EXHIBIT 10.19
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THIRD AMENDMENT TO INTERCREDITOR AGREEMENT
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THIRD AMENDMENT TO INTERCREDITOR AGREEMENT, dated as of June __, 2001 (this
"Amendment"), by and among BURGER KING CORPORATION, a Florida corporation
("BKC"), AMERIKING TENNESSEE CORPORATION I, a Delaware corporation ("AmeriKing
Tennessee"), AMERIKING COLORADO CORPORATION I, a Delaware corporation
("AmeriKing Colorado"), AMERIKING INDIANA HOLDINGS, INC. CORPORATION I, a
Delaware corporation ("AmeriKing Indiana Holdings"), AMERIKING INDIANA, L.P., a
Delaware limited partnership ("AmeriKing Indiana LP" and, collectively with
AmeriKing Tennessee, AmeriKing Colorado and AmeriKing Indiana Holdings, the
"Franchisees" and each individually, a "Franchisee"), NATIONAL RESTAURANT
ENTERPRISES, INC., a Delaware corporation ("NRE"), Xxxxxxxx Xxxx ("Jaro"),
NATIONAL RESTAURANT ENTERPRISES HOLDINGS, INC., a Delaware corporation
("Holdings"), AMERIKING, INC., a Delaware corporation ("AmeriKing", and,
collectively with Holdings, NRE and Jaro, the "Guarantors") and FLEET NATIONAL
BANK (f/k/a BankBoston, N.A.), a national banking association as agent for the
Banks (as hereinafter defined) (the "Lender").
WHEREAS, NRE, AmeriKing, the Lender and certain other lending institutions
(the "Banks") entered into a Third Amended and Restated Revolving Credit
Agreement dated as of June 17, 1997 (as amended and in effect from time to time,
the "Original Credit Agreement") pursuant to which the Banks financed, among
other things, the acquisition by NRE of certain Burger King restaurants; and
WHEREAS, BKC, AmeriKing Virginia Corporation I ("AmeriKing Virginia"),
AmeriKing Cincinnati Corporation I ("AmeriKing Cincinnati"), AmeriKing Illinois
Corporation I ("AmeriKing Illinois" and collectively with AmeriKing Virginia and
AmeriKing Cincinnati, the "Original Franchisees"), the Lender and the Guarantors
excluding Holdings, entered into an Intercreditor Agreement dated as of February
7, 1996 (as amended by First Amendment to Intercreditor Agreement dated as of
June 17, 1997 and as further amended and in effect from time to time, the
"Agreement"); and
WHEREAS, each of the Original Franchisees has been merged into NRE; and
WHEREAS, NRE, AmeriKing, the Lender and the Banks subsequently agreed to
amend and restate the Original Credit Agreement pursuant to a Fourth Amended and
Restated Revolving Credit Agreement dated as of December 24, 1998 (as amended
and effect from time to time the "Revolver Credit Agreement") and to provide
certain additional financing in connection with the acquisition of Burger King
Restaurants pursuant to the Acquisition Revolving Credit Agreement dated as of
December 24, 1998 (as amended and in effect from time to time, the "Acquisition
Credit Agreement", and collectively with the Revolver Credit Agreement, the
"Existing Credit Agreements"); and
WHEREAS, Holdings is a newly incorporated wholly owned subsidiary of
AmeriKing; and
WHEREAS, Holdings has exchanged two tranches of notes aggregating
$100,000,000 issued by Holdings and warrants to purchase up to 19.99% of
Holdings' capital stock for up to all of the $100,000,000 aggregate principal
amount of AmeriKing senior notes outstanding (the "Exchange Offer"); and
WHEREAS, in connection with and immediately preceding the Exchange Offer,
AmeriKing transferred all of its ownership of NRE to Holdings in exchange for
all of the capital stock of Holdings; and
WHEREAS, NRE, Holdings, AmeriKing, the Lender and the Banks have agreed to
amend and restate the Existing Credit Agreements pursuant to a Consolidated,
Amended and Restated Revolving Credit Agreement dated as of the date hereof (as
amended and effect from time to time the "Consolidated Credit Agreement"); and
WHEREAS, it is a condition precedent to the effectiveness of the
Consolidated Credit Agreement that BKC, the Franchisees, the Guarantors and the
Lender enter into this Amendment amending the terms of the Agreement; and
WHEREAS, it is a condition precedent to the effectiveness of the
Consolidated Credit Agreement that AmeriKing Colorado join the Agreement as a
Franchisee and assume the rights and obligations of a Franchisee as if AmeriKing
Colorado was an original Franchisee signatory thereto;
NOW, THEREFORE, in consideration of the foregoing premises, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby agree as follows:
1. References. The parties hereto acknowledge and agree that (a) each
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reference to "Loan Documents" in the Agreement shall be deemed to include each
of the "Loan Documents" as defined in the Consolidated Credit Agreement, and (b)
each reference to the "Credit Agreement" in the Agreement shall be deemed to be
a reference to the Consolidated Credit Agreement.
