Exhibit 10.2

 

 

WAIVER AND CONSENT AGREEMENT

 

This WAIVEr and Consent AGREEMENT (this “Waiver”), dated as of December
11, 2015, to the Credit Agreement referenced below is by and among Ignite
Restaurant Group, Inc., a Delaware corporation (“Borrower”), the Lenders party
hereto (the “Consenting Lenders”), and Credit Suisse AG, (the “Administrative
Agent”) in its capacity as Administrative Agent pursuant to the Credit Agreement
referenced below.

 

RECITALS:

 

WHEREAS, the Borrower, the Administrative Agent, and the Lenders that from time
to time became a party thereto entered into that certain CREDIT AND SECURITY
AGREEMENT dated as of August 13, 2014 (as amended, restated, supplemented, or
otherwise modified from time to time, the “Credit Agreement”); and

 

WHEREAS, pursuant to Section 2.8 of the Credit Agreement, the Borrower has
provided timely, written notice to the Administrative Agent that Borrower
desires to make a voluntary prepayment of the Term Loan in an aggregate amount
equal to $35,000,000 of the principal amount of the outstanding Term Loan on or
prior to December 11, 2015 (the “Prepayment”); and

 

WHEREAS, pursuant to Section 2.8(a)(iv) of the Credit Agreement, such voluntary
prepayment of the Term Loan would be subject to a prepayment penalty equal to
the present value of the required interest payments not yet made on the
principal amount of the Term Loan so prepaid that but for such prepayment would
have been payable through the Term Loan Maturity Date (the “Prepayment
Premium”); and

 

WHEREAS, the Borrower has requested a one-time: (i) waiver of Borrower’s
compliance with Section 2.8(a)(iv) of the Credit Agreement; and (ii) solely in
connection with the Prepayment, modification of such Prepayment Premium to 0.5%
of the amount of the Prepayment (the “New Prepayment Premium”);

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged by the parties hereto, the parties hereto
hereby agree as follows:

 

Section 1.     Definitions. Capitalized terms used in this Waiver and not
otherwise defined herein shall have the respective meanings given such terms in
the Credit Agreement as the context may require.

 

Section 2.    Waivers; Consent. Subject to the satisfaction of the conditions
precedent set forth in Section 3 of this Waiver, (a) the Consenting Lenders
hereby waive the Prepayment Premium otherwise due solely in connection with the
Prepayment pursuant to Section 2.8(a)(iv) of the Credit Agreement and (b) the
Borrower and Consenting Lenders hereby agree and consent that the prepayment
premium owed in connection with the Prepayment will be the New Prepayment
Premium.

 

 
 

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Section 3.     Conditions Precedent. The effectiveness of the waiver, consent
and agreement set forth in Section 2 hereof is subject to the satisfaction of
the following conditions:

 

(a)     The truth and accuracy of the representations and warranties set forth
in Section 4 of this Waiver as if made on the date of such effectiveness;

 

(b)     Receipt by the Administrative Agent of counterparts of this Waiver duly
executed by the Borrower and the Required Lenders;

 

(c)     Payment by the Borrower of all fees, costs and expenses required to be
paid to the Administrative Agent and the Lenders in accordance with Section 5 of
this Waiver; and

 

(d)    The Borrower shall have delivered to the Administrative Agent an
officer’s certificate certifying the satisfaction of the condition set forth in
clause (a) above on and as of the date of such effectiveness and after giving
effect to this Waiver.

 

Section 4.        Representations and Warranties. The Borrower hereby represents
and warrants to the Administrative Agent and each Consenting Lender that:

 

(a)     no Default or Event of Default exists or would exist immediately
following the execution, delivery and performance of this Waiver and the
consummation of the Prepayment; and

 

(b)     each of the representations and warranties contained in Article VI of
the Credit Agreement is (i) with respect to representations and warranties that
contain a materiality qualification, true and correct, and (ii) with respect to
representations and warranties that do not contain a materiality qualification,
true and correct in all material respects, in each case, as if made on the date
hereof and on the date of the effectiveness of this Waiver (except to the extent
that any thereof expressly relate to a specific earlier date, in which case such
representations and warranties are (A) with respect to representations and
warranties that contain a materiality qualification, true and correct as of such
earlier date, and (B) with respect to representations and warranties that do not
contain a materiality qualification, true and correct in all material respects
as of such earlier date); provided that all references to the Loan Documents in
such representations and warranties shall be deemed to include this Waiver.

