts of war (declared or undeclared)
or acts of terrorism, failure or shortage of energy sources, raw materials or components, strike, walkout, lockout or other labor trouble or shortage, delays by unaffiliated suppliers or carriers, and acts, omissions or delays in acting by any
Governmental Authority or the other party. 
 (b) Without limiting the generality of Section 5.02(a), neither party shall be under any
liability for failure to fulfill any obligation under this Agreement, so long as and to the extent to which the fulfillment of such obligation is prevented, frustrated, hindered, or delayed as a consequence of circumstances of force majeure;
provided that such party shall have used commercially reasonable efforts to minimize to the extent practicable the effect of force majeure on its obligations hereunder; provided further that nothing in this Section 8.05 shall be
construed to require the settlement of any strike, walkout, lockout or other labor dispute on terms which, in the reasonable judgment of the affected party, are contrary to its interests. It is understood that the settlement of a strike, walkout,
lockout or other labor dispute will be entirely within the discretion of the affected party. The party affected by the Force Majeure event shall notify the other party of that fact as soon as practicable. 
  

 19 

 Section 8.06. Entire Agreement. This Agreement (including the Schedules constituting a part
of this Agreement) and any other writing signed by the parties that specifically references this Agreement constitute the entire agreement among the parties with respect to the subject matter hereof and supersede all prior agreements, understandings
and negotiations, both written and oral, between the parties with respect to the subject matter hereof. This Agreement is not intended to confer upon any Person other than the parties hereto, their Affiliates and their respective successors and
permitted assigns any rights or remedies hereunder. 
 Section 8.07. Information. Subject to Applicable Law and
privileges, each party hereto covenants and agrees to provide the other party with all information regarding itself and transactions under this Agreement that the other party reasonably believes are required to comply with all applicable federal,
state, county and local laws, ordinances, regulations and codes, including, but not limited to, securities laws and regulations. 
 Section 8.08. Notices. Any notice, instruction, direction or demand under the terms of this Agreement required to be in writing shall be duly given upon delivery, if delivered by hand, facsimile transmission, or mail, to the
following addresses: 
  

	 	(a)	If to Morgan Stanley to: 

   [            ] 
  

	 	(b)	If to Discover to: 

   [            ] 
 or to such other addresses or telecopy numbers as may be
specified by like notice to the other parties. All such notices, requests and other communications shall be deemed given, (a) when delivered in person or by courier or a courier services, (b) if sent by facsimile transmission (receipt
confirmed) on a Business Day prior to 5 p.m. in the place of receipt, on the date of transmission (or, if sent at or after 5 p.m. at the place of receipt, on the following Business Day) or (c) if mailed by certified mail (return receipt
requested), on the date specified on the return receipt. 
 Section 8.09. Governing Law. This Agreement shall be construed in
accordance with and governed by the law of the State of New York, without regard to the conflicts of laws rules thereof. 
 Section 8.10. Jurisdiction. Any Action seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or 

  

 20 

 
the transactions contemplated hereby shall be brought in the United States District Court for the Southern District of New York or any other New York State
court sitting in New York County, and each of the parties hereby consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent
permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been brought in
an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of
process on such party as provided in Section 8.08 shall be deemed effective service of process on such party. 
 Section 8.11.
WAIVER OF JURY TRIAL. THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 8.12. Severability. If any provision of this Agreement or any part thereof shall be invalid or unenforceable, such invalidity or
unenforceability shall not render the entire Agreement invalid. Rather, the Agreement shall be construed as if not containing the particular invalid or unenforceable provision, and the rights and obligations of each party shall be construed and
enforced accordingly. 
 Section 8.13. Amendments and Waivers. (a) Any provision of this Agreement (including the Schedules
hereto) may be amended or waived if, but only if, such amendment or waiver is in writing and is signed, in the case of an amendment, by each party to this Agreement, or in the case of a waiver, by the party against whom the waiver is to be
effective. 
 (b) No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof
nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or
remedies provided by law. 
 Section 8.14. Successors and Assigns. The provisions of this Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and permitted assigns; provided that no party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the written
consent of the other party hereto. 
  

 21 

 Section 8.15. Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be deemed an original and all of which, when taken together, shall constitute one agreement. 
  

 22 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective
authorized officers as of the date first above written. 
  

			
	MORGAN STANLEY
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	DISCOVER FINANCIAL SERVICES
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 23 

 Exhibit A 
 Service Costs 

 Exhibit B 
 Compliance with Gramm-Leach-Bliley Act and Data Protection Laws 
 (a) Each party agrees that it will,
and will cause the relevant member of its Group to: 
 (i) process, use, maintain and disclose Personal Information only as
necessary for the specific purpose for which the information was disclosed to it and only in accordance with the Agreement; 
 (ii) not disclose any Personal Information to any third party (including to the subject of such information) who does not have a need to know such Personal Information; 
 (iii) implement and maintain an appropriate security program, the terms of which shall meet or exceed the requirements for financial
institutions under 17 CFR 248.30 and Data Protection Laws to (a) ensure the security and confidentiality of all information provided to it by any member of the other Group, including Personal Information (collectively, the
“information”), (b) protect against any threats or hazards to the security or integrity of information, including unlawful destruction or accidental loss, alteration and any other form of unlawful processing, and
(c) prevent unauthorized access to, use or disclosure of the information; 
 (iv) immediately notify the other party in
writing if it becomes aware of (a) any disclosure or use of any information by such entity in breach of this Exhibit B, (b) any disclosure of any information to such entity where the purpose of such disclosure is not known,
(c) any request for disclosure or inquiry regarding the information from a third party, and (d) any change in Applicable Law that is likely to have a substantial adverse effect on its ability to comply with this Exhibit B;

 (v) cooperate with each other and the relevant supervisory authority in the event of litigation or a regulatory inquiry
concerning the information and abide by the advice of the other party and the relevant supervisory authority with regard to the processing of such information; 
 (vi) enter into further agreements as requested by the other party to comply with law from time to time; 
 (vii) at the other party’s direction at any time, and in any event upon any termination or expiration of the Agreement, immediately
return to the relevant member of such party’s Group any or all information or destroy all records of such information; 
  

