Document:

JANUARY 2002 AMENDMENT TO FRANCHISE AGREEMENT

       This   January  2002  Amendment  to  Franchise   Agreement

("Amendment") is entered into this 30th day of January,  2002  by

and  between  Ryan's  Properties, Inc., a  Delaware  Corporation,

hereinafter referred to as "Ryan's", and Family Steak  Houses  of

Florida, Inc., a Florida Corporation, hereinafter referred to  as

"FSH".

                           WITNESSETH:

      WHEREAS,  Ryan's  and  FSH  are  parties  to  that  certain

Franchise  Agreement  dated the 16th day of September,  1987,  as

amended to date (the "Franchise Agreement"); and

      WHEREAS, Ryan's and FSH desire to amend Paragraphs  XI  and

XXIII of the Franchise Agreement, as set forth below.

      WHEREAS,  Ryan's is designated as "FRANCHISOR" and  FSH  is

designated as "FRANCHISEE" in the Franchise Agreement;

      THEREFORE, for and in consideration of the mutual covenants

contained herein, Ryan's and FSH do hereby agree as follows:

      1.    Subparagraph  A.1 of Paragraph XI  of  the  Franchise

Agreement  is  hereby  replaced in  full  by  the  following  new

subparagraph A.1 of Paragraph XI:

          "FRANCHISEE shall submit to FRANCHISOR, on  a
          form   approved  by  FRANCHISOR,  a   correct
          statement  of  gross receipts  signed  by  an
          appropriate officer of FRANCHISEE,  no  later
          than  the  twelfth (12th) calendar day  after
          each  fiscal month end.  Also, no later  than
          such  twelfth (12th) calendar day after  each
          fiscal  month  end, FRANCHISEE shall  pay  to
          FRANCHISOR   the  Continuing   Services   and
          Royalty  Fee  payment  based  on  the   gross
          receipts   reported  in  the   statement   so
          submitted.   Said payment shall be  deposited
          by  FRANCHISEE into a bank account  in  Duval
          County,   Florida  convenient  to  FRANCHISEE
          designated  by  FRANCHISOR.  FRANCHISEE  will
          make  available for reasonable inspection  at
          reasonable times by FRANCHISOR, all  original
          books  and records that FRANCHISOR  may  deem
          necessary to ascertain gross receipts."

      2.    Paragraph XXIII of the Franchise Agreement is  hereby

replaced in full by the following new Paragraph XXIII:

          "NOTICES.

               A.    Whenever notice is required by the
          provisions of this Agreement to be  given  to
          the  FRANCHISOR,  such  notice  shall  be  in
          writing   addressed  to  the  FRANCHISOR   as
          follows:

                    Ryan's Properties, Inc.
                    300 Delaware Ave., Suite 900
                    Wilmington, DE 19801

          or  at such other address as FRANCHISOR shall
          notify  FRANCHISEE in writing; and a copy  of
          such notice given to:

                    James M. Shoemaker, Jr.
                    Wyche, Burgess, Freeman & Parham, P.A.
                    44 East Camperdown Way (29601)
                    Post Office Box 728
                    Greenville, SC 29602

               B.    Whenever notice is required by the
          provisions of this Agreement to be  given  to
          the  FRANCHISEE,  such  notice  shall  be  in
          writing   addressed  to  the  FRANCHISEE   as
          follows:

                    Family Steak Houses of Florida, Inc.
                    2113 Florida Blvd, Suite A
                    Neptune Beach, FL 32223

          or  at such other address as FRANCHISEE shall
          notify  FRANCHISOR in writing; and a copy  of
          such notice given to:

                    Halcyon E. Skinner
                    McGuire Woods, LLP
                    Bank of America Tower
                    50 North Laura St., Suite 3300
                    Jacksonville, FL 32202

               C.   Any notice shall be deemed given on the date of receipt if
          (1) personally given to an Officer of the recipient or (2) sent
          by commercially recognized overnight delivery service.

