-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FgnrPuq+3zHRDKW4ehRJV643tYbtvFttTM2/B/9D2EMvRWAHR4aW6OOPp7R1jDlA jHXdrIgVgc/B6+tbtin3UQ== 0000950123-09-071629.txt : 20091217 0000950123-09-071629.hdr.sgml : 20091217 20091217173024 ACCESSION NUMBER: 0000950123-09-071629 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20091215 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20091217 DATE AS OF CHANGE: 20091217 FILER: COMPANY DATA: COMPANY CONFORMED NAME: P F CHANGS CHINA BISTRO INC CENTRAL INDEX KEY: 0001039889 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 860815086 FISCAL YEAR END: 0103 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25123 FILM NUMBER: 091248049 BUSINESS ADDRESS: STREET 1: 7676 E. PINNACLE PEAK RD. CITY: SCOTTSDALE STATE: AZ ZIP: 85255 BUSINESS PHONE: 480-888-3000 MAIL ADDRESS: STREET 1: 7676 E. PINNACLE PEAK RD. CITY: SCOTTSDALE STATE: AZ ZIP: 85255 8-K 1 c93822e8vk.htm FORM 8-K Form 8-K
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 15, 2009
P.F. Chang’s China Bistro, Inc.
(Exact name of registrant as specified in its charter)
         
Delaware   0-25123   86-0815086
         
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (IRS Employer Identification No.)
     
7676 E. Pinnacle Peak Road,
Scottsdale, Arizona
   
85255
     
(Address of principal executive offices)   (Zip Code)
Registrant’s telephone number, including area code: (480) 888-3000
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 


 

Item 1.01. Entry into a Material Definitive Agreement.
On December 15, 2009, P.F. Chang’s China Bistro, Inc. (the “Company”) initiated and executed the Third Amendment to its 2007 Credit Agreement dated August 31, 2007. The amendment was announced in the Company’s press release dated December 16, 2009 (Exhibit 99.1) and is incorporated as Exhibit 99.2 to this Form 8-K.
Item 8.01. Other Events.
In a press release dated December 16, 2009, the Company announced that its Board of Directors has authorized a share repurchase program of up to $100.0 million of the Company’s outstanding shares of common stock. Repurchases may be made from time to time at prevailing market prices in the open market or in privately negotiated transactions during the two-year period ending December 15, 2011. The Company intends to use cash on hand to repurchase shares under the program.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
         
Exhibit No.   Description
  99.1    
December 16, 2009 Press Release by P.F. Chang’s China Bistro, Inc.
  99.2    
Third Amendment to Credit Agreement dated December 15, 2009

 

 


 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
     
 
  P.F. Chang’s China Bistro, Inc.
Date: December 17, 2009
   
 
  /s/ Mark D. Mumford
 
   
 
  Mark D. Mumford
 
  Chief Financial Officer

 

 

EX-99.1 2 c93822exv99w1.htm EXHIBIT 99.1 Exhibit 99.1
Exhibit 99.1
P.F. CHANG’S CHINA BISTRO, INC.
P.F. CHANG’S ANNOUNCES SHARE REPURCHASE PROGRAM AND
CREDIT AGREEMENT AMENDMENT
SCOTTSDALE, ARIZONA, December 16, 2009 — P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) today announced that the Company’s Board of Directors has authorized a share repurchase program of up to $100.0 million of the Company’s outstanding shares of common stock. Repurchases may be made from time to time at prevailing market prices in the open market or in privately negotiated transactions during the two-year period ending December 15, 2011. The Company intends to use cash on hand to repurchase shares under the program.
To facilitate the share repurchase program, the Company initiated an amendment of its credit agreement which, prior to the amendment, contained restrictive language which prohibited future share repurchases. The Company plans to file this credit agreement amendment as an exhibit to a Form 8-K filing with the SEC.
P.F. Chang’s China Bistro Inc. owns and operates two restaurant concepts in the Asian niche. P.F. Chang’s China Bistro features a blend of high-quality, traditional Chinese cuisine and American hospitality in a sophisticated, contemporary bistro setting. Pei Wei Asian Diner offers a modest menu of freshly prepared pan-Asian cuisine in a relaxed, warm environment offering attentive counter service and take-out flexibility. 
Contact
Allison Schulder
(480) 888-3000
allison.schulder@pfcb.com

 

 

