Document:

ex10-3_ffcmodification.htm

WAIVER AND CONSENT

IN CONNECTION WITH REVOLVING CREDIT FACILITY

 

As of December 3, 2013

 

Ladies and Gentlemen:

 

Reference is made to those certain Loan and Security Agreements listed on Schedule A hereto (as may be amended from time to time, the “Loan Agreements”), by and among the entities listed on Schedule B hereto (the “Companies”), on the one hand, and First Franchise Capital Corporation, formerly known as Irwin Franchise Capital Corporation (the “Lender”) on the other, whereby the Companies granted Lender a security interest in certain property. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Loan Agreements. This Waiver and Consent in Connection with Revolving Credit Facility shall be referred to herein as this “Agreement”.

 

Pursuant to the request of the Companies, in connection with the revolving credit facility to be entered into on or about December 3, 2013 among Ruby Tuesday, Inc. (the “Parent”), the lenders party thereto and Bank of America, N.A., as administrative agent (the “Revolving Credit Facility”), to be evidenced by a Revolving Credit Agreement and secured by, among other things, guarantees by the Companies and other direct and indirect subsidiaries of the Parent (such documents, including without limitation those listed on Schedule C attached hereto, together as the same may be amended, modified, renewed, restated, replaced or otherwise modified from time to time, the “Revolving Credit Facility Documentation”), in accordance with the provisions related to amendments and consents of and in connection with the Loan Agreements, the parties to this Agreement hereby agree as follows:

 

1. WAIVER AND CONSENT IN CONNECTION WITH THE REVOLVING CREDIT FACILITY.

 

           Subject to the satisfaction of all conditions precedent set forth in Section 2 hereof, Lender hereby waives, effective as of the Effective Date, any default or event of default under the Loan Agreements and any other documents ancillary or related thereto as it relates to the Revolving Credit Facility Documentation, any covenant under the Loan Agreements which prohibits, and hereby consents to (a) the execution and delivery by the Parent and the Companies of the Revolving Credit Facility Documentation, (b) the incurrence by the Parent or the Companies of the indebtedness or other obligations contemplated by the Revolving Credit Facility Documentation (the “Revolving Credit Facility Indebtedness”) and the guaranty of such Revolving Credit Facility Indebtedness by the Companies pursuant to the terms of the Revolving Credit Facility Documentation, and (c) the granting of security interests in and the pledge by the Companies of the collateral pledged pursuant to the Revolving Credit Facility Documentation as security for the payment of the Revolving Credit Facility Indebtedness and the performance of all other obligations under the Revolving Credit Facility.  From and after the Effective Date and until the consummation and delivery of the Master Amendment Documents (defined below), the Companies  agree to abide by the covenants, including financial covenants, set forth in the Term Sheet (also defined below) for purposes of the loans evidenced by the Loan Agreements.

 

2. CONDITIONS TO EFFECTIVENESS.

 

a. Executed Counterparts.  The Lender shall have received a counterpart of this Agreement executed by the Companies.

 

  

 

b. Representations and Warranties as of December 3, 2013.  The representations and warranties contained in Section 4 below shall be true on and as of the date hereof.

 

c. Master Amendment.  The Companies, the Parent and the Lender will enter into a master amendment to the Loan Agreements and certain ancillary documents and amendments related thereto (the “Master Amendment Documents”) on the terms and conditions described in the term sheet dated November 27, 2013 (“Term Sheet”), attached as Schedule D hereto, within sixty (60) days of the signing of the Term Sheet.

 

3. REPRESENTATIONS AND WARRANTIES.  To induce you to enter into this Agreement, the Companies represent, warrant and acknowledge as follows:

 

a. The execution, delivery and performance by the Companies of this Agreement (i) is within their power and (ii) is legal and does not conflict with, result in any breach of, constitute a default under, or, except as set forth in the Revolving Credit Facility Documentation, result in the creation of any lien upon any property of the Companies under the provisions of: (A) the Companies’ constitutive documents, (B) any order, judgment, decree or ruling of any court, arbitrator or governmental authority applicable to them or their property, or (C) any agreement or instrument to which they are a party or by which they or any of their properties may be bound or any statute or other rule or regulation of any governmental authority applicable to them or their properties, except where such conflict, breach, default or lien could not reasonably be expected to have a material adverse effect.

