AMENDMENT NO. 1
Dated as of September 14, 2005
to
5-YEAR REVOLVING CREDIT AGREEMENT
Dated as of December 3, 2004
THIS AMENDMENT NO. 1 (this "Amendment") is made as of September 14,
2005 by and among Xxxxxxxx'x International, Inc. (the "Borrower"), the financial
institutions listed on the signature pages hereof (the "Lenders") and JPMorgan
Chase Bank, N.A. ("JPMCB"), as Administrative Agent (the "Administrative Agent")
under that certain 5-Year Revolving Credit Agreement dated as of December 3,
2004 by and among the Borrower, the Lenders, the Syndication Agents party
thereto and the Administrative Agent (as amended, the "Credit Agreement").
Capitalized terms used herein and not otherwise defined herein shall have the
respective meanings given to them in the Credit Agreement.
WHEREAS, the Borrower has requested certain modifications be made to
the Credit Agreement;
WHEREAS, the Borrower, the Lenders party hereto and the Administrative
Agent have agreed to amend the Credit Agreement on the terms and conditions set
forth herein;
NOW, THEREFORE, in consideration of the premises set forth above, the
terms and conditions contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Borrower, the Lenders party hereto and the Administrative Agent have agreed to
the following amendments to the Credit Agreement.
1. Amendments to Credit Agreement. Effective as of September 14, 2005
(the "Effective Date"), but subject to the satisfaction of the conditions
precedent set forth in Section 2 below, the Credit Agreement is hereby amended
as follows:
(a) The definition of "Aggregate Commitment" set forth in forth in
Section 1.1 of the Credit Agreement is amended and restated in its entirety as
follows:
"Aggregate Commitment" means the aggregate of the Commitments
of all of the Lenders, as may be adjusted from time to time pursuant to
the terms hereof. The Aggregate Commitment as of September 14, 2005 is
$200,000,000.
(b) The definition of "Commitment Schedule" set forth in forth in
Section 1.1 of the Credit Agreement is amended and restated in its entirety as
follows:
"Commitment Schedule" means the Schedule identifying
each Lender's Commitment as of September 14, 2005 attached
hereto and identified as such.
(c) Clause (a) of the proviso in the first sentence of Section 2.6.3(i)
of the Credit Agreement is amended to delete the reference therein to
"$200,000,000" and substitute "$250,000,000" therefor.
(d) The Commitment Schedule to the Credit Agreement is deleted in its
entirety and replaced with the "Commitment Schedule" attached hereto.
(e) Schedule 5.8 to the Credit Agreement is deleted in its entirety and
replaced with the "Schedule 5.8" attached hereto.
2. Conditions of Effectiveness. The effectiveness of this Amendment is
subject to the conditions precedent that the Administrative Agent shall have (a)
administered the reallocation of the Aggregate Outstanding Credit Exposure on
the Effective Date ratably among the Lenders after giving effect to the increase
of the Commitments of the Lenders pursuant to this Agreement and (b) received
(i) counterparts of this Amendment duly executed by the Borrower, each of the
Lenders and the Administrative Agent; (ii) counterparts of the Consent and
Reaffirmation attached hereto duly executed by each Guarantor; (iii) for the
account of each Lender, an upfront fee in an amount equal to 0.075% of the
amount of the incremental increase in such Lender's Commitment effected by this
Amendment; (iv) payment and reimbursement of the Administrative Agent's and the
Arranger's fees and reasonable out-of-pocket expenses (including reasonable
legal fees and expenses) in connection with this Amendment; (v) an opinion
letter of counsel to the Borrower relating to such corporate and other matters,
and in such form, as the Administrative Agent may reasonably request; (vi) a
copy, certified by the Secretary or Assistant Secretary of the Borrower, of the
resolutions of the Board of Directors of the Borrower, authorizing the execution
of this Amendment and the performance by the Borrower of its obligations
hereunder and under the Credit Agreement as amended hereby; and (vii) such other
instruments and documents as are reasonably requested by the Administrative
Agent.
