Document:

<PAGE>

                                                                    Exhibit 4.53
================================================================================

                                 COMMON STOCK
                               WARRANT AGREEMENT

                                  Dated as of

                                 June 29, 2001

                                    between

                NATIONAL RESTAURANT ENTERPRISES HOLDINGS, INC.

                                      and

                     STATE STREET BANK AND TRUST COMPANY,

                               as Warrant Agent

                              50,000 Warrants for

                                Common Stock of

                NATIONAL RESTAURANT ENTERPRISES HOLDINGS, INC.

                          ___________________________

================================================================================
<PAGE>

                               TABLE OF CONTENTS

<TABLE>
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<S>                                                                                                 <C>
ARTICLE 1    DEFINITIONS............................................................................  1

     SECTION 1.01.       Definitions................................................................  1

     SECTION 1.02.       Other Definitions..........................................................  3

     SECTION 1.03.       Rules of Construction......................................................  3

ARTICLE 2    WARRANT CERTIFICATES...................................................................  4

     SECTION 2.01.       Form and Dating............................................................  4

     SECTION 2.02.       Execution..................................................................  4

     SECTION 2.03.       Warrant Register...........................................................  4

     SECTION 2.04.       Transfer and Exchange......................................................  4

     SECTION 2.05.       Replacement Certificates...................................................  6

     SECTION 2.06.       Cancellation...............................................................  6

     SECTION 2.07.       The Warrant Agent..........................................................  6

ARTICLE 3    EXERCISE TERMS.........................................................................  7

     SECTION 3.01.       Exercise Price.............................................................  7

     SECTION 3.02.       Exercise Periods...........................................................  7

     SECTION 3.03.       Expiration.................................................................  7

     SECTION 3.04.       Manner of Exercise.........................................................  8

     SECTION 3.05.       Issuance of Warrant Shares.................................................  8

     SECTION 3.06.       Fractional Warrant Shares..................................................  8

     SECTION 3.07.       Reservation of Warrant Shares..............................................  9

     SECTION 3.08.       Compliance with Law........................................................  9

ARTICLE 4    TRANSFERABILITY........................................................................  9

     SECTION 4.01.       Permitted Transfers........................................................  9

     SECTION 4.02.       Legend.....................................................................  9

     SECTION 4.03.       Other Limitations.......................................................... 10

ARTICLE 5    ANTIDILUTION PROVISIONS................................................................ 10

     SECTION 5.01.       Changes in Common Stock.................................................... 10

     SECTION 5.02.       Cash Dividends and Other Distributions..................................... 11

     SECTION 5.03.       Rights Issue, etc. ........................................................ 11

     SECTION 5.04.       Combination; Liquidation................................................... 12
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                              TABLE OF CONTENTS
                                  (continued)

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     <S>                                                                                            <C>
     SECTION 5.05.       Tender Offers; Exchange Offers............................................. 13

     SECTION 5.06.       Other Events............................................................... 13

     SECTION 5.07.       Superseding Adjustment..................................................... 13

     SECTION 5.08.       Minimum Adjustment......................................................... 13

     SECTION 5.09.       Notice of Adjustment....................................................... 14

     SECTION 5.10.       Adjustment to Warrant Certificate.......................................... 14

ARTICLE 6    MISCELLANEOUS.......................................................................... 14

     SECTION 6.01.       Persons Benefiting......................................................... 14

     SECTION 6.02.       Rights of Holders.......................................................... 14

     SECTION 6.03.       Amendment.................................................................. 15

     SECTION 6.04.       Notices.................................................................... 15

     SECTION 6.05.       Governing Law.............................................................. 16

     SECTION 6.06.       Successors................................................................. 16

     SECTION 6.07.       Multiple Originals......................................................... 16

     SECTION 6.08.       Table of Contents.......................................................... 16

     SECTION 6.09.       Severability............................................................... 16
</TABLE>

                                     -ii-
<PAGE>

     WARRANT AGREEMENT, dated as of June 29, 2001 (this "Agreement"), between
                                                         ---------
NATIONAL RESTAURANT ENTERPRISES HOLDINGS, INC., a Delaware corporation (the
"Company"), and STATE STREET BANK AND TRUST COMPANY, as Warrant Agent (the
 -------
Warrant Agent"), on behalf of the warrant holders (the "Holders").
-------------                                           -------

     WHEREAS, pursuant to the terms of the Exchange Offer, the Company desires
to issue up to 50,000 warrants described herein (the "Warrants"), entitling the
                                                      --------
Holders to purchase an aggregate of up to 2,500 shares of the Company's Class A
Common Stock, par value $0.01 per share (the "Class A Common Stock") and up to
                                              --------------------
47,500 shares of the Company's Class B Common Stock, par value $0.01 per share
(the "Class B Common Stock" and, together with the Class A Common Stock, the
      --------------------
"Common Stock").
 ------------

     NOW, THEREFORE, the parties hereto agree as follows:

                                   ARTICLE 1

                                  DEFINITIONS

     SECTION 1.01. Definitions. Unless otherwise defined herein, the following
                   -----------
terms shall have the following meanings.

     "Agreement" is defined in the recital.
      ---------

     "Board" means the Board of Directors of the Company or any committee
      -----
thereof duly authorized to act on behalf of such Board of Directors.

     "Business Day" means a day other than a Saturday, Sunday or other day on
      ------------
which commercial banks in New York City, New York or Boston, Massachusetts are
authorized or required by law to close.

     "Cashless Exercise Ratio" means a fraction, the numerator of which is the
      -----------------------
Current Market Value per share of Common Stock on the date of exercise less the
Exercise Price per share as of the date of exercise and the denominator of which
is the Current Market Value per share of the Common Stock on the date of
exercise.

     "Certificate of Incorporation" means the Certificate of Incorporation of
      ----------------------------
the Company, as in effect on the date hereof, as the same may be amended,
restated, or amended and restated from time to time.

     "Class A Common Stock" is defined in the recital.
      --------------------

     "Class B Common Stock" is defined in the recital.
      --------------------

     "Combination" means an event in which the Company consolidates with, merges
      -----------
with or into, sells all or substantially all its property and assets to another
Person or voluntarily or involuntarily liquidates, dissolves or winds-up its
affairs and businesses.
<PAGE>

     "Common Stock" is defined in the recital.
      ------------

     "Company" is defined in the recital.
      -------

     "Current Market Value" means, with respect to the Common Stock at any date,
      --------------------
the average of the daily closing prices on the exchange or market specified
below for the shorter of (i) the 20 consecutive trading days ending on the last
full trading day on the exchange or market specified below prior to the time of
determination and (ii) the period commencing on the date after the first public
announcement of the issuance, sale, distribution or granting in question and
ending on such last full trading day prior to the time of determination. The
term "time of determination" as used in this Agreement is the time and date of
the earlier to occur of (A) the date as of which the Current Market Value is to
be computed and (B) the last full trading day on such exchange or market before
the commencement of "ex-dividend" trading in the Common Stock relating to the
event giving rise to the adjustment described above. The closing price for any
day is the last reported sale price regular way or, if no such reported sale
takes place on such day, the average of the closing bid and asked prices regular
way for such day, in each case (1) on the principal national securities exchange
on which the shares of Common Stock are listed or to which such shares are
admitted to trading or (2) if the Common Stock is not listed or admitted to
trading on a national securities exchange, in the over-the-counter market as
reported by the NASDAQ or (3) if the common stock is not listed on NASDAQ, as
furnished by two members of the NASD selected from time to time in good faith by
the Board for that purpose. In the absence of all of the foregoing, or if for
any other reason the Current Market Value cannot be determined under the other
terms of this Agreement the Current Market Value shall be the fair market value
thereof as determined in good faith by the Board.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended.
      ------------

     "Exchange Offer" means the exchange offer by which the Company has offered
      --------------
to exchange the outstanding Senior Notes of AmeriKing, Inc. for the Company's
Senior Notes and units consisting of Senior PIK Notes and Warrants.

     "Holder" is defined in the first recital and includes each duly registered
      ------
holder of a Warrant under the terms of this Warrant Agreement.

     "NASDAQ" means the National Association of Securities Dealers, Inc.
      ------
Automated Quotation System or any comparable system.

     "Officer" means the Chairman of the Board, the President, any Vice
      -------
President, the Treasurer or the Secretary of the Company.

     "Person" means an individual, partnership, corporation, limited liability
      ------
company, business trust, joint stock company, trust, unincorporated association,
joint venture, governmental agency or  authority or other entity of whatever
nature.

     "Registration Rights Agreement" means the Registration Rights Agreement,
      -----------------------------
dated as of June 29, 2001, with respect to the Senior PIK Notes.

                                      -2-
<PAGE>

     "SEC" means the Securities and Exchange Commission.
      ---

     "Securities Act" means the Securities Act of 1933.
      --------------

     "Senior PIK Notes" means the 13% pay in kind Senior PIK Notes due May 2008
      ----------------
issued pursuant to the Exchange Offer.

     "Senior Notes" means the 10.75% Senior Notes due November, 2007 issued
      ------------
pursuant to the Exchange Offer.

     "Transfer Restricted Securities" means the Warrants and the Warrant Shares
      ------------------------------
issued to Holders upon exercise of the Warrants, whether or not such exercise
has been effected. Each such security shall cease to be a Transfer Restricted
Security when (i) it has been disposed of pursuant to a registration statement
of the Company filed with the SEC and declared effective by the SEC that covers
the disposition of such Transfer Restricted Security, (ii) it has been
distributed pursuant to Rule 144 (or any similar provisions under the Securities
Act then in effect) or (iii) it has been otherwise transferred and may be resold
without registration under the Securities Act.

     "Warrant Agent" is defined in the recital.
      -------------

     "Warrants" is defined in the recital.
      --------

     "Warrant Shares" means the shares of Class A Common Stock and Class B
      --------------
Common Stock received, or issued and received, as the case may be, upon exercise
of the Warrants.

     SECTION 1.02. Other Definitions. The following terms are defined within
                   -----------------
this Agreement.

                                                       Defined
              Term                                    in Section
              ----                                    ----------
              "Cashless Exercise"................        3.04
               -----------------
              "Exercise Price"...................        3.01
               --------------
              "Expiration Date"..................        3.02
               ---------------
              "QIB"..............................        2.04(b)
               ---
              "Registrar"........................        3.07
               ---------
              "Successor Company"................        5.04(a)
               -----------------
              "Transfer Agent"...................        3.05
               --------------
              "Warrant Certificate"..............        2.01
               -------------------
              "Warrant Register".................        2.03
               ----------------

     SECTION 1.03. Rules of Construction. Unless the text otherwise requires:
                   ---------------------

        (i)  a term has the meaning assigned to it;

        (ii) an accounting term not otherwise defined has the meaning assigned
     to it in accordance with generally accepted accounting principles as in
     effect from time to time;

                                      -3-
<PAGE>

        (iii)  "or" is not exclusive;

        (iv)   "including" means including, without limitation; and

        (v)    words in the singular include the plural and words in the plural
     include the singular.

                                   ARTICLE 2

                             WARRANT CERTIFICATES

     SECTION 2.01. Form and Dating. The Warrants shall be issued in
                   ---------------
substantially the form of the certificate annexed hereto as Exhibit A (a
                                                            ---------
"Warrant Certificate"), which Exhibit is hereby incorporated in and expressly
 -------------------
made a part of this Agreement. The Warrant Certificate may have notations,
legends or endorsements required by law, stock exchange rule, agreements to
which the Company is subject, if any, or usage (provided that any such notation,
legend or endorsement is in a form acceptable to the Company) and shall bear the
legend required by Section 4.02. Each Warrant Certificate shall be dated the
                   ------------
date of its countersignature. The terms of the Warrants set forth in Exhibit A
                                                                      ---------
are part of the terms of this Agreement.

     SECTION 2.02. Execution. One Officer shall sign each Warrant Certificate on
                   ---------
behalf of the Company by manual or facsimile signature. The Company's seal shall
be impressed, affixed, imprinted or reproduced on the Warrant Certificate and
may be in facsimile form.

     SECTION 2.03. Warrant Register. The Warrant Agent shall keep a register
                   ----------------
("Warrant Register") of the Warrant Certificates and of their transfer and
  ----------------
exchange, a copy of which shall be provided to any Holder upon demand. The
Warrant Register shall show the names and addresses of the respective Holders
and the date and number of Warrants evidenced on the face of each of the Warrant
Certificates. The Warrant Agent may deem and treat the Person in whose name a
Warrant Certificate is registered as the absolute owner of such Warrant
Certificate for all purposes whatsoever and the Warrant Agent shall not be
affected by notice to the contrary.

     SECTION 2.04. Transfer and Exchange. (a) Transfer and Exchange of
                   ---------------------      ------------------------
Warrants. When any Warrant Certificate is presented to the Warrant Agent with a
request to register the transfer of Warrants represented by such Warrant or to
exchange such Warrant Certificate for Warrant Certificates representing an equal
number of Warrants of other authorized denominations, the Warrant Agent shall,
so long as such transfer or exchange is not prohibited hereunder, promptly
register the transfer or make the exchange as requested if its reasonable
requirements for such transaction are met; provided, however, that any Warrant
                                           --------  -------
surrendered for transfer or exchange:

          (i)  shall be duly endorsed or accompanied by a written instrument of
     transfer in form reasonably satisfactory to the Warrant Agent and duly
     executed by the Holder thereof or his attorney duly authorized in writing;
     and

          (ii) in the case of any Warrant that is a Transfer Restricted
     Security, shall be accompanied by the following additional information and
     documents:

                                      -4-
<PAGE>

               (A)  a certificate from such Holder in substantially the form of
          Exhibit B hereto certifying that:
          ---------

                    (1)  such security is being delivered for registration in
               the name of such Holder without transfer;

                    (2)  such security is being transferred to the Company;

                    (3)  such security is being transferred pursuant to an
               effective registration statement under the Securities Act; or

                    (4)  such security is being transferred (w) to a "qualified
               institutional buyer" ("QIB") as defined in Rule 144A under the
                                      ---
               Securities Act pursuant to such Rule 144A, (x) in an offshore
               transaction in accordance with Rule 904 under the Securities Act,
               (y) in a transaction meeting the requirements of Rule 144 under
               the Securities Act or (z) pursuant to any available exemption
               from the registration requirements of the Securities Act; and

               (B)  in the case of any transfer described under clause
          (A)(4)(x), (y) or (z), evidence reasonably satisfactory to the Warrant
          Agent as to compliance with the restrictions set forth in the legend
          in Section 4.02.
             ------------

     (b)  Obligations with Respect to Transfers and Exchanges of Warrants. In
          ---------------------------------------------------------------
furtherance of all eligible transfers and exchanges, the Company shall execute
Warrant Certificates as required pursuant to the provisions of this Section
                                                                    -------
2.04.
----

          (i)   All Warrants issued upon any registration of transfer or
     exchange of Warrants shall be the valid obligations of the Company,
     entitled to the same benefits under this Agreement, as the Warrants
     surrendered upon such registration of transfer or exchange.

          (ii)  Prior to due presentment for registration of transfer of any
     Warrant, the Warrant Agent may deem and treat the Person in whose name any
     Warrant is registered on the Warrant Register as the absolute owner of such
     Warrant and the Warrant Agent shall not be affected by notice to the
     contrary.

          (iii) No service charge shall be made to a Holder for any registration
     of transfer or exchange upon surrender of any Warrant Certificate at the
     office of the Warrant Agent maintained for that purpose. However, the
     Company may require payment of a sum sufficient to cover any tax or other
     governmental charge that may be imposed in connection with any registration
     of transfer or exchange of Warrant Certificates.

          (iv)  Upon any sale or transfer of Warrants pursuant to an effective
     registration statement under the Securities Act or pursuant to an opinion
     of counsel reasonably satisfactory to the Warrant Agent that no legend is
     required, the Company shall permit

                                      -5-
<PAGE>

     the Holder thereof to exchange Warrant Certificates for other Warrant
     Certificates that do not bear the legend set forth in Section 4.02 and
                                                           ------------
     rescind any restriction on the transfer of such Warrants.

     SECTION 2.05. Replacement Certificates. If a mutilated Warrant Certificate
                   ------------------------
is surrendered to the Warrant Agent or if the Holder of a Warrant Certificate
claims that the Warrant Certificate has been lost, destroyed or wrongfully
taken, the Company shall issue a replacement Warrant Certificate if the
reasonable requirements of Section 8-405 of the Uniform Commercial Code as in
effect in the State of New York are met. If required by the Company, such Holder
shall furnish an indemnity sufficient in the judgment of the Company to protect
the Company from any loss which it may suffer if a Warrant Certificate is
replaced. The Company may charge the Holder for its expenses in replacing a
Warrant Certificate. Every replacement Warrant Certificate is a separate
obligation of the Company.

     SECTION 2.06. Cancellation. (a) In the event the Company shall purchase or
                   ------------
otherwise acquire Warrants, the same shall thereupon immediately be canceled by
the Company.

     (b)  The Warrant Agent and no one else shall cancel and destroy all Warrant
Certificates surrendered for transfer, exchange, replacement, exercise or
cancellation. The Company shall not issue new Warrant Certificates to replace
Warrant Certificates to the extent they evidence Warrants which have been
exercised or Warrants which the Company has purchased or otherwise acquired.

     SECTION 2.07. The Warrant Agent.
                   -----------------

     (a)  The Warrant Agent (i) shall be obligated only for the performance of
such duties as are expressly and specifically set forth in this Agreement on its
part to be performed, each of which is ministerial (and shall not be construed
to be fiduciary) in nature, and no implied duties or obligations of any kind
shall be read into this Agreement against or on the part of the Warrant Agent,
(ii) shall not be obligated to take any legal or other action hereunder which
might in its judgment involve or cause it to incur any expense or liability
unless it shall have been furnished with acceptable indemnification, (iii) may
rely on and shall be protected in acting or refraining from acting upon any
written notice, instruction, instrument, statement, certificate, request or
other document furnished to it hereunder and believed by it to be genuine and to
have been signed or presented by the proper person, and shall have no
responsibility for making inquiry as to or determining the genuineness, accuracy
or validity thereof, or of the authority of the person signing or presenting the
same, and (iv) may consult counsel satisfactory to it, including in-house
counsel, and the opinion or advice of such counsel in any instance shall be full
and complete authorization and protection in respect of any action taken,
suffered or omitted by it hereunder in good faith and in accordance with the
opinion or advice of such counsel.

     (b)  The Warrant Agent shall not be liable to anyone for any action taken
or omitted to be taken by it hereunder except in the case of the Warrant Agent's
gross negligence or willful misconduct in breach of the terms of this Agreement.
In no event shall the Warrant Agent be liable for indirect, punitive, special or
consequential damage or loss (including but not limited to lost profits)
whatsoever, even if the Warrant Agent has been informed of the likelihood of
such loss or damage and regardless of the form of action.

                                      -6-
<PAGE>

     (c)  The Warrant Agent shall have no more or less responsibility or
liability on account of any action or omission of any book-entry depository,
securities intermediary or other agent employed by the Warrant Agent than any
such book-entry depository, securities intermediary or other agent has to the
Warrant Agent, except to the extent that such action or omission of any book-
entry depository, securities intermediary or other agent was caused by the
Warrant Agent's own gross negligence or willful misconduct in breach of this
Agreement.

