Document:

exv4w1

Exhibit 4.1

AMENDMENT NO. 1

TO THE NOTE PURCHASE AGREEMENT

     This AMENDMENT NO. 1 TO THE NOTE PURCHASE AGREEMENT, dated as of January 20, 2010 (this
“Amendment”), is entered into among NORDSTROM CREDIT CARD RECEIVABLES II LLC, as transferor
(the “Transferor”), NORDSTROM FSB, as servicer (the “Servicer”), NORDSTROM CREDIT,
INC. (“NCI”), THE CONDUIT PURCHASERS PARTY HERETO, as conduit purchasers (the “Conduit
Purchasers”) THE COMMITTED PURCHASERS PARTY HERETO, as committed purchasers (the “Committed
Purchasers”), THE AGENTS PARTY HERETO, as agents for their respective Purchaser Groups and
related Purchasers (the “Agents”), and JPMorgan Chase Bank, N.A., in its capacity as
administrative agent (together with any successors and assigns in such capacity, the
“Administrative Agent”).

WITNESSETH:

     WHEREAS, the Transferor, the Servicer, NCI, the Conduit Purchasers, the Committed Purchasers,
the Agents and the Administrative Agent are all the parties to that certain Note Purchase Agreement
dated as of November 13, 2009, (as amended, supplemented or otherwise modified from time to time,
the “Note Purchase Agreement”); and

     WHEREAS, the parties hereto have agreed to amend the Note Purchase Agreement on the terms and
conditions hereinafter set forth in accordance with its respective amendment provisions.

     NOW, THEREFORE, in consideration of the agreements herein contained, and for other valuable
consideration the receipt of which is hereby acknowledged, the parties hereto hereby agree as
follows:

     SECTION 1. Definitions. All capitalized terms used but not otherwise defined herein
are used as defined in the Note Purchase Agreement, or, if not defined therein, in the Transfer and
Servicing Agreement.

     SECTION 2. Amendment of Section 1.01 of the Note Purchase Agreement. The definition of
“Purchase Expiration Date” is hereby amended by replacing the date “November 11, 2010” in clause
(i) thereof with the date “January 11, 2011”.

     SECTION 3 Effectiveness. This Amendment shall become effective as of the date of
execution of this Amendment.

     SECTION 4 Continuing Effect of the Note Purchase Agreement. As amended hereby, the
Note Purchase Agreement is, in all respects, ratified and confirmed and the Note Purchase
Agreement, as so amended or supplemented by this Amendment, shall be read, taken and construed as
one and the same instrument. This Amendment shall not constitute an amendment of any provision of the Note Purchase Agreement not

 

 

expressly
referred to herein and all other documents, instruments and agreements executed and/or delivered in
connection therewith shall remain in full force and effect and are hereby ratified and confirmed.

     SECTION 5 GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW 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.

     SECTION 6 Successors and Assigns. This Amendment shall be binding upon and shall inure
to the benefit of the parties hereto and their respective successors and assigns.

     SECTION 7 Headings. The Section headings in this Amendment are inserted for
convenience of reference only and shall not affect the meaning or interpretation of this Amendment
or any provision hereof.

     SECTION 8 Counterparts. This Amendment may be executed by the parties hereto in
several counterparts, each of which shall be deemed to be an original and all of which shall
constitute together but one and the same agreement.

     SECTION 9 Representation and Warranty. Each of the parties hereto represents and
warrants that this Amendment has been duly authorized, executed and delivered by it and constitutes
its legal, valid and binding obligations, enforceable in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent
transfer, moratorium or other similar laws now or hereafter in effect affecting the enforcement of
creditors’ rights in general and by general principles of equity (regardless of whether such
enforceability is considered in a proceeding at law or in equity).

