Document:

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Exhibit 10.2
AMENDED AND RESTATED MASTER REVOLVING CREDIT NOTE 
[This Amended and Restated Master Revolving Credit Note amends and replaces that certain 
Amended and Restated Master Revolving Credit Note dated as of December 21, 2020, from the undersigned payable to the order of First Horizon Bank (the "Existing Note”).]
$100,000,000.00 ‌Chattanooga, Tennessee
Dated as of October 28, 2022
Except as may be otherwise extended pursuant to the Loan Agreement (as defined below), on May 31, 2027 (the "Termination Date") the undersigned, MILLER INDUSTRIES, INC., a Tennessee corporation, APACO, INC., a Delaware corporation, CHAMPION CARRIER CORPORATION, a Delaware corporation, MILLER/GREENEVILLE, INC., a Tennessee corporation, MILLER FINANCIAL SERVICES GROUP, INC., a Delaware corporation (formerly known as Miller Industries Distributing, Inc.), MILLER INDUSTRIES INTERNATIONAL, INC., a Tennessee corporation, MILLER INDUSTRIES TOWING EQUIPMENT INC., a Delaware corporation, (singularly and collectively, the "Maker"), promises to pay to the order of FIRST HORIZON BANK, a Tennessee banking corporation, successor by conversion to First Tennessee Bank National Association, a national banking association, having a principal place of business in Chattanooga, Tennessee (the "Bank"), the principal sum of One Hundred Million and NO/100 Dollars ($100,000,000.00), or, if less, the aggregate unpaid principal amount of all Revolving Credit Advances made to the undersigned pursuant to the Loan Agreement (as defined below), together with interest upon disbursed and unpaid principal balances of the Revolving Credit Advances, at the rate hereinafter specified, said interest being payable quarterly on the last day of each quarter hereafter commencing December 31, 2022, and continuing on each March 31, June 30, September 30, and December 31 thereafter, with the final installment of interest being due and payable concurrently on the same date that the remaining principal balance is due hereunder.
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This Amended and Restated Master Revolving Credit Note (this "Note") is being executed in connection with that certain Amended and Restated Loan Agreement dated December 21, 2020, among the Maker and the Bank, as amended by that certain First Amendment to Amended and Restated Loan Agreement dated as of October 28, 2022 (as so amended, and as may be further amended, restated, supplemented or otherwise modified from time to time, the "Loan Agreement"). To the extent that any provisions of this Note are inconsistent with the Loan Agreement, the Loan Agreement shall govern and control. Any capitalized terms used herein and not otherwise defined herein, shall have their respective meanings in the Loan Agreement.
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Interest shall accrue on the unpaid principal balance of this Note at a rate per annum equal to the sum of the CME Term SOFR Rate (as defined below), plus the 0.11448%, plus the Applicable Margin (for SOFR option set forth in the table of the definition of "Applicable Margin" below), unless otherwise provided herein (the "Contract Rate"). The Contract Rate hereunder is subject to change from time to time based on changes in an independent index, which is the CME Term SOFR Rate (the "Index"), adjusted and determined, without notice to 

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the Maker, as of the date hereof and on the first (1st) day of each calendar month thereafter (the "Interest Rate Change Date"). The Contract Rate is not necessarily the lowest rate charged by Bank on its loans. The Bank will tell the Maker the current Index rate upon the Maker's request. The Maker understands that the Bank may make loans based on other rates as well. Notwithstanding the foregoing, for purposes of calculating the Contract Rate on the outstanding principal balance of the Note, the Index shall never be less than a rate of zero (0.0%) per annum; provided, however, if the Maker has entered into an interest rate swap with Bank for purposes of hedging the interest rate on the Note, then no floor on the Index or floor on the Contract Rate shall be applicable during the period(s) such swap transaction is in effect.  
All interest hereunder shall be computed on the basis of a year of 360 days and payable for the actual number of days elapsed. In addition, interest shall be computed on a daily basis based upon the outstanding principal amount of such Loan as of the applicable date of determination.
As used herein, the following terms have the following meanings:
“Applicable Margin" means the percentage rate set forth in the table below corresponding to the level (each, a "Level") into which the Maker's Leverage Ratio then falls:
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(per annum)
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	Level

	Leverage Ratio

	SOFR
Applicable Margin 
(per annum)

	Base Rate 
Applicable Margin 
(per annum)

	1

	Less than 1.00 to 1:00

	1.00%

	- 1.85%

	2

	Equal to 1.00 to 1.00 but less than 2.00 to 1.00

	1.25%

	- 1.60%

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Any change in the Maker’s Leverage Ratio which would cause it to move to a different Level shall be effective as of the first day of the first calendar month immediately following receipt by the Bank of the Non-Default Certificate showing the Leverage Ratio has changed; provided, however, if the Maker has not delivered the Non-Default Certificate as required by Section 6.12 of the Loan Agreement the Bank may, in its sole discretion, adjust the Level to the Default Rate effective as of the day following the Bank’s determination that such adjustment should be made, until such time as a Non-Default Certificate as required by Section 6.12 of the Loan Agreement has been delivered by the Maker to the Bank.
“Base Rate" means the rate announced by Bank from time to time as the Bank's "base rate" and shall not necessarily be the lowest or best rate charged by the Bank; provided that if at any time the Base Rate is determined to be less than 3.00%, the Base Rate will be deemed to be 3.00% for the purposes of this Note and the other Loan Documents; provided, further however, if the Maker has entered into an interest rate swap with Bank for purposes of hedging the interest rate on the Note, then no floor on the Index or floor on the Base Rate shall be applicable during the period(s) such swap transaction is 