3. Representations and Warranties and Covenants of the Borrower. The
Borrower hereby represents and warrants that (i) this Amendment and the Credit
Agreement as amended hereby constitute legal, valid and binding obligations of
the Borrower and are enforceable against the Borrower in accordance with their
terms and (ii) as of the date hereof and giving effect to the terms of this
Amendment, (x) there exists no Default or Unmatured Default and (y) the
representations and warranties contained in Article V of the Credit Agreement,
as amended hereby, are true and correct, except for representations and
warranties made with reference solely to an earlier date.
4. Reference to and Effect on the Credit Agreement.
(a) Upon the effectiveness hereof, each reference to the Credit
Agreement in the Credit Agreement or any other Loan Document shall mean and be a
reference to the Credit Agreement as amended hereby.
(b) Except as specifically amended above, the Credit Agreement and all
other documents, instruments and agreements executed and/or delivered in
connection therewith shall remain in full force and effect and are hereby
ratified and confirmed.
2
(c) The execution, delivery and effectiveness of this Amendment shall
not operate as a waiver of any right, power or remedy of the Administrative
Agent or the Lenders, nor constitute a waiver of any provision of the Credit
Agreement or any other documents, instruments and agreements executed and/or
delivered in connection therewith. The Administrative Agent and the Lenders
hereby reserve any and all rights which may now or hereafter exist in favor of
the Administrative Agent and the Lenders under the Credit Agreement.
5. GOVERNING LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
AND GOVERNED BY THE INTERNAL LAWS (INCLUDING, WITHOUT LIMITATION, 735 ILCS
105/5-1 ET SEQ., BUT OTHERWISE WITHOUT REGARD TO THE CONFLICT OF LAWS
PROVISIONS) OF THE STATE OF ILLINOIS, BUT GIVING EFFECT TO FEDERAL LAWS
APPLICABLE TO NATIONAL BANKS.
6. Headings. Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment
for any other purpose.
7. Counterparts. This Amendment may be executed by one or more of the
parties hereto on any number of separate counterparts, and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument.
[Signature Pages Follow]
3
IN WITNESS WHEREOF, this Amendment has been duly executed as of the day
and year first above written.
XXXXXXXX'X INTERNATIONAL, INC., as the Borrower
By /s/ Xxxxxxx X. Xxxxxx
-----------------------------------------------
Name: Xxxxxxx X. Xxxxxx
Title: Vice President
JPMORGAN CHASE BANK, N.A., as the Administrative
Agent, as Swing Line Lender, as LC Issuer and as
a Lender
By /s/ Xxxxxxx Xxxxxxxxx
------------------------------------------------
Name: Xxxxxxx Xxxxxxxxx
Title: Vice President
CITICORP LEASING, INC., as a Lender
By /s/ Xxxxx Xxxx
------------------------------------------------
Name: Xxxxx Xxxx
Title: Vice President
BANK OF AMERICA, N.A. (successor by merger to
Fleet National Bank), as a Lender
By /s/ Xxxxxxxxx X. Xxxxx
------------------------------------------------
Name: Xxxxxxxxx Xxxxx
Title: Principal
SUNTRUST BANK, as a Lender
By /s/ Xxxxxxx X. Xxxxxxx
------------------------------------------------
Name: Xxxxxxx X. Xxxxxxx
Title: Managing Director
THE BANK OF TOKYO-MITSUBISHI, LTD., CHICAGO
BRANCH, as a Lender
By /s/ Tsuguyuki Umene
------------------------------------------------
Name: Tsuguyuki Umene
Title: Deputy General Manager
FIFTH THIRD BANK, as a Lender
By /s/ Xxxxx X. Xxxxxx
------------------------------------------------
Name: Xxxxx X. Xxxxxx
Title: Vice President
WACHOVIA BANK, NATIONAL ASSOCIATION, as a Lender
By /s/ Xxxxxxx X. Xxxxxxx
------------------------------------------------
Name: Xxxxxxx X. Xxxxxxx
Title: Director
XXXXX FARGO BANK, N.A., as a Lender
By /s/ Xxxxxxx Xxxxxxx
------------------------------------------------
Name: Xxxxxxx Xxxxxxx
Title: Vice President
By /s/ Xxxxx Xxxxxxxxx
------------------------------------------------
Name: Xxxxx Xxxxxxxxx
Title: Vice President
COMMITMENT SCHEDULE
LENDER COMMITMENT
JPMorgan Chase Bank, N.A. $33,333,333.32
Bank of America, N.A. (successor by merger to Fleet National Bank) $26,666,666.67
SunTrust Bank $26,666,666.67
Citicorp Leasing, Inc. $26,666,666.67
The Bank of Tokyo-Mitsubishi, Ltd., Chicago Branch $26,666,666.67
Wachovia Bank, National Association $20,000,000.00