 B-1 

 (viii) cause its subcontractors to act in accordance with this Exhibit B; and

 (ix) upon the termination of any Service, return to the relevant member of the other party’s Group any or all
applicable information which is not necessary for the performance of another Service under the Agreement or destroy all records of such information. 
 (b) Each party warrants, represents and undertakes for itself and for and on behalf of the other members of its Group that to the extent that it allows access to, discloses, or transfers Personal Information to the
other party that: 
 (i) the other party (including the other members of its Group and their employees, approved agents and subcontractors)
shall have the right for the term of the relevant Service to use the Personal Information for the purposes of performing its rights and obligations under this Agreement; 
 (ii) the Personal Information which it supplies or discloses to the other party pursuant to this Agreement has been obtained fairly and lawfully and will be up to date, complete and accurate in all material respects;

 (iii) it shall take all reasonable steps to ensure that the Personal Information can be lawfully used by the other party (including the
other members of its Group and their employees, approved agents and subcontractors) for the purposes envisaged by this Agreement; 
 (iv) it
has complied and will comply with all Applicable Law and regulations relating to Personal Information, including, but not limited to, the Data Protection Laws and with all relevant guidelines and guidance notes issued from time to time by the
appropriate regulatory authorities; and 
 (v) it will indemnify and keep indemnified against all claims, proceedings, liabilities, damages,
costs, expenses (including legal expenses on an indemnity basis), compensation, court or tribunal awards (including sums paid in settlement of any such claims) suffered or incurred by the other party (including the other members of its Group and
their employees, approved agents and subcontractors) arising out of the use of the Personal Information during the course of this Agreement due to the breach of any warranty contained in this clause (b). 
 (c) Each party represents and warrants to the other party that it has no reason to believe that any Applicable Law will prevent it or the relevant member
of its Group from fulfilling the obligations under this Exhibit B. 
 (d) To the extent that the Personal Information is subject to
the Data Protection Laws, data subjects may enforce the provisions of this Exhibit B as a 

  

 B-2 

 
third-party beneficiary against the relevant party with respect to their Personal Information but only in cases where the relevant Group member has factually
disappeared or has ceased to exist in law. Neither party objects to the data subjects being represented by an association or other body if they so wish and if permitted by national law. 
 (e) Each party may review the other party’s policies and procedures used to maintain the security and confidentiality of information, including
auditing the relevant Group member concerning such policies and procedures. The provisions of this Exhibit B supplement, are in addition to, and will not be construed to limit any other confidentiality obligations under the Agreement. Any
exclusion from the definition of Confidential Information contained in the Agreement shall not apply to Personal Information. 
  

 B-3 

 SchedulesFirst Amendment to Credit Agreement

 Exhibit 10.61.(b) 
 FIRST AMENDMENT TO CREDIT AGREEMENT 
 This FIRST AMENDMENT TO CREDIT AGREEMENT, dated as of
March 22, 2007 (this “Agreement”), among SPANSION LLC, a Delaware limited liability company (the “Borrower”), SPANSION INC., a Delaware corporation
(“Holdings”), the Lenders (such capitalized term and all other capitalized terms not otherwise defined herein to have the meanings provided in the recitals and in Article I below) who are signatories to this
Agreement, the Additional Lenders that are signatories to this Agreement, and BANK OF AMERICA, N.A., as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders. 
 W I T N E S S E T H: 
 WHEREAS,
the Borrower, the lenders from time to time party thereto, and the Administrative Agent have entered into a Credit Agreement dated as of November 1, 2006, (as amended or otherwise modified to but excluding the effective date of this Agreement,
the “Existing Credit Agreement”); 
 WHEREAS, Holdings and the Borrower have requested that the Lenders agree
to amend the Existing Credit Agreement as hereinafter set forth to (a) amend the Consolidated Leverage Ratio covenant under Section 7.11 of the Credit Agreement as set forth herein, and (b) make certain other changes as provided
herein; 
 WHEREAS, the Lenders signatory to this Agreement are, on the terms and conditions stated below, willing to grant the
request of Holdings and the Borrower; 
 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, each party to this Agreement agrees as follows: 
 ARTICLE I 
 DEFINITIONS 
 1.01     Definitions.    The following terms when used in this Agreement, including its preamble and recitals, shall have the following meanings (such definitions to be equally applicable to
the singular and plural forms thereof): 
 “Credit Agreement” means the Existing Credit Agreement as amended hereby
and as otherwise amended, restated or modified from time to time. 
 “First Amendment Effective Date” means the date
on which the conditions precedent to the effectiveness of this Agreement as specified in Article III herein have been satisfied. 
 1.02    Other Definitions.    Unless otherwise defined herein or the context otherwise requires, terms used in this Agreement, including its preamble and recitals, have the meanings provided in
the Credit Agreement. 
 1.03    Other Interpretive Provisions.    The rules of construction
in Sections 1.02 to 1.06 of the Credit Agreement shall be equally applicable to this Agreement. 
  

  

 First Amendment to Credit Agreement 

 ARTICLE II 
 AMENDMENTS 
 Subject to the satisfaction of the conditions precedent set forth in Article III
below, from and after the First Amendment Effective Date, the Existing Credit Agreement is amended as follows: 
 2.01    Amendments to Section 1.01 of the Credit Agreement.    The definition of “SP1 Facilities” in Section 1.01 of the Existing Credit Agreement is hereby deleted and the
following new definition is inserted in place thereof: 
 “SP1 Facilities” means those certain fabrication
facilities located in Aizu-Wakamatsu, Japan and owned by Spansion Japan Limited. 
 2.02    Amendment to
Section 7.02(j).    Section 7.02(j) of the Credit Agreement is hereby amended by inserting after the words “leased or financed” in clause (ii) thereof the words “and any other assets of Spansion
Japan Limited”. 
 2.03    Amendment to Section 7.09.    Section 7.09 of the
Credit Agreement is hereby amended by deleting the reference to “Section 7.02(i)” in the eleventh line thereof and inserting in place thereof the reference “Sections 7.02(i) and 7.02(j)”. 
 2.04    Amendment to Section 7.11(b).    Section 7.11(b) of the Credit Agreement is hereby
deleted in its entirety and replaced with the following: 
 (b) Consolidated Leverage Ratio. Permit the Consolidated
Leverage Ratio at any time during any period of four fiscal quarters of Holdings ending on the last day of the fiscal quarters set forth below to be greater than the ratio set forth below opposite such fiscal quarter: 
  

