Exhibit
10.1 Twelfth Amendment between Redhook Ale Brewery, Incorporated and U.S. Bank
National Association
TWELFTH AMENDMENT
TO AMENDED AND RESTATED CREDIT AGREEMENT
This Twelfth Amendment to Amended and Restated Credit Agreement ("Amendment"),
effective as of January 30, 2006, is made and entered into by and between
REDHOOK ALE BREWERY, INCORPORATED, a Washington corporation ("Borrower"), and
U.S. BANK NATIONAL ASSOCIATION, a national banking association, ("U.S. Bank").
Words and phrases with initial capital letters have the meanings given to them
in Article I of this Amendment.
RECITALS:
A. On or about June 5, 1995, U.S. Bank and Borrower entered into that certain
amended and restated credit agreement (together with all amendments,
supplements, exhibits, and modifications thereto, the "Credit Agreement"),
whereby U.S. Bank agreed to make loans and advances of credit to Borrower on the
terms and conditions set forth therein.
B. Borrower and U.S. Bank have entered into eleven amendments to the Credit
Agreement dated as of July 25, 1996; September 15, 1997; February 22, 1999;
August 10, 2000; June 19, 2001; December 31, 2001; as of June 21, 2002; as of
March 18, 2003; as of October 31, 2003; as of February 9, 2004 and as of
September 28, 2004.
C. Borrower and U.S. Bank have agreed to amend the Credit Agreement again as
set forth in this Amendment.
NOW, THEREFORE, in consideration of the mutual covenants and conditions set
forth herein, the parties agree as follows:
ARTICLE I. DEFINITIONS AND AMENDMENT
1.1 Defined Terms
As used in this Amendment, words and phrases with initial capital letters shall
have the meanings given to them in the Credit Agreement, except as otherwise
defined herein, or as the context otherwise requires.
1.2 Incorporation of Recitals and Exhibits
The foregoing recitals are incorporated into this Amendment by reference. All
references to "Exhibits" contained herein are references to exhibits attached to
this Amendment, the terms and conditions of which are made a part of this
Amendment for all purposes.
1.3 Amendment
The Credit Agreement and the other Loan Documents are hereby amended as set
forth herein. Except as specifically provided herein, all of the terms and
conditions of the Credit Agreement and each of the other Loan Documents and all
amendments thereto shall remain in full force and effect throughout the terms of
the Loans and any extensions or renewals thereof.
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ARTICLE II. NEGATIVE COVENANT
2.1 Consolidated Tangible Net Worth
Beginning with the fiscal year end December 31, 2005 reporting period, Section
7.15 of the Credit Agreement is hereby deleted in its entirety from the Credit
Agreement:
ARTICLE III. CONDITIONS PRECEDENT
U.S. Bank shall have no obligation to modify the terms of the Credit Agreement
as provided in this Amendment unless the following conditions have been
fulfilled to the satisfaction of U.S. Bank:
(a) U.S. Bank shall have received this Amendment, duly executed and delivered
by Borrower.
(b) There shall not then exist any Default or Event of Default as of the date
hereof.
(c) All representations and warranties of Borrower contained herein or made in
writing in connection herewith shall be true and correct as of the date hereof.
(d) U.S. Bank shall have received, duly executed and delivered by Borrower,
such financing statements or other instruments, in form and substance
satisfactory to U.S. Bank, that U.S. Bank may deem appropriate to perfect its
security interests in any Collateral.
(e) All corporate proceedings of Borrower and its Subsidiaries shall be
satisfactory in form and substance to U.S. Bank, and U.S. Bank shall have
received all information and copies of all documents, including records of all
corporate proceedings, that U.S. Bank has requested in connection therewith,
such documents where appropriate to be certified by proper corporate authorities
or Governmental Bodies.
ARTICLE IV. GENERAL PROVISIONS
4.1 Representations and Warranties
Borrower hereby represents and warrants to U.S. Bank that, to the best knowledge
and belief of Borrower, as of the date of this Amendment, there exists no
Default or Event of Default. All representations and warranties of Borrower
contained in the Credit Agreement and the other Loan Documents, or otherwise
made in writing in connection therewith, are true and correct as of the date of
this Amendment. Borrower acknowledges and agrees that all of Borrower's
Indebtedness to U.S. Bank is payable without offset, defense, counterclaim or
claim of recoupment.
4.2 Security
The parties acknowledge and agree that all security agreements, financing
statements, and other Loan Documents creating, perfecting, or evidencing U.S.
Bank's security interest in the Collateral shall remain in full force and effect
and shall secure and shall continue to secure payment and performance of all
Loans and other Indebtedness of Borrower to U.S. Bank.
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4.3 Guaranties
The parties hereby acknowledge and agree that all guaranties now existing or
hereafter obtained by U.S. Bank shall remain in full force and effect, are valid
and enforceable in accordance with their terms, and are not subject to offset,
defense, counterclaim or claim of recoupment.
4.4 Expenses
Borrower shall reimburse U.S. Bank for all of its out-of-pocket expenses
incurred in connection with this Amendment promptly upon demand. Such expenses
shall include, without limitation, reasonable attorney fees, examination
expenses, and filing fees.
4.5 Counterparts
This Amendment may be executed in one or more counterparts, each of which shall
constitute an original agreement, but all of which together shall constitute one
and the same agreement.
4.6 Statutory Notice
ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO FORBEAR
FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON LAW.
IN WITNESS WHEREOF, U.S. Bank and Borrower have caused this Amendment to be duly
executed by their respective duly authorized officers or agents as of the date
first above written.
Borrower:
REDHOOK ALE BREWERY, INCORPORATED
By: /s/ Xxxxx Xxxxxxxxx
----------------------------------------------
Xxxxx Xxxxxxxxx, Executive Vice President
Bank:
U.S. BANK NATIONAL ASSOCIATION
By: /s/ Xxxxxx X. Xxxxxxxx
----------------------------------------------
Xxxxxx X. Xxxxxxxx, Vice President
By execution of this Amendment, the undersigned Guarantor approves of the
changes to the Credit Agreement set forth herein, reaffirms its Guaranty, and
acknowledges and agrees that its obligations under its Guaranty are not subject
to any defense, offset, counterclaim or claim of recoupment.
REDHOOK OF NEW HAMPSHIRE, INC.
By: /s/ Xxxxx Xxxxxxxxx
-----------------------------------------
Xxxxx Xxxxxxxxx, Executive Vice President
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