Document:

EXHIBIT (10)U

 

TARGET CREDIT CARD OWNER TRUST 2008-1

 

THIS AMENDMENT NO. 1 TO NOTE PURCHASE AGREEMENT, dated as of November 10, 2009 (this “Amendment”), is entered into by and among Target Receivables Corporation, a Minnesota corporation (“TRC”), Target Corporation, a Minnesota corporation (“Target”), BOTAC, Inc., a Nevada corporation, as note purchaser (in such capacity, the “Note Purchaser”) and Chase Bank USA, National Association (“Chase USA”), a national banking association.

 

W I T N E S S E T H:

 

WHEREAS, TRC, Target, the Note Purchaser and Chase USA entered into that certain Note Purchase Agreement, dated as of May 5, 2008 (the “Agreement”);

 

WHEREAS, pursuant to Section 15 of the Agreement, the parties hereto desire to amend the Agreement to modify the provisions of Section 17 thereof.

 

NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto, intending to be legally bound hereby, agree as follows:

 

ARTICLE I

 

AMENDMENTS

 

Section 1.1                                      Subsection 17(d).      A new subsection 17(d) shall be added and shall read as follows:

 

(d)                                 Transferor Note Repurchase.

 

(i)                                     The parties agree that a Transferor Note Repurchase shall be effectuated by the execution of a repurchase agreement; provided, that, notwithstanding any other provision to the contrary in the Basic Documents, including Section 2.7 of the Indenture, TRC may purchase a portion of the Note Principal Balance without the issuance of a new Note and the cancellation of the Note acquired by TRC in connection with a Transferor Note Repurchase.  The Note Principal Balance, the Invested Amount and the Collateral Certificate principal balance shall each be reduced by the same amount as if the Note had been delivered for cancellation and cancelled in accordance with Section 2.7 of the Indenture and Section 7.3 of the Series Supplement.  Such repurchase agreement shall be substantially in the form of Exhibit E attached hereto.

 

 

(ii)                                  On the date of a Transferor Note Repurchase, TRC shall deliver a copy of the executed Repurchase Agreement to the Indenture Trustee, which shall reflect the outstanding Note Principal Balance, the Invested Amount and the Collateral Certificate principal  balance as of the date of (and after giving effect to) the Transferor Note Repurchase.

 

(iii)                               The parties agree and confirm that the Note Principal Balance, Invested Amount and the Collateral Certificate principal balance shown in the Repurchase Agreement shall reflect the outstanding Note Principal Balance, Invested Amount and the Collateral Certificate principal balance as of the date of (and after giving effect to) the Transferor Note Repurchase notwithstanding any amount shown on the face of the Note or the Collateral Certificate.

 

ARTICLE II

 

MISCELLANEOUS

 

Section 2.1                                      Defined Terms.               Capitalized terms used and not otherwise defined herein shall have the meanings assigned to such terms in the Agreement.

 

Section 2.2                                      Agreement in Full Force and Effect as Amended.                              Except as specifically amended hereby, all of the terms and conditions of the Agreement shall remain in full force and effect. This Amendment shall not constitute a novation of the Agreement, but shall constitute an amendment thereof.

 

Section 2.3                                      Severability.                              If any one or more of the covenants, agreements, provisions or terms or portions thereof of this Amendment shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms or portions thereof shall be deemed severable from the remaining covenants, agreements, provisions or terms or portions of this Amendment and shall in no way affect the validity or enforceability of the other covenants, agreements, provisions or terms or portions of this Amendment.

 

Section 2.4                                      Counterparts.                       This Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.

 

SECTION 2.5                                             GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

2

 

THE PARTIES HERETO HEREBY SUBMIT TO THE NONEXCLUSIVE JURISDICTION OF THE FEDERAL AND STATE COURTS IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN ANY SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

[REMAINDER OF THE PAGE BLANK]

 

3

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective officers as of the day and year first above written.

