Document:

exh10-2.htm

EXHIBIT 10.2

 

FIRST AMENDMENT TO

AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

This First Amendment to Amended and Restated Loan and Security Agreement (the “Amendment”) is made as of the 30th day of November, 2012, by and among:

WEST MARINE PRODUCTS, INC., a California corporation (“West Marine Products”), and each Person identified on the signature pages hereof as a “Borrower” (such Persons, together with West Marine Products, are referred to hereinafter each individually as, a “Borrower” and, collectively, as the “Borrowers”),

 

the GUARANTORS party hereto,

 

the LENDERS party hereto, and

WELLS FARGO BANK, NATIONAL ASSOCIATION (as successor by merger to Wells Fargo Retail Finance, LLC), a national banking association having a place of business at One Boston Place, Boston, Massachusetts 02110, as Administrative Agent and Collateral Agent (in such capacities, the “Agent”), and as Issuing Lender,

 

in consideration of the mutual covenants herein contained and benefits to be derived herefrom.

 

WITNESSETH

WHEREAS, the Borrowers, the Guarantors, the Lenders party thereto, and the Agent, among others, have entered into an Amended and Restated Loan and Security Agreement dated as of August 23, 2010 (as amended and in effect, the “Loan Agreement”); and

WHEREAS, the parties hereto have agreed to extend the Maturity Date and to make certain other amendments to the provisions of the Loan Agreement, all as set forth herein.

NOW, THEREFORE, the parties hereto hereby agree as follows:

 

	
1.

	
Incorporation of Terms and Conditions of Loan Agreement; Definitions.   All of the terms and conditions of the Loan Agreement (including, without limitation, all definitions set forth therein) are specifically incorporated herein by reference.  All capitalized terms not otherwise defined herein shall have the same meaning as in the Loan Agreement, as applicable.

 

	
2.

	
Global Amendment to Loan Documents.  Any and all references to “Wells Fargo Retail Finance, LLC” and “WFRF” in the Loan Agreement and the other Loan Documents are hereby amended to mean and refer to “Wells Fargo Bank, National Association (as successor by merger to Wells Fargo Retail Finance, LLC)”.

 

	
3.

	
Amendments to Section 1 of the Loan Agreement.  The provisions of Section 1.1 of the Loan Agreement are hereby amended by as follows:

 

  

  

  

	
a.

	
The following new definitions are hereby inserted in their appropriate alphabetical order:

 

	 	“Commercial Letter of Credit” means any Letter of Credit issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by a Loan Party in connection with the business of a Loan Party.
	 	 
	 	“Drawing Document” means any Letter of Credit or other document presented for purposes of drawing under any Letter of Credit.
	 	 
	 	
“First Amendment Effective Date” means November 30, 2012.

	 	 
	 	“First Amendment Fee Letter” means that certain fee letter, dated as of the First Amendment Effective Date, between Borrowers and Agent.
	 	 
	 	“ISP” means, with respect to any Letter of Credit, the International Standby Practices 1998 (International Chamber of Commerce Publication No. 590) and any subsequent revision thereof adopted by the International Chamber of Commerce on the date such Letter of Credit is issued.
	 	 
	 	“Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit Application, the Standby Letter of Credit Agreement or Commercial Letter of Credit Agreement, as applicable, and any other document, agreement and instrument entered into by the Issuing Lender and any Borrower (or any Subsidiary) or in favor of the Issuing Lender and relating to any such Letter of Credit.
	 	 
	 	“Letter of Credit Application” means an application for the issuance or amendment of a Letter of Credit in the form from time to time in use by the Issuing Lender.
	 	 
	 	“Letter of Credit Expiration Date” means the day that is seven days prior to the Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).
	 	 
	 	“Letter of Credit Indemnified Costs” has the meaning provided in Section 2.11(f).
	 	 
	 	“Letter of Credit Related Person” has the meaning provided in Section 2.11(f).

 

 

	2

 

  

 

	 	 

 

  

  

 

	 	“Standard Letter of Credit Practice” means, for the Issuing Lender, any domestic or foreign law or letter of credit practices applicable in the city in which the Issuing Lender issued the applicable Letter of Credit or, for its branch or correspondent, such laws and practices applicable in the city in which it has advised, confirmed or negotiated such Letter of Credit, as the case may be, in each case, (a) which letter of credit practices are of banks that regularly issue letters of credit in the particular city, and (b) which laws or letter of credit practices are required or permitted under ISP or UCP, as chosen in the applicable Letter of Credit.
	 	 
	 	“Standby Letter of Credit” means any Letter of Credit that is not a Commercial Letter of Credit and that (a) is used in lieu or in support of performance guaranties or performance, surety or similar bonds (excluding appeal bonds) arising in the ordinary course of business, (b) is used in lieu or in support of stay or appeal bonds, (c) supports the payment of insurance premiums for reasonably necessary insurance carried by any of the Loan Parties in connection with the business of the Loan Parties, or (d) supports payment or performance for identified purchases or exchanges of products or services in connection with the business of a Loan Party.
	 	 
	 	“Standby Letter of Credit Agreement” means the Standby Letter of Credit Agreement relating to the issuance of a Standby Letter of Credit in the form from time to time in use by the Issuing Lender.
	 	 
	 	“Stated Amount” means at any time the maximum amount for which a Letter of Credit may be honored.
	 	 
	 	“UCP” means, with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits 2007 Revision, International Chamber of Commerce Publication No. 600 and any subsequent revision thereof adopted by the International Chamber of Commerce on the date such Letter of Credit is issued.

 

	b. 	 The definition of “Applicable Margin” is hereby amended by amending and restating the pricing grid set forth therein its entirety as follows:

 

	 Level 	 Performance Criteria	 Prime Rate Mortgage	
 LIBOR Rate

Margin

	 I	Availability greater than or equal to $85,000,000	 0.50%	 1.50%
	II	Availability greater than or equal to $40,000,000 but less than $85,000,000	 0.75%	 1.75%
	 III	 Availability less than $40,000,000	 1.00%	 2.00%

 

 

 

 

	 3

 

  

  

  

 

	c. 	The definition of “Commitment” is hereby amended by inserting the following text as a new sentence at the end of such definition
	 	 
	 	“As of the First Amendment Effective Date, the aggregate Commitments of all Lenders are $120,000,000.”

 

	d.       	The definition of “Defaulting Lender” is hereby amended and restated in its entirety as follows:
	 	 
	 	“Defaulting Lender” means any Lender that (a) has failed to fund any amounts required to be funded by it under this Agreement within two (2) Business Days after the date that it is required to do so under this Agreement (including but not limited to the failure to make available to the Agent amounts required pursuant to a settlement or to make a required payment in connection with an L/C Disbursement), (b) notified the Borrowers, the Agent, or any Lender in writing that it does not intend to comply with all or any portion of its funding obligations under this Agreement, or has made a public statement to that effect, (c) failed, within two (2) Business Days after written request by the Agent, to confirm that it will comply with the terms of this Agreement relating to its obligations to fund any amounts required to be funded by it under this Agreement, (d) otherwise failed to pay over to the Agent or any other Lender any other amount required to be paid by it under this Agreement within two (2) Business Days after the date that it is required to do so under this Agreement, or (e) (i) becomes or is insolvent or has a parent company that has become or is insolvent or (ii) becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, or custodian or appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment.”

 

 

	e.           	The definition of “Eligible Accounts” is hereby amended by amending and restating the last paragraph of such definition in its entirety as follows:
	 	 
	 	“Notwithstanding the foregoing, that portion of the Borrowing Base attributable to Eligible Accounts shall not exceed $10,000,000 at any time during the period commencing on the First Amendment Effective Date through and including the first anniversary of the First Amendment Effective Date.  The foregoing amount shall be increased on each anniversary of the First Amendment Effective Date thereafter, commencing on the first anniversary of the First Amendment Effective Date, by an amount equal to ten percent (10%) of the amount then permitted

 

 

  

  

  

	 	hereunder in the immediately preceding period, provided that no Event of Default has occurred and is continuing on and as of the effective date of each such increase.”

 

	f.     	The definition of “Fee Letter” is hereby amended and restated in its entirety as follows:
	 	 
	 	“Fee Letter” means, collectively, that certain fee letter, dated as of the Effective Date, between Borrowers and Agent and the First Amendment Fee Letter.

 

	g. 	The definition of “Letter of Credit Usage” is hereby amended and restated in its entirety as follows:
	 	 
	 	“Letter of Credit Usage” means, as of any date of determination, the aggregate undrawn amount of all outstanding Letters of Credit, plus the aggregate amount of all unreimbursed L/C Disbursement Obligations (other than L/C Disbursement Obligations which, pursuant to Section 2.11(d), have been deemed Advances hereunder). For purposes of computing the amounts available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.7.  For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of any Rule under the ISP or any article of the UCP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.”

 

	h.   	The definition of “Maturity Date” is hereby amended and restated in its entirety as follows:
	 	 
	 	
“Maturity Date” means November 30, 2017.

 

	i.     	 The definition of “Maximum Revolver Amount” is hereby amended by amending and restating the proviso at the end of such definition in its entirety as follows:
	 	 
	 	“provided, however, that the Maximum Revolver Amount shall in no event exceed (a) $120,000,000 prior to any exercise by the Borrowers of an Accordion Activation and (b) up to $145,000,000 after Borrowers’ exercise of any Accordion Activation, in each case as may be reduced by Borrowers from time to time in accordance with Section 3.5.”

 

	j.         	The definition of “Permitted Acquisitions” is hereby amended by replacing each reference to “$30,000,000” in clause (k) thereof with “$25,000,000”.

 

	k.    	The definition of “Permitted Investments” is hereby amended by replacing each reference to “$30,000,000” in clause (f) thereof with “$25,000,000”.

 

  

  

  

 

	l.   	 By inserting a new Section 1.6 at the end thereof:
	 	 
	 	“1.6           Changes in Law Generally.  Any references in this Agreement to a “change in law” or “change in applicable law” (or words of similar import) after the Effective Date, shall be deemed to include, without limitation, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, in each case, regardless of the date enacted, adopted or issued.
	 	 
	m.  	By inserting a new Section 1.7 at the end thereof:
	 	 
	 	
“1.7           Letter of Credit Amounts.  Unless otherwise specified, all references herein to the amount of a Letter of Credit at any time shall be deemed to be the Stated Amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by the terms of any Issuer Documents related thereto, provides for one or more automatic increases in the Stated Amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum Stated Amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum Stated Amount is in effect at such time.”

    

	
4.

	
Amendment to Section 2.5(b) of the Loan Agreement.    The provisions of Section 2.5(b) of the Loan Agreement are hereby amended by (A) deleting the reference to “Section 2.11(c)” contained therein and by inserting a reference to “Section 2.11(f)” in its stead, (B) deleting the references to “standby Letters of Credit” and “commercial Letters of Credit” contained therein and by inserting references to “Standby Letters of Credit” and “Commercial Letters of Credit”, respectively, in their stead.

 

	
5.

	
Amendment to Section 2.10 of the Loan Agreement.    The provisions of Section 2.10 of the Loan Agreement are hereby amended by amending and restating clause (a) thereof in its entirety as follows:

 

“(a)           Unused Line Fee.  On the first day of each month during the term of this Agreement, an unused line fee (the “Unused Line Fee”) in the amount equal to one-quarter of one percent (0.25%) per annum times the result of (A) the Maximum Revolver Amount, less (B) the average Daily Balance of the Revolver Usage during the immediately preceding month; and”

 

	
6.

	
Amendment to Section 2.11 of the Loan Agreement.    The provisions of Section 2.11 of the Loan Agreement are hereby amended by amending and restating this section in its entirety as follows:

 

  

  

  

	
“2.11

	
Letters of Credit.

 

(a)           Subject to the terms and conditions of this Agreement, upon the request of the Administrative Borrower made in accordance herewith, and prior to the Maturity Date, the Issuing Lender agrees to issue a requested Standby Letter of Credit and/or Commercial Letter of Credit (each, a “Letter of Credit”) for the account of the Loan Parties.  By submitting a request to the Issuing Lender for the issuance of a Letter of Credit, the Borrowers shall be deemed to have requested that the Issuing Lender issue the requested Letter of Credit.  Each request for the issuance of a Letter of Credit, or the amendment, renewal, or extension of any outstanding Letter of Credit, shall be irrevocable (unless, prior to the issuance, amendment, renewal, or extension of any applicable Letter of Credit, the Issuing Lender otherwise agrees) and shall be made in writing pursuant to a Letter of Credit Application by an L/C Authorized Person and delivered to the Issuing Lender and the Agent via telefacsimile or other electronic method of transmission reasonably acceptable to the Issuing Lender not later than 11:00 a.m. (New York, New York time) at least two (2) Business Days (or such lesser time as the Agent and the Issuing Lender may agree in a particular instance in their sole discretion) prior to the requested date of issuance, amendment, renewal, or extension.  Each such request shall be in form and substance reasonably satisfactory to the Issuing Lender and (i) shall specify (A) the amount of such Letter of Credit, (B) the date of issuance, amendment, renewal, or extension of such Letter of Credit, (C) the proposed expiration date of such Letter of Credit, (D) the name and address of the beneficiary of the Letter of Credit, and (E) such other information (including, the conditions to drawing, and, in the case of an amendment, renewal, or extension, identification of the Letter of Credit to be so amended, renewed, or extended) as shall be necessary to prepare, amend, renew, or extend such Letter of Credit, and (ii) shall be accompanied by such Issuer Documents as the Agent or the Issuing Lender may reasonably request or require, to the extent that such requests or requirements are consistent with the Issuer Documents that the Issuing Lender generally requests for Letters of Credit in similar circumstances.  The Agent’s records of the content of any such request will be conclusive absent manifest error.

Pursuant to the Existing Loan Agreement, Wells Fargo has, prior to the Effective Date, issued the standby and commercial letters of credit described on Schedule 2.11 for the account of a Borrower (the “Existing Letters of Credit”).  The Loan Parties and the Lenders hereby agree that, subject to the satisfaction of the conditions precedent set forth in Section 3.1, the Existing Letters of Credit shall be treated as Letters of Credit issued by the Issuing Bank hereunder for all purposes of this Agreement.

    (b)            The Issuing Lender shall have no obligation to issue a Letter of Credit if, after giving effect to the requested issuance, (i) the Letter of Credit Usage would exceed the Borrowing Base minus the then extant amount of outstanding Advances, or, (ii) the Letter of Credit Usage would exceed the Maximum Revolver Amount less the then extant amount of outstanding Advances, and (iii) the Letter of Credit Usage would exceed Letter of Credit Sublimit;

 

  

  

  

    (c)           In the event there is a Defaulting Lender as of the date of any request for the issuance of a Letter of Credit, the Issuing Lender shall not be required to issue or arrange for such Letter of Credit to the extent (i) the Defaulting Lender’s participation with respect to such Letter of Credit may not be reallocated pursuant to Section 2.2(i)(1), or (ii) the Issuing Lender has not otherwise entered into arrangements reasonably satisfactory to it and the Borrowers to eliminate the Issuing Lender’s risk with respect to the participation in such Letter of Credit of the Defaulting Lender, which arrangements may include the Borrowers cash collateralizing such Defaulting Lender’s participation with respect to such Letter of Credit to the satisfaction of the Agent and the Issuing Lender.  Additionally, the Issuing Lender shall have no obligation to issue a Letter of Credit if (A) any order, judgment, or decree of any Governmental Authority or arbitrator shall, by its terms, purport to enjoin or restrain the Issuing Lender from issuing such Letter of Credit, or any law applicable to the Issuing Lender or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Issuing Lender shall prohibit or request that the Issuing Lender refrain from the issuance of letters of credit generally or such Letter of Credit in particular, or (B) the issuance of such Letter of Credit would violate one or more policies of the Issuing Lender applicable to letters of credit generally, or (C) if the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless either such Letter of Credit is cash collateralized as provided in this Agreement on or prior to the date of issuance of such Letter of Credit (or such later date as to which the Agent may agree) or all the Lenders have approved such expiry date.