			
	 Four Fiscal Quarters Ending
	  	Maximum Consolidated
Leverage Ratio
	 Funding Date through third fiscal quarter 2007
	  	3.00:1.00
	 Fourth fiscal quarter 2007 through second fiscal quarter 2008
	  	2.75:1.00
	 Third fiscal quarter 2008 and each fiscal quarter thereafter
	  	2.50:1.00

 ARTICLE III 
 CONDITIONS PRECEDENT 
 3.01    Conditions of
Effectiveness.    This Agreement is subject to the provisions of Section 11.01 of the Credit Agreement, and shall become effective when, and only when, each of the following conditions shall have been satisfied:

  

 2 
  

 First Amendment to Credit Agreement 

 (a) Deliveries. The Administrative Agent shall have received all of the following
documents, each such document (unless otherwise specified) dated the date of receipt thereof by the Administrative Agent and each in form and substance satisfactory to the Administrative Agent: 
 (i) counterparts of this Agreement executed by (A) the Borrower, (B) the Administrative Agent and (C) the Required Lenders;
and 
 (ii) such other approvals, opinions or documents as any Lender through the Administrative Agent may reasonably request.

 (b) Payments. The Administrative Agent shall have received payment for the account of the Administrative Agent,
payment of the amount of any expenses required to be reimbursed on or before the First Amendment Effective Date pursuant to Section 5.03 hereof; and 
 (c) Representations and Warranties. The representations and warranties of the Loan Parties contained in Article IV hereof
shall be true and correct in all material respects. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 
 In order to induce the Lenders to enter into
this Agreement, each of Holdings and the Borrower, hereby represents and warrants that on and as of the First Amendment Effective Date after giving effect to this Agreement: 
 4.01    Due Authorization; No Conflict.    The execution and delivery by such Person of this Agreement and
the performance by it of this Agreement and the Credit Agreement, as amended by this Agreement, have been duly authorized by all necessary corporate or other organizational action of such Person, and do not and will not: (a) contravene the
terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (i) any Contractual Obligation to which
such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property
is subject; or (c) violate any Law. 
 4.02    Enforceability.    Each of this Agreement
and the Credit Agreement, as amended by this Agreement (including, without limitation, the Guaranty of Holdings), constitutes a legal, valid and binding obligation of such Person, enforceable against such Person in accordance with its terms, except
as enforceability may be limited by applicable Debtor Relief Laws and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 
 4.03    Credit Agreement Representations.    The representations and warranties of the Borrower contained in the Credit Agreement are true and correct in all material
respects as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date. 
  

 3 
  

 First Amendment to Credit Agreement 

 4.04    No Default.    Immediately before and after giving
effect to this Agreement, no Default or Event of Default exists. 
 ARTICLE V 
 MISCELLANEOUS 
 5.01    Loan
Document.    This Agreement is a Loan Document executed pursuant to the Credit Agreement and shall (unless otherwise expressly indicated herein) be construed, administered and applied in accordance with the terms and
provisions thereof. 
 5.02    Effect of Agreement.    Except as expressly set forth herein,
the amendments provided herein shall not by implication or otherwise limit, constitute a waiver of, or otherwise affect the rights and remedies of the Administrative Agent and Lenders under the Credit Agreement or any other Loan Document, nor shall
they constitute a waiver of any Default or Event of Default, nor shall they alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document.
Each of the amendments provided herein shall apply and be effective only with respect to the provisions of the Credit Agreement specifically referred to by such amendments. Except as expressly amended herein, the Credit Agreement and the other Loan
Documents shall continue in full force and effect in accordance with the provisions thereof. 
 5.03    Costs and
Expenses.    On the First Amendment Effective Date, the Borrower agrees to pay all reasonable costs and expenses of the Administrative Agent in connection with the preparation, execution and delivery of this Agreement and the
other instruments and documents to be delivered hereunder (including, without limitation, the reasonable fees and expenses of McGuireWoods LLP, as special counsel for the Administrative Agent) in accordance with the Credit Agreement, in each case,
which are invoiced to the Borrower on or prior to the First Amendment Effective Date. 
 5.04    Section
Captions.    Section captions used in this Agreement are for convenience of reference only, and shall not affect the construction of this Agreement. 
 5.05    Counterparts.    This Agreement may be executed in one or more counterparts, each of which shall
be deemed an original, but all of which shall constitute one and the same instrument. Delivery of an executed counterpart of this Agreement by telecopier or by other electronic means shall be effective as manual delivery of an executed counterpart
hereof. 
 5.06    Governing Law.    THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 5.07    Guarantors’
Acknowledgement.    Each Guarantor hereby consents and agrees (a) to the terms of this Agreement and the Credit Agreement, as amended and otherwise modified by this Agreement, and (b) that each Loan Document,
including, without limitation, each Guaranty, is and shall continue to be in full force and effect and is hereby in all respects ratified and confirmed, and, without limiting the generality of the foregoing, the Collateral Documents and all of the
Collateral described therein do and shall continue to secure the payment of all Obligations of the Loan Parties under the Loan Documents, in each case as amended by the Agreement. 
 [Signature Pages Follow] 
  

 4 
  

 First Amendment to Credit Agreement 

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

			
	BORROWER:
	
	SPANSION LLC, a Delaware limited liability company
		
	By:	 	/s/    Dario Sacomani
		 	 Name: Dario Sacomani
 Title: CFO

	
	GUARANTORS:
	
	SPANSION INC., a Delaware corporation
		
	By:	 	/s/    Dario Sacomani
		 	 Name: Dario Sacomani
 Title: CFO

	
	SPANSION TECHNOLOGY, INC.
		
	By:	 	/s/    Robert C. Melendres
		 	 Name: Robert C. Melendres
 Title:
Secretary

	
	SPANSION INTERNATIONAL, INC.
		