 

b. This Agreement has been duly authorized, executed and delivered by a duly authorized officer of each of the Companies, and constitutes the legal, valid and binding obligations of each of the Companies, enforceable in accordance with its terms, except that enforceability may be limited by applicable bankruptcy, reorganization, arrangement, insolvency, fraudulent conveyance, moratorium or other similar laws affecting the enforceability of creditors’ rights generally and subject to the availability of equitable remedies.

 

c. After giving effect to this Agreement, no Event of Default has occurred and is continuing.

 

d. No consent, approval, authorization or order of, or filing, registration or qualification with, any court or administrative or governmental body or third party is required in connection with the execution, delivery or performance by the Companies of this Agreement.

 

4. MISCELLANEOUS.

 

a. Effect of Waiver.  Except as expressly provided herein, (i) no terms or provisions of the Loan Agreements or any other agreement are modified or changed by this Agreement and (ii) the terms of this Agreement shall not operate as a waiver by the Lender of, or otherwise prejudice the Lender’s rights, remedies or powers under, the Loan Agreements or under any applicable law, and all of such rights, remedies and powers are hereby expressly reserved.

 

b. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

c. This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument.

 

[signature pages follow]

 

 

  

 

The undersigned has caused this Agreement to be executed and delivered by its duly authorized officer as an agreement under seal as of the date first above written (the “Effective Date”).

 

 

	 	
First Franchise Capital Corporation

	 	 
	 	 
	 	By: /s/ Alan Paterson
	 	Name:  Alan C. Paterson 
	 	Title:    First Vice President &   
	 	 	Credit Officer 

 

 

  

 

 

	 	RT New England Franchise, LLC
	 	 	 
	 	 	 
	 	 	By:  /s/ Scarlett May
	 	 	Name:  Scarlett May 
	 	 	Title:    Vice President 

 

 

	 	
RT Denver Franchise, L.P.

	 	 	 
	 	 	 
	 	 	By: /s/ Scarlett May 
	 	 	Name: Scarlett May 
	 	 	Title: Vice President 

 

	 	RT Long Island Franchise, LLC
	 	 	 
	 	 	 
	 	 	By: /s/ Scarlett May 
	 	 	Name: Scarlett May 
	 	 	Title: Vice President 

 

	 	
RT Western Missouri Franchise, LLC

	 	 	 
	 	 	 
	 	 	By: /s/ Scarlett May 
	 	 	Name: Scarlett May 
	 	 	Title: Vice President 

	 	RT Omaha Franchise, LLC
	 	 	 
	 	 	 
	 	 	By: /s/ Scarlett May 
	 	 	Name: Scarlett May 
	 	 	Title: Vice President 

 

 

	 	
RT Minneapolis Franchise, LLC

	 	 	 
	 	 	 
	 	 	By: /s/ Scarlett May 
	 	 	Name: Scarlett May 
	 	 	Title: Vice President 

 

 

	 	
RT Indianapolis Franchise, LLC

	 	 	 
	 	 	 
	 	 	By: /s/ Scarlett May 
	 	 	Name: Scarlett May 
	 	 	Title: Vice President 

 

  

 

	 	RT Detroit Franchise, LLC
	 	 	 
	 	 	 
	 	 	By: /s/ Scarlett May 
	 	 	Name: Scarlett May 
	 	 	Title: Vice President 

 

	 	RT St. Louis Franchise, LLC
	 	 	 
	 	 	 
	 	 	By: /s/ Scarlett May 
	 	 	Name: Scarlett May 
	 	 	Title: Vice President 

 

	 	RT Portland Franchise, LLC
	 	 	 
	 	 	 
	 	 	By: /s/ Scarlett May 
	 	 	Name: Scarlett May 
	 	 	Title: Vice President 

 

  

 

Schedule A

 

	
Ruby Tuesday, Inc.

