Document:

Seventh Amendment to Receivables Purchase Agreement, dated as of April 4, 2006

 Exhibit 10.3 
 SEVENTH AMENDMENT TO RECEIVABLES PURCHASE AGREEMENT 
 THIS SEVENTH AMENDMENT TO RECEIVABLES PURCHASE
AGREEMENT (this “Amendment”) dated as of April 4, 2006 is entered into among AGC FUNDING CORPORATION (the “Seller”), AMERICAN GREETINGS CORPORATION (in its individual capacity, “Greetings”), in
its capacity as Servicer (in such capacity, together with its successors and permitted assigns in such capacity, the “Servicer”), PNC BANK, NATIONAL ASSOCIATION (in its individual capacity, “PNC”), as purchaser
agent for Market Street Funding LLC, PNC, as Administrator for each Purchaser Group (in such capacity, the “Administrator”), MARKET STREET FUNDING LLC (as successor to Market Street Funding Corporation in its individual capacity,
“Market Street”), as a Conduit Purchaser and as a Related Committed Purchaser, LIBERTY STREET FUNDING CORP. (“LSFC”), as a Conduit Purchaser and THE BANK OF NOVA SCOTIA (“BNS”), as a Related
Committed Purchaser and as purchaser agent for itself and LSFC. 
 RECITALS 
 1. The Seller, the Servicer, the Administrator, PNC, Market Street, Fifth Third Bank, LSFC and BNS are parties to the Receivables Purchase Agreement
dated as of August 7, 2001 (as amended, restated, supplemented or otherwise modified from time to time, the “Agreement”); and 
 2. The parties hereto desire to amend the Agreement as set forth herein. 
 NOW THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
 1. Certain Defined
Terms. Capitalized terms that are used herein without definition and that are defined in Exhibit I to the Agreement shall have the same meanings herein as therein defined. 
 2. Amendments to Agreement. 
 2.1 The definition of “Facility Termination Date” contained in Exhibit I to the Agreement is hereby amended and restated in its entirety to read as follows: 
 ““Facility Termination Date” means the earliest to occur of: (a) with respect to each Purchaser, August 1,
2007, in each case subject to any extension pursuant to Section 1.10 of the Agreement (it being understood that if any such Purchaser does not extend its Commitment hereunder then the Purchase Limit shall be reduced by an amount equal to
the Commitment of such Exiting Purchaser and the Commitment Percentages of the Purchasers within each remaining Purchaser Group shall be appropriately adjusted), (b) the date determined pursuant to Section 2.2 of the Agreement,
(c) the date the Purchase Limit reduces to zero pursuant to Section 1.1(b) of the Agreement, (d) with 

 
respect to each Purchaser Group, the date that the commitments of all of the Liquidity Providers terminate under the related Liquidity Agreements or the date
one or more of such Purchaser Group’s Program Support Agreements terminate and (e) with respect to each Purchaser Group, the date that the commitment, of all of the Related Committed Purchasers of such Purchaser Group terminate pursuant to
Section 1.10.” 
 2.2 The definition of “Purchase Limit” contained in Exhibit I to the Agreement is
hereby amended by deleting the amount “$200,000,000” and inserting in its place the amount “$150,000,000”. 
 2.3 All references to Fifth Third Bank whether in its individual capacity or whether acting in any specified capacity are hereby deleted in their entirety as they appear in any of the Transaction Documents. 
 3. Agreements in respect of Allocations. Each Related Committed Purchaser party hereto, by executing and delivering a counterpart to this
Amendment, hereby acknowledges and agrees that its respective “Commitment” is as set forth beneath such Person’s signature to this Amendment. 
 4. Exiting Purchaser. By signing below, each of the parties hereto (including Fifth Third Bank (“Fifth Third”)), hereby agrees that from and after the effectiveness of this Amendment,
Fifth Third shall cease to be a party to the Agreement as Purchaser Agent for the Fifth Third Purchaser Group, as a Conduit Purchaser, as a Related Committed Purchaser or in any other capacity and any fee letter or other agreement executed by it in
connection therewith and shall have no further rights or obligations thereunder (other than any rights or obligations that specifically survive termination of the Agreement or other agreement executed by it in connection therewith pursuant to its
respective terms and that are the result of actions or otherwise that occurred prior to the effectiveness of this Amendment). 
 5.
Representations and Warranties. The Seller hereby represents and warrants to each Purchaser and the Administrator as follows: 
 (a) Representations and Warranties. The representations and warranties contained in Exhibit III of the Agreement are true and correct in all material respects as of the date hereof (except to the extent
that such representations and warranties relate expressly to an earlier date, and in which case such representations and warranties shall be true and correct in all material respects as of such earlier date). 
 (b) No Default. Both before and immediately after giving effect to this Amendment and the transactions contemplated hereby, no
Termination Event or Unmatured Termination Event exists or shall exist. 
 6. Effect of Amendment. All provisions of the
Agreement, as expressly amended and modified by this Amendment, shall remain in full force and effect. After this Amendment becomes effective, all references in the Agreement (or in any other Transaction Document) to “this Agreement”,
“hereof”, “herein” or words of similar effect referring to the Agreement shall be deemed to be references to the Agreement as amended by this Amendment. This Amendment shall not be deemed, either expressly or impliedly, to waive,
amend or supplement any provision of the Agreement other than as set forth herein. 
  

