Document:

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                                                                    EXHIBIT 10.1

                                                    15th Floor
                                                    260 Queen Street, Brisbane
                                                    G.P.O. Box 2237, Brisbane
                                                    Qld. 4001 Australia
                                                    Telephone No. (07) 3227 2513
                                                    Facsimile No. (07) 3221 9620

21 August 2000

The Secretary,
Collins Restaurants Management Pty Ltd
16-20 Edmonstone Street,
Newmarket, Qld 4051

Dear Sirs,

A$46,000,000.00 BILL ACCEPTANCE AND DISCOUNT FACILITY

Westpac Banking Corporation (WESTPAC) is pleased to offer Collins Restaurants
Management Pty Ltd ACN 093 912 979 the BORROWER) a facility on the following
terms.

Please confirm the Borrower's acceptance of this offer by signing the
accompanying copy of this letter and returning it before the expiry date of 31
August 2000.

Some terms used in this letter are defined in the text or in Clause 2.

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1.      FACILITY DETAILS
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1.1  MAXIMUM FACE     $46,000,000.00 (forty-six million Australian dollars) as
AMOUNT OF BILLS       reduced from time to time (the Commitment).
OUTSTANDING AT
ANY TIME:

                      Each time the Commitment is reduced (or when the
                      Commitment is cancelled) the Borrower shall retire
                      sufficient Bills to ensure that the maximum face amount of
                      outstanding Bills does not at any time exceed the
                      Commitment.

                      The Commitment will be automatically cancelled on the last
                      day of the Term.

                      If the face amount of the Bills maturing on any day
                      exceeds the face amount of Bills accepted and discounted
                      on that day, the Commitment will reduce by the amount of
                      that excess.

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                      The Borrower shall pay to Westpac, and the Commitment will
                      automatically reduce by:
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                      (a)    (SCHEDULED REDUCTIONS):

                             $667,000.00 on the last Business Day of each month,
                             commencing 30 September 2000;

                      and upon each of the scheduled repayment dates, the
                      Commitment will automatically reduce by the amount of the
                      payment due on that date,

                      AND;

                      (b)    (ASSET BASED REDUCTIONS):

                             (i)    an amount to be agreed between the Borrower
                                    and Westpac (the REDUCTION AMOUNT) (in
                                    accordance with the procedure set out in
                                    paragraph 1.1A below) equal to credit funds
                                    held by the CFG Group in excess of
                                    $4,000,000 on the last Business Day of each
                                    quarter (commencing on 31 December 2000)
                                    after making the following deductions:

                                    (A)    the Scheduled Reduction which falls
                                           due on that day;

                                    (B)    anticipated tax payments during the
                                           following quarter;

                                    (C)    capital expenditure due in the
                                           following quarter and consented to by
                                           Westpac (for the purposes of this
                                           clause Westpac shall be deemed to
                                           have consented to the Capital
                                           Expenditure in clause 12.3(v) of the
                                           Cross Guarantee and Negative Pledge);

                                     (D)   unpresented cheques forwarded to
                                           external trade creditors (including
                                           KFC Australia Pty Ltd) during that
                                           quarter; and

                                     the relevant payment shall be made, and
                                     the Commitment will reduce, in accordance
                                     with paragraph 1.1A; and

                             (ii)   an amount equal to the net sale proceeds of
                                    any asset sales by a Guarantor other than:

                                    (A)    an asset with a market value of less
                                           than $100,000.00;

                                    (B)    a sale for the purpose of a sale and
                                           leaseback; or

                                    (C)    a sale to a Group entity for the
                                           purpose of Restructure;

                                    on the day the settlement proceeds are
                                    received by or on behalf of a Guarantor.
                                    However, if the day upon which settlement
                                    proceeds are received ("SETTLEMENT DAY")
                                    does not coincide with a day upon which
                                    outstanding Bills mature ("BILL
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                                    ROLLOVER DATE") the reduction in the
                                    Commitment shall take place on the first
                                    Bill Rollover Date occurring after that
                                    Settlement Day and the proceeds of sale will
                                    be deposited with Westpac in a specially
                                    nominated interest bearing account (over
                                    which Westpac has an immediate right of
                                    set-off and appropriation) until that Bill
                                    Rollover Date, at which time they will be
                                    applied towards meeting the Bills maturing
                                    on that date.

1.1A  AGREEING THE    (a)    At least two Business Days before the end of each
REDUCTION AMOUNT             quarter the Borrower shall deliver a certificate
                             (signed by two directors) to Westpac. That
                             certificate shall certify:

                             (i)    the projected cash balance on the last
                                    Business Day of the quarter;

                             (ii)   the Scheduled Reductions due on the last
                                    Business Day of the quarter;

                             (iii)  anticipated tax payments during the
                                    following quarter;

                             (iv)   planned capital expenditure due in the
                                    following quarter; and

                             (v)    unpresented cheques forwarded to external
                                    trade creditors (including KFC Australia Pty
                                    Ltd) during that quarter. Unpresented
                                    cheques aggregating less than $100,000.00
                                    need not be included in the certificate.

                                    The certificate is to state the proposed
                                    Reduction Amount.

                      Westpac shall then either confirm the proposed Reduction
                      Amount or propose an alternative Reduction Amount before
                      the close of business on the last Business Day of the end
                      of the relevant quarter. Otherwise, the Reduction Amount
                      shall be the amount proposed by the Borrower.

                      If Westpac proposes an alternative Reduction Amount, the
                      alternative Reduction Amount shall be negotiated in good
                      faith.

                      If the Borrower and Westpac agree the Reduction Amount
                      before the close of business on the last Business Day of
                      the quarter, the relevant payment shall be made, and the
                      Commitment will reduce, on the first Business Day of the
                      following quarter.

                      If the Borrower and Westpac cannot agree the Reduction
                      Amount before the close of business on the last Business
                      Day of the relevant quarter, then on the first Business
                      Day of the following quarter:

                             (i)    the Borrower shall pay to Westpac, and the
                                    Commitment will be reduced by, the higher of
                                    the Reduction Amounts proposed by the
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                                    Borrower and Westpac (the HPA); and

                             (ii)   Westpac will provide to the Borrower an
                                    overdraft (the TEMPORARY OVERDRAFT) having a
                                    limit equal to the difference between the
                                    HPA and the Reduction Amount proposed by the
                                    Borrower to assist it to make that payment.

                      If, within the first 10 days of the following quarter (the
                      RELEVANT PERIOD), the Borrower and Westpac agree on a
                      Reduction Amount less than the HPA, the Commitment will
                      (from the date agreement is reached) increase by the
                      difference between the agreed amount and the HPA and the
                      Borrower may require Westpac to accept and discount Bills
                      having a corresponding face amount for the purpose of
                      assisting it to repay the Temporary Overdraft.

                      The amounts described above may be rounded to the nearest
                      $100,000.00.

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1.1B  TEMPORARY       (a)    The Borrower shall repay the Temporary Overdraft
OVERDRAFT                    (and all interest accrued on it) on the earlier of
                             the date the Reduction Amount is agreed and the
                             last day of the Relevant Period.

                      (b)    Interest shall be charged on a daily basis on the
                             Temporary Overdraft at the rate which is the
                             aggregate of the Reuters BBSY 1 month bid rate (on
                             the day the overdraft is created) and the
                             Acceptance Fee.
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1.2 DISCOUNT RATE:    For each Bill, the Reuters BBSY bid rate for a period
                      equal to the term of the Bill, on the date on which the
                      Bill is to be discounted, or if there is no BBSY rate for
                      that term, the rate selected by Westpac as equivalent
                      (DISCOUNT RATE).
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1.3 FEES:

- ESTABLISHMENT FEE:  $350,000.00 is payable as follows:

                      (a)    $10,000.00 receipt of which is acknowledged by
                             Westpac; and

                      (b)    $340,000.00; on acceptance of this offer.

                      If the Facility is not drawn down the establishment fee
                      shall be non-refundable.

- LINE FEE:           1.0% per annum of the average daily amount of the
                      Commitment for each calendar quarter from the date of
                      acceptance of this letter payable quarterly in advance on
                      the first Business Day of each calendar quarter and on the
                      date of acceptance of this letter (or at any other
                      intervals designated by Westpac from time to time). If the
                      Commitment is cancelled or reduced in the quarter the
                      relevant amount of fee is refundable.

- ACCEPTANCE FEE:     1.25% per annum (the ACCEPTANCE FEE) calculated on the
                      face amount of each Bill accepted from and including the
                      date of acceptance until the Bill's maturity date.

- PREPARATION FEE:    $100.00 per Drawdown Notice given in terms of Clause 5.3 .
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1.4 TERM:             (a)    3 years from the date of acceptance of this offer
                             (the 'Original Date') or any longer period approved
                             by Westpac under paragraph (b). Until Westpac
                             agrees to extend the term under paragraph (b), the
                             term ends on the Original Date.

                      (b)    The Borrower may by written request made to Westpac
                             not later than the date which is 3 months before
                             the Original Date and not earlier than the date
                             which is 18 months before the Original Date request
                             that the term be extended for a period of 18
                             months. Westpac may, in its absolute discretion
                             agree to extend the term, in which case the term
                             will end on the date which is 18 months after the
                             Original Date.

                      (c)    If Westpac agrees to extend the term under
                             paragraph (b) then Westpac will, subject to the
                             terms and conditions of this letter, provide the
                             Facility to the Borrower to the end of the term on
                             the same terms and conditions asat the Original
                             Date, subject only to the condition that the
                             Borrower pay, as consideration of Westpac's
                             agreement to extend the term, an extension fee of
                             $75,000.00. The Borrower must pay this amount to
                             Westpac not later than the Original Date.
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1.5 PURPOSE:          Working Capital
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1.6 SECURITY:         The Security Documents.

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2. DEFINITIONS
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In this letter the following definitions apply.

ACCEPTANCE FEE has the meaning given in Clause 1.3.

ACCOUNTS has the meaning given in the Cross Guarantee and Negative Pledge.

ASSET BASED REDUCTION means a payment by the Borrower, and a reduction of the
Commitment, under Clause 1.1(b).

AUTHORISATION includes any consent, registration, filing, lodgement, agreement,
certificate, notorisation, permission, licence, approval, authority or exemption
from, by or with any Governmental Agency. Where a Governmental Agency can
prohibit or restrict some thing if it acts within a specified period after
formal notification of it (for example, lodgement, registration or filing),
Authorisation includes the expiry of that period without that action.

BANK DOCUMENT has the meaning given in the Cross Guarantee and Negative Pledge.

BILL means a BILL OF EXCHANGE as defined in the Bills of Exchange Act 1909 which
is, or is to be, accepted or discounted under this letter or is taken to be
accepted or discounted under this letter (whether or not it physically exists).
It includes a bill which bears a purported signature on behalf of a Borrower
which has been discounted by Westpac under this letter, even if that signature
was not authorised or forged.

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BUSINESS DAY means any weekday on which Westpac is open at the address referred
to on the signature page and at the address at which Bills drawn under this
letter are to be accepted and discounted.

CFG GROUP means Collins Foods Group Pty Ltd ACN 009 937 900 and each of its
subsidiaries. For clarification, it includes Sizzler Steak Seafood Salad (S) Pte
Ltd.

COMMITMENT has the meaning given in Clause 1.1.

CROSS GUARANTEE AND NEGATIVE PLEDGE means the agreement titled "Unlimited Cross
Guarantee and Indemnity with Negative Pledge and Financial Ratio Covenants"
between CFG and its Subsidiaries, Sizzler International Marks Inc. and certain
of its Subsidiaries and Westpac, and dated on or about the date the Borrower
accepts this letter.

DISCOUNT RATE has the meaning given in Clause 1.2.

DRAWDOWN NOTICE means a notice in the form of Schedule B.

EBIT has the meaning given in the Cross Guarantee and Negative Pledge.

EVENT OF DEFAULT has the meaning given in the Cross Guarantee and Negative
Pledge.

FACILITY means the facility provided under this letter.

GOVERNMENTAL AGENCY means any government or any governmental, semi-governmental,
statutory, judicial entity or authority. It includes any self regulatory
organisation established under statute and any stock or futures exchange.

GROUP has the meaning given in the Cross Guarantee and Negative Pledge.

GUARANTOR has the meaning given in the Cross Guarantee and Negative Pledge.

MANAGEMENT EQUITY AGREEMENT means the agreement or agreements to be entered into
between Restaurants Concepts International, Inc and certain executives, senior
managers and selected employees of companies in the CFG Group reasonably
acceptable to Westpac (the 'Australian Management Group') pursuant to which
Restaurant Concepts International, Inc agrees that the Australian Management
Group may acquire equity in Collins Foods Group Pty Ltd ACN 009 937 900.

MATERIAL ADVERSE EFFECT has the same meaning as in the Cross Guarantee and
Indemnity.

"REFERENCE LENDING RATE" means the rate Westpac regularly publishes in major
metropolitan newspapers as its "Reference Lending Rate" or such other rate as
may supersede Westpac's Reference Lending Rate and apply as a base rate to loans
made by Westpac over $1,000,000.

RESTRUCTURE means the restructure of the Group as described to Westpac before
the date of this letter. For the purpose of this letter and the Cross Guarantee
and Negative Pledge, the Restructure is complete when:

(a)     Collins Foods Group Pty Ltd ACN 009 937 900 holds all of the issued
        shares in:

        -   Sizzler Asia Holdings, Inc;

        -   Collins Restaurants Queensland Pty Ltd;

        -   Collins Restaurants Management Pty Ltd; and

        -   Sizzler Restaurants Group Pty Ltd;

(b)     Sizzler Asia Holdings, Inc holds all of the issued shares in:

        -   Sizzler Restaurant Services, Inc;

        -   Sizzler South East Asia, Inc; and

        -   Sizzler New Zealand, Limited;

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        and not less than 50% of the issued shares in Sizzler Steak Seafood
        Salad (S) Pte Ltd; and

(c)     all of the issued shares in Collins Foods Group Pty Ltd ACN 009 937 900
        are held by Restaurants Concepts International, Inc.

SCHEDULED REDUCTION means a payment by the Borrower, and a reduction of the
Commitment, under Clause 1.1(a).

SECURITY INTEREST includes any mortgage, pledge, lien, charge or other security
or any arrangement which gives a creditor a preferential right to an asset or
its proceeds.

SECURED PROPERTY means all property the subject of a Security Document.

SECURITY DOCUMENT means each document described in clause 5.2 (b) (i) of this
letter and the Security Interests which at the date of this letter secure the
Borrower's indebtedness to Westpac which documents are, for clarification,
listed in Schedule D.

SUBSIDIARY of a corporation is an entity whose accounts are included in that
corporation's consolidated accounts.

TAX includes a tax, levy, duty or charge (and associated penalty or interest)
imposed by a Governmental Agency.

TERM means the period determined in accordance with paragraph 1.4.

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3. INTERPRETATION
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A reference to an OUTSTANDING Bill is to a Bill which has been accepted or
discounted under this letter (or in respect of which a Borrower has not paid the
face amount or provided cash cover under this letter). This applies whether or
not the Bill has matured, been presented for payment or been paid on
presentation by Westpac.

In relation to periods of time, a reference to a BUSINESS DAY is a reference to
a whole Business Day.

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4. WHO MAY ISSUE DRAWDOWN NOTICES AND DRAW BILLS
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INTENTIONALLY DELETED

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5. THE FACILITY
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5.1 FACILITY

The Borrower can require Westpac to accept Bills and discount them under the
Facility on any Business Day.