Xxxxx Fargo Bank, N.A. $20,000,000.00
Fifth Third Bank $20,000,000.00
AGGREGATE COMMITMENT $200,000,000.00
SCHEDULE 5.8
SUBSIDIARIES
Subsidiary State Owner
------------------------------------------------------ ---------------- ---------------------------------------------------
ACMC, Inc. CO Xxxxxxxx'x International, Inc. (100%)
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AII Services, Inc. KS Xxxxxxxx'x International, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
Xxxx Arundel Apple Holding Corporation MD Xxxxxxxx'x International, Inc. (89%)
Xxxxx Xxxxxxxx (10%)
Xxxx Xxxxx (1%)
------------------------------------------------------ ---------------- ---------------------------------------------------
Apple American Limited Partnership of Minnesota MN Applebee's of Minnesota, Inc. (25%LP interest);
Gourmet Systems of Minnesota, Inc. (75%GP
interest)
------------------------------------------------------ ---------------- ---------------------------------------------------
Applebee's Beverage, Inc. TX Xxxxxxxx'x International, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
Xxxxxxxx'x Neighborhood Grill & Bar of Georgia, Inc. GA Xxxxxxxx'x International, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
Applebee's Northeast, Inc. (formerly Pub Ventures of MA Xxxxxxxx'x International, Inc. (100%)
New England, Inc.) (Currently d/b/a as Gourmet
Systems of Main, Inc. in State of Maine)
------------------------------------------------------ ---------------- ---------------------------------------------------
Applebee's of Michigan, Inc. MI Xxxxxxxx'x International, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
Applebee's of Minnesota, Inc. MN Xxxxxxxx'x International, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
Applebee's of New Mexico, Inc. NM Xxxxxxxx'x International, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
Applebee's of New York, Inc. NY Xxxxxxxx'x International, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
Applebee's of Nevada, Inc. NV Xxxxxxxx'x International, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
Applebee's of Pennsylvania, Inc. PA Xxxxxxxx'x International, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
Applebee's of Texas, Inc. TX Xxxxxxxx'x International, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
Applebee's of Virginia, Inc. VA Xxxxxxxx'x International, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
Applebee's UK, LLC KS Xxxxxxxx'x International, Inc. (Sole Member)
------------------------------------------------------ ---------------- ---------------------------------------------------
Apple Vermont Restaurants, Inc. VT Applebee's Northeast, Inc. (formerly Pub Ventures
of New England, Inc.) (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
Gourmet Systems of Arizona, Inc. AZ Xxxxxxxx'x International, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
Gourmet Systems of California, Inc. CA Xxxxxxxx'x International, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
Gourmet Systems of Georgia, Inc. GA Xxxxxxxx'x International, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
Gourmet Systems, Inc. MO Xxxxxxxx'x International, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
Gourmet Systems of Kansas, Inc. KS Xxxxxxxx'x International, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
Gourmet Systems of Minnesota, Inc. MN Xxxxxxxx'x International, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
Gourmet Systems of Nevada, Inc. NV Xxxxxxxx'x International, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
Gourmet Systems of Tennessee, Inc. TN Xxxxxxxx'x International, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
GourmetWest of Nevada, Limited Liability Company NV Gourmet Systems of Nevada, Inc. (Managing Member)
50%; Applebee's of Nevada, Inc. (Non-Managing
Member) 50%
------------------------------------------------------ ---------------- ---------------------------------------------------
Innovative Restaurant Concepts, Inc. GA RB International, Inc. (formerly Rio Bravo
International, Inc.) (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
IRC Kansas, Inc. KS Innovative Restaurant Concepts, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
RB International, Inc. (formerly Rio Bravo KS Xxxxxxxx'x International, Inc. (100%)
International, Inc.)
