Document:

Exhibit 4.7.1(x)

This Instrument prepared by and
upon recording, please return to:
Reginald T. O’Shields, Esq.
Sutherland, Asbill & Brennan LLP
999 Peachtree Street, N.E.
Atlanta, Georgia 30309-3996

PURSUANT TO §44-14-35.1 OF OFFICIAL CODE OF GEORGIA ANNOTATED, THIS INSTRUMENT EMBRACES,
COVERS AND CONVEYS SECURITY TITLE TO AFTER-ACQUIRED PROPERTY OF THE GRANTOR

OGLETHORPE POWER CORPORATION
(AN ELECTRIC MEMBERSHIP CORPORATION),
GRANTOR,
to
SUNTRUST BANK,
TRUSTEE

TWENTY-THIRD SUPPLEMENTAL
INDENTURE

Relating to the
Series 2003 (FFB N-8) Note
and
Series 2003 (RUS N-8) Reimbursement Note

Dated as of March 1, 2003

FIRST MORTGAGE OBLIGATIONS

          THIS TWENTY-THIRD SUPPLEMENTAL INDENTURE, dated as of March 1, 2003, is between OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION), formerly known as Oglethorpe Power Corporation (An Electric Membership Generation & Transmission Corporation), an electric membership corporation organized and existing under the laws of the State of Georgia, as Grantor (hereinafter called the “Company”), and SUNTRUST BANK, formerly known as SunTrust Bank, Atlanta, a banking corporation organized and existing under the laws of the State of Georgia, as Trustee (in such capacity, the “Trustee”).

          WHEREAS, the Company has heretofore executed and delivered to the Trustee an Indenture, dated as of March 1, 1997 (hereinafter called the “Original Indenture”), for the purpose of conveying and mortgaging to the Trustee, in trust, and granting to the Trustee a security interest in, substantially all of the then-owned and thereafter-acquired real property and tangible personal property, wherever located, and certain of the then-owned and thereafter-acquired intangible personal property of the Company to secure the payment of the principal of (and premium, if any) and interest on the Outstanding Secured Obligations (as defined in the Original Indenture) and the performance of the covenants contained in the Outstanding Secured Obligations and the Original Indenture;

     WHEREAS, capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in the Original Indenture;

     WHEREAS, the Original Indenture has heretofore been amended and supplemented by twenty-two Supplemental Indentures (the Original Indenture, as heretofore, hereby and hereafter supplemented and modified, hereinafter sometimes called the “Indenture”);

          WHEREAS, the Company intends to enter into an Amended and Restated Loan Contract, in or about March 2003, with the United States of America, acting by and through the Administrator of the Rural Utilities Service (“RUS”) which, among other things, provides the terms and conditions of a loan from the Federal Financing Bank (“FFB”) in a principal amount of up to $313,665,000 (the “FFB N-8 Loan”);

          WHEREAS, the Company’s obligation to repay the FFB N-8 Loan will be evidenced by that certain Series 2003 (FFB N-8) Note, to be dated the date of its authentication (the “Series 2003 (FFB N-8) Note”), from the Company to FFB;

          WHEREAS, RUS will guarantee the Company’s obligation to repay the FFB N-8 Loan;

          WHEREAS, the Company will be obligated to reimburse RUS for any payments made to FFB on behalf of the Company in connection with the FFB N-8 Loan;

          WHEREAS, the Company’s obligation to reimburse RUS for any payment under its guarantee to FFB will be evidenced by that certain Series 2003 (RUS N-8) Reimbursement Note, to be dated the date of its authentication (the “Series 2003 (RUS N-8) Reimbursement Note”; together with the Series 2003 (FFB N-8) Note, the “Series 2003 (N-8) Notes”), from the Company to RUS;

1

          WHEREAS, the Company desires to execute and deliver this Twenty-Third Supplemental Indenture, in accordance with the provisions of the Original Indenture, for the purpose of (i) conveying and confirming unto the Trustee the property more particularly described on Exhibit A, and (ii) providing for the creation and designation of the Series 2003 (N-8) Notes as Additional Obligations and specifying the forms and provisions thereof;

          WHEREAS, Section 12.1 of the Original Indenture provides that, without the consent of the Holders of any of the Obligations at the time Outstanding, the Company, when authorized by a Board Resolution, and the Trustee, may enter into Supplemental Indentures for the purposes and subject to the conditions set forth in said Section 12.1, including to better assure, convey and confirm unto the Trustee any property subjected to the lien of the Indenture and to create additional series of Obligations under the Indenture and to make provision for such additional series of Obligations; and

          WHEREAS, all acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to secure under the Indenture the payment of the principal of (and premium, if any) and interest on the Series 2003 (N-8) Notes, to make the Series 2003 (N-8) Notes to be issued hereunder, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, and to constitute the Indenture a valid and binding lien for the security of the Series 2003 (N-8) Notes, in accordance with its terms, have been done and taken; and the execution and delivery of this Twenty-Third Supplemental Indenture have been in all respects duly authorized by the Company;

          NOW, THEREFORE, THIS TWENTY-THIRD SUPPLEMENTAL INDENTURE WITNESSETH, that, to secure the payment of the principal of (and premium, if any) and interest on the Outstanding Secured Obligations, including, when authenticated and delivered, the Series 2003 (N-8) Notes, to confirm the lien of the Indenture upon the Trust Estate, including property purchased, constructed or otherwise acquired by the Company since the date of execution of the Original Indenture, to secure performance of the covenants therein and herein contained, to declare the terms and conditions on which the Series 2003 (N-8) Notes are secured, and in consideration of the premises thereof and hereof, the Company by these presents does grant, bargain, sell, alienate, remise, release, convey, assign, transfer, mortgage, hypothecate, pledge, set over and confirm to the Trustee, and its successors and assigns in the trust created thereby and hereby, in trust, all property, rights, privileges and franchises (other than Excepted Property or Excludable Property) of the Company, whether now owned or hereafter acquired, of the character described in the Granting Clauses of the Original Indenture, wherever located, including all such property, rights, privileges and franchises acquired since the date of execution of the Original Indenture, including the property more particularly described in Exhibit A attached hereto, subject to all exceptions, reservations and matters of the character referred to in the Indenture, and does grant a security interest therein for the purposes expressed herein and in the Indenture subject in all cases to Sections 5.2 and 11.2 B of the Original Indenture, and to the rights of the Company under the Indenture including the rights set forth in Article V thereof; but expressly excepting and excluding from the lien and operation of the Indenture all properties of the character specifically excepted as “Excepted Property” or “Excludable Property” in the Original Indenture to the extent contemplated thereby.

2

          PROVIDED, HOWEVER, that if, upon the occurrence of an Event of Default, the Trustee, or any separate trustee or co-trustee appointed under Section 9.14 of the Original Indenture or any receiver appointed pursuant to statutory provision or order of court, shall have entered into possession of all or substantially all of the Trust Estate, all the Excepted Property described or referred to in Paragraphs A through H, inclusive, of “Excepted Property” in the Original Indenture then owned or thereafter acquired by the Company, shall immediately, and, in the case of any Excepted Property described or referred to in Paragraphs I, J, L, N and P of “Excepted Property” in the Original Indenture (excluding the property described in Section 2 of Exhibit B in the Original Indenture) upon demand of the Trustee or such other trustee or receiver, become subject to the lien of the Indenture to the extent permitted by law, and the Trustee or such other trustee or receiver may, to the extent permitted by law, at the same time likewise take possession thereof, and whenever all Events of Default shall have been cured and the possession of all or substantially all of the Trust Estate shall have been restored to the Company, such Excepted Property shall again be excepted and excluded from the lien of the Indenture to the extent and otherwise as hereinabove set forth and as set forth in the Indenture.

          The Company may, however, pursuant to the Granting Clause Third of the Original Indenture subject to the lien of the Indenture any Excepted Property or Excludable Property, whereupon the same shall cease to be Excepted Property or Excludable Property.

          TO HAVE AND TO HOLD all such property, rights, privileges and franchises hereby and hereafter (by a Supplemental Indenture or otherwise) granted, bargained, sold, alienated, remised, released, conveyed, assigned, transferred, mortgaged, hypothecated, pledged, set over or confirmed as aforesaid, or intended, agreed or covenanted so to be, together with all the tenements, hereditaments and appurtenances thereto appertaining (said properties, rights, privileges and franchises, including any cash and securities hereafter deposited or required to be deposited with the Trustee (other than any such cash which is specifically stated in the Original Indenture not to be deemed part of the Trust Estate) being part of the Trust Estate), unto the Trustee, and its successors and assigns in the trust created by the Indenture, forever.

          SUBJECT, HOWEVER, to (i) Permitted Exceptions and (ii) to the extent permitted by Section 13.6 of the Original Indenture as to property hereafter acquired (a) any duly recorded or perfected prior mortgage or other lien that may exist thereon at the date of the acquisition thereof by the Company and (b) purchase money mortgages, other purchase money liens, chattel mortgages, conditional sales agreements or other title retention agreements created by the Company at the time of acquisition thereof.

          BUT IN TRUST, NEVERTHELESS, with power of sale, for the equal and proportionate benefit and security of the Holders from time to time of all the Outstanding Secured Obligations without any priority of any such Obligation over any other such Obligation and for the enforcement of the payment of such Obligations in accordance with their terms.

          UPON CONDITION that, until the happening of an Event of  Default and subject to the provisions of Article V of the Original Indenture, and not in limitation of the rights elsewhere provided in the Indenture, including the rights set forth in Article V of the Original Indenture, the Company shall be permitted to (i) possess and use the Trust Estate, except cash, securities, Designated Qualifying Securities and other personal property deposited, or required to be deposited, with the Trustee, (ii) explore for, mine, extract, separate and dispose of coal, ore, gas, oil and other minerals, and harvest standing timber, and (iii) receive and use the rents, issues, profits, revenues and other income, products and proceeds of the Trust Estate.

