{"id":40997,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/credit-card-owner-trust-target-corp.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"credit-card-owner-trust-target-corp","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/finance\/credit-card-owner-trust-target-corp.html","title":{"rendered":"Credit Card Owner Trust – Target Corp."},"content":{"rendered":"

TARGET CREDIT CARD OWNER TRUST 2008-1<\/strong><\/p>\n

\n

THIS AMENDMENT NO. 1 TO NOTE PURCHASE AGREEMENT, dated as of November 10,
\n2009 (this “Amendment<\/u>“), is entered into by and among Target Receivables
\nCorporation, a Minnesota corporation (“TRC<\/u>“), Target Corporation, a
\nMinnesota corporation (“Target<\/u>“), BOTAC, Inc., a Nevada corporation, as
\nnote purchaser (in such capacity, the “Note Purchaser<\/u>“) and Chase Bank
\nUSA, National Association (“Chase USA<\/u>“), a national banking association.\n<\/p>\n<\/p>\n

W<\/u> I<\/u> T<\/u> N<\/u> E<\/u> S<\/u> S<\/u>
\nE<\/u> T<\/u> H<\/u>:<\/p>\n<\/p>\n

WHEREAS, TRC, Target, the Note Purchaser and Chase USA entered into that
\ncertain Note Purchase Agreement, dated as of May 5, 2008 (the
\n“Agreement<\/u>“);<\/p>\n<\/p>\n

WHEREAS, pursuant to Section 15 of the Agreement, the parties hereto desire
\nto amend the Agreement to modify the provisions of Section 17 thereof.<\/p>\n<\/p>\n

NOW, THEREFORE, in consideration of the mutual agreements herein contained,
\nthe parties hereto, intending to be legally bound hereby, agree as follows:<\/p>\n<\/p>\n

ARTICLE I<\/p>\n

\n

AMENDMENTS<\/p>\n

\n

Section 1.1 Subsection 17(d)<\/u>. A new subsection 17(d) shall be added
\nand shall read as follows:<\/p>\n<\/p>\n

(d) Transferor Note Repurchase<\/u>.<\/p>\n<\/p>\n

(i) The parties agree that a Transferor Note Repurchase shall be effectuated
\nby the execution of a repurchase agreement; provided<\/em>, that,
\nnotwithstanding any other provision to the contrary in the Basic Documents,
\nincluding Section 2.7 of the Indenture, TRC may purchase a portion of the Note
\nPrincipal Balance without the issuance of a new Note and the cancellation of the
\nNote acquired by TRC in connection with a Transferor Note Repurchase. The Note
\nPrincipal Balance, the Invested Amount and the Collateral Certificate principal
\nbalance shall each be reduced by the same amount as if the Note had been
\ndelivered for cancellation and cancelled in accordance with Section 2.7 of the
\nIndenture and Section 7.3 of the Series Supplement. Such repurchase agreement
\nshall be substantially in the form of Exhibit E<\/u> attached hereto.<\/p>\n

\n

\n

<\/p>\n

\n

(ii) On the date of a Transferor Note Repurchase, TRC shall deliver a copy of
\nthe executed Repurchase Agreement to the Indenture Trustee, which shall reflect
\nthe outstanding Note Principal Balance, the Invested Amount and the Collateral
\nCertificate principal balance as of the date of (and after giving effect to) the
\nTransferor Note Repurchase.<\/p>\n<\/p>\n

(iii) The parties agree and confirm that the Note Principal Balance, Invested
\nAmount and the Collateral Certificate principal balance shown in the Repurchase
\nAgreement shall reflect the outstanding Note Principal Balance, Invested Amount
\nand the Collateral Certificate principal balance as of the date of (and after
\ngiving effect to) the Transferor Note Repurchase notwithstanding any amount
\nshown on the face of the Note or the Collateral Certificate.<\/p>\n

\n

ARTICLE II<\/p>\n

\n

MISCELLANEOUS<\/p>\n

\n

Section 2.1 Defined Terms<\/u>. Capitalized terms used and not otherwise
\ndefined herein shall have the meanings assigned to such terms in the Agreement.\n<\/p>\n<\/p>\n

