Document:

EX-10.13:

 

Exhibit 10.13

EXECUTION COPY

AMENDMENT (this “Amendment”), dated as of December 21, 2004, to the Three Year
Competitive Advance and Revolving Credit Agreement, dated as of June 28, 2004, (the “Credit
Agreement”), by and among PHH Corporation, a Maryland corporation (the “Borrower”), the
financial institutions parties thereto (the “Lenders”) and JPMorgan Chase Bank, N.A.
(formerly known as JPMorgan Chase Bank), as agent for the Lenders (in such capacity, the
“Administrative Agent”).

W I T N E S S E T H:

WHEREAS, the Borrower has requested that certain provisions of the Credit Agreement be amended
as set forth herein; and

WHEREAS, the Lenders are willing to agree to such amendments on the terms set forth herein;

NOW THEREFORE, in consideration of the premises and mutual covenants contained herein, the
undersigned hereby agree as follows:

I.      Defined Terms. Terms defined in the Credit Agreement and used herein shall have
the meanings given to them in the Credit Agreement.

II.      Amendments to Article 1 (Definitions).

(a)      Article 1 of the Credit Agreement is hereby amended by adding thereto the following
definitions in their appropriate alphabetical order:

“Confidential Information Package”: the Confidential Information Package dated
December 7, 2004 and which was made available to each of the Lenders party to this Agreement
as of such date.

“Floating LIBOR” shall mean, with respect to any day, the rate per annum
determined on the basis of the rate for one month deposits appearing on Page 3750 of the
Telerate screen (or any successor page thereto) as of 11:00 A.M., London time, on such day.
In the event that such rate does not appear on Page 3750 of the Telerate screen (or
otherwise on such screen), the “Floating LIBOR” shall be determined by reference to
such other comparable publicly available service for displaying eurodollar rates as may be
selected by the Administrative Agent or, in the absence of such availability, by reference
to the rate at which the Administrative Agent is offered one month deposits of $1,000,000
for delivery on such day, at or about 11:00 A.M., New York City time, on such day in the
interbank eurodollar market where its eurodollar and foreign currency and exchange
operations are then being conducted.

“Floating LIBOR Borrowing” shall mean a Borrowing comprised of Floating LIBOR
Revolving Credit Loans.

 

 

“Floating LIBOR Loan” shall mean any Revolving Credit Loan bearing interest at
a rate determined by reference to Floating LIBOR in accordance with the provisions of
Article 2.

“Floating LIBOR Spread” shall mean, at any date or any period of determination,
the LIBOR Spread that would be in effect on such date pursuant to the chart set forth in
Section 2.22 based on the rating of the Borrower’s senior unsecured non-credit enhanced
long-term debt.

“Parent Guaranty” shall mean the guaranty of the Subsidiary Borrower
Obligations provided by the Borrower pursuant to Article 8A.

“PHH Spin-Off” shall mean the tax-free distribution by Cendant Corporation to
its shareholders of the capital stock of the Borrower as described in the Confidential
Information Package.

“Subsidiary Borrower” shall mean any Subsidiary of the Borrower that becomes a
party hereto pursuant to Section 9.9(b)(i) until such time as such Subsidiary Borrower is
removed as a party hereto pursuant to Section 9.9(b)(ii).

“Subsidiary Borrower Obligations” shall mean the Obligations of any Subsidiary
Borrower.

(b)      Section 1 of the Credit Agreement is hereby amended by deleting the following defined
terms in their entirety and substituting in lieu thereof the following new definitions:

“Affiliate” shall mean as to any Person, any Person which, directly or
indirectly, is in control of, is controlled by, or is under common control with, such
Person. For purposes of this definition, a Person shall be deemed to be “controlled by”
another if such latter Person possesses, directly or indirectly, power either to (i) vote
10% or more of the securities having ordinary voting power for the election of directors of
such controlled Person or (ii) direct or cause the direction of the management and policies
of such controlled Person whether by contract or otherwise.

“Available Foreign Currencies” shall mean the currencies set forth on Schedule
1.1B, and any other available and freely-convertible non-Dollar currency selected by the
Borrower or any Subsidiary Borrower and approved (which approval shall not be unreasonably
withheld) in writing by the Administrative Agent.

“Cash Collateral Account” shall mean a collateral account established with the
Administrative Agent, in the name of the Administrative Agent and under its sole dominion
and control, into which the Borrower or any Subsidiary Borrower shall from time to time
deposit Dollars pursuant to the express provisions of this Agreement requiring such deposit.

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“Change in Control” shall mean (i) the acquisition by any Person or group
(within the meaning of the Securities Exchange Act of 1934, as amended, and the rules of the
Securities and Exchange Commission thereunder as in effect on the Closing Date), directly or
indirectly, beneficially or of record, of ownership or control of in excess of 50% of the
voting common stock of the Borrower on a fully diluted basis at any time or (ii) if at any
time, individuals who at the Closing Date constituted the Board of Directors the Borrower
(together with any new directors whose election by such Board of Directors or whose
nomination for election by the shareholders of the Borrower, as the case may be, was
approved by a vote of the majority of the directors then still in office who were either
directors at the Closing Date or whose election or nomination for election was previously so
approved) cease for any reason to constitute a majority of the Board of Directors of the
Borrower then in office.

“Commitment” shall mean, with respect to each Lender, its commitment to make
Loans to the Borrower or any Subsidiary Borrower hereunder, in an aggregate amount not to
exceed at any time the amount set forth opposite such Lender’s name under the heading
“Commitment” on Schedule 1.1A.

“Competitive Bid Accept/Reject Letter” shall mean a notification made by the
Borrower or any Subsidiary Borrower pursuant to Section 2.4(d) in the form of Exhibit E-4.

“Competitive Borrowing” shall mean a Borrowing consisting of a Competitive Loan
or concurrent Competitive Loans from the Lender or Lenders whose Competitive Bids for such
Borrowing have been accepted by the Borrower or any Subsidiary Borrower under the bidding
procedure described in Section 2.4.

“Competitive Loan” shall mean a Loan from a Lender to the Borrower or any
Subsidiary Borrower pursuant to the bidding procedure described in Section 2.4. Each
Competitive Loan shall be a LIBOR Competitive Loan or a Fixed Rate Loan.

“Fundamental Documents” shall mean this Agreement, any Revolving Credit Notes,
any Competitive Notes, and any other ancillary documentation which is required to be, or is
otherwise, executed by the Borrower or any Subsidiary Borrower and delivered to the
Administrative Agent in connection with this Agreement.

“Indebtedness” shall mean (i) all indebtedness, obligations and other
liabilities of the Borrower and its Subsidiaries which are, at the date as of which
Indebtedness is to be determined, includable as liabilities in a consolidated balance sheet
of the Borrower and its Subsidiaries, other than (x) accounts payable, accrued expenses and
derivatives transactions entered into in the ordinary course of business pursuant to hedging
programs, (y) advances from clients obtained in the ordinary course of the relocation
management services business of the Borrower and its Subsidiaries and (z) current and
deferred income taxes and other similar liabilities plus (ii) without duplicating any items
included in Indebtedness pursuant to the foregoing clause (i) (but excluding reinsurance
obligations of Atrium Insurance Corporation), the maximum aggregate amount of all
liabilities of the Borrower or any of its Subsidiaries under any Guaranty, indemnity or

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similar undertaking given or assumed of, or in respect of, the indebtedness,
obligations or other liabilities, assets, revenues, income or dividends of any Person other
than the Borrower or one of its Subsidiaries and (iii) all other obligations or liabilities
of the Borrower or any of its Subsidiaries in relation to the discharge of the obligations
of any Person other than the Borrower or one of its Subsidiaries.

“Interest Period” shall mean (a) as to any LIBOR Borrowing, (i) the period
commencing on the date of such Borrowing, and ending one week after the date of such
Borrowing or (ii) the period commencing on the date of such Borrowing, and ending on the
numerically corresponding day (or, if there is no numerically corresponding day, on the last
day) in the calendar month that is 1, 2, 3, 6 or, subject to each Lender’s approval, 12
months thereafter, as the Borrower or any relevant Subsidiary Borrower may elect, (b) as to
any ABR Borrowing or Floating LIBOR Borrowing, the period commencing on the date of such
Borrowing and ending on the earliest of (i) the next succeeding March 31, June 30, September
30 or December 31, (ii) the Termination Date and (iii) the date such Borrowing is refinanced
with a Borrowing of a different Interest Rate Type in accordance with Section 2.6 or is
prepaid in accordance with Section 2.13, and (c) as to any Fixed Rate Borrowing, the period
commencing on the date of such Borrowing and ending on the date specified in the Competitive
Bids in which the offer to make the Fixed Rate Loans comprising such Borrowing were
extended, which shall not be earlier than seven days after the date of such Borrowing or
later than 360 days after the date of such Borrowing; provided that (i) if any
Interest Period would end on a day other than a Business Day, such Interest Period shall be
extended to the next succeeding Business Day unless, in the case of LIBOR Loans only, such
next succeeding Business Day would fall in the next calendar month, in which case such
Interest Period shall end on the next preceding Business Day and (ii) no Interest Period
with respect to any LIBOR Borrowing or Fixed Rate Borrowing may be selected which would
result in the aggregate amount of LIBOR Loans and Fixed Rate Loans having Interest Periods
ending after any day on which a Commitment reduction is scheduled to occur being in excess
of the Total Commitment scheduled to be in effect after such date. Interest shall accrue
from, and including, the first day of an Interest Period to, but excluding, the last day of
such Interest Period.