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in effect. Any change in the Base Rate announced by Bank shall take effect at the opening of business on the day specified in the announcement.
“Change in Law" means the adoption of any law, rule, regulation, policy, guideline or directive (whether or not having the force of law) or any change therein or in the interpretation or application thereof, in all cases by any Governmental Authority having jurisdiction over the Bank, in each case after the date hereof; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith, and (ii) all requests, rules, regulations, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a "Change in Law", regardless of the date enacted, adopted or issued.
“CME Term SOFR Rate" means the rate per annum equal to the forward looking term secured overnight financing rate for a one (1) month tenor administered by CME Group Benchmark Administration Ltd (or a successor administrator) and published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by Bank from time to time) that is two (2) SIFMA Business Days prior to each Interest Rate Change Date. If the CME Term SOFR Rate is not published or otherwise available for any Interest Rate Change Date, the CME Term SOFR Rate shall be determined by reference to the Term SOFR Rate last published. 
“Governmental Authority" means any nation or government, any state or other political subdivision thereof and any entity exercising regulatory functions of or pertaining to government.
“SIFMA Business Day" means any day except for Saturday, Sunday or a day in which the Securities Industry and Financial Market Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.  
NOTICE:  Under no circumstances will the interest rate on this Note be more than the maximum rate allowed by applicable law from time to time in effect (the "Maximum Rate”).
Notwithstanding the foregoing, if at any time the Bank determines (which determination shall be conclusive absent manifest error) that: (i) adequate and reasonable means do not exist for ascertaining CME Term SOFR including, without limitation, because CME Term SOFR is not available or published on a current basis and such circumstances are unlikely to be temporary; or (ii) CME Group Benchmark Administration Ltd or any successor administrator of CME Term SOFR or a Governmental Authority having or purporting to have jurisdiction over the Bank or such index rate administrator has made a public statement identifying a specific date after which CME Term SOFR shall or will no longer be representative or made available, or used for determining the interest rate of loans, or shall or will otherwise cease; provided that, at the time of such statement, there is no successor administrator that is reasonably satisfactory to the Bank, that will continue to provide CME Term SOFR after such specific date; then, the Bank may amend this 

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Note solely for the purpose of replacing CME Term SOFR with another alternate benchmark rate, which shall be the sum of an alternate benchmark rate, and a benchmark rate spread adjustment (which may be a positive or negative value or zero), selected by the Bank giving due consideration to (a) any evolving or then-existing market convention for determining a rate of interest and spread adjustment, or method for calculating such spread adjustment, for the replacement for the then-current benchmark rate for U.S. dollar-denominated syndicated or bilateral credit facilities at such time, or (b) as may be necessary or appropriate in the opinion of the Bank to achieve a final all-in interest rate substantially equivalent to that in effect prior to the cessation of CME Term SOFR (the "Successor Rate"). Such Successor Rate will become effective at 5:00 p.m. on the fifth (5th) Business Day after the date notice (a "Successor Rate Notice") of such Successor Rate is provided to the Maker; provided, however, that if the Maker objects to such Successor Rate or the amendment needed to effect the same by notice to Bank given prior to the fifth (5th) Business Day after the date of such Successor Rate Notice then (unless and until the Bank and the Maker otherwise mutually agree upon the Successor Rate and the terms of the amendment effecting the same), interest hereunder shall be calculated at a rate of interest equal to the Base Rate plus the Applicable Margin (for Base Rate option set forth in the table of the definition of "Applicable Margin" above), which rate shall become effective on the next Interest Rate Change Date.
Notwithstanding anything else herein, if at any time any Successor Rate as so determined would otherwise be less than zero, the Successor Rate will be deemed to be zero for the purposes of this Note and the other Loan Documents. 
In connection with the implementation of a Successor Rate, the Bank will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of the Maker. As used herein, "Conforming Changes" shall mean with respect to any Successor Rate, any technical, administrative or operational changes, timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment or other matters as may be appropriate, in the reasonable discretion of the Bank, to reflect the adoption and implementation of such Successor Rate. Any Successor Rate shall be applied in a manner consistent with market practice; provided that to the extent such market practice is not administratively feasible for the Bank, such Successor Rate shall be applied in a manner as otherwise reasonably determined by the Bank.   
The Bank does not warrant, nor accept responsibility for, the continuation of, administration of, submission of, calculation of, or any other matter related to the rates in the benchmark interest rates or indexes defined herein or with respect to any rate (including, for the avoidance of doubt, the selection of such rate and any related spread or other adjustment) that is an alternative or replacement for or successor to any such rate or index or the effect of any of the foregoing, or of any Conforming Changes.
If any Change in Law shall: 
(a) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or advances, loans or other credit extended or participated in by, the Bank; 

