EXHIBIT 10.3
------------
SECOND AMENDED AND RESTATED
---------------------------
REVOLVING CREDIT NOTE
---------------------
$13,860,000 as of June 29, 2001
FOR VALUE RECEIVED, the undersigned NATIONAL RESTAURANT ENTERPRISES, INC.,
a Delaware corporation (the "Borrower"), hereby promises to pay to the order of
FLEET BUSINESS CREDIT CORPORATION (f/k/a Sanwa Business Credit Corporation) (the
"Bank"), at the Agent's Office (as defined in the Credit Agreement referred to
below):
(a) prior to or on Revolving Credit Loan Maturity Date the principal
amount of THIRTEEN MILLION EIGHT HUNDRED SIXTY THOUSAND DOLLARS
($13,860,000) or, if less, the aggregate unpaid principal amount of
Revolving Credit Loans advanced by the Bank to the Borrower pursuant to the
Consolidated, Amended and Restated Revolving Credit Agreement dated as of
June 29, 2001 (as amended and in effect from time to time, the "Credit
Agreement"), among AmeriKing, Inc., National Restaurant Enterprises
Holdings, Inc., the Borrower, the Bank and the other parties thereto;
(b) the principal outstanding hereunder from time to time at the times
provided in the Credit Agreement; and
(c) interest on the principal balance hereof from time to time
outstanding from the Closing Date under the Credit Agreement through and
including the Revolving Credit Loan Maturity Date hereof at the times and
at the rate provided in the Credit Agreement.
This Note (also known as the "Consolidated, Amended and Restated Revolving
Credit Note") constitutes the consolidation, amendment and restatement in its
entirety of the Amended and Restated Revolving Credit Note of the Borrower to
the Bank in the original principal amount of $9,600,000, dated as of January 29,
1999 (the "Revolver Note"), and the Acquisition Revolving Credit Note of the
Borrower to the Bank in the original principal amount of $5,400,000, dated as of
January 29, 1999 (the "Acquisition Note"), and is in substitution therefor and
an amendment and replacement thereof. Nothing herein or in any other document
shall be construed to constitute payment of the Revolver Note or the Acquisition
Note or to release or terminate any guaranty or lien, mortgage, pledge or other
security entered in favor of the Bank.
This Note evidences borrowings under and has been issued by the Borrower in
accordance with the terms of the Credit Agreement. The Bank and any holder
hereof is entitled to the benefits of the Credit Agreement, the Security
Documents and the other Revolver Loan Documents, and may enforce
-2-
the agreements of the Borrower contained therein, and any holder hereof may
exercise the respective remedies provided for thereby or otherwise available in
respect thereof, all in accordance with the respective terms thereof. All
capitalized terms used in this Note and not otherwise defined herein shall have
the same meanings herein as in the Credit Agreement.
The Borrower irrevocably authorizes the Bank to make or cause to be made,
at or about the time of the Drawdown Date of any Revolving Credit Loan or at the
time of receipt of any payment of principal of this Note, an appropriate
notation on the grid attached to this Note, or the continuation of such grid, or
any other similar record, including computer records, reflecting the making of
such Revolving Credit Loan or (as the case may be) the receipt of such payment.
The outstanding amount of the Revolving Credit Loans set forth on the grid
attached to this Note, or the continuation of such grid, or any other similar
record, including computer records, maintained by the Bank with respect to any
Revolving Credit Loans shall be prima facie evidence of the principal amount
----- -----
thereof owing and unpaid to the Bank, but the failure to record, or any error in
so recording, any such amount on any such grid, continuation or other record
shall not limit or otherwise affect the obligation of the Borrower hereunder or
under the Credit Agreement to make payments of principal of and interest on this
Note when due.
The Borrower has the right in certain circumstances and the obligation
under certain other circumstances to prepay the whole or part of the principal
of this Note on the terms and conditions specified in the Credit Agreement.
If any one or more of the Events of Default shall occur, the entire unpaid
principal amount of this Note and all of the unpaid interest accrued thereon may
become or be declared due and payable in the manner and with the effect provided
in the Credit Agreement.
No delay or omission on the part of the Bank or any holder hereof in
exercising any right hereunder shall operate as a waiver of such right or of any
other rights of the Bank or such holder, nor shall any delay, omission or waiver
on any one occasion be deemed a bar or waiver of the same or any other right on
any further occasion.
The Borrower and every endorser and guarantor of this Note or the
obligation represented hereby waive presentment, demand, notice, protest and all
other demands and notices in connection with the delivery, acceptance,
performance, default or enforcement of this Note, and assent to any extension or
postponement of the time of payment or any other indulgence, to any
substitution, exchange or release of collateral and to the addition or release
of any other party or person primarily or secondarily liable.
THIS NOTE AND THE OBLIGATIONS OF THE BORROWER HEREUNDER SHALL FOR ALL
PURPOSES BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE
-3-
COMMONWEALTH OF MASSACHUSETTS (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR
CHOICE OF LAW). THE BORROWER AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS
NOTE MAY BE BROUGHT IN THE COURTS OF THE COMMONWEALTH OF MASSACHUSETTS OR ANY
FEDERAL COURT SITTING THEREIN AND THE CONSENT TO THE NONEXCLUSIVE JURISDICTION
OF SUCH COURT AND THE SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON THE
BORROWER BY MAIL AT THE ADDRESS SPECIFIED IN (S)20 OF THE CREDIT AGREEMENT. THE
BORROWER HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE
VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN
INCONVENIENT COURT.
This Note shall be deemed to take effect as a sealed instrument under the
laws of the Commonwealth of Massachusetts.
-4-
IN WITNESS WHEREOF, the undersigned has caused this Consolidated, Amended
and Restated Revolving Credit Note to be signed in its corporate name and its
corporate seal to be impressed thereon by its duly authorized officer as of the
day and year first above written.
[Corporate Seal]
NATIONAL RESTAURANT
ENTERPRISES, INC.
By: /s/ X. Xxxxxxx Xxxxxx, Xx.
----------------------------------
Title: Vice President
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Amount of Balance of
Amount Principal Paid Principal Notation
Date of Loan or Prepaid Unpaid Made By:
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SECOND AMENDED AND RESTATED
---------------------------
REVOLVING CREDIT NOTE
--------------------
$11,550,000 as of June 29, 2001
FOR VALUE RECEIVED, the undersigned NATIONAL RESTAURANT ENTERPRISES, INC.,
a Delaware corporation (the "Borrower"), hereby promises to pay to the order of
BANK OF AMERICA (the "Bank"), at the Agent's Office (as defined in the Credit
Agreement referred to below):
(a) prior to or on Revolving Credit Loan Maturity Date the principal
amount of ELEVEN MILLION FIVE HUNDRED FIFTY THOUSAND DOLLARS ($11,550,000)
or, if less, the aggregate unpaid principal amount of Revolving Credit
Loans advanced by the Bank to the Borrower pursuant to the Consolidated,
Amended and Restated Revolving Credit Agreement dated as of June 29, 2001
(as amended and in effect from time to time, the "Credit Agreement"), among
AmeriKing, Inc., National Restaurant Enterprises Holdings, Inc., the
Borrower, the Bank and the other parties thereto;
(b) the principal outstanding hereunder from time to time at the times
provided in the Credit Agreement; and
(c) interest on the principal balance hereof from time to time
outstanding from the Closing Date under the Credit Agreement through and
including the Revolving Credit Loan Maturity Date hereof at the times and
at the rate provided in the Credit Agreement.