 

 

	
 
    	
 
    	
 
    	
TARGET RECEIVABLES CORPORATION
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:
    	
/s/   Sara J. Ross
    
	
 
    	
 
    	
 
    	
 
    	
Name:   Sara J. Ross
    
	
 
    	
 
    	
 
    	
 
    	
Title:   VP and Assistant Treasurer
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
TARGET CORPORATION
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:
    	
/s/   Corey L. Haaland
    
	
 
    	
 
    	
 
    	
 
    	
Name:   Corey L. Haaland
    
	
 
    	
 
    	
 
    	
 
    	
Title:   VP, Treasurer
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
BOTAC, INC.
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
By   
    	
/s/   David A. Penkrot
    	
 
    	
 
    	
 
    
	
 
    	
Name:   David A. Penkrot
    	
 
    	
 
    	
 
    
	
 
    	
Title:   Senior Vice President
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CHASE BANK USA, NATIONAL ASSOCIATION
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
By   
    	
/s/   Keith Schuck
    	
 
    	
 
    	
 
    
	
 
    	
Name:   Keith Schuck
    	
 
    	
 
    	
 
    
	
 
    	
Title:   President
    	
 
    	
 
    	
 
    

 

Amendment No. 1 to Note Purchase Agreement

 

 

As acknowledged and agreed to by:

 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Trustee and Indenture Trustee

 

 

	
By
    	
/s/   Kristen L. Puttin
    	
 
    	
 
    
	
 
    	
Name:   Kristen L. Puttin
    	
 
    	
 
    
	
 
    	
Title:   Vice President
    	
 
    	
 
    

 

Amendment No. 1 to Note Purchase Agreement

 

Exhibit E

 

REPURCHASE AGREEMENT

 

THIS REPURCHASE AGREEMENT, dated as of                     , 20   , is entered into by and between Target Receivables Corporation, a Minnesota corporation (“TRC”) and BOTAC, Inc., a Nevada corporation (the “Note Reseller”).

 

Pursuant to subsection 17(a) of the Note Purchase Agreement, dated as of May 5, 2008, as amended by Amendment No. 1 thereto, dated as of November 10, 2009, by and among TRC, Target Corporation, the Note Reseller, as note purchaser, and Chase Bank USA, National Association (as amended, the “Note Purchase Agreement”), TRC agreed to purchase a portion of the Note Principal Balance equal to the lesser of the Transferor Note Repurchase and the Available Series 2008-1 Principal Collections for the related Monthly Period.  As of the                   20    Determination Date, the Cap Test Percentage will have been equal to or greater than the Cap Trigger for the three (3) immediately preceding Monthly Periods.  The Cap Test Percentage as of the                   20     Determination Date is        % and based upon this Cap Test Percentage the amount of the Transferor Note Repurchase is $                   . The Available Series 2008-1 Principal Collections for the related Monthly Period is $                       .  Capitalized terms used but not defined herein shall have the meaning ascribed thereto in the Note Purchase Agreement.

 

On the basis of the representations, warranties and agreements in the Note Purchase Agreement, but subject to the terms and conditions therein set forth, the Note Reseller agrees to resell to TRC, and TRC agrees to repurchase from the Note Reseller, a portion of the Note Principal Balance equal to [the Transferor Note Repurchase]/[$                   ].  The purchase price for this portion of the Note Principal Balance being purchased shall be the Accreted Note Value, which is $                             .

 

Payment of the purchase price shall be made by TRC in Federal (same day) funds by wire transfer to an account previously designated to TRC by the Note Reseller by 2:00 p.m. (New York time), on                          , 20   .

 

Following the payment, the Note Principal Balance shall be $                               , the Invested Amount shall be $                                   and the Collateral Certificate principal balance shall be $                               .  Pursuant to subsection 17(d) of the Note Purchase Agreement, the parties have agreed that any cancellation or reissuance of the Note is not required.

 

THIS REPURCHASE AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

 

This Repurchase Agreement may be executed in two or more counterparts (and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument.

 

For the avoidance of doubt, and not in limitation of the repurchase made herein, nothing in this Repurchase Agreement shall be deemed to supersede, enlarge, modify or waive any of the provisions of the Note Purchase Agreement, all of which shall survive the execution and delivery of this Repurchase Agreement as provided in, and subject to the limitations set forth in, the Note Purchase Agreement.

