Common use of Second-Look Credit Card Program Clause in Contracts

Second-Look Credit Card Program. Notwithstanding Section 2.2(a), NMG and its Affiliates shall have the right at any time during the Term to establish a program (a “Second-Look Credit Card Program”) for (i) issuing Credit Cards, including Private Label Credit Cards and Dual-Line Credit Cards, using the NMG Licensed Marks, or (ii) opening Non-Card Payment Plans, in each case, to customers whose Applications have been declined by Bank; provided, however, that Bank shall have a right of first offer to develop the Second-Look Credit Card Program as follows. NMG shall provide notice to Bank indicating the intention of NMG or its applicable Affiliate(s) to establish the Second-Look Credit Card Program. Not later than the 20th day following receipt of the notice by Bank, Bank may make an offer to NMG with respect to the establishment of the Second-Look Credit Card Program, which offer shall remain open for a period of not less than forty-five (45) days. NMG shall be under no obligation to accept such offer or to provide Bank with any right to match any offer received by NMG from any third party. NMG may elect to (A) accept the offer made by Bank, (B) establish the Second-Look Credit Card Program directly or through any of its Affiliates, or (C) enter into an arrangement with any third party Credit Card issuer providing for the establishment of a Second-Look Credit Card Program to be issued by such issuer; provided that NMG may not enter into any such arrangement with any such third party Credit Card issuer unless the financial terms and conditions offered to NMG by such Credit Card issuer are substantially more favorable to NMG in the aggregate to the terms and conditions offered to NMG by Bank. If NMG elects to establish a Second-Look Credit Card Program pursuant to clause (B) or (C) above, upon the request of any NMG Company, Bank shall forward to the NMG Companies or a provider of secondary financing the Applications received by Bank with respect to such customers and shall cooperate in good faith with the NMG Companies in order to facilitate the issuance of Credit Cards or Non-Card Payment Plans, as applicable, to such customers pursuant to such program.

Second-Look Credit Card Program. Notwithstanding Section 2.2(a), NMG Belk and its Affiliates shall have the right at any time during the Term to establish a program (a “"Second-Look Credit Card Program”") for (i) issuing Credit Cards, including Private Label Credit Cards and Dual-Line Belk Credit Cards, using the NMG Belk Licensed Marks, or (ii) opening Non-Card Payment Plans, in each case, to customers whose Applications have been declined by Bank; provided, however, that Bank shall have a right of first offer to develop the Second-Look Credit Card Program as followsin accordance with this Section 2.2(b). NMG Belk shall provide notice to Bank indicating the intention of NMG Belk or its applicable Affiliate(s) to establish the Second-Look Credit Card Program. Not later than the 20th day following receipt of the notice by Bank, Bank may make an offer to NMG Belk with respect to the establishment of the Second-Look Credit Card Program, which offer shall remain open for a period of not less than forty-five (45) days. NMG Belk shall be under no obligation to accept such offer or to provide Bank with any right to match any offer received by NMG Belk from any third party. NMG Belk may elect to (Ai) accept the offer made by Bank, (Bii) establish the Second-Look Credit Card Program directly or through any of its Affiliates, or (Ciii) enter into an arrangement with any third party Credit Card issuer providing for the establishment of a Second-Look Credit Card Program to be issued by such issuer; provided that NMG may not enter into any such arrangement with any such third party Credit Card issuer unless the financial terms and conditions offered to NMG by such Credit Card issuer are substantially more favorable to NMG in the aggregate to the terms and conditions offered to NMG by Bank. If NMG Belk elects to establish a Second-Look Credit Card Program pursuant to clause (Bii) or (Ciii) above, upon the request of any NMG CompanyBelk, Bank shall shall, subject to Applicable Law, forward to the NMG Companies Belk or a provider of secondary financing the Applications received by Bank with respect to such customers and shall cooperate in good faith with the NMG Companies Belk in order to facilitate the issuance of Credit Cards or Non-Card Payment Plans, as applicableCards, to such customers pursuant to such program.