This Note (also known as the "Consolidated, Amended and Restated Revolving
Credit Note") constitutes the consolidation, amendment and restatement in its
entirety of the Amended and Restated Revolving Credit Note of the Borrower to
the Bank in the original principal amount of $8,000,000, dated as of January 29,
1999 (the "Revolver Note"), and the Acquisition Revolving Credit Note of the
Borrower to the Bank in the original principal amount of $4,500,000, dated as of
January 29, 1999 (the "Acquisition Note"), and is in substitution therefor and
an amendment and replacement thereof. Nothing herein or in any other document
shall be construed to constitute payment of the Revolver Note or the Acquisition
Note or to release or terminate any guaranty or lien, mortgage, pledge or other
security entered in favor of the Bank.
This Note evidences borrowings under and has been issued by the Borrower in
accordance with the terms of the Credit Agreement. The Bank and any holder
hereof is entitled to the benefits of the Credit Agreement, the Security
Documents and the other Revolver Loan Documents, and may enforce the agreements
of the Borrower contained therein, and any holder hereof may
-2-
exercise the respective remedies provided for thereby or otherwise available in
respect thereof, all in accordance with the respective terms thereof. All
capitalized terms used in this Note and not otherwise defined herein shall have
the same meanings herein as in the Credit Agreement.
The Borrower irrevocably authorizes the Bank to make or cause to be made,
at or about the time of the Drawdown Date of any Revolving Credit Loan or at the
time of receipt of any payment of principal of this Note, an appropriate
notation on the grid attached to this Note, or the continuation of such grid, or
any other similar record, including computer records, reflecting the making of
such Revolving Credit Loan or (as the case may be) the receipt of such payment.
The outstanding amount of the Revolving Credit Loans set forth on the grid
attached to this Note, or the continuation of such grid, or any other similar
record, including computer records, maintained by the Bank with respect to any
Revolving Credit Loans shall be prima facie evidence of the principal amount
----- -----
thereof owing and unpaid to the Bank, but the failure to record, or any error in
so recording, any such amount on any such grid, continuation or other record
shall not limit or otherwise affect the obligation of the Borrower hereunder or
under the Credit Agreement to make payments of principal of and interest on this
Note when due.
The Borrower has the right in certain circumstances and the obligation
under certain other circumstances to prepay the whole or part of the principal
of this Note on the terms and conditions specified in the Credit Agreement.
If any one or more of the Events of Default shall occur, the entire unpaid
principal amount of this Note and all of the unpaid interest accrued thereon may
become or be declared due and payable in the manner and with the effect provided
in the Credit Agreement.
No delay or omission on the part of the Bank or any holder hereof in
exercising any right hereunder shall operate as a waiver of such right or of any
other rights of the Bank or such holder, nor shall any delay, omission or waiver
on any one occasion be deemed a bar or waiver of the same or any other right on
any further occasion.
The Borrower and every endorser and guarantor of this Note or the
obligation represented hereby waive presentment, demand, notice, protest and all
other demands and notices in connection with the delivery, acceptance,
performance, default or enforcement of this Note, and assent to any extension or
postponement of the time of payment or any other indulgence, to any
substitution, exchange or release of collateral and to the addition or release
of any other party or person primarily or secondarily liable.
THIS NOTE AND THE OBLIGATIONS OF THE BORROWER HEREUNDER SHALL FOR ALL
PURPOSES BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE
COMMONWEALTH OF MASSACHUSETTS (EXCLUDING THE LAWS
-3-
APPLICABLE TO CONFLICTS OR CHOICE OF LAW). THE BORROWER AGREES THAT ANY SUIT FOR
THE ENFORCEMENT OF THIS NOTE MAY BE BROUGHT IN THE COURTS OF THE COMMONWEALTH OF
MASSACHUSETTS OR ANY FEDERAL COURT SITTING THEREIN AND THE CONSENT TO THE
NONEXCLUSIVE JURISDICTION OF SUCH COURT AND THE SERVICE OF PROCESS IN ANY SUCH
SUIT BEING MADE UPON THE BORROWER BY MAIL AT THE ADDRESS SPECIFIED IN (S)20 OF
THE CREDIT AGREEMENT. THE BORROWER HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW
OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH
SUIT IS BROUGHT IN AN INCONVENIENT COURT.
This Note shall be deemed to take effect as a sealed instrument under the
laws of the Commonwealth of Massachusetts.
-4-
IN WITNESS WHEREOF, the undersigned has caused this Consolidated, Amended
and Restated Revolving Credit Note to be signed in its corporate name and its
corporate seal to be impressed thereon by its duly authorized officer as of the
day and year first above written.
[Corporate Seal]
NATIONAL RESTAURANT
ENTERPRISES, INC.
By: /s/ X. Xxxxxxx Xxxxxx, Xx.
--------------------------------
Title: Vice President
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Amount of Balance of
Amount Principal Paid Principal Notation
Date of Loan or Prepaid Unpaid Made By:
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SECOND AMENDED AND RESTATED
---------------------------
REVOLVING CREDIT NOTE
---------------------
$13,860,000 as of June 29, 2001
FOR VALUE RECEIVED, the undersigned NATIONAL RESTAURANT ENTERPRISES, INC.,
a Delaware corporation (the "Borrower"), hereby promises to pay to the order of
FLEET BUSINESS CREDIT CORPORATION (f/k/a Sanwa Business Credit Corporation) (the
"Bank"), at the Agent's Office (as defined in the Credit Agreement referred to
below):
(a) prior to or on Revolving Credit Loan Maturity Date the principal
amount of THIRTEEN MILLION EIGHT HUNDRED SIXTY THOUSAND DOLLARS
($13,860,000) or, if less, the aggregate unpaid principal amount of
Revolving Credit Loans advanced by the Bank to the Borrower pursuant to the
Consolidated, Amended and Restated Revolving Credit Agreement dated as of
June 29, 2001 (as amended and in effect from time to time, the "Credit
Agreement"), among AmeriKing, Inc., National Restaurant Enterprises
Holdings, Inc., the Borrower, the Bank and the other parties thereto;
(b) the principal outstanding hereunder from time to time at the
times provided in the Credit Agreement; and
(c) interest on the principal balance hereof from time to time
outstanding from the Closing Date under the Credit Agreement through and
including the Revolving Credit Loan Maturity Date hereof at the times and
at the rate provided in the Credit Agreement.
