EXHIBIT 10.14
FIRST AMENDMENT TO LOAN AGREEMENT
THIS FIRST AMENDMENT TO LOAN AGREEMENT (this "Amendment") is made as of
August 6, 1997, by and between FFCA ACQUISITION CORPORATION, a Delaware
corporation ("FFCA"), whose address is 00000 Xxxxx Xxxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxx 00000, and NERC LIMITED PARTNERSHIP, a Delaware limited partnership
("Debtor"), whose address is 000 Xxxx Xxxxxx, Xxxxxxxx, Xxxxxxxxxxxxx 00000.
PRELIMINARY STATEMENT
FFCA and Debtor executed that certain Loan Agreement dated as of August
6, 1997 (the "Agreement") pursuant to which FFCA provided Debtor with mortgage
loan financing for 17 restaurant properties (the "Initial Premises"). Initially
capitalized terms not otherwise defined in this Amendment have the meanings
set forth in the Agreement.
FFCA and Debtor executed that certain letter agreement dated as of
August 12, 1997 (the "Letter Agreement") pursuant to which FFCA agreed to
provide mortgage loan financing for up to an additional five restaurant
properties (the "Additional Premises") substantially on the terms and conditions
of the Agreement, provided that the terms and conditions of the Commitment
Letter dated May 21, 1997 between FFCA and NE Restaurant Company, Inc. shall
control with respect to the interest rate applicable to such loans, FFCA's
approval of the Additional Premises and the determination of the loan amounts.
Debtor has requested that FFCA provide mortgage loan financing for
three of the Additional Premises, with the mortgage loans for the remaining two
Additional Premises to be funded at a later date in accordance with the Letter
Agreement. Debtor and FFCA desire to amend the Agreement to include the mortgage
loans for such three Additional Premises within the terms and conditions of the
Agreement.
AGREEMENT
Section 1. AMENDMENTS. The Agreement is amended as
follows:
(a) The aggregate "Loan Amount" set forth in Section 2 of the
Agreement shall be $24,250,000.00.
(b) EXHIBIT A attached to the Agreement is deleted and
replaced with EXHIBIT A attached to this Amendment. The term "Premises" as used
in the Agreement shall include the Additional Premises. SCHEDULE I attached to
the Agreement is deleted and replaced with SCHEDULE I attached to this
Amendment.
(c) For purposes of the Loans to be made for the Additional
Premises, the term "Closing Date" as used in the Agreement shall mean the date
of this Amendment.
Section 2. INTEREST RATE; INTEREST ACCRUAL DATE. (a) The interest rate
set forth in each of the Notes corresponding to the Additional Premises is
9.701% per annum. Debtor authorizes FFCA to revise the Notes and the other Loan
Documents, as applicable, executed by Debtor with respect to the Additional
Premises to reflect such interest rate and the applicable monthly payment of
principal and interest.
(b) Debtor and FFCA agree that notwithstanding that each of
the Notes is dated August 6, 1997, the date interest began to accrue under the
Notes corresponding to the Initial Premises was August 12, 1997 and the date
interest will begin to accrue under the Notes corresponding to the Additional
Premises is the date of this Amendment.
Section 3. CONDITIONS PRECEDENT. Debtor agrees that FFCA's obligation
to fund the Loans corresponding to the Additional Premises shall be conditioned
upon the satisfaction by Debtor of the conditions precedent set forth in Section
9 of the Agreement with respect to the Additional Premises.
Section 4. REPRESENTATIONS AND WARRANTIES. Debtor affirms
that the representations and warranties set forth in the
Agreement with respect to the Premises, including the Additional
Premises, are true, correct and complete as of the date of this Amendment.
Section 5. WAIVER AND AMENDMENT. NO provisions of this Amendment shall
be deemed waived or amended except by a written instrument unambiguously setting
forth the matter waived or amended and signed by the party against which
enforcement of such waiver or amendment is sought. Waiver of any matter shall
not be deemed a waiver of the same or any other matter on any future occasion.
Section 6. CAPTIONS. Captions are used throughout this Amendment for
convenience of reference only and shall not be considered in any manner in the
construction or interpretation hereof.
Section 7. SEVERABILITY. The provisions of this Amendment shall be
deemed severable. If any part of this Amendment shall be held unenforceable, the
remainder shall remain in full force and effect and such unenforceable provision
shall be reformed by such court so as to give maximum legal effect to the
intention of the parties as expressed therein.
Section 8. COUNTERPARTS. This Amendment may be executed in one or more
counterparts, each of which shall be deemed an original.
Section 9. BINDING EFFECT. This Amendment shall be binding upon and
inure to the benefit of Debtor and FFCA and their respective successors and
permitted assigns, including, without limitation, any United States trustee, any
debtor in possession or any trustee appointed from a private panel.
IN WITNESS WHEREOF, Debtor and FFCA have entered into this Amendment as
of the date first above written.
FFCA:
FFCA ACQUISITION CORPORATION,
a Delaware corporation
By /s/ Xxxx X. Xxxx
Printed Name Xxxx X. Xxxx
Its Vice President
DEBTOR:
NERC LIMITED PARTNERSHIP,
a Delaware limited partnership
By NERC SPE Inc.,
a Delaware corporation,
its general partner
By /s/ Xxxxxx Xxxxx
Xxxxxx Xxxxx
President
STATE OF ARIZONA ]
] SS.
