Document:

Exhibit
10.1

 

FOURTH AMENDMENT TO CREDIT AGREEMENT

 

Dated as of June
30, 2003

 

This FOURTH  AMENDMENT TO CREDIT AGREEMENT (this
“Agreement”) by and among  U.S.  RESTAURANT PROPERTIES OPERATING L.P., a
Delaware limited partnership (“USRP Operating” or the “Principal
Borrower”), USRP FUNDING 2002-A, L.P., a Texas limited partnership (the “General
SPE); collectively, with USRP Operating, the “Borrower”), USRP
MANAGING, INC., a Delaware corporation and the general partner of
USRP Operating, as a Guarantor (the “General Partner”), U.S.
RESTAURANT PROPERTIES, INC., a Maryland corporation, as a Guarantor
(“USRP REIT”), the Subsidiary Guarantors (as defined in the Credit
Agreement referenced below), the Lenders (as defined in the Credit Agreement), BANK OF
AMERICA, N.A., as Agent for the Lenders (in such capacity, the “Agent”)
is an amendment to the terms set forth in that
certain $35,000,000 Credit Agreement dated as of May 31, 2002 among the
Borrower, the General Partner, the Subsidiary Guarantors, the Agent, the Lenders
and Banc of America Securities LLC, as Sole Lead Arranger and Sole
Book Manager (in such capacity “BAS”), as amended or modified by
the terms of that certain letter agreement dated as of July 1, 2002 and that
certain letter agreement dated as of September, 2002, as further amended by
that certain First Amendment to Credit Agreement dated as of September, 2002,
as further amended by that certain Assignment of Account (Borrower Collateral
Accounts), Agreement Relating to Letters of Credit and Second Amendment to
Credit Agreement dated as of April 30, 2003 and as further amended by that
certain Third Amendment to Credit Agreement dated as of May 31, 2003
(collectively, as the same may have be further amended, restated, supplemented
or otherwise modified prior to the date hereof, the “Credit Agreement”); capitalized terms used herein and not otherwise
defined shall have the meanings given to such terms in the Credit Agreement.

 

WHEREAS, the
Borrower has requested and the Lenders and Administrative Agent have agreed to
amend the Credit Agreement on the terms and conditions set forth herein;

 

NOW, THEREFORE, for good and valuable consideration, the
receipt of which is hereby acknowledged by the parties hereto, the parties
hereto agree as follows:

 

1.             Amendments to
Credit Agreement.

 

(a)           The following
definitions to the following terms are hereby added to Section 1.1 of the Credit Agreement in their
proper alphabetical order:

 

““1998
Senior Notes” means the “Notes” issued in connection with (a) that certain
Note Purchase Agreement dated as of October 15, 1998 among USRP Operating, the
USRP REIT and the purchasers referenced therein and (b) all documents,
agreements or instruments executed in connection therewith (including any
amendments, restatements, supplements or modifications with respect to any of
the foregoing and any Indebtedness extending
the maturity of, refunding, refinancing or replacing, in whole or in part, any
of the foregoing).”

 

““1998
Senior Note Obligations” means a collective reference to, without
duplication, all obligations and liabilities of USRP Operating and the USRP
REIT under or in connection with (a) the 1998 Senior Notes, (b) that certain
Note Purchase Agreement dated as of October 15, 1998 among USRP Operating, the
USRP REIT and the purchasers referenced therein, and (c) all other documents,
agreements or instruments executed in connection with any of the foregoing
(including any amendments, restatements, supplements or modifications with
respect to any of the foregoing and specifically including any obligations
under any Indebtedness extending the
maturity of, refunding, refinancing or replacing, in whole or in part, any of
the foregoing).”

 

““Debt Issuance” means the issuance of any
Indebtedness for borrowed money by any Consolidated Party.”

 

 

““Outstanding
Amount” means (i) with respect to Loans on any date, the aggregate
outstanding principal amount thereof after giving effect to any borrowings and
prepayments or repayments of Revolving Loans, as the case may be, occurring on
such date; (ii) with respect to any LOC Obligations on any date, the
amount of such LOC Obligations on such date after giving effect to any issuance
of a Letter of Credit occurring on such date and any other changes in the
aggregate amount of the LOC Obligations as of such date, including as a result
of any reimbursements of outstanding unpaid drawings under any Letters of
Credit or any reductions in the maximum amount available for drawing under
Letters of Credit taking effect on such date; and (iii) with respect to any
Derivative Exposure Reserve on any date, the aggregate amount reserved pursuant
to Section 2.3 hereof after giving effect to any increase or decrease thereof
as of such date.”

 

““Preferred Stock”  means, with respect to any
Person, shares of Capital Stock in such Person which are entitled to preference
or priority over any other Capital Stock in such Person in respect of the
payment of dividends or distribution of assets upon liquidation or both.”

 

““Total Outstandings” means the aggregate
Outstanding Amount of (i) all Revolving Loans; (ii) all L/C Obligations and
(iii) all Derivative Exposure Reserves.”

 

(b)          The terms “Extended
Maturity Date” and “Initial Maturity Date” contained in Section 1.1 of the Credit Agreement are
hereby deleted in their entirety.

 

(c)           The definitions of the terms “FFO Distribution
Allowance”, “Fully Satisfied”, “Maturity Date”, “Net Cash Proceeds”, “Revolving
Commitment”, “Revolving Committed Amount”, “Tangible Net Worth” and  “Total Liabilities” contained in Section 1.1 of the
Credit Agreement are hereby deleted in their entirety and replaced,
respectively, with the following:

 

““FFO Distribution Allowance” means, for each
fiscal quarter of the Borrower, an amount equal to 95% (or, for the fiscal
quarters ending as of June 30, 2003 and September 30, 2003, 97%) of FFO for
such quarter, plus, to the extent not otherwise distributed prior to
commencement of the quarter for which such calculation is being performed, 95%
(or, for the fiscal quarters ending as of June 30, 2003 and September 30, 2003,
97%) of FFO for the immediately preceding three fiscal quarters.”

 

““Fully Satisfied” means, (a) with respect
to the Credit Party Obligations as
of any date, that, as of such date, (i) all principal of and interest
accrued to such date which constitute Credit
Party Obligations shall have been paid in full in cash, (ii) all
fees, expenses and other amounts then due and payable which constitute Credit Party Obligations shall have been
paid in full in cash, (iii) all outstanding Letters of Credit shall have
been (A) terminated, (B) fully cash collateralized or
(C) secured by one or more letters of credit on terms and conditions, and
with one or more financial institutions, reasonably satisfactory to the Issuing
Lender and (iv) the Commitments shall have expired or been terminated in
full and (b) with respect to the 1998 Senior Note Obligations, that, as of such
date, all principal of and interest accrued to such date which constitute 1998 Senior Note Obligations shall have
been paid in full in cash and all fees, expenses and other amounts then due and
payable which constitute 1998 Senior Note Obligations
shall have been paid in full in cash.”

 

““Maturity Date” shall have the meaning given to
such term in Section 2.1(c) hereof.”

 

““Net Cash Proceeds” means the aggregate proceeds
paid in cash or Cash Equivalents received by any Consolidated Party in respect
of any Asset Disposition, Debt Issuance or Equity Issuance (as applicable), net
of (a) direct costs (including, without limitation, legal, accounting and
investment banking fees, and sales commissions), (b) taxes paid or payable
as a result thereof and (c) in the case of any Asset Disposition, the
amount necessary to retire any Indebtedness secured by a Lien on the related Property; it being understood that “Net Cash Proceeds”
shall include, without limitation, any cash or Cash Equivalents received upon
the sale or other disposition of any non-cash consideration received by any
such Consolidated Party in connection with any such Asset Disposition, Debt
Issuance or Equity Issuance.”

 

2

 

““Revolving Commitment” means, with respect to
each Lender, the commitment of such Lender in an aggregate principal amount as
set forth on Schedule 1.1(a) attached hereto, as such schedule may
be modified in connection with any assignment made in accordance with
Section 11.3, as a result of the application of Section 3.20 hereof
or as a result of the application of Section 3.4 hereof.”

 

““Revolving Committed Amount” means
$30,000,000.00, as such amount may be adjusted pursuant to and in accordance
with the terms of this Credit Agreement (including, without limitation,
pursuant to Sections 3.4 hereof).”

 

““Tangible Net Worth” means, as of any given
calculation date, the sum of (a) Total Tangible Assets, less (b) the sum
of (i) Total Liabilities less (ii) the aggregate of the amounts added to
Total Liabilities pursuant to clauses (b) and (d) of the definition thereof and
in connection with proviso items (i) and (ii)(A) and (C) contained in such
definition.”

 

““Total Liabilities” means the sum of (a) total liabilities of the
Consolidated Parties on a consolidated basis, as determined in accordance with
GAAP, plus (b) an amount equal to the aggregate total liabilities, as
determined in accordance with GAAP, of each Minority Interest Entity multiplied
by the respective Minority Interest of each such entity plus (c) without
duplication, the Indebtedness of the Consolidated Parties on a consolidated
basis plus (d) without duplication, the aggregate of Indebtedness
(including, without limitation, all Contingent Obligations) of each Minority
Interest Entity multiplied by the respective Minority Interest of each such
entity; provided, that (i) in each case, all of the above amounts not
otherwise adjusted to account for Outside Interests shall be adjusted to deduct
therefrom the pro rata share of such amounts allocable to the Outside Interests
(except to the extent any Credit Party would be legally liable for the full
amount of such liabilities) and (ii) notwithstanding anything contained herein
to the contrary, “Total Liabilities” shall include, without duplication (A) all obligations of any Consolidated Party
(including, without limitation USRP/HCI Partnership 1, L.P. to purchase,
redeem, retire, defease or otherwise make any payment in respect of any
Preferred Stock of USRP/HCI Partnership 1, L.P. or any entity in which it owns
any Capital Stock, valued, in the case of redeemable Preferred Stock, at the
greater of its voluntary or involuntary liquidation preference plus accrued and
unpaid dividends; (B) the maximum amount that could be owed by any
Consolidated Party with respect to all of such Consolidated Party’s other
Preferred Stock and (C) the amount equal to (1) the maximum amount that could
be owed by any Minority Interest Entity with respect to such Minority Interest
Entity’s Preferred Stock, multiplied by (2) the respective Minority Interest of each such entity.”

