Document:

ex10_12.htm

    PROMISSORY
NOTE

     

     

    
      	
               

              $100,000.00

            	
              June
      8, 2007

              Columbus,
      Ohio

            

    

     

    FOR VALUE
RECEIVED, Capital City Petroleum, LLC ("Maker") promises to pay to The Eagle
Foundation ("Holder") the aggregate principal sum of One Hundred Thousand
Dollars and No/100s ($100,000.00), together with interest on the unpaid
principal amount outstanding from time to time at an annual rate equal to nine
and one-half percent (9.5%) (calculated on an actual/365 day
basis).

     

    Accrued
interest shall be due and payable on a monthly basis (on the 5th business day
following the last day of each month). All outstanding principal and interest
shall be due and payable on or before the one (l) year anniversary date of this
Promissory Note.

     

    All
payments made on account of the indebtedness evidenced by this Promissory Note
shall be made in currency and coin of the United States of America which shall
be legal tender for public and private debts at the time of payment. Said
payments are to be made at such place as Holder may from time to time
appoint.

     

    Amounts
due under this Promissory Note may be prepaid without any penalty or premium of
any nature.

     

    The
occurrence of anyone of the following events shall constitute a default ("Event
of Default") by Maker: (a) if Maker fails to make any payment hereunder within
five (5) days such payment is due; (b) if any of Maker's assets are attached,
seized, subjected to a writ of distress warrant, or are levied upon, or come
within the possession of any receiver, trustee, custodian or assignee for the
benefit of creditors and such attachment, levy, writ or possession is not
terminated within forty-five (45) days of the commencement thereof; (c) if a
petition under the Bankruptcy Reform Act of 1978, as amended or any similar law
or regulation shall be filed by or against Maker or if Maker shall make an
assignment for the benefit of its creditors or if any case or proceeding is
filed by or against Maker for is dissolution or liquidation, or if Maker is
enjoined, restrained or in any way prevented by court order or otherwise from
conducting all or a material part of its business affairs and such petition,
assignment, case, proceeding or order is not dismissed, terminated or vacated
within forty-five (45) days of the commencement or entry thereof; or (d) the
dissolution of Maker.

     

    If an
Event of Default has occurred and is continuing, the interest rate on this
Promissory Note shall increase immediately by an increment of the lesser of (a)
four percentage points (4%) or (b) the maximum rate permitted by
law.

     

    At the
election of Holder, and without notice, the principal balance remaining unpaid
under this Promissory Note, and all unpaid interest accrued thereon, shall be
and become immediately due and payable in full in the case of the occurrence of
an Event of Default.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Holder
shall not, by any act of omission or commission, be deemed to waive any of its
rights, remedies or powers hereunder or otherwise unless such waiver is in
writing and signed by Holder, and then only to the extent specifically set forth
therein. The rights, remedies and powers of Holder, as provided in this
Promissory Note are cumulative and concurrent, and may be pursued against Maker
all at the sole discretion of Holder.

     

    If any
suit or action is instituted or attorneys are employed to collect this
Promissory Note or any part thereof, whether or not any lawsuit is filed with
respect thereto, Maker promises and agrees to pay all reasonable costs and
expenses of every kind and nature of collection, protection and enforcement
including, without limitation, reasonable attorneys' fees and court
costs.

     

    This
Promissory Note may not be changed orally, but only by an agreement in writing
signed by the party against whom enforcement of any waiver, change, modification
or discharge is sought.

     

    Maker
hereby waives diligence, presentment, protest and demand, notice of protest,
dishonor and nonpayment of this Promissory Note. Maker waives, to the full
extent permitted by law, the right to plead any statute of limitations as a
defense to any demand on this Promissory Note, 01' on any pledge agreement,
mortgage, security agreement, lease assignment, guaranty or other agreement now
or hereafter securing this Promissory Note.

     

    Every
provision of this Promissory Note is intended to be severable. If any term or
provision hereof is declared by a court of competent jurisdiction to be illegal
or invalid for any reason whatsoever, such illegality or invalidity shall not
affect the balance of the terms and provisions hereof, which terms and
provisions shall remain binding and enforceable.

