Document:

<PAGE>   1

                                                                    EXHIBIT 10.1

                                JOINDER AGREEMENT

         JOINDER AGREEMENT dated as of April 9, 2001, by the undersigned, (the
"Additional Subsidiary Guarantor"), in favor of The Chase Manhattan Bank, as
administrative agent for the Lenders party to the Credit Agreement referred to
below (in such capacity, together with its successors in such capacity, the
"Administrative Agent").

         Lamar Media Corp. (formerly Lamar Advertising Company), a Delaware
corporation (the "Borrower"), and certain of its subsidiaries (collectively, the
"Existing Subsidiary Guarantors" and, together with the Borrower, the "Securing
Parties") are parties to a Credit Agreement dated August 13, 1999 (as modified
and supplemented and in effect from time to time, the "Credit Agreement",
providing, subject to the terms and conditions thereof, for extensions of credit
(by means of loans and letters of credit) to be made by the lenders therein
(collectively, together with any entity that becomes a "Lender" party to the
Credit Agreement after the date hereof as provided therein, the "Lenders" and,
together with Administrative Agent and any successors or assigns of any of the
foregoing, the "Secured Parties") to the Borrower in an aggregate principal or
face amount not exceeding $1,000,000,000 (which, in the circumstances
contemplated by Section 2.01(d) thereof, may be increased to $1,400,000,000). In
addition, the Borrower may from time to time be obligated to one or more of the
Lenders under the Credit Agreement in respect of Hedging Agreements under and as
defined in the Credit Agreement (collectively, the "Hedging Agreements").

         In connection with the Credit Agreement, the Borrower, the Existing
Subsidiary Guarantors and the Administrative Agent are parties to the Pledge
Agreement dated September 15, 1999 (the "Pledge Agreement") pursuant to which
the Securing Parties have, inter alia, granted a security interest in the
Collateral (as defined in the Pledge Agreement) as collateral security for the
Secured Obligations (as so defined). Terms defined in the Pledge Agreement are
used herein as defined therein.

         To induce the Secured Parties to enter into the Credit Agreement, and
to extend credit thereunder and to extend credit to the Borrower under Hedging
Agreements, and for other good and valuable consideration the receipt and
sufficiency of which are hereby acknowledged, the Additional Subsidiary
Guarantor has agreed to become a party to the Credit Agreement and the Pledge
Agreement as a "Subsidiary Guarantor" thereunder, and to pledge and grant a
security interest in the Collateral (as defined in the Pledge Agreement).

         Accordingly, the parties hereto agree as follows:

         Section 1. Definitions. Terms defined in the Credit Agreement are used
herein as defined therein.

         Section 2. Joinder to Agreements. Effective upon the execution and
delivery hereof, the Additional Subsidiary Guarantor hereby agrees that it shall
become "Subsidiary Guarantor" under and for all purposes of the Credit Agreement
and the Pledge Agreement with all the rights and obligations of a Subsidiary
Guarantor thereunder. Without limiting the generality of the foregoing, the
Additional Subsidiary Guarantor hereby:

<PAGE>   2

                  (i) jointly and severally with the other Subsidiary Guarantors
         party to the Credit Agreement guarantees to each Secured Party and
         their respective successors and assigns the prompt payment in full when
         due (whether at stated maturity, by acceleration or otherwise) of all
         Guaranteed Obligations in the same manner and to the same extent as is
         provided in Article III of the Credit Agreement;

                  (ii) pledges and grants the security interests in all right,
         title and interest of the Additional Subsidiary Guarantor in all
         Collateral (as defined in the Pledge Agreement) now owned or hereafter
         acquired by the Additional Subsidiary Guarantor and whether now
         existing or hereafter coming into existence provided for by Article III
         of the Pledge Agreement as collateral security for the Secured
         Obligations and agrees that Annex 1 thereof shall be supplemented as
         provided in Appendix A hereto;

                  (iii) makes the representations and warranties set forth in
         Article IV of the Credit Agreement and in Article II of the Pledge
         Agreement, to the extent relating to the Additional Subsidiary
         Guarantor or to the Pledged Equity evidenced by the certificates, if
         any, identified in Appendix A hereto; and

                  (iv) submits to the jurisdiction of the courts, and waives
         jury trial, as provided in Sections 10.09 and 10.10 of the Credit
         Agreement.

