Amendment dated as of September 3, 1997, to Master Note Agreement,
dated June 10, 1985, as amended (the "Agreement") by and between
Nordstrom Credit, Inc. and ▇▇▇▇▇▇ Guaranty Trust Company of New York, as
custodian, fiduciary and advisor.
WHEREAS, the parties hereto wish to amend the Agreement so as to
change the rate at which interest under the Agreement is computed;
Now, Therefore, the parties hereto agree as follows:
1. The third paragraph of the Agreement is deleted in its entirety
and the following is inserted in lieu thereof:
The principal amount of each such note shall be specified from time to
time in the manner hereinafter provided. Each such note shall be dated
as of the date of its issue and shall bear interest from said date on
the principal amount from time to time outstanding, payable on the first
day of each month, at a rate per annum for each day equal to the One
Month LIBOR Rate (as hereinafter defined) for such day, less fourteen
(14) basis points, or, if such day is not a business day, the rate for
the immediately preceding business day. For the purposes of this
Agreement the term One Month LIBOR Rate shall mean the one month USD
LIBOR Rate (British Bankers Association) quoted on page 3750 of
Telerate. If the One Month LIBOR Rate is not available for any business
day, the applicable rate for such day shall be the one month LIBOR rate
for such day as determined by you, in a commercially reasonable manner,
on the basis of quotations received by you from three U.S. money center
banks of recognized standing. For purposes of computing interest,
principal amounts loaned hereunder shall be deemed to be outstanding on
the date loaned but not on the date repaid.
2. Except as hereby expressly amended, the Agreement and all the
terms, conditions and provisions thereof shall continue in full force
and effect.
IN WITNESS WHEREOF, the parties have hereto set their names as at the
date first above written.
▇▇▇▇▇▇ GUARANTY TRUST COMPANY NORDSTROM CREDIT, INC.
OF NEW YORK
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ By: /s/▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
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Title: Vice President Title: President
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