5.2 CONDITIONS PRECEDENT TO ISSUE OF THE FIRST DRAWDOWN NOTICE

Before the Borrower can require the acceptance and discount of Bills, the
Borrower must:

(a)     sign and return a copy of this letter;

(b)     deliver the following in form and substance reasonably satisfactory to
        Westpac:

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        (i)    the following security documents duly executed and, if
               applicable, in registrable form

               (A)    the Cross Guarantee and Negative Pledge;

               (B)    a Stock Pledge by Sizzler Asia Holdings Inc of its shares
                      in Sizzler New Zealand Ltd, Sizzler Restaurant Services,
                      Inc and Sizzler South East Asia, Inc.;

               (C)    a first party charge by each of Sizzler Asia Holdings Inc
                      and Collins Restaurants Management Pty Ltd ACN 093 912 979
                      over all its assets and undertaking;

               (D)    first mortgages over all commercial leasehold property of
                      Collins Restaurants Queensland Pty Ltd ACN 009 988 381,
                      Sizzler Restaurants Group Pty Ltd ACN 010 102 388 and
                      Collins Foods Group Pty Ltd ACN 009 937 900 situated in
                      Australia;

               (E)    a conditional guarantee limited to A$10 million by Sizzler
                      International, Inc;

               (F)    a subordination agreement between the parties (other than
                      Collins Properties, Inc) to the existing subordination
                      agreement dated 24 September 1997 and Sizzler Asia
                      Holdings, Inc and Collins Restaurants Management Pty Ltd
                      ACN 093 912 979;

               (G)    Letter of Security over Deposit over money held by Collins
                      Restaurants Management Pty Ltd ACN 093 912 979 in an
                      account with Westpac to pay interest and management fees
                      to Restaurant Concepts International, Inc and Sizzler
                      International, Inc.; and

               (H)    Deeds of Assumption by each of Collins Restaurants
                      Queensland Pty Ltd ACN 009 988 381, Sizzler Restaurants
                      Group Pty Ltd ACN 010 102 388 and Collins Foods Group Pty
                      Ltd ACN 009 937 900;

        (ii)   a verification certificate from the Borrower and each Guarantor
               in the form attached to this letter;

        (iii)  an undertaking from Sizzler Asia Holdings, Inc to do everything
               necessary to perfect the Stock Pledge described in paragraph (b)
               (i) (B) and the company charge described in paragraph (b) (i) (C)
               given by it as a Security Interest over the property described in
               the relevant instrument; and

        (iv)   an undertaking from Collins Restaurants Queensland Pty Ltd not to
               encumber its franchise rights relating to Kentucky Fried Chicken,
               on substantially similar terms to the undertaking given by
               Collins Foods International, Inc to Westpac in September 1997;

(c)     satisfy the conditions precedent described in Schedule C;

(d)     satisfy Westpac's requirements in relation to the security documents
        referred to in paragraph (b)(i); and

(e)     pay the balance of the establishment fee.

5.3     DRAWDOWN NOTICE REQUIRED

The obligation of Westpac to accept or discount Bills pursuant to this letter is
subject to the Borrower giving Westpac a Drawdown Notice by 10.30am (Sydney
time) at least 3 Business Days (or such shorter period as Westpac agrees to
accept) before the proposed date for accepting and discounting Bills (the
DRAWDOWN DATE)

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5.4     NO DEFAULT

Westpac is not obliged to accept or discount Bills under this letter if on the
Drawdown Date there is:

(a)     a continuing Event of Default; or

(b)     a breach or other event which with notice or time or both would become
        an Event of Default.

However, Westpac may at its discretion make available to the Borrower an amount
not exceeding the face amount of the Bills requested. That amount, if provided
at all by Westpac, will be provided as a loan which is repayable on the earlier
of:

(c)     demand by Westpac for repayment of that amount, and

(d)     notice by Westpac under Clause 11 (Westpac's Remedies and Powers) below.

The Borrower shall pay interest monthly in arrears on the loan. The interest
will accrue from day to day at a rate equal to 2.0% per annum plus Westpac's
Reference Lending Rate then applicable.

5.5     CONDITIONS SUBSEQUENT

The Borrower must satisfy the following conditions after the first Drawdown
Date:

(a)     delivery to Westpac not later than the last day of the first operating
        quarter of CFG Group after the date of acceptance of this offer, an
        opinion in form and substance reasonably acceptable to Westpac from
        PricewaterhouseCoopers that the Restructure has been completed and the
        most recent projected consolidated balance sheet of CFG Group given to
        Westpac based on figures as at 28 May 2000 is, in all material respects,
        a true and correct statement of the assets and liabilities of CFG Group
        as at the date or during the period stated in the opinion;

(b)     the requirement that the Management Equity Agreement is in full force
        and effect by not later than 15 December 2000;

(c)     (i)    that there is no change in the Chief Executive Officer (CEO) of
               Collins Foods Group Pty Ltd or any other significant change in
               the management of any company in the CFG Group which, in
               Westpac's reasonable opinion, has or is likely to have a Material
               Adverse Effect; and

        (ii)   if there is a change of the type described in paragraph (i), a
               person or persons reasonably acceptable to Westpac is not
               appointed to the relevant position within 90 days of Westpac
               giving written notice to Collins Foods Group Limited that it
               considers that the change in the CEO or management has or is
               likely to have a Material Adverse Effect; and

(d)     delivery to Westpac of lessor's right of entry letters signed by Collins
        Property Development Pty Ltd for each property leased by that company to
        Collins Restaurants Queensland Pty Ltd ACN 009 988 381, Sizzler
        Restaurants Group Pty Ltd ACN 010 102 388 and Collins Foods Group Pty
        Ltd ACN 009 937 900.

5.6     BREACH OF CONDITIONS SUBSEQUENT

If the condition described in clause 5.5(a) or the condition described in clause
5.5(c) is not satisfied by the due date then Westpac may:

(a)     by giving not less than thirty (30) days written notice to the Borrower,
        vary the terms and conditions on which the Facility is provided. If
        Westpac gives the Borrower notice that it wishes to change any of the
        terms and conditions of the Facility, then unless Westpac agrees
        otherwise with the Borrower:

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        (i)    the changes take effect from the day when the Borrower accepts
               the changes; and

        (ii)   if the Borrower does not accept the changes before the end of the
               notice period then, with effect from the end of the notice
               period, the Facility becomes repayable on demand made by Westpac.

        If Westpac makes demand pursuant to this clause, then the Borrower must
        within thirty (30) days of the date of the demand pay to Westpac:

        -   all money actually or contingently owing (including any cost or loss
            determined under clause 7.3 or clause 8.8 of this letter) by it to
            Westpac under or in connection with this letter; and

        -   the face amount of all Bills drawn by it and outstanding as at the
            repayment date; or

(b)     by giving not less than sixty (60) days prior written notice to the
        Borrower, terminate the Facility. If Westpac gives notice under this
        paragraph, then termination takes effect at the end of the notice
        period. The Borrower must pay Westpac immediately upon termination:

        -   all money actually or contingently owing (including any cost or loss
            determined under clause 7.3 or clause 8.8 of this letter) by it to
            Westpac under or in connection with this letter; and

        -   the face amount of all Bills drawn by it and outstanding on the date
            of termination.

If the condition described in clause 5.5 (b) is not satisfied by the due date,
then Westpac may by written notice given to the Borrower (and a copy of any such
notice must also be sent to Sizzler International, Inc) require the Borrower to
repay outstanding Bills and cancel the Commitment by an amount of
A$10,000,000.00. If the Borrower does not do so within thirty (30) days of the
date of the written notice given by Westpac to the Borrower, Westpac may cancel
the Commitment by an amount of $10,000,000.00 and make demand under the
conditional guarantee referred to in clause 5.2(b)(i)(E) of this letter.

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6. FACILITY PROCEDURES
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6.1 FORM OF BILLS

Bills prepared under this letter must:

(a)     be in a form acceptable to Westpac and, to the extent practicable, have
        a face amount of $100,000, $500,000, or $1,000,000 or any other amount
        specified by Westpac,

(b)     be expressed to be drawn by the Borrower and signed by it as drawer,

(c)     be payable at Westpac's office at: 3rd Floor, 255 Elizabeth Street,
        Sydney, NSW 2000, or any other address which Westpac may specify,

(d)     have the name of the payee left blank,

(e)     have a term, as required by the Borrower (or, in the case where the
        fixed rate discount option applies, Westpac), of 30, 60, 90, 120, 150 or
        180 days or any other term Westpac and the Borrower may agree, and

(f)     mature on a Business Day which is not later than the last day of the
        Term.

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The Borrower must select terms for Bills in order to comply with the reductions
in Commitment specified in Clause 1.1 so that the total face amount of
outstanding Bills will not at any time exceed the reduced Commitment.

6.2     PREPARATION OF BILLS

Westpac will ordinarily prepare Bills itself, but it may require the Borrower
giving a Drawdown Notice to prepare Bills under this letter. If Westpac prepares
Bills, it may prepare one Bill having a face amount equal to the aggregate face
amount of Bills having the same maturity date and referred to in the relevant
Drawdown Notice.

6.3     AUTHORITY

Each Borrower irrevocably and for value authorises Westpac:

(a)     to complete and deliver Bills under this letter,

(b)     on behalf of the Borrower and in its name to prepare Bills complying
        with this letter and to sign them as drawer and if applicable, endorse
        them, and to alter any non-complying Bills.

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7. ACCEPTANCE AND DISCOUNT
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7.1     ACCEPTANCE AND DISCOUNT

When it is obliged under this letter to accept and discount Bills Westpac shall:

(a)     accept those Bills,

(b)     if necessary, insert as payee itself or any other person who is to buy
        those Bills, and

(c)     discount those Bills and pay to the Borrower or as it directs an amount
        equal to the sum of the face amount of those Bills less the sum of:

        (i)    a discount amount for each Bill which would result in a yield to
               maturity on that Bill calculated at the Discount Rate (expressed
               as a yield percent per annum) or, where a fixed rate applies to
               that Bill, that fixed rate,

        (ii)   the Acceptance Fee for the Bills,

        (iii)  the preparation fee for the Bills,

        (iv)   any applicable stamp duty or other tax payable by Westpac on or
               in respect of the Bills or any payment under this letter
               (including financial institutions duty), and

        (v)    any other amount owing by the Borrower to Westpac under this
               letter.

7.2     FIXED RATE OPTION

In a Drawdown Notice the Borrower may request Westpac to inform it of the fixed
rate at which Westpac will discount a series of Bills with the total face amount
nominated in the Drawdown Notice and during the period nominated in the Drawdown
Notice. That period must not be less than 180 days. It must end no later than
the last day of the Term.

Westpac shall quote to the Borrower by telephone the fixed rate by 9.45 am
(Brisbane time) on the relevant date specified in the Drawdown Notice . The rate
will be expressed as a percent per annum and a yield to maturity. If the
Borrower wishes to accept that quote, it shall do so by telephone while that
quote is current.

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If the Borrower does accept the quote, then during that period except as set out
in Clause 7.3:

(a)     Westpac on behalf of the Borrower or, at Westpac's request, the Borrower
        shall prepare, sign as drawer, complete, and deliver Bills with terms
        selected by Westpac, so that at all times during that period there are
        Bills outstanding which have a total face amount equal to the amount
        nominated, and

(b)     Westpac shall discount those Bills at that rate in accordance with this
        letter.

If the Borrower does not accept that quote, the ordinary procedures for setting
the discount rate under this letter will apply.

Westpac is entitled to rely on a facsimile communication purporting to be signed
by an authorised signatory of the Borrower if Westpac believes the communication
to be genuine.

7.3     PREPAYMENT DURING FIXED RATE PERIOD

During the period a fixed rate applies, the Borrower can prepay all or part of
the total face amount of the Bills for which it selected a fixed rate on giving
two Business Days irrevocable notice in writing. If that occurs, or if the
Commitment is cancelled, Westpac's obligation to prepare and discount Bills at
the fixed rate is correspondingly reduced or cancelled.

If for that or any other reason (excluding default by Westpac), Bills of the
total face amount are not drawn and discounted for the full fixed rate period,
then the Borrower shall pay Westpac the amount which Westpac certifies to be the
cost or loss resulting from the liquidation or re-employment of deposits or
other funds acquired or contracted for by Westpac to fund or maintain the
discounting of Bills at the fixed rate, and the termination or reversing of any
agreement or arrangement entered into by Westpac to fix, hedge or limit the
effective cost of funding or maintaining Bills under the fixed rate option.

--------------------------------------------------------------------------------
8. PAYMENT OBLIGATIONS
--------------------------------------------------------------------------------

8.1     INDEMNITY

The Borrower shall indemnify Westpac on demand against all liabilities of
Westpac as acceptor or endorser of Bills drawn by the Borrower.

8.2     LIABILITY ON BILLS

As between Westpac and the Borrower, the Borrower is primarily liable in respect
of all Bills accepted by Westpac on its behalf. Accordingly:

(a)     the liability of the Borrower with respect to any Bill will not be
        discharged because Westpac becomes the holder of that Bill before, on or
        after its maturity, and

(b)     not later than 11 am on the maturity date for each Bill, the Borrower
        shall pay to Westpac an amount equal to the face amount of that Bill.

8.3     NETTING OFF

Where new Bills are to be drawn and accepted on the maturity date of old Bills,
only the net amount as between the amounts payable on that date:

(a)     to Westpac under this Clause 8 in respect of the face amount of the old
        Bills, and
<PAGE>   13
                                                                         Page 13
--------------------------------------------------------------------------------
(b)     by Westpac by way of proceeds of the new Bills under Clause 7
        (Acceptance and Discount),

need be paid.

8.4     FEES

The Borrower will pay fees as set out in this letter.

8.5     REPAYMENTS

The Facility will terminate at the expiry of the Term, and at that time the
Borrower will pay to Westpac:

(a)     all money owing by it to Westpac under or in connection with the
        Facility , and

(b)     the face amount of all outstanding Bills drawn by it.

8.6 CANCELLATION OF COMMITMENT

The Borrower can cancel (in minimum amounts of $100,000.00 and multiples of
$100,000.00) all or part of the undrawn Commitment by giving not less than seven
days irrevocable notice in writing to Westpac.

8.7     METHOD OF PAYMENT

The Borrower will make all payments at the address on the signature page of this
letter or as specified by Westpac. Payments must be in cleared funds and free of
any set-off or deduction, except for taxes where required by law. All payments
will be made by 11am (local time) in the place of payment.

Unless otherwise stated, amounts payable under Clause 10 (Yield Protection and
Additional Payments) below are payable within 2 Business Days of demand.

8.8     PREPAYMENT

The Borrower can prepay all or part of the total face amount of outstanding
Bills (in a minimum amount of A$100,000.00 and multiples of A$100,000.00) on
giving seven days irrevocable notice in writing to Westpac.

The Borrower shall pay Westpac the amount which Westpac certifies to be the cost
or loss resulting from the prepayment of any Bill before its maturity date.

<PAGE>   14
                                                                         Page 14
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
9. INTEREST RATE HEDGING POLICY
--------------------------------------------------------------------------------

9.1     HEDGING STRATEGY

        The Borrower must, as a minimum, hedge projected floating rate interest
        exposure of the Borrower under the Facility in accordance with a hedging
        strategy determined by the Borrower and reasonably acceptable to Westpac
        in relation to notional principal amounts of not less than 66% (or such
        other amount as is acceptable to Westpac acting reasonably) of the
        projected principal outstanding under the Facility for the period to the
        end of the Term.

9.2     DOCUMENTATION

        The Borrower (or another entity acceptable to Westpac) must sign, not
        later than the date which is 14 days after:

        (i)    the date of acceptance of this letter; or

        (ii)   the date on which Westpac delivers the documents to the Borrower
               to sign;

        whichever is later, an ISDA Agreement (including the master agreement,
        schedules and confirmations) with such changes as Westpac reasonably
        requires to give effect to clause 9.1.

--------------------------------------------------------------------------------
10. YIELD PROTECTION AND ADDITIONAL PAYMENTS
--------------------------------------------------------------------------------

10.1    YIELD PROTECTION

Whenever Westpac determines that a Change in Law (as defined below) has the
effect of:

(a)     increasing its costs of funding or maintaining the Facility, or reducing
        its return or amounts received in respect of the Facility; or

(b)     reducing its return on capital allocated to the Facility (including
        because more capital needs to be allocated to the Facility or cannot be
        used elsewhere),

then it will promptly notify the Borrower, and they must pay Westpac the amount
it certifies is necessary to compensate it. That certificate will give an
outline of the calculation, and will be conclusive and bind the Borrower in the
absence of manifest error.

If the Borrower so requests, Westpac will negotiate in good faith with a view to
finding a means of minimising the effect, but it is not a defence that the
effect could have been avoided or minimised.

A CHANGE IN LAW is the introduction of, or a change in, any law, official
directive, ruling or request or a change in its interpretation. If it does not
have the force of law, it must be one with which responsible Australian banks
would comply. Without limitation, it includes any of these circumstances which
occurs with respect to capital adequacy, special deposit, liquidity, reserve,
prime assets, tax or prudential requirements (except a change in tax on overall
net income).

<PAGE>   15
                                                                         Page 15
--------------------------------------------------------------------------------

10.2    INDEMNITY AND COSTS

The Borrower will indemnify Westpac against any liability, loss, cost or expense
(including legal costs on a full indemnity basis) it incurs as a result of an
Event of Default or the actual or contemplated enforcement of this letter or any
Bank Document.

