Document:

ex10-3.htm

Exhibit 10.3

 

 

LOAN AND SECURITY MODIFICATION AGREEMENT

 

This Loan and Security Modification Agreement is entered into as of July 21, 2015 by and between Bridgeline Digital, Inc. (“Borrower”) and Western Alliance Bank, an Arizona corporation, as successor-in-interest to Bridge Bank, National Association (“Bank”).

 

1.     DESCRIPTION OF EXISTING INDEBTEDNESS: Among other indebtedness which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to, among other documents, a Loan and Security Agreement dated as of December 20, 2013 by and between Borrower and Bank, as may be amended from time to time (the “Loan and Security Agreement”). Capitalized terms used without definition herein shall have the meanings assigned to them in the Loan and Security Agreement. 

 

2.     WAIVER. Borrower acknowledges that there is an existing and uncured Event of Default arising from Borrower's failure to comply with Section 6.9(a) for the period ending May 31, 2015 and Borrower anticipates not complying with Section 6.9(a) for the period ending June 30, 2015 (the “Anticipated Default”). Subject to the conditions contained herein and performance by Borrower of all of the terms of the Agreement after the date hereof, Bank waives the Covenant Default and the Anticipated Default. Bank does not waive Borrower’s obligations under such section after the date hereof, and Bank does not waive any other failure by Borrower to perform its Obligations under the Loan Documents. 

 

	
3.
	
DESCRIPTION OF CHANGE IN TERMS.

 

	 	
A.
	
Modification(s) to Loan and Security Agreement:

 

1.     Any reference to Bridge Bank, NA or Bridge Bank, National Association is hereby modified to read as Western Alliance Bank, an Arizona corporation, as successor in interest to Bridge Bank, National Association.

 

2.     Effective as of June 1, 2015, Section 2.3(a)(i) is hereby amended and restated in its entirety to read as follows

 

(i) Advances. Except as set forth in Section 2.3(b), the Advances shall bear interest, on the outstanding Daily Balance thereof, at a rate equal to five percent (5%) above the Prime Rate.

 

4.     CONSISTENT CHANGES. The Loan Documents are each hereby amended wherever necessary to reflect the changes described above.

 

5.     NO DEFENSES OF BORROWER/GENERAL Release. Borrower agrees that, as of this date, it has no defenses against the obligations to pay any amounts under Loan Documents. Each of Borrower and its affiliates (each, a “Releasing Party”) acknowledges that Bank would not enter into this Loan and Security Modification Agreement without Releasing Party’s assurance that it has no claims against Bank or any of Bank’s officers, directors, employees or agents. Except for the obligations arising hereafter under this Loan and Security Modification Agreement, each Releasing Party releases Bank, and each of Bank’s and entity’s officers, directors and employees from any known or unknown claims that Releasing Party now has against Bank of any nature, including any claims that Releasing Party, its successors, counsel, and advisors may in the future discover they would have now had if they had known facts not now known to them, whether founded in contract, in tort or pursuant to any other theory of liability, including but not limited to any claims arising out of or related to the Loan and Security Agreement or the transactions contemplated thereby. Releasing Party waives the provisions of California Civil Code section 1542, which states:

 

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER, MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

 

 

 

 

 

The provisions, waivers and releases set forth in this section are binding upon each Releasing Party and its shareholders, agents, employees, assigns and successors in interest. The provisions, waivers and releases of this section shall inure to the benefit of Bank and its agents, employees, officers, directors, assigns and successors in interest. The provisions of this section shall survive payment in full of the Obligations, full performance of all the terms of this Loan and Security Modification Agreement and the other Loan Documents, and/or Bank’s actions to exercise any remedy available under the Loan Documents or otherwise.

