Document:

EXHIBIT 10.13

 

Execution Version

 

 

SERIES 2016-3 ACCOUNT CONTROL AGREEMENT

 

among

 

FORD CREDIT FLOORPLAN MASTER OWNER TRUST A,
 as Grantor

 

THE BANK OF NEW YORK MELLON,
  as Secured Party

 

and

 

THE BANK OF NEW YORK MELLON,
  as Financial Institution

 

Dated as of July 1, 2016

 

 

 

TABLE OF CONTENTS

 

	
ARTICLE   I USAGE AND DEFINITIONS
    	
2
    
	
Section   1.1.
    	
Usage and Definitions
    	
2
    
	
 
    	
 
    	
 
    
	
ARTICLE   II ESTABLISHMENT OF COLLATERAL ACCOUNTS
    	
2
    
	
Section   2.1.
    	
Description of Accounts
    	
2
    
	
Section   2.2.
    	
Account Changes
    	
3
    
	
Section   2.3.
    	
Account Types
    	
3
    
	
Section   2.4.
    	
Securities Accounts
    	
3
    
	
 
    	
 
    	
 
    
	
ARTICLE   III SECURED PARTY CONTROL
    	
3
    
	
Section   3.1.
    	
Control of Collateral   Accounts
    	
3
    
	
Section   3.2.
    	
Investment Instructions
    	
3
    
	
Section   3.3.
    	
Conflicting Orders or   Instructions
    	
4
    
	
 
    	
 
    	
 
    
	
ARTICLE   IV SUBORDINATION OF LIEN; WAIVER OF SET-OFF
    	
4
    
	
Section   4.1.
    	
Subordination
    	
4
    
	
Section   4.2.
    	
Set-off and Recoupment
    	
4
    
	
 
    	
 
    	
 
    
	
ARTICLE   V REPRESENTATIONS, WARRANTIES AND COVENANTS
    	
4
    
	
Section   5.1.
    	
Financial Institution’s   Representations and Warranties
    	
4
    
	
Section   5.2.
    	
Financial Institution’s   Covenants
    	
5
    
	
 
    	
 
    	
 
    
	
ARTICLE   VI OTHER AGREEMENTS
    	
5
    
	
Section   6.1.
    	
Location of Financial   Institution
    	
5
    
	
Section   6.2.
    	
Reliance by Financial   Institution
    	
5
    
	
Section   6.3.
    	
Termination and   Replacement of Financial Institution
    	
5
    
	
Section   6.4.
    	
No Petition
    	
6
    
	
Section   6.5.
    	
Limitation of Liability
    	
6
    
	
Section   6.6.
    	
Conflict With Other   Agreement
    	
6
    
	
Section   6.7.
    	
Termination
    	
6
    
	
 
    	
 
    	
 
    
	
ARTICLE   VII MISCELLANEOUS
    	
6
    
	
Section   7.1.
    	
Amendment
    	
6
    
	
Section   7.2.
    	
Benefit of Agreement
    	
7
    
	
Section   7.3.
    	
Notices
    	
7
    
	
Section   7.4.
    	
GOVERNING LAW
    	
8
    
	
Section   7.5.
    	
Submission to   Jurisdiction
    	
8
    
	
Section   7.6.
    	
WAIVER OF JURY TRIAL
    	
8
    
	
Section   7.7.
    	
No Waiver; Remedies
    	
8
    
	
Section   7.8.
    	
Severability
    	
8
    
	
Section   7.9.
    	
Headings
    	
8
    
	
Section   7.10.
    	
Counterparts
    	
8
    

 

i

 

SERIES 2016-3 ACCOUNT CONTROL AGREEMENT, dated as of July 1, 2016 (this “Agreement”), among FORD CREDIT FLOORPLAN MASTER OWNER TRUST A, a Delaware statutory trust, as grantor (the “Grantor”), THE BANK OF NEW YORK MELLON, a New York banking corporation, as Indenture Trustee for the benefit of the Series 2016-3 Noteholders (in this capacity, the “Secured Party”), and THE BANK OF NEW YORK MELLON, a New York banking corporation, in its capacity as both a “securities intermediary” as defined in Section 8-102 of the UCC and a “bank” as defined in Section 9-102 of the UCC (in these capacities, the “Financial Institution”).

 

BACKGROUND

 

The Grantor is engaging in a securitization transaction in which it will issue the Series 2016-3 Notes under an Indenture Supplement to an Indenture and the Secured Party will hold funds in bank accounts for the benefit of the Series 2016-3 Noteholders.