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 7. Effectiveness. This Amendment shall become effective as of the date hereof upon receipt
by the Administrator of (a) counterparts of this Amendment (whether by facsimile or otherwise) executed by each of the other parties hereto, in form and substance satisfactory to the Administrator in its sole discretion and (b) an
acknowledgment of receipt by Fifth Third from the Seller of an amount equal to $3,683.33, representing all amounts due and payable to Fifth Third under the Transaction Documents. 
 8. Counterparts. This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of
which when so executed shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument. 
 9. Governing Law. This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New York (without regard to any otherwise applicable principles of conflicts of law). 
 10. Section Headings. The various headings of this Amendment are included for convenience only and shall not affect the meaning or
interpretation of this Amendment, the Agreement or any provision hereof or thereof. 
 (continued on following page) 
  

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

  

			
	AGC FUNDING CORPORATION
		
	By:	 	 /s/ Stephen J. Smith

	Name:	 	Stephen J. Smith
	Title:	 	Vice President and Treasurer
	
	 AMERICAN GREETINGS CORPORATION,
 as
Servicer

		
	By:	 	 /s/ Stephen J. Smith

	Name:	 	Stephen J. Smith
	Title:	 	 Vice President, Treasurer and
 Investor
Relations

  

 S-1 

			
	PNC BANK, NATIONAL ASSOCIATION,
	 as Administrator and as Purchaser Agent for Market
 Street Funding LLC

		
	By:	 	 /s/ John T. Smathers

	Name:	 	John T. Smathers
	Title:	 	Vice President
	
	 MARKET STREET FUNDING LLC,
 as a Conduit
Purchaser and as a Related

	Committed Purchaser
		
	By:	 	 /s/ Doris J. Hearn

	Name:	 	Doris J. Hearn
	Title:	 	Vice President
	
	Commitment: $80,000,000

  

 S-2 

			
	THE BANK OF NOVA SCOTIA,
	 as a Related Committed Purchaser and as Purchaser
 Agent for itself and Liberty Street Funding Corp.

		
	By:	 	 /s/ J. Alan Edwards

	Name:	 	J. Alan Edwards
	Title:	 	Managing Director
	
	Commitment: $70,000,000
	
	 LIBERTY STREET FUNDING CORP.,
 as a Conduit
Purchaser

		
	By:	 	 /s/ Bernard J. Angelo

	Name:	 	Bernard J. Angelo
	Title:	 	Vice President

  

 S-3 

			
	AGREED AND ACKNOWLEDGED:
	
	 FIFTH THIRD BANK,
 as Purchaser Agent for the
Fifth Third Purchaser
 Group, as a Conduit Purchaser and as a Related
 Committed Purchaser

		
	By:	 	 /s/ Robert Finley

	Name:	 	Robert Finley
	Title:	 	Vice President

  

 S-4Form of Service Agreement

 Exhibit 4.2 
 [Convenience Translation] 
 Contract 
 Between 
 Alllianz
Aktiengesellschaft 
 (hereinafter called “Company”) 
 and 
 Mr 

the following contract is concluded: 
 § 1 
 Functions and Obligations 
  

	(1)	You are a regular member of the Board of Management of the Company. You manage the business in accordance with the law, the articles of association of the Company and the rules of
procedure for the Board of Management as well as the decisions taken within the framework of such rules of procedure by the Chairman of the Board of Management. 

