Document:

Exhibit 4.5

DESCRIPTION OF
REGISTRANT’S SECURITIES

The following summary
of InterPrivate Acquisition Corp.’s securities is based on and qualified by the Company’s Amended and Restated Certificate
of Incorporation (the “Amended and Restated Charter”). References to the “Company” and to “we,”
“us,” and “our” refer to InterPrivate Acquisition Corp.”

General

As of December 31,
2019, the Company is authorized to issue 50,000,000 shares of common stock, par value $0.0001 and 1,000,000 shares of preferred
stock, par value $0.0001. There are no shares of preferred stock currently outstanding.

Units

As of December 31,
2019, there were no units outstanding. In connection with our initial public offering (“IPO”) which was consummated
in February 2020, we issued 24,150,000 units. Each unit consists of one share of common stock and one-half of one redeemable
warrant. Each whole warrant entitles the holder to purchase one share of common stock. Pursuant to the warrant agreement, a warrant
holder may exercise its warrants only for a whole number of shares of common stock. This means that only a whole warrant may be
exercised at any given time by a warrant holder. No fractional warrants will be issued and only whole warrants will trade.

Common Stock

As of December
31, 2019, there were 6,337,500 issued and outstanding shares of common stock. In connection with the IPO, we issued an
aggregate of 24,150,000 shares of common stock. Our stockholders of record are entitled to one vote for each share held on
all matters to be voted on by stockholders. In connection with any vote held to approve our initial business combination,
InterPrivate Acquisition Management LLC, our sponsor (“Sponsor”), as well as all of our officers and directors,
have agreed to vote their respective shares of common stock owned by them immediately prior to our IPO and any shares
purchased following the IPO in the open market in favor of the proposed business combination.

Our board of directors
is divided into three classes, each of which will generally serve for a term of three years with only one class of directors being
elected in each year. There is no cumulative voting with respect to the election of directors, with the result that the holders
of more than 50% of the shares eligible to vote for the election of directors can elect all of the directors.

Pursuant to our Amended
and Restated Charter, if we do not consummate an initial business combination by November 6, 2021, our corporate existence will
cease except for the purposes of winding up our affairs and liquidating. If we are forced to liquidate prior to an initial business
combination, our public stockholders are entitled to share ratably in the trust account, based on the amount then held in the trust
account. Our Sponsor, officers and directors have agreed to waive their rights to participate in any liquidation distribution from
the trust account occurring upon our failure to consummate an initial business combination with respect to the shares of common
stock held prior to the IPO. Our Sponsor, officers and directors will therefore not participate in any liquidation distribution
from the trust account with respect to such shares. They will, however, participate in any liquidation distribution from the trust
account with respect to any shares of common stock acquired following our IPO.

 

    

     

    

 

Our stockholders have
no conversion, preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable to the
shares of common stock, except that public stockholders have the right to sell their shares to us in a tender offer or have their
shares of common stock converted to cash equal to their pro rata share of the trust account if they vote on the proposed business
combination in connection with such business combination and the business combination is completed. Public stockholders who sell
or convert their stock into their share of the trust account still have the right to exercise the warrants that they received as
part of the units.

 If we seek to
amend any provisions of our Amended and Restated Charter that would affect our public stockholders’ ability to convert their
shares in connection with a business combination or the timing of our obligation to redeem 100% of our public shares if we do not
complete a business combination within the required time period, we will provide public stockholders with the opportunity to convert
their public shares in connection with any such vote. 

Preferred Stock

There are no shares
of preferred stock outstanding. Our Amended and Restated Charter authorizes the issuance of 1,000,000 shares of preferred
stock with such designation, rights and preferences as may be determined from time to time by our board of directors. Our board
of directors is empowered, without stockholder approval, to issue preferred stock with dividend, liquidation, conversion, voting
or other rights which could adversely affect the voting power or other rights of the holders of common stock. However, the underwriting
agreement prohibits us, prior to a business combination, from issuing preferred stock which participates in any manner in the proceeds
of the trust account, or which votes as a class with the common stock on a business combination. We may issue some or all of the
preferred stock to effect a business combination. In addition, the preferred stock could be utilized as a method of discouraging,
delaying or preventing a change in control of us. Although we do not currently intend to issue any shares of preferred stock, we
cannot assure you that we will not do so in the future.

