Commercial Card Agreement Summary

This is a Visa Commercial Card Agreement executed on November 1, 2026, between INB, National Association (the Bank) and the Illinois Arts Council (the Company). The agreement establishes the terms and conditions for opening and maintaining a commercial card account, issuing Visa commercial cards to employees, and providing associated billing and card management services. The Illinois Arts Council, a state agency located in Chicago with Tax ID 33-1143971, designates Joshua Davis-Ruperto (Executive Director) and Sandra Velazquez (Chief Financial Officer) as the Commercial Card Administrators responsible for program oversight and card account management.

The agreement authorizes the issuance of physical cards, virtual cards, and online access for business purchases and cash advances. Cards are billed on a corporate basis with payment via remittance by check. Individual cardholder credit limits are established per card account, subject to a maximum aggregate company charge limit set by the Bank. The fee schedule includes a $1.00 minimum finance charge, $35.00 late payment fee, $10.00 cash advance fee, $35.00 overlimit fee, $20.00 returned check fee, and $15.00 replacement card fee. Finance charges accrue at a rate calculated from the highest U.S. Prime Rate plus 6% margin. The agreement permits either party to terminate with 60 days' written notice and includes provisions for default remedies, liability limitations, indemnification, and dispute resolution procedures. The initial term is one year with automatic renewal for subsequent one-year periods unless terminated earlier.