 

    (d)            Any Issuing Lender (other than Wells Fargo or any of its Affiliates) shall notify the Agent in writing no later than the Business Day immediately following the Business Day on which such Issuing Lender issued any Letter of Credit; provided that (i) until the Agent advises any such Issuing Lender that the provisions of Section 3.2 are not satisfied, or (ii) unless the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Agent and such Issuing Lender, such Issuing Lender shall be required to so notify the Agent in writing only once each week of the Letters of Credit issued by such Issuing Lender during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Agent and such Issuing Lender may agree.  Each Letter of Credit shall be in form and substance reasonably acceptable to the Issuing Lender, including the requirement that the amounts payable thereunder must be payable in Dollars; provided that if the Issuing Lender, in its discretion, issues a Letter of Credit denominated in a currency other than Dollars, all reimbursements by the Borrowers of the honoring of any drawing under such Letter of Credit shall be paid in Dollars (in the equivalent amount of such currency in Dollars as reasonably determined by the Agent).  If the Issuing Lender makes a payment under a Letter of Credit, the Borrowers shall pay to Agent an amount equal to the applicable L/C Disbursement by no later than (i) 2:30 p.m. (New York, New York time) on the date that such L/C Disbursement is made, if Administrative Borrower shall have received written or telephonic notice of such L/C Disbursement prior to 1:00 p.m. (New York, New York time) on such date, or (ii) if such

 

  

  

  

notice has not been received by Administrative Borrower prior to 1:00 p.m. (New York, New York time) on such date, then not later than 2:30 p.m. (New York, New York time) on the next Business Day after Administrative Borrower receives such notice (provided, that interest shall accrue and be payable on such L/C Disbursement at the same rate applicable to Prime Rate Loans from the Business Day such L/C Disbursement is made until paid in full) and, in the absence of such payment, the amount of the L/C Disbursement immediately and automatically shall be deemed to be an Advance under Section 2.1 (notwithstanding any failure to satisfy any condition precedent set forth in Section 3.2 hereof) and, initially, shall bear interest at the rate then applicable to Advances that are Prime Rate Loans. If an L/C Disbursement is deemed to be an Advance hereunder, the Borrowers’ obligation to pay the amount of such L/C Disbursement to the Issuing Lender shall be automatically converted into an obligation to pay the resulting Advance.  Promptly following receipt by the Agent of any payment from the Borrowers pursuant to this paragraph, the Agent shall distribute such payment to the Issuing Lender or, to the extent that the Lenders have made payments pursuant to Section 2.11(e) to reimburse the Issuing Lender, then to such Lenders and the Issuing Lender as their interests may appear.

 

(e)            Promptly following receipt of a notice of an L/C Disbursement pursuant to Section 2.11(d), each Lender agrees to fund its Pro Rata Share of the Advance deemed made pursuant to Section 2.11(d) on the same terms and conditions as if the Borrowers had requested such Advance and the Agent shall promptly pay to the Issuing Lender the amounts so received by it from the Lenders.  By the issuance of a Letter of Credit (or an amendment, renewal, or extension of a Letter of Credit) and without any further action on the part of the Issuing Lender or the Lenders, the Issuing Lender shall be deemed to have granted to each Lender, and each Lender shall be deemed to have purchased, a participation in each Letter of Credit issued by the Issuing Lender, in an amount equal to its Pro Rata share of such Letter of Credit, and each such Lender agrees to pay to the Agent, for the account of the Issuing Lender, such Lender’s Pro Rata Share of any L/C Disbursement made by the Issuing Lender under the applicable Letter of Credit.  In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Agent, for the account of the Issuing Lender, such Lender’s Pro Rata Share of each L/C Disbursement made by the Issuing Lender and not reimbursed by Borrowers on the date due as provided in Section 2.11(d), or of any reimbursement payment that is required to be refunded (or that the Agent or the Issuing Lender elects, based upon the advice of counsel, to refund) to the Borrowers for any reason.  Each Lender acknowledges and agrees that its obligation to deliver to the Agent, for the account of the Issuing Lender, an amount equal to its respective Pro Rata Share of each L/C Disbursement pursuant to this Section 2.11(e) shall be absolute and unconditional and such remittance shall be made notwithstanding the occurrence or continuation of a Default or Event of Default or the failure to satisfy any condition set forth in Section 3.2 hereof.  If any such Lender fails to make available to the Agent the amount of such Lender’s Pro Rata Share of an L/C Disbursement as provided in this Section, such Lender shall be deemed to be a Defaulting Lender and the Agent (for the

  

  

  

account of the Issuing Lender) shall be entitled to recover such amount on demand from such Lender together with interest thereon at the Defaulting Lender Rate until paid in full.

 

(f)           Each Borrower agrees to indemnify, defend and hold harmless the Lender Group (including the Issuing Lender and its branches, Affiliates, and correspondents) and each such Person’s respective directors, officers, employees, attorneys and agents (each, including the Issuing Lender, a “Letter of Credit Related Person”) (to the fullest extent permitted by law) from and against any and all claims, demands, suits, actions, investigations, proceedings, liabilities, fines, costs, penalties, and damages, and all reasonable fees and disbursements of attorneys, experts, or consultants and all other costs and expenses actually incurred in connection therewith or in connection with the enforcement of this indemnification (as and when they are incurred and irrespective of whether suit is brought), which may be incurred by or awarded against any such Letter of Credit Related Person  (the “Letter of Credit Indemnified Costs”), and which arise out of or in connection with, or as a result of:

 

 

	 	(i)           any Letter of Credit or any pre-advice of its issuance;
	 	 
	 	(ii)           any transfer, sale, delivery, surrender or endorsement of any Drawing Document at any time(s) held by any such Letter of Credit Related Person in connection with any Letter of Credit;
	 	 
	 	(iii)           any action or proceeding arising out of, or in connection with, any Letter of Credit (whether administrative, judicial or in connection with arbitration), including any action or proceeding to compel or restrain any presentation or payment under any Letter of Credit, or for the wrongful dishonor of, or honoring a presentation under, any Letter of Credit;
	 	 
	 	(iv)           any independent undertakings issued by the beneficiary of any Letter of Credit;
	 	 
	 	(v)           any unauthorized instruction or request made to the Issuing Lender in connection with any Letter of Credit or requested Letter of Credit or error in computer or electronic transmission;
	 	 
	 	(vi)           an adviser, confirmer or other nominated person seeking to be reimbursed, indemnified or compensated;
	 	 
	 	(vii)           any third party seeking to enforce the rights of an applicant, beneficiary, nominated person, transferee, assignee of Letter of Credit proceeds or holder of an instrument or document;
	 	 
	 	(viii)           the fraud, forgery or illegal action of parties other than the Letter of Credit Related Person;

 

   

  

  

  

 

	 	(ix)           the Issuing Lender’s performance of the obligations of a confirming institution or entity that wrongfully dishonors a confirmation; or
	 	 
	 	(x)           the acts or omissions, whether rightful or wrongful, of any present or future de jure or de facto governmental or regulatory authority or cause or event beyond the control of the Letter of Credit Related Person;
	 	 

   

in each case, including that resulting from the Letter of Credit Related Person’s own negligence; provided, however,  that such indemnity shall not be available to any Letter of Credit Related Person claiming indemnification under clauses (i) through (x) above to the extent that such Letter of Credit Indemnified Costs may be finally determined in a final, non-appealable judgment of a court of competent jurisdiction to have resulted directly from the gross negligence or willful misconduct of either the Issuing Lender or the Letter of Credit Related Person claiming indemnity.  The Borrowers hereby agree to pay the Letter of Credit Related Person claiming indemnity on demand from time to time all amounts owing under this Section 2.11(f).  If and to the extent that the obligations of the Borrowers under this Section 2.11(f) are unenforceable for any reason, the Borrowers agree to make the maximum contribution to the Letter of Credit Indemnified Costs permissible under applicable law.  This indemnification provision shall survive termination of this Agreement and all Letters of Credit.

(g)            The liability of the Issuing Lender (or any other Letter of Credit Related Person) under, in connection with or arising out of any Letter of Credit (or pre-advice), regardless of the form or legal grounds of the action or proceeding, shall be limited to direct damages suffered by the Borrowers that are caused directly by the Issuing Lender’s gross negligence or willful misconduct in (i) honoring a presentation under a Letter of Credit that on its face does not at least substantially comply with the terms and conditions of such Letter of Credit, (ii) failing to honor a presentation under a Letter of Credit that strictly complies with the terms and conditions of such Letter of Credit or (iii) retaining Drawing Documents presented under a Letter of Credit.  The Issuing Lender shall be deemed to have acted with due diligence and reasonable care if the Issuing Lender’s conduct is in accordance with Standard Letter of Credit Practice or in accordance with this Agreement.  The Borrowers’ aggregate remedies against the Issuing Lender and any Letter of Credit Related Person for wrongfully honoring a presentation under any Letter of Credit or wrongfully retaining honored Drawing Documents shall in no event exceed the aggregate amount paid by the Borrowers to the Issuing Lender in respect of the honored presentation in connection with such Letter of Credit under Section 2.11(d), plus interest at the rate then applicable to Prime Rate Loans hereunder.  The Borrowers shall take action to avoid and mitigate the amount of any damages claimed against the Issuing Lender or any other Letter of Credit Related Person, including by enforcing its rights against the beneficiaries of the Letters of Credit.  Any claim by the Borrowers under or in connection with any Letter of Credit shall be reduced by an amount equal to the sum of (x) the amount (if any) saved by the Borrowers as a result of the breach or alleged wrongful conduct complained of; and (y) the amount (if any) of the loss that would have

  

  

  

been avoided had the Borrowers taken all reasonable steps to mitigate any loss, and in case of a claim of wrongful dishonor, by specifically and timely authorizing the Issuing Lender to effect a cure.

(h)            The Borrowers shall be responsible for preparing or approving the final text of the Letter of Credit as issued by the Issuing Lender, irrespective of any assistance the Issuing Lender may provide such as drafting or recommending text or by the Issuing Lender’s use or refusal to use text submitted by the Borrowers.  The Borrowers are solely responsible for the suitability of the Letter of Credit for the Borrowers’ purposes.  With respect to any Letter of Credit containing an “automatic amendment” to extend the expiration date of such Letter of Credit, the Issuing Lender, in its sole and absolute discretion, may give notice of nonrenewal of such Letter of Credit and, if the Borrowers do not at any time want such Letter of Credit to be renewed, the Borrowers will so notify the Agent and the Issuing Lender at least fifteen (15) calendar days before the Issuing Lender is required to notify the beneficiary of such Letter of Credit or any advising bank of such nonrenewal pursuant to the terms of such Letter of Credit.

(i)            The Borrowers’ reimbursement and payment obligations under this Section 2.11 are absolute, unconditional and irrevocable and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever, including:

(i)           any lack of validity, enforceability or legal effect of any Letter of Credit or this Agreement or any term or provision therein or herein;

(ii)           payment against presentation of any draft, demand or claim for payment under any Drawing Document that does not comply in whole or in part with the terms of the applicable Letter of Credit or which proves to be fraudulent, forged or invalid in any respect or any statement therein being untrue or inaccurate in any respect, or which is signed, issued or presented by a Person or a transferee of such Person purporting to be a successor or transferee of the beneficiary of such Letter of Credit;

 

(iii)           the Issuing Lender or any of its branches or Affiliates being the beneficiary of any Letter of Credit;

 

(iv)           the Issuing Lender or any correspondent honoring a drawing against a Drawing Document up to the amount available under any Letter of Credit even if such Drawing Document claims an amount in excess of the amount available under the Letter of Credit;

 

(v)           the existence of any claim, set-off, defense or other right that any Borrower or any of its Subsidiaries may have at any time against any

 

  

  

  

beneficiary, any assignee of proceeds, the Issuing Lender or any other Person;

 

(vi)           any other event, circumstance or conduct whatsoever, whether or not similar to any of the foregoing that might, but for this Section 2.11(i), constitute a legal or equitable defense to or discharge of, or provide a right of set-off against, any Borrower’s or any of its Subsidiaries’ reimbursement and other payment obligations and liabilities, arising under, or in connection with, any Letter of Credit, whether against the Issuing Lender, the beneficiary or any other Person; or

 

(vii)           the fact that any Default or Event of Default shall have occurred and be continuing;

 

provided, however, that subject to Section 2.11(g) above, the foregoing shall not release the Issuing Lender from such liability to the Borrowers as may be finally determined in a final, non-appealable judgment of a court of competent jurisdiction against the Issuing Lender following reimbursement or payment of the obligations and liabilities, including reimbursement and other payment obligations, of the Borrowers to the Issuing Lender arising under, or in connection with, this Section 2.11 nor any Letter of Credit.

(j)           Without limiting any other provision of this Agreement, the Issuing Lender and each other Letter of Credit Related Person (if applicable) shall not be responsible to the Borrowers for, and the Issuing Lender’s rights and remedies against the Borrowers and the obligation of the Borrowers to reimburse the Issuing Lender for each drawing under each Letter of Credit shall not be impaired by:

(i)           honor of a presentation under any Letter of Credit that on its face substantially complies with the terms and conditions of such Letter of Credit, even if the Letter of Credit requires strict compliance by the beneficiary;

 

(ii)           honor of a presentation of any Drawing Document that appears on its face to have been signed, presented or issued (A) by any purported successor or transferee of any beneficiary or other Person required to sign, present or issue such Drawing Document or (B) under a new name of the beneficiary;

 

(iii)           acceptance as a draft of any written or electronic demand or request for payment under a Letter of Credit, even if nonnegotiable or not in the form of a draft or notwithstanding any requirement that such draft, demand or request bear any or adequate reference to the Letter of Credit;

 

  

  

  

(iv)           the identity or authority of any presenter or signer of any Drawing Document or the form, accuracy, genuineness or legal effect of any Drawing Document (other than the Issuing Lender’s determination that such Drawing Document appears on its face substantially to comply with the terms and conditions of the Letter of Credit);

 

(v)           acting upon any instruction or request relative to a Letter of Credit or requested Letter of Credit that the Issuing Lender in good faith believes to have been given by a Person authorized to give such instruction or request;

 

(vi)           any errors, omissions, interruptions or delays in transmission or delivery of any message, advice or document (regardless of how sent or transmitted) or for errors in interpretation of technical terms or in translation or any delay in giving or failing to give notice to the Borrowers;

 

(vii)           any acts, omissions or fraud by, or the insolvency of, any beneficiary, any nominated person or entity or any other Person or any breach of contract between any beneficiary and any Borrower or any of the parties to the underlying transaction to which the Letter of Credit relates;

 

(viii)           assertion or waiver of any provision of the ISP or UCP that primarily benefits an issuer of a letter of credit, including any requirement that any Drawing Document be presented to it at a particular hour or place;

 

(ix)           payment to any paying or negotiating bank (designated or permitted by the terms of the applicable Letter of Credit) claiming that it rightfully honored or is entitled to reimbursement or indemnity under Standard Letter of Credit Practice applicable to it;

 

(x)           acting or failing to act as required or permitted under Standard Letter of Credit Practice applicable to where the Issuing Lender has issued, confirmed, advised or negotiated such Letter of Credit, as the case may be;

 

(xi)           honor of a presentation after the expiration date of any Letter of Credit notwithstanding that a presentation was made prior to such expiration date and dishonored by the Issuing Lender if subsequently the Issuing Lender or any court or other finder of fact determines such presentation should have been honored;

 

  

  

  

(xii)           dishonor of any presentation that does not strictly comply or that is fraudulent, forged or otherwise not entitled to honor; or

 

(xiii)           honor of a presentation that is subsequently determined by the Issuing Lender to have been made in violation of international, federal, state or local restrictions on the transaction of business with certain prohibited Persons.