Warrants

As of December 31,
2019, there were no warrants outstanding. In connection with our IPO and a simultaneous private placement, we issued an aggregate
of 12,384,000 warrants. Each whole warrant entitles the registered holder to purchase one share of common stock at a price of $11.50
per share, subject to adjustment as discussed below, at any time commencing on the later of 30 days after the completion of an
initial business combination or February 6, 2021.  However, no warrants will be exercisable for cash unless we have an effective
and current registration statement covering the shares of common stock issuable upon exercise of the warrants and a current prospectus
relating to such shares of common stock. Notwithstanding the foregoing, if a registration statement covering the shares of common
stock issuable upon exercise of the public warrants is not effective within a specified period following the consummation of our
initial business combination, warrant holders may, until such time as there is an effective registration statement and during any
period when we shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant
to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption,
or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. In the event of
such a cashless exercise, each holder would pay the exercise price by surrendering the warrants for that number of shares of common
stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the warrants,
multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below)
by (y) the fair market value. The “fair market value” for this purpose will mean the average reported last sale price
of the shares of common stock for the 5 trading days ending on the trading day prior to the date of exercise. The warrants will
expire on the fifth anniversary of our completion of an initial business combination, at 5:00 p.m., New York City time, or earlier
upon redemption or liquidation.

 

    

     

    

 

The warrants issued
in the private placement simultaneously with our IPO (“Private Warrants”), as well as any warrants underlying additional
units we may issue in payment of working capital loans made to us, will be identical to the warrants underlying the units sold
in our IPO except that such warrants will be exercisable for cash or on a cashless basis, at the holder’s option, and will
not be redeemable by us, in each case so long as they are still held by the initial holder or its permitted transferees.

We may call the warrants
for redemption (excluding the Private Warrants and any warrants underlying additional units issued in payment of working capital
loans made to us), in whole and not in part, at a price of $0.01 per warrant, (i) at any time after the warrants become exercisable,
(ii) upon not less than 30 days’ prior written notice of redemption to each warrant holder after the warrants become exercisable,
(iii)  if, and only if, the reported last sale price of the shares of common stock equals or exceeds $18.50 per share (as
adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading
day period commencing after the warrants become exercisable and ending on the third business day prior to the notice of redemption
to warrant holders, and (iv) if, and only if, there is a current registration statement in effect with respect to the shares of
common stock underlying such warrants.

The right to exercise
will be forfeited unless the warrants are exercised prior to the date specified in the notice of redemption. On and after the redemption
date, a record holder of a warrant will have no further rights except to receive the redemption price for such holder’s warrant
upon surrender of such warrant.

If we call the warrants
for redemption as described above, our management will have the option to require all holders that wish to exercise warrants to
do so on a “cashless basis.” In such event, each holder would pay the exercise price by surrendering the warrants for
that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common
stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market
value” (defined below) by (y) the fair market value. The “fair market value” for this purpose shall mean the
average reported last sale price of the shares of common stock for the 5 trading days ending on the third trading day prior to
the date on which the notice of redemption is sent to the holders of warrants.

 

    

     

    

 

The exercise price
and number of shares of common stock issuable on exercise of the warrants may be adjusted in certain circumstances including in
the event of a stock dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However,
except as described below, the warrants will not be adjusted for issuances of shares of common stock at a price below their respective
exercise prices.

In addition, if (x)
we issue additional shares of common stock or equity-linked securities for capital raising purposes in connection with the
closing of our initial business combination at an issue price or effective issue price of less than $9.20 per share of common stock
(with such issue price or effective issue price to be determined in good faith by our board of directors, and in the case of any
such issuance to our Sponsor, initial stockholders or their affiliates, without taking into account any founders’ shares
held by them prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total
equity proceeds, and interest thereon, available for the funding of our initial business combination on the date of the consummation
of our initial business combination (net of redemptions), and (z) the Market Value is below $9.20 per share, the exercise price
of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of (i) the Market Value or (ii) the price
at which we issue the additional shares of common stock or equity-linked securities. The “Market Value” for this
purpose means the volume weighted average trading price of our common stock during the 20 trading day period starting on the trading
day prior to the day on which we consummate our initial business combination.

