EXHIBIT 10.20
FIRST AMENDMENT TO RECOURSE AGREEMENT
This First Amendment to Recourse Agreement, dated October 1, 2001 (the
"First Amendment to Recourse Agreement"), between Nordstrom, Inc. ("NI"), and
Nordstrom Credit, Inc. ("NCI"), amends and supplements that certain Recourse
Agreement, dated as of March 1, 2001 (the "Agreement") between NI and NCI.
NI and NCI desire to enter into this Agreement to acknowledge that NCI
intends to sell certain receivables and the parties do not intend that the
Agreement will apply to such receivables.
Therefore, in consideration of the mutual covenants and conditions
contained herein, the parties hereby amend and supplement the Agreement as
follows:
1. The following section is added to the Agreement:
15. Application of Recourse and Monthly Bad Debt
Transfer. NCI shall only exercise its rights under
Sections 2 and 3 of the Agreement upon the purchase of
receivables pursuant to the Operating Agreement and for
so long as such receivables are owned by NCI.
2. Except as specifically amended hereby, the original terms and
conditions of the Agreement are unchanged and in full force and
effect.
3. This First Amendment to Recourse Agreement shall be governed by
the laws of the State of Washington.
IN WITNESS WHEREOF, the parties have executed this First Amendment to
Recourse Agreement effective as of the date first written above.
NORDSTROM, INC.
By: /s/ Xxxxx Xxxxxxxxx
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Name: Xxxxx Xxxxxxxxx
Title: President
NORDSTROM CREDIT, INC.
By: /s/ Xxxxxxx X. Xxxxxx
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Name: Xxxxxxx X. Xxxxxx
Title: Vice President and Treasurer