     (d)  The Company agrees (i) to pay or reimburse the Warrant Agent for its
reasonable and documented attorney's fees and expenses incurred in connection
with the preparation of this Agreement and (ii) to pay the Warrant Agent's
compensation for its normal services hereunder in accordance with the fee
schedule attached hereto as Exhibit D and made a part hereof.

     (e)  The Company agrees to reimburse the Warrant Agent on demand for all
reasonable and documented costs and expenses incurred in connection with the
administration of this Agreement or the performance or observance of its duties
hereunder which are in excess of its compensation for normal services hereunder,
including without limitation, payment of any reasonable and documented legal
fees and expenses incurred by the Warrant Agent in connection with resolution of
any claim by any party hereunder.

     (f)  The Company covenants and agrees to indemnify the Warrant Agent (and
its directors, officers and employees) and hold it (and such directors, officers
and employees) harmless from and against any loss, liability, damage, cost and
expense of any nature incurred by the Warrant Agent arising out of or in
connection with this Agreement or with the administration of its duties
hereunder, including but not limited to reasonable and documented attorney's
fees and other costs and expenses of defending or preparing to defend against
any claim of liability unless and except to the extent such loss, liability,
damage, cost and expense shall be caused by the Warrant Agent's gross
negligence, or willful misconduct. The foregoing indemnification and agreement
to hold harmless shall survive the termination of this Agreement.

                                   ARTICLE 3

                                EXERCISE TERMS

     SECTION 3.01. Exercise Price. Each Warrant shall entitle the Holder
                   --------------
thereof, subject to adjustment pursuant to the terms of this Agreement, to
purchase 0.05 shares of Class A Common Stock and 0.95 shares of Class B Common
Stock for an exercise price of $0.01 (the "Exercise Price").
                                           --------------

     SECTION 3.02. Exercise Periods. Subject to the terms and conditions set
                   ----------------
forth herein, no Warrant shall be exercisable at any time that is after the
first to occur of any described in Section 3.03 ("Expiration Date"); provided,
                                                  ---------------    --------
however, upon an Initial Public Offering, each Warrant shall be deemed to have
-------
been automatically exercised pursuant to a Cashless Exercise.

     SECTION 3.03. Expiration. A Warrant shall terminate and become void upon
                   ----------
the first to occur of the following events: (i) as of the time and date such
Warrant is exercised, (ii) the maturity of the Senior PIK Notes, (iii) upon an
Initial Public Offering.

                                      -7-
<PAGE>

     SECTION 3.04. Manner of Exercise. Warrants may be exercised upon (i) notice
                   ------------------
to the Warrant Agent and surrender to the Warrant Agent of the Warrant
Certificates, together with the form of election to purchase Common Stock (in
the form of Exhibit C hereto) duly completed and signed by the Holder thereof
            ---------
and (ii) payment to the Company of the Exercise Price for the number of Warrant
Shares in respect of which such Warrant is then exercised. Such payment shall be
made (i) in cash or by certified or official bank check payable to the order of
the Company or by wire transfer of funds to an account designated by the Company
for such purpose or (ii) by the surrender (which surrender shall be evidenced by
cancellation of the number of Warrants represented by any Warrant Certificate
presented in connection with a Cashless Exercise) of a Warrant or Warrants
(represented by one or more relevant Warrant Certificates), and without the
payment of the Exercise Price in cash, in exchange for the issuance of such
number of shares of Common Stock equal to the product of (1) the number of
shares of Common Stock for which such Warrant is then being nominally exercised
if payment of the Exercise Price as of the date of exercise was being made in
cash and (2) the Cashless Exercise Ratio. An exercise of a Warrant through the
surrender of Warrants in lieu of cash is herein called a "Cashless Exercise".
                                                          -----------------
All provisions of this Agreement shall be applicable with respect to an exercise
of a Warrant pursuant to a Cashless Exercise for less than the full number of
Warrants represented by a Warrant Certificate. The rights represented by the
Warrants shall be exercisable at the election of the Holders thereof either in
full at any time or from time to time in part and in the event that a Warrant
Certificate is surrendered for exercise in respect of less than all the Warrant
Shares purchasable on such exercise a new Warrant Certificate exercisable for
the remaining Warrant Shares will be issued.

     SECTION 3.05. Issuance of Warrant Shares. Subject to Section 2.04, upon the
                   --------------------------             ------------
surrender of Warrant Certificates and payment of the per share Exercise Price,
as set forth in Section 3.04, the Company shall issue or, if appointed, cause a
                ------------
transfer agent for the Common Stock (the "Transfer Agent") to countersign and
                                          --------------
deliver to or upon the written order of the Holder and in such name or names as
the Holder may designate, a certificate or certificates for the number of full
Warrant Shares so purchased upon the exercise of such Warrants or other
securities or property to which it is entitled, registered or otherwise to the
Person or Persons entitled to receive the same, together with cash as provided
in Section 3.06 in respect of any fractional Warrant Shares otherwise issuable
   ------------
upon such exercise. Such certificate or certificates shall be deemed to have
been issued and any Person so designated to be named therein shall be deemed to
have become a holder of record of such Warrant Shares as of the date of the
surrender of such Warrant Certificates and payment of the per share Exercise
Price.

     SECTION 3.06. Fractional Warrant Shares. The Company shall not be required
                   -------------------------
to issue fractional Warrant Shares beyond two decimal places on the exercise of
Warrants. If more than one Warrant shall be exercised in full at the same time
by the same Holder, the number of Warrant Shares which shall be issuable upon
such exercise shall be computed on the basis of the aggregate number of Warrant
Shares purchasable pursuant thereto. If any fraction of a Warrant Share beyond
two decimal places would, except for the provisions of this Section 3.06, be
                                                            ------------
issuable on the exercise of any Warrant (or specified portion thereof), the
Company shall pay an amount in cash equal to the Current Market Value for one
Warrant Share on the date the Warrant is exercised, multiplied by such fraction,
rounded up to the nearest whole cent.

                                      -8-
<PAGE>

     SECTION 3.07. Reservation of Warrant Shares. The Company shall at all times
                   -----------------------------
keep reserved out of its authorized shares of capital stock a number of shares
of Class A Common Stock and Class B Common Stock sufficient to provide for the
exercise of all outstanding Warrants. The registrar for the Common Stock (the
"Registrar") shall at all times until all Warrants have been exercised, deemed
 ---------
to have been exercised or canceled, reserve such number of authorized shares as
shall be required for such purpose. The Company will keep a copy of this
Agreement on file at the chief executive offices of the Company or, if
appointed, with the Transfer Agent. All Warrant Shares which may be issued upon
exercise of Warrants shall, upon issue, be fully paid and nonassessable. The
Company will supply the Transfer Agent, if appointed, with duly executed stock
certificates for such purpose and will itself provide or otherwise make
available any cash which may be payable as provided in Section 3.06. The Company
                                                       ------------
will furnish to such Transfer Agent a copy of all notices of adjustments and
certificates related thereto transmitted to each Holder.

     SECTION 3.08. Compliance with Law. If any shares of Common Stock required
                   -------------------
to be reserved for purposes of exercise of Warrants require, under any other
Federal or state law or applicable governing rule or regulation of any national
securities exchange, registration with or approval of any governmental
authority, or listing on any such national securities exchange before such
shares may be issued upon exercise, the Company will cause such shares to be
duly registered or approved by such governmental authority.

                                   ARTICLE 4

                                TRANSFERABILITY

     SECTION 4.01. Permitted Transfers. The Warrants and Warrant Shares will be
                   -------------------
attached to and may be transferred only with the pro rata portion of the Senior
PIK Notes until the earlier to occur of (i) the effective date of the earliest
registration statement referred to in Section 5 of the Registration Rights
Agreement or (ii) the effective date of a registration statement relating to the
registration for resale of the shares of the Warrant Shares.

     SECTION 4.02. Legend. Except for Warrant Certificates delivered pursuant to
                   ------
Section 2.04(b)(iv) of this Agreement, each Warrant Certificate and each
-------------------
certificate representing the Warrant Shares shall bear a legend substantially as
follows:

     "THE WARRANTS AND THE WARRANT SHARES (THE "SECURITIES") EVIDENCED HEREBY
     WERE ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER
     SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933 (THE "SECURITIES
     ACT"), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR
     OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE
     EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS
     HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE
     PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
     THEREUNDER. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE

                                      -9-
<PAGE>

     BENEFIT OF THE COMPANY THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR
     OTHERWISE TRANSFERRED, ONLY (1)(a) INSIDE THE UNITED STATES TO A PERSON WHO
     THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS
     DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE
     REQUIREMENTS OF RULE 144A, (b) IN A TRANSACTION MEETING THE REQUIREMENTS OF
     RULE 144 UNDER THE SECURITIES ACT, OR (c) IN ACCORDANCE WITH ANOTHER
     EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND
     BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS), (2) TO THE
     COMPANY OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH
     CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
     UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL,
     AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF
     THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN (A)
     ABOVE.

     THESE SECURITIES ARE SUBJECT TO THE PROVISIONS OF A CERTAIN WARRANT
     AGREEMENT DATED AS OF JUNE 29, 2001, INCLUDING CERTAIN RESTRICTIONS ON
     TRANSFER SET FORTH THEREIN. COMPLETE AND CORRECT COPIES OF SUCH AGREEMENTS
     ARE AVAILABLE FOR INSPECTION AT THE PRINCIPAL OFFICE OF THE COMPANY AND
     WILL BE FURNISHED UPON WRITTEN REQUEST AND WITHOUT CHARGE.

     THE COMPANY IS AUTHORIZED TO ISSUE MORE THAN ONE CLASS OF STOCK. THE
     COMPANY WILL FURNISH TO EACH SECURITIES HOLDER WHO SO REQUESTS A COPY OF
     THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE RIGHTS AND LIMITATIONS
     OF EACH OUTSTANDING CLASS OF STOCK OF THE COMPANY."

     SECTION 4.03. Other Limitations. Nothwithstanding Section 4.01, the Holder
                   -----------------                   ------------
may also transfer Warrants under the following circumstances: (i) in a widely
distributed public offering; (ii) in a transfer pursuant to Rule 144 under the
Securities Act, or any similar rule then in force; (iii) in a transfer to a
Person if such Person already owns or has negotiated to purchase at least a
majority of the outstanding shares of Common Stock; (iv) in a transfer to the
Company; or (v) in a transfer to an affiliate of such Holder.

                                   ARTICLE 5

                            ANTIDILUTION PROVISIONS

     SECTION 5.01. Changes in Common Stock. In the event that at any time or
                   -----------------------
from time to time the Company shall (i) pay a dividend or make a distribution on
its Common Stock in shares of its Common Stock or other shares of capital stock,
(ii) subdivide its outstanding shares of Common Stock into a larger number of
shares of Common Stock, (iii) combine its outstanding shares of Common Stock
into a smaller number of shares of Common Stock or (iv) increase or

                                      -10-
<PAGE>

decrease the number of shares of Common Stock outstanding by reclassification of
its Common Stock, then the number of shares of Common Stock purchasable upon
exercise of each Warrant immediately after the occurrence of such event shall be
adjusted so that, after giving effect to such adjustment, the Holder of each
Warrant shall be entitled to receive the number of shares of Common Stock upon
exercise that such Holder would have owned or have been entitled to receive
immediately following such event had such Warrants been exercised immediately
prior to the occurrence of the events described above (or, in the case of a
dividend or distribution of Common Stock, immediately prior to the record date
therefor), and the Exercise Price for each Warrant shall be adjusted in inverse
proportion. An adjustment made pursuant to this Section 5.01 shall become
                                                ------------
effective immediately after the effective date, retroactive to the record date
therefor in the case of a dividend or distribution in shares of Common Stock,
and shall become effective immediately after the effective date in the case of a
subdivision, combination or reclassification.

     SECTION 5.02.   Cash Dividends and Other Distributions. In case at any time
                     --------------------------------------
or from time to time the Company shall distribute to holders of Common Stock (i)
any dividend or other distribution of cash, evidences of its indebtedness or any
other properties or securities or (ii) any options, warrants or other rights to
subscribe for or purchase any of the foregoing (other than, in each case set
forth in (i) and (ii), (x) any dividend or distribution described in Section
                                                                     -------
5.01 or (y) any rights, options, warrants or securities described in Section
----                                                                 -------
5.03) then the number of shares of Common Stock purchasable upon the exercise of
----
each Warrant shall be increased to a number determined by multiplying the number
of shares of Common Stock purchasable upon the exercise of such Warrant
immediately prior to the record date for any such dividend or distribution by a
fraction, the numerator of which shall be the Current Market Value per share, on
such record date, of Common Stock on the record date for such distribution, and
the denominator of which shall be such Current Market Value per share of Common
Stock less the sum of (x) the per share amount of any cash distributed in
respect of Common Stock and (y) the fair value (as determined in good faith by
the Board, whose determination shall be evidenced by a board resolution, a copy
of which will be sent to Holders upon request) of the portion, if any, of the
distribution applicable to one share of Common Stock consisting of evidences of
indebtedness, shares of stock, securities, other property, warrants, options or
subscription of purchase rights. The Exercise Price shall be adjusted to a
number determined by dividing the Exercise Price immediately prior to such
record date by the above fraction. Such adjustments shall be made whenever any
distribution is made and shall become effective as of the date of distribution,
retroactive to the record date for any such distribution; provided, however,
                                                          --------  -------
that the Company is not required to make an adjustment pursuant to this Section
                                                                        -------
5.02 if at the time of such distribution the Company makes the same distribution
----
to Holders of Warrants as it makes to holders of Common Stock pro rata based on
the number of shares of Common Stock for which such Warrants are exercisable
(whether or not currently exercisable). No adjustment shall be made pursuant to
this Section 5.02 which shall have the effect of decreasing the number of shares
of Common Stock purchasable upon exercise of each Warrant or increasing the
Exercise Price.

     SECTION 5.03.   Rights Issue, etc..  In the event that at any time or from
                     ------------------
time to time the Company shall issue Common Stock or rights, options or warrants
for, or securities convertible or exchangeable into, Common Stock to any Person,
entitling such Person to subscribe for or

                                      -11-
<PAGE>

purchase shares of Common Stock at a price per share that is lower at the record
date for such issuance than the then Current Market Value per share of Common
Stock the number of shares of Common Stock thereafter purchasable upon the
exercise of each Warrant shall be determined by multiplying the number of shares
of Common Stock theretofore purchasable upon exercise of each Warrant by a
fraction, the numerator of which shall be the number of shares of Common Stock
outstanding on the date of issuance of such Common Stock, rights, options,
warrants or securities plus the number of additional shares of Common Stock
offered for subscription or purchase or into which such securities are
convertible or exchangeable, and the denominator of which shall be the number of
shares of Common Stock outstanding on the date of issuance of such Common Stock,
rights, options, warrants or securities plus the total number of shares of
Common Stock which could be purchased at the Current Market Value with the
aggregate consideration received through issuance of such rights, warrants,
options, or convertible securities. In the event of any such adjustment, the
Exercise Price shall be adjusted to a number determined by dividing the Exercise
Price immediately prior to such date of issuance by the aforementioned fraction.
Such adjustment shall be made whenever such rights, options or warrants are
issued and shall become effective retroactively immediately after the record
date for the determination of stockholders entitled to receive such rights,
options, warrants or securities. No adjustment shall be made pursuant to this
Section 5.03 which shall have the effect of decreasing the number of shares of
------------
Common Stock purchasable upon exercise of each Warrant or of increasing the
Exercise Price.

     SECTION 5.04.   Combination; Liquidation. (a) Except as provided in Section
                     ------------------------                            -------
5.04(b), in the event of a Combination, the Holders shall have the right to
-------
receive upon exercise of the Warrants such number of shares of capital stock or
other securities or property which such Holder would have been entitled to
receive upon or as a result of such Combination had such Warrant been exercised
immediately prior to such event. Unless clause (b) below is applicable to a
                                        ----------
Combination, the Company shall provide that the surviving or acquiring Person
(the "Successor Company") in such Combination will enter into an agreement with
      -----------------
the Holders confirming the Holders' rights pursuant to this Section 5.04(a) and
                                                            ---------------
providing for adjustments, which shall be as nearly equivalent as may be
practicable to the adjustments provided for in this Article 5. The provisions of
                                                    ---------
this Section 5.04(a) shall similarly apply to successive Combinations involving
     ---------------
any Successor Company.

     (b)  In the event of (i) a Combination where consideration to Holders of
Common Stock in exchange for their shares is payable solely in cash, or (ii) the
dissolution, liquidation or winding-up of the Company, then the holders of the
Warrants will be entitled to receive distributions on an equal basis with the
holders of Common Stock or other securities issuable upon exercise of the
Warrants, as if the Warrants had been exercised immediately prior to such event,
less the Exercise Price.

     (c)  In case of any Combination described in Section 5.04(b), the surviving
or acquiring Person and, in the event of any dissolution, liquidation or
winding-up of the Company, the Company, shall, after the surrendered Warrant
Certificates are received, make payment to the Holders by delivering a check in
such amount as is appropriate (or, in the case of consideration other than cash,
such other consideration as is appropriate) to such Person or Persons as it may
be directed in writing by the Holders surrendering such Warrants.

                                      -12-
<PAGE>

     (d)  This Section 5.04 will be of no force or effect to the extent all
               ------------
Warrants have been exercised for Common Stock.

     SECTION 5.05.   Tender Offers; Exchange Offers. In the event that the
                     ------------------------------
Company or any subsidiary of the Company shall purchase shares of Common Stock
pursuant to a tender offer or an exchange offer for a price per share of Common
Stock that is greater than the then Current Market Value per share of Common
Stock in effect at the end of the trading day immediately following the day on
which such tender offer or exchange offer expires, then the Company, or such
subsidiary of the Company, shall offer to purchase Warrants for comparable
consideration per share of Common Stock based on the number of shares of Common
Stock which the Holders of such Warrants would receive upon exercise of such
Warrants; provided, however, if a tender offer is made for only a portion of the
          --------  -------
outstanding shares of Common Stock, then such offer shall be made for Warrants
in the same pro rata proportion.

     SECTION 5.06.   Other Events. If any event occurs as to which the foregoing
                     ------------
provisions of this Article 5 are not strictly applicable or, if strictly
                   ---------
applicable, would not, in the good faith judgment of the Board, fairly and
adequately protect the purchase rights of the Warrants in accordance with the
essential intent and principles of such provisions, then the Board shall make
such adjustments in the application of such provisions, in accordance with such
essential intent and principles, as shall be reasonably necessary, in the good
faith opinion of such Board, to protect such purchase rights as aforesaid, but
in no event shall any such adjustment have the effect of increasing the Exercise
Price or decreasing the number of shares of Common Stock subject to purchase
upon exercise of this Warrant.

     SECTION 5.07.   Superseding Adjustment.  Upon the expiration of any rights,
                     ----------------------
options, warrants or conversion or exchange privileges which resulted in the
adjustments pursuant to this Article 5, if any thereof shall not have been
                             ---------
exercised, the number of Warrant Shares purchasable upon the exercise of each
Warrant shall be readjusted as if (A) the only shares of Common Stock issuable
upon exercise of such rights, options, warrants, conversion or exchange
privileges were the shares of Common Stock, if any, actually issued upon the
exercise of such rights, options, warrants or conversion or exchange privileges
and (B) shares of Common Stock actually issued, if any, were issuable for the
consideration actually received by the Company upon such exercise plus the
aggregate consideration, if any, actually received by the Company for the
issuance, sale or grant of all such rights, options, warrants or conversion or
exchange privileges whether or not exercised and the Exercise Price shall be
readjusted inversely; provided, however, that no such readjustment shall (except
                      --------  -------
by reason of an intervening adjustment under Section 5.01) have the effect of
                                             ------------
decreasing the number of Warrant Shares purchasable upon the exercise of each
Warrant or increase the Exercise Price by an amount in excess of the amount of
the adjustment initially made in respect of the issuance, sale or grant of such
rights, options, warrants or conversion or exchange privileges.