	By:	 	/s/    Dario Sacomani
		 	 Name: Dario Sacomani
 Title: CFO

	
	CERIUM LABORATORIES LLC
		
	By:	 	/s/    Dario Sacomani
		 	 Name: Dario Sacomani
 Title: CFO &
VP

	
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	/s/    Ken Puro
		 	 Name: Ken Puro
 Title: Vice
President

			
	ALASKA CBNA LOAN FUNDING LLC
		
	By:	 	/s/    Jason Muelver
		 	 Name: Jason Muelver
 Title:
Attorney-in-fact

	
	BISMARCK CBNA LOAN FUNDING LLC
		
	By:	 	/s/    Jason Muelver
		 	 Name: Jason Muelver
 Title:
Attorney-in-fact

	
	GRAND CENTRAL ASSET TRUST, HLD SERIES
		
	By:	 	/s/    Janet Haack
		 	 Name: Janet Haack
 Title: As Attorney In
Fact

	
	GRAND CENTRAL ASSET TRUST, PFV SERIES
		
	By:	 	/s/    Jason Muelver
		 	 Name: Jason Muelver
 Title:
Attorney-in-fact

	
	 STICHTING PENSIOENFONDS ABP
 By: ABP
Investments US, Inc., its agent

		
	By:	 	/s/    Paul Spijkers
		 	 Name: Paul Spijkers
 Title:
President/CEO

		
	By:	 	/s/    Peter Spoken
		 	 Name: Peter Spoken
 Title:
CFO/COO

  

 2 
  

 First Amendment to Credit Agreement 

			
	AMMC CLO V LIMITED
	By:	 	American Money Management Corp., as Collateral Manager
		
	By:	 	/s/    David P. Meyer 
		 	 Name: David P. Meyer
 Title: Senior Vice
President

	
	AMMC VII LTD
	By:	 	American Money Management Corp., as Collateral Manager
		
	By:	 	/s/    David P. Meyer
		 	 Name: David P. Meyer
 Title: Senior Vice
President

	
	BANK OF AMERICA TRADE
		
	By:	 	/s/    Michael Roof
		 	 Name: Michael Roof
 Title: Vice
President

	
	BEAR STEARNS INVESTMENT PRODUCTS INC.
		
	By:	 	/s/    Jonathan Weiss
		 	 Name: Jonathan Weiss
 Title: Authorized
Signatory

	
	CALLIDUS DEBT PARTNERS CLO FUND II, LTD.
	By:	 	Its Collateral Manager, Callidus Capital Management, LLC
		
	By:	 	/s/    Wayne Mueller
		 	 Name: Wayne Mueller
 Title: Senior Managing
Director

	
	CALLIDUS DEBT PARTNERS CLO FUND III LTD.
	By:	 	Its Collateral Manager, Callidus Capital Management, LLC
		
	By:	 	/s/    Wayne Mueller
		 	 Name: Wayne Mueller
 Title: Senior Managing
Director

  

 3 
  

 First Amendment to Credit Agreement 

			
	CALLIDUS DEBT PARTNERS CLO FUND IV LTD.
	By:	 	Its Collateral Manager, Callidus Capital Management, LLC
		
	By:	 	/s/    Wayne Mueller
		 	 Name: Wayne Mueller
 Title: Senior Managing
Director

	
	CALLIDUS DEBT PARTNERS CLO FUND V, LTD.
	By:	 	Its Collateral Manager, Callidus Capital Management, LLC
		
	By:	 	/s/    Wayne Mueller
		 	 Name: Wayne Mueller
 Title: Senior Managing
Director

	
	CIT GROUP/EQUIPMENT FINANCING, INC.
		
	By:	 	/s/    Andrew Giangrave
		 	 Name: Andrew Giangrave
 Title: Managing
Director

	
	COLUMBUSNOVA CLO LTD 2006-II
		
	By:	 	/s/    Patrick Engel
		 	 Name: Patrick Engel
 Title:
Director

	
	COLUMBUSNOVA CLO LTD 2007-I
		
	By:	 	/s/    Patrick Engel
		 	 Name: Patrick Engel
 Title:
Director

	
	ATRIUM III
		
	By:	 	/s/    David H. Lerner
		 	 Name: David H. Lerner
 Title: Authorized
Signatory

  

 4 
  

 First Amendment to Credit Agreement 

			
	ATRIUM IV
		
	By:	 	/s/    David H. Lerner
		 	 Name: David H. Lerner
 Title: Authorized
Signatory

	
	CASTLE GARDEN FUNDING
		
	By:	 	/s/    David H. Lerner
		 	 Name: David H. Lerner
 Title: Authorized
Signatory

	
	MADISON PARK FUNDING II LTD
		
	By:	 	/s/    David H. Lerner
		 	 Name: David H. Lerner
 Title: Authorized
Signatory

	
	MADISON PARK FUNDING IV LTD
		
	By:	 	/s/    David H. Lerner
		 	 Name: David H. Lerner
 Title: Authorized
Signatory

	
	MADISON PARK FUNDING VI LTD
		
	By:	 	/s/    David H. Lerner
		 	 Name: David H. Lerner
 Title: Authorized
Signatory

	
	TRS FORE LLC
	By:	 	 Deutsche Bank AG
 New York Branch, its sole
member

	By:	 	DB Services New Jersey, Inc.
		
