Modification Agreement to Business Loan Agreement between Zumiez Inc. and Bank of America, N.A. (May 11, 2005)
Zumiez Inc. and Bank of America, N.A. have agreed to modify their existing Business Loan Agreement, originally dated May 29, 2003, and previously amended. This modification removes the requirement for Zumiez Inc. to pay any unused commitment fees related to their revolving line of credit, effective immediately. All other terms and conditions of the original agreement remain unchanged and in effect. Zumiez Inc. confirms that its previous representations and warranties are still accurate, except where they refer to earlier dates.
Exhibit 10.11
May 11, 2005
Ms. Brenda I. Morris
Chief Financial Officer
Zumiez Inc.
6300 Merrill Creek Center Parkway, Suite B
Everett, WA ###-###-####
This Letter serves as a Modification to the Business Loan Agreement dated May 29, 2003, as subsequently amended June 6, 2003, and September 30, 2004, (collectively referred to as “Agreements”) regarding a revolving line of credit (the “Loan”), executed by ZUMIEZ INC. (“Borrower”) and BANK OF AMERICA, N.A. (“Bank”). Terms used in this Modification and defined in the Agreements shall have the meaning given to such terms in the Agreements. For mutual consideration, Borrower and Bank agree to amend the Agreements as follows:
As referenced in Agreements, specifically:
Section 3.1: “Fees and Expenses”: Subsection “Fees”; Paragraph c) “Unused Commitment Fee”
All references to and requirements for Unused Commitment Fees, and as subsequently amended, are hereby withdrawn and terminated, effective the date herein.
Other Terms. Except as specifically amended by this Modification or any prior amendment, all other terms, conditions, and definitions of the Agreements, and all other documents, instruments, or agreements entered into with regard to the Loan, shall remain in full force and effect. Borrower warrants that the representations and warranties made by Borrower in the Agreements continue to be true and correct, except to the extent that such representations and warranties expressly relate to an earlier date.
DATED as of May 11, 2005
Bank:
BANK OF AMERICA, N.A.
| By: | /s/ Curt G. Clausen |
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| Curt G. Clausen, Senior Vice President |
| |