 

The parties are entering into this Agreement to perfect the security interest in the bank accounts.

 

The parties agree as follows:

 

ARTICLE I
 USAGE AND DEFINITIONS

 

Section 1.1.                                 Usage and Definitions.  Capitalized terms used but not defined in this Agreement are defined in (a) Appendix A to the Series 2016-3 Indenture Supplement, dated as of July 1, 2016 (the “Indenture Supplement”), between the Grantor, as Issuer, and The Bank of New York Mellon, as Indenture Trustee, or (b) Appendix A to (i) the Fifth Amended and Restated Sale and Servicing Agreement, dated as of August 1, 2001, as amended and restated as of December 1, 2010, among Ford Credit Floorplan Corporation, as Depositor, the Grantor, as Issuer, and Ford Motor Credit Company LLC, as Servicer, and (ii) the Fifth Amended and Restated Sale and Servicing Agreement, dated as of August 1, 2001, as amended and restated as of December 1, 2010, among Ford Credit Floorplan LLC, as Depositor, the Issuer and the Servicer.  Each Appendix A also contains usage rules that apply to this Agreement.  Each Appendix A is incorporated by reference into this Agreement.  References to the “UCC” mean the Uniform Commercial Code as in effect in the State of New York.

 

ARTICLE II
 ESTABLISHMENT OF COLLATERAL ACCOUNTS

 

Section 2.1.                                 Description of Accounts.  The Financial Institution has established the following accounts (each, a “Collateral Account”):

 

“Series 2016-3 Principal Funding Account — The Bank of New York Mellon as Indenture Trustee, as secured party for Ford Credit Floorplan Master Owner Trust A for Series 2016-3” with account number 9084518400.

 

2

 

“Series 2016-3 Reserve Account — The Bank of New York Mellon as Indenture Trustee, as secured party for Ford Credit Floorplan Master Owner Trust A for Series 2016-3” with account number 9084508400.

 

“Series 2016-3 Accumulation Period Reserve Account — The Bank of New York Mellon as Indenture Trustee, as secured party for Ford Credit Floorplan Master Owner Trust A for Series 2016-3” with account number 9084538400.

 

Section 2.2.                                 Account Changes.  Neither the Financial Institution nor the Grantor will change the name or account number of a Collateral Account without the consent of the Secured Party.  The Financial Institution will promptly notify the Servicer of any changes.  This Agreement will apply to each successor account to a Collateral Account, which will also be a Collateral Account.

 

Section 2.3.                                 Account Types.  The Financial Institution agrees that each Collateral Account is, and will be maintained as, either a “securities account” (as defined in Section 8-501 of the UCC) or a “deposit account” (as defined in Section 9-102(a)(29) of the UCC).

 

Section 2.4.                                 Securities Accounts.  If a Collateral Account is a securities account, the Financial Institution agrees that:

 

(a)                                 Financial Assets.  It will promptly credit each item of property (whether cash, investment property, security, instrument or other financial asset) delivered to the Financial Institution under the Indenture Supplement to the Collateral Account and treat each item of property as a “financial asset” (within the meaning of Section 8-102(a)(9) of the UCC); and

 

(b)                                 Registration and Indorsement.  It will ensure that all financial assets (other than cash) credited to the Collateral Account are registered in the name of the Financial Institution, indorsed to the Financial Institution or in blank or credited to another securities account maintained in the name of the Financial Institution and that no financial asset credited to the Collateral Account is registered in the name of the Grantor, payable to the order of the Grantor or specially indorsed to the Grantor unless it has been indorsed to the Financial Institution or in blank.

 

ARTICLE III
 SECURED PARTY CONTROL

 

Section 3.1.                                 Control of Collateral Accounts.  To establish “control” of the Collateral Accounts by the Secured Party under Sections 9-104 and 9-106 of the UCC, the Financial Institution agrees to comply with any order or instruction from the Secured Party directing the deposit, withdrawal, transfer or redemption of the cash or other financial assets credited to a Collateral Account (a “Secured Party Order”) without the need for consent by the Grantor or any other Person.

 

Section 3.2.                                 Investment Instructions.  If (a) the Financial Institution has not received a Secured Party Order for the investment of funds in a Collateral Account by 11:00 a.m. New York time (or another time agreed to by the Financial Institution) on the Business Day before a Payment Date or (b) the Financial Institution receives notice from the Indenture Trustee that a

 

3

 

Default or Event of Default has occurred and is continuing for the Series 2016-3 Notes, the Financial Institution will invest and reinvest funds in the Collateral Account according to the last investment instruction received, if any.  If no prior investment instructions have been received or if the instructed investments are no longer available or permitted, the Indenture Trustee will notify the Servicer and request new investment instructions, and the funds will remain uninvested until new investment instructions are received.