 

(k)           Upon the request of the Agent, (i) if the Issuing Lender has honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Disbursement that remains outstanding, or (ii) if, as of the Letter of Credit Expiration Date, any L/C Disbursement for any reason remains outstanding, the Borrowers shall, in each case, immediately cash collateralize the then total outstanding Letter of Credit Usage.  The foregoing is in addition to any other requirement to deliver cash collateral hereunder (including but not limited to, under Sections 2.3(b), 3.4, 3.5 and 17.3).

(l)            In addition to the Letter of Credit fee as set forth in Section 2.5(b), the Borrowers shall pay immediately upon demand to the Agent for the account of the Issuing Lender as non-refundable fees, commissions, and charges (it being acknowledged and agreed that any charging of such fees, commissions, and charges to the Loan Account pursuant to the provisions of Section 2.02(d) shall be deemed to constitute a demand for payment thereof for the purposes of this Section 2.03(l)) any and all customary commissions, fees and charges then in effect imposed by, and any and all expenses incurred by, the Issuing Lender, or by any adviser, confirming institution or entity or other nominated person, relating to Letters of Credit, at the time of issuance of any Letter of Credit and upon the occurrence of any other activity with respect to any Letter of Credit (including transfers, assignments of proceeds, amendments, drawings, renewals or cancellations) (it being further acknowledged and agreed by each Borrower that, (i) the Issuing Lender may charge customary issuance fees with respect to the issuance of any Letter of Credit hereunder and (ii) the Issuing Lender also imposes a schedule of charges for amendments, extensions, drawings, and renewals).

(m)            The Issuing Lender shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated therewith, and the Issuing Lender shall have all of the benefits and immunities (A) provided to the Agent in Section 16 with respect to any acts taken or omissions suffered by the Issuing Lender in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Agent” as used in Section 16  included the Issuing Lender with respect to such acts or omissions, and (B) as additionally provided herein with respect to the Issuing Lender.

(n)           In the event of a direct conflict between the provisions of this Section 2.11 and any provision contained in any Issuer Document, it is the intention of the parties

  

  

  

hereto that such provisions be read together and construed, to the fullest extent possible, to be in concert with each other.  In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.11 shall control and govern.

(o)           If by reason of (i) any change after the Effective Date in any applicable law, treaty, rule, or regulation or in the interpretation or application thereof by any Governmental Authority, or (ii) compliance by the Issuing Lender or the Lender Group with any direction, request, or requirement received after the Effective Date (irrespective of whether having the force of law) of any Governmental Authority or monetary authority including, Regulation D of the Federal Reserve Board as from time to time in effect (and any successor thereto):

 

(i)           any reserve, deposit, or similar requirement is or shall be imposed or modified in respect of any Letter of Credit issued hereunder, or

 

(ii)           there shall be imposed on the Issuing Lender or the Lender Group any other condition regarding any Letter of Credit issued pursuant hereto;

 

and the result of the foregoing is to increase, directly or indirectly, the cost to the Lender Group of issuing, making, guarantying, or maintaining any Letter of Credit or to reduce the amount receivable in respect thereof by the Lender Group, then, and in any such case, Agent may, at any time within a reasonable period after the additional cost is incurred or the amount received is reduced, notify Administrative Borrower, and Borrowers shall pay within three (3) Business Days after demand such amounts as Agent may specify to be necessary to compensate the Lender Group for such additional cost or reduced receipt, together with interest on such amount from the date of such demand until payment in full thereof at the rate then applicable to Prime Rate Loans hereunder.  The determination by Agent of any amount due pursuant to this Section, as set forth in a certificate setting forth the calculation thereof in reasonable detail, shall, in the absence of manifest or demonstrable error, be final and conclusive and binding on all of the parties hereto.

 

    (p)    Unless otherwise expressly agreed by the Issuing Lender and the Borrowers when a Letter of Credit is issued, (i) the rules of the ISP and UCP shall apply to each Standby Letter of Credit, and (ii) the rules of the UCP shall apply to each Commercial Letter of Credit."

 

	
7.

	
Amendments to Section 4.6 of the Loan Agreement.  The provisions of Section 4.6 of the Loan Agreement are hereby amended as follows:

 

  

  

  

	
  

	
a.

	
By amending and restating the first proviso at the end of clause (b) thereof in its entirety as follows:

   

	 	 	“; provided that, except during a Cash Dominion Event, Borrowers shall not be obligated to pay for more than one (1) such report in any twelve (12) month period (unless Availability is less than thirty-five percent (35%) of the Borrowing Base at any time, in which event Borrowers shall be obligated to pay for two (2) such reports in any twelve (12) month period);”
	 	 	 
	 	b.      	By amending and restating the last sentence of clause (c) thereof in its entirety as follows:
	 	 	 
	 	 	
“Prior to the occurrence of a Cash Dominion Event, Borrowers shall not be obligated to pay for more than one (1) appraisal pursuant to this Section 4.6(c) in any twelve (12) month period (unless Availability is less than thirty-five percent (35%) of the Borrowing Base at any time, in which event Borrowers shall be obligated to pay for two (2) appraisals in any twelve (12) month period); provided that, prior to the occurrence of a Cash Dominion Event, Borrowers shall be obligated to pay for any inventory appraisals (i) conducted in connection with Borrowers’ request to add Inventory with respect to Permitted Acquisitions to the Borrowing Base, and (ii) Inventory at a port of entry in a State of the United States, a province of Canada or from a third party location to an Eligible Inventory Location.”

 

	
8.

	
Amendments to Section 11.3 of the Loan Agreement.  The provisions of Section 11.3 of the Loan Agreement are hereby amended by amending and restating the second sentence thereof in its entirety as follows:

 

“The foregoing to the contrary notwithstanding, the Loan Parties shall have no obligation to any Indemnified Person under this Section 11.3 with respect to (i) any Indemnified Liability specifically addressed in clauses (i) through (x) of Section 2.11(f), other than to the extent required by Section 2.11(f) and (ii) any Indemnified Liability that a court of competent jurisdiction finally determines to have resulted from the gross negligence or willful misconduct of such Indemnified Person.

 

	
9.

	
Amendments to Section 12 of the Loan Agreement.  The provisions of Section 12 of the Loan Agreement are hereby amended by deleting the Agent’s notice address in its entirety and replacing it with the following:

 

 

	 	“If to Agent:       	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
	 	 	
One Boston Place, 18th Floor

Boston, Massachusetts 02108

Attn:  Joseph Burt

Fax No.: (866) 617-3988

 

 

  

  

  

 

 

	 	 	Telephone No.: (617) 854-7279
	 	 	 
	 	 with copies to:	RIEMER & BRAUNSTEIN LLP
	 	 	
Three Center Plaza

Boston, Massachusetts 02108

Attn:  Jason S. DelMonico, Esquire

Fax No.: (617) 523-9000

Telephone No.: (617) 880-3496”

 

 

	
10.

	
Amendments to Exhibits and Schedules.

 

	 	a.           Exhibit B-1 to the Loan Agreement is hereby amended and restated in its entirety by Exhibit B-1 annexed hereto.
	 	 
	 	
b.           The Schedules annexed hereto shall amend and restate in their entirety the corresponding Schedules to the Loan Agreement.

 

     

	
11.

	
Conditions to Effectiveness.  This Amendment shall not be effective until each of the following conditions precedent has been fulfilled to the satisfaction of the Agent:

 

	 	a.           All action on the part of the Loan Parties necessary for the valid execution, delivery and performance by the Loan Parties of this Amendment shall have been duly and effectively taken.
	 	 
	 	
b.           Agent shall have received each of the following documents, each in form and substance satisfactory to Agent in its Permitted Discretion, duly executed and in full force and effect:

 

	
  

	
i.

	
this Amendment;

 

	
  

	
ii.

	
the First Amendment Fee Letter;

 

	
  

	
iii.

	
an amended and restated Note in favor of each Lender reflecting the Commitment of such Lender after giving effect to this Amendment; and

 

	
  

	
iv.

	
an updated Perfection Certificate.

 

	 	c.           Agent shall have received a certificate from the Secretary of each Loan Party attesting to the resolutions of such Loan Party’s Board of Directors authorizing its execution, delivery, and performance of this Amendment and the First Amendment Fee Letter and authorizing specific officers of such Loan Party to enter into such agreements.
	 	 
	 	d.           Agent shall have received copies of the Loan Parties’ Governing Documents, as amended, modified, or supplemented to the Effective Date, certified by the

 

 

  

  

  

 

	 	Secretary of such Loan Party, or a certification by the Secretary of such Loan Party there have been no changes to the Governing Documents provided to Agent on the Effective Date of the Loan Agreement.
	 	 
	 	
e.           Agent shall have received a certificate of status with respect to each Loan Party, dated within thirty (30) days of the First Amendment Effective Date, such certificate to be issued by the secretary of state of the jurisdiction of organization of such Loan Party, each of which shall indicate that such Loan Party is in good standing in such jurisdiction;

	 	 
	 	
f.           Agent shall have received opinions from the Loan Parties’ counsel in form and substance reasonably satisfactory to Agent.

	 	 
	 	
g.           After giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing.

	 	 
	 	
h.           The Borrowers shall have paid to the Agent (i) all amounts then due pursuant to the First Amendment Fee Letter and (ii) all Lender Group Expenses incurred by the Agent in connection with this Amendment and the transactions contemplated hereby.

 

 

	
12.

	
Representations and Warranties.  Each Loan Party hereby represents and warrants that as of the First Amendment Effective Date:

 

	 	
a.           (i) no Default or Event of Default exists under the Loan Agreement or under any other Loan Document, and (ii) all representations and warranties contained in the Loan Agreement and in the other Loan Documents are true and correct in all material respects except that (x) to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, and (y) in the case of any representation and warranty qualified by materiality, they are true and correct in all respects.

	 	 
	 	
b.           This Amendment has been duly executed and delivered by each of the Loan Parties, and constitutes the legal, valid and binding obligation of each Loan Party, enforceable against such Loan Party in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

	
13.

	
Ratification of Loan Documents.  The Loan Agreement, as hereby amended, and all other Loan Documents, are hereby ratified and re-affirmed in all respects and shall continue in full force and effect.  The Collateral Documents continue to secure the Obligations, as modified pursuant to this Amendment, to the same extent as prior to giving effect to this Amendment.

 

  

  

  

	
14.

	
Counterparts.  This Amendment may be executed in multiple counterparts, each of which shall constitute an original and together which shall constitute but one and the same instrument.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy, or other electronic image scan transmission (e.g., “pdf” or “tif” via e-mail) shall be as effective as delivery of a manually executed counterpart of this Amendment.

 

	
15.

	
Entire Agreement.  This Amendment and the Loan Agreement together shall constitute one agreement and, together with the First Amendment Fee Letter, express the entire understanding of the parties with respect to the matters set forth herein and therein and supersede all prior discussions or negotiations hereon and thereon.

 

	
16.

	
Illegality; Unenforceability.  Any provision of this Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof, and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

 

	
17.

	
GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (OTHER THAN CHOICE-OF-LAW PRINCIPLES AND THE LAW OF SUCH STATE THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN THE LAWS OF THE STATE OF NEW YORK) AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

 

[signature pages follow]

 

  

  

  

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date first above written.

 

	 	WEST MARINE PRODUCTS, INC., as 	 
	 	Administrative Borrower and as a Borrower	 
	 	 	 
	
 

	
By: 

	/s/ Thomas R. Moran	 
	 	Name: 	 Thomas R. Moran	 
	 	Title: 	 SVP & CFO	 
	 	 	 	 

 

	 	WEST MARINE PUERTO RICO, INC., as a	 
	 	Borrower	 
	 	 	 
	
 

	
By: 

	/s/ Thomas R. Moran	 
	 	Name: 	 Thomas R. Moran	 
	 	Title: 	 SVP & CFO	 
	 	 	 	 

 

	 	W MARINE MANAGEMENT COMPANY,  	 
	 	INC., as a Borrower	 
	 	 	 
	
 

	
By: 

	/s/ Thomas R. Moran	 
	 	Name: 	 Thomas R. Moran	 
	 	Title: 	 SVP & CFO	 
	 	 	 	 

 

	 	WEST MARINE INC., as a Guarantor	 
	 	 	 
	 	 	 
	
 

	
By: 

	/s/ Thomas R. Moran	 
	 	Name: 	 Thomas R. Moran	 
	 	Title: 	 SVP & CFO	 
	 	 	 	 

 

	 	WEST MARINE CANADA CORP., as a	 
	 	Guarantor	 
	 	 	 
	
 

	
By: 

	/s/ Thomas R. Moran	 
	 	Name: 	 Thomas R. Moran	 
	 	Title: 	 SVP & CFO	 
	 	 	 	 

 

 

  

  

  

	 	WELLS FARGO BANK, NATIONAL	 
	 	ASSOCIATION (as successor by merger to Wells	 
	 	Fargo Retail Finance, LLC), as Agent and as a	 
	 	Lender	 
	 	 	 
	
 

	
By: 

	/s/ Joseph Burt	 
	 	Name: 	 Joseph Burt	 
	 	Title: 	 Director	 
	 	 	 

 

 

  

  

  

	 	BANK OF AMERICA, N.A., as a Lender	 
	 	 	 
	 	 	 
	
 

	
By: 

	/s/ Matthew Potter	 
	 	Name: 	 Matther Potter	 
	 	Title: 	 Vice President	 
	 	 	 

 

  

  

  

	 	UNION BANK, N.A., as a Lender	 
	 	 	 
	 	 	 
	
 

	
By: 

	/s/ Greg Stewart	 
	 	Name: 	 Greg Stewart	 
	 	Title: 	 Vice President	 
	 

 

 

  

  

  

 

EXHIBIT B-1

 

Updated Borrowing Base Certificate

 

 

	 West Marine Products, Inc.   	 Certificate #:
	 Borrowing Base Certificate	      Date:
	 Fax to Phil Carmichael @ (617) 523-4027	 

 

BORROWING BASE CALCULATION

	 	 	 	 	 	 	 	 	 	 	 	 
	 ACCOUNTS RECEIVABLE	 	 	 	 	 	 	 	 	 	 	 
	    	 	 	 	 	 	 	 	 	 	 	 
	    Eligible Credit Card Receivables	 As of:	 	 	 	 	 	 	 	 	 	 
	     Advance Rate	 	 	 	 	 85.0%	 	 	 	 	 	 
	 Credit Card Receivables Availability	 	 	 	 	 	 	 -	 	 -	 	 -
	 	 	 	 	 	 	 	 	 	 	 	 
	     Wholesale Receivables	 As of:	 	 1/0/00	 	 	 	 	 	 	 	 
	         Less:  Ineligible Wholesale A/R	 As of:	 	 1/0/00	 	 	 	 	 	 	 	 
	         Less: Dilution @ 15% of Wholesale A/R	As of: 	 	 1/0/00	 	 15.0%	 	 0	 	 0	 	 0
	     Eligible Wholesale Receivables capped @ $10,000M	 	 	 	 	10,000 	 	 0	 	 0	 	0 
	     Advance Rate	 	 	 	 	85.0% 	 	 	 	 	 	 
	 Wholesale Receivables Availability	 	 	 	 	 	 	 0	 	0 	 	 0
	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Accounts Receivable Availability	 	 	 	 	 	 	 0	 	0	 	0
	 	 	 	 	 	 	 	 	 	 	 	 
	 INVENTORY	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	     Beginning Perpetual Inventory Balance	As of: 	 	 1/0/00	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	        Add: Purchases	 	 	 	 	 	 	 	 	 	 	 
	        Add: Other adjustments	 	 	 	 	 	 	 	 	 	 	 
	     Total Inventory additions	 	 	 	 	 	 	 0	 	0	 	0
	 	 	 	 	 	 	 	 	 	 	 	 