 

 

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

	 	 	 	 	 
	 	NORDSTROM CREDIT CARD

RECEIVABLES II LLC,

as Transferor

 	 
	 	By:  	/s/ Marc A. Anacker
 	 
	 	 	Name:  	Marc A. Anacker 	 
	 	 	Title:  	Treasurer 	 
	 
	 	NORDSTROM FSB,

as Servicer

 	 
	 	By:  	/s/ David Loretta
 	 
	 	 	Name:  	David Loretta 	 
	 	 	Title:  	President 	 
	 
	 	NORDSTROM CREDIT, INC.,

 	 
	 	By:  	/s/ Marc A. Anacker
 	 
	 	 	Name:  	Marc A. Anacker 	 
	 	 	Title:  	Assistant Treasurer 	 
	 
	 	JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

 	 
	 	By:  	/s/ Scott Cornelis
 	 
	 	 	Name:  	Scott Cornelis 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Amendment No. 1 to Note Purchase Agreement

 

 

	 	 	 	 	 
	 	JPMorgan Chase Purchaser Group:

JPMORGAN CHASE BANK, N.A.,

as Agent

 	 
	 	By:  	/s/ Scott Cornelis
 	 
	 	 	Name:  	Scott Cornelis 	 
	 	 	Title:  	Vice President 	 
	 
	 	FALCON ASSET SECURITIZATION COMPANY LLC,

as Conduit Purchaser

By: JPMORGAN CHASE BANK, N.A.,

as its attorney-in-fact

 	 
	 	By:  	/s/ Scott Cornelis
 	 
	 	 	Name:  	Scott Cornelis 	 
	 	 	Title:  	Vice President 	 
	 
	 	JPMORGAN CHASE BANK, N.A.,

as a Committed Purchaser

Purchaser Percentage: 331⁄3%

 	 
	 	By:  	/s/ Scott Cornelis
 	 
	 	 	Name:  	Scott Cornelis 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Amendment No. 1 to Note Purchase Agreement

 

 

	 	 	 	 	 
	 	RBS Purchaser Group:

THE ROYAL BANK OF SCOTLAND PLC,

as Agent

By: RBS SECURITIES INC., as agent

 	 
	 	By:  	/s/ Adnan Bhanpuri
 	 
	 	 	Name:  	Adnan Bhanpuri 	 
	 	 	Title:  	Vice President 	 
	 
	 	AMSTERDAM FUNDING CORPORATION,

as Conduit Purchaser

 	 
	 	By:  	/s/ Jill A. Russo
 	 
	 	 	Name:  	Jill A. Russo 	 
	 	 	Title:  	Vice President 	 
	 
	 	THE ROYAL BANK OF SCOTLAND PLC,

as Committed Purchaser

Purchaser Percentage: 331⁄3%

By: RBS SECURITIES INC., as agent

 	 
	 	By:  	/s/ Adnan Bhanpuri
 	 
	 	 	Name:  	Adnan Bhanpuri 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Amendment No. 1 to Note Purchase Agreement

 

 

	 	 	 	 	 
	 	BofA Purchaser Group:

BANK OF AMERICA, N.A.,

as Agent

 	 
	 	By:  	/s/ Steven Maysonet
 	 
	 	 	Name:  	Steven Maysonet 	 
	 	 	Title:  	Vice President 	 
	 
	 	ENTERPRISE FUNDING COMPANY LLC,

as Conduit Purchaser

 	 
	 	By:  	/s/ Kevin P. Burns
 	 
	 	 	Name:  	Kevin P. Burns 	 
	 	 	Title:  	Vice President 	 
	 
	 	BANK OF AMERICA, N.A.,

as Committed Purchaser

Purchaser Percentage: 331⁄3%

 	 
	 	By:  	/s/ Steven Maysonet
 	 
	 	 	Name:  	Steven Maysonet 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Amendment No. 1 to Note Purchase Agreementexv10w1

Exhibit 10.1

Employment Agreement

THIS
AGREEMENT, made on the 16th day of January 2010 between

United American Healthcare Corporation, a company incorporated pursuant to 

the laws of the State of Michigan

(Hereinafter revered to as “the Employer”)