 

(d)          Schedule
1.1(a) attached to the
Credit Agreement is hereby replaced with the document attached as Exhibit A
hereto.

 

(e)           Section
2.1(b)(i) of the Credit
Agreement is hereby deleted in its entirety and replaced with the following:

 

“(i)          Notice
of Borrowing.  The Borrower shall
request a Revolving Loan borrowing by written notice (or telephonic notice
promptly confirmed in writing in the form of a Notice of Borrowing) to the
Agent not later than 11:00 A.M. 
(Charlotte, North Carolina time) on the Business Day prior to the date
of the requested borrowing in the case of Base Rate Loans, and on the third
Business Day prior to the date of the requested borrowing in the case of
Eurodollar Loans.  Each such request for
borrowing shall be irrevocable and shall specify (A) that a Revolving Loan
is requested, (B) the date of the requested borrowing (which shall be a
Business Day), (C) the aggregate principal amount to be borrowed,
(D) whether the borrowing shall be comprised of Base Rate Loans,
Eurodollar Loans or a combination thereof, and if Eurodollar Loans are
requested, the Interest Period(s) therefor, and (E) that all conditions to such
borrowing contained herein (including those set forth in Section 5.2 hereof)
have been fully satisfied.  If the
Borrower shall fail to specify in any such Notice of Borrowing (I) an
applicable Interest Period in the case of a Eurodollar Loan, then such notice
shall be deemed to be a request for an Interest Period of one month, or
(II) the type of Revolving Loan requested, then such notice shall be
deemed to be a request for a Base Rate Loan hereunder.  The Agent shall give notice to each affected
Lender promptly upon receipt of each Notice of Borrowing pursuant to this
Section 2.1(b)(i), the contents thereof and each such Lender’s share of
any borrowing to be made pursuant thereto.”

 

3

 

(f)           Exhibit 2.1(b)(i)  attached to  the Credit Agreement
is hereby deleted in its entirety and replaced with the document attached
hereto as Exhibit B.

 

(g)          Section 2.1(c) of the Credit Agreement is hereby deleted in its
entirety and replaced with the following:

 

“(c)         Repayment. The principal amount of all Revolving Loans and
all other amounts owed by the Borrower or any Credit Party hereunder or under
any Credit Document shall be due and payable in full May 31, 2004 (the “Maturity
Date”) unless accelerated sooner pursuant to the terms and conditions set
forth herein.”

 

(h)          The following Section 3.3(b)(i)(E) is hereby added to Section 3.3(b)(i) of
the Credit Agreement immediately following Section 3.3(b)(i)(D) thereof:

 

“(E)         Asset
Dispositions; Equity Issuances; Debt Issuances. 
Immediately upon the receipt by any Consolidated Party of the proceeds
from any Asset Disposition, Equity Issuance or Debt Issuance occurring prior to
September 30, 2003, the Borrower shall prepay the Credit Party Obligations in
an aggregate amount equal to 100% of the Net Cash Proceeds of such Asset
Disposition, Equity Issuance or Debt Issuance to the extent required pursuant
to Section 7.15 hereof.”

 

(i)            Section
3.3(b)(ii) of the Credit Agreement
is hereby deleted in its entirety and replaced with the following:

 

“(ii)         Application
of Mandatory Prepayments.  All amounts required to be paid pursuant to
this Section 3.3(b) shall be applied as follows: (A) with respect to
all amounts prepaid pursuant to Section 3.3(b)(i)(A), (D) or (E), to
Revolving Loans and (after all Revolving Loans have been repaid) to a cash
collateral account in respect of LOC Obligations, (B) with respect to all
amounts prepaid pursuant to Section 3.3(b)(i)(B), to a cash collateral
account in respect of LOC Obligations and (C) with respect to all amounts
prepaid pursuant to Section 3.3(b)(i)(C), to a cash collateral account in
respect of the Borrower’s Aggregate Derivative Reserve Amount obligations.  Within
the parameters of the applications set forth above, prepayments shall be
applied first to Base Rate Loans and then to Eurodollar Loans in direct order
of Interest Period maturities.  All
prepayments under this Section 3.3(b) shall be subject to
Section 3.12, but otherwise without premium or penalty, and shall be accompanied by interest on the
principal amount prepaid through the date of prepayment.”

 

(j)            Section 3.4(b) of the Credit Agreement is hereby deleted in its
entirety and the following Sections 3.4(b) and (c) are hereby added to the
Credit Agreement immediately following Section 3.4(a) thereof:

 

“(k)         Mandatory
Reduction of Revolving Committed Amount.  Notwithstanding anything
contained herein to the contrary, the Revolving Committed Amount shall, on
September 30, 2003, be automatically and immediately reduced to $20,000,000.00
(and the Revolving Commitments will be reduced accordingly on a pro rata
basis).  The Borrower shall,
concurrently with such reduction in the Revolving Committed Amount, repay the
Loans to the extent required in Section 3.3(b) hereof.

 

(c)           Maturity
Date.  Except to the extent terminated sooner pursuant to
Sections 3.4(a) or (b) above or Section 9.2, the Revolving
Commitments of the Lenders and the LOC Commitment of the Issuing Lender shall
automatically terminate on the Maturity Date.”

 

(l)            Section 6.15 of the Credit Agreement is
hereby deleted in its entirety and replaced with the following:

 

“6.15      Use
of Loan Proceeds and Letters of Credit.

 

The
Credit Parties have, during the term hereof, used all Loan proceeds and Letters
of Credit for the purposes required pursuant to Section 7.9 of this Agreement
and have not requested or received any Loan proceeds in violation of Section
7.15 hereof.”

 

4

 

(m)          The following Section 6.29 is hereby added to the Credit
Agreement immediately following Section 6.28 thereof:

 

“6.29      Tax
Shelter Regulations.

 

Borrower
does not intend to treat the Loans and related transactions as being a
“reportable transaction” (within the meaning of Treasury Regulation
Section 1.6011-4).  In the event
Borrower determines to take any action inconsistent with such intention, it
will promptly notify the Agent thereof. 
If Borrower so notifies the Agent, Borrower acknowledges that one or
more of the Lenders may treat its Loans as part of a transaction that is
subject to Treasury Regulation Section 301.6112-1, and such Lender or Lenders,
as applicable, will maintain the lists and other records required by such
Treasury Regulation.”

 

(n)          The following Sections 7.1(n) and (o) are hereby added to the Credit Agreement immediately
following Section 7.1(m)
thereof:

 

“(n)         Reportable
Transactions.  Promptly after
Borrower has notified Agent of any intention by Borrower to treat Loans and
related transactions as being a “reportable transaction” (within the meaning of
Treasury Regulation Section 1.6011-4), a duly completed copy of IRS Form 8886
or any successor form (and Borrower hereby agrees that the Agent and each
Lender may disclose to any and all Persons, without limitation of any kind, any
information with respect to the “tax treatment” and “tax structure” (in each
case, within the meaning of Treasury Regulation Section 1.6011-4) of the
transactions contemplated hereby and all materials of any kind (including
opinions or other tax analyses) that are provided to the Agent or such Lender
relating to such tax treatment and tax structure).

 

(o)           Refinancings/Extensions
of 1998 Senior Note Obligations. 
Prior to the effectiveness of any refinancing or extension of the 1998
Senior Note Obligations, a summary of the material terms and conditions thereof
(including, without limitation, details regarding the maturity and amount of
such obligations, as modified, any fees associated with such transaction and any
change in the rate of interest paid to or the return received by the holders of
such obligations) and any additional information or documents that may be
requested by the Agent in connection therewith.”

 

(o)          Section 7.9 of the
Credit Agreement is hereby deleted in its entirety and replaced with the
following:

 

“7.9        Use of Loan Proceeds, Letters of Credit and
Derivative Exposure Reserve.

 

The proceeds of the Loans hereunder shall be used solely
by the Borrower to provide for working capital and general corporate purposes
of the Borrower and its Subsidiaries and the Letters of Credit shall be used
only for or in connection with appeal bonds, reimbursement obligations arising
in connection with surety and reclamation bonds, reinsurance, domestic or
international trade transactions and obligations not otherwise aforementioned
relating to transactions entered into by the applicable account party in the
ordinary course of business; provided, however, that, notwithstanding anything
contained herein or in any Credit Document to the contrary, (i) for the period commencing
as of June 30, 2003 and ending as of the date on which the 1998 Senior
Note Obligations are Fully Satisfied (or otherwise extended in accordance with
Section 9.1(p) hereof), the aggregate amount of Total Outstandings allocable to
Loan proceeds drawn and Letters of Credit issued for purposes other than the
repayment of the 1998 Senior Note Obligations shall not exceed $15,000,000 (it
being understood and agreed that, as of June 30, 2003, such aggregate
amount of Total Outstandings allocable to Loan proceeds drawn and Letters of
Credit issued for purposes other than the repayment of the 1998 Senior Note
Obligations is equal to
$                );
and (ii) at all other times, the aggregate amount of Total Outstandings
allocable to Loan proceeds drawn and Letters of Credit issued for purposes
other than the repayment of the 1998 Senior Note Obligations shall not exceed
$20,000,000; provided, further, that for purposes of calculating Total
Outstandings allocable to Loan proceeds drawn and Letters of Credit issued for
purposes other than the repayment of the 1998 Senior Note Obligations, all
repayments of the Credit Party Obligations received following June 30, 2003
shall be deemed to repay,

 

5

 

first, Total Oustandings
allocable to Loan proceeds drawn for the purpose of repaying the 1998 Senior
Note Obligations (if any) and, second, Total Outstandings allocable to Loan
proceeds drawn and Letters of Credit issued for purposes other than the
repayment of the 1998 Senior Note Obligations. 
All drawings of Loan proceeds and all Letter of Credit issuances
hereunder shall be certified by the chief financial officer of the Principal
Borrower, in a manner acceptable to Agent, as to their designated use. 
Proceeds paid with respect to the Derivative Exposure Reserve shall be
used only in connection with the Borrower’s exposure under BOA Derivative
Instruments.  No proceeds of the Loans
shall be used to finance the purchase of “margin stock” as such term is defined
in Regulation U of the Federal Reserve Board or finance the acquisition of
any investments in commercial mortgage-backed securities.”

