Exhibit 10.35
FIRST AMENDMENT TO CREDIT AGREEMENT
BY THIS FIRST AMENDMENT TO CREDIT DOCUMENTS (this “Amendment”), dated as of
December 31, 2008, P.F. CHANG’S CHINA BISTRO, INC., a Delaware corporation
(“Borrower”), and JPMORGAN CHASE BANK, N.A., a national banking association, as
Administrative Agent, BANK OF AMERICA, N.A., a national banking association, as
Syndication Agent, and WELLS FARGO BANK, N.A., a national banking association,
as Documentation Agent and the Lenders party hereto, agree that the Credit
Agreement dated August 31, 2007 between Borrower, Administrative Agent,
Syndication Agent, Documentation Agent and the Lenders party thereto (the
“Credit Agreement”) is supplemented, amended and modified as set forth herein.
All terms capitalized but not otherwise defined herein shall have the meanings
set forth in the Credit Agreement
1. Amendments to Section 2.06(b) of the Credit Agreement. Borrower,
Administrative Agent, Syndication Agent, Documentation Agent and the Lenders
party hereto hereby agree that Section 2.06 (b) of the Credit Agreement is
amended by replacing the language “the LC Exposure shall not exceed
$50,000,000.00” with “the LC Exposure shall not exceed $30,000,000.00”.
2. Ratification. The Credit Documents are ratified and affirmed by Borrower and
shall remain in full force and effect as modified herein. Any property or rights
to or interests in property granted as security in the Credit Documents shall
remain as security for the Loan and the obligations of Borrower in the Credit
Documents, except as modified herein.
3. Representations and Warranties. Borrower represents and warrants to
Administrative Agent, Syndication Agent, Documentation Agent and the Lenders
party hereto that: (a) there is no event which is, or with notice or lapse of
time or both would be, a default under the Credit Agreement, (b) the
representations and warranties in the Credit Agreement are true and correct as
of the date of this Amendment as if made on the date of this Amendment, (c) this
Amendment does not conflict with any law, agreement or obligation by which
Borrower is bound, and (d) this Amendment is within Borrower’s power, has been
duly authorized, and does not conflict with Borrower’s certificate of
incorporation or bylaws.
4. Successors and Assigns; Counterparts. This Amendment shall be binding upon,
and shall inure to the benefit of, the parties hereto and their heirs, personal
representatives, successors and assigns. This Amendment may be executed in
counterparts.
5. Effect of Agreement. Except as provided in this Amendment, and any documents,
agreements and/or instruments executed in connection with this Amendment, all of
the terms and conditions of the Credit Documents shall remain in full force and
effect.

 

 

--------------------------------------------------------------------------------

 

6. FINAL AGREEMENT. BY SIGNING THIS DOCUMENT EACH PARTY REPRESENTS AND AGREES
THAT: (A) THIS DOCUMENT REPRESENTS THE FINAL AGREEMENT BETWEEN PARTIES WITH
RESPECT TO THE SUBJECT MATTER HEREOF, (B) THIS DOCUMENT SUPERSEDES ANY
COMMITMENT LETTER, TERM SHEET OR OTHER WRITTEN OUTLINE OF TERMS AND CONDITIONS
RELATING TO THE SUBJECT MATTER HEREOF, UNLESS SUCH COMMITMENT LETTER, TERM SHEET
OR OTHER WRITTEN OUTLINE OF TERMS AND CONDITIONS EXPRESSLY PROVIDES TO THE
CONTRARY, (C) THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES, AND
(D) THIS DOCUMENT MAY NOT BE CONTRADICTED BY EVIDENCE OF ANY PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR UNDERSTANDINGS OF THE PARTIES.
7. Laws Applicable. To the maximum extent permitted by law, this Amendment shall
be governed by and construed in accordance with the laws of the State of
Arizona, without regard to its conflicts of law principles.
8. Scope of Agreement. The execution of this Amendment shall not release
Borrower or Guarantors from liability of any kind. This Amendment does not
attempt to settle, and will in no way affect, compromise, release, waive,
settle, discharge or diminish any of the rights or remedies (i) of any
individual or entity who is not a party to this Amendment, or (ii) involving any
obligations, property, transactions or subject matter not included within this
Amendment. It is the express intent and agreement of the Borrower and Guarantors
that there are no third-party beneficiaries of this Amendment.
9. Ratification of Documents. The Borrower and Guarantors acknowledge that
Administrative Agent, Syndication Agent, Documentation Agent and the Lenders
party hereto are entering into this Amendment in reliance on the truth and
accuracy of the representations and warranties in this Amendment. Despite any
past or future acceptance of late or partial installment payments, any prior
reinstatement, any prior negotiations, or any other actual or implied
forbearance of any nature by Administrative Agent, Syndication Agent,
Documentation Agent and/or any of the Lenders party hereto, time remains of the
essence of this Amendment and of the Credit Documents.
[Signature blocks appear on the following pages.]