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(b) subject the Bank to any tax of any kind whatsoever with respect to this Note, the Loan Agreement, or any Revolving Credit Advances made by it, or change the basis of taxation of payments to the Bank in respect thereof; or 
(c) impose on the Bank any other condition, cost or expense affecting this Note, the Loan Agreement or any Revolving Credit Advances made by the Bank or any letter of credit issued under any reimbursement agreement;
and the result of any of the foregoing shall be to increase the cost to the Bank of making, converting to, continuing or maintaining the Revolving Credit Loan (or of maintaining its obligation to make the Revolving Credit Loan), or to increase the cost to the Bank of issuing or maintaining any letter of credit (or of maintaining its obligation to participate in or to issue any letter of credit), or to reduce the amount of any sum received or receivable by the Bank hereunder (whether of principal, interest or any other amount) then, upon written request of the Bank, the Maker shall promptly pay to the Bank, as the case may be, such additional amount or amounts as will compensate the Bank, as the case may be, for such additional costs incurred or reduction suffered.
If the Bank determines that any Change in Law affecting the Bank or the Bank's holding company, if any, regarding capital requirements, has or would have the effect of reducing the rate of return on the Bank's capital or on the capital of the Bank's holding company, if any, as a consequence of this Note or the Loan Agreement, the commitment of the Bank or the Revolving Credit Loan, or the letters of credit issued by the Bank, to a level below that which the Bank or the Bank's holding company could have achieved but for such Change in Law (taking into consideration the Bank's policies and the policies of the Bank's holding company with respect to capital adequacy), then from time to time upon written request of the Bank, the Maker shall promptly pay to the Bank, such additional amount or amounts as will compensate the Bank or the Bank's holding company for any such reduction suffered. A certificate of the Bank setting forth the amount or amounts necessary to compensate the Bank or its holding company, as the case may be, as specified as a result of any Change in Law and delivered to the Maker, shall be conclusive absent manifest error. The Maker shall pay, the amount shown as due on any such certificate within ten (10) days after receipt thereof.  
Failure or delay on the part of the Bank to demand compensation following any Change in Law shall not constitute a waiver of the Bank's right to demand such compensation; provided that the Maker shall not be required to compensate the Bank pursuant to this Section for any increased costs incurred or reductions suffered more than one hundred eighty (180) days prior to the date that the Bank notifies the Maker of the Change in Law giving rise to such increased costs or reductions, and of the Bank's intention to claim compensation therefor (except that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the one hundred eighty (180) day period referred to above shall be extended to include the period of retroactive effect thereof).
The undersigned hereby indemnifies the Bank and holds the Bank harmless from any loss or expense which the Bank may sustain in accordance with the Loan Agreement.
Until the Termination Date, subject to Section 8.9 of the Loan Agreement, the Maker may borrow, repay and reborrow the principal amount of this Note.  

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This Note is unsecured. 
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All installments of interest, and the principal hereof, are payable at the office of First Horizon Bank, 701 Market Street, Chattanooga, Tennessee, or at such other place as the holder may designate in writing, in lawful money of the United States of America, which shall be legal tender in payment of all debts and dues, public and private, at the time of payment.
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Any amounts not paid when due hereunder (whether by acceleration or otherwise and subject to applicable grace periods) shall bear interest after maturity at the lesser of (a) the Bank's Base Rate plus three percent (3%) per annum or (b) the Maximum Rate (the "Default Rate”).
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For any payment which is not made within ten (10) days of the due date for such payment, the Maker shall pay a late fee, including without limitation loans which are renewed more than ten (10) days after the due date even though the renewal may be dated as of the past-due payment date. The late fee shall equal five percent (5%) of the unpaid portion of the past-due payment.
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If an Event of Default shall have occurred and be continuing (subject to applicable cure periods), all after the Bank mails written notice of such Event of Default to the Maker, then, in any of such events, the entire unpaid principal balance of the indebtedness evidenced hereby together with all interest then accrued, shall, at the absolute option of the Bank, at once become due and payable, without demand or notice, the same being expressly waived; provided, that upon the occurrence of an Event of Default under Section 8.4 of the Loan Agreement, the entire unpaid principal balance of the indebtedness evidenced hereby together with all interest then accrued, shall automatically become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by the Maker, anything in this Note, the Loan Agreement, or in any other Loan Document to the contrary. Notwithstanding the foregoing, upon the maturity date of this Note set forth on page one of this Note, no notice or cure period shall be required.
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If this Note is placed in the hands of an attorney for collection, by suit or otherwise, or to protect the security for its payment, or to enforce its collection, or to represent the rights of the Bank in connection with any loan documentation executed in connection herewith, or to defend successfully against any claim, cause of action or suit brought by the Maker against the Bank, the Maker shall pay on demand all costs of collection and litigation (including court costs), together with a reasonable attorney's fee all in accordance with the Loan Agreement.
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To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each business entity that opens an account. What this means to the Maker: When the Maker opens an account, the Bank will ask for Federal Tax Identification Number, physical street address, full legal name of the Maker and other information that will allow the Bank to identify the Maker. The Bank may also ask the Maker to provide copies of certain documents that will aid in confirming this information.
The Maker and any endorsers or guarantors hereof waive protest, demand, presentment, and notice of dishonor, and agree that this Note may be extended, in whole or in part, without limit 

