Document:

Exhibit 10.11

 

May 11,
2005

 

Ms. Brenda
I. Morris

Chief
Financial Officer

Zumiez
Inc.

6300
Merrill Creek Center Parkway, Suite B

Everett,
WA 98203-5862

 

This
Letter serves as a Modification to the Business Loan Agreement dated May 29,
2003, as subsequently amended June 6, 2003, and September 30, 2004,
(collectively referred to as “Agreements”) regarding a revolving line of credit
(the “Loan”), executed by ZUMIEZ INC. (“Borrower”)
and BANK OF AMERICA, N.A. (“Bank”).
Terms used in this Modification and defined in the Agreements shall have the
meaning given to such terms in the Agreements. For mutual consideration,
Borrower and Bank agree to amend the Agreements as follows:

 

As
referenced in Agreements, specifically:

Section 3.1: “Fees and Expenses”: Subsection “Fees”;
Paragraph c) “Unused Commitment Fee”

 

All
references to and requirements for Unused Commitment Fees, and as subsequently
amended, are hereby withdrawn and terminated, effective the date herein.

 

Other
Terms. Except as
specifically amended by this Modification or any prior amendment, all other
terms, conditions, and definitions of the Agreements, and all other documents,
instruments, or agreements entered into with regard to the Loan, shall remain
in full force and effect. Borrower warrants that the representations and
warranties made by Borrower in the Agreements continue to be true and correct,
except to the extent that such representations and warranties expressly relate
to an earlier date.

 

DATED as of May 11, 2005

 

Bank:

 

BANK OF AMERICA, N.A.

 

 

	
  By:

  	
  /s/ Curt G. Clausen

  	
   

  
	
    Curt G. Clausen, Senior Vice PresidentExhibit 4.1

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

UNLESS
AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF
DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH
SUCCESSOR.

 

 

	
  REGISTERED

  	
  REGISTERED

  
	
  NO. 001

  	
  PRINCIPAL AMOUNT

  
	
   

  	
   

  
	
  CUSIP No.
  29476L AC 1

  	
  $500,000,000

  

 

 

ERP OPERATING LIMITED PARTNERSHIP

 

5.125% Notes due March 15, 2016

 

ERP
Operating Limited Partnership, an Illinois limited partnership (the “Issuer,”
which term includes any successor under the Indenture hereinafter referred to),
for value received, hereby promises to pay to Cede & Co. or registered
assigns, the principal sum of Five Hundred Million Dollars on March 15, 2016
(the “Maturity Date”), and to pay interest thereon from September 13, 2005 (or from
the most recent Interest Payment Date to which interest has been paid or duly
provided for), semi-annually in arrears on March 15 and
September 15 of each year (each, an “Interest Payment Date”), commencing
on March 15, 2006, and on the Maturity Date, at the rate of 5.125% per
annum, until payment of said principal sum has been made or duly provided for.

 

The
interest so payable and punctually paid or duly provided for on any Interest
Payment Date and on the Maturity Date will be paid to the Holder in whose name
this Note (or one or more predecessor Notes) is registered at the close of
business on the “Record Date” for such payment, which will be the March 1
or September 1 next preceding such payment date or the Maturity Date, as
the case may be.  Any interest not so
punctually paid or duly provided for shall forthwith cease to be payable to the
Holder on such Record Date, and shall be paid to the Holder in whose name this
Note (or one or more predecessor Notes) is registered at the close of business
on a subsequent record date for the payment of such defaulted interest (which
shall be not less than five Business Days (as defined below) prior to the date
of the payment of such defaulted interest) established by notice given by mail
by or on behalf of the Issuer to the Holders of the Notes not less than 15 days
preceding such subsequent record date. 
Interest on this Note will be computed on the basis of a 360-day year of
twelve 30-day months.

 

The
principal of this Note payable on the Maturity Date will be paid against
presentation and surrender of this Note at the office or agency of the Issuer
maintained for that purpose in The Borough of Manhattan, The City of New
York.  The Issuer hereby initially
designates the Corporate Trust Office of the Trustee in The City of New York as
the office to be maintained by it where Notes may be presented for payment,
registration of transfer, or exchange and where notices or demands to or upon
the Issuer in respect of the Notes or the Indenture referred to on the reverse
hereof may be served.

