Document:

Side letter agreement, dated April 1, 2002

 
Exhibit 10.11.1

 
[West Marine Finance Company, Inc.
Letterhead] 
 
April 1,
2002 
 
Wells Fargo Bank

Attn: Mr. Patrick Bishop 
65 West Alisal Street, 2nd Floor 
Salinas, CA 93901 
 

	 	Re:	 	$100,000,000 Line of Credit from Wells Faro Bank. National Association 

	 	    	 	and other Lenders, to West Marine Finance Company.
Inc.                          

 
Gentlemen: 
 
This side letter agreement is executed in connection with that certain Credit Agreement dated as of March 1,
2002, in connection with the above-referenced line of credit (the “Credit Agreement”). This letter shall clarify the understanding between Agent and Borrower that, with respect to the definition of “Fixed Charge Coverage Ratio”
set forth in the Credit Agreement, the term “maintenance capital expenditures” shall mean the following: 
 
maintenance capital expenditure shall mean a Capital Expenditure for the maintenance or repair of the Borrower’s, Parent’s and
their Subsidiaries’ Property, but excluding: (i) any capital expenditures made from the proceeds of insurance; and (ii) the acquisition of new Property, except as such acquisition may be required to complete such maintenance or repair, and
shall be calculated in a manner that is consistent with the Projections. 
 
Capitalized terms used herein and not defined shall have the meanings set forth for them in the Credit Agreement. Except as set forth herein, the Credit Agreement shall remain unmodified and in full force and effect.

 

	 WEST MARINE FINANCE COMPANY, INC.

	
	 By:
	 	 /s/    ERIC
NELSON        

	 	 	 Eric Nelson
 Vice President – Finance

 
The foregoing is acknowledged and agreed to: 
 
“Agent” 
 
WELLS FARGO BANK, NATIONAL ASSOCIATION 
 

	
	 By:
	 	 /s/    PATRICK
BISHOP        

	 	 	 Patrick Bishop
 Vice PresidentAmendment No. 1 to Credit Agreement

 
Exhibit 10.13.1

 
AMENDMENT NO. 1 TO CREDIT AGREEMENT 
 
This AMENDMENT NO. 1 TO CREDIT AGREEMENT (this
“Amendment”), dated as of February 20, 2003 is entered into by and among WEST MARINE FINANCE COMPANY, INC., a California corporation (“Borrower”), each lender whose name is set forth on the signature pages hereof or
which may hereafter execute and deliver an Assignment and Acceptance with respect to the Credit Agreement pursuant to Section 11.8 of the Credit Agreement (collectively, the “Lenders” and individually, a “Lender”),
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Issuing Lender and an Arranger, with respect to the following: 
 
A. Borrower, Wells Fargo Bank, National Association and Union Bank of California, N.A. have previously entered into that certain Credit
Agreement dated as of January 14, 2003 (as the same may be amended, restated, supplemented or otherwise modified from time to time, including, but not limited to, by this Amendment, the “Credit Agreement”). Capitalized terms are
used in this Amendment as defined in the Credit Agreement, unless otherwise defined herein. 
 
B. The parties hereto wish to amend the Credit Agreement as set forth in this Amendment. 
 
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows: 
 
1. Requisite
Lenders. 
 
(a) The definition of
“Requisite Lenders” in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows: 
 
“Requisite Lenders” means at any time Lenders owed or holding in the aggregate more than 50% of the
sum of (a) the then aggregate unpaid principal amount of the Advances plus (b) the then Aggregate Effective Amount (to the extent not then included as Advances) plus (c) the then aggregate unused portion of the
Commitments, provided that if there are three (3) or more Lenders, in no event shall Requisite Lenders be fewer than three (3) Lenders. 
 
2. Appraisals. Section 5.13 of the Credit Agreement is hereby amended and restated in its entirety as follows: 
 
5.13 Appraisals. Borrower agrees that
(a) during the existence of an Event of Default or upon the written request of any Lender acting pursuant to any Requirement of Law, the Administrative Agent may, at the expense of Borrower, commission an appraisal of any property (including,
without limitation, inventory) (i) to which any Party holds legal title and (ii) which is encumbered by any Security Document and (b) without limiting the foregoing, upon the written request of the Requisite Lenders, 
 

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the
Administrative Agent may, at the expense of Borrower, commission an appraisal of any or all inventory to which any Party holds legal title. 
 