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as to the number of such extensions or the period or periods thereof, without notice to them and without affecting their liability hereon.
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It is the intention of the Bank and the Maker to comply strictly with applicable usury laws; and, accordingly, in no event and upon no contingency shall the Bank ever be entitled to receive, collect, or apply as interest any interest, fees, charges or other payments equivalent to interest, in excess of the Maximum Rate; and in the event that the holder hereof ever receives, collects, or applies as interest any such excess, such amount which, but for this provision, would be excessive interest, shall be applied to the reduction of the principal amount of the indebtedness hereby evidenced; and if the principal amount of the indebtedness evidenced hereby, and all lawful interest thereon, is paid in full, any remaining excess shall forthwith be paid to the Maker, or other party lawfully entitled thereto. In determining whether or not the interest paid or payable, under any specific contingency, exceeds the highest rate which the Bank may lawfully charge under applicable law from time to time in effect, the Maker and the Bank shall, to the maximum extent permitted under applicable law, characterize any non-principal payment as a reasonable loan charge, rather than as interest. Any provision hereof, or of any other agreement between the Bank and the Maker, that operates to bind, obligate, or compel the Maker to pay interest in excess of such Maximum Rate shall be construed to require the payment of the Maximum Rate only. The provisions of this paragraph shall be given precedence over any other provision contained herein or in any other agreement between the Bank and the Maker that is in conflict with the provisions of this paragraph.
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This Note shall be governed and construed according to the statutes and laws of the State of Tennessee from time to time in effect, except to the extent that Section 85 of Title 12 of the United States Code (or other applicable federal statue) may permit the charging of a higher rate of interest than applicable state law, in which event such applicable federal statute, as amended and supplemented from time to time shall govern and control the maximum rate of interest permitted to be charged hereunder; it being intended that, as to the maximum rate of interest which may be charged, received, and collected hereunder, those applicable statutes and laws, whether state or federal, from time to time in effect, which permit the charging of a higher rate of interest, shall govern and control; provided, always, however, that in no event and under no circumstances shall the Maker be liable for the payment of interest in excess of the maximum rate permitted by such applicable law, from time to time in effect.
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This Note evidences the same indebtedness as evidenced by the Existing Note. This Note is an amendment to and replacement of the Existing Note. The execution and delivery of this Note does not constitute payment, cancellation, satisfaction, discharge, release or novation of the Existing Note.
(Signature on next page)
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The Maker may prepay this Note in whole or in part, prior to maturity, without premium or penalty.
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	MILLER INDUSTRIES, INC.
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By:  /s/ Deborah L. Whitmire
Name:  Deborah L. Whitmire
Title:    Executive Vice President,
             Chief Financial Officer and Treasurer
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APACO, INC.
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By:  /s/ Deborah L. Whitmire
Name:  Deborah L. Whitmire
Title:    Vice President 

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CHAMPION CARRIER CORPORATION
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By:  /s/ Deborah L. Whitmire
Name:  Deborah L. Whitmire
Title:    Vice President 

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MILLER/GREENEVILLE, INC.
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By:  /s/ Deborah L. Whitmire
Name:  Deborah L. Whitmire
Title:    Vice President 

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MILLER FINANCIAL SERVICES GROUP, INC., formerly known as Miller Industries Distributing, Inc.
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By:  /s/ Deborah L. Whitmire
Name:  Deborah L. Whitmire
Title:    Vice President, Treasurer and 
             Assistant Secretary 
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[Amended and Restated Master Revolving Credit Note]
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	MILLER INDUSTRIES INTERNATIONAL, INC.
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By:  /s/ Deborah L. Whitmire
Name:  Deborah L. Whitmire
Title:    Vice President 
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MILLER INDUSTRIES TOWING EQUIPMENT INC.
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By:  /s/ Deborah L. Whitmire
Name:  Deborah L. Whitmire
Title:    Vice President 

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STATE OF TENNESSEE
COUNTY OF HAMILTON
Personally appeared before me, Margaret Blair, a Notary Public in and for said State and County duly commissioned and qualified, Deborah L. Whitmire, with whom I am personally acquainted, and who acknowledged that she executed the within instrument for the purposes therein contained, and who further acknowledged that she is an authorized officer of Miller Industries, Inc., APACO, Inc., Champion Carrier Corporation, Miller/Greeneville, Inc., Miller Financial Services Group, Inc., Miller Industries International, Inc. and Miller Industries Towing Equipment Inc. (singularly and collectively, the "Maker") and is authorized by the Maker to execute this instrument on behalf of each Maker.
WITNESS my hand, at office, this 28th day of October, 2022.
/s/ Margaret Blair
Notary Public
My Commission Expires:           3/14/2023______
(Notary Seal)