“Loan” shall mean a Competitive Loan or a Revolving Credit Loan, whether made
as a LIBOR Loan, a Floating LIBOR Loan, an ABR Loan or a Fixed Rate Loan, as permitted
hereby.

“Lending Office” shall mean, with respect to any of the Lenders, the branch or
branches (or affiliate or affiliates) from which any such Lender’s LIBOR Loans, Floating
LIBOR Loans, Fixed Rate Loans or ABR Loans, as the case may be, are made or maintained and
for the account of which all payments of principal of, and interest on, such Lender’s LIBOR
Loans, Floating LIBOR Loans, Fixed Rate Loans or ABR Loans are made, as notified to the
Administrative Agent from time to time.

“Material Subsidiary” shall mean any Subsidiary of the Borrower which together
with its Subsidiaries at the time of determination had assets constituting 10% or more of
Consolidated Assets, accounts for 10% or more of Consolidated Net Worth, or accounts

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for 10% or more of the revenues of the Borrower and its Consolidated Subsidiaries for
the Rolling Period immediately preceding the date of determination.

“Obligations” shall mean the obligation of the Borrower and any Subsidiary
Borrower to make due and punctual payment of principal of, and interest on (including
post-petition interest, whether or not allowed), the Loans, the Facility Fee, the
Utilization Fee, reimbursement obligations in respect of Letters of Credit, and all other
monetary obligations of the Borrower and any Subsidiary Borrower to the Administrative
Agent, any Issuing Lender or any Lender under this Agreement, the Notes or the Fundamental
Documents or with respect to any Interest Rate Protection Agreements entered into between
the Borrower or any of its Subsidiaries and any Lender.

“Revolving Credit Loans” shall mean the Loans made by the Lenders to the
Borrower or any Subsidiary Borrower pursuant to a notice given by the Borrower or such
Subsidiary Borrower under Section 2.5. Each Revolving Credit Loan shall be a LIBOR
Revolving Credit Loan or an ABR Loan.

“Statutory Reserves” shall mean a fraction (expressed as a decimal), the
numerator of which is the number one and the denominator of which is the number one minus
the aggregate of the maximum reserve percentages (including any marginal, special, emergency
or supplemental reserves) expressed as a decimal established by the Board and any other
banking authority to which the Administrative Agent or any Lender is subject, for
Eurocurrency Liabilities (as defined in Regulation D of the Board) (or, at any time when
such Lender may be required by the Board or by any other Governmental Authority, whether
within the United States or in another relevant jurisdiction, to maintain reserves against
any other category of liabilities which includes deposits by reference to which LIBOR or
Floating LIBOR, as the case may be, is determined as provided in this Agreement or against
any category of extensions of credit or other assets of such Lender which includes any such
LIBOR Loans and/or Floating LIBOR Loans). Such reserve percentages shall include those
imposed under Regulation D of the Board. LIBOR Loans and Floating LIBOR Loans shall be
deemed to constitute Eurocurrency Liabilities and as such shall be deemed to be subject to
such reserve requirements without benefit of or credit for proration, exceptions or offsets
which may be available from time to time to any Lender under Regulation D of the Board.
Statutory Reserves shall be adjusted automatically on and as of the effective date of any
change in any reserve percentage.

III. Amendments to Article 2 (The Loans).

(a)      References to “the Borrower” contained in Article 2 of the Credit Agreement shall be
construed to apply to the Borrower and/or any relevant Subsidiary Borrower mutatis
mutandis.

(b)      Section 2.2 of the Credit Agreement (Loans) is hereby amended as follows:

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(i) by inserting “or Floating LIBOR Loans” after each occurrence of the words “ABR
Loans” in Section 2.2(a) and 2.2(c); and

(ii) by deleting “twenty (20)” and inserting in lieu thereof “twenty-three (23)” in
Section 2.2(b).

(c)      Section 2.5 of the Credit Agreement (Revolving Credit Borrowing Procedure) is hereby
amended by inserting “or a Floating LIBOR Borrowing” after the words “ABR Loans” in the fifth and
tenth lines thereof.

(d)      Section 2.9 of the Credit Agreement (Interest on Loans) is hereby amended as follows:

(i) by inserting “or Floating LIBOR” after the word “LIBOR” in Section 2.9(d);

(ii) by relettering (x) existing Section 2.9(c) as new Section 2.9(d) and (y) existing
Section 2.9(d) as new Section 2.9(e); and

(iii) by inserting the following new Section 2.9(c):

“Subject to the provisions of Section 2.10, the Loans comprising each Floating LIBOR
Borrowing shall bear interest at a rate per annum (computed on the basis of the actual
number of days elapsed over a year of 360 days) equal to Floating LIBOR plus the applicable
Floating LIBOR Spread from time to time in effect.”

(e)      Section 2.10 of the Credit Agreement (Interest on Overdue Amounts) is hereby amended by
inserting “, Floating LIBOR Loan” after the words “LIBOR Loan” in clause (a) thereof.

(f)      Section 2.11 of the Credit Agreement (Alternate Rate of Interest) is hereby amended as
follows:

(i) by inserting “or Floating LIBOR Loan” after the words “LIBOR Loan” in the third
line of Section 2.11;

(ii) by inserting “, in the case of LIBOR Loans,” after the words “such Interest
Period), or” in the sixth line of Section 2.11;

(iii) by inserting “or Floating LIBOR” after the word “LIBOR” in the ninth line of
Section 2.11; and

(iv) by inserting “or Floating LIBOR Borrowing” after the words “LIBOR Borrowing” in
the fifteenth line of Section 2.11.

(g)      Section 2.13 of the Credit Agreement (Prepayment of Loans) is hereby amended as follows:

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(i) by inserting “or a Floating LIBOR Loan” after the words “ABR Loan” in Section
2.13(a);

(ii) by deleting the last sentence of Section 2.13(b) and inserting in lieu thereof
the following sentence:

“Any prepayments required by this paragraph shall be applied first to
outstanding ABR Loans and second to Floating LIBOR Loans, in each case, up to the
full amount thereof before they are applied to outstanding LIBOR Loans.”;

(iii) by relettering existing Section 2.13(c) as new Section 2.13(d); and

(iv) by inserting the following new Section 2.13(c):

“(c) On any date the Borrower shall cease to own, directly or through wholly-owned
Subsidiaries, all of the capital stock of any Subsidiary Borrower, free and clear of any
direct or indirect Liens, such Subsidiary Borrower shall (i) make a mandatory prepayment of
all outstanding Loans made to it and (ii) deposit cash in a Cash Collateral Account in an
amount equal at all times to the full amount of the L/C Exposure from Letters of Credit
issued for its account.”

(h)      Section 2.14 of the Credit Agreement (Eurocurrency Reserve Costs) is hereby amended by
deleting it in its entirety and inserting in lieu thereof the following new Section 2.14:

SECTION 2.14 Eurocurrency Reserve Costs.

The Borrower shall pay to the Administrative Agent for the account of each Lender, so
long as such Lender shall be required under regulations of the Board to maintain reserves
with respect to liabilities or assets consisting of, or including, Eurocurrency Liabilities
(as defined in Regulation D of the Board) (or, at any time when such Lender may be required
by the Board or by any other Governmental Authority, whether within the United States or in
another relevant jurisdiction, to maintain reserves against any other category of
liabilities which includes deposits by reference to which LIBOR or Floating LIBOR is
determined as provided in this Agreement or against any category of extensions of credit or
other assets of such Lender which includes any such LIBOR Loans or Floating LIBOR Loans),
additional interest on the unpaid principal amount of each LIBOR Loan or Floating LIBOR Loan
made to the Borrower by such Lender, from the date of such Loan until such Loan is paid in
full, at an interest rate per annum equal (x) at all times during the Interest Period for
such Loan, in the case of a LIBOR Loan or (y) on each day, in the case of a Floating LIBOR
Loan, to the remainder obtained by subtracting (i)(A) LIBOR for such Interest Period, in the
case of a LIBOR Loan or (B) Floating LIBOR for such day, in the case of Floating LIBOR
Loans, from (ii) the rate obtained by multiplying LIBOR or Floating LIBOR, as the case may
be, as referred to in clause (i) above by the Statutory Reserves of such Lender for (I) such
Interest Period or (II) each day such Floating LIBOR Loan remains outstanding, as
applicable. Such additional interest shall be determined by such Lender and notified to

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the Borrower (with a copy to the Administrative Agent) not later than five Business
Days before the next Interest Payment Date for such Loan, and such additional interest so
notified to the Borrower by any Lender shall be payable to the Administrative Agent for the
account of such Lender on each Interest Payment Date for such Loan.

(i)      Section 2.15 of the Credit Agreement (Reserve Requirements; Change in Circumstances) is
hereby amended by inserting “or Floating LIBOR Loans” after the words “LIBOR Loans” in Section
2.15(f).

(j)      Section 2.16 of the Credit Agreement (Change in Legality) is hereby amended as follows:

(i) by inserting “or Floating LIBOR Loan” after the words “LIBOR Loan”;

(ii) by inserting “and Floating LIBOR Loans” after the words “LIBOR Loans”; and

(iii) by inserting “and Floating LIBOR Loans” after the words “LIBOR Revolving Credit
Loans”.