 

6.     CONTINUING VALIDITY. Borrower understands and agrees that in modifying the existing Loan Documents, Bank is relying upon Borrower's representations, warranties, and agreements, as set forth in the Loan Documents. Borrower represents and warrants that the representations and warranties contained in the Loan and Security Agreement are true and correct as of the date of this Loan and Security Modification Agreement, and that no Event of Default has occurred and is continuing. Except as expressly modified pursuant to this Loan and Security Modification Agreement, the terms of the Loan Documents remain unchanged and in full force and effect. Bank's agreement to modifications to the existing Loan Documents pursuant to this Loan and Security Modification Agreement in no way shall obligate Bank to make any future modifications to the Loan Documents. Nothing in this Loan and Security Modification Agreement shall constitute a satisfaction of the Obligations. It is the intention of Bank and Borrower to retain as liable parties all makers and endorsers of Loan Documents, unless the party is expressly released by Bank in writing. No maker, endorser, or guarantor will be released by virtue of this Loan and Security Modification Agreement. The terms of this paragraph apply not only to this Loan and Security Modification Agreement, but also to any subsequent loan and security modification agreements.

 

7.     CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER; REFERENCE PROVISION. This Loan and Security Modification Agreement constitutes a “Loan Document” as defined and set forth in the Loan and Security Agreement, and is subject to Sections 11 and 12 of the Loan and Security Agreement, which are incorporated by reference herein. 

 

8.     NOTICE OF FINAL AGREEMENT. BY SIGNING THIS DOCUMENT EACH PARTY REPRESENTS AND AGREES THAT: (A) THIS WRITTEN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES WITH RESPECT TO THE MATTERS CONTAINED HEREIN, (B) THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES, AND (C) THIS WRITTEN AGREEMENT MAY NOT BE CONTRADICTED BY EVIDENCE OF ANY PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR UNDERSTANDINGS OF THE PARTIES.

 

9.     CONDITIONS PRECEDENT. As a condition to the effectiveness of this Loan and Security Modification Agreement, Bank shall have received, in form and substance satisfactory to Bank, the following:

 

(a)     an amendment and waiver fee of $30,000, plus an amount equal to all Bank Expenses incurred through the date of this Loan and Security Modification Agreement; 

 

(b)     amended and restated unconditional guarantee duly executed by Michael J. Taglich; 

 

(c)     evidence of Borrower’s receipt of at least $500,000 in cash proceeds from the sale and issuance of its equity securities or Subordinated Debt securities that is subject to a subordination agreement in favor of Bank; and

 

(d)     such other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate.

 

[signature page follows]

 

 

 

 

 

 

10.     COUNTERSIGNATURE. This Loan and Security Modification Agreement shall become effective only when executed by Bank and Borrower.

 

	
BORROWER:   
	 	
BANK:

	
 
	 	
 

	
BRIDGELINE DIGITAL, INC.
	 	
BRIDGE BANK, NATIONAL ASSOCIATION

	
 
	 	
 

	
By:            /s/Michael D. Prinn                                                                                           
	 	
By:         /s/Charles Wehr                                                                                    

	 	 	 
	Name:       Michael D. Prinn                                                                                                 	 	Name:    Charles Wehr                                                                                         
	 	 	 
	Title:         CFO                                                                                                                       	 	Title:      Vice PresidentEX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

