EXHIBIT 10(x)
February 11, 1997
W. ▇▇▇▇ ▇▇▇▇▇
Vice President, Treasurer
Pancho's Mexican Buffet
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇
Re: Revolving Credit and Term Loan Agreement ("Agreement")
dated as of February 16, 1994, as amended by and between PMB
Enterprises West, Inc. ("Borrower") and ▇▇▇▇▇ Fargo Bank
("Texas"), National Association, formerly First Interstate Bank
of Texas, N.A. ("Bank").
Dear ▇▇▇▇:
This letter will constitute an amendment to the Agreement. The
changes to the Agreement and the effective dates, thereof, are
as follows:
Quarterly Commitment Reduction - March 31, 1997 commitment
reduction is waived, beginning with June 30, 1997 the
commitment will be reduced by $500,000 and by the same amount
for each quarter thereafter.
Section 9.10 - EBITDA Covenant. EBITDA (Operating Income plus
Depreciation and Amortization), on a rolling 3 months,
calculated monthly must be greater than or equal to the
following: for the months January 1997 through and including
May 1997 the covenant is not required; thereafter the
requirement will be $500,000. The effective date is January
31, 1997.
Section 3 of the Agreement is hereby amended as follows:
"Termination Date" shall mean (i) January 31, 1998, or (ii)
such later date to which the Revolving Credit Period is
extended pursuant to section 2.01(b) in the Agreement.
By executing this amendment, the Borrower warrants and
represents that it is not in default of any of the terms under
this Agreement as amended by this letter. The above amendments
are the ONLY changes to the Agreement. The Bank reserves all
its rights and remedies under the Agreement.
Please execute the letter by signing in the "Acceptance" space
indicated on this page and return the original to me. Please
make a copy for your files.
Very Truly Yours,
/s/▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
Vice President
Accepted and Agreed upon:
By: /s/ W. ▇▇▇▇ ▇▇▇▇▇
Title: VP - Treasurer & Controller
Company: PMB Enterprises West Inc. & Pancho's Mexican Buffet,
Inc.
Date: 2-12-97