(k)      Section 2.21 of the Credit agreement (Withholding Taxes) is hereby amended as follows:

(i) by inserting “(a) withholding taxes imposed by any jurisdiction outside the United
States shall become payable for any reason or (b) United States” after the words “In the
event that any” in Section 2.21(e); and

(ii) by inserting a comma after the words “(as defined below)” in Section 2.21(e).

IV.      Amendments to Section 4 (Conditions of Lending).

Section 4.2 of the Credit Agreement (Conditions Precedent to Each Loan and Letter of Credit)
is hereby amended by inserting the following new Section 4.2(d):

“(d) Each Loan and Letter of Credit for a Subsidiary Borrower. The representations
and warranties contained in Section 3.1, 3.2 and 3.3 as to any Subsidiary Borrower to which a Loan
is to be made or for whose account a Letter of Credit is to be issued shall be true and correct in
all material respects on and as of the date of such Borrowing or issuance of a Letter of Credit
hereunder; provided, however, that this condition shall not apply to a Revolving
Credit Borrowing which is solely refinancing outstanding Revolving Credit Loans and which, after
giving effect thereto, has not increased the aggregate amount of outstanding Revolving Credit
Loans.”

V.      Amendments to Section 6 (Negative Covenants).

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(a)      Section 6.1 of the Credit Agreement (Limitation on Material Subsidiary Indebtedness) is
hereby amended as follows:

(i) by deleting the word “and” at the end of Section 6.1(h);

(ii) by deleting the period at the end of Section 6.1(i) and inserting in lieu thereof
a semicolon;

(iii) by adding thereto the following new Section 6.1(j):

“Indebtedness incurred by PHH Home Loans, LLC, in an aggregate principal amount
not to exceed $150,000,000; and” and

(iv) by adding thereto the following new Section 6.1(k):

“(k) Indebtedness of any Subsidiary Borrower incurred under this Agreement.”

(b)      Section 6.2 of the Credit Agreement (Limitation on Transactions with Affiliates) is hereby
amended by deleting the parenthetical contained therein and inserting in lieu thereof the following
new parenthetical:

“other than (i) with the Borrower or a wholly-owned Subsidiary of the Borrower or (ii)
in connection with the PHH Spin-Off)”.

(c)      Section 6.4 of the Credit Agreement (Limitation on Liens) is hereby amended as follows:

(i) by relettering (x) existing Section 6.4(m) as new Section 6.4(o) and (y) existing
Section 6.4(n) as new Section 6.4(p); and

(ii) by inserting the following new Sections 6.4(m) and (n):

“(m) Liens securing Indebtedness permitted by Section 6.1(j);

(n) Liens on cash of Atrium Insurance Corporation in connection with its
reinsurance business;”

(d)      Section 6.6 of the Credit Agreement (Consolidated Net Worth) is hereby amended by (x)
deleting “$1,350,000,000” and inserting in lieu thereof “$1,000,000,000” and (y) deleting “December
31, 2003” and inserting in lieu thereof “December 31, 2004”.

VI.      Amendments to Section 7 (Events of Default).

Section 7 of the Credit Agreement is hereby amended as follows:

(a)      by inserting “or any Subsidiary Borrower” after the word “Borrower” in the first line of
Section 7(a).

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(b)      by inserting “or any Subsidiary Borrower” after each occurrence of the word “Borrower”
contained in Section 7(b).

(c)      by inserting “or Indebtedness that is redeemed or repurchased at the option of the
Borrower or any of its Subsidiaries” before the word “and” at the end of the first proviso after
subclause (iii) of Section 7(e).

VII.      Amendments to Section 9 (Miscellaneous).

Section 9.9 of the Credit Agreement (Amendments, etc.) is hereby amended as follows:

(a)      by deleting the word “No” in the first line thereof and inserting in lieu thereof the
following:

“(a) Except as set forth in Section 9.9(b), no”.

(b)      by deleting the word “or” prior to subparagraph (ii) of the second proviso and inserting
in lieu thereof a comma;

(c)      by inserting at the end of subparagraph (ii) of the second proviso the following new
subparagraph (iii):

“or (iii) release the Borrower from its obligations under the Parent Guaranty”.

(d)      by inserting the following new Section 9.9(b):

“(b) This Agreement may be amended without consent of the Lenders, so long as no Default or
Event of Default shall have occurred and be continuing, as follows:

(i)      This Agreement will be amended to designate any Subsidiary of the Borrower as a
Subsidiary Borrower upon (w) ten Business Days prior notice to the Lenders (such notice to
contain the name, primary business address and taxpayer identification number of such
Subsidiary), (x) the execution and delivery by the Borrower, such Subsidiary and the
Administrative Agent of a Joinder Agreement, substantially in the form of Exhibit I (a
“Joinder Agreement”), providing for such Subsidiary to become a Subsidiary Borrower,
(y) the agreement and acknowledgment by the Borrower and each other Subsidiary Borrower that
the Parent Guaranty contained in Article 8A covers the Obligations of such Subsidiary and
(z) the delivery to the Administrative Agent of (1) corporate or other applicable
resolutions, other corporate or other applicable documents, certificates and legal opinions
in respect of such Subsidiary substantially equivalent to comparable documents delivered on
the Closing Date and (2) such other documents with respect thereto as the Administrative
Agent shall reasonably request.

(ii)      This Agreement will be amended to remove any Subsidiary as a Subsidiary Borrower
upon execution and delivery by the Borrower to the Administrative Agent of a written
notification to such effect and repayment in full of all Loans made to

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such Subsidiary Borrower, cash collateralization of all reimbursement obligations in
respect of any Letters of Credit issued for the account of such Subsidiary Borrower and
repayment in full of all other amounts owing by such Subsidiary Borrower under this
Agreement (it being agreed that any such repayment shall be in accordance with the other
terms of this Agreement); provided, however, that no such amendment shall
affect or limit the Borrower’s obligations under the Parent Guaranty.”

VIII.      New Article 8A (Parent Guaranty of Subsidiary Borrower Obligations).

The Credit Agreement is hereby amended by adding the following new Article 8A:

“8A      PARENT GUARANTY OF SUBSIDIARY BORROWER OBLIGATIONS

SECTION
8A.1 Guaranty. (a) The Borrower hereby unconditionally and irrevocably
guaranties to the Administrative Agent, for the ratable benefit of the Lenders and their respective
successors, endorsees, transferees and assigns, the prompt and complete payment and performance by
any Subsidiary Borrower when due (whether at the stated maturity, by acceleration or otherwise) of
the Subsidiary Borrower Obligations.

(b)      The Borrower further agrees to pay any and all expenses (including, without limitation,
all fees and disbursements of counsel) which may be paid or incurred by the Administrative Agent,
any Issuing Lender or any Lender in enforcing, or obtaining advice of counsel in respect of, any
rights with respect to, or collecting, any or all of the Subsidiary Borrower Obligations and/or
enforcing any rights with respect to, or collecting against, any Subsidiary Borrower under this
Parent Guaranty; provided, however, that the Borrower shall not be liable for the
fees and expenses of more than one separate firm for the Lenders or any Issuing Lender (unless
there shall exist an actual conflict of interest among such Persons, and in such case, not more
than two separate firms) in connection with any one such action or any separate, but substantially
similar or related actions in the same jurisdiction, nor shall the Borrower be liable for any
settlement or proceeding effected without the Borrower’s written consent. This Parent Guaranty
shall remain in full force and effect until the Subsidiary Borrower Obligations are paid in full
and the Commitments are terminated.

(c)      No payment or payments made by any Subsidiary Borrower or any other Person or received or
collected by the Administrative Agent or any Lender from any Subsidiary Borrower or any other
Person by virtue of any action or proceeding or any set-off or appropriation or application, at any
time or from time to time, in reduction of or in payment of the Subsidiary Borrower Obligations
shall be deemed to modify, reduce, release or otherwise affect the liability of the Borrower
hereunder which shall, notwithstanding any such payment or payments (other than payments made by
the Borrower in respect of the Subsidiary Borrower Obligations or payments received or collected
from the Borrower in respect of the Subsidiary Borrower Obligations), remain liable for the
Subsidiary Borrower Obligations until the Subsidiary Borrower Obligations are paid in full and the
Commitments are terminated.

(d)      The Borrower agrees that whenever, at any time, or from time to time, it shall make any
payment to the Administrative Agent or any Lender on account of its liability

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hereunder, it will
notify the Administrative Agent and such Lender in writing that such payment is made under this
Parent Guaranty for such purpose.

SECTION 8A.2 No Subrogation.

Notwithstanding any payment or payments made by the Borrower under this Parent Guaranty, or
any set-off or application of funds of the Borrower by the Administrative Agent or any Lender, the
Borrower shall not be entitled to be subrogated to any of the rights of the Administrative Agent or
any Lender against any Subsidiary Borrower or against any collateral security or guaranty or right
of offset held by the Administrative Agent or any Lender for the payment of the Subsidiary Borrower
Obligations, nor shall the Borrower seek or be entitled to seek any contribution or reimbursement
from any Subsidiary Borrower in respect of payments made by the Borrower under this Parent
Guaranty, until all amounts owing to the Administrative Agent and the Lenders by the Subsidiary
Borrowers on account of the Subsidiary Borrower Obligations are paid in full and the Commitments
are terminated. If any amount shall be paid to the Borrower on account of such subrogation rights
at any time when all of the Subsidiary Borrower Obligations shall not have been paid in full, such
amount shall be held by the Borrower in trust for the Administrative Agent and the Lenders,
segregated from other funds of the Borrower, and shall, forthwith upon receipt by the Borrower, be
turned over to the Administrative Agent in the exact form received by the Borrower (duly indorsed
by the Borrower to the Administrative Agent, if required), to be applied against the Subsidiary
Borrower Obligations, whether matured or unmatured, in such order as the Administrative Agent may
determine.