	By:	 	/s/    Deirdre Whorton
		 	 Name: Deirdre Whorton
 Title: Assistant Vice
President

		
	By:	 	/s/    Alice L. Wagner
		 	 Name: Alice L. Wagner
 Title: Vice
President

  

 5 
  

 First Amendment to Credit Agreement 

			
	FRANKLIN CLO II, LIMITED
		
	By:	 	/s/    Tyler Chan
		 	 Name: Tyler Chan
 Title: Vice
President

	
	FRANKLIN CLO V, LTD
		
	By:	 	/s/    Tyler Chan
		 	 Name: Tyler Chan
 Title: Vice
President

	
	FRANKLIN FLOATING RATE DAILY ACCESS FUND
		
	By:	 	/s/    Tyler Chan
		 	 Name: Tyler Chan
 Title: Vice
President

	
	FRANKLIN FLOATING RATE MASTER SERIES
		
	By:	 	/s/    Tyler Chan
		 	 Name: Tyler Chan
 Title: Vice
President

	
	GOLDENTREE LOAN OPPORTUNITIES I, LTD
	By:	 	GoldenTree Asset Management, LLP
		
	By:	 	/s/    Authorized Signatory
		 	 Name:
 Title: Authorized
Signatory

  

 6 
  

 First Amendment to Credit Agreement 

			
	GOLDENTREE LOAN OPPORTUNITIES III, LTD
	By:	 	GoldenTree Asset Management, LLP
		
	By:	 	/s/    Authorized Signatory
		 	 Name:
 Title: Authorized
Signatory

	
	GOLDENTREE LOAN OPPORTUNITIES IV, LTD
	By:	 	GoldenTree Asset Management, LLP
		
	By:	 	/s/    Authorized Signatory
		 	 Name:
 Title: Authorized
Signatory

	
	GOLDMAN SACHS ASSET MANAGEMENT CLO, PLC
	By:	 	Goldman Sachs Asset Manager, as Manager
		
	By:	 	/s/    Sandra L. Stulberger
		 	 Name: Sandra L. Stulberger
 Title: Authorized
Signatory

	
	AMHERST CLO LTD
	By:	 	Highland Capital Management, L.P., as Collateral Manager
	By:	 	Strand Advisors, Inc., its General Partner
		
	By:	 	/s/    Brian Lohrding 
		 	 Name: Brian Lohrding
 Title:
Treasurer

	
	SEI GLOBAL MASTER FUND PLC – THE SEI ENHANCED INCOME FUND
	By:	 	SEI Global Bank Loan Pool /Highland for the benefit of SEI Global Investments Fund PLC – The SEI Enhanced Income Fund
		
	By:	 	/s/    M. Jason Blackburn
		 	 Name: M. Jason Blackburn
 Title:
Treasurer

  

 7 
  

 First Amendment to Credit Agreement 

			
	SEI INSTITUTIONAL INVESTMENTS TRUST—ENHANCED INCOME FUND
		
	By:	 	/s/    M. Jason Blackburn
		 	 Name: M. Jason Blackburn
 Title:
Treasurer

	
	SEI INSTITUTIONAL MANAGED TRUST ENH—ENHANCED INCOME FUND
		
	By:	 	/s/    M. Jason Blackburn
		 	 Name: M. Jason Blackburn
 Title:
Treasurer

	
	EMPLOYERS INSURANCE COMPANY OF WAUSAU
	By:	 	Highland Capital Management, L.P., its Investment Advisor
	By:	 	Strand Advisors, Inc., its General Partner
		
	By:	 	/s/    Brian Lohrding
		 	 Name: Brian Lohrding
 Title:
Treasurer

	
	GLENEAGLES CLO, LTD
	By:	 	Highland Capital Management, LP, as Collateral Manager
	By:	 	Strand Advisors, Inc., its General Partner
		
	By:	 	/s/    Brian Lohrding
		 	 Name: Brian Lohrding
 Title:
Treasurer

	
	LIBERTY MUTUAL FIRE INSURANCE COMPANY
	By:	 	Highland Capital Management, LP, its Investment Advisor
	By:	 	Strand Advisors, Inc., its General Partner
		
	By:	 	/s/    Brian Lohrding
		 	 Name: Brian Lohrding
 Title:
Treasurer

  

 8 
  

 First Amendment to Credit Agreement 

			
	ROCKWALL CDO LTD
	By:	 	Highland Capital Management, LP, as Collateral Manager
	By:	 	Strand Advisors, Inc., its General Partner
		
	By:	 	/s/    Brian Lohrding
		 	 Name: Brian Lohrding
 Title:
Treasurer

	
	BLUE SQUARE FUNDING LIMITED SERIES 3
	By:	 	DB Services New Jersey, Inc.
		
	By:	 	/s/    Alice L. Wagner
		 	 Name: Alice L. Wagner
 Title: Vice
President

		
	By:	 	/s/    Deirdre Whorton
		 	 Name: Deirdre Whorton
 Title: Assistant Vice
President

	
	EASTLAND CLO, LTD
	By:	 	Highland Capital Management, LP, as Collateral Manager
	By:	 	Strand Advisors, Inc., its General Partner
		
	By:	 	/s/    Brian Lohrding
		 	 Name: Brian Lohrding
 Title:
Treasurer

	
	EMERALD ORCHARD LIMITED
		
	By:	 	/s/    Wendy Cheung
		 	 Name: Wendy Cheung
 Title: Authorized
Signatory

  

 9 
  

 First Amendment to Credit Agreement 

			
	FIRST TRUST/HIGHLAND CAPITAL FLOATING RATE INCOME FUND
		
	By:	 	/s/    M. Jason Blackburn
		 	 Name: M. Jason Blackburn
 Title:
Treasurer

	
	GRAYSON CLO, LTD
	By:	 	Highland Capital Management, LP, as Collateral Manager
	By:	 	Strand Advisors, Inc., its General Partner
		
	By:	 	/s/    Brian Lohrding
		 	 Name: Brian Lohrding
 Title:
Treasurer

	
	HIGHLAND CDO OPPORTUNITY FUND, LTD.
	By:	 	Highland Capital Management, LP, as Collateral Manager
	By:	 	Strand Advisors, Inc., its General Partner
		
	By:	 	/s/    Brian Lohrding
		 	 Name: Brian Lohrding
 Title:
Treasurer

	
	HIGHLAND CREDIT STRATEGIES FUND
		
	By:	 	/s/    M. Jason Blackburn 
		 	 Name: M. Jason Blackburn
 Title:
Treasurer

	
	HIGHLAND FLOATING RATE ADVANTAGE FUND
		
	By:	 	/s/    M. Jason Blackburn
		 	 Name: M. Jason Blackburn
 Title:
Treasurer

	
	HIGHLAND FLOATING RATE LLC
		
	By:	 	/s/    M. Jason Blackburn
		 	 Name: M. Jason Blackburn
 Title:
Treasurer

  