EX-99.2 3 c93822exv99w2.htm EXHIBIT 99.2 Exhibit 99.2
Exhibit 99.2
THIRD AMENDMENT TO CREDIT AGREEMENT
BY THIS THIRD AMENDMENT TO CREDIT DOCUMENTS (this “Amendment”), dated as of December 15, 2009, P.F. CHANG’S CHINA BISTRO, INC., a Delaware corporation (“Borrower”), and JPMORGAN CHASE BANK, N.A., a national banking association, as Administrative Agent, BANK OF AMERICA, N.A., a national banking association, as Syndication Agent, and WELLS FARGO BANK, N.A., a national banking association, as Documentation Agent and the Lenders party hereto, agree that the Credit Agreement dated August 31, 2007 between Borrower, Administrative Agent, Syndication Agent, Documentation Agent and the Lenders party thereto (the “Original Credit Agreement”), as amended by that certain First Amendment to Credit Agreement dated as of December 31, 2008 (the “First Amendment”), as further amended by that certain Second Amendment to Credit Agreement dated as of June 23, 2009 (the “Second Amendment”, and together with the Original Credit Agreement and the First Amendment, the “Credit Agreement”) is supplemented, amended and modified as set forth herein. All terms capitalized but not otherwise defined herein shall have the meanings set forth in the Credit Agreement.
1. Definition of “Commitment”. Borrower, Administrative Agent, Syndication Agent, Documentation Agent and the Lenders party hereto hereby agree that the definition of “Commitment” in the Credit Agreement is hereby amended to reflect a reduction in the Commitment from $150,000,000.00 to $75,000,000.00 and all of the Credit Documents are hereby deemed amended accordingly.
2. Definition of “Applicable Rate”. Borrower, Administrative Agent, Syndication Agent, Documentation Agent and the Lenders party hereto hereby agree that the pricing grid in the definition of “Applicable Rate” in the Credit Agreement is hereby amended and restated in its entirety as follows and the following rates shall apply from and after the date of this Amendment:
                         
    ABR     Eurodollar     Facility Fee  
Leverage Ratio   spread     spread     rate  
Leverage Ratio I
    0.0 %     1.00 %     0.15 %
Leverage Ratio II
    0.0 %     1.25 %     0.20 %
Leverage Ratio III
    0.0 %     1.50 %     0.25 %
Leverage Ratio IV
    0.25 %     1.75 %     0.30 %
Leverage Ratio V
    0.50 %     2.00 %     0.35 %

 

 


 

3. Amendment to Section 2.09(d) of the Credit Agreement. Borrower, Administrative Agent, Syndication Agent, Documentation Agent and the Lenders party hereto hereby agree that Section 2.09(d) of the Credit Agreement is hereby amended and restated in its entirety as follows:
“(d) Borrower may, provided no Default then exists, solicit incremental and new Commitments from Administrative Agent, the Lenders and/or third party financial institutions reasonably acceptable to the Administrative Agent in amounts that do not exceed in the aggregate $75,000,000.00. The Borrower shall notify Administrative Agent, in writing, of any election to increase the Commitments specifying such election and effective date thereof and covenanting that no Default then exists. No Lender’s Commitment shall be increased without such Lender’s prior written consent.”
4. Amendment to Section 6.04(d)(v) of the Credit Agreement. Borrower, Administrative Agent, Syndication Agent, Documentation Agent and the Lenders party hereto hereby agree that Section 6.04(d)(v) of the Credit Agreement is hereby amended and restated in its entirety as follows:
“(v) (A) on the date such Acquisition occurs and after giving effect to such Acquisition, the Leverage Ratio would not exceed 1.75 to 1.00, and Borrower has delivered a Compliance Certificate to Administrative Agent on or before such date of the Acquisition reflecting such compliance in form and substance satisfactory to Administrative Agent, and (B) that do not exceed in the aggregate $75,000,000.00 in cash and/or non-cash consideration during the term of this Agreement.”
5. Amendments to Section 6.04(e)(v) of the Credit Agreement. Borrower, Administrative Agent, Syndication Agent, Documentation Agent and the Lenders party hereto hereby agree that Section 6.04(e)(v) of the Credit Agreement is hereby amended and restated in its entirety as follows:
“(v) on the date such Permitted Entity Investment occurs and after giving effect to such Permitted Entity Investment, the Leverage Ratio would not exceed 1.75 to 1.00, and Borrower has delivered a Compliance Certificate to Administrative Agent on or before such date of the Permitted Entity Investment reflecting such compliance in form and substance satisfactory to Administrative Agent.”
6. Amendment to Section 6.06 of the Credit Agreement. Borrower, Administrative Agent, Syndication Agent, Documentation Agent and the Lenders party hereto hereby agree that Section 6.06 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“Section 6.06 Restricted Payments. The Borrower will not, and will not permit any of its Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, unless, on the date of such Restricted Payment and after giving effect to such Restricted Payment, the Leverage Ratio would not exceed 1.75 to 1.00, and Borrower has delivered a Compliance Certificate to Administrative Agent on or before such date of the Restrictive Payment (or in the case of purchases of Equity Interests in the Borrower, not later than five (5) days after the month in which such purchase was made) reflecting such compliance in form and substance satisfactory to Administrative Agent.”

