Document:

exv10w32

 

Exhibit 10.32

First Amendment to Merchant Agreement & Operating Procedures

This Amendment (“Amendment”) effective the first day of March 2000 (“Effective Date”), between
Nordstrom Inc., a Washington corporation (“Nordstrom”) and Nordstrom fsb, a federal savings bank
(“Bank”), amends and supplements that certain Merchant Agreement & Operating Procedures between
Nordstrom National Credit Bank (“NNCB”) and Nordstrom entered into on or about August 30, 1991
(“Agreement”).

A. Effective March 1, 2000, NNCB converted its National Bank charter to a federal savings bank
charter, ceased all operations pursuant to the National Bank charter, and began operations as Bank,
a federal savings bank. Bank is successor in interest to NNCB and has succeeded to all of NNCB’s
rights and obligations under the Agreement, effective March 1, 2000.

B. Bank and Nordstrom wish to amend the Agreement to reflect the succession from NNCB to Bank, to
update pricing, and to add certain other provisions as set forth in
this Amendment.

Therefore, in consideration of the mutual covenants and conditions contained herein, the parties
hereby amend and supplement the Agreement as follows:

     1. The parties agree, acknowledge and approve that Bank has succeeded to all of NNCB’s rights
and obligations under the Agreement effective March 1, 2000. The Agreement is amended in its
entirety by deleting the name “Nordstrom National Credit Bank” wherever it shall appear and
substituting in its place the name “Nordstrom fsb,” it being the intention of the parties hereto
that Bank shall assume all of NNCB’s right, title and interest in and to the Agreement, and shall
be substituted as a named party whenever the name Nordstrom National Credit Bank shall appear, and
that the term “Bank” wherever it should be found in the Agreement shall refer to Nordstrom fsb and
not to NNCB.

     2. Section 17 of the Agreement is amended by adding the following at the end of such section:

The fees payable by Merchant hereunder for the fiscal years ending January 31, 2001 and
January 31, 2002 shall be 0.50% of the net face amount of sales
slips. Fees shall be
calculated and settled monthly based on net sales. Receivables shall
be transferred daily.

3. Section 18 of the Agreement is amended by deleting the second through sixth sentences of
such section.

4. Section 25 of the Agreement is amended to read:

25.
Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the state of Arizona.

5. The following is added to the Agreement as Section 30:

30. Relationship of the Parties. The parties to this Agreement are presently
affiliates within the meaning of 12 U.S.C. Section 1468(a), and therefore acknowledge that
this Agreement is subject to the provisions of 12 U.S.C. Section 371c-1 by operation of
12 U.S.C. Section 1468(a)(1). The parties’ performance under this Agreement, and all

 

 

transactions conducted hereunder, shall comply with the
provisions of 12 U.S.C. Section 371c-1 Nothing in this Agreement shall be deemed to create a partnership, joint venture or,
except as specifically set forth herein, any agency relationship between the parties.

     6. Except as specifically amended hereby, the original terms and conditions of the
Agreement are unchanged and in full force and effect.

     IN WITNESS WHEREOF the parties have executed this Amendment effective as of the date first
written above.

	 	 	 	 	 	 	 	 	 	 	 
	Nordstrom fsb, a federal saving bank	 	 	 	Nordstrom Inc., a Washington corporation	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Denny D. Dumler
 

	 	 	 	By:
	 	/s/ Kevin Knight
 

	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Title:

	 	President
	 	 	 	Title:
	 	Exec VP	 	 

2exv10w33

 

Exhibit 10.33

Second Amendment to Merchant Agreement & Operating Procedures

     This Second Amendment (“Amendment”) effective March 2, 2000 (“Effective Date”), between
Nordstrom Inc., a Washington corporation (“Nordstrom”) and Nordstrom fsb, a federal savings
bank (“Bank”), amends and supplements that certain Merchant Agreement & Operating Procedures
between Nordstrom National Credit Bank (“NNCB”) and Nordstrom entered into on or about August
30, 1991, as amended by a First Amendment dated March 1, 2000 (collectively, the “Agreement”).

     Bank and Nordstrom wish to amend the Agreement to correctly reflect updated pricing, as
set forth in this Amendment.

     Therefore, in consideration of the mutual covenants and conditions contained herein, the
parties hereby amend and supplement the Agreement as follows:

     1. Section 2 of the Agreement is amended by deleting the words “less an allowance for
amounts which will be written off”.

     2. Exhibit A, attached to the Agreement, is amended by deleting the words “Less Allowance
for Writeoffs”

     3. Except as specifically amended hereby, the original terms and conditions of the
Agreement are unchanged and in full force and effect.

     IN WITNESS WHEREOF, the parties have executed this Amendment effective as of the date
first written above.

	 	 	 	 	 	 	 	 	 	 	 
	Nordstrom fsb, a federal saving bank	 	 	 	Nordstrom Inc., a Washington corporation	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Denny D. Dumler
 

	 	 	 	By:
	 	/s/ Kevin Knight
 

	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Title:

	 	President
	 	 	 	Title:
	 	Executive VPexv10w34

 

Exhibit 10.34

THIRD AMENDMENT TO MERCHANT AGREEMENT & OPERATING PROCEDURES

     This Third Amendment to Merchant Agreement & Operating Procedures, dated as of October 1, 2001
(the “Amendment”), between Nordstrom, Inc. (“Nordstrom” or “Merchant”), and Nordstrom fsb (the
“Bank”), amends and supplements that certain Merchant Agreement & Operating Procedures, dated as of
August 30,1991, as amended by a First Amendment, dated March 1, 2000 and a Second Amendment, dated
March 2, 2000 (collectively, the “Agreement”) between Nordstrom fsb (as successor in interest to
Nordstrom National Credit Bank) and Nordstrom. Capitalized terms used herein but not defined herein
shall have the meanings ascribed to such terms in the Agreement.

