Attached files
file | filename |
---|---|
8-K - FORM 8-K - Real Mex Restaurants, Inc. | c02950e8vk.htm |
EX-4.1 - EXHIBIT 4.1 - Real Mex Restaurants, Inc. | c02950exv4w1.htm |
EX-99.1 - EXHIBIT 99.1 - Real Mex Restaurants, Inc. | c02950exv99w1.htm |
Exhibit 10.1
EXECUTION VERSION
CONSENT AND FIRST AMENDMENT TO CREDIT AGREEMENT
CONSENT AND FIRST AMENDMENT TO CREDIT AGREEMENT (this Amendment) is entered into as of June
28, 2010, among RM RESTAURANT HOLDING CORP., a Delaware corporation (Holdings), the lenders from
time to time parties to the Holdings Credit Agreement referred to below (collectively, the
Lenders) and WILMINGTON TRUST FSB, as administrative agent (the Agent) for the Lenders.
PRELIMINARY STATEMENTS:
WHEREAS, Holdings, the Lenders and the Agent have entered into a credit agreement, dated as of
July 7, 2009 (as amended, restated or otherwise modified from time to time, the Holdings Credit
Agreement). Capitalized terms not otherwise defined in this Amendment have the same meanings as
specified in the Holdings Credit Agreement.
WHEREAS, Real Mex Restaurants, Inc. (the Real Mex), a wholly owned subsidiary of Holdings,
issued 14% Senior Secured Notes due 2013 pursuant to that certain Indenture, dated as of July 7,
2009 (the Indenture), among Real Mex, Holdings, the other guarantors parties thereto, and Wells
Fargo Bank, National Association, as Trustee.
WHEREAS, pursuant to the Securities and Loan Transfer Agreement, dated as of May 12, 2010 (the
Transfer Agreement), among Cocina Funding Corp., L.L.C. (Cocina) and Sun Cantinas, LLC (Sun),
Cocina intends to sell, and Sun intends to purchase, a portion of the Term Loans and the equity of
Holdings held by Cocina on the terms and conditions stated in the Transfer Agreement (the Sale).
WHEREAS, in connection with the Sale, Real Mex intends to amend the Indenture on the terms and
conditions described in the First Supplemental Indenture, substantially in the form attached hereto
as Exhibit A (the Indenture Amendment, and together with the Sale, the Transaction).
WHEREAS, in connection with the Transaction, Holdings and the Lenders have requested certain
consents under, and modifications to, the Holdings Credit Agreement as hereinafter set forth.
NOW, THEREFORE, Holdings, the Lenders and the Agent have agreed to amend the Holdings Credit
Agreement as hereinafter set forth.
SECTION 1. Amendments to Holdings Credit Agreement
The Holdings Credit Agreement is hereby amended as follows:
(a) | Section 1.01 of the Credit Agreement is hereby amended by
replacing the definition of Requisite Lenders in full to read as follows: |
Requisite Lenders means (a) Lenders having or holding more than 50% of the sum of
the aggregate Term Loan Exposure of all Lenders and (b) Cocina for so
long as Cocina
holds not less than 15% of the aggregate Term Loan Exposure. For the avoidance of
doubt, for so long as Cocina holds not less than 15% of the
aggregate Term Loan Exposure, any actions requiring the consent of the Requisite
Lenders will not be valid unless Cocinas consent is obtained. Notwithstanding the
foregoing or anything to the contrary contained in this Agreement, clause (b) of
this definition of Requisite Lenders shall not apply to, and the consent of Cocina
need not be obtained for or in connection with, any action (including, without
limitation, any request, notice or election) permitted to be taken or any
determination permitted to be made by the Requisite Lenders under Section 7 hereof,
other than granting any waiver thereunder that would prevent the acceleration of the
indebtedness incurred hereunder. For the avoidance of doubt, the Requisite Lenders
shall mean only Lenders having or holding more than 50% of the sum of the aggregate
Term Loan Exposure of all Lenders and need not include Cocina in order to provide
any consent, take any action (including, without limitation, any request, notice or
election) or make any determination referred to in the immediately preceding
sentence, but the Requisite Lenders shall and must include Cocina in order to grant
any waiver thereunder that would prevent the acceleration of the indebtedness
incurred hereunder.