OF THE FIRST PART

– And —

William L. Dennis, of the City of Howell, Michigan

(Hereinafter referred to as “the Manager”)

OF THE SECOND PART

WHEREAS the Manager and the Employer wish to enter into an employment agreement governing the terms
and conditions of employment;

THIS AGREEMENT WITNESSETH that in consideration of the premises and mutual covenants and agreements
hereinafter contained and for enhancement of administrative stability and conformity with the
Employer and whereas Employer and Manager believe that a written employment contract is necessary
to describe specifically their relationship and to serve as the basis of effective communication
between them as they fulfill their governance and administrative functions in the operation of the
employer. It is agreed by and between the parties hereto as follows:

1. Term of Employment

The employment of the Manager shall commence the date hereof and continue for an indefinite term
until terminated in accordance with the provisions of this agreement.

2. Compensation and Benefits

In consideration of his services to be provided by him hereunder, the Manager, during the term of
his employment, shall be paid a basic salary of $150,000 annually, in equal by-weekly installments,
in arrears, less applicable statutory deductions. In addition to the foregoing, subject to the
Employer’s general expense reimbursement policies established from time to time, employer will
reimburse manager for any and all necessary, customary, and usual expenses incurred by his while
traveling for and on behalf of the employer pursuant to employer’s directions.

	 	a.	 	Benefits. The Manager is entitled to receive benefits in accordance with the
Employer’s standard benefit package, as amended from time to time. United American
Healthcare makes available a 401(k) plan to all managers on the first of the next
month following your date of hire. Eligible Managers may elect to contribute up to
15% of their salary to the 401(k) plan, subject to the legal maximum per

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Employment Agreement

William L.Dennis

	 	 	 	year. Further details will be provided in the 401(k) Plan Handbook at the time of
enrollment

	 	b.	 	The Manager will be eligible to earn an annual bonus upon the achievement of
performance targets determined each year by the Board’s Compensation Committee. Each
annual bonus, if any, shall be paid no later than the end of the first quarter of the
following fiscal year.

3. Duties and Responsibilities

Subject to the supervision and pursuant to the orders, advice, and direction of Employer, Manager
shall perform such duties as are customarily performed by one holding such position in other
businesses or enterprises of the same or similar nature as that engaged in by employer. Manager
shall additionally render such other and unrelated services and duties as may be assigned to his
from time to time by employer.

4. Manner of Performance of Manager’s Duties

Manager shall at all times faithfully, industriously, and to the best of his ability, experience,
and talent, perform all duties that may be required of and from his pursuant to the express and
implicit terms hereof to the reasonable satisfaction of employer. Such duties shall be rendered at
the above-mentioned premises and at such other place or places as employer shall in good faith
require or as the interests, needs, business, and opportunities of employer shall require or make
advisable.

5. Termination of Employment

Employer may terminate the employment of Manager at any time:

	 	a.	 	for cause, in which conduct is seriously prejudicial to the Employer,
including, but not limited to, neglect of duty or breach of contract in violation of
the state licensing laws or rules. Reasons for such a proposed discharge for cause
shall be given to Manager in writing and Manager is entitled to at least two (2) weeks
advance notice of termination or compensation in lieu of notice;
	 
	 	b.	 	without cause, in which case the Employer shall provide the Manager with
advance notice of termination or compensation in lieu of notice equal to a six (6)
month salary continuance.

The Manager may terminate his employment at any time by providing the Employer with at least four
(4) weeks advance notice of his intention to resign.

No salary continuance shall be payable in the event that Manager terminate voluntarily or is
involuntary terminated for cause.

