FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT
FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT
THIS FIRST AMENDMENT (“Amendment”), dated as of July 24, 2006, is entered into by and between
CAPITAL TEMPFUNDS, a division of Capital Business Credit LLC f/k/a a division of Capital Factors
LLC, a Delaware limited liability company, successor in interest to Capital TempFunds, Inc., with
its principal place of business at 0000 Xxxxxxxx, 00xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000
(herein called “TEMPFUNDS”) and COMMAND CENTER, INC., a Washington corporation with its principal
place of business and chief executive office at 0000 X. 0xx Xxxxxx, Xxxx Xxxxx, XX 00000
(herein called “BORROWER”).
RECITALS:
a) TEMPFUNDS and BORROWER are parties to a Loan and Security Agreement dated April
7, 2006 (hereinafter referred to as the “Agreement”).
b) BORROWER and TEMPFUNDS have agreed to certain modifications of the Agreement as
a result of the ongoing business relationship between the parties.
AGREEMENT
IN CONSIDERATION of the above recitals and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:
1. The above recitals are true and correct and are incorporated herein by this
reference.
2. Each of the terms defined in the Agreement unless otherwise defined herein,
shall have the same meaning when used herein.
3. In the event of a conflict between the terms and provisions of this Amendment
and the terms and provisions of the Loan Agreement, the terms and provisions of this
Amendment shall control.
4. Item 21 of Exhibit “B” is deleted in its entirety and replaced with the following:
| 21. | “Maximum Credit Facility” as referred to in Section 34 means: Eight Million ($8,000,000.00) dollars effective as of the date of the Amendment and through April 7, 2007, at which time the Maximum Credit Facility shall reduce to Seven Million ($7,000,000.00). A Temporary Increase Fee in the amount of $10,000 shall be due and payable upon the effective date of this Amendment. |
5. Upon the effectiveness of this Amendment, each reference in the Agreement to
the “Agreement”, “hereunder”, “herein”, “hereof”, or words of like import referring to the
Agreement shall mean and be a reference to the Agreement as amended by this Amendment.
6. This Amendment shall be deemed to be a contract under and subject to and
shall be construed for all purposes and in accordance with the laws of the State of North
Carolina.
7. This Amendment may be executed in two or more counterparts, each of which
shall be deemed an original and all of which together shall constitute one and the same
instrument.
IN WITNESS WHEREOF, the parties have executed and delivered this Amendment which shall be
effective with the date of the Amendment.
| Executed under seal this
___ day of July 2006 COMMAND CENTER INC., a Washington corporation |
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| By | /s/ Xxxxx Xxxxxxx | |||
| Signature | ||||
| Xxxxx Xxxxxxx, President Name and Title |
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STATE OF Idaho
COUNTY OF kootenai
The foregoing instrument acknowledged before me this 9th day of Aug 2006,
by Xxxxx Xxxxxxx, as President of COMMAND CENTER, INC., a Washington corporation, on behalf of the
corporation. He is personally known to me or has produced as identification and did (did
not) take an oath.
| (NOTARY SEAL) | /s/ Xxxxx Xxx Xxxxx Xxx NOTARY PUBLIC Commission No. 47648 |
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| CAPITAL TEMPFUNDS, a division of Capital Business Credit
LLC f/k/a a division of Capital Factors LLC |
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| By | /s/ Xxxxx X. X’Xxxx | |||
| Signature: XXXXX X. X’Xxxx, V.P. | ||||
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(Corporate Seal)
STATE OF NORTH CAROLINA
COUNTY OF MECKLENBURG
The foregoing instrument was acknowledged before me this 11 day of August 2006,
by Xxxxx X. X’Xxxx, as Vice Pres. of CAPITAL TEMPFUNDS, a
division of Capital Business Credit LLC f/k/a a division of Capital Factors LLC, a Delaware limited
liability company, on
behalf of the company. He is personally known to me or has produced as
identification and did (did not) take an oath.
| /s/ Xxxxx X. Xxxxxx | ||||
| (Notary Signature) | ||||
| (NOTARY SEAL) | XXXXX X. XXXXXX
NOTARY PUBLIC Commission No. |
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