[Amended and Restated Master Revolving Credit Note]
​jpmamendmentno8

Execution Version    AMENDMENT NO. 8  TO   SECOND AMENDED AND RESTATED CREDIT AGREEMENT    THIS AMENDMENT NO. 8 TO SECOND AMENDED AND RESTATED  CREDIT AGREEMENT (this “Amendment”) is entered into as of September 23, 2022 among  POTBELLY SANDWICH WORKS, LLC, an Illinois limited liability company (“Borrower”),  the other Loan Parties (as such term is defined in the Credit Agreement), the financial institutions  listed on the signature pages hereto as lenders (the “Lenders”), and JPMORGAN CHASE  BANK, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative  Agent”).   W I T N E S S E T H:  WHEREAS, the Loan Parties, the Lenders and the Administrative Agent have  entered into that certain Second Amended and Restated Credit Agreement dated as of August 7,  2019 (as amended, supplemented or otherwise modified from time to time, the “Credit  Agreement”, and as amended hereby, the “Amended Credit Agreement”); and  WHEREAS, the Loan Parties desire to amend the Credit Agreement as set forth  herein, and the Administrative Agent and the Lenders are willing to do so on the terms and  subject to the conditions set forth herein;  NOW, THEREFORE, in consideration of the premises set forth above, the terms  and conditions 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. Definitions.  Terms defined in the Amended Credit Agreement that are  used herein shall have the same meanings as are set forth in the Amended Credit Agreement for  such terms unless otherwise defined herein.  2. Amendments to Credit Agreement.  Subject to the satisfaction of the  conditions set forth in Section 3 of this Amendment:  (a) The following defined term set forth in Section 1.01 of the Credit  Agreement is amended and restated in its entirety as follows:   “Maturity Date” means December 31, 2023 or any earlier date on which  the Commitments are reduced to zero or otherwise terminated pursuant to the  terms hereof.  (b) Section 6.12 of the Credit Agreement is amended and restated in its  entirety as follows:   SECTION 6.12. Financial Covenants.   

 

 -2-    (a) EBITDA.  The Loan Parties shall not permit EBITDA for any  Computation Period set forth below to be less than the applicable amount set forth  below for such Computation Period:  Computation Periods ending on or about   (all dates are inclusive):      Minimum EBITDA:  August 31, 2022 $ 4,560,000  September 30, 2022    4,160,000  October 31, 2022    5,360,000  November 30, 2022    6,480,000  December 31, 2022     7,680,000  January 31, 2023    8,580,000  February 28, 2023    9,240,000  March 31, 2023  10,540,000  April 30, 2023   12,140,000  May 31, 2023  13,000,000  June 30, 2023  13,500,000  July 31, 2023   14,000,000  August 31, 2023  14,500,000  September 30, 2023  14,500,000  October 31, 2023  15,000,000  November 30, 2023 and thereafter  15,500,000      (b) Liquidity.  The Loan Parties shall not permit Liquidity on the last  day of any month set forth below to be less than the applicable amount set forth  below for such month:   

 

 -3-   Months (all dates are inclusive):    Minimum Liquidity:  August 2022 $15,300,000  September 2022   13,100,000  October 2022   12,500,000  November 2022   14,300,000  December 2022    14,100,000  January 2023   11,700,000  February 2023   12,600,000  March 2023   10,000,000  April 2023    10,000,000  May 2023   12,100,000  June 2023   16,900,000  July 2023    16,900,000  August 2023   19,000,000  September 2023   19,000,000  October 2023   19,000,000  November 2023 and thereafter   23,000,000         As used herein, the term “Liquidity” means, at any time, the sum of (i) the  Available Revolving Commitment at such time, plus (ii) the Consolidated Cash  Balance maintained with Chase at such time (excluding the aggregate amount of  the Consolidated Cash Balance of non-wholly owned Subsidiaries and Permitted  J/Vs in excess of $2,500,000).  3. Conditions.  When each of the following conditions has been completely  satisfied as determined by the Administrative Agent in its reasonable discretion on the date of  this Amendment (the “Effective Date”), the amendments to the Credit Agreement described in  Section 2 of this Amendment shall be deemed to have become effective as of the date hereof:  (a) Documents.  The Administrative Agent shall have received each of the  following agreements, instruments and other documents, in each case in form and substance  reasonably satisfactory to the Administrative Agent:  (i) this Amendment duly executed and delivered by the Loan Parties,  the Lenders and the Administrative Agent; and  (ii) such other documents, agreements, instruments, certificates,  opinions and other items as the Administrative Agent may reasonably request in  connection with this Amendment, including the documents, agreements, instruments,  certificates, opinions and other items listed on the document checklist attached hereto as  Exhibit A.  (b) Representations and Warranties; No Default.  As of the date hereof  (and, if different, also as of the Effective Date): (i) the representations and warranties contained  herein, in the Amended Credit Agreement (other than with respect to the second sentence of  Section 3.05(a) therein) and in each other Loan Document shall be true and correct in all material  

 