	  	  
	
First Financial Balances

	  	  
	
Sept. 3, 2013

	  	  	  
	
Franchise Partner

	
Location

	
Loan number

	
Balance

	
Denver

	
Irwin - Ridgeview Construction

	
007-0018793-102

	
          1,421,195.52

	
Denver

	
Irwin - Tower Road Construction

	
007-0018793-100

	
          1,349,924.92

	
Detroit

	
Irwin- Allen Park Construction

	
007-0019363-100

	
             528,075.15

	
Indianapolis

	
Irwin - US Hwy 31 Construction

	
007-0019179-102

	
          1,789,809.47

	
Long Island

	
Irwin - Sayville Construction

	
007-0018826-104

	
          1,134,687.66

	
Minneapolis

	
Irwin - Shakopee Construction

	
007-0019006-100

	
          1,327,614.04

	
New England

	
Irwin - Auburn Construction

	
007-0018714-102

	
             337,472.63

	
New England

	
Irwin - Augusta Construction

	
007-0018714-104

	
             441,695.45

	
Omaha

	
Irwin - Council Bluffs Construction

	
007-0018963-104

	
          1,268,810.55

	
Omaha

	
Irwin - Grand Island Construction

	
007-0018963-100

	
             857,594.12

	
Omaha

	
Irwin - Kearney Construction

	
007-0018963-102

	
             977,364.27

	
Omaha

	
Irwin - North Platte Construction

	
007-0018963-106

	
          1,221,541.75

	
Portland

	
Irwin - Refinance

	
007-0022129-100

	
             179,295.93

	
St. Louis

	
Irwin - Cape Girardeau Construction

	
007-0020202-104

	
             611,794.03

	
St. Louis

	
Irwin - Valley Park Construction

	
007-0020202-100

	
             995,876.65

	
St. Louis

	
Irwin - Wentzville Construction

	
007-0020202-102

	
             997,999.19

	
Western Missouri

	
Irwin - Bass Pro Construction

	
007-0018907-100

	
          1,151,169.58

	
Western Missouri

	
Irwin - Conway Construction

	
007-0018907-106

	
          1,331,927.82

	
Western Missouri

	
Irwin - Kirksville Construction

	
007-0018907-102

	
          1,006,591.34

	
Western Missouri

	
Irwin - Republic Construction

	
007-0018907-104

	
          1,334,698.78

	
Western Missouri

	
Irwin - West Plains Construction

	
007-0018907-108

	
             735,066.60

	  	  	  	
        21,000,205.45

 

 

  

 

Schedule B

	
RT New England Franchise, LLC

	
RT Denver Franchise, L.P.

	
RT Long Island Franchise, LLC

	
RT Western Missouri Franchise, LLC

	
RT Omaha Franchise, LLC

	
RT Minneapolis Franchise, LLC

	
RT Indianapolis Franchise, LLC

	
RT Detroit Franchise, LLC

	
RT St. Louis Franchise, LLC

	
RT Portland Franchise, LLC

 

  

 

Schedule C

Senior Credit Facility Documentation

1.            Revolving Credit Agreement dated as of December 3, 2013 among Parent, certain subsidiaries of Parent as guarantors, including RT New England Franchise, LLC, RT Denver, L.P., RT Long Island Franchise, LLC, RT Western Missouri Franchise, LLC, RT Omaha Franchise, LLC, RT Minneapolis Franchise, LLC, RT Indianapolis Franchise, LLC, RT Detroit Franchise, LLC, RT St. Louis Franchise, LLC and RT Portland Franchise, LLC, the lenders from time to time party thereto (the “Revolving Credit Lenders”), Bank of America, N.A., in its capacity as administrative agent for the Revolving Credit Lenders (the “Administrative Agent”) and as issuing bank (the “Issuing Bank”), and Regions Bank and Wells Fargo Bank, National Association (the “Co-Syndication Agents”), (the “Guarantor Credit Agreement”).