         The Additional Subsidiary Guarantor hereby instructs its counsel to
deliver the opinions referred to in Section 6.10(a)(iii) of the Credit Agreement
to the Secured Parties.

                                       2
<PAGE>   3

         IN WITNESS WHEREOF, the Additional Subsidiary Guarantor has caused this
Joinder Agreement to be duly executed and delivered as of the day and year first
above written.

                                     Lamar Bellows Outdoor Advertising, Inc.

                                     By:  /s/ Keith A. Istre
                                       -----------------------------------------
                                           Keith A. Istre
                                           Vice President - Finance and
                                           Chief Financial Officer

Attested:

By:  /s/ James R. McIlwain
   ---------------------------------
     James R. McIlwain, Secretary

Accepted and agreed:

THE CHASE MANHATTAN BANK,
as Administrative Agent

By:      /s/ William E. Rottino
   -----------------------------------------
Title:   Vice President

                                       3
<PAGE>   4

The undersigned hereby respectively pledges and grants a security interest in
the Pledged Equity and evidenced by the certificate listed in Appendix A hereto
and agrees that Annex 1 of the above-referenced Pledge Agreement is hereby
supplemented by adding thereto the information listed on Appendix A.

The Lamar Company, L.L.C., Issuee

By: Lamar Media Corp.
Its: Managing Member

By:    /s/ Keith A. Istre
     -------------------------------
         Keith A. Istre
Title:   Vice President-Finance

                                       4
<PAGE>   5

SUPPLEMENT TO ANNEX 1

                                                 APPENDIX A TO JOINDER AGREEMENT

<TABLE>
<CAPTION>
PLEDGOR OWNERSHIP                            ISSUER                    NO. SHARES      CERT. NO.     %
-----------------                            ------                    ----------      ---------     ---
<S>                                          <C>                       <C>             <C>           <C>
The Lamar Company, L.L.C.                    Lamar Bellows Outdoor     100 Common      14            100
                                             Advertising, Inc.         Stock
</TABLE>

                                       5
<PAGE>   6

                  SCHEDULE OF ADDITIONAL SUBSIDIARY GUARANTORS

<TABLE>
<CAPTION>
GUARANTOR*                                                   DATE OF JOINDER AGREEMENT
----------                                                   -------------------------
<S>                                                          <C>
McCloskey Outdoor Advertising, Inc.                          May 14, 2001

Lamar Advertising Southwest, Inc.                            May 1, 2001

Lamar DOA Tennesee, Inc.                                     May 17, 2001

Lamar DOA Tennesee Holdings, Inc.                            May 17, 2001
</TABLE>

*The supplements to Annex 1/Appendix A to the Joinder Agreements of each
additional guarantor are set forth below in their entirety.

                                       6
<PAGE>   7

       SUPPLEMENT TO MCCLOSKEY OUTDOOR ADVERTISING, INC. JOINDER AGREEMENT

SUPPLEMENT TO ANNEX 1

                                                 APPENDIX A TO JOINDER AGREEMENT

<TABLE>
<CAPTION>
PLEDGOR OWNERSHIP                       ISSUER                         NO. UNITS       CERT. NO.     %
-----------------                       ------                         ---------       ---------     ---
<S>                                     <C>                            <C>             <C>           <C>
Lamar Central Outdoor, Inc.             McCloskey Outdoor              500 Common      5             100
                                        Advertising, Inc.              Stock
</TABLE>

                                       7

<PAGE>   8

        SUPPLEMENT TO LAMAR ADVERTISING SOUTHWEST, INC. JOINDER AGREEMENT

SUPPLEMENT TO ANNEX 1

                                                 APPENDIX A TO JOINDER AGREEMENT

<TABLE>
<CAPTION>
PLEDGOR OWNERSHIP                    ISSUER                            NO. SHARES      CERT. NO.     %
-----------------                    ------                            ----------      ---------     ---
<S>                                  <C>                               <C>             <C>           <C>
Lamar Media Corp.                    Lamar Advertising                 100 Class A     A-1           100
                                     Southwest, Inc.                   Stock
</TABLE>