 

(p)          Section 7.11(a) of the Credit Agreement is
hereby deleted in its entirety and replaced with the following:

 

“(a)         Leverage Ratio.  The Leverage Ratio, as of the
last day of each fiscal quarter of the Consolidated Parties (except the fiscal
quarters ending as of June 30, 2003 and September 30, 2003), shall be less than
or equal to 0.70 to 1.0.  The Leverage
Ratio, as of the last day of the fiscal quarters of the Consolidated Parties
ending as of June 30, 2003 and September 30, 2003, shall be less than or equal
to 0.73 to 1.0.”

 

(q)          The following sentence is hereby added to the end
of Section 7.11
immediately following (but not included as part of) clause (f):

 

“For clarification purposes, the Credit Parties shall be
permitted, in determining compliance with the financial covenants set forth
above in clauses (a), (c), (d) and (f) of this Section 7.11, to round the
results of the final ratio calculations (but not calculations of any of other
amounts used in determining such ratios) to the nearest hundredth (.01).”

 

(r)           The following Section 7.15 is hereby added to the Credit
Agreement immediately following Section 7.14 thereof:

 

“7.15      Application
of Certain Proceeds.

 

Notwithstanding anything
contained herein to the contrary:

 

(a)           For the period
commencing June 30, 2003 and ending as of September 30, 2003, 100% of the Net
Cash Proceeds received by any Consolidated Party in connection with any Asset
Disposition, any Equity Issuance and any Debt Issuance shall be immediately
applied by such Consolidated Party in the following order of priority:

 

(i)
prior to the date on which 100% of the 1998 Senior Note Obligations are Fully
Satisfied, such Net Cash Proceeds shall be applied first, to the repayment of
the 1998 Senior Note Obligations and/or the Credit Party Obligations (with the
choice of application between the 1998 Senior Note Obligations and the Credit
Party Obligations to be in the discretion of the applicable Consolidated Party)
until each are Fully Satisfied and second, in the discretion of the Borrower;

 

(ii)
following the date on which 100% of the 1998 Senior Note Obligations are Fully
Satisfied, such Net Cash Proceeds shall be applied first, to the repayment of
the Credit Party Obligations to the extent the Credit Party Obligations are in
excess of $20,000,000 as of the date on which such Net Cash Proceeds are
received by the applicable Consolidated Party and second, as otherwise
permitted pursuant to the terms of this Agreement and the other Credit
Documents.

 

(b)          The Borrower shall, on
or prior to July 1, 2003, apply the $15,200,000 in Net Cash Proceeds obtained
by it in connection with that certain preferred stock Equity Issuance on or
about June 19, 2003 (which amount, the Borrower hereby confirms, represents
100% of the Net Cash Proceeds derived from such Equity Issuance) to the
repayment of the 1998 Senior Note Obligations and shall, immediately

 

6

 

following the making of
such prepayment, provide evidence of such repayment to the Agent (such evidence
to be in form and substance acceptable to the Agent).”

 

(s)           Section 9.1(c)(i) of
the Credit Agreement is hereby deleted in its entirety and replaced with the
following:

 

“(i)          default in the due performance or observance of any term, covenant or
agreement contained in Sections 7.2, 7.9, 7.11, 7.12 or 7.15 or
Section 8;”

 

(t)           The following Section 9.1(p) is hereby added to the
Credit Agreement immediately following Section 9.1(o) thereof:

 

“(p)        there exists any default
with respect to the 1998 Senior Notes or any documents, agreements or
instruments executed in connection therewith or any portion of the 1998 Senior
Note Obligations is not Fully Satisfied on or prior to August 1, 2003
(regardless of whether the currently-effective maturities of any such
obligations are extended, refinanced or otherwise modified); provided  however,
that it shall not be an Event of Default hereunder to the extent all of the
then-remaining 1998 Senior Note Obligations are, on or prior to August 1, 2003,
extended or refinanced in amounts, pursuant to terms and conditions and for
time periods that are acceptable to the Agent in its absolute discretion; provided,
further, that (i) Agent’s acceptance of any refinancing or extension of
the 1998 Senior Note Obligations shall not be effective except to the extent
evidenced in a writing signed by Agent and (ii) notwithstanding the foregoing,
the Agent shall be deemed to have approved of any refinancing(s) or
extension(s) of the 1998 Senior Note Obligations to the extent that (A) the
aggregate amount of the 1998 Senior Note Obligations refinanced or extended
pursuant to such refinancing(s) or extension(s) is equal to or less than
$5,000,000, (B) such refinancing or extension does not cause the maturity of
such refinanced or extended 1998 Senior Note Obligations to extend beyond
September 30, 2003 and (C) the terms and conditions of such refinancing or
extension are disclosed to the Agent prior to the effectiveness thereof in
accordance with Section 7.1(o) hereof.”

 

(u)          The Agent’s addresses
for notice under the Credit Agreement set forth in Section 11.1 of the Credit Agreement is
hereby deleted in its entirety and replaced with the following:

 

	
  “If
  to the Agent (for credit-related matters):

  	
  Matthew
  W. Sadler

  
	
   

  	
  Vice
  President

  
	
   

  	
  Global
  Portfolio Management, Real Estate

  
	
   

  	
  Bank
  of America, N.A.

  
	
   

  	
  231
  South LaSalle Street

  
	
   

  	
  M/C:  IL1-231-10-35

  
	
   

  	
  Chicago,
  IL  60697

  
	
   

  	
  Phone:  (312) 828-7107

  
	
   

  	
  Fax:  (312) 974-4970

  
	
   

  	
  E-mail:  matthew.w.sadler@bankofamerica.com

  
	
   

  	
   

  
	
  If
  to the Agent (for administrative matters):

  	
  Charlene
  E. Wright-Jones

  
	
   

  	
  Assistant
  Vice President

  
	
   

  	
  Bank
  of America, N.A.

  
	
   

  	
  231
  South LaSalle Street

  
	
   

  	
  Mail
  code:  IL1-231-10-30

  
	
   

  	
  Chicago,
  IL 60697

  
	
   

  	
  Phone:  312-828-4160

  
	
   

  	
  Fax:  312-828-3950

  
	
   

  	
  E-mail:  charlene.wright-jones@bankofamerica.com”

  

 

(v)          The following sentence is hereby added to the end of Section 11.14 of the
Credit Agreement:

 

7

 

“Notwithstanding
anything herein to the contrary, the “information” to be held confidential by
Lender Parties pursuant to this Section 11.14 shall not include, and each
Lender Party may disclose to any and all Persons, without limitation of any
kind, any information with respect to the “tax treatment” and “tax structure”
(in each case, within the meaning of Treasury Regulation Section 1.6011-4) of
the transactions contemplated hereby and all materials of any kind (including
opinions or other tax analyses) that are provided to such Lender Party relating
to such tax treatment and tax structure; provided that with respect to
any document or similar item that in either case contains information concerning
the tax treatment or tax structure of the transaction as well as other
information, this sentence shall only apply to such portions of the document or
similar item that relate to the tax treatment or tax structure of the Loans,
Letters of Credit and transactions contemplated hereby.”

 

2.             Reaffirmation of
Representations.  The Borrower,
General Partner and each of the other Guarantors hereby repeat and reaffirm all
representations and warranties (as modified, supplemented or amended herein)
made by such party to the Agent and the Lenders in the Credit Agreement and the
other Credit Documents to which it is a party on and as of the date hereof (or,
if any representation and warranty expressly relates to an earlier date, on and
as of such earlier date) with the same force and effect as if such
representations and warranties were set forth in this Agreement in full.  Each of the undersigned Credit Parties
hereby acknowledges and consents to the terms, conditions and revisions set
forth in this Agreement.

 

3.             Reaffirmation of
Guaranty. The General Partner and each of the other Guarantors hereby
each reaffirm their continuing guaranty obligations to the Agent and the
Lenders under the Credit Agreement and agree that the transactions contemplated
by this Agreement shall not in any way affect the validity and enforceability
of their respective guaranties or the Credit Agreement or reduce, impair or
discharge their obligations thereunder.

 

4.             Conditions
Precedent.  The effectiveness of
this Agreement is subject to receipt by the Agent of each of the following,
each in form and substance satisfactory to the Agent:

 

(a)           a counterpart of this
Agreement duly executed by each of the parties listed in the preamble hereof;

 

(b)          payment by Borrower of
all outstanding fees and expenses of the Agent, the Issuing Lender, the
Collateral Agent, each Lender and the Agent’s, Issuing Lender’s, Collateral
Agent’s and Lenders’ counsel (if any) incurred in connection with the
preparation of this Agreement and all other
fees and expenses relating to the preparation, execution and delivery of this
Agreement or otherwise related to the Credit Agreement or the Credit Documents
which are due and payable on the date hereof or as of the date of the
applicable advance, including, without limitation, payment to the Agent,
Issuing Lender, Collateral Agent and the Lenders of attorneys’ fees,
consultants’ fees, travel expenses, all fees and expenses associated with prior
transactions entered into or contemplated by and between Borrower and the Agent,
Collateral Agent, Issuing Lender and/or the Lenders and all other fees and
expenses due and then-owing from the Borrower to the such Persons pursuant to
the terms hereof and the Credit Documents; and

 

(c)           such other documents,
instruments and agreements as the Agent may reasonably request.

 

5.             Additional
Representations.  The Borrower,
General Partner and each of the other Guarantors collectively represent and
warrant to the Agent and the Lenders that:

 

(a)           Authorization.  The Borrower, General Partner and each other Guarantor, respectively, has the
right and power and has obtained all authorizations necessary to execute and
deliver this Agreement and to perform its respective obligations hereunder and
under the Credit Agreement, as amended by this Agreement, in accordance with
their respective terms.  This Agreement
has been duly executed and delivered by a duly authorized officers of the
Borrower, General Partner and each other Guarantor, respectively, and each of
this Agreement and the Credit Agreement, as amended by this Agreement, is a
legal, valid and binding obligation of the Borrower, General Partner and each
other Guarantor (each as applicable), enforceable against the Borrower, General
Partner and each other Guarantor (each as applicable) in accordance with its
respective terms, except as the same may be limited by bankruptcy, insolvency,
and other similar laws affecting the rights of creditors generally and the
availability of equitable remedies for the enforcement of certain obligations
contained herein or therein may be limited by equitable principles generally.