               2.            Pledge Agreement dated as of December 3, 2013 (the “Pledge Agreement”) by Parent, RTBD, Inc., RT Finance, Inc., Ruby Tuesday GC Cards, Inc., RT Tampa, Inc., RT Orlando, Inc., RT South Florida, Inc., RT West Palm Beach, Inc., RT One Percent Holdings, Inc., RT New York Franchise, LLC, RT Southwest Franchise, LLC, RT Franchise Acquisition, LLC, RT Kentucky Restaurant Holdings, LLC, RT Florida Equity, LLC, RTGC, LLC, Ruby Tuesday, LLC, RT Las Vegas Franchise, LLC, Quality Outdoor Services, Inc., RT Airport, Inc., RT Denver, Inc., RT Louisville, Inc., RT Restaurant Services, LLC, RT One Percent Holdings, LLC, RT Louisville Franchise, LLC, RT McGhee-Tyson, LLC, RT Minneapolis Holdings, LLC, RT Omaha Holdings, LLC, RT New Hampshire Restaurant Holdings, LLC, RT Northern California Franchise, LLC, RTTA, LP, Wok Hay 2, LLC, RT Distributing, LLC, RTT Texas, Inc., RTTT, LLC, RT Jonesboro Club, RT Arkansas Club, Inc., Ruby Tuesday of Russellville, Inc., Ruby Tuesday of Conway, Inc., RT KCMO Kansas, Inc., Ruby Tuesday of Bryant, Inc. and the other pledgors party thereto from time to time pursuant to a Joinder Agreement to the Pledge Agreement in favor of Administrative Agent.

               3.            Security Agreement dated as of December 3, 2013 (the “Security Agreement”) by Parent, RTBD, Inc., RT Finance, Inc., Ruby Tuesday GC Cards, Inc., RT Tampa, Inc., RT Orlando, Inc., RT South Florida, Inc., RT West Palm Beach, Inc., RT One Percent Holdings, Inc., RT New York Franchise, LLC, RT Southwest Franchise, LLC, RT Franchise Acquisition, LLC, RT Kentucky Restaurant Holdings, LLC, RT Florida Equity, LLC, RTGC, LLC, Ruby Tuesday, LLC, RT Las Vegas Franchise, LLC, Quality Outdoor Services, Inc., RT Airport, Inc., RT Denver, Inc., RT Louisville, Inc., RT Restaurant Services, LLC, RT One Percent Holdings, LLC, RT Louisville Franchise, LLC, RT McGhee Tyson, LLC, RT Minneapolis Holdings, LLC, RT Omaha Holdings, LLC, RT New Hampshire Restaurant Holdings, LLC, RT Northern California Franchise, LLC, RTTA, LP, Wok Hay 2, LLC, RT Distributing, LLC, RTT Texas, Inc., RTTT, LLC, RT Jonesboro Club, RT Arkansas Club, Inc., Ruby Tuesday of Russellville, Inc., Ruby Tuesday of Conway, Inc., RT KCMO Kansas, Inc., Ruby Tuesday of Bryant, Inc. and the other grantors party thereto from time to time pursuant to a Joinder Agreement to the Security Agreement in favor of Administrative Agent.

 

  

 

Schedule D

 

 

 

 

[Space left Intentionally Blank]

 

 

 

  

 

Term Sheet

November 27, 2013

Proposed Master Amendment to Ruby Tuesday Loan Relationship

Scope of the Master Amendment:

The Master Amendment will address and amend all Loan Agreements and other Loan Documents related to all loans originated by FFCC to various “Franchise Partner” entities, which entities have since been (re)acquired by RTI and which loans have since fallen within the scope of the Corporate Guarantee of all such loans executed by RTI in May of 2011.  At this writing, balances outstanding under the loans within the scope total approximately $20.47 Million.

Note:

Most, although not all, of the subject loans were secured by first priority liens against real properties as perfected with Mortgages, Deeds of Trust or other similar documents accepted by the political jurisdictions in which the properties were located when originated.  FFCC’s counsel will be the sole decision maker as to whether or not the collateral documents securing any given loan must be amended in concert with the proposed Master Amendment in order to preserve FFCC’s first priority position.

Cross-Collateralization and Cross Default:

All collateral pledged in support of all loans to any Franchise Partner loan shall be cross-collateralized with that pledged to any such loan.  In addition, all Franchise Partner loans shall be cross-defaulted with all other such loans.

Collateral pledged to now paid-in-full loans that were also made by FFCC to those Franchise Partner entities whose loans remain open and unpaid on the books of FFCC or to other Franchise Partner entities whose debt has now been fully repaid that has not been released by FFCC at RTI’s specific prior request will remain pledged to the collective loans covered under the scope of the proposed Master Amendment.  These collateral sites may be released by FFCC at its sole discretion at some point in the future, based entirely upon the merits of the request(s) when presented.  FFCC counsel will also determine whether or not any of the collateral instruments executed in support of these now paid-in-full loans must be amended in concert with the proposed Master Amendment.