                                       8

<PAGE>   9

            SUPPLEMENT TO LAMAR DOA TENNESSEE, INC. JOINDER AGREEMENT

SUPPLEMENT TO ANNEX 1

                                                 APPENDIX A TO JOINDER AGREEMENT

<TABLE>
<CAPTION>
PLEDGOR OWNERSHIP                    ISSUER                            NO. SHARES      CERT. NO.     %
-----------------                    ------                            ----------      ---------     ---
<S>                                  <C>                               <C>             <C>           <C>
Lamar DOA Tennessee                  Lamar DOA Tennessee, Inc.         100 Common      C-8           100
Holdings, Inc.                                                         Stock
</TABLE>

                                       9

<PAGE>   10

       SUPPLEMENT TO LAMAR DOA TENNESSEE HOLDINGS, INC. JOINDER AGREEMENT

SUPPLEMENT TO ANNEX 1

                                                 APPENDIX A TO JOINDER AGREEMENT

<TABLE>
<CAPTION>
PLEDGOR OWNERSHIP                    ISSUER                            NO. SHARES      CERT. NO.     %
-----------------                    ------                            ----------      ---------     ---
<S>                                  <C>                               <C>             <C>           <C>
Lamar Media Corp.                    Lamar DOA Tennessee Holdings,     100 Common      C-3           100
                                     Inc.                              Stock
</TABLE>

                                       10<PAGE>   1
                           ASSET MANAGEMENT AGREEMENT

         THIS ASSET MANAGEMENT AGREEMENT ("AGREEMENT") is made effective as of
March 9, 2001 (the "EFFECTIVE DATE") by and among Hudson Advisors, L.L.C., a
Texas limited liability company ("MANAGER"), LSF3 Capital Investments I, LLC, a
Delaware limited liability company ("INVESTMENTS I") and LSF III Capital
Investments L.P., a Delaware limited partnership ("INVESTMENTS II", and together
with Investments I, "OWNERS", and the Owners together with Manager, the
"PARTIES").

                                    RECITALS

A.       Pursuant to (a) the Amended and Restated Stock Purchase Agreement dated
         as of February 27, 2001, (the "REIT PURCHASE AGREEMENT"), entered into
         between U.S. Restaurant Properties, Inc., a Maryland corporation
         ("USRP"), and Lone Star U.S. Acquisitions, LLC ("LONE STAR") and (b)
         the Amended and Restated Stock Purchase Agreement dated as of February
         27, 2001 (the "STOCKHOLDER PURCHASE AGREEMENT" and together with the
         REIT Purchase Agreement, the "PURCHASE AGREEMENTS") entered into among
         certain stockholders of USRP and Lone Star, which subsequently assigned
         its rights and obligations under each such agreement to Owners,
         Investments I, will acquire up to 2,312,753 shares of Common Stock of
         USRP, par value $.001 ("COMMON STOCK"), and Investments II will acquire
         up to 1,417,012 shares of Common Stock (collectively, the shares of
         Common Stock acquired by Owners pursuant to the Purchase Agreement are
         referred to herein as the "ASSETS") as set forth in the Purchase
         Agreement.

B.       Owners desire that Manager undertake the management of the Assets, as
         provided herein, and Manager desires to undertake such management.

         NOW THEREFORE, in consideration of the mutual promises contained herein
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Parties agree as follows:

1.       SERVICES; RIGHTS IN ASSETS.

         (a)      Owners each hereby acknowledge that they have retained
                  Manager, and Manager acknowledges that, subject to reasonable
                  advance notice to accommodate scheduling, Manager will provide
                  with respect to the Assets (i) oversight and monitoring
                  services requested by Owners, and (ii) other asset management
                  services set forth herein (the "SERVICES").

         (b)      Manager shall not be required to devote its full time and
                  attention to the management of the Assets, but only such time
                  as is reasonably necessary for the proper conduct of its
                  duties under this Agreement.

