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EXHIBIT 10.38
[Bank Logo] LOAN MODIFICATION AGREEMENT
This agreement amends the Revolving Note dated March 31, 1997 ("Note") and
the Credit Agreement dated March 31, 1997 ("Credit Agreement"), each executed by
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. ("Borrower") in favor of BANK OF
AMERICA, N.A. ("Bank"), regarding a loan in the maximum principal amount of
$30,000,000.00 (the "Loan"), which currently has a maximum principal amount of
$50,000,000.00. For mutual consideration, Borrower and Bank agree to amend the
above loan documents as follows:
1. MATURITY DATE. The maturity date of the Note is changed to June 29,
2001. Section 1.31 of the Credit Agreement is amended to change the "Termination
Date" to June 29, 2001.
2. TANGIBLE NET WORTH. Section 6.2 of the Credit Agreement, delete the
word "Tangible" and increase to $250,000,000.00.
3. DEBT RATIO. Section 6.4 of the Credit Agreement, delete the word
"Tangible".
4. OTHER TERMS. Except as specifically amended by this agreement or any
prior amendment, all other terms, conditions, and any definitions of the Note,
Credit Agreement, and all other security agreements, guaranties, deeds of trust,
mortgages, and other instruments or agreements entered into with regard to the
Loan shall remain in full force and effect.
DATED June 30, 2000
Bank: Borrower:
BANK OF AMERICA, N.A. EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
By: /s/ Stan Diddams By: /s/ R. Jordan Gates
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Title: Vice President Title: Executive Vice President-CFO and Treasurer
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By: /s/ Charles J. Lynch
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Title: Vice President-Corporate Controller
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