     The Bank and Nordstrom wish to amend the Agreement to clarify the ownership of the
receivables represented by the sales slips generated by Merchant in connection with Bank Credit
Card Transactions, as set forth in this Amendment.

     Therefore, in consideration of the mutual covenants and conditions contained herein, the
parties hereby amend and supplement the Agreement as follows:

     1. Section 18 of the Agreement is amended by deleting the existing provision in its entirety
and replacing it with the following new provision:

18. Title to Receivables. Immediately upon the Bank crediting the face amount of
each sales slip generated by Merchant in connection with a Bank Credit Card Transaction to
the Merchant’s Bank Account, all right, title and interest in and to the receivable
represented by such sales slip shall be vested in the Bank. From and after the date
thereof, the Bank shall be the owner of each such receivable and all credit information
relating thereto, and shall be entitled to receive all payments made by the related
customer of Merchant in respect thereof. Merchant acknowledges and agrees that upon its
receipt of funds by Bank in the Merchant’s Bank Account with respect to each sales slip
generated by Merchant in connection with a Bank Credit Card Transaction, it shall have no
right, title or interest in or to any payment made by the related customer, Notwithstanding
the foregoing. Merchant may accept payments in respect of such receivables on behalf of
Bank as set forth in Sections 9 and 19 of this Agreement.

     2. Except as specifically amended hereby, the original terms and conditions of the
Agreement are unchanged and in full force and effect.

     3. This Amendment shall be governed and construed in accordance with the laws of the State
of Arizona.

 

 

     IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date first written above.

	 	 	 	 	 	 	 
	 	 	NORDSTROM. INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Blake W. Nordstrom
 

	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	NORDSTROM fsb	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Kevin Knight
 

	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

2exv10w35

 

Exhibit 10.35

Fourth Amendment to Merchant Agreement & Operating Procedures

          This
Fourth Amendment to Merchant Agreements Operating Procedures, dated as of November 1,
2002 (“Amendment”), between Nordstrom, Inc. (“Nordstrom” or “Merchant”), and Nordstrom fsb
(“Bank”), amends and supplements that certain Merchant Agreement & Operating Procedures, dated as
of August 30, 1991, as amended by a First Amendment, dated March 1, 2000, a Second Amendment, dated
March 2, 2000 and a Third Amendment dated October 1, 2001 (collectively, the “Agreement”) between
Nordstrom fsb (as successor in interest to Nordstrom National Credit
Bank) and Nordstrom. Capitalized terms Used herein but not defined herein shall have the meanings ascribed to such terms
in the Agreement.

          The Bank and Nordstrom wish to amend the Agreement to correctly reflect updated pricing, as
set forth in this Amendment.

          Therefore, in consideration of the mutual covenants and conditions contained herein, the
parties hereby amend and supplement the Agreement as follows:

          1. Section 17 of the Agreement is amended by deleting the existing provision in its entirety
and replacing it with the following provision:

     17
Fees.

(a) Merchant and the Bank agree that Merchant’s payment to the Bank of its fee, expressed as
a percentage of the total of each Bank Credit Card Transaction, for services rendered to
Merchant under this Agreement will also be sufficient to compensate the Bank for services
rendered to Merchant pursuant to the terms hereof. The initially
agreed upon fee shall be .25%
of the net face amount of sales slips (less any credit slips) credited to the Bank by Merchant
in connection with Bank Credit Card Transactions. The Bank will charge Merchant the applicable
percentage on all sales slips purchased on a daily basis.

(b) The fees payable by Merchant hereunder for the fiscal year ending January 31, 2001 and from
February 1, 2001 through October 31, 2001 shall be 0.50% of the net face amount of sales slips
(less any credit slips) credited to the Bank by Merchant in connection with Bank Credit Card
Transactions. Fees for such fiscal years shall be calculated and settled monthly based on net
sales Receivables for such fiscal years shall be transferred daily.

(c) Beginning November 1, 2001 and thereafter, the fees payable by Merchant hereunder shall be
2.0% of the net face amount of sales slips (less any credit slips) credited to the Bank by
Merchant in connection with Bank Credit Card Transactions, and shall be calculated and settled
as follows:

(i) From November 1, 2001 through September 30, 2002, fifty basis points (0.50%) of the net
face amount shall be calculated and settled daily, and one hundred
ten basis points (1.1%)
of the net face amount shall be calculated and settled monthly; and

(ii) Beginning
October 1, 2002 and thereafter, 2.0% of the net face amount shall be
calculated and settled daily.

Receivables shall be transferred daily

          2. Except as specifically amended hereby, the terms and conditions of the Agreement are
unchanged and in full force and effect.

          IN WITNESS WHEREOF the parties have executed this Amendment effective as of the date first
written above.

	 	 	 	 	 	 	 	 	 	 	 
	Nordstrom fsb, a federal savings bank	 	 	 	Nordstrom Inc., a Washington corporation	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Michael Karmil
	 	 	 	By:	 	/s/ Kevin Knight	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	Title:

	 	Vice President Accounting
	 	 	 	Title:	 	Executive VP

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