 10 
  

 First Amendment to Credit Agreement 

			
	HIGHLAND LOAN FUNDING V LTD.
	By:	 	Highland Capital Management, LP, as Collateral Manager
	By:	 	Strand Advisors, Inc., its General Partner
		
	By:	 	/s/    Brian Lohrding
		 	 Name: Brian Lohrding
 Title:
Treasurer

	
	HIGHLAND OFFSHORE PARTNERS L.P.
	By:	 	Highland Capital Management, LP, as Collateral Manager
	By:	 	Strand Advisors, Inc., its General Partner
		
	By:	 	/s/    Brian Lohrding
		 	 Name: Brian Lohrding
 Title:
Treasurer

	
	JASPER CLO, LTD.
	By:	 	Highland Capital Management, LP, as Collateral Manager
	By:	 	Strand Advisors, Inc., its General Partner
		
	By:	 	/s/    Brian Lohrding
		 	 Name: Brian Lohrding
 Title:
Treasurer

	
	LIBERTY CLO, LTD.
	By:	 	Highland Capital Management, LP, as Collateral Manager
	By:	 	Strand Advisors, Inc., its General Partner
		
	By:	 	/s/    Brian Lohrding
		 	 Name: Brian Lohrding
 Title:
Treasurer

	
	LOAN FUNDING IV LLC
	By:	 	Highland Capital Management, LP, as Collateral Manager
	By:	 	Strand Advisors, Inc., its General Partner
		
	By:	 	/s/    Brian Lohrding
		 	 Name: Brian Lohrding
 Title:
Treasurer

  

 11 
  

 First Amendment to Credit Agreement 

			
	LOAN FUNDING VII LLC
	By:	 	Highland Capital Management, LP, as Collateral Manager
	By:	 	Strand Advisors, Inc., its General Partner
		
	By:	 	/s/    Brian Lohrding
		 	 Name: Brian Lohrding
 Title:
Treasurer

	
	LOAN STAR STATE TRUST
	By:	 	Highland Capital Management, LP, as Collateral Manager
	By:	 	Strand Advisors, Inc., its General Partner
		
	By:	 	/s/    Brian Lohrding
		 	 Name: Brian Lohrding
 Title:
Treasurer

	
	OLIGRA43
		
	By:	 	/s/    Wendy Cheung
		 	 Name:Wendy Cheung
 Title: Authorized
Signatory

	
	PIONEER FLOATING RATE TRUST
		
	By:	 	/s/    M. Jason Blackburn
		 	 Name: M. Jason Blackburn
 Title:
Treasurer

	
	RESTORATION FUNDING CLO, LTD
	By:	 	Highland Capital Management, LP, as Collateral Manager
	By:	 	Strand Advisors, Inc., its General Partner
		
	By:	 	/s/    Brian Lohrding
		 	 Name: Brian Lohrding
 Title:
Treasurer

  

 12 
  

 First Amendment to Credit Agreement 

			
	SOUTHFORK CLO LTD
	By:	 	Highland Capital Management, LP, as Collateral Manager
	By:	 	Strand Advisors, Inc., its General Partner
		
	By:	 	/s/    Brian Lohrding
		 	 Name: Brian Lohrding
 Title:
Treasurer

	
	ROCKWALL CDO II LTD.
	By:	 	Highland Capital Management, LP, as Collateral Manager
	By:	 	Strand Advisors, Inc., its General Partner
		
	By:	 	/s/    Brian Lohrding
		 	 Name: Brian Lohrding
 Title:
Treasurer

	
	ING PIMCO HIGH YIELD PORTFOLIO
	By:	 	Pacific Investment Management Company LLC, as its Investment Advisor
		
	By:	 	/s/    Arthur Y. D. Ong
		 	 Name: Arthur Y. D. Ong
 Title: Senior Vice
President

	
	JANUS ADVISER SERIES FLEXIBLE BOND FUND
		
	By:	 	/s/    Caroline B. Larson
		 	 Name: Caroline B. Larson
 Title: Manager Trade
Operations

	
	JANUS ADVISOR SERIES HIGH YIELD BOND FUND
		
	By:	 	/s/    Caroline B. Larson
		 	 Name: Caroline B. Larson
 Title: Manager Trade
Operations

  

 13 
  

 First Amendment to Credit Agreement 

			
	JANUS ASPEN SERIES FLEXIBLE BOND FUND
		
	By:	 	/s/    Caroline B. Larson
		 	 Name: Caroline B. Larson
 Title: Manager Trade
Operations

	
	JANUS CAPITAL FUNDS PLC—JANUS US HIGH YIELD BOND FUND
		
	By:	 	/s/    Caroline B. Larson
		 	 Name: Caroline B. Larson
 Title: Manager Trade
Operations

	
	JANUS CAPITAL FUNDS PLC—JANUS US FLEXIBLE BOND FUND
		
	By:	 	/s/    Caroline B. Larson
		 	 Name: Caroline B. Larson
 Title: Manager Trade
Operations

	
	JANUS FLEXIBLE BOND FUND
		
	By:	 	/s/    Caroline B. Larson
		 	 Name: Caroline B. Larson
 Title: Manager Trade
Operations

	
	JANUS HIGH YIELD FUND
		
	By:	 	/s/    Caroline B. Larson
		 	 Name: Caroline B. Larson
 Title: Manager Trade
Operations

	
	JANUS SHORT TERM BOND FUND
		
	By:	 	/s/    Caroline B. Larson
		 	 Name: Caroline B. Larson
 Title: Manager Trade
Operations

  

 14 
  

 First Amendment to Credit Agreement 

			
	JANUS CAPITAL FUNDS PLC—JANUS US SHORT TERM BOND FUND
		
	By:	 	/s/    Caroline B. Larson
		 	 Name: Caroline B. Larson
 Title: Manager Trade
Operations

	
	KEYBANK NATIONAL ASSOCIATION
		
	By:	 	/s/    Carla Laning
		 	 Name: Carla Laning
 Title: Vice
President

	
	KAMUNTING STREET MASTER FUND, LTD
	By:	 	Kamunting Street Capital Management, L.P., as Investment Manager
		