No fractional shares
will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional
interest in a share, we will, upon exercise, round up to the nearest whole number the number of shares of common stock to be issued
to the warrant holder.

Dividends

We have not paid any
cash dividends on our shares of common stock to date and do not intend to pay cash dividends prior to the completion of a business
combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements
and general financial condition subsequent to completion of a business combination. The payment of any dividends subsequent to
a business combination will be within the discretion of our then board of directors. It is the present intention of our board of
directors to retain all earnings, if any, for use in our business operations and, accordingly, our board does not anticipate declaring
any dividends in the foreseeable future.

Listing of Securities

Our units, common
stock, and warrants are listed on NYSE under the symbols “IPV.U,” “IPV,” and “IPV WS,” respectively.

Delaware Anti-Takeover
Law

Staggered Board
of Directors

Our Amended and Restated
Charter provides that our board of directors will be classified into three classes of directors of approximately equal size. As
a result, in most circumstances, a person can gain control of our board only by successfully engaging in a proxy contest at two
or more annual meetings.

 

    

     

    

 

Special Meeting
of Stockholders

Our bylaws provide
that special meetings of our stockholders may be called only by a majority vote of our board of directors, by our president or
by our chairman or by our secretary at the request in writing of stockholders owning a majority of our issued and outstanding capital
stock entitled to vote.

Advance Notice
Requirements for Stockholder Proposals and Director Nominations

Our bylaws provide
that stockholders seeking to bring business before our annual meeting of stockholders, or to nominate candidates for election as
directors at our annual meeting of stockholders must provide timely notice of their intent in writing. To be timely, a stockholder’s
notice will need to be delivered to our principal executive offices not later than the close of business on the 60th day
nor earlier than the close of business on the 90th day prior to the scheduled date of the annual meeting of stockholders.
In the event that less than 70 days’ notice or prior public disclosure of the date of the annual meeting of stockholders
is given, a stockholder’s notice shall be timely if delivered to our principal executive offices not later than the 10th day
following the day on which public announcement of the date of our annual meeting of stockholders is first made or sent by us. Our
bylaws also specify certain requirements as to the form and content of a stockholders’ meeting. These provisions may preclude
our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at our
annual meeting of stockholders.

Authorized but
Unissued Shares

Our authorized but
unissued common stock and preferred stock are available for future issuances without stockholder approval and could be utilized
for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit
plans. The existence of authorized but unissued and unreserved common stock and preferred stock could render more difficult or
discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

Exclusive Forum
Selection

Our Amended and Restated
Charter requires, to the fullest extent permitted by law, that derivative actions brought in our name, actions against directors,
officers and employees for breach of fiduciary duty and other similar actions may be brought only in the Court of Chancery in the
State of Delaware, except any action (A) as to which the Court of Chancery in the State of Delaware determines that there is an
indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the
personal jurisdiction of the Court of Chancery within ten days following such determination), (B) which is vested in the exclusive
jurisdiction of a court or forum other than the Court of Chancery, (C) for which the Court of Chancery does not have subject matter
jurisdiction or (D) any action arising under the Securities Act, as to which the Court of Chancery and the federal district court
for the District of Delaware shall have concurrent jurisdiction. If an action is brought outside of Delaware, the stockholder bringing
the suit will be deemed to have consented to service of process on such stockholder’s counsel. Although we believe this provision
benefits us by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies,
a court may determine that this provision is unenforceable, and to the extent it is enforceable, the provision may have the effect
of discouraging lawsuits against our directors and officers, although our stockholders will not be deemed to have waived our compliance
with federal securities laws and the rules and regulations thereunder and therefore bring a claim in another appropriate forum.
Additionally, we cannot be certain that a court will decide that this provision is either applicable or enforceable, and if a court
were to find the choice of forum provision contained in our amended and restated certificate of incorporation to be inapplicable
or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which
could harm our business, operating results and financial condition.

Our Amended and Restated
Charter provides that the exclusive forum provision will be applicable to the fullest extent permitted by applicable law. Section
27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by
the Exchange Act or the rules and regulations thereunder. As a result, the exclusive forum provision will not apply to suits brought
to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction.ruth-ex101_7.htm

Exhibit 10.1

Execution Version

 

SECOND AMENDMENT TO CREDIT AGREEMENT

 

THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of March 27, 2020, is by and among RUTH’S HOSPITALITY GROUP, INC., a Delaware corporation (the “Borrower”), the Guarantors party hereto, WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent on behalf of the Lenders under the Credit Agreement (as hereinafter defined) (in such capacity, the “Administrative Agent”), and the Lenders party hereto.  