SECTION 8A.3 Amendments, etc. with respect to the Obligations; Waiver of Rights.

The Borrower shall remain obligated hereunder notwithstanding that, without any reservation of
rights against the Borrower, and without notice to or further assent by the Borrower, any demand
for payment of any of the Subsidiary Borrower Obligations made by the Administrative Agent or any
Lender may be rescinded by the Administrative Agent or such Lender, and any of the Subsidiary
Borrower Obligations continued, and the Subsidiary Borrower Obligations, or the liability of any
other party upon or for any part thereof, or any collateral security or guaranty therefor or right
of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended,
amended, modified, accelerated, compromised, waived, surrendered or released by the Administrative
Agent or any Lender, and this Agreement and any other documents executed and delivered in
connection herewith may be amended, modified, supplemented or terminated, in whole or in part, as
the Administrative Agent (or the requisite Lenders, as the case may be) may deem advisable from
time to time, and any collateral security, guaranty or right of offset at any time held by the
Administrative Agent or any Lender for the payment of the Subsidiary Borrower Obligations may be
sold, exchanged, waived, surrendered or released. Neither the Administrative Agent nor any Lender
shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as
security for the Subsidiary Borrower Obligations or for the Parent Guaranty under this Article 8A
or any property subject thereto. When making any demand hereunder against the Borrower, the
Administrative Agent or
any Lender may, but shall be under no obligation to, make a similar demand on any Subsidiary
Borrower, and any failure by the Administrative Agent or any Lender to make any such demand

12

 

or to
collect any payments from any Subsidiary Borrower or any release of any Subsidiary Borrower shall
not relieve the Borrower of its obligations or liabilities hereunder, and shall not impair or
affect the rights and remedies, express or implied, or as a matter of law, of the Administrative
Agent or any Lender against the Borrower. For the purposes hereof “demand” shall include the
commencement and continuance of any legal proceedings.

SECTION 8A.4 Parent Guaranty Absolute and Unconditional.

The Borrower waives any and all notice of the creation, renewal, extension or accrual of any
of the Subsidiary Borrower Obligations and notice of or proof of reliance by the Administrative
Agent or any Lender upon this Parent Guaranty or acceptance of the Parent Guaranty under this
Article 8A; the Subsidiary Borrower Obligations, and any of them, shall conclusively be deemed to
have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance
upon the Parent Guaranty under this Article 8A; and all dealings between any Subsidiary Borrower
and the Borrower, on the one hand, and the Administrative Agent and the Lenders, on the other,
shall likewise be conclusively presumed to have been had or consummated in reliance upon the Parent
Guaranty under this Article 8A. The Borrower waives diligence, presentment, protest, demand for
payment and notice of default or nonpayment to or upon any Subsidiary Borrower or the Borrower with
respect to the Subsidiary Borrower Obligations. The Parent Guaranty under this Article 8A shall be
construed as a continuing, absolute and unconditional guaranty of payment without regard to (a) the
validity or enforceability of this Agreement, any of the Subsidiary Borrower Obligations or any
other collateral security therefor or guaranty or right of offset with respect thereto at any time
or from time to time held by the Administrative Agent or any Lender, (b) any defense, set-off or
counterclaim (other than a defense of payment or performance) which may at any time be available to
or be asserted by any Subsidiary Borrower against the Administrative Agent or any Lender, or (c)
any other circumstance whatsoever (with or without notice to or knowledge of such Subsidiary
Borrower or the Borrower) which constitutes, or might be construed to constitute, an equitable or
legal discharge of a Subsidiary Borrower for its Subsidiary Borrower Obligations, or of the
Borrower under the Parent Guaranty under this Article 8A, in bankruptcy or in any other instance.
When pursuing its rights and remedies hereunder against the Borrower, the Administrative Agent and
any Lender may, but shall be under no obligation to, pursue such rights and remedies as it may have
against any Subsidiary Borrower or any other Person or against any collateral security or guaranty
for the Subsidiary Borrower Obligations or any right of offset with respect thereto, and any
failure by the Administrative Agent or any Lender to pursue such other rights or remedies or to
collect any payments from any Subsidiary Borrower or any such other Person or to realize upon any
such collateral security or guaranty or to exercise any such right of offset, or any release of any
Subsidiary Borrower or any such other Person or of any such collateral security, guaranty or right
of offset, shall not relieve the Borrower of any liability under this Parent Guaranty, and shall
not impair or affect the rights and remedies, whether express, implied or available as a matter of
law, of the Administrative Agent or any Lender against the Borrower. The Parent Guaranty under
this Article 8A shall remain in full force and effect and be binding in accordance with and to the
extent of its terms upon the Borrower and its successors and assigns, and shall inure to the
benefit of the Administrative
Agent and the Lenders, and their respective successors, endorsees, transferees and assigns,
until all the Subsidiary Borrower Obligations and the obligations of the Borrower under the Parent

13

 

Guaranty under this Article 8A shall have been satisfied by payment in full and the Commitments
shall be terminated, notwithstanding that from time to time during the term of this Agreement any
Subsidiary Borrower may be free from any Subsidiary Borrower Obligations.

SECTION 8A.5 Reinstatement.The Parent Guaranty under this Article 8A shall continue
to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof,
of any of the Subsidiary Borrower Obligations is rescinded or must otherwise be restored or
returned by the Administrative Agent or any Lender upon the insolvency, bankruptcy, dissolution,
liquidation or reorganization of any Subsidiary Borrower or upon or as a result of the appointment
of a receiver, intervenor or conservator of, or trustee or similar officer for, any Subsidiary
Borrower or any substantial part of its property, or otherwise, all as though such payments had not
been made.”

IX.      Designation of Subsidiary Borrowers. The Borrower hereby designates each of
Cendant Mortgage Corporation and PHH Vehicle Management Services LLC (each, a “New Subsidiary
Borrower”) as a Subsidiary Borrower under the Credit Agreement as of the Effective Date (as
defined below). 

X.      Acknowledgement of Parent Guaranty. The Borrower hereby agrees and acknowledges
that the provisions of the Parent Guaranty contained in Article 8A of the Credit Agreement (as
amended by this Amendment) shall cover the Subsidiary Borrower Obligations of the New Subsidiary
Borrowers.

XI.      Effective Date. This Amendment shall become effective on the date (the
“Effective Date”) on which the following conditions are satisfied:

(a)      Amendment to the Credit Agreement. The Administrative Agent shall have received a
duly executed counterpart to this Amendment from the Borrower, the Administrative Agent and the
Required Lenders under the Credit Agreement.

(b)      Joinder Agreements. The Administrative Agent shall have received a duly executed
Joinder Agreement from each New Subsidiary Borrower, in form and substance satisfactory to the
Administrative Agent.

(c)      Secretary’s Certificates. The Administrative Agent shall have received a
certificate of the Secretary or Assistant Secretary of each New Subsidiary Borrower dated the date
hereof and certifying (A) that attached thereto is a true and complete copy of the certificate of
incorporation and by-laws of such New Subsidiary Borrower as in effect on the date of such
certification; (B) that attached thereto is a true and complete copy of resolutions adopted by the
Board of Directors of such New Subsidiary Borrower authorizing the borrowings and other extensions
of credit hereunder and the execution, delivery and performance in accordance with their respective
terms of this Agreement and any other documents required or contemplated hereunder; and (C) as to
the incumbency and specimen signature of each officer of such New Subsidiary Borrower executing the
Joinder Agreement by which such New Subsidiary Borrower
shall become a party to the Credit Agreement (such certificate to contain a certification by
another officer of such New Subsidiary Borrower as to the incumbency and signature of the officer
signing the certificate referred to in this paragraph (c)).

14

 

(d)      Legal Opinions. The Administrative Agent shall have received favorable written
opinions with respect to each New Subsidiary Borrower, dated as of the Effective Date and addressed
to the Administrative Agent and the Lenders, of internal counsel of PHH Corporation and of Skadden,
Arps, Slate, Meagher & Flom LLP, substantially in the form of Exhibits B-1 and B-2 to the Credit
Agreement.

(e)      PHH Spin-Off. The PHH Spin-Off shall have been consummated.

(f)      Fees. The Administrative Agent shall have received all fees required to be paid
on or before the Effective Date, and all expenses required to be paid on or before the Effective
Date for which invoices have been presented.

XII.      Representations and Warranties. The Borrower hereby represents and warrants
that (a) each of the representations and warranties in Section 3 of the Credit Agreement shall be,
after giving effect to this Amendment, true and correct in all material respects as if made on and
as of the Closing Date (unless such representations and warranties are stated to relate to a
specific earlier date, in which case such representations and warranties shall be true and correct
in all material respects as of such earlier date); provided that the representations and
warranties made in Section 3.5 shall be qualified by any disclosures made by the Borrower on any
Form 10-Q filed with the Securities and Exchange Commission during the period from the Closing Date
until the date hereof (it being understood that as of the time immediately after the consummation
thereof, the PHH Spin-Off shall not constitute a Material Adverse Effect), and (b) after giving
effect to this Amendment, no Default or Event of Default shall have occurred and be continuing.