	     Total Inventory for Sale	 	 	 	 	 	 	- 	 	 -	 	- 
	         Less: Cost of Sales	 	 	 	 	 	 	 	 	 	 	 
	         Add: Returns	 	 	 	 	 	 	 	 	 	 	 
	         Less: Other Adjustments	 	 	 	 	 	 	 	 	 	 	 
	     Total Reductions	 	 	 	 	 	 	 -	 	- 	 	 -
	 	 	 	 	 	 	 	 	 	 	 	 
	     Ending Inventory	As of: 	 	 1/0/00	 	 	 	 -	 	 -	 	- 
	 	 	 	 	 	 	 	 	 	 	 	 
	         Shrink Allowance:	As of: 	 	 1/0/00	 	 	 	 	 	 	 	 
	         Shrink Base (Fixed @ $250k)	As of: 	 	 1/0/00	 	 	 	(250) 	 	 (250)	 	(250) 
	         Ineligible Inventory 	As of: 	 	1/0/00	 	 	 	 	 	 	 	 
	     Total Ineligible Inventory	 	 	 	 	 	 	(250)	 	 (250)	 	(250) 
	 	 	 	 	 	 	 	 	 	 	 	 
	     Eligible Inventory	As of: 	 	1/0/00 	 	 	 	 (250)	 	(250) 	 	 (250)
	 	 	 	 	 	 	 	 	 	 	 	 
	Total Inventory Availability	 	 	 	 	 	 	0	 	 0	 	0
	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Collateral Availability	 	 	 	 	 	 	 0	 	0	 	0
	 	 	 	 	 	 	 	 	 	 	 	 
	    Availability Reserves:	 	 	 	 	 	 	 	 	 	 	 
	     Gift Certificates @50% of total	As of: 	 	 1/0/00	 	50% 	 	 	 	 	 	 
	     Merchandise Credits @50% of total	As of: 	 	 1/0/00	 	50% 	 	 	 	 	 	 
	     Landlord Lien States (VA, WA, PA)	As of: 	 	 1/0/00	 	 	 	 	 	 	 	 
	     Customer Deposits	As of: 	 	 1/0/00	 	 	 	 	 	 	 	 
	     West Advantage Reserves (Marked up 60% of GL Balance), @50% of total	As of: 	 	 1/0/00	 	60.0% 	 	 	 	 	 	 
	     Texas Ad Valorem Assessment	As of: 	 	 1/0/00	 	 	 	 (178)	 	 (178)	 	 (178)
	     Gift Certificates Class Action Settlement @ 50% of total	 	 	 	 	50.0% 	 	 	 	 	 	 
	     Warrranties - Amount due to 3rd parties	 	 	 	 	 	 	 	 	 	 	 
	     Boat US Memberships - Amount due to 3rd parties	 	 	 	 	 	 	 	 	 	 	 
	     Texas Sales Taxes	 	 	 	 	 	 	 	 	 	 	 
	     Canadian Sales Taxes	 	 	 	 	 	 	 	 	 	 	 
	     Canadian WEPPA reserve (fixed @ $86K)	 	 	 	 	 	 	 	 	 	 	 
	     Litigation Settlement - Lawsuits that have been settled but not covered by insurance	 	 	 	 	 	 	 -	 	 -	 	 -
	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Availability Reserves	 	 	 	 	 	 	 (178)	 	(178)	 	 (178)
	 	 	 	 	 	 	 	 	 	 	 	 
	 Borrowing Base	 	 	 	 	 	 	 ($178)	 	($178)	 	 ($178)
	 	 	 	 	 	 	 	 	 	 	 	 
	 Minimum Adjusted Availability Requirement (Greater of $7 million or 10.0% of the Borrowing Base)	 	 	 	 	 	 ($7,000)	 	 ($7,000)	 	($7,000)
	 	 	 	 	 	 	 	 	 	 	 	 
	 TOTAL BORROWING BASE Capped at $120,000	 	 	 	 	120,000 	 	 ($7,178)	 	 ($7,178)	 	($7,178)
	 	 	 	 	 	 	 	 	 	 	 	 
	 (Memo: Suppressed Availability)	 	 	 	 	 	 	 $0	 	 $0	 	$0
	 	 	 	 	 	 	 	 	 	 	 	 
	 Beginning Principal Balance	As of: 	 	 	 	 	 	 -	 	 	 	- 
	     Advances	 	 	 	 	 	 	 -	 	 -	 	- 
	     Fees	 	 	 	 	 	 	 -	 	- 	 	 -
	     Adjustments	 	 	 	 	 	 	 -	 	 -	 	- 
	     Payments	Through: 	 	 	 	 	 	 -	 	- 	 	- 
	 Ending Principal Balance	 	 	 	 	 	 	 -	 	 -	 	 -
	 	 	 	 	 	 	 	 	 	 	 	 
	Net availability prior to today's request	 	 	 	 	 	 	(7,178) 	 	 (7,178)	 	(7,178) 
	     Today's advance request	 	 	 	 	 	 	 	 	 	 	 
	Ending Loan Balance	 	 	 	 	 	 	- 	 	 -	 	 -
	     Total L/C's                Documentary       +   	Standby 	 	 	 	= 	 	 	 	 	 	 -
	Total Obligations	 	 	 	 	 	 	 -	 	 -	 	- 
	 	 	 	 	 	 	 	 	 	 	 	 
	Availability	 	 	 	 	 	 	 (7,178)	 	 (7,178)	 	 (7,178)
	 	 	 	 	 	 	 	 	 	 	 	 
	The undersigned officer of West Marine Products, Inc. ("Borrower") a Delaware corporation, represents and warrants that the information set forth above is true and complete. The undersigned grants a security interest in the collateral reflected above to Wells Fargo Bank, National Association. The Borrower represents and warrants that (a) said collateral complies with their representations, warrants, and covenants contained in the Amended and Restated Loan and Security Agreement between lender and undersigned; and (b) no "Event of Default" (as defined in the Amended and Restated Loan and Security Agreement ) is presently in existence.	 	 	 	 

 

 

	 Authorized Signer:	 Thomas R. Moran	 Signature:  	        
	 	 	 
	 WFRF Account Executive:   	 Joseph Burt	 Signature:  	 
	 	 	 
	 NOTES	 	 

 

 

 

  

  

  

Schedules to Loan Agreement

 

SCHEDULE A-1

 

Agent's Account

 

 

	An account at a bank designated by Agent from time to time as the account into which Borrowers shall make all payments to Agent for the benefit of the Lender Group and into which the Lender Group shall make all payments to Agent under this Agreement and the other Loan Documents; unless and until Agent notifies Administrative Borrower and the Lender Group to the contrary, Agent's Account shall be that certain deposit account bearing account number 37235547964500614 and maintained by Agent with Wells Fargo, ABA 121-000-248.

 

 

  

  

  

  

 

SCHEDULE B-1

 

Approved Brokers and Forwarders

 

DHL Global Forwarding (Canada) Inc. (f/k/a DHL Danzas Air & Ocean) MIQ, 

 

LLC (d/b/a Meridian IQ)

 

FedEx Trade Networks Transport & Brokerage, Inc.

 

  

  

  

SCHEDULE C-1

Commitments

	
Lender

	
Commitment

	
Applicable Percentage

	
Wells Fargo Bank, National Association

	$73,000,000	 60.833333333%
	
Bank of America, N.A.

	$21,500,000	 17.916666667%
	
Union Bank, N.A.

	$25,500,000 	 21.250000000%
	
TOTAL

	$120,000,000	 100.000000000%

  

  

  

SCHEDULE D-1

Designated Account

 

An account number 4171269558   of Administrative Borrower maintained with Administrative Borrower’s Designated Account Bank, or such other deposit account of Administrative Borrower (located within the United States) that has been designated as such, in writing, by Administrative Borrower to Agent.

 

"Designated Account Bank" means Wells Fargo Central Coast RCBO, whose office is located at 50 Ragsdale Drive, Suite 100, Monterey, California 93940, and whose ABA number is 121-000-248 with respect to Agent.

  

  

  

SCHEDULE P-1

Permitted Liens

The Liens described on the financing statements listed on the following UCC Summary Report.

 

UCC SUMMARY REPORT

 

 

	 Debtor Searched   	 Juris.	 Filing Office	 Sec'd Party	 Filing Type	File Date	 File Number
	 West Marine, Inc.	 DE	 SOS	 OceanGrafix, LLC	 UCC-1	 3/4/2009	 90685732

 

 

  

  

  

SCHEDULE 2.11

Existing Letters of Credit

[Wells Fargo Logo]

 

	 L/C ID: 00432276	 Expires: 12/31/2012	 Created: 10/31/2010	Activity:12/5/2011   	 Beneficiary:

 

	 Date	 Type	 Increases	 Decreases	 Contract Balance	 Loan Balance	 Comments
	 11/01/2010	 OB	 $150,000.00	 	 $150,000.00	 	 NTABL Migrated Transaction
	 	 	 	 L/C ID: 00432276	 $150,000.00	 $150,000.00	 
	 	 	 	 	 	 	 
	 L/C ID: 00483923	 	 	 Expires: 4/1/2013	 Created: 11/21/2012	 Activity: 11/26/2012	 Beneficiary:
	 Date	 Type	 Increases	 Decreases	 Contract Balance	 Loan Balance	 Comments
	 11/20/2012   	 AM	 	 ($10,000.00)	 ($10,000.00)	 	 ACTREF308645
	 01/20/2012	 AM	 	 ($25,000.00)	 ($35,000.00)	 	 
	 11/01/2010	 OB	 $50,000.00	 	 $15,000.00	 	 NTABL Migrated Transaction
	 	 	 	 L/C ID: 00483923	 $15,000.00	 $165,000.00	 
	 	 	 	 	 	 	 
	 L/C ID: 00517571	 	 	 Expires 4/1/2013	 Created: 10/31/2010	 Activity: 5/3/2012	 Beneficiary:
	 Date	 Type	 Increases	 Decreases	 Contract Balance	 Loan Balance	 Comments
	 11/01/2010	 OB	 $4,420,000.00	 	 $4,420,000.00	 	 NTABL Migrated Transaction
	 05/02/2012	 AM	 	 ($350,000.00)	 $4,070,000.00	 	 
	 	 	 	 L/C ID: 00517571	 $4,070,000.00	 $4,235,000.00	 

 

 

	L/C ID: IC0712095H	 Expires: 12/19/2012	 Created: 5/31/2012	Activity:11/15/2012   	 Beneficiary: J ADAMS

 

	Date	 Type	 Increases	 Decreases	 Contract Balance	 Loan Balance	 Comments
	 05/31/2012	 DR	 	 ($123,865.00)	($123,865.00)	 	Q0543849
	 05/31/2012	 DR	 	($43,285.80)	($167,150.80)	 	 Q0546395
	 04/05/2012	 DR	 	 ($54,765.20)	($221,916.00) 	 	 Q0535201
	 02/09/2012	 DR	 	($61,291.60) 	($283,207.60) 	 	 
	 01/27/2012	 DR	 	($142,175.20) 	($425,382.80) 	 	 
	 01/27/2012	 DR	 	($23,736.00) 	($449,118.80) 	 	 
	01/27/2012	 DR	 	($57,355.50) 	($506,474.30) 	 	 
	 01/27/2012	 DR	  $57,355.50	 	($449,118.80) 	 	 
	 12/16/2011	 OB	 $823,567.80	 	$374,449.00 	 	 
	 07/20/2012	 DR	 	($168,109.96) 	$206,339.04 	 	 Q0557360
	 11/15/2012   	 DR	 	($206,304.60) 	$34.44 	 	 Q0585849
	 	 	 	L/C ID: IC0712095H	 $34.44	$34.44	 

 

 

	L/C ID: IC0726521H	 Expires: 3/30/2013	 Created: 10/31/2012	Activity:10/31/2012   	 Beneficiary: JD CORPORATION, LTD

	Date	 Type	 Increases	 Decreases	 Contract Balance	 Loan Balance	 Comments
	 10/30/2012	OB	$194,913.00	 	$194,913.00	 	 
	 10/31/2012	 AM	$90.00 	 	 $195,003.00	 	 
	 	 	 	L/C ID: IC0726521H	$195,003.00	 $195,037.44	 

 

 

	L/C ID: IC0727324H	 Expires: 1/14/2013	 Created: 11/13/2012	Activity:11/13/2012   	 Beneficiary: J. ADAMS AND ASSOCIATES INTL LTD.

	Date	 Type	 Increases	 Decreases	 Contract Balance	 Loan Balance	 Comments
	11/09/2012	 OB	 $143,320.00	 	 $143,320.00	 	 
	 	 	 	L/C ID: IC0727324H 	 $143,320.00	 $338,357.44	 

 

 

 

 

  

  

  