The Borrower will pay Westpac's reasonable external legal costs in relation to
the preparation of each Bank Document, any amendment of it, or any consent or
waiver under it.

10.3    TAX

If the Borrower is required to deduct any Tax from any payment under a Bank
Document (except a Tax on Westpac's overall net income), then:

(a)     the Borrower must pay that amount to the appropriate authority and
        promptly give Westpac evidence of payment; and

(b)     the amount payable is increased so that (after deducting that Tax, and
        paying any taxes on the increased amount) Westpac receives the same
        amount it would have received had no deduction been made.

10.4    CURRENCY INDEMNITY

The Borrower will indemnify Westpac if any amount payable under or in connection
with a Bank Document is received in a currency which is different from that in
which it is required to be paid under this letter. This indemnity applies
whatever the reason for receipt of the amount in a different currency.

10.5    STAMP DUTY

The Borrower will pay all stamp, transaction and other similar duties and
charges in relation to this letter, any Bill accepted and discounted under it,
any Bank Document and any transaction under them. This includes financial
institutions duty and debits tax. The Borrower will also pay any fines and
penalties unless they result from a failure by Westpac to lodge a document for
stamping in sufficient time, having received from the Borrower the amount of
stamp duty in good time.

10.6    GOODS AND SERVICES TAX

(a)     All payments to be made by the Borrower under or in connection with the
        Facility have been calculated without regard to GST.

        If all or part of any such payment is the consideration for a taxable
        supply for GST purposes then, when the Borrower makes the payment:

        (i)    it must pay to Westpac an additional amount equal to that payment
               (or part) multiplied by the appropriate rate of GST; and

        (ii)   Westpac will promptly provide to the Borrower a tax invoice
               complying with the GST law.

(b)     Where under this letter or a Bank Document the Borrower or a Guarantor
        is required to reimburse or indemnify for an amount, the Borrower or the
        Guarantor (as the case may be) will pay the relevant amount (including
        any sum in respect of GST) less any GST input tax credit Westpac
        determines that it is entitled to claim in respect of that amount.

<PAGE>   16
                                                                         Page 16
--------------------------------------------------------------------------------

(c)     Any word or expression used in this clause which is defined in A New Tax
        System (Goods and Services Tax) Act 1999 (Cth) has the same meaning in
        this document.

--------------------------------------------------------------------------------
11. WESTPAC'S REMEDIES AND POWERS
--------------------------------------------------------------------------------

11.1    EVENT OF DEFAULT

If an Event of Default occurs then Westpac may either or both:

(a)     terminate the Facility and cancel the Commitment; and

(b)     by written notice require the Borrower to pay to Westpac:

        (i)    all money actually or contingently owing by it to Westpac under
               or in connection with this letter, and

        (ii)   the face amount of all Bills drawn by it and outstanding as at
               the date of that notice.

The Borrower will pay those amounts immediately.

11.2    AMOUNTS PAID ON UNMATURED BILLS AND CONTINGENT AMOUNTS

(a)     Any amount paid to Westpac under this Clause in respect of any
        outstanding Bill or in respect of any sum contingently owing, and

(b)     interest credited under this clause,

will accrue and be credited with interest at a rate and in a manner which
Westpac determines would under its normal procedures apply to deposits of a
similar amount at call (or of any other term specified by Westpac).

Westpac may apply it in or towards satisfaction of any sum at any time payable
to Westpac under or in relation to this letter or any Bank Document, including
in respect of Bills.

It is repayable by Westpac to the extent only that on any day it exceeds the
amount of all money owing to Westpac under or in connection with this letter or
any Bank Document (including, without limitation, the total face amount of the
outstanding Bills and all amounts which are then or may subsequently become
contingently owing).

11.3    DEFAULT INTEREST

Interest will accrue each day on each amount due but unpaid. The rate will be
the aggregate of Westpac's Reference Lending Rate then applicable plus the
Acceptance fee plus 2% per annum. That interest accrues before and after any
judgment.

Westpac may debit the Borrower's account with accrued interest under this
paragraph on any day. If it does not do so more often it will be taken to have
done so monthly. That interest will then itself bear interest.

11.4    APPLICATION OF MONEY - SET-OFF

If the Borrower does not pay an amount when due, Westpac may apply any money in
any of the Borrower's accounts (whether or not matured) in payment of any amount
payable under this letter. It need not do so. It can convert currencies using
its normal procedures.

<PAGE>   17
                                                                         Page 17
--------------------------------------------------------------------------------

11.5    NO WAIVER

No failure to exercise a power, and no delay in exercising a power, operates as
a waiver. Waivers must be in writing.

--------------------------------------------------------------------------------
12. GENERAL
--------------------------------------------------------------------------------

12.1    STATEMENT

A written statement by Westpac as to any amount due under this letter or a Bank
Document will be sufficient evidence of that amount unless the Borrower proves
it wrong.

12.2    ASSIGNMENT

The Borrower may not assign its rights under this letter. Westpac may transfer
any part of its rights and, with the Borrower's consent, obligations. The
Borrower will not withhold that consent unreasonably. Westpac may disclose
information to a potential transferee or sub-participant.

Where Westpac wants to transfer part of its obligations the Borrower will sign
when reasonably requested by Westpac a document which will effect that transfer
and which does not increase the Borrower's obligations. Westpac will bear its
own costs and stamp duty on that document.

12.3    NOTICES AND WESTPAC AUTHORISED SIGNATORIES

Any notice, demand, statement, certificate or other communication by Westpac may
be given by any person whose title includes the word "manager", "head",
"counsel" or "president", or any attorney authorised to do so. Any such person
may sign a Bill on behalf of Westpac or the Borrower.

Notices must be in writing. They may be sent by facsimile, post or any other
means to the recipient's address or number set out on the signature page or any
other address or number notified to the sender by the recipient.

Notices will be taken to have been given if delivered or left at that address,
on the dates on which they are delivered or left.

12.4    AUTHORISED SIGNATORIES

All documents (including Bills) required to be signed by the Borrower under this
letter shall be signed on its behalf by one or more authorised signatories
referred to in the verification certificate given in respect of the Borrower, or
any other or additional authorised signatories subsequently appointed, whose
names and specimen signatures have been notified to Westpac.

12.5    GOVERNING LAW AND JURISDICTION

This letter is governed by Queensland law. The Borrower accepts the
non-exclusive jurisdiction of the courts having jurisdiction there.

<PAGE>   18
                                                                         Page 18
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                 SCHEDULE A -- FORM OF VERIFICATION CERTIFICATE
--------------------------------------------------------------------------------
                                   QUEENSLAND

TO WIT

We, .........................................., and .......................... ,
of, .........................................., and ..........................
in the State of Queensland do solemnly and sincerely declare as follows:

(a)     We are Directors of ....................................................

        Pty Ltd ACN ___ ___ ___ (the COMPANY), of ..............................
        ........................................................................

(b)     On .........................., 20.... a duly convened meeting of the
        Directors of the Company was held, at which a quorum was present. The
        Directors met to consider entering into the documents referred to below
        and the transactions they evidence, to secure (among other things)
        financial accommodation of $46,000,000.00 (the ACCOMMODATION) made
        available or continuing to be made available (at the request of the
        Company) by Westpac Banking Corporation (WESTPAC) to Collins Restaurants
        Management Pty Ltd (the BORROWER).

(c)     The following documents (the BANK DOCUMENTS) submitted by Westpac to the
        Company and required by Westpac (among others) as security for the
        Accommodation, were tabled at the meeting:

        -   [complete as appropriate]

(d)     The Directors considered the terms on which the Accommodation was being
        offered, including the terms of the Bank Documents and passed
        resolutions that:

        (i)    The Company confirms its request to Westpac for the Accommodation
               made available or continuing to be made available to the
               Borrower;

        (ii)   In order to secure the payment to Westpac of:

               (A)    the Accommodation;

               (B)    all other moneys specifically agreed to be paid by the
                      Company to Westpac in the Bank Documents; and

               (C)    all moneys at any time owing by the Company or the
                      Borrower to Westpac on any account (including interest).

        the Company execute and deliver the Bank Documents.

(e)     It was also duly resolved that ........................................
        and ....................................................................
        be authorised to affix the common seal of the Company to the Bank
        Documents.

(f)     The resolutions were duly passed in all respects in accordance with the
        constitution of the Company and the Corporations Law or, as the case may
        be, the laws governing such matters in the Company's place of
        incorporation (the RELEVANT LAW).

(g)     The Bank Documents were duly executed in accordance with the
        resolutions, the Company's constituent documents and the Relevant Law.

(h)     Before passing the resolutions, the Directors considered the interests
        of the Company and determined that entering into the Bank Documents was
        in the Company's interests, for the proper purposes of the Company, and
        not prejudicial to its creditors.

<PAGE>   19
                                                                         Page 19
--------------------------------------------------------------------------------

(i)     The Secretary was authorised and directed to sign all documents and do
        other things necessary to enable the Bank Documents to be duly stamped
        and registered (if applicable).

(j)     Each Director at the meeting declared to the meeting prior to the
        passing of the resolutions (or had previously disclosed) all interests
        and any conflicts of interest and duty on that Director's part
        (including detailed particulars of the full nature and extent of such
        interests and where a general notice of a Director's interest had
        previously been given, detailed particulars of any change in the extent
        of that interest) as required by the constituent documents of the
        Company and the Relevant Law. The Secretary was directed to record every
        such declaration by the Directors at the meeting in the minutes of the
        meeting, in accordance with the Relevant Law.

(k)     Since the date of its incorporation, the Company has not in general
        meeting or otherwise at any time made or passed any resolution or taken
        any action nor has any other event happened, as a result of which the
        Company is prevented from giving guarantees or indemnities or executing
        the Bank Documents or as a result of which the right or power of the
        Company to guarantee and indemnify and to give security over its assets
        has been abrogated or restricted, nor has the Company in general meeting
        or otherwise at any time passed any resolution or taken any other action
        or proceedings having the effect of in any way altering or otherwise
        affecting in whole or in part its constitution which has not been fully
        disclosed to Westpac.

(l)     Since the date of its incorporation, the Company has not in general
        meeting or otherwise at any time passed any resolution not to call up
        unpaid calls on shares nor has any meeting of the Company been convened
        for the purpose of considering or passing any such special resolution.

(m)     There is no unsatisfied judgement in any court nor any writ of execution
        issued out of any court which might be enforced against any part of the
        property or assets of the Company nor is there (to the best of its
        knowledge and belief after making due enquiry) pending any action or
        suit against the Company which has not been disclosed to Westpac or in
        relation to the winding up of the Company nor has any resolution been
        passed for the winding up of the Company.

(n)     The Company is solvent and there are reasonable grounds to expect that,
        on execution of each Bank Document to which it is a party, it will
        continue to be able to pay all its debts as and when they become due and
        payable.

(o)     The copy of the constituent documents of the Company provided to Westpac
        on or about is a true and up to date copy of the same.

(p)     All the shares referred to in the Schedule below are held beneficially
        by the person referred to as holding them and no shares are held on
        trust or for any other person or corporation (except as expressly
        disclosed in the Schedule).

(q)     At the date of this declaration the Company has not given any charge or
        charges and does not intend to give any charges prior to entering into
        the Bank Documents to Westpac.

(r)     We certify that the Company is not prohibited under Part 3.2A of the
        Corporations Law, or under any similar provisions in any other Relevant
        Law, from entering into the Bank Documents.

(s)     We certify that in entering into the Bank Documents and undertaking any
        action contemplated by the Restructure (as defined in the letter dated
        28 August 2000
<PAGE>   20
                                                                         Page 20
--------------------------------------------------------------------------------

        from Westpac to the Borrower) the Company will not contravene Part 2J.3
        of the Corporations Law or any similar provisions in any other Relevant
        Law.

(t)     We certify that no corporate authorisation (other than the resolutions
        referred to in paragraph (d) and (e) are required for the Company to
        enter into and perform its obligations under the Bank Documents.

(u)     We certify that no event has occurred or is likely to occur in relation
        to the Company which has or is likely to have a Material Adverse Effect
        (as defined in the letter dated 28 August 2000 from Westpac to the
        Borrower).

(v)     We certify that at the date of this declaration the particulars
        described in the Schedule below are true and correct.

                                  THE SCHEDULE
                   SHAREHOLDERS & SHARES HELD (PARAGRAPH (p))
                            [Please complete details]

                  NAME AND ADDRESS OF SECRETARY (PARAGRAPH (v))
                            [Please complete details]

AND we make this solemn declaration conscientiously believing the same to be
true and by virtue of the provisions of the "Oaths Act 1867 (Queensland).

DECLARED before me at ..............this        )
 ...................day of ..........20..        )   ............................
                                                )   Director
                                                )
(Full name to be printed)                       )
A Justice of the Peace                          )   ............................
                                                )   Director
<PAGE>   21
                                                                         Page 21
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                      SCHEDULE B -- FORM OF DRAWDOWN NOTICE
--------------------------------------------------------------------------------

TO:   [Name]
      Westpac Banking Corporation,
      [address]

COLLINS RESTAURANTS MANAGEMENT PTY LTD A.C.N. 093 912 979 (the BORROWER)
A$46,000,000.00 BILL ACCEPTANCE AND DISCOUNT FACILITY

I refer to the facility letter dated [INSERT DATE OF LETTER].

I am authorised to give this irrevocable notice on behalf of the Borrower. The
representations by the Borrower in the letter are true as of today. No Event of
Default (as defined in the letter) or event has occurred. No breach or other
event has occurred which with notice or both would become an Event of Default.

The Borrower requests you to prepare, complete, draw, endorse (if necessary),
sign and deliver on the Borrower's behalf Bills (details of which appear in the
schedule below) drawn by the Borrower on Westpac. The Borrower acknowledges
that, unless Westpac specially requires it to prepare and draw Bills, Westpac
will do so.

The Borrower requests Westpac to do as follows on [INSERT DATE] 20[INSERT YEAR]:
[NOTE: DATE MUST BE A BUSINESS DAY.]

(1)     accept the Bills for the Borrower's accommodation;

(2)     complete the name of the payee on the Bills, buy them or at Westpac's
        option sell them to any person and credit the net proceeds after
        deducting any moneys payable under (3) below to the Borrower's Account
        Number [INSERT ACCOUNT NUMBER] at the [INSERT BRANCH NAME] Branch of
        Westpac; and

(3)     deduct from the proceeds referred to in (2) above the amount of
        Westpac's acceptance and other fees and any stamp or other duty payable
        in respect of the Bills; [and]

(4)     [state the fixed rate at which Westpac would be prepared to discount a
        series of Bills having a total face amount of $[*] during a period of
        [*] months.]

<TABLE>
<CAPTION>
SCHEDULE
--------------------------------------------------------------------------------
<S>          <C>                 <C>              <C>               <C>
DRAWER       DATE OF EXECUTION   MATURITY DATE    FACE AMOUNT       NO. OF BILL
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Signed for and on behalf of COLLINS RESTAURANTS MANAGEMENT PTY LTD
</TABLE>

-------------------------------------------
Authorised Officer of the Borrower

Dated [*]

[To be signed by authorised signatory whose signature and status have been
verified to Westpac].

<PAGE>   22
                                                                         Page 22
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                       SCHEDULE C -- CONDITIONS PRECEDENT
--------------------------------------------------------------------------------

ADDITIONAL CONDITIONS PRECEDENT

PART 1 - DELIVERY OF THE FOLLOWING TO WESTPAC IN FORM AND SUBSTANCE REASONABLY
         ACCEPTABLE TO WESTPAC

(a)      (AUTHORISATIONS) evidence that each Authorisation which is:

         (i)   necessary for the execution, delivery or performance by the
               Borrower or each Guarantor, or the validity or enforceability of
               the Bank Document to which each Borrower or Guarantor is a party;

         (ii)  necessary for the effectiveness of each Security Document; or

         (iii) material to the conduct of the business of the Borrower or a
               Guarantor,

         has been obtained and is in full force and effect.

(b)      (CORPORATE AUTHORISATION) evidence that the Borrower and each Guarantor
         has taken the necessary corporate action to authorise its entry into
         and performance of each Bank Document to which it is a party (as well
         as each transaction contemplated by each such Bank Document).

(c)      (ACCOUNTS) for the Borrower and each Guarantor, the Accounts and other
         financial information reasonably required by Westpac.