XIII.      No Other Amendments; Confirmation. Except as expressly amended hereby, the
provisions of the Credit Agreement and each of the Fundamental Documents are and shall remain in
full force and effect.

XIV.      Payment of Expenses. The Borrower agrees to pay or reimburse the Administrative
Agent for all of its reasonable and documented out-of-pocket costs and expenses incurred in
connection with this Amendment, any other documents prepared in connection herewith and the
transactions contemplated hereby, including, without limitation, the reasonable fees and
disbursements of one counsel to the Administrative Agent.

XV.      Governing Law. This Amendment and the rights and obligations of the parties
hereto shall be governed by, and construed and interpreted in accordance with, the laws of the
State of New York.

XVI.      Counterparts. This Amendment may be executed by one or more of the parties hereto
on any number of separate counterparts, and all of said counterparts taken together shall be deemed
to constitute one and the same instrument. This Amendment may be delivered by facsimile
transmission of the relevant signature pages hereof.

[remainder of page intentionally left blank]

15

 

IN WITNESS WHEREOF, the undersigned have caused this Amendment to be executed and delivered by
their duly authorized officers as of the date first above written.

	 	 	 	 	 
	 	PHH CORPORATION

 	 
	 	By:  	/s/ David B. Wyshner	 
	 	 	Name:  	David B. Wyshner	 
	 	 	Title:  	Chief Financial Officer	 
	 
	 	JPMORGAN CHASE BANK, N.A. (formerly
 known as JPMorgan
Chase Bank), as
 Administrative Agent
and as a Lender

 	 
	 	By:  	/s/ Randolph Cates	 
	 	 	Name: 	Randolph Cates	 
	 	 	Title:  	Vice President	 
	 

16

 

Signature Page to Amendment to PHH Corporation

Three Year Competitive Advance and Revolving Credit Agreement,

dated as of June 28, 2004

	 	 	 	 	 
	 	[NAME OF LENDER]

 	 
	 	By:  	 	 
	 	 	Name: 		 
	 	 	Title:  		 
	 

17<PAGE>

                                                                    Exhibit 10.1

                         EXECUTIVE EMPLOYMENT AGREEMENT

      This EXECUTIVE EMPLOYMENT AGREEMENT, dated effective as of this 31st
day of January 2005 (the "Effective Date") and is between Loudeye Corp., a
Delaware corporation (the "Company"), and Michael A. Brochu ("Executive").

                                   AGREEMENTS

      1.    EMPLOYMENT

      The Company will employ Executive and Executive will accept employment by
the Company as its President and Chief Executive Officer. Executive will have
the authority, subject to the Company's Amended and Restated Certificate of
Incorporation, as amended, and Amended Bylaws, as may be granted from time to
time by the Company's Board of Directors (the "Board"). Executive shall perform
the duties assigned from time to time by the Board, which relate to the business
of the Company, or any business ventures in which the Company may participate.
Executive has executed a Loudeye Corp. Proprietary Information and Inventions
Agreement, which contains noncompetition and nonsolicitation obligations, in the
form attached as EXHIBIT A, which is part of this Agreement.

      2.    ATTENTION AND EFFORT

      Executive shall devote his entire productive time, ability, attention and
effort to the Company's business and shall skillfully serve its interests during
the term of this Agreement and shall not engage in any business or employment
activity that is not on Company's behalf (whether or not pursued for gain or
profit); provided, however, that Executive may devote reasonable periods of time
to (a) engaging in personal investment activities that do not involve Executive
providing any advice or services to the businesses that compete with the Company
or any of its subsidiaries; and (b) engaging in charitable or community service
activities, so long as none of the foregoing additional activities materially
interfere with Executive's duties under this Agreement. Executive may from time
to time receive requests to serve on a board of directors of another company, in
which case Executive shall notify the Board in advance of accepting any such
position in order to permit full consideration of whether such board position
would interfere with Executive's performance of his duties to the Company,
including under this Agreement. The parties agree that Executive may continue to
serve on the advisory Board of Voyager Capital, and on the Boards of Directors
of Art Technology Group (ATG), Allrecipes.com, Emphysis Medical Management, and
the Washington Software Alliance (WSA).

                                       1
<PAGE>
      3.    TERM

      Unless earlier terminated with appropriate notice of termination, the
initial term of this Agreement shall be from the date hereof until December 31,
2005; provided, however, that, unless terminated with appropriate notice, on
each January 1 following the date of this Agreement, beginning with January 1,
2006, this Agreement shall be automatically renewed for successive one-year
terms.

      4.    COMPENSATION

      During the term of this Agreement, the Company shall pay or cause to be
paid to Executive, and Executive shall accept in exchange for the services
rendered hereunder by him, the following compensation:

            4.1   BASE SALARY

            Executive's compensation shall consist of, in part, an annual base
salary (the "Base Salary") of Three Hundred Twenty Five Thousand Dollars
($325,000) before all customary payroll deductions. The Base Salary shall be
paid to Executive in substantially equal installments and at the same intervals
as other officers of the Company are paid. At the end of each year of employment
(or sooner if determined by the Board), Executive's Base Salary shall be
reviewed by the Compensation Committee of the Board in its sole discretion,
except that the Executive's Base Salary shall never be reduced below Three
Hundred Twenty Five Thousand Dollars ($325,000).

            4.2.  STOCK OPTION GRANTS

            On the Effective Date, the Company shall grant Executive a stock
option to purchase 1,500,000 shares (the "Initial Option") of the Company's
common stock, par value $.001 per share (the "Common Stock"). The Initial Option
shall be granted under and be subject to the terms of the Company's 2000 Stock
Option Plan, as amended (the "2000 Plan"). The Initial Option shall be an
incentive stock option to the maximum extent allowable under applicable law. The
exercise price for the Initial Option shall be the fair market value of the
Common Stock on the Effective Date. The Initial Option shall vest as follows:
25% of the shares shall vest and be exercisable on the one year anniversary date
of this Agreement and the remaining shares shall vest monthly in equal
increments over the next 36 months.

            In addition, subject to stockholder approval at the annual meeting
of the Company's stockholders anticipated to be held in May 2005 of an increase
in the authorized number of shares reserved under the 2000 Plan or stockholder
approval at such meeting for implementation of a restricted stock plan, the
Compensation Committee shall at its sole discretion either: (a) grant Executive
an option to purchase an additional 1,500,000 shares of Common Stock at an
exercise price equal to the fair market value of the Common Stock on the date
the Company obtains such stockholder approval of the share reserve under the
2000 Plan; or (b) issue to Executive a number of shares of restricted Common
Stock equal to the value of the

                                       2
<PAGE>
option grant in subclause (a). If the Board elects to issue restricted stock to
Executive, the minimum number of shares to be issued to Executive shall be
750,000. This additional compensatory equity grant, whether a stock option or
restricted stock grant, shall vest over a four year period, 25% vesting on the
one year anniversary of the Effective Date and the remainder vesting monthly
over three years.

            Solely in the event the stockholders do not approve either an
increase in the share reserve under the 2000 Plan or implementation of a
restricted stock plan, then the Compensation Committee shall cause to be issued
on January 1, 2006, a stock option to purchase 1,500,000 shares of the Company's
common stock at an exercise price equal to the closing price for the Common
Stock on the immediately preceding trading date and vesting 25% as of January 1,
2006, the remainder vesting monthly over three years. This option grant, or the
option or restricted stock grant set out in the preceding paragraph, is referred
to as the "Subsequent Grant."

            If the Company elects to fail to renew the contract in accordance
with Section 3 or otherwise terminates this Agreement without Cause (as defined
in Section 7.7) at any time, the Subsequent Grant (if it has not already been
made as provided above) shall nonetheless be issued even if the Company chooses
to terminate this Agreement without Cause effective December 31, 2005 or at any
time, and all options (or restricted stock, as the case may be) under the
Initial Option grant and Subsequent Grant shall accelerate vest effective
December 31, 2005 (for the portion of the options granted as of that date for
failure to renew this Agreement or otherwise terminate this Agreement) and/or
the date of termination of this Agreement.

            If, on or after a Change of Control (as defined herein), Executive's
employment with the Company terminates due to an involuntary termination of
Executive by the Company other than for "Cause" (as defined in Section 7.7) or
by Executive for "Good Reason" (as defined in Section 7.7), then all of
Executive's Company stock options or restricted stock grants shall immediately
accelerate and become fully vested and exercisable immediately prior to the
Change of Control.

            For purposes of this Agreement, "Change of Control" shall mean the
occurrence of any of the following events:

            (i) Any "person" (as such term is used in Sections 13(d) and 14(d)
of the Securities Exchange Act of 1934, as amended) becomes the "beneficial
owner" (as defined in Rule 13d-3 under said Act), directly or indirectly, of
securities of the Company representing fifty percent (50%) or more of the total
voting power represented by the Company's then outstanding voting securities; or

            (ii)  The consummation of the sale or disposition by the
Company of all or substantially all the Company's assets in one or a
series of related transactions; or

            (iii) The consummation of a merger or consolidation of the Company
or share exchange involving any other corporation, other than (A) a merger,
consolidation or share exchange which would result in the voting securities of
the Company outstanding immediately

                                       3
<PAGE>
prior thereto continuing to represent (either by remaining outstanding or by
being converted into voting securities of the surviving entity) at least fifty
percent (50%) of the total voting power represented by the voting securities of
the Company or such surviving entity outstanding immediately after such merger
or consolidation, or (B) a merger effected solely for purposes of changing the
domicile of the Company.