SCHEDULE 5.4

Eligible Inventory Locations

Owned Or Leased West Marine Products, Inc. Stores

	
#

	
ST

	
LOCATION

	
ADDRESS

	
CITY

	
ZIP

	
PHONE #

	
540

	
AK

	
West Marine

	
8401 Dimond D Blvd

	
Anchorage

	
99515

	
(907) 349-5299

	
172

	
AL

	
West Marine

	
3747 Government Blvd

	
Mobile

	
36693

	
(251) 661-6244

	
542

	
AL

	
West Marine

	
25907 Canal Road

	
Orange Beach

	
36561

	
(251) 981-2750

	
1749

	
AL

	
West Marine

	
3654 Airport Blvd.

	
Mobile

	
36608

	
(251) 414-5447

	
5509

	
AL

	
West Marine

	
5004 Dauphin Island Parkway

	
Mobile

	
36605-9644

	
(251) 471-4006

	
515

	
AZ

	
West Marine

	
1628-1 East Southern Ave

	
Tempe

	
85282

	
(480) 897-6300

	
523

	
AZ

	
West Marine

	
4239 West Bell Rd

	
Phoenix

	
85053

	
(602) 564-6680

	
1266

	
AZ

	
West Marine

	
1517 Industrial Blvd

	
Lake Havasu City

	
86403

	
(928) 505-4444

	
2

	
CA

	
West Marine

	
2200 Livingston St

	
Oakland

	
94606

	
(510) 532-5230

	
3

	
CA

	
West Marine

	
295 Harbor Dr

	
Sausalito

	
94965

	
(415) 332-0202

	
4

	
CA

	
West Marine

	
2450 17th Ave

	
Santa Cruz

	
95062

	
(831) 476-1800

	
5

	
CA

	
West Marine

	
608 Dubuque Ave

	
S. San Francisco

	
94080

	
(650) 873-4044

	
6

	
CA

	
West Marine

	
1810 Field Ave

	
Stockton

	
95203

	
(209) 464-2922

	
7

	
CA

	
West Marine

	
9500 Micron Ave #116

	
Sacramento

	
95827-2618

	
(916) 366-3300

	
8

	
CA

	
West Marine

	
375-C Saratoga Ave

	
San Jose

	
95129

	
(408) 246-1147

	
11

	
CA

	
West Marine

	
4750 Admiralty Wy

	
Marina Del Rey

	
90292

	
(310) 823-5357

	
12

	
CA

	
West Marine

	
251 Marina Dr

	
Long Beach

	
90803

	
(562) 598-9400

	
13

	
CA

	
West Marine

	
203 N Harbor Blvd

	
San Pedro

	
90731

	
(310) 833-0717

	
14

	
CA

	
West Marine

	
900 West Coast Hwy

	
Newport Beach

	
92663

	
(949) 645-1711

	
15

	
CA

	
West Marine

	
34235 Pacific Coast Hwy

	
Dana Point

	
92629

	
(949) 493-4455

	
16

	
CA

	
West Marine

	
1250 Rosecrans

	
San Diego

	
92106

	
(619) 225-8844

	
17

	
CA

	
West Marine

	
4051 E Main St

	
Ventura

	
93003

	
(805) 654-8233

	
20

	
CA

	
West Marine

	
2040 North Tustin

	
Orange

	
92865

	
(714) 279-9700

	
122

	
CA

	
West Marine

	
4645 Century Blvd

	
Pittsburg

	
94565-7107

	
(925) 778-1560

	
127

	
CA

	
West Marine

	
730 Buena Vista Avenue

	
Alameda

	
94501-2156

	
(510) 521-4865

	
150

	
CA

	
West Marine

	
630 Bay Blvd

	
Chula Vista

	
91910

	
(619) 422-1904

	
191

	
CA

	
West Marine

	
2607 Bechelli Lane

	
Redding

	
96002

	
(530) 226-1400

	
546

	
CA

	
West Marine

	
501 Canal Blvd # D

	
Richmond

	
94804

	
(510) 965-9922

	
557

	
CA

	
West Marine

	
26-A South Calle Cesar Chavez

	
Santa Barbara

	
93103-3641

	
(805) 564-1005

	
577

	
CA

	
West Marine

	
2024 Del Monte, Suite A

	
Monterey

	
93940-3740

	
(831) 375-1870

	
583

	
CA

	
West Marine

	
4445 Granite Dr., Suite 501

	
Rocklin

	
95677-2157

	
(916) 632-9140

	
588

	
CA

	
West Marine

	
521 Contra Costa Blvd

	
Pleasant Hill

	
94523-1203

	
(925) 288-1696

	
1214

	
CA

	
West Marine

	
2885 Santa Rosa Ave, Suite C

	
Santa Rosa

	
95407

	
(707) 579-4076

	
1215

	
CA

	
West Marine

	
1719 Oceanside Blvd

	
Oceanside

	
92054

	
(760) 435-9290

	
1224

	
CA

	
West Marine

	
10081 Indiana Ave, Ste A-3

	
Riverside

	
92503

	
(951) 354-5282

	
1235

	
CA

	
West Marine

	
3334 W Shaw Ave

	
Fresno

	
93711

	
(559) 271-1490

	
1244

	
CA

	
West Marine

	
7 Pacific Coast Hwy

	
Hermosa Beach

	
90254

	
(310) 374-5242

	
1263

	
CA

	
West Marine

	
1119 Industrial Rd., ste no. 2

	
San Carlos

	
94070

	
(650) 593-2070

	
1268

	
CA

	
West Marine

	
727 W Channel Islands Blvd

	
Port Hueneme

	
93041

	
(805) 382-2223

	
1731

	
CA

	
West Marine

	
16390 Pacific Coast Hwy.

	
Huntington Beach

	
92649

	
(562) 592-5302

	
1733

	
CA

	
West Marine

	
3717 Rosecrans Street

	
San Diego

	
92110

	
(619) 298-3020

	
5541

	
CA

	
Concept

	
132C Harbor Wy.

	
Santa Barbara

	
93109

	
(805) 564-1334

	
193

	
CO

	
West Marine

	
6148 East County Line Rd

	
Highlands Ranch

	
80126

	
(303) 221-4656

	
87

	
CT

	
West Marine

	
14 B Clara Dr

	
Mystic

	
06355

	
(860) 536-1455

	
93

	
CT

	
West Marine

	
401 Shippan Ave

	
Stamford

	
06902

	
(203) 969-7727

	
129

	
CT

	
West Marine

	
33 Business Park Dr

	
Branford

	
06405

	
2034813465

	
1203

	
CT

	
West Marine

	
99 Water Street

	
Norwalk

	
06854-3012

	
(203) 854-6545

	
1293

	
CT

	
West Marine

	
955 Ferry Blvd, Unit #8

	
Stratford

	
06614

	
(203) 377-5548

	
535

	
DE

	
West Marine

	
18578 Coastal Highway

	
Rehoboth Beach

	
19971

	
(302) 644-9424

	
563

	
DE

	
West Marine

	
1142 Pulaski Hwy

	
Bear

	
19701

	
(302) 836-2766

	
1739

	
DE

	
West Marine

	
132 Sunset Blvd. #20

	
New Castle

	
19720

	
(302) 325-9550

	
30

	
FL

	
West Marine

	
16215 Biscayne Blvd

	
N. Miami Beach

	
33160

	
(305) 947-6333

	
31

	
FL

	
West Marine

	
3635 S Dixie Hwy

	
Miami

	
33133

	
(305) 444-5520

	
34

	
FL

	
West Marine

	
4415 Roosevelt Blvd

	
Jacksonville

	
32210

	
(904) 388-7510

	
35

	
FL

	
West Marine

	
110 N Federal Hwy

	
Deerfield Beach

	
33441

	
(954) 427-6165

	
36

	
FL

	
West Marine

	
5001 34th St. South

	
St. Petersburg

	
33711

	
(727) 867-5700

	
38

	
FL

	
West Marine

	
1509 N Harbor City Blvd

	
Melbourne

	
32935

	
(321) 242-9600

	
59

	
FL

	
West Marine

	
1857 North US Hwy 1

	
Ft. Pierce

	
34946

	
(772) 460-9044

	
61

	
FL

	
West Marine

	
725 Caroline St

	
Key West

	
33040

	
(305) 295-0999

	
64

	
FL

	
West Marine

	
103400 Overseas Hwy #124

	
Key Largo

	
33037

	
(305) 453-9050

	
65

	
FL

	
West Marine

	
3500 Barrancas Ave

	
Pensacola

	
32507

	
(850) 453-0010

	
68

	
FL

	
West Marine

	
125 Basin St Ste 140

	
Daytona Beach

	
32114

	
(386) 226-9966

	
114

	
FL

	
West Marine

	
19407 S Dixie Hwy

	
Cutler Bay

	
33157

	
(305) 232-0811

	
118

	
FL

	
West Marine

	
3905 W Cypress St

	
Tampa

	
33607

	
8133480521

	
131

	
FL

	
West Marine

	
8687 Coral Wy

	
Miami

	
33155

	
(305) 263-7465

	
139

	
FL

	
West Marine

	
2400 S Ridgewood/US 1

	
S. Daytona

	
32119

	
(386) 760-0660

	
144

	
FL

	
West Marine

	
3346 US 19 North

	
Holiday

	
34691

	
(727) 846-1903

	
146

	
FL

	
West Marine

	
160 SE Hwy 19

	
Crystal River

	
34429

	
(352) 563-0003

	
155

	
FL

	
West Marine

	
4265 Tamiami Trail

	
Port Charlotte

	
33980-2512

	
(941) 625-2700

	
156

	
FL

	
West Marine

	
4248 W Tennessee St

	
Tallahassee

	
32304

	
(850) 574-3309

	
170

	
FL

	
West Marine

	
7160 North Davis Hwy

	
Pensacola

	
32504

	
(850) 476-2720

	
171

	
FL

	
West Marine

	
1388 West 15th St

	
Panama City

	
32401

	
(850) 763-1844

	
510

	
FL

	
West Marine

	
1089 North Collier Blvd., Suite 403

	
Marco Island

	
34145-2555

	
(239) 642-7060

	
547

	
FL

	
West Marine

	
1030 S Ponce De Leon Blvd

	
St. Augustine

	
32084

	
(904) 810-5353

	
548

	
FL

	
West Marine

	
1860 Tamiami Trail South

	
Venice

	
34293

	
(941) 408-8288

	
549

	
FL

	
West Marine

	
862-B Hwy 98 East

	
Destin

	
32541

	
(850) 269-0636

	
565

	
FL

	
West Marine

	
1012 Cape Coral Pkwy. East

	
Cape Coral

	
339049159

	
(239) 540-7300

	
569

	
FL

	
West Marine

	
14180 Beach Blvd. Unit 4

	
Jacksonville

	
32250

	
(904) 821-5033

	
1098

	
FL

	
West Marine

	
7478 S. Orange Blossom Trl Suite A

	
Orlando

	
32809-5781

	
(407) 857-7337

	
1099

	
FL

	
West Marine

	
11735 S. Dixie Highway

	
Pinecrest

	
33156-4438

	
(305) 259-5800

	
1200

	
FL

	
West Marine

	
2225 Thomas Drive

	
Panama City Bch

	
32408

	
(850) 234-2717

	
1201

	
FL

	
West Marine

	
28520 Bonita Crossings Blvd Ste 1

	
Bonita Springs

	
34135-3205

	
(239) 947-7666

	
1209

	
FL

	
West Marine

	
320 W. Merritt Island Causeway

	
Merritt Island

	
32953-4728

	
(321) 452-4661

	
1218

	
FL

	
West Marine

	
1107 3rd Sreet SW

	
Winter Haven

	
33880

	
(863) 401-2500

	
1220

	
FL

	
West Marine

	
2275 South Federal Hwy, Ste 20

	
Delray Beach

	
33483

	
(561) 266-8489

	
1227

	
FL

	
West Marine

	
1516 W. Brandon Blvd

	
Brandon

	
33511

	
(813) 657-5553

	
1239

	
FL

	
West Marine

	
700 Tamiami Trail

	
Punta Gorda

	
33950

	
(941) 637-0019

	
1242

	
FL

	
West Marine

	
1721 Gulf to Bay Blvd

	
Clearwater

	
33755

	
(727) 447-5320

	
1248

	
FL

	
West Marine

	
5790 2nd Ave.