                                      -1-
<PAGE>   2

         (c)      Owners each hereby grant Manager the right to exercise any and
                  all rights Owners may have from time to time under (i) the
                  Purchase Agreements, (ii) the Registration Rights Agreement
                  dated as of March 9, 2001 among USRP, Owners and others and
                  (iii) the Accepted Holder Agreement dated as of March 9, 2001
                  among USRP, Lone Star and others. Owners each hereby grant to
                  Manager the right to purchase additional Common Stock and
                  dispose of any and all of the Assets. Manager shall advise
                  Owners as to their rights under such agreements from time to
                  time.

2.       CONSULTATION AND COMMUNICATION; REPORTS.

         (a)      Manager's personnel shall be available at the reasonable
                  request of either Owner for consultation, as necessary or
                  appropriate, and shall provide Owners with as much information
                  pertaining to the Assets or the Services as (i) reasonably
                  requested and (ii) Manager can reasonably provide with respect
                  thereto.

         (b)      Upon reasonable advance written notice to Manager (such notice
                  setting forth the time, date and location of such meeting, but
                  not more often than quarterly) Owners and Manager shall meet
                  (or hold a telephone conference call) to discuss any
                  proposals, strategy and administrative matters relating to the
                  Assets. For any of the foregoing meetings which require the
                  representatives of Manager to travel, Owners shall pay all
                  travel, lodging, food and other expenses of such
                  representatives incurred in traveling to, staying at and
                  returning from the location of any such meeting.

3.       EXPENSES.

         Subject to the limitation contained in the last sentence of this
         Section 3, Operating Expenses incurred by Manager on behalf of an Owner
         or otherwise incurred by Manager in the performance of its duties
         hereunder shall be paid or reimbursed by Owners. In no event shall
         Manager be obligated to pay any expenses related to the Assets. If
         Manager, in its sole discretion, shall elect to pay any such Operating
         Expenses, Owners shall reimburse Manager. "OPERATING EXPENSES" means
         all necessary and reasonable third party costs incurred by Manager
         after the Effective Date in providing the Services. Operating Expenses
         include, but are not limited to, all reasonable and necessary third
         party (a) expenses, fees (including legal fees), duties, taxes,
         disbursements and costs relating to any agreements and transactions
         which have been or may be entered into in relation to the Assets; (b)
         fees of attorneys or consultants (other than employees of Manager); and
         (c) costs incurred to obtain documents or information.

4.       FEES AND PAYMENT.

                                      -2-
<PAGE>   3

         (a) In addition to the reimbursements of expenses provided in Section 3
         above, Owners shall, during the term of this Agreement, pay Manager a
         cumulative annual base advisory fee in accordance with the terms set
         forth on Exhibit A attached hereto.

         (b) If Owners fail or refuse to pay any amounts hereunder when due,
         interest in respect of the outstanding amount shall accrue at the rate
         of eighteen percent (18%) from the date due until the aggregate amount
         outstanding (including interest) is paid in full. In the event that
         Owners dispute any portion of any charges by Manager (whether for
         reimbursement of Operating Expenses or for services under Section 4),
         Owners agree to pay any undisputed portion of such charges and to
         submit such dispute as to the remainder for resolution in accordance
         with the dispute resolution procedures set forth in Section 12 hereof.

         (c) Except to the extent an Owner agrees to pay for Operating Expenses
         pursuant to the last sentence of Section 3, each Owner shall pay a pro
         rata share of all amounts due under this Agreement, based on each
         Owner's Asset holding on the date such amount became due.

5.       ANCILLARY SERVICES.

         Manager may, but is not required to, perform certain additional
         services on behalf of Owners, including, without limitation, book and
         record keeping, financial and tax accounting and preparation services
         ("Ancillary Services"). Such Ancillary Services shall be performed in a
         commercially reasonable manner and on a competitive basis. Any charges
         for such services shall not exceed charges customarily levied by
         non-affiliated organizations providing similar services. Any financial
         and accounting services performed hereunder shall be performed by
         Manager in accordance with generally accepting accounting principles in
         the United States of America consistently applied.