This Note (also known as the "Consolidated, Amended and Restated Revolving
Credit Note") constitutes the consolidation, amendment and restatement in its
entirety of the Amended and Restated Revolving Credit Note of the Borrower to
the Bank in the original principal amount of $9,600,000, dated as of January 29,
1999 (the "Revolver Note"), and the Acquisition Revolving Credit Note of the
Borrower to the Bank in the original principal amount of $5,400,000, dated as of
January 29, 1999 (the "Acquisition Note"), and is in substitution therefor and
an amendment and replacement thereof. Nothing herein or in any other document
shall be construed to constitute payment of the Revolver Note or the Acquisition
Note or to release or terminate any guaranty or lien, mortgage, pledge or other
security entered in favor of the Bank.
This Note evidences borrowings under and has been issued by the Borrower in
accordance with the terms of the Credit Agreement. The Bank and any holder
hereof is entitled to the benefits of the Credit Agreement, the Security
Documents and the other Revolver Loan Documents, and may enforce the agreements
of the Borrower contained therein, and any holder hereof may
-2-
exercise the respective remedies provided for thereby or otherwise available in
respect thereof, all in accordance with the respective terms thereof. All
capitalized terms used in this Note and not otherwise defined herein shall have
the same meanings herein as in the Credit Agreement.
The Borrower irrevocably authorizes the Bank to make or cause to be made,
at or about the time of the Drawdown Date of any Revolving Credit Loan or at the
time of receipt of any payment of principal of this Note, an appropriate
notation on the grid attached to this Note, or the continuation of such grid, or
any other similar record, including computer records, reflecting the making of
such Revolving Credit Loan or (as the case may be) the receipt of such payment.
The outstanding amount of the Revolving Credit Loans set forth on the grid
attached to this Note, or the continuation of such grid, or any other similar
record, including computer records, maintained by the Bank with respect to any
Revolving Credit Loans shall be prima facie evidence of the principal amount
----- -----
thereof owing and unpaid to the Bank, but the failure to record, or any error in
so recording, any such amount on any such grid, continuation or other record
shall not limit or otherwise affect the obligation of the Borrower hereunder or
under the Credit Agreement to make payments of principal of and interest on this
Note when due.
The Borrower has the right in certain circumstances and the obligation
under certain other circumstances to prepay the whole or part of the principal
of this Note on the terms and conditions specified in the Credit Agreement.
If any one or more of the Events of Default shall occur, the entire unpaid
principal amount of this Note and all of the unpaid interest accrued thereon may
become or be declared due and payable in the manner and with the effect provided
in the Credit Agreement.
No delay or omission on the part of the Bank or any holder hereof in
exercising any right hereunder shall operate as a waiver of such right or of any
other rights of the Bank or such holder, nor shall any delay, omission or waiver
on any one occasion be deemed a bar or waiver of the same or any other right on
any further occasion.
The Borrower and every endorser and guarantor of this Note or the
obligation represented hereby waive presentment, demand, notice, protest and all
other demands and notices in connection with the delivery, acceptance,
performance, default or enforcement of this Note, and assent to any extension or
postponement of the time of payment or any other indulgence, to any
substitution, exchange or release of collateral and to the addition or release
of any other party or person primarily or secondarily liable.
THIS NOTE AND THE OBLIGATIONS OF THE BORROWER HEREUNDER SHALL FOR ALL
PURPOSES BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE
COMMONWEALTH OF MASSACHUSETTS (EXCLUDING THE LAWS
-3-
APPLICABLE TO CONFLICTS OR CHOICE OF LAW). THE BORROWER AGREES THAT ANY SUIT FOR
THE ENFORCEMENT OF THIS NOTE MAY BE BROUGHT IN THE COURTS OF THE COMMONWEALTH OF
MASSACHUSETTS OR ANY FEDERAL COURT SITTING THEREIN AND THE CONSENT TO THE
NONEXCLUSIVE JURISDICTION OF SUCH COURT AND THE SERVICE OF PROCESS IN ANY SUCH
SUIT BEING MADE UPON THE BORROWER BY MAIL AT THE ADDRESS SPECIFIED IN (S)20 OF
THE CREDIT AGREEMENT. THE BORROWER HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW
OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH
SUIT IS BROUGHT IN AN INCONVENIENT COURT.
This Note shall be deemed to take effect as a sealed instrument under the
laws of the Commonwealth of Massachusetts.
-4-
IN WITNESS WHEREOF, the undersigned has caused this Consolidated, Amended
and Restated Revolving Credit Note to be signed in its corporate name and its
corporate seal to be impressed thereon by its duly authorized officer as of the
day and year first above written.
[Corporate Seal]
NATIONAL RESTAURANT
ENTERPRISES, INC.
By: /s/ X. Xxxxxxx Xxxxxx, Xx.
-----------------------------
Title: Vice President
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Amount of Balance of
Amount Principal Paid Principal Notation
Date of Loan or Prepaid Unpaid Made By:
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SECOND AMENDED AND RESTATED
---------------------------
REVOLVING CREDIT NOTE
---------------------
$11,550,000 as of June 29, 2001
FOR VALUE RECEIVED, the undersigned NATIONAL RESTAURANT ENTERPRISES, INC.,
a Delaware corporation (the "Borrower"), hereby promises to pay to the order of
BANK OF AMERICA (the "Bank"), at the Agent's Office (as defined in the Credit
Agreement referred to below):
(a) prior to or on Revolving Credit Loan Maturity Date the principal
amount of ELEVEN MILLION FIVE HUNDRED FIFTY THOUSAND DOLLARS ($11,550,000)
or, if less, the aggregate unpaid principal amount of Revolving Credit
Loans advanced by the Bank to the Borrower pursuant to the Consolidated,
Amended and Restated Revolving Credit Agreement dated as of June 29, 2001
(as amended and in effect from time to time, the "Credit Agreement"), among
AmeriKing, Inc., National Restaurant Enterprises Holdings, Inc., the
Borrower, the Bank and the other parties thereto;
(b) the principal outstanding hereunder from time to time at the
times provided in the Credit Agreement; and
(c) interest on the principal balance hereof from time to time
outstanding from the Closing Date under the Credit Agreement through and
including the Revolving Credit Loan Maturity Date hereof at the times and
at the rate provided in the Credit Agreement.
This Note (also known as the "Consolidated, Amended and Restated Revolving
Credit Note") constitutes the consolidation, amendment and restatement in its
entirety of the Amended and Restated Revolving Credit Note of the Borrower to
the Bank in the original principal amount of $8,000,000, dated as of January 29,
1999 (the "Revolver Note"), and the Acquisition Revolving Credit Note of the
Borrower to the Bank in the original principal amount of $4,500,000, dated as of
January 29, 1999 (the "Acquisition Note"), and is in substitution therefor and
an amendment and replacement thereof. Nothing herein or in any other document
shall be construed to constitute payment of the Revolver Note or the Acquisition
Note or to release or terminate any guaranty or lien, mortgage, pledge or other
security entered in favor of the Bank.