------------------------------------------------------ ---------------- ---------------------------------------------------
Rio Bravo Services, Inc. KS RB International, Inc. (formerly Rio Bravo
International, Inc.) (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
Summit Restaurants, Inc. GA Innovative Restaurant Concepts, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
AFSS, Inc. KS Xxxxxxxx'x International, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
Applebee's Michigan Services, LLC MI Applebee's of Michigan, Inc. (Sole Member)
------------------------------------------------------ ---------------- ---------------------------------------------------
Applebee's of Xxxxxxx County, Inc. MD Applebee's of Virginia, Inc. (88%)
Xxxxxx Xxxxxx (1%)
Xxxx Xxxxxxxx (1%)
Xxxxx Xxxxx (10%)
------------------------------------------------------ ---------------- ---------------------------------------------------
Applebee's of Maryland, Inc. MD Applebee's of Virginia, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
Applebee's of St. Mary's County, Inc. MD Applebee's of Virginia, Inc. (83%)
Xxxxxx Xxxxxx (1%)
Xxxx Xxxxxxxx (1%)
Xxxxxx Xxxxxxxx Xxxxx Xxxxxx (15%)
------------------------------------------------------ ---------------- ---------------------------------------------------
Neighborhood Insurance, Inc. VT Xxxxxxxx'x International, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
A.I.I. Euro Services (Holland) B.V. Holland Xxxxxxxx'x International, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
AII Services - Europe, Limited England Xxxxxxxx'x International, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
3057649 Nova Scotia Unlimited Liability Company Nova Scotia, Gourmet Systems of Tennessee, Inc. (100%)
Canada
------------------------------------------------------ ---------------- ---------------------------------------------------
Applebee's Brazil, LLC KS Xxxxxxxx'x International (Sole Member)
------------------------------------------------------ ---------------- ---------------------------------------------------
Gourmet Systems of Brazil, LLC KS Xxxxxxxx'x International (Sole Member)
------------------------------------------------------ ---------------- ---------------------------------------------------
Applebee's Investments, LLC KS Xxxxxxxx'x International (Sole Member)
------------------------------------------------------ ---------------- ---------------------------------------------------
Gourmet Systems Beverage, Inc. TX Gourmet Systems of Texas, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
Gourmet Systems of Texas, Inc. TX Applebee's of Texas, Inc. (100%)
------------------------------------------------------ ---------------- ---------------------------------------------------
Applebee's Canada Corp. Nova Scotia, Gourmet Systems of Tennessee (100%)
Canada
------------------------------------------------------ ---------------- ---------------------------------------------------
Applebee's Restaurantes de Mexico S. de X.X. de C.V. Mexico Applebee's of New York, Inc. (99.9%)
Gourmet Systems of Tennessee (.01%)
------------------------------------------------------ ---------------- ---------------------------------------------------
CONSENT AND REAFFIRMATION
Dated as of September 14, 2005
Each of the undersigned hereby acknowledges receipt of a copy of the
foregoing Amendment No. 1 to the 5-Year Revolving Credit Agreement dated as of
December 3, 2004 (as the same may be amended, restated, supplemented or
otherwise modified from time to time, the "Credit Agreement") by and among
Xxxxxxxx'x International, Inc. (the "Borrower"), the financial institutions from
time to time party thereto (the "Lenders") and JPMorgan Chase Bank, N.A., in its
individual capacity as a Lender and in its capacity as contractual
representative of the Lenders (the "Administrative Agent"), which Amendment No.