Actions to be Taken Within the Proposed Master Amendment:

Action One:

Re-define Fixed Charge Ratio (“FCCR”) Covenant Definition as follows:

EBITDAR (Defined as Net Income PLUS Taxes PLUS Interest PLUS Depreciation & Amortization PLUS or MINUS non-cash items as commonly accepted by users of GAAP

DIVIDED BY:

All Scheduled Principal & Interest Payments PLUS All Rents paid to third party Landlords PLUS All Pre-payment Fees (recorded as Interest Expense per GAAP) in excess of $2,500,000 over any Trailing Twelve Month period

 

 

  

 

Action Two:

Re-set required FCCR levels as follows:

Period                                Requested                                Proposed

3Q14                                1.10X                                1.10X

4Q14                                1.05X                                1.05X

1Q15                                1.05X                                1.05X

2Q15                                1.10X                                1.10X

3Q15                                1.10X                                1.10X

4Q15                                1.15X                                1.20X

1Q16                                1.15X                                1.20X

2Q16                                1.20X                                1.25X

3Q16                                1.25X                                1.25X

4Q16                                1.30X                                1.30X

1Q17                                1.30X                                1.30X

2Q17                                1.35X                                1.30X

3Q17                                1.35X                                1.30X

4Q17                                1.40X                                1.30X

Beyond                             N/A                                 1.30X

Action Three:

Add a provision calling for RTI to provide internally prepared unit-level financial data for those units remaining in the FFCC collateral pool and for which there is debt outstanding to FFCC within 45 days of the end of each fiscal quarter.

Amendment Fee:

Seventy-five Thousand Dollars ($75,000), payable within 30 days of the execution of the proposed Master Amendment document.

Out-of-Pocket Expenses:

RTI to reimburse FFCC for all out-of-pocket expenses including, but not limited to, all Legal, Title, Filing and Recording Fees.  This reimbursement is also to be due within 30 days of the execution of the proposed Master Amendment document or at such time as any such fees are assessed to FFCC thereafter.

Events Preceding Execution of the proposed Master Amendment (Execution of Consent):

Upon acceptance of this Term Sheet (see Page 3, below), FFCC agrees that it will execute a document consenting to RTI’s proposed execution of a Loan Agreement and all other requisite Loan Documents related to the establishment of a Revolving Credit Facility with a bank group led by the Merrill Lynch unit of Bank of America and being participated to various other subscribing bank group members.  The anticipated Consent document will provide for a period of up to sixty (60) days following the closing of RTI’s new Revolving Credit Facility for RTI and FFCC to execute the proposed Master Amendment and all documents related to the Master Amendment that may be called for by FFCC or its Counsel.  Furthermore, the content of the Consent will be acceptable to FFCC in its sole discretion and an executed copy of this Term Sheet shall be made an Exhibit thereto.  In the event that RTI and FFCC cannot agree upon the content of the proposed Master Amendment document and the Master Amendment is not executed within the time frame provided in this Section of the Term Sheet, the existing Loan Documents and the Corporate Guarantee referenced above will remain in full force and effect and any event of default defined under those documents will be enforced in FFCC’s sole discretion.

 

  

 

ACCEPTANCE

By signing this Acceptance the Undersigned acknowledges that (s)he is an Officer of Ruby Tuesday, Inc. and that (s)he has been granted the authority to accept the Terms and Conditions proposed herein by the Board of Directors and/or the Board’s Designee.

Accepted this 27th day of November by Ruby Tuesday, Inc.

By: /s/ Scarlett May

Its: SVP, Chief Legal Officer & Secretaryex10-4.htm

FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

THIS FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER, dated as of January 10, 2014 (the “Agreement”), is entered into among Ruby Tuesday, Inc., a Georgia corporation (the “Borrower”), the Guarantors party hereto, the Lenders party hereto and Bank of America, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”).  All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Credit Agreement (as defined below).