This Note evidences borrowings under and has been issued by the Borrower in
accordance with the terms of the Credit Agreement. The Bank and any holder
hereof is entitled to the benefits of the Credit Agreement, the Security
Documents and the other Revolver Loan Documents, and may enforce
-2-
the agreements of the Borrower contained therein, and any holder hereof may
exercise the respective remedies provided for thereby or otherwise available in
respect thereof, all in accordance with the respective terms thereof. All
capitalized terms used in this Note and not otherwise defined herein shall have
the same meanings herein as in the Credit Agreement.
The Borrower irrevocably authorizes the Bank to make or cause to be made,
at or about the time of the Drawdown Date of any Revolving Credit Loan or at the
time of receipt of any payment of principal of this Note, an appropriate
notation on the grid attached to this Note, or the continuation of such grid, or
any other similar record, including computer records, reflecting the making of
such Revolving Credit Loan or (as the case may be) the receipt of such payment.
The outstanding amount of the Revolving Credit Loans set forth on the grid
attached to this Note, or the continuation of such grid, or any other similar
record, including computer records, maintained by the Bank with respect to any
Revolving Credit Loans shall be prima facie evidence of the principal amount
----- -----
thereof owing and unpaid to the Bank, but the failure to record, or any error in
so recording, any such amount on any such grid, continuation or other record
shall not limit or otherwise affect the obligation of the Borrower hereunder or
under the Credit Agreement to make payments of principal of and interest on this
Note when due.
The Borrower has the right in certain circumstances and the obligation
under certain other circumstances to prepay the whole or part of the principal
of this Note on the terms and conditions specified in the Credit Agreement.
If any one or more of the Events of Default shall occur, the entire unpaid
principal amount of this Note and all of the unpaid interest accrued thereon may
become or be declared due and payable in the manner and with the effect provided
in the Credit Agreement.
No delay or omission on the part of the Bank or any holder hereof in
exercising any right hereunder shall operate as a waiver of such right or of any
other rights of the Bank or such holder, nor shall any delay, omission or waiver
on any one occasion be deemed a bar or waiver of the same or any other right on
any further occasion.
The Borrower and every endorser and guarantor of this Note or the
obligation represented hereby waive presentment, demand, notice, protest and all
other demands and notices in connection with the delivery, acceptance,
performance, default or enforcement of this Note, and assent to any extension or
postponement of the time of payment or any other indulgence, to any
substitution, exchange or release of collateral and to the addition or release
of any other party or person primarily or secondarily liable.
THIS NOTE AND THE OBLIGATIONS OF THE BORROWER HEREUNDER SHALL FOR ALL
PURPOSES BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE
-3-
COMMONWEALTH OF MASSACHUSETTS (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR
CHOICE OF LAW). THE BORROWER AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS
NOTE MAY BE BROUGHT IN THE COURTS OF THE COMMONWEALTH OF MASSACHUSETTS OR ANY
FEDERAL COURT SITTING THEREIN AND THE CONSENT TO THE NONEXCLUSIVE JURISDICTION
OF SUCH COURT AND THE SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON THE
BORROWER BY MAIL AT THE ADDRESS SPECIFIED IN (S)20 OF THE CREDIT AGREEMENT. THE
BORROWER HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE
VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN
INCONVENIENT COURT.
This Note shall be deemed to take effect as a sealed instrument under the
laws of the Commonwealth of Massachusetts.
-4-
IN WITNESS WHEREOF, the undersigned has caused this Consolidated, Amended
and Restated Revolving Credit Note to be signed in its corporate name and its
corporate seal to be impressed thereon by its duly authorized officer as of the
day and year first above written.
[Corporate Seal]
NATIONAL RESTAURANT
ENTERPRISES, INC.
By: /s/ X. Xxxxxxx Xxxxxx, Xx.
-----------------------------
Title: Vice President
-------------------------------------------------------------------------------------------------
Amount of Balance of
Amount Principal Paid Principal Notation
Date of Loan or Prepaid Unpaid Made By:
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SECOND AMENDED AND RESTATED
---------------------------
REVOLVING CREDIT NOTE
---------------------
$13,860,000 as of June 29, 2001
FOR VALUE RECEIVED, the undersigned NATIONAL RESTAURANT ENTERPRISES, INC.,
a Delaware corporation (the "Borrower"), hereby promises to pay to the order of
SUNTRUST BANK (the "Bank"), at the Agent's Office (as defined in the Credit
Agreement referred to below):
(a) prior to or on Revolving Credit Loan Maturity Date the principal
amount of THIRTEEN MILLION EIGHT HUNDRED SIXTY THOUSAND DOLLARS
($13,860,000) or, if less, the aggregate unpaid principal amount of
Revolving Credit Loans advanced by the Bank to the Borrower pursuant to the
Consolidated, Amended and Restated Revolving Credit Agreement dated as of
June 29, 2001 (as amended and in effect from time to time, the "Credit
Agreement"), among AmeriKing, Inc., National Restaurant Enterprises
Holdings, Inc., the Borrower, the Bank and the other parties thereto;
(b) the principal outstanding hereunder from time to time at the
times provided in the Credit Agreement; and
(c) interest on the principal balance hereof from time to time
outstanding from the Closing Date under the Credit Agreement through and
including the Revolving Credit Loan Maturity Date hereof at the times and
at the rate provided in the Credit Agreement.
This Note (also known as the "Consolidated, Amended and Restated Revolving
Credit Note") constitutes the consolidation, amendment and restatement in its
entirety of the Amended and Restated Revolving Credit Note of the Borrower to
the Bank in the original principal amount of $9,600,000, dated as of January 29,
1999 (the "Revolver Note"), and the Acquisition Revolving Credit Note of the
Borrower to the Bank in the original principal amount of $5,400,000, dated as of
January 29, 1999 (the "Acquisition Note"), and is in substitution therefor and
an amendment and replacement thereof. Nothing herein or in any other document
shall be construed to constitute payment of the Revolver Note or the Acquisition
Note or to release or terminate any guaranty or lien, mortgage, pledge or other
security entered in favor of the Bank.
This Note evidences borrowings under and has been issued by the Borrower in
accordance with the terms of the Credit Agreement. The Bank and any holder
hereof is entitled to the benefits of the Credit Agreement, the Security
Documents and the other Revolver Loan Documents, and may enforce the agreements
of the Borrower contained therein, and any holder hereof may
-2-
exercise the respective remedies provided for thereby or otherwise available in
respect thereof, all in accordance with the respective terms thereof. All
capitalized terms used in this Note and not otherwise defined herein shall have
the same meanings herein as in the Credit Agreement.
The Borrower irrevocably authorizes the Bank to make or cause to be made,
at or about the time of the Drawdown Date of any Revolving Credit Loan or at the
time of receipt of any payment of principal of this Note, an appropriate
notation on the grid attached to this Note, or the continuation of such grid, or
any other similar record, including computer records, reflecting the making of
such Revolving Credit Loan or (as the case may be) the receipt of such payment.
The outstanding amount of the Revolving Credit Loans set forth on the grid
attached to this Note, or the continuation of such grid, or any other similar
record, including computer records, maintained by the Bank with respect to any
Revolving Credit Loans shall be prima facie evidence of the principal amount
----- -----
thereof owing and unpaid to the Bank, but the failure to record, or any error in
so recording, any such amount on any such grid, continuation or other record
shall not limit or otherwise affect the obligation of the Borrower hereunder or
under the Credit Agreement to make payments of principal of and interest on this
Note when due.