     SECTION 5.08.   Minimum Adjustment. The adjustments required by the
                     ------------------
preceding Sections of this Article 5 shall be made whenever and as often as any
                           ---------
specified event requiring an adjustment shall occur, except that no adjustment
of the Exercise Price or the number of shares of Common Stock purchasable upon
exercise of Warrants that would otherwise be required shall be made (except in
the case of a subdivision or combination of shares of Common Stock, as provided
for in Section 5.01) unless and until such adjustment either by itself or with
       ------------

                                      -13-
<PAGE>

other adjustments not previously made increases or decreases by at least 1% the
Exercise Price or the number of shares of Common Stock purchasable upon exercise
of Warrants immediately prior to the making of such adjustment. Any adjustment
representing a change of less than such minimum amount shall be carried forward
and made as soon as such adjustment, together with other adjustments required by
this Article 5 and not previously made, would result in a minimum adjustment.
     ---------
For the purpose of any adjustment, any specified event shall be deemed to have
occurred at the close of business on the date of its occurrence. In computing
adjustments under this Article 5, fractional interests in Common Stock shall be
                       ---------
taken into account to the nearest one-hundredth of a share.

     SECTION 5.09.   Notice of Adjustment.  Whenever the Exercise Price or the
                     --------------------
number of shares of Common Stock and other property, if any, purchasable upon
exercise of Warrants is adjusted, as herein provided, the Company shall deliver
to the Holders and to the Warrant Agent a certificate of a firm of independent
accountants selected by the Board (who may be the regular accountants employed
by the Company) setting forth, in reasonable detail, the event requiring the
adjustment and the method by which such adjustment was calculated (including a
description of the basis on which the Board determined the fair market value of
any evidences of indebtedness, other securities or property or warrants or other
subscription or purchase rights), and specifying the Exercise Price and the
number of shares of Common Stock purchasable upon exercise of Warrants after
giving effect to such adjustment.  The Company shall promptly mail a copy of
such certificate to each Holder in accordance with Section 6.04.
                                                   ------------

     SECTION 5.10.   Adjustment to Warrant Certificate. The form of Warrant
                     ---------------------------------
Certificate need not be changed because of any adjustment made pursuant to this
Article 5, and Warrant Certificates issued after such adjustment may state the
---------
same Exercise Price and the same number of shares of Common Stock as are stated
in any Warrant Certificates issued prior to the adjustment. The Company,
however, may at any time in its sole discretion make any change in the form of
Warrant Certificate that it may deem appropriate to give effect to such
adjustments and that does not affect the substance of the Warrant Certificate,
and any Warrant Certificate thereafter issued or countersigned, whether in
exchange or substitution for an outstanding Warrant Certificate or otherwise,
may be in the form as so changed.

                                   ARTICLE 6

                                 MISCELLANEOUS

     SECTION 6.01.   Persons Benefiting. Nothing in this Agreement is intended
                     ------------------
or shall be construed to confer upon any Person other than the Company and the
other Holders any right, remedy or claim under or by reason of this Agreement or
any part hereof.

     SECTION 6.02.   Rights of Holders. Except as otherwise specifically
                     -----------------
required herein, holders of unexercised Warrants are not entitled (i) to receive
dividends or other distributions, (ii) to receive notice of or vote at any
meeting of the stockholders, (iii) to consent to any action of the stockholders,
(iv) to receive notice of any other proceedings of the Company or (v) to
exercise any other rights as stockholders of the Company.

                                      -14-
<PAGE>

     SECTION 6.03.   Amendment. This Agreement may be amended by the parties
                     ---------
hereto without the consent of any Holder for the purpose of curing any
ambiguity, or of curing, correcting or supplementing any defective provision
contained herein or making any other provisions with respect to matters or
questions arising under this Agreement as the Company and the Warrant Agent may
deem necessary or desirable; provided, however, that such action shall not
                             --------  -------
affect adversely the rights of the Holders. Any amendment or supplement to this
Agreement that has an adverse effect on the interests of the Holders shall
require the written consent of the Holders of a majority of the then outstanding
Warrants. The consent of each Holder affected shall be required for any
amendment pursuant to which the Exercise Price would be increased or the number
of Warrant Shares purchasable upon exercise of Warrants would be decreased
(other than pursuant to adjustments provided herein). In determining whether the
Holders of the required number of Warrants have concurred in any direction,
waiver or consent, Warrants owned by the Company or by any Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with the Company shall be disregarded and deemed not to be outstanding.
Only Warrants outstanding at the time shall be considered in any such
determination.

     SECTION 6.04.   Notices.  All notices, consents and other communications
                     -------
required or permitted hereunder shall be given to all parties hereto and shall
be in writing and to the address of each party's representative set forth below.
Any notice, consent or other communication so addressed shall be deemed given
upon receipted personal delivery (reputable overnight courier permissible),
confirmed facsimile transmission or United States certified mail delivery.  Any
notice given by other means shall be deemed given upon its arrival at the
address for notices.

     If to the Company:

          National Restaurant Enterprises Holdings, Inc.
          2215 Enterprise Drive, Suite 1502
          Westchester, Illinois  60154
          Attention:  Chief Financial Officer
          Telecopier No.: (708) 947-2161

     with a copy to:

          Mayer, Brown & Platt
          1675 Broadway
          New York, New York 10019
          Attention:  James B. Carlson, Esq.
          Telecopier No.: (212) 262-1910

     If to the Warrant Agent:

          State Street Bank and Trust Company
          2 Avenue de Lafayette
          Boston, MA 02111-1724
          Attention: Corporate Trust Department
          Re:  NRE Holdings, Inc.

                                      -15-
<PAGE>

          Telephone No:  (617) 661-1740
          Telecopier No:  (617) 662-1460

     The parties by notice to the other may designate additional or different
addresses for subsequent notices or communications.

     Any notice or communication mailed to a Holder shall be mailed to the
Holder at the Holder's address as it appears on the Warrant Register and shall
be sufficiently given if so mailed within the time prescribed.

     Failure to mail a notice or communication to a Holder or any defect in it
shall not affect its sufficiency with respect to other Holders.  If a notice or
communication is mailed in the manner provided above, it is duly given, whether
or not the addressee receives it.

     SECTION 6.05.   Governing Law. The laws of the State of New York shall
                     -------------
govern this Agreement and the Warrant Certificates.

     SECTION 6.06.   Successors. All agreements of the Company, the Warrant
                     ----------
Agent and the Holders in this Agreement and the Warrant Certificates shall bind
their respective successors, transferees and assigns.

     SECTION 6.07.   Multiple Originals. The parties may sign any number of
                     ------------------
copies of this Agreement. Each signed copy shall be an original, but all of them
together represent the same agreement.

     SECTION 6.08.   Table of Contents. The table of contents and headings of
                     -----------------
the Articles and Sections of this Agreement have been inserted for convenience
of reference only, are not intended to be considered a part hereof and shall not
modify or restrict any of the terms or provisions hereof.

     SECTION 6.09.   Severability. The provisions of this Agreement are
                     ------------
severable, and if any clause or provision shall be held invalid, illegal or
unenforceable in whole or in part in any jurisdiction, then such invalidity or
unenforceability shall affect in that jurisdiction only such clause or
provision, or part thereof, and shall not in any manner affect such clause or
provision in any other jurisdiction or any other clause or provision of this
Agreement in any jurisdiction.

                                      -16-
<PAGE>

     IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed as of the date first written above .

                           NATIONAL RESTAURANT ENTERPRISES HOLDINGS, INC.

                           By:/s/ A. Richard Caputo
                             ----------------------

                              Name: A. Richard Caputo
                              Title: Vice President

                           STATE STREET BANK AND TRUST COMPANY, as Warrant Agent

                           By:/s/ Steven T. Quigley
                             -----------------------

                              Name: Steven T. Quigley
                              Title: Assistant Vice President
<PAGE>

                                                                       EXHIBIT A
                                                                 TO COMMON STOCK
                                                               WARRANT AGREEMENT

                     (FORM OF FACE OF WARRANT CERTIFICATE)

THE WARRANTS AND THE WARRANT SHARES (THE "SECURITIES") EVIDENCED HEREBY WERE
ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF
THE UNITED STATES SECURITIES ACT OF 1933 (THE "SECURITIES ACT"), AND THE
SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN
THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH
PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER
MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE
SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE SECURITY
EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) SUCH SECURITY
MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (1)(a) INSIDE THE UNITED
STATES TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (b) IN A TRANSACTION MEETING
THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, OR (c) IN ACCORDANCE WITH
ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND
BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS), (2) TO THE COMPANY
OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH
SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF THE SECURITY
EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN (A) ABOVE.

THESE SECURITIES ARE SUBJECT TO THE PROVISIONS OF A CERTAIN WARRANT AGREEMENT
DATED AS OF JUNE 29, 2001, INCLUDING CERTAIN RESTRICTIONS ON TRANSFER SET FORTH
THEREIN. COMPLETE AND CORRECT COPIES OF SUCH AGREEMENTS ARE AVAILABLE FOR
INSPECTION AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON
WRITTEN REQUEST AND WITHOUT CHARGE.

THE COMPANY IS AUTHORIZED TO ISSUE MORE THAN ONE CLASS OF STOCK. THE COMPANY
WILL FURNISH TO EACH SECURITIES HOLDER WHO SO REQUESTS A COPY OF THE POWERS,
DESIGNATIONS, PREFERENCES AND RELATIVE RIGHTS AND LIMITATIONS OF EACH
OUTSTANDING CLASS OF STOCK OF THE COMPANY.
<PAGE>

UNTIL THE WARRANT SEPARATION DATE, THIS WARRANT IS PART OF A UNIT THAT CONSISTS
OF THIS WARRANT NOTE AND A SENIOR PIK NOTE. UNTIL THE WARRANT SEPARATION DATE,
THIS WARRANT AND THE SENIOR PIK NOTE MUST BE TRANSFERRED TOGETHER AS A UNIT.
"WARRANT SEPARATION DATE" MEANS THE EARLIER TO OCCUR OF (I) THE EFFECTIVE DATE
OF THE EARLIEST REGISTRATION STATEMENT REFERRED TO IN SECTION 6 OF THE
REGISTRATION RIGHTS AGREEMENT OR (II) THE EFFECTIVE DATE OF A REGISTRATION
STATEMENT RELATING TO THE REGISTRATION FOR RESALE OF THE WARRANT SHARES.

                                      -2-
<PAGE>

No. ___                                                  CUSIP No. 637414 11 1

                      Certificate for _________ Warrants

                     WARRANTS TO PURCHASE COMMON STOCK OF
                NATIONAL RESTAURANT ENTERPRISES HOLDINGS, INC.

     THIS CERTIFIES THAT, ______________, or its registered assigns (the
"Holder"), is the registered holder of the number of Warrants set forth above
 ------
(the "Warrants").  Each Warrant entitles the Holder, at its option and subject
      --------
to the provisions contained herein and in the Warrant Agreement referred to
below, to purchase from National Restaurant Enterprises Holdings, Inc., a
Delaware corporation (the "Company"), 0.05 shares of the Company's Class A
                           -------
Common Stock, par value $0.01 per share (the "Class A Common Stock") and 0.95
                                              --------------------
shares of the Company's Class B Common Stock, par value $0.01 per share (the
"Class B Common Stock" and, together with the Class A Common Stock, the "Common
 --------------------                                                    ------
Stock") at the per share exercise price of $0.01 (the "Exercise Price"), or by
-----                                                  --------------
Cashless Exercise referred to below.  This Warrant Certificate and each Warrant
it represents shall terminate and become void upon the exercise hereof (the
"Expiration Date").  The number of shares purchasable upon exercise of the
 ---------------
Warrants and the Exercise Price per share shall be subject to adjustment from
time to time as set forth in the Warrant Agreement.

     This Warrant Certificate is issued under and in accordance with a Warrant
Agreement dated as of June 29, 2001 (the "Warrant Agreement"), between the
                                          -----------------
Company and State Street Bank and Trust Company, as Warrant Agent (the "Warrant
                                                                        -------
Agent"), and is subject to the terms and provisions contained in the Warrant
-----
Agreement including the restrictions on transfer, to all of which terms and
provisions the Holder of this Warrant Certificate consents by acceptance hereof.
The Warrant Agreement is hereby incorporated herein by reference and made a part
hereof.  Reference is hereby made to the Warrant Agreement including the
restrictions on transfer for a full statement of the respective rights,
limitations of rights, duties and obligations of the Company and the Holders of
the Warrants.  Capitalized terms used but not defined herein shall have the
meanings ascribed thereto in the Warrant Agreement.  A copy of the Warrant
Agreement may be obtained for inspection by the Holder hereof upon written
request to the Company at 2215 Enterprise Drive, Suite 1502, Westchester,
Illinois 60154, Facsimile: (708) 947-2161, Attn: Chief Financial Officer.

     Subject to the terms of the Warrant Agreement, the Warrants may be
exercised in whole or in part (i) by presentation of this Warrant Certificate
with the Purchase Form attached hereto duly executed to the Warrant Agent, and
with the simultaneous payment of the Exercise Price in cash (subject to
adjustment) to the Company at the office of the Company or (ii) by Cashless
Exercise.  Payment of the Exercise Price in cash shall be made by certified or
official bank check payable to the order of the Company or by wire transfer of
funds to an account designated by the Company for such purpose.  Payment by
Cashless Exercise shall be made by the surrender of a Warrant or Warrants
represented by one or more Warrant Certificates and without payment of

                                      -3-
<PAGE>

the Exercise Price in cash, for such number of shares of Common Stock equal to
the product of (1) the number of shares of Common Stock for which such Warrant
is exercisable with payment in cash of the Exercise Price as of the date of
exercise and (2) a fraction, the numerator of which is the Current Market Value
per share of Common Stock on the date of exercise less the Exercise Price per
share as of the date of exercise and the denominator of which is the Current
Market Value per share of the Common Stock on the date of exercise.

     As provided in the Warrant Agreement and subject to the terms and
conditions therein set forth, the Warrants shall be exercisable on terms and
conditions specified in the Warrant Agreement; provided, however, that no
                                               --------  -------
Warrant shall be exercisable after the Expiration Date.

     In the event the Company enters into a Combination, the Holder hereof will
be entitled to receive the shares of capital stock or other securities or other
property of such surviving entity as the Holder would have received had the
Holder exercised its Warrants immediately prior to such Combination; provided,
                                                                     --------
however, that in the event that, in connection with such Combination,
-------
consideration to holders of Common Stock in exchange for their shares is payable
solely in cash or in the event of the dissolution, liquidation or winding-up of
the Company, the Holder hereof will be entitled to receive cash distributions as
the Holder would have received had the Holder exercised its Warrants immediately
prior to such Combination, less the Exercise Price.

     The Company may require payment of a sum sufficient to pay all taxes,
assessments or other governmental charges in connection with the transfer or
exchange of the Warrant Certificates pursuant to Section 2.04 of the Warrant
                                                 ------------
Agreement but not for any exchange or original issuance (not involving a
transfer) with respect to temporary Warrant Certificates, the exercise of the
Warrants or the Warrant Shares.

     Upon any partial exercise of the Warrants, there shall be countersigned and
issued to the Holder hereof a new Warrant Certificate in respect of the shares
of Common Stock as to which the Warrants shall not have been exercised.  This
Warrant Certificate may be exchanged at the office of the Warrant Agent by
presenting this Warrant Certificate properly endorsed with a request to exchange
this Warrant Certificate for other Warrant Certificates evidencing an equal
number of Warrants.  No fractional Warrant Shares beyond two decimal places will
be issued upon the exercise of the Warrants, but the Company shall pay an amount
in cash equal to the Current Market Value for one Warrant Share on the trading
day immediately preceding the date the Warrant is exercised, multiplied by the
fraction of a Warrant Share that would be issuable on the exercise of any
Warrant.

     All shares of Common Stock issuable by the Company upon the exercise of the
Warrants shall, upon such issue, be duly and validly issued and fully paid and
non-assessable.

     The Holder in whose name the Warrant Certificate is registered may be
deemed and treated by the Warrant Agent as the absolute owner of the Warrant
Certificate for all purposes whatsoever and the Warrant Agent shall not be
affected by notice to the contrary.

                                      -4-
<PAGE>

     The Warrants do not entitle any holder hereof to any of the rights of a
shareholder of the Company.

                                 NATIONAL RESTAURANT ENTERPRISES HOLDINGS, INC.

                                 By:________________________________
                                    Name:
                                    Title:

                                      -5-
<PAGE>

Securities and/or check to be issued to:

Please insert social security or identifying number:

     Name:

     Street Address:

     City, State and Zip Code:

Any unexercised Warrants evidenced by the within Warrant Certificate to be
issued to:

     Please insert social security or identifying number:

     Name:

     Street Address:

     City, State and Zip Code:

                                      -6-
<PAGE>

                                                                       EXHIBIT B
                                                                 TO COMMON STOCK
                                                               WARRANT AGREEMENT

            CERTIFICATE TO EFFECT EXCHANGE OR TRANSFER OF WARRANTS

Re:       Warrants to Purchase Common Stock (the "Warrants") of National
                                                  --------
          Restaurant Enterprises Holdings, Inc. (the "Company")
                                                      -------

     This Certificate relates to [      ] Warrants held in definitive form by
[   ] (the "Transferor").
            ----------

     The Transferor has requested the Warrant Agent by written order to exchange
or register the transfer a Warrant or Warrants.  In connection with such request
and in respect of each such Warrant, the Transferor does hereby certify that the
Transferor is familiar with the Warrant Agreement relating to the above-
captioned Warrants and that the transfer of this Warrant does not require
registration under the Securities Act of 1933, (the "Securities Act") because
                                                     --------------

     [_]  Such Warrant is being acquired for the Transferor's own account
without transfer.

     [_]  Such Warrant is being transferred to the Company.

     [_]  Such Warrant is being transferred pursuant to an effective
registration statement pursuant to the Securities Act.

     [_]  Such Warrant is being transferred to a qualified institutional buyer
(as defined in Rule 144A under the Securities Act), in reliance on Rule 144A.

     [_]  Such Warrant is being transferred pursuant to an offshore transaction
in accordance with Rule 904 under the Securities Act.

     [_]  Such Warrant is being transferred in a transaction meeting the
requirements of Rule 144 under the Securities Act.

     [_]  Such Warrant is being transferred pursuant to another available
exemption from the registration requirements of the Securities Act, i.e.:
[_________________].

     If such transfer is being made pursuant to an offshore transaction in
accordance with Rule 904 under the Securities Act, the Transferor further
certifies that:

          (i)  the offer of the Warrants was not made to a Person in the United
     States;

          (ii) at the time the buy order was originated, the transferee was
     outside the United States or we and any Person acting on our behalf
     reasonably believed that the transferee was outside the United States;
<PAGE>

          (iii)  no directed selling efforts have been made by us in the United
     States in contravention of the requirements of Rule 904(b) or Rule 901(b)
     of Regulation S under the Securities Act, as applicable; and

          (iv)   the transaction is not part of a plan or scheme by us to evade
     the registration requirements of the Securities Act.