3

          THE INDENTURE, INCLUDING THIS TWENTY-THIRD SUPPLEMENTAL INDENTURE, is given to secure the Outstanding Secured Obligations, and is intended to operate and is to be construed as a deed passing title to the Trust Estate and is made under the provisions of the laws of the State of Georgia relating to deeds to secure debt, and not as a mortgage or deed of trust, and is given to secure the Outstanding Secured Obligations.  Should the indebtedness secured by the Indenture be paid according to the tenor and effect thereof when the same shall become due and payable and should the Company perform all covenants contained in the Indenture in a timely manner, then the Indenture shall be canceled and surrendered.

          AND IT IS HEREBY COVENANTED AND DECLARED that the Series 2003 (N-8) Notes are to be authenticated and delivered and the Trust Estate is to be held and applied by the Trustee, subject to the covenants, conditions and trusts set forth herein and in the Original Indenture, and the Company does hereby covenant and agree to and with the Trustee, for the equal and proportionate benefit of all Holders of the Outstanding Secured Obligations, as follows:

ARTICLE I

THE SERIES 2003 (N-8) NOTES AND
CERTAIN PROVISIONS RELATING THERETO

          Section 1.1  Authorization and Terms of the Series 2003 (FFB N-8) Note.

          There shall be created and established an Additional Obligation in the form of a promissory note known as and entitled the “Series 2003 (FFB N-8) Note,” the form, terms and conditions of which shall be substantially as set forth in or prescribed pursuant to this Section and Section 1.2 hereof.  The principal face amount of the Series 2003 (FFB N-8) Note is limited to $313,665,000.

          The Series 2003 (FFB N-8) Note, when duly executed and issued by the Company, and authenticated and delivered by the Trustee, will be equally and proportionately secured under the Indenture with all other Outstanding Secured Obligations.

          The Series 2003 (FFB N-8) Note shall be dated the date of its authentication.  The Series 2003 (FFB N-8) Note shall mature on December 31, 2025, and shall bear interest from the date of its authentication to the date of its maturity at rates calculated as provided for in the form of note prescribed pursuant to Section 1.2 hereof.  The Series 2003 (FFB N-8) Note shall be authenticated and delivered to, and made payable to, FFB.

4

          All payments made on the Series 2003 (FFB N-8) Note shall be made as provided in the Series 2003 (FFB N-8) Note in lawful money of the United States of America which will be immediately available on the date payment is due. 

          Section 1.2  Form of the Series 2003 (FFB N-8) Note.

          The Series 2003 (FFB N-8) Note and the Trustee’s certificate of authentication for the Series 2003 (FFB N-8) Note shall be substantially in the form set forth in an Officers’ Certificate to be delivered to the Trustee by the Company, which shall establish the terms and conditions of the Series 2003 (FFB N-8) Note pursuant to Section 2.1 of the Original Indenture, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted in the Original Indenture.

          Pursuant to Section 1.20 of the Original Indenture, the United States of America, acting by and through the Administrator of RUS, shall be, and shall have the rights of, the Holder of the Series 2003 (FFB N-8) Note for all purposes under the Indenture at all times during which the Series 2003 (FFB N-8) Note continues to be guaranteed by the United States of America, acting by and through the Administrator of RUS.

          Section 1.3  Authorization and Terms of the Series 2003 (RUS N-8) Reimbursement Note.

          There shall be created and established an Additional Obligation in the form of a reimbursement note known as and entitled the “Series 2003 (RUS N-8) Reimbursement Note,” the form, terms and conditions of which shall be substantially as set forth in or prescribed pursuant to this Section and Section 1.4 hereof. 

          The Series 2003 (RUS N-8) Reimbursement Note, when duly executed and issued by the Company, and authenticated and delivered by the Trustee, will be equally and proportionately secured under the Indenture with all other Outstanding Secured Obligations.

          The Series 2003 (RUS N-8) Reimbursement Note shall be dated the date of its authentication.  The Series 2003 (RUS N-8) Reimbursement Note shall mature and shall bear interest for the periods and at the rates calculated as provided for in the form of note prescribed pursuant to Section 1.4 hereof.  The Series 2003 (RUS N-8) Reimbursement Note shall be authenticated and delivered to, and made payable to, the United States of America, acting by and through the Administrator of RUS.

          All payments made on the Series 2003 (RUS N-8) Reimbursement Note shall be made to the United States of America, acting by and through the Administrator of RUS, at the United States Treasury, Washington, D.C. in lawful money of the United States of America which will be immediately available on the date payment is due.

          The Series 2003 (RUS N-8) Reimbursement Note is an Additional Obligation issued by the Company for the purpose of evidencing the Company’s obligation to reimburse the United States of America, acting by and through the Administrator of RUS, for all amounts paid, or for any advances or loans made to or on behalf of the Company, on account of the guarantee by the United States of America, pursuant to the Rural Electrification Act of 1936, as amended, of the Series 2003 (FFB N-8) Note, and related interest, fees, costs, penalties, charges and other amounts, and constitutes an “RUS Reimbursement Obligation” as described in Section 4.9 of the Original Indenture.

5

          Section 1.4  Form of the Series 2003 (RUS N-8) Reimbursement Note.

          The Series 2003 (RUS N-8) Reimbursement Note and the Trustee’s certificate of authentication for such Series 2003 (RUS N-8) Reimbursement Note shall be substantially in the form set forth in an Officers’ Certificate to be delivered to the Trustee by the Company, which shall establish the terms and conditions of the Series 2003 (RUS N-8) Reimbursement Note pursuant to Section 2.1 of the Original Indenture, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted in the Indenture.

ARTICLE II

MISCELLANEOUS

          Section 2.1  This Twenty-Third Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Original Indenture, and shall form a part thereof, and the Original Indenture, as heretofore supplemented and as hereby supplemented and modified, is hereby confirmed.  Except to the extent inconsistent with the express terms hereof, all of the provisions, terms, covenants and conditions of the Original Indenture shall be applicable to the Series 2003 (N-8) Notes to the same extent as if specifically set forth herein.  All references herein to Sections, definitions or other provisions of the Original Indenture shall be to such Sections, definitions and other provisions as they may be amended or modified from time to time pursuant to the Indenture.  All capitalized terms used in this Twenty-Third Supplemental Indenture shall have the same meanings ascribed to them in the Original Indenture, except in cases where the context clearly indicates otherwise.

          Section 2.2  All recitals in this Twenty-Third Supplemental Indenture are made by the Company only and not by the Trustee; and all of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect hereof as fully and with like effect as if set forth herein in full.

          Section 2.3  Whenever in this Twenty-Third Supplemental Indenture any of the parties hereto is named or referred to, this shall, subject to the provisions of Articles IX and XI of the Original Indenture, be deemed to include the successors and assigns of such party, and all the covenants and agreements in this Twenty-Third Supplemental Indenture contained by or on behalf of the Company, or by or on behalf of the Trustee shall, subject as aforesaid, bind and inure to the respective benefits of the respective successors and assigns of such parties, whether so expressed or not.

6

          Section 2.4  Nothing in this Twenty-Third Supplemental Indenture, expressed or implied, is intended, or shall be construed, to confer upon, or to give to, any person, firm or corporation, other than the parties hereto and the Holders of the Outstanding Secured Obligations, any right, remedy or claim under or by reason of this Twenty-Third Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all the covenants, conditions, stipulations, promises and agreements in this Twenty-Third Supplemental Indenture contained by or on behalf of the Company shall be for the sole and exclusive benefit of the parties hereto, and of the Holders of Outstanding Secured Obligations.

          Section 2.5  This Twenty-Third Supplemental Indenture may be executed in several counterparts, each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts, or as many of them as the Company and the Trustee shall preserve undestroyed, shall together constitute but one and the same instrument.

          Section 2.6  To the extent permitted by applicable law, this Twenty-Third Supplemental Indenture shall be deemed to be a Security Agreement and Financing Statement whereby the Company grants to the Trustee a security interest in all of the Trust Estate that is personal property or fixtures under the Uniform Commercial Code, as adopted or hereafter adopted in one or more of the states in which any part of the properties of the Company are situated.  The mailing address of the Company, as debtor is:

	
 
	
2100 East Exchange Place (30084-5336)
P.O. Box 1349 (30085-1349)
Tucker, GA 

and the mailing address of the Trustee, as secured party, is:

	
 
	
SunTrust Bank
Corporate Trust Department
Mail Code 008
25 Park Place, 24th Floor
Atlanta, Georgia 30303-2900

[Signatures on Next Page.]

7

          IN WITNESS WHEREOF, the parties hereto have caused this Twenty-Third Supplemental Indenture to be duly executed under seal as of the day and year first written above.

	
Company:
	
OGLETHORPE POWER
CORPORATION (AN ELECTRIC
MEMBERSHIP CORPORATION), an
electric membership corporation organized
under the laws of the State of  Georgia

	
 
	
 
	
 

	
 
	
By:
	
   /s/ Thomas A. Smith

	
 
	
 
	

	
 
	
 
	
Thomas A. Smith

	
 
	
 
	
President and Chief Executive Officer

	
 
	
 
	
 

	
Signed, sealed and delivered
by the Company in the presence of:
	
 
	
Attest:
	
  /s/ Patricia N. Nash

	
 
	
 
	

	
 
	
 
	
 
	
Patricia N. Nash

	
 
	
 
	
 
	
Secretary

	
  /s/ Reginald T. O’Shields
	
 
	
 
	
 

	

	
 
	
 
	
 

	
Witness
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
  /s/ Sharon H. Wright
	
 
	
 
	
 

	

	
 
	
 
	
 

	
Notary Public
	
 
	
 
	
[CORPORATE SEAL]

	
 
	
 
	
 
	
 

	
          [NOTARY SEAL]
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
My commission expires:      October 14, 2003          
	
 
	
 
	
 

					

[Signatures Continued on Next Page.]

8

[Signatures Continued from Previous Page.]