  

	(2)	Vis-à-vis third parties, you are authorized to represent the Company together with a member of the Board of Management or another authorized signatory. To the extent the
Company is authorized to represent other enterprises your power of representation extends to these enterprises. 

  

	(3)	The Company is entitled to assign to you during the term of this contract other positions of equal rank within the entire Allianz Group or to transfer you to such a position, also
at other locations. 

 § 2 
 Other Professional Activities 
  

	(1)	You will dedicate your complete working power to the Company and Allianz Group and will not perform any other professional activities within this country or abroad. Any commissions
for the brokerage for Allianz Group companies or companies which have close business relations with Allianz Group are excluded. 

  

	(2)	Prior to your appointment as a member of the management board, the administrative board, the “Board of Directors” or as managing director of another company, prior to
commencement of another activity within the meaning of Section 88 Paragraph 1 German Stock Companies Act (Aktiengesetz) and prior to any acceptance of mandates in supervisory boards, advisory boards or similar mandates, the consent
of the Supervisory Board must be obtained. The obtaining of the consent is effected by the Chairman of the Board of Management with whom every intended acceptance of mandates, also in a company of Allianz Group, shall be agreed upon in advance.
Should you receive any benefits from third parties in connection with such mandates or for other reasons you shall disclose these benefits to the Chairman of the Board of Management. 

  

	(3)	Upon request of the Board of Management you will take over supervisory board mandates and comparable functions in affiliated companies as well as activities in associations and
other federations of which the Company is a member due to its business activities. You are obliged to resign from any such office of the aforementioned kind that you hold in the interest of the Company at the end of your activity as member of the
Board of Management or, upon request of the Board of Management, already before the end. 

  

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 § 3 
  

	(1)	For your services you will during the term of this contract receive the following remuneration: 

  

						
	1.	  	 Fixed annual remuneration (basic remuneration) amounting to
	  	xxx.xxx,—	€
		  	(in words: xxxxxxxxxxxxxxx Euro) gross, payable in arrears in monthly partial amounts of xx.xxx,— € (in words: xxxxxxxxxxxxxxx Euro) gross.	  		
			
	2.	  	 An annual bonus in case of 100% target fulfillment in the amount of
 (in words: xxxxxxxxxxxxxxx Euro) gross, the specific terms and conditions of which will annually be defined by the Supervisory Board. The annual bonus may not exceed a
maximum of xxx.xxx,— € (in words: xxxxxxxxxxxxxxx Euro) gross.
	  	xxx.xxx,—	€
			
	3.	  	 A Mid-Term-Bonus for the years 2004–2006 amounting to a reward (in case of 100% target fulfillment)
of
 (in words: xxxxxxxxxxxxxxx Euro) gross, of which the specific terms and conditions will be defined by the Supervisory Board.
 The Mid-Term-Bonus may not exceed a maximum of xxx.xxx,— € (in words: xxxxxxxxxxxxxxx Euro) gross.
  
 On the granting of a new Mid-Term-Bonus after expiry of the aforementioned time period the
Supervisory Board shall decide at its free discretion.
	  	xxx.xxx,—	€
			
	4.	  	To the extent a stock-based remuneration plan for managers of the Company exists you will participate in this plan in accordance with the decision of the Supervisory Board.	  		