(d)      (FEES) evidence that all fees and expenses payable to Westpac on or
         before the first Drawdown Date (including fees of Westpac's advisors)
         have been paid or will be paid from the proceeds of the first drawdown
         of Bills.

(e)      (LEGAL OPINIONS)

         (i)   an opinion from Hogan Besley Boyd, legal advisors to the Borrower
               confirming that in undertaking the Restructure, the Group will
               comply with all applicable laws; and

         (ii)  an opinion from internal Counsel at Sizzler International Inc.
               confirming, in respect of each Guarantor which is incorporated
               under a law of the United States of America that:

               -      the entity is duly organised, validly existing and in good
                      standing under the laws of the place of its incorporation;
                      and

               -      the entity has the requisite power and authority to
                      execute, deliver and perform the Bank Documents to which
                      it is a party and that all necessary action has been taken
                      to authorise the execution, delivery and performance of
                      the Bank Documents to which it is a party and that the
                      entity has validly executed and delivered those documents.

(f)      (SEARCHES AND ENQUIRIES) the results of all searches and enquiries
         required by Westpac with respect to the Borrower and each Guarantor and
         the Secured Property.

(g)      (TAX OPINION) an opinion from PricewaterhouseCoopers that after the
         Restructure is completed, no company in the Group will have a liability
         to pay a Tax other than a Tax for which the Group has set aside
         sufficient reserves of liquid assets to pay the Tax and any fine,
         penalty, interest or other cost payable if the Tax is assessed as
         payable.

(h)      (HEADS OF AGREEMENT) a copy of signed Heads of Agreement for the
         Management Equity Agreement, which agreement must be unconditional.

<PAGE>   23
                                                                         Page 23
--------------------------------------------------------------------------------

(i)      (NO CHANGE IN BALANCE SHEET) a certificate signed by not less than two
         directors of Collins Foods Group Pty Ltd ACN 009 937 900 that no event
         has occurred or is likely to occur in relation to the CFG Group which
         has or is likely to have a Material Adverse Effect on the financial
         position of the CFG Group as shown in the most recent balance sheet
         given to Westpac based on figures as at 28 May 2000.

(j)      (OTHER INFORMATION) such other information relating to the Restructure,
         the Borrower or a Guarantor or an associated entity of any of them as
         Westpac may reasonably request.

(k)      (TITLE DOCUMENTS) all documents and evidence of title to the Secured
         Property.

(l)      (MEZZANINE DEBT) evidence that Sizzler International Inc. has agreed to
         lend Collins Foods Group Pty Ltd ACN 009 937 900 certain moneys on
         terms reasonably acceptable to Westpac including without limitation
         that the amount lent is subordinated to the Borrower's indebtedness to
         Westpac on terms reasonably acceptable to Westpac.

PART 2 - THE FOLLOWING CONDITIONS BEING SATISFIED ON EACH DRAWDOWN DATE

(a)      (REPRESENTATIONS TRUE) the representations and warranties by the
         Borrower and each Guarantor in the Cross Guarantee and Negative Pledge
         are true in all material respects as at the date of the Relevant
         Drawdown Notice and the relevant Drawdown Date as though they had been
         made at that date in respect of the facts and circumstances then
         subsisting.

(b)      (NO MATERIAL ADVERSE CHANGE) Westpac being satisfied that no event or
         change has occurred in relation to a Guarantor that has or would be
         likely to have a Material Adverse Effect.

<PAGE>   24
                                                                         Page 24
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                    SCHEDULE D -- EXISTING SECURITY DOCUMENTS
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
       DATE                            SECURITY DOCUMENTS                         REG. NO
<S>              <C>                                                              <C>
      24-9-97    STOCK PLEDGE by SIZZLER INTERNATIONAL INC. of the issued
                 capital of Collins Foods International Pty Ltd and Sizzler
                 International Marks Inc.

      19-9-97    First Registered Charge by COLLINS FOODS GROUP PTY LTD over      610709
                 all its assets, undertaking and uncalled capital

      19-9-97    First Registered Charge by COLLINS FINANCE AND MANAGEMENT        610719
                 PTY LTD over all its assets, undertaking and uncalled capital

      19-9-97    First Registered Charge by COLLINS FOODS AUSTRALIA PTY LTD       610716
                 over all its assets, undertaking and uncalled capital

      19-9-97    First Registered Charge by COLLINS FOODS INTERNATIONAL PTY Ltd   610718
                 over all its assets, undertaking and uncalled capital other      9726660435
                 than the KFC Franchise Agreements                                9716148

      19-9-97    First Registered Charge by COLLINS INTERNATIONAL INC over all    9726660563
                 its assets, undertaking and uncalled capital                     971318459

      19-9-97    First Registered Charge by COLLINS PROPERTY DEVELOPMENT PTY      610706
                 LTD over all its assets, undertaking and uncalled capital

      19-9-97    First Registered Charge by FURNACE CONCEPTS AUSTRALIA CORP       610708
                 over all its assets, undertaking and uncalled capital            9716144

      19-9-97    First Registered Charge by FURNACE CONCEPTS INTERNATIONAL INC    9726660487
                 over all its assets, undertaking and uncalled capital            9716147

      19-9-97    First Registered Charge by COLLINS RESTAURANTS QUEENSLAND PTY    610715
                 LTD over all its assets, undertaking and uncalled capital

      19-9-97    First Registered Charge by RESTAURANT CONCEPTS INTERNATIONAL     9726660430
                 INC over all its assets, undertaking and uncalled capital        9716149

      19-9-97    First Registered Charge by RESTAURANT CONCEPTS OF AUSTRALIA      9726660496
                 PTY LTD over all its assets, undertaking and uncalled capital    9716145

      19-9-97    First Registered Charge by SIZZLER AUSTRALIA PTY LTD over all    610710
                 its assets, undertaking and uncalled capital

      19-9-97    First Charge by SIZZLER FRANCHISE DEVELOPMENT, LTD over all
                 its assets, undertaking and uncalled capital

      19-9-97    First Registered Charge by SIZZLER INTERNATIONAL MARKS INC     9726660521
                 over all its assets, undertaking and uncalled capital           97131846

      19-9-97    First Registered Charge by SIZZLER NEW ZEALAND LIMITED over    WNOS-
                 all its assets, undertaking and uncalled capital               483105
                                                                                9726660423
                                                                                9716150
</TABLE>

<PAGE>   25
                                                                         Page 25
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
       DATE                            SECURITY DOCUMENTS                         REG. NO
<S>              <C>                                                              <C>
      19-9-97    First Registered Charge by SIZZLER RESTAURANT SERVICES INC over  9726660511
                 all its assets, undertaking and uncalled capital                 9716143

      19-9-97    First Registered Charge by SIZZLER SOUTH-EAST ASIA INC over      9726660493
                 all its assets, undertaking and uncalled capital                 9716146

      19-9-97    First Registered Charge by SIZZLER SOUTH PACIFIC PTY LTD over    610720
                 all its assets, undertaking and uncalled capital                 9716142

      19-9-97    First Registered Charge by SIZZLER RESTAURANTS GROUP PTY LTD     610712
                 over all its assets, undertaking and uncalled capital

                 Mortgages over leases as set out in Annexure A.
</TABLE>

<PAGE>   26
                                                                         Page 26
--------------------------------------------------------------------------------

SIGNED for WESTPAC BANKING CORPORATION by its Attorneys

 ......................................     .....................................
Head of Westpac Institutional Bank Qld     Manager Legal

ADDRESS: 15th floor, 260 Queen Street, Brisbane Qld. 4001
FACSIMILE: (07) 3221 9620

Accepted by COLLINS RESTAURANTS MANAGEMENT PTY LTD ACN 093 912 979
Date of Acceptance: ............................................................

THE COMMON SEAL of                         )
COLLINS RESTAURANTS MANAGEMENT PTY LTD     )
was duly affixed by authority of the       )
Board of Directors in the presence of      )  .............................
                                           )
                                           )  Authorised officer
                                           )
(insert name) .......................      )
                                           )
and                                        )
                                           )  .............................
                                           )  Authorised officer
(insert name) .......................

ADDRESS:              .....................................................

                      .....................................................

FACSIMILE:            .....................................................<PAGE>   1
                                                                    EXHIBIT 10.2

                       Dated the 21st day of August 2000

                           COLLINS FOODS GROUP PTY LTD
                                 ACN 009 937 900

                  AND THE OTHER COMPANIES LISTED IN SCHEDULE A

                                 In Account with

                           WESTPAC BANKING CORPORATION
                              A.R.B.N. 007 457 141

                          UNLIMITED CROSS GUARANTEE AND
                       INDEMNITY AND NEGATIVE PLEDGE WITH
                           FINANCIAL RATIO COVENANTS

                     BY THE GUARANTORS LISTED IN SCHEDULE A

<PAGE>   2
                                      viii

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                                                 <C>
UNLIMITED CROSS GUARANTEE AND INDEMNITY AND NEGATIVE PLEDGE WITH FINANCIAL RATIO
       COVENANTS.............................................................................          1

DEFINITIONS AND INTERPRETATION...............................................................          2

1.     DEFINITIONS...........................................................................          2

CONDITIONS OF GUARANTEE AND INDEMNITY........................................................          7

2.     GUARANTEE.............................................................................          7

3.     EXTENT OF GUARANTEE...................................................................          7

4.     CONTINUING GUARANTEE..................................................................          7

5.     INSOLVENCY............................................................................          7

6.     VARIATION OF ARRANGEMENTS WITH CUSTOMER...............................................          8

7.     UNCONDITIONAL OBLIGATION..............................................................          8

8.     REFUND OF PAYMENTS....................................................................          8

9.     INDEMNITY.............................................................................          9

10.    OTHER SECURITY........................................................................          9

NEGATIVE PLEDGE AND FINANCIAL RATIO COVENANTS................................................         10

11.    REPRESENTATIONS AND WARRANTIES........................................................         10

12.    UNDERTAKINGS..........................................................................         11
       12.1   Information....................................................................         11
       12.2   Negative Pledges...............................................................         12
       12.3   Financial Covenants............................................................         13
       12.4   General Undertakings...........................................................         15
       12.5   Undertakings by Guarantors.....................................................         16

13.    EVENTS OF DEFAULT.....................................................................         16

14.    WESTPAC'S REMEDIES AND POWERS.........................................................         18
       14.1   Event of Default...............................................................         18
       14.2   No waiver......................................................................         19

GENERAL PROVISIONS...........................................................................         20

15.    PAYMENTS..............................................................................         20
       15.1   Payments.......................................................................         20
       15.2   Time of payment................................................................         20
       15.3   Interest.......................................................................         20

16.    YIELD PROTECTION......................................................................         21

17.    ADDITIONAL PAYMENTS...................................................................         21
       17.1   Indemnity and costs............................................................         21
       17.2   Currency Indemnity.............................................................         21
       17.3   Expenses.......................................................................         21
       17.4   Goods and Services Tax.........................................................         22

18.    GENERAL...............................................................................         22
       18.1   Term...........................................................................         22
       18.2   Statements.....................................................................         22
</TABLE>

<PAGE>   3
                                       ix

<TABLE>
<S>                                                                                                <C>
       18.3   Notices........................................................................         22
       18.4   Agent for Service of Process...................................................         23

19.    APPROPRIATION AND SET-OFF.............................................................         23
       19.1   Appropriation..................................................................         23
       19.2   Set-Off........................................................................         23

20.    ASSIGNMENT AND TRANSFER...............................................................         23

21.    RELIANCE..............................................................................         23

22.    MULTIPLE PARTIES......................................................................         24
       22.1   Multiple Guarantors............................................................         24
       22.2   Multiple Customers.............................................................         24

23.    NEW GUARANTORS........................................................................         24

24.    LAW AND JURISDICTION..................................................................         24

25.    COUNTERPARTS..........................................................................         24

26.    ATTORNEYS.............................................................................         25

27.    INCONSISTENCY.........................................................................         25

28.    RELEASE OF GUARANTORS.................................................................         25

SCHEDULE A -- GUARANTORS.....................................................................         27

EXECUTION....................................................................................          I

TABLE OF CONTENTS............................................................................       VIII
</TABLE>

<PAGE>   4
                                       1

                          UNLIMITED CROSS GUARANTEE AND
                       INDEMNITY AND NEGATIVE PLEDGE WITH
                            FINANCIAL RATIO COVENANTS

THE GUARANTEES, INDEMNITIES, NEGATIVE PLEDGES AND FINANCIAL RATIO COVENANTS IN
THIS AGREEMENT ARE GIVEN

BY      EACH OF THE COMPANIES LISTED IN SCHEDULE A (each, a "GUARANTOR")

TO      WESTPAC BANKING CORPORATION (ARBN 007 457 141) ("WESTPAC") of 15th
        Floor, 260 Queen Street, Brisbane, Queensland

FOR     the liabilities and obligations to Westpac of EACH OTHER OF THE
        COMPANIES LISTED IN SCHEDULE A (each, a "CUSTOMER") on the conditions
        set out in this Agreement

IN EXCHANGE FOR Westpac providing or continuing credit to one or more (whether
jointly or severally) of the Customers, or not taking immediate action to
enforce those Customers' obligations to Westpac.

THE LIABILITIES AND OBLIGATIONS WHICH THE GUARANTORS GUARANTEE TO WESTPAC ARE:

All liabilities and obligations of the Customer to Westpac of any kind and for
any reason, now or in the future, whether or not currently contemplated,
including where Westpac obtains rights because of an assignment or transfer

(as amended, the "GUARANTEED OBLIGATIONS") and all money which the Customer may
owe to Westpac, now or in the future, for any reason under or in relation to the
Guaranteed Obligations, whether the money is or becomes owed:

(a)     by the Customer alone, or together with one or together with one or more
        others, or

(b)     actually or contingently,

(including amounts referred to in Clause 1) (the "GUARANTEED MONEY").

Each Guarantor's liability as guarantor under this Agreement is unlimited.

<PAGE>   5
                                       2

                         DEFINITIONS AND INTERPRETATION

1.      DEFINITIONS

In this Agreement:

"ADMINISTRATION" includes bankruptcy, administration arising out of mental
illness or incapacity, administration of an insolvent estate, administration of
a corporation, arrangement, receivership or winding up, dissolution or anything
similar.

"ACCOUNTS" means profit and loss accounts, balance sheets, cash flow statements
and statements, reports (including auditor's reports and director's reports) and
notes attached to, or intended to be read with, any of them.

"AGREEMENT" includes any document or instrument of any kind, any deed, agreement
or arrangement.

"ANYONE" includes without limitation anyone who signs this Agreement, the
Customer or anyone else who gives a Security.

"AUTHORISATION" includes any consent, registration, filing, lodgment, agreement,
certificate, notarisation, permission, licence, approval, authority or
exemption, from by or with any Governmental Agency. Where a Governmental Agency
can prohibit or restrict something if it acts within a specified period after
formal notification of it (for example lodgment, registration or filing),
Authorisation includes the expiry of that period without that action.

"BANK DOCUMENT" means this Agreement, any agreement the performance of which is
secured or guaranteed by this Agreement, any agreement that documents the terms
of any Finance Debt between Westpac and any one or more Guarantors, any
Security, or any agreement or document issued under or entered into in
connection with any of them including without limitation any subordination
agreement. It includes any amendment or replacement of any of them.

"BILL FACILITY" means the bill acceptance and discount facility described in the
Bill Facility Agreement.

"BILL FACILITY AGREEMENT" means the Agreement between Collins Restaurants
Management Pty Ltd ACN 093 912 979 and Westpac dated on or about the date of
this Agreement.

"CFI" means Collins Foods International Pty Ltd A.R.B.N. 009 980 250.

"CFI GROUP" means CFI and its Subsidiaries.

"CFG" means Collins Foods Group Pty Ltd ACN 009 937 900.

"CFG GROUP" means CFG and its Subsidiaries.

"EBITDA" means, for a period, the aggregate of:

(a)     Operating Cash Flow for the period; and

(b)     Interest Expense for the period (excluding Interest Expense relating to
        Subordinated Debt);

"COMMITMENT" has the same meaning as in the Bill Facility Agreement.

"EVENT OF DEFAULT " has the meaning given in clause 13 below.

"FINANCE DEBT" includes any indebtedness, present or future, actual or
contingent in relation to money borrowed or raised or any other financing. It
includes any such

<PAGE>   6
                                       3

indebtedness under or in respect of any of the following: a Guarantee, a
discounting arrangement, a Finance Lease, deferred purchase price (for more than
90 days), or an obligation to deliver property or provide services paid for in
advance by a financier. It also includes exposure under any interest, commodity,
securities, index, or currency exchange, option, hedge, swap or other similar
arrangement.