6.       TERM.

         (a) This Agreement shall be effective as of the date first above
         written, and shall terminate either (i) upon any Party giving the other
         written notice of its intention to terminate the Agreement, such notice
         effective thirty (30) days from the date of receipt by each other Party
         or (ii) immediately if Manager becomes insolvent, files for bankruptcy
         or makes an assignment for all or substantially all of its creditors.

         (b) Upon expiration or termination of this Agreement for any reason (by
         expiration of time or otherwise), Manager shall deliver to each Owner,
         or its nominee, (i) all books, documents, records, materials, supplies,
         and funds in its possession belonging to Owners or received by Manager
         pursuant to the terms of this Agreement, and (ii) a statement of
         expenses incurred by Manager, and amounts payable to Manager, pursuant
         to this Agreement.

                                      -3-
<PAGE>   4

         (c) Termination of this Agreement shall not release Manager or Owners,
         as the case may be, from liability for failure to perform any of the
         duties or obligations of Manager or Owners, as the case may be, under
         this Agreement that have accrued as of the date of termination.

7.       CONFIDENTIALITY.

         Each Party shall maintain in confidence the facts and terms of this
Agreement and all other information received from the other Party that is
identified in writing at the time of delivery as being confidential; provided,
however, that each Party may disclose such information (a) to its and its
Affiliates' (as hereinafter defined) directors, officers, employees or agents
(it being understood that they shall be informed by such Party of the
confidential nature of such information and that such Party shall cause them to
treat such information confidentially), (b) if required to do so by applicable
laws, rules, regulations or orders, (c) if such information becomes part of the
public domain, and (d) if such information otherwise was or becomes available to
such Party on a non-confidential basis, provided that the source of such
information was not known by such Party to be bound by a confidentiality
obligation. "AFFILIATE" means, with respect to any person or entity, any other
person or entity that directly or indirectly controls, is controlled by, or is
under common control with such person or entity. As used in this definition, the
word "control," including its correlative meanings "controlled by" and "under
common control with" means the direct or indirect possession of at least 50% of
the voting power and equity interests in a person or entity.

8.       REPRESENTATIONS AND WARRANTIES.

         Each Party represents and warrants to the other that, as of the date
hereof:

         (a) It is duly organized and validly existing and is in good standing
         under the laws of the jurisdiction of its formation. It has all
         requisite power and authority to enter into and to perform its
         obligations under this Agreement.

         (b) Its execution, delivery, and performance of this Agreement have
         been duly authorized, and do not and will not (i) violate any law,
         rule, regulation, order, or decree applicable to it or (ii) violate its
         organizational documents.

         (c) This Agreement is a legal and binding obligation, enforceable
         against it in accordance with its terms, except to the extent
         enforceability is modified by bankruptcy, reorganization and other
         similar laws affecting the rights of creditors generally and by general
         principles of equity.

         (d) There is no litigation pending or, to the best of its knowledge,
         threatened to which it is a party that, if adversely determined, would
         have a material adverse effect on the transaction contemplated in this
         Agreement or its financial condition, prospects, or business.

                                      -4-
<PAGE>   5

9.       SUB-SERVICING AND OUTSOURCING.

         Manager shall have the right to delegate the performance of any or all
         of the Services to one or more asset management companies selected by
         Manager in Manager's sole discretion through sub-servicing or other
         outsourcing agreements; provided, that, such delegation shall not
         relieve Manager of its duties and obligations hereunder.

10.      NO ASSIGNMENT.

         Subject to the right of Manager under Section 9 above, no Party may
         assign any of its rights, duties or obligations under this Agreement
         without the prior written consent of each other Party; provided, that
         any party may assign this Agreement without prior consent to its
         Affiliates or to a third party acquiring all of the equity interests or
         all or substantially all of the assets of the assigning Party.

11.      GOVERNING LAW.

         This Agreement shall be governed by and construed in accordance with
         the laws of the State of Texas (without reference to its rules as to
         conflicts of laws), except to the extent the laws of the State of
         Maryland govern voting of shares of Common Stock.