Section 2.2 Agreement in Full Force and Effect as Amended<\/u>. Except as
\nspecifically amended hereby, all of the terms and conditions of the Agreement
\nshall remain in full force and effect. This Amendment shall not constitute a
\nnovation of the Agreement, but shall constitute an amendment thereof.<\/p>\n<\/p>\n

Section 2.3 Severability<\/u>. If any one or more of the covenants,
\nagreements, provisions or terms or portions thereof of this Amendment shall be
\nfor any reason whatsoever held invalid, then such covenants, agreements,
\nprovisions or terms or portions thereof shall be deemed severable from the
\nremaining covenants, agreements, provisions or terms or portions of this
\nAmendment and shall in no way affect the validity or enforceability of the other
\ncovenants, agreements, provisions or terms or portions of this Amendment.<\/p>\n<\/p>\n

Section 2.4 Counterparts<\/u>. This Amendment may be executed in any number
\nof counterparts and by the different parties hereto on separate counterparts,
\neach of which when so executed and delivered shall be an original, but all of
\nwhich shall together constitute one and the same instrument.<\/p>\n<\/p>\n

SECTION 2.5<\/strong> GOVERNING LAW<\/u><\/strong>.
\nTHIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
\nOF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS
\n(OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS,
\nRIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
\nWITH SUCH LAWS.<\/strong><\/p>\n

\n

2<\/p>\n

\n

<\/p>\n

\n

THE PARTIES HERETO HEREBY SUBMIT TO THE NONEXCLUSIVE JURISDICTION OF
\nTHE FEDERAL AND STATE COURTS IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK
\nIN ANY SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE
\nTRANSACTIONS CONTEMPLATED HEREBY.<\/strong><\/p>\n<\/p>\n

[REMAINDER OF THE PAGE BLANK]<\/p>\n

\n

3<\/p>\n

\n

<\/p>\n

\n

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
\nexecuted by their respective officers as of the day and year first above
\nwritten.<\/p>\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n<\/td>\n\n<\/td>\n\n<\/td>\n\n

TARGET RECEIVABLES CORPORATION<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n<\/td>\n\n

By:<\/p>\n<\/td>\n

\n

\/s\/ Sara J. Ross<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n\n

Name: Sara J. Ross<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n\n

Title: VP and Assistant Treasurer<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n<\/td>\n\n

TARGET CORPORATION<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n<\/td>\n\n

By:<\/p>\n<\/td>\n

\n

\/s\/ Corey L. Haaland<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n\n

Name: Corey L. Haaland<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n\n

Title: VP, Treasurer<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n

BOTAC, INC.<\/p>\n<\/td>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n

By<\/p>\n<\/td>\n

\n

\/s\/ David A. Penkrot<\/p>\n<\/td>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n

Name: David A. Penkrot<\/p>\n<\/td>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n

Title: Senior Vice President<\/p>\n<\/td>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n

CHASE BANK USA, NATIONAL ASSOCIATION<\/p>\n<\/td>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n

By<\/p>\n<\/td>\n

\n

\/s\/ Keith Schuck<\/p>\n<\/td>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n

Name: Keith Schuck<\/p>\n<\/td>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n

Title: President<\/p>\n<\/td>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Amendment No. 1 to Note Purchase Agreement<\/p>\n

\n

\n

<\/p>\n

\n

As acknowledged and agreed to by:<\/p>\n<\/p>\n

WELLS FARGO BANK, NATIONAL ASSOCIATION,
\nas Trustee and Indenture Trustee<\/p>\n<\/p>\n\n\n\n\n\n
\n

By<\/p>\n<\/td>\n

\n

\/s\/ Kristen L. Puttin<\/p>\n<\/td>\n

\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n

Name: Kristen L. Puttin<\/p>\n<\/td>\n

\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n

Title: Vice President<\/p>\n<\/td>\n

\n<\/td>\n\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Amendment No. 1 to Note Purchase Agreement<\/p>\n

\n

\n

<\/p>\n

Exhibit E<\/u><\/p>\n

\n

REPURCHASE AGREEMENT<\/strong><\/p>\n

\n

THIS REPURCHASE AGREEMENT, dated as of <\/u> <\/u>, 20 <\/u>, is
\nentered into by and between Target Receivables Corporation, a Minnesota
\ncorporation (“TRC<\/u>“) and BOTAC, Inc., a Nevada corporation (the “Note
\nReseller<\/u>“).<\/p>\n<\/p>\n