"FINANCE LEASE" means a Lease which under Australian Accounting Standard 17 is
(or would if that Standard was applied to the relevant company or the Lease was
regarded as a "lease" for the purposes of that Standard be) regarded as a
finance lease or which under any other applicable Accounting Standard would be
regarded as a finance lease.

"FRANCHISOR" means a franchisor under any franchise agreement to which a
Relevant Company is a party.

"FREE CASH FLOW" means, for any period:

(a)     EBITDA for the period; less

(b)     capital expenditure for the period which is not to exceed the amount
        specified in clause 12.3(v);

for CFG Group, and for any period before the Restructure is complete, the Group.

"GOVERNMENTAL AGENCY" means any government or any governmental,
semi-governmental, statutory, judicial entity or authority. It includes any
self-regulatory organisation established under statute and any stock or futures
exchange.

"GROUP" means the CFI Group and the SIM Group .

"GUARANTEE" means any guarantee, indemnity, letter of comfort or other assurance
against loss. It includes any obligation to be responsible for the solvency or
financial condition of another party, or for payment of a debt or obligation of
another party, either directly or indirectly (for example, by acquiring the debt
or obligation). "GUARANTEED" has a corresponding meaning.

"GUARANTEED MONEY" includes at any time:

(a)     money which the Customer would have owed Westpac under or in relation to
        the Guaranteed Obligations but for some reason as described in Clause 9;

(b)     money which the Customer is or may become liable to pay to Westpac as
        surety for the liabilities of another person;

(c)     money owed because of an assignment to Westpac;

(d)     money which will become payable to Westpac by the Customer only if
        particular circumstances occur, even though the Customer may not at a
        particular time be under an existing obligation to pay that money (for
        example damages or compensation).

"GUARANTEED OBLIGATIONS" includes at any time obligations and liabilities which
the Customer would have owed Westpac but for some reason as described in Clause
9.

"GUARANTOR" means any party which gives any Guarantee or Security Interest in
relation to the obligations of a Customer to Westpac now or in the future.

"INTEREST EXPENSE" means all gross interest expenses and all other outgoings in
the nature of interest (including, without limitation, Finance Lease charges)
incurred by CFG Group and for any period before the Restructure is complete, the
Group in respect of Total Group Debt as disclosed by the Latest Financial
Information.

"LATEST FINANCIAL INFORMATION" means the most recent consolidated or aggregated
(as the case may be) financial information (after making such adjustments as in
the opinion of CFG's auditor are necessary for the proper determination of the
financial condition of

<PAGE>   7
                                       4

CFG Group or for any period before the Restructure is complete, the Group) as at
or prior to the date at which an examination is being made to determine Total
Liabilities or Total Tangible Assets for the purposes of this Agreement.

"LEASE" means:

(a)     any lease, charter, hire purchase or hiring arrangement of any property;

(b)     any other agreement under which any property is or may be used or
        operated by a person other than the owner; or

(c)     any agreement or arrangement under which any property is or may be
        managed or operated for or on behalf of the owner or another person by a
        person other than the owner, and the operator or manager or its related
        body corporate (as defined in the Corporations Law) (whether in the same
        or another agreement or arrangement) is required to make or assure
        minimum, fixed and/or floating rate payments of a periodic nature;

but does not include an Operating Lease.

"LEASE RENTAL OBLIGATIONS" means, for a period, the aggregate amount of all
payments required to be made during the period pursuant to an Operating Lease.

"MATERIAL ADVERSE EFFECT" means, in the reasonable opinion of Westpac, a
material adverse effect on:

(a)     the business, assets, operations, material contracts (taken as a whole)
        or condition, financial or otherwise of a Guarantor;

(b)     the ability of a Guarantor to perform any of its obligations under a
        Bank Document;

(c)     the rights or benefits available to Westpac under the Bill Facility
        Agreement; or

(d)     the effectiveness of, or the validity or enforceability of any Bank
        Document.

"OPERATING CASH FLOW" means, for any period, the aggregate of:

(a)     operating profit (or loss) for the period before income tax excluding
        abnormal items; and

(b)     amortisation and depreciation for the period as determined in accordance
        with generally accepted accounting principles;

of CFG Group and, for any period before the Restructure is complete, the Group.

"OPERATING LEASE" means a Lease which under the Australian Accounting Standard
17 is (or would if that Standard was applied to the relevant Company or the
Lease was regarded as a "lease" for the purposes of that Standard) regarded as
an operating lease or which under any other applicable Accounting Standard would
be regarded as an operating lease.

"POTENTIAL EVENT OF DEFAULT" means any event, thing or circumstance which with
the giving of notice or passage of time or both would become an Event of
Default. It includes any breach of a Bank Document.

"REFERENCE LENDING RATE" means the rate Westpac regularly publishes in major
metropolitan newspapers as its "Reference Lending Rate" or such other rate as
may supercede its Reference Lending Rate.

"RELEVANT COMPANY" means any Guarantor or Customer or any Subsidiary of any of
them.

"RESTRUCTURE" means the restructure of the Group as described to Westpac before
the date of this Agreement. For the purpose of this Agreement and the Bill
Facility Agreement, the Restructure is complete when:

<PAGE>   8
                                       5

(a)     Collins Foods Group Pty Ltd ACN 009 937 900 holds all of the issued
        shares in:

        -       Sizzler Asia Holdings, Inc;

        -       Collins Restaurants Queensland Pty Ltd;

        -       Collins Restaurants Management Pty Ltd; and

        -       Sizzler Restaurants Group Pty Ltd;

(b)     Sizzler Asia Holdings, Inc holds all of the issues shares in:

        -       Sizzler Restaurant Services, Inc.;

        -       Sizzler South East Asia, Inc.;

        -       Sizzler New Zealand Limited; and

        and not less than 50% of the issued shares in Sizzler Steak Seafood
        Salad (S) Pte Ltd;

(c)     all of the issued shares in Collins Foods Group Pty Ltd ACN 009 937 900
        are held by Restaurants Concepts International, Inc.

"SECURITY" is any Security Interest, claim or other right held by Westpac from
or against the Customer or anyone else in relation to the Guaranteed Obligations
or the Guaranteed Money, now or in the future. It includes the rights against
any Guarantor under this Agreement.

"SECURITY INTEREST" includes any mortgage, pledge, lien, charge or other
security or any arrangement which gives a creditor a preferential right to an
asset or its proceeds.

"SENIOR INTEREST" means, for a period, the Interest Expense incurred during the
period in respect of the Total Senior Debt.

"SIM" means Sizzler International Marks Inc.

"SIM GROUP" means SIM and its subsidiaries.

"SUBORDINATED DEBT" means all Finance Debt (other than Finance Debt payable to
Westpac) which has been subordinated on terms acceptable to Westpac.

"SUBSIDIARY" of a corporation is an entity whose accounts are included in that
corporation's consolidated accounts.

TANGIBLE ASSETS means all assets other than future tax benefits, goodwill,
patents, trademarks, trade names, design rights, franchises, underwriting and
formation expenses and other items of a like nature which according to current
accounting practice are regarded as intangible assets.

TOTAL GROUP DEBT means at any time the aggregate amount (as disclosed by the
Latest Financial Information) of all outstanding Finance Debt of CFG Group and
for any period before the Restructure is complete, the Group other than trade
creditors, TNA's (Transaction Negotiation Authorities), Cheque Cashing
Authorities and Finance Debt owing to Sizzler International, Inc. or any of its
subsidiaries which is subordinated to monies owing to Westpac.

TOTAL LIABILITIES means at any time the aggregate amount (as disclosed by the
Latest Financial Information) of all secured and unsecured liabilities of CFG
Group and for any period before the Restructure is complete, the Group other
than deferred income tax liabilities.

"TOTAL SENIOR DEBT" means all Finance Debt which is not Subordinated Debt.

<PAGE>   9
                                       6

TOTAL TANGIBLE ASSETS means at any time the aggregate of the book values of all
Tangible Assets of CFG Group and for any period before the Restructure is
complete, the Group as disclosed by the Latest Financial Information.

"VERIFICATION CERTIFICATE" means a certificate described in any Bank Document
and given by a director or secretary of any Guarantor confirming the matters
described therein.

Where an EXAMPLE is given, it does not limit what else might be included.

Unless otherwise stated all references to MONEY are references to Australian
dollars.

References to ANY DOCUMENT include references to the document as varied,
supplemented or novated.

References to any GENDER include all genders.

References to PERSONS include references to any entity including without
limitation any individual or body corporate.

References to the PLURAL include the SINGULAR and vice versa.

<PAGE>   10
                                       7

                      CONDITIONS OF GUARANTEE AND INDEMNITY

2.      GUARANTEE

The Guarantor guarantees to Westpac that the Customer will:

(a)     pay to Westpac on time all the Guaranteed Money, and

(b)     perform the Guaranteed Obligations.

If the Customer does not pay an amount of the Guaranteed Money when it is due,
Westpac may demand that the Guarantor pay that amount. The Guarantor must then
immediately pay that amount to Westpac. Westpac can make any number of demands
and demand can be made:

(c)     for all or part of the Guaranteed Money; and

(d)     even if Westpac does not take action to recover the Guaranteed Money
        from the Customer.

3.      EXTENT OF GUARANTEE

This Agreement is a guarantee for the full amount of the Guaranteed Money and is
a principal obligation and shall not be treated as ancillary or collateral to
any other right or obligation.

4.      CONTINUING GUARANTEE

The Guarantor's obligations under this Agreement are continuing. Even though
Westpac receives payments from or makes arrangements with the Customer or anyone
else, the Guarantor is still liable for the Guaranteed Money and the Guaranteed
Obligations now and in the future.

The guarantee hereunder is a guarantee of payment, and not merely of
collectability, and may be enforced against any Guarantor without first
proceeding against the Customer or any collateral for or other guarantees of the
Guaranteed Obligations.

5.      INSOLVENCY

If:

(a)     the Customer or anyone goes into Administration, and

(b)     in the Administration, Westpac makes a claim which in any way relates to
        any of the Guaranteed Money or other money owed to Westpac by the
        Customer,

then if Westpac receives money as a result of making such a claim or for any
other reason, it may set that money aside.

Westpac need not use the money set aside to pay the Guaranteed Money until it
has received enough in respect of the Guaranteed Money (including the amount set
aside) to pay all of the Guaranteed Money. Until that happens, the Guarantor is
fully liable for the Guaranteed Money, as if Westpac had not received the money
set aside.

<PAGE>   11
                                       8

Until the Guaranteed Money has been irrevocably paid and discharged in full, the
Guarantor shall not be entitled either directly or indirectly to prove in any
Administration of the Customer or claim or receive any benefit of any such
Administration.

6.      VARIATION OF ARRANGEMENTS WITH CUSTOMER

This Agreement applies automatically to all dealings between Westpac and the
Customer, whether or not those dealings increase the Guarantor's liability and
whether or not Westpac notifies, or obtains the consent of, the Guarantor
including:

(a)     a change in the Guaranteed Obligations or Guaranteed Moneys, or

(b)     new or replacement obligations.

7.      UNCONDITIONAL OBLIGATION

The Guarantor's liability under this Agreement is unconditional. It is not
affected by anything which might release the Guarantor from or limit all or part
of its obligations, including if:

(a)     Westpac does not exercise any of its Security or rights against the
        Customer or anyone,

(b)     Westpac makes any arrangement, transaction or compromise with the
        Customer or anyone, including one which varies, takes away or limits its
        Security or rights or its freedom to exercise them,

(c)     Westpac gives the Customer or anyone a full or partial discharge or
        release or time to pay or any other concession,

(d)     this or any document or Security is temporarily or permanently
        unenforceable, is not taken by Westpac, is lost, is not signed by anyone
        or is not binding on anyone intended to give a Guarantee or Security,

(e)     there is a change in the nature or constitution of the Customer or
        anyone including its members,

(f)     that or any other Guarantor, the Customer or anyone dies, becomes
        insolvent or incapacitated or goes into some form of Administration, or

(g)     the Customer or anyone has any claim against Westpac.

8.      REFUND OF PAYMENTS

For some reason (for example, a law about Administration or directors' duties)
Westpac may have to refund or give up any money which the Customer or anyone
else has paid to it, or which it recovers in any way. If that happens the
Guarantor owes Westpac all the money that it would have owed if the amount
refunded or given up had never been paid to or received by Westpac. The
Guarantor will do everything it can to restore to Westpac any rights against the
Guarantor or its property which Westpac had before it received the money which
it later had to refund or give up.

<PAGE>   12
                                       9

9.      INDEMNITY

If for any reason (for example, lack of capacity or authority, Administration,
illegality or inadequate or improper execution or stamping):

(a)     Westpac has no legal right to recover an amount of the Guaranteed Money
        from the Customer or enforce the Guaranteed Obligations, or

(b)     the Customer is not bound by obligations that would otherwise have been
        Guaranteed Obligations or owe an amount that would otherwise have been
        included in the Guaranteed Money,

the amount will be taken to be part of the Guaranteed Money, and the Guarantor
will pay it to Westpac whenever Westpac demands, and the obligations will be
taken to be part of the Guaranteed Obligations. This applies even if Westpac
knew or should have known of the problem, and even if, because of the problem,
the Customer could never have been required to pay Westpac the amount. This is a
principal and independent obligation.

10.     OTHER SECURITY

Any other Security held by Westpac for all or part of the Guaranteed Money or
the Guaranteed Obligations is independent of this Agreement. Nothing affecting
any Security will affect the Guarantor's liability under this Agreement. Westpac
can enforce this Agreement and any Security in any order it wishes, or can
choose not to enforce any Security at all.

Until the Guaranteed Money is paid in full, the Guarantor cannot claim the
benefit of, and has no right to, the Security held by Westpac.

<PAGE>   13
                                       10

                  NEGATIVE PLEDGE AND FINANCIAL RATIO COVENANTS

11.     REPRESENTATIONS AND WARRANTIES

Each Guarantor makes the following representations and warranties to the extent
they relate to it.

(a)     (STATUS) Each Relevant Company is incorporated in the place stated by
        the Guarantor to Westpac. Any Bank Document to which a Relevant Company
        is expressed to be a party is its binding obligation enforceable against
        it, and does not breach any document or agreement binding on it or any
        other Guarantor or Relevant Company or any law or the memorandum and
        articles of association or any other constituent documents of the
        Relevant Company.

(b)     (AUTHORITY) It has the power to enter into each Bank Document to which
        it is a party and to carry out any transaction or obligation
        contemplated by it. Furthermore, no further corporate action is
        necessary for it to enter into the Bank Documents to which it is party
        and draw under any facility provided to it under a Bank Document. Each
        person held out in a Verification Certificate or other document signed
        by a secretary or director as having that authority, is authorised to
        sign a draw down or other notice on its behalf.

(c)     (INFORMATION) All information provided by it to Westpac is or was true
        when given and is not misleading by omission or otherwise in all
        material respects.

(d)     (DISCLOSURE) It has no material obligation other than those incurred in
        the ordinary course of day to day trading (whether to pay money or
        otherwise and whether or not contingent) to any person outside of the
        CFG Group which it has not disclosed in writing to Westpac prior to the
        date of this Agreement.

(e)     (ACCOUNTS) Its holding company's most recent consolidated and
        unconsolidated accounts give a true and fair view in all material
        respects under generally accepted accounting principles. There has been
        no material adverse change or Material Adverse Effect since the period
        they cover. They disclose all material Finance Debt and material
        contingent liabilities.

(f)     (LITIGATION) No litigation, tax claim, dispute or other proceeding is
        current or, to its knowledge, threatened, which is likely to have a
        Material Adverse Effect.

(g)     (NO TRUSTEE) No Relevant Company is a trustee, except for a Subsidiary
        which is a trustee of its superannuation funds and except for any
        implied constructive or resulting trust which arises under its ordinary
        course of business.

(h)     (NO DEFAULT) There is no subsisting Event of Default, or Potential Event
        of Default.

(i)     (OTHER SECURITY INTERESTS) The execution and performance of this
        Agreement and each other Bank Document to which it is a party does not
        result in a Security Interest (other than under a Bank Document) being
        created on, or a charge crystallising over, its or any other Guarantor's
        or Relevant Company's assets.

(j)     (SOLVENCY) It is solvent and there are reasonable grounds to expect
        that, on execution of each Bank Document to which it is a party, it will
        continue to be able to pay all its debts as and when they become due and
        payable.