RECITALS

WHEREAS, the Borrower, the Guarantors, the Lenders and the Administrative Agent entered into that certain Revolving Credit Agreement dated as of December 3, 2013 (as amended or modified from time to time, the “Credit Agreement”);

WHEREAS, pursuant to Section 6.15(a) of the Credit Agreement, the Borrower is required to provide to the Administrative Agent an environmental assessment report as to each Mortgaged Property described on Schedule 1 to this Agreement, in form and substance and from professional firms reasonably acceptable to the Administrative Agent, within thirty (30) days following the Closing Date (the “ESA Requirement”);

WHEREAS, the environmental assessment reports provided to the Administrative Agent for the Mortgaged Properties set forth on Schedule 1 to this Agreement were not acceptable to the Administrative Agent and the Borrower and the Administrative Agent have agreed to replace such Mortgaged Properties with additional fee owned real properties;

WHEREAS, the Borrower has requested that the Lenders amend the Credit Agreement as set forth below, subject to the terms and conditions specified in this Agreement;

WHEREAS, the Lenders, by action of the Required Lenders, are willing to amend the Credit Agreement as set forth below, subject to the terms and conditions specified in this Agreement;

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.   Incorporation of Recitals.  The recitals to this Agreement are incorporated fully and made a part of this Agreement.

2.   Reaffirmation.  Each of the Loan Parties acknowledges and reaffirms (a) that it is bound by all of the terms of the Credit Agreement and the other Loan Documents to which it is a party and (b) that it is responsible for the observance and full performance of all Obligations, including without limitation, the repayment of the Loans and reimbursement of any drawings on a Letter of Credit.  Without limiting the generality of the preceding sentence, each of the Guarantors restates and reaffirms that it guarantees the prompt payment when due of all Obligations, in accordance with, and pursuant to the terms of the Credit Agreement.  Furthermore, the Loan Parties acknowledge and confirm (i) that the Administrative Agent and the Lenders have performed fully all of their respective obligations under the Credit Agreement and the other Loan Documents and (ii) by entering into this Agreement, the Lenders do not waive (except as specifically provided in Section 3 hereof) or release any term or condition of the Credit Agreement or any of the other Loan Documents or any of their rights or remedies under such Loan Documents or applicable law or any of the obligations of the Loan Parties thereunder.

  

  

  

 

3.           Waiver.  Subject to the other terms and conditions of this Agreement, the Administrative Agent and the Lenders agree to waive the ESA Requirement and any Default or Event of Default arising as a direct result therefrom.  The waiver set forth herein shall be effective only in this specific instance and shall not obligate the Lenders or the Administrative Agent to waive any other Default or Event of Default, now existing or hereafter arising.  This waiver is limited solely to the matters described in the first sentence of this Section 3 as of the date hereof, and nothing contained in this Agreement shall (a) modify the Loan Parties’ obligations to comply fully with all duties, terms, conditions or covenants contained in the Credit Agreement and the other Loan Documents or (b) be deemed to constitute a waiver of any other rights or remedies the Administrative Agent or any Lender may have under the Credit Agreement or any other Loan Documents or under applicable law.  This is a one-time waiver, and the Administrative Agent and the Lenders shall have no obligation to amend, modify or waive any provision of the Credit Agreement or any other Loan Document in the future.  The provisions and agreements set forth in this Agreement shall not establish a custom or course of dealing or conduct between the Administrative Agent, the Issuing Bank, any Lender, the Borrower or any other Loan Party.

4.           Amendments.  The Credit Agreement is hereby amended as follows:

(a)           The following definition is hereby added to Section 1.01 of the Credit Agreement in the appropriate alphabetical order to read as follows:

“First Amendment Effective Date” means January 10, 2014.

(b)           The definition of “Mortgaged Properties” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:

“Mortgaged Properties” means the real property of the Borrower or any Subsidiary that is subject to a Mortgage, including those real properties set forth on Schedule 6.13(c) and those real properties pledged pursuant to Section 6.16.

(c)           The following section is hereby added as a new Section 6.16 to Article VI of the Credit Agreement to read as follows:

Section 6.16.  Additional Mortgaged Properties.