     

    Time is
of the essence hereof.

     

    THIS
PROMISSORY NOTE HAS BEEN DELIVERED AND ACCEPTED IN THE STATE OF OHIO. MAKER
HEREBY SUBMITS TO THE JUIUSDICTION OF ANY STATE OR FEDERAL COURT LOCATED IN
COLUMBUS, OHIO. MAKER HEREBY WAIVES THE RIGHT TO ANY JURY TRIAL IN ANY ACTION,
PROCKEDING OR COUNTERCLAIM BROUGHT BY EITHER PARTY AGAINST THE OTHER. THIS
PROMISSORY NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE
STATE OF OHIO WITHOUT REGARD TO THE CONFLICTS OF LAWS PRINCIPLES
THEREOF.

    

    IN
WITNESS WHEREOF, the undersigned has executed this Promissory Note on the day
and year first above written.

    
      	
              Eagle
      Foundation

            	
              Capital
      City Petroleum, Inc.

            
	
               

               

              By: /s/ Dr.
      Ralph Kennaugh

              Dr.
      Ralph Kennaugh

              Its:
      President and Trustee

            	
               

              By: /s/
      Timothy Crawford

              Timothy
      Crawford

              Its:
      COOEX-10.1

CKE RESTAURANTS, INC.

THIRD AMENDMENT TO

SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT

This THIRD AMENDMENT TO SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is
dated as of March 7, 2008 and entered into by and among CKE RESTAURANTS, INC. (“Borrower”), and BNP
PARIBAS, as administrative agent for the Lenders (in such capacity, “Administrative Agent”), and
solely for purposes of Section 3 hereof, the undersigned Subsidiaries of the Borrower (the
“Subsidiary Guarantors”). Reference is made to the Seventh Amended and Restated Credit Agreement
dated as of March 27, 2007, as amended by the Additional Loan and First Amendment to Seventh
Amended and Restated Credit Agreement dated as of May 3, 2007 and the Additional Loan and Second
Amendment to Seventh Amended and Restated Credit Agreement dated as of August 27, 2007 (as so
amended, the “Credit Agreement”), among Borrower, the Lenders party thereto and Administrative
Agent. Capitalized terms used herein without definition shall have the same meanings as set forth
in the Credit Agreement.

RECITALS

WHEREAS, Borrower and Requisite Lenders desire to amend the Credit Agreement to make certain
modifications to the financial covenants as set forth below.

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants
herein contained, the parties hereto hereby agree as follows:

	 	 	SECTION 1. AMENDMENTS TO CREDIT AGREEMENT

Section 7.1 of the Credit Agreement is hereby amended by deleting the table contained therein
and substituting the following table therefor:

	 	 	 	 	 
	Fiscal Year	 	Ratio
	2008	 	2.50
	2009
	 	 	3.00	 
	2010
	 	 	2.75	 
	2011
	 	 	2.50	 
	2012
	 	 	2.25	 
	2013 and each fiscal year thereafter
	 	 	2.00	 

	 	 	SECTION 2. REPRESENTATIONS AND WARRANTIES

In order to induce Lenders to consent to, and Administrative Agent to enter into, this
Amendment, Borrower represents and warrants to each Lender and Administrative Agent that the
following statements are true, correct and complete as of the Third Amendment Effective Date (as
defined below):

A. Corporate Power and Authority. Each of Borrower and each Subsidiary Guarantor has
all requisite corporate power and authority to enter into this Amendment and to carry out the
transactions contemplated by, and perform its obligations under, the Credit Agreement as amended by
this Amendment (the “Amended Agreement”).

B. Due Authorization. The execution and delivery of this Amendment and the
performance of the Amended Agreement have been duly authorized by all necessary corporate action on
the part of Borrower and each Subsidiary Guarantor.