The Borrower has the right in certain circumstances and the obligation
under certain other circumstances to prepay the whole or part of the principal
of this Note on the terms and conditions specified in the Credit Agreement.
If any one or more of the Events of Default shall occur, the entire unpaid
principal amount of this Note and all of the unpaid interest accrued thereon may
become or be declared due and payable in the manner and with the effect provided
in the Credit Agreement.
No delay or omission on the part of the Bank or any holder hereof in
exercising any right hereunder shall operate as a waiver of such right or of any
other rights of the Bank or such holder, nor shall any delay, omission or waiver
on any one occasion be deemed a bar or waiver of the same or any other right on
any further occasion.
The Borrower and every endorser and guarantor of this Note or the
obligation represented hereby waive presentment, demand, notice, protest and all
other demands and notices in connection with the delivery, acceptance,
performance, default or enforcement of this Note, and assent to any extension or
postponement of the time of payment or any other indulgence, to any
substitution, exchange or release of collateral and to the addition or release
of any other party or person primarily or secondarily liable.
THIS NOTE AND THE OBLIGATIONS OF THE BORROWER HEREUNDER SHALL FOR ALL
PURPOSES BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE
COMMONWEALTH OF MASSACHUSETTS (EXCLUDING THE LAWS
-3-
APPLICABLE TO CONFLICTS OR CHOICE OF LAW). THE BORROWER AGREES THAT ANY SUIT FOR
THE ENFORCEMENT OF THIS NOTE MAY BE BROUGHT IN THE COURTS OF THE COMMONWEALTH OF
MASSACHUSETTS OR ANY FEDERAL COURT SITTING THEREIN AND THE CONSENT TO THE
NONEXCLUSIVE JURISDICTION OF SUCH COURT AND THE SERVICE OF PROCESS IN ANY SUCH
SUIT BEING MADE UPON THE BORROWER BY MAIL AT THE ADDRESS SPECIFIED IN (S)20 OF
THE CREDIT AGREEMENT. THE BORROWER HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW
OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH
SUIT IS BROUGHT IN AN INCONVENIENT COURT.
This Note shall be deemed to take effect as a sealed instrument under the
laws of the Commonwealth of Massachusetts.
-4-
IN WITNESS WHEREOF, the undersigned has caused this Consolidated, Amended
and Restated Revolving Credit Note to be signed in its corporate name and its
corporate seal to be impressed thereon by its duly authorized officer as of the
day and year first above written.
[Corporate Seal]
NATIONAL RESTAURANT ENTERPRISES, INC.
By: /s/ X. Xxxxxxx Xxxxxx, Xx.
--------------------------
Title: Vice President
--------------------------------------------------------------------------------
Amount of Balance of
Amount Principal Paid Principal Notation
Date of Loan or Prepaid Unpaid Made By:
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SECOND AMENDED AND RESTATED
---------------------------
REVOLVING CREDIT NOTE
---------------------
$13,860,000 as of June 29, 2001
FOR VALUE RECEIVED, the undersigned NATIONAL RESTAURANT ENTERPRISES, INC.,
a Delaware corporation (the "Borrower"), hereby promises to pay to the order of
LASALLE NATIONAL BANK (the "Bank"), at the Agent's Office (as defined in the
Credit Agreement referred to below):
(a) prior to or on Revolving Credit Loan Maturity Date the principal
amount of THIRTEEN MILLION EIGHT HUNDRED SIXTY THOUSAND DOLLARS
($13,860,000) or, if less, the aggregate unpaid principal amount of
Revolving Credit Loans advanced by the Bank to the Borrower pursuant to the
Consolidated, Amended and Restated Revolving Credit Agreement dated as of
June 29, 2001 (as amended and in effect from time to time, the "Credit
Agreement"), among AmeriKing, Inc., National Restaurant Enterprises
Holdings, Inc., the Borrower, the Bank and the other parties thereto;
(b) the principal outstanding hereunder from time to time at the
times provided in the Credit Agreement; and
(c) interest on the principal balance hereof from time to time
outstanding from the Closing Date under the Credit Agreement through and
including the Revolving Credit Loan Maturity Date hereof at the times and
at the rate provided in the Credit Agreement.
This Note (also known as the "Consolidated, Amended and Restated Revolving
Credit Note") constitutes the consolidation, amendment and restatement in its
entirety of the Amended and Restated Revolving Credit Note of the Borrower to
the Bank in the original principal amount of $9,600,000, dated as of January 29,
1999 (the "Revolver Note"), and the Acquisition Revolving Credit Note of the
Borrower to the Bank in the original principal amount of $5,400,000, dated as of
January 29, 1999 (the "Acquisition Note"), and is in substitution therefor and
an amendment and replacement thereof. Nothing herein or in any other document
shall be construed to constitute payment of the Revolver Note or the Acquisition
Note or to release or terminate any guaranty or lien, mortgage, pledge or other
security entered in favor of the Bank.
This Note evidences borrowings under and has been issued by the Borrower in
accordance with the terms of the Credit Agreement. The Bank and any holder
hereof is entitled to the benefits of the Credit Agreement, the Security
Documents and the other Revolver Loan Documents, and may enforce the agreements
of the Borrower contained therein, and any holder hereof may
-2-
exercise the respective remedies provided for thereby or otherwise available in
respect thereof, all in accordance with the respective terms thereof. All
capitalized terms used in this Note and not otherwise defined herein shall have
the same meanings herein as in the Credit Agreement.
The Borrower irrevocably authorizes the Bank to make or cause to be made,
at or about the time of the Drawdown Date of any Revolving Credit Loan or at the
time of receipt of any payment of principal of this Note, an appropriate
notation on the grid attached to this Note, or the continuation of such grid, or
any other similar record, including computer records, reflecting the making of
such Revolving Credit Loan or (as the case may be) the receipt of such payment.
The outstanding amount of the Revolving Credit Loans set forth on the grid
attached to this Note, or the continuation of such grid, or any other similar
record, including computer records, maintained by the Bank with respect to any
Revolving Credit Loans shall be prima facie evidence of the principal amount
----- -----
thereof owing and unpaid to the Bank, but the failure to record, or any error in
so recording, any such amount on any such grid, continuation or other record
shall not limit or otherwise affect the obligation of the Borrower hereunder or
under the Credit Agreement to make payments of principal of and interest on this
Note when due.
The Borrower has the right in certain circumstances and the obligation
under certain other circumstances to prepay the whole or part of the principal
of this Note on the terms and conditions specified in the Credit Agreement.
If any one or more of the Events of Default shall occur, the entire unpaid
principal amount of this Note and all of the unpaid interest accrued thereon may
become or be declared due and payable in the manner and with the effect provided
in the Credit Agreement.