1 is dated as of September 14, 2005 (the "Amendment"). Capitalized terms used in
this Consent and Reaffirmation and not defined herein shall have the meanings
given to them in the Credit Agreement. Without in any way establishing a course
of dealing by the Administrative Agent or any Lender, each of the undersigned
consents to the Amendment and reaffirms the terms and conditions of the Guaranty
and any other Loan Document executed by it and acknowledges and agrees that such
agreement and each and every such Loan Document executed by the undersigned in
connection with the Credit Agreement remains in full force and effect and is
hereby reaffirmed, ratified and confirmed. All references to the Credit
Agreement contained in the above-referenced documents shall be a reference to
the Credit Agreement as so modified by the Amendment and as the same may from
time to time hereafter be amended, modified or restated.
[Signature Pages Follow]
IN WITNESS WHEREOF, this Consent and Reaffirmation has been
duly executed as of the day and year first above written.
ACMC, INC.
AII SERVICES, INC.
XXXX ARUNDEL APPLE HOLDING CORPORATION
APPLE AMERICAN LIMITED PARTNERSHIP OF MINNESOTA
APPLEBEE'S BEVERAGE, INC.
XXXXXXXX'X NEIGHBORHOOD GRILL & BAR OF GEORGIA, INC.
APPLEBEE'S NORTHEAST, INC.
APPLEBEE'S OF MICHIGAN, INC.
APPLEBEE'S OF MINNESOTA, INC.
APPLEBEE'S OF NEW MEXICO, INC.
APPLEBEE'S OF NEW YORK, INC.
APPLEBEE'S OF NEVADA, INC.
APPLEBEE'S OF PENNSYLVANIA, INC.
APPLEBEE'S OF TEXAS, INC.
APPLEBEE'S OF VIRGINIA, INC.
APPLEBEE'S UK, LLC
APPLE VERMONT RESTAURANTS, INC.
GOURMET SYSTEMS OF ARIZONA, INC.
GOURMET SYSTEMS OF CALIFORNIA, INC.
GOURMET SYSTEMS OF GEORGIA, INC.
GOURMET SYSTEMS, INC.
GOURMET SYSTEMS OF KANSAS, INC.
GOURMET SYSTEMS OF MINNESOTA, INC.
GOURMET SYSTEMS OF NEVADA, INC.
GOURMET SYSTEMS OF TENNESSEE, INC.
GOURMETWEST OF NEVADA, LIMITED LIABILITY COMPANY
INNOVATIVE RESTAURANT CONCEPTS, INC.
IRC KANSAS, INC.
RB INTERNATIONAL, INC.
RIO BRAVO SERVICES, INC.
SUMMIT RESTAURANTS, INC.
AFSS, INC.
APPLEBEE'S MICHIGAN SERVICES, LLC
APPLEBEE'S OF XXXXXXX COUNTY, INC.
APPLEBEE'S OF MARYLAND, INC.
APPLEBEE'S OF ST. MARY'S COUNTY, INC.
NEIGHBORHOOD INSURANCE, INC.
GOURMET SYSTEMS OF BRAZIL, LLC
APPLEBEE'S BRAZIL, LLC
GOURMET SYSTEMS OF TEXAS, INC.
GOURMET SYSTEMS BEVERAGE, INC.
APPLEBEE'S INVESTMENTS, LLC
By: /s/ Xxxxxxx X. Xxxxxx
----------------------------------------
Name: Xxxxxxx X. Xxxxxx
Title: Vice President/Authorized Agent