 

8

 

 

 

(b)          Compliance with Laws,
etc.  The execution and delivery by
the Borrower, General Partner and the other Guarantors of this Agreement and
the performance by the Borrower, General Partner and/or the other Guarantors of
this Agreement and the Credit Agreement, as amended by this Agreement, in
accordance with their respective terms, does not and will not, by the passage
of time, the giving of notice or otherwise: (i) require any Governmental
Approval or violate any Applicable Law (including all Environmental Laws)
relating to the Borrower, General Partner, any of the other Guarantors or any
other Consolidated Party; (ii) conflict with, result in a breach of or
constitute a default under the organizational documents of the Borrower,
General Partner, any of the other Guarantors or any other Consolidated Party,
or any indenture, agreement/or other instrument to which the Borrower, General
Partner, any of the other Guarantors or any other Consolidated Party is a party
or by which it or any of its respective properties may be bound; or (iii)
result in or require the creation or imposition of any Lien upon or with
respect to any property now owned or hereafter acquired by the Borrower,
General Partner, any other Guarantor or any other Consolidated Party other than
in favor of the Agent for the benefit of the Lenders; and

 

(c)           No Default.  No Default or Event of Default has occurred
and is continuing as of the date hereof nor will exist immediately after giving
effect to this Agreement.

 

6.             Waivers; Delays; Omissions.  No waiver by Lenders of any default shall be
deemed to be a waiver of any other subsequent default, nor shall any such
waiver by Lenders be deemed to be a continuing waiver.  No delay or omission by Lenders in
exercising any right or power hereunder, or under any other writings executed
by Assignor or any obligor as security for or in connection with the Credit
Party Obligations, shall impair any such right or power or be construed as a
waiver thereof or any acquiescence therein, nor shall any single or partial
exercise of any such right or power preclude other or further exercise thereof,
or the exercise of any other right or power of Lenders hereunder or under such
other writings.

 

7.             Maximum Applicable Interest Rates.  No provision herein or in any promissory note,
instrument, or any other document, instrument or agreement evidencing the
Credit Party Obligations shall require the payment or permit the collection of
interest in excess of the maximum permitted by law. If any excess of interest
in such respect is provided for herein or in any such promissory note,
instrument, or any other document, instrument or agreement, the provisions of
this paragraph shall govern, and no obligor shall be obligated to pay the
amount of such interest to the extent that it is in excess of the amount
permitted by law. The intention of the parties being to conform strictly to the
usury laws now in force, all promissory notes, instruments, and other
documents, instruments or agreements evidencing the Credit Party Obligations
shall be held subject to reduction to the amount allowed under said usury laws
as now or hereafter construed by the courts having jurisdiction.

 

8.             Default.  The failure of the Borrower or any of the
Guarantors to perform any of their respective obligations under this Agreement
or the material falsity of any representation or warranty made herein shall, at
the option of the Agent and/or Lenders (as determined in accordance with the
Credit Agreement) after expiration of any applicable cure period, constitute an
Event of Default under the Credit Documents.

 

9.             GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NORTH CAROLINA
APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

 

10.          Successors and Assigns.  This
Agreement shall be binding upon and shall inure to the benefit of the parties
hereto and their respective successors and assigns.   No Credit Party shall transfer
or assign any of their respective rights or obligations hereunder without the
prior written consent of the Agent.

 

11.          Certain References.  Each reference to the Credit Agreement in
any of the Credit Documents shall be deemed to be a reference to the Credit
Agreement as amended by this Agreement.

 

12.          Expenses; Opinion.  The Borrower shall reimburse the Collateral
Agent, Issuing Lender, Agent and Lenders upon demand for all reasonable costs and
expenses (including reasonable attorneys’ fees) incurred by the such Persons in
connection with the preparation, negotiation and execution of this Agreement
and the other

 

9

 

agreements and documents
executed and delivered in connection herewith. 
Additionally, the Borrower shall
deliver, within thirty (30) days of the date hereof, a legal opinion from
counsel to the Credit Parties concerning (a) the due authorization, execution,
delivery and enforceability of this Agreement and the Credit Agreement, as
amended to date and (b) such other matters as may be reasonably requested by
the Agent, in each case in form and substance acceptable to the Agent.

 

13.          Release.  Each Credit Party hereby represents
and warrants that it has no claims, counterclaims, offsets, or defenses to any
of the Credit Documents, or to the performance of their respective obligations
thereunder and, in consideration of
the Lenders’ and Agent’s willingness to grant the amendment referenced herein, hereby releases the Issuing Lender, Agent, the
Collateral Agent, the Lenders, BAS, and each of their respective officers,
employees, representatives, agents, counsel and directors from any and all
actions, causes of action, claims, demands, damages and liabilities of whatever
kind or nature, in law or in equity, now known or unknown, suspected or
unsuspected to the extent that any of the foregoing arises from any action or
failure to act on or prior to the date hereof.

 

14.          Effect.  Except as expressly herein amended, the
terms and conditions of the Credit Agreement and the other Credit Documents
remain in full force and effect.  The
amendments contained herein shall be deemed to have prospective application
only, unless otherwise specifically stated herein.

 

15.          No Novation.
The parties hereto intend this Agreement to evidence the amendments to the
terms of the existing indebtedness of the Borrower and Guarantors to the
Lenders as specifically set forth herein and do not intend for such
amendments to constitute a novation in any manner whatsoever.

 

16.          Counterparts.  This Agreement may be executed in any number
of counterparts, each of which shall be deemed to be an original and shall be
binding upon all parties, their successors and assigns.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK - SIGNATURE PAGE(S) FOLLOW(S)]

 

10

 

IN WITNESS
WHEREOF, each of the
parties hereto has caused a counterpart of this Agreement to be duly executed
and delivered as of the date hereof.

 

 

	
  PRINCIPAL BORROWER:

  	
  U.S. 
  RESTAURANT  PROPERTIES
  OPERATING, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:  USRP MANAGING, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  GENERAL SPE:

  	
   

  	
   

  
	
   

  	
  USRP FUNDING 2002-A, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:  USRP (SFGP) 2, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  GENERAL PARTNER:

  	
   

  	
   

  
	
   

  	
  USRP MANAGING, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  USRP REIT:

  	
   

  	
   

  
	
   

  	
  U.S.  RESTAURANT
  PROPERTIES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SUBSIDIARY

  GUARANTORS:

  	
   

  	
   

  
	
   

  	
  ARKANSAS RESTAURANTS #10, L.P.,

  
	
   

  	
  a Texas limited partnership

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:
  North American Restaurant Management, Inc.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
									

 

11

 

	
   

  	
  RESTAURANT PROPERTY PARTNERS, L.P.,

  
	
   

  	
  a Texas limited
  partnership

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:
  Restaurant Funding, Inc

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SOUTHEAST FAST-FOOD PARTNERS, L.P.,

  
	
   

  	
  a Texas limited
  partnership

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:
  Bulldog Management, Inc.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (66), LTD.,

  
	
   

  	
  a Texas limited
  partnership

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:
  USRP GP1, LLC

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (FAIN 10), L.P.,

  
	
   

  	
  a Texas limited
  partnership

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:
  USRP GP5, LLC

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  :

  	
   

  
								

 

12

 

	
   

  	
  USRP (KATY), L.P.,

  
	
   

  	
  a Texas limited
  partnership

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:
  USRP GP8, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (LAVID), L.P.,

  	
   

  
	
   

  	
  a Texas limited
  partnership

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:
  USRP GP, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (PAC), L.P.,

  	
   

  
	
   

  	
  a Texas limited
  partnership

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:
  USRP (Cap), Inc.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (QUEST), L.P.,

  	
   

  
	
   

  	
  a Texas limited
  partnership

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:
  USRP GP4, LLC

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
								

 

13

 

	
   

  	
  USRP (SAN ANTONIO), LTD.,

  
	
   

  	
  a Texas limited
  partnership

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:
  USRP GP, LLC

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (T&C), L.P.,

  	
   

  
	
   

  	
  a Texas limited partnership

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:
  USRP GP3, LLC

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BULLDOG MANAGEMENT, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NORTH AMERICAN RESTAURANT MANAGEMENT,

  INC.,

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  RESTAURANT FUNDING, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
								

 

14

 

	
   

  	
  PINNACLE RESTAURANT GROUP, LLC,

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (ACQUISITION), LLC,

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (BC), LLC,

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (BILL), LLC,

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (BOB), LLC,

  
	
   

  	
  a Texas limited liability
  company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
								

 

 

15

 

	
   

  	
  USRP (CAL), LLC,

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (CAP), INC.

  
	
   

  	
  a Texas corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (CARROLL), LLC,

  
	
   

  	
  a Texas limited liability
  company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (CENTRAL AVENUE), LLC,

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (CHRIS), LLC,

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
								

 

16

 

	
   

  	
  USRP (DEEDEE), LLC,

  	
   

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (DON), LLC,

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (FINANCE), LLC,

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (FRED), LLC,

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (GANT1), LLC,

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
								

 

17

 

	
   

  	
  USRP (GANT2), LLC,

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (GOLD), LLC,

  
	
   

  	
  a Texas limited liability
  company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP GP, LLC,

  	
   

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP GP1, LLC,

  	
   

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP GP3, LLC,

  	
   

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
								

 

18

 

	
   

  	
  USRP GP4, LLC,

  	
   

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP GP5, LLC,

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP GP8, LLC,

  	
   

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (ILLINOIS), LLC,

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (JENNIFER), LLC,

  	
   

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (JONES), LLC,

  	
   

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
								

 

19

 

	
   

  	
  USRP (JV2), LLC,

  	
   

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (MANAGER), LLC,

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (MIDON), LLC,

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (MINNESOTA), LLC,

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (MISSOURI), LLC,

  
	
   

  	
  a Texas limited liability
  company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (MOLLY), LLC,

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
								

 

20

 

	
   

  	
  USRP (PALMA), LLC,

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (PAT), LLC,

  	
   

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (POPEYE’S), LLC,

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (RIBBIT), LLC,

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (SARAH), LLC,

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (ST.  LOUIS),
  LLC,

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
								

 

21

 

	
   

  	
  USRP (STEVE), LLC,

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (SUSI), LLC,

  
	
