EXHIBIT 10.1

 

[Execution Version]

 

AMENDMENT NO. 1

 

This Amendment No. 1 dated as of October 22, 2004 (“Agreement”) is among
Landry’s Restaurants, Inc., a Delaware corporation (“Borrower”), the lenders
from time to time party to the Credit Agreement described below (“Lenders”), and
Bank of America, N.A., as administrative agent for the Lenders (“Administrative
Agent”) under the Credit Agreement.

 

INTRODUCTION

 

A. The Borrower, the Administrative Agent, and the Lenders are parties to the
Second Amended and Restated Credit Agreement dated as of October 14, 2003 (the
“Credit Agreement”).

 

B. The Borrower has requested that the Lenders agree to make certain amendments
to the Credit Agreement to (i) increase the aggregate amount of permitted
dividends and capital stock repurchases under Section 7.07(b) of the Credit
Agreement, and (ii) increase the amount by which the required minimum
Consolidated Net Worth may be reduced under Section 7.14(a)(iv) for decreases in
Consolidated Net Worth due to stock repurchases.

 

C. Additionally, the Borrower wishes to exercise its right under Section 2.13 of
the Credit Agreement to increase the aggregate Commitments under the Credit
Agreement to $225,000,000.

 

D. Subject to the terms hereof, the Lenders party to this Agreement agree to the
amendments and other terms contained herein.

 

THEREFORE, the Borrower, the Administrative Agent, and the Lenders hereby agree
as follows:

 

Section 1. Definitions. Unless otherwise defined in this Agreement, terms used
in this Agreement which are defined in the Credit Agreement shall have the
meanings assigned to such terms in the Credit Agreement.

 

Section 2. Notice of Exercise of Accordion. Pursuant to Section 2.13 of the
Credit Agreement, the Borrower hereby gives the Administrative Agent notice, and
the Administrative Agent hereby waives the requirement that such notice be given
five Business Days in advance, that it intends to increase the Commitments of
each Lender listed on Exhibit A hereto in the amount indicated for such Lender
on Exhibit A, effective upon the later of (a) the date of this Agreement and (b)
the date the Administrative Agent receives from each such Lender a Commitment
Increase Agreement pursuant to which it increases its Commitment in accordance
with Section 2.13 of the Credit Agreement.

 

Section 3. Amendments. The Credit Agreement shall be amended as follows:

 

(a) Section 7.07(b) shall be amended to read in its entirety as follows:

 

(b) Borrower may repurchase shares of its own capital stock and may declare
dividends on shares of its capital stock in excess of the amounts permitted by
clause (a) above; provided, however, that no such repurchase or excess dividend
shall be made unless, after giving effect thereto, the aggregate amount of all
such stock repurchases and excess dividends made over the term of this Agreement
is less than or equal to $85,000,000 (without giving effect to purchases
contemplated in Section 2.06(d) hereof).

 

(b) Section 7.14(a)(iv) shall be amended to read in its entirety as follows:

 

(iv) up to $50,000,000.00 of any reduction in Consolidated Net Worth made due to
repurchases by the Borrower of the Borrower’s common stock during the term of
this Agreement.

 

(c) In connection with and upon the effectiveness of the Commitment increases
described in Section 2 of this Agreement, Schedule 2.01 to the Credit Agreement
shall be replaced in its entirety by Schedule 2.01 to this Agreement.

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Section 4. Representations and Warranties. The Borrower represents and warrants
to the Administrative Agent and the Lenders that:

 

(a) the representations and warranties set forth in the Credit Agreement and in
the other Loan Documents are true and correct in all material respects as of the
date of this Agreement;

 

(b) (i) the execution, delivery and performance of this Agreement are within the
corporate power and authority of the Borrower and have been duly authorized by
appropriate proceedings and (ii) this Agreement constitutes a legal, valid, and
binding obligation of the Borrower, enforceable in accordance with its terms,
except as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, or similar laws affecting the rights of creditors generally and
general principles of equity; and

 

(c) as of the effectiveness of this Agreement, no Default or Event of Default
has occurred and is continuing.

 

Section 5. Effectiveness. This Agreement shall become effective as of the date
of this Agreement, and the Credit Agreement shall be amended as provided in this
Agreement, upon the occurrence of the following conditions precedent:

 

(a) the Borrower shall have delivered duly and validly executed originals of
this Agreement to the Administrative Agent, and the Requisite Lenders and the
Administrative Agent shall have executed and delivered this Agreement;

 

(b) the representations and warranties in this Agreement shall be true and
correct in all material respects;

 

(c) the Administrative Agent shall have received a duly executed reaffirmation
of each Guaranty by a Subsidiary of the Borrower in form and substance
satisfactory to the Administrative Agent;

 

(d) the Borrower shall have paid to the Administrative Agent and the Arranger
the fees and expenses payable to them pursuant to any written agreement between
the Borrower, the Administrative Agent, and the Arranger; and

 

(e) the Borrower shall have paid to each Lender which executes this Agreement on
or prior to October 22, 2004 an amendment fee of $5,000.

 

Section 6. Effect on Loan Documents.

 

(a) Except as amended herein, the Credit Agreement and the Loan Documents remain
in full force and effect as originally executed. Nothing herein shall act as a
waiver of any of the Administrative Agent’s or Lenders’ rights under the Loan
Documents, as amended, including the waiver of any Default or Event of Default,
however denominated.

 

(b) This Agreement is a Loan Document for the purposes of the provisions of the
other Loan Documents. Without limiting the foregoing, any breach of
representations, warranties, and covenants under this Agreement may be a Default
or Event of Default under other Loan Documents.

 

Section 7. Choice of Law. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of Texas.

 

Section 8. Counterparts. This Agreement may be signed in any number of
counterparts, each of which shall be an original.

 

[The remainder of this page has been left blank intentionally.]

 

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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.

 

LANDRY’S RESTAURANTS, INC.

By:

 

 

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Name:  

 

 

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Title:

 

 

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BANK OF AMERICA, N.A., as

Administrative Agent

By:

 

 

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Name:

 

 

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Title:

 

 

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LENDERS:

BANK OF AMERICA, N.A.

By:

 

 

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Name: 

 

 

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Title:

 

 

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4

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FLEET NATIONAL BANK

By:

 

 

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Name:  

 

 

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Title:

 

 

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5

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SUNTRUST BANK

By:

 

 

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Name:  

 

 

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Title:

 

 

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6

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SCOTIABANC INC.

By:

 

 

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Name:  

 

 

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Title:

 

 

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7

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BRANCH BANKING AND TRUST COMPANY

By:

 

 

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Name:  

 

 

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Title:

 

 

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GUARANTY BANK

By:

 

 

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Name: 

 

 

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Title:

 

 

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U.S. BANK NATIONAL ASSOCIATION

By:

 

 

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Name: 

 

 

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Title:

 

 

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BANK ONE, NA (MAIN OFFICE CHICAGO)

By:

 

 

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Name: 

 

 

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Title:

 

 

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MERRILL LYNCH BUSINESS FINANCIAL SERVICES INC.

By:

 

 

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Name: 

 

 

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Title:

 

 

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12

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SOUTHTRUST BANK

By:

 

 

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Name: 

 

 

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Title:

 

 

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SOUTHWEST BANK OF TEXAS, N.A.

By:

 

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Name:

 

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Title:

 

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UBS AG, CAYMAN ISLANDS BRANCH

By:

 

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Name:

 

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Title:

 

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HIBERNIA NATIONAL BANK, successor by merger of Coastal Banc, ssb

By:

 

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Name:

 

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Title:

 

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