 

W I T N E S E T H

 

WHEREAS, the Borrower, the Guarantors, the Lenders and the Administrative Agent are parties to that certain Credit Agreement dated as of February 2, 2017 (as amended by that certain First Amendment to Credit Agreement dated as of September 18, 2019 and as further amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement); 

 

WHEREAS, the Borrower has requested that the Lenders (i) increase the aggregate amount of the Commitments to $150 million pursuant to Section 4.13 of the Credit Agreement and (ii) make certain other amendments to the Credit Agreement as set forth herein; 

 

WHEREAS, concurrently with the effectiveness of this Amendment, the Lenders have agreed to provide such increase to the aggregate amount of the Commitments (the “Incremental Commitments”) to the Borrower, as set forth in Section 2.1 hereof in the amounts and subject to the conditions set forth herein; and

 

WHEREAS, the Lenders have agreed to amend the Credit Agreement, in each case subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

 

ARTICLE I

AMENDMENT TO CREDIT AGREEMENT

 

As of the Second Amendment Effective Date (as hereinafter defined), the Credit Agreement is hereby amended in the following respects:

 

1.1Amendment to the definition of “Applicable Margin”.  The definition of “Applicable Margin” in Section 1.1 of the Credit Agreement is hereby amended in its entirety to read as follows:  

 

“Applicable Margin” means the corresponding percentages per annum as set forth below based on the Consolidated Leverage Ratio:

 

					
	
Pricing Level
	
Consolidated Leverage Ratio
	
Commitment Fee
	
LIBOR +
	
Base Rate +

	
I
	
Less than 0.75 to 1.00
	
0.20%
	
1.50%
	
0.50%

					
	
II
	
Greater than or equal to 0.75 to 1.00, but less than 1.50 1.00
	
0.25%
	
1.75%
	
0.75%

	
III
	
Greater than or equal to 1.50 to 1.00, but less than 2.25 to 1.00
	
0.30%
	
2.00%
	
1.00%

	
IV
	
Greater than or equal to 2.25 to 1.00, but less than 3.00 to 1.00
	
0.35%
	
2.25%
	
1.25%

	
V
	
Greater than or equal to 3.00 to 1.00
	
0.40%
	
2.50%
	
1.50%

 

The Applicable Margin shall be determined and adjusted quarterly on the date five (5) Business Days after the day on which the Borrower provides a Compliance Certificate pursuant to Section 7.1(iv) for the most recently ended Fiscal Quarter of the Borrower (each such date, a “Calculation Date”); provided that (a) the Applicable Margin shall be based on Pricing Level II until the first Calculation Date occurring after the Second Amendment Effective Date and, thereafter the Pricing Level shall be determined by reference to the Consolidated Leverage Ratio as of the last day of the most recently ended Fiscal Quarter of the Borrower preceding the applicable Calculation Date, and (b) if the Borrower fails to provide a Compliance Certificate when due as required by Section 7.1(iv) for the most recently ended Fiscal Quarter of the Borrower preceding the applicable Calculation Date, the Applicable Margin from the date on which such Compliance Certificate was required to have been delivered shall be based on Pricing Level V until such time as such Compliance Certificate is delivered, at which time the Pricing Level shall be determined by reference to the Consolidated Leverage Ratio as of the last day of the most recently ended Fiscal Quarter of the Borrower preceding such Calculation Date.  The applicable Pricing Level shall be effective from one Calculation Date until the next Calculation Date.  Any adjustment in the Pricing Level shall be applicable to all Extensions of Credit then existing or subsequently made or issued.