 

[REMAINDER OF THE PAGE LEFT INTENTIONALLY BLANK]

 

2

 

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

 

	
 
    	
 
    	
 
    	
TARGET RECEIVABLES CORPORATION
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
BOTAC, INC.
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
By
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    	
 
    
						

 

Exhibit E

 

 

As acknowledged and agreed to by:

 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Trustee and Indenture Trustee

 

 

	
By
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    

 

2EXHIBIT (10)V

 

AMENDMENT NO. 2, dated as of January 31, 2011 (this “Amendment”), by and among TARGET RECEIVABLES LLC (formerly known as TARGET RECEIVABLES CORPORATION), a Minnesota limited liability company, TARGET CORPORATION, a Minnesota corporation, JPMN II Inc. (formerly known as BOTAC, Inc.), a Nevada corporation, as Note Purchaser and CHASE BANK USA, NATIONAL ASSOCIATION, a national banking association, to the NOTE PURCHASE AGREEMENT, dated as of May 5, 2008, as amended by Amendment No. 1 thereto, dated as of November 10, 2009  (the “Note Purchase Agreement”), by and among Target Receivables LLC, Target Corporation, the Note Purchaser and Chase Bank USA, National Association.

 

W I T N E S S E T H:

 

WHEREAS, the Board of Directors of the Target Receivables LLC has duly adopted resolutions (i) approving the change of the name of the Transferor from “Target Receivables Corporation” to “Target Receivables LLC” and (ii) approving the conversion of the Transferor from a Minnesota corporation to a Minnesota limited liability company;

 

WHEREAS, the parties to this Amendment have heretofore executed and delivered Amendment No. 1 to the Note Purchase Agreement, dated as of November 10, 2009;

 

WHEREAS, the parties to this Amendment desire to amend the Note Purchase Agreement pursuant to Section 15 thereof in order to reflect the conversion of Target Receivables LLC to a limited liability company and make certain modifications to address the transfer of the membership interest in Target Receivables LLC by Target Capital Corporation, a Minnesota corporation, to TCC Corporation SARL, a société à responsabilité limitée existing and organized under the laws of the Grand Duchy of Luxembourg;

 

WHEREAS, Section 15 of the Note Purchase Agreement provides that no amendment of any provision of the Note Purchase Agreement shall in any event be effective unless (i) such amendment be in writing and signed by the parties thereto and (ii) for so long as there is an Outstanding Series or Class that is rated by a Rating Agency, such Rating Agency shall be provided notice of any amendment of any provision of the Note Purchase Agreement; and

 

WHEREAS, the conditions precedent to the execution of this Amendment have been complied with.

 

NOW, THEREFORE, the parties hereto hereby are executing and delivering this Amendment in order to modify the Note Purchase Agreement in the manner set forth below.

 

 

Capitalized terms used but not defined herein shall have the meanings assigned to them in the Note Purchase Agreement.

 

ARTICLE I

 

Section 1.1             Replacement of Terms.  All occurrences of the terms “TRC”, “Target Receivables Corporation” and “Target Receivables Corporation, a Minnesota corporation” in the Note Purchase Agreement shall be replaced with the terms “TRLLC”, “Target Receivables LLC” and “Target Receivables LLC, a Minnesota limited liability company”, respectively. All such replacements shall be applicable for the singular, plural and possessive forms of the respective terms thereof.

 

ARTICLE II

 

Section 2.1             Amendment to Section 2(a). With respect to issuances of Additional Notes after the Effective Date, Section 2(a) of the Note Purchase Agreement is hereby replaced in its entirety by the following:

 

(a) TRLLC has been duly formed and is an existing limited liability company in good standing, Target has been duly incorporated and is an existing corporation in good standing, both under the laws of the State of Minnesota with power and authority (corporate or limited liability, as applicable, and other) to own its properties and conduct its business; and each of TRLLC and Target is duly qualified to do business as a foreign limited liability company or as a foreign corporation, as applicable, in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification and where the failure to so qualify would have a material adverse effect on the Trust’s, the Transferor’s or the Servicer’s, as applicable, ability to perform its obligations under the Basic Documents to which each is a party.