            4.3   ONE-TIME BONUS

            Within fifteen calendar (15) days of the execution of this
Agreement, Company shall pay to Executive Twenty-Five Thousand Dollars
($25,000.00), less all customary payroll deductions.

            4.4   PERFORMANCE BONUS

            Executive's eligibility for a performance bonus shall be based on
the overall performance of the Company. Each year the Compensation Committee
shall set both a performance target and maximum performance goal for the Company
for the fiscal year. The performance target and maximum performance goal shall
be documented in writing and acknowledged by Executive. If, based on the
Company's audited financial statements, the performance target is met, and if
the Company is EBITDA positive (as determined in accordance with GAAP),
Executive shall be eligible for an annual bonus of up to fifty percent (50%) of
his Base Salary. If, based on the Company's audited financials, the maximum
performance goal is met, and if the Company is EBITDA positive, Executive shall
be eligible for an annual bonus of up to one hundred percent (100%) of his Base
Salary. For avoidance of doubt, executive's maximum aggregate annual bonus
potential under this Section 4.4 is 100% of his Base Salary. The parties will
negotiate in good faith to address any issues of fairness or consistency if
there are changes in GAAP between the time that the targets are established and
the calculation of eligibility for bonus.

            The actual amount of any bonus payable to Executive shall be
determined by the Compensation Committee of the Board, and Executive understands
that in any year no more than twenty five percent (25%) of that year's total
positive EBITDA balance be distributed as bonus compensation individually or
collectively to the Company's executive leadership team (including Executive and
the Company's other senior executives). Any potential bonus amount that is not
payable pursuant to the prior sentence shall not be earned and shall not be
accrued by the Company. For illustration purposes only, if in a given year
Executive meets the maximum performance goal entitling Executive to a
performance bonus of $325,000 (100% of his Base Salary) and the Company's
positive EBITDA balance as of the applicable year end is $1,000,000, then the
maximum bonus amount distributable to the executive leadership team shall be
$250,000, of which Executive would receive a percentage to be determined by the
Compensation Committee of the Board. In this example, the remaining balance of
Executive's earned bonus would not be earned and would not be accrued by the
Company.

                                       4
<PAGE>
      5.    DIRECTOR

      So long as this Agreement is in effect, the Board shall, to the maximum
extent as is consistent with its obligations under applicable law, recommend
Executive as a candidate for director at each annual meeting of the stockholders
of the Company where Executive's term as a director of the Company would
otherwise expire. As an employee of the Company, Executive shall not be entitled
to any additional compensation from the Company for his services as a director.
In the event Executive ceases to serve as Chief Executive Officer for any
reason, the Board believes that whether Executive will continue as a director is
a matter for discussion at that time with the new Chief Executive Officer and
the Board. If it is determined by the Board that Executive should not continue
to serve on the Board, then Executive agrees to immediately tender his
resignation from the Board.

      6.    BENEFITS

      During the term of this Agreement, the Company shall provide Executive
with the health and dental insurance provided to other senior executives.
Executive will be entitled to participate, subject to and in accordance with
applicable eligibility requirements, in fringe benefit programs that may be
established by the Company or, to the extent applicable, by the Board. During
each calendar year for the term of this Agreement, and, assuming the Agreement
is renewed, through December 31, 2007, Executive shall be entitled to four (4)
weeks paid vacation. Beginning January 1, 2008, Executive shall be entitled to
five (5) weeks paid vacation. Unused vacation time may be accrued during the
term of this Agreement, but in no event shall Executive accrue and carry over
more than four (4) weeks of paid vacation. Any unused vacation time above the
three weeks that may be carried over is forfeited.

      7.    PAYMENTS AND BENEFITS UPON TERMINATION

      Beginning on the Effective Date, and subject to Executive executing a
release in form and substance reasonably satisfactory to the Company, Executive
shall be entitled to the following payments and benefits following termination
of Executive's employment by Executive for Good Reason (as defined below) or by
the Company for any reason other than Cause (as defined below), including
non-renewal of this Agreement, or upon Executive's death or Disability (as
defined below).

                                       5
<PAGE>
            7.1   TERMINATION PAYMENT

                  (a) Generally. The Company shall make payments in cash to
Executive as severance pay equal to four months of Executive's annual Base
Salary in effect immediately prior to the date of Executive's termination (the
"Cash Severance"). The Cash Severance due under this Section 7.1(a) shall be
paid in a lump sum. The amount of Cash Severance to be paid under this section
shall increase to an amount equal to eight months of Executive's annual Base
Salary on December 31, 2005, and to an amount equal to twelve months of
Executive's annual Base Salary on December 31, 2006. The amount of Cash
Severance can be increased as negotiated in good faith between the Executive and
the Compensation Committee at the time of termination.

                  (b) Termination Payment on Change of Control. If, on or after
a Change of Control, Executive's employment with the Company terminates due to
(i) a voluntary termination for Good Reason (as defined in Section 7.7) or (ii)
an involuntary termination by the Company other than for "Cause" (as defined in
Section 7.7), then the Company shall pay Executive as severance an amount equal
to twelve months of Executive's annual Base Salary in effect immediately prior
to the date of Executive's termination. The severance due under this Section
7.1(b) shall be paid in a lump sum.

            7.2   ACCRUED BENEFITS

            The Company shall pay to Executive the amount of any compensation
deferred by Executive and any accrued vacation pay for the periods of service
prior to the date of termination. Such amounts shall be paid in a lump sum.

            7.3   DEATH OR DISABILITY OF EXECUTIVE

            Executive shall be entitled to the Cash Severance in the event of
his death or Disability. In the event of Executive's death, all benefits and
payments provided for by this Section 7 shall be paid to his spouse, if any, or
otherwise to the personal representative of his estate, unless Executive has
otherwise directed the Company in writing prior to his death.

            7.4   EXCLUSIVE SOURCE OF SEVERANCE PAY

            Benefits provided under this Agreement shall replace the amount of
any severance payments to which Executive would otherwise be entitled under any
severance plan or policy generally available to executives of the Company.

            7.5   NONSEGREGATION

            No assets of the Company need be segregated or earmarked to
represent the liability for benefits payable hereunder. The rights of Executive
to receive benefits hereunder shall be only those of a general unsecured
creditor.

                                       6
<PAGE>
            7.6   WITHHOLDING

            All payments under this Section 7 are subject to applicable federal
and state payroll withholding or other applicable taxes.

            7.7   "CAUSE" AND "GOOD REASON" DEFINITIONS

            For purposes of this Agreement, "Cause" means (a) violation by
Executive of a state or federal criminal law involving the commission of a crime
against the Company, or any felony; (b) habitual or repeated misuse by Executive
of alcohol or controlled substances; (c) fraud, intentional misrepresentation or
dishonesty by Executive with respect to the business of the Company; (d) any
incident materially compromising Executive's reputation or ability to represent
the Company with the public; (e) any intentional act by Executive that
substantially impairs the Company's business, goodwill or reputation; or (f) a
determination by a majority of the Company's directors (other than the
Executive) within thirty (30) days after the end of each of two (2) consecutive
calendar quarters that the Company (or the Executive) has not substantially met
the Quarterly Goals (as defined below). For purposes of this Agreement,
"Quarterly Goals" shall mean specific targeted metrics of Company performance
(financial or otherwise) and / or Executive performance for a calendar quarter.
The Quarterly Goals shall be agreed to in writing by the Executive and the
Company within the thirty (30) day periods prior to the beginning of each
calendar quarter. The first set of Quarterly Goals shall be for the Second
Quarter of 2005.

            For purposes of this Agreement, "Good Reason" shall mean, without
Executive's express written consent: (a) the material reduction of (i)
Executive's duties, benefits, authority or responsibilities (as determined in
good faith by the Board of Directors), or (ii) compensation ; (b) the relocation
of the principal place of Executive's employment to a location that is more than
fifty (50) miles away from its current location; and (c) the uncured breach of
any material provision of this Agreement by the Company, including, without
limitation, failure by the Company to pay Executive's Base Salary or bonus;
provided, however, that the Executive shall not be deemed to have resigned for
Good Reason hereunder unless with respect to each of (a) and (b) and (c) above,
the Executive shall have provided written notice to the Company within 60
calendar days after the event that the Executive believes gives rise to the
Executive's right to terminate employment for Good Reason, describing in
reasonable detail the facts that provide the basis for such belief, and the
Company shall have thirty (30) days from the date of such notice to cure any
such material reduction, relocation or breach.

            7.8   TERMINATION FOR FAILURE TO MEET QUARTERLY GOALS

            Notwithstanding anything stated elsewhere in this Agreement, the
parties agree that if Executive is terminated by the Company for failing to
substantially meet the Quarterly Goals after the end of each of two successive
quarters, Executive shall be entitled to severance under Section 7.1(a) of this
Agreement, but shall not be entitled to any accelerated vesting of any
outstanding options.

                                       7
<PAGE>
      8.    TERMINATION

      Employment of Executive pursuant to this Agreement may be terminated as
follows:

            8.1   BY THE COMPANY

            Until December 31, 2005, the Company may terminate the employment of
Executive with or without Cause upon giving written notice of termination
("Notice of Termination"), which notice shall be effective immediately if
termination is for Cause and thirty (30) days later if termination is not for
Cause. After January 1, 2006, the Company may terminate this Agreement without
Cause upon sixty (60) days' prior written notice in the form of a Notice of
Termination. This Agreement shall terminate upon the effective date specified in
such Notice of Termination. Payments due to Executive pursuant to Section 7, if
any, shall commence on the effective date of the Notice of Termination.