Terms used in paragraph have the meanings set forth in Regulation S.

     The Transferor does hereby certify that the transfer of this Warrant
complies with Section 4.01 of the Common Stock Warrant Agreement, dated as of
June 29, 2001 between the Company and State Street Bank and Trust Company, as
Warrant Agent.

     The Company is entitled to rely upon this Certificate and are irrevocably
authorized to produce this Certificate or a copy hereof to any interested party
in any administrative or legal proceedings or official inquiry with respect to
the matters covered hereby.

                                      __________________________________
                                      [INSERT NAME OF TRANSFEROR]

     Date: ___________________        By:________________________________

                                      -2-
<PAGE>

                                                                       EXHIBIT C
                                                                 TO COMMON STOCK
                                                               WARRANT AGREEMENT

                         FORM OF ELECTION TO EXERCISE
                     WARRANTS AND PURCHASE WARRANT SHARES
                (to be executed only upon exercise of Warrants)

                NATIONAL RESTAURANT ENTERPRISES HOLDINGS, INC.

     The undersigned hereby irrevocably elects to exercise [        ] Warrants
at an exercise price per Warrant (subject to adjustment) of $0.01 to acquire
0.05 shares of the Company's Class A Common Stock, par value $0.01 per share
(the "Class A Common Stock") and 0.95 shares of the Company's Class B Common
      --------------------
Stock, par value $0.01 per share (the "Class B Common Stock" and, together with
                                       --------------------
the Class A Common Stock, the "Common Stock"), of National Restaurant
                               ------------
Enterprises Holdings, Inc., on the terms and conditions specified in the Warrant
Certificate and the Warrant Agreement therein referred to, surrenders this
Warrant Certificate and all right, title and interest therein to National
Restaurant Enterprises Holdings, Inc. and directs that the shares of Common
Stock deliverable upon the exercise of such Warrants be registered or placed in
the name and at the address specified below and delivered thereto.

Date: ___________________

                                      _____________________________
                                      (Signature of Owner)

                                      _____________________________
                                      (Street Address)

                                      _____________________________
                                      (City)    (State)  (Zip Code)

                                      Signature Guaranteed by:

                                      _____________________________
<PAGE>

Securities and/or check to be issued to:

Please insert social security or identifying number:

     Name:

     Street Address:

     City, State and Zip Codes

Any unexercised Warrants evidenced by the within Warrant Certificate to be
issued to:

     Please insert social security or identifying number:

     Name:

     Street Address:

     City, State and Zip Code:

                                      -2-
<PAGE>

                                                                       EXHIBIT D
                                                                 TO COMMON STOCK
                                                               WARRANT AGREEMENT

                                 STATE STREET
                               SCHEDULE OF FEES
                         TRUSTEE AND RELATED SERVICES

                NATIONAL RESTAURANT ENTERPRISES HOLDINGS, INC.
                    13% SENIOR PIK NOTES DUE JUNE 30, 2008
                      AND WARRANTS TO PURCHASE SHARES OF
          NATIONAL RESTAURANT ENTERPRISES HOLDINGS, INC. COMMON STOCK

ACCEPTANCE FEE (ONE TIME)
-------------------------

Covers the complete study and consideration of the Indenture and/or other
instruments together with all supporting documents up to and including the
closing:

                                   $5,000.00

ANNUAL ADMINISTRATION FEE AND PAYING AGENT FEES
-----------------------------------------------

Compensate the Trustee and Paying Agent for regular administrative services that
include, but are not limited to, the following:

Maintenance of documents, periodic monitoring of the Trustee's eligibility,
reports to bondholders, furnishing periodic reports for issuer use, furnishing
information to issuer auditor and responding to correspondence and telephone
inquiries, registration of bonds, transfer of bonds, disbursing principal and
interest, IRS bondholder reporting, address changes, certificate replacement,
normal correspondence, etc.:

                    $7,500.00  per annum for the Notes, and
                    $2,500.00  per annum for the Warrants
                    $    6.00  per securityholder per annum, subject to a $1,000
                               minimum annual charge (waived if the entire issue
                               is represented by a global certificate on deposit
                               at DTC)
                    $   20.00  per wire transfer

MISCELLANEOUS FEES
------------------

     Attendance at closing, if required:            $500.00 per officer, per day

     Preparation of Form T-1, if the Indenture is
     to be qualified under the Trust Indenture Act: $500.00

     Exchange Agent services, if the Rule 144A
     securities are exchanged for publicly
     registered securities:                         $2,500.00 each CUSIP

<PAGE>

EXTRAORDINARY ADMINISTRATION EXPENSES
-------------------------------------

Fees for services not specifically set forth in this schedule will be determined
by appraisal.  Such services may include, but are not limited to, additional
responsibilities and services incurred in connection with solicitation of
consents to amend the Indenture, tender offers for the Senior PIK Notes and/or
Warrants, or in case of litigation, restructuring or default.

OUT-OF-POCKET EXPENSES
----------------------

Any out-of-pocket expenses incurred by State Street will be billed at cost.
These items will include, but are not limited to, legal fees, travel expenses,
courier charges, etc.

TRUSTEE'S COUNSEL
-----------------

Trustee's Counsel legal fees and disbursements will be billed at cost.  State
Street will engage Robert J. Coughlin, Esq., of Peabody & Arnold, as Trustee's
Counsel.

BILLING AND PAYMENTS
--------------------

The one-time Acceptance Fee, first year's Annual Fees and Trustee's Counsel Fee
will be payable at closing.  Thereafter, Annual Fees will be billed annually in
advance.

Note:  The transaction underlying this proposal, and all related legal
documentation, is subject to review and acceptance by State Street in accordance
with its policies and procedures.  Should the actual transaction materially
differ from the assumptions used herein, State Street reserves the right to
modify this proposal.  After acceptance of this proposal and commencement of
document review and account set-up, if the transaction fails to close for
reasons beyond the control of State Street, AmeriKing, Inc. and/or National
Restaurant Enterprises Holdings, Inc. agrees to pay State Street's acceptance
fees, legal fees and out-of-pocket expenses.

May 29, 2001<PAGE>

                                                                   Exhibit 10.59
________________________________________________________________________________

                      CONSOLIDATED, AMENDED AND RESTATED
                          REVOLVING CREDIT AGREEMENT

                           dated as of June 29, 2001

                                     among

                    NATIONAL RESTAURANT ENTERPRISES, INC.,
                NATIONAL RESTAURANT ENTERPRISES HOLDINGS, INC.
                                AMERIKING, INC.

                                      and

                              FLEET NATIONAL BANK
       and those other lending institutions listed on Schedule 1 hereto
                                                      -------- -

                                      and

                         FLEET NATIONAL BANK, as Agent

                                      and

                            FLEET SECURITIES, INC.,

                              acting as Arranger

________________________________________________________________________________
<PAGE>

                               TABLE OF CONTENTS
<TABLE>
<S>                                                                                        <C>
1.   DEFINITIONS AND RULES OF INTERPRETATION.............................................. 1
     ---------------------------------------
       1.1.   Definitions................................................................. 2
              -----------
       1.2.   Rules of Interpretation..................................................... 24
              -----------------------
2.   THE REVOLVING CREDIT FACILITY........................................................ 24
     -----------------------------
       2.1.   Commitment to Lend.......................................................... 24
              ------------------
       2.2.   Commitment Fee.............................................................. 25
              --------------
       2.3.   Reduction of Total Revolver Commitment...................................... 25
              --------------------------------------
       2.4.   The Revolving Credit Notes.................................................. 26
              --------------------------
       2.5.   Interest on Revolving Credit Loans.......................................... 26
              ----------------------------------
       2.6.   Requests for Revolving Credit Loans......................................... 26
              -----------------------------------
       2.7.   Funds for Revolving Credit Loan............................................. 27
              -------------------------------
              2.7.1.   Funding Procedures................................................. 27
                       ------------------
              2.7.2.   Advances by Agent.................................................. 27
                       -----------------
3.   REPAYMENT OF THE REVOLVING CREDIT LOANS.............................................. 28
     ---------------------------------------
       3.1.   Maturity.................................................................... 28
              --------
       3.2.   Mandatory Repayments of Revolving Credit Loans.............................. 28
              ----------------------------------------------
       3.3.   Optional Repayments of Revolving Credit Loans............................... 29
              ---------------------------------------------
4.   LETTERS OF CREDIT.................................................................... 29
     -----------------
       4.1.   Letter of Credit Commitments................................................ 29
              ----------------------------
              4.1.1.   Commitment to Issue Letters of Credit.............................. 29
                       -------------------------------------
              4.1.2.   Letter of Credit Applications...................................... 30
                       -----------------------------
              4.1.3.   Terms of Letters of Credit......................................... 30
                       --------------------------
              4.1.4.   Reimbursement Obligations of Banks................................. 30
                       ----------------------------------
              4.1.5.   Participations of Banks............................................ 30
                       -----------------------
       4.2.   Reimbursement Obligation of the Borrower.................................... 30
              ----------------------------------------
       4.3.   Letter of Credit Payments................................................... 31
              -------------------------
       4.4.   Obligations Absolute........................................................ 32
              --------------------
       4.5.   Reliance by Issuer.......................................................... 32
              ------------------
       4.6.   Letter of Credit Fee........................................................ 33
              --------------------
5.   CERTAIN GENERAL PROVISIONS........................................................... 34
     --------------------------
       5.1.   Amendment and Closing Fee................................................... 34
              -------------------------
       5.2.   Agent's Fee................................................................. 34
              -----------
       5.3.   Funds for Payments.......................................................... 34
              ------------------
              5.3.1.   Payments to Agent.................................................. 34
                       -----------------
              5.3.2.   No Offset, etc..................................................... 34
                       --------------
       5.4.   Computations................................................................ 35
              ------------
       5.5.   Additional Costs, etc....................................................... 35
              ---------------------
       5.6.   Capital Adequacy............................................................ 38
              ----------------
       5.7.   Certificate................................................................. 39
              -----------
       5.8.   Interest after Default...................................................... 39
              ----------------------
              5.8.1.   Overdue Amounts.................................................... 39
                       ---------------
              5.8.2.   Amounts Not Overdue................................................ 39
                       -------------------
</TABLE>
<PAGE>

                                     -ii-

<TABLE>
<S>                                                                                        <C>
       5.9.   Replacement Banks........................................................... 39
              -----------------
6.   COLLATERAL SECURITY AND GUARANTEES................................................... 40
     ----------------------------------
       6.1.   Security of Borrower and Subsidiaries; Guaranty of Subsidiaries............. 40
              ---------------------------------------------------------------
       6.2.   Guaranties and Security of Holdings......................................... 40
              -----------------------------------
       6.3.   Guaranties and Security of AmeriKing........................................ 41
              ------------------------------------
7.   REPRESENTATIONS AND WARRANTIES....................................................... 41
     ------------------------------
       7.1.   Corporate Authority......................................................... 41
              -------------------
              7.1.1.   Incorporation; Good Standing....................................... 41
                       ----------------------------
              7.1.2.   Authorization...................................................... 41
                       -------------
              7.1.3.   Enforceability..................................................... 42
                       --------------
       7.2.   Governmental Approvals...................................................... 42
              ----------------------
       7.3.   Title to Properties; Leases................................................. 42
              ---------------------------
       7.4.   Financial Statements and Projections........................................ 42
              ------------------------------------
              7.4.1.   Financial Statements............................................... 42
                       --------------------
              7.4.2.   Projections........................................................ 43
                       -----------
       7.5.   No Material Changes, etc.................................................... 43
              ------------------------
       7.6.   Franchises, Patents, Copyrights, etc........................................ 43
              ------------------------------------
       7.7.   Litigation.................................................................. 43
              ----------
       7.8.   No Materially Adverse Contracts, etc........................................ 44
              ------------------------------------
       7.9.   Compliance with Other Instruments, Laws, etc................................ 44
              --------------------------------------------
       7.10.  Tax Status.................................................................. 44
              ----------
       7.11.  No Event of Default......................................................... 45
              -------------------
       7.12.  Holding Company and Investment Company Acts................................. 45
              -------------------------------------------
       7.13.  Absence of Financing Statements, etc........................................ 45
              ------------------------------------
       7.14.  Perfection of Security Interest............................................. 45
              -------------------------------
       7.15.  Certain Transactions........................................................ 45
              --------------------
       7.16.  Employee Benefit Plans...................................................... 46
              ----------------------
              7.16.1.  In General......................................................... 46
                       ----------
              7.16.2.  Terminability of Welfare Plans..................................... 46
                       ------------------------------
              7.16.3.  Guaranteed Pension Plans........................................... 46
                       ------------------------
              7.16.4.  Multiemployer Plans................................................ 46
                       -------------------
       7.17.  Use of Proceeds............................................................. 47
              ---------------
       7.18.  Environmental Compliance.................................................... 47
              ------------------------
       7.19.  Subsidiaries, etc........................................................... 49
              -----------------
       7.20.  Chief Executive Offices..................................................... 49
              -----------------------
       7.21.  Fiscal Year................................................................. 49
              ----------
       7.22.  Disclosure.................................................................. 49
              ----------
       7.23.  Insurance................................................................... 50
              ---------
8.   AFFIRMATIVE COVENANTS................................................................ 50
     ---------------------
       8.1.   Punctual Payment............................................................ 50
              ----------------
       8.2.   Maintenance of Office....................................................... 50
              ---------------------
       8.3.   Records and Accounts........................................................ 50
              --------------------
       8.4.   Financial Statements, Certificates and Information.......................... 51
              --------------------------------------------------
       8.5.   Notices..................................................................... 53
              -------
              8.5.1.   Defaults........................................................... 53
                       --------
              8.5.2.   Environmental Events............................................... 53
                       --------------------
</TABLE>
<PAGE>

                                     -iii-

<TABLE>
<S>                                                                                        <C>
              8.5.3.   Notification of Claim against Collateral........................... 54
                       ----------------------------------------
              8.5.4.   Notice of Litigation and Judgments................................. 54
                       ----------------------------------
       8.6.   Corporate Existence; Maintenance of Properties.............................. 54
              ----------------------------------------------
       8.7.   Insurance................................................................... 55
              ---------
       8.8.   Taxes....................................................................... 55
              -----
       8.9.   Inspection of Properties and Books, etc..................................... 55
              ---------------------------------------
              8.9.1.   General............................................................ 55
                       -------
              8.9.2.   Communications with Accountants.................................... 56
                       -------------------------------
              8.9.3.   Environmental Assessments.......................................... 56
                       -------------------------
       8.10.  Compliance with Laws, Contracts, Licenses, and Permits...................... 57
              ------------------------------------------------------
       8.11.  Employee Benefit Plans...................................................... 58
              ----------------------
       8.12.  Use of Proceeds............................................................. 58
              ---------------
       8.13.  Fair Labor Standards Act.................................................... 58
              ------------------------
       8.14.  Further Assurances.......................................................... 58
              ------------------
       8.15.  Mortgaged Property.......................................................... 58
              ------------------
       8.16.  Class of Stock.............................................................. 59
              --------------
       8.17.  Guarantees of AmeriKing Tennessee and AmeriKing Colorado.................... 59
              --------------------------------------------------------
       8.18.  New Subsidiaries............................................................ 59
              ----------------
       8.19.  Replacement Instruments..................................................... 60
              -----------------------
9.   CERTAIN NEGATIVE COVENANTS........................................................... 60
     --------------------------
       9.1.   Restrictions on Indebtedness................................................ 60
              ----------------------------
       9.2.   Restrictions on Liens....................................................... 63
              ---------------------
       9.3.   Restrictions on Investments................................................. 64
              ---------------------------
       9.4.   Distributions............................................................... 65
              -------------
       9.5.   Merger, Consolidation and Disposition of Assets............................. 66
              -----------------------------------------------
              9.5.1.   Mergers and Acquisitions........................................... 66
                       ------------------------
              9.5.2.   Disposition of Assets.............................................. 67
                       ---------------------
       9.6.   Sale and Leaseback.......................................................... 68
              ------------------
       9.7.   Compliance with Environmental Laws.......................................... 68
              ----------------------------------
       9.8.   Subordinated Debt and Preferred Stock....................................... 69
              -------------------------------------
       9.9.   Employee Benefit Plans...................................................... 70
              ----------------------
       9.10.  Change in Terms of Capital Stock............................................ 70
              --------------------------------
       9.11.  Fiscal Year................................................................. 71
              ----------
       9.12.  Business Activities......................................................... 71
              -------------------
       9.13.  Modification of Documents................................................... 71
              -------------------------
       9.14.  Negative Pledges............................................................ 71
              ----------------
       9.15.  Transactions with Affiliates................................................ 71
              ----------------------------
       9.16.  Upstream Limitations........................................................ 72
              --------------------
       9.17.  Inconsistent Agreements..................................................... 72
              -----------------------
       9.18.  Acquisition and Development Restrictions.................................... 72
              ----------------------------------------
              9.18.1.  Development........................................................ 72
                       -----------
              9.18.2.  Acquisition........................................................ 72
                       -----------
10.   FINANCIAL COVENANTS................................................................. 73
      -------------------
       10.1.  Debt Service Coverage Ratio................................................. 73
              ---------------------------
       10.2.  Interest Coverage Ratio..................................................... 73
              -----------------------
       10.3.  Leverage Ratio.............................................................. 73
              --------------
</TABLE>
<PAGE>

                                     -iv-

<TABLE>
<S>                                                                                        <C>
       10.4.   Senior Leverage Ratio...................................................... 74
               ---------------------
       10.5.   Capital Expenditures....................................................... 74
               --------------------
       10.6.   Minimum EBITDA............................................................. 74
               --------------
11.   CLOSING CONDITIONS.................................................................. 75
      ------------------
       11.1.   Revolver Loan Documents, etc............................................... 75
               ----------------------------
               11.1.1. Revolver Loan Documents............................................ 75
                       -----------------------
               11.1.2. Exchange Offer Documents........................................... 75
                       ------------------------
       11.2.   Certified Copies of Charter Documents...................................... 75
               -------------------------------------
       11.3.   Corporate or Other Action.................................................. 75
               -------------------------
       11.4.   Incumbency Certificate..................................................... 75
               ----------------------
       11.5.   Validity of Liens.......................................................... 76
               -----------------
       11.6.   Perfection Certificates and UCC Search Results............................. 76
               ----------------------------------------------
       11.7.   Certificates of Insurance.................................................. 76
               -------------------------
       11.8.   Solvency Certificate....................................................... 76
               --------------------
       11.9.   Opinion of Counsel......................................................... 76
               -----------------
       11.10.  Payment of Fees and Expenses............................................... 76
               ----------------------------
       11.11.  Disbursement Instructions.................................................. 76
               -------------------------
       11.12.  Completion of Exchange Offer............................................... 77
               ----------------------------
       11.13.  Consents and Approvals..................................................... 77
               ----------------------
       11.14.  Amendment to each Intercreditor Agreement.................................. 77
               -----------------------------------------
       11.15.  Financial Consultant....................................................... 77
               --------------------
       11.16.  Mortgages.................................................................. 77
               ---------
       11.17.  Title Insurance............................................................ 77
               ---------------
       11.18.  Pro Forma Balance Sheet for Holdings....................................... 77
               ------------------------------------
12.   CONDITIONS TO ALL BORROWINGS........................................................ 78
      ----------------------------
       12.1.   Representations True; No Event of Default.................................. 78
               -----------------------------------------
       12.2.   No Legal Impediment........................................................ 78
               -------------------
       12.3.   Governmental Regulation.................................................... 78
               -----------------------
       12.4.   Proceedings and Documents.................................................. 78
               -------------------------
13.   EVENTS OF DEFAULT; ACCELERATION; ETC................................................ 78
      ------------------------------------
       13.1.   Events of Default and Acceleration......................................... 79
               ----------------------------------
       13.2.   Termination of Commitments................................................. 83
               --------------------------
       13.3.   Remedies................................................................... 84
               --------
       13.4.   Distribution of Collateral Proceeds........................................ 84
               -----------------------------------
14.   SETOFF.............................................................................. 84
      ------
15.   THE AGENT........................................................................... 85
      ---------
       15.1.   Authorization.............................................................. 85
               -------------
       15.2.   Employees and Agents....................................................... 86
               --------------------
       15.3.   No Liability............................................................... 86
               ------------
       15.4.   No Representations......................................................... 86
               ------------------
       15.5.   Payments................................................................... 87
               --------
               15.5.1. Payments to Agent.................................................. 87
                       -----------------
               15.5.2. Distribution by Agent.............................................. 87
                       ---------------------
               15.5.3. Delinquent Banks................................................... 87
                       ----------------
       15.6.   Holders of Revolving Credit Notes.......................................... 88
               ---------------------------------
       15.7.   Indemnity.................................................................. 88
               ---------
       15.8.   Agent as Bank.............................................................. 88
               -------------
</TABLE>
<PAGE>