AMENDMENT NO. 3 
 This
Amendment No. 3 dated as of July 23, 2015 (this “Amendment”), is among BOJANGLES’ RESTAURANTS, INC., a Delaware corporation (the “Borrower”), BHI INTERMEDIATE HOLDING CORP., a Delaware
corporation (“BHI Intermediate”) (to be merged with and into BOJANGLES’, INC., a Delaware corporation (“Holdings”) (as successor in interest to BHI Intermediate) on the BHI Merger Effective Date (as
defined below)), BOJANGLES’ INTERNATIONAL, LLC, a Delaware limited liability company, BJ GEORGIA, LLC, a Georgia limited liability company, BJ RESTAURANT DEVELOPMENT, LLC, a North Carolina limited liability company, each
lender party hereto (collectively, the “Lenders” and individually, a “Lender”) and BANK OF AMERICA, N.A., as administrative agent (the “Administrative Agent”) for the Secured Parties (under
and as defined in the Credit Agreement as defined below). 
 W I T N E S S E T
H: 
 WHEREAS, reference is made to the Credit Agreement, dated as of October 9, 2012 (as amended, amended and restated,
restated, extended, supplemented, modified and otherwise in effect on the date hereof, the “Credit Agreement”); among, inter alios, the Borrower, BHI Intermediate, each lender from time to time party thereto and the
Administrative Agent. 
 WHEREAS, Holdings and BHI Intermediate intend to effect a merger of BHI Intermediate with and into Holdings,
pursuant to which BHI Intermediate will cease to exist and Borrower will become a wholly owned subsidiary of Holdings (the “BHI Merger”) on the date of such merger (in no event shall such date be later than December 23, 2015,
the “BHI Merger Effective Date”); 
 WHEREAS, subject to the terms and conditions set forth in this Amendment, the
Administrative Agent and the Lenders (i) consent to the BHI Merger, (ii) agree to add Holdings as a “Guarantor” and a “Loan Party” under, and as a party to, the Credit Agreement and the other Loan Documents, and
(iii) agree to amend certain other provisions of the Credit Agreement as herein set forth; and 
 NOW THEREFORE, in
consideration of the foregoing recitals, mutual agreements contained herein and for good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Borrower, the other Loan Parties, the Administrative Agent and the
Lenders hereby agree as follows: 
 §1. Defined Terms. Terms not otherwise defined herein which are defined in the Credit
Agreement shall have the same respective meanings herein as therein. 
 §2. Addition and Joinder of Holdings. 

(a) The Borrower, the other Loan Parties, the Administrative Agent and the Lenders agree that Holdings shall be deemed to be a
“Guarantor” and a “Loan Party” under the Credit Agreement and the other Loan Documents. 

 (b) Upon the occurrence of the Amendment No. 3 Effective Date (as defined below) and the BHI
Merger Effective Date, Holdings agrees (i) that it shall be deemed to be a party to the Credit Agreement as a “Guarantor” and a “Loan Party” thereunder, (ii) that it shall be deemed to have made all of the
representations and warranties of a “Guarantor” and a “Loan Party” under the Credit Agreement and to have agreed to be bound, jointly and severally with all other “Guarantors” and “Loan Parties” by all of the
conditions, obligations, appointments, covenants, representations, warranties and other agreements of a “Guarantor” and “Loan Party” under and as set forth in the Credit Agreement and this Amendment, and (iii) to promptly
execute all further documentation, amendments, supplements, schedules, agreements and/or financing statements reasonably required by the Administrative Agent consistent with and in furtherance of the Credit Agreement, the other Loan Documents and
this Amendment. Without limiting the generality of the foregoing, Holdings hereby unconditionally grants, assigns and pledges to the Administrative Agent, for the benefit of the Secured Parties, a security interest in all now existing or hereafter
acquired Collateral of Holdings to secure all now existing or hereafter arising Obligations subject to and on the terms set forth in the Security Agreement and agrees to be bound by all of the provisions of Article X of the Credit Agreement as a
“Guarantor”. 
 §3. Amendments to the Credit Agreement. Subject to the satisfaction of the conditions set forth
in Section 5 of this Amendment, the Credit Agreement is hereby amended as follows: 
 (a) Amendment to Cover Page and
Introductory Paragraph of the Credit Agreement. On the BHI Merger Effective Date, the cover page and the introductory paragraph of the Credit Agreement shall be amended by deleting the entity name “BHI INTERMEDIATE HOLDING
CORP.” and substituting the entity name “BOJANGLES’, INC. (AS SUCCESSOR IN INTEREST TO BHI INTERMEDIATE HOLDING CORP.)” in lieu thereof. 

(b) Amendment to Introductory Paragraph of the Credit Agreement. On the BHI Merger Effective Date, the introductory paragraph of the
Credit Agreement shall be amended by deleting the parenthetical “(“Holdings”)” and substituting the parenthetical “(“Holdings”, as further defined herein)” in lieu thereof. 

