Document:

EX-4.4

 

EXHIBIT 4.4

FIRST AMENDMENT

TO

THE NATIONAL CITY CREDIT CARD MASTER NOTE TRUST

AMENDED AND RESTATED TRUST AGREEMENT

          THIS FIRST AMENDMENT TO THE NATIONAL CITY CREDIT CARD MASTER NOTE TRUST AMENDED AND RESTATED
TRUST AGREEMENT, dated as of March 20, 2007 (this “Amendment”) is by and between NATIONAL
CITY BANK, a national banking association, as Beneficiary and as Transferor, and WILMINGTON TRUST
COMPANY, a Delaware banking corporation, as Owner Trustee, and acknowledged and accepted by the
NATIONAL CITY CREDIT CARD MASTER NOTE TRUST.

          WHEREAS the Beneficiary and Transferor and the Owner Trustee have executed that certain
Amended and Restated Trust Agreement, dated as of August 23, 2005 (as amended and supplemented
through the date hereof and as the same may be further amended, supplemented or otherwise modified
and in effect from time to time, the “Trust Agreement”);

          WHEREAS the National City Credit Card Master Note Trust, as Issuer, and The Bank of New York,
as Indenture Trustee, have executed that certain Indenture, dated as of August 23, 2005 (as amended
and supplemented through the date hereof and as the same may be further amended, supplemented or
otherwise modified and in effect from time to time, the “Indenture”);

          WHEREAS the Beneficiary and Transferor and the Owner Trustee wish to amend the Trust Agreement
as provided herein;

          NOW THEREFORE, in consideration of the promises and the agreements contained herein, the
parties hereto agree to amend the provisions of the Trust Agreement as follows:

          SECTION 1. Amendment of Section 1.01. Section 1.01 is hereby amended by adding the
following definitions in the appropriate alphabetical order:

     “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     “Regulation AB” means Subpart 229.1100 — Asset Backed Securities (Regulation
AB), 17 C.F.R. §§229.1100-229.1123, as such may be amended from time to time, and subject to
such clarification and interpretation as have been provided by the Commission in the
adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg.
1,506, 1,531 (January 7, 2005)) or by the staff of the Commission, or as may be provided by
the Commission or its staff from time to time.

 

 

     “Securitization Transaction” means any transaction involving a new issuance of
notes pursuant to the Indenture, whether publicly offered or privately placed, rated or
unrated.

          SECTION 2. Amendment of Section 6.07. Section 6.07(c) of the Trust Agreement is
hereby amended by deleting such subsection in its entirety and inserting in its place the
following:

     (c) Neither the execution nor the delivery by it of this Agreement, the performance by
it of its obligations under this Agreement, nor the consummation by it of the transactions
contemplated hereby nor compliance by the Trustee Bank with any of the terms or provisions
hereof will contravene any federal or Delaware law, governmental rule or regulation
governing the banking or trust powers of the Owner Trustee or any judgment or order binding
on the Trustee Bank, or constitute any default under its charter documents or by-laws or any
indenture, mortgage, lease, license, contract, agreement or instrument to which the Trustee
Bank is a party or by which the Trustee Bank or any of the Trustee Bank’s properties may be
bound.

          SECTION 3. Addition of Article XIII. The Trust Agreement is hereby amended by adding
the following new Article XIII after Article XII of the Trust Agreement:

ARTICLE XIII

COMPLIANCE WITH REGULATION AB

     Section 13.01. Intent of the Parties; Reasonableness. The Transferor and the
Trustee Bank acknowledge and agree that the purpose of this Article XIII is to
facilitate compliance by the Transferor with the provisions of Regulation AB and related
rules and regulations of the Commission. The Transferor shall not exercise its right to
request delivery of information or other performance under these provisions other than in
good faith, or for purposes other than the Transferor’s compliance with the provisions of
Regulation AB and the related rules and regulations of the Commission thereunder (or the
provision in a private offering of disclosure comparable to that required under the
Securities Act). The Trustee Bank agrees to cooperate in good faith with any reasonable
request by the Transferor for information regarding the Trustee Bank which is required in
order to enable the Transferor to comply with the provisions of Items 1109(a), 1109(b), 1117
and 1119 of Regulation AB as it relates to the Trustee Bank or to the Trustee Bank’s
obligations under this Agreement.