  

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	(2)	Any remuneration from supervisory board mandates or similar mandates in companies of Allianz Group or its joint ventures with other partners shall be paid over to the Company, as
the case may be after deduction of the value added tax payable thereon or any other non-deductible tax payable on this remuneration abroad. The same applies to 50 % of the amounts received for mandates in non-Allianz Group companies, unless
such mandates have been recognized by the Supervisory Board as being ad personam. Attendance fees and reimbursement of out-of-pocket expenses in the usual amounts shall not be paid over to the Company in case the Company has not reimbursed
the corresponding costs. 

  

	(3)	To the extent the term of this contract does not correspond to the financial year of the Company, the remuneration shall be calculated pro rata temporis.

 § 4 
 Vacation, Temporary and Permanent Disability to Work 
  

	(1)	You shall in every year be entitled to vacation adequate according to your function which shall not exceed a maximum of 35 working days. You shall agree on your vacation before its
respective commencement with the Chairman of the Board of Management. 

  

	(2)	 In case of a temporary disability to work that occurs due to sickness, accident or any other reason not based on your fault, the remuneration according to
§ 3 para. (1) will by the Company further be paid during a period of 12 months, however, no longer than until the end of the service contract. In case of a disability to work that lasts more than 6 weeks the period of absence will

  

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adequately be accounted for as regards the determination of the annual bonus and the Mid-Term-Bonus pursuant to § 3 para. (1) no. 2 and
3. Any benefits from third parties, for example due to insurances or third party liability claims, shall be deducted from the Company’s obligation to make payments or grant benefits. 

  

	(3)	In case of a permanent disability to work this contract shall end, provided that it does not already end before according to § 9 para. 1, three months after the end
of the month in which the permanent disability to work has been established. A permanent disability to work is given if presumably the functions resulting from this contract can permanently not be fulfilled. In case of doubt an expert opinion of a
physician to be agreed upon by the Supervisory Board and you shall be obtained to establish whether a permanent disability to work is given. 

 § 5 
 Fringe Benefits 
  

	(1)	You shall receive fringe benefits (Nebenleistungen) according to the terms and conditions applicable to members of the Company’s Board of Management which are attached
hereto as Annex 1. 

  

	(2)	You are entitled to use the social facilities (Sozialeinrichtungen) of Allianz Group and to conclude insurance contracts with Allianz Group companies for yourself and your
relatives at conditions customary for employees of Allianz Group companies. The details shall be determined by the Chairman of the Board of Management on behalf of the Supervisory Board. 

  

 5 

 § 6 
 Temporary Payment 
  

	(1)	In the event that, after having been a member of the Board of Management for at least five years, either you are not reappointed as member of the Board of Management or this
contract ends prematurely because of a consensual cancellation of your appointment as member of the Board of Management or a permanent disability to work according to § 4 para. (3), you shall receive for a period of further six months
the monthly fixed remuneration as paid at the date of your leave plus, pro rata for these six months, the proportionate annual bonus calculated on the basis of 100 % target fulfillment. If according to the terms and conditions of your
confirmation of pension entitlement pension payments are due, they shall be deducted. 

  

	(2)	In case your membership in the Board of Management terminates because of your death and you are survived by your widow or your minor children, such survivors shall receive the
additional benefits mentioned in § 6 para. (1). 

  

	(3)	For the calculation of the five year term of office within the meaning of the preceding paragraph (1), 1 January 200x shall be deemed to be the day of the beginning of
such term of office. 

 § 7 
 Change of Control 
  

	(1)	If during a period of 12 months after a change of control of Allianz AG as defined in para. (4) hereinafter 

  

	 	•	 	your appointment as member of the Board of Management of Allianz AG is revoked unilaterally by the Supervisory Board, or 

  

	 	•	 	your membership in the Board of Management is terminated by common consent, or 

  