(b) | Clause (ii) of the paragraph immediately following Section 7.11
of the Credit Agreement is hereby deleted in its entirety and replaced in full
to read as follows: |
(ii) upon the occurrence and during the continuation of any other Event of Default,
the Administrative Agent may, and upon the request of either (A) the Requisite
Lenders or (B) Cocina (for so long as Cocina holds not less than 15% of the
aggregate Term Loan Exposure) shall, declare all or any portion of the amounts
described in clauses (a) and (b) above to be, and the same shall forthwith become,
immediately due and payable, and the Administrative Agent and the Lenders shall have
the right to take any and all actions and exercise any and all remedies available to
a secured party under the Loan Documents or applicable law or in equity.
SECTION 2. Consent. Each of the Lenders and the Agent hereby consents to each element of and the consummation
of the Transaction, and waives any breach that may arise under the Holdings Credit Agreement as a
result thereof and any remedy therefor. Each of the Lenders and the Agent acknowledges that Sun,
Cocina and Holdings will rely on this consent and waiver.
SECTION 3. Reference to and Effect on the Holdings Credit Agreement. (a) On and after the effectiveness of this Amendment, each reference in the Holdings Credit
Agreement to this Agreement, hereunder, hereof or words of like import referring to the
Holdings Credit Agreement, and each reference in each of the other Loan Documents to the Credit
Agreement, thereunder, thereof or words of like import referring to the Holdings Credit
Agreement thereto, shall mean and be a reference to the Holdings Credit Agreement, as amended by
this Amendment.
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(a) | The Holdings Credit Agreement, as specifically amended by this
Amendment, is and shall continue to be in full force and effect and is hereby
in all respects ratified and confirmed. |
(b) | The execution, delivery and effectiveness of this Amendment
shall not, except as expressly provided herein, operate as a waiver of any
right, power or remedy of any Lender or the Agent under any of the Loan
Documents, nor constitute a waiver of any provision of any of the Loan
Documents. |
SECTION 4. Conditions to Effectiveness. This Agreement shall become effective as of the date the Agent receives copies of this
Agreement, duly executed by Holdings and each Lender.
SECTION 5. Costs, Expenses. Holdings agrees to pay on demand all reasonable and documented costs and expenses of the
Agent (including counsel to the Agent) and the Lenders in connection with the preparation,
execution, delivery and administration, modification of this Amendment and the other instruments
and documents to be delivered hereunder.
SECTION 6. Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute but one and the same agreement. Delivery of an
executed counterpart of a signature page to this Amendment by telecopier or other electronic
delivery (e.g. PDF) shall be effective as delivery of a manually executed counterpart of this
Amendment.
SECTION 7. Loan Document. This Agreement shall be a Loan Document for all purposes.
SECTION 8. Entirety. This Agreement and the other Loan Documents embody the entire agreement between the parties
and supersede all prior agreements and understandings, if any, relating to the subject matter
hereof. This Agreement, together with the other Loan Documents represent the final agreement
between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent
oral agreements of the parties. There are no oral agreements between the parties. In the event
there is a conflict between this Agreement and the other Loan Documents, this Agreement shall
control.
SECTION 9. Severability. In case any provision in or obligation hereunder shall be invalid, illegal or unenforceable in
any jurisdiction, the validity, legality and enforceability of the remaining provisions or
obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be
affected or impaired thereby.
SECTION 10. Governing Law. The amendments to the Holdings Credit Agreement effected pursuant to this Amendment shall be
governed by, and construed in accordance with the laws of the State of New York.
[Remainder of Page Intentionally Left Blank]
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first above written.
WILMINGTON TRUST FSB, as Administrative Agent |
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By: | ||||
Name: | ||||
Title: | ||||
RM RESTAURANT HOLDING CORP. |
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By: | ||||
Name: | ||||
Title: | ||||
COCINA FUNDING CORP., L.L.C., as Lender |
||||
By: | ||||
Name: | ||||
Title: | ||||
SUN CANTINAS, LLC, as Lender |
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By: | ||||
Name: | ||||
Title: | ||||
[Signature Page to Consent and First Amendment]