	
Stock Island

	
33040

	
(305) 294-2025

	
1254

	
FL

	
West Marine

	
100 N Entrance Rd #40

	
Sanford

	
32771

	
(407) 330-7400

	
1256

	
FL

	
West Marine

	
670 Lee Rd.

	
Orlando

	
32810

	
(407) 644-8557

	
1262

	
FL

	
West Marine

	
1001 W. New Haven Ave

	
West Melbourne

	
32904

	
(321) 837-1113

	
1265

	
FL

	
West Marine

	
3554 NW Federal Hwy

	
Jensen Beach

	
34957

	
(772) 692-3092

	
1273

	
FL

	
West Marine

	
1720 E Hallandale Beach Blvd

	
Hallandale

	
33009

	
(954) 457-3848

	
1274

	
FL

	
West Marine

	
4874 Big Island Dr.

	
Jacksonville

	
32246

	
(904) 520-4650

	
1277

	
FL

	
West Marine

	
2109 Overseas Hwy

	
Marathon

	
33050

	
(305) 289-1009

	
1278

	
FL

	
West Marine

	
4708 South Tamiami Trail

	
Sarasota

	
34231

	
(941) 360-6000

	
1279

	
FL

	
West Marine

	
285 US Hwy 1

	
Tequesta

	
33469

	
(561) 745-3013

	
1284

	
FL

	
West Marine

	
2506 SE Federal Hwy

	
Stuart

	
34994

	
(772) 223-1515

	
1287

	
FL

	
West Marine

	
99 Eglin Parkway, NE

	
Ft. Walton Beach

	
32548

	
(850) 664-2254

	
1289

	
FL

	
West Marine

	
2010 Tyrone Blvd. North

	
St. Petersburg

	
33710

	
(727) 342-8001

	
1290

	
FL

	
West Marine

	
11241 US HWY 1

	
North Palm Beach

	
33408

	
(561) 868-8000

	
1291

	
FL

	
West Marine

	
7070 College Parkway

	
Ft. Myers

	
33907

	
(239) 985-6700

	
1292

	
FL

	
West Marine

	
2401 S. Andrews Ave.

	
Fort Lauderdale

	
33316

	
(954) 400-5323

	
1303

	
FL

	
West Marine

	
850 N Federal Hwy

	
Pompano Beach

	
33062

	
(954) 783-5292

	
1304

	
FL

	
West Marine

	
2063 9th St North

	
Naples

	
34102

	
(239) 262-0206

	
1306

	
FL

	
west Marine

	
3620 1st st

	
Bradenton

	
34208

	
(941) 357-1657

	
1744

	
FL

	
West Marine

	
1140 E. Altamonte Drive, #1037

	
Altamonte Springs

	
32701

	
(407) 339-8005

	
1757

	
FL

	
West Marine

	
12195 Biscayne Blvd.

	
N. Miami

	
33181

	
(305) 895-1870

	
1768

	
FL

	
West Marine

	
41286 U.S. Hwy. 19 North

	
Tarpon Springs

	
34689

	
(727) 939-1754

	
5501

	
FL

	
West Marine

	
1720 S. McCall Rd., Suite F

	
Englewood

	
34223-4865

	
(941) 473-2070

	
5506

	
FL

	
West Marine

	
474 - 21st Street

	
Vero Beach

	
329605454

	
(772) 562-2166

	
5511

	
FL

	
West Marine

	
3324 E. Bay Drive

	
Holmes Beach

	
34217

	
(941) 778-4858

	
5512

	
FL

	
West Marine

	
268 Apollo Beach Blvd

	
Apollo Beach

	
33572-2261

	
(813) 645-6144

	
135

	
GA

	
West Marine

	
2510 Cobb Pkwy

	
Smyrna

	
30080

	
(770) 612-9944

	
137

	
GA

	
West Marine

	
7700 Abercorn St

	
Savannah

	
31406

	
(912) 352-2660

	
507

	
GA

	
West Marine

	
592 Bobby Jones Expwy

	
Augusta

	
30907

	
(706) 650-1939

	
1225

	
GA

	
West Marine

	
1919 Glynn Ave., Ste 1

	
Brunswick

	
31520

	
(912) 264-6222

	
1285

	
GA

	
West Marine

	
5221 Lanier Island Parkway

	
Buford

	
30518

	
(470) 202-1052

	
1294

	
HI

	
West Marine

	
420 N. Nimitz Hwy

	
Honolulu

	
96817

	
(808) 526-4420

	
71

	
IL

	
West Marine

	
627 W North Ave

	
Chicago

	
60610

	
(312) 654-1818

	
76

	
IL

	
West Marine

	
2 West Grand Ave

	
Fox Lake

	
60020

	
(847) 973-2221

	
521

	
IL

	
West Marine

	
1707-7th St

	
Winthrop Harbor

	
60096

	
(847) 746-2015

	
1727

	
IL

	
West Marine

	
63 West Rand Road

	
Arlington Heights

	
60004

	
(847) 398-0606

	
1745

	
IL

	
West Marine

	
567 E Roosevelt Rd

	
Lombard

	
47374

	
6307921550

	
100

	
IN

	
West Marine

	
3221 Franklin St

	
Michigan City

	
46360

	
(219) 874-9722

	
186

	
IN

	
West Marine

	
6370 East 82nd St

	
Indianapolis

	
46250

	
(317) 841-0826

	
54

	
LA

	
West Marine

	
827 Harrison Ave

	
New Orleans

	
70124

	
(504) 482-5090

	
508

	
LA

	
West Marine

	
8350 N Florida Blvd

	
Baton Rouge

	
70806

	
(225) 216-3055

	
514

	
LA

	
West Marine

	
2668 Johnston St. #B-2

	
Lafayette

	
70503

	
(337) 231-0000

	
1202

	
LA

	
West Marine

	
1803 N. Causeway Blvd.

	
Mandeville

	
70471-3111

	
(985) 727-9443

	
1221

	
LA

	
West Marine

	
1731 Martin Luther King Blvd. Ste B

	
Houma

	
70360

	
(985) 223-9908

	
1223

	
LA

	
West Marine

	
1702 West Prien Lake Rd.

	
Lake Charles

	
70601-8361

	
(337) 479-8077

	
1270

	
LA

	
West Marine

	
4010 Pontchartrain Dr

	
Slidell

	
70458

	
(985) 641-1135

	
46

	
MA

	
West Marine

	
66 Wood Rd

	
Braintree

	
02184

	
(781) 356-2100

	
83

	
MA

	
West Marine

	
77 Scranton Ave

	
Falmouth

	
02540

	
(508) 457-6500

	
107

	
MA

	
West Marine

	
1060 Fall River Ave

	
Seekonk

	
02771

	
(508) 336-5004

	
119

	
MA

	
West Marine

	
120 Allied Drive

	
Dedham

	
02026

	
(781) 329-2430

	
512

	
MA

	
West Marine

	
43 Home Depot Drive

	
Plymouth

	
02360-2669

	
(508) 830-3150

	
1228

	
MA

	
West Marine

	
32 Atlantic Ave.

	
Marblehead

	
01945

	
(781) 639-6451

	
1269

	
MA

	
West Marine

	
276 Falmouth Rd, Ste C

	
Hyannis

	
02601

	
(508) 862-2700

	
1286

	
MA

	
West Marine

	
299 Mishawum Rd

	
Woburn

	
01801

	
(781) 939-0000

	
1296

	
MA

	
West Marine

	
114 Huttleson Ave

	
Fairhaven

	
02719

	
(508) 742-0490

	
1760

	
MA

	
West Marine

	
139 Endicott Street

	
Danvers

	
01923

	
(978) 777-5940

	
5540

	
MA

	
West Marine

	
52 Beach Rd.

	
Vineyard Haven

	
02568

	
(508) 693-2906

	
41

	
MD

	
West Marine

	
113 Hillsmere Dr

	
Annapolis

	
21403

	
(410) 268-0129

	
143

	
MD

	
West Marine

	
2122 DiDonato Dr

	
Chester

	
21619

	
4106041752

	
178

	
MD

	
West Marine

	
8226 Ocean GateWy

	
Easton

	
21601

	
(410) 770-3080

	
179

	
MD

	
West Marine

	
2700 Lighthouse Pt E #100

	
Baltimore

	
21224

	
(410) 563-8905

	
180

	
MD

	
West Marine

	
389 Deale Rd

	
Tracy's Landing

	
20779

	
(301) 889-0004

	
516

	
MD

	
West Marine

	
3257 Solomon's Island Rd

	
Edgewater

	
21037

	
(410) 956-8920

	
537

	
MD

	
West Marine

	
475 N. Mauldin Ave

	
North East

	
21901

	
(410) 287-6600

	
560

	
MD

	
West Marine

	
21386 Rock Hall Avenue

	
Rock Hall

	
21661

	
(410) 639-9959

	
562

	
MD

	
West Marine

	
14030 H.G. Trueman Road

	
Solomons

	
20688

	
(410) 326-6006

	
1213

	
MD

	
West Marine

	
1026 Pulaski Hwy., Unit 13

	
Havre de Grace

	
21078

	
(410) 939-6282

	
1238

	
MD

	
West Marine

	
12638 Ocean Gateway, Units 1-5

	
Ocean City

	
21842

	
(410) 213-7543

	
1243

	
MD

	
West Marine

	
4195 Mountain Road

	
Pasadena

	
21122

	
(410) 437-2617

	
1281

	
MD

	
West Marine

	
8640 Pulaski Hwy Suite 105

	
Baltimore

	
21237

	
(410) 918-9344

	
1711

	
MD

	
West Marine

	
5250 Randolph Road

	
Rockville

	
20852

	
(301) 230-0945

	
1724

	
MD

	
West Marine

	
6651-20 Governer Ritchie Hwy.

	
Glen Burnie

	
21061

	
(410) 761-5901

	
1738

	
MD

	
West Marine

	
163A Jennifer Road

	
Annapolis

	
21401

	
(410) 573-5744

	
84

	
ME

	
West Marine

	
127 Marginal Wy

	
Portland

	
04101

	
(207) 761-7600

	
541

	
ME

	
West Marine

	
11 Apple Lane

	
Southwest Harbor

	
04679

	
(207) 244-0300

	
57

	
MI

	
West Marine

	
30060 S River Rd

	
Harrison Township

	
48045

	
(586) 465-5401

	
74

	
MI

	
West Marine

	
12513 James St

	
Holland

	
49424

	
(616) 399-0099

	
77

	
MI

	
West Marine

	
25050 Jefferson Ave

	
St. Clair Shores

	
48080

	
(586) 771-4700

	
78

	
MI

	
West Marine

	
2492 Henry St. #B

	
Muskegon

	
49441

	
(231) 759-7709

	
79

	
MI

	
West Marine

	
789 E Big Beaver Rd

	
Troy

	
48083

	
(248) 528-2112

	
96

	
MI

	
West Marine

	
4128 Wilder Rd

	
Bay City

	
48706

	
(989) 667-2100

	
154

	
MI

	
West Marine

	
2975 28th St, SE

	
Grand Rapids

	
49512

	
(616) 954-9822

	
184

	
MI

	
West Marine

	
2840 East Saginaw #1

	
Lansing

	
48912

	
(517) 485-2406

	
526

	
MI

	
West Marine

	
105 West Mitchell St

	
Petoskey

	
49770

	
(231) 348-7558

	
543

	
MI

	
West Marine

	
3500 Market Place Circle

	
Traverse City

	
49684

	
(231) 922-2300

	
1233

	
MI

	
West Marine

	
810 Jackson St.

	
Grand Haven

	
49417

	
(616) 842-8960

	
1234

	
MI

	
West Marine

	
401 Michigan St.

	
Algonac

	
48001

	
(810) 794-2874

	
1756

	
MI

	
West Marine

	
10610 Telegraph Road

	
Taylor

	
48180

	
(313) 295-7220

	
194

	
MN

	
West Marine

	
13889 Ridgedale Dr

	
Minnetonka

	
55305

	
(952) 545-5540

	
1252

	
MN

	
West Marine

	
575 N Main St.

	
Stillwater

	
55082

	
(651) 275-0889

	
1737

	
MN

	
West Marine

	
8537 Lyndale Avenue South

	
Bloomington

	
55420

	
(952) 885-0661

	
182

	
MO

	
West Marine

	
3872 HIGHWAY 54

	
Osage Beach

	
65065

	
(573) 302-0552

	
190

	
MO

	
West Marine

	
1355 South 5th St. #150

	
St. Charles

	
63301

	
(636) 949-8866

	
1295

	
MS

	
West Marine

	
2418 Pass Rd

	
Biloxi

	
39531

	
(228) 388-9090

	
136

	
NC

	
West Marine

	
3601 M. King, Jr. Blvd

	
New Bern

	
28562

	
(252) 636-0650

	
138

	
NC

	
West Marine

	
5000 So. Croatan Hwy., Units 30-32

	
Nags Head

	
27959

	
(252) 441-1101

	
506

	
NC

	
West Marine

	
20420 West Catawba Ave.

	
Cornelius

	
28031-5255

	
(704) 895-5299

	
527

	
NC

	
West Marine

	
3027 Capital Blvd #111

	
Raleigh

	
27604

	
(919) 871-6384

	
1226

	
NC

	
West Marine

	
330 Bridge St.

	
Washington

	
27889

	
(252) 975-6688

	
1253

	
NC

	
West Marine

	
13000 York Rd. Suite #K

	
Charlotte

	
28278

	
(704) 588-1020

	
1267

	
NC

	
West Marine

	
1930 Eastwood Rd Ste 102

	
Wilmington

	
28403

	
(910) 256-7878

	
1280

	
NC

	
West Marine

	
5160 US Hwy 70 West

	
Morehead City

	
28557

	
(252) 240-2909

	
5534

	
NC

	
West Marine

	
1104 Broad St Ext

	
Oriental

	
28571-9786

	
(252) 249-3200

	
153

	
NH

	
West Marine

	
775 Lafayette Rd #2

	
Portsmouth

	
03801

	
(603) 436-8300

	
1300

	
NH

	
West Marine

	
337 Lafayette Rd.

	
Seabrook

	
03874

	
(603) 474-4610

	
95

	
NJ

	
West Marine

	
1851 Hwy 35

	
South Amboy

	
08879

	
(732) 525-2221

	
101

	
NJ

	
West Marine

	
494 Market St

	
Perth Amboy

	
08861

	
(732) 442-5700

	
106

	
NJ

	
West Marine

	
258 New Rd (Rte 9)

	
Somers Point

	
08244

	
(609) 601-0061

	
110

	
NJ

	
West Marine

	
1215 Route 73

	
Mt. Laurel

	
08054

	
(856) 231-4600

	
111

	
NJ

	
West Marine

	
178 State Route 35 S

	
Eatontown

	
07724

	
(732) 542-8282

	
121

	
NJ

	
West Marine

	
2391 Hwy 36

	
Atlantic Highlands

	
07716

	
(732) 872-8100

	
130

	
NJ

	
West Marine

	
213 Route 37 East

	
Tom's River

	
08753

	
(732) 341-0710

	
148

	
NJ

	
West Marine

	
100 Route 17 South

	
Lodi

	
07644

	
(201) 712-1111

	
188

	
NJ

	
West Marine

	
791 Route 109

	
Cape May

	
08204

	
(609) 898-8245

	
1229

	
NJ

	
West Marine

	
825 8th Ave.