 -4-   respects (both immediately before and after giving effect to consummation of the amendments  and other transactions contemplated hereby), except to the extent any such representation and  warranty expressly refers to an earlier date, in which case such representation and warranty shall  be true and correct in all material respects as of such earlier date; provided, however, that, solely  for the purposes of the representation and warranty set forth in Section 3.04(b) of the Credit  Agreement, the term “Material Adverse Effect” will exclude the known and reasonably  foreseeable effects, as reflected in financial statements and projections delivered to the  Administrative Agent prior to the Effective Date on the Loan Parties and their Subsidiaries  (including, without limitation, on the business, assets, operations or condition, financial or  otherwise, thereof) of the COVID-19 epidemic, pandemic and disease; and (ii) no Default or  Event of Default shall exist (after giving effect hereto and consummation of the transactions  contemplated hereby).  (c) Proceedings.  All resolutions, consents and other corporate or limited  liability company proceedings taken or to be taken in connection with the transactions  contemplated hereby, and all agreements, instruments, certificates and other documents relating  thereto, shall be in form and substance satisfactory to the Administrative Agent, as determined in  its sole and absolute discretion, and shall be in full force and effect.  (d) Fees.  The Borrower shall have paid to the Administrative Agent, for the  account of Lenders in accordance with their respective Applicable Percentages, a non-refundable  amendment fee in the aggregate amount of $50,000 and all reasonable, out-of-pocket expenses  required to be paid to the Administrative Agent’s special counsel on or prior to the Effective  Date pursuant to Section 9.03 of the Amended Credit Agreement shall have been paid in full.  4. Release.  The Borrower and each other Loan Party hereby release,  discharge, and agree to hold harmless the Administrative Agent, each Lender and their respective  representatives, agents, employees, attorneys, directors, officers, parents, affiliates, assigns,  insurers, subsidiaries, and their successors and assigns (collectively, the “Released Parties”) from  any and all claims, defenses, affirmative defenses, setoffs, counterclaims, actions, causes of  action, suits, controversies, agreements, provisions, liabilities and demands in law or in equity or  under statute, whether known or unknown (collectively, the “Claims”) which any one or more of  the Borrower and the other Loan Parties ever had, now has, or may hereafter have against or  related to the Released Parties through the date of this Amendment relating to or arising out of (i)  this Amendment, the Credit Agreement, the Amended Credit Agreement, the other Loan  Documents or the transactions described herein or therein, (ii) any proposal letter, commitment  letter or term sheet, (iii) the Secured Obligations, (iv) the Administrative Agent’s or any  Lender’s administration of this Amendment, the Credit Agreement, the Amended Credit  Agreement or the other Loan Documents, or (v) the banking relationship of any one or more of  the Borrower and the other Loan Parties with the Administrative Agent or any Lender.  5. Representations and Warranties of the Loan Parties.  Each Loan Party  represents and warrants that: (a) the execution and delivery by such Loan Party of this  Amendment, each other document, instrument and agreement to be executed and delivered by  such Loan Party in connection herewith (this Amendment and such other documents, instruments  and agreements are referred to herein, collectively, as the “Amendment Documents”) and the  performance of such Loan Party’s obligations hereunder, thereunder and under the Amended  

 

 -5-   Credit Agreement: (i) are within the corporate or limited liability company powers of such Loan  Party, (ii) are duly authorized by the board of directors or managers of such Loan Party, and, if  necessary, the shareholders or members of such Loan Party, (iii) are not in contravention of the  terms of such Loan Party’s articles or certificate of incorporation or formation, by-laws,  operating, management or partnership agreement or other organizational documents, (iv) are not  in (x) contravention of the terms of the provisions of any indenture, instrument or agreement to  which such Loan Party is a party or is subject, or by which it, or its property, is bound, or (y)  conflict therewith, nor will constitute a default thereunder, or result in, or require, the creation or  imposition of any Lien in, of or on the property of such Loan Party pursuant to the terms of any  such indenture, instrument or agreement (other than Liens in favor of the Administrative Agent,  for the benefit of itself and the Lenders, under the Security Agreement and any other Permitted  Encumbrances), (v) will not violate any Requirement of Law applicable to any Loan Party or any  of its Subsidiaries, which individually or in the aggregate, could not reasonably be expected to  have a Material Adverse Effect; and (vi) do not require any consent or approval of, registration  or filing with, or any other action by, any Governmental Authority, except (i) such as have been  obtained or made and are in full force and effect, (ii) for filings necessary to perfect Liens  created pursuant to the Loan Documents or (iii) those that individually or in the aggregate, could  not reasonably be expected to have a Material Adverse Effect; (b) each of this Amendment and  the other Amendment Documents has been duly executed and delivered by such Loan Party and  constitutes the legal, valid and binding obligation of such Loan Party, enforceable against such  Loan Party in accordance with its terms, subject to applicable bankruptcy, insolvency,  reorganization, moratorium or other laws affecting creditors’ rights generally and subject to  general principles of equity, regardless of whether considered in a proceeding in equity or at law;  (c) the Amended Credit Agreement, and each other Loan Document, after giving effect hereto,  constitutes the legal, valid and binding obligation of such Loan Party, enforceable against such  Loan Party in accordance with its terms, subject to applicable bankruptcy, insolvency,  reorganization, moratorium or other laws affecting creditors’ rights generally and subject to  general principles of equity, regardless of whether considered in a proceeding in equity or at law;  (d) as of the date hereof, and (after giving effect hereto and consummation of the transactions  contemplated hereby) as of the Effective Date, there exists no Default or Event of Default; (e) no  Domestic Subsidiaries have been formed or acquired after August 7, 2019 (except for Permitted  J/Vs, if any); and (f) all conditions set forth in Section 3 of this Amendment have been satisfied  in full (provided that no representation or warranty is made as to the Administrative Agent’s or  any Lender’s acceptance or satisfaction with any matter).  All representations and warranties  contained in this Amendment shall survive the execution and delivery of this Amendment.  6. Consent of Loan Guarantor.  Each Loan Party (other than Borrower), in  its capacity as a Loan Guarantor under Article X of the Credit Agreement, hereby consents to  this Amendment and the amendments contained herein and confirms and agrees that,  notwithstanding this Amendment and the effectiveness of the amendments contained herein, the  Loan Guaranty is, and shall continue to be, in full force and effect and is hereby confirmed and  ratified in all respects notwithstanding the terms of this Amendment or any other amendment to  the Credit Agreement.  Nothing herein is intended or shall be deemed to limit the Administrative  Agent’s or any Lender’s rights under the Loan Guaranty to take actions without the consent of  any Loan Guarantor.  7. Reference to/Effect on the Credit Agreement, Etc.  