<PAGE>   14
                                       11

(k)     (ENVIRONMENTAL LAW) No environmentally hazardous substance affects any
        of its property the subject of a Security in breach of any law or the
        requirements of any Governmental Agency.

Without limiting clause 12.1(a)(v)(B), the above representations and warranties
are repeated on each day on which a Customer draws down or otherwise makes use
of any facility provided by Westpac under a Bank Document.

12.     UNDERTAKINGS

CFG undertakes as follows unless Westpac otherwise consents in writing.

12.1    INFORMATION

(a)     (INFORMATION) It will provide the following to Westpac:

        (i)     Audited consolidated or aggregated (as the case may be) annual
                Accounts (not later than 120 days from balance date);

        (ii)    Consolidated or aggregated (as the case may be) annual
                projections and budgets (not later than 120 days from balance
                date);

        (iii)   Consolidated or aggregated (as the case may be) quarterly
                management Accounts (within 45 days after the end of the
                quarter),

        which relate to CFG Group and for any period before the Restructure is
        complete, the Group,

        (iv)    a certificate by two of its directors (not later than 45 days
                from the end of each accounting quarter and on production of the
                audited consolidated and aggregated (as the case may be) annual
                accounts) including the following representations/information:

                (A)     that nothing has occurred which constitutes an Event of
                        Default or Potential Event of Default;

                (B)     that the representations and warranties by each
                        Guarantor in this Agreement are true in all material
                        respects as though they had been made at the date of the
                        certificate in respect of the facts and circumstances
                        then subsisting;

                (C)     that it and each other company in the CFG Group has
                        complied with and continues to comply with the financial
                        undertakings in clauses 12.2 (Negative Pledges) and 12.3
                        (Financial Covenants); and

                (D)     the CFG Group's and for any period before the
                        Restructure is complete, the Group's consolidated:

                        (1)     interest rate and foreign exchange exposures at
                                the time of the report and details of hedging or
                                other risk reduction strategies applied by
                                management to the exposures;

                        (2)     balance sheet;

                        (3)     profit and loss account;

                        (4)     cash flow statement; and

                        (5)     performance against budget and revised forecast
                                for the month, quarter, year to date and
                                corresponding period of the preceding year,

<PAGE>   15
                                       12

                In the case of audited Accounts, the certificate should have
                attached a certificate by the auditor as to compliance with the
                financial undertakings;

        (v)     details of any material property or real estate acquired or
                purchased by a Relevant Company;

        (vi)    promptly, details of any actual or proposed sale of any asset
                the proceeds of which must be dealt with under clause 1.1(b)(ii)
                of the Bill Facility Agreement;

        (vii)   promptly, all documents issued by it to any stock exchange or
                shareholders;

        (viii)  promptly, details of any substantial dispute between a Relevant
                Company and a Governmental Agency, or a proposal by a
                Governmental Agency to acquire compulsory all or a substantial
                part of any Relevant Company's assets;

        (ix)    promptly, details of any substantial dispute between a Relevant
                Company and a Franchisor;

        (x)     promptly, notice of any litigation to which it or a Relevant
                Company is a party which may have a Material Adverse Effect;

        (xi)    promptly, any other information reasonably requested by Westpac;

        (xii)   promptly, any other information in relation to the financial
                condition or business of the CFG Group or, for any period before
                the Restructure is complete, the Group which Westpac may
                reasonably request; and

        (xiii)  promptly, any correspondence between a Relevant Company and a
                Government Agency which is likely to have a Material Adverse
                Effect on the CFG Group's business or assets.

(b)     (QUARTERLY MEETINGS) At Westpac's request, it will meet with Westpac
        quarterly to review the consolidated and aggregated quarterly management
        Accounts (within 14 days after receipt by Westpac of the consolidated
        and aggregated quarterly management Accounts);

(c)     (NOTICE OF DEFAULT) It will immediately notify Westpac as soon as it
        becomes aware of any Event of Default or Potential Event of Default.

(d)     (INSURANCE POLICIES) It will deliver to Westpac up-to-date copies of
        insurance policy(ies) insuring all assets forming part of Westpac's
        Security for full replacement value against fire and other risks duly
        signed by the insurance company(ies) and having the interest of Westpac
        noted as mortgagee.

12.2    NEGATIVE PLEDGES

(a)     (NEGATIVE PLEDGE) It will not create or allow, nor permit any Relevant
        Company to create or allow, a Security Interest over any of its assets
        or enter any other transaction or arrangement which gives a creditor a
        preferential right to an asset owned or used by it except a lien or
        statutory charge which arises by operation of law in the ordinary course
        of its day to day business and does not secure Finance Debt, but only so
        long as it pays the amount secured promptly, except where that amount is
        being contested in good faith;

(b)     (ASSETS) It will not dispose, nor permit any Relevant Company to
        dispose, of all or any part of its assets or an interest in them or
        agree or attempt to do so (whether in one or more related or unrelated
        transactions) except:

        (i)     disposals in the ordinary course of its day to day trading;

<PAGE>   16
                                       13

        (ii)    disposal of an asset with a market value of less than
                $100,000.00;

        (iii)   disposal of an asset for the purpose of a sale and leaseback;

        (iv)    disposal of an asset to a Group entity for the purpose of the
                Restructure; or

        (v)     disposal of an asset where:

                (A)     the net sale proceeds of the asset will be paid to
                        Westpac pursuant to clause 1.1 (b) (ii) of the Bill
                        Facility Agreement; and

                (B)     if the asset sold has a market value of more than
                        $100,000.00, Westpac has consented to the disposal of
                        the asset or the market value of the asset and all other
                        assets with a market value exceeding $100,000.000
                        disposed of during a period does not exceed the maximum
                        aggregate amount approved by Westpac for the period.

        Where a Subsidiary issues shares and its holding company does not
        acquire all of the shares, or a rateable portion of its shares according
        to its then shareholding, the holding company will be taken to have
        disposed of the shares that it does not acquire.

(c)     (CHANGE OF BUSINESS) It will ensure that the Relevant Companies will not
        substantially change the nature of the main business or businesses
        carried on by them as a whole, and that no Relevant Company will take
        any action which would have that effect, whether by disposal,
        acquisition or otherwise.

(d)     (NEW SUBSIDIARY) It will ensure that no Relevant Company will create or
        acquire a new subsidiary unless within 3 months that Subsidiary becomes
        a party to a Guarantee in relation to the Bank Documents satisfactory to
        Westpac, and provides evidence satisfactory to Westpac that it is bound
        by the Guarantee.

(e)     (ARMS LENGTH DEALINGS) It will ensure that no Relevant Company will deal
        with any other party except at arms length for full commercial
        consideration in the ordinary course of business.

(f)     (PARTNERSHIP) It will not enter into any partnership without Westpac's
        consent. For this purpose Westpac consents to the existing arrangements
        with Sizzler Steak Seafood Salad Pte Ltd in Singapore.

(g)     (NO OTHER LOANS) It will ensure that no Relevant Company will make or
        receive:

        -       any Finance Debt other than Subordinated Debt; or

        -       any payment in connection with any Finance Debt other than
                Subordinated Debt;

        except as permitted by a Bank Document.

12.3    FINANCIAL COVENANTS

CFG Group will maintain the following financial ratios on a consolidated basis
(unless Westpac otherwise agrees to vary them, whether temporarily or
otherwise):

(i)     (MINIMUM EBITDA) for the period from 30 April 2000 to 30 April 2001,
        EBITDA on a twelve monthly rolling basis is to be not less than
        A$18,000,000.00;

(ii)    (TOTAL SENIOR DEBT/FREE CASH FLOW) at all times on and from 1 May 2001,
        the ratio of Total Senior Debt to Free Cash Flow is not to exceed three
        times;

<PAGE>   17
                                       14

(iii)   (TOTAL LIABILITIES/TOTAL TANGIBLE ASSETS) the percentage of Total
        Liabilities to Total Tangible Assets must not during any of the
        following periods exceed the amounts shown below for that period:

<TABLE>
<CAPTION>
Period                                     Percentage
--------------------------------------------------------------------------------
<S>                                        <C>
From and including 30 April 2000 up to     205%
and including 23 July 2000
--------------------------------------------------------------------------------
From and including 24 July 2000 up to      195%
and including 15 October 2000
--------------------------------------------------------------------------------
From and including 16 October 2000 up to   190%
and including 4 February 2001
--------------------------------------------------------------------------------
From and including 5 February 2001 up to   180%
and including 14 October 2001
--------------------------------------------------------------------------------
From 15 October 2001                       170%
--------------------------------------------------------------------------------
</TABLE>

(iv)    (FIXED CHARGE COVER) the ratio of:

        (EBITDA and Lease Rental Obligations) to (Senior Interest plus Lease
        Rental Obligations) for CFG Group and for any period before the
        Restructure is complete, the Group

        on a twelve monthly rolling basis is not to be less than:

        -       for any period ending before 4 February 2001 -- 1.8 times; and

        -       for any period after 4 February 2001 -- 1.7 times;

(v)     (CAPITAL EXPENDITURE) in each of the following financial years, capital
        expenditure of CFG Group and for any period before the Restructure is
        complete, the Group (including the costs of assets subject to any Lease)
        must not exceed the following amounts at the following times without
        Westpac's prior written consent.

        Year ending 30 April:

        (i)     2000, $6,325,000.00;

        (ii)    2001, $6,240,000.00;

        (iii)   2002, $6,448,000.00;

        (iv)    2003, $6,706,000.00;

        in addition, capital expenditure on a twelve month rolling basis for
        each quarter in the financial year starting 1 May 2000 and ending 30
        April 2001 is not to exceed:

<TABLE>
<CAPTION>
Quarter ending                             Maximum Amount
--------------------------------------------------------------------------------
<S>                                        <C>
23 July 2000                               $8,294,000.00
--------------------------------------------------------------------------------
15 October 2000                            $8,553,000.00
--------------------------------------------------------------------------------
4 February 2001                            $9,178,000.00
--------------------------------------------------------------------------------
</TABLE>

(vi)    (TOTAL SENIOR DEBT CAP) the Total Senior Debt must not at any time
        exceed $46,000,000.00; and

(vii)   (NO DIVIDENDS) CFG will not declare or pay any dividend without the
        prior written consent of Westpac.

<PAGE>   18
                                       15

Compliance with the above financial covenants is to be determined on a twelve
monthly rolling basis on the last day of each operational quarter by reference
to the information provided to Westpac under clause 12.1 (a) and where the
determination is to be made in respect of all or part of a period before the
Restructure is complete, the determination will be made for that part of the
period on the information relating to the Group provided under clause 12.1(a).

12.4    GENERAL UNDERTAKINGS

(a)     (PAYMENTS TO SIZZLER INTERNATIONAL, INC) It will ensure that no company
        in the CFG Group makes, without the prior written consent of Westpac,
        any payments to Sizzler International, Inc. or Restaurants Concept
        International, Inc other than the following permitted payments:

        (i)     a maximum aggregate amount of $58,000,000.00, to Sizzler
                International, Inc when the Restructure is complete;

        (ii)    an annual payment not exceeding $3,900,000.00 ("Payment") in any
                twelve month period commencing 1 May and ending 30 April for
                management fees and Interest Expense on Subordinated Debt owing
                to Restaurants Concepts International, Inc or Sizzler
                International, Inc.which is to be paid as follows:

                (A)     until the Commitment is reduced to $38,000,000.00, the
                        whole amount of the Payment is to be paid into a deposit
                        account held by Collins Restaurants Management Pty Ltd
                        ACN 093 912 978 with Westpac (the "Account");

                (B)     when the Commitment is reduced to $38,000,000.00 or
                        less, 64% of the amount of the Payment can be paid
                        direct to Sizzler International, Inc or Restaurants
                        Concepts International, Inc (as the case may be) and the
                        remainder of the Payment must be paid into the Account;
                        and

                (C)     when the Commitment is reduced to $32,000,000.00 or
                        less, the whole amount of the Payment can be paid
                        directly to Sizzler International, Inc or Restaurants
                        Concepts International, Inc (as the case may be).

        Without limitation, Westpac agrees that if:

        -       no Total Senior Debt is due and unpaid; and

        -       no Event of Default or Potential Event of Default has occurred;

        Westpac will:

        (A)     when the Commitment is reduced to $38,000,000.00 release 64% of
                the funds in the Account to Collins Restaurants Management Pty
                Ltd to enable it to pay management fees and Interest Expense on
                Subordinated Debt to Restaurants Concepts International, Inc or
                Sizzler International, Inc as the case may be; and

        (B)     when the Commitment is reduced to $32,000,000.00, remove any
                restriction on the right of Collins Restaurants Management Pty
                Ltd to withdraw funds from the Account.

        Each Guarantor agrees that if there is any material breach of a
        financial covenant in clause 12.3 or 12.4 of this Agreement, that it is
        not remedied to the reasonable satisfaction of Westpac within 30 days of
        Westpac giving written notice of the

<PAGE>   19
                                       16

        breach to CFG, Westpac may apply the funds in the Account in repayment
        of Finance Debt owing to Westpac.

(b)     (CHANGE IN MANAGEMENT) CFG will immediately notify Westpac in writing if
        there is a change in the person holding the position of the chief
        executive officer of CFG or any other significant change in the
        management of any company in the CFG Group.

12.5    UNDERTAKINGS BY GUARANTORS

Each Guarantor gives the undertakings contained in this Clause 12, other than
the undertakings contained in Sub-clauses 12.1 (a)(i) -- (v), 12.1(b) and
12.1(d) unless Westpac otherwise consents in writing.

13.     EVENTS OF DEFAULT

Each of the following is an Event of Default (even if outside the control of any
Relevant Company) except as stated below.

(a)     (OBLIGATIONS UNDER TRANSACTION DOCUMENTS) Any Relevant Company fails to
        do any of the following (to the extent applicable to it):

        (i)     pay principal under a Bank Document or any interest or other
                amount under a Bank Document on the due date;

        (ii)    comply with any of its financial undertakings in clauses 12.2
                (Negative Pledges), 12.3 (Financial Covenants); or

        (iii)   comply with any other material obligation in the Bank Documents
                and, if that failure can be remedied within 30 days of written
                notice from Westpac, it does not remedy that failure within 30
                days of written notice from Westpac of that failure.

(b)     (NON PAYMENT BY SII) Sizzler International, Inc fails to make a payment
        on time under a limited guarantee with Westpac dated on or about the
        date of this Agreement.

(c)     (MISREPRESENTATION) A representation or statement by or on behalf of a
        Relevant Company in a Bank Document, or in a document provided under it,
        is misleading in a material respect.

(d)     (CROSS DEFAULT) Finance Debt of a Relevant Company totalling at least
        $50,000.00 or an equivalent sum in any currency:

        (i)     is not paid when due (or within an applicable grace period)
                except where it is being contested in good faith; or

        (ii)    becomes due and payable before its stated maturity, except as a
                result of an exercise of a prepayment right in the absence of
                default; or

        (iii)   an obligation to provide finance to a Relevant Company totalling
                at least that amount is terminated except as a result of
                voluntary termination in the absence of default, or

        an event of default as defined in any other Bank Document occurs.

(e)     (WINDING UP) An application or order is made, or a resolution is passed
        or proposed in a notice of meeting, for:

<PAGE>   20
                                       17

        (i)     the winding up, dissolution, official management or
                administration of a Relevant Company or any analogous process;
                or

        (ii)    an arrangement compromise or composition with its creditors or a
                class of them, or

        (iii)   an application is made for any of the above except one which is
                frivolous and vexatious.

(f)     (ENFORCEMENT AGAINST ASSETS) A receiver, receiver and manager,
        administrator or similar officer is appointed over a Relevant Company or
        a material asset or any material portion of its assets. A Security
        Interest is enforced, or distress or other execution levied, against a
        material asset or any material portion of the assets of a Relevant
        Company.

(g)     (REDUCTION OF CAPITAL) A Guarantor or Customer reduces its capital,
        cancels its uncalled capital or buys back its shares to an extent which
        is likely to cause a breach of the financial undertakings in clause 12.

(h)     (INSOLVENCY) A Relevant Company is insolvent or is deemed or presumed
        insolvent under any applicable law. A Relevant Company ceases or
        threatens to cease carrying on its business or paying its debts. A
        Relevant Company disposes or threatens to dispose of a substantial part
        of its assets.