C. No Conflict. The execution and delivery by Borrower and each Subsidiary Guarantor
of this Amendment and the performance by Borrower of the Amended Agreement do not and will not (i)
violate any provision of any law or any governmental rule or regulation applicable to Borrower or
Subsidiary Guarantors, the by-laws, partnership agreement, limited liability company agreement or
other similar organizational document, as applicable, of Borrower or Subsidiary Guarantors or any
order, judgment or decree of any court or other agency of government binding on Borrower or
Subsidiary Guarantors, (ii) conflict with, result in a breach of or constitute (with due notice or
lapse of time or both) a default under any material indenture, mortgage, deed of trust, contract,
undertaking, agreement or other instrument to which Borrower or any Subsidiary Guarantor is a
party, (iii) result in or require the creation or imposition of any Lien upon any of the properties
or assets of Borrower or Subsidiary Guarantors (other than Liens created under any of the Loan
Documents in favor of Administrative Agent on behalf of Lenders and other Liens permitted under the
Amended Agreement), or (iv) require any approval of stockholders or any approval or consent of any
Person under any material indenture, mortgage, deed of trust, contract, undertaking, agreement or
other instrument to which Borrower or any Subsidiary Guarantor is a party which has not been
obtained, except for with respect to the foregoing clauses (i) , (ii) and (iv) above, such
violations, conflicts, breaches, defaults or failures to obtain approvals or consents which could
not reasonably be expected to have a Material Adverse Effect.

D. Governmental Consents. The execution and delivery by each of Borrower and each
Subsidiary Guarantor of this Amendment and the performance by Borrower of the Amended Agreement do
not and will not require any registration with, consent or approval of, or notice to, or other
action to, with or by, any governmental authority.

E. Binding Obligation. This Amendment and the Amended Agreement have been duly
executed and delivered by each of Borrower and each Subsidiary Guarantor and are the legally valid
and binding obligations of each of Borrower and each Subsidiary Guarantor, enforceable against
Borrower and each Subsidiary Guarantor in accordance with their respective terms, except as may be
limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or
limiting creditors’ rights generally or by equitable principles relating to enforceability.

F. Absence of Default. No event has occurred and is continuing or will result from
the consummation of the transactions contemplated by this Amendment that would constitute a Default
or an Event of Default.

	 	 	SECTION 3. ACKNOWLEDGEMENT AND CONSENT

A. Each of Borrower and each Subsidiary Guarantor hereby acknowledges and agrees that the
Credit Agreement and each Security Document (each, a “Credit Support Document”) to which it is a
party or otherwise bound shall continue in full force and effect and that all of its obligations
thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or
effectiveness of this Amendment. Each of Borrower and each Subsidiary Guarantor represents and
warrants that all representations and warranties contained in the Amended Agreement and the Credit
Support Documents to which it is a party or otherwise bound are true, correct and complete in all
material respects on and as of the Third Amendment Effective Date (as defined below) to the same
extent as though made on and as of such date, except to the extent such representations and
warranties specifically relate to an earlier date, in which case they were true, correct and
complete in all material respects on and as of such earlier date.

B. Each Subsidiary Guarantor acknowledges and agrees that (i) notwithstanding the conditions
to effectiveness set forth in this Amendment, such Subsidiary Guarantor is not required by the
terms of the Credit Agreement or any other Loan Document to consent to the amendments to the Credit
Agreement effected pursuant to this Amendment and (ii) nothing in the Credit Agreement, this
Amendment or any other Loan Document shall be deemed to require the consent of such Subsidiary
Guarantor to any future amendments to the Credit Agreement.

	 	 	SECTION 4. CONDITIONS TO EFFECTIVENESS

This Amendment shall become effective and binding upon the parties hereto only upon the
satisfaction of the following conditions precedent (the date such conditions are satisfied is
hereafter referred to as the “Third Amendment Effective Date”):

A. Amendment. Administrative Agent shall have executed this Amendment and received a
counterpart of this Amendment that bears the signature of Borrower and each of the Subsidiary
Guarantors, and Administrative Agent shall have received consents to this Amendment and
Administrative Agent’s execution of this Amendment from Required Lenders

B. Completion of Proceedings. All corporate and other proceedings taken or to be
taken in connection with the transactions contemplated hereby and all documents incidental thereto
shall be reasonably satisfactory in form and substance to Administrative Agent and such counsel,
and Administrative Agent and such counsel shall have received all such counterpart originals or
certified copies of such documents as Administrative Agent may reasonably request.