6. Restrictive Covenant

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Employment Agreement

William L.Dennis

Following the termination of the employment of the Manager by the Employer, with or without cause,
or the voluntary withdrawal by the Manager from the Employer, the Manager shall, for a period of
one year following the said termination or voluntary withdrawal, within the state of Michigan
refrain from either directly or indirectly soliciting or attempting to solicit the business of any
client or customer of the Employer for his own benefit or that of any third person or organization,
and shall refrain from either directly or indirectly attempting to obtain the withdrawal from the
employment by the Employer of any other Manager of the Employer having regard to the same
geographic and temporal restrictions. The Manager shall not directly or indirectly divulge any
financial information relating to the Employer or any of its affiliates or clients to any person
whatsoever.

7. Confidentiality

The Manager acknowledges that, in the course of performing and fulfilling his duties hereunder, he
may have access to and be entrusted with confidential information concerning the present and
contemplated financial status and activities of the Employer, the disclosure of any of which
confidential information to competitors of the Employer would be highly detrimental to the
interests of the Employer. The Manager further acknowledges and agrees that the right to maintain
the confidentiality of such information constitutes a proprietary right which the Employer is
entitled to protect. Accordingly, the Manager covenants and agrees with the Employer that he will
not, during the continuance of this agreement, disclose any of such confidential information to any
person, firm or corporation, nor shall he use same, except as required in the normal course of his
engagement hereunder, and thereafter he shall not disclose or make use of the same.

8. Professional Liability

	 	a.	 	Association agrees that it shall defend, hold harmless and indemnify Manager
from any and all demands, claims, suits, actions and legal proceedings brought against
Manager in his/her capacity, or in his/her official capacity as agent and manager of
the employer, provided the incident arose with the Manager was acting within the scope
of his employment as such liability coverage is with the authority of the employer to
provide under state law. Except that, in no case, will individual Board members be
considered personally liable for indemnifying the Manager against such claims demands,
claims, suits, actions and legal proceedings.
	 
	 	b.	 	If, in the good faith opinion of the manager, conflict exists as regards the
defense to such claim between the legal position of the Manager and the legal position
of the Board.
	 
	 	c.	 	Employer shall not, however be required to pay any costs of any proceedings
in the event Board and Manager have adverse interests in such litigation, except as
stated above.

page 3 of 4

 

Employment Agreement

William L.Dennis

9. Assignment

This agreement shall be assigned by the Employer to any successor Employer and be binding upon the
successor Employer. The Employer shall ensure that the successor Employer shall continue the
provisions of this agreement as if it were the original party of the first part. This agreement
may not be assigned by the Manager.

10. Severability

Each paragraph of this agreement shall be and remain separate from and independent of and severably
from all and any other paragraphs herein except where otherwise indicated by the context of the
agreement. The decision or declaration that one or more of the paragraphs are null and void shall
have no effect on the remaining paragraphs of this agreement.

11. Notice

Any notice required to be given hereunder shall be deemed to have been properly given if delivered
personally or sent by pre-paid registered mail as follows:

	 	a.	 	to the Employee: 4208 Colonial Court, Howell, MI 48843
	 	b.	 	to the Employer: 300 River Place, Suite 4950, Detroit, MI 48207

and if sent by registered mail shall be deemed to have been received on the 4th business
day of uninterrupted postal service following the date of mailing. Either party may change its
address for notice at any time, by giving notice to the other party pursuant to the provisions of
this agreement.

12. Interpretation of Agreement

The validity, interpretation, construction and performance of this agreement shall be governed by
the Laws of the State of Michigan. This agreement shall be interpreted with all necessary changes
in gender and in number as the context may require and shall endure to the benefit of and be
binding upon the respective successors and assigns of the parties hereto.

IN WITNESS WHEREOF the parties hereto have caused this agreement to be executed as of the
16th day of January 2010.

	 	 	 
	/s/
Carolyn Onumonu

	 	/s/ William C. Brooks
	 

	 	 
	WITNESS

	 	United American Healthcare Corporation
	 
	 	 
	/s/
Carolyn Onumonu

	 	/s/ William L. Dennis
	 

	 	 
	WITNESS

	 	William L. Dennis

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