                                      -v-

<TABLE>
<S>                                                                                        <C>
       15.9.   Resignation................................................................ 88
               -----------
       15.10.  Notification of Defaults and Events of Default............................. 89
               ----------------------------------------------
       15.11.  Duties in the Case of Enforcement.......................................... 89
               ---------------------------------
16.   EXPENSES............................................................................ 89
      --------
17.   INDEMNIFICATION..................................................................... 90
      ---------------
18.   SURVIVAL OF COVENANTS, ETC.......................................................... 91
      --------------------------
19.   ASSIGNMENT AND PARTICIPATION........................................................ 91
      ----------------------------
       19.1.   Conditions to Assignment by Banks.......................................... 91
               ---------------------------------
       19.2.   Certain Representations and Warranties; Limitations; Covenants............. 92
               --------------------------------------------------------------
       19.3.   Register................................................................... 93
               --------
       19.4.   New Revolving Credit Notes................................................. 94
               --------------------------
       19.5.   Participations............................................................. 94
               --------------
       19.6.   Disclosure................................................................. 95
               ----------
       19.7.   Assignee or Participant Affiliated with the Borrower....................... 95
               ---------------------------------------------------
       19.8.   Miscellaneous Assignment Provisions........................................ 95
               -----------------------------------
       19.9.   Assignment by Borrower..................................................... 96
               ---------------------
20.   NOTICES, ETC........................................................................ 96
      ------------
21.   GOVERNING LAW....................................................................... 96
      -------------
22.   HEADINGS............................................................................ 97
      --------
23.   COUNTERPARTS........................................................................ 97
      ------------
24.   ENTIRE AGREEMENT, ETC............................................................... 97
      ---------------------
25.   WAIVER OF JURY TRIAL................................................................ 97
      --------------------
26.   CONSENTS, AMENDMENTS, WAIVERS, ETC.................................................. 98
      ----------------------------------
27.   SEVERABILITY........................................................................ 98
      ------------
28.   TRANSITIONAL ARRANGEMENTS........................................................... 98
      -------------------------
       28.1.   Existing Credit Agreements Superseded...................................... 99
               -------------------------------------
       28.2.   Return and Cancellation of Revolving Credit Notes.......................... 99
               -------------------------------------------------
       28.3.   Interest and Fees Under Superseded Agreement............................... 99
               --------------------------------------------
</TABLE>
<PAGE>

                                   EXHIBITS
                                   --------

           Exhibit A       Form of Revolving Credit Note
           Exhibit B       Form of Revolving Credit Loan Request
           Exhibit C       Form of Compliance Certificate
           Exhibit D       Form of Assignment and Acceptance

                                     SCHEDULES
                                     ---------

           Schedule A      Leases
           Schedule 1      Revolver Commitments/ Revolver Commitment Percentages
           Schedule 1A     Mortgaged Properties
           Schedule 7.3    Title to Properties; Leases
           Schedule 7.7    Litigation
           Schedule 7.15   Transactions with Affiliates
           Schedule 7.18   Environmental Matters
           Schedule 7.19   Joint Ventures/Partnerships
           Schedule 7.20   Chief Executive Offices of Subsidiaries
           Schedule 7.21   Fiscal Years
           Schedule 7.24   Insurance
           Schedule 9.1    Permitted Indebtedness
           Schedule 9.2    Permitted Liens
           Schedule 9.3    Permitted Investments
           Schedule 9.5.1  Development of BKC Restaurants
           Schedule 9.6    Sale and Leaseback Transactions
           Schedule 9.7    Environmental Compliance
           Schedule 11.16  Leasehold Mortgages
<PAGE>

                      CONSOLIDATED, AMENDED AND RESTATED
                      ------------ ---------------------
                          REVOLVING CREDIT AGREEMENT
                          --------------------------

     This CONSOLIDATED, AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT is made
as of June 29, 2001, by and among AMERIKING, INC. ("AmeriKing"), a Delaware
corporation, NATIONAL RESTAURANT ENTERPRISES HOLDINGS, INC. ("Holdings"), a
Delaware corporation, NATIONAL RESTAURANT ENTERPRISES, INC. (the "Borrower"), a
Delaware corporation having its principal place of business at 2215 Enterprise
Drive, Suite 1502, Westchester, Illinois 60154, FLEET NATIONAL BANK (f/k/a
BankBoston, N.A.), a national banking association and the other lending
institutions listed on Schedule 1 hereto, FLEET NATIONAL BANK (f/k/a BankBoston,
                       -------- -
N.A.), as administrative agent for itself and such other lending institutions.

     WHEREAS, AmeriKing, the Borrower, the Banks (as hereinafter defined) and
the Agent (as hereinafter defined) are parties to a Fourth Amended and Restated
Revolving Credit Agreement dated as of December 24, 1998 (as amended from time
to time, the "Revolver Credit Agreement"); and

     WHEREAS, AmeriKing, the Borrower, the Banks and the Agent are parties to an
Acquisition Revolving Credit Agreement dated as of December 24, 1998 (as amended
from time to time, the "Acquisition Credit Agreement", and together with the
Revolver Credit Agreement, collectively, the "Existing Credit Agreements"); and

     WHEREAS, prior to the Exchange Offer (as defined herein), the Borrower was
the wholly-owned direct subsidiary of AmeriKing; and

     WHEREAS, in connection with and immediately preceding the Exchange Offer,
AmeriKing transferred all of its ownership in the Borrower to Holdings in
exchange for all of the outstanding capital stock of Holdings; and

     WHEREAS, AmeriKing, Holdings and the Borrower have requested, among other
things, to consolidate the Existing Agreements and to amend the Existing Credit
Agreements to provide certain accommodations to the Borrower and to provide
availability of revolving credit loan facilities for working capital and general
corporate purposes, and the Banks are willing to consolidate and amend the
Existing Credit Agreements and to provide such accommodations on the terms and
conditions set forth herein;

     NOW, THEREFORE, AmeriKing, Holdings, the Borrower, the Banks, and the Agent
agree that on the Closing Date the Existing Credit Agreements are consolidated,
amended and restated in their entirety and shall remain in full force and effect
only as set forth herein.

                  1.  DEFINITIONS AND RULES OF INTERPRETATION.
                      ----------- --- ----- -- --------------
<PAGE>

     1.1.  Definitions. The following terms shall have the meanings set forth in
           -----------
this (S)1 or elsewhere in the provisions of this Credit Agreement referred to
below:

     Acquisition Credit Agreement.  As defined in the preamble hereto.
     ------------------ ---------

     Adjustment Date.  The first day of the month immediately following the
     ---------- ----
month in which a Compliance Certificate is to be delivered by the Borrower
pursuant to (S)8.4(d).

     Affected Bank.  See (S)5.9 hereof.
     -------- ----

     Affiliate.  Any Person that would be considered to be an affiliate of the
     ---------
Borrower under Rule 144(a) of the Rules and Regulations of the Securities and
Exchange Commission, as in effect on the date hereof, if the Borrower was
issuing securities; provided, however, that the term "Affiliate" as it applies
                    --------  -------
to Holdings and its Subsidiaries shall not include JZEP.

     Agent.  Fleet National Bank acting as administrative agent for the Banks.
     -----

     Agent's Fee.  See (S)5.2 hereof.
     ------- ---

     Agent's Office.  The Agent's office located at 100 Federal Street, Boston,
     ------- ------
Massachusetts 02110, or at such other location as the Agent may designate from
time to time.

     Agent's Special Counsel.  Bingham Dana LLP or such other counsel as may be
     ------- ------- -------
approved by the Agent.

     AmeriKing.  As defined in the preamble hereto.
     ---------

     AmeriKing Colorado.  AmeriKing Colorado Corporation I, a Delaware
     --------- --------
corporation and wholly-owned Subsidiary of the Borrower.

     AmeriKing Guaranty.  As defined in the definition of Guarantees.
     --------- --------

     AmeriKing Senior Notes.  The 10.75% AmeriKing Senior Notes due 2006 issued
     --------- ------ -----
by AmeriKing in the aggregate principal amount of $100,000,000 pursuant to the
AmeriKing Senior Notes Indenture, of which at least 98% in principal amount
thereof have been exchanged on or prior to the Closing Date for Holdings' Senior
Notes.

     AmeriKing Senior Notes Indenture.  The Indenture dated as of December 3,
     --------- ------ ----- ---------
1996, as amended, between AmeriKing and State Street Bank and Trust Company, as
trustee, and in form and substance satisfactory to the Agent and the Banks.

     AmeriKing Stock Pledge Agreement.  The Second Amended and Restated Stock
     --------- ----- ------ ---------
Pledge Agreement, dated as of the date hereof, between
<PAGE>

AmeriKing and the Agent, as the same may be amended, restated, supplemented or
modified from time to time.

     AmeriKing Tennessee.  AmeriKing Tennessee Corporation I, a Delaware
     --------- ---------
corporation and wholly-owned Subsidiary of the Borrower.

     AmeriKing Virginia.  AmeriKing Virginia Corporation I, formerly a Delaware
     --------- --------
Corporation and wholly-owned Subsidiary of the Borrower which has been merged
into the Borrower.

     Assignment and Acceptance.  See (S)19.1 hereof.
     ---------- --- ----------

     Balance Sheet Date.  December 25, 2000.
     ------- ----- ----

     Banks.  Fleet and the other lending institutions listed on Schedule 1
     -----                                                      -------- -
hereto and any other Person who becomes an assignee of any rights and
obligations of a Bank pursuant to (S)19.

     Base Rate.  The higher of (a) the variable annual rate of interest so
     ---- ----
designated from time to time by Fleet as its "prime rate", such rate being a
reference rate and not necessarily representing the lowest or best rate being
charged to customers and (b) one-half of one percent (1/2%) above the Federal
Funds Effective Rate.  For purposes of this definition, "Federal Funds Effective
Rate" shall mean for any day, the rate per annum equal to the weighted average
of the rates on overnight federal funds transactions with members of the Federal
Reserve Systems arranged by Federal Funds brokers, as published for such day
(or, if such day is not a Business Day, for the next preceding Business Day) by
the Federal Reserve Bank of New York, or, if such rate is not so published for
any day that is a Business Day, the average of the quotations for such day on
such transactions received by the Agent from three funds brokers of recognized
standing selected by the Agent.  Changes in the Base Rate resulting from any
changes in Fleet's "prime rate" shall take place immediately without notice or
demand of any kind.

     Base Rate Loans.  Revolving Credit Loans bearing interest calculated by
     ---- ---- -----
reference to the Base Rate.

     BBI.  BancBoston Investments Inc., a Massachusetts corporation.
     ---

     BBI Warrants.  The warrants issued to BBI by AmeriKing.
     --- --------

     BKC.  Burger King Corporation, a Florida corporation.
     ---

     BKC Restaurant.  A quick service restaurant franchised by BKC that is
     --------------
located in the United States, its territories, or Canada.

     Borrower.  As defined in the preamble hereto.
     --------
<PAGE>

     Borrower Stock Pledge Agreement.  The Second Amended and Restated Stock
     -------- ----- ------ ---------
Pledge Agreement, dated as of the date hereof, between the Borrower and the
Agent, as the same may be amended, restated, supplemented or modified and in
effect from time to time.

     Business Day.  Any day (other than Saturdays or Sundays) on which banking
     -------- ---
institutions in Boston, Massachusetts and Chicago, Illinois are open for the
transaction of banking business.

     Capital Assets.  Fixed assets, both tangible (such as land, buildings,
     ------- ------
fixtures, machinery and equipment and intangible (such as patents, copyrights,
trademarks, franchises and good will) and including without duplication, the
capital portion of lease payments made in respect of Capitalized Leases;
provided that Capital Assets shall not include any item customarily charged
--------
directly to expense or depreciated over a useful life of twelve (12) months or
less in accordance with generally accepted accounting principles.

     Capital Expenditures.  Amounts paid or indebtedness incurred by AmeriKing,
     ------- ------------
Holdings, the Borrower or any of their Subsidiaries in connection with (a) the
purchase or lease by AmeriKing, Holdings, the Borrower or any of their
Subsidiaries of Capital Assets that would be required to be capitalized and
shown on the balance sheet of such Person in accordance with generally accepted
accounting principles or (b) the lease of any assets by AmeriKing or any of its
Subsidiaries as lessee under any Synthetic Lease to the extent that such asset
would have been Capital Assets had the Synthetic Lease been treated for
accounting purposes as a Capitalized Lease.

     Capitalization Documents.  The Subordination Documents, the Management
     -------------- ---------
Subscription Agreement, the Investor Subscription Agreement, the Executive
Subscription Agreement, the Stockholders Agreement, the Certificate of
Designation, the Warrant Agreement, the Registration Rights Agreement and the
certificates of incorporation of AmeriKing, Holdings, the Borrower and their
Subsidiaries.

     Capitalized Leases.  Leases under which AmeriKing, Holdings, the Borrower
     ----------- ------
or any of their Subsidiaries is the lessee or obligor, the discounted future
rental payment obligations under which are required to be capitalized on the
balance sheet of the lessee or obligor in accordance with generally accepted
accounting principles, provided, however, for purposes of this Credit Agreement
                       --------  -------
all real estate leases (including the FFCA Leases) of BKC restaurants shall be
considered operating leases.

     Cash Equivalents.  Investments of the types referred to in (S)9.3(a)-(d)
     ---- -----------
and (j).

     CERCLA.  See (S)7.18 hereof.
     ------
<PAGE>

     Certificate of Designation.  The Certificate of Designation of AmeriKing
     ----------- -- -----------
dated as of December 3, 1996 and in form and substance satisfactory to the Agent
and the Banks.

     Change of Control. As defined in each of the AmeriKing Senior Notes
     ------ -- -------
Indenture,  the Holdings Senior Notes Indenture and the Holdings Senior PIK
Notes Indenture.

     Closing Date.  The first date on which the conditions set forth in (S)11
     ------------
have been satisfied, the Existing Credit Agreements shall be amended and
restated as set forth herein, the existing Revolving Credit Loans and Letters of
Credit under the Existing Credit Agreements are converted to Revolving Credit
Loans or Letters of Credit hereunder, as the case may be, and any Revolving
Credit Loans are to be made or any Letter of Credit is to be issued hereunder.

     Code.  The Internal Revenue Code of 1986.
     ----

     Collateral.  All of the property, rights and interests of AmeriKing,
     ----------
Holdings, the Borrower and their Subsidiaries that are or are intended to be
subject to the security interests created by the Security Documents.

     Commitment Fee Rate.  The rate of 0.50% per annum.
     ---------- --- ----

     Compliance Certificate.  See (S)8.4(d) hereof.
     ---------- -----------

     Consolidated or consolidated.  With reference to any term defined herein,
     ------------ -- ------------
shall mean that term as applied to the accounts of AmeriKing and its
Subsidiaries or the Borrower and its Subsidiaries, as applicable, consolidated
in accordance with generally accepted accounting principles.

     Consolidated Cash Flow.  With respect to any fiscal period, an amount equal
     ------------ ---- ----
to the sum of (a) Consolidated Net Income for such fiscal period, plus (b) in
                                                                  ----
each case, to the extent deducted in the calculation of such Person's
Consolidated Net Income and without duplication, (i) depreciation and
amortization for such period, plus (ii) other noncash charges made in
                              ----
calculating Consolidated Net Income for such period, plus (iii) tax expense for
                                                     ----
such period, plus (iv) Consolidated Total Interest Expense paid or accrued
             ----
during such period, plus (v) non-cash expenses relating to Financial Accounting
                    ----
Standards Board Statements Nos. 106, 109 and 121 deducted in the calculation of
Consolidated Net Income for such period, plus (vi) the aggregate amount of non-
                                         ----
capitalized transaction costs incurred in connection with financings and
acquisitions, (including, but not limited to, financing and refinancing fees),

minus (c) Capital Expenditures made in such period, minus (d) cash taxes paid in
-----                                               -----
such period, all as determined on a consolidated basis in accordance with
generally accepted accounting principles.

     Consolidated Net Income.  For any period, the consolidated net income (or
     ------------ --- ------
net deficit) of any Person and its Subsidiaries, after deduction of
<PAGE>

all expenses, taxes, and other proper charges, determined in accordance with
generally accepted accounting principles, after excluding therefrom (a)
dividends paid or payable to the extent deducted from Consolidated Net Income;
and (b) without duplication, all nonrecurring nonoperating income or expenses,
including but not limited to gains or losses realized upon the termination of
pension plans, upon the sale of assets (other than in the ordinary course of
business) or the satisfaction of Indebtedness.

     Consolidated Total Interest Expense.  With respect to any Person, for any
     ------------ ----- -------- -------
fiscal period, the aggregate amount of interest expense in respect of all
Indebtedness (other than Indebtedness relating to Franchise Agreements,
licenses, leases or other agreements with BKC) of such Person and its
Subsidiaries for such period, on a consolidated basis, determined in accordance
with generally accepted accounting principles (including the interest portion of
any deferred payment obligation, the interest component of Capitalized Leases,
and net costs under interest rate hedging agreements or other derivative
contracts providing interest rate protection, but excluding amortization of
deferred financing fees if such amortization would otherwise be included in
interest expense and excluding any interest payable in kind on the Holdings
Senior Notes and the Holdings Senior PIK Notes).

     Credit Agreement.  This Consolidated, Amended and Restated Revolving Credit
     ------ ---------
Agreement, including the Schedules and Exhibits hereto.

     Debt Service Coverage Ratio.  As at any date of determination and with
     ---- ------- -------- -----
respect to AmeriKing and its Subsidiaries, the ratio of (a) the Consolidated
Cash Flow of AmeriKing and its Subsidiaries for the Reference Period then ended
to (b) the Total Debt Service of AmeriKing and its Subsidiaries for such
Reference Period.