2. Amendment to Schedule A. Schedule A of the Agreement is hereby amended
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by deleting Schedule A in its entirety and substituting in place thereof the
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Schedule A attached hereto.
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3. Amendment to Schedule C. Schedule C of the Agreement is hereby amended
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by deleting Schedule C in its entirety and substituting in place thereof the
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Schedule C attached hereto.
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4. Representations and Warranties. Each of the Franchisees, the
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Guarantors and the Lender represents and warrants to the other parties hereto
and to
BKC that all the representations and warranties by such person set forth in
Agreement are true and correct in all material respects on and as of the date
hereof. All such representations and warranties are hereby ratified, affirmed
and incorporated herein by reference, with the same force and effect as though
set forth herein in their entirety.
5. Definitions. Each capitalized term used herein without specific
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definition shall have the same meaning herein as in the Agreement.
6. No Waiver. Nothing contained herein shall constitute a waiver of,
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impair or otherwise affect any obligation or any of the rights of BKC, the
Franchisees, the Guarantors or the Lender.
7. Counterparts. This Amendment may be executed in one or more
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counterparts, each of which shall be deemed an original but which together shall
constitute one and the same instrument.
8. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
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ACCORDANCE WITH, THE LAWS OF THE STATE OF FLORIDA (WITHOUT REFERENCE TO CONFLICT
OF LAWS).
9. Effectiveness of Amendment. This Amendment shall become effective as
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of the date hereof upon receipt by BKC of counterparts of this Amendment duly
executed by each of BKC, the Franchisees, the Guarantors and the Lender.
10. Party to the Agreement. Each of Holdings and AmeriKing Colorado, by
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its respective signature set forth below, acknowledges that such entity wishes
to become a party to the Agreement and hereby joins the Agreement and becomes a
party thereto for all purposes thereof. Each of Holdings and AmeriKing Colorado,
further covenants and agrees that by its execution hereof, it shall be bound by
and shall comply with all terms and conditions of the Agreement.
IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to
Intercreditor Agreement to be executed by their duly authorized officers as a
document under seal as of the date first set forth above.
BURGER KING CORPORATION
By: /s/ Xxxx Xxxxx-Xxxxx
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Title: Director
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AMERIKING TENNESSEE CORPORATION I
By: /s/ Xxxxxxxx X. Xxxx
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Title: Chief Executive Officer
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AMERIKING COLORADO CORPORATION I
By: /s/ Xxxxxxxx X. Xxxx
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Title: Chief Executive Officer
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AMERIKING INDIANA HOLDINGS, INC.
By: /s/ Xxxxxxxx X. Xxxx
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Title: Chief Executive Officer
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AMERIKING INDIANA, L.P.
BY: NATIONAL RESTAURANT
ENTERPRISES, INC. its general partner
By: /s/ Xxxxxxxx X. Xxxx
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Title: Chief Executive Officer
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NATIONAL RESTAURANT ENTERPRISES, INC.
By: /s/ Xxxxxxxx X. Xxxx
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Title: Chief Executive Officer
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NATIONAL RESTAURANT ENTERPRISES HOLDINGS, INC.
By: /s/ Xxxxxxxx X. Xxxx
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Title: Chief Executive Officer
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AMERIKING, INC.
By: /s/ Xxxxxxxx X. Xxxx
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Title: Chief Executive Officer
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/s/ Xxxxxxxx X. Xxxx
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Xxxxxxxx Xxxx
FLEET NATIONAL BANK
(f/k/a BankBoston, N.A.) as Agent
By: /s/ Xxxxx X. O'Xxxxx
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Title: Authorized Officer
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SCHEDULE A TO INTERCREDITOR AGREEMENT
FRANCHISEE:
AmeriKing Indiana Holdings, Inc.
AmeriKing Indiana, L.P.
AmeriKing Tennessee Corporation I
AmeriKing Colorado Corporation I
SCHEDULE C TO INTERCREDITOR AGREEMENT
AmeriKing Indiana Holdings, Inc.
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Store
Number Address City State/Zip
------ ------- ---- ---------
1. 267 0000 Xxxxxxx Xxxxxx Xxxxxxx XX 00000
2. 540 0000 Xxxxxxxxxxxx Xxxxxxxxx Xxxxxxxx XX 00000
3. 720 000 Xxxxx Xxxxxx Xxxx Xxxxxx XX 00000
4. 1047 000 Xxxxxxx Xxx Xxxxxxxxxx XX 00000
5. 1118 0000 Xxxx Xxxxxxx Xxxxxxx Xxxxxxxxxxxx XX 00000
6. 1345 0000 X. Xxxxx Xxxx Xxxxxxxx XX 00000
7. 1500 0000 Xxxxx Xxxx Xxxx Xxxxxxxxxxxx XX 00000
8. 1660 0000 Xxxxxxx Xxxxxx Xxxxxxx XX 00000
9. 2727 0000 Xxxxxx Xxxxx Xxxx Xxxxxxx XX 00000
10. 2729 000 Xxxxxx Xxxxx Xxxxxxx XX 00000
11. 3021 0000 Xxxxxxx Xxxxxx Xxxxxxx XX 00000
12. 3273 0000 Xxxxxxx Xxxxxx Xxxxxxxxxx XX 00000
13. 3695 000 Xxxx Xxxxxxx Xxxxxx X. Xxxxxxx XX 00000
14. 3821 000 Xxxx 00/xx/ Xxxxxx Xxxxxxxxxxxx XX 00000
15. 4462 0000 Xxxxxxxxx Xxxx Xxxxxxxxxxxx XX 00000
16. 6185 0000 Xxxxxxxxxxxx Xxxxxxxxx Xxxxxxx XX 00000
17. 6186 000 Xxxxx Xxxxxxxxx Xxxxxx XX 00000
18. 9712 00000 Xxxxxxxxxxxx Xxxxxxxxx Xxxxxxxx XX 00000
AmeriKing Indiana, L.P.