 

-2-

--------------------------------------------------------------------------------

 

DATED as of the date first set forth above.

            P.F. CHANG’S CHINA BISTRO, INC., a Delaware
corporation
      By:   /s/ Mark Mumford         Name:   Mark Mumford        Title:   CFO   
    JPMORGAN CHASE BANK, N.A., a national banking association, as a Lender and
as Administrative Agent
      By:   /s/ Anna Ruiz         Name:   Anna Ruiz        Title:   Vice
President   

 

-3-

--------------------------------------------------------------------------------

 

         

            BANK OF AMERICA, N.A., a national banking
association, as a Lender and as Syndication Agent
      By:   /s/ Angelo Maragos         Name:   Angelo Maragos        Title:  
Vice President   

 

-4-

--------------------------------------------------------------------------------

 

         

            WELLS FARGO BANK, N.A., a national banking
association, as a Lender and as Documentation Agent
      By:   /s/ Darcy McLaren         Name:   Darcy McLaren        Title:   Vice
President   

 

-5-

--------------------------------------------------------------------------------

 

         

            U.S. BANK NATIONAL ASSOCIATION, a national banking association, as a
Lender
      By:   /s/ Blake Malia         Name:   Blake Malia        Title:  
Assistant Vice President   

 

-6-

--------------------------------------------------------------------------------

 

         

            FIFTH THIRD BANK, a national banking association, as a Lender
      By:   /s/ Gary Losey         Name:   Garey S. Losey        Title:   Vice
President  

 

-7-

--------------------------------------------------------------------------------

 

         

CONSENT AND AGREEMENT OF GUARANTORS
The undersigned Guarantors have each executed a Continuing Guarantee dated
August 31, 2007 (each, a “Continuing Guaranty”)in favor of Administrative Agent,
Syndication Agent, Documentation Agent and the Lenders party thereto as such
terms are defined in the foregoing First Amendment to Credit Documents (the
“Amendment”). Guarantors hereby consent and agree to the modifications and all
other matters contained in the Amendment. Each Continuing Guarantee is continued
in full force and effect and shall remain unaffected and unchanged except as
amended and modified by the Amendment. Each Continuing Guarantee is hereby
ratified and reaffirmed, and Guarantor specifically acknowledges the validity
and enforceability thereof.

            PEI WEI ASIAN DINER, INC.,
a Delaware corporation
      By:   /s/ Richard Federico         Name:   Richard Federico       
Title:   CEO        PFCCB ADMINISTRATION, INC.,
a Delaware corporation
      By:   /s/ Richard Federico         Name:   Richard Federico       
Title:   CEO        PFCCB SHARED CORPORATE SERVICES, INC., an Arizona
corporation
      By:   /s/ Richard Federico         Name:   Richard Federico       
Title:   CEO        PFCCB GIFT CARD, INC., an Arizona corporation
      By:   /s/ Richard Federico         Name:   Richard Federico       
Title:   CEO   

 

 

--------------------------------------------------------------------------------

 

         

            PFCCB PINNACLE PEAK LLC, an Arizona
limited liability company
      By:   /s/ Richard Federico         Name:   Richard Federico        
Title:   CEO        PFCCB EQUIPMENT, LLC, a Delaware
limited liability company
      By:   /s/ Richard Federico         Name:   Richard Federico       
Title:   CEO        PFCCB LICENSING, INC., a Delaware corporation
      By:   /s/ Richard Federico         Name:   Richard Federico       
Title:   CEO        PFCCB RETAIL, INC., a Delaware corporation
      By:   /s/ Richard Federico         Name:   Richard Federico       
Title:   CEO