 

-2-


 

7. Amendment to Schedule 2.01. Borrower, Administrative Agent, Syndication Agent, Documentation Agent and the Lenders party hereto hereby agree that Schedule 2.01 shall be replaced with the Schedule 2.01 attached hereto.
8. Schedule 1 to Compliance Certificate. Borrower, Administrative Agent, Syndication Agent, Documentation Agent and the Lenders party hereto hereby agree that Schedule 1 to the Compliance Certificate is hereby replaced with the Schedule 1 attached hereto as Exhibit “A”.
9. Amendment and Restatement of Notes. As a condition precedent to this Amendment, each of the Notes shall be amended and restated in form and substance attached hereto as Exhibit “B” and the definition of “Note” in the Credit Agreement and other Credit Documents shall be deemed amended to refer to the amended and restated notes attached hereto as Exhibit “B”.
10. Ratification. The Credit Documents are ratified and affirmed by Borrower and shall remain in full force and effect as modified herein. Any property or rights to or interests in property granted as security in the Credit Documents shall remain as security for the Loan and the obligations of Borrower in the Credit Documents, except as modified herein.
11. Representations and Warranties. Borrower represents and warrants to Administrative Agent, Syndication Agent, Documentation Agent and the Lenders party hereto that: (a) there is no event which is, or with notice or lapse of time or both would be, a default under the Credit Agreement, (b) the representations and warranties in the Credit Agreement are true and correct as of the date of this Amendment as if made on the date of this Amendment, (c) this Amendment does not conflict with any law, agreement or obligation by which Borrower is bound, and (d) this Amendment is within Borrower’s power, has been duly authorized, and does not conflict with Borrower’s certificate of incorporation or bylaws.
12. Successors and Assigns; Counterparts. This Amendment shall be binding upon, and shall inure to the benefit of, the parties hereto and their heirs, personal representatives, successors and assigns. This Amendment may be executed in counterparts.
13. Effect of Agreement. Except as provided in this Amendment, and any documents, agreements and/or instruments executed in connection with this Amendment, all of the terms and conditions of the Credit Documents shall remain in full force and effect.
14. FINAL AGREEMENT. BY SIGNING THIS DOCUMENT EACH PARTY REPRESENTS AND AGREES THAT: (A) THIS DOCUMENT REPRESENTS THE FINAL AGREEMENT BETWEEN PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF, (B) THIS DOCUMENT SUPERSEDES ANY COMMITMENT LETTER, TERM SHEET OR OTHER WRITTEN OUTLINE OF TERMS AND CONDITIONS RELATING TO THE SUBJECT MATTER HEREOF, UNLESS SUCH COMMITMENT LETTER, TERM SHEET OR OTHER WRITTEN OUTLINE OF TERMS AND CONDITIONS EXPRESSLY PROVIDES TO THE CONTRARY, (C) THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES, AND (D) THIS DOCUMENT MAY NOT BE CONTRADICTED BY EVIDENCE OF ANY PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR UNDERSTANDINGS OF THE PARTIES.

 

-3-


 

15. Laws Applicable. To the maximum extent permitted by law, this Amendment shall be governed by and construed in accordance with the laws of the State of Arizona, without regard to its conflicts of law principles.
16. Scope of Agreement. The execution of this Amendment shall not release Borrower or Guarantors from liability of any kind. This Amendment does not attempt to settle, and will in no way affect, compromise, release, waive, settle, discharge or diminish any of the rights or remedies (i) of any individual or entity who is not a party to this Amendment, or (ii) involving any obligations, property, transactions or subject matter not included within this Amendment. It is the express intent and agreement of the Borrower and Guarantors that there are no third-party beneficiaries of this Amendment.
17. Acknowledgements. The Borrower and Guarantors acknowledge that Administrative Agent, Syndication Agent, Documentation Agent and the Lenders party hereto are entering into this Amendment in reliance on the truth and accuracy of the representations and warranties in this Amendment. Despite any past or future acceptance of late or partial installment payments, any prior reinstatement, any prior negotiations, or any other actual or implied forbearance of any nature by Administrative Agent, Syndication Agent, Documentation Agent and/or any of the Lenders party hereto, time remains of the essence of this Amendment and of the Credit Documents.
18. Costs and Expenses. All costs and expenses of Administrative Agent and each of the Lenders in connection with this Amendment shall be paid by Borrower.
19. Modification Fee. The Borrower hereby agrees to pay to each of the Lenders who execute this Amendment, on or before the date of this Amendment, a modification fee equal to 0.05% of its respective reduced Commitment.
[Signature blocks appear on the following pages.]

 

-4-


 

DATED as of the date first set forth above.
         