 

Interest
payable on this Note on any Interest Payment Date and on the Maturity Date, as
the case may be, will be the amount of interest accrued from and including the
immediately preceding Interest Payment Date (or from and including September
13, 2005, in the case of the initial Interest Payment Date) to but excluding
the applicable Interest Payment Date or the Maturity Date, as the case may
be.  If any Interest Payment Date other
than the Maturity Date would otherwise be a day that is not a Business Day (as
defined below), such Interest Payment Date will be postponed to

 

 

the succeeding Business Day.  If
the Maturity Date falls on a day that is not a Business Day, principal and
interest payable on the Maturity Date will be paid on the succeeding Business
Day with the same force and effect as if it were paid on the date such payment
was due, and no interest will accrue on the amount so payable for the period
from and after the Maturity Date.  “Business
Day” means any day, other than a Saturday or a Sunday on which banking
institutions in The City of New York are not required or authorized by law or
executive order to close.

 

Payments
of principal and interest in respect of this Note will be made by wire transfer
of immediately available funds in such coin or currency as at the time of
payment is legal tender for the payment of public and private debts.

 

Reference
is made to the further provisions of this Note set forth on the reverse
hereof.  Such further provisions shall
for all purposes have the same effect as though fully set forth at this place.

 

This
Note shall not be entitled to the benefits of the Indenture referred to on the
reverse hereof or be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been signed by the Trustee
under such Indenture.

 

*    *    *   
*    *

 

2

 

IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed
manually or by facsimile by its duly authorized officers.

 

 

	
  Dated:
  September 13, 2005

  	
  ERP
  OPERATING LIMITED PARTNERSHIP, as Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  EQUITY
  RESIDENTIAL,

  
	
   

  	
   

  	
  not
  individually but as General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Donna
  Brandin

  
	
   

  	
  Its:

  	
  Executive
  Vice President and Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Yasmina
  Duwe

  
	
   

  	
  Its:

  	
  First
  Vice President, Associate General Counsel

  
	
   

  	
   

  	
  and
  Assistant Secretary

  

 

 

TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

 

This
is one of the Securities of the series designated herein referred to in the
within-mentioned Indenture.

 

	
   

  	
  J.P.
  MORGAN TRUST COMPANY,

  
	
   

  	
  NATIONAL
  ASSOCIATION, SUCCESSOR IN

  
	
   

  	
  INTEREST
  TO BANK ONE, N.A., as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized Officer

  

 

3

 

[REVERSE OF NOTE]

 

ERP OPERATING LIMITED PARTNERSHIP

 

5.125% Notes due March 15, 2016

 

 

This
security is one of a duly authorized issue of debentures, notes, bonds, or
other evidences of indebtedness of the Issuer (hereinafter called the “Securities”)
of the series hereinafter specified, all issued or to be issued under and
pursuant to (i) an Indenture dated as of October 1, 1994 as
supplemented from time to time (herein called the “Indenture”), duly executed
and delivered by the Issuer to J.P. Morgan Trust Company, National Association
(as successor in interest to Bank One Trust Company, N.A., successor to The
First National Bank of Chicago) as Trustee (herein called the “Trustee,” which
term includes any successor trustee under the Indenture with respect to the
series of Securities of which this Note is a part), and (ii) an Officers’
Certificate dated the date hereof (the “Officers’ Certificate”), duly executed
by authorized officers of the Issuer, pursuant to Section 301 of the
Indenture to which Officers’ Certificate and Indenture and all Indentures supplemental
thereto reference is hereby made for a description of the rights, limitations
of rights, obligations, duties, and immunities thereunder of the Trustee, the
Issuer, and the Holders of the Securities, and of the terms upon which the
Securities are, and are to be, authenticated and delivered.  The Securities may be issued in one or more
series, which different series may be issued in various aggregate principal
amounts, may mature at different times, may bear interest (if any) at different
rates, may be subject to different redemption provisions (if any), and may
otherwise vary as provided in the Indenture. 
This Security is one of a series designated as the 5.125% Notes due
March 15, 2016 of the Issuer, limited in aggregate principal amount to $500,000,000.

 

In
case an Event of Default with respect to the 5.125% Notes due March 15, 2016
have occurred and be continuing, the principal hereof and Make-Whole Amount (if
any) may be declared, and upon such declaration shall become, due and payable,
in the manner, with the effect, and subject to the conditions provided in the
Indenture.

 

The
Issuer may redeem the Securities, at any time in whole or from time to time in
part, at the election of the Issuer, at a redemption price equal to the sum of
(i) the principal amount of the Securities being redeemed plus accrued
interest thereon to the Redemption Date and (ii) the Make-Whole Amount, if
any, with respect to such Securities (the “Redemption Price”).  For purposes of the Notes, the Reinvestment
Rate will be determined using 0.20% as specified in the Officers’ Certificate
in lieu of the percentage contained in the Indenture.  Notice of any optional redemption of any
Securities will be given to Holders at their addresses, as shown in the
Security Register, not more than 60 nor less than 30 days prior to the date
fixed for redemption.  The notice of
redemption will specify, among other items, the Redemption Price and the
principal amount of the Securities held by such Holder to be redeemed.