 

Section 3.3.                                 Conflicting Orders or Instructions.  If the Financial Institution receives conflicting orders or instructions from the Secured Party and the Grantor or any other Person, the Financial Institution will follow the orders or instructions of the Secured Party and not the Grantor or such other Person.

 

ARTICLE IV
 SUBORDINATION OF LIEN; WAIVER OF SET-OFF

 

Section 4.1.                                 Subordination.  If the Financial Institution has, or later obtains, a security interest in a Collateral Account (or any portion of a Collateral Account), the Financial Institution agrees that the security interest will be subordinate to the security interest of the Secured Party.

 

Section 4.2.                                 Set-off and Recoupment.  The cash, investment property, security, instrument or other financial assets credited to a Collateral Account will not be subject to deduction, set-off, recoupment, banker’s lien, or other right in favor of a Person other than the Secured Party.  However, the Financial Institution may set off (a) the customary fees and expenses for the routine maintenance and operation of the Collateral Account due to the Financial Institution, (b) the face amount of checks credited to the Collateral Account but subsequently returned unpaid due to uncollected or insufficient funds and (c) advances made to settle an investment of funds in the Collateral Account.

 

ARTICLE V
 REPRESENTATIONS, WARRANTIES AND COVENANTS

 

Section 5.1.                                 Financial Institution’s Representations and Warranties.  The Financial Institution represents and warrants to the Grantor and the Secured Party as follows:

 

(a)                                 Enforceability.  This Agreement is the legal, valid and binding obligation of the Financial Institution.

 

(b)                                 No Agreements with Grantor.  There are no agreements between the Financial Institution and the Grantor relating to a Collateral Account other than this Agreement, the Indenture Supplement and the other Series 2016-3 Transaction Documents.

 

(c)                                  No Other Agreements.  The Financial Institution has not entered into an agreement relating to a Collateral Account in which it has agreed to comply with “entitlement orders” (as defined in Section 8-102(a)(8) of the UCC) or “instructions” (within the meaning of Section 9-104 of the UCC) of any Person other than the Secured Party.

 

4

 

(d)                                 No Limitations.  The Financial Institution has not entered into an agreement limiting or conditioning the Financial Institution’s obligation to comply with any Secured Party Order.

 

(e)                                  No Liens.  Except for the claims and interests of the Secured Party and the Grantor, the Financial Institution does not know of a lien on, or claim to, or interest in, a Collateral Account or in the cash or other financial assets credited to a Collateral Account.

 

Section 5.2.                                 Financial Institution’s Covenants.

 

(a)                                 Statements, Confirmations and Other Correspondence.  The Financial Institution will promptly deliver copies of statements, confirmations and correspondence about the Collateral Accounts and the cash or other financial assets credited to a Collateral Account to the Grantor and the Secured Party.

 

(b)                                 Notice of Claim.  If a Person asserts a lien, encumbrance or claim against a Collateral Account (or in the cash or other financial assets credited to a Collateral Account), the Financial Institution will promptly notify the Secured Party.

 

(c)                                  Negative Covenants.  Until the termination of this Agreement, the Financial Institution will not enter into (i) an agreement relating to a Collateral Account in which it agrees to comply with entitlement orders or instructions of any Person other than the Secured Party or (ii) an agreement limiting or conditioning the Financial Institution’s obligation to comply with Secured Party Orders.

 

ARTICLE VI
 OTHER AGREEMENTS

 

Section 6.1.                                 Location of Financial Institution.  For purposes of the UCC, New York will be the location of (i) the bank for purposes of Sections 9-301, 9-304 and 9-305 of the UCC and (ii) the securities intermediary for purposes of Sections 9-301 and 9-305 and Section 8-110 of the UCC.

 

Section 6.2.                                 Reliance by Financial Institution.  The Financial Institution is not obligated to investigate or inquire whether the Secured Party may deliver a Secured Party Order.  The Financial Institution may rely on communications (including Secured Party Orders) believed by it in good faith to be genuine and given by the proper party.

