Amendment No. 2 to Inventory Security Agreement between Northrim Funding Services and Tully's Coffee Corporation
This amendment updates the Inventory Security Agreement between Northrim Funding Services, a division of Northrim Bank, and Tully's Coffee Corporation. The amendment increases the maximum purchase amount under the agreement from $3,000,000 to $5,000,000. All other terms and conditions of the original agreement remain unchanged. The amendment is effective for invoices purchased under the contract of sale and security agreement dated November 9, 2006.
Exhibit 10.14(b)
AMENDMENT # 2
To INVENTORY SECURITY AGREEMENT between Northrim Funding Services,
a Division of Northrim Bank & Tully’s Coffee Corporation
DATED: November 9, 2006
OBLIGATIONS SECURED:
Paragraph 1 as follows:
The payment of all liabilities due NFS/BANK per the contract of sale and agreement dated November 9, 2006 executed and delivered by CLIENT to NFS/BANK for $3,000,000.00 (The Maximum Purchase Amount)
Is replaced with:
The payment of all liabilities due NFS/BANK per the contract of sale and agreement dated November 9, 2006 executed and delivered by CLIENT to NFS/BANK for $5,000,000.00 (The Maximum Purchase Amount)
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.
Executed this 25th day of June, 2007
At: Seattle, Washington
Tully’s Coffee Corporation
| By: | /s/ Kristopher S. Galvin | Date: | 6/25/07 | |||
| Kristopher S. Galvin, Executive Vice President |
Northrim Funding Services, a division of Northrim Bank
Accepted this 25th day of June , 2007, at Bellevue, WA.
| By: | /s/ Daniel J. Lowell | |||
| Daniel J. Lowell, Senior Vice President |
| 170 120th Avenue N.E. Suite 202, Bellevue, WA 98005 | ||||
| Telephone (425) ###-###-#### Fax ###-###-#### | Page 1 of 1 | |||