  P.F. CHANG’S CHINA BISTRO, INC.,
a Delaware corporation
 
 
  By:   /s/ Richard Federico    
    Richard Federico, Co-CEO   
       
  JPMORGAN CHASE BANK, N.A.,
a national banking association, as a Lender and
as Administrative Agent
 
 
  By:   /s/ Anna C. Ruiz    
    Name:   Anna C. Ruiz   
    Title:   Vice President   

 

-5-


 

         
         
  BANK OF AMERICA, N.A.,
a national banking association, as a Lender and
as Syndication Agent
 
 
  By:   /s/ Angelo Maragos    
    Name:   Angelo Maragos   
    Title:   Vice President   

 

-6-


 

         
         
  WELLS FARGO BANK, N.A.,
a national banking association, as a Lender and
as Documentation Agent
 
 
  By:   /s/ Darcy McLaren    
    Name:   Darcy McLaren   
    Title:   Vice President   

 

-7-


 

         
         
  U.S. BANK NATIONAL ASSOCIATION,
a national banking association, as a Lender
 
 
  By:   /s/ Blake Malia    
    Name:   Blake Malia   
    Title:   Vice President   

 

-8-


 

         
         
  FIFTH THIRD BANK,
a national banking association, as a Lender
 
 
  By:   /s/ Gary Losey    
    Name:   Gary Losey   
    Title:   Vice President   

 

-9-


 

         
CONSENT AND AGREEMENT OF GUARANTORS
The undersigned Guarantors have each executed a Continuing Guarantee dated August 31, 2007 (each, a “Continuing Guaranty”) in favor of Administrative Agent, Syndication Agent, Documentation Agent and the Lenders party thereto as such terms are defined in the foregoing Third Amendment to Credit Documents (the “Amendment”). Guarantors hereby consent and agree to the modifications and all other matters contained in the Amendment. Each Continuing Guarantee is continued in full force and effect and shall remain unaffected and unchanged except as amended and modified by the Amendment. Each Continuing Guarantee is hereby ratified and reaffirmed, and Guarantor specifically acknowledges the validity and enforceability thereof.
         
  PEI WEI ASIAN DINER, INC.,
a Delaware corporation
 
 
  By:   /s/ Richard Federico    
    Richard Federico, CEO   
       
  PFCCB ADMINISTRATION, INC.,
a Delaware corporation
 
 
  By:   /s/ Richard Federico    
    Richard Federico, CEO   
       
  PFCCB SHARED CORPORATE SERVICES, INC.,
an Arizona corporation
 
 
  By:   /s/ Richard Federico    
    Richard Federico, President   
       
  PFCCB GIFT CARD, INC.,
an Arizona corporation
 
 
  By:   /s/ Richard Federico    
    Richard Federico, President   
       

 

 


 

         
         
  PFCCB PINNACLE PEAK LLC,
an Arizona limited liability company
 
 
  By:   P.F. Chang’s China Bistro, Inc.    
    its sole member   
       
  By:   /s/ Richard Federico    
    Richard Federico, Co-CEO   
       
  PFCCB EQUIPMENT, LLC,
a Delaware limited liability company
 
 
  By:   P.F. Chang’s China Bistro, Inc.    
    its sole member   
         
  By:   /s/ Richard Federico    
    Richard Federico, Co-CEO   
       
  PFCCB LICENSING, INC.,
a Delaware corporation
 
 
  By:   /s/ Richard Federico    
    Richard Federico, Co-CEO   
       
  PFCCB RETAIL, INC.,
a Delaware corporation
 
 
  By:   /s/ Mark Mumford    
    Mark Mumford, CFO   
       

 

-2-


 

         
SCHEDULE 2.01
COMMITMENTS
         
    Commitments  
    Revolving Credit  
    Exposure  
    December 15,  
Lenders   2009  
 
       
1. JPMorgan Chase Bank, N.A., as Administrative Agent
201 North Central Avenue
21st Floor
Phoenix, Arizona 85004
Attn: Commercial Banking Group, AZ1-1178
  $ 20,000,000.00  
 
       
2. Bank of America, N.A., as Syndication Agent
  $ 15,000,000.00  
 
       
3. Wells Fargo Bank, N.A., as Documentation Agent
  $ 15,000,000.00  
 
       
4. U.S. Bank National Association
  $ 12,500,000.00  
 
       
5. Fifth Third Bank
  $ 12,500,000.00  
 
     
 
       
Total Commitments
  $ 75,000,000.00  
 
     
 
       
Maximum Aggregate Commitments
  $ 75,000,000.00  

 

-3-


 

Exhibit “A”
SCHEDULE I to Compliance Certificate
of P.F. Chang’s China Bistro, Inc.
as of __________________ (Compliance Date)
         
I. FINANCIAL COVENANTS (Section 6.09 of the Credit Agreement).
       
 
       
A. LEVERAGE RATIO (Section 6.09(a) of the Credit Agreement).
       
 
       
(1) Total Indebtedness as of the Compliance Date:
    (000’s)  
 
       
(a) obligations for borrowed money:
  $    
 
     
 
       
(b) obligations evidenced by bonds, debentures, notes or similar instruments:
  $    
 
     
 
       
(c) obligations upon which interest customarily paid:
  $    
 
     
 
       
(d) conditional sale/title retention agreements if liability per GAAP:
  $    
 
     
 
       
(e) deferred purchase price (excluding current accounts payable and other accrued liabilities and contingent payments) if liability per GAAP:
  $    
 
     
 
       
(f) secured Indebtedness:
  $    
 
     
 
       
(g) Guarantees:
  $    
 
     
 
       
(h) Capital Lease Obligations and other Lease Obligations:
  $    
 
     
 