 

Section 5.      Expenses. In addition to the Borrower’s indemnification and
reimbursement obligations pursuant to the terms of the Credit Agreement, the
Borrower shall (a) indemnify and hold harmless the Administrative Agent and the
Lenders against any and all losses, costs and expenses (including, without
limitation, attorneys’ fees) and liabilities incurred by the Administrative
Agent and the Lenders and (b) pay or reimburse the Administrative Agent and the
Lenders upon demand for all fees, costs and expenses (including, without
limitation, attorneys’ fees) and liabilities incurred or paid by the
Administrative Agent and the Lenders, in each case in connection with or arising
in any manner from the preparation, execution, delivery and performance of this
Waiver and any other agreements and documents executed and delivered in
connection herewith.

 

 
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Section 6.       Binding Effect. This Waiver shall be binding upon and shall
inure to the benefit of the parties hereto and their respective successors and
assigns.

 

Section 7.       Governing Law. This Waiver shall be governed by and construed
in accordance with the laws of the State of New York and the respective rights
and obligations of the Borrower, the Administrative Agent, and the Lenders shall
be governed by New York law, without regard to principles of conflicts of laws.

 

Section 8.       Effect; Ratification. Except as expressly set forth herein, the
provisions of the Credit Agreement and each other Loan Document shall remain
unchanged and in full force and effect. This Waiver shall constitute a Loan
Document under the Credit Agreement. The Consenting Lenders and the Borrower
hereby consent to this Waiver and acknowledge that the execution of this Waiver
shall not operate as a waiver of any right, power or remedy of the
Administrative Agent or any Lender, except as expressly set forth herein. The
Consenting Lenders hereby instruct the Administrative Agent to execute and
deliver this Waiver.

 

Section 9.      Counterparts. This Waiver may be executed in any number of
counterparts, each of which shall be deemed to be an original and shall be
binding upon all parties, their successors and assigns. Any signatures delivered
by a party hereto by facsimile transmission or by electronic transmission shall
be deemed an original signature hereto.

 

[Signatures on Next Page]

 

 
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IN WITNESS WHEREOF, the parties hereto have caused this Waiver and Consent
Agreement to be executed as of the date first above written.

 

 

 

IGNITE RESTAURANT GROUP, INC.

 

 

 

 

 

 

 

By:

/s/ Brad A. Leist  

 

 

Name: Brad A. Leist  

 

 

Title: Senior Vice President and Chief Financial Officer  

 

 

 

 

[Signature page to Waiver and Consent Agreement: Ignite Restaurant Group, Inc.]

 

 
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ARES PRIVATE DEBT STRATEGIES FUND III, L.P., as a Lender

      By: Ivy Hill Asset Management, L.P., as Manager

 

 

 

By:

/s/ Kevin R. Braddish  

 

 

Name: Kevin R. Braddish  

 

 

Title: Duly Authorized Signatory  

 

 

 

 

[Lender Signature page to Waiver and Consent Agreement]

 

 
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ARES PRIVATE DEBT STRATEGIES FUND IV, L.P., as a Lender

      By: Ivy Hill Asset Management, L.P., as Manager

 

 

 

By:

/s/ Kevin R. Braddish  

 

 

Name: Kevin R. Braddish  

 

 

Title: Duly Authorized Signatory  

 

 

 

 

[Lender Signature page to Waiver and Consent Agreement]

 

 
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IVY HILL MIDDLE MARKET CREDIT FUND IV, LTD., as a Lender

      By: Ivy Hill Asset Management, L.P., as Portfolio Manager

 

 

 

By:

/s/ Kevin R. Braddish  

 

 

Name: Kevin R. Braddish  

 

 

Title: Duly Authorized Signatory  

 

 

 

 

[Lender Signature page to Waiver and Consent Agreement] 

 

 
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IVY HILL MIDDLE MARKET CREDIT FUND V, LTD., as a Lender

      By: Ivy Hill Asset Management, L.P., as Portfolio Manager

 

 

 

By:

/s/ Kevin R. Braddish  

 

 

Name: Kevin R. Braddish  

 

 

Title: Duly Authorized Signatory  

 

 

 

 

[Lender Signature page to Waiver and Consent Agreement] 

 

 
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IVY HILL MIDDLE MARKET CREDIT FUND VII, LTD., as a Lender

      By: Ivy Hill Asset Management, L.P., as Asset Manager

 

 

 

By:

/s/ Kevin R. Braddish  

 

 

Name: Kevin R. Braddish  

 

 

Title: Duly Authorized Signatory  

 

 

 

 

[Lender Signature page to Waiver and Consent Agreement] 

 

 
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IVY HILL MIDDLE MARKET CREDIT FUND IX, LTD., as a Lender

      By: Ivy Hill Asset Management, L.P., as Asset Manager

 

 

 

By:

/s/ Kevin R. Braddish  

 

 

Name: Kevin R. Braddish  

 

 

Title: Duly Authorized Signatory  

 

 

 

 

[Lender Signature page to Waiver and Consent Agreement] 

 

 
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IVY HILL MIDDLE MARKET CREDIT FUND X, LTD., as a Lender

      By: Ivy Hill Asset Management, L.P., as Asset Manager

 

 

 

By:

/s/ Ian Fitzgerald  

 

 

Name: Ian Fitzgerald  

 

 

Title: Authorized Signatory  

 

 

 

 

[Lender Signature page to Waiver and Consent Agreement] 

 

 
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BANK OF AMERICA, N.A.