               D.   Unless earlier received, any notice
          shall  be  deemed  given five  calendar  days
          after  being  deposited  in  the  U.S.  Mail,
          postage prepaid, if (1) sent by certified  or
          registered mail, return receipt requested, or
          (2) sent by first class mail.

      3.    Except  as  amended by this Amendment, the  Franchise

Agreement shall remain in full force and effect.

      IN  WITNESS  WHEREOF,  Ryan's and FSH  have  executed  this

January 2002 Amendment as of the date first set forth above.

FRANCHISOR:

RYAN'S PROPERTIES, INC.
a Delaware Corporation

By:
Name: Charles D. Way
Title: President

FRANCHISEE:

FAMILY STEAK HOUSES OF FLORIDA, INC.
a Florida corporation

By:
 (Name:                       )
 (Title:                           )

Attest:____________________________
 (Name:
                                                       )
 (Title:                                                    )CHAR1\621841_ 1

                         FIRST AMENDMENT
                               TO
                        CREDIT AGREEMENT

     THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this "Amendment"),
dated as of November 9, 2001, is entered into by and among RYAN'S
FAMILY  STEAK  HOUSES,  INC., a South Carolina  corporation  (the
"Parent"),  RYAN'S  FAMILY STEAK HOUSES EAST,  INC.,  a  Delaware
corporation  ("Ryan's East"), the Domestic  Subsidiaries  of  the
Parent  identified as "Guarantors" on the signature pages hereto,
the Lenders identified on the signature pages hereto and BANK  OF
AMERICA,  N.A., as Administrative Agent for the Lenders (in  such
capacity,  the  "Administrative  Agent").   Except  as  otherwise
defined  in this Amendment, terms defined in the Credit Agreement
referred to below (as amended by this Amendment) are used  herein
as defined therein.

                            RECITALS

     WHEREAS, a $200 million credit facility has been established
in  favor  of  the Parent pursuant to that Credit  Agreement  (as
amended,   modified,  supplemented  and  extended,  the   "Credit
Agreement") dated as of January 28, 2000 among the Parent, Ryan's
East, the Guarantors, the Lenders identified therein, First Union
National  Bank,  as Syndication Agent, Wachovia  Bank,  N.A.,  as
Documentation  Agent, SunTrust Bank, Atlanta, as Senior  Managing
Agent, and Bank of America, N.A., as Administrative Agent;

     WHEREAS,  Ryan's  East  is a "Guarantor"  under  the  Credit
Agreement and the other Credit Documents;

     WHEREAS, the Parent has requested that the Required Lenders
permit Ryan's East to become a "Borrower" under the Credit
Agreement; and

     WHEREAS, the Required Lenders have agreed to permit Ryan's
East to become a "Borrower" under the Credit Agreement on the
terms and conditions set forth herein.

     NOW,  THEREFORE, in consideration of premises and other good
and  valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

     1.     Amendments.   From  and  after  the  First  Amendment
Effective Date (as defined below), the Credit Agreement (together
with the schedules and exhibits thereto) is hereby amended in its
entirety  to read in the form of such Credit Agreement  (together
with the schedules and exhibits thereto) attached as Exhibit A to
this Amendment.

     2.   Conditions Precedent.  This Amendment shall become
effective on the day (the "First Amendment Effective Date") on
which each of the following conditions precedent has been
satisfied:

          (a)   Receipt  by the Administrative Agent of  multiple
     counterparts of this Amendment, duly executed and  delivered
     by  each of the Credit Parties, the Required Lenders and the
     Administrative Agent;

          (b)   Receipt  by  the Administrative Agent  of  a  new
     Revolving  Note for each Lender executed by the  Parent  and
     Ryan's  East in substantially the form of Exhibit 2.1(d)  to
     the Credit Agreement (as amended by this Amendment); and

          (c)  Receipt by the Administrative Agent of a certified
     copy  of  the resolutions of the Board of Directors of  each
     Credit  Party evidencing its approval of this Amendment  and
     the matters contemplated hereby.

     3.   Reaffirmation of Representations and Warranties.  The
Credit Parties hereby affirm that the representations and
warranties set forth in the Credit Agreement and the other Credit
Documents are true and correct as of the date hereof (except
those which expressly relate to an earlier period).