(c) Amendment to Section 1.01 of the Credit Agreement (Definitions of “Amendment No. 1”, “Amendment
No. 2” and “Existing Credit Agreement”). On the BHI Merger Effective Date, the definitions of “Amendment No. 1”, “Amendment No. 2” and “Existing Credit Agreement”
in Section 1.01 of the Credit Agreement shall be amended by deleting the term “Holdings” and substituting the term “BHI Intermediate (as predecessor in interest to Bojangles’, Inc.)” in lieu thereof; 

(d) Amendment to Section 1.01 of the Credit Agreement (Definition of “Change of Control”). Clause (d) of the
definition of “Change of Control” is hereby amended in its entirety to read as follows: 
 “(d) upon and following an
IPO, during any period of twelve (12) consecutive months, individuals who at the beginning of such period 

  
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constituted the Board of Directors of Holdings (together with any new directors whose election to such Board of Directors or whose nomination for election was approved by a vote of a majority of
the members of the Board of Directors of Holdings, which members comprising such majority are then still in office and were either directors at the beginning of such period or whose election or nomination for election was previously so approved, or
such director received the vote of a Permitted Holder) cease for any reason to constitute a majority of the Board of Directors of Holdings.” 

(e) Amendment to Section 1.01 of the Credit Agreement (Definition of “Consolidated EBITDA”). The definition of
“Consolidated EBITDA” in Section 1.01 of the Credit Agreement is hereby amended by (i) in clause (q) thereof, deleting the amount “$4,000,000” and substituting the amount “$6,500,000”
in lieu thereof, (ii) deleting “and” from the end of clause (u) thereof, (iii) adding “and” to the end of clause (v) thereof, and (iv) inserting the following new clause (w) in
the appropriate alphabetical order as follows: 
 “(w) one-time costs incurred in connection with the negotiation, documentation and
closing of Amendment No. 3.” 
 (f) Amendment to Section 1.01 of the Credit Agreement (Definition of “Excess Cash
Flow”). Clause (b)(ix) of the definition of “Excess Cash Flow” in Section 1.01 of the Credit Agreement is hereby amended by deleting “(i), (j), (k), (n), (o), (p), (q), (r) and (u)” and
substituting “(i), (j), (k), (n), (o), (p), (q), (r), (u) and (w)” in lieu thereof. 
 (g) Amendment to Section 1.01
of the Credit Agreement (Definition of “Holdings”). On the BHI Merger Effective Date, the definition of “Holdings” in Section 1.01 of the Credit Agreement shall be amended to read in its entirety as
follows: 
 “ “Holdings” shall mean, prior to the consummation of the BHI Merger, BHI Intermediate (as predecessor in
interest to Bojangles’, Inc.), and on or after the consummation of the BHI Merger, Bojangles’, Inc., a Delaware corporation.” 

(h) Amendment to Section 1.01 of the Credit Agreement (Definition of IPO). The definition of “IPO” in
Section 1.01 of the Credit Agreement is hereby amended to read in its entirety as follows: 
 “ “IPO”
means an initial public offering and including any follow-on public offering or secondary offering of the Equity Interests of the Borrower (or any direct or indirect parent company thereof that Controls the Borrower) pursuant to an effective
registration statement under the Securities Act of 1933.” 
 (i) Amendment to Section 1.01 of the Credit Agreement (Definition
of “Pledge Agreements”). On the BHI Merger Effective Date, the definition of “Pledge Agreements” in Section 1.01 of the Credit Agreement shall be amended by deleting the term “Holdings” and
substituting the term “BHI Intermediate (as predecessor in interest to Bojangles,’ Inc.)” in lieu thereof; 

  
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 (j) Amendment to Section 1.01 of the Credit Agreement (Various Definitions). On the
BHI Merger Effective Date, each instance of Holdings contained in the following definitions in Section 1.01 of the Credit Agreement shall be amended by substituting in lieu the term “BHI Intermediate (as predecessor in interest to
Bojangles,’ Inc.)” in lieu thereof: “Bojangles Affiliate Royalty Agreements”, “Consolidated Fixed Charge Coverage Ratio”, “Specified Amendment No. 1 Dividend” and “Specified
Amendment No. 2 Dividend”; 
 (k) Amendment to Section 1.01 of the Credit Agreement (Additional Defined Term).