 

Notwithstanding the foregoing, in the event that any financial statement or Compliance Certificate delivered pursuant to Section 7.1(ii), (iii) or (iv) is shown to be inaccurate (regardless of whether (i) this Agreement is in effect, (ii) any Commitments are in effect, or (iii) any Extension of Credit is outstanding when such inaccuracy is discovered or such financial statement or Compliance Certificate was delivered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (A) the Borrower shall immediately deliver to the Administrative Agent a corrected Compliance Certificate for such Applicable Period, (B) the Applicable Margin for such Applicable Period shall be determined as if the Consolidated Leverage Ratio in the corrected Compliance Certificate were applicable for such Applicable Period, and (C) the Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent the accrued additional interest and fees owing as a result of such increased Applicable Margin for such Applicable Period, if any, which payment shall be promptly applied by the Administrative Agent in accordance with Section 4.4.  Nothing in this paragraph shall limit the rights of the Administrative Agent and Lenders with respect to Sections 4.1(b) and 10.2 nor any of their other rights under this Agreement or any other Loan Document.  The Borrower’s obligations under this paragraph shall survive the termination of the Commitments and the repayment of all other Obligations hereunder for a period of one year following the termination of such Commitments and repayment of such Obligations hereunder.

 

1.2Amendment to the definition of “Commitment”.  The last two sentences in the definition of “Commitment” in Section 1.1 of the Credit Agreement are hereby amended in their entireties to read as follows:

 

The aggregate Commitments of all the Lenders on the Second Amendment Effective Date shall be ONE HUNDRED FIFTY MILLION DOLLARS ($150,000,000).  The Commitment of each Lender as of the Second Amendment Effective Date is set forth opposite the name of such Lender on Schedule 1.1(b).

 

1.3Amendment to the definition of “Consolidated EBITDA”.  Clause (ix) of the definition of “Consolidated EBITDA” in Section 1.1 of the Credit Agreement is hereby amended in its entirety to read as follows:

 

(ix) nonrecurring costs and expenses in connection with permanent restaurant closures and lease terminations in an aggregate amount not to exceed $10,000,000 during such period,

 

1.4Amendment to the definition of “LIBOR Rate”.  The definition of “LIBOR Rate” in Section 1.1 of the Credit Agreement is hereby amended in its entirety to read as follows:

 

“LIBOR Rate” means a rate per annum determined by the Administrative Agent pursuant to the following formula:

		
	
LIBOR Rate =
	
LIBOR

	
 
	
1.00-Eurodollar Reserve Percentage

 

Notwithstanding the foregoing, in no event shall LIBOR Rate be less than 1.00%.

1.5Amendment to Section 1.1.  The following new definition is hereby added to Section 1.1 of the Credit Agreement in the appropriate alphabetical order to read as follows:

 

“Second Amendment Effective Date” means March 27, 2020.

 

1.6Amendment to Section 4.13(a).  Section 4.13(a) of the Credit Agreement is hereby amended by replacing the reference to “$30,000,000” therein with “$0”.  

 

1.7Amendment to Section 8.5.  Section 8.5 of the Credit Agreement is hereby amended in its entirety to read as follows:

 

SECTION 8.5  Restricted Junior Payments.  The Credit Parties shall not, and shall not permit any of their Subsidiaries to, directly or indirectly, declare, order, pay, make or set apart any sum for any Restricted Junior Payment; provided that, so long as no Event of Default shall have occurred and be continuing or shall be caused thereby, the Borrower may pay dividends on or repurchase shares of its common stock (i) in an aggregate amount for such dividends and repurchases during the period from the Closing Date to and including the Maturity Date not to exceed $100,000,000 if the Consolidated Leverage Ratio as of the end of the immediately preceding Fiscal Quarter (before and after giving effect to the proposed dividends and/or share repurchases on a Pro Forma Basis) is greater than or equal to 2.00:1.00 and (ii) in an unlimited amount if the Consolidated Leverage Ratio as of the end of the immediately preceding Fiscal Quarter (before and after giving effect to the proposed dividends and/or share repurchases on a Pro Forma Basis) is less than 2.00:1.00; provided further that, notwithstanding the foregoing, as of the Second Amendment Effective Date, no Restricted Junior Payments shall be permitted to be 

made hereunder to the extent that the Consolidated Leverage Ratio is greater than or equal to 2.50:1.00 (before and after giving effect to the proposed Restricted Junior Payments on a Pro Forma Basis) as determined based on the applicable Compliance Certificate provided by the Borrower pursuant to Section 7.1(iv) for the most recently ended Fiscal Quarter commencing with the second Fiscal Quarter of the 2020 Fiscal Year.