       
(i) obligations in respect of bankers’ acceptances:
  $    
 
     
 
       
(j) obligations as account party in respect of letters of credit and letters of guaranty:
  $    
 
     
 
       
(k) Net Mark-to-Market Exposure:
  $    
 
     
 
       
(l) Other:
  $    
 
     
 
       
(m) Indebtedness (Sum of (a) — (l)):
  $    
 
     

 

-4-


 

         
(2) EBITDA for the four fiscal quarters most recently ended:
    ($000’s)  
 
       
(a) Net Income for such period:
  $    
 
     
 
       
(b) amounts deducted in the computation thereof for (i) Interest Expense, (ii) Federal, state and local income taxes and (iii) depreciation and amortization:
+ $    
 
     
 
       
(c) non-cash charges resulting from adoption of FASB 123 if required to be recorded as expense:
+ $    
 
     
 
       
(d) other non-recurring expenses reducing Net Income which do not represent a cash item:
+ $    
 
     
 
       
(e) Federal, state, local and foreign income tax credits:
- $    
 
     
 
       
(f) all non-cash items increasing Net Income:
- $    
 
     
 
       
(g) EBITDA (Sum of Line A(2)(a) through Line A(2)(f)):
= $    
 
     
 
       
(3) Leverage Ratio (Ratio of Line A(1)(m) to Line A(2)(g):
    _____ to 1.00  
 
       
(4) Maximum Total Leverage Ratio for any fiscal quarter:
    2.50 to 1.00  
 
       
B. MINIMUM FIXED CHARGE COVERAGE RATIO (Section 6.09.02 of the Credit Agreement).
       
 
       
(1) EBITDAR for the four fiscal quarters most recently ended:
    ($000’s)  
 
       
(a) EBITDA (Line A(2)(g):
  $    
 
     
 
       
(b) Maintenance Capital Expenditures:
- $    
 
     
 
       
(c) Rental Expense:
+ $    
 
     
 
       
(d) minority interest expense:
+ $    
 
     
 
       
(e) imputed partner bonus expense:
+ $    
 
     
 
       
(f) EBITDAR (Sum of Line B(1)(a) through Line B(1)(e)):
= $    
 
     
 
       

 

-5-


 

         
(2) Fixed Charges for the four fiscal quarters most recently ended:
    ($000’s)  
 
       
(a) Interest Expense:
+ $    
 
     
 
       
(b) Rental Expense (Line B(1)(c)):
+ $    
 
     
 
       
(c) expense for taxes:
+ $    
 
     
 
       
(d) required repayment of principal of Indebtedness:
  $    
 
     
 
       
(e) distributions to minority partners:
+ $    
 
     
 
       
(f) Fixed Charges (Sum of Line B(2)(a) through Line B(2)(e)):
= $    
 
     
 
       
(3) Fixed Charge Coverage Ratio (Ratio of Line B(1)(f) to Line B(2)(f)):
    _____ to 1.00  
 
       
(4) Minimum Fixed Charge Coverage Ratio for any fiscal quarter:
    1.25 to 1.00  
 
       
II. OTHER MISCELLANEOUS PROVISIONS.
       
 
       
A. INDEBTEDNESS (Section 6.01 of the Credit Agreement).
       
 
       
(1) Indebtedness to finance the acquisition of personal property (Maximum: $3,000,000):
  $    
 
     
 
       
(2) unsecured Indebtedness to finance the acquisition of partnership interests (Maximum: $20,000,000):
  $    
 
     
 
       
(3) other unsecured Indebtedness permitted by Section 6.01 (Maximum: $3,000,000):
  $    
 
     
 
       
B. INVESTMENTS, LOANS, ADVANCES, GUARANTEES AND ACQUISITIONS. (Section 6.04 of the Credit Agreement).
       
 
       
(1) Permitted Entity Investments (Only if Leverage Ratio (as defined in (I)(A) above) does not exceed 1.75 to 1.00):
    _____ to 1.00  
 
       
(2) Permitted Acquisitions Only if:
       
 
       
(a) Maximum: $75,000,000 cash and/or non-cash during the term of this Agreement:
  $    
 
     
 
       
(b) Leverage Ratio (as defined in (I)(A) above) does not exceed 1.75 to 1.00:
    _____ to 1.00  
 
       
C. RESTRICTED PAYMENTS. (Section 6.06 of the Credit Agreement).
       
 
       
(1) Only if Leverage Ratio (as defined in (I)(A) above) does not exceed 1.75 to 1.00:
    _____ to 1.00  

 

-6-


 

AMENDED AND RESTATED NOTE
(Revolving Loans)
     