	By:	 	/s/    Gregor Dannacher
		 	 Name: Gregor Dannacher
 Title: Director of
Research

	
	CONTINENTAL CASUALTY COMPANY
		
	By:	 	/s/    Marilou R. McGirr
		 	 Name: Marilou R. McGirr
 Title: Vice President and
Assistant Treasurer

	
	CENTAURUS LOAN TRUST
	By:	 	Nomura Corporate Research and Asset Management Inc., as Investment Adviser
		
	By:	 	/s/    Robert Hoffman
		 	 Name: Robert Hoffman
 Title: Vice
President

	
	CLYDESDALE CLO 2003, LTD.
	By:	 	Nomura Corporate Research and Asset Management Inc., as Investment Adviser
		
	By:	 	/s/    Robert Hoffman
		 	 Name: Robert Hoffman
 Title: Vice
President

  

 15 
  

 First Amendment to Credit Agreement 

			
	CLYDESDALE CLO 2004, LTD.
	By:	 	Nomura Corporate Research and Asset Management Inc., as Investment Adviser
		
	By:	 	/s/    Robert Hoffman
		 	 Name: Robert Hoffman
 Title: Vice
President

	
	CLYDESDALE CLO 2006, LTD.
	By:	 	Nomura Corporate Research and Asset Management Inc., as Investment Adviser
		
	By:	 	/s/    Robert Hoffman
		 	 Name: Robert Hoffman
 Title: Vice
President

	
	CLYDESDALE STRATEGIC CLO I, LTD.
	By:	 	Nomura Corporate Research and Asset Management Inc., as Investment Adviser
		
	By:	 	/s/    Robert Hoffman
		 	 Name: Robert Hoffman
 Title: Vice
President

	
	NCRAM SENIOR LOAN TRUST 2005
	By:	 	Nomura Corporate Research and Asset Management Inc., as Investment Adviser
		
	By:	 	/s/    Robert Hoffman
		 	 Name: Robert Hoffman
 Title: Vice
President

	
	CALIFORNIA PUBLIC EMPLOYEES’ RETIREMENT SYSTEM
	By:	 	Pacific Investment Management Company LLC, as its Investment Advisor, acting through Investors Fiduciary Trust Company
		
	By:	 	/s/    Arthur Y. D. Ong
		 	 Name: Arthur Y. D. Ong
 Title: Senior Vice
President

	
	FAIRWAY LOAN FUNDING COMPANY
	By:	 	Pacific Investment Management Company LLC, as its Investment Advisor
		
	By:	 	/s/    Arthur Y. D. Ong
		 	 Name: Arthur Y. D. Ong
 Title: Senior Vice
President

  

 16 
  

 First Amendment to Credit Agreement 

			
	IBM PERSONAL PENSION PLAN TRUST
	By:	 	Pacific Investment Management Company LLC, as its Investment Advisor
		
	By:	 	/s/    Arthur Y. D. Ong
		 	 Name: Arthur Y. D. Ong
 Title: Senior Vice
President

	
	PIMCO FLOATING INCOME FUND
	By:	 	Pacific Investment Management Company LLC, as its Investment Advisor, acting through Investors Fiduciary Trust Company in the Nominee Name of IFTCO
		
	By:	 	/s/    Arthur Y. D. Ong
		 	 Name: Arthur Y. D. Ong
 Title: Senior Vice
President

	
	PIMCO FLOATING RATE INCOME FUND
	By:	 	Pacific Investment Management Company LLC, as its Investment Advisor, acting through Investors Fiduciary Trust Company in the Nominee Name of IFTCO
		
	By:	 	/s/    Arthur Y. D. Ong
		 	 Name: Arthur Y. D. Ong
 Title: Senior Vice
President

	
	PIMCO FLOATING RATE STRATEGY FUND
	By:	 	Pacific Investment Management Company LLC, as its Investment Advisor, acting through Investors Fiduciary Trust Company in the Nominee Name of IFTCO
		
	By:	 	/s/    Arthur Y. D. Ong
		 	 Name: Arthur Y. D. Ong
 Title: Senior Vice
President

  

 17 
  

 First Amendment to Credit Agreement 

			
	PIMCO PRIVATE HIGH YIELD PORTFOLIO
	By:	 	Pacific Investment Management Company LLC, as its Investment Advisor, acting through Investors Fiduciary Trust Company in the Nominee Name of IFTCO
		
	By:	 	/s/    Arthur Y. D. Ong
		 	 Name: Arthur Y. D. Ong
 Title: Senior Vice
President

	
	PRUDENTIAL SERIES FUND INC.
	By:	 	Pacific Investment Management Company LLC, as its Investment Advisor, acting through State Street Bank and Trust Company, in the Nominee Name of IFTCO
		
	By:	 	/s/    Arthur Y. D. Ong
		 	 Name: Arthur Y. D. Ong
 Title: Senior Vice
President

	
	PVIT HIGH YIELD BOND PORTFOLIO
	By:	 	Pacific Investment Management Company LLC, as its Investment Advisor, acting through Investors Fiduciary Trust Company in the Nominee Name of IFTCO
		
	By:	 	/s/    Arthur Y. D. Ong
		 	 Name: Arthur Y. D. Ong
 Title: Senior Vice
President

	
	RED RIVER HYPI, L.P.
	By:	 	Pacific Investment Management Company LLC, as its Investment Advisor, acting through Investors Fiduciary Trust Company in the Nominee Name of IFTCO
		
	By:	 	/s/    Arthur Y. D. Ong
		 	 Name: Arthur Y. D. Ong
 Title: Senior Vice
President

  

 18 
  

 First Amendment to Credit Agreement 

			
	
	FINCH FUNDING LLC
		
	By:	 	/s/    Anna M. Tallent
		 	 Name: Anna M. Tallent
 Title: Assistant Vice
President

	
	AVERY POINT CLO LTD
	By:	 	Sankaty Advisors, LLC, as Collateral Manager
		
	By:	 	/s/    Alan K. Halfenger
		 	 Name: Alan K. Halfenger
 Title: Chief Compliance
Officer, Assistant Secretary

