INSTALLMENT LOAN MARKETING AND SERVICING AGREEMENTAdvertising or Marketing Agreement |
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ACE CASH EXPRESS INC/TX | First Bank of Delaware. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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Exhibit 10.50
THIRD AMENDMENT TO THE
MARKETING AND SERVICING AGREEMENT
THIS
THIRD AMENDMENT TO THE MARKETING AND SERVICING AGREEMENT dated as of
July 26, 2005 (this “Amendment”) is an Amendment to the
MARKETING AND SERVICING AGREEMENT effectively dated October 21, 2002, as
amended, by and between Republic Bank & Trust Company, a bank organized
under the laws of the state of Kentucky (“BANK”), and ACE Cash
Express, Inc., a Texas corporation (“COMPANY”).
WHEREAS,
BANK and COMPANY have previously entered into that certain MARKETING AND
SERVICING AGREEMENT dated as of October 21, 2002, as amended, (the
“Marketing Agreement”); and
WHEREAS,
BANK and COMPANY desire to amend the Marketing Agreement.
NOW,
THEREFORE, the parties hereby agree as follows:
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1. |
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The Marketing
Agreement is hereby amended by deleting, in its entirety, the fourth recital
which reads as follows: |
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“WHEREAS,
COMPANY agrees that BANK shall have the first and exclusive right to all
TRANSACTIONS originated in the MARKET by COMPANY stores up to a maximum of
$14 million, exclusive of TRANSACTIONS rejected by the BANK, at such time
when COMPANY, using commercially reasonable efforts, is able to terminate
COMPANY’S arrangements existing on the date hereof to offer and provide
TRANSACTIONS or any product that is the same or substantially similar to the
TRANSACTIONS within the MARKET;” |
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2. |
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Section 3(a)
of the Marketing Agreement is hereby amended by adding a sentence at the end
thereof which shall read in its entirety as follows: |
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“BANK may
also reject any TRANSACTION if, after giving effect to such TRANSACTION, the
aggregate principal amount then outstanding of all TRANSACTIONS entered into
in connection with this AGREEMENT would exceed $20 million.” |
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3. |
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Section 3(b)
of the Marketing Agreement is hereby amended to read in its entirety as
follows: |
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“(b)
COMPANY acknowledges that all rights of ownership in the TRANSACTIONS and the
TRANSACTION DOCUMENTS are and remain the sole property of BANK, and COMPANY
shall have no ownership rights to such TRANSACTIONS or TRANSACTION DOCUMENTS
during the term of this AGREEMENT, except that COMPANY shall have a right of
first refusal to purchase any TRANSACTION and the associated TRANSACTION
DOCUMENTS with regard to any TRANSACTION in default by the CUSTOMER and with
respect to which COMPANY has otherwise satisfied its obligations owing to
BANK pursuant to this AGREEMENT.” |
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4. |
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Section 3(c)
of the Marketing Agreement is hereby amended to read in its entirety as
follows: |
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“(c) In
its sole discretion, BANK may sell, transfer, grant an interest in, or
otherwise assign any TRANSACTION, or any portion of any TRANSACTION, to a
third party or parties, subject to the provisions and prior rights of COMPANY
stated in paragraph 3(b) above. Any sale, transfer or assignment by BANK of
any T
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