	
Trustee:
	
SUNTRUST BANK, as Trustee
a banking corporation organized and
existing under the laws of the State of
Georgia

	
 
	
 
	
By:
	
     /s/ B. A. Donaldson

	
 
	
 
	
 
	

	
Signed, sealed and delivered
by the Trustee in the
presence of:
	
 
	
 
	
Name:  B.A. Donaldson
Title:    Vice President

	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
     /s/ Rebecca Fischer

	
 
	
 
	
 
	

	
          /s/ Tim Speakman
	
 
	
 
	
Name:   Rebecca Fischer

	

	
 
	
 
	
Title:     Assistant Vice President

	
Witness
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
          /s/ Jack Ellerin
	
 
	
 
	
 

	

	
 
	
 
	
 

	
Notary Public
	
 
	
 
	
[BANK SEAL]

	
 
	
 
	
 
	
 

	
          [NOTARY SEAL]
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
My commission expires:      December 11, 2005          

9

Exhibit A

          All right, title and interest of the Company in and to the electric generating plants and facilities and electric transmission and distribution lines and facilities now owned by the Mortgagor and located in the Counties of Appling, Ben Hill, Burke, Carroll, Clarke, Cobb, DeKalb, Floyd, Fulton, Heard, Jackson, Monroe, Talbot, and Toombs, State of Georgia, or hereafter constructed or acquired by the Company, wherever located, and in and to all extensions and improvements thereof and additions thereto, including all substations, service and connecting lines (both overhead and underground), poles, towers, posts, cross arms, wires, cables, conduits, mains, pipes, tubes, transformers, insulators, meters, electrical connections, lamps, fuses, junction boxes, fixtures, appliances, generators, dynamos, water turbines, water wheels, boilers, steam turbines, motors, switch boards, switch racks, pipe lines, machinery, tools, supplies, switching and other equipment, and any and all other property of every nature and description, used or acquired for use by the Company in connection therewith and including, without limitation, the following described property, now owned or hereafter acquired, to-wit:

1.       ALL THAT TRACT OR PARCEL OF LAND lying and being in Land Lots 173, 174, 177 and 178 (the below referenced survey discloses approximate locations of the lines of such Land Lots, and according thereto, the OPC Block Property is located within Land Lots 173, 177 and 178) of the 4th Land District, Heard County, Georgia, and being more particularly described as follows:

To find the TRUE POINT OF BEGINNING, begin at the concrete monument found at the point located at the land lot corner common to Land Lots 155 and 156, Carroll County, Georgia, and Land Lots 168 and 169, 4th Land District, Heard County, Georgia; thence run south 59 degrees 44 minutes 01 seconds east a distance of 12307.71 feet to a fence corner (known as Southwest corner of Switchyard); thence run south 48 degrees 37 minutes 33 seconds west a distance of 1514.39 feet to a point; thence run north 44 degrees 59 minutes 33 seconds west a distance of 880.74 feet to a point, which point is the TRUE POINT OF BEGINNING.  FROM THE TRUE POINT OF BEGINNING as thus established, thence running south 45 degrees 00 minutes 27 seconds west a distance of 1249.16 feet to a point; thence running north 44 degrees 59 minutes 33 seconds west a distance of 440.38 feet to a point; thence running north 45 degrees 00 minutes 27 seconds east a distance of 1249.16 feet to a point; thence running south 44 degrees 59 minutes 33 seconds east a distance of 440.38 feet to a point and the TRUE POINT OF BEGINNING; being designated Oglethorpe Power Corporation Wansley Block Tract 3, containing 12.629 acres, more or less, all as shown on survey for Georgia Power Co., Atlanta, Ga. Land Department, Plant Wansley Combined Cycle Site Division of Property between Co-Owners, dated May 26, 2000, and certified by M. Greg Johnson, Georgia Registered Land Surveyor No. 2203, a copy of which survey is recorded at Plat Book 11, pages 35 and 36, Heard County, Georgia records (OPC Block Property - - 100% interest).

          ALL THAT TRACT OR PARCEL OF LAND lying and being in Land Lots 173, 174, 177 and 178 (the below referenced survey discloses approximate locations of the lines of such Land Lots, and according thereto, the OPC Warehouse Property is located within Land Lot 178) of the 4th Land District, Heard County, Georgia, and being more particularly described as follows:

A-1

To find the TRUE POINT OF BEGINNING, begin at the concrete monument found at the point located at the land lot corner common to Land Lots 155 and 156, Carroll County, Georgia, and Land Lots 168 and 169, 4th Land District, Heard County, Georgia; thence run south 59 degrees 44 minutes 01 seconds east a distance of 12307.71 feet to a fence corner (known as Southwest corner of Switchyard); thence run south 48 degrees 37 minutes 33 seconds west a distance of 1514.39 feet to a point; thence run south 45 degrees 00 minutes 27 seconds west a distance of 1249.16 feet to a point; thence run north 44 degrees 59 minutes 33 seconds west a distance of 1544.00 feet to a point, which point is the TRUE POINT OF BEGINNING.  FROM THE TRUE POINT OF BEGINNING as thus established, thence running south 45 degrees 00 minutes 27 seconds west a distance of 263.17 feet to a point; thence running north 44 degrees 59 minutes 33 seconds west a distance of 112.50 feet to a point; thence running north 45 degrees 00 minutes 27 seconds east a distance of 263.17 feet to a point; thence running south 44 degrees 59 minutes 33 seconds east a distance of 112.50 feet to a point and the TRUE POINT OF BEGINNING; being designated Tract 7, containing 0.680 acres, more or less, all as shown on survey for Georgia Power Co., Atlanta, Ga. Land Department, Plant Wansley Combined Cycle Site Division of Property between Co-Owners, dated May 26, 2000, and certified by M. Greg Johnson, Georgia Registered Land Surveyor No. 2203, a copy of which survey is recorded at Plat Book 11, pages 35 and 36, Heard County, Georgia records (OPC Warehouse Property - - 100% interest).

          TOGETHER WITH the rights and easements appurtenant to the above described property created and established by, and subject to the terms and provisions of and the easements affecting the above described property created and established by, that certain Declaration of Covenants and Cross-Easements for Wansley CC Blocks dated as of July 13, 2000, recorded in Deed Book 1297, page 135, Carroll County, Georgia records, and in Deed Book 211, page 180, Heard County, Georgia records, as amended and restated by that certain Amended and Restated Declaration of Covenants and Cross-Easements for Wansley CC Blocks dated as of November 15, 2001, by and among Georgia Power Company, Oglethorpe Power Corporation (An Electric Membership Corporation), Municipal Electric Authority of Georgia, and City of Dalton, an incorporated municipality in the State of Georgia, acting by and through the Board of Water, Light and Sinking Fund Commissioners of the City of Dalton, Georgia, recorded or to be recorded in the Carroll County, Georgia, records and the Heard County, Georgia records, and the interest of Grantor in and to the Wansley CC Projects Common Facilities as defined and established in that certain Plant Wansley CC Projects Ownership Participation Agreement by and among Georgia Power Company, Oglethorpe Power Corporation (an Electric Membership Corporation) and Municipal Electric Authority of Georgia (a public corporation and instrumentality of the State of Georgia) dated as of November 15, 2001, recorded or to be recorded in the Carroll County, Georgia records and the Heard County, Georgia records on or about even date herewith.

2.       All that tract or parcel of land lying and being in Land Lot 243 of the Third District of Heard County, Georgia, and being designated Tract II containing 1.893 acres on plat of survey for Georgia Power Co., Atlanta, Ga., prepared by M. Greg Johnson, Georgia Registered Land Surveyor No. 2203 and dated July 18, 2000 and more particularly described as follows:

A-2

BEGIN at the common corner of Land Lots 268, 269, 243 and 242 of the Third District, Heard County, Georgia and run thence south 0 degrees 51 minutes 58 seconds west 801.59 feet to a point, which said point is the point of beginning, from said point of beginning run thence north 87 degrees 34 minutes 50 seconds east 269.4 feet to a point; thence run south 2 degrees 25 minutes 10 seconds east 250.0 feet to a point; thence run south 69 degrees 37 minutes 21 seconds west 303.94 feet to a point; thence run north 0 degrees 51 minutes 58 seconds east 344.28 feet to a point, which said point is the point of beginning (Fee Simple Parcel for Pumping Station - - 25% undivided interest).

3.       A nonexclusive driveway easement for ingress and egress over and through all that tract or parcel of land situate, lying and being in Land Lot 243 of the Third District of Heard County, Georgia as shown on plat of survey for Georgia Power Co., Atlanta, Ga., prepared by M. Greg Johnson, Georgia Registered Land Surveyor No. 2203 and dated July 18, 2000 and being shown as 30’ ingress and egress easement on said plat and further being designated as Tract I containing .981 acres on said plat and more particularly described as follows:

To find the point of beginning, begin at the common corner of Land Lots 268, 269, 243 and 242 of the Third District and run thence south 0 degrees 51 minutes 58 seconds west 801.59 feet to a point, thence run north 87 degrees 34 minutes 50 seconds east 269.4 feet to a point, thence run south 2 degrees 25 minutes 10 seconds east 250 feet to a point, which said point is the point of beginning.  From said point of beginning run thence south 2 degrees 25 minutes 10 seconds east 1422.14 feet to a point, which said point is on the northerly right of way of Georgia Highway No. 34 (100’ right of way) south 60 degrees 37 minutes 23 seconds west 33.66 feet to a point; thence run north 2 degrees 25 minutes 10 seconds west 1427.68 feet to a point; thence run north 69 degrees 37 minutes 21 seconds east 31.54 feet to a point, which said point is the point of beginning.

Tracts I and II being as shown on plat of survey described as Plant Wansley Gas Metering Site Property, which plat is dated July 18, 2000, prepared by M. Greg Johnson, Georgia Registered Land Surveyor Number 2203, and recorded in Plat Book 11, Pages 93-94, Office of the Clerk of the Superior Court of Heard County, Georgia and reference to which said plat is hereby made for a more complete and accurate description of the metes and bounds of Tracts I and II, aforesaid (Nonexclusive Driveway Easement - - 25% undivided interest).

4.       ALL THAT TRACT OR PARCEL OF LAND lying and being in Land Lots 243, 242, 241, 271, 272 and 270 of the 3rd District and Land Lots 185, 184, 183, 182, 181, 180, 190, 191, of the 4th District, all in Heard County, Georgia and being more particularly described as follows:

To find the TRUE POINT OF BEGINNING, commence at a 1” open top pipe found at the common corner to Land Lots 268, 269, 243 and 242 of the Third District, Heard County, Georgia; running thence South 00° 51’ 58” West, 801.59 feet to a 1⁄2” rebar with GPC yellow cap found at the northwestern corner of property owned now or formerly by Georgia Power Company; running thence along the northerly boundary line of said property also being the southerly boundary line of property owned now or formerly by Estate of T.W. Goodson, Sr.  North 87° 34’ 50” East, 269.40 feet to a point and the TRUE POINT OF BEGINNING. 