C. No Default. No Default or Event of Default shall have occurred and be continuing.

1

	 	 	SECTION 5. MISCELLANEOUS

A. Payment of Consent Fee. Borrower hereby agrees to pay (within five Business Days
after Third Amendment Effective Date) to each Lender that executes and delivers a consent to this
Amendment to Administrative Agent on or before 3:00 p.m. (New York City time), on March 7, 2008, an
amendment fee equal 0.10% of the sum of such Lender’s Term Loan Commitment plus such
Lender’s Revolving Loan Commitment.

B. Reference to and Effect on the Credit Agreement and the Other Loan Documents.

(i) On and after the effective date of this Amendment, each reference in the Credit Agreement
to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the
Credit Agreement and each reference in the other Loan Documents to the “Credit Agreement”,
“thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be
a reference to the Credit Agreement as amended hereby.

(ii) Except as specifically amended by this Amendment, the Credit Agreement and the other Loan
Documents shall remain in full force and effect and are hereby ratified and confirmed.

(iii) The execution, delivery and performance of this Amendment shall not, except as expressly
provided herein, constitute a waiver of any provision of, or operate as a waiver of any right,
power or remedy of Administrative Agent or any Lender under the Credit Agreement or any of the
other Loan Documents.

C. Fees and Expenses Borrower acknowledges that all reasonable costs, fees and
expenses as described in subsection 10.1 of the Credit Agreement incurred by Administrative Agent
and its counsel with respect to this Amendment and the documents and transactions contemplated
hereby shall be for the account of the Borrower.

D. Headings. Section and subsection headings in this Amendment are included herein
for convenience of reference only and shall not constitute a part of this Amendment for any other
purpose or be given any substantive effect.

E. Applicable Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF ILLINOIS, WITHOUT GIVING EFFECT TO THE PRINCIPLES THEREOF RELATING TO CONFLICTS OF LAW
TO THE EXTENT SUCH PRINCIPLES WOULD REQUIRE THE APPLICATION FO THE LAWS OF A JURISDICTION OTHER
THAN THE STATE OF ILLINOIS.

F. Counterparts; Effectiveness. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed an original, but all such counterparts together shall
constitute but one and the same instrument; signature pages may be detached from multiple separate
counterparts and attached to a single counterpart so that all signature pages are physically
attached to the same document.

[Remainder of this page intentionally left blank]

2

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

BORROWER:

CKE RESTAURANTS, INC.

By: /s/ Theodore Abajian     

Name: Theodore Abajian

Title: Executive Vice President and Chief Financial Officer

3

ADMINISTRATIVE AGENT:

BNP PARIBAS, in its own capacity and on behalf of Required Lenders

By: /s/ Clark C. King III

Name: Clark C. King III

Title: Managing Director

By: /s/ Angelo Maiello

Name: Angelo Maiello

Title: Vice President

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SUBSIDIARY GUARANTORS:

BURGER CHEF SYSTEMS, INC.

CARL’S JR. REGION VIII, INC.

CARL KARCHER ENTERPRISES, INC.

CHANNEL ISLANDS ROASTING COMPANY

FLAGSTAR ENTERPRISES, INC.

HARDEE’S FOOD SYSTEMS, INC.

HED, INC.

SPARDEE’S REALTY, INC.

SANTA BARBARA RESTAURANT GROUP, INC.

GB FRANCHISE CORPORATION

By: /s/ Theodore Abajian     

Name: Theodore Abajian

Title: Executive Vice President, Chief Financial Officer and Chief Administrative Officer

AEROWAYS, LLC

CKE DISTRIBUTION, LLC

By: CKE Restaurants, Inc., its sole member

By: /s/ Theodore Abajian     

Name: Theodore Abajian

Title: Executive Vice President and Chief Financial Officer

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