 

 

     Section 13.02. Information to Be Provided by the Trustee Bank. For so long as
the Transferor is required to report under Regulation AB, the Trustee Bank shall, as
promptly as practicable, notify the Transferor, in writing, of: (i) the commencement of, a
material development in or, if applicable, the termination of, any and all legal proceedings
against the Trustee Bank or any and all proceedings which any property of the Trustee Bank
is the subject, that is material to the noteholders; and (ii) any such proceedings known to
be contemplated by governmental authorities. The Trustee Bank shall also notify the
Transferor, in writing, as promptly as practicable following notice to or discovery by the
Trustee Bank of any material changes to proceedings described in the preceding sentence. In
addition, the Trustee Bank will furnish to the Transferor, in writing, the necessary
disclosure regarding the Trustee Bank describing such proceedings required to be disclosed
under Item 1117 of Regulation AB, for inclusion in reports filed by or on behalf of the
Transferor with the Commission pursuant to the Exchange Act.

     Notwithstanding the provisions of Section 13.01, the Trustee Bank shall (i) on an
annual basis, provide to the Transferor such information regarding the Trustee Bank as is
requested for the purpose of compliance with Items 1109(a), 1109(b), 1117 and 1119 of
Regulation AB, and (ii) as promptly as practicable following notice to or discovery by the
Trustee Bank of any material changes to such information, provide to the Transferor, in
writing, such updated information. Such information shall include, at a minimum:

     (A) the Trustee Bank’s name and form of organization;

     (B) a description of the extent to which the Trustee Bank has had prior
experience serving as a trustee for asset-backed securities transactions involving
credit card receivables;

     (C) a description of any affiliation between the Trustee Bank and any of the
following parties to a Securitization Transaction, as such parties are identified by
name to the Trustee Bank by the Transferor in writing at least three Business Days
prior to the date in which the Trustee Bank is required to provide such information:

	 	(1)	 	the sponsor;
	 
	 	(2)	 	any depositor;
	 
	 	(3)	 	the issuing entity;
	 
	 	(4)	 	any servicer;
	 
	 	(5)	 	any trustee;
	 
	 	(6)	 	any originator;
	 
	 	(7)	 	any significant obligor;
	 
	 	(8)	 	any enhancement or support provider; and
	 
	 	(9)	 	any other material transaction party.

In connection with the above-listed parties, a description of whether there is, and
if so the general character of, any business relationship, agreement, arrangement,
transaction or understanding between the Trustee Bank and any above-listed party

 

 

that is entered into outside the ordinary course of business or is on terms other
than would be obtained in an arm’s length transaction with an unrelated third party,
apart from the asset-backed securities transaction, that currently exists or that
existed during the past two years and that is material to an investor’s
understanding of the asset-backed securities.

With respect to the information required to be provided under Section 13.01, the
Trustee Bank shall not be required to provide such information in the event that
there has been no change to the information previously provided by the Trustee Bank
to the Transferor. In connection with each Report on Form 10-K with respect to the
Trust and each Report on Form 10-D with respect to the Notes filed by or on behalf
of the Transferor, the Trustee Bank shall be deemed to represent and warrant, as of
each March 15 for the Report on Form 10-K and as of the related Determination Date
for the Report on Form 10-D, that any information previously provided by the Trustee
Bank under this Article XIII is materially correct and does not have any material
omissions unless the Trustee Bank has provided an update to such information.

          SECTION 4. Effectiveness. The amendments provided for by this Amendment shall become
effective upon the delivery of the following:

          (a) A Master Trust Tax Opinion.

          (b) An Issuer Tax Opinion.

          (c) An officer’s certificate from the Trust to the Indenture Trustee and the Owner Trustee to
the effect that the Trust reasonably believes that this Amendment will not have an Adverse Effect
and is not reasonably expected to have an Adverse Effect at any time in the future.