     Default.  See (S)13.1 hereof.
     -------

     Delinquent Bank.  See (S)15.5.3 hereof.
     ---------- ----

     Distribution.  The declaration or payment of any dividend on or in respect
     ------------
of any shares of any class of capital stock of a Person, other than dividends
payable solely in shares of common stock or Preferred Stock of such Person; the
purchase, redemption, or other retirement of any shares of any class of capital
stock of a Person, directly or indirectly through a Subsidiary of such Person or
otherwise; the return of capital by a Person to its shareholders as such; or any
other distribution on or in respect of any shares of any class of capital stock
of a Person.

     Dollars or $.  Dollars in lawful currency of the United States of America.
     -------    -

     Domestic Lending Office.  Initially, the office of each Bank designated as
     -------- ------- ------
such in Schedule 1 hereto; thereafter, such other office of such Bank, if
        -------- -
<PAGE>

any, located within the United States that will be making or maintaining Base
Rate Loans.

     Drawdown Date.  The date on which any Revolving Credit Loan is made or is
     -------- ----
to be made.

     Dual-Use Establishment.  A single location at which more than one business
     -------- -------------
activity is conducted, but as to which the primary business is the conduct of a
BKC Restaurant.

     EBITDA.  With respect to any fiscal period, an amount equal to the sum of
     ------
(a) Consolidated Net Income for such fiscal period, plus (b) in each case to the
                                                    ----
extent deducted in the calculation of such Person's Consolidated Net Income and
without duplication (i) depreciation and amortization for such period, plus (ii)
                                                                       ----
other noncash charges made in calculating Consolidated Net Income for such
period plus (iii) tax expense for such period, plus (iv) Consolidated Total
       ----                                    ----
Interest Expense paid or accrued during such period, plus (v) non-cash expenses
                                                     ----
relating to Financial Accounting Standards Board Statements Nos. 106, 109 and
121 deducted in the calculation of Consolidated Net Income for such period, plus
                                                                            ----
(vi) the aggregate amount of non-capitalized transaction costs incurred in
connection with financings, (including, but not limited to, financing and
refinancing fees), plus (vii) fees paid under the TJC Management Agreement and
                   ----
Intercompany Agreement to the extent permitted under (S)9.4(d), plus (viii)
                                                                ----
amortization of start-up costs of new restaurants developed by the Borrower and
its Restricted Subsidiaries, plus (ix) directors fees, plus (x) up to $1,100,000
                             ----                      ----
of inventory reserves and write-offs from December 2000, all as determined in
accordance with generally accepted accounting principles.

     Eligible Assignee.  Any of (a) a commercial bank or finance company
     -------- --------
organized under the laws of the United States, or any State thereof or the
District of Columbia, and having total assets in excess of $1,000,000,000; (b) a
savings and loan association or savings bank organized under the laws of the
United States, or any State thereof or the District of Columbia, and having a
net worth of at least $100,000,000, calculated in accordance with generally
accepted accounting principles; (c) a commercial bank organized under the laws
of any other country which is a member of the Organization for Economic
Cooperation and Development (the "OECD"), or a political subdivision of any such
country, and having total assets in excess of $1,000,000,000, provided that such
                                                              --------
bank is acting through a branch or agency located in the country in which it is
organized or another country which is also a member of the OECD; (d) the central
bank of any country which is a member of the OECD; (e) any investment company,
investment fund, financial institution or other institutional lender (other than
any financial institution which but for the amount of its total assets or net
worth would have been an Eligible Assignee under clauses (a) through (d) above)
having total assets in excess of $100,000,000 and (f) if, but only if, any Event
of Default has occurred and is continuing, any other bank, insurance company,
commercial finance company or other financial
<PAGE>

institution or other Person approved by the Agent, such approval not to be
unreasonably withheld.

     Employee Benefit Plan.  Any employee benefit plan within the meaning of
     -------- ------- ----
(S)3(3) of ERISA maintained or contributed to by the Borrower or any ERISA
Affiliate, other than a Guaranteed Pension Plan or a Multiemployer Plan.

     Environmental Laws.  See (S)7.18(a) hereof.
     ------------- ----

     EPA.  See (S)7.18(b).
     ---

     ERISA.  The Employee Retirement Income Security Act of 1974.
     -----

     ERISA Affiliate.  Any Person which is treated as a single employer with the
     ----- ---------
Borrower under (S)414 of the Code.

     ERISA Reportable Event.  A reportable event with respect to a Guaranteed
     ----- ---------- -----
Pension Plan within the meaning of (S)4043 of ERISA and the regulations
promulgated thereunder.

     Event of Default.  See (S)13.1 hereof.
     ----- -- -------

     Exchange Debenture.  The 13% Subordinated Exchange Debenture due 2008 which
     -------- ---------
may be issued by AmeriKing pursuant to the Exchange Debenture Indenture.

     Exchange Debenture Indenture.  The Exchange Debenture Indenture dated as of
     -------- --------- ---------
December 3, 1996 between AmeriKing and Fleet National Bank, as trustee, in form
and substance satisfactory to the Agent and the Banks.

     Exchange Offer. The exchange offer by which Holdings has offered to
     -------- -----
exchange the AmeriKing Senior Notes for the Holdings Senior Notes, Holdings
Senior PIK Notes and Holdings Warrants, pursuant to the Exchange Offer
Documents.

     Exchange Offer Documents.  Collectively, the (a) AmeriKing Senior Notes,
     -------- ----- ---------
(b) AmeriKing Senior Notes Indenture, (c) Holdings Senior Notes, (d) Holdings
Senior Notes Indenture, (e) Holdings Senior PIK Notes Indenture, (f) Holdings
Senior PIK Notes, (g) Holdings Warrants, (h) Offering Memorandum/Consent
Solicitation, dated May 31, 2001 as amended by Supplement to Offering
Memorandum/Consent Solicitation, (i) Notice of Guaranteed Delivery, (j) Consent
and Letter of Transmittal, (k) Registration Rights Agreement and (l) Warrant
Agreement.

     Executive Subscription Agreement.  The Executive and Advisor Subscription
     --------- ------------ ---------
Agreement, dated as of September 1, 1994, between Holdings and the parties
listed on the signature pages thereto.
<PAGE>

     Fee Letter.  The fee letter dated or to be dated on or prior to the Closing
     --- ------
Date between the Borrower and the Agent, in form and substance satisfactory to
the Agent.

     FFCA.  FFCA Acquisition Corporation, a Delaware corporation.
     ----

     FFCA Leases.  Those certain lease agreements by and between FFCA, as
     ---- ------
lessor, and the Borrower (as successor to AmeriKing Virginia), as lessee, for
each of the premises for which the "Lessee" on Exhibit A thereto is listed as
AmeriKing Virginia, and by and between FFCA, as lessor, and AmeriKing Tennessee,
as lessee, for each of the premises for which the "Lessee" on Exhibit A thereto
is AmeriKing Tennessee, each in form and substance satisfactory to the Agent.

     FFCA NC Leases.  Those certain lease agreements by and between FFCA, as
     ---- -- ------
lessor, and the Borrower, as lessee, for each of the premises for which the
"Lessee" on Exhibit A thereto is the Borrower, each in form and substance
satisfactory to the Agent.

     Fleet.  Fleet National Bank, a national banking association, in its
     -----
individual capacity.

     Franchise Agreements.  The several Franchise Agreements (a) dated on or
     --------- ----------
prior to the Closing Date between the Borrower, or a Subsidiary of the Borrower
and BKC, each in form and substance satisfactory to the Agent, (b) dated after
the Closing Date between the Borrower and BKC, each in form and substance
substantially similar to those Franchise Agreements entered into between such
parties on or prior to the Closing Date, (c) dated after the Closing Date
between any Restricted Subsidiary and BKC, each in form and substance
substantially similar to those Franchise Agreements entered into between any
Restricted Subsidiary and BKC on or prior to the Closing Date, and (d) dated
after the Closing Date between any Unrestricted Subsidiary and BKC, each in form
and substance substantially similar to those Franchise Agreements entered into
between any other Unrestricted Subsidiary and BKC on or prior to the Closing
Date.

     Generally accepted accounting principles.  (a) When used in (S)10, whether
     --------- -------- ---------- ----------
directly or indirectly through reference to a capitalized term used therein,
means (i) principles that are consistent with the principles promulgated or
adopted by the Financial Accounting Standards Board and its predecessors, in
effect for the fiscal year ended on the Balance Sheet Date, and (ii) to the
extent consistent with such principles, the accounting practice of the Borrower
reflected in its financial statements for the year ended on the Balance Sheet
Date, and (b) when used in general, other than as provided above, means
principles that are (i) consistent with the principles promulgated or adopted by
the Financial Accounting Standards Board and its predecessors, as in effect from
time to time, and (ii) consistently applied with past financial statements of
the Borrower adopting the same principles, provided that in each case referred
to in this definition of "generally accepted accounting principles" a certified
public accountant
<PAGE>

would, insofar as the use of such accounting principles is pertinent, be in a
position to deliver an unqualified opinion (other than a qualification regarding
changes in generally accepted accounting principles) as to financial statements
in which such principles have been properly applied.

     Guaranteed Pension Plan.  Any employee pension benefit plan within the
     ---------- ------- ----
meaning of (S)3(2) of ERISA maintained or contributed to by the Borrower or any
ERISA Affiliate the benefits of which are guaranteed on termination in full or
in part by the PBGC pursuant to Title IV of ERISA, other than a Multiemployer
Plan.

     Guarantees.  Collectively, (a) the Guaranty, dated as of the date hereof
     ----------
made by AmeriKing in favor of the Banks and the Agent pursuant to which
AmeriKing guarantees to the Banks and the Agent, the payment and performance of
the Obligations, as the same may be amended, restated, supplemented or modified
from time to time (the "AmeriKing Guaranty"); (b) the Guaranty, dated as of the
date hereof, made by Holdings in favor of the Banks and the Agent pursuant to
which Holdings guaranties to the Banks and the Agent the payment and performance
of the Obligations, as the same may be amended, restated, supplemented or
modified from time to time (the "Holdings Guaranty"); (c) the Guaranty dated as
of the date hereof, made by the Restricted Subsidiaries in favor of the Banks
and the Agent, pursuant to which each Restricted Subsidiary guaranties to the
Banks and the Agent the payment and performance of the Obligations, as the same
may be amended, restated, supplemented or modified from time to time; and (d)
any Guaranty dated after the date hereof and executed and delivered as required
by (S)8.17 and/or (S)8.18 hereof, made by each Person so required to execute and
deliver such Guaranty pursuant to (S)8.17 and/or (S)8.18, in favor of the Banks
and the Agent, pursuant to which such Person guarantees to the Banks and the
Agent the payment and performance of the Obligations, as the same may be
amended, restated, supplemented or modified from time to time, in each case in
form and substance satisfactory to the Banks and the Agent.

     Hazardous Substances.  See (S)7.18(b) hereof.
     --------- ----------

     Holdings.  As defined in the preamble hereto.
     --------

     Holdings Guaranty.  As defined in the definition of Guarantees.
     -------- --------

     Holdings Senior Notes.  The 10.75% Holdings Senior Notes due November, 2007
     -------- ------ -----
issued pursuant to the Exchange Offer under the Holdings Senior Notes Indenture.

     Holdings Senior Notes Indenture.  The Indenture, dated as of June 29, 2001,
     -------- ------ ----- ---------
between Holdings and State Street Bank and Trust Company, as trustee, in form
and substance satisfactory to the Agent.

     Holdings Senior PIK Notes.  The 13% Holdings Senior PIK Notes due May, 2008
     -------- ------ --- -----
issued pursuant to the Exchange Offer under the Holdings
<PAGE>

Senior PIK Notes Indenture and any additional such notes issued in payment of
interest thereon.

     Holdings Senior PIK Notes Indenture.  The Indenture dated June 29, 2001,
     -----------------------------------
between Holdings and State Street Bank and Trust Company, as trustee, in form
and substance satisfactory to the Agent.

     Holdings Stock Pledge Agreement.  The Stock Pledge Agreement dated as of
     -------- ----- ------ ---------
the date hereof, between Holdings and the Agent as the same may be amended,
restated, supplemented or modified from time to time.

     Holdings Warrants.  The warrants to purchase up to 19.99% of Holdings'
     -------- --------
common stock issued by Holdings to holders of the Holdings Senior PIK Notes.

     Indebtedness.  As to any Person and whether recourse is secured by or is
     ------------
otherwise available against all or only a portion of the assets of such Person
and whether or not contingent, but without duplication:

          (a) every obligation of such Person for money borrowed,

          (b) every obligation of such Person evidenced by bonds, debentures,
     notes or other similar instruments, including obligations incurred in
     connection with the acquisition of property, assets or businesses,

          (c) every reimbursement obligation of such Person with respect to
     letters of credit, bankers' acceptances or similar facilities issued for
     the account of such Person,

          (d) every obligation of such Person issued or assumed as the deferred
     purchase price of property or services (including securities repurchase
     agreements but excluding trade accounts payable or accrued liabilities
     arising in the ordinary course of business which are not overdue or which
     are being contested in good faith),

          (e) every obligation of such Person under any Capitalized Lease,

          (f) every obligation of such Person under any lease (a "Synthetic
     Lease") treated as an operating lease under generally accepted accounting
     principles and as a loan or financing for U.S. income tax purposes,

          (g) all sales by such Person of (A) accounts or general intangibles
     for money due or to become due, (B) chattel paper, instruments or documents
     creating or evidencing a right to payment of money or (C) other receivables
     (collectively "receivables"), whether pursuant to a purchase facility or
     otherwise, other than in connection with the disposition of the business
     operations of such Person
<PAGE>

     relating thereto or a disposition of defaulted receivables for collection
     and not as a financing arrangement, and together with any obligation of
     such Person to pay any discount, interest, fees, indemnities, penalties,
     recourse, expenses or other amounts in connection therewith,

          (h) every obligation of such Person (an "equity related purchase
     obligation") to purchase, redeem, retire or otherwise acquire for value (A)
     any shares of capital stock of any class issued by such Person, (B) any
     warrants, options or other rights to acquire any such shares, or (C) any
     rights measured by the value of such shares, warrants, options or other
     rights,

          (i) every obligation of such Person under any forward contract,
     futures contract, swap, option or other financing agreement or arrangement
     (including, without limitation, caps, floors, collars and similar
     agreements), the value of which is dependent upon interest rates, currency
     exchange rates, commodities or other indices (a "derivative contract"),

          (j) every obligation in respect of Indebtedness of any other entity
     (including any partnership in which such Person is a general partner) to
     the extent that such Person is liable therefor as a result of such Person's
     ownership interest in or other relationship with such entity, except to the
     extent that the terms of such Indebtedness provide that such Person is not
     liable therefor and such terms are enforceable under applicable law,

          (k) every obligation, contingent or otherwise, of such Person
     guaranteeing, or having the economic effect of guarantying or otherwise
     acting as surety for, any obligation of a type described in any of clauses
     (i) through (j) (the "primary obligation") of another Person (the "primary
     obligor"), in any manner, whether directly or indirectly, and including,
     without limitation, any obligation of such Person (A) to purchase or pay
     (or advance or supply funds for the purchase of) any security for the
     payment of such primary obligation, (B) to purchase property, securities or
     services for the purpose of assuring the payment of such primary
     obligation, or (C) to maintain working capital, equity capital or other
     financial statement condition or liquidity of the primary obligor so as to
     enable the primary obligor to pay such primary obligation.

     The "amount" or "principal amount" of any Indebtedness at any time of
determination represented by (u) any Indebtedness, issued at a price that is
less than the principal amount at maturity thereof, shall be the amount of the
liability in respect thereof determined in accordance with generally accepted
accounting principles, (v) any Capitalized Lease shall be the principal
component of the aggregate of the rentals obligation under such Capitalized
Lease payable over the term thereof that is not subject to
<PAGE>

termination by the lessee, (w) any sale of receivables shall be the amount of
unrecovered capital or principal investment of the purchaser (other than the
Borrower or any of its wholly-owned Subsidiaries) thereof, excluding amounts
representative of yield or interest earned on such investment, (x) any Synthetic
Lease shall be the stipulated loss value, termination value or other equivalent
amount, (y) any derivative contract shall be the maximum amount of any
termination or loss payment required to be paid by such Person if such
derivative contract were, at the time of determination, to be terminated by
reason of any event of default or early termination event thereunder, whether or
not such event of default or early termination event has in fact occurred and
(z) any equity related purchase obligation shall be the maximum fixed redemption
or purchase price thereof inclusive of any accrued and unpaid dividends to be
comprised in such redemption or purchase price.

     Indiana Holdings.  AmeriKing Indiana Holdings, Inc., a Delaware corporation
     ----------------
and wholly owned Subsidiary of the Borrower.

     Indiana LP.  AmeriKing Indiana, L.P., a Delaware limited partnership.
     ----------

     Intercompany Management Agreement.  The Intercompany Management Consulting
     ---------------------------------
Agreement dated as of September  1, 1994 by and between the Borrower and
Holdings.

     Intercreditor Agreement.  Collectively, (a) the Intercreditor Agreement
     -----------------------
dated as of September 1, 1994 (as amended pursuant to a First Amendment to
Intercreditor Agreement dated as of December 30, 1994, a Second Amendment to
Intercreditor Agreement dated as of June 17, 1997, a Third Amendment to
Intercreditor Agreement dated as of December 24, 1998 and a Fourth Amendment to
Intercreditor Agreement dated as of the Closing Date), among BKC, the Borrower,
and the Agent, as the same may be amended, restated, supplemented or modified
from time to time; and (b) the Intercreditor Agreement dated as of February 7,
1996 (as amended pursuant to a First Amendment to Intercreditor Agreement dated
as of June 17, 1997 and a Second Amendment to Intercreditor Agreement dated as
of December 24, 1998 and a Third Amendment to Intercreditor Agreement dated as
of the Closing Date), among BKC, the Borrower, the Restricted Subsidiaries and
the Agent, as the same may be amended, restated, supplemented or modified from
time to time.

     Interest Coverage Ratio.  As at any date of determination and with respect
     -------- -------- -----
to Holdings, the ratio of (a) the sum of EBITDA of AmeriKing and its
Subsidiaries for the Reference Period ending on such date to (b) Consolidated
Total Interest Expense of AmeriKing and its Subsidiaries for such Reference
Period.

     Interest Payment Date.  As to any Base Rate Loan, the last day of the
     ---------------------
calendar month with respect to interest accrued during such calendar month,
including, without limitation, the calendar month which includes the Drawdown
Date of such Base Rate Loan.
<PAGE>

     Interest Period.  With respect to each Revolving Credit Loan (a) initially,
     ---------------
the period commencing on the Drawdown Date of such Revolving Credit Loan and
ending on the last day of the calendar month; and (b) thereafter, each period
commencing on the last day of the next preceding Interest Period applicable to
such Revolving Credit Loan and ending on the last day of the next succeeding
calendar month; provided that if any Interest Period with respect to a Base Rate
                --------
Loan would end on a day that is not a Business Day, that Interest Period shall
end on the next succeeding Business Day.

     International Standby Practices.  With respect to any standby Letter of
     -------------------------------
Credit, International Standby Practices (ISP98), International Chamber of
Commerce Publication No. 590, or any successor code of standby letter of credit
practices among banks adopted by the Agent in the ordinary course of its
business as a standby letter of credit issuer and in effect at the time of
issuance of such Letter of Credit.