	
Belmar

	
07719

	
(732) 280-1771

	
1259

	
NJ

	
West Marine

	
424 Route 9 S

	
Little Egg Harbor

	
08087

	
(609) 296-6243

	
1276

	
NJ

	
West Marine

	
51 Chambersbridge Rd.

	
Brick

	
08723

	
(732) 864-8140

	
525

	
NV

	
West Marine

	
252 E. Lake Mead Dr.

	
Henderson

	
89015

	
(702) 567-1166

	
1219

	
NV

	
West Marine

	
2505 Mill St.

	
Reno

	
89502

	
(775) 329-2552

	
73

	
NY

	
West Marine

	
2192 Niagra St

	
Buffalo

	
14207

	
(716) 875-0500

	
80

	
NY

	
West Marine

	
3955 Long Beach Rd

	
Island Park

	
11558

	
(516) 431-0399

	
126

	
NY

	
West Marine

	
147 Sunrise Hwy

	
West Islip

	
11795

	
(631) 669-8585

	
132

	
NY

	
West Marine

	
12 West 37th

	
New York City

	
10018

	
(212) 594-6065

	
157

	
NY

	
West Marine

	
5000 Nesconset Hwy

	
Port Jefferson

	
11776

	
(631) 331-9280

	
517

	
NY

	
West Marine

	
21214 Pioneer Plaza Dr

	
Watertown

	
13601

	
(315) 788-8490

	
533

	
NY

	
West Marine

	
605 Troy Schenectady Rd

	
Latham

	
12110

	
(518) 783-7700

	
536

	
NY

	
West Marine

	
16 Soundview Marketplace

	
Port Washington

	
11050

	
5169441729

	
566

	
NY

	
West Marine

	
405 West Sunrise Highway

	
Patchogue

	
11772

	
(631) 289-7144

	
1207

	
NY

	
West Marine

	
56 New York Ave

	
Huntington

	
11743

	
(631) 427-4210

	
1232

	
NY

	
West Marine

	
91 S Route 9W, Ste 3

	
West Haverstraw

	
10993

	
(845) 429-7095

	
1249

	
NY

	
West Marine

	
1089 Old Country Rd.

	
Riverhead

	
11901

	
(631) 727-2498

	
1763

	
NY

	
West Marine

	
1850 Ridge Road East

	
Irondequoit

	
14622

	
5853232040

	
1765

	
NY

	
West Marine

	
7909 1/2 Route 11

	
Cicero

	
13039

	
(315) 699-0001

	
1766

	
NY

	
West Marine

	
527 Montauk Highway

	
West Babylon

	
11704

	
(631) 422-9780

	
1769

	
NY

	
West Marine

	
1445 Niagara Falls Blvd.

	
Amherst

	
14228

	
(716) 803-1357

	
55

	
OH

	
West Marine

	
207 E Water St

	
Sandusky

	
44870

	
(419) 621-4700

	
70

	
OH

	
West Marine

	
4036 E Harbor Rd

	
Port Clinton

	
43452

	
(419) 734-9122

	
75

	
OH

	
West Marine

	
6176 N Summit Bldg. F

	
Toledo

	
43611

	
(419) 727-8989

	
161

	
OH

	
West Marine

	
24781 Lorain Rd

	
North Olmstead

	
44070

	
(440) 979-0795

	
522

	
OH

	
West Marine

	
2827 Festival Lane #405-6

	
Dublin

	
43017

	
(614) 336-4420

	
1241

	
OH

	
West Marine

	
4721 Liberty Ave.

	
Vermillion

	
44089

	
(440) 963-2005

	
1718

	
OH

	
West Marine

	
1577 St. Clair Avenue East

	
Cleveland

	
44114

	
(216) 781-6110

	
528

	
OK

	
West Marine

	
4317-A South Sheridan Rd

	
Tulsa

	
74145

	
(918) 665-2101

	
21

	
OR

	
West Marine

	
1176 N Hayden Meadows Dr

	
Portland

	
97217

	
(503) 289-9822

	
1205

	
OR

	
West Marine

	
15230 SW Sequoia Pkwy., Suite 190

	
Tigard

	
97224

	
(503) 624-6090

	
524

	
PA

	
West Marine

	
4885 McKnight Rd #19

	
Pittsburgh

	
15237

	
(412) 369-5800

	
1212

	
PA

	
West Marine

	
2126 Street Road

	
Bensalem

	
19020

	
(215) 245-0250

	
44

	
RI

	
West Marine

	
1000 Division St

	
East Greenwich

	
02818

	
(401) 884-0900

	
545

	
RI

	
West Marine

	
91 Point Judith Rd

	
Narragansett

	
02882

	
(401) 788-9977

	
1246

	
RI

	
West Marine

	
379 West Main Rd

	
Middletown

	
02842

	
(401) 841-9880

	
134

	
SC

	
West Marine

	
5641 Rivers Ave

	
N. Charleston

	
29406

	
(843) 529-0094

	
197

	
SC

	
West Marine

	
Dutch Square Ctr, Unit 98

	
Columbia

	
29210

	
(803) 750-5034

	
511

	
SC

	
West Marine

	
3501 Clemson Blvd, #110

	
Anderson

	
29621

	
(864) 222-1676

	
518

	
SC

	
West Marine

	
900 B Hwy 17 North

	
N. Myrtle Beach

	
29582

	
(843) 280-1327

	
567

	
SC

	
West Marine

	
890 William Hilton Pkwy, Unit 108

	
Hilton Head Island

	
29928-3422

	
(843) 686-5351

	
1208

	
SC

	
West Marine

	
12078 Highway 17 Bypass, Unit A

	
Murrells Inlet

	
29576

	
(843) 357-6208

	
1258

	
SC

	
West Marine

	
1440 Ben Sawyer Blvd. , Suite 801

	
Mt. Pleasant

	
29464

	
(843) 881-2272

	
1264

	
SC

	
West Marine

	
975 Savannah Hwy Ste. 133

	
Charleston

	
29407

	
(843) 402-6988

	
5547

	
SC

	
West Marine

	
1347 Ribaut Road, Suite G

	
Port Royal

	
29935

	
(843) 522-8297

	
538

	
TN

	
West Marine

	
5566 Old Hickory Blvd

	
Hermitage

	
37076

	
(615) 232-8911

	
1250

	
TN

	
West Marine

	
7812 Kingston Pike

	
Knoxville

	
37919

	
(865) 690-9744

	
50

	
TX

	
West Marine

	
9070 Research Blvd # 201

	
Austin

	
78758

	
(512) 302-1406

	
58

	
TX

	
West Marine

	
6999 Blanco Rd

	
San Antonio

	
78216

	
(210) 348-0770

	
94

	
TX

	
West Marine

	
7625 S Padre Island Dr

	
Corpus Christi

	
78412

	
(361) 980-1765

	
196

	
TX

	
West Marine

	
132 FM1960 #E

	
Houston

	
77073

	
(281) 821-3132

	
198

	
TX

	
West Marine

	
349 West I30

	
Garland

	
75043

	
(972) 303-2948

	
199

	
TX

	
West Marine

	
5926 Broadway

	
Galveston

	
77551

	
(409) 741-8052

	
564

	
TX

	
West Marine

	
1401 Marina Bay Drive

	
Kemah

	
77565

	
(281) 535-0820

	
572

	
TX

	
West Marine

	
3101 NASA Road 1

	
Seabrook

	
775866436

	
(281) 326-1447

	
580

	
TX

	
West Marine

	
3612 West FM 120

	
Denison

	
75020-1552

	
(903) 463-4223

	
1261

	
TX

	
West Marine

	
2260 S. Stemmons Freeway

	
Lewisville

	
75067

	
(972) 459-7869

	
1712

	
TX

	
West Marine

	
7280 Wynnwood

	
Houston

	
77008

	
(713) 880-2160

	
539

	
UT

	
West Marine

	
23 West 7200 S. St

	
Midvale

	
84047

	
(801) 565-3615

	
47

	
VA

	
West Marine

	
601 South Patrick St

	
Alexandria

	
00002-2314

	
(703) 549-7020

	
48

	
VA

	
West Marine

	
2121 W Mercury Blvd

	
Hampton

	
23666

	
(757) 825-4900

	
85

	
VA

	
West Marine

	
2865 Lynnhaven Dr, #B4

	
Virginia Beach

	
23451

	
(757) 496-9996

	
105

	
VA

	
West Marine

	
5616 Virginia Beach Blvd

	
Norfolk

	
23502

	
(757) 466-1826

	
169

	
VA

	
West Marine

	
10819 W Broad St

	
Glen Allen

	
23060

	
(804) 346-9502

	
183

	
VA

	
West Marine

	
13330 Gordon Blvd

	
Woodbridge

	
22191

	
(703) 492-6225

	
1298

	
VA

	
West Marine

	
16728 General Puller HWY

	
Deltaville

	
23043

	
(804) 776-7890

	
5520

	
VA

	
West Marine

	
3841-G East Little Creek Road

	
Norfolk

	
23518

	
(757) 587-0088

	
5545

	
VA

	
West Marine

	
1795 George Washington Memorial Hwy.

	
Gloucester Point

	
23062

	
(804) 642-3470

	
185

	
VT

	
West Marine

	
861 Williston Rd

	
Burlington

	
05403

	
(802) 865-8064

	
23

	
WA

	
West Marine

	
6317 Seaview Ave NW

	
Seattle

	
98107

	
(206) 789-4640

	
24

	
WA

	
West Marine

	
3212 Twentieth St E

	
Tacoma

	
98424

	
(253) 926-2533

	
25

	
WA

	
West Marine

	
918 Commercial Ave

	
Anacortes

	
98221

	
(360) 293-4262

	
26

	
WA

	
West Marine

	
13211 Northup Wy

	
Bellevue

	
98005

	
(425) 641-4065

	
27

	
WA

	
West Marine

	
5971 State Hwy 303 NE

	
Bremerton

	
98310

	
(360) 479-2200

	
28

	
WA

	
West Marine

	
3560 Meridian St

	
Bellingham

	
98225

	
(360) 650-1100

	
29

	
WA

	
West Marine

	
1716 West Marine View Dr

	
Everett

	
98201

	
(425) 303-1880

	
177

	
WA

	
West Marine

	
5306 East Sprague Ave

	
Spokane

	
99212

	
(509) 533-5532

	
181

	
WA

	
West Marine

	
2428 Washington St

	
Port Townsend

	
98368

	
(360) 379-1612

	
1271

	
WA

	
West Marine

	
1275 Westlake Ave North

	
Seattle

	
98109

	
(206) 926-0356

	
1288

	
WA

	
West Marine

	
1530 Black Lake BLVD SW  Suite C

	
Olympia

	
98502

	
(360) 352-1244

	
5505

	
WA

	
West Marine

	
313 Spring Street - PO Box 1742

	
Friday Harbor

	
98250-8056

	
(360) 378-1086

	
5508

	
WA

	
West Marine

	
439 Peace Portal Drive, Suite B

	
Blaine

	
982304014

	
(360) 332-1918

	
5536

	
WA

	
West Marine

	
3119 Judson St. Suite A

	
Gig Harbor

	
98335

	
(253) 858-6250

	
189

	
WI

	
West Marine

	
2455 W Broadway St

	
Madison

	
53713

	
(608) 221-8708

	
1230

	
WI

	
West Marine

	
1449 Green Bay Rd.

	
Sturgeon Bay

	
54235

	
(920) 746-4520

	
1735

	
WI

	
West Marine

	
4141 S. 76th Street

	
Greenfield

	
53220

	
(414) 543-8300

 

Owned or Leased West Marine Puerto Rico, Inc. Stores

 

	
#

	
ST

	
LOCATION

	
ADDRESS

	
CITY

	
ZIP

	
PHONE#

	
544

	
PR

	
West Marine

	
4186 Carretera Estatal #3

	
Fajardo

	
00738

	
(787) 801-2700

	
574

	
PR

	
West Marine

	
197 Calle Federico Costa

	
San Juan

	
00918-1307

	
(787) 777-0814

Owned or Leased West Marine Canada Corp. Stores

 

 

  

  

  

 

 

	
#

	
ST

	
LOCATION

	
ADDRESS

	
CITY

	
ZIP

	
PHONE#

	
3901

	
BC

	
West Marine

	
2210 Beacon Avenue

	
Sidney

	
V8L1X1

	
(250) 654-0045

	
3902

	
BC

	
West Marine

	
1601 West 2nd Avenue

	
Vancouver

	
V6J1H3

	
(604) 730-4093

	
3904

	
BC

	
West Marine

	
2000 Island Highway North, Ste 120

	
Nanaimo

	
V9S 5W3

	
(250) 758-8048

	
3905

	
BC

	
West Marine

	
2929 Douglas Street

	
Victoria

	
V8T 4M8

	
(250) 380-4097

	
3910

	
BC

	
West Marine

	
8331 River Road

	
Richmond

	
V6X 1Y1

	
(604) 233-2327

	
3903

	
ON

	
West Marine

	
143 Lake Shore Blvd. East

	
Toronto

	
M5A 1B7

	
(416) 203-2884

	
3906

	
ON

	
West Marine

	
900 King Street

	
Midland

	
L4R 0B8

	
(705) 526-2745

	
3909

	
ON

	
West Marine

	
1036 Princess Street, Unit D3

	
Kingston

	
K7L 1H2

	
(613) 549-3658

	
3911

	
ON

	
West Marine

	
33 Mapleview Drive

	
Barrie

	
L4N 9H5

	
(705) 735-6059

	
3912

	
ON

	
West Marine

	
485 Trafalgar Rd

	
Oakville

	
L6J 3J1

	
(905) 339-1755

 

Leased Locations Subject to Collateral Access Agreement:

 

	
  

	
1.  Lease Agreement and Addendum to Lease, each dated as of January 28, 2011, by and between PanCal West Marine 287 LLC and West Marine Products, Inc. for the Hollister, California distribution facility.

 

	
  

	
2.  Net  Lease  Agreement  dated  as  of  March  11,  1997,  between  Cabot  Industrial  Venture  A, LLC,  a Delaware limited liability company, as successor to Cabot Industrial Properties, L.P., a Delaware limited partnership, as successor to W/H No. 31, L.L.C., a South Carolina limited liability company, and West Marine, Inc., for the Rock Hill, South Carolina distribution facility, as amended by that certain First Amendment dated as of August 11, 1998, that certain Second Amendment dated as of April 18, 2000, that certain Landlord Subordination dated as of February 11, 2003, and that certain Third Amendment dated as of July 26, 2004, and as assigned by West Marine, Inc. to West Marine Products pursuant to that certain Assignment and Assumption Agreement dated as of December 28, 2005.

 

 

	 	3.   Lease dated June 26, 1997, between Watsonville Freeholders, a California limited partnership, and West Marine Products, Inc. for the Watsonville, California corporate offices, as amended by that certain First Amendment of Lease, dated July 27, 2005, that certain Second Amendment of Lease, dated December 22, 2005, that certain Third Amendment of Lease, dated November 30, 2006, that certain Fourth Amendment of Lease, dated July 29, 2009, and that certain Fifth Amendment of Lease, dated July 15, 2011.

 

 

  

  

  

SCHEDULE 5.6

States of Organization, Chief Executive Offices, FEINS

 

The chief executive office for each of the Loan Parties is 500 Westridge Drive, Watsonville, California 95076

	
 

COMPANY NAME

	  	
 

FEIN

	
DATE OF FORMATION

	
JURISDICTION OF FORMATION

	
ORGANIZATIONAL

ID

	
West Marine, Inc.

	
1

	
77-0355502

	
09/24/93

	
Delaware

	
2352363

	
West Marine Products, Inc.

	
2

	
94-2374523

	
11117176

	
California

	
C0803061

	
West Marine Puerto Rico, Inc.

	
2

	
77-0510676

	
04/05/99

	
California

	
C2159447

	
W Marine Management

Company, Inc.

	
2

	
 

77-0464151

	
 

07/24/97

	
 

California

	
 

C2031344

	
West Marine Canada Corp.

	
3

	
86747610 CRA

	
08/27/01

	
Nova Scotia

	  

 

1 =Parent company

 

2 =Wholly owned subsidiary of West Marine, Inc.

 

3 =Foreign Corporation, wholly owned subsidiary of W Marine Management Company, Inc.

  

  

  

SCHEDULE 5.7(B)

 

Capitalization of Loan Parties' Subsidiaries

 

	
West Marine Entity

	
Form of Entity;

Jurisdiction of

Organization

	
No. of Shares Issued and

Outstanding

	
Owner of Issued and

Outstanding Shares

	
West Marine Products, Inc.

	
California corporation

	
6,142,970 shares

	
West Marine, Inc. (100%)

	
West Marine Puerto Rico, Inc.

	
California corporation

	
1,000 shares

	
West Marine, Inc. (100%)

	
W Marine Management

Company, Inc.

	
California corporation

	
1,000 shares

	
West Marine, Inc. (100%)

	
West Marine Canada

Corp.

	
Nova Scotia unlimited company

	
1,000 shares  common stock; 6,000,000 shares preferred stock

	
W Marine Management

Company, Inc. (100%)

  

  

  

SCHEDULE 5.9

Litigation

None.

  

  

  

SCHEDULE 5.11

Entities Not Solvent

None.

  

  

  

SCHEDULE 5.13

Environmental Matters

 

 

None.

  

  

  

SCHEDULE 5.17

Deposit Accounts and Securities Accounts Containing Collateral

 

Securities Accounts and Deposit Accounts Other Than Payroll Accounts:

 

	
BANK NAME

	
BANK ACCT #

	
LOCATION

	
Amegy Bank

	
6701003569

	
TX

	
American Bank of Texas

	
702831570

	
TX

	
Associated Bank of the  West

	
2223058740

	
WI

	
Banco  Popular  de  Puerto  Rico  - Concentration Account

	
111219957

	
PR

	   Banco Popular de Puerto Rico - Depository Account   	 111-219949	PR
	
Bank of America - Concentration Account

	
1487950180

	
CA

	
Bank Newport

	
150000065808

	
RI

	
Bank of Hampton Roads

	
100021778

	
VA

	
Bank of Waukegan

	
41900515

	
IL

	
Central Bank of the  Ozarks

	
027119

	
MO

	
Chase

	
5113501167

	
LA

	
Fifth/Third Bank

	
7910187421

	
MI

	
First Citizen  Bank  and Trust

	
4712016217

	
RI

	
First Hawaiian Bank

	
46012739

	
HI

	
First VA/BBT

	
5233851584

	
VA

	
First National Bank  of Bar Harbor

	
85104772

	
ME

	
Huntington National Bank of OH

	
01701614448

	
OH

	
Key Bank of Vermont

	
454680019758

	
VT

	
Lake Region Bank  (Solutran) NSF Check

	
455128-F

	
MN

  

  

  

	  	  
	
BANK NAME

	
BANK ACCT #

	
LOCATION

	
M & I Bank of WI

	
0003815889

	
WI

	  	  
	
Mechanics Bank

	
13007920

	
CA

	  	  
	
PNC  Bank of NJ

	
8103767112

	
NJ

	  	  
	
Regions Bank

	
2500049334

	
AL

	  	  
	
Royal  Bank of Canada - Concentration Account

	
00010-1150689

	
Canada

	  	  
	
Royal  Bank of Canada - Depository Account

	
00010-1150705

	
Canada

	  	  
	
Sandhills Bank

	
305003311

	
SC

	  	  
	
Sovereign Bank

	
75-20-2000109

	
CT

	  	  
	
Sun Trust Bank

	
215252200318

	
FL

	  	  
	
Tallahassee State Bank of Florida

	
1280172601

	
FL

	  	  
	
Union Bank

	
3120009256

	
CA

	  	  
	  	  	  	  	  
	
Wells  Fargo AMEX

	
417-1102338

	
CA

	  	  
	
Wells  Fargo- AP Clearing

	
9600 029733

	
CA

	  	  
	
Wells  Fargo - Catalog

	
494-41863862

	
CA

	  	  
	
Wells  Fargo - Concentration Account

	
417-1263213

	
CA

	  	  
	
Wells  Fargo- Corporate

	
494-4183870

	
CA

	  	  
	  	  	  	  	  
	
Wells  Fargo - Galley

	
494-4250901

	
CA

	  	  
	
Wells  Fargo IBS-Investment Account

	
13107859

	
CA

	  	  
	
Wells  Fargo - Port  Supply

	
494-4183854

	
CA

	  	  
	
Wells  Fargo US Postage Account

	
417-1265325

	
CA

	  	  
	
Wells  Fargo- Velocity  Rebate

	
412-1879787

	
CA

	  	  

  

  

  

	
BANK NAME

	
BANK ACCT #

	
 

LOCATION

	
Wells  Fargo  - Visa/Master card  - deposit   detail rept.

	
 

 

417-1119696

	
 

 

CA

	
Wells  Fargo   - West   Marine   Finance  Company

Overland Express Sweep

	
 

 

417-1269558

	
 

 

CA

	
Wells Fargo - W Marine  Management Co.

	
417-0862601

	
CA

	
Wells Fargo- West Marine, Inc.

	
417-0866933

	
CA

  

  

  

SCHEDULE 5.19

 

Credit Card Receipts

 

Credit Card Issuer:  Barclays Bank Delaware (formerly known as Juniper Bank prior to May

25, 2006)

 

Credit Card Processors and Agreements:

 

	
  

	
1.  Visa and MasterCard Transactions:  Processed by First National Bank of Omaha pursuant to Major Merchant Agreement dated May 23, 1997.

	 	
 

	 	
2.   Discover:  Processed by Discover Card Services, Inc. pursuant to Agreement dated  May 22, 1990.

	 	 
	 	3.   American Express: Processed by American Express pursuant to Acceptance Agreement dated October 2005.
	 	 
	 	
4.   Visa (Canada):  Processed by Moneris pursuant to Visa National Account Merchant Agreement dated February 1, 2006.

	 	 
	 	5.   Debit Credit: Processed by Moneris pursuant to National Account Merchant Debit Card and Terminal Agreement dated February 1, 2006.

 

  

  

  

 

	
SCHEDULE 5.25

Permitted Indebtedness

 

 

None.

  

  

  

SCHEDULE 6.2

Collateral Reporting

Borrowers shall provide Agent (and if so requested by Agent, with copies for each Lender) with the following documents at the following times in form satisfactory to Agent:

 

(a)           Monthly Reporting.  In respect of each Fiscal Month, Administrative Borrower shall provide to Agent original counterparts of (each in such form as Agent from time to time may specify):

 

(i)           Borrowing Base Certificate.  Prior to the occurrence of an Accelerated Borrowing Base Delivery Event, Administrative Borrower shall provide to Agent, on or before the twelfth (12th) day of each Fiscal Month, a signed Borrowing Base Certificate in respect of the Borrowing Base as of the last day of the immediately preceding Fiscal Period; provided, however that upon the occurrence and during the continuance of an Accelerated Borrowing Base Delivery Event, Administrative Borrower shall provide to Agent, on or before Friday of each week, a signed Borrowing Base Certificate in respect of the Borrowing Base as of the close of business on the preceding Saturday.  Such Certificate may be sent to Agent electronically (with an electronic signature) or by facsimile transmission, provided, further, that in each case, upon request by Agent, the original thereof is forwarded to Agent on the date of such transmission.  No adjustments to the Borrowing Base Certificate may be made without supporting documentation and such other documentation as may be reasonably requested by Agent from time to time.