   

  	
  a Texas limited liability
  company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (SYBRA), LLC,

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (VALERIE), LLC,

  
	
   

  	
  a Texas limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FUEL SUPPLY, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PINNACLE RESTAURANT GROUP II, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (CAROLINA), LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Restaurant
  Acquisition Corp.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
								

 

22

 

	
   

  	
  USRP (LINCOLN), LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Restaurant Acquisition
  Corp.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (NORMAN), LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Restaurant Acquisition
  Corp.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USRP (WEST VIRGINIA) PARTNERS, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  USRP Renovation Corp.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  U.S. RESTAURANT PROPERTIES DEVELOPMENT, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:  Restaurant Contractor Corp.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  RESTAURANT RENOVATION PARTNERS, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By: Restaurant
  Acquisition Corp.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  RESTAURANT ACQUISITION CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  RESTAURANT CONTRACTOR CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
								

 

23

 

	
   

  	
  USRP RENOVATION CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
								

 

[remainder of page left intentionally blank –
additional signature page to follow]

 

24

 

AGENT/ISSUING LENDER/LENDER/COLLATERAL
AGENT:

 

	
   

  	
  BANK OF AMERICA, N.A., in its capacity as Agent,

  Issuing Lender, sole Lender and Collateral Agent

  
	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
						

 

25

 

EXHIBIT A 

TO FOURTH
AMENDMENT

 

Schedule 1.1(a)

 

Revolving Commitments

 

 

	
  Lender

  	
   

  	
  Revolving
  Committed Amount

  	
   

  	
  Revolving
  Commitment Percentage

  	
   

  
	
  1.
  Bank of America, N.A.

  	
   

  	
  $

  	
  30,000,000

  	
   

  	
  100.00

  	
  %

  
	
  Totals:

  	
   

  	
  $

  	
  30,000,000

  	
   

  	
  100.00

  	
  %

  

 

26

 

EXHIBIT B 

TO FOURTH
AMENDMENT

 

Exhibit 2.1(b)(i)

 

FORM OF NOTICE OF BORROWING

 

Charlene
E. Wright-Jones

Assistant
Vice President

Bank
of America, N.A.

231
South LaSalle Street

Mail
code:  IL1-231-10-30

Chicago,
IL 60697

Phone:  312-828-4160

Fax:  312-828-3950

E-mail:  charlene.wright-jones@bankofamerica.com

 

Ladies and Gentlemen:

 

The undersigned, U.S. 
RESTAURANT  PROPERTIES OPERATING,
L.P., as the Principal Borrower thereunder (the “Borrower”), refers to
the Credit Agreement dated as of May 31, 2002 (as amended, modified, restated
or supplemented from time to time, the “Credit Agreement”), among the
Borrower, the Guarantors, the Lenders and Bank of America, N.A., as Agent.  Capitalized terms used herein and not
otherwise defined herein shall have the meanings assigned to such terms in the
Credit Agreement.  The Borrower hereby
gives notice pursuant to Section 2.1 of the Credit Agreement that it
requests a Revolving Loan advance under the Credit Agreement, and in connection
therewith sets forth below the terms on which such Loan advance is requested to
be made:

 

	
  [(A)

  	
   

  	
  Date
  of Borrowing (which is a Business Day)

  	
   

  	
  ]*

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [(B)

  	
   

  	
  Principal
  Amount of Borrowing

  	
   

  	
  ]*

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (C)

  	
   

  	
  Interest
  rate basis

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (D)

  	
   

  	
  Interest
  Period and the last day thereof

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (E)

  	
   

  	
  Purpose
  of borrowing (check one):

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  working
  capital other than repayment of 1998

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Senior
  Note Obligations

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  repayment
  of 1998 Senior Note Obligations

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (F)

  	
   

  	
  Current aggregate
  amount of Total Outstandings allocable to Loan proceeds drawn and Letters of
  Credit issued for purposes other than the repayment of the 1998 Senior Note
  Obligations (including requested
  advance):

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (G)

  	
   

  	
  Current aggregate
  amount of Total Outstandings allocable to Loan proceeds drawn and Letters of
  Credit issued for the purpose of 
  repaying the 1998 Senior Note Obligations (including requested advance):

  	
   

  	
  $

  	
   

  
								

 

27

 

In
accordance with the requirements of Section 5.2, the Borrower hereby
reaffirms the representations and warranties set forth in the Credit Agreement
as provided in clause (b) of such Section, and confirms that the matters
referenced in clauses (c), (d) and (e) of such Section, are true and
correct.  The Borrower hereby covenants
and agrees to use the proceeds of the borrowing requested above solely for
those purposes expressly permitted pursuant to Sections 6.15 and 7.9 of the
Credit Agreement.

 

	
   

  	
  U.S. 
  RESTAURANT  PROPERTIES
  OPERATING, L.P.,

  	
   

  
	
   

  	
  as Principal Borrower

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stacy M. Riffe

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stacy M. Riffe

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
							

 

28Exhibit 10.2

 

 

DEALER MANAGER AND CONSENT SOLICITATION
AGREEMENT

 

 

July 2, 2003

 

 

CREDIT SUISSE FIRST BOSTON LLC

BEAR, STEARNS & CO. INC.

CIBC WORLD MARKETS CORP.

C/O CREDIT SUISSE FIRST BOSTON LLC

Eleven
Madison Avenue

New
York, NY 10010-3629

 

Dear
Sirs:

 

1.                                       The Tender Offer and Consent Solicitation. Packaged Ice, Inc., a Texas corporation (“Purchaser”), is
making a tender offer (hereinafter referred to, together with any amendments,
supplements or extensions thereof, as the “Tender Offer”) to purchase for cash
any and all of the outstanding 93⁄4% Series A Senior Notes due 2005 and 93⁄4%
Series B Senior Notes due 2005 (collectively, the “Notes”) and is soliciting
(the “Solicitation”) consents (the “Consents”) of the holders of the Notes to
certain amendments to the indenture relating to the Notes (the
“Indenture”).  The Tender Offer and the
Solicitation will be on the terms and subject to the conditions set forth in
the Offer to Purchase and Consent Solicitation Statement (the “Statement”) and
Consent and Letter of Transmittal (the “Consent and Letter of Transmittal”)
attached hereto as Exhibits A and B, respectively.

 

2.                                       Appointment as Dealer Managers and Solicitation Agents. Purchaser hereby appoints each of you as Dealer Manager
and Solicitation Agent (each of Credit Suisse First Boston LLC, Bear, Stearns
& Co. Inc. and CIBC World Markets Corp., a “Dealer Manager and Solicitation
Agent” and, collectively, the “Dealer Managers and Solicitation Agents”) and
authorizes each of you to act as such in connection with the Tender Offer and
Solicitation.  As a Dealer Manager and
Solicitation Agent, each of you agree, in accordance with your customary
practice, to perform those services in connection with the Tender Offer and
Solicitation as are customarily performed by investment banks in connection
with tender offers and consent solicitations of a like nature, including, but
not limited to, using reasonable efforts to solicit tenders of Notes and
delivery of Consents pursuant to the Tender Offer and Solicitation and communicating
generally regarding the Tender Offer and Solicitation with brokers, dealers,
commercial banks and trust companies and other holders of Notes.  In such capacity, each of you, as a Dealer
Manager and Solicitation Agent, shall act as an independent contractor, and
each of your duties arising out of your engagement pursuant to this Agreement
shall be owed solely to Purchaser.

 

Purchaser
further authorizes each of you to communicate with U.S. Bank National
Association, in its capacity as depositary (the “Depositary”), and with
Georgeson Shareholder, in its capacity as information agent (the “Information
Agent”), with respect to matters relating to the Tender Offer and
Solicitation.  Purchaser has instructed
the Depositary to advise each of the Dealer Managers and Solicitation Agents at
least daily as to the number of Notes that have been tendered pursuant to the
Tender Offer, the

 

1

 

number
of Consents that have been delivered pursuant to the Solicitation and as to
such other matters in connection with the Tender Offer and Solicitation as the
Dealer Managers and Solicitation Agents may request.

 

3.                                       No Liability for Acts of Dealers, Banks and Trust Companies.  None of you shall
have any liability to Purchaser or any other person for any losses, claims,
damages, liabilities and expenses (each a “Loss” and, collectively, the
“Losses”) arising from any act or omission on the part of any broker or dealer
in securities (a “Dealer”), bank or trust company, or any other person, and
neither any of you nor any of your respective affiliates shall be liable for
any Losses arising from your own acts or omissions in performing your
obligations as a Dealer Manager and Solicitation Agent or as a Dealer hereunder
or otherwise in connection with the Tender Offer or the Solicitation, except
for any such Losses which are finally judicially determined to have resulted
primarily from your bad faith, gross negligence or material breach of your
obligations under this Agreement.  In soliciting
or obtaining tenders or delivery of Consents, no Dealer, bank or trust company
is to be deemed to be acting as agent for any of you or the agent of Purchaser
or any of its affiliates, and each of you, as a Dealer Manager and Solicitation
Agent, is not to be deemed the agent of any Dealer, bank or trust company or
the agent or fiduciary of Purchaser or any of its affiliates, equity holders,
creditors or of any other person.  In
soliciting or obtaining tenders of Notes or delivery of Consents, none of you
shall be and none of you shall be deemed for any purpose to act as a partner or
joint venturer of or a member of a syndicate or group with Purchaser or any of
its affiliates in connection with the Tender Offer or the Solicitation, any
purchase of the Notes, any payment for Consents or otherwise, and neither
Purchaser nor any of its affiliates shall be deemed to act as agent for any of
you.  Purchaser shall have sole
authority for the acceptance or rejection of any and all tenders of Notes or
deliveries of Consents.

 

4.                                       The Tender Offer and Consent Solicitation Material.  Purchaser agrees
to furnish each of you, at its expense, with as many copies as you may
reasonably request of the Statement, the Consent and Letter of Transmittal, and
all statements and other documents filed or to be filed with the Securities and
Exchange Commission (the “Commission”), if any, or any other Federal, state,
local or foreign governmental or regulatory authorities or any court (each an
“Other Agency” and collectively, the “Other Agencies”), any other documents
(including press releases, advertisements and other communications, whether
prior to or after the execution of this Agreement), materials or filings
relating to the Tender Offer or the Solicitation to be used by Purchaser or
authorized by Purchaser for use in connection with the Tender Offer or the
Solicitation and any amendments or supplements to any such statements,
documents, materials or filings (the definitive forms of all of the foregoing
materials are hereinafter collectively referred to as the “Tender Offer and
Consent Solicitation Material”) to be used by Purchaser in connection with the
Tender Offer and the Solicitation, and each of you is authorized to use copies
of the Tender Offer and Consent Solicitation Material in connection with the
Tender Offer and the Solicitation.  The
Tender Offer and Consent Solicitation Material has been or will be prepared and
approved by, and is the sole responsibility of, Purchaser.