(i)     (BANK DOCUMENTS) All or a material part of a Bank Document is for any
        reason:

        (i)     terminated or of no force or limited force; or

        (ii)    terminable at the option of the Relevant Company, except as
                expressly provided under that Bank Document; or

        (iii)   a Relevant Company alleges that it is so.

(j)     (INVESTIGATION) An investigator or any other form of enquiry is
        instituted under the Corporations Law or similar legislation into the
        affairs of a Relevant Company which in the reasonable opinion of Westpac
        is likely to have a Material Adverse Effect.

(k)     (REVOCATION OF AUTHORISATION) An Authorisation which is material to the
        business of a Guarantor or to the performance by the Relevant Companies
        of the Bank Documents or their validity or enforceability ceases to have
        effect and is not replaced by another Authorisation acceptable to
        Westpac.

(l)     (MATERIAL ADVERSE CHANGE) There are any other circumstances including a
        material adverse change to the business assets or financial condition of
        the CFG Group as a whole or the Relevant Companies taken as a whole
        which may in the opinion of Westpac have a Material Adverse Effect.

(m)     (CONTROL) Any Relevant Company or its holding company becomes controlled
        by another person or there is a substantial change in the control of CFG
        other than pursuant to the Restructure.

(n)     (FUNDING APPLIED FOR ANY OTHER PURPOSE) Funding by Westpac to any
        Relevant Company is applied for any purpose other than the purpose it
        was provided for.

(o)     (PRIOR INTEREST NOT DISCLOSED) A Relevant Company did not disclose to
        Westpac in writing, before or at the time this Agreement was executed,
        the fact that a Security Interest, trust, option or other third party
        right or interest affects its property, assets and rights the subject of
        a Security.

<PAGE>   21
                                       18

(p)     (CHANGE IN CONSTITUENT DOCUMENTS) Any Relevant Company alters its
        Memorandum or Articles of Association or other constituent documents in
        any material way without the consent of Westpac.

(q)     (COMPULSORY ACQUISITION):

        (i)     All or any material part of any Relevant Company's property the
                subject of a Security is compulsorily acquired by or by order of
                any Governmental Agency or under any law and the amount of
                compensation received or to be received by that Relevant Company
                in respect of that acquisition is, in the opinion of Westpac,
                substantially less than the value of the property acquired or
                that amount is not dealt with in accordance with this Agreement;

        (ii)    Any Governmental Agency orders the sale, vesting or divesting of
                all or any material part of a Relevant Company's property the
                subject of a Security and the amount of any compensation
                received or to be received by that Relevant Company in respect
                of that sale, vesting or divesting is, in the opinion of
                Westpac, substantially less that the value of the property sold,
                vested or divested or that amount is not dealt with in
                accordance with this Agreement; or

        (iii)   Any Governmental Agency takes any step for the purposes of any
                of the above,

        the result of which (whether individually or cumulatively) has a
        Material Adverse Effect).

Nothing in paragraph (d) or (f) is an Event of Default if done for the purpose
of solvent reorganisation previously approved by Westpac.

14.     WESTPAC'S REMEDIES AND POWERS

14.1    EVENT OF DEFAULT

In addition to any other rights provided by law or any Bank Document at any time
after an Event of Default (whether or not it is continuing) Westpac may do
either or both of the following:

(a)     terminate any facility provided under any Bank Document; and

(b)     by written notice require the Customer to repay all amounts lent or
        provided to it under any Bank Document (subject to the provisions of the
        Bank Document), and all other amounts actually or contingently
        outstanding by it under this Agreement or any Bank Document, and the
        respective Customer must pay them immediately.

(c)     by written notice require the Guarantor to pay all the amounts
        Guaranteed by it under this Agreement or any Bank Document (whether or
        not contingently due), and the respective Guarantor must pay them
        immediately.

If an amount is paid to Westpac to cover an amount contingently owing, Westpac
will hold that amount in an interest bearing account until the amount becomes
actually owing or ceases to be contingently owing. Westpac will then apply the
amount in the account (including interest) in payment of the amount actually
owing and return the balance to the relevant Guarantor.

<PAGE>   22
                                       19

14.2    NO WAIVER

No failure to exercise a right or power, and no delay in exercising a right or
power, operates as a waiver. Waivers must be in writing.

<PAGE>   23
                                       20

                               GENERAL PROVISIONS

15.     PAYMENTS

15.1    PAYMENTS

The Guarantor will make all payments under this Agreement when Westpac demands
them and without deducting any amounts the Guarantor may claim from Westpac.
Payments must be in cleared funds and free of any set-off or deduction, except
for taxes where required by law. The Guarantor must pay:

(a)     in the currency in which the amounts demanded are denominated, and

(b)     at Westpac's address set out on the front cover or any other address
        which Westpac gives from time to time.

If any amount is received by Westpac in a currency other than that in which it
was demanded, the Guarantor will compensate Westpac for any exchange loss.

If the Guarantor is required to deduct any tax from any payment (except a tax on
Westpac's overall net income), then:

(a)     it must pay that amount to the appropriate authority and promptly give
        Westpac evidence of payment, and

(b)     the amount payable is increased so that (after deducting that tax, and
        paying any taxes on the increased amount) Westpac receives the same
        amount it would have received had no deduction been made.

15.2    TIME OF PAYMENT

Unless otherwise stated, amounts payable under any of the Clauses 16 (Yield
Protection) and 17 (Additional Payments), are payable within two Business Days
of demand.

15.3    INTEREST

The Guarantor will pay interest on any amount which has been demanded by Westpac
but remains unpaid at the rate at which overdue amounts bear interest under the
Bank Documents. If several rates are provided for in the Bank Documents,
interest under these conditions will be payable at the highest of those rates.

Interest will accrue each day on each amount due under a Bank Document but
unpaid. Unless otherwise specified in the Bank Document, the rate will be
Westpac's Reference Lending Rate then applicable plus:

(a)     in the case of a facility governed by a Bank Document, any margin
        applied by Westpac under the relevant Bank Document plus 2% per annum;
        and

(b)     otherwise, 4% per annum.

That interest accrues before and after any judgment. Unless it does so more
often, Westpac will be taken to have debited monthly the Guarantor's account
with accrued interest under this paragraph. That interest will then itself bear
interest.

Despite any other provision in any other Bank Document, but only for the purpose
of calculating interest, if Westpac is paid moneys by one or more of the
Guarantors under a Bank Document and Westpac, although being entitled to apply
those moneys to reduce the Secured Moneys, decides instead to deposit the moneys
into one or more suspense

<PAGE>   24
                                       21

accounts, interest on the Secured Moneys will be calculated on the difference
between the Secured Moneys and the aggregate of all amounts held in such
suspense account(s).

16.     YIELD PROTECTION

Whenever Westpac determines that a Change in Law (as defined below) has the
effect of:

(a)     increasing its costs of funding or maintaining a facility under a Bank
        Document, or reducing its return or amounts received in respect of the
        facility; or

(b)     reducing its return on capital allocated to a facility under a Bank
        Document (including because more capital needs to be allocated to the
        facility or cannot be used elsewhere),

then it will promptly notify the relevant Guarantor, who must pay Westpac the
amount Westpac certifies is necessary to compensate it. That certificate will
give an outline of the calculation, and will be conclusive and bind the
Guarantor in the absence of manifest error.

If the Guarantor so requests, Westpac will negotiate in good faith with a view
to finding a means of minimising the effect, but it is not a defence that the
effect could have been avoided or minimised.

A CHANGE IN LAW is the introduction of, or a change in, any law, official
directive, ruling or request or a change in its interpretation. If it does not
have the force of law, it must be one with which responsible Australian banks
would comply. Without limitation, it includes any occurrence which is a "Change
in Law" as described above and which relates to capital adequacy, special
deposit, liquidity, reserve, prime assets, tax or prudential requirements
(except a change in tax on overall net income).

17.     ADDITIONAL PAYMENTS

17.1    INDEMNITY AND COSTS

Each Guarantor will indemnify Westpac against any liability, loss, cost or
expense (including legal costs and goods and services tax on a full indemnity
basis and the cost to Westpac of in house counsel at reasonable rates) it incurs
in or as a result of an Event of Default or Potential Event of Default or a
breach of its obligations, or actual or contemplated enforcement of this
Agreement or any Bank Document to which it is a party or any Security.

17.2    CURRENCY INDEMNITY

Each Guarantor will indemnify Westpac if any amount payable under or in
connection with a Bank Document is received in a currency which is different
from that in which it is required to be paid under this Agreement. This
indemnity applies whatever the reason for receipt of the amount in a different
currency.

17.3    EXPENSES

The Guarantor will pay:

(a)     all stamp, transaction and other similar duties and charges, plus

(b)     all external legal costs which Westpac incurs (on a full indemnity
        basis),

<PAGE>   25
                                       22

in relation to this Agreement or any Bank Document to which it is a party and
any Security and any transaction under them. This includes financial
institutions duty and debits tax.

The Guarantor will on a full indemnity basis pay all amounts which Westpac
incurs in relation to the enforcement of this Agreement or any Security.

Each Guarantor will also pay any fines and penalties unless they result from a
failure by Westpac to lodge a document for stamping in sufficient time, having
received from the Guarantor the amount of stamp duty in good time.

17.4    GOODS AND SERVICES TAX

(a)     All payments to be made by the Guarantor or Customer under or in
        connection with this Agreement have been calculated without regard to
        GST.

        If all or part of any such payment is the consideration for a taxable
        supply for GST purposes then, when the Guarantor or Customer makes the
        payment:

        (i)     it must pay to Westpac an additional amount equal to that
                payment (or part) multiplied by the appropriate rate of GST; and

        (ii)    Westpac will promptly provide it with a tax invoice complying
                with the GST law.

(b)     Where under this letter or a Bank Document the Customer or a Guarantor
        is required to reimburse or indemnify for an amount, the Customer or the
        Guarantor (as the case may be) will pay the relevant amount (including
        any sum in respect of GST) less any GST input tax credit Westpac
        determines that it is entitled to claim in respect of that amount.

(c)     Any word or expression used in this clause which is defined in A New Tax
        System (Goods and Services Tax) Act 1999 (Cth) has the same meaning in
        this document.

18.     GENERAL

18.1    TERM

This Agreement will continue so long as there is any liability, obligation,
document or agreement between Westpac and any Guarantor or Westpac releases it.

18.2    STATEMENTS

The Guarantor agrees that a written statement by Westpac, setting out the amount
which the Guarantor owes under this Agreement, is sufficient proof that the
Guarantor owes the amount stated, unless it is proved wrong.

18.3    NOTICES

Any notice, demand, statement, certificate or other communication by Westpac
under any Bank Document may be given by any person whose title includes the word
"manager", "counsel", "head" or "president", or any attorney authorised to do
so.

Notices may be sent by facsimile, post or any other means to the recipient's
address or number set out on the signature page of this Agreement or in any
other address or number notified to the sender by the recipient.

<PAGE>   26
                                       23

Notices will be taken to have been given if delivered or left at that address on
the date on which it is delivered or left.

18.4    AGENT FOR SERVICE OF PROCESS

Each Guarantor having its registered office outside Queensland:

(a)     irrevocably appoints Collins Restaurants Management Pty Ltd ACN 093 912
        979 ("CRM") as its agent for service of process relating to any
        proceedings before the courts and appellate courts of the State of
        Queensland in connection with each Bank Document; and

(b)     agrees that failure by CRM to notify it of the process will not
        invalidate the proceedings concerned.

19.     APPROPRIATION AND SET-OFF

19.1    APPROPRIATION

Any money paid to Westpac to reduce the Customer's debts to Westpac may be used
to pay off any part of the Customer's debts which Westpac chooses.

19.2    SET-OFF

If the Guarantor has any money in any account with Westpac, Westpac may use it
to pay money the Guarantor owes to Westpac under this Agreement, but it need not
do so. It can convert currencies using its normal procedures.

To the maximum extent allowed by law, the Guarantor gives up any right to set
off any amounts Westpac owes it against amounts owed by the Guarantor under this
Agreement.

20.     ASSIGNMENT AND TRANSFER

Westpac can transfer its rights under this Agreement to someone else. If Westpac
does, this Agreement will apply to the transferee as if it were Westpac. To the
maximum extent allowed by law, any transfer will be free of any set off, equity
or cross-claim which but for this paragraph the Guarantor would have had against
Westpac or the transferee of this Agreement. Westpac may disclose information
concerning the Guarantee or the Guarantor to a potential transferee or
sub-participant of this Agreement, the Guaranteed Obligations or the Guaranteed
Money.

No Guarantor may assign its rights under any Bank Document.

21.     RELIANCE

The Guarantor acknowledges that it did not sign this Agreement relying on any
promises or statements made by Westpac. It does not matter whether they were
made in response to any question or not.

The only terms which apply to this Agreement are contained in it.

Westpac is not required to do anything in relation to, or tell the Guarantor
anything concerning, the Customer's financial and business condition and affairs
or its transactions with Westpac.

<PAGE>   27
                                       24

22.     MULTIPLE PARTIES

22.1    MULTIPLE GUARANTORS

The terms of this Agreement apply to each Guarantor individually and to all
Guarantors as a group. Each Guarantor is individually liable for the full amount
of the Guaranteed Moneys, even if one or more of the others:

(a)     has not signed or is not bound by it, or

(b)     in the future stops being liable (for example, because Westpac releases
        that Guarantor).

Westpac can demand payment from one or more of the Guarantors without demanding
it from the others.

References to "the Guarantor", "a Guarantor" or "Guarantors" shall be construed
accordingly.

22.2    MULTIPLE CUSTOMERS

The terms of the guarantee and this Agreement apply to each Customer
individually and to all of them as a group. Without limiting the above, this
Agreement applies to money owed by any one or more of them.

References to "the Customer", "a Customer" or "Customers" shall be construed
accordingly

23.     NEW GUARANTORS

A party can join this Agreement as a guarantor. To do so the party must sign an
accession agreement in the form attached. Upon signing the agreement the party
will automatically become a guarantor under this Agreement and it, as well as
the other parties to this Agreement, will have the same obligations and rights
as if the party were named in it as a Guarantor and Customer, and as if the
party had signed this Agreement.

24.     LAW AND JURISDICTION

This Agreement is governed by Queensland law. The Guarantor accepts the
non-exclusive jurisdiction of the courts having jurisdiction there.

Any law that allows the Guarantor or the Customer to avoid or defer payment, or
that gives the Guarantor or Customer rights not contained in this Agreement,
does not apply, unless the law is one which applies despite an agreement to the
contrary. If any part of this Agreement is prohibited or unenforceable, it will
not affect the remaining part.

25.     COUNTERPARTS

This Agreement may be executed in any number of counterparts. All of such
counterparts, taken together, shall be deemed to constitute the one instrument.

<PAGE>   28
                                       25

26.     ATTORNEYS

Each attorney executing this agreement states that he has no notice of
revocation of his power of attorney.

27.     INCONSISTENCY

(a)     Subject to paragraph (b), to the extent that there is any express
        inconsistency between the terms of this Agreement and any other Bank
        Document the terms of this Agreement shall prevail.

(b)     To the extent that there is any inconsistency between the terms of this
        Agreement and s cross guarantee and negative pledge dated 19 September
        1997 between CFI, Westpac and others (the "earlier agreement") the
        earlier agreement prevails until the Restructure is complete. This
        Agreement terminates the earlier agreement (except in respect of any
        liability arising under it prior to termination) from the time that the
        Restructure is complete.

28.     RELEASE OF GUARANTORS

(a)     If:

        (i)     the Restructure is complete;

        (ii)    no Event of Default or Potential Event of Default has occurred;
                and

        (iii)   Westpac has received the opinion from PricewaterhouseCoopers
                referred to in clause 5.5(a) of the Bill Facility Agreement in
                form and substance reasonably satisfactory to it,

        Westpac will:

        (iv)    release the following Guarantors from liability under this
                Agreement:

        -       Collins Foods Australia Pty Ltd ACN 009 914 103;

        -       Collins Finance and Management Pty Ltd ACN 009 996 721;

        -       Sizzler Australia Pty Ltd ACN 010 060 876;

        -       Subject to satisfaction of paragraph (b), Collins Property
                Development Pty Ltd ACN 010 539 616; and

        -       Subject to paragraph (c), each of the companies in the SIM
                Group; and

        (v)     release Sizzler International, Inc from its obligations under
                the Stock Pledge with Westpac dated 19 September 1997.