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	 	•	 	your membership in the Board of Management is terminated by your resignation from office due to the fact that your responsibilities as member of the Board of Management of Allianz
AG are materially reduced, 

 without you having given a cause therefore by culpable action, you shall receive for the remaining
term of your service contract your contractual remuneration in the form of a single payment. The single payment shall be calculated on the basis of the fixed remuneration as applicable at the date of the change of control, the annual bonus and an
current Mid-Term-Bonus, if any, in each case with a discount for unaccrued interest in line with market conditions. Thereby, as regards the annual bonus and a current Mid-Term-Bonus, for the time until the end of the membership in the Board of
Management the effective target fulfillment and for the time after the end of the membership in the Board of Management a target fulfillment of 100% shall be decisive. If the remaining term of the service contract does not amount to at least three
years, the single payment shall, as regard the fixed remuneration and the annual bonus, be increased accordingly to a remaining term of three years. The single payment shall be reduced for any other payments or monetary value benefits that are
granted by other companies of Allianz Group or a majority shareholder in connection with the change of control. If the time period between the end of the membership in the Board of Management and the reaching of the age of 60 is shorter than three
years, the single payment shall be reduced accordingly. 
  

	(2)	In respect of rights under a stock-based remuneration plan you will under the requirements of para. (1) be treated as a pensioner according to the respective applicable plan
terms and conditions. 

  

	(3)	The preceding paragraphs shall apply accordingly if before the expiry of two years after a change of control an expiring mandate in the Board of Management is not extended. In this
case, for the period between the end of the service contract and the expiry of three years after the change of control a single payment will be made that is determined in accordance with para. (1). 

  

 7 

	(4)	A change of control shall be given if a shareholder of Allianz AG publishes according to Section 21 German Securities Trading Act (Wertpapier-handelsgesetz) that it
– alone or together with other shareholders which are acting together in the sense of an acting in concert – holds, including voting rights that are attributed to the shareholder according to Section 22 German Securities Trading Act,
more than 50 % of the voting rights of Allianz AG. 

 § 8 
 Pension Provisions 
  

	(1)	Your pension entitlements as well as those of your surviving dependants shall be governed by the Allianz pension commitment confirmed to you by a separate letter. Such pension
commitment provides that any benefits from Allianz Versorgungskasse VVaG (AVK) and from Allianz Pensionsverein e.V. (APV) shall be paid in addition to the entitlements under the pension commitment. 

  

	(2)	Due to requirements imposed by law, according to § 14 of the APV-Charter there is no legal entitlement (Rechtsanspruch) to any pensions of APV. The benefits of APV
will, however, be covered by a life annuity insurance of equal value on your life with Allianz Lebensversicherungs-AG. You hereby agree to the conclusion of such insurance. 

 § 9 
 Term of Contract 
  

	(1)	This contract shall be concluded with effect from 1 January 200x until 31 December 200x. In the event that your appointment as member of the Board of Management is
extended by the Supervisory Board of the Company beyond the abovementioned date, this contract shall continue to apply until the end of the term of office. 

  

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	(2)	At the latest six months prior to the expiration of your term of office the Company will inform you what position the Supervisory Board takes with respect to the question whether
your appointment will be extended. If you would not give your consent to a reappointment, you shall notify the Company thereof at the latest six months prior to the expiry of your term of office. 

 § 10 
 Business and Operational
Secrets 
 You undertake to keep strictly confidential vis-à-vis third parties all business and operational secrets both during the term of the
service contract and thereafter. This shall not apply to the extent that an obligation to disclose is imposed by law. Further, you are obliged to return to the Company at the end of your activity as member of the Board of Management any documents,
records and papers in your possession, including information stored on electronic data storages, which have been produced in connection with your activity as member of the Board of Management. Insofar, a right of retention is excluded. 

§ 11 
 Miscellaneous

 Should any provision of this service contract be invalid or later lose its validity in whole or in part, this shall not affect the validity of the
remaining provisions. As far as legally permissible, an adequate provision which comes as near as possible to what the parties intended or would have intended had they considered the invalidity of the provision shall replace the invalid provision.
This shall also apply if the invalidity of a provision is based on the extent of performance due or the scope of time under this contract; in this case, such legally permissible extent of performance due or scope of time shall be deemed to be agreed
that comes as near as possible to what was intended. 
  

 9 

					
	Munich, [date]	 		 	 Munich, [date]

			
	 Allianz Aktiengesellschaft
	 		 	
	 The Chairman of the Supervisory Board
	 		 	
			
	  	 		 	
	  	 		 	

  

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