Amendment No. 1 to Contract of Sale & Security Agreement between Tully’s Coffee Corporation and Northrim Funding Services
This amendment updates the existing Contract of Sale & Security Agreement between Tully’s Coffee Corporation and Northrim Funding Services, a division of Northrim Bank. The amendment changes the 'Purchase Formula' used in the agreement, increasing it from 120% to 130% of the net amount of all acceptable or eligible accounts. All other terms of the original contract remain unchanged. The amendment is effective for invoices purchased under the original agreement and is signed by authorized representatives of both parties.
Exhibit 10.13(b)
AMENDMENT #1
TO NFS CONTRACT OF SALE & SECURITY AGREEMENT
Dated: June 22, 2005
Definitions:
Paragraph 19 as follows:
“Purchase Formula” means at any time, and amount equal to 120% of the net amount of all Acceptable/Eligible Accounts.
Is replaced by:
“Purchase Formula” means at any time, an amount equal to 130% of the net amount of all Acceptable/Eligible Accounts.
This amendment is effective and applicable to invoices purchased under the CONTRACT OF SALE & SECURITY AGREEMENT of even date. All other terms, covenants and conditions will remain in effect and unchanged.
| Tully’s Coffee Corporation | ||||||||
| By: | /s/ Kristopher S. Galvin | Date: July 20, 2005 | ||||||
| Kristopher S. Galvin Executive Vice President & CFO | ||||||||
Northrim Funding Services, a division of Northrim Bank
Accepted this 20th day of July, 2005, at Bellevue, WA
| By: | /s/ Daniel J. Lowell | |||||||
| Daniel J. Lowell Vice President | ||||||||
| Page 1 | Acknowledgment |