 (i) The following new defined terms are hereby added to Section 1.01 of the Credit Agreement in the
appropriate alphabetical position: 
 “ “Amendment No. 3” means that certain Amendment No. 3 dated as of
July 23, 2015, by and among the Borrower, BHI Intermediate (as predecessor in interest to Bojangles,’ Inc.), Bojangles’, Inc., the other Loan Parties, the Lenders party thereto and the Administrative Agent.” 

“ “Amendment No. 3 Effective Date” means the first date that all the conditions precedent set forth in
Section 5 of Amendment No. 3 are satisfied.” 
 (ii) On the BHI Merger Effective Date, the following new
defined terms shall be added to Section 1.01 of the Credit Agreement in the appropriate alphabetical position: 
 “
“BHI Intermediate” means BHI Intermediate Holding Corp., a Delaware corporation.” 
 “ “BHI
Merger” means the merger of BHI Intermediate with and into Bojangles’, Inc., a Delaware corporation on or prior to the BHI Merger Effective Date, pursuant to which BHI Intermediate will cease to exist and Borrower and certain other
Loan Parties will become wholly owned subsidiaries thereof.” 
 “ “BHI Merger Effective Date” has the meaning
specified in Amendment No. 3.” 
 (l) Amendment to Section 5.13 of the Credit Agreement (Subsidiaries; Equity Interests;
Loan Parties). On the BHI Merger Effective Date, Section 5.13 of the Credit Agreement shall be amended by (i) deleting the phrase “Part (d)” and substituting the phrase “Part (c)” in lieu thereof and
(ii) the third sentence of such Section is hereby amended to read in its entirety as follows: 
 “All of the
outstanding Equity Interests of Holdings have been validly issued, are fully paid and non-assessable.” 

  
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 (m) Amendment to Section 6.21 of the Credit Agreement (Merger of BHI Exchange).
Section 6.21 of the Credit Agreement is hereby deleted in its entirety. 
 (n) Amendments to Section 7.02 of the Credit
Agreement (Indebtedness). 
 (i) Section 7.02(a) of the Credit Agreement is hereby amended to read in its
entirety as follows: 
 “(a) obligations (contingent or otherwise) existing or arising under any Swap Contract, provided that
(i) such obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks associated with liabilities, commitments, investments, assets, or property held or reasonably
anticipated by such Person, or changes in the value of securities issued by such Person, and not for speculative purposes and (ii) such Swap Contract does not contain any provision exonerating the non-defaulting party from its obligation to
make payments on outstanding transactions to the defaulting party;” 
 (ii) Section 7.02(f) of the Credit
Agreement is hereby amended by deleting the number “$20,000,000” and substituting the number “$25,000,000” in lieu thereof. 

(o) Amendment to Section 7.17 of the Credit Agreement (Holding Companies). Section 7.17 of the Credit Agreement is
hereby amended to read in its entirety as follows: 
 “7.17 Holding Company. In the case of Holdings, engage in any business or
activity other than (i) the ownership of all outstanding Equity Interests in its Subsidiaries, (ii) maintaining its corporate existence, (iii) participating in tax, accounting and other administrative activities as the parent of the
consolidated group of companies, including the Loan Parties, (iv) the execution and delivery of the Loan Documents to which it is a party and the performance of its obligations thereunder, and (v) activities incidental to activities
described in clauses (i) through (iv) of this Section 7.17.” 
 §4. Amendments to Schedules to Credit
Agreement. On the BHI Merger Effective Date, Schedules 5.13 and 6.12 to the Credit Agreement shall be amended and restated in their entirety with the respective Schedules attached hereto as Exhibit A. 