     4.   Reaffirmation of Guaranty.  Each Guarantor (i)
acknowledges and consents to all of the terms and conditions of
this Amendment, (ii) affirms all of its obligations under the
Credit Documents and (iii) agrees that this Amendment and all
documents executed in connection herewith do not operate to
reduce or discharge such Guarantor's obligations under the Credit
Agreement or the other Credit Documents.

     5.   Reaffirmation of Liens. Each Credit Party affirms the
liens and security interests created and granted by it in the
Credit Documents and agrees that this Amendment shall in no
manner adversely affect or impair such liens and security
interests.

     6.   No Other Changes.  Except as modified hereby, all of
the terms and provisions of the Credit Agreement and the other
Credit Documents (including schedules and exhibits thereto) shall
remain in full force and effect.

     7.   Counterparts.  This Amendment may be executed in any
number of counterparts, each of which when so executed and
delivered shall be deemed an original and it shall not be
necessary in making proof of this Amendment to produce or account
for more than one such counterpart.

     8.   Governing Law.  This Amendment shall be deemed to be a
contract made under, and for all purposes shall be construed in
accordance with, the laws of the State of South Carolina.

          [Remainder of Page Intentionally Left Blank]
     IN  WITNESS  WHEREOF, the parties hereto  have  caused  this
Amendment, to be duly executed and delivered by their proper  and
duly  authorized  officers as of the day  and  year  first  above
written.

PARENT:             RYAN'S FAMILY STEAK HOUSES, INC.,
                    a South Carolina corporation

                    By:
                    Name: Fred T. Grant, Jr.
                    Title: Senior Vice President - Finance

RYAN'S EAST:        RYAN'S FAMILY STEAK HOUSES EAST, INC.,
                    a Delaware corporation

                    By:
                    Name: Fred T. Grant, Jr.
                    Title: Treasurer

GUARANTORS:         BIG R PROCUREMENT COMPANY, LLC,
                    a Delaware limited liability company

                    By:  RYAN'S FAMILY STEAK HOUSES, INC.,
                         a South Carolina corporation, its sole
                         manager

                         By:
                         Name: Fred T. Grant, Jr.
                         Title: Senior Vice President - Finance

                    RYAN'S FAMILY STEAK HOUSES TLC, INC.,
                    a Delaware corporation

                    By:
                    Name: Fred T. Grant, Jr.
                    Title: Treasurer

                    RYAN'S PROPERTIES, INC.,
                    a Delaware corporation

                    By:
                    Name: Fred T. Grant, Jr.
                    Title: Treasurer

                    RYMARK HOLDINGS, INC.,
                    a Delaware corporation

                    By:
                    Name: Fred T. Grant, Jr.
                    Title: Treasurer

                    [Signature Pages Follow]
                    RYAN'S HOOSIER GROUP, LP,
                    a South Carolina limited partnership

                    By:  RYAN'S FAMILY STEAK HOUSES TLC, INC.,
                         a Delaware corporation, its sole general
partner

                         By:
                         Name: Fred T. Grant, Jr.
                         Title: Treasurer

                    [Signature Pages Follow]
LENDERS:                 BANK OF AMERICA, N.A.,
                                            in its capacity as
                         Administrative Agent
                                            and individually as a
                         Lender

                         By:
                         Name:
                         Title:

                         FIRST UNION NATIONAL BANK

                         By:
                         Name:
                         Title:

                         WACHOVIA BANK, N.A.

                         By:
                         Name:
                         Title:

                         SUNTRUST BANK, ATLANTA

                         By:
                         Name:
                         Title:

                         SOUTHTRUST BANK, N.A.

                         By:
                         Name:
                         Title:

                         HIBERNIA NATIONAL BANK

                         By:
                         Name:
                         Title:

                         FLEET NATIONAL BANK

                         By:
                         Name:
                         Title:

                         CAROLINA FIRST BANK

                         By:
                         Name:
                         Title:

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