 

Section 2.2             Amendment to Section 2(c). With respect to issuances of Additional Notes after the Effective Date, Section 2(c) of the Note Purchase Agreement is hereby replaced in its entirety by the following:

 

(c) TRLLC is not in violation of its Articles of Organization or Operating Agreement. Target is not in violation of its Articles of Incorporation or Bylaws. Neither TRLLC nor Target is in default in the performance or observance of any obligation, agreement, covenant or condition contained in any agreement or instrument to which it is a party or by which it or its properties are bound which would have a material adverse effect on the transactions contemplated in the Basic Documents.  The execution, delivery and performance of the Basic Documents and the issuance and sale of the Note and compliance with the terms and provisions thereof will not result in a material breach or violation of any of the terms and provisions of, or constitute a default under, any statute, any rule,

 

2

 

regulation or order of any governmental agency or body or any court, domestic or foreign, having jurisdiction over TRLLC or Target or any of Target’s subsidiaries or any of their properties, or any material agreement or instrument to which TRLLC or Target or any of Target’s subsidiaries is a party or by which TRLLC or Target or any of Target’s subsidiaries is bound or to which any of the properties of TRLLC or Target or any of Target’s subsidiaries is subject, or the Articles of Organization or Operating Agreement of TRLLC or the Articles of Incorporation or Bylaws of Target or any of Target’s subsidiaries; TRLLC has full power and authority to authorize, issue and transfer the Collateral Certificate as contemplated by the Deposit and Administration Agreement and sell the Note as contemplated by this Note Purchase Agreement; and each of TRLLC and Target has full power and authority to enter into the Basic Documents to which it is a party.

 

ARTICLE III

 

Section 3.1             Counterparts.  This Amendment may be executed in two or more counterparts (and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument.

 

Section 3.2             Effect of Headings and Table of Contents.  The Article and Section headings herein are for convenience only and shall not affect the construction hereof.

 

Section 3.3             Separability.  In case any provision in this Amendment shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not be affected or impaired thereby.

 

Section 3.4             Governing Law. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

Section 3.5             Effective Date.  This Amendment shall become effective as of the day and year first above written (the “Effective Date”).

 

Section 3.6             Binding Effect; Ratification.  (a) On and after the Effective Date, with respect to issuances of Additional Notes, (i) this Amendment shall be a part of the Note Purchase Agreement and (ii) each reference in the Note Purchase Agreement to “this Agreement”, “the Note Purchase Agreement”, “hereof”, “hereunder” or words of like import, and each reference in any other transaction document to the Note Purchase Agreement, shall mean and be a reference to the Note Purchase Agreement as amended hereby.

 

(b) Except as expressly modified or amended in this Amendment, all of the terms, covenants, provisions, agreements and conditions of the Note Purchase Agreement are hereby ratified and confirmed in every respect and shall remain unmodified and unchanged and shall continue in full force and effect.

 

3

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective officers as of the day and year first above written.

 

 

	
 
    	
TARGET   RECEIVABLES LLC
    
	
 
    	
(formerly   known as TARGET RECEIVABLES CORPORATION)
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Sara J. Ross
    
	
 
    	
 
    	
Name: Sara J. Ross
    
	
 
    	
 
    	
Title: Vice   President and Assistant
    
	
 
    	
 
    	
          Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
TARGET CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Sara J. Ross
    
	
 
    	
 
    	
Name:   Sara J. Ross
    
	
 
    	
 
    	
Title:   Assistant Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
JPMN   II INC.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David A. Penkrot
    
	
 
    	
 
    	
Name:   David A. Penkrot
    
	
 
    	
 
    	
Title:   Senior Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
CHASE   BANK USA, NATIONAL ASSOCIATION
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ David Hoyt
    
	
 
    	
 
    	
Name: David Hoyt
    
	
 
    	
 
    	
Title: Senior   Finance Director
    

 

Amendment No. 2

to the Note Purchase Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}]]