     Investments.  All expenditures made (other than Capital Expenditures not
     -----------
incurred or made in connection with the acquisition and/or development of
restaurants) and all liabilities incurred (contingently or otherwise) for the
acquisition of stock or Indebtedness of, or for loans, advances, capital
contributions or transfers of property to, or in respect of any guaranties (or
other commitments as described under Indebtedness), or obligations of, any
Person.  In determining the aggregate amount of Investments outstanding at any
particular time: (a) the amount of any Investment represented by a guaranty
shall be taken at not less than the principal amount of the obligations
guaranteed and still outstanding; (b) there shall be included as an Investment
all interest accrued with respect to Indebtedness constituting an Investment
unless and until such interest is paid; (c) there shall be deducted in respect
of each such Investment any amount received as a return of capital in cash (but
only by repurchase, redemption, retirement, repayment, liquidating dividend or
liquidating distribution); (d) there shall not be deducted in respect of any
Investment any amounts received as earnings on such Investment, whether as
dividends, interest or otherwise, except that accrued interest included as
provided in the foregoing clause (b) may be deducted when paid; and (e) there
shall not be deducted from or added to, as the case may be, the aggregate amount
of Investments any decrease or increase, as the case may be, in the value
thereof.

     Investors.  JZEP, the Jordan Investors (as defined in the Stockholders
     ---------
Agreement), the Management Stockholders (as defined in the Stockholders
Agreement) and the Executive and Advisors Stockholders (as defined in the
Stockholders Agreement).

     Investor Subscription Agreement.  The Jordan Investor Subscription
     -------------------------------
Agreement, dated as of September 1, 1994, by and among AmeriKing and the
Stockholders (as defined therein).
<PAGE>

     Jordan Affiliates.  Leucadia Investors, Inc., John W. Jordan II, David W.
     -----------------
Zalaznick, Jonathan F. Boucher, John R. Lowden, Adam E. Max, A. Richard Caputo,
Jr., John M. Camp, Jordan/Zalaznick Capital Company, John M. Camp Profit Sharing
Plan, James E. Jordan, Jr. Profit Sharing Plan and Trust, John W. Jordan
Revocable Trust and Paul Rodzevick Profit Sharing Plan and Trust, Paul R.
Rodzevick, James E. Jordan, Thomas H. Quinn and JII Partners, Inc.

     Jordan Principal.  Collectively, (a) each partner, executive or employee of
     ----------------
TJC, (b) any wholly-owned Subsidiary of any one (or jointly of more than one of
any) Person specified in clause (a), and (c) the spouse or any immediate family
member of any Person specified in clause (a) or any trust solely for the benefit
of any such Person where the spouse or any immediate family member of such
Person.

     JZEP.  JZ Equity Partners PLC (f/k/a MCIT PLC), a public limited liability
     ----
company incorporated in England and Wales.

     Leases.  The several leases (a) dated prior to the Closing Date and listed
     ------
on Schedule A hereto; (b) dated after the Closing Date between the Borrower and
   -------- -
the owner of the real property which is the subject of such lease, so long as
the terms and conditions of such leases are in form and substance substantially
similar to those leases entered into by the Borrower on or prior to the Closing
Date; (c) dated after the Closing Date between any Restricted Subsidiary and the
owner of the real property which is the subject of such lease, so long as the
terms and conditions of such leases are in form and substance substantially
similar to those leases entered into by any other Restricted Subsidiary on or
prior to the Closing Date; and (d) dated after the Closing Date between any
Unrestricted Subsidiary and the owner of the real property which is the subject
of such lease, so long as the terms and conditions of such leases are in form
and substance substantially similar to those leases entered into by any other
Unrestricted Subsidiary on or prior to the Closing Date.

     Letter of Credit.  See (S)4.1.1 hereof.
     ----------------

     Letter of Credit Application.  See (S)4.1.1 hereof.
     ----------------------------

     Letter of Credit Fee.  See (S)4.6 hereof.
     ---------------------

     Letter of Credit Participation.  See (S)4.1.4 hereof.
     ------------------------------

     Leverage Ratio.  As at any date of determination, the ratio of (a) Total
     --------------
Funded Indebtedness of AmeriKing and its Subsidiaries outstanding on such date,
less cash and Cash Equivalents of Holdings and its Subsidiaries on such date to
(b) the EBITDA of AmeriKing and its Subsidiaries for any period of four
consecutive fiscal quarters (treated as a single accounting period) ended on
such date, or most recently ended fiscal quarter, as applicable, provided, the
                                                                 --------
calculation of the Leverage Ratio shall be made on a Pro Forma Basis.
<PAGE>

     Majority Banks.  As of any date, (a) if there are three (3) or more Banks,
     --------------
any two or more Banks holding, in the aggregate, at least fifty one percent
(51%) of the outstanding principal amount of the Revolving Credit Notes and the
unfunded portion of the Commitments on such date, and if no such principal is
outstanding, any two or more Banks whose aggregate Commitments constitute at
least fifty one percent (51%) of the Total Revolver Commitment, and (b) if there
are less than three (3) Banks, all the Banks.

     Management Agreement.  The Management Agreement as of September 1, 1994, by
     --------------------
and among TJC Management Corp., AmeriKing and the Borrower, as amended by
Amendment No. 1 to Management Agreement dated February 7, 1996.

     Management Subscription Agreement.  The Management Subscription Agreement,
     ---------------------------------
dated as of September 1, 1994, as amended by Amendment No. 1 to Management
Subscription Agreement dated as of December 3, 1996, between AmeriKing and the
Stockholders (as defined therein).

     Maximum Drawing Amount.  The maximum aggregate amount that the
     ----------------------
beneficiaries may at any time draw under outstanding Letters of Credit, as such
aggregate amount may be reduced from time to time pursuant to the terms of the
Letters of Credit.

     Mortgage Amendment.  Collectively, (a) the First Amendment to Leasehold
     ------------------
Mortgage, dated as of June 17, 1997, between the Borrower (as successor by
merger with AmeriKing Virginia) and the Agent, (b) the Second Amendment to
Leasehold Mortgage, dated prior to the Closing Date, between the Borrower (as
successor by merger with AmeriKing Virginia) and the Agent, and (c) the Third
Amendment to Leasehold Mortgage, to be executed pursuant to Section 11.16
hereof, between the Borrower and the Agent, and in form and substance
satisfactory to the Agent.

     Mortgaged Property.  Any Real Estate which is subject to any Mortgage.  The
     ------------------
Mortgaged Properties on the Closing Date shall include those properties listed
on Schedule 1A attached hereto.
   -------- --

     Mortgages.  The several mortgages and deeds of trust, (a) dated on or prior
     ---------
to the Closing Date, as amended by the Mortgage Amendment; or (b) entered into
after the Closing Date pursuant to (S)8.15, from the Borrower and its Restricted
Subsidiaries to the Agent with respect to the leasehold interests of the
Borrower and its Restricted Subsidiaries in the Real Estate, in form and
substance satisfactory to the Agent.

     Multiemployer Plan.  Any Multiemployer plan within the meaning of (S)3(37)
     ------------------
of ERISA maintained or contributed to by the Borrower or any ERISA Affiliate.

     Net Sale Proceeds.  The net proceeds received by AmeriKing or any of its
     -----------------
Subsidiaries in respect of any asset sale or disposition, less all
<PAGE>

reasonable out of pocket fees, commissions, taxes paid as a result of such sale
or disposition and other expenses incurred in connection with such asset sale or
disposition.

     Non-Affected Bank(s).  As at any date of determination, those Banks which
     --------------------
are not Affected Banks.

     Obligations.  All indebtedness, obligations and liabilities of any of
     -----------
AmeriKing, Holdings, the Borrower and their Subsidiaries to any of the Banks and
the Agent, individually or collectively, existing on the date of this Credit
Agreement or arising thereafter, direct or indirect, joint or several, absolute
or contingent, matured or unmatured, liquidated or unliquidated, secured or
unsecured, arising by contract, operation of law or otherwise, arising or
incurred under this Credit Agreement, or any of the other Revolver Loan
Documents or in respect of any of the Revolving Credit Loans made or
Reimbursement Obligations incurred or any of the Revolving Credit Notes, Letter
of Credit Application, Letter of Credit, or arising or incurred in connection
with any interest rate protection arrangements or other derivative contracts or
any documents, agreements or instruments executed in connection therewith, or
other instruments at any time evidencing any thereof.

     Outstanding.  With respect to the Revolving Credit Loans, the aggregate
     -----------
unpaid principal thereof as of any date of determination.

     Partnership Pledges.  Collectively, (a) the Amended and Restated Collateral
     -------------------
Assignment of Partnership Interest executed by AmeriKing, and (b) the Amended
and Restated Collateral Assignment of Partnership Interest executed by Indiana
Holdings, each dated as of the date hereof in favor of the Agent for the benefit
of the Banks and the Agent, and as each may be amended and in effect from time
to time.

     PBGC.  The Pension Benefit Guaranty Corporation created by (S)4002 of ERISA
     ----
and any successor entity or entities having similar responsibilities.

     Perfection Certificate.  Each Perfection Certificate, as defined in each of
     ----------------------
the Security Agreements.

     Permitted Liens.  Liens, security interests and other encumbrances
     ---------------
permitted by (S)9.2.

     Person.  Any individual, corporation, partnership, trust, unincorporated
     ------
association, business, or other legal entity, and any government or any
governmental agency or political subdivision thereof.

     Preferred Stock.  As applied to the capital stock of any Person, means the
     ---------------
capital stock of any class or classes (however designated) that is preferred as
to the payment of dividends, or as to the distribution of assets
<PAGE>

upon any voluntary or involuntary liquidation or dissolution of such
corporation, over shares of capital stock of any other class of such Person.

     Pro Forma Basis.  For any Reference Period which includes an acquisition by
     ---------------
AmeriKing or any of its Subsidiaries of the assets and businesses of BKC
Restaurants or other quick service restaurants, the Total Funded Indebtedness
(or, in the case of Consolidated Total Interest Expenses, all Indebtedness) and
EBITDA for the fiscal quarter in which such acquisition occurred, each full
fiscal quarter thereafter to the end of the Reference Period, and each full
fiscal quarter from the beginning of the Reference Period to the date of such
acquisition with reference to the audited historical financial results of the
Person so acquired and AmeriKing and its Subsidiaries for the applicable
Reference Period after giving effect on a pro forma basis to such acquisition
and assuming that such acquisition had been consummated at the beginning of such
Reference Period in the manner described in (i), (ii) and (iii) below:

          (i)   all Indebtedness (under this Credit Agreement or otherwise) and
     any other balance sheet adjustments incurred or made in connection with
     such acquisition shall be deemed to have been incurred or made on the first
     day of the Reference Period, and all Indebtedness of the Person acquired or
     to be acquired in such acquisition which was or will have been repaid in
     connection with the consummation of such acquisition shall be deemed to
     have been repaid concurrently with the incurrence of the Indebtedness
     incurred in connection with such acquisition;

          (ii)  all Indebtedness assumed to have been incurred pursuant to the
     preceding clause (i) shall be deemed to have borne interest at the sum of
     (a) the arithmetic mean of (x) the Eurodollar Rate for Eurodollar Rate
     Loans having an Interest Period of one month in effect on the first day of
     the Reference Period and (y) the Eurodollar Rate for Eurodollar Rate Loans
     having an Interest Period of one month in effect on the last day of the
     Reference Period plus (b) the Applicable Margin for Revolving Credit Loans
                      ----
     then in effect (after giving effect to such acquisition on a pro forma
     basis); and

          (iii) other reasonable cost savings, expenses and other income
     statement or operating statement adjustments which are attributable to the
     change in ownership and/or management resulting from such acquisition as
     may be approved by the Agent in writing (which approval shall not be
     unreasonably withheld) shall be deemed to have been realized on the first
     day of the Test Period;

          provided, that, to the extent that the number of restaurants acquired
          --------  ----
     in such acquisition does not exceed a number equal to 10% of the
     restaurants owned by AmeriKing and Subsidiaries immediately prior to such
     acquisition, Pro Forma Basis may be determined with
<PAGE>

     reference to unaudited financial statements of the Person so acquired if
     audited financial statements are unavailable.

     Real Estate.  All real property at any time owned or leased (as lessee or
     -----------
sublessee) by the Borrower or any of its Subsidiaries.

     Reference Period.  A period of four (4) consecutive fiscal quarters.
     ----------------

     Registration Rights Agreement.  Collectively, the Registration Rights
     ------------ ------ ---------
Agreements dated as of June 29, 2001, executed by Holdings in favor of the
holders of the Holdings Senior Notes and Holdings Senior PIK Notes, as each may
be amended, restated, supplemented or modified from time to time.

     Reimbursement Obligation.  The Borrower's obligation to reimburse the Agent
     ------------------------
and the Banks on account of any drawing under any Letter of Credit as provided
in (S)4.2.

     Restated Certificate of Incorporation.  The Amended and Restated
     -------------------------------------
Certificate of Incorporation of AmeriKing, dated as of December 3, 1996 and in
form and substance satisfactory to the Agent and the Banks.

     Restaurant Cash Flow.  For each restaurant, the EBITDA of such restaurant
     ---------- ---- ----
for the period of the immediately preceding twelve (12) months plus, to the
                                                               ----
extent deducted in calculating EBITDA, the aggregate amount of allocated general
and administrative expenses not directly associated with such restaurant during
such period in accordance with past practices of the Borrower.

     Restricted Payment.  In relation to Holdings and its Subsidiaries, (a) any
     ------------------
Distribution or (b) any payment or transfer of property by the Borrower or its
Subsidiaries to Holdings, AmeriKing or any Investor or to any other Affiliate of
the Borrower, Holdings, AmeriKing or any Investor.

     Restricted Subsidiary.  Any Subsidiary of the Borrower which is not an
     ---------- ----------
Unrestricted Subsidiary.

     Revolver Commitment.  With respect to each Bank, the amount set forth on
     -------------------
Schedule 1 hereto as the amount of such Bank's commitment to make Revolving
----------
Credit Loans to, and to participate in the issuance, extension and renewal of
Letters of Credit for the account of, the Borrower, as the same may be reduced
from time to time; or if such commitment is terminated pursuant to the
provisions hereof, zero.

     Revolver Commitment Percentage.  With respect to each Bank, the percentage
     ------------------------------
set forth on Schedule 1 hereto as such Bank's percentage of the aggregate Total
             ----------
Revolver Commitment.
<PAGE>

     Revolver Loan Documents.  This Credit Agreement, the Notes, the Letter of
     -------- --------------
Credit Applications, the Letters of Credit, the Fee Letter, the Intercreditor
Agreements and the Security Documents.

     Revolver Reduction Amount.  See (S)3.2(b) hereof.
     -------- --------- ------

     Revolving Credit Loan Maturity Date.  June 30, 2002.
     -----------------------------------

     Revolving Credit Loans.  Revolving credit loans made or to be made by the
     ----------------------
Banks to the Borrower pursuant to (S)2.

     Revolving Credit Note Record.  The grid attached to a Revolving Credit
     ----------------------------
Note, or the continuation of such grid, or any other similar record, including
computer records, maintained by any Bank with respect to any Revolving Credit
Loan referred to in such Revolving Credit Note.

     Revolving Credit Notes.  See (S)2.4 hereof.
     ----------------------

     Securities Purchase Agreement.  That certain Securities Purchase Agreement
     -----------------------------
dated as of November 30, 1994, between AmeriKing and BBI pursuant to which (a)
certain junior subordinated notes in an original aggregate principal amount of
$600,000 were issued by AmeriKing and (b) BBI purchased $1,900,000 of preferred
stock of AmeriKing, as amended by Amendment No. 1 to the Securities Purchase
Agreement dated as of February 7, 1996 between AmeriKing and BBI, and as the
same may be further amended and in effect from time to time in accordance with
the terms of this Credit Agreement and the other Revolver Loan Documents.

     Security Agreements.  Collectively, (a) the Second Amended and Restated
     -------------------
Security Agreement between the Borrower and the Agent, (b) the Amended and
Restated Security Agreement between Indiana LP and the Agent, (c) the Amended
and Restated Security Agreement between Indiana Holdings and the Agent, (d) the
Amended and Restated Security Agreement between AmeriKing and the Agent and (e)
the Security Agreement between Holdings and the Agent, each dated as of the date
hereof and each as may be amended, restated, supplemented or modified from time
to time.

     Security Documents.  The Guarantees, the Security Agreements, the Borrower
     ------------------
Stock Pledge Agreement, the Partnership Pledges, the Mortgages, the Holdings
Stock Pledge Agreement and the AmeriKing Stock Pledge Agreement.

     Senior Exchange Preferred Stock.  The Senior Exchangeable Preferred Stock
     -------------------------------
due 2008 of AmeriKing.

     Senior Leverage Ratio.  As at any date of determination, the ratio of (a)
     ---------------------
Total Funded Indebtedness of AmeriKing and its Subsidiaries outstanding on such
date, less the sum, without duplication, of (i) Subordinated Debt outstanding on
      ----
such date, (ii) the outstanding principal amount of the Holdings Senior Notes on
such date, (iii) the
<PAGE>

outstanding principal amount of Holdings Senior PIK Notes on such date, and (iv)
the outstanding principal amount of the AmeriKing Senior Notes on such date, to
(b) the EBITDA of AmeriKing and its Subsidiaries for the period of four
consecutive fiscal quarters (treated as a single accounting period) ended on
such date or on the most recently ended fiscal quarter end, as applicable,
provided the calculation of the Senior Leverage Ratio shall be made on a Pro
--------
Forma Basis.

     Senior Preferred Stock.  The Preferred Stock of AmeriKing designated as
     ------ --------- -----
"Senior Preferred Stock" pursuant to its Capitalization Documents.

     Stockholders Agreement.  The Amended and Restated Stockholders Agreement
     ------------ ---------
dated as of December 3, 1996, among the Borrower, BBI, the Investors and
AmeriKing, in form and substance satisfactory to the Agent and the Banks.

     Subordinated Debt.   Collectively, (a) Indebtedness of AmeriKing, the
     ------------ ----
Borrower or any of their Subsidiaries evidenced by the Subordination Documents,
and that is expressly subordinated and made junior to the payment and
performance in full of the Obligations, and (b) unsecured Indebtedness of
AmeriKing, Holdings, the Borrower or any of their Subsidiaries, the incurrence
and terms of which have been approved in writing by the Agent and the Majority
Banks and which (i) is expressly subordinated and made junior to the payment and
performance in full of the obligations pursuant to a subordination agreement
which is in form and substance acceptable to the Agent; (ii) has no scheduled or
mandatory principal payments, redemptions or repurchases prior to the Revolving
Credit Loan Maturity Date and has a final maturity date no earlier than one year
after the Revolving Credit Loan Maturity Date; and (iii) contains terms,
conditions, interest rates and defaults acceptable to the Agent.

     Subordinated Notes.  Any Non-Negotiable Three Year Junior Subordinated
     ------------ -----
Notes issued pursuant to the Management Subscription Agreement.

     Subordination Documents.  The Subordinated Notes and that portion of the
     ------------- ---------
Securities Purchase Agreement which governs the subordinated notes issued to
BBI.

     Subsidiary.  Any corporation, association, trust, or other business entity
     ----------
of which the designated parent shall at any time own directly or indirectly
through a Subsidiary or Subsidiaries at least a majority (by number of votes) of
the outstanding Voting Stock.