$20,000,000.00   December 15, 2009
P.F. CHANG’S CHINA BISTRO, INC., a Delaware corporation (the “Borrower”), promises to pay to the order of JPMORGAN CHASE, N.A. (the “Lender”) the aggregate unpaid principal amount of all Revolving Loans made by the Lender to the Borrower pursuant to Article II of the Agreement (as hereinafter defined), in immediately available funds at the main office of JPMORGAN CHASE BANK, N.A., as Administrative Agent, together with interest on the unpaid principal amount hereof at the rates and on the dates set forth in the Agreement. The Borrower shall pay the principal of and accrued and unpaid interest on the Revolving Loans in full on the Revolving Loan Maturity Date.
Borrower agrees to an effective rate of interest that is the rate described above plus any additional rate of interest resulting from any other charges in the nature of interest paid or to be paid by or on behalf of Borrower, or any benefit received or to be received by Lender, in connection with this Note.
The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to otherwise record in accordance with its usual practice, the date and amount of each Revolving Loan and the date and amount of each principal payment hereunder.
This Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the Credit Agreement dated as of August 31, 2007 (which, as it may be amended or modified and in effect from time to time, is herein called the “Agreement”), among the Borrower, the lenders party thereto, including the Lender, and JPMorgan Chase Bank, N.A., as Administrative Agent, to which Agreement reference is hereby made for a statement of the terms and conditions governing this Note, including the terms and conditions under which this Note may be prepaid or its maturity date accelerated. This Note is secured pursuant to the Security Documents and guaranteed pursuant to the Continuing Guarantees, all as more specifically described in the Agreement, and reference is made thereto for a statement of the terms and provisions thereof. Capitalized terms used herein and not otherwise defined herein are used with the meanings attributed to them in the Agreement.

 

-7-


 

This Note is delivered by Borrower in substitution and replacement of that certain Note (Revolving Loans) dated August 31, 2007 in the original principal amount of $40,000,000.00, as amended from time to time (as amended from time to time, the “Prior Note”), and evidences an amendment, statement, continuation and renewal of the indebtedness evidenced by the Prior Note. Borrower hereby acknowledges and agrees that the indebtedness evidenced by the Prior Note is part of the indebtedness evidenced by this Note, has not been repaid in full or extinguished and that the execution hereof does not constitute a novation of the Prior Note. Moreover, this Note shall be entitled to all security and collateral to which the Prior Note is entitled without change or diminution in the priority of any lien or security interest previously granted to secure the Prior Note.
             
    P.F. CHANG’S CHINA BISTRO, INC.,
a Delaware corporation
   
 
           
 
  By:   /s/ Richard Federico
 
Richard Federico, Co-CEO
   

 

-8-


 

SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL
TO
AMENDED AND RESTATED NOTE OF P.F. CHANG’S CHINA BISTRO, INC.
DATED December 15, 2009
                 
    Principal   Maturity of   Principal    
Date   Amount of Loan   Interest Period   Amount Paid   Unpaid Balance
                 

 

 


 

AMENDED AND RESTATED NOTE
(Revolving Loans)
     
$15,000,000.00   December 15, 2009
P.F. CHANG’S CHINA BISTRO, INC., a Delaware corporation (the “Borrower”), promises to pay to the order of BANK OF AMERICA, N.A. (the “Lender”) the aggregate unpaid principal amount of all Revolving Loans made by the Lender to the Borrower pursuant to Article II of the Agreement (as hereinafter defined), in immediately available funds at the main office of JPMORGAN CHASE BANK, N.A., as Administrative Agent, together with interest on the unpaid principal amount hereof at the rates and on the dates set forth in the Agreement. The Borrower shall pay the principal of and accrued and unpaid interest on the Revolving Loans in full on the Revolving Loan Maturity Date.
Borrower agrees to an effective rate of interest that is the rate described above plus any additional rate of interest resulting from any other charges in the nature of interest paid or to be paid by or on behalf of Borrower, or any benefit received or to be received by Lender, in connection with this Note.
The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to otherwise record in accordance with its usual practice, the date and amount of each Revolving Loan and the date and amount of each principal payment hereunder.
This Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the Credit Agreement dated as of August 31, 2007 (which, as it may be amended or modified and in effect from time to time, is herein called the “Agreement”), among the Borrower, the lenders party thereto, including the Lender, and JPMorgan Chase Bank, N.A., as Administrative Agent, to which Agreement reference is hereby made for a statement of the terms and conditions governing this Note, including the terms and conditions under which this Note may be prepaid or its maturity date accelerated. This Note is secured pursuant to the Security Documents and guaranteed pursuant to the Continuing Guarantees, all as more specifically described in the Agreement, and reference is made thereto for a statement of the terms and provisions thereof. Capitalized terms used herein and not otherwise defined herein are used with the meanings attributed to them in the Agreement.
This Note is delivered by Borrower in substitution and replacement of that certain Note (Revolving Loans) dated August 31, 2007 in the original principal amount of $30,000,000.00, as amended from time to time (as amended from time to time, the “Prior Note”), and evidences an amendment, statement, continuation and renewal of the indebtedness evidenced by the Prior Note. Borrower hereby acknowledges and agrees that the indebtedness evidenced by the Prior Note is part of the indebtedness evidenced by this Note, has not been repaid in full or extinguished and that the execution hereof does not constitute a novation of the Prior Note. Moreover, this Note shall be entitled to all security and collateral to which the Prior Note is entitled without change or diminution in the priority of any lien or security interest previously granted to secure the Prior Note.