(b)     Westpac is not required to release Collins Property Development Pty Ltd
        from this Agreement unless that company has granted leases on terms
        reasonably satisfactory to Westpac over all interests in land owned or
        occupied by the company in favour of Collins Restaurants Queensland Pty
        Ltd or Sizzler Restaurants Group Pty Ltd and Westpac holds a first
        registered mortgage from the relevant company over the lease of each
        property and a lessor's right of entry deed for each property

<PAGE>   29
                                       26

(c)     Westpac is not required to release a company in the SIM Group from this
        Agreement unless SIM has entered into a franchise and licence agreement
        (relating to the granting of Sizzler intellectual property in the Asia
        Pacific region) with a company in the CFG Group on terms reasonably
        satisfactory to Westpac and both of those companies have entered into a
        Tripartite Agreement on terms reasonably acceptable to Westpac with
        Westpac in relation to that Agreement.

(d)     Each Guarantor consents to the release of a Guarantor pursuant to this
        clause and agrees that its liability under this Agreement is not
        affected by the release of any other Guarantor.

<PAGE>   30
                                       27

                            SCHEDULE A -- GUARANTORS

<TABLE>
<CAPTION>
                                           ACN/ARBN/
                                           PLACE OF
NAME OF COMPANY                         INCORPORATION    POSTAL ADDRESS
---------------                         -------------    --------------
<S>                                     <C>              <C>
Collins Foods Group Pty Ltd               009 937 900    16 Edmondstone Street,
                                                         Newmarket, Qld 4051

Collins Finance and Management Pty Ltd    009 996 721    16 Edmondstone Street,
                                                         Newmarket, Qld 4051

Collins Foods Australia Pty Ltd           009 914 103    16 Edmondstone Street,
                                                         Newmarket, Qld 4051

Collins Foods International Pty Ltd       009 980 250    16 Edmondstone Street,
                                          Nevada         Newmarket, Qld 4051

Collins International Inc                 Delaware       16 Edmondstone Street,
                                                         Newmarket, Qld 4051

Collins Property Development Pty Ltd      010 539 616    16 Edmondstone Street,
                                                         Newmarket, Qld 4051

Furnace Concepts Australia Corp.          070 065 468    16 Edmondstone Street,
                                          Nevada         Newmarket, Qld 4051

Furnace Concepts International Inc        Nevada         16 Edmondstone Street,
                                                         Newmarket, Qld 4051

Collins Restaurants Queensland Pty Ltd    009 988 381    16 Edmondstone Street,
                                                         Newmarket, Qld 4051

Restaurant Concepts of Australia Pty Ltd  Nevada         16 Edmondstone Street,
(Deregistered in Australia 24-04-96,                     Newmarket, Qld 4051
code s350, Formerly A.R.B.N.
010 761 770)

Restaurant Concepts International Inc     Nevada         16 Edmondstone Street,
                                                         Newmarket, Qld 4051

Sizzler Australia Pty Ltd                 010 060 876    16 Edmondstone Street,
                                                         Newmarket, Qld 4051

Sizzler Franchise Development Limited     Bermuda        16 Edmondstone Street,
                                                         Newmarket, Qld 4051

Sizzler International Marks Inc.          Delaware       16 Edmondstone Street,
                                                         Newmarket, Qld 4051

Sizzler New Zealand Limited               Nevada         16 Edmondstone Street,
                                                         Newmarket, Qld 4051

Sizzler Restaurant Services Inc           Nevada         16 Edmondstone Street,
                                                         Newmarket, Qld 4051

Sizzler South Pacific Pty Ltd             010 713 852    16 Edmondstone Street,
                                          Nevada         Newmarket, Qld 4051

Sizzler South-East Asia Inc               Nevada         16 Edmondstone Street,
                                                         Newmarket, Qld 4051
</TABLE>

<PAGE>   31
                                       28

<TABLE>
<CAPTION>
                                           ACN/ARBN/
                                           PLACE OF
NAME OF COMPANY                         INCORPORATION    POSTAL ADDRESS
---------------                         -------------    --------------
<S>                                     <C>              <C>
Sizzler Asia Holdings, Inc Delaware                      16 Edmonstone Street,
                                                         Newmarket, Qld  4051

Collins Restaurants Management Pty Ltd    093 912 979    16 Edmondstone Street,
                                                         Newmarket, Qld 4051

Sizzler Restaurants Group Pty Ltd         010 102 388    16 Edmondstone Street,
                                                         Newmarket, Qld 4051
</TABLE>

<PAGE>   32
                                       29

                    SCHEDULE B - FORM OF ACCESSION AGREEMENT

THIS ACCESSION AGREEMENT is made the                      day of           20
                                     --------------------        ---------   --

BY      [*] A.C.N. [*] of [*] (the "NEW GUARANTOR")

AND     EACH OF THE COMPANIES LISTED IN THE SCHEDULE (each an "EXISTING
        GUARANTOR")

TO      WESTPAC BANKING CORPORATION A.R.B.N. 007 457 141 ("WESTPAC").

THIS ACCESSION AGREEMENT IS ENTERED INTO IN EXCHANGE FOR Westpac giving credit,
or continuing to provide it, or not taking immediate action to enforce the
obligations of any Customer referred to in the Cross Guarantee and Indemnity and
Negative Pledge with Financial Ratio Covenants dated [*] between Westpac and the
Existing Guarantors (as amended from time to time, the "GUARANTEE") and for
other good and valuable consideration.

Expressions defined in the Guarantee have the same meaning in this Accession
Agreement.

THE NEW GUARANTOR AND THE EXISTING GUARANTORS agree with and acknowledge to
Westpac:

(a)     That the New Guarantor shall as and from the date of this Accession
        Agreement be subject in all respects to all those obligations to
        Westpac, and the Existing Guarantors shall have the same liability with
        respect to the indebtedness of the New Guarantor as if the New Guarantor
        was a Guarantor and Customer respectively named as a party to the
        Guarantee and all the terms of the Guarantee shall apply to and bind the
        Guarantors (including the New Guarantor) accordingly.

(b)     That at the time of executing this Accession Agreement the New Guarantor
        is aware that the Existing Guarantors have already incurred liabilities
        to Westpac and that the existence of such liabilities is not to diminish
        or release in any way the liabilities of the New Guarantor arising under
        clause (a) of this Accession Agreement or Westpac's rights powers and
        remedies arising because of this Accession Agreement.

(c)     [That at the time of executing this Accession Agreement the Existing
        Guarantors are aware that the New Guarantor has already incurred
        liabilities to Westpac and that the existence of such liabilities is not
        to diminish or release in any way the liabilities of the Existing
        Guarantors arising under the Guarantee.] [insert if the New Guarantor
        has existing liabilities to Westpac]

This Agreement may be executed in any number of counterparts. All of such
counterparts, taken together, shall be deemed to constitute the one instrument.

Clause 18.4 of the Guarantee applies to this Agreement as if stated in it (with
"Guarantor" being read to include the New Guarantor).

                                    SCHEDULE

<TABLE>
<CAPTION>
                                           ACN/ARBN/
                                           PLACE OF
NAME OF COMPANY                         INCORPORATION    POSTAL ADDRESS
---------------                         -------------    --------------
<S>                                     <C>              <C>
Collins Foods Group Pty Ltd               009 937 900    16 Edmondstone Street,
                                                         Newmarket, Qld 4051

Collins Finance and Management Pty Ltd    009 996 721    16 Edmondstone Street,
                                                         Newmarket, Qld 4051
</TABLE>

<PAGE>   33
                                       30

<TABLE>
<CAPTION>
                                           ACN/ARBN/
                                           PLACE OF
NAME OF COMPANY                         INCORPORATION    POSTAL ADDRESS
---------------                         -------------    --------------
<S>                                     <C>              <C>
Collins Foods Australia Pty Ltd           009 914 103    16 Edmondstone Street,
                                                         Newmarket, Qld 4051

Collins Foods International Pty Ltd       009 980 250    16 Edmondstone Street,
                                          Nevada         Newmarket, Qld 4051

Collins International Inc                 Delaware       16 Edmondstone Street,
                                                         Newmarket, Qld 4051

Collins Property Development Pty Ltd      010 539 616    16 Edmondstone Street,
                                                         Newmarket, Qld 4051

Furnace Concepts Australia Corp.          070 065 468    16 Edmondstone Street,
                                          Nevada         Newmarket, Qld 4051

Furnace Concepts International Inc        Nevada         16 Edmondstone Street,
                                                         Newmarket, Qld 4051

Collins Restaurants Queensland Pty Ltd    009 988 381    16 Edmondstone Street,
                                                         Newmarket, Qld 4051

Restaurant Concepts of Australia Pty Ltd  Nevada         16 Edmondstone Street,
(Deregistered in Australia 24-04-96,                     Newmarket, Qld 4051
code s350, Formerly A.R.B.N.
010 761 770)

Restaurant Concepts International Inc     Nevada         16 Edmondstone Street,
                                                         Newmarket, Qld 4051

Sizzler Australia Pty Ltd                 010 060 876    16 Edmondstone Street,
                                                         Newmarket, Qld 4051

Sizzler Franchise Development Limited     Bermuda        16 Edmondstone Street,
                                                         Newmarket, Qld 4051

Sizzler International Marks Inc.          Delaware       16 Edmondstone Street,
                                                         Newmarket, Qld 4051

Sizzler New Zealand Limited               Nevada         16 Edmondstone Street,
                                                         Newmarket, Qld 4051

Sizzler Restaurant Services Inc           Nevada         16 Edmondstone Street,
                                                         Newmarket, Qld 4051

Sizzler South Pacific Pty Ltd             010 713 852    16 Edmondstone Street,
                                          Nevada         Newmarket, Qld 4051

Sizzler South-East Asia Inc               Nevada         16 Edmondstone Street,
                                                         Newmarket, Qld 4051

Sizzler Asia Holdings, Inc. Delaware                     16 Edmonstone Street,
                                                         Newmarket, Qld 4051

Collins Restaurants Management Pty Ltd    093 912 979    16 Edmonstone Street

                                                         Newmarket, Qld 4051

Sizzler Restaurants Group Pty Ltd         010 102 388    16 Edmonstone Street,
                                                         Newmarket,  Qld  4051
</TABLE>

<PAGE>   34
                                       31

EXECUTED AS AN AGREEMENT in

THE COMMON SEAL of                         )
                                           )   ---------------------------------
was duly affixed by authority of the       )   Director
Board of Directors in the presence of      )
                                           )
(insert name)                              )   ---------------------------------
              -----------------------      )   Director/Secretary
and                                        )
                                           )
(insert name)                              )
              -----------------------      )

[ONE EXECUTION TO BE INCLUDED FOR EACH NEW GUARANTOR AND EACH EXISTING
GUARANTOR]

<PAGE>   35
                                       i

                                    EXECUTION

EXECUTED AS AN AGREEMENT in

ON

THE COMMON SEAL of                         )
                                           )
COLLINS FOODS GROUP PTY LTD                )
                                           )
was duly affixed by authority of the       )   ---------------------------------
Board of Directors in the presence of      )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )   ---------------------------------
and                                        )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )

THE COMMON SEAL of                         )
                                           )
COLLINS FINANCE AND MANAGEMENT PTY LTD     )
                                           )
was duly affixed by authority of the       )   ---------------------------------
Board of Directors in the presence of      )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )   ---------------------------------
and                                        )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )

THE COMMON SEAL of                         )
                                           )
COLLINS FOODS AUSTRALIA PTY LTD            )
                                           )
was duly affixed by authority of the       )   ---------------------------------
Board of Directors in the presence of      )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )   ---------------------------------
and                                        )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )

<PAGE>   36
                                       ii

THE COMMON SEAL of                         )
                                           )
COLLINS FOODS INTERNATIONAL PTY LTD        )
                                           )
was duly affixed by authority of the       )   ---------------------------------
Board of Directors in the presence of      )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )   ---------------------------------
and                                        )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )

THE COMMON SEAL of                         )
                                           )
COLLINS INTERNATIONAL INC.                 )
                                           )
was duly affixed by authority of the       )   ---------------------------------
Board of Directors in the presence of      )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )   ---------------------------------
and                                        )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )

THE COMMON SEAL of                         )
                                           )
COLLINS PROPERTY DEVELOPMENT PTY LTD       )
                                           )
was duly affixed by authority of the       )   ---------------------------------
Board of Directors in the presence of      )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )   ---------------------------------
and                                        )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )

<PAGE>   37
                                      iii

THE COMMON SEAL of                         )
                                           )
FURNACE CONCEPTS AUSTRALIA CORP.           )
                                           )
was duly affixed by authority of the       )   ---------------------------------
Board of Directors in the presence of      )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )   ---------------------------------
and                                        )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )

THE COMMON SEAL of                         )
                                           )
FURNACE CONCEPTS INTERNATIONAL INC.        )
                                           )
was duly affixed by authority of the       )   ---------------------------------
Board of Directors in the presence of      )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )   ---------------------------------
and                                        )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )

THE COMMON SEAL of                         )
                                           )
COLLINS RESTAURANTS QUEENSLAND PTY LTD     )
                                           )
was duly affixed by authority of the       )   ---------------------------------
Board of Directors in the presence of      )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )   ---------------------------------
and                                        )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )

<PAGE>   38
                                       iv

THE COMMON SEAL of                         )
                                           )
RESTAURANT CONCEPTS OF AUSTRALIA PTY LTD   )
                                           )
was duly affixed by authority of the       )   ---------------------------------
Board of Directors in the presence of      )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )   ---------------------------------
and                                        )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )

THE COMMON SEAL of                         )
                                           )
RESTAURANT CONCEPTS INTERNATIONAL INC.     )
                                           )
was duly affixed by authority of the       )   ---------------------------------
Board of Directors in the presence of      )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )   ---------------------------------
and                                        )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )

THE COMMON SEAL of                         )
                                           )
SIZZLER AUSTRALIA PTY LTD                  )
                                           )
was duly affixed by authority of the       )   ---------------------------------
Board of Directors in the presence of      )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )   ---------------------------------
and                                        )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )

<PAGE>   39
                                       v

THE COMMON SEAL of                         )
                                           )
SIZZLER FRANCHISE DEVELOPMENT, LTD         )
                                           )
was duly affixed by authority of the       )   ---------------------------------
Board of Directors in the presence of      )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )   ---------------------------------
and                                        )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )

THE COMMON SEAL of                         )
                                           )
SIZZLER INTERNATIONAL MARKS INC.           )
                                           )
was duly affixed by authority of the       )   ---------------------------------
Board of Directors in the presence of      )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )   ---------------------------------
and                                        )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )

THE COMMON SEAL of                         )
                                           )
SIZZLER NEW ZEALAND LIMITED                )
                                           )
was duly affixed by authority of the       )   ---------------------------------
Board of Directors in the presence of      )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )   ---------------------------------
and                                        )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )

<PAGE>   40
                                       vi

THE COMMON SEAL of                         )
                                           )
SIZZLER RESTAURANT SERVICES INC.           )
                                           )
was duly affixed by authority of the       )   ---------------------------------
Board of Directors in the presence of      )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )   ---------------------------------
and                                        )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )

THE COMMON SEAL of                         )
                                           )
SIZZLER SOUTH PACIFIC PTY LTD              )
                                           )
was duly affixed by authority of the       )   ---------------------------------
Board of Directors in the presence of      )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )   ---------------------------------
and                                        )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )

THE COMMON SEAL of                         )
                                           )
SIZZLER SOUTH-EAST ASIA INC.               )
                                           )
was duly affixed by authority of the       )   ---------------------------------
Board of Directors in the presence of      )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )   ---------------------------------
and                                        )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )

<PAGE>   41
                                      vii

THE COMMON SEAL of                         )
                                           )
SIZZLER ASIA HOLDINGS, INC DELAWARE PTY    )
LTD                                        )
                                           )
was duly affixed by authority of the       )   ---------------------------------
Board of Directors in the presence of      )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )   ---------------------------------
and                                        )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )

THE COMMON SEAL of                         )
                                           )
COLLINS RESTAURANTS MANAGEMENT PTY LTD     )
                                           )
was duly affixed by authority of the       )   ---------------------------------
Board of Directors in the presence of      )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )   ---------------------------------
and                                        )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )

THE COMMON SEAL of                         )
                                           )
SIZZLER RESTAURANTS GROUP PTY LTD          )
                                           )
was duly affixed by authority of the       )   ---------------------------------
Board of Directors in the presence of      )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )   ---------------------------------
and                                        )   Authorised officer
                                           )
(insert name)                              )
              -----------------------      )

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00014-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00014-of-00352.parquet"}]]