            8.2   BY EXECUTIVE

            Executive may terminate this Agreement upon sixty (60) days' prior
written notice in the form of a Notice of Termination, and this Agreement shall
terminate upon the effective date specified in such Notice of Termination.
Payments due to Executive pursuant to Section 7, if any, shall commence on the
effective date of the Notice of Termination. Notwithstanding the preceding
sentence, the Company shall have the right to accelerate Executive's termination
of employment to be effective on the date that the Notice of Termination is
received by the Company, or any date of the Company's choosing between that date
and the effective date specified in the Notice of Termination.

            8.3   AUTOMATIC TERMINATION

            This Agreement and Executive's employment shall terminate
automatically upon Executive's death or Executive's inability, for any reason,
to perform his duties with the Company for 120 days in any twelve (12) month
period ("Disability").

            8.4   EFFECT OF TERMINATION

            Notwithstanding any termination or expiration of this Agreement, the
Company shall remain liable for any rights or payments arising prior to such
event to which Executive is entitled under this Agreement.

      9.    GOLDEN PARACHUTE TAXES.

      In the event that (i) any amounts paid or deemed paid to Executive under
this Agreement are deemed to constitute "excess parachute payments" as defined
in Section 280G of the Code (taking into account any other payments made to
Executive under any other agreement and any other compensation paid or deemed
paid to Executive), or if Executive is deemed to receive an "excess parachute
payment" by reason of his or her vesting in the option grants or restricted
stock grants set forth in Section 4.2, and (ii) such deemed "excess parachute
payments" would not be

                                       8
<PAGE>
deductible by the Company, then the amount of such payments or deemed payments
shall be reduced (or, alternatively the provisions of Section 4.2 shall not act
to vest options to such Executive), so that no such payments or deemed payments
shall constitute excess parachute payments. The determination of whether a
payment or deemed payment constitutes an excess parachute payment shall be made
in the sole discretion of the Board.

      10.   MISCELLANEOUS

            10.1  AMENDMENT

            This Agreement may not be amended except by written agreement
between Executive and an authorized representative of the Company following
approval by the Compensation Committee.

            10.2  NO MITIGATION

            All payments and benefits to which Executive is entitled under this
Agreement shall be made and provided without offset, deduction or mitigation on
account of income Executive could or may receive from other employment or
otherwise.

            10.3  LEGAL EXPENSES

            In connection with any litigation, arbitration or similar
proceeding, whether or not instituted by the Company or Executive, with respect
to the interpretation or enforcement of any provision of this Agreement, the
substantially prevailing party shall be entitled to recover from the other party
all costs and expenses, including reasonable attorneys' fees and disbursements,
in connection with such litigation, arbitration or similar proceeding.

            10.4  NOTICES

            Any notices required under the terms of this Agreement shall be
effective hand delivered or when mailed, postage prepaid, by certified mail and
addressed to, in the case of the Company:

                  Loudeye Corp.
                  1130 Rainier Avenue S
                  Seattle, WA  98144
                  Attention:     Compensation Committee
                        and:     General Counsel

                  with a copy to:
                  Cairncross & Hempelmann, P.S.
                  524 Second Avenue, Suite 500
                  Seattle, WA  98104
                  Attn: Rosemary Daszkiewicz

                                       9
<PAGE>
                  and to, in the case of Executive:
                  Michael A. Brochu

Either party may designate a different address by giving written notice of
change of address in the manner provided above.

            10.5  WAIVER; CURE

            No waiver or modification in whole or in part of this Agreement, or
any term or condition hereof, shall be effective against any party unless in
writing and duly signed by the party sought to be bound. Any waiver of any
breach of any provision hereof or any right or power by any party on one
occasion shall not be construed as a waiver of, or a bar to, the exercise of
such right or power on any other occasion or as a waiver of any subsequent
breach.

            10.6  BINDING EFFECT; SUCCESSORS

            This Agreement shall be binding upon, inure to the benefit of and be
enforceable by the Company and Executive and their respective heirs, legal
representatives, successors and assigns.

            10.7  SEVERABILITY

            Any provision of this Agreement which is held to be unenforceable or
invalid in any respect in any jurisdiction shall be ineffective in such
jurisdiction to the extent that it is unenforceable or invalid without affecting
the remaining provisions hereof, which shall continue in full force and effect.
The enforceability or invalidity of a provision of this Agreement in one
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

            10.8  GOVERNING LAW

            This Agreement shall be governed by and construed in accordance with
the laws of the state of Washington applicable to contracts made and to be
performed there.

                             SIGNATURE PAGE FOLLOWS

                                       10
<PAGE>
                   SIGNATURE PAGE TO EMPLOYMENT AGREEMENT

      The Company and Executive have executed this Agreement at Seattle,
Washington as of the Effective Date.

                                    Loudeye Corp.

                                    By: /s/ Lawrence J. Madden__________
                                       Lawrence J. Madden
                                       Executive Vice President and Chief
                                       Financial Officer

                                    EXECUTIVE

                                    /s/ Michael A. Brochu_______________
                                    Michael A. Brochu

                                       1
<PAGE>
                                    EXHIBIT A

          FORM OF PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT

                                  LOUDEYE CORP.

      In consideration of my employment or consultancy (as the case may be) by
Loudeye Corp., a Delaware corporation (the "Company," which term includes the
Company's subsidiaries and any of its affiliates), any opportunity for
advancement or reassignment that the Company may offer me, the compensation paid
to me in connection with such employment or consultancy (as the case may be) and
any stock and/or stock options which have been or may be granted to me by the
Company, I, Michael A. Brochu, hereby agree as follows:

      1.    Whenever used in this Agreement the following terms will have the
following meanings:

      (a)   "Invention(s)" means designs, trademarks, discoveries,
            formulae, processes, manufacturing techniques, trade secrets,
            inventions, improvements, ideas, business plans or strategies,
            or copyrightable works, including all rights to obtain,
            register, perfect and enforce these proprietary interests;
            provided that the term "Inventions" shall not be deemed to
            include those inventions, if any, listed on the exhibit
            attached to this Agreement.

      (b)   "Proprietary Information" means information or physical
            material not generally known or available outside the Company
            or information or physical material entrusted to the Company
            by third parties.  This includes, but is not limited to,
            Inventions, confidential knowledge, trade secrets, copyrights,
            product ideas, techniques, processes, formulas, object codes,
            mask works and/or any other information of any type relating
            to documentation, data, schematics, algorithms, flow charts,
            mechanisms, research, manufacture, improvements, assembly,
            installation, marketing, forecasts, pricing, customers, the
            salaries, duties, qualifications, performance levels and terms
            of compensation of other employees, and/or cost or other
            financial data concerning any of the foregoing or the Company
            and its operations.  Proprietary Information may be contained
            in material such as drawings, samples, procedures,
            specifications, reports, studies, customer or supplier lists,
            budgets, cost or price lists, compilations or computer
            programs, or may be in the nature of unwritten knowledge or
            know-how.

      (c)   "Company Documents" means documents or other media that
            contain Proprietary Information or any other information
            concerning the business, operations or plans of the Company,
            whether such documents have been prepared by me or by others.
            "Company Documents" include, but are not limited to,
            blueprints, drawings, photographs, charts, graphs, notebooks,
            customer lists, computer disks, tapes or

                                       1
<PAGE>
            printouts, sound recordings and other printed, typewritten or
            handwritten documents.

      2.    I understand that the Company is engaged in a continuous program of
research, development and production. I also recognize that the Company
possesses or has rights to Proprietary Information (including certain
information developed by me during my employment or consultancy (as the case may
be) by the Company) which has commercial value in the Company's business that
derives, at least in part, from not being generally known or readily
ascertainable.

      3.    I understand that the Company possesses Company Documents which are
important to its business.

      4.    I understand and agree that my employment or consultancy (as the
case may be) creates a relationship of confidence and trust between me and the
Company with respect to (i) all Proprietary Information, and (ii) the
confidential information of another person or entity with which the Company has
a business relationship and is required by terms of an agreement with such
entity or person to hold such information as confidential. At all times, both
during my employment or consultancy (as the case may be) by the Company and
after its termination, I will keep in confidence and trust all such information,
and I will not use or disclose any such information without the written consent
of the Company, except as may be necessary in the ordinary course of performing
my duties to the Company, in which case I shall take reasonable steps to ensure
that such information is maintained in confidence.

      5.    In addition, I hereby agree as follows:

            (a) All Proprietary Information shall be the sole property of the
Company and its assigns, and the Company and its assigns shall be the sole owner
of all trade secrets, patents, copyrights and other rights in connection
therewith. I hereby assign to the Company any rights I may presently have or I
may acquire in such Proprietary Information.

            (b) All Company Documents, apparatus, equipment and other physical
property, whether or not pertaining to Proprietary Information, furnished to me
by the Company or produced by me or others in connection with my employment or
consultancy (as the case may be) shall be and remain the sole property of the
Company. I shall return to the Company all such Company Documents, materials and
property as and when requested by the Company, excepting only (i) my personal
copies of records relating to my compensation; (ii) my personal copies of any
materials previously distributed generally to stockholders of the Company; and
(iii) my copy of this Agreement (my "Personal Documents"). Even if the Company
does not so request, I shall return all such Company Documents, materials and
property upon termination of my employment or consultancy (as the case may be)
by me or by the Company for any reason, and, except for my Personal Documents, I
will not take with me any such Company Documents, material or property or any
reproduction thereof upon such termination.