COUNTY OF MARICOPA ]
The foregoing instrument was acknowledged before me on August 29, 1997
by Xxxx X. Xxxx, Vice President of FFCA Acquisition
Corporation,
a Delaware corporation, on behalf of the corporation.
/s/ Xxxxxxxx Xxxxxxx
Notary Public
My Commission Expires:
---------------------------------------------
COMMONWEALTH OF MASSACHUSETTS ]
] SS.
COUNTY OF SUFFOLK ]
On this, the 27th day of August, 1997, before me, the undersigned
officer, personally appeared Xxxxxx Xxxxx, who acknowledged himself to be
President of NERC SPE, Inc., a Delaware corporation, the general partner of NERC
Limited Partnership, a Delaware limited partnership, and that he as such
President, being authorized to do so, executed the foregoing as his free act and
deed and the free act and deed of said corporation for the purposes therein
contained.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
/s/ Xxxxxxx Beyge
Notary Public:
My Commission Expires:
-----------------------------------------
Notary Public
EXHIBIT A
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FFCA PC PROPERTY LOAN
NO. NO. ADDRESS CITY STATE AMOUNT
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8000-5408 22 00 Xxxxxx Xxxxxx Xxxxxxxxxxx XX $ 2,550,000.00
8000-5409 17 000 Xxxxxx Xxxxxxx Xxxxxxx Xxxxxx XX $ 2,550,000.00
8000-5410 19 000 Xxxx Xxxx Xxxx Xxxxxxxxxx XX $ 2,550,000.00
8000-5411 2 Airport Rotary; 000 Xxxxx 000 Xxxxxxx XX $ 1,950,000.00
8000-5412 29 00 Xxxxxxx Xxxx Xxxxxxx XX $ 2,150,000.00
8000-5413 14 0000 Xxxxxx Xxxxxxxxx XX $ 250,000.00
Turnpike & Xxxxxxx Avenue
8000-5415 13 0000 Xxxx Xxxxxx Xxxxxxxxxxx XX $ 650,000.00
8000-5416 00 Xxxxx Xxxxx; 000 Xxxxxxxxxx XX $ 900,000.00
Xxxxxxx Street
8000-5419 4 0 Xxxxxxx Xxxxxx Xxxxxxx XX $ 900,000.00
8000-5420 24 000 Xxxxxxxxxx Xxxxxx XX $ 500,000.00
Xxxxxxx
0000-0000 18 000 Xxxxxx Xxxxxxxx Xxxxxxxxxx XX $ 950,000.00
8000-5423 23 0000 Xxxxxxxxx XX $ 900,000.00
Street W. Springfield
8000-5424 21 0000 Xxxxxxx Xxxxxx Xxxxxx XX $ 950,000.00
8000-5425 26 000 Xxxxx Xxxxxxxx Xxxxx XX $ 900,000.00
8000-5426 28 0 Xxx Xxxxxxxxx Xxxx Xxxxx XX $ 900,000.00
8000-5427 32 0000 Xxxxx Xxxxxx Xxxxxxxxxx XX $ 950,000.00
Street
8000-5428 31 000 Xxxxxxx Xxxxxx; Xxxxxx XX $ 950,000.00
Route 9
8000-5429 00 Xxxxx Xxxxx, 000 Xxxxxxxxx XX $ 900,000.00
Pearl Street
8000-5430 201 00 Xxxxxxxx Xxx Xxxxxx XX $ 950,000.00
8000-5529 20 000 Xxxxx Xxxx Xxxx X. Xxxxxxxx XX $ 950,000.00
--------------------------
$24,250,000.00
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SCHEDULE I
LEASED PREMISES
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FFCA XX. Xxxxxx Xxxxxxx Xxxx Xxxxx
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0000-0000 00 Xxxxxx Xxxxxx Xxxxxxxxxxx XX
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8000-5413 0000 Xxxxxx Xxxxxxxx & Xxxxxxxxx XX
Xxxxxxx Avenue
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8000-5415 0000 Xxxx Xxxxxx Xxxxxxxxxxx XX
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8000-5416 Shaws Plaza; 000 Xxxxxxx Xxxxxxxxxx XX
Xxxxxx
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8000-5419 0 Xxxxxxx Xxxxxx Xxxxxxx XX
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8000-5420 000 Xxxxxxxxxx Xxxxxxx Xxxxxx XX
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8000-5422 000 Xxxxxx Xxxxxxxx Xxxxxxxxxx XX
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8000-5423 0000 Xxxxxxxxx Xxxxxx Xxxx Xxxxxxxxxxx XX
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8000-5424 0000 Xxxxxxx Xxxxxx Xxxxxx XX
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8000-5425 000 Xxxxx Xxxxxxxx Salem NH
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8000-5426 Weeks Traffic Circle Dover NH
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8000-5427 0000 Xxxxx Xxxxxx Xxxxxx Xxxxxxxxxx XX
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8000-5428 000 Xxxxxxx Xxxxxx; Xxxxx 0 Xxxxxx XX
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8000-5429 Ivory Plaza, 000 Xxxxx Xxxxxxxxx XX
Street
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8000-5430 00 Xxxxxxxx Xxx Xxxxxx XX
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0000-0000 Xxxxx Xxxx Xxxx Xxxxx Xxxxxxxx XX
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