	
	CASTLE HILL I – INGOTS, LTD.
	By:	 	Sankaty Advisors, LLC, as Collateral Manager
		
	By:	 	/s/    Alan K. Halfenger
		 	 Name: Alan K. Halfenger
 Title: Chief Compliance
Officer, Assistant Secretary

	
	CHATHAM LIGHT II CLO, LIMITED
	By:	 	Sankaty Advisors, LLC, as Collateral Manager
		
	By:	 	/s/    Alan K. Halfenger
		 	 Name: Alan K. Halfenger
 Title: Chief Compliance
Officer, Assistant Secretary

	
	CHATHAM LIGHT III CLO LIMITED
	By:	 	Sankaty Advisors, LLC, as Collateral Manager
		
	By:	 	/s/    Alan K. Halfenger
		 	 Name: Alan K. Halfenger
 Title: Chief Compliance
Officer, Assistant Secretary

	
	HARBOUR TOWN FUNDING LLC
		
	By:	 	/s/    Anna M. Tallent
		 	 Name: Anna M. Tallent
 Title: Assistant Vice
President
  

  

 19 
  

 First Amendment to Credit Agreement 

			
	
	KATONAH III, LTD.
	By:	 	Sankaty Advisors, LLC, as Sub-Advisors
		
	By:	 	/s/    Alan K. Halfenger
		 	 Name: Alan K. Halfenger
 Title: Chief Compliance
Officer, Assistant Secretary

	
	KATONAH IV LTD
	By:	 	Sankaty Advisors, LLC, as Sub-Advisors
		
	By:	 	/s/    Alan K. Halfenger
		 	 Name: Alan K. Halfenger
 Title: Chief Compliance
Officer, Assistant Secretary

	
	LOAN FUNDING XI LLC
	By:	 	Sankaty Advisors, LLC, as Collateral Manager
		
	By:	 	/s/    Alan K. Halfenger
		 	 Name: Alan K. Halfenger
 Title: Chief Compliance
Officer, Assistant Secretary

	
	NASH POINT CLO
	By:	 	Sankaty Advisors, LLC, as Collateral Manager
		
	By:	 	/s/    Alan K. Halfenger
		 	 Name: Alan K. Halfenger
 Title: Chief Compliance
Officer, Assistant Secretary

	
	RACE POINT CLO, LIMITED
	By:	 	Sankaty Advisors, LLC, as Collateral Manager
		
	By:	 	/s/    Alan K. Halfenger
		 	 Name: Alan K. Halfenger
 Title: Chief Compliance
Officer, Assistant Secretary

	
	RACE POINT II CLO, LIMITED
	By:	 	Sankaty Advisors, LLC, as Collateral Manager
		
	By:	 	/s/    Alan K. Halfenger
		 	 Name: Alan K. Halfenger
 Title: Chief Compliance
Officer, Assistant Secretary

  

 20 
  

 First Amendment to Credit Agreement 

			
	
	RACE POINT IV CLO, LTD
	By:	 	Sankaty Advisors, LLC, as Collateral Manager
		
	By:	 	/s/    Alan K. Halfenger
		 	 Name: Alan K. Halfenger
 Title: Chief Compliance
Officer, Assistant Secretary

	
	SANKATY HIGH YIELD PARTNERS II, L.P.
		
	By:	 	/s/    Alan K. Halfenger
		 	 Name: Alan K. Halfenger
 Title: Chief Compliance
Officer, Assistant Secretary

	
	SANKATY HIGH YIELD PARTNERS III, L.P.
		
	By:	 	/s/    Alan K. Halfenger
		 	 Name: Alan K. Halfenger
 Title: Chief Compliance
Officer, Assistant Secretary

	
	SKY CBNA LOAN FUNDING LLC
		
	By:	 	/s/    David Balmert
		 	 Name: David Balmert
 Title:
Attorney-in-Kind

	
	WB LOAN FUNDING 2, LLC
		
	By:	 	/s/    Diana M. Himes
		 	 Name: Diana M. Himes
 Title: Vice
President

  

 21 
  

 First Amendment to Credit Agreement 

			
	
	CELERINA FUNDING
		
	By:	 	/s/    Wendy Cheung
		 	 Name: Wendy Cheung
 Title: Authorized
Signatory

	
	FEINGOLD OKEEFFE CV1
		
	By:	 	/s/    Neam Ahmed
		 	 Name: Neam Ahmed
 Title: Authorized
Signatory

	
	SCOTIABANK (IRELAND) LTD
		
	By:	 	/s/    Neam Ahmed
		 	 Name: Neam Ahmed
 Title: Authorized
Signatory

	
	STRAND FUNDING
		
	By:	 	/s/    Wendy Cheung
		 	 Name: Wendy Cheung
 Title: Authorized
Signatory

	
	NOB HILL CLO II, LIMITED
		
	By:	 	/s/    Bradley Kane
		 	 Name: Bradley Kane
 Title: Portfolio
Manager

	
	NOB HILL CLO, LTD
		
	By:	 	/s/    Bradley Kane
		 	 Name: Bradley Kane
 Title: Portfolio
Manager

  

 22 
  

 First Amendment to Credit Agreement 

			
	
	ORINDA SERVES I LTD
		
	By:	 	/s/    Bradley Kane
		 	 Name: Bradley Kane
 Title: Portfolio
Manager

	
	FABER SPIRET LOAN TRUST
		
	By:	 	/s/    Rachel L. Simpson
		 	 Name: Rachel L. Simpson
 Title: Sr. Financial Services
Officer

	
	UBS AG, STAMFORD BRANCH
		
	By:	 	/s/    Douglas Gervolino
		 	 Name: Douglas Gervolino
 Title: Associate Director
Banking Products Services, US

		
	By:	 	/s/    Douglas Gervolino
		 	 Name: Toba Lumbantobing
 Title: Associate Director
Banking Products Services, US

	
	SILVERADO CLO 2007-I LIMITED
	By:	 	Wells Capital Management as Portfolio Manager
		
	By:	 	/s/    Zachary Tyler
		 	 Name: Zachary Tyler
 Title: Authorized
Signatory

  

 23 
  

 First Amendment to Credit Agreement

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