(a)           Within sixty (60) days following the First Amendment Effective Date, provide to the Administrative Agent a fully executed and notarized Mortgage encumbering the fee interest of the applicable Loan Party in such additional fee owned real properties of the Borrower and its Subsidiaries as are agreed to by the Administrative Agent and the Borrower such that the Administrative Agent shall be reasonably satisfied that the appraised value of all Mortgaged Properties is at least $100,000,000, together with (i) such other Real Property Security Documents with respect to such additional real properties as are requested by the Administrative Agent, in each case, in form and substance satisfactory to the Administrative Agent and (ii) an environmental assessment report as to each such additional real property, in form and substance and from professional firms reasonably acceptable to the Administrative Agent.

(b)           Upon satisfaction of the covenants set forth in clause (a) above, the Administrative Agent will release its security interest in each of the real properties set forth on Schedule 6.16 and provide such release documents as are

 

  

2  

  

 

reasonably requested by the Borrower, in each case, at the sole expense of the Borrower.

(d)           Schedule 1 hereto is added as a new Schedule 6.16 to the Credit Agreement.

5.           Conditions Precedent.  This Agreement shall be effective upon satisfaction of the following conditions precedent:

(a) receipt by the Administrative Agent of counterparts of this Agreement, duly executed by the Borrower, the Guarantors, the Administrative Agent and the Required Lenders; and

(b)           receipt by Moore & Van Allen PLLC, counsel to the Administrative Agent, of its fees and expenses incurred in connection with this Agreement.

6.           Miscellaneous.

	
(a)

	
The Credit Agreement, and the obligations of the Loan Parties thereunder and under the other Loan Documents, are hereby ratified and confirmed and shall remain in full force and effect according to their terms.

	
(b)

	
Each Loan Party hereby represents and warrants as follows:

(i)           Each Loan Party has taken all necessary action to authorize the execution, delivery and performance of this Agreement.

(ii)           This Agreement has been duly executed and delivered by each Loan Party and constitutes the legal, valid and binding obligations of each Loan Party, enforceable in accordance with its terms, except as such enforceability may be subject to (A) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and (B) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).

(iii)           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 any Loan Party of this Agreement.

	
(c)

	
Each Loan Party represents and warrants to the Lenders that (i) the representations and warranties set forth in Article V of the Credit Agreement and in each other Loan Document are true and correct in all material respects (before and after giving effect to this Agreement) as of the date hereof with the same effect as if made on and as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier date and (ii) no unwaived event has occurred and is continuing which constitutes a Default or an Event of Default.

	
(d)

	
This Agreement 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.  Delivery of an executed counterpart of this Agreement by telecopy shall be 

 

  

3

  

	
 

	
effective as an original and shall constitute a representation that an executed original shall be delivered.

(e)           THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF) OF THE STATE OF GEORGIA.

[remainder of page intentionally left blank]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

4  

  

Each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

BORROWER:                                                                       RUBY TUESDAY, INC.

By:        /s/ Scarlett May

Name:         Scarlett May

Title:           Senior Vice President,

    Chief Legal Officer and Secretary

GUARANTORS:                                                                  RTBD, INC.

By:    /s/ Scarlett May               

Name:         Scarlett May

Title:           Vice President and Secretary

RT FINANCE, INC.

By:    /s/ Scarlett May                 

Name:         Scarlett May

Title:           Vice President and Secretary

RUBY TUESDAY GC CARDS, INC.

By:    /s/ Scarlett May                                                       

Name:         Scarlett May

Title:           Vice President and Secretary

RT TAMPA FRANCHISE, L.P.

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT ORLANDO FRANCHISE, L.P.

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT SOUTH FLORIDA FRANCHISE, L.P.

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT NEW YORK FRANCHISE, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

 

FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

RUBY TUESDAY, INC.

  

  

  

RT SOUTHWEST FRANCHISE, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT MICHIANA FRANCHISE, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT FRANCHISE ACQUISITION, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT KENTUCKY RESTAURANT HOLDINGS, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT FLORIDA EQUITY, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RTGC, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT DETROIT FRANCHISE, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT MICHIGAN FRANCHISE, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

RUBY TUESDAY, INC.

  

  

  

 

RT WEST PALM BEACH FRANCHISE, L.P.