 

The
Indenture contains provisions for defeasance of (i) the entire
indebtedness of the 5.125% Notes due March 15, 2016 or (ii) certain
covenants and events of default with respect to the Notes, in each case upon
compliance with certain conditions set forth in the Indenture, which provisions
apply to these Notes.

 

The
Indenture contains provisions permitting the Issuer and the Trustee, with the
consent of the Holders of not less than a majority of the aggregate principal
amount of the Securities at the time Outstanding of all series to be affected
(voting as one class), evidenced as provided in the Indenture, to execute
supplemental Indentures adding any provisions to or changing in any manner or
eliminating any of the provisions of the Indenture or of any supplemental
Indenture or modifying in any manner the rights of the Holders of the
Securities of each series; provided, however, that no such supplemental
Indenture shall, without the consent of the Holder of each Security so
affected, (i) change the final maturity of any Security, or reduce the
principal amount thereof or any premium thereon, or reduce the rate or extend
the time of payment of any interest thereon, or impair or affect the rights of
any Holder to institute suit for the payment on any Security, or (ii) reduce
the aforesaid percentage of Securities, the Holders of which are required to
consent to any such supplemental Indenture, or (iii) reduce the percentage
of Securities, the Holders of which are required to consent to any waiver of
compliance with certain provisions of the Indenture or any waiver of certain
defaults thereunder.  It is also provided
in the Indenture that, with respect to certain defaults or Events of Default
regarding the Securities of any series, the Holders of a majority in aggregate
principal amount outstanding of the Securities of such series (or, in the case
of certain defaults or Events of Default, all series of Securities) may on
behalf of the Holders of all the Securities of such series (or all of the
Securities, as the case may be) waive any such past default or Event of Default
and its consequences, prior to any declaration accelerating the maturity of
such Securities; or, subject to certain conditions, may rescind a

 

4

 

declaration of acceleration and its consequences with respect to such
Securities.  Any such consent or waiver
by the Holder of this security (unless revoked as provided in the Indenture)
shall be conclusive and binding upon such Holder and upon all future Holders
and owners of this security and any securities that may be issued in exchange
or substitution herefor, irrespective of whether or not any notation thereof is
made upon this security or such other securities.

 

No
reference herein to the Indenture and no provision of this security or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute
and unconditional, to pay the principal of and any Make-Whole Amount and
interest on this security in the manner, at the respective times, at the rate
and in the coin or currency herein prescribed.

 

This
security is issuable only in registered form without coupons in denominations
of $1,000 and integral multiples thereof. 
Securities may be exchanged for a like aggregate principal amount of
securities of this series of other authorized denominations at the office or
agency of the Issuer in The Borough of Manhattan, The City of New York, in the
manner and subject to the limitations provided in the Indenture, but without
the payment of any service charge except for any tax or other governmental
charge imposed in connection therewith.

 

Upon
due presentment for registration of transfer of Securities at the office or
agency of the Issuer in The Borough of Manhattan, The City of New York, a new
Security or Securities of the same series of authorized denominations in an
equal aggregate principal amount will be issued to the transferee in exchange
therefor, subject to the limitations provided in the Indenture, without charge
except for any tax or other governmental charge imposed in connection
therewith.

 

The
Issuer, the Trustee, and any authorized agent of the Issuer or the Trustee may
deem and treat the Person in whose name this Security is registered as the
absolute owner of this Security (whether or not this security shall be overdue
and notwithstanding any notation of ownership or other writing hereon), for the
purpose of receiving payment of, or on account of, the principal hereof and
Make-Whole Amount, if any, and subject to the provisions on the face hereof,
interest hereon, and for all other purposes, and neither the Issuer nor the
Trustee nor any authorized agent of the Issuer or the Trustee shall be affected
by any notice to the contrary.

 

The
Indenture and each Security shall be deemed to be a contract under the laws of
the State of New York, and for all purposes shall be construed in accordance
with the laws of such state, except as may otherwise be required by mandatory
provisions of law.

 

Terms
used herein that are defined in the Indenture or in the Officers’ Certificate
shall have the respective meanings assigned thereto in the Indenture or the
Officers’ Certificate, as the case may be.

 

5

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