 

Section 6.3.                                 Termination and Replacement of Financial Institution.  The Financial Institution may terminate its rights and obligations under this Agreement if the Secured Party resigns or is removed as Indenture Trustee under the Indenture Supplement and the Indenture.  The Grantor may terminate the rights and obligations of the Financial Institution if the Financial Institution ceases to be a Qualified Institution.  No termination of the Financial Institution will be effective until new Collateral Accounts are established with, and the cash and other financial assets credited to the Collateral Accounts are transferred to, another securities intermediary who has agreed to accept the obligations of the Financial Institution under this Agreement or a similar agreement.

 

5

 

Section 6.4.                                 No Petition.  Each party agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after payment in full of (a) all securities issued by either Depositor or by a trust for which either Depositor was a depositor or (b) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) either Depositor or (ii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law.  This Section 6.4 will survive the termination of this Agreement.

 

Section 6.5.                                 Limitation of Liability.

 

(a)                                 Financial Institution.  The Financial Institution will not be liable under this Agreement, except for (i) its own willful misconduct, bad faith or negligence or (ii) breach of its representations and warranties in this Agreement.  The Financial Institution will not be liable for special, indirect or consequential losses or damages (including lost profit), even if the Financial Institution has been advised of the likelihood of the loss or damage and regardless of the form of action.

 

(b)                                 Secured Party.  In performing its obligations under this Agreement, the Secured Party is subject to, and entitled to the benefits of, the terms of the Indenture Supplement and the Indenture that apply to the Indenture Trustee.

 

(c)                                  Owner Trustee.  This Agreement has been signed on behalf of the Grantor by U.S. Bank Trust National Association, not in its individual capacity, but solely in its capacity as Owner Trustee of the Grantor.  In no event will U.S. Bank Trust National Association in its individual capacity or a beneficial owner of the Grantor be liable for the Grantor’s obligations under this Agreement.  For all purposes under this Agreement, the Owner Trustee is subject to, and entitled to the benefits of, the Trust Agreement.

 

Section 6.6.                                 Conflict With Other Agreement.  If there is a conflict between this Agreement and any other agreement relating to a Collateral Account, this Agreement will govern.

 

Section 6.7.                                 Termination.  This Agreement will terminate on the date the security interests of the Secured Party in each Collateral Account are terminated under the Indenture Supplement and the Indenture and the Secured Party has notified the Financial Institution of the termination of the security interest.  The termination of this Agreement will not terminate a Collateral Account or change the obligations of the Financial Institution to the Grantor relating to a Collateral Account.

 

ARTICLE VII
 MISCELLANEOUS

 

Section 7.1.                                 Amendment.

 

(a)                                 Amendments.  The parties may amend this Agreement:

 

(i)                                     to clarify an ambiguity, correct an error or correct or supplement any term of this Agreement that may be defective or inconsistent with the other terms of this

 

6

 

Agreement, in each case without the consent of the Series 2016-3 Noteholders or any other Person;

 

(ii)                                  to add, change or eliminate terms of this Agreement, in each case without the consent of the Series 2016-3 Noteholders or any other Person, if the Administrator delivers an Officer’s Certificate to the Grantor, the Owner Trustee and the Indenture Trustee stating that the amendment will not have a material adverse effect on the Series 2016-3 Noteholders; or

 

(iii)                               to add, change or eliminate terms of this Agreement for which an Officer’s Certificate is not or cannot be delivered under Section 7.1(a)(ii), with the consent of the Series 2016-3 Noteholders of a majority of the Note Balance of each Class of Series 2016-3 Notes Outstanding (with each affected Class voting separately, except that all Series 2016-3 Noteholders of Class A Notes will vote together as a single class).

 

(b)                                 Notice of Amendments.  The Administrator will notify the Rating Agencies in advance of any amendment.  Promptly after the execution of an amendment, the Administrator will deliver a copy of the amendment to the Rating Agencies.

 

Section 7.2.                                 Benefit of Agreement.  This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns.  No other Person will have any right or obligation under this Agreement.

 

Section 7.3.                                 Notices.

 

(a)                                 Notices to Parties.  Notices, requests, directions, consents, waivers or other communications to or from the parties must be in writing and will be considered received by the recipient:

 

(i)                                     for overnight mail, on delivery or, for registered first class mail, postage prepaid, three days after deposit in the mail properly addressed to the recipient;

 

(ii)                                  for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

 

(iii)                               for an email, when receipt is confirmed by telephone or reply email from the recipient; and

 

(iv)                              for an electronic posting to a password-protected website to which the recipient has access, on delivery of an email (without the requirement of confirmation of receipt) stating that the electronic posting has been made.