 

-2-


 

         
  P.F. CHANG’S CHINA BISTRO, INC.,
a Delaware corporation
 
 
  By:   /s/ Richard Federico    
    Richard Federico, Co-CEO   
       

 

-3-


 

         
SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL
TO
AMENDED AND RESTATED NOTE OF P.F. CHANG’S CHINA BISTRO, INC.
DATED December 15, 2009
                 
    Principal   Maturity of   Principal    
Date   Amount of Loan   Interest Period   Amount Paid   Unpaid Balance
                 

 

 


 

AMENDED AND RESTATED NOTE
(Revolving Loans)
     
$15,000,000.00   December 15, 2009
P.F. CHANG’S CHINA BISTRO, INC., a Delaware corporation (the “Borrower”), promises to pay to the order of WELLS FARGO BANK, N.A. (the “Lender”) the aggregate unpaid principal amount of all Revolving Loans made by the Lender to the Borrower pursuant to Article II of the Agreement (as hereinafter defined), in immediately available funds at the main office of JPMORGAN CHASE BANK, N.A., as Administrative Agent, together with interest on the unpaid principal amount hereof at the rates and on the dates set forth in the Agreement. The Borrower shall pay the principal of and accrued and unpaid interest on the Revolving Loans in full on the Revolving Loan Maturity Date.
Borrower agrees to an effective rate of interest that is the rate described above plus any additional rate of interest resulting from any other charges in the nature of interest paid or to be paid by or on behalf of Borrower, or any benefit received or to be received by Lender, in connection with this Note.
The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to otherwise record in accordance with its usual practice, the date and amount of each Revolving Loan and the date and amount of each principal payment hereunder.
This Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the Credit Agreement dated as of August 31, 2007 (which, as it may be amended or modified and in effect from time to time, is herein called the “Agreement”), among the Borrower, the lenders party thereto, including the Lender, and JPMorgan Chase Bank, N.A., as Administrative Agent, to which Agreement reference is hereby made for a statement of the terms and conditions governing this Note, including the terms and conditions under which this Note may be prepaid or its maturity date accelerated. This Note is secured pursuant to the Security Documents and guaranteed pursuant to the Continuing Guarantees, all as more specifically described in the Agreement, and reference is made thereto for a statement of the terms and provisions thereof. Capitalized terms used herein and not otherwise defined herein are used with the meanings attributed to them in the Agreement.
This Note is delivered by Borrower in substitution and replacement of that certain Note (Revolving Loans) dated August 31, 2007 in the original principal amount of $30,000,000.00, as amended from time to time (as amended from time to time, the “Prior Note”), and evidences an amendment, statement, continuation and renewal of the indebtedness evidenced by the Prior Note. Borrower hereby acknowledges and agrees that the indebtedness evidenced by the Prior Note is part of the indebtedness evidenced by this Note, has not been repaid in full or extinguished and that the execution hereof does not constitute a novation of the Prior Note. Moreover, this Note shall be entitled to all security and collateral to which the Prior Note is entitled without change or diminution in the priority of any lien or security interest previously granted to secure the Prior Note.

 

-2-


 

         
  P.F. CHANG’S CHINA BISTRO, INC.,
a Delaware corporation
 
 
  By:   /s/ Richard Federico    
    Richard Federico, Co-CEO   

 

-3-


 

SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL
TO
AMENDED AND RESTATED NOTE OF P.F. CHANG’S CHINA BISTRO, INC.
DATED December 15, 2009
                 
    Principal   Maturity of   Principal    
Date   Amount of Loan   Interest Period   Amount Paid   Unpaid Balance
                 

 

 


 

AMENDED AND RESTATED NOTE
(Revolving Loans)
     