   

 

 

 

By:

/s/ Anthony Luppino  

 

 

Name: Anthony Luppino  

 

 

Title: Vice President  

 

 

 

 

[Lender Signature page to Waiver and Consent Agreement] 

 

 
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CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH

   

 

 

 

By:

/s/ Mikhail Faybusovich  

 

 

Name: Mikhail Faybusovich  

 

 

Title: Authorized Signatory  

 

 

By:

/s/ Gregory Fantoni  

 

 

Name: Gregory Fantoni  

 

 

Title: Authorized Signatory  

 

 

 

 

[Lender Signature page to Waiver and Consent Agreement] 

 

 
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FORTRESS CREDIT OPPORTUNITIES I LP

  By: Fortress Credit Opportunities I GP LLC, its General Partner    

 

 

 

By:

/s/ Marc Furstein  

 

 

Name: Marc Furstein  

 

 

Title: Chief Operating Officer  

 

 

 

 

[Lender Signature page to Waiver and Consent Agreement] 

 

 
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FORTRESS CREDIT OPPORTUNITIES V CLO LIMITED

  By: FCO V CLO CM LLC, its collateral manager    

 

 

 

By:

/s/ Marc Furstein  

 

 

Name: Marc Furstein  

 

 

Title: Chief Operating Officer  

 

 

 

 

[Lender Signature page to Waiver and Consent Agreement] 

 

 
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FORTRESS CREDIT OPPORTUNITIES VI CLO LIMITED

  By: FCO VI CLO CM LLC, its collateral manager    

 

 

 

By:

/s/ Marc Furstein  

 

 

Name: Marc Furstein  

 

 

Title: Chief Operating Officer  

 

 

 

 

[Lender Signature page to Waiver and Consent Agreement] 

 

 
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Golub Capital PEARLS Direct Lending Program, L.P.       By: GC Advisors LLC, its
Manager          

 

By:

/s/ Marc C. Robinson  

 

 

            Name:  Marc C. Robinson                   Title: Managing Director  
                    Golub Capital Partners CLO 10, Ltd.       By: GC Advisors
LLC, its agent             By: /s/ Marc C. Robinson                   Name: 
Marc C. Robinson                   Title: Managing Director                    
  Golub Capital Partners CLO 12, Ltd.       By: GC Advisors LLC, as agent      
      By: /s/ Marc C. Robinson                   Name:  Marc C. Robinson      
            Title: Managing Director                       Golub Capital BDC CLO
2014 LLC   By: GC Advisors LLC, its Collateral Manager             By: /s/ Marc
C. Robinson                   Name:  Marc C. Robinson                   Title:
Managing Director                       Golub Capital Partners CLO 17, Ltd.    
  By: GC Advisors LLC, as agent             By: /s/ Marc C. Robinson      
            Name:  Marc C. Robinson                   Title: Managing Director  
         

 

 

 

[Lender Signature page to Waiver and Consent Agreement] 

 

 
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    Golub Capital Partners CLO 16, Ltd.       By: GC Advisors LLC, its agent    
     

 

By:

/s/ Marc C. Robinson  

 

 

            Name:  Marc C. Robinson                   Title: Managing Director  
                    GCIC Funding LLC.   By: Golub Capital Investment
Corporation, its sole member       By: GC Advisors LLC, its manager            
By: /s/ Marc C. Robinson                   Name:  Marc C. Robinson      
            Title: Managing Director                       Golub Capital
Partners CLO 21(M), Ltd.       By: GC Advisors LLC, as agent             By: /s/
Marc C. Robinson                   Name:  Marc C. Robinson                  
Title: Managing Director            

 

 

 

[Lender Signature page to Waiver and Consent Agreement] 

 

 
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Key Bank National Association

   

 

 

 

By:

/s/ Marianne T. Meil  

 

 

Name: Marianne T. Meil  

 

 

Title: Senior Vice President  

 

 

 

 

[Lender Signature page to Waiver and Consent Agreement] 

 

 
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Sierra Income Corporation

   

 

 

 

By:

/s/ Rich T. Allorto  

 

 

Name: Rich T. Allorto  

 

 

Title: Chief Finanical Officer  

 

 

 

 

 

 

 [Lender Signature page to Waiver and Consent Agreement]

 

 

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