 

(b)                                 Notice Addresses.  A notice, request, direction, consent, waiver or other communication must be addressed to the recipient at its address stated in Schedule B to the Sale and Servicing Agreements, which address the party may change by notifying the other parties.

 

7

 

Section 7.4.                                 GOVERNING LAW.  THIS AGREEMENT AND EACH COLLATERAL ACCOUNT WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF NEW YORK.

 

Section 7.5.                                 Submission to Jurisdiction.  Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to this Agreement.  Each party irrevocably waives, to the fullest extent permitted by law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

 

Section 7.6.                                 WAIVER OF JURY TRIAL.  EACH PARTY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN LEGAL PROCEEDINGS RELATING TO THIS AGREEMENT.

 

Section 7.7.                                 No Waiver; Remedies.  No party’s failure or delay in exercising a power, right or remedy under this Agreement will operate as a waiver.  No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy.  The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under law.

 

Section 7.8.                                 Severability.  If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement.

 

Section 7.9.                                 Headings.  The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

 

Section 7.10.                          Counterparts.  This Agreement may be executed in multiple counterparts.  Each counterpart will be an original and all counterparts will together be one document.

 

[Remainder of Page Left Blank]

 

8

 

EXECUTED BY:

 

	
 
    	
FORD CREDIT FLOORPLAN MASTER OWNER TRUST A, as   Grantor
    
	
 
    	
 
    
	
 
    	
By:
    	
U.S.   Bank Trust National Association, not in its individual capacity but solely as Owner Trustee of   Ford Credit Floorplan Master Owner Trust A
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Melissa Rosal
    
	
 
    	
 
    	
Name:   Melissa A. Rosal
    
	
 
    	
 
    	
Title:   Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
THE   BANK OF NEW YORK MELLON,
    
	
 
    	
as Secured Party
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Esther Antoine
    
	
 
    	
 
    	
Name:   Esther Antoine
    
	
 
    	
 
    	
Title:   Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
THE   BANK OF NEW YORK MELLON,
    
	
 
    	
as Financial Institution
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Esther Antoine
    
	
 
    	
 
    	
Name:   Esther Antoine
    
	
 
    	
 
    	
Title:   Vice President
    

 

[Signature Page to Series 2016-3 Account Control Agreement]Exhibit

Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.  

Exhibit 10.1 

AMENDMENT NO. 4 TO SERVICING AGREEMENT
This Amendment No. 4 to Servicing Agreement (“Amendment No. 4”) is made and entered into as of the latest date signed below (“Amendment Effective Date”) by and between Blackhawk Network, Inc., an Arizona corporation (“Servicer”), and MetaBank, dba Meta Payment Systems, a federal savings bank (“Bank”) and relates to that certain Servicing Agreement dated March 30, 2012, by and between Servicer and Bank, as amended by Amendment No. 1 to Servicing Agreement, dated November 5, 2012 (“Amendment No. 1”), Amendment No. 2 to Servicing Agreement, dated October 31, 2013 (“Amendment No. 2”), the First Addendum to Servicing Agreement, dated May 30, 2014 (“Addendum No. 1”), Amendment No. 3 to Servicing Agreement, dated June 13, 2014 (“Amendment No. 3”) and the Second Addendum to Servicing Agreement, dated October 1, 2015 (“Addendum No. 2”)(together, the “Agreement”).  Each of Servicer and Bank may be referred to herein as a “Party” or collectively as the “Parties”.  Capitalized terms used herein but not otherwise defined in this Amendment shall have the meaning assigned to them in the Agreement (as hereinafter defined and as amended herein). 
RECITALS
Whereas, the Parties desire to amend the Agreement as more fully set forth below. 
AGREEMENT
NOW, THEREFORE, each of the Parties for good and valuable consideration exchanged and intending to be legally bound, hereby mutually agree as follows: 
		
	1.
	The following sentence will be added to the end of Section 3.1: 

“Bank will be Servicer’s preferred issuer of network branded prepaid Programs and Servicer will use commercially reasonable efforts, provided Bank continues to meet its commitments under this Agreement, to have [**] of the annual United States transaction dollar volume of Programs to be issued by Bank.”
		
	2.
	The first sentence of Section 9.1 is hereby deleted in its entirety and replaced with the following:

“The term of the Agreement shall commence of the Effective Date and continue until [**] (the “Initial Term”) unless terminated earlier as provided below.  In the event that Servicer terminates the Agreement for any reason other than Bank’s fraud, gross negligence, material breach of contract or pursuant to Section 9.4 before January 1, 2022, Servicer will pay to Bank a termination fee as follows:
Termination prior to [**]:  [**];
Termination on or after [**] but before [**]: [**];
Termination on or after [**] but before [**]: [**]; or
Termination on or after [**] but before [**]: [**].”