12.      DISPUTE RESOLUTION.

         (a) All disputes relating to or arising under this Agreement shall be
         resolved by arbitration pursuant to the Rules of Arbitration (the
         "RULES") of the International Chamber of Commerce (excluding its
         conflicts-of-laws principles). Such arbitration shall involve a panel
         of three arbitrators selected in accordance with the Rules, take place
         in Dallas, Texas. The arbitration decision shall be final and binding
         upon the Parties and judgment upon the award may be entered in any
         court having jurisdiction over the Party against which enforcement is
         sought.

         (b) Each Party agrees that arbitration under this Section 12 is the
         exclusive method for resolving any dispute arising under or related to
         this Agreement, and that such Party will not commence an action or
         proceeding based on a dispute, except to enforce arbitrators' decisions
         as provided in Section 12(a) or to compel the other Party to
         participate in arbitration under this Section 12.

13.      NO PARTNERSHIP OR GENERAL AGENCY.

         The relationship between the Parties is that of independent contractors
         solely as set forth herein, and each Party shall be responsible only
         for its obligations as set forth herein. It is not the intention of the
         Parties to render the Parties liable as partners, associates, or joint
         venturers or to create a partnership, joint venture or other
         association. The liability of the Parties hereunder to third parties
         shall be several and not joint or collective. Except as specifically
         otherwise provided herein, or agreed in writing, Manager (i) is not an
         agent or

                                      -5-
<PAGE>   6
         representative of any Owner and (ii) shall not have, and shall not
         represent itself as having or allow any of its employees, officers,
         directors, agents or representatives to represent that it or any of
         them has, any authority to commit Owners by negotiation or otherwise to
         any contract, agreement or other legal commitment in the name of, or
         otherwise binding on, Owners, or to pledge or extend their credit.

14.      EMPLOYEES AND INDEPENDENT CONTRACTORS.

         Manager shall be responsible for its employees and shall use reasonable
         care in selecting and supervising independent contractors. All matters
         pertaining to the employment, supervision, compensation, promotion and
         discharge of Manager's employees are the responsibility of Manager, and
         Manager shall be liable to such employees for their compensation (in
         whatever form or amount such compensation may be). None of the Owners
         shall not be the employer of such employees, nor shall Owners ever be
         directly responsible for their compensation. Manager shall comply with
         all applicable laws and regulations relating to workmen's compensation,
         social security, unemployment insurance, hours of labor, wages, working
         conditions, and other employer-employee related matters. Manager shall
         be responsible for negotiating the terms of contracts with and
         overseeing the performance of its contractors.

15.      COMPLIANCE WITH LAWS.

         Manager shall comply with all applicable laws, including the U.S.
         Foreign Corrupt Practices Act, in connection with this Agreement.

16.      NO CONSEQUENTIAL DAMAGES.

         Under no circumstances, whether based on contract, warranty,
         negligence, strict liability or otherwise, shall any Party be liable
         for any consequential, indirect, incidental or punitive damages of any
         kind or character, including, but not limited to, loss of profits or
         revenues, loss of product, loss of use, cost of capital and the like,
         arising out of or related to any performance under or breach of this
         Agreement. The Parties specifically acknowledge that the benefits each
         Party contemplates deriving from the provisions of this Agreement
         reflect such allocation of risk and limitation of liabilities.

17.      EXCULPATION.

         Neither Manager nor any of its shareholders, consultants, agents,
         members, officers, directors, partners and employees (collectively,
         "Covered Persons") shall be liable for any losses, claims, damages or
         liabilities arising from any act performed or omitted by Manager or any
         Covered Person in connection with this Agreement, except any such
         losses, claims, damages or liabilities that are finally determined
         pursuant to the arbitration procedure set forth in Section 12 hereof to
         be caused by the fraud or willful misconduct of Manager or such Covered
         Person.