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT NEW ENGLAND FRANCHISE, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT LONG ISLAND FRANCHISE, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RUBY TUESDAY, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT LAS VEGAS FRANCHISE, LLC

By:              /s/ Scarlett May                                         

Name:         Scarlett May

Title:           Vice President and Secretary

RT MINNEAPOLIS FRANCHISE, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT INDIANAPOLIS FRANCHISE, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT DENVER FRANCHISE, L.P.

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

 

FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

RUBY TUESDAY, INC.

  

  

  

RT OMAHA FRANCHISE, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT KCMO FRANCHISE, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT PORTLAND FRANCHISE, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT ST. LOUIS FRANCHISE, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT WESTERN MISSOURI FRANCHISE, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

QUALITY OUTDOOR SERVICES, INC.

By:              /s/ Scarlett May                                       

Name:         Scarlett May

Title:           Vice President and Secretary

RT AIRPORT, INC.

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT LOUISVILLE FRANCHISE, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

RUBY TUESDAY, INC.

  

  

  

RT MCGHEE-TYSON, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT ONE PERCENT HOLDINGS, INC.

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT ONE PERCENT HOLDINGS, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT MINNEAPOLIS HOLDINGS, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT OMAHA HOLDINGS, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT DENVER, INC.

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT LOUISVILLE, INC.

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT ORLANDO, INC.

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

RUBY TUESDAY, INC.

  

  

  

 

RT SOUTH FLORIDA, INC.

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT TAMPA, INC.

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT WEST PALM BEACH, INC.

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT NEW HAMPSHIRE RESTAURANT HOLDINGS, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT RESTAURANT SERVICES, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT NORTHERN CALIFORNIA FRANCHISE, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RTTA, LP

By:              /s/ Scarlett May                                         

Name:         Scarlett May

Title:           Vice President

WOK HAY 2, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

 

FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

RUBY TUESDAY, INC.

  

  

  

RT DISTRIBUTING, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT O’TOOLE, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT SMITH, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RT MILLINGTON, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

4721 RT OF PENNSYLVANIA, INC.

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RTTT, LLC

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Manager

RTT TEXAS, INC.

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Treasurer

RT JONESBORO CLUB

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Secretary and Treasurer

FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

RUBY TUESDAY, INC.

  

  

  

RT ARKANSAS CLUB, INC.

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Secretary and Treasurer

RUBY TUESDAY OF RUSSELLVILLE, INC.

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Secretary and Treasurer

RUBY TUESDAY OF CONWAY, INC.

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Secretary and Treasurer

RT KCMO KANSAS, INC.

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Vice President and Secretary

RUBY TUESDAY OF BRYANT, INC.

By:              /s/ Scarlett May                                        

Name:         Scarlett May

Title:           Secretary and Treasurer

FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

RUBY TUESDAY, INC.

  

  

  

ADMINISTRATIVE AGENT:                                            BANK OF AMERICA, N.A.,

as Administrative Agent

By      /s/ Erik M. Truette

Name: Erik M. Truette

Title:  Assistant Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

RUBY TUESDAY, INC.

  

  

  

LENDERS:                                                                             BANK OF AMERICA, N.A.,

as a Lender and an Issuing Bank

By       /s/ John H. Schmidt

Name:  John H. Schmidt

Title:   Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

RUBY TUESDAY, INC.

  

  

  

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as a Lender

By      /s/ Sally Hoffman

Name: Sally Hoffman

Title:   Managing Directory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

RUBY TUESDAY, INC.

  

  

  

REGIONS BANK,

as a Lender

By      /s/ Jay Sim

Name: Jay Sim

Title:   Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

RUBY TUESDAY, INC.

  

  

  

Schedule 1

Schedule 6.16

 

 

1) 2316 N. Main Street, Crossville, TN 38555

2) 2250 Southgate Parkway, Cambridge, OH 43725

3) 731 Highway 53E, Calhoun, GA 30701

4) 2235 E. Sharon Road, Sharonville, OH 45241

5) 119 Industrial Park Drive, Smithfield, NC 27577

6) 1812 West Lucas Street, Florence, SC 29501

7) 1480 Snider’s Highway, Walterboro, SC 29488

8) 4600 Devine Street, Columbia, SC 29205

9) 1168 Highway 20, McDonough, GA 30253

 

 

 

 

 

 

CHAR1\1343309v2

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