SECOND AMENDMENT TO CREDIT AGREEMENT
Exhibit 10.17
SECOND AMENDMENT TO CREDIT AGREEMENT
THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this Amendment), dated as of October 9, 2007, is by and among MORTONS OF CHICAGO, INC., an Illinois corporation, (the Borrower), MORTONS RESTAURANT GROUP, INC., a Delaware corporation (the Parent), those Subsidiaries of the Parent identified as a Guarantor on the signature pages hereto (together with the Parent, the Guarantors), and WACHOVIA BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (as defined below) under the Credit Agreement (defined below) (in such capacity, the Administrative Agent).
W I T N E S S E T H
WHEREAS, the Borrower, the Guarantors, the lenders party thereto (the Lenders) and the Administrative Agent are parties to that certain Credit Agreement dated as of February 14, 2006 (as previously amended, modified or supplemented by that certain First Amendment to Credit Agreement dated as of June 1, 2007 and as further amended, modified, supplemented, restated or amended and restated from time to time, the Credit Agreement; capitalized terms used herein shall have the meanings ascribed thereto in the Credit Agreement as amended hereby);
WHEREAS, the Credit Parties have requested an amendment to the Credit Agreement as described herein; and
WHEREAS, the Administrative Agent (on behalf of the Required Lenders) is willing to make such amendment to the Credit Agreement, subject to the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:
ARTICLE I
AMENDMENT TO CREDIT AGREEMENT
1.1 Consolidated Capital Expenditures. The definition of Consolidated Capital Expenditures in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
Consolidated Capital Expenditures shall mean, for any period, all capital expenditures of the Parent and its Subsidiaries on a consolidated basis for such period, as determined in accordance with GAAP, net of landlord contributions, allowances and abatements and excluding assets acquired with the proceeds of Asset Dispositions or Recovery Events.
ARTICLE II
CONDITIONS TO EFFECTIVENESS
2.1 Closing Conditions.
This Amendment shall become effective as of the date hereof (the Second Amendment Effective Date) upon satisfaction of the following conditions (in form and substance reasonably acceptable to the Administrative Agent):
(a) Executed Amendment. The Administrative Agent shall have received a copy of this Amendment duly executed by each of the Credit Parties and the Administrative Agent, on behalf of the Required Lenders.
(b) Executed Consents. The Administrative Agent shall have received executed consents, substantially in the form of Exhibit A attached hereto, from each of the Required Lenders authorizing the Administrative Agent to enter into this Amendment on their behalf.
(c) Other. The Administrative Agent shall have received such other documents, agreements or information which it may reasonably request relating to the Credit Parties and the transactions contemplated by this Amendment and any other matters relevant hereto or thereto, all in form and substance satisfactory to the Administrative Agent in its sole good faith discretion.
ARTICLE III
MISCELLANEOUS
3.1 Amended Terms. All references to the Credit Agreement in each of the Credit Documents shall hereafter mean the Credit Agreement as amended by this Amendment. Except as specifically amended hereby or otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms.
3.2 Representations and Warranties of Credit Parties. Each of the Credit Parties represents and warrants as follows:
(a) It has taken all necessary action to authorize the execution, delivery and performance of this Amendment.
(b) This Amendment has been duly executed and delivered by such Person and constitutes such Persons valid and legally binding obligations, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).
(c) No consent, approval, authorization or order of, or filing, registration or qualification with, any Governmental Authority or third party is required in connection with the execution, delivery or performance by such Person of this Amendment.
(d) The representations and warranties set forth in Article III of the Credit Agreement are (i) with respect to representations and warranties that contain a materiality qualification, true and correct as of the date hereof (except for those which expressly relate to an earlier date) and (ii) with respect to representations and warranties that do not contain a materiality qualification, true and correct in all material respects as of the date hereof (except for those which expressly relate to an earlier date).
(e) Before and after giving effect to this Amendment, (1) no Default or Event of Default exists; and (2) the Credit Parties are in compliance with all financial covenants set forth in Section 5.9 of the Credit Agreement.
(f) The Security Documents continue to create a valid security interest in, and Lien upon, the Collateral, in favor of the Administrative Agent, for the benefit of the Lenders, which security interests and Liens are perfected in accordance with the terms of the Security Documents and prior to all Liens other than Permitted Liens.
(g) The execution, delivery and performance of this Amendment by the Credit Parties will not violate any Requirement of Law or contractual obligation of any Credit Party in any respect that could reasonably be expected to have a Material Adverse Effect.
3.3 Acknowledgment of Guarantors. The Guarantors acknowledge and consent to all of the terms and conditions of this Amendment and agree that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge the Guarantors obligations under the Credit Documents.
3.4 Credit Document. This Amendment shall constitute a Credit Document under the terms of the Credit Agreement.
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3.5 Entirety. This Amendment and the other Credit Documents embody the entire agreement between the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof.
