Amendment No. 1 to NFS Contract of Sale & Security Agreement between Tully's Coffee Corporation and Northrim Funding Services
This amendment updates the original Contract of Sale & Security Agreement between Tully's Coffee Corporation and Northrim Funding Services. Effective June 22, 2005, it changes the 'Purchase Formula' used to calculate amounts based on eligible accounts from 120% to 130%. All other terms of the original agreement remain unchanged. The amendment is signed by authorized representatives of both parties and applies to invoices purchased under the original contract.
Exhibit 10.16(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 |