 

 -6-   (a) On and after the Effective Date: (i) each reference in the Credit Agreement  to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of like import shall mean and be  a reference to the Amended Credit Agreement, and (ii) each reference to the Credit Agreement in  all other Loan Documents shall mean and be a reference to the Amended Credit Agreement.  (b) Except as otherwise provided herein, the Credit Agreement, all other Loan  Documents, all covenants, representations and warranties made therein, and all other documents,  instruments and agreements executed and/or delivered in connection therewith, shall remain in  full force and effect, and are hereby reaffirmed, ratified and confirmed.  (c) The execution, delivery and effectiveness of this Amendment and the  other Amendment Documents shall not (i) except as specifically stated herein, amend the Credit  Agreement or any other Loan Document, (ii) operate as a waiver of any right, power or remedy  of the Administrative Agent or any Lender, or (iii) except as specifically stated herein, constitute  a waiver of, or consent to any departure from, any provision of the Credit Agreement or any  other Loan Document or any other documents, instruments and agreements executed or delivered  in connection therewith.  (d) Each Loan Party acknowledges and agrees that: (i) as of the date hereof  (and, if different, also as of the Effective Date), such Loan Party has no defenses, claims or set- offs to the payment of the Secured Obligations or to the enforcement of the Secured Obligations,  the Amended Credit Agreement or any of the other Loan Documents; and (ii) the Liens granted  to the Administrative Agent, for the benefit of itself and the Lenders, by such Loan Party are and  remain valid perfected Liens in the assets of such Loan Party securing the payment and  performance of the Secured Obligations.  (e) This Amendment and the other Amendment Documents shall each be  deemed a Loan Document for the purposes of the Amended Credit Agreement.  8. Miscellaneous.  (a) Choice of Law.  This Amendment shall be governed by and construed in  accordance with the internal laws of the State of Illinois, but giving effect to federal laws  applicable to national banks.  (b) Severability. Any provision of any Amendment Document held to be  invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to  the extent of such invalidity, illegality or unenforceability without affecting the validity, legality  and enforceability of the remaining provisions thereof; and the invalidity of a particular  provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.   (c) WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY  WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT  IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR  INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT, ANY OTHER  AMENDMENT DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR  THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).   EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE OR OTHER  

 

 -7-   AGENT (INCLUDING ANY ATTORNEY) OF ANY OTHER PARTY HAS REPRESENTED,  EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE  EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND  (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN  INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE  MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.  (d) Headings.  Section headings used herein are for convenience of reference  only, are not part of this Amendment and shall not affect the construction of, or be taken into  consideration in interpreting, this Amendment.  (e) Counterparts.  This Amendment may be executed and accepted in any  number of counterparts (and by different parties hereto on different counterparts), each of which  shall constitute an original, but all of which when taken together shall constitute a single  contract.  Delivery of an executed counterpart of a signature page of this Amendment and any  Amendment Document that is an Electronic Signature transmitted by telecopy, emailed pdf. or  any other electronic means that reproduces an image of an actual executed signature page shall  be effective as delivery of a manually executed counterpart of this Agreement and such  Amendment Document.  The words “execution,” “signed,” “signature,” “delivery,” and words of  like import in or relating to this Amendment and any Amendment Document shall be deemed to  include Electronic Signatures, deliveries or the keeping of records in any electronic form  (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an  image of an actual executed signature page), each of which shall be of the same legal effect,  validity or enforceability as a manually executed signature, physical delivery thereof or the use  of a paper-based recordkeeping system, as the case may be; provided that nothing herein shall  require the Administrative Agent or any Lender to accept Electronic Signatures in any form or  format without its prior written consent and pursuant to procedures approved by it.  If the  Administrative Agent or any Lender agrees to accept any Electronic Signature, it shall be entitled  to rely on such Electronic Signature purportedly given by or on behalf of the signers without  further verification thereof and without any obligation to review the appearance or form of any  such Electronic Signature and any Electronic Signature shall be promptly followed by a  manually executed counterpart.  Without limiting the generality of the foregoing, the signers  hereby (a) agree that, for all purposes, including without limitation, in connection with any  workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among  any one or more of the Administrative Agent, the Lenders and signers of the Credit Agreement,  this Amendment or any Amendment Document, Electronic Signatures transmitted by telecopy,  emailed pdf. or any other electronic means that reproduces an image of an actual executed  signature page and/or any electronic images of the Credit Agreement, any Loan Document, this  Amendment and any Amendment Document shall have the same legal effect, validity and  enforceability as any paper original, (b) agree that the Administrative Agent and each Lender  may, at its option, create one or more copies of the Credit Agreement, any Loan Document, this  Amendment and any Amendment Document in the form of an imaged electronic record in any  format, which shall be deemed created in the ordinary course of such Person’s business, and  destroy the original paper document (and all such electronic records shall be considered an  original for all purposes and shall have the same legal effect, validity and enforceability as a  paper record), (c) waives any argument, defense or right to contest the legal effect, validity or  enforceability of the Credit Agreement, any Loan Document, this Amendment and any  

