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Separation and Distribution Agreement

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Title:

Separation and Distribution Agreement

Entities:

Commerce Group, Inc.; JPMorgan Chase Bank; Wells Fargo Bank Minnesota, NA; Western Union Co

Date:

2006

Size:

Preview shows 31KB of 189KB total

Price:

$57

ID:

#2447180

► Licensing ► Distribution ► Separation & Distribution Agreements
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Separation and Distribution Agreement

Dated as of , 2006

Between

First Data Corporation

and

The Western Union Company

TABLE OF CONTENTS


		Page
ARTICLE I DEFINITIONS

SECTION 1.1	Definitions	1
SECTION 1.2	Interpretation	12
ARTICLE II
ACTIONS PRIOR TO THE DISTRIBUTION DATE

SECTION 2.1	SEC and Other Securities Filings; Western Union Note Offering	13
SECTION 2.2	Financial Instruments.	14

ARTICLE III
BUSINESS SEPARATION

SECTION 3.1	Actions Taken Prior to the Execution of this Agreement	15
SECTION 3.2	Actions Prior to the Separation	16
SECTION 3.3	The Separation	16
SECTION 3.4	Termination of Existing Intercompany Agreements	16

ARTICLE IV
THE DISTRIBUTION

SECTION 4.1	Record Date and Distribution Date	17
SECTION 4.2	Increase In Western Union Authorized Shares	17
SECTION 4.3	The Agent	18
SECTION 4.4	Delivery of Western Union Shares	18
SECTION 4.5	The Distribution	18
SECTION 4.6	Delivery of Western Union Shares	18
SECTION 4.7	Distribution is at First Datas Discretion	18
SECTION 4.8	Additional Approvals	18

ARTICLE V
ACTIONS SUBSEQUENT TO THE DISTRIBUTION

SECTION 5.1	Actions Following the Distribution	19

ARTICLE VI
BUSINESS SEPARATION CLOSING MATTERS

SECTION 6.1	Delivery of Instruments of Conveyance	19
SECTION 6.2	Provision of Corporate Records	20


		Page
ARTICLE VII
NO REPRESENTATIONS AND WARRANTIES

SECTION 7.1	No First Data Representations or Warranties	20
SECTION 7.2	No Western Union Representations or Warranties	20

ARTICLE VIII CERTAIN COVENANTS

SECTION 8.1	Governmental Approvals and Consents; Third Party Consents	21
SECTION 8.2	Non-Assignable Contracts	21
SECTION 8.3	Further Assurances	22
SECTION 8.4	Receipt of Misdirected Assets	23
SECTION 8.5	Late Payments	23
SECTION 8.6	Certain Business Matters	23
SECTION 8.7	Litigation	24
SECTION 8.8	Signs; Use of Company Name	25
SECTION 8.9	Stock Options Registration Statement	26

ARTICLE IX
CONDITIONS TO THE DISTRIBUTION

SECTION 9.1	Conditions to the Distribution	26
SECTION 9.2	First Data Right Not to Close or to Terminate	28

ARTICLE X
INSURANCE MATTERS

SECTION 10.1	Insurance Prior to the Distribution Date	28
SECTION 10.2	Ownership of Existing Policies and Programs	28
SECTION 10.3	Maintenance of Insurance for Western Union	28
SECTION 10.4	Acquisition and Maintenance of Post-Distribution Insurance by Western Union	28
SECTION 10.5	Rights Under Shared Policies	29
SECTION 10.6	Administration and Reserves	30
SECTION 10.7	Insurance Premiums	31
SECTION 10.8	Agreement for Waiver of Conflict and Shared Defense	31
SECTION 10.9	Duty to Mitigate Settlements	31
SECTION 10.10	Non-Waiver of Rights to Coverage	31

ARTICLE XI EXPENSES

SECTION 11.1	Expenses Incurred On or Prior To the Distribution Date	31
SECTION 11.2	Expenses Incurred or Accrued After the Distribution Date	32

ARTICLE XII
INDEMNIFICATION

SECTION 12.1	Release of Pre-Distribution Claims.	32
SECTION 12.2	Indemnification by Western Union	34


		Page
SECTION 12.3	Indemnification by First Data	35
SECTION 12.4	Applicability of and Limitation on Indemnification	36
SECTION 12.5	Adjustment of Indemnifiable Losses.	36
SECTION 12.6	Procedures for Indemnification of Third Party Claims.	37
SECTION 12.7	Procedures for Indemnification of Direct Claims	39
SECTION 12.8

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