§5. Conditions to Amendment No. 3 Effective Date. The effectiveness of this Amendment is subject to the satisfaction
of the following conditions precedent or concurrent (the first date all such conditions are satisfied is herein referred to as the “Amendment No. 3 Effective Date”): 

  
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 (a) this Amendment shall have been duly executed and delivered by the Loan Parties and the
Required Lenders to the Administrative Agent; 
 (b) the representations and warranties set forth in Section 7 hereof shall be
true and correct; and 
 (c) the Borrower shall have paid all reasonable fees, charges and disbursements of counsel to the Administrative
Agent (or directly to such counsel if requested by the Administrative Agent) required to be reimbursed or paid in accordance with Section 11.04 of the Credit Agreement to the extent invoiced on or prior to the Amendment No. 3
Effective Date. 
 §6. Conditions to BHI Merger Effective Date. On or prior to the BHI Merger Effective Date, the
following conditions precedent or concurrent shall be satisfied: 
 (a) a written notice from the Borrower setting forth the date of the BHI
Merger shall have been received by the Administrative Agent on the date that is (i) the Amendment No. 3 Effective Date if BHI Merger will be effective on the Amendment No. 3 Effective Date, (ii) the BHI Merger Effective Date if
the BHI Merger will be effective on any date that is after the Amendment No. 3 Effective Date but on or before ten (10) calendar days after the Amendment No. 3 Effective Date or (iii) ten (10) calendar days prior to the BHI
Merger Effective Date if the BHI Merger will not be effective before ten (10) calendar days after the Amendment No. 3 Effective Date; 

(b) the Administrative Agent shall have received UCC-1 financing statements with respect to Holdings for filing with the Secretary of State of
the State of Delaware in such form as is necessary to perfect the Administrative Agent’s security interest in the Collateral; 
 (c) a
Securities Pledge Agreement Supplement shall have been duly executed and delivered by Holdings to the Administrative Agent; 
 (d) a
Security Agreement Supplement shall have been duly executed and delivered by Holdings to the Administrative Agent; 
 (e) the Administrative
Agent shall have received certificates representing the Pledged Equity referred to in the Pledge Agreement Supplement accompanied by undated transfer powers executed in blank; 

(f) [Intentionally Omitted]; 

(g) the Administrative Agent shall have received reasonably recent searches of Holdings showing that no Liens have been filed and remain in
effect against Holdings other than Permitted Liens; 
 (h) the Administrative Agent shall have received a favorable opinion of Weil,
Gotshal, & Manges, LLP, counsel to the Loan Parties, addressed to the Administrative Agent and each Lender, in form and substance reasonably satisfactory to the Administrative Agent; 

  
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 (i) the Administrative Agent shall have received certificates of resolutions or other action,
incumbency certificates and/or other certificates of Responsible Officers of Holdings as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible
Officer in connection with the Loan Documents to which Holdings is a party or is to be a party and attaching copies of the Organization Documents of Holdings certified as of a recent date, all in form and substance reasonably satisfactory to the
Administrative Agent; and 
 (j) the Administrative Agent shall have received a Certificate of Good Standing for Holdings from the Secretary
of State of the state of Delaware. 
 §7. Representations and Warranties. To induce the Administrative Agent and the
Lenders to enter into this Amendment, each Loan Party hereby represents and warrants to the Administrative Agent and the Lenders that: 

(a) the execution, delivery and performance of this Amendment has been duly authorized by all requisite corporate action on the part of the
Loan Parties; this Amendment has been duly executed and delivered by Loan Parties; and this Amendment constitutes a valid and binding agreement of the Loan Parties, enforceable against the Loan Parties in accordance with its terms, except as the
enforceability thereof may be limited by bankruptcy, insolvency or other similar laws relating to the enforcement of creditors’ rights generally and by general equitable principles; 

(b) immediately after giving effect to this Amendment and the consummation of the transactions contemplated hereby, no Default or Event of
Default is in existence; 
 (c) the representations and warranties of the Loan Parties contained in the Credit Agreement and the Loan
Documents shall be true and correct as of the date hereof, with the same effect as though made on such date, except to the extent that such representations and warranties expressly relate to an earlier date, in which case such representations and
warranties shall have been true and correct as of such earlier date; and 
 (d) except as expressly amended hereby, the Credit Agreement (as
amended hereby), the other Loan Documents and all documents, instruments and agreements related thereto, are hereby ratified and confirmed in all respects and shall continue in full force and effect. The Credit Agreement, together with this
Amendment, shall be read and construed as a single agreement. All references in the Loan Documents to the Credit Agreement or any other Loan Document shall hereafter refer to the Credit Agreement or any other Loan Document as amended hereby. 