A-3

          From the TRUE POINT OF BEGINNING as thus established and running thence over property owned now or formerly by the Estate of T.W. Goodson, Sr. North 02°25’10” West, 791.35 feet to a 1” open top pipe found on the southerly boundary line of property now or formerly owned by J.J. Dyer and the land lot line common to Land Lots 242 and 243; running thence through said property of J.J. Dyer North 02° 25’10” West, 1544.75 feet to a point on the southerly boundary line of property owned now or formerly by Paul Welsh; running thence through said property North 02°25’10” West, 811.50 feet to a point; running thence North 42°34’50” East, 118.87 feet to a point in the centerline of Enon Grove Road (30’ R/W); running thence from said centerline and through the property now or formerly owned by the Estate of T.W. Goodson, Sr. North 42°34’50” East, 100.34 feet to a point on the westerly boundary of property now or formerly owned by Georgia Power Company, ; running thence along the westerly boundary of property owned now or formerly by Georgia Power Company the following courses and distances: North 02°25’10” West, 876.15 feet to a point; North 12°02’15” West, 479.86 feet to a point; North 02°28’11” West, 1520.79 feet to a point; North 01°50’18” West, 1573.35 feet to a point; North 04°36’52” West, 1880.14 feet to a point; North 02°30’47”West, 423.63 feet to a point; North 03°29’21”West, 1922.33 feet to a point; North 02°47’01”West, 1054.26 feet to a point on the property line separating property owned now or formerly by Plantation Pipe Line Company and Georgia Power Company property; thence running South 88°32’38”East, 40.11 feet to a point; thence North 02°47’01”West, 261.17 feet to a point; thence through said Plantation Pipeline Company property North 26°34’51” West, 443.99 feet to a point in the centerline of Enon Grove Road (30’ R/W); thence across said right of way of Enon Grove Road and running through property owned now or formerly by Joe D. Stephens Jr. North 26°34’51” West, 257.67 feet to a point; continuing through the property of Joe D. Stephens Jr. North 03°00’54” West, 549.80 feet to a point on the southerly boundary line of property owned now or formerly by Joe D. Stephens Jr. and Anne Stephens Henry and being the approximate land lot line common to Land Lots 185 and 184; thence running through the property of Joe D. Stephens Jr. and Anne Stephens Henry the following courses and distances: North 03°00’54” West, 783.27 feet to a point; North 18°51’40” East, 773.53 feet to a point; North 03°08’51” West, 3391.56 feet to a point on the southerly boundary line of property owned now or formerly by Georgia Power Company; running thence through said property North 03°08’51” West, 3796.89 feet to a point on the south side of Sellars Road (50’ R/W); thence continuing across the right-of-way of Sellars Road and through said Georgia Power Company property North 02°31’06” West, 451.87 feet to a point on the southerly boundary line of property owned now or formerly by J.B. Storey and Sarah H. Storey and the approximate land lot line common to Land Lots 182 and 181; running thence through said property the following two courses and distances: North 02°31’06” West, 453.89 feet to a point and North 01° 27’27” West, 123.15 feet to a point on the southerly boundary line of property owned now or formerly by Randall Harley Storey; running thence through said property the following courses and distances: North 01°27’27” West, 1314.05 feet to a point; and North 47°54’28” West, 920.58 feet to a point; thence North 45°35’34” West, 624.92 feet to a point on the southerly boundary line of property owned now or formerly by Hubert L. Pegram Jr. and Mavis Flowers Pegram and the approximate land lot line common to Land Lots 181 and 180; running thence North 45°35’34” West, 1275.86 feet to a point on the southern edge of the Chattahoochee River; continuing thence to the centerline of the Chattahoochee River North 45°35’34”West, 162.88 feet to a point; running thence North 45°35’35” West, from the centerline and across the waters of the Chattahoochee River and through the Plant Wansley property, 861.58 feet to a point; running thence through the Plant Wansley property the following courses and distances: 

A-4

South 44°22’19” West, 132.42 feet to a point; South 19°26’36” West, 844.04 feet to a point; South 45°00’24” West, 887.73 feet to a point; North 76°34’05” West, 992.00 feet to a point; and South 45°00’29” West, 917.73 feet to a point located at the southeastern corner of the Plant Wansley Conditioning Station; thence along the southern boundary of said conditioning station North 45°00’45” West, 259.44 feet to a point; thence along the western boundary of said conditioning station North 45°00’29” East, 236.53 feet to a point on the southerly property line of property now or formerly owned by Georgia Power Company (Wansley CC Block); thence along said property line and along the northern boundary of said conditioning station South 44° 59’05” East, 204.44 feet to a point; running thence through said Georgia Power Company (Wansley CC Block) property North 45°00’29” East, 712.07 feet to a point; thence through the Plant Wansley Property the following courses and distances: South 76°34’05” East, 992.00 feet to a point; North 45°00’24” East, 844.50 feet to a point; North 19°26’36” East, 843.72 feet to a point; North 44°23’19” East, 65.23 feet to a point; South 45°35’35” East and across the waters of the Chattahoochee River, 916.62 feet to a point on the centerline of the Chattahoochee River and the northerly boundary line of property now or formerly owned by Hubert L. Pegram, Jr. and Mavis Flowers Pegram; running thence through said property, South 45°35’34” East, 163.66 feet to a point on the northerly bank of the Chattahoochee River; thence continue South 45°35’34” East, 1351.03 feet to a point on the northerly boundary line of property owned now or formerly by Randall Harley Storey and the approximate land lot line common to Land Lots 180 and 181; running thence through the Randall Harley Storey property the following courses and distances: South 45°35’34” East, 547.45 feet to a point; South 47°54’28” East, 951.25 feet to a point; and South 01°27’27” East, 1348.26 feet to a point on the northerly boundary line of property owned now or formerly by J.B. Storey and Sarah H. Storey; running thence through said J.B. and Sarah H. Storey property South 01°27’27” East, 120.43 feet to a point; thence continuing South 02°31’06” East, 458.19 feet to a point located on the northerly boundary line of property owned now or formerly of Inland Paperboard and Packaging Company (“Inland”) and the approximate land lot line common to Land Lots 181 and 182; running thence through the Inland property: South 02°31’06” East, 545.61 feet to a point; thence continuing South 03°08’51” East, 3802.62 feet to a point on the northerly boundary line of property owned now or formerly by Joe D. Stephens, Jr. and Anne Stephens Henry; running thence through said property the following courses and distances: South 03°08’51” East, 3400.01 feet to a point; South 18°51’40” West, 773.62 feet to a point; South 03°00’54” East, 776.70 feet to a point on the northerly boundary line of property owned now or formerly by Joe D. Stephens Jr. and the approximate land lot line common to Land Lots 184 and 185; running thence through said property South 03°00’54” East, 526.24 feet to a point; and South 26°34’51” East, 226.23 feet to the centerline of Enon Grove Road (30’ R/W); running thence from said centerline South 26°34’51” East, 15.92 feet to property owned now or formerly by Plantation Pipeline Company; thence South 26°34’51” East, 453.41 feet to a point; and South 02°47’01” East, 276.84 feet to a point on the northerly boundary line of property owned now or formerly by Inland; running thence through the Inland property the following courses and distances: South 02°47’01” East, 1047.04 feet to a point; and South 03°39’20” East, 1922.55 feet to a point in Land Lot 272; South 02°30’47” East, 422.74 feet to a point ; South 04°36’52” East, 1880.67 feet to a point; South 01°50’18” East, 1575.03 feet to a point; and South 02°28’11” East, 1011.07 feet to a point on the northerly boundary line of property owned now or formerly by the Estate of T.W. Goodson, Sr.; running thence through said Goodson property South 02°28’11” East, 501.70 feet to a point; South 12°02’15” East, 588.27 feet to a point; and South 02°25’10” East, 963.43 feet to a point; running thence South 42°34’50” West, 70.71 feet to a point; thence continue South 42°34’50” West, 47.44 feet to a point located on the northerly side of Enon Grove Road (a 30’ R/W); running thence from said northerly side of Enon Grove Road South 42°34’50”West, 15.47 feet to the centerline of Enon Grove Road; run thence South 42°34’50” West, 106.79 feet to a point; thence continue through the Paul Welsh property South 02°25’10” East, 756.57 feet to a point on the northerly boundary line of property owned now or formerly by J.J. Dyer and the approximate land lot line common to Land Lots 242 and 243; ; running thence through said Dyer property South 02°25’10” East, 1547.56 feet to the northerly boundary line of property owned now or formerly by the Estate of T.W. Goodson, Sr. and the approximate land lot line common to Land Lots 242 and 243; running thence through said Goodson property South 02°25’10” East, 786.85 feet to an iron pin set on the northerly boundary line of property owned now or formerly by Georgia Power Company; running thence South 87° 34’ 50” West, 75.00 feet to a point and the TRUE POINT OF BEGINNING.

A-5

          Said easement description is more particularly described on certain Georgia Power Company – Land Department Maps of the Plant Wansley Gas Line referenced in that certain Grant of Easements and Assignment and Assumption of Rights, Permits and Easement Agreements between Georgia Power Company, Oglethorpe Power Corporation and Municipal Electric Authority of Georgia, dated November 20, 2001, filed for record in Book 232, beginning at page 322, records of the Clerk of the Superior Court, Heard County, Georgia (Oglethorpe Gas Line Right-of-Way - - 25% undivided interest).

A-6LOAN AGREEMENT

            THIS LOAN AGREEMENT,dated as of the 1st day of September, 2001 (the “Loan Agreement” or
“Agreement”), is made by and between FPSH LIMITED PARTNERSHIP, an Arizona limited partnership (“FPSH”) and AWA III STEAKHOUSES, INC., a California corporation (“AWA”; AWA and FPSH are sometimes hereinafter
referred to as the “Borrowers”) and OUTBACK STEAKHOUSE, INC. a Delaware corporation located at 2202 N. West Shore Boulevard, 5th Floor, Tampa, FL 33607 (“Outback”).