3. Section 5.15(a). Section 5.15(a) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 
(a) No later than March 7,
2003, the Parties shall provide the Administrative Agent with a guaranty and such security agreements in form and substance reasonably satisfactory to the Administrative Agent from West Marine Canada Corp. together with an opinion regarding West
Marine Canada Corp. and such documents in form and substance reasonably satisfactory to the Administrative Agent and do all things necessary and reasonably requested by the Administrative Agent to provide the Administrative Agent with a first
perfected Lien on the Collateral pledged by West Marine Canada Corp. (subject only to Permitted Encumbrances). 
 
4. Representations and Warranties in the Credit Agreement. Borrower hereby confirms that the representations and warranties
contained in the Credit Agreement are (before and after giving effect to this Amendment) true and correct in all material respects and no Default or Event of Default has occurred and is continuing. 
 
5. Conditions Precedent. The amendments in Sections
1, 2 and 3 of this Amendment shall be effective upon the Administrative Agent’s receipt of (a) counterparts of this Amendment executed by Borrower, the Administrative Agent and the Lenders and executed counterparts of the Guarantors’
consent to this Amendment, sufficient in number for distribution to the Administrative Agent, the Lenders and Borrower and (b) a fully executed letter agreement concerning the Fee Letter in form and substance satisfactory to the Administrative
Agent. The Administrative Agent will provide notice to Borrower and the Lenders when the conditions above have been satisfied. 
 
6. Reaffirmation. Except as amended by the terms herein, the Credit Agreement and each other Loan Document remains in full force
and effect and Borrower hereby reaffirms and ratifies the Credit Agreement and each other Loan Document. This Amendment contains the entire agreement of the parties hereto and supersedes any and all prior agreements or understandings between the
parties, written or oral, respecting the subject matter hereof. If there is any conflict between the terms and provisions of this Amendment and the terms and provisions of the Credit Agreement or any other Loan Document, the terms and provisions of
this Amendment shall govern. 
 
7.
Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 
 
8. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF CALIFORNIA APPLICABLE TO CONTRACTS MADE AND PERFORMED IN CALIFORNIA. 
 

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9. Waiver
of Right to Trial by Jury. EACH PARTY TO THIS AMENDMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AMENDMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE
DEALINGS OF THE PARTY HERETO OR ANY OF THEM WITH RESPECT TO THIS AMENDMENT, OR THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY
AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AMENDMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN
EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
 
10. Attorneys’ Fees and Other Costs. Borrower agrees to pay, on demand, all reasonable attorneys’ fees and costs (and allocated costs of attorneys employed by the Administrative Agent
) incurred in connection with the negotiation, documentation and execution of this Amendment. 
 
11. Miscellaneous. This Amendment is a Loan Document as defined in the Credit Agreement, and the provisions of the Credit Agreement generally applicable to Loan Documents are applicable hereto
and incorporated herein by this reference. 
 
[This
Space Intentionally Left Blank] 
 

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

	 WEST MARINE FINANCE COMPANY, INC.,
 a California corporation

	
	 By:
	 	 /s/    ERIC
NELSON        

	 Name:
	 	 Eric Nelson

	 Title:
	 	 Vice President, Finance and Chief
 Accounting Officer

 

	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION,
 as Administrative Agent

	
	 
	
	 By:
	 	 /s/    PATRICK BISHOP
        

	 Name:
	 	 Patrick Bishop

	 Title:
	 	 Vice President

 

	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION,
 as a Lender, the Issuing Lender and
 the Swing Line Lender

	
	 
	
	 By:
	 	 /s/    PATRICK BISHOP
        

	 Name:
	 	 Patrick Bishop

	 Title:
	 	 Vice President

 

	 UNION BANK OF CALIFORNIA, N.A.,
 as a Lender

	
	 
	
	 By:
	 	 /s/    WILLIAM E. HINCH
        

	 Name:
	 	 William E. Hinch

	 Title:
	 	 Vice President

 
Each of the
undersigned hereby acknowledges and consents to the foregoing Amendment and confirms and agrees that the Guaranty Agreement dated as of January 14, 2003 executed by it in favor of the Administrative Agent and the Lenders remains in full force and
effect in accordance with its terms and is hereby reaffirmed and ratified by each of the undersigned and each of the undersigned hereby confirms that the representations and warranties contained in the Guaranty Agreement dated as of January 14, 2003
(including any incorporated by reference to the Credit Agreement) are (before and after giving effect to this Amendment) true and correct in all material respects. 
 