                                      -6-
<PAGE>   7

18.      INDEMNIFICATION.

         (a) Each Owner, to the fullest extent permitted by law, shall
         indemnify, defend and hold harmless each Covered Person from and
         against any and all losses, claims, damages or liabilities of any
         nature whatsoever, including legal fees and other expenses reasonably
         incurred, arising out of or in connection with the management and
         disposition of the Assets, any duty of Manager hereunder, or any action
         taken or omitted by any such Covered Person by or on behalf of Owner
         pursuant to authority granted by this Agreement, except to the extent
         any such losses, claims, damages or liabilities are caused by the bad
         faith, fraud, gross negligence, or willful misconduct of any Covered
         Person. In the event that any Covered Person becomes involved in any
         capacity in any suit, action, proceeding or investigation in connection
         with any matter arising out of or in connection with the management and
         disposition of the Assets, or any duty of Manager hereunder, Owners
         shall within twenty (20) days after submission of a request for
         reimbursement, reimburse such Covered Person for its reasonable legal
         and other expenses (including the cost of any investigation and
         preparation) incurred in connection therewith. Owners acknowledge that
         the foregoing indemnity shall be applicable to all claims, liabilities,
         losses, damages or expenses that have resulted from or are alleged to
         have resulted from the active or passive or the sole, joint or
         concurrent ordinary negligence of Manager or any Covered Person.

         (b) Promptly after a Covered Person receives notice of the commencement
         of any action or other proceeding in respect of which indemnification
         may be sought hereunder, such Covered Person shall notify each Owner
         thereof; provided, that the failure to do so shall not relieve any
         Owner from any obligation hereunder unless, and only to the extent
         that, such failure results in Owners' forfeiture of substantive rights
         or defenses.

         (c) The foregoing right to indemnity shall be in addition to any rights
         that Manager and/or any other Covered Person may have at common law or
         otherwise and shall remain in full force and effect following the
         completion or any termination of the engagement. Each Owner hereby
         consents, and shall cause its subsidiaries (if any) to consent, to
         personal jurisdiction and to service and venue in any court in which
         any claim which is subject to this agreement is brought against Manager
         or any other Covered Person.

         (d) It is understood that, in connection with Manager's engagement,
         Manager may also be engaged to act for Owners or any of their
         subsidiaries in one or more additional capacities, and that the terms
         of this engagement or any such additional engagement may be embodied in
         one or more separate written agreements. This indemnification shall
         apply to the engagement specified in Section 1 hereof as well as to any
         such additional engagement(s) (whether written or oral) and any
         modification of said engagement or such additional engagement(s) and
         shall remain in full force and effect following the completion or
         termination of said engagement or such additional engagements.

         (e) Owners further understand that if Manager is asked to furnish
         Owners or any of their subsidiaries a financial opinion letter or to
         act for Owners or any such subsidiary in

                                      -7-
<PAGE>   8
         any other formal capacity, such further action may be subject to a
         separate agreement containing provisions and terms to be mutually
         agreed upon.

19.      FURTHER ASSURANCES.

         Each Party agrees to execute and deliver such additional documents and
         to take such additional actions as may be necessary or appropriate to
         effect the provisions of this Agreement and all transactions
         contemplated hereby.

20.      ENTIRE AGREEMENT.

         This Agreement constitutes the entire agreement between the Parties
         with respect to the subject matter hereof and supersedes all prior
         written or oral understandings or agreements between the Parties.

21.      NO THIRD-PARTY BENEFICIARIES.

         Except as set forth in Sections 17 and 18 hereof, this Agreement is
         solely for the benefit of the Parties and their respective successors
         and assigns, and this Agreement shall not otherwise be deemed to confer
         upon or give to any third party any remedy, claim, liability,
         reimbursement, cause of action or other right.

  22.    SEVERABILITY.

         If any provision of this Agreement is prohibited by applicable law, the
         Parties shall amend such provision to the extent (and only to the
         extent) necessary to comply with such rules or laws. Subject to the
         preceding sentence, if any provision of this Agreement or the
         application thereof to either Party or circumstance shall be held
         invalid or unenforceable to any extent, the remainder of this Agreement
         and the application of such provision to other parties or circumstances
         shall not be affected thereby and shall be enforced to the greatest
         extent permitted by law.