                                                                    
RECITALS

WHEREAS, OS Prime, Inc., a Florida corporation (“OSP”) is a wholly-owned subsidiary of Outback; and

WHEREAS, the Borrowers and OSP are the sole members of Outback/Fleming’s, LLC, a Delaware limited liability company (the “LLC”) that is engaged in the business of developing, building, owning and operating
Fleming’s Prime Steakhouse and Wine Bar restaurants, and

            WHEREAS, the Borrowers have applied to Outback for a line of credit with a maximum principal amount of Fifteen Million Dollars ($15,000,000) (the
“Loan”) to be used to make the Borrowers’ required capital contributions to the LLC; and

            WHEREAS, Outback is willing to make the Loan based on the terms and conditions set forth in this Loan Agreement and in the Loan Documents referred to
herein.

            NOW, THEREFORE,in consideration of the premises, of the loan advances which may be agreed to be made by Outback to the Borrowers
hereinafter, and the Promissory Note and Security Agreement given by the Borrowers in evidence thereof, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Borrowers and Outback hereby agree as
follows:

ARTICLE I.   DEFINITIONS

            1.1        For the purposes hereof:

 

                        (a)        “Collateral” shall have the
meaning set forth in the Security Agreement (as defined below).

(b)        “Default” shall have the meaning set forth in Section 7.1 hereof.

                        (c)        “Default Condition” means the
occurrence or existence of an event or condition that, upon the giving of notice or the passage of time, or both, would constitute a Default.

                        (d)        “Draw Request” means a
written or verbal request for any disbursement of proceeds, of the Loan that shall be submitted for each requested disbursement as set forth in Article III.

                        (e)        “Financing Statements” means
the UCC Financing Statements filed in order to perfect Outback’s lien on the Collateral.

                        (f)        “Loan Documents” means this
Loan Agreement, the Note, the Security Agreement, the Financing Statements and any other document or writing executed in connection therewith or in furtherance thereof.

                        (g)        “Note” shall mean the
Promissory Note of even date herewith, executed by the Borrowers, in the maximum principal amount of $15,000,000.

                        (h)        “Security Agreement” means
the Security Agreement of even date herewith, executed by Borrowers for the benefit of Outback, encumbering the Collateral, and any extensions, modifications, renewals or replacements thereof.

                        (i)         “Security Documents”
means the Security Agreement, the Financing Statements and any other instrument executed to establish and perfect Outback’s lien, and any extensions, modifica­tions, renewals, or replacements thereof.

ARTICLE II.  THE LOAN

            2.1        Loan Terms. Subject to the terms and conditions of this Loan Agreement, Outback will lend and
Borrowers’ may borrow: (a) up to a principal sum of FIFTEEN MILLION AND NO/100 DOLLARS ($15,000,000), for the sole purpose of making the Borrowers’ required capital contributions to the LLC, which borrowing shall be evidenced by the Note. All of the
terms, definitions, conditions, and covenants of the Note, the Security Agreement and any other documents executed in connection therewith or pursuant thereto are expressly made a part of this Loan Agreement by reference in the same manner and with the same effect as
if set forth herein at length and shall have the meaning set forth in such instrument(s) unless otherwise defined herein.

            2.2        Loan Maturity. The maturity date (“Maturity Date”) of the Loan is the earlier ofthe earlier of:  (a) the closing date of the purchase of the Borrowers’ membership interests in the LLC by OSP, pursuant to Section 7.11 of that certain Operating Agreement of the LLC (the “Operating Agreement”), as amended; or (b) one year following the date the LLC’s twentieth (20th) Fleming's Prime Steakhouse and Wine Bar restaurant opens to the public for business.On the Maturity Date, all sums outstanding
under the Loan shall be immediately due and payable, and Outback’s obligation to fund shall cease and terminate.

            2.3        Consideration. As consideration for Outback’s making the Loan to the Borrowers, the Borrowers hereby
transfer to OSP a one percent (1%) membership interest in the LLC. The transfer of the one percent (1%) membership interest in the LLC shall reduce the membership interests owned by FPSH and AWA pro rata.

ARTICLE III.            DISBURSEMENTS

            3.1        Request for Funding. When Borrowers wish to obtain funding, Borrowers shall submit a Draw Request. Outback
shall not be obligated to approve any disbursement of Loan funds for purposes other than those contemplated in this Agreement. The conditions set forth in Sections 4.1 and 4.2 hereof must be satisfied before Outback will make the first advance or disbursement
under the Loan and the conditions set forth in Section 4.2 hereof must be and remain satisfied before Outback will make each subsequent disbursement or advance.

            3.2        Disbursement Amounts. Following receipt of a Draw Request, Outback shall make the disbursement of Loan
proceeds, provided the disbursement is for a purpose contemplated in this Agreement and no Default Condition or Default exists.

ARTICLE IV. GENERAL CONDITIONS

            4.1        Funding Conditions. Outback’s obligations to fund the Loan shall be expressly conditioned upon
satisfaction of the following conditions, or execution by Borrowers and/or delivery to Outback of the following items, all in form and substance reasonably satisfactory to Outback and Outback’s counsel:

                        (a)        Promissory Note. The Note shall
have been properly executed and delivered to Outback.

                        (b)        Security Agreement. The Security
Agreement, which shall be a first lien on the Collateral, shall have been properly executed and delivered to Outback.

                        (c)        Financing Statements. The
Financing Statements on forms approved for filing in the appropriate state and local filing offices shall have been properly executed and delivered to Outback for filing.

           

                        (d)        Miscellaneous. All other Loan
Documents or items that are customarily provided in loan transactions of this type or which Outback may reasonably request.

           

4.2        Conditions Precedent to Disbursement. Outback shall not be obligated to make any disbursement under the Loan until all of the following conditions have
been satisfied by proper evidence, execution by Borrowers and/or delivery to Outback of the following items, all in form and substance reasonably satisfactory to Outback and Outback’s counsel:

                        (a)        No Default. There shall be no
Default or Default Condition with respect to the Loan.

                        (b)        Conditions Precedent. All
conditions precedent as set forth in Section 4.1 shall have been satisfied.

                        (c)        Draw Request. Outback shall have
received Borrowers’ oral or written Draw Request.

                        (d)        Use of Funds. All monies
previously advanced under the Loan shall have been used solely for an approved purpose.

                        (e)        Representations and Warranties.
The representations and warranties made in the Loan Documents must be true and correct on and as of the date of each advance.

                        (f)        Other Agreements. The Operating
Agreement shall be in full force and effect and the Borrowers shall not be in default thereunder.

ARTICLE V.  THE BORROWERS’ COVENANTS AND AGREEMENTS

            5.1        Payment and Performance. Borrowers will pay when due all sums owing to Outback under the Note, this Loan
Agreement, the Security Agreement and the other Loan Documents, and perform all obligations as outlined or referenced therein.

            5.2        Further Assurances. On demand by Outback, Borrowers will do any act and execute any additional documents
reasonably required by Outback to secure the Loan, to confirm or perfect the lien of the Security Documents, including, but not limited to, additional financing statements or continua­tion statements, new or replacement notes and/or Secur­ity Docu­ments
and agreements supplementing, extending or otherwise modifying the Loan Docu­ments, certificates as to the amount of the indebtedness evidenced by the Note from time to time, and certificates that Borrowers know of no defaults by or defenses or set-offs against
Outback.

            5.3        Fees and Expenses. Whether or not any or all Loan proceeds are disbursed hereunder, Borrowers agree to pay
all of the following expenses incurred by Outback, or by Borrowers in order to meet Outback’s requirements, in connection with the Loan: insurance premiums, claims of brokerage and such legal fees and costs incurred by Outback in connection with the enforcement
of Outback’s rights under the Loan Documents, the renewal, modification, or extension of the Loans, or in connection with litigation or threatened litigation by a third party which arises because Outback made the Loans. Any such amounts paid by Outback shall
constitute part of the indebtedness that is secured by the Security Documents, and shall be due and payable upon demand. The Borrowers shall pay the fees for recording, intangible taxes and documentary stamp taxes, if any.

            5.4        Other Liens. Borrowers shall not pledge the Collateral as security for any other loan, or otherwise allow
any lien to be placed on the Collateral.

            5.5        Transfer of Property of Borrowers. The Borrowers shall not permit any change in the ownership of either
Borrower, or the nature and operation of either Borrower’s business, nor shall the Borrowers sell, assign, transfer, hypothecate or dispose of all or any portion of either Borrower’s assets, except as may be permitted hereby, without the prior written
consent of Outback, which consent shall be withheld or granted in Outback’s sole and absolute discre­tion.

ARTICLE VI. REPRESENTATIONS AND WARRANTIES

            6.1        Representations and Warranties. The Borrowers hereby represent and warrant to Outback that all of the
representations and warranties contained in the Security Agreement and the other Loan Documents are true and correct and are incorporated herein by reference as if set out in full.

6.2        Reliance on Representations. The Borrowers acknowledge that Outback has relied upon the Borrowers’ representations and is not charged with any knowledge contrary
thereto that may be received by an examination of the public records or that may have been received by any officer, director, agent, employee or shareholder of Outback.

6.3        Certificate Regarding Loan Status. Upon Outback’s request, Borrowers shall provide Outback with a written certification, certifying to such matters related to the
Loans as Outback may request, including, but not limited to, a statement that Borrowers are not in Default and that no Default Conditions have occurred.

ARTICLE VII.           EVENTS OF DEFAULT

            7.1        Default. The occurrence of any one or more of the following events (time being of the essence as to this
Loan Agreement and all of its provisions) consti­tutes a “Default” by Borrowers under this Loan Agreement, and at the option of Outback, under the other Loan Docu­ments:

                        (a)        Scheduled Payment.
Borrowers’ failure to make any payment required under the Note.

                        (b)        Monetary Default. Borrowers’
failure to make any other payment required by this Loan Agreement or the other Loan Documents when due.

                        (c)        Other. Borrowers’ failure to
perform any other obligation imposed upon Borrowers by this Loan Agreement or any other Loan Document within thirty (30) days after the date when performance is due. This provision shall not be construed to provide Borrowers with any grace period in complying with
any obligations imposed on Borrowers by the terms of the Loan Documents.

