Exhibit 10.48
Confidential Treatment Requested.
Certain material (indicated by asterisks) has
been omitted from this document and filed separately with the
Securities and Exchange Commission pursuant to a request for
confidential treatment.
THIRD AMENDMENT TO CREDIT CARD
PROGRAM AGREEMENT
This Third Amendment to Credit Card
Program Agreement (“First Amendment”) is made effective
as of the 1 st
day of August, 2006, 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 Household Corporation, a Delaware 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 29, 2006 (“Second
Amendment”) by and between the parties hereto.
W I T N E S S E T H:
WHEREAS, the parties wish to amend
the Agreement as set forth herein;
NOW, THEREFORE, 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 hereto agree as
follows:
1.
Schedule 7.3(a) (C) is
deleted in its entirety and replaced with the following new
Schedule 7.3(a)(c):
“C.
Late and Early Stage
Collections. Bank will meet the following service levels `on
an average each month:
1.
The percentage of time that Bank
shall make its collections operations available during the
following times: [***]
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Monday through Thursday
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8:00 a.m. to 9:00 p.m.
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Central time
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Friday
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8:00 a.m. to 5:00 p.m.
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Central time
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Saturday
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8:00 to 12:00 p.m.
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Central time
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Sunday
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None. Closed.
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2.
The percentage of time that Bank
shall maintain a contact penetration for the following categories
of Accounts: [***]*
|
—
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Balances greater than [***] which are [***] or
more cycles delinquent
|
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every Month
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—
|
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Balances greater than [***] which are [***] or
more cycles delinquent
|
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every Month
|
3.
The Parties agree to mutually review
and amend, if necessary, Schedule 7.3(a)(C) if the Cardholder
Agreement is materially altered.
4.
To the extent the provisions of this
Third Amendment are inconsistent with the Agreement