1.8Amendment to Section 8.6(b).  Section 8.6(b) of the Credit Agreement is hereby amended in its entirety to read as follows:

 

(b)Maximum Consolidated Leverage Ratio.  As of the last day of any Fiscal Quarter ending during the periods specified below, the Borrower shall not permit the Consolidated Leverage Ratio to be greater than the corresponding ratio set forth below:

 

		
	
Period
	
Maximum Ratio

	
Closing Date through the last day of the third Fiscal Quarter of the 2017 Fiscal Year
	
3.00 to 1.00

	
The last day of the fourth Fiscal Quarter of the 2017 Fiscal Year through the last day of the first Fiscal Quarter of the 2020 Fiscal Year
	
2.75 to 1.00

	
The last day of the second Fiscal Quarter of the 2020 Fiscal Year through the last day of the first Fiscal Quarter of the 2021 Fiscal Year
	
4.00 to 1.00

	
The last day of the second Fiscal Quarter of the 2021 Fiscal Year and thereafter
	
2.75 to 1.00

 

1.9Amendment to Section 8.14.  Section 8.14 of the Credit Agreement is hereby amended in its entirety to read as follows:

 

SECTION 8.14  Consolidated Capital Expenditures.  The Credit Parties shall not, and shall not permit their Subsidiaries to, make or incur Consolidated Capital Expenditures; provided, however, (i) the Credit Parties and their Subsidiaries may make Consolidated Capital Expenditures in any Fiscal Year in an amount not to exceed 75% of Consolidated EBITDA for the immediately preceding Fiscal Year if the Consolidated Leverage Ratio as of the end of the immediately preceding Fiscal Quarter (before and after giving effect to the proposed Consolidated Capital Expenditure on a Pro Forma Basis) is greater than or equal to 1.50:1.00 and (ii) the Credit Parties and their Subsidiaries may make Consolidated Capital Expenditures in any Fiscal Year in an unlimited amount if the Consolidated Leverage Ratio as of the end of the immediately preceding Fiscal Quarter (before and after giving effect to the proposed Consolidated Capital Expenditure on a Pro Forma Basis) is less than 1.50:1.00; provided further that, notwithstanding the foregoing, as of the Second Amendment Effective Date, no Consolidated Capital Expenditures (other than Consolidated Maintenance Capital Expenditures) shall be permitted to be made or incurred hereunder to the extent that the Consolidated Leverage Ratio is greater than or equal to 2.50:1.00 (before and after giving effect to the proposed Consolidated Capital Expenditures) as determined based on the applicable Compliance Certificate provided by the Borrower pursuant to Section 7.1(iv) for the most recently ended Fiscal Quarter commencing with the second Fiscal Quarter of the 2020 Fiscal Year.  For the avoidance of doubt, nothing in the immediately foregoing proviso shall prevent any Credit Party from paying any invoice owed in respect of any Consolidated Capital Expenditure for work commenced prior to the Second Amendment Effective Date (to the extent otherwise permitted herein).

 

1.10Amendment to Schedule 1.1(b).  Schedule 1.1(b) to the Credit Agreement is hereby amended and restated in its entirety to read as provided on Schedule 1.1(b) attached hereto.  

 

 

ARTICLE II

INCREMENTAL COMMITMENTS

 

2.1 Incremental Commitments.  Each Lender by its execution of this Amendment, hereby acknowledges, agrees and confirms its Commitment in the aggregate principal amount for such Lender as set forth on Schedule 1.1(b) attached hereto (which includes the Incremental Commitments for such Lender) and its obligation to make its portion of the Revolving Credit Loans to the Borrower from time to time in accordance with the provisions of the Credit Agreement.  Each of the parties hereto acknowledges and agrees that, after giving effect to this Amendment, no additional Incremental Commitments shall be permitted to be established pursuant to Section 4.13 of the Credit Agreement.

 

 

ARTICLE III

CONDITIONS

 

3.1Closing Conditions.  This Amendment shall be deemed effective as of the date set forth above (the “Second Amendment Effective Date”) upon satisfaction of the following conditions (in form and substance reasonably acceptable to the Administrative Agent):

 

(a)Executed Amendment.  The Administrative Agent shall have received a copy of this Amendment duly executed by each of the Credit Parties, the Administrative Agent and the Lenders.