§8. Certificate of Merger. On the date that is no later than two (2) Business Days following the BHI Merger Effective
Date, the Borrower shall deliver to the Administrative Agent a certified copy of the certificate of merger filed with the Delaware Secretary of State effecting the BHI Merger. 

§9. Miscellaneous. 

(a) Loan Documents. Except as expressly provided in this Amendment, all of the terms and conditions of the Credit Agreement, the
Collateral Documents and the other Loan 

  
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Documents remain in full force and effect and are hereby ratified. The Borrower hereby reconfirms its obligations pursuant to the Credit Agreement to pay and reimburse the Administrative Agent
and the Secured Parties for all costs and expenses (including without limitation, the fees and expenses of its counsel) incurred in connection with the negotiation, preparation, execution and delivery of this Amendment to the extent required by
Section 11.04 of the Credit Agreement. This Amendment shall constitute a Loan Document. 
 (b) Limitation of this
Amendment. The amendments set forth herein are effective solely for the purposes set forth herein and shall be limited precisely as written. Except as expressly provided herein, this Amendment shall not be deemed to (i) be a consent to any
amendment, waiver or modification of any other term or condition of the Credit Agreement or any other Loan Document, or (ii) operate as a waiver or otherwise prejudice any right, power or remedy that the Administrative Agent or Lenders may now
have or may have in the future under or in connection with the Credit Agreement or any other Loan Document, except as specifically set forth herein. Upon the Amendment No. 3 Effective Date, each reference in the Credit Agreement to “this
Agreement”, “herein”, “hereof” and words of like import and each reference in the Credit Agreement and the Loan Documents to the Credit Agreement shall mean the Credit Agreement as amended hereby. This Amendment shall be
construed in connection with and as part of the Credit Agreement. 
 (c) Captions. Section captions used in this Amendment are for
convenience only, and shall not affect the construction of this Amendment. 
 (d) Governing Law. This Amendment shall be a contract
made under and governed by the laws of the State of New York, without regard to conflict of laws principles (other than Sections 5-1401 and 5-1402 of the New York General Obligations Law). Whenever possible each provision of this Amendment shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the remaining provisions of this Amendment. 
 (e) Counterparts.
This Amendment may be executed in any number of counterparts and by the different parties on separate counterparts, and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same
Amendment. Receipt by facsimile or electronic transmission of any executed signature page to this Amendment shall constitute effective delivery of such signature page. 

(f) Successors and Assigns. This Amendment shall be binding upon and shall inure to the sole benefit of the Loan Parties,
Administrative Agent and Secured Parties and their respective successors and assigns. 
 (g) References. Any reference to the Credit
Agreement contained in any notice, request, certificate, or other document executed concurrently with or after the execution and delivery of this Amendment shall be deemed to include this Amendment unless the context shall otherwise require. 

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

			
	BANK OF AMERICA, N.A., as Administrative Agent
		
	 By:
	 	/s/ Lawrence N. Gross
		 	 Name: Lawrence N. Gross

		 	 Title: Senior Vice President

 [Bojangles - Signature Page to Amendment No. 3] 

 
			
	BANK OF AMERICA, N.A., as a Lender
		
	 By:
	 	/s/ Lawrence N. Gross
		 	 Name: Lawrence N. Gross

		 	 Title: Senior Vice President

 [Bojangles - Signature Page to Amendment No. 3] 

 
			
	CADENCE BANK, as a Lender
		
	 By:
	 	/s/ John M. Huss
		 	 Name: John M. Huss

		 	 Title: Managing Director

 [Bojangles - Signature Page to Amendment No. 3] 

 
			
	FIFTH THIRD BANK, as a Lender
		
	 By:
	 	/s/ Jodie R. Ayres
		 	 Name: Jodie R. Ayres

		 	 Title: Vice President

 [Bojangles - Signature Page to Amendment No. 3] 