$12,500,000.00   December 15, 2009
P.F. CHANG’S CHINA BISTRO, INC., a Delaware corporation (the “Borrower”), promises to pay to the order of U.S. BANK NATIONAL ASSOCIATION (the “Lender”) the aggregate unpaid principal amount of all Revolving Loans made by the Lender to the Borrower pursuant to Article II of the Agreement (as hereinafter defined), in immediately available funds at the main office of JPMORGAN CHASE BANK, N.A., as Administrative Agent, together with interest on the unpaid principal amount hereof at the rates and on the dates set forth in the Agreement. The Borrower shall pay the principal of and accrued and unpaid interest on the Revolving Loans in full on the Revolving Loan Maturity Date.
Borrower agrees to an effective rate of interest that is the rate described above plus any additional rate of interest resulting from any other charges in the nature of interest paid or to be paid by or on behalf of Borrower, or any benefit received or to be received by Lender, in connection with this Note.
The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to otherwise record in accordance with its usual practice, the date and amount of each Revolving Loan and the date and amount of each principal payment hereunder.
This Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the Credit Agreement dated as of August 31, 2007 (which, as it may be amended or modified and in effect from time to time, is herein called the “Agreement”), among the Borrower, the lenders party thereto, including the Lender, and JPMorgan Chase Bank, N.A., as Administrative Agent, to which Agreement reference is hereby made for a statement of the terms and conditions governing this Note, including the terms and conditions under which this Note may be prepaid or its maturity date accelerated. This Note is secured pursuant to the Security Documents and guaranteed pursuant to the Continuing Guarantees, all as more specifically described in the Agreement, and reference is made thereto for a statement of the terms and provisions thereof. Capitalized terms used herein and not otherwise defined herein are used with the meanings attributed to them in the Agreement.
This Note is delivered by Borrower in substitution and replacement of that certain Note (Revolving Loans) dated August 31, 2007 in the original principal amount of $25,000,000.00, as amended from time to time (as amended from time to time, the “Prior Note”), and evidences an amendment, statement, continuation and renewal of the indebtedness evidenced by the Prior Note. Borrower hereby acknowledges and agrees that the indebtedness evidenced by the Prior Note is part of the indebtedness evidenced by this Note, has not been repaid in full or extinguished and that the execution hereof does not constitute a novation of the Prior Note. Moreover, this Note shall be entitled to all security and collateral to which the Prior Note is entitled without change or diminution in the priority of any lien or security interest previously granted to secure the Prior Note.

 

-2-


 

         
  P.F. CHANG’S CHINA BISTRO, INC.,
a Delaware corporation
 
 
  By:   /s/ Richard Federico    
    Richard Federico, Co-CEO   

 

-3-


 

SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL
TO
AMENDED AND RESTATED NOTE OF P.F. CHANG’S CHINA BISTRO, INC.
DATED December 15, 2009
                 
    Principal   Maturity of   Principal    
Date   Amount of Loan   Interest Period   Amount Paid   Unpaid Balance
                 

 

 


 

AMENDED AND RESTATED NOTE
(Revolving Loans)
     
$12,500,000.00   December 15, 2009
P.F. CHANG’S CHINA BISTRO, INC., a Delaware corporation (the “Borrower”), promises to pay to the order of FIFTH THIRD BANK (the “Lender”) the aggregate unpaid principal amount of all Revolving Loans made by the Lender to the Borrower pursuant to Article II of the Agreement (as hereinafter defined), in immediately available funds at the main office of JPMORGAN CHASE BANK, N.A., as Administrative Agent, together with interest on the unpaid principal amount hereof at the rates and on the dates set forth in the Agreement. The Borrower shall pay the principal of and accrued and unpaid interest on the Revolving Loans in full on the Revolving Loan Maturity Date.
Borrower agrees to an effective rate of interest that is the rate described above plus any additional rate of interest resulting from any other charges in the nature of interest paid or to be paid by or on behalf of Borrower, or any benefit received or to be received by Lender, in connection with this Note.
The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to otherwise record in accordance with its usual practice, the date and amount of each Revolving Loan and the date and amount of each principal payment hereunder.
This Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the Credit Agreement dated as of August 31, 2007 (which, as it may be amended or modified and in effect from time to time, is herein called the “Agreement”), among the Borrower, the lenders party thereto, including the Lender, and JPMorgan Chase Bank, N.A., as Administrative Agent, to which Agreement reference is hereby made for a statement of the terms and conditions governing this Note, including the terms and conditions under which this Note may be prepaid or its maturity date accelerated. This Note is secured pursuant to the Security Documents and guaranteed pursuant to the Continuing Guarantees, all as more specifically described in the Agreement, and reference is made thereto for a statement of the terms and provisions thereof. Capitalized terms used herein and not otherwise defined herein are used with the meanings attributed to them in the Agreement.
This Note is delivered by Borrower in substitution and replacement of that certain Note (Revolving Loans) dated August 31, 2007 in the original principal amount of $25,000,000.00, as amended from time to time (as amended from time to time, the “Prior Note”), and evidences an amendment, statement, continuation and renewal of the indebtedness evidenced by the Prior Note. Borrower hereby acknowledges and agrees that the indebtedness evidenced by the Prior Note is part of the indebtedness evidenced by this Note, has not been repaid in full or extinguished and that the execution hereof does not constitute a novation of the Prior Note. Moreover, this Note shall be entitled to all security and collateral to which the Prior Note is entitled without change or diminution in the priority of any lien or security interest previously granted to secure the Prior Note.

 

-2-


 

         
  P.F. CHANG’S CHINA BISTRO, INC.,
a Delaware corporation
 
 
  By:   /s/ Richard Federico    
    Richard Federico, Co-CEO   

 

-3-


 

SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL
TO
AMENDED AND RESTATED NOTE OF P.F. CHANG’S CHINA BISTRO, INC.
DATED December 15, 2009
                 
    Principal   Maturity of   Principal    
Date   Amount of Loan   Interest Period   Amount Paid   Unpaid Balance
                 

 

 

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