  23.    NOTICES.

         All notices, requests and demands to or upon the respective parties
         hereto shall be effective in writing (including by facsimile, telex or
         cable communication), and shall be deemed to have been duly given or
         made when delivered by hand, in the case of facsimile, telex or cable
         communication upon being sent (provided that, in the case of facsimile
         and telex communications, electronic confirmation of delivery of such
         communication is received by the Party upon sending such communication)
         or, if sent within the United States three (3) days after being
         deposited in the United States mail, certified or registered, postage
         prepaid. Notices shall be sent to the following addresses:

                                      -8-
<PAGE>   9

                  If to Owners, to:
                  600 N. Pearl Street
                  Suite 1550
                  Dallas, Texas 75201
                  Attention: Mr. J.D. Dell
                  Telephone: (214) 754-8300
                  Fax: (214) 754-8301

                  If to Manager, to:
                  Hudson Advisors, L.L.C.
                  600 N. Pearl Street
                  Suite 1500
                  Dallas, Texas 75201
                  Attn:  Mr. Robert J. Corcoran
                  Tel.:  (214) 754-8400
                  Fax:  (214) 754-8403

24.      AMENDMENT.

         An amendment or modification of this Agreement shall be effective or
         binding on a Party only if it is in writing and signed by that Party.

25.      SURVIVAL.

         The provisions of Sections 3, 4, 7, 11, 12, 13, 14, 16, 17, 18, 20, 21,
         23 and 26 shall survive any termination of this Agreement.

26.      WAIVERS.

         Any waiver, express or implied, by a Party of any right under this
         Agreement or of any breach by the other Party shall not constitute or
         be deemed a waiver of any other right or any other breach, whether of a
         similar or dissimilar nature to the right or breach being waived. A
         waiver of a Party's rights under this Agreement, including with respect
         to the other Party's breach, shall be effective only if that Party
         agrees in writing.

27.      HEADINGS.

         The headings contained in this Agreement are for convenience only and
         shall not affect the construction or interpretation of any provisions
         of this Agreement.

28.      BINDING EFFECT.

         Subject to the restrictions on assignment set forth in this Agreement,
         this Agreement shall inure to the benefit of and be binding upon the
         Parties and their respective legal representatives, successors and
         permitted assigns. Whenever this Agreement refers to

                                      -9-
<PAGE>   10

         any Party, such reference shall be deemed to include the legal
         representatives, successors and permitted assigns of such Party.

29.      INTENTION OF PARTIES TO ACT REASONABLY.

         The Parties hereby acknowledge and agree that they will act reasonably
         and in good faith in implementing the provisions of this Agreement and
         in the management and disposition of the Assets.

30.      COUNTERPARTS.

         This Agreement may be executed in two or more counterparts, each of
         which shall be deemed an original, but all of which shall constitute
         but one agreement.

                                      -10-
<PAGE>   11

         IN WITNESS WHEREOF, the Parties have caused their duly authorized
representatives to execute and deliver this Agreement on August 13, 2001, with
this Agreement to be effective as of March 9, 2001.

                                       HUDSON ADVISORS, L.L.C., a Texas
                                       limited liability company

                                       By:  Hudson Advisors Association, L.P.,
                                            a Texas limited partnership and its
                                            managing member

                                       By:  Advisors GenPar, Inc., a Texas
                                            corporation and its general partner

                                       By:  /s/ Robert J.Corcoran
                                            -----------------------------------
                                                Robert J. Corcoran
                                                President

                                       LSF3 CAPITAL INVESTMENTS I, LLC
                                       a Delaware limited liability company

                                       By:  /s/ J.D. Dell
                                            -----------------------------------
                                                J.D. Dell
                                                President

                                       LSF III CAPITAL INVESTMENTS, L.P.
                                       a Delaware limited partnership

                                       By:  Lone Star Partners III, L.P.,
                                            a Bermuda limited partnership
                                            and its General Partner

                                       By:  Lone Star Management Co. III,
                                            Ltd., a Bermuda exempted
                                            limited liability company and
                                            its General Partner

                                       By:   /s/ J.D. Dell
                                           ------------------------------------
                                                 J.D. Dell
                                                 Vice President

                                      -11-

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