No delay or omission on the part of the Bank or any holder hereof in
exercising any right hereunder shall operate as a waiver of such right or of any
other rights of the Bank or such holder, nor shall any delay, omission or waiver
on any one occasion be deemed a bar or waiver of the same or any other right on
any further occasion.
The Borrower and every endorser and guarantor of this Note or the
obligation represented hereby waive presentment, demand, notice, protest and all
other demands and notices in connection with the delivery, acceptance,
performance, default or enforcement of this Note, and assent to any extension or
postponement of the time of payment or any other indulgence, to any
substitution, exchange or release of collateral and to the addition or release
of any other party or person primarily or secondarily liable.
THIS NOTE AND THE OBLIGATIONS OF THE BORROWER HEREUNDER SHALL FOR ALL
PURPOSES BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE
COMMONWEALTH OF MASSACHUSETTS (EXCLUDING THE LAWS
-3-
APPLICABLE TO CONFLICTS OR CHOICE OF LAW). THE BORROWER AGREES THAT ANY SUIT FOR
THE ENFORCEMENT OF THIS NOTE MAY BE BROUGHT IN THE COURTS OF THE COMMONWEALTH OF
MASSACHUSETTS OR ANY FEDERAL COURT SITTING THEREIN AND THE CONSENT TO THE
NONEXCLUSIVE JURISDICTION OF SUCH COURT AND THE SERVICE OF PROCESS IN ANY SUCH
SUIT BEING MADE UPON THE BORROWER BY MAIL AT THE ADDRESS SPECIFIED IN (S)20 OF
THE CREDIT AGREEMENT. THE BORROWER HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW
OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH
SUIT IS BROUGHT IN AN INCONVENIENT COURT.
This Note shall be deemed to take effect as a sealed instrument under the
laws of the Commonwealth of Massachusetts.
-4-
IN WITNESS WHEREOF, the undersigned has caused this Consolidated, Amended
and Restated Revolving Credit Note to be signed in its corporate name and its
corporate seal to be impressed thereon by its duly authorized officer as of the
day and year first above written.
[Corporate Seal]
NATIONAL RESTAURANT ENTERPRISES, INC.
By: /s/ X. Xxxxxxx Xxxxxx, Xx.
--------------------------
Title: Vice President
--------------------------------------------------------------------------------
Amount of Balance of
Amount Principal Paid Principal Notation
Date of Loan or Prepaid Unpaid Made By:
--------------------------------------------------------------------------------
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SECOND AMENDED AND RESTATED
---------------------------
REVOLVING CREDIT NOTE
---------------------
$9,009,000 as of June 29, 2001
FOR VALUE RECEIVED, the undersigned NATIONAL RESTAURANT ENTERPRISES, INC.,
a Delaware corporation (the "Borrower"), hereby promises to pay to the order of
CREDIT AGRICOLE INDOSUEZ (the "Bank"), at the Agent's Office (as defined in the
Credit Agreement referred to below):
(a) prior to or on Revolving Credit Loan Maturity Date the principal
amount of NINE MILLION NINE THOUSAND DOLLARS ($9,009,000) or, if less, the
aggregate unpaid principal amount of Revolving Credit Loans advanced by the
Bank to the Borrower pursuant to the Consolidated, Amended and Restated
Revolving Credit Agreement dated as of June 29, 2001 (as amended and in
effect from time to time, the "Credit Agreement"), among AmeriKing, Inc.,
National Restaurant Enterprises Holdings, Inc., the Borrower, the Bank and
the other parties thereto;
(b) the principal outstanding hereunder from time to time at the
times provided in the Credit Agreement; and
(c) interest on the principal balance hereof from time to time
outstanding from the Closing Date under the Credit Agreement through and
including the Revolving Credit Loan Maturity Date hereof at the times and
at the rate provided in the Credit Agreement.
This Note (also known as the "Consolidated, Amended and Restated Revolving
Credit Note") constitutes the consolidation, amendment and restatement in its
entirety of the Amended and Restated Revolving Credit Note of the Borrower to
the Bank in the original principal amount of $6,240,000, dated as of December
24, 1998 (the "Revolver Note"), and the Acquisition Revolving Credit Note of the
Borrower to the Bank in the original principal amount of $3,510,000, dated as of
December 24, 1998 (the "Acquisition Note"), and is in substitution therefor and
an amendment and replacement thereof. Nothing herein or in any other document
shall be construed to constitute payment of the Revolver Note or the Acquisition
Note or to release or terminate any guaranty or lien, mortgage, pledge or other
security entered in favor of the Bank.
This Note evidences borrowings under and has been issued by the Borrower in
accordance with the terms of the Credit Agreement. The Bank and any holder
hereof is entitled to the benefits of the Credit Agreement, the Security
Documents and the other Revolver Loan Documents, and may enforce the agreements
of the Borrower contained therein, and any holder hereof may
-2-
exercise the respective remedies provided for thereby or otherwise available in
respect thereof, all in accordance with the respective terms thereof. All
capitalized terms used in this Note and not otherwise defined herein shall have
the same meanings herein as in the Credit Agreement.
The Borrower irrevocably authorizes the Bank to make or cause to be made,
at or about the time of the Drawdown Date of any Revolving Credit Loan or at the
time of receipt of any payment of principal of this Note, an appropriate
notation on the grid attached to this Note, or the continuation of such grid, or
any other similar record, including computer records, reflecting the making of
such Revolving Credit Loan or (as the case may be) the receipt of such payment.
The outstanding amount of the Revolving Credit Loans set forth on the grid
attached to this Note, or the continuation of such grid, or any other similar
record, including computer records, maintained by the Bank with respect to any
Revolving Credit Loans shall be prima facie evidence of the principal amount
----- -----
thereof owing and unpaid to the Bank, but the failure to record, or any error in
so recording, any such amount on any such grid, continuation or other record
shall not limit or otherwise affect the obligation of the Borrower hereunder or
under the Credit Agreement to make payments of principal of and interest on this
Note when due.
The Borrower has the right in certain circumstances and the obligation
under certain other circumstances to prepay the whole or part of the principal
of this Note on the terms and conditions specified in the Credit Agreement.
If any one or more of the Events of Default shall occur, the entire unpaid
principal amount of this Note and all of the unpaid interest accrued thereon may
become or be declared due and payable in the manner and with the effect provided
in the Credit Agreement.
No delay or omission on the part of the Bank or any holder hereof in
exercising any right hereunder shall operate as a waiver of such right or of any
other rights of the Bank or such holder, nor shall any delay, omission or waiver
on any one occasion be deemed a bar or waiver of the same or any other right on
any further occasion.
The Borrower and every endorser and guarantor of this Note or the
obligation represented hereby waive presentment, demand, notice, protest and all
other demands and notices in connection with the delivery, acceptance,
performance, default or enforcement of this Note, and assent to any extension or
postponement of the time of payment or any other indulgence, to any
substitution, exchange or release of collateral and to the addition or release
of any other party or person primarily or secondarily liable.