WEST MARINE, INC., 
a Delaware corporation 
 

	
	 By:
	 	 /s/    ERIC
NELSON      

	 Name:
 Title:
	 	 Eric Nelson
 Vice President, Finance and Chief
 Accounting
Officer

 
WEST MARINE PRODUCTS, INC., 
a California corporation 
 

	
	 By:
	 	 /s/    ERIC
NELSON      

	 Name:
 Title:
	 	 Eric Nelson
 Vice President, Finance and Chief
 Accounting
Officer

 
WEST MARINE PUERTO RICO, INC., 
a California corporation 
 

	
	 By:
	 	 /s/    ERIC
NELSON      

	 Name:
 Title:
	 	 Eric Nelson
 Vice President, Finance and Chief
 Accounting
Officer

 
W MARINE MANAGEMENT COMPANY, INC., 
a California corporation 
 

	
	 By:
	 	 /s/    ERIC
NELSON      

	 Name:
 Title:
	 	 Eric Nelson
 Vice President, Finance and Chief
 Accounting
Officer

 
WEST MARINE LBC, INC., 
a California corporation 
 

	
	 By:
	 	 /s/    ERIC
NELSON      

	 Name:
 Title:
	 	 Eric Nelson
 Vice President, Finance and Chief
 Accounting
Officer

 
WEST MARINE IHC I, INC., 
a California corporation 
 

	
	 By:
	 	 /s/    ERIC
NELSON      

	 Name:
 Title:
	 	 Eric Nelson
 Vice President, Finance and Chief
 Accounting
Officer

 
E&B MARINE INC., 
a Delaware corporation 
 

	
	 By:
	 	 /s/    ERIC
NELSON      

	 Name:
 Title:
	 	 Eric Nelson
 Vice President, Finance and Chief
 Accounting
Officer

 

2 

 
E & B MARINE LBC, INC., 
a California corporation 
 

	
	 By:
	 	 /s/    ERIC
NELSON      

	 Name:
 Title:
	 	 Eric Nelson
 Vice President, Finance and Chief
 Accounting
Officer

 
E & B MARINE IHC I, INC., 
a California corporation 
 

	
	 By:
	 	 /s/    ERIC
NELSON      

	 Name:
 Title:
	 	 Eric Nelson
 Vice President, Finance and Chief
 Accounting
Officer

 
E & B MARINE SUPPLY, INC., 
a New Jersey corporation 
 

	
	 By:
	 	 /s/    ERIC
NELSON      

	 Name:
 Title:
	 	 Eric Nelson
 Vice President, Finance and Chief
 Accounting
Officer

 
E & B MARINE SUPPLY, INC., 
a Maryland corporation 
 

	
	 By:
	 	 /s/    ERIC
NELSON      

	 Name:
 Title:
	 	 Eric Nelson
 Vice President, Finance and Chief
 Accounting
Officer

 

3 

 
GOLDBERGS’ MARINE DISTRIBUTORS, INC., 
a Delaware corporation 
 

	
	 By:
	 	 /s/    ERIC
NELSON      

	 Name:
 Title:
	 	 Eric Nelson
 Vice President, Finance and Chief
 Accounting
Officer

 
JAMES BLISS & CO., INC., 
a Massachusetts corporation 
 

	
	 By:
	 	 /s/    ERIC
NELSON      

	 Name:
 Title:
	 	 Eric Nelson
 Vice President, Finance and Chief
 Accounting
Officer

 
SEA RANGER MARINE INC., 
a Delaware corporation 
 

	
	 By:
	 	 /s/    ERIC
NELSON      

	 Name:
 Title:
	 	 Eric Nelson
 Vice President, Finance and Chief
 Accounting
Officer

 
KRISTA CORPORATION, 
a Delaware corporation 
 

	
	 By:
	 	 /s/    ERIC
NELSON      

	 Name:
 Title:
	 	 Eric Nelson
 Vice President, Finance and Chief
 Accounting
Officer

 

4 

 
CENTRAL MARINE SUPPLY, INC., 
a New Jersey corporation 
 

	
	 By:
	 	 /s/    ERIC
NELSON      

	 Name:
 Title:
	 	 Eric Nelson
 Vice President, Finance and Chief
 Accounting
Officer

 

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