 

 -8-   Amendment Document based solely on the lack of paper original copies of the Credit  Agreement, any Loan Document, this Amendment and any Amendment Document, respectively,  including with respect to any signature pages thereto and (d) waives any claim against the  Administrative Agent and each Lender for any liabilities arising solely from the Administrative  Agent’s or such Lender’s reliance on or use of Electronic Signatures and/or transmissions by  telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual  executed signature page, including any liabilities arising as a result of the failure of the signers  hereto to use any available security measures in connection with the execution, delivery or  transmission of any Electronic Signature.      [signature page(s) follow]  

 

        EXHIBIT A  Document Checklist  See Attached  

 

    AMENDMENT NO. 8 TO SECOND AMENDED AND RESTATED CREDIT  AGREEMENT  among  POTBELLY SANDWICH WORKS, LLC,   as Borrower and as a Loan Party  THE OTHER LOAN PARTIES PARTY THERETO,  THE LENDERS PARTY THERETO  and  JPMORGAN CHASE BANK, N.A.,  as Administrative Agent  September 23, 2022    Definitions  Borrower  Potbelly Sandwich Works, LLC, an Illinois limited liability company   Loan Parties  Borrower    Potbelly Corporation, a Delaware corporation     Potbelly Illinois, Inc., an Illinois corporation     Potbelly Franchising, LLC, an Illinois limited liability company     Potbelly Sandwich Works DC-1, LLC, an Illinois limited liability company    PSW West Jackson, LLC, an Illinois limited liability company    PSW 555 Twelfth Street, LLC, an Illinois limited liability company    PSW Rockville Center, LLC, an Illinois limited liability company    PSW DC Acquisition LLC, an Illinois limited liability company    PSW PBD Acquisition LLC, an Illinois limited liability company    Administrative Agent JPMorgan Chase Bank, N.A.  Lender   JPMorgan Chase Bank, N.A. (“Chase”)  AFS    ArentFox Schiff LLP  SA    Sidley Austin LLP    

 

   2   Facility Information  Potbelly Sandwich Works, LLC  UCN: 790278964000  Facility ID: 198731685      Contact Information for Counsel for Administrative Agent  ArentFox Schiff LLP  233 S. Wacker Drive - Suite 7100  Chicago, Illinois 60606  Attention:  Scott E. Pickens  Electronic Mail: scott.pickens@afslaw.com  Telephone:  312.258.5515      Signed by:   __________________________    Scott E. Pickens       Document Checklist Responsible  Party  1. Amendment No. 8 to Second Amended and Restated Credit Agreement by and  among the Loan Parties, the Lenders and the Administrative Agent   Exhibit A             Document Checklist    AFS  2. Secretary’s Certificate of each Loan Party certifying as to (a) no change to the  certificate or articles of formation or incorporation, as applicable, of such Loan  Party since August 7, 2019, (b) no change to the by-laws or limited liability  company agreement, as applicable, of such Loan Party since August 7, 2019, (c)  no change since February 26, 2021 to the names and true signatures of the  officers of such Loan Party authorized to execute, deliver and perform the  Amendment and certified to the Lenders and the Administrative Agent on such  date, and (d) resolutions of the applicable governing body of such Loan Party  authorizing the execution, delivery and performance of the Amendment   SA  

 

   3   3. Certificate of good standing of each Loan Party from the applicable office set  forth below for such Loan Party  Loan Party    Office    Potbelly Sandwich Works, LLC Secretary of State of Illinois  Potbelly Corporation  Secretary of State of Delaware  Potbelly Illinois, Inc.  Secretary of State of Illinois  Potbelly Franchising, LLC  Secretary of State of Illinois  Potbelly Sandwich     Works DC-1, LLC  Secretary of State of Illinois  PSW West Jackson, LLC  Secretary of State of Illinois  PSW 555 Twelfth Street, LLC Secretary of State of Illinois  PSW Rockville Center, LLC Secretary of State of Illinois  PSW DC Acquisition LLC  Secretary of State of Illinois  PSW PBD Acquisition LLC Secretary of State of Illinois    SA

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