EXHIBIT 10.14

 

FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, dated as of
October 31, 2003 (the “First Amendment”), is by and among RED ROBIN
INTERNATIONAL, INC., a Nevada corporation (the “Borrower”), RED ROBIN GOURMET
BURGERS, INC. (the “Parent”), those Domestic Subsidiaries of the Borrower
identified as a “Guarantor” on the signature pages hereto and such other
Domestic Subsidiaries of the Borrower as may from time to time become a party
hereto (together with the Parent, each individually a “Guarantor” and
collectively the “Guarantors”), the Lenders party hereto (the “Lenders”) and
WACHOVIA BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (in
such capacity, the “Administrative Agent”).

 

W I T N E S S E T H

 

WHEREAS, the Borrower, the Guarantors, the Lenders and the Administrative Agent
are parties to that certain Amended and Restated Credit Agreement dated as of
May 20, 2003 (as amended, modified, supplemented or restated from time to time,
the “Credit Agreement”; capitalized terms used herein shall have the meanings
ascribed thereto in the Credit Agreement unless otherwise defined herein);

 

WHEREAS, the Borrower has requested that the Required Lenders (on behalf of the
Lenders) agree to amend certain terms of the Credit Agreement as set forth
below; and

 

WHEREAS, the Required Lenders have agreed to such amendments of the Credit
Agreement, subject to the terms and conditions contained 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:

 

SECTION 1

 

AMENDMENTS

 

1.1 Amendment to Section 6.8. Section 6.8 of the Credit Agreement is hereby
amended and restated in its entirety as follows:

 

Section 6.8 Ownership of Subsidiaries; Restrictions.

 

Each of the Credit Parties will not, nor will it permit any Subsidiary to,
create, form or acquire any Subsidiaries, except for wholly-owned Domestic
Subsidiaries which are joined as Additional Credit Parties in accordance with
the terms hereof. Each of the Borrower and its Subsidiaries will not, nor will
it permit any Subsidiary to, sell, transfer, pledge or otherwise dispose of any
Capital Stock or other equity interests in any of its Subsidiaries, nor will it,
or

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permit any Subsidiary to, issue, sell, transfer, pledge or otherwise dispose of
any of its Capital Stock or other equity interests, except as required by the
Credit Documents or pursuant to a transaction permitted by Section 6.5(a)(iv).
The Parent will not, nor will it permit any Subsidiary to, pledge any Capital
Stock or other equity interests in any of its Subsidiaries, except as required
by the Credit Documents or pursuant to a transaction permitted by Section
6.5(a)(iv).

 

SECTION 2

 

CLOSING CONDITIONS

 

2.1 Conditions Precedent. This First Amendment shall become effective as of the
date hereof upon the receipt by the Administrative Agent of counterparts of this
First Amendment, which collectively shall have been duly executed on behalf of
(a) the Borrower, (b) the Parent, (c) the Guarantors and (d) the Required
Lenders.

 

SECTION 3

 

MISCELLANEOUS

 

3.1 Amended Terms. The term “Credit Agreement” as used in each of the Credit
Documents shall hereafter mean the Credit Agreement as amended by this First
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 Credit Party hereby
represents and warrants as follows:

 

(a) It has taken all necessary action to authorize the execution, delivery and
performance of this First Amendment.

 

(b) This First Amendment has been duly executed and delivered by such Person and
constitutes such Person’s legal, valid and 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 court or governmental authority or third party is
required in connection with the execution, delivery or performance by such
Person of this First Amendment.

 

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(d) Both before and after giving effect to this Amendment, the representations
and warranties set forth in Article III of the Credit Agreement are, subject to
the limitations set forth therein, true and correct in all respects as of the
date hereof (except for those which expressly relate to an earlier date).

 

(e) Both before and after giving effect to this Amendment, no Default or Event
of Default has occurred and is continuing.

 

3.3 Credit Document. This First Amendment shall constitute a Credit Document
under the terms of the Credit Agreement and shall be subject to the terms and
conditions thereof (including, without limitation, Sections 9.13, 9.14 and 9.17
of the Credit Agreement).

 

3.4 Entirety. This First 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.

 

3.5 Counterparts. This First 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.

 

3.6 GOVERNING LAW. THIS FIRST AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NORTH CAROLINA.

 

[Signature Pages to Follow]

 

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IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this
First Amendment to be duly executed and delivered as of the date first above
written.

 

BORROWER:   RED ROBIN INTERNATIONAL, INC.,     a Nevada corporation     By:  

/s/ James P. McCloskey

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    Name:   James P. McCloskey     Title:   Chief Financial Officer GUARANTORS:
  RED ROBIN GOURMET BURGERS, INC.,     a Delaware corporation     RED ROBIN
WEST, INC.,     a Nevada corporation     RED ROBIN DISTRIBUTING COMPANY, INC.,  
  a Colorado corporation     WESTERN FRANCHISE DEVELOPMENT, INC.,     a
California corporation     By:  

/s/ James P. McCloskey

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    Name:   James P. McCloskey     Title:  

Chief Financial Officer of each

of the foregoing Guarantors

    RED ROBIN OF ANNE ARUNDEL COUNTY, INC.,     a Maryland corporation     RED
ROBIN OF BALTIMORE COUNTY, INC.,     a Maryland corporation     RED ROBIN OF
MONTGOMERY COUNTY, INC.,     a Maryland corporation     RED ROBIN OF HOWARD
COUNTY, INC.,     a Maryland corporation     RED ROBIN OF CHARLES COUNTY, INC.,
    a Maryland corporation     By:  

/s/ James P. McCloskey

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    Name:   James P. McCloskey     Title:  

Secretary & Treasurer of each

of the foregoing Guarantors

 

[signature pages continue]

 

FIRST AMENDMENT

RED ROBIN INTERNATIONAL, INC.

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ADMINISTRATIVE AGENT

AND LENDERS:

 

 

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Administrative Agent and as a Lender

    By:  

/s/ David Hauglid

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    Name:   David Hauglid     Title:   Vice President

 

[signature pages continue]

 

 

FIRST AMENDMENT

RED ROBIN INTERNATIONAL, INC.

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WELLS FARGO BANK, N.A., as Syndication Agent and as a Lender By:  

/s/ BRENDA PARK

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Name:   BRENDA PARK Title:   VICE PRESIDENT

 

[signature pages continue]

 

FIRST AMENDMENT

RED ROBIN INTERNATIONAL, INC.

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U.S. BANK NATIONAL ASSOCIATION, as Documentation Agent and as a Lender By:  

/s/ Thomas McCarthy

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Name:   Thomas McCarthy Title:   Vice President

 

[signature pages continue]

 

FIRST AMENDMENT

RED ROBIN INTERNATIONAL, INC.

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BANK OF AMERICA, N.A.,

as a Lender

By:  

/s/ Chitt Swamidasan

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Name:   Chitt Swamidasan Title:   Principal

 

[signature pages continue]

 

FIRST AMENDMENT

RED ROBIN INTERNATIONAL, INC.

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KEY BANK N.A., as a Lender By:  

/s/ DOUGLAS L POGGE

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Name:   DOUGLAS L POGGE Title:   VICE PRESIDENT

 

[signature pages continue]

 

FIRST AMENDMENT

RED ROBIN INTERNATIONAL, INC.

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SUNTRUST BANK, as a Lender By:  

/s/ SUSAN M. HALL

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Name:   SUSAN M. HALL Title:   MANAGING DIRECTOR

 

FIRST AMENDMENT

RED ROBIN INTERNATIONAL, INC.