THIS NOTE AND THE OBLIGATIONS OF THE BORROWER HEREUNDER SHALL FOR ALL
PURPOSES BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE
COMMONWEALTH OF MASSACHUSETTS (EXCLUDING THE LAWS
-3-
APPLICABLE TO CONFLICTS OR CHOICE OF LAW). THE BORROWER AGREES THAT ANY SUIT FOR
THE ENFORCEMENT OF THIS NOTE MAY BE BROUGHT IN THE COURTS OF THE COMMONWEALTH OF
MASSACHUSETTS OR ANY FEDERAL COURT SITTING THEREIN AND THE CONSENT TO THE
NONEXCLUSIVE JURISDICTION OF SUCH COURT AND THE SERVICE OF PROCESS IN ANY SUCH
SUIT BEING MADE UPON THE BORROWER BY MAIL AT THE ADDRESS SPECIFIED IN (S)20 OF
THE CREDIT AGREEMENT. THE BORROWER HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW
OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH
SUIT IS BROUGHT IN AN INCONVENIENT COURT.
This Note shall be deemed to take effect as a sealed instrument under the
laws of the Commonwealth of Massachusetts.
-4-
IN WITNESS WHEREOF, the undersigned has caused this Consolidated, Amended
and Restated Revolving Credit Note to be signed in its corporate name and its
corporate seal to be impressed thereon by its duly authorized officer as of the
day and year first above written.
[Corporate Seal]
NATIONAL RESTAURANT
ENTERPRISES, INC.
By: /s/ X. Xxxxxxx Xxxxxx, Xx.
--------------------------
Title: Vice President
--------------------------------------------------------------------------------
Amount of Balance of
Amount Principal Paid Principal Notation
Date of Loan or Prepaid Unpaid Made By:
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SECOND AMENDED AND RESTATED
----------------------------
REVOLVING CREDIT NOTE
---------------------
$9,009,000 as of June 29, 2001
FOR VALUE RECEIVED, the undersigned NATIONAL RESTAURANT ENTERPRISES, INC.,
a Delaware corporation (the "Borrower"), hereby promises to pay to the order of
CREDIT AGRICOLE INDOSUEZ (the "Bank"), at the Agent's Office (as defined in the
Credit Agreement referred to below):
(a) prior to or on Revolving Credit Loan Maturity Date the principal
amount of NINE MILLION NINE THOUSAND DOLLARS ($9,009,000) or, if less, the
aggregate unpaid principal amount of Revolving Credit Loans advanced by the
Bank to the Borrower pursuant to the Consolidated, Amended and Restated
Revolving Credit Agreement dated as of June 29, 2001 (as amended and in
effect from time to time, the "Credit Agreement"), among AmeriKing, Inc.,
National Restaurant Enterprises Holdings, Inc., the Borrower, the Bank and
the other parties thereto;
(b) the principal outstanding hereunder from time to time at the
times provided in the Credit Agreement; and
(c) interest on the principal balance hereof from time to time
outstanding from the Closing Date under the Credit Agreement through and
including the Revolving Credit Loan Maturity Date hereof at the times and
at the rate provided in the Credit Agreement.
This Note (also known as the "Consolidated, Amended and Restated Revolving
Credit Note") constitutes the consolidation, amendment and restatement in its
entirety of the Amended and Restated Revolving Credit Note of the Borrower to
the Bank in the original principal amount of $6,240,000, dated as of December
24, 1998 (the "Revolver Note"), and the Acquisition Revolving Credit Note of the
Borrower to the Bank in the original principal amount of $3,510,000, dated as of
December 24, 1998 (the "Acquisition Note"), and is in substitution therefor and
an amendment and replacement thereof. Nothing herein or in any other document
shall be construed to constitute payment of the Revolver Note or the Acquisition
Note or to release or terminate any guaranty or lien, mortgage, pledge or other
security entered in favor of the Bank.
This Note evidences borrowings under and has been issued by the Borrower in
accordance with the terms of the Credit Agreement. The Bank and any holder
hereof is entitled to the benefits of the Credit Agreement, the Security
Documents and the other Revolver Loan Documents, and may enforce the agreements
of the Borrower contained therein, and any holder hereof may exercise the
respective remedies provided for thereby or otherwise available in
-2-
respect thereof, all in accordance with the respective terms thereof. All
capitalized terms used in this Note and not otherwise defined herein shall have
the same meanings herein as in the Credit Agreement.
The Borrower irrevocably authorizes the Bank to make or cause to be made,
at or about the time of the Drawdown Date of any Revolving Credit Loan or at the
time of receipt of any payment of principal of this Note, an appropriate
notation on the grid attached to this Note, or the continuation of such grid, or
any other similar record, including computer records, reflecting the making of
such Revolving Credit Loan or (as the case may be) the receipt of such payment.
The outstanding amount of the Revolving Credit Loans set forth on the grid
attached to this Note, or the continuation of such grid, or any other similar
record, including computer records, maintained by the Bank with respect to any
Revolving Credit Loans shall be prima facie evidence of the principal amount
----- -----
thereof owing and unpaid to the Bank, but the failure to record, or any error in
so recording, any such amount on any such grid, continuation or other record
shall not limit or otherwise affect the obligation of the Borrower hereunder or
under the Credit Agreement to make payments of principal of and interest on this
Note when due.
The Borrower has the right in certain circumstances and the obligation
under certain other circumstances to prepay the whole or part of the principal
of this Note on the terms and conditions specified in the Credit Agreement.
If any one or more of the Events of Default shall occur, the entire unpaid
principal amount of this Note and all of the unpaid interest accrued thereon may
become or be declared due and payable in the manner and with the effect provided
in the Credit Agreement.
No delay or omission on the part of the Bank or any holder hereof in
exercising any right hereunder shall operate as a waiver of such right or of any
other rights of the Bank or such holder, nor shall any delay, omission or waiver
on any one occasion be deemed a bar or waiver of the same or any other right on
any further occasion.
The Borrower and every endorser and guarantor of this Note or the
obligation represented hereby waive presentment, demand, notice, protest and all
other demands and notices in connection with the delivery, acceptance,
performance, default or enforcement of this Note, and assent to any extension or
postponement of the time of payment or any other indulgence, to any
substitution, exchange or release of collateral and to the addition or release
of any other party or person primarily or secondarily liable.
THIS NOTE AND THE OBLIGATIONS OF THE BORROWER HEREUNDER SHALL FOR ALL
PURPOSES BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE
COMMONWEALTH OF MASSACHUSETTS (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR
CHOICE OF LAW). THE BORROWER
-3-
AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS NOTE MAY BE BROUGHT IN THE
COURTS OF THE COMMONWEALTH OF MASSACHUSETTS OR ANY FEDERAL COURT SITTING THEREIN
AND THE CONSENT TO THE NONEXCLUSIVE JURISDICTION OF SUCH COURT AND THE SERVICE
OF PROCESS IN ANY SUCH SUIT BEING MADE UPON THE BORROWER BY MAIL AT THE ADDRESS
SPECIFIED IN (S)20 OF THE CREDIT AGREEMENT. THE BORROWER HEREBY WAIVES ANY
OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY
SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN INCONVENIENT COURT.