 

(b)Closing Certificates; Etc.  The Administrative Agent shall have received each of the following:

 

(i)Officer’s Certificate.  A certificate from a Responsible Officer of the Borrower to the effect that (A) after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing and (B) each of the representations and warranties of the Credit Parties contained in Article VI of the Credit Agreement are true and correct in all material respects, except to the extent any such representation and warranty is qualified by materiality or reference to Material Adverse Effect, in which case, such representation and warranty shall be true and correct in all respects, as of the date hereof (except for any such representation and warranty that by its terms is made only as of an earlier date, which representation and warranty shall remain true and correct as of such earlier date); provided that, only with respect to Section 6.4 of the Credit Agreement, and only from the Second Amendment Effective Date until the earlier of (x) September 30, 2020 and (y) the lifting of social distancing restrictions by any applicable Governmental Authorities, the impacts of the existing Coronavirus pandemic on the business, operations, properties, assets, liabilities or condition (financial or otherwise) of the Borrower and its Subsidiaries taken as a whole that have already occurred and were disclosed in writing to Lenders in the Bank Presentation Materials distributed on March 16, 2020 (which included the Borrower’s Consolidated Leverage Ratio Covenant projections, a Covenant Forecast and Working Forecast Model) will be disregarded for purposes of determining whether a Material Adverse Effect has occurred.

 

(ii)Compliance Certificate.  A Compliance Certificate from the Borrower demonstrating that (1) the Borrower is in compliance with the financial covenants set forth in Section 8.6 of the Credit Agreement and (2) the Consolidated Leverage Ratio is less than 2.50:1.00, in each case, based on the financial statements most recently delivered pursuant to Section 7.1(ii) or 7.1(iii) of the Credit Agreement, as applicable, both before and after giving effect (on a Pro Forma Basis) to (x) the Incremental Commitments, (y) the making of any Incremental Loans (with the Incremental Commitments being deemed to be fully funded) and (z) any Permitted Acquisition consummated in connection with such Incremental Loans (if any).

 

(iii)Certificates of Good Standing.  Certificates as of a recent date of the good standing of each Credit Party under the laws of its jurisdiction of organization (other than RCSH Operations, Inc., a California corporation, which good standing shall be provided to the Administrative Agent as soon as it is available following the Second Amendment Effective Date).

 

(c)Upfront Fees.  The Administrative Agent shall have received, for the account of each Lender, an upfront fee in an amount equal to 20 basis points on the aggregate amount the Incremental Commitment of such Lender.

 

(d)Other Fees and Out of Pocket Costs.  The Borrower shall have paid any and all reasonable out-of-pocket costs incurred by the Administrative Agent (including the fees and expenses Moore & Van Allen PLLC as legal counsel to the Administrative Agent), and all other fees and other amounts payable to the Administrative Agent, in each case in connection with the negotiation, preparation, execution and delivery of this Amendment.

 

 

ARTICLE IV
MISCELLANEOUS

 

4.1Amended Terms.  On and after the date hereof, all references to the Credit Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by this Amendment.  Except as specifically amended hereby or otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms.

 

4.2Representations and Warranties of the Credit Parties.  Each of the Credit Parties represents and warrants as follows:

 

(a)Each Credit Party has all requisite power and authority and has taken all necessary corporate and other action, to authorize the execution, delivery and performance of this Amendment in accordance with its terms.  

 

(b)This Amendment has been duly executed and delivered by the duly authorized officers of each Credit Party that is a party hereto and constitutes the legal, valid and binding obligation of each Credit Party, enforceable 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)No consent or authorization of, filing with, or other act in respect of, an arbitrator or Governmental Authority and no consent of any other Person is required in connection with the execution, delivery, performance, validity or enforceability of this Amendment.

 

(d)After giving effect to this Amendment, the representations and warranties set forth in the Loan Documents are true and correct in all material respects as of the date hereof (except for (i) those which expressly relate to an earlier date and (ii) those that are qualified by materiality or reference to Material Adverse Effect, which are true and correct in all respects).

 

(e)After giving effect to this Amendment, no event has occurred and is continuing which constitutes a Default or an Event of Default.

 

(f)The Security Documents continue to create a valid security interest in, and Lien upon, the Collateral, in favor of the Administrative Agent, for the benefit of the Lenders, which security interests and Liens are perfected in accordance with the terms of the Security Documents and prior to all Liens other than Permitted Encumbrances.