3.6 Counterparts; Telecopy. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. Delivery of an executed counterpart to this Amendment by telecopy shall be effective as an original and shall constitute a representation that an original will be delivered.
3.7 GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).
3.8 Consent to Jurisdiction; Service of Process; Waiver of Jury Trial. The jurisdiction, services of process and waiver of jury trial provisions set forth in Sections 9.14 and 9.17 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis.
3.9 Fees. The Borrower agrees to pay all reasonable out-of-pocket, due diligence expenses and other related expenses of the Administrative Agent in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the reasonable fees, disbursements and other charges of Moore & Van Allen PLLC.
3.10 Further Assurances. The Credit Parties agree to promptly take such action, upon the request of the Administrative Agent, as is necessary to carry out the intent of this Amendment.
3.11 Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
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IN WITNESS WHEREOF the Borrower, the Guarantors, and the Administrative Agent (on behalf of itself and the Lenders) have caused this Amendment to be duly executed on the date first above written.
BORROWER: | MORTONS OF CHICAGO, INC., an Illinois corporation | |||
By: | /s/ RONALD M. DINELLA | |||
Name: | Ronald M. DiNella | |||
Title: | Sr. Vice President/CFO |
PARENT: | MORTONS RESTAURANT GROUP, INC., a Delaware corporation | |||
By: | /s/ RONALD M. DINELLA | |||
Name: | Ronald M. DiNella | |||
Title: | Sr. Vice President/CFO |
GUARANTORS: | PORTERHOUSE, INC., a Delaware corporation | |
MORTONS OF CHICAGO/ATLANTA, INC., an Illinois corporation | ||
MORTONS OF CHICAGO/BUCKHEAD, INC., a Delaware corporation | ||
MORTONS OF CHICAGO/CHICAGO, INC., a Delaware corporation | ||
MORTONS OF CHICAGO/CINCINNATI, INC., a Delaware corporation | ||
MORTONS OF CHICAGO/CLAYTON, INC., a Delaware corporation | ||
MORTONS OF CHICAGO/CLEVELAND, INC., an Illinois corporation | ||
MORTONS OF CHICAGO/COLUMBUS INC., a Delaware corporation | ||
MORTONS OF CHICAGO/DALLAS, INC., an Illinois corporation | ||
MORTONS OF CHICAGO/DENVER, INC., an Illinois corporation | ||
MORTONS OF CHICAGO/DETROIT, INC., a Delaware corporation | ||
MORTONS OF CHICAGO/FIFTH AVENUE, INC., a Delaware corporation |
SECOND AMENDMENT TO CREDIT AGREEMENT
MORTONS OF CHICAGO/FLAMINGO ROAD CORP., a Delaware corporation | ||
MORTONS OF CHICAGO/HOUSTON, INC., a Delaware corporation | ||
MORTONS OF CHICAGO/MINNEAPOLIS, INC., a Delaware corporation | ||
MORTONS OF CHICAGO/NASHVILLE, INC., a Delaware corporation | ||
MORTONS OF CHICAGO/PALM DESERT, INC., a Delaware corporation | ||
MORTONS OF CHICAGO/PHILADELPHIA, INC., an Illinois corporation | ||
MORTONS OF CHICAGO/PHOENIX, INC., a Delaware corporation | ||
MORTONS OF CHICAGO/PITTSBURGH, INC., a Delaware corporation | ||
MORTONS OF CHICAGO/PITTSBURGH LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/PORTLAND, INC., a Delaware corporation | ||
MORTONS OF CHICAGO/PUERTO RICO, INC., a Delaware corporation | ||
MORTONS OF CHICAGO/ROSEMONT, INC., an Illinois corporation | ||
MORTONS OF CHICAGO/SACRAMENTO, INC., a Delaware corporation | ||
MORTONS OF CHICAGO/SAN ANTONIO, INC., a Delaware corporation | ||
MORTONS OF CHICAGO/SAN DIEGO, INC., a Delaware corporation | ||
MORTONS OF CHICAGO/SAN FRANCISCO, INC., a Delaware corporation | ||
MORTONS OF CHICAGO/SANTA ANA, INC., a Delaware corporation | ||
MORTONS OF CHICAGO/SCOTTSDALE, INC., a Delaware corporation |
SECOND AMENDMENT TO CREDIT AGREEMENT
MORTONS OF CHICAGO/SEATTLE, INC., a Delaware corporation | ||
MORTONS OF CHICAGO/VIRGINIA, INC., an Illinois corporation | ||
MORTONS OF CHICAGO/WASHINGTON D.C. INC., a Delaware corporation | ||
MORTONS OF CHICAGO/WASHINGTON SQUARE, INC., a Delaware corporation | ||
MORTONS OF CHICAGO/WESTBROOK, INC., an Illinois corporation | ||
PORTERHOUSE OF LOS ANGELES, INC., a Delaware corporation | ||
MOCGC CORP., a Virginia corporation | ||
MORTONS OF CHICAGO HOLDING, INC., a Delaware corporation | ||
ARNIE MORTONS OF CHICAGO/FIGUEROA LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO MARYLAND HOLDING, INC., a Delaware corporation | ||
MORTONS OF CHICAGO/BALTIMORE LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/BETHESDA LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/ANAHEIM LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/ATLANTIC CITY, LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO FLORIDA HOLDING, INC., a Delaware corporation | ||
MORTONS OF CHICAGO/BOCA RATON, LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/CORAL GABLES, LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/MIAMI LLC, a Delaware limited liability company |