This Note shall be deemed to take effect as a sealed instrument under the
laws of the Commonwealth of Massachusetts.
-4-
IN WITNESS WHEREOF, the undersigned has caused this Consolidated, Amended
and Restated Revolving Credit Note to be signed in its corporate name and its
corporate seal to be impressed thereon by its duly authorized officer as of the
day and year first above written.
[Corporate Seal]
NATIONAL RESTAURANT
ENTERPRISES, INC.
By: /s/ X. Xxxxxxx Xxxxxx, Xx.
--------------------------
Title: Vice President
-------------------------------------------------------------------------------------------------
Amount of Balance of
Amount Principal Paid Principal Notation
Date of Loan or Prepaid Unpaid Made By:
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SECOND AMENDED AND RESTATED
---------------------------
REVOLVING CREDIT NOTE
---------------------
$16,632,000 as of June 29, 2001
FOR VALUE RECEIVED, the undersigned NATIONAL RESTAURANT ENTERPRISES, INC.,
a Delaware corporation (the "Borrower"), hereby promises to pay to the order of
FLEET NATIONAL BANK (f/k/a BankBoston, N.A.) (the "Bank"), at the Agent's Office
(as defined in the Credit Agreement referred to below):
(a) prior to or on Revolving Credit Loan Maturity Date the principal
amount of SIXTEEN MILLION SIX HUNDRED THIRTY-TWO THOUSAND DOLLARS
($16,632,000) or, if less, the aggregate unpaid principal amount of
Revolving Credit Loans advanced by the Bank to the Borrower pursuant to the
Consolidated, Amended and Restated Revolving Credit Agreement dated as of
June 29, 2001 (as amended and in effect from time to time, the "Credit
Agreement"), among AmeriKing, Inc., National Restaurant Enterprises
Holdings, Inc., the Borrower, the Bank and the other parties thereto;
(b) the principal outstanding hereunder from time to time at the
times provided in the Credit Agreement; and
(c) interest on the principal balance hereof from time to time
outstanding from the Closing Date under the Credit Agreement through and
including the Revolving Credit Loan Maturity Date hereof at the times and
at the rate provided in the Credit Agreement.
This Note (also known as the "Consolidated, Amended and Restated Revolving
Credit Note") constitutes the consolidation, amendment and restatement in its
entirety of the Amended and Restated Revolving Credit Note of the Borrower to
the Bank in the original principal amount of $11,520,000, dated as of January
29, 1999 (the "Revolver Note"), and the Acquisition Revolving Credit Note of the
Borrower to the Bank in the original principal amount of $6,480,000, dated as of
January 29, 1999 (the "Acquisition Note"), and is in substitution therefor and
an amendment and replacement thereof. Nothing herein or in any other document
shall be construed to constitute payment of the Revolver Note or the Acquisition
Note or to release or terminate any guaranty or lien, mortgage, pledge or other
security entered in favor of the Bank.
This Note evidences borrowings under and has been issued by the Borrower in
accordance with the terms of the Credit Agreement. The Bank and any holder
hereof is entitled to the benefits of the Credit Agreement, the Security
Documents and the other Revolver Loan Documents, and may enforce the agreements
of the Borrower contained therein, and any holder hereof may
-2-
exercise the respective remedies provided for thereby or otherwise available in
respect thereof, all in accordance with the respective terms thereof. All
capitalized terms used in this Note and not otherwise defined herein shall have
the same meanings herein as in the Credit Agreement.
The Borrower irrevocably authorizes the Bank to make or cause to be made,
at or about the time of the Drawdown Date of any Revolving Credit Loan or at the
time of receipt of any payment of principal of this Note, an appropriate
notation on the grid attached to this Note, or the continuation of such grid, or
any other similar record, including computer records, reflecting the making of
such Revolving Credit Loan or (as the case may be) the receipt of such payment.
The outstanding amount of the Revolving Credit Loans set forth on the grid
attached to this Note, or the continuation of such grid, or any other similar
record, including computer records, maintained by the Bank with respect to any
Revolving Credit Loans shall be prima facie evidence of the principal amount
----- -----
thereof owing and unpaid to the Bank, but the failure to record, or any error in
so recording, any such amount on any such grid, continuation or other record
shall not limit or otherwise affect the obligation of the Borrower hereunder or
under the Credit Agreement to make payments of principal of and interest on this
Note when due.
The Borrower has the right in certain circumstances and the obligation
under certain other circumstances to prepay the whole or part of the principal
of this Note on the terms and conditions specified in the Credit Agreement.
If any one or more of the Events of Default shall occur, the entire unpaid
principal amount of this Note and all of the unpaid interest accrued thereon may
become or be declared due and payable in the manner and with the effect provided
in the Credit Agreement.
No delay or omission on the part of the Bank or any holder hereof in
exercising any right hereunder shall operate as a waiver of such right or of any
other rights of the Bank or such holder, nor shall any delay, omission or waiver
on any one occasion be deemed a bar or waiver of the same or any other right on
any further occasion.
The Borrower and every endorser and guarantor of this Note or the
obligation represented hereby waive presentment, demand, notice, protest and all
other demands and notices in connection with the delivery, acceptance,
performance, default or enforcement of this Note, and assent to any extension or
postponement of the time of payment or any other indulgence, to any
substitution, exchange or release of collateral and to the addition or release
of any other party or person primarily or secondarily liable.
THIS NOTE AND THE OBLIGATIONS OF THE BORROWER HEREUNDER SHALL FOR ALL
PURPOSES BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE
COMMONWEALTH OF MASSACHUSETTS (EXCLUDING THE LAWS
-3-
APPLICABLE TO CONFLICTS OR CHOICE OF LAW). THE BORROWER AGREES THAT ANY SUIT FOR
THE ENFORCEMENT OF THIS NOTE MAY BE BROUGHT IN THE COURTS OF THE COMMONWEALTH OF
MASSACHUSETTS OR ANY FEDERAL COURT SITTING THEREIN AND THE CONSENT TO THE
NONEXCLUSIVE JURISDICTION OF SUCH COURT AND THE SERVICE OF PROCESS IN ANY SUCH
SUIT BEING MADE UPON THE BORROWER BY MAIL AT THE ADDRESS SPECIFIED IN (S)20 OF
THE CREDIT AGREEMENT. THE BORROWER HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW
OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH
SUIT IS BROUGHT IN AN INCONVENIENT COURT.
This Note shall be deemed to take effect as a sealed instrument under the
laws of the Commonwealth of Massachusetts.
-4-
IN WITNESS WHEREOF, the undersigned has caused this Consolidated, Amended
and Restated Revolving Credit Note to be signed in its corporate name and its
corporate seal to be impressed thereon by its duly authorized officer as of the
day and year first above written.
[Corporate Seal]
NATIONAL RESTAURANT
ENTERPRISES, INC.
By: /s/ X. Xxxxxxx Xxxxxx, Xx.
--------------------------
Title: Vice President
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Amount of Balance of
Amount Principal Paid Principal Notation
Date of Loan or Prepaid Unpaid Made By:
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