Exhibit 10.50
FIFTH AMENDMENT TO CREDIT CARD
PROGRAM AGREEMENT
This Fifth Amendment to Credit Card Program
Agreement (“Fifth Amendment”) is made effective as of
the 13 th day of March, 2007, by and among The
Neiman Marcus Group, Inc. (“ NMG ”),
Bergdorf Goodman, Inc. (“ BG , and together with
NMG, the “ NMG Companies ”), HSBC Bank Nevada,
N.A., a national credit card bank (“ Bank ”),
and HSBC Private Label Corporation, a Delaware corporation formerly
known as Household Corporation (“ Primary Servicer
”) to that certain Credit Card Program Agreement
(“Agreement”) executed as of June 8, 2005 and
amended by the First Amendment to Credit Card Program Agreement
executed as of April 30, 2006 (“First Amendment”),
and the Second Amendment to Credit Card Program Agreement executed
as of June 28, 2006 (“Second Amendment”) and the
Third Amendment to Credit Card Program Agreement executed as of
August 1, 2006, and the Fourth Amendment to Credit Card
Program Agreement executed as of March 13, 2007, by and
between the parties hereto. In consideration of the terms,
conditions and mutual covenants contained herein, and for good and
valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties acknowledge and agree as
follows:
1.
Additional Chargeback
Rights .
Section 8.5 of the Agreement is amended to read as
follows:
8.5
Bank’s Right to Charge
Back . Bank shall
have the right to charge back to NMG the amount of any Cardholder
Indebtedness, including Cardholder Indebtedness incurred prior to
the Effective Date with respect to Purchased Accounts, relating to
NMG Charge Transaction Data if with respect to the related NMG
Transaction:
(a)
The Cardholder refuses to pay the
charge based on a dispute regarding the quality or delivery of NMG
Goods and Services representing a valid defense to pa