 

(ii)           Other Reports. Within 15 days after the end of each Fiscal Month for the immediately preceding Fiscal Month:

 

(1)           purchases and accounts payable analysis report in Agent’s format;

 

(2)           sales audit report and Inventory summary by location and merchandise class;

 

(3)           inventory certificate in Agent’s format;

 

(4)           rent, tax and insurance compliance certificate in Agent’s format;

 

(5)           a Collateral activity summary or “roll forward” inventory report;

 

(6)           a detailed aging, by total, of the Accounts of Borrowers, together with a reconciliation to the detailed calculation of the Borrowing Base previously provided to Agent; and

 

(7)           a detailed report regarding Borrowers’ cash and Cash

 

  

  

  

Equivalents.

 

(b)           Monthly Reconciliation Reports.  Within 30 days of the end of each Fiscal Month for the immediately preceding month:

 

(1)           reconciliation of the stock ledger to the general ledger and the calculation of availability; and

 

(2)           statement of store activity in Agent’s format.

 

(c)           For purposes of items (b)(1) and (b)(2) above, the first “preceding Fiscal Month” in respect of which the items required by that Section shall be provided shall be the Fiscal Month ending August 28, 2010.

 

  

  

  

	
SCHEDULE 7.12

Loan Parties' Affiliates

 

	
Randolph K. Repass individually and/or through the following entities:

 

	
  

	
•

	
Watsonville Freeholders, a California limited partnership (landlord of Watsonville, CA support center)

	 	 • 	Partnership that is the landlord of the Santa Cruz, CA store
	 	 • 	 
	 	 • 	Corporate landlord of New Bedford, MA store, on a month-to-month tenancy following expiration of the lease in February 2012.
	 	 • 	Partnership that is the landlord of Braintree, MA store

See also Schedule 5.6.

  

  

  

SCHEDULE 7.18

Deposit Accounts and Credit Card Agreements

	
BANK NAME (All Depository Accounts)

	
BANK ACCT#

	
Amegy Bank

	
6701003569

	
American Bank of Texas

	
702831570

	
Associated Bank of the West

	
2223058740

	
Banco Popular de Puerto Rico – Concentration Account

	
111219957

	
Banco Popular de Puerto Rico – Depository Account

	
111-219949

	
Banco Popular de Puerto Rico – Payroll Account

	
111219841

	
Bank of America – Concentration Account

	
1487950180

	
Bank Newport

	
15000065808

	
Bank of Hampton Roads

	
100021778

	
Bank of Waukegan

	
41900515

	
Central Bank of the Ozarks

	
027119

	
Chase Bank

	
5113501167

	
Fifth/Third Bank

	
7910187421

	
First Citizen Bank and Trust

	
4712016217

	
First Hawaiian Bank

	
46012739

	
First VA/BBT

	
5233851584

	
First National Bank of Bar Harbor

	
85104772

	
Huntington National Bank of OH

	
01701614448

	
Key Bank of Vermont

	
454680019758

	
Lake Region Bank (Solutran) NSF Check

	
455128-F

	
M & I Bank of WI

	
0003815889

	
Mechanics Bank

	
13007920

	
PNC Bank of NJ

	
8103767112

	
Regions Bank

	
2500049334

	
Royal Bank of Canada – Concentration Account

	
0010-1150689

	
Royal Bank of Canada – Depository Account

	
00010-1150705

	
Royal Bank of Canada – Payroll Account

	
00010-1150697

	
Sandhills Bank

	
305003311

	
Sovereign Bank

	
75-20-2000109

	
Sun Trust Bank

	
215252200318

	
Tallahassee State Bank of Florida

	
1280172601

	
Union Bank

	
3120009256

	  	  
	
Wells Fargo AMEX

	
417-1102338

	
Wells Fargo – AP Clearing

	
9600 029733

	
Wells Fargo – Blue Cross

	
9600 029748

	
Wells Fargo – Catalog

	
494-4183862

	
Wells Fargo Concentration

	
417-1263213

	
Wells Fargo - Corporate

	
494-4183870

	  	  
	
Wells Fargo – Flexible Benefits

	
417-1266158

	
Wells Fargo - Galley

	
494-4250901

	
Wells Fargo – IBS-Investment Account

	
13107859

	
Wells Fargo - Payroll

	
417-264229

	
Wells Fargo – Port Supply

	
494-4183854

	
Wells Fargo US Postage Account

	
417-1265325

	
Wells Fargo – Velocity Rebate

	
412-1879787

	
Wells Fargo – Visa/Master card – deposit detail rept.

	
417-1119696

	
Wells Fargo – West Marine Finance Company Overland Express Sweep

	
417-1269558

	
Wells Fargo – W Marine Management Co.

	
417-0862601

	
Wells Fargo – West Marine, Inc.

	
417-0866933

Credit Card Agreements:

See Schedule 5.19SJG_Form_of_Tranche_B_Note_for_November_2012_ClosingDOC

REGISTERED

REGISTERED PPN:  838515 H*8
SOUTH JERSEY GAS COMPANY
MEDIUM TERM NOTE, SERIES D, 2012-2, TRANCHE B

NOTE NO.:  NB2012-[__]            ORIGINAL ISSUE DATE:  NOVEMBER 30, 2012         

PRINCIPAL AMOUNT: $[__________]    INTEREST RATE:  3.03%              

STATED MATURITY DATE:  November 30, 2024

REDEMPTION TERMS, IF ANY: As described below.       OTHER TERMS: As described below.

SOUTH JERSEY GAS COMPANY, a corporation of the state of New Jersey (the “Company”), for value received hereby promises to pay to [________________] or its registered assigns, the principal sum of [____________] DOLLARS on the Maturity Date set forth above, and to pay interest thereon from the Original Issue Date set forth above or from the most recent date to which interest has been paid or duly provided for, semiannually in arrears on May 30 and November 30 in each year (each, an “Interest Payment Date”), commencing May 30, 2013, at the per annum Interest Rate set forth above, until the principal hereof is paid or made available for payment. No interest shall accrue on or after the Maturity Date so long as the principal amount of this Note is paid in full on the Maturity Date.  The interest so payable and punctually paid or duly provided for on any such Interest Payment Date will, as provided in the Indenture (as defined on the reverse hereof), be paid to the Person in whose name this Note is registered at the close of business on the Regular Record Date for such interest, which shall be the May 15 or November 15, as the case may be, next preceding such Interest Payment Date; provided that interest payable on the Maturity Date set forth above or, if applicable, upon redemption or acceleration, shall be payable to the Person to whom principal shall be payable. 
Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and shall be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Noteholders not more than 15 days nor less than 10 days prior to such Special Record Date.  Principal, applicable premium and interest due at the maturity of this Note 

shall be payable in immediately available funds in accordance with the terms of the Note Purchase Agreement (as defined on the reverse hereof).  Interest on this Note (other than interest payable at maturity) shall be paid by wire transfer payable in immediately available funds to the Holder as its name appears on the register as of the close of business on the Regular Record Date to a bank located within the continental United States designated by such Holder in its request or by direct deposit into the account of such Holder designated by such Holder in its request if such account is maintained with the Trustee or any paying agent.
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH IN FULL ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH IN FULL AT THIS PLACE. 
Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof directly or through an Authenticating Agent by manual signature of an authorized officer, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.  
IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

SOUTH JERSEY GAS COMPANY

By:_______________________________
Title:_______________________________

     

Attest:__________________________
Title:___________________________

TRUSTEE’S CERTIFICATE  OF AUTHENTICATION
This Note is one of the Notes of the series herein designated, described or provided for in the within‐mentioned Indenture.

THE BANK OF NEW YORK MELLON,
as Trustee

Dated:  November 30, 2012

     By:_____________________
Authorized Officer

[FORM OF REVERSE OF NOTE]
SOUTH JERSEY GAS COMPANY MEDIUM TERM NOTES, SERIES D, 2012-2, TRANCHE B
This Note is one of a duly authorized issue of Medium Term Notes, Series D, 2012-2 (the “Notes of this Series”) of the Company issued and to be issued under an Indenture dated as of October 1, 1998 between the Company and The Bank of New York Mellon, as trustee (the “Trustee,” which term includes any successor Trustee under the Indenture) and indentures supplemental thereto (collectively, the “Indenture”) and pursuant to that certain Note Purchase Agreement dated as of September 20, 2012 among the Company and the purchasers listed therein, as amended (the “Note Purchase Agreement”).  Under the Indenture, one or more series of notes may be issued and, as used herein, the term “Notes” refers to the Notes of this Series and any other outstanding series of Notes. Reference is hereby made to the Indenture for a more complete statement of the respective rights, limitations of rights, duties and immunities under the Indenture of the Company, the Trustee and the Noteholders and of the terms upon which the Notes are and are to be authenticated and delivered.  Reference is also hereby made to the Note Purchase Agreement for certain rights and obligations of the Holder and the Company referred to in this Note as more fully set forth in the Note Purchase Agreement, the relevant provisions of which are incorporated by reference herein.  The Notes of this Series are limited in aggregate principal amount to $85,000,000, of which up to $50,000,000 aggregate principal amount are designated Medium Term Notes, Series D, 2011-2, Tranche A, and up to $35,000,000 aggregate principal amount are designated Medium Term Notes, Series D, 2012-2, Tranche B (“Tranche B Notes”).  This Note is a Tranche B Note.
Prior to the Substitution Date (as hereinafter defined), the Notes will be secured by first mortgage bonds (the “Pledged First Mortgage Bonds”) delivered by the Company to the Trustee for the benefit of the Holders of the Notes, issued under the Indenture of First Mortgage, dated October 1, 1947 from the Company to The Bank of New York Mellon, as successor trustee to Guarantee Bank and Trust Company (“Mortgage Trustee”), as supplemented and amended (the “Mortgage”).  Reference is made to the Mortgage and the Indenture for a description of the rights of the Trustee as holder of the Pledged First Mortgage Bonds, the property mortgaged and pledged under the Mortgage, the rights of the Company and of the Mortgage Trustee in respect thereof, the duties and immunities of the Mortgage Trustee, the terms and conditions upon which the Pledged First Mortgage Bonds are secured and the circumstances under which additional first mortgage bonds may be issued. 
FROM AND AFTER SUCH TIME AS ALL FIRST MORTGAGE BONDS (OTHER THAN PLEDGED FIRST MORTGAGE BONDS) ISSUED UNDER THE MORTGAGE HAVE BEEN RETIRED THROUGH PAYMENT, REDEMPTION OR OTHERWISE (INCLUDING THOSE 

FIRST MORTGAGE BONDS THE PAYMENT FOR WHICH HAS BEEN PROVIDED FOR IN ACCORDANCE WITH THE MORTGAGE) AT, BEFORE OR AFTER THE MATURITY THEREOF (THE “SUBSTITUTION DATE”), THE PLEDGED FIRST MORTGAGE BONDS SHALL CEASE TO SECURE THE NOTES IN ANY MANNER, AND THE NOTES OF THIS SERIES WILL BE SECURED BY FIRST MORTGAGE BONDS ISSUED UNDER AN INDENTURE OTHER THAN THE MORTGAGE IN ACCORDANCE WITH THE TERMS OF THE NOTE PURCHASE AGREEMENT.  IN CERTAIN CIRCUMSTANCES PRIOR TO THE SUBSTITUTION DATE AS PROVIDED IN THE INDENTURE, THE COMPANY IS PERMITTED TO REDUCE THE AGGREGATE PRINCIPAL AMOUNT OF A SERIES OF PLEDGED FIRST MORTGAGE BONDS HELD BY THE TRUSTEE, BUT IN NO EVENT PRIOR TO THE SUBSTITUTION DATE TO AN AMOUNT LESS THAN THE AGGREGATE OUTSTANDING PRINCIPAL AMOUNT OF THE RELATED SERIES OF NOTES INITIALLY ISSUED CONTEMPORANEOUSLY WITH SUCH PLEDGED FIRST MORTGAGE BONDS. 
The Company will make required prepayments of principal on the dates and in the amounts specified in the Note Purchase Agreement.  This Note is also subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise.
If an Event of Default, as defined in the Note Purchase Agreement, shall occur and be continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.
Interest payments for this Note shall be computed and paid on the basis of a 360‐day year of twelve 30‐day months.  Anything in the Note Purchase Agreement or the Indenture to the contrary notwithstanding (but without limiting the requirement in Section 8.4 of the Note Purchase Agreement that the notice of any optional prepayment specify a Business Day as the date fixed for such prepayment), any payment of principal of or Make-Whole Amount or interest on this Note that is due on a date other than a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; provided that if the maturity date of this Note is a date other than a Business Day, the payment otherwise due on such maturity date shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day. 
The Company, at its option, and subject to the terms and conditions provided in the Indenture, will be discharged from any and all obligations in respect of the Notes of this Series (except for certain obligations as specifically set forth in the Indenture) if the Company deposits with the Trustee 

money, U.S. Government Obligations which through the payment of interest thereon and principal thereof in accordance with their terms will provide money, or a combination of money and U.S. Government Obligations, in any event in an amount sufficient, without reinvestment, as certified by an independent public accounting firm of national reputation in a written certification delivered to the Trustee, to pay at maturity or the applicable redemption date (provided that notice of redemption shall have been duly given or irrevocable provision satisfactory to the Trustee shall have been duly made for the giving of any notice of redemption) all outstanding Notes of this Series, including principal and any premium and interest due or to become due to such date of maturity, as the case may be.  
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modifications of the rights and obligations of the Company and the rights of the Noteholders under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of the outstanding Notes affected by such amendment or modifications.  Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange therefor in lieu thereof whether or not notation of such consent or waiver is made upon the Note.  
If any Default or Event of Default has occurred and is continuing, and irrespective of whether this Note has become or has been declared immediately due and payable under the Note Purchase Agreement, the Holder of this Note at the time outstanding may proceed to protect and enforce the rights of such Holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained in the Note Purchase Agreement or in this Note, or for an injunction against a violation of any of the terms thereof or hereof, or in aid of the exercise of any power granted thereby or hereby or by law or otherwise.  
No reference herein to the Indenture and to provisions of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Note as prescribed herein or in the Indenture.  
As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Note register.  Upon surrender of this Note for registration or transfer at the corporate trust office of the Trustee or such other office or agency as may be designated by the Company in the city and state of New York, endorsed by or accompanied by a written instrument of transfer in form satisfactory to the Company and the Note registrar, duly executed by the Holder hereof or the attorney in fact of such Holder duly authorized in writing, one or more new Notes of like tenor and of authorized denominations and for the same aggregate principal amount will be issued to the designated transferee or transferees. 

The Notes of this Series are issuable only in registered form, without coupons, in denominations of $1,000 and any integral multiple thereof.  As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of like tenor and of a different authorized denomination, as requested by the Holder surrendering the same. 
No service charge shall be made for any such registration of transfer or exchange but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner thereof for all purposes, whether or not this Note is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. The Indenture and the Notes shall be governed by, and construed in accordance with, the laws of the State of New York. 
All capitalized terms used but not otherwise defined in this Note shall have the respective meanings assigned to them in the Indenture; provided, however, that the terms “Default” and “Event of Default” shall have the meanings assigned to them in the Note Purchase Agreement.  
ABBREVIATIONS
The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:  TEN COM - as tenants in common UNIF GIFT MIN ACT - ________________ Custodian ________________ (Cust) (Minor)  TEN ENT - as tenants by the entireties Under Uniform Gifts to Minors JT TEN - as joint tenants with right of survivorship and not as tenants in common.
Additional abbreviations may also be used though not in the above list.

FOR VALUE RECEIVED the undersigned hereby sell(s),  assign(s) and transfer(s) unto  PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE ___________________________________________. 
Please print or type name and address including postal zip code of assignee the within note and all rights thereunder, hereby irrevocably constituting and appointing attorney to transfer said note on the books of the Company, with full power of substitution in the premises. 

		
	Dated:_____________________ 
	         

NOTICE:  The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatever.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}]]