 
			
	KEYBANK NATIONAL ASSOCIATION, as a Lender
		
	 By:
	 	/s/ Marianne T. Meil
		 	 Name: Marianne T. Meil

		 	 Title: Senior Vice President

 [Bojangles - Signature Page to Amendment No. 3] 

 
			
	REGIONS BANK, N.A., as a Lender
		
	 By:
	 	/s/ Jake Nash
		 	 Name: Jake Nash

		 	 Title: Managing Director

 [Bojangles - Signature Page to Amendment No. 3] 

 
			
	ROYAL BANK OF CANADA, as a Lender
		
	 By:
	 	/s/ Anthony Pistilli
		 	 Name: Anthony Pistilli

		 	 Title: Authorized Signatory

 [Bojangles - Signature Page to Amendment No. 3] 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender
		
	 By:
	 	/s/ Sally Hoffman
		 	 Name: Sally Hoffman

		 	 Title: Managing Director

 [Bojangles - Signature Page to Amendment No. 3] 

 Accepted and Agreed: 
  

			
	 BOJANGLES’ RESTAURANTS, INC.,

as Borrower

		
	By:	 	 /s/ M. John Jordan

	Name:	 	M. John Jordan
	Title:	 	Senior Vice President and Chief Financial Officer
	
	 BHI INTERMEDIATE HOLDING CORP.,

as Holdings and a Guarantor

		
	By:	 	 /s/ M. John Jordan

	Name:	 	M. John Jordan
	Title:	 	Senior Vice President and Chief Financial Officer
	
	BOJANGLES’ INTERNATIONAL, LLC, as a Guarantor
		
	By:	 	 /s/ M. John Jordan

	Name:	 	M. John Jordan
	Title:	 	Senior Vice President and Chief Financial Officer
	
	BJ GEORGIA, LLC, as a Guarantor
	BJ RESTAURANT DEVELOPMENT, LLC, as a Guarantor
		
	By:	 	 /s/ M. John Jordan

	Name:	 	M. John Jordan
	Title:	 	Manager

 [Bojangles - Signature Page to Amendment No. 3] 

 Acknowledged and agreed 

solely for the purpose of Sections 2 and 6: 
  

			
	BOJANGLES’, INC.
		
	By:	 	 /s/ M. John Jordan

	Name:	 	 M. John Jordan

	Title:	 	 Senior Vice President,

Chief Financial Officer and Treasurer

 [Bojangles - Signature Page to Amendment No. 3] 

 EXHIBIT A 

SCHEDULES TO CREDIT AGREEMENT 

Please see attached. 

 SCHEDULE 5.13 

Subsidiaries and Other Equity Investments; Loan Parties 

Part (a) 
 1. Bojangles’, Inc. owns 100% of
Bojangles’ Restaurants, Inc., BJ Restaurant Development, LLC and BJ Georgia, LLC. 
 2. Bojangles’ Restaurants, Inc. owns 99% of Bojangles’
International, LLC. 
 3. BJ Restaurant Development, LLC owns 1% of Bojangles’ International, LLC. 

Part (b) 
 None. 

Part (c) 
  

							
	 Loan Party
	  	Jurisdiction of
Incorporation	  	Address of
Principal Place of
Business	  	Tax ID
Number
	 Bojangles’, Inc.
	  	Delaware	  	9432 Southern
Pine Blvd.,
Charlotte, NC
28273	  	45-2988924
	 Bojangles’ Restaurants, Inc.
	  	Delaware	  	  	95-4283932
	 Bojangles’ International, LLC
	  	Delaware	  	  	56-2075196
	 BJ Restaurant Development, LLC
	  	North Carolina	  	  	04-3658554
	 BJ Georgia, LLC
	  	Georgia	  	  	26-1193857

 SCHEDULE 6.12 

Guarantors 
  

	 	•	 	Bojangles’ International, LLC 

  

	 	•	 	BJ Restaurant Development, LLC 

  

	 	•	 	BJ Georgia, LLC

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