EXHIBIT 10.35
[BANK LOGO] LOAN MODIFICATION AGREEMENT
This agreement amends the Revolving Note dated as of March 31, 1997 ("Note")
and the Credit Agreement dated March 31, 1997 ("Credit Agreement"), each
executed by EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. ("Borrower") in favor
of Bank of America National Trust and Savings Association doing business as
SEAFIRST BANK ("Bank"), regarding a loan in the maximum principal amount of
$30,000,000 (the "Loan"). For mutual consideration, Borrower and Bank agree to
amend the above loan documents as follows:
1. Maturity Date: The maturity date of the Note is changed to June 28, 1998.
The Termination Date, as defined in the Credit Agreement is also extended to
June 28, 1998.
2. Other Terms: Except as specifically amended by this agreement or any
prior amendment, all other terms, conditions, and any definitions of the Note,
Credit Agreement, and all other security agreements, guaranties, deeds of trust,
mortgages, and other instruments or agreements entered into with regard to the
Loan shall remain in full force and effect.
DATED March 23, 1998
Bank: Borrower:
SEAFIRST BANK EXPEDITORS INTERNATIONAL OF
WASHINGTON, INC.
By: /s/ Xxxx Xxxxxxx By: /s/ Xxxxx X. Xxxx
---------------------------- ----------------------------
Title: Vice President Title: Chief Executive Officer
---------------------------- ----------------------------
By: /s/ X. Xxxxxx Xxxxx
----------------------------
Title: Chief Financial Officer
----------------------------
10