          (d) Prior written notice of this Amendment to each Note Rating Agency.

          (e) An officer’s certificate from the Trust to the Owner Trustee to the effect that the
conditions to this Amendment have been satisfied.

          (f) Counterparts of this Amendment, duly executed by the parties hereto.

          SECTION 5. Direction to the Owner Trustee. By its execution of this Amendment, the
Beneficiary hereby authorizes and directs the Owner Trustee, pursuant to Sections 2.03, 5.01 and
9.01 of the Trust Agreement, to execute this Amendment.

          SECTION 6. Trust Agreement in Full Force and Effect as Amended. Except as
specifically amended or waived hereby, all of the terms and conditions of the Trust Agreement shall
remain in full force and effect. All references to the Trust Agreement in any other document or
instrument shall be deemed to mean such Trust Agreement as amended by this Amendment. This
Amendment shall not constitute a novation of the Trust Agreement, but shall constitute an amendment
thereof. The parties hereto agree to be bound by the terms and

 

 

obligations of the Trust Agreement, as amended by this Amendment, as though the terms and
obligations of the Trust Agreement were set forth herein.

          SECTION 7. Counterparts. This Amendment may be executed in any number of counterparts
and by separate parties hereto on separate counterparts, each of which when executed shall be
deemed an original, but all such counterparts taken together shall constitute one and the same
instrument.

          SECTION 8. Governing Law. THIS AMENDMENT WILL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES OF
SUCH STATE.

          SECTION 9. Defined Terms and Section References. Capitalized terms used herein and
not otherwise defined shall have the meanings assigned to such terms in the Trust Agreement and if
not in the Trust Agreement, then they shall have the meanings assigned to such terms in the
Indenture. All Section or subsection references herein shall mean Sections or subsections of the
Trust Agreement, except as otherwise provided herein.

 

 

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

	 	 	 	 	 
	 	NATIONAL CITY BANK,

     as Beneficiary and as Transferor

 	 
	 	By:  	/s/ Russell A. Cronin Jr.
 	 
	 	 	Name:  	Russell A. Cronin Jr. 	 
	 	 	Title:  	Sr. Vice President 	 
	 
	 	WILMINGTON TRUST COMPANY,

     as Owner Trustee

 	 
	 	By:  	/s/ J. Christopher Murphy
 	 
	 	 	Name:  	J. Christopher Murphy 	 
	 	 	Title:  	Financial Services Officer 	 
	 

	 	 	 	 	 	 	 
	Acknowledged and Accepted:	 	 
	 
	 	 	 	 	 	 
	NATIONAL CITY CREDIT CARD MASTER NOTE TRUST	 	 
	 
	By:	 	Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ J. Christopher Murphy	 	 
	 	 	 	 	 
	 

	 	Name:
	 	J. Christopher Murphy	 	 
	 

	 	Title:
	 	Financial Services Officerexv10w1

 

EXHIBIT 10.1

NACCO INDUSTRIES, INC.

2007 ANNUAL INCENTIVE COMPENSATION PLAN

1. Purpose of the Plan

     The purpose of the NACCO Industries, Inc. 2007 Annual Incentive Compensation Plan (the “Plan”)
is to further the profits and growth of NACCO Industries, Inc. (the “Company”) by enabling the
Company to attract and retain key employees of the Company by offering annual incentive
compensation to those key employees who will be in a position to help the Company to meet its
financial and business objectives.

2. Definitions

     (a) “Award” means cash paid to a Participant under the Plan for the Award Term in an amount
determined in accordance with Section 4. A Participant’s Award shall be equal to the sum of his
40% Award and his 60% Award, as further described in Section 4.

     (b) “Award Term” means the period from January 1, 2007 through December 31, 2007.