 

Each
of you hereby agrees severally, but not jointly, as a Dealer Manager and
Solicitation Agent, that you will not disseminate any written material for or
in connection with the solicitation of tenders of Notes and delivery of
Consents pursuant to the Tender Offer and Solicitation other than the Tender
Offer and Consent Solicitation Material, and each of you agrees that you will
not make any statements in connection with such solicitation, other than the
statements that are set forth in the Tender Offer and Consent Solicitation
Material or as otherwise authorized by Purchaser.

 

2

 

Purchaser
agrees that no Tender Offer and Consent Solicitation Material will be used in
connection with the Tender Offer and the Solicitation without first obtaining
the Dealer Managers and Solicitation Agents prior approval, which approval
shall not be unreasonably withheld.  In
the event that Purchaser uses or permits the use of any Tender Offer and
Consent Solicitation Material in connection with the Tender Offer and the Solicitation
or files any such material with the Commission or any Other Agency without the
Dealer Managers and Solicitation Agents prior approval, then the Dealer
Managers and Solicitation Agents shall be entitled to withdraw as Dealer
Managers and Solicitation Agents in connection with the Tender Offer and the
Solicitation without any liability or penalty to any withdrawing Dealer
Managers and Solicitation Agents or any Indemnified Person (as hereinafter
defined), and such withdrawing Dealer Managers and Solicitation Agents shall
remain entitled to the indemnification provided in Section 12 hereof and to
receive the payment of all fees and expenses payable under this Agreement that
have accrued to the date of such withdrawal or would otherwise be due to such
withdrawing Dealer Managers and Solicitation Agents as of such date.  If any of you withdraw as a Dealer Manager
and Solicitation Agent, the fees accrued and reimbursement for your expenses
through the date of such withdrawal shall be paid to you promptly after such
date.

 

5.                                       Compensation.  Purchaser agrees to pay you, as compensation
for your services as Dealer Manager and Solicitation Agent in connection with
the Tender Offer and the Solicitation, a fee of $ 250,000.00 payable on the
date of this Agreement (the “Fee”).  The
Fee for such services shall be allocated $200,000.00 to Credit Suisse First
Boston LLC, $25,000.00 to Bear, Stearns & Co. Inc. and $25,000.00 to CIBC
World Markets Corp.

 

6.                                       Expenses of The Dealer Managers and Solicitation Agents and
Others.  In addition to your compensation for your services hereunder
pursuant to Section 5 hereof, Purchaser agrees to pay directly, or reimburse
each of you, as the case may be, for (a) all expenses incurred by you relating
to the preparation, printing, filing, mailing and publishing of all Tender
Offer and Consent Solicitation Material, (b) all fees and expenses authorized
by the Purchaser and paid by you of the Depositary and Information Agent
referred to in the Statement, (c) all advertising charges paid by you in
connection with the Tender Offer and Solicitation, including those of any
public relations firm or other person or entity rendering services in
connection therewith, (d) all fees, if any, payable to Dealers (including each
of you), and banks and trust companies as reimbursement for their customary
mailing and handling expenses incurred in forwarding the Tender Offer and
Consent Solicitation Material to their customers and (e) all other
reasonable fees and expenses incurred by you in connection with the Tender
Offer and Solicitation or otherwise in connection with the performance of your
services hereunder (including reasonable fees and disbursements of your legal
counsel).  All payments to be made by
Purchaser pursuant to this Section 6 shall be made promptly against delivery to
Purchaser of statements therefor. 
Purchaser shall be liable for the foregoing payments whether or not the
Tender Offer or the Solicitation is commenced, withdrawn, terminated or canceled
prior to the purchase of any Notes or the receipt of any consents or whether
Purchaser or any of its affiliates acquires any Notes or consents pursuant to
the Tender Offer and Solicitation or whether any of you withdraw pursuant to
Section 4 hereof.

 

7.                                       Securityholder Lists.  Purchaser will use its commercially
reasonable efforts to cause the Dealer Managers and Solicitation Agents to be
provided with cards or lists or other records in such form as the Dealer
Managers and Solicitation Agents may reasonably request showing the names and
addresses of, and the number of Notes held by, the holders of Notes as of a
recent date and will

 

3

 

cause
the Dealer Managers and Solicitation Agents to be advised from day to day
during the period of the Tender Offer and Solicitation as to any transfers of
record of Notes.

 

8.                                       Sufficient Funds.  Purchaser represents and warrants to each of
you that it has or, at the time Purchaser becomes obligated to purchase Notes
under the Tender Offer and pay for Consents under the Solicitation, it will
have, sufficient funds to enable Purchaser to pay, and Purchaser hereby agrees
that it will pay promptly, in accordance with the terms and conditions of the
Tender Offer and Solicitation and Sections 5 and 6 hereof and applicable law,
the consideration (and related costs) for the Notes and Consents which
Purchaser has offered, and which Purchaser may be required, to purchase under
the Tender Offer and the Solicitation, and the fees and expenses payable
hereunder.

 

9.                                       Additional Representations and Warranties of Purchaser. Purchaser represents and warrants to each of you that:

 

a)                                      Purchaser is a corporation duly organized, validly existing
and in good standing under the laws of the jurisdiction of its incorporation
and is duly qualified to transact business and is in good standing (to the
extent such concepts are recognized in such jurisdictions) in each jurisdiction
in which the conduct of its businesses or the ownership or leasing of property
requires such qualification, except to the extent that the failure to be so
qualified or to be in good standing, considering all such cases in the
aggregate, would not have a material adverse effect on the business,
properties, financial position or results of operations of Purchaser and all of
its subsidiaries and affiliates taken as a whole, as the case may be.

 

b)                                     Purchaser has necessary corporate power and authority to
take and has duly taken all necessary corporate action to authorize (i) the
Tender Offer and the Solicitation (excluding as relates to borrowings or other
financings to be undertaken by Purchaser which are described in the Statement),
(ii) the purchase by Purchaser of the Notes pursuant to the Tender Offer and
the payment by Purchaser for Consents pursuant to the Solicitation (assuming
satisfaction by you of the conditions applicable to you thereto) and (iii) the
execution, delivery and performance of this Agreement, and this Agreement has
been duly executed and delivered on behalf of Purchaser and, assuming due
authorization, execution and delivery of this Agreement by each of you, is a
legal, valid and binding obligation of Purchaser, enforceable against Purchaser
in accordance with its terms, except that the enforceability hereof may be
limited by (x) bankruptcy, insolvency, reorganization, moratorium and
other laws now or hereafter in effect relating to creditors’ rights generally,
(y) general principles of equity and (z) limitations on the
enforceability of indemnification or contribution provisions because of
considerations of public policy.

 

c)                                      The Tender Offer and Consent Solicitation Material complies
or will comply in all material respects with the applicable provisions of the
Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated by the Commission thereunder, and the Tender Offer and Consent
Solicitation Material does not and will not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements made therein, in light of the circumstances
under which they are made, not misleading; provided, however,
that no representation is made with respect to any statements contained in or
any matter omitted from the Tender Offer and Consent Solicitation Material in reliance
upon and in conformity with information furnished or confirmed in writing by
you to Purchaser expressly for use therein.

 

4

 

d)                                     Purchaser will file, if required, any and all necessary
amendments or supplements to the documents filed with the Commission or Other
Agencies relating to the Tender Offer and Solicitation and will promptly
furnish to each of you true and complete copies of each such amendment and
supplement upon the filing thereof.

 

e)                                      Except as set forth in the Tender Offer and Consent
Solicitation Material, the Tender Offer and the Solicitation (including any
related borrowings by Purchaser or any of its subsidiaries or affiliates), the
purchase by Purchaser of Notes pursuant to the Tender Offer, the payment by
Purchaser for Consents pursuant to the Solicitation, and the execution,
delivery and performance of this Agreement by Purchaser, comply and will comply
in all material respects with all applicable requirements of Federal, state,
local and foreign law, including, without limitation, any applicable
regulations of the Commission and Other Agencies, and all applicable judgments,
orders or decrees; and no consent, authorization, approval, order, exemption,
registration, qualification or other action of, or filing with or notice to,
the Commission or any Other Agency is required in connection with the
execution, delivery and performance of this Agreement by Purchaser, the making
or consummation by Purchaser of the Tender Offer and the Solicitation or the
consummation of the other transactions contemplated by this Agreement or the
Statement, except where the failure to obtain or make such consent,
authorization, approval, order, exemption, registration, qualification or other
action or filing or notification would not materially adversely affect the
ability of Purchaser to execute, deliver and perform this Agreement or to
commence and consummate the Tender Offer and Solicitation in accordance with
its terms.  All such required consents,
authorizations, approvals, orders, exemptions, registrations, qualifications
and other actions of and filings with and notices to the Commission and the
Other Agencies will have been obtained, taken or made, as the case may be, and
all statutory or regulatory waiting periods will have elapsed, prior to the
purchase by Purchaser of the Notes pursuant to the Tender Offer and the payment
by Purchaser for Consents pursuant to the Solicitation.

 

f)                                        The Tender Offer and the Solicitation (including any related
borrowings by Purchaser or any of its subsidiaries or affiliates), the purchase
of Notes by Purchaser pursuant to the Tender Offer and the payment by Purchaser
for Consents pursuant to the Solicitation, and the execution, delivery and
performance of this Agreement by Purchaser, do not and will not (i) conflict
with or result in a violation of any of the provisions of the certificate of
incorporation or by-laws (or similar organizational documents) of Purchaser or
any of its subsidiaries, (ii) conflict with or violate in any material respect
any law, rule, regulation, order, judgment or decree applicable to Purchaser or
any of its subsidiaries or by which any property or asset of Purchaser or any
of its subsidiaries is or may be bound or (iii) result in a breach of any of
the material terms or provisions of, or constitute a default (with or without
due notice and/or lapse of time) under, any loan or credit agreement,
indenture, mortgage, note or other agreement or instrument to which Purchaser
or any of its subsidiaries is a party or by which any of them or any of their
respective properties or assets is or may be bound.