            (c) I will promptly disclose to the Company, or any persons
designated by it, all Inventions relating to the subject matter of my employment
or consultancy made or conceived, reduced to practice or learned by me, either
alone or jointly with others, prior to the

                                      -2-
<PAGE>
termination of my employment or consultancy (as the case may be) and for one (1)
year thereafter.

            (d) Without further compensation, I hereby agree promptly to
disclose to the Company, and I hereby assign and agree to assign to the Company
or its designee, my entire right, title, and interest in and to all Inventions
which I may solely or jointly develop or reduce to practice during the period of
my employment or consulting relationship with the Company (i) which pertain to
any line of business activity of the Company, (ii) which are aided by the use of
time, material or facilities of the Company, whether or not during working
hours, or (iii) which relate to any of my work during the period of my
employment or consulting relationship with the Company, whether or not during
normal working hours. No rights are hereby conveyed in Inventions, if any, made
by me prior to my employment or consulting relationship with the Company which
are identified in a sheet attached to and made a part of this Agreement, if any
(which attachment contains no confidential information).

            NOTICE REQUIRED BY REVISED CODE OF WASHINGTON 49.44.140:

            ANY ASSIGNMENT OF INVENTIONS REQUIRED BY THIS AGREEMENT DOES NOT
      APPLY TO AN INVENTION FOR WHICH NO EQUIPMENT, SUPPLIES, FACILITY OR TRADE
      SECRET INFORMATION OF THE COMPANY WAS USED AND WHICH WAS DEVELOPED
      ENTIRELY ON THE EMPLOYEE'S OR CONSULTANT'S OWN TIME, UNLESS (A) THE
      INVENTION RELATES (I) DIRECTLY TO THE BUSINESS OF THE COMPANY OR (II) TO
      THE COMPANY'S ACTUAL OR DEMONSTRABLY ANTICIPATED RESEARCH OR DEVELOPMENT
      OR (B) THE INVENTION RESULTS FROM ANY WORK PERFORMED BY THE EMPLOYEE OR
      CONSULTANT FOR THE COMPANY.

            (e) During or after my employment or consultancy (as the case may
be), upon the Company's request and at the Company's expense, I will execute all
papers in a timely manner and do all acts necessary to apply for, secure,
maintain or enforce patents, copyrights and any other legal rights in the United
States and foreign countries in Inventions assigned to the Company under this
Agreement, and I will execute all papers and do any and all acts necessary to
assign and transfer to the Company or any person or party to whom the Company is
obligated to assign its rights, my entire right, title and interest in and to
such Inventions. This obligation shall survive the termination of my employment
or consultancy (as the case may be), but the Company shall compensate me at a
reasonable rate after such termination for time actually spent by me at the
Company's request on such assistance. In the event that the Company is unable
for any reason whatsoever to secure my signature to any document reasonably
necessary or appropriate for any of the foregoing purposes, (including renewals,
extensions, continuations, divisions or continuations in part), I hereby
irrevocably designate and appoint the Company and its duly authorized officers
and agents as my agents and attorneys-in-fact to act for and in my behalf and
instead of me, but only for the purpose of executing and filing any such
document and doing all other lawfully permitted acts to accomplish the foregoing
purposes with the same legal force and effect as if executed by me.

                                      -3-
<PAGE>
            (f) So that the Company may be aware of the extent of any other
demands upon my time and attention, I will disclose to the Company (such
disclosure to be held in confidence by the Company) the nature and scope of any
other business activity in which I am or become engaged during the term of my
employment or consultancy (as the case may be). During the term of my employment
or consultancy (as the case may be), I will not engage in any other business
activity which is related to the Company's business or its actual or
demonstrably anticipated business.

      6.    As a matter of record, I attach hereto as Exhibit A a complete list
of all Inventions (including patent applications and patents) relevant to the
subject matter of my employment or consultancy which have been made, conceived,
developed or first reduced to practice by me, alone or jointly with others,
prior to my employment or consultancy (as the case may be) with the Company that
I desire to remove from the operation of this Agreement, and I covenant that
such list is complete. If no such list is attached to this Agreement, I
represent that I have no such Inventions at the time of signing this Agreement.
If in the course of my employment or consultancy with the Company, I use or
incorporate into a product or process an Invention not covered by Paragraph 5(d)
of this Agreement in which I have an interest, the Company is hereby granted a
nonexclusive, fully paid-up, royalty-free, perpetual, worldwide license of my
interest to use and sublicense such Invention without restriction of any kind.

      7.    I represent that my execution of this Agreement, my employment or
consultancy (as the case may be) with the Company and my performance of my
proposed duties to the Company in the development of its business will not
violate any obligations I may have to any former employer, or other person or
entity, including any obligations to keep confidential any proprietary or
confidential information of any such employer. I have not entered into, and I
will not enter into, any agreement which conflicts with or would, if performed
by me, cause me to breach this Agreement.

      8.    In the course of performing my duties to the Company, I will not
utilize any proprietary or confidential information of any former employer.

      9.    I agree that this Agreement does not constitute an employment or
consultancy (as the case may be) agreement for a specific duration.

      10.   This Agreement shall be effective as of the first day of my
employment or consultancy (as the case may be) by the Company and the
obligations hereunder will continue beyond the termination of my employment and
will be binding on my heirs, assigns and legal representatives. This Agreement
is for the benefit of the Company, its successors and assigns (including all
subsidiaries, affiliates, joint ventures and associated companies) and is not
conditioned on my employment for any period of time or compensation arising
therefrom. I agree that the Company is entitled to communicate any obligations
under this Agreement to any future or prospective employer of mine or business
retaining me as a consultant.

      11.   During the term of my employment or consultancy (as the case may be)
and for one (1) year thereafter, I will not, without the Company's written
consent, directly or indirectly be employed or involved with any business
developing or exploiting any products or services that

                                      -4-
<PAGE>
are competitive with products or services (a) being commercially developed or
exploited by the Company during my employment or consultancy (as the case may
be) and (b) on which I worked or about which I learned Proprietary Information
during my employment or consultancy (as the case may be) with the Company.
During the term of my employment or consultancy (as the case may be) and for one
year thereafter I shall not directly or indirectly contact, solicit, induce, or
attempt to induce any customer or identified prospective customer, vendor,
business relation or contractor of the Company for the purposes of diverting
sales from the Company, terminating such person or entity's relationship with
the Company, or diminishing in any respect the business being done by the
Company with such person or entity.

      12.   During the term of my employment or consultancy (as the case may be)
and for one (1) year thereafter, I will not personally or through others
recruit, solicit or induce in any way any employee, advisor or consultant of the
Company to terminate his or her relationship with the Company.

      13.   I acknowledge that any violation of this Agreement by me will cause
irreparable injury to the Company and I agree that the Company will be entitled
to extraordinary relief in court, including, but not limited to, temporary
restraining orders, preliminary injunctions and permanent injunctions without
the necessity of posting a bond or other security and without prejudice to any
other rights and remedies that the Company may have for a breach of this
Agreement.

      14.   I agree that any dispute in the meaning, effect or validity of this
Agreement shall be resolved in accordance with the laws of the State of
Washington without regard to the conflict of laws provisions thereof. I further
agree that if one or more provisions of this Agreement are held to be
unenforceable under applicable Washington law, such provision(s) shall be
modified solely to the extent necessary to render the same enforceable and the
balance of the Agreement shall be interpreted consistent with such provision as
modified and shall be enforceable in accordance with its terms.

                                      -5-
<PAGE>
      15.___I HAVE READ AND UNDERSTOOD THIS AGREEMENT. THIS AGREEMENT MAY ONLY
BE MODIFIED BY A SUBSEQUENT WRITTEN AGREEMENT EXECUTED BY AN AUTHORIZED OFFICER
OF THE COMPANY AND APPROVED BY THE COMPENSATION COMMITTEE.

      Dated:  January 31, 2005

                                          By:   /s/ Michael A. Brochu_________
                                                Signature

                                          Name: Michael A. Brochu

      Accepted and Agreed to:

      LOUDEYE CORP.

      By:   /s/ Lawrence J. Madden
                                  --------------
            Lawrence J. Madden
            Executive Vice President and Chief Financial Officer

                                       1
<PAGE>
                                    Exhibit A

      LOUDEYE CORP

      Ladies and Gentlemen:

      1. The following is a complete list of all inventions or improvements
relevant to the subject matter of my employment or consultancy (as the case may
be) by Loudeye Corp (the "Company") that have been made or conceived or first
reduced to practice by me, alone or jointly with others, prior to my employment
or consultancy (as the case may be) by the Company that I desire to remove from
the operation of the Proprietary Information and Inventions Agreement entered
into between the Company and me.

                  No inventions or improvements.
------------

                  Any and all inventions regarding:
------------

                  Additional sheets attached.
------------

      2.    I propose to bring to my employment or consultancy (as the
case may be) the following materials and documents of a former employer:

                  No materials or documents.
------------

                  See below:
------------

                                      A-1

<PAGE>

                                          By:   /s/ Michael A. Brochu_________
                                                Signature

                                          Name: Michael A. Brochu
                                                ------------------------------

                                      -2-

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