     (c) “60% Base Amount” means for any Participant a dollar amount, which shall be equal to the
salary midpoint for the Salary Points assigned to the Participant by the Committee for the Award
Term multiplied by 60% of the short-term incentive compensation target percent for those Salary
Points. Attached hereto as Exhibit A is a schedule listing the 60% Base Amount for each
Participant for the Award Term.

     (d) “40% Base Amount” means for any Participant a dollar amount, which shall be equal to the
salary midpoint for the Salary Points assigned to the Participant by the Committee for the Award
Term multiplied by 40% of the short-term incentive compensation target percent for those Salary
Points. Attached hereto as Exhibit B is a schedule listing the 40% Base Amount for each
Participant for the Award Term. Where applicable, the 40% Base Amount and the 60% Base Amount
shall be referred to herein collectively as the “Base Amount(s).”

     (e) “Committee” means the Compensation Committee of the Company’s Board of Directors or any
other committee appointed by the Company’s Board of Directors to administer this Plan in accordance
with Section 3, so long as any such committee consists of not less than two directors of the
Company and so long as each member of the Committee is not an employee of the Company or any of its
subsidiaries.

     (f) “Participant” means any person who is classified by the Company as a salaried employee,
who in the judgment of the Committee occupies a key position in which his efforts may significantly
contribute to the profits or growth of the Company; provided, however, that the Committee may
select any employee who is expected to contribute, or who has contributed, significantly to the
Company’s profitability to participate in the Plan and receive an Award hereunder; and further
provided, however, that following the end of the Award Term the Committee may make one or more
discretionary Awards to employees of the Company who were not previously designated as
Participants. Directors of the Company who are also employees of the Company are eligible to
participate in the Plan. Employees of the Company’s subsidiaries shall not be eligible to
participate in the Plan. The Committee shall have the power to add Participants at any later date
in the Award Term if individuals subsequently become eligible to participate in the Plan. Each
Participant shall be notified that he is eligible to receive a 60% Award and or a 40% Award for the
Award Term and the amount of his Base Amounts. If a Participant receives a change in Salary
Points, salary midpoint and/or short-term incentive compensation target percent, such change and
any resulting change in his Base Amount(s) will be reflected on an amended Exhibit A or
Exhibit B, as applicable. Unless otherwise determined by the Committee, a Participant must
be both employed by the Company and a Participant on December 31 of the Award Term, and the amount
of any Award to a Participant who was
not also employed by the Company and a Participant on the first day of

 

 

the Award Term shall be
not more than the pro-rated amount based upon the number of days actually employed by the Company
in the Award Term. Attached hereto as Exhibit A  is a schedule listing the Participants
eligible for a 60% Award for the Award Term and attached hereto as Exhibit B is a schedule
listing the Participants eligible for a 40% Award for the Award Term.

     (g) “Salary Points” means the salary points assigned to a Participant by the Committee
pursuant to the Hay salary point system, or any successor salary point system adopted by the
Committee.

     (h) “Supplemental Plan” means the NACCO Industries, Inc. Supplemental Annual Incentive
Compensation Plan.

3. Administration

     This Plan shall be administered by the Committee. The Committee shall have complete authority
to interpret all provisions of this Plan consistent with law, to prescribe the form of any
instrument evidencing any Award granted or paid under this Plan, to adopt, amend and rescind
general and special rules and regulations for its administration, and to make all other
determinations necessary or advisable for the administration of this Plan. A majority of the
Committee shall constitute a quorum, and the action of members of the Committee present at any
meeting at which a quorum is present or acts unanimously approved in writing, shall be the act of
the Committee. All acts and decisions of the Committee with respect to any questions arising in
connection with the administration and interpretation of this Plan, including the severability of
any or all of the provisions hereof, shall be conclusive, final and binding upon the Company and
all present and former Participants, all other employees of the Company, and their respective
descendants, successors and assigns. No member of the Committee shall be liable for any such act
or decision made in good faith.