                        (d)        Representation. Any representation
or warranty of either Borrower contained in this Loan Agreement or in any certificate delivered pursuant hereto, in any of the other Loan Documents, or in any other instrument or statement furnished in connection with any of the foregoing, proves to be incorrect or
materially misleading in any adverse respect as of the time when the same shall have been made or deemed made.

                        (e)        Bankruptcy. Either Borrower (i)
files a voluntary petition in bankruptcy or a petition or answer seeking or acquiesc­ing in any reorganization or for an arrangement, composition, readjustment, liquida­tion, dissolution, or similar relief for itself pursuant to the United State Bankruptcy
Code or any similar law or regulation, federal or state, relating to any relief for debtors, now or hereafter in effect; or (ii) makes an assignment for the benefit of creditors or admits in writing its inability to pay or fails to pay its debts as they become due;
or (iii) suspends payment of its obligations or takes any action in furtherance of the foregoing; or (iv) consents to or acquiesces in the appointment of a receiver, trustee, custodian, conserva­tor, liquidator or other similar official of such Borrower, for all
or any part of the Collateral or other assets of such Borrower, or (v) has filed against it an involuntary petition, arrangement, composition, readjustment, liquidation, dissolution, or an answer proposing an adjudication of it as a bankrupt or insolvent, or is
subject to reorganization pursuant to the United States Bankruptcy Code, an action seeking to appoint a trustee, receiver, custodian, or conservator or liquidator, or any similar law, federal or state, now or hereinaf­ter in effect, and such action is approved by
any court of competent jurisdiction and the order approving the same shall not be vacated or stayed within thirty (30) days from entry; or (vi) consents to the filing of any such petition or answer, or shall fail to deny the material allegations of the same in a
timely manner.

                        (f)        Judgments. (1) A final judgment is
entered against either Borrower, that (i) adversely affects the value of the Collateral in Outback’s sole judgment, or (ii) adversely affects, or may adversely affect, the validity, enforceability or priority of the lien or security interest created by the
Security Agreement or any other Loan Document in Outback’s sole judgment, or both; or (2) execution or other final process issues thereon with respect to the Collateral; and (3) the Borrowers do not discharge the same or provide for its discharge in accordance
with its terms, or procure a stay of execution thereon, in any event within thirty (30) days from entry.

                        (g)        Liens. Any federal, state or local
tax lien or any other lien or encum­brance of any nature whatsoever is recorded against either Borrower or the Collateral and is not removed by payment or transferred to substitute security in the manner provided by law, within ten (10) days after it is recorded
in accordance with applicable law.

                        (h)        Other Notes or Liens. Either
Borrowers’ default in the performance or payment of such Borrower’s obligations under any other note, or under any other lien encumbering all or any part of the Collateral, whether such other note or lien is held by Outback or by any other
party.

                        (i)         Borrowers’ Continued
Existence. Either Borrower shall cease to exist, or shall be dissolved or shall be a party to a merger or consolidation, or shall sell all or substan­tially all of its assets, or shall change its company name or trade name without prior written notice to
Outback.

                        (j)         Transfer of Collateral or
Ownership. Any sale, conveyance, transfer, assignment, or other disposi­tion or encum­brance of all or any part of the Collateral without the prior consent of Outback.

                        (k)        Cross Default. Any default by
either Borrower under: (1) any other documents or instruments evidencing any other loans by Outback to either Borrower (2) any security agreement or other collateral documents securing such loans or (3) any other agreement between Outback and either
Borrower.

                        (l)         Securities Laws Violation.
The assertion of any violation by either Borrower of the 1933 Securities Act, 1934 Securities Act or the Florida Blue Sky Laws by any governmental authorities or the institution of any securities litigation not dismissed within sixty (60) days of the commencement of
same.

                        (m)       Adverse Actions. Any legal or equitable
action is commenced against either Borrower that, if adversely determined, could reasonably be expected to substantially impair the ability of such Borrower to perform each and every obligation of the Borrowers under the Loan Documents.

ARTICLE VIII. OUTBACK’S RIGHTS AND REMEDIES

            The following rights and remedies are available to Outback:

            8.1        Acceleration. Upon the occurrence of a Default, the entire unpaid principal balance of the Loan and all
accrued but unpaid interest thereon and any costs or expenses then due to Outback and any and all other obligations of Borrowers to Outback, shall, at the option of Outback and without notice to Borrowers, become immedi­ately due and payable.

            8.2        Remedies Cumulative; Nonwaiver; Judgments. All remedies of Outback provided for herein or in the other
Loan Docu­ments are cumu­lative and shall be in addition to any and all other rights and remedies provided for or available under the other Loan Docu­ments, at law or in equity. The exercise of any right or remedy by Outback hereunder shall not in any way
constitute a cure or waiver of a Default Condition or a Default hereunder or under the Loan Documents, or invalidate any act done pursuant to any notice of the occurrence of a Default Condition or Default, or prejudice Outback in the exercise of any of its rights
here­under or under any of the other Loan Docu­ments, unless, in the exercise of said rights, Outback realizes all amounts owed to it under the Loan Documents. Any judgment against Borrower shall bear interest at the Default Rate (as defined in the
Note).

            8.3        Cessation of Funding. Upon the occurrence of a Default, Outback shall have the right to immediately
terminate further funding.

ARTICLE IX. GENERAL CONDITIONS

            The following conditions shall be applicable throughout the term of this Loan Agreement:

            9.1        Waivers. No waiver of any Default Condition or Default or breach by Borrowers hereunder shall be implied
from any delay or omission by Outback to take action on account of such Default Condition or Default, and no express waiver shall affect any Default Condition or Default other than the Default specified in the waiver and it shall be operative only for the time and to
the extent therein stated. Waivers of any covenants, terms or conditions contained herein must be in writing and shall not be construed as a waiver of any subsequent breach of the same covenant, term or condi­tion. The consent or approval by Outback to or of any
act by either Borrower requiring further consent or approval shall not be deemed to waive or render unnecessary the consent or approval to or of any subsequent or similar act. No single or partial exer­cise of any right or remedy of Outback hereunder shall
preclude any further exercise thereof or the exercise of any other or different right or remedy.

            9.2        Benefit. This Loan Agreement is made and entered into for the sole protection and benefit of Outback and
Borrowers, their successors and assigns, and no other person or persons have any right to action hereon or rights to the proceeds of the Loan at any time, nor shall Outback owe any duty whatsoever to any claimant in connection with the Collateral, or to apply any
undisbursed portion of the Loans to the payment of any claim, or to exercise any right or power of Outback hereunder or arising from any Default Condition or Default by either Borrower.

            9.3        Assignment. The terms hereof shall be binding upon and inure to the benefit of the heirs, successors,
assigns, and personal representatives of the parties hereto; provided, however, that Borrowers shall not assign this Loan Agreement or any of its rights, interests, duties or obligations hereunder or any proceeds of the Loan, or other moneys to be advanced hereunder
in whole or in part without the prior written consent of Outback and that any such assignment (whether voluntary or by operation of law) without said consent shall be void. It is expressly recognized and agreed that Outback may assign this Loan Agree­ment, the
Note, the Secur­ity Docu­ments, and any other Loan Documents, in whole or in part, to any other person, firm, or legal entity provided that all of the provisions hereof shall continue in full force and effect and, in the event of such assignment, Outback
shall thereaf­ter be relieved of all liabil­ity under the Loan Docu­ments and any Loan disbursements made by any assignee shall be deemed made in pursuant and not in modification hereof and shall be evidenced by the Note and secured by the Secur­ity
Docu­ments and any other Loan Documents.

            9.4        Amendments. This Loan Agreement shall not be amended except by a written instrument signed by all parties
hereto.

            9.5        Terms. Whenever the context and construction so require, all words used in the singular number herein
shall be deemed to have been used in the plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine and feminine.

            9.6        Governing Law and Jurisdiction. This Loan Agreement and the other Loan Documents and all matters relating
thereto shall be governed by and construed and interpreted in accordance with the laws of the State of Florida. Borrowers hereby submit to the jurisdic­tion of the state and federal courts located in Hillsborough County, Florida and agree that Outback may, at its
option, enforce its rights under the Loan Docu­ments in such courts.

            9.7        Savings Clause. Invalidation of any one or more of the provisions of this Loan Agreement shall in no way
affect any of the other provisions hereof, which shall remain in full force and effect.

            9.8        Execution in Counterparts. This Loan Agreement may be executed in two or more counterparts, each of which
shall be deemed to be an original, but all of which shall constitute one and the same instrument, and in making proof of this Loan Agree­ment, it shall not be necessary to produce or account for more than one such counterpart.

            9.9        Captions. The captions herein are inserted only as a matter of convenience and for reference and in no way
define, limit or describe the scope of this Loan Agreement nor the intent of any provision hereof.

            9.10      Notices. All notices required to be given hereunder shall be given in accordance with the requirements of the
Security Agreement.

                                    IN WITNESS WHEREOF, Borrowers and Outback have executed this Loan Agreement as of the above written date.

“BORROWERS”

FPSH LIMITED PARTNERSHIP,                                AWA III
STEAKHOUSES, INC.,

an Arizona limited
partnership                                        a California
corporation

By its general
partner:                                                   
By:_______________________

                                                                                   
A. William Allen, III, President

            PKCR, LLC, an Arizona

            limited liability company

           
By:                              

            Paul M. Fleming, Manager

“OUTBACK”

OUTBACK STEAKHOUSE, INC.,

a Delaware corporation

By:                                          

Robert D. Basham, President

$15,000,000                                                                              
September 1, 2001

                                                                                               
Newport Beach, California

                                                           
PROMISSORY NOTE

                                                            
(Line of Credit)

            FOR VALUE RECEIVED,FPSH LIMITED PARTNERSHIP, an Arizona limited partnership (“FPSH”) and AWA III STEAKHOUSES,
INC., a California corporation (“AWA”; AWA and FPSH are sometimes hereinafter each referred to as an “undersigned” or a “Borrower”, or collectively as the “undersigned” or the “Borrowers” ), jointly and
severally promise to pay to the order of OUTBACK STEAKHOUSE, INC., a Delaware corporation, or any subsequent holder of this note (“Outback”) at its principal offices located at 2202 N. West Shore Boulevard, 5th Floor, Tampa, FL 33607 (or at such other
place or places as Outback may designate) the princi­pal sum of FIFTEEN MILLION and NO/100 Dollars ($15,000,000) or so much thereof as may be from time to time out­standing, plus inter­est thereon at the Rate hereinafter defined, all in accordance with
the terms and condi­tions of this Promissory Note (the “Note”) and in accordance with the Loan Agreement of even date herewith by and between Borrowers and Outback (the “Loan Agreement”).