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Store
Number Address City State/Zip
------ ------- ---- ---------
1. 267 0000 Xxxxxxx Xxxxxx Xxxxxxx XX 00000
2. 540 0000 Xxxxxxxxxxxx Xxxxxxxxx Xxxxxxxx XX 00000
3. 720 000 Xxxxx Xxxxxx Xxxx Xxxxxx XX 00000
4. 1047 000 Xxxxxxx Xxx Xxxxxxxxxx XX 00000
5. 1118 0000 Xxxx Xxxxxxx Xxxxxxx Xxxxxxxxxxxx XX 00000
6. 1345 0000 X. Xxxxx Xxxx Xxxxxxxx XX 00000
7. 1500 0000 Xxxxx Xxxx Xxxx Xxxxxxxxxxxx XX 00000
8. 1660 0000 Xxxxxxx Xxxxxx Xxxxxxx XX 00000
9. 2727 0000 Xxxxxx Xxxxx Xxxx Xxxxxxx XX 00000
10. 2729 000 Xxxxxx Xxxxx Xxxxxxx XX 00000
11. 3021 0000 Xxxxxxx Xxxxxx Xxxxxxx XX 00000
12. 3273 0000 Xxxxxxx Xxxxxx Xxxxxxxxxx XX 00000
13. 3695 000 Xxxx Xxxxxxx Xxxxxx X. Xxxxxxx XX 00000
14. 3821 000 Xxxx 00/xx/ Xxxxxx Xxxxxxxxxxxx XX 00000
15. 4462 0000 Xxxxxxxxx Xxxx Xxxxxxxxxxxx XX 00000
16. 6185 0000 Xxxxxxxxxxxx Xxxxxxxxx Xxxxxxx XX 00000
17. 6186 000 Xxxxx Xxxxxxxxx Xxxxxx XX 00000
18. 9712 00000 Xxxxxxxxxxxx Xxxxxxxxx Xxxxxxxx XX 00000
AmeriKing Tennessee Corporation I
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Store
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Number Address City State/Zip
------ ------- ---- ---------
1. 2585 000 Xxxxxxxxxxx Xxxxxxx Xxxx Xxxxxxxxxx XX 00000
2. 2657 0000 Xxxxxxxx Xxxx Xxxx Xxxxx XX 00000
3. 2769 000 X. Xxxx Xxxxxx Xxxxxxx XX 00000
4. 2786 00 Xxxxxxxxxx Xxxxx Xxxxxxxxxx XX 00000
5. 2995 0000 Xxxxxxx 00 Xxxxxxxxxxx XX 00000
6. 3351 000 Xxxxxx Xxxxxxxx Xxxx Xxxxxxxxxxx XX 00000
7. 3379 0000 Xxxxxx Xxxxxx XxXxxxxxxxx XX 00000
8. 3964 0000 Xxxxxx Xxxx Xxxxxxxxxxx XX 00000
9. 4195 0000 Xxxxxxxx xxxx Xxxxxxxxxxx XX 00000
10. 4445 0000 Xxx Xxxxxxx Xxxxxxxxxxx XX 00000
11. 4959 0000 00/xx/ Xxxxxx Xxxxxxxxx XX 00000
12. 5355 0000 X. 00/xx/ Xxxxxx Xxxxxxxxxxx XX 00000
13. 5873 0000 Xxxxxxx Xxxx Xxxxxx XX 00000
14. 7662 000 Xxxxx Xxxxx Xxxxx Xxxxxxxxxx XX 00000
AmeriKing Colorado Corporation I
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Store
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Number Address City State/Zip
------ ------- ---- ---------
1. 2942 27081 00/xx/ Xxxxxx Xxxxxxx XX 00000
2. 4361 000 X. 00/xx/ Xxxxxx Xxxxxxxx XX 00000
3. 4690 0000 X. Xxxxxx XX 0/X Xxxxxxxx XX 00000
4. 7885 0000 X. Xxxx Xxxxxx Xxxxxxxx XX 00000
5. 9334 0000 X. Xxxxxxxxxx Xxxx. Xxxxxxxx XX 00000