4. Awards

     The Committee may, from time to time and upon such conditions as it may determine, authorize
Awards for Participants, which Awards shall be not inconsistent with, and shall be subject to all
of the requirements of, the following provisions:

     (a) Performance Targets. The Committee shall determine performance target
descriptions, weightings and targets for the Award Term. The targets applicable to the 60% Awards
shall be attached hereto as Exhibit C. and the targets for the 40% Awards shall be attached
hereto as Exhibit D. The Committee shall have the power to add, delete and amend target
descriptions, weightings and targets during or after the Award Term, which shall be reflected on an
amended Exhibit C or Exhibit D, as applicable. No performance targets used in this
Plan which are applicable to a Participant hereunder shall be used in the Supplemental Plan in the
same year for such Participant.

     (b) 60% Awards. Following the end of the Award Term, the Committee shall compare the
actual performance against the performance targets for each of the performance target descriptions
in Exhibit C which are applicable to the 60% Awards. Based thereupon, the Committee shall
determine the total payout percentage under the Plan for the 60% Awards (the “60% Payout
Percentage”). The Committee shall then determine the 60% Award for each Participant, which shall
be equal to the Participant’s 60% Base Amount, multiplied by the 60% Payout Percentage, and further
adjusted by such other factors, including an individual performance factor for each Participant, as
the Committee shall determine are appropriate; provided, however, that no 60% Award may be made to
any Participant which exceeds 150% of his 60% Base Amount.

     (c) 40% Awards. The amount of the 40% Awards shall be determined in accordance with
the provisions of Exhibit D hereto.

     (d) Payment Provisions. Promptly following the approval of the final Awards, the
Company shall pay the amount of such Awards to the Participants in cash, subject to all
withholdings and

 

 

deductions pursuant to Section 5; provided, however, that (i) no Award shall be
payable to a Participant except as determined by the Committee and (ii) in no event shall the
Awards be paid later than two and one-half months after the close of the Award Term.

5. Withholding Taxes

     Any Award paid to a Participant under this Plan, shall be subject to all applicable federal,
state and local income tax, social security and other standard withholdings and deductions.

6. Amendment and Termination

     The Committee may alter or amend this Plan (including the Exhibits hereto) from time to time
or terminate it in its entirety; provided, however, that no such action shall, without the consent
of a Participant, affect the rights in an outstanding Award of such Participant.

7. General Provisions

     (a) No Right of Employment. Neither the adoption or operation of this Plan, nor any
document describing or referring to this Plan, or any part thereof, shall confer upon any employee
any right to continue in the employ of the Company, or shall in any way affect the right and power
of the Company to terminate the employment of any employee at any time with or without assigning a
reason therefor to the same extent as the Company might have done if this Plan had not been
adopted.

     (b) Governing Law. The provisions of this Plan shall be governed by and construed in
accordance with the laws of the State of Delaware.

     (c) Miscellaneous. Headings are given to the sections of this Plan solely as a
convenience to facilitate reference. Such headings, numbering and paragraphing shall not in any
case be deemed in any way material or relevant to the construction of this Plan or any provisions
thereof. The use of the masculine gender shall also include within its meaning the feminine. The
use of the singular shall also include within its meaning the plural, and vice versa.

     (d) American Jobs Creation Act. It is intended that this Plan be exempt from the
requirements of Section 409A of the Internal Revenue Code, as enacted by the American Jobs Creation
Act.

     (e) Limitation on Rights of Participants; No trust. No trust has been created by the
Company for the payment of Awards granted under this Plan; nor have the Participants been granted
any lien on any assets of the Company to secure payment of such benefits. This Plan represents
only an unfunded, unsecured promise to pay by the Company, and the Participants hereunder are
unsecured creditors of the Company.

     (f) Payment to Guardian. If an Award is payable to a minor, to a person declared
incompetent or to a person incapable of handling the disposition of his property, the Committee may
direct payment of such Award to the guardian, legal representative or person having the care and
custody of such minor, incompetent or person. The Committee may require such proof of
incompetency, minority, incapacity or guardianship as it may deem appropriate prior to the
distribution of such Award. Such distribution shall completely discharge the Company from all
liability with respect to such Award.

8. Effective Date

     This Plan shall become effective as of January 1, 2007.

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