SECOND AMENDMENT TO CREDIT AGREEMENT
MORTONS OF CHICAGO/NORTH MIAMI BEACH LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/ORLANDO LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/PALM BEACH LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/BOSTON LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/CHARLOTTE LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/CRYSTAL CITY LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/DENVER CRESCENT TOWN CENTER, LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/FORT LAUDERDALE, LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/GREAT NECK LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/HACKENSACK LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/HARTFORD LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/HONOLULU LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/INDIANAPOLIS LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/JACKSONVILLE LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/KANSAS CITY LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/KING OF PRUSSIA LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/LOUISVILLE LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/NEW ORLEANS LLC, a Delaware limited liability company |
SECOND AMENDMENT TO CREDIT AGREEMENT
MORTONS OF CHICAGO/NORTHBROOK, LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/MCKINNEY, LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/RESTON LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/RICHMOND LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/SCHAUMBURG LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/SOUTHPARK, LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/STAMFORD LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/TROY, LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/WACKER PLACE, LLC, a Delaware limited liability company | ||
MORTONS OF CHICAGO/WHITE PLAINS LLC, a Delaware limited liability company | ||
ITALIAN RESTAURANTS HOLDING CORP., a Delaware corporation | ||
BERTOLINIS RESTAURANTS, INC., a Delaware corporation | ||
BERTOLINIS OF CIRCLE CENTRE, INC., a Delaware corporation | ||
BERTOLINIS/KING OF PRUSSIA, INC., a Delaware corporation | ||
BERTOLINIS OF LAS VEGAS, INC., a Delaware corporation | ||
BERTOLINIS AT VILLAGE SQUARE, INC., a Delaware corporation |
By: | /s/ RONALD M. DINELLA | |||
Name: | Ronald M. DiNella | |||
Title: | Sr. Vice President/CFO |
SECOND AMENDMENT TO CREDIT AGREEMENT
ARNIE MORTONS OF CHICAGO/BURBANK LLC, a Delaware limited liability company | ||||
By: | /s/ RONALD M. DINELLA | |||
Name: | Ronald M. DiNella | |||
Title: | Sr. Vice President/CFO |
HOUSTON STEAKHOUSE, INC., a Texas corporation | ||
CHICAGO STEAKHOUSE, INC., a Texas corporation | ||
SAN ANTONIO STEAKHOUSE, INC., a Texas corporation |
By: | /s/ RONALD M. DINELLA | |||
Name: | Ronald M. DiNella | |||
Title: | Sr. Vice President/CFO |
SECOND AMENDMENT TO CREDIT AGREEMENT
ADMINISTRATIVE AGENT: | WACHOVIA BANK, NATIONAL ASSOCIATION, | |
as Administrative Agent | ||
and on behalf of the Required Lenders |
By: | /s/ JORGE A. GONZALEZ | |||
Name: | Jorge A. Gonzalez | |||
Title: | Managing Director |
EXHIBIT A
LENDER CONSENT
This Lender Consent is given pursuant to the Credit Agreement, dated as of February 14, 2006 (as previously amended and modified, the Credit Agreement; and as further amended by the Amendment (as hereinafter defined), the Amended Credit Agreement), by and among MORTONS OF CHICAGO, INC., an Illinois corporation, (the Borrower), MORTONS RESTAURANT GROUP, INC., a Delaware corporation (the Parent), those Subsidiaries of the Parent identified as a Guarantor on the signature pages hereto (together with the Parent, the Guarantors), the lenders and other financial institutions from time to time party thereto (the Lenders) and WACHOVIA BANK, NATIONAL ASSOCIATION, as administrative agent on behalf of the Lenders (in such capacity, the Administrative Agent). Capitalized terms used herein shall have the meanings ascribed thereto in the Credit Agreement unless otherwise defined herein.
The undersigned hereby approves the Second Amendment to Credit Agreement (the Amendment), dated as of October 9, 2007, by and among the Borrower, the Guarantors party thereto and the Administrative Agent and hereby authorizes the Administrative Agent to execute and deliver the Amendment on its behalf and, by its execution below, the undersigned agrees to be bound by the terms and conditions of the Amendment and the Amended Credit Agreement.
Delivery of this Lender Consent by telecopy shall be effective as an original.
A duly authorized officer of the undersigned has executed this Lender Consent as of the day of October, 2007.
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as a Lender | ||
By: | ||
Name: | ||
Title: |