 

g)                                     No stop order, restraining order or denial of an application
for approval has been issued and no investigation, proceeding or litigation has
been commenced or, to Purchaser’s knowledge, after due inquiry, threatened
before the Commission or any Other Agency with respect to the making or
consummation of the Tender Offer and the Solicitation (including the obtaining
or use of funds to purchase Notes or to pay for Consents pursuant thereto) or
the consummation of the other transactions contemplated by this Agreement or
the Statement or with respect to the ownership of the Notes by Purchaser or any
of its subsidiaries or affiliates.

 

5

 

h)                                     Purchaser has no knowledge of any material fact or
information concerning Purchaser or any of its subsidiaries, or the operations,
assets, condition (financial or otherwise) or prospects of Purchaser or any of
its subsidiaries, that is required to be made generally available to the public
and that has not been, or is not being, or will not be, made generally
available to the public through the Tender Offer and Consent Solicitation
Material or otherwise.

 

i)                                         Purchaser is not, nor will be as a result of the purchase by
Purchaser of Notes that it may become obligated to purchase pursuant to the
terms of the Tender Offer, an “investment company” under the Investment Company
Act of 1940, as amended, and the rules and regulations promulgated by the
Commission thereunder.

 

j)                                         Each of the representations and warranties set forth in this
Agreement will be true and correct on and as of the date on which the Tender
Offer and Solicitation is commenced and on and as of the date on which any
Notes are purchased or Consents are paid for pursuant to the Tender Offer and
the Solicitation.

 

10.                                 Opinions of Purchaser’s Counsel.  Purchaser shall
deliver to you opinions addressed to you and dated the date hereof of Akin Gump
Strauss Hauer & Feld LLP and Cahill Gordon & Reindel LLP, with respect to the matters set
forth in Exhibits C-1 and C-2, respectively.

 

11.                                 Notification of Certain Events.  Purchaser shall
advise the Dealer Manager and Solicitation Agents promptly of (a) the
occurrence of any event that could reasonably be expected to cause Purchaser to
withdraw, rescind or terminate the Tender Offer or Solicitation or would permit
Purchaser to exercise any right not to purchase Notes tendered under the Tender
Offer or to pay for any Consents delivered pursuant to the Solicitation, (b)
the occurrence of any event, or the discovery of any fact, the occurrence or
existence of which it believes would require the making of any change in any of
the Tender Offer and Consent Solicitation Material then being used or would
cause any representation or warranty contained in this Agreement to be untrue
or inaccurate in any material respect, (c) any proposal or requirement to make,
amend or supplement any filing required by the Exchange Act in connection with the
Tender Offer and the Solicitation or to make any filing in connection with the
Tender Offer and the Solicitation pursuant to any other applicable law, rule or
regulation, (d) the issuance by the Commission or any Other Agency of any
comment or order or the taking of any other action concerning the Tender Offer
and the Solicitation (and, if in writing, will furnish you with a copy
thereof), (e) any material developments in connection with the Tender Offer and
the Solicitation or the financing thereof, including, without limitation, the
commencement of any lawsuit concerning the Tender Offer and the Solicitation
and (f) any other information relating to the Tender Offer and the
Solicitation, the Tender Offer and Consent Solicitation Material or this Agreement
which any Dealer Manager and Solicitation Agent may from time to time
reasonably request.

 

12.                                 Indemnification.  

 

a)                                      Purchaser agrees to hold harmless and indemnify the Dealer
Managers and Solicitation Agents (including any affiliated companies of any Dealer
Manager and Solicitation Agent) and any officer, member, director, partner,
employee or agent of any Dealer Manager and Solicitation Agent (or any of such
affiliated companies of any Dealer Manager and Solicitation Agent) and any
entity or person controlling (within the meaning of Section 20(a) of the
Exchange Act) any Dealer Manager and Solicitation Agent) including any
affiliated companies of any Dealer Manager and Solicitation Agent)
(collectively, the “Indemnified Persons”) from and against any and all Losses
whatsoever (including, but not limited to, any and all expenses incurred in
investigating, preparing or defending against any litigation or

 

6

 

proceeding,
commenced or threatened, or any claims whatsoever whether or not resulting in
any liability) (i) arising out of or based upon any untrue statement or alleged
untrue statement of a material fact contained in the Tender Offer and Consent
Solicitation Material or in any other material used by Purchaser, or authorized
by Purchaser for use in connection with the Tender Offer and the Solicitation
or the transactions contemplated thereby, or arising out of or based upon the
omission or alleged omission to state in any such document a material fact required
to be stated therein or necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading (other than
statements or omissions made in reliance upon information furnished by any
Dealer Manager and Solicitation Agent in writing to Purchaser expressly for use
therein), (ii) arising out of or based upon any withdrawal by Purchaser of, or
failure by Purchaser to make or consummate, the Tender Offer, the Solicitation
or the other transactions contemplated by this Agreement or the Tender Offer
and Consent Solicitation Material or any other failure to comply with the terms
and conditions specified in the Tender Offer and Consent Solicitation Material,
(iii) arising out of the breach or alleged breach by Purchaser of any
representation, warranty or covenant set forth in this Agreement (iv) arising
out of, relating to or in connection with any other action taken or omitted to
be taken by an Indemnified Person or (v) otherwise arising out of, relating to
or in connection with the Tender Offer and the Solicitation, the other
transactions described in the Tender Offer and Consent Solicitation Material or
any Dealer Manager and Solicitation Agent’s services as Dealer Manager and
Solicitation Agent hereunder.  Purchaser
shall not, however, be responsible for any Loss pursuant to clauses (iv) or (v)
of the preceding sentence of this Section 12 that has been finally judicially
determined to have resulted primarily from the bad faith or gross negligence on
the part of any Indemnified Person or material breach by and of you of your
obligations contained in this Agreement, other than any Loss arising out of or
resulting from actions performed at the direct request of, with the explicit
consent of, or in conformity with information directly provided or supplied by,
Purchaser.

 

b)                                     Purchaser and the Dealer Managers and Solicitation Agents
agree that if any indemnification sought by any Indemnified Person pursuant to
this Section 12 is unavailable for any reason or insufficient to hold the
Dealer Managers and Solicitation Agents harmless, then Purchaser and the Dealer
Managers and Solicitation Agents shall contribute to the Losses for which such
indemnification is held unavailable or insufficient in such proportion as is
appropriate to reflect the relative benefits received (or anticipated to be
received) by Purchaser, on the one hand, and actually received by the Dealer
Managers and Solicitation Agents, on the other hand, in connection with the
transactions contemplated by this Agreement or the Tender Offer and Consent
Solicitation Material or, if such allocation is not permitted by applicable
law, not only such relative benefits but also the relative faults of Purchaser,
on the one hand, and the Dealer Managers and Solicitation Agents, on the other
hand, as well as any other equitable considerations, subject to the limitation
that in any event the aggregate contribution by the Dealer Managers and
Solicitation Agents to all Losses with respect to which contribution is
available hereunder shall not exceed the fees actually received by the Dealer
Manager and Solicitation Agent in connection with its engagement
hereunder.  It is hereby agreed that the
relative benefits to Purchaser, on the one hand, and the Dealer Manager and
Solicitation Agents, on the other hand, with respect to the Tender Offer and
the Solicitation and the transactions contemplated by this Agreement and the
Tender Offer and Consent Solicitation Material shall be deemed to be in the
same proportion as (i) the total value paid or proposed to be paid to holders
of Notes pursuant to the Tender Offer and the Solicitation (whether or not the
Tender Offer and the Solicitation or such transactions are consummated) bears
to (ii) the fees actually received by the Dealer Manager and Solicitation Agent
from Purchaser in connection with its engagement hereunder.

 

7

 

c)                                      The foregoing rights to indemnity and contribution shall be
in addition to any other right that the Dealer Managers and Solicitation Agents
and the other Indemnified Persons may have against Purchaser at common law or
otherwise.  If any litigation or
proceeding is brought against any Indemnified Person in respect of which
indemnification may be sought against Purchaser pursuant to this Section 12,
such Indemnified Person shall promptly notify Purchaser in writing of the
commencement of such litigation or proceeding, but the failure so to notify
Purchaser shall relieve Purchaser from any liability which it may have hereunder
only if, and to the extent that, such failure results in the forfeiture by
Purchaser of substantial rights and defenses, and will not in any event relieve
Purchaser from any other obligation or liability that it may have to any
Indemnified Person other than under this Agreement.  In case any such litigation or proceeding shall be brought
against any Indemnified Person and such Indemnified Person shall notify
Purchaser in writing of the commencement of such litigation or proceeding,
Purchaser shall be entitled to participate in such litigation or proceeding,
and, after written notice from Purchaser to such Indemnified Person, to assume
the defense of such litigation or proceeding with counsel of its choice at its
expense; provided, however, that such counsel shall be
satisfactory to the Indemnified Person in the exercise of its reasonable
judgment.  Notwithstanding the election
of Purchaser to assume the defense of such litigation or proceeding, such
Indemnified Person shall have the right to employ separate counsel and to
participate in the defense of such litigation or proceeding, and Purchaser
shall bear the reasonable fees, costs and expenses of such separate counsel and
shall pay such fees, costs and expenses at least quarterly (provided that with
respect to any single litigation or proceeding or with respect to several
litigations or proceedings involving substantially similar legal claims,
Purchaser shall not be required to bear the fees, costs and expenses of more
than one such counsel in addition to any local counsel) if (i) in the
reasonable judgment of such Indemnified Person the use of counsel chosen by
Purchaser to represent such Indemnified Person would present such counsel with
a conflict of interest, (ii) the defendants in, or targets of, any such
litigation or proceeding include both an Indemnified Person and Purchaser, and
such Indemnified Person shall have reasonably concluded that there may be legal
defenses available to it or to other Indemnified Persons that are different
from or additional to those available to Purchaser (in which case Purchaser
shall not have the right to direct the defense of such action on behalf of the
Indemnified Person), (iii) Purchaser shall not have employed counsel
satisfactory to such Indemnified Person, in the exercise of the Indemnified
Person’s reasonable judgment, to represent such Indemnified Person within a
reasonable time after notice of the institution of such litigation or
proceeding or (iv) Purchaser shall authorize in writing such Indemnified Person
to employ separate counsel at the expense of Purchaser.  In any action or proceeding the defense of
which Purchaser assumes, the Indemnified Person shall have the right to
participate in such litigation and retain its own counsel at such Indemnified
Person’s own expense.  Purchaser and
each of you agree to notify the other promptly of the assertion of any claim
against it, any of its directors or officers or any entity or person who
controls it within the meaning of Section 20(a) of the Exchange Act in
connection with the Tender Offer and the Solicitation.  The foregoing indemnification commitments
shall apply whether or not the Indemnified Person is a formal party to such
litigation or proceeding.