 

(g)Except as specifically provided in this Amendment, the Obligations of the Credit Parties are not reduced or modified by this Amendment and are not subject to any offsets, defenses or counterclaims.

 

4.3Reaffirmation of Obligations.  Each Credit Party hereby ratifies the Credit Agreement and each other Loan Document to which it is a party and acknowledges and reaffirms (a) that it is bound by all terms of the Credit Agreement and each other Loan Document to which it is a party applicable to it and (b) that it is responsible for the observance and full performance of its respective obligations under the Loan Documents.

 

4.4Loan Document.  This Amendment shall constitute a Loan Document under the terms of the Credit Agreement.

 

4.5Expenses.  The Borrower agrees to pay all reasonable costs and expenses of Administrative Agent in connection with the preparation, execution and delivery of this Amendment, including without limitation the reasonable fees and expenses of the Administrative Agent’s legal counsel.

 

4.6Entirety.  This Amendment and the other Loan Documents embody the entire agreement among the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof.

 

4.7Counterparts; Telecopy.  This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument.  Delivery of an executed counterpart to this Amendment by telecopy or other electronic means shall be effective as delivery of a manually executed counterpart of this Amendment.

 

4.8GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

4.9Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective permitted successors and assigns.

 

4.10Consent to Jurisdiction; Service of Process; Waiver of Jury Trial.  The jurisdiction, services of process and waiver of jury trial provisions set forth in Sections 11.5 and 11.6 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis.

 

 

[Signature pages to follow]

 

 

IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly executed on the date first above written.

 

BORROWER:RUTH’S HOSPITALITY GROUP, INC.

By: /s/ Alice G. Givens
Name: Alice G. Givens
Title:  SVP, General Counsel

GUARANTORS:RCSH OPERATIONS, INC.

By: /s/ Alice G. Givens
Name: Alice G. Givens
Title:  SVP, General Counsel

RCSH OPERATIONS, LLC

By: /s/ Alice G. Givens
Name: Alice G. Givens
Title:  SVP, General Counsel

RUTH’S CHRIS STEAK HOUSE BOSTON, LLC

By: /s/ Alice G. Givens
Name: Alice G. Givens
Title:  SVP, General Counsel

RUTH’S CHRIS STEAK HOUSE FRANCHISE, LLC

By: /s/ Alice G. Givens
Name: Alice G. Givens
Title:  SVP, General Counsel

RCSH MANAGEMENT, INC.

By: /s/ Alice G. Givens
Name: Alice G. Givens
Title:  SVP, General Counsel

RHGI GIFTCO, INC.

By: /s/ Alice G. Givens
Name: Alice G. Givens
Title:  SVP, General Counsel

 

 

RUTH’S HOSPITALITY GROUP, INC.

SECOND AMENDMENT

 

 

 

 

 

AGENT AND LENDERS:WELLS FARGO BANK, NATIONAL

ASSOCIATION, as Administrative Agent,

Swingline Lender, Issuing Lender and Lender

 

 

By: /s/ Maureen Malphus

Name:  Maureen Malphus

Title:  Vice President

 

 

 

RUTH’S HOSPITALITY GROUP, INC.

SECOND AMENDMENT

 

 

TD BANK, N.A.,

as Lender

 

 

By:  /s/ Sterling Harrell

Name:  Sterling Harrell

Title:  Director

 

 

 

 

 

RUTH’S HOSPITALITY GROUP, INC.

SECOND AMENDMENT

 

 

JPMORGAN CHASE BANK, N.A.,

as Lender

 

 

By: /s/ Erica Babycos

Name:  Erica Babycos

Title: Authorized Officer

 

 

RUTH’S HOSPITALITY GROUP, INC.

SECOND AMENDMENT

 

 

SCHEDULE 1.1(b)

 

Commitments and Commitment Percentages

 

			
	
Lender
	
Commitment
	
Commitment Percentage

	
Wells Fargo Bank, National Association
	
 

$58,333,333.33

 
	
38.888888889%

	
TD Bank, N.A.
	
 

$50,000,000.00

 
	
33.333333333%

	
JPMorgan Chase Bank, N.A.
	
 

$41,666,666.67

 
	
27.777777778%

	
Total:
	
 

$150,000,000.00

 
	
100.000000000%

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