June 30, 1998
Columbia Sportswear Company
0000 Xxxxx Xxxxxxxxx
Xxxxxxxx, XX 00000
Gentlemen:
This letter is to confirm that Xxxxx Fargo Bank, National Association
("Bank") has agreed to extend the maturity date of that certain credit
accommodation granted by Bank to Columbia Sportswear Company, an Oregon
corporation ("Borrower") in the maximum principal amount of Seventy Million
Dollars ($70,000,000.00) pursuant to the terms and conditions of that certain
Credit Agreement between Bank and Borrower dated as of July 31, 1997, as amended
from time to time (the "Agreement").
The maturity date of said credit accommodation is hereby extended until
July 31, 1998. Until such date, all terms and conditions of the Agreement which
pertain to said credit accommodation shall remain in full force and effect,
except as expressly modified hereby. The promissory note dated as of July 31,
1997, executed by Xxxxxxxx and payable to the order of Bank which evidences said
credit accommodation, a copy of which is attached hereto as Exhibit A (the
"Note"), shall be deemed modified as of the date this letter is acknowledged by
Borrower to reflect the new maturity date set forth above. All other terms and
conditions of the Note remain in full force and effect, without waiver or
modification.
Borrower acknowledges that Bank has not committed to make any renewal or
further extension of the maturity date of the above-described credit
accommodation beyond the new maturity date specified herein, and that any such
renewal or further extension remains in the sole discretion of Bank. This letter
constitutes the entire agreement between Bank and Borrower with respect to the
maturity date extension for the above-described credit accommodation, and
supersedes all prior negotiations, discussions and correspondence concerning
said extension.
UNDER OREGON LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS MADE BY BANK AFTER
OCTOBER 3, 1989 CONCERNING LOANS AND OTHER CREDIT
Columbia Sportswear Company
June 30, 1998
Page 2
EXTENSIONS WHICH ARE NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES OR SECURED
SOLELY BY THE BORROWER'S RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION AND
BE SIGNED BY BANK TO BE ENFORCEABLE.
Please acknowledge your acceptance of the terms and conditions contained
herein by dating and signing one copy below and returning it to my attention at
the above address on or before July 15, 1998.
Very truly yours,
XXXXX FARGO BANK,
NATIONAL ASSOCIATION
By: XXXXX X. XXXXXXX
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Xxxxx X. Xxxxxxx
Vice President
Acknowledged and accepted as of 6/26/98:
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COLUMBIA SPORTSWEAR COMPANY
By: XXXXXXX X. XXXXXXXX
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Title: CFO
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