 

d)                                     Purchaser agrees to reimburse each Indemnified Person for
all expenses (including reasonable fees and disbursements of counsel) as they
are incurred by such Indemnified Person in connection with investigating,
preparing for, defending or providing evidence (including appearing as a
witness) with respect to any action, claim, investigation, inquiry, arbitration
or other proceeding referred to in this Section 12 for which
indemnification may be sought hereunder or enforcing this Agreement, whether or
not in connection with pending or threatened litigation in which any Indemnified
Person is a party.

 

8

 

e)                                      Purchaser agrees that it will not, without the prior written
consent of the Dealer Managers and Solicitation Agents, settle, compromise or
consent to the entry of any judgment in any pending or threatened claim, action
or proceeding in respect of which indemnification may be sought hereunder
(whether or not any Dealer Manager and Solicitation Agent, any other
Indemnified Person or Purchaser is an actual or potential party), unless such
settlement, compromise or consent (i) includes an unconditional release of each
Indemnified Person from all liability arising out of such claim, action or
proceeding and (ii) does not include a statement as to, or an admission of,
fault, culpability or a failure to act by or on behalf of an Indemnified
Person.  As a condition to any indemnity
or contribution hereunder, without Purchaser’s prior written consent, which
consent will not be unreasonably withheld, no Indemnified Person will settle,
compromise or consent to entry of judgment in connection with any pending or
threatened claim, action or proceeding in respect of which indemnity or
contribution may be sought hereunder (whether or not Purchaser is an actual or
potential party to such claim, action or proceeding).

 

13.                                 Conditions to Obligations of the Dealer Manager and
Solicitation Agent.  Your obligations hereunder shall at all
times be subject to the conditions that (a) all representations, warranties and
other statements of Purchaser contained herein are now, and at all times during
the period of the Tender Offer and the Solicitation shall be, true and correct
in all material respects and (b) Purchaser at all times shall have performed in
all material respects all its obligations hereunder theretofore to be
performed.

 

14.                                 Termination.  This Agreement shall terminate upon the
expiration, termination or withdrawal of the Tender Offer and the Solicitation
or, with respect to any withdrawing Dealer Manager and Solicitation Agent, upon
withdrawal by you as Dealer Manager and Solicitation Agent pursuant to Section
4 hereof, it being understood that Sections 3, 5, 6, 8, 9, 12, 14, 16, 17, 19,
20, 21, 22 and 23 hereof shall survive any termination of this Agreement.

 

15.                                 Notices.  All notices and other communications
required or permitted to be given under this Agreement shall be in writing and
shall be given (and shall be deemed to have been given upon receipt) by
delivery in person, by cable, by telecopy, by telegram, by telex or by
registered or certified mail (postage prepaid, return receipt requested) to the
applicable party at the addresses indicated below:

 

a)  if to the Dealer Managers and Solicitation
Agents:

 

	
  C/O

  	
  CREDIT SUISSE FIRST BOSTON LLC

  
	
   

  	
  Eleven
  Madison Avenue

  
	
   

  	
  New
  York, NY 10010-3629

  
	
   

  	
  Telecopy
  No.:

  
	
   

  	
  Attention:

  
	
   

  	
   

  
	
   

  	
  Bear,
  Stearns & Co. Inc.

  
	
   

  	
  383
  Madison Avenue

  
	
   

  	
  New
  York, NY 10179

  
	
   

  	
  Telecopy
  No.:  (212) 272-5100

  
	
   

  	
  Attention:  John C. Maguire, Senior Managing Director,
  Global Liability

  Management Group

  

 

9

 

	
   

  	
  CIBC
  World Markets Corp.

  
	
   

  	
  425
  Lexington Avenue

  
	
   

  	
  New
  York, NY 10017

  
	
   

  	
  Telecopy
  No.:  (800) 274-2746

  
	
   

  	
  Attention:  Brian Perman

  
	
   

  	
   

  
	
   

  	
  with
  a copy to:

  
	
   

  	
   

  
	
   

  	
  Cravath,
  Swaine & Moore LLP

  
	
   

  	
  Worldwide
  Plaza

  
	
   

  	
  825
  Eighth Avenue

  
	
   

  	
  New
  York, NY 10019

  
	
   

  	
  Telecopy
  No.: (212) 474-3700

  
	
   

  	
  Attention:
  Kris F. Heinzelman, Esq.

  
	
   

  	
   

  
	
   

  	
  b)  if to Purchaser:

  
	
   

  	
   

  
	
   

  	
  Packaged
  Ice, Inc.

  
	
   

  	
  3535
  Travis Street, Suite 170

  
	
   

  	
  Dallas,
  TX 75204

  
	
   

  	
  Telecopy
  No.:

  
	
   

  	
  Attention:

  
	
   

  	
   

  
	
   

  	
  with
  a copy to:

  
	
   

  	
   

  
	
   

  	
  Cahill
  Gordon & Reindel LLP

  
	
   

  	
  80
  Pine Street

  
	
   

  	
  New
  York, NY 10005

  
	
   

  	
  Telecopy
  No.:  (212) 269-5420

  
	
   

  	
  Attention:
  Geoffrey Liebmann, Esq.

  
			

 

16.                                 Consent to Jurisdiction; Service of Process.  Purchaser hereby
(a) submits to the jurisdiction of any New York State or Federal court sitting
in the City of New York with respect to any actions and proceedings arising out
of or relating to this Agreement, (b) agrees that all claims with respect to
such actions or proceedings may be heard and determined in such New York State
or Federal court, (c) waives the defense of an inconvenient forum, (d) agrees
not to commence any action or proceeding relating to this Agreement other than
in a New York State or Federal court sitting in the City of New York and (e)
agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law.

 

17.                                 Joint and Several Obligations, Etc.  In the event that
Purchaser makes the Tender Offer and the Solicitation through one or more of
its affiliates, each reference in this Agreement to Purchaser shall be deemed
to be a reference to Purchaser and any such affiliates, and the
representations, warranties, covenants and agreements of Purchaser and any such
affiliates hereunder shall be joint and several.

 

18.                                 Entire Agreement.  This Agreement constitutes the entire
agreement among the parties hereto with respect to the subject matter hereof
and supersedes all prior agreements and undertakings, both written and oral,
among the parties, or any of them, with respect to the subject matter hereof.

 

10

 

19.                                 Amendment.  This Agreement may not be amended except
in writing signed by each party to be bound thereby.

 

20.                                 Governing Law.  The validity and interpretation of this Agreement
shall be governed by, and construed and enforced in accordance with, the laws
of the State of New York, without regard to conflicts of law principles
thereof.

 

21.                                 Waiver of Jury Trial. PURCHASER HEREBY AGREES ON ITS OWN
BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS
SECURITY HOLDERS, TO WAIVE ANY RIGHT TO A TRIAL BY JURY WITH RESPECT TO ANY
CLAIM, COUNTER-CLAIM OR ACTION ARISING OUT OF OR IN CONNECTION WITH THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (INCLUDING, WITHOUT
LIMITATION, THE TENDER OFFER).

 

22.                                 Counterparts; Severability.  This Agreement may be executed in two
or more separate counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument.  Any term or provision of this Agreement
which is invalid or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such invalidity or unenforceability
without rendering invalid or unenforceable the remaining terms and provisions
of this Agreement or affecting the validity or enforceability of any of the
terms or provisions of this Agreement in any other jurisdiction.

 

23.                                 Parties in Interest.  This Agreement, including rights to indemnity
and contribution hereunder, shall be binding upon and inure solely to the
benefit of each party hereto, the Indemnified Persons and their respective
successors, heirs and assigns, and nothing in this Agreement, express or
implied, is intended to or shall confer upon any other person any right,
benefit or remedy of any nature whatsoever under or by reason of this
Agreement.

 

11

 

Please indicate your willingness to act as Dealer
Manager and Solicitation Agent and your acceptance of the foregoing provisions
by signing in the space provided below for that purpose and returning to us a
copy of this Agreement so signed, whereupon this Agreement and your acceptance
shall constitute a binding agreement between us.

 

	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  
	
   

  	
  PACKAGED ICE, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ STEVEN J. JANUSEK

  
	
   

  	
   

  	
  Name:  Steven J. Janusek

  
	
   

  	
   

  	
  Title:  Chief Financial Officer

  

 

 

	
  Accepted
  as of the

  date first above written:

  	
   

  
	
   

  	
   

  
	
  CREDIT SUISSE FIRST BOSTON LLC

  	
   

  
	
  BEAR, STEARNS & CO. INC.

  	
   

  
	
  CIBC WORLD MARKETS CORP.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  BY: CREDIT SUISSE FIRST BOSTON LLC

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:
  

  	
  /s/ MITCHELL GOLDSTEIN

  	
   

  	
   

  
	
   

  	
  Name:  Mitchell Goldstein

  	
   

  
	
   

  	
  Title:  Director

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By: BEAR, STEARNS & CO. INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:
  

  	
  /s/ JOHN C. MAGUIRE

  	
   

  	
   

  
	
   

  	
  Name:  John C. Maguire

  	
   

  
	
   

  	
  Title:  Senior Managing Director

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By: CIBC WORLD MARKETS CORP.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:
  

  	
  /s/ BRIAN S. PERMAN

  	
   

  	
   

  
	
   

  	
  Name:  Brian S. Perman

  	
   

  
	
   

  	
  Title:  Managing Director

  	
   

  
					

 

12

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