Pursuant to subsection 17(a) of the Note Purchase Agreement, dated as of May
\n5, 2008, as amended by Amendment No. 1 thereto, dated as of November 10, 2009,
\nby and among TRC, Target Corporation, the Note Reseller, as note purchaser, and
\nChase Bank USA, National Association (as amended, the “Note Purchase
\nAgreement<\/u>“), TRC agreed to purchase a portion of the Note Principal Balance
\nequal to the lesser of the Transferor Note Repurchase and the Available Series
\n2008-1 Principal Collections for the related Monthly Period. As of the <\/u>
\n20 <\/u> Determination Date, the Cap Test Percentage will have been equal to
\nor greater than the Cap Trigger for the three (3) immediately preceding Monthly
\nPeriods. The Cap Test Percentage as of the <\/u> 20 <\/u> Determination
\nDate is <\/u>% and based upon this Cap Test Percentage the amount of the
\nTransferor Note Repurchase is $ <\/u>. The Available Series 2008-1 Principal
\nCollections for the related Monthly Period is $ <\/u>. Capitalized terms used
\nbut not defined herein shall have the meaning ascribed thereto in the Note
\nPurchase Agreement.<\/p>\n<\/p>\n

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

Payment of the purchase price shall be made by TRC in Federal (same day)
\nfunds by wire transfer to an account previously designated to TRC by the Note
\nReseller by 2:00 p.m. (New York time), on <\/u> <\/u>, 20 <\/u>.<\/p>\n<\/p>\n

Following the payment, the Note Principal Balance shall be $ <\/u>, the
\nInvested Amount shall be $ <\/u> and the Collateral Certificate principal
\nbalance shall be $ <\/u>. Pursuant to subsection 17(d) of the Note Purchase
\nAgreement, the parties have agreed that any cancellation or reissuance of the
\nNote is not required.<\/p>\n<\/p>\n

THIS REPURCHASE AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
\nWITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF
\nLAWS PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND
\nTHE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
\nDETERMINED IN ACCORDANCE WITH SUCH LAWS.<\/p>\n

\n

\n

<\/p>\n

\n

This Repurchase Agreement may be executed in two or more counterparts (and by
\ndifferent parties on separate counterparts), each of which shall be an original,
\nbut all of which together shall constitute one and the same instrument.<\/p>\n<\/p>\n

For the avoidance of doubt, and not in limitation of the repurchase made
\nherein, nothing in this Repurchase Agreement shall be deemed to supersede,
\nenlarge, modify or waive any of the provisions of the Note Purchase Agreement,
\nall of which shall survive the execution and delivery of this Repurchase
\nAgreement as provided in, and subject to the limitations set forth in, the Note
\nPurchase Agreement.<\/p>\n<\/p>\n

[REMAINDER OF THE PAGE LEFT INTENTIONALLY BLANK]<\/p>\n

\n

2<\/p>\n

\n

<\/p>\n

\n

IN WITNESS WHEREOF, the parties hereto have caused this Repurchase Agreement
\nto be duly executed by their respective officers as of the day and year first
\nabove written.<\/p>\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n<\/td>\n\n<\/td>\n\n<\/td>\n\n

TARGET RECEIVABLES CORPORATION<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n<\/td>\n\n

By:<\/p>\n<\/td>\n

\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n\n

Name:<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n\n

Title:<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n

BOTAC, INC.<\/p>\n<\/td>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n

By<\/p>\n<\/td>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n

Name:<\/p>\n<\/td>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n

Title:<\/p>\n<\/td>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\n

Exhibit E<\/p>\n

\n

\n

<\/p>\n

\n

As acknowledged and agreed to by:<\/p>\n<\/p>\n

WELLS FARGO BANK, NATIONAL ASSOCIATION,
\nas Trustee and Indenture Trustee<\/p>\n<\/p>\n\n\n\n\n\n
\n

By<\/p>\n<\/td>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n

Name:<\/p>\n<\/td>\n

\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n

Title:<\/p>\n<\/td>\n

\n<\/td>\n\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\n

2<\/p>\n

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