            This Note is secured by a Security Agreement of even date herewith (the “Security Agreement”), UCC Financing Statements of even date herewith, filed or to
be filed in the  appropriate public records (the “Financing Statements”), and other related agreements by and between Borrowers and Outback. The Loan Agreement, Security Agreement, the Financing Statements and such other agreements are
here­inafter referred to collectively as the “Loan Documents” and the loan evidenced thereby is hereinafter referred to as the “Loan.” Terms used herein but not otherwise defined hereunder are defined as set forth in the Loan Documents.
All of the terms, definitions, conditions and covenants of the Loan Documents are expressly made a part of this Note by reference in the same manner and with the same effect as if set forth herein at length, and any holder of this Note is entitled to the benefits of
and remedies provided in the Loan Documents. Subject to the terms and conditions of this Note and the Loan Documents, Outback shall advance funds to Borrowers pursuant to the terms of the Loan Agreement, and the Borrowers may borrow, partially or wholly repay, up to
a maximum principal sum equal to the face amount of this Note.

Interest. The outstanding Loan balance shall bear interest at a variable rate equal to the average daily 180 day London Inter-Bank Offered Rate for the preceding quarter
(“LIBOR”) plus 57.5 basis points (“Rate”). The Rate hereunder shall be adjusted quarterly in accordance with fluctuations in LIBOR. Interest shall be computed on the basis of a daily amount of interest accruing on the daily outstanding balance
during a 365-day year multiplied by the actual number of days the amount is out­standing during such applicable interest period.

Payments of Principal and Interest. All accrued but unpaid interest and principal shall be due and payable in full on the Maturity Date, as defined in Paragraph 4 below. 

Prepayment. This Note may be prepaid in whole or in part at any time without fee, premium or penalty. Any partial prepayment shall be applied in accordance with Paragraph 8
below.

Maturity Date. The then outstanding principal balance plus all accrued but unpaid interest shall be due and payable on the earlier of:  (a) the closing date of the purchase of the
Borrowers’ membership interests in Outback/Fleming’s, LLC (the “LLC”) by OS Pacific, Inc., pursuant to Section 7.11 of that certain Operating Agreement of the LLC, as amended; or (b) one year following the date the LLC’s twentieth
(20th) Fleming's Prime Steakhouse and Wine Bar restaurant opens to the public for business.

Default. Any failure of either Borrower to comply with any term, covenant, or condition of this Note, including without limitation, failure to pay principal, interest, or expenses within
five (5) days of notice that the same is past due or the existence of any default under the Loan Documents shall be deemed, at the option of Outback, a default under this Note.

Acceleration. Upon the occurrence of a default hereunder or under the terms of any one or more of the Loan Documents, Outback may declare the then outstanding principal and all accrued but
unpaid interest immediately due and payable and upon acceleration and thereafter this Note shall bear interest at the Default Rate, hereinafter defined, until all indebtedness evidenced hereby and secured by the Loan Documents has been paid in full. Further, in the
event of such acceleration, the Loan, and all other indebtedness of Borrowers to Outback arising out of or in connection with the Loan shall become immediately due and payable, without presentation, demand, protest or notice of any kind, all of which are hereby
waived by Borrower. Any judgment rendered on this Note shall bear interest at the Default Rate (as hereafter defined).

Default Rate. After default or maturity or upon acceleration, and thereafter, the unpaid indebtedness then evidenced by this Note and due under and secured by the Security Agreement and
Financing Statements shall bear interest at the lesser of:  fifteen percent (15%); or the maximum rate allowable by law (the “Default Rate”).

Application of Payments. All sums received by Outback for application to the Loan may be applied by Outback to late charges, expenses, costs, interest, principal, and other amounts owing
to Outback in connection with the Loan in the order selected by Outback in its sole discretion.

Expenses. In the event this Note is not paid when due on any stated or accelerated maturity date, or should it be necessary for Outback to enforce any other of its rights under this Note
or the Loan Documents, Borrowers will pay to Outback, in addition to principal, interest and other charges due hereunder or under the Loan Documents, all costs of collection or enforcement, including reasonable attorneys' fees, paralegals' fees, legal assistants'
fees, costs and expenses, whether incurred with respect to collection, liti­gation, bankruptcy proceedings, interpretation, dispute, negotia­tion, trial, appeal, defense of actions insti­tuted by a third party against Outback arising out of or related to
the Loan, enforcement of any judgment based on this Note, or otherwise, whether or not a suit to collect such amounts or to enforce such rights is brought or, if brought, is prosecuted to judgment.

Waiver. All persons now or at any time liable for pay­ment of this Note, whether directly or indirectly, hereby waive presentment, pro­test, notice of protest and dishonor. Each of
the undersigned expressly consents to any extensions and renewals, in whole or in part, to the release of any or all collat­eral security or portions thereof, given to secure this Note, and all delays in time of payment or other performance which Outback may
grant, in its sole discretion, at any time and from time to time without limitation all without any notice or further consent of either Borrower, and any such grant by Outback shall not be deemed a waiver of any subsequent delay or any of Outback's rights hereunder
or under the Loan Documents.

Modification. This Note may not be changed orally, but only by an agreement in writing signed by Outback and the Borrowers.

Applicable Law. This Note shall be governed by and construed in accordance with the laws of the State of Florida.

Notices. All notices or other communications required or permitted to be given pursuant to the provisions of this Note shall be given in accordance with the notice provisions of the
Security Agreement.

Successors and Assigns. As used herein, the terms “Borrower” and “Outback” shall be deemed to include their respective heirs, personal representatives, successors
and assigns. The owner of this Note may, from time to time, sell or offer to sell the loan evidenced by this Note, or interests therein, to one or more assignees or participants and is hereby authorized to disseminate any information it has pertaining to the loan
evidenced by this Note, including, without limitation, any security for this Note and credit information on each Borrower and any of its principals to any company affiliated with the owner of this Note, any assignee or participant, and to the extent, if any,
specified in any such assignment or participation, such affiliated companies, assignee(s) or participant(s) shall have the rights and benefits with respect to this Note and the other Loan Documents as such person(s) would have if such person(s) were Outback
hereunder.

Severability. In the event any one or more of the provisions of this Note shall for any reason be held to be invalid, illegal, or unenforceable, in whole or in part or in any respect, or
in the event that any one or more of the provisions of this Note operates or would prospectively operate to invalidate this Note, then and in any of those events, only such provision or provisions shall be deemed null and void and shall not affect any other provision
of this Note. The remaining provisions of this Note shall remain operative and in full force and effect and shall in no way be affected, prejudiced, or disturbed thereby. In the event any provisions of this Note are inconsistent with the provisions of the Loan
Documents, or any other agreements or documents executed in connection with this Note, this Note shall control.

Captions; Pronouns. Captions are for reference only and in no way limit the terms of this Note. The pronouns used in this instrument shall be construed as masculine, feminine, or neuter as
the occasion may require. Use of the singular includes the plural, and vice versa.

            IN WITNESS WHEREOF,Borrower has caused this Note to be duly executed as of the day and year first above
written.

“BORROWERS”

FPSH LIMITED PARTNERSHIP,                                AWA III STEAKHOUSES,
INC.,

an Arizona limited
partnership                                        a California
corporation

By its general
partner:                                                   
By:_______________________

                                                                                   
A. William Allen, III, President

            PKCR, LLC, an Arizona

            limited liability company

           
By:                              

            Paul M. Fleming, Manager

SECURITY AGREEMENT

            FPSH LIMITED PARTNERSHIP, an Arizona limited partnership and AWA III STEAKHOUSES, INC., a California corporation, jointly and severally (hereinafter
collectively referred to as the “Borrowers”), for value received and intending to be legally bound, in order to secure the prompt and unconditional payment and any other performance required to satisfy the “Obligations” (as defined herein),
hereby pledge, assign and grant to OUTBACK STEAKHOUSE, INC., a Delaware corporation (hereinafter called “Outback”), whose address is 2202 North Westshore Boulevard, 5th Floor, Tampa Florida 33607, security title to, a security interest in, and
a continuing first lien upon:

                                   

Any and all membership interests owned by Borrowers in Outback/Fleming’s, LLC, a Delaware limited liability company (the “LLC”). The property described in this paragraph shall sometimes
be referred to herein as the “Collateral.”

            For purposes of this Security Agreement, the term “Obligations” means (i) Borrowers’ indebtedness to Outback evidenced by a Promissory Note
executed by Borrowers of even date herewith in the amount of FIFTEEN MILLION AND NO/100 DOLLARS ($15,000,000) (the “Note”); (ii) Borrowers’ obligations arising under the warranties and agreements set forth in this Security Agreement, the Loan
Agreement by and between the Borrowers and Outback of even date herewith (the “Loan Agreement”) and any other documents executed in connection with the Note (the “Loan Documents”); and (iii) any other indebtedness owed to Outback by either
Borrower, whether such indebtedness is now existing or hereafter arises, whether absolute or contingent, direct or indirect, primary or secondary, secured or unsecured, due or to become due, whether originally contracted with Outback or subsequently acquired by
Outback in any manner whatsoever.