		
	3.
	Section 9.4 Suspension Rights is hereby deleted in its entirety and replaced with the following:  

“If Servicer determines in its reasonable discretion that any activity under the Program, or any feature thereof, violates Applicable Law or if any Applicable Law or action from a Regulatory Authority places the Program in a position where Servicer (in Servicer’s reasonable discretion) cannot operate pursuant to this Agreement either: (i) in a manner that is compliant with Applicable Law or such Regulatory Authority action, or (ii) in a manner that does not have a material adverse economic impact upon Servicer, then, Servicer and Bank shall meet and confer, through their President’s or CEOs, to attempt to resolve those concerns in good faith within sixty (60) days of notice thereof. If the concerns are not resolved in good faith within 60 days, then Servicer shall have the right, acting reasonably, to cease or cause the cessation of the subject activity in any jurisdiction where to not do so would violate Applicable Law, provided, however, that Servicer shall have provided Bank prompt (at least thirty (30) days’ prior) written notice of its decision to cease or cause the cessation of the subject activity.”

[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.  

		
	4.
	Section 14.8 Notices is hereby deleted in its entirety and replaced with the following:

“All notices, requests and approvals required by this Agreement shall be in writing addressed/directed to the other Party at the address set forth below. All such notices, requests, and approvals shall be deemed given upon the earlier of receipt of facsimile transmission during normal business day or actual receipt thereof. All such notices, requests and approvals shall be addressed to the attention of:
	
		
	Bank to:
	MetaBank
d/b/a Meta Payment Systems
5501 S. Broadband Lane
Sioux Falls, SD 57108
Attention: General Counsel
Facsimile Number: (605) 338-0596

	Servicer to:
	Chief Executive Officer
Blackhawk Network, Inc.
6220 Stoneridge Mall Road
Pleasanton, CA 94588
Facsimile Number: (925) 226-9083

	With Copy to:
	Blackhawk Network, Inc.
6220 Stoneridge Mall Road
Pleasanton, CA 94588
Attn: Legal Department – General Counsel
Facsimile Number: (925) 226-9728

		
	5.
	Schedule E is hereby added to the Agreement as set forth on Attachment 1 to this Amendment No. 4 and the following paragraph is added immediately following the first paragraph of Section II(b) of Schedule A to the Agreement, as amended by Amendment No. 3 to the Servicing Agreement:

[**] 
		
	6.
	Schedule D to the Agreement is hereby deleted in its entirety.

		
	7.
	Section II(d) of Schedule A is hereby deleted in its entirety and replaced with the following:

[**]
		
	8.
	Except as specifically modified by this Amendment No. 4, the Agreement shall remain in full force and effect.  This Amendment No. 4 may not be amended or modified except pursuant to a written agreement signed by each of the Parties hereto.  This Amendment shall bind, and inure to the benefit of, Servicer and Bank and their successors and permitted assigns.  This Amendment No. 4 may be executed in counterparts, which execution may be by facsimile or other electronic means, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument.  

[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.  

IN WITNESS WHEREOF, this Amendment is executed by the Parties’ authorized officers or representatives and shall be effective as of the Amendment Effective Date.
	
					
	Blackhawk Network, Inc.
	 
	MetaBank, dba Meta Payment Systems

	 
	 
	 
	 
	 

	By:
	/s/ Jerry Ulrich    
	 
	By:
	/s/ Brad Hanson

	Name:
	Jerry Ulrich    
	 
	Name:
	Brad Hanson

	Title:
	CFO&CAO    
	 
	Title:
	President

	Date:
	5/6/2016
	 
	Date:
	5/6/2016

[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.  

Attachment 1

SCHEDULE E

SUPPLEMENTAL FEE RATES

	
			
	Calendar Quarter of Card Activation
	Applicable Supplemental Fee Rate*
	 

	[**]
	[**]
	 

	[**]
	[**]
	 

	[**]
	[**]
	 

	[**]
	[**]
	 

	[**]
	[**]
	 

	[**]
	[**]
	 

	[**]
	[**]
	 

	[**]
	[**]
	 

	AFTER [**]
	[**]
	 

		
	•
	The calculated Supplemental Fee is payable [**].

[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

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