            Borrowers hereby warrant and agree, and so long as this Security Agreement continues in full force and effect, shall be deemed continuously to warrant and
agree, now and at any time hereafter, as follows:

            1.         General. Borrowers are the owners of the Collateral free and clear of all
liens, security interests and other encumbrances, except for the security interest granted hereby. The Collateral, and every part thereof is and shall remain the personal property of the Borrowers. No financing statement covering any of the Collateral or any proceeds
thereof is on file in any public office, other than the financing statements executed by Borrowers and Outback, of even date herewith, evidencing the first lien granted in the Collateral by this Security Agreement. Borrowers authorize Outback to file, in
jurisdictions where this authorization will be given effect, financing statements describing the Collateral in the same manner as it is described herein. From time to time at the request of Outback, Borrowers will execute one or more financing statements and such
other documents (and pay the cost of filing the same in all public offices deemed necessary or desirable by Outback) and do such other acts and things, all as Outback may request, to establish and maintain a valid security interest in the Collateral (free of all
other liens and claims whatsoever) to secure the payment or other performance required with respect to the Collateral and causing notations thereon of the security interest hereunder.

            2.         Permits and Licenses. Borrowers at all times during the term of this Security Agreement will hold in
full force and effect all permits, business licenses and franchises necessary for Borrowers to carry on business operations, as then being conducted, in conformity with all applicable laws and regulations.

            3.         Good Standing; No Violation. Borrowers have been duly organized and existing in good standing under
the laws of their state(s) of formation. Borrowers are now, and at all times during the term of this Security Agreement, shall be authorized and registered to transact business in every other state in which they transact business or in which the failure to register
would have a materially adverse effect on the business of either Borrower. The execution and delivery of this Security Agreement and any instruments or other writings evidencing or otherwise establishing the Obligations do not and will not violate or constitute a
breach of either Borrower’s formation documents or any other agreement to which either Borrower is a party, or any restriction of law or contract to which either Borrower is subject.

            4.         Information Delivered. All information, certificates or statements, including, without limitation,
all financial statements, given to Outback pursuant to this Security Agreement are and shall be true and com­plete when given and are not, and shall not be, materially mis­leading in any way.

            5.         Defense of Claims. Borrowers will defend the Collateral against the claims and demands of all
individuals or other legal entities at any time claiming the same or any interest therein.

            6.         No Liens, Levy or Transfers. Borrowers will not:  (a) permit any liens or security interests
(other than Outback’s security interest) to attach to any of the Collateral; (b) permit any of the Collateral to be levied upon under any legal process; (c) without the prior written consent of Outback, sell, transfer, lease, or otherwise dispose of any
Collateral, or any interest therein, or offer to do so; or (d) permit anything to be done that will impair the value of any of the Colla­teral or the security intended to be afforded by this Agreement.

            7.         No Encumbrances. Borrowers will at all time keep the Collateral free from any adverse lien, security
interest or other encumbrance.

            8.         Tax Matters. Borrowers have filed all Federal, State and local tax returns and other reports required
to be filed and have paid or made adequate provision for payment of all such taxes, assessments, and other governmental charges, except those contested in good faith. Borrowers will pay promptly when due all taxes and assessments upon the Collateral, or for use or
operation of the Collateral, or upon this Agreement, or upon any notes or other writings evidencing any of the Obligations, including documentary, intangible or other taxes, except those contested in good faith. Borrowers shall further pay all expenses and, upon
request, take any action reasonably deemed advisable by Outback to preserve the Collateral or to establish, determine the priority of, perfect, continue the perfection of, terminate and/or enforce Outback’s interest or rights under this Agreement.

            9.         Preservation of Collateral. At its option, Outback may pay, for the account of Borrowers, any taxes,
liens or security interests or other encum­brances at any time levied or placed on the Collateral, may pay for insurance on the Collateral, and may pay for the maintenance and preservation of the Collateral. Borrowers agree to reimburse Outback promptly on demand
for any payment made or expense incurred by Outback pursuant to the forgoing authorization. Until default, Borrowers may have possession of the Collateral and use it in any lawful manner not inconsistent with this Agreement.

            10.        Default. Borrowers shall be in default under this Security Agreement upon the
happening of any one or more events of Default as such is term defined in the Loan Agreement or upon either Borrower’s breach of any of the warranties or agreements contained in this Security Agreement.

            11.        Remedies. If at any time any material warranty, representation, certificate or statement of either
Borrower contained herein or in any other instrument evidencing or setting forth the Obligations is not true, or if any material default under this Agreement or any other document related to the Loan transaction should occur, or if Borrowers should fail to observe or
perform any agreement or term hereof which is not cured within 30 days, Outback may, at its option, thereupon or thereafter declare all liabilities of Borrowers to Outback, or any of them selected by Outback (notwithstanding any provisions thereof), immediately due
and payable without demand or notice of any kind (but with such adjustments, if any, with respect to interest or other charges as may be provided for in any note or other writing evidencing such liability). Outback may, in addition to any other rights and remedies
which it may have, immediately and without demand: (i) exercise any or all of the rights and remedies granted to a secured party upon default under the Uniform Commercial Code or any other applicable law and any or all of the rights and remedies granted to Outback
under this Security Agreement or any note, including, without limitation, the Note, or other writing evidencing any of the Obligations. Upon the request or demand of Outback, Borrowers shall, at Borrowers’ expense, assemble the Collateral and make it available
to Outback at a convenient place acceptable to Outback. Borrowers shall promptly pay to Outback any and all costs and expenses, including, without limitation, legal expenses and attor­neys’ fees as specified in any note or other evidence of any of the
Obligations held by Outback, but in any event including attorneys fees of the suit, out of court, in trial, on appeal, or in bank­ruptcy proceedings, incurred or paid by Outback in protecting and enforcing any of the Obligations and the rights of Outback
hereunder, including Outback’s right to take possession of the Collateral and to hold, prepare for sale, sell and dispose of such Collateral. Any notice of sale, disposition or other intended action by Outback, sent to Borrowers at Borrowers’ last known
addresses, or to such other address(es) of Borrowers as may from time to time be shown on Outback’s records, at least five (5) days prior to such action, shall constitute reasonable notice to Borrowers. Upon disposition by Outback of any property in which
Outback has a security interest hereunder, Borrowers shall, jointly and severally, be and remain liable for any deficiency under the Obligations; and Outback shall account to Borrowers for any surplus, but Outback shall have the right to apply all or any part of
surplus to (or to hold the same as a reserve against) all or any of the Obligations, whether or not they, or any of them, be then due, and in such order of applica­tion as Outback may from time to time elect.

            12.        Other Rights and Remedies. Outback shall have, in addition to any other rights and remedies contained in
this Agreement, and any other agreements, notes, instruments, and documents heretofore, now, or at any time hereafter executed by Borrowers and delivered to Outback, all the rights and remedies of a secured party under the Uniform Commercial Code or any other
applicable law in force as of the date hereof, or as subsequently amended, all of which rights and remedies shall be cumulative and nonexclusive, as permitted by law. During the life of this Agreement, Outback shall also have the following rights and
remedies:

                        Outback, and any officer or agent of Outback, are hereby constituted and appointed as
true and lawful attorney-in-fact of Borrowers with power:

                                   
(i)         to sign the name of Borrower to any UCC-1 Financing Statement and/or UCC-3 Continuation Statements or Statements of Change with respect to Outback’s security interest in the
Collateral;

                                   
(ii)        upon default, to sell, assign, sue for, collect or compromise payment of all or any part of the Collateral in the name of Borrowers, or make any other disposition of the Collateral, or any part thereof, which disposition
may be cash, credit, or any combination thereof; and

                                   
(iii)       upon default, to purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, to set off the amount of such price against the
Obligations.

            Additionally, Borrowers grant to Outback, as the attorney-in-fact of Borrowers, full power of substitution and full power to do any and all things necessary to
be done to transfer the Collateral to Outback, as fully and effectually as Borrowers might or could do but for this appointment, and hereby ratifying all that said attorney-in-fact shall lawfully do or cause to be done by virtue hereof, neither Outback nor its agents
shall be liable for any acts or omissions or for any error of judgment or mistake of fact or law in its capacity as such attorney-in-fact. This power of attorney is coupled with an interest and shall be irrevocable so long as any obligations shall remain
outstanding.

                       

            13.        No Waiver; Delay. No waiver by Outback of any default hereunder shall operate as a waiver of any other
default or of the same default on a future occasion. No delay or omission on the part of Outback in exercising any right or remedy shall operate as a waiver there­of, and no single or partial exercise by Outback of any right or remedy shall preclude or affect any
other or further exercise thereof or the exercise of any other right or remedy. Time is of the essence in this Security Agreement. The provisions of this Security Agreement are cumulative to the provisions of any obligation and any note or other writing evidencing
any Obligation, and Outback shall have all the benefits, rights and remedies of and under any Obligations and any note or other writing evidencing any Obligations.

            14.        Successors and Assigns. All rights and obligations of Outback hereunder shall inure to the benefit of and
be binding upon its successors and assigns, and all rights and obligations of Borrowers shall inure to the benefit of and be binding upon the heirs, executors, adminis­trators, successors and assigns of Borrowers.

            15.        Pronouns; Headings. The singular pronoun, when used herein, shall in­clude the plural, and the neuter
shall include the masculine, feminine and impersonal. All headings contained in this Security Agreement are for reference purposes only and shall not be deemed to, alter, limit, expand or otherwise interpret the language contained herein.

            16.        Governing Law. This Security Agreement shall be governed by and construed in accordance with the laws of
the State of Florida. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Security Agreement shall be prohibited by or invalid under applicable law,
such provision shall be ineffective to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this Agreement. To the extent permitted by applicable law, Borrowers hereby waive any provision of
law that renders any provision hereof prohibited or unenforceable in any respect. Outback, at its sole option, may commence any action for replevin or recovery of possession of any Collateral in the courts of the state and county in which such Collateral is located,
and if so commenced in another state, such action shall be governed by the laws of such state.

                                               
 

            IN WITNESS WHEREOF, this Security Agreement has been duly executed this 1st day of September, 2001.

“BORROWERS”

FPSH LIMITED PARTNERSHIP,                                AWA III
STEAKHOUSES, INC.,

an Arizona limited partnership   
                                    a California corporation

By its general
partner:                                                   
By:_______________________

                                                                                   
A. William Allen, III, President

            PKCR, LLC, an Arizona

            limited liability company

           
By:                              

            Paul M. Fleming, Manager

“OUTBACK”

OUTBACK STEAKHOUSE, INC.,

a Delaware corporation

By:                                          

Robert D. Basham, President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00058-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00058-of-00352.parquet"}]]