     Survey.  In relation to each Mortgaged Property, an instrument survey of
     ------
such Mortgaged Property which shall show the location of all buildings,
structures, easements and utility lines on such Mortgaged Property, shall be
sufficient to remove the survey exception from the Title Policy, shall show that
all buildings and structures are within the lot lines of such Mortgaged
Property, shall not show any material encroachments by
<PAGE>

others, shall show the zoning district or districts in which such Mortgaged
Property is located in a flood hazard district as established by the Federal
Emergency Management Agency or any successor agency or is located in any flood
plain, flood hazard or wetland protection district established under federal,
state or local law.

     Surveyor Certificate.  In relation to each Mortgaged Property for which a
     -------- -----------
Survey has been conducted, a certificate executed by the surveyor who prepared
such Survey dated as of a recent date and containing such information relating
to such Mortgaged Property as the Agent or the Title Insurance Company may
require, such certificate to be reasonably satisfactory to the Agent in form and
substance.

     Synthetic Lease.  As defined in paragraph (f) of the definition of
     --------- -----
Indebtedness.

     Tax Sharing Agreement.  The Amended and Restated Tax Sharing Agreement,
     --- ------- ---------
dated as of December 3, 1996, by and among Holdings, the Borrower and their
Subsidiaries, which shall be in form and substance satisfactory to the Agent.

     Title Insurance Company.  Lawyers Title Insurance Company.
     ----- --------- -------

     Title Policy.  In relation to each Mortgaged Property, an ALTA standard
     ----- ------
form title insurance policy issued by the Title Insurance Company (with such
reinsurance or co-insurance as the Agent may reasonably require, any such
reinsurance to be with direct access endorsements) in such amount as may be
reasonably determined by the Agent insuring the priority of the Mortgage of such
Mortgaged Property and that the Borrower or one of its Subsidiaries holds
marketable leasehold title to such Mortgaged Property, subject only to the
encumbrances permitted by such Mortgage and which shall not contain exceptions
for mechanics liens or persons in occupancy, shall not insure over any matter
except to the extent that any such affirmative insurance is acceptable to the
Agent in its reasonable discretion, and shall contain such endorsements and
affirmative insurance as the Agent in its discretion may reasonably require, if
available in the applicable jurisdiction, including but not limited to (a)
comprehensive endorsement, (b) variable rate of interest endorsement, (c) usury
endorsement, (d) revolving credit endorsement, (e) tie-in endorsement, (f) doing
business endorsement and (g) ALTA form 3.1 zoning endorsement.

     TJC.  The Jordan Company LLC, a New York limited liability company.
     ---

     Total Debt Service.  For any period with respect to the any Person and its
     ----- ---- -------
Subsidiaries, all scheduled mandatory payments of principal on Indebtedness of
such Person and its Subsidiaries (other than Indebtedness relating to Franchise
Agreements, leases, licenses and other agreements with BKC) made or required to
be made in that period plus the Consolidated Total Interest Expense of such
                       ----
Person and its Subsidiaries for that period.
<PAGE>

     Total Funded Indebtedness.  All Indebtedness of AmeriKing and its
     ----- ------ ------------
Subsidiaries for borrowed money (including without limitation, the outstanding
amount of all Revolving Credit Loans, all Unpaid Reimbursement Obligations, the
Maximum Drawing Amount of all issued and outstanding Letters of Credit, the face
amount of any other letters of credit, the AmeriKing Senior Notes and the
Holdings Senior Notes, but excluding the Holdings Senior PIK Notes and any
interest payable in kind on the Holdings Senior Notes and the Holdings Senior
PIK Notes), purchase money Indebtedness and with respect to Capitalized Leases
and Synthetic Leases, determined on a consolidated basis in accordance with
generally accepted accounting principles.

     Total Revolver Availability.  At any time, the amount, if any, by which the
     ----- -------- ------------
Total Revolver Commitment exceeds the sum of the aggregate outstanding Revolving
Credit Loans, the Maximum Drawing Amount and the Unpaid Reimbursement
Obligations.

     Total Revolver Commitment.  The sum of the Revolver Commitments of the
     ----- -------- ----------
Banks, as in effect from time to time.

     Uniform Customs.  With respect to any Letter of Credit, the Uniform Customs
     ------- -------
and Practice for Documentary Credits (1993 Revision), International Chamber of
Commerce Publication No. 500 or any successor version thereto adopted by the
Agent in the ordinary course of its business as a letter of credit issuer and in
effect at the time of issuance of such Letter of Credit.

     Unpaid Reimbursement Obligation.  Any Reimbursement Obligation for which
     ------ ------------  ----------
the Borrower does not reimburse the Agent and the Banks on the date specified
in, and in accordance with, (S)4.2.

     Unrestricted Subsidiary.  Each Subsidiary of the Borrower as to which (a)
     ------------ ----------
the Board of Directors of the Borrower has designated such Subsidiary as an
Unrestricted Subsidiary at or prior to the time such Subsidiary is formed or
acquired by the Borrower, as the case may be, and the Borrower has provided
written notice to the Agent in reasonable detail of such designation within five
(5) Business Days after designation thereof; (b) the Borrower owns not less than
eighty percent (80%) of the capital stock of such Subsidiary and eighty percent
(80%) of the Voting Stock of such Subsidiary; (c) such Subsidiary has become a
party to the Tax Sharing Agreement; (d) all of such Subsidiary's liabilities are
non-recourse as to AmeriKing, Holdings, the Borrower or any Restricted
Subsidiary; and (e) no Jordan Principal owns capital stock of such Subsidiary
(except indirectly through Holdings or AmeriKing).

     Voting Stock.  Stock or similar equity interest of a Person pursuant to
     ------ -----
which the holders thereof have, at the time of determination, the general voting
power under ordinary circumstances to vote for the election of directors (or
persons performing similar functions), managers, trustees or general partners of
such Person (irrespective of whether or not at the time
<PAGE>

any other class or classes will have or might have voting power by reason of the
happening of any contingency).

     Warrant Agreement.  The Warrant Agreement dated as of June 29, 2001,
     ------- ---------
between Holdings and State Street Bank and Trust Company, as warrant agent, as
the same may be amended, restated, supplemented or modified from time to time.

     1.2. Rules of Interpretation.
          ----- -- --------------

          (a)  A reference to any document or agreement shall include such
     document or agreement as amended, modified or supplemented from time to
     time in accordance with its terms and the terms of this Credit Agreement.

          (b)  The singular includes the plural and the plural includes the
     singular.

          (c)  A reference to any law includes any amendment or modification to
     such law.

          (d)  A reference to any Person includes its permitted successors and
     permitted assigns.

          (e)  Accounting terms not otherwise defined herein have the meanings
     assigned to them by generally accepted accounting principles applied on a
     consistent basis by the accounting entity to which they refer.

          (f)  The words "include", "includes" and "including" are not limiting.

          (g)  All terms not specifically defined herein or by generally
     accepted accounting principles, which terms are defined in the Uniform
     Commercial Code as in effect in the Commonwealth of Massachusetts, have the
     meanings assigned to them therein, with the term "instrument" being that
     defined under Article 9 of the Uniform Commercial Code.

          (h)  Reference to a particular "(S)" refers to that section of this
     Credit Agreement unless otherwise indicated.

          (i)  The words "herein", "hereof", "hereunder" and words of like
     import shall refer to this Credit Agreement as a whole and not to any
     particular section or subdivision of this Credit Agreement.

                      2.  THE REVOLVING CREDIT FACILITY.
                          --- --------- ------ --------

     2.1. Commitment to Lend. Subject to the terms and conditions set forth in
          ---------- -- ----
this Credit Agreement (including, but not limited to those
<PAGE>

requirements set forth in (S)2.6 below), each of the Banks severally agrees to
lend to the Borrower and the Borrower may borrow, repay, and reborrow from time
to time between the Closing Date and the Revolving Credit Loan Maturity Date
upon notice by the Borrower to the Agent given in accordance with (S)2.6, such
sums as are requested by the Borrower up to a maximum aggregate amount
outstanding (after giving effect to all amounts requested) at any one time equal
to such Bank's Revolver Commitment minus such Bank's Revolver Commitment
                                   -----
Percentage of the sum of the Maximum Drawing Amount and all Unpaid Reimbursement
Obligations, provided that the sum of the outstanding amount of the Revolving
Credit Loans (after giving effect to all amounts requested) plus the Maximum
Drawing Amount and all Unpaid Reimbursement Obligations shall not at any time
exceed the Total Revolver Commitment. The Revolving Credit Loans shall be made
pro rata in accordance with each Bank's Revolver Commitment Percentage. Each
request for a Revolving Credit Loan hereunder shall constitute a representation
and warranty by the Borrower that the conditions set forth in (S)11 and (S)12,
in the case of the initial Revolving Credit Loans to be made on the Closing
Date, and (S)12, in the case of all other Revolving Credit Loans, have been
satisfied on the date of such request.

     2.2. Commitment Fee. The Borrower agrees to pay to the Agent for the
          ---------- ---
accounts of the Banks in accordance with their respective Revolver Commitment
Percentages a commitment fee calculated at the rate of the Commitment Fee Rate
per annum on the average daily amount during each calendar month or portion
thereof from the Closing Date to the Revolving Credit Loan Maturity Date by
which the Total Revolver Commitment minus the sum of the Maximum Drawing Amount
                                    -----
and all Unpaid Reimbursement Obligations exceeds the outstanding amount of
Revolving Credit Loans during such calendar month. The commitment fee shall be
payable monthly in arrears on the first day of each calendar month for the
immediately preceding calendar month commencing on the first such date following
the date hereof, with a final payment on the Revolving Credit Maturity Date or
any earlier date on which the Revolver Commitments shall terminate.

     2.3. Reduction of Total Revolver Commitment. The Total Revolver Commitment
          --------- -- ----- -------- ----------
shall be automatically and permanently reduced at the end of each fiscal quarter
by the Revolver Reduction Amount for such fiscal quarter as more fully set forth
in (S)3.2(b), whereupon the Revolver Commitments of the Banks shall be reduced
pro rata in accordance with their respective Revolver Commitment Percentages of
--- ----
the amount of the applicable Revolver Reduction Amount. In addition, the
Borrower shall have the right from time to time upon five (5) Business Days
prior written notice to the Agent to reduce by $1,000,000 or an integral
multiple of $250,000 in excess thereof the unborrowed portion of the Total
Revolver Commitment or terminate entirely the Total Revolver Commitment,
whereupon the Total Revolver Commitments of the Banks shall be reduced pro rata
                                                                       --- ----
in accordance with their respective Revolver Commitment Percentages of the
amount specified in such notice or, as the case may be, terminated. Promptly
after receiving any notice of the Borrower delivered
<PAGE>

pursuant to this (S)2.3, the Agent will notify the Banks of the substance
thereof. Upon the effective date of any such reduction or termination, the
Borrower shall pay to the Agent for the respective accounts of the Banks the
full amount of any commitment fee then accrued on the amount of the reduction.
No reduction or termination of the Revolver Commitments may be reinstated.

     2.4. The Revolving Credit Notes. The Revolving Credit Loans shall be
          --- --------- ------ -----
evidenced by separate amended and restated promissory notes of the Borrower in
substantially the form of Exhibit A hereto (each a "Revolving Credit Note"),
                          ------- -
dated as of the Closing Date and completed with appropriate insertions. One
Revolving Credit Note shall be payable to the order of each Bank in a principal
amount equal to such Bank's Revolver Commitment or, if less, the outstanding
amount of all Revolving Credit Loans made by such Bank, plus interest accrued
thereon, as set forth below. The Borrower irrevocably authorizes each Bank to
make or cause to be made, at or about the time of the Drawdown Date of any
Revolving Credit Loan or at the time of receipt of any payment of principal on
such Bank's Revolving Credit Note, an appropriate notation on such Bank's
Revolving Credit Note Record reflecting the making of such Revolving Credit Loan
or (as the case may be) the receipt of such payment. The outstanding amount of
the Revolving Credit Loans set forth on such Bank's Revolving Credit Record
shall be prima facie evidence of the principal amount thereof owing and unpaid
         ----- -----
to such Bank, but the failure to record, or any error in so recording, any such
amount on such Bank's Revolving Credit Record shall not limit or otherwise
affect the obligations of the Borrower hereunder or under any Revolving Credit
Note to make payments of principal of or interest on any Revolving Credit Note
when due.

     2.5. Interest on Revolving Credit Loans. Except as otherwise provided in
          -------- -- --------- ------ -----
(S)5.11, each Base Rate Loan shall bear interest for the period commencing with
the Drawdown Date thereof and ending on the last day of the Interest Period with
respect thereto at the rate per annum equal to the Base Rate plus three percent
                                                             ----
(3%) per annum. The Borrower promises to pay interest on each Revolving Credit
Loan in arrears on each Interest Payment Date with respect thereto.

     2.6. Requests for Revolving Credit Loans. The Borrower shall give to the
          -------- --- --------- ------ -----
Agent written notice in the form of Exhibit B hereto (or telephonic notice
                                    ------- -
confirmed in a writing in the form of Exhibit B hereto) of each Revolving Credit
                                      ------- -
Loan requested hereunder (a "Revolving Credit Loan Request") no later than 1:00
p.m. (Boston time) one (1) Business Day prior to the proposed Drawdown Date of
any Base Rate Loan. Each such notice shall specify (i) the principal amount of
the Revolving Credit Loan requested, and (ii) the proposed Drawdown Date of such
Revolving Credit Loan. Promptly upon receipt of any such notice, the Agent shall
notify each of the Banks thereof. Each Revolving Credit Loan Request shall be
irrevocable and binding on the Borrower and shall obligate the Borrower to
accept the Revolving Credit Loan requested from the Banks on the proposed
<PAGE>

Drawdown Date. Each Revolving Credit Loan Request shall be in a minimum
aggregate amount of $500,000 or a larger integral multiple of $100,000. Subject
to the foregoing, and subject to the satisfaction of the conditions set forth in
(S)12, so long as no Default or Event of Default shall have occurred and be
continuing, and all of the applicable conditions set forth in this Credit
Agreement shall have been met, each Bank shall lend to the Borrower such Bank's
Revolver Commitment Percentage of the Revolving Credit Loan so requested in
immediately available funds by advancing the same to the Agent pursuant to
(S)2.7.1.

     2.7. Funds for Revolving Credit Loan.
          ----- --- --------- ------ ----

          2.7.1. Funding Procedures. Not later than 1:00 p.m. (Boston time) on
                 ------- ----------
     the proposed Drawdown Date of any Revolving Credit Loans, each of the Banks
     will make available to the Agent, at the Agent's Office, in immediately
     available funds, the amount of such Bank's Revolver Commitment Percentage
     of the amount of the requested Revolving Credit Loans. Upon receipt from
     each Bank of such amount, and upon receipt of the documents required by
     (S)(S)11 and 12 and the satisfaction of the other conditions set forth
     therein, to the extent applicable, the Agent will make available to the
     Borrower the aggregate amount of such Revolving Credit Loans made available
     to the Agent by the Banks. The failure or refusal of any Bank to make
     available to the Agent at the aforesaid time and place on any Drawdown Date
     the amount of its Revolver Commitment Percentage of the requested Revolving
     Credit Loans shall not relieve any other Bank from its several obligation
     hereunder to make available to the Agent the amount of such other Bank's
     Revolver Commitment Percentage of any requested Revolving Credit Loans.

          2.7.2. Advances by Agent. The Agent may, unless notified to the
                 -------- -- -----
     contrary by any Bank prior to a Drawdown Date, assume that such Bank has
     made available to the Agent on such Drawdown Date the amount of such Bank's
     Revolver Commitment Percentage of the Revolving Credit Loans to be made on
     such Drawdown Date, and the Agent may (but it shall not be required to), in
     reliance upon such assumption, make available to the Borrower a
     corresponding amount. If any Bank makes available to the Agent such amount
     on a date after such Drawdown Date, such Bank shall pay to the Agent on
     demand an amount equal to the product of (a) the average computed for the
     period referred to in clause (c) below, of the weighted average interest
     rate paid by the Agent for federal funds acquired by the Agent during each
     day included in such period, times (b) the amount of such Bank's Revolver
                                  -----
     Commitment Percentage of such Revolving Credit Loans, times (c) a fraction,
                                                           -----
     the numerator of which is the number of days that elapse from and including
     such Drawdown Date to the date on which the amount of such Bank's Revolver
     Commitment Percentage of such Revolving Credit Loans shall become
     immediately available to the Agent, and the denominator of which is 365. A
<PAGE>

     statement of the Agent submitted to such Bank with respect to any amounts
     owing under this paragraph shall be prima facie evidence of the amount due
                                         ----- -----
     and owing to the Agent by such Bank. If the amount of such Bank's Revolver
     Commitment Percentage of such Revolving Credit Loans is not made available
     to the Agent by such Bank within three (3) Business Days following such
     Drawdown Date, the Agent shall be entitled to recover such amount from the
     Borrower on demand, with interest thereon at the rate per annum applicable
     to the Revolving Credit Loans made on such Drawdown Date.

                 3.  REPAYMENT OF THE REVOLVING CREDIT LOANS.
                     ---------------------------------------

     3.1. Maturity. The Borrower promises to pay on the Revolving Credit Loan
          --------
Maturity Date, and there shall become absolutely due and payable on the
Revolving Credit Loan Maturity Date, all of the Revolving Credit Loans
outstanding on such date, together with any and all accrued and unpaid interest
thereon.

     3.2. Mandatory Repayments of Revolving Credit Loans. (a) If at any time the
          --------- ---------- -- --------- ------ -----
sum of the outstanding amount of the Revolving Credit Loans, the Maximum Drawing
Amount and all Unpaid Reimbursement Obligations exceeds the Total Revolver
Commitment then the Borrower shall immediately pay the amount of such excess to
the Agent for the respective accounts of the Banks for application: first, to
any Unpaid Reimbursement Obligations; second, to the Revolving Credit Loans; and
third, to provide to the Agent cash collateral for Reimbursement Obligations as
contemplated by (S)4.2(b) and (c). Each payment of any Unpaid Reimbursement
Obligations or prepayment of Revolving Credit Loans shall be allocated among the
Banks, in proportion, as nearly as practicable, to each Reimbursement Obligation
or (as the case may be) the respective unpaid principal amount of each Bank's
Revolving Credit Note, with adjustments to the extent practicable to equalize
any prior payments or repayments not exactly in proportion. In addition, in the
event AmeriKing or any of its Subsidiaries receives any Net Sale Proceeds from
(a) the sale or other disposition of assets permitted by (S)9.5.2 which Net Sale
Proceeds are required by (S)9.5.2 to be repaid to the Agent hereunder; (b) cash
proceeds from the sale of any of the capital stock of AmeriKing or any of its
Subsidiaries or any other equity issuance by AmeriKing or any of its
Subsidiaries; (c) cash proceeds from the incurrence of Subordinated Debt; or (d)
insurance proceeds (excluding (i) proceeds used for repair or replacement of
Capital Assets destroyed or damaged in whole or in part and (ii) business
interruption claims up to an aggregate amount of not more than $250,000 in any
fiscal year), such amounts shall be paid to the Agent for the pro rata accounts
                                                              --- ----
of the Banks to be applied to the outstanding Revolving Credit Loans and the
Total Revolver Commitment concurrently shall be permanently reduced by such
amount.

     (b)  As of the Closing Date and then on the last day of each succeeding
fiscal quarter set forth in the table below, the Borrower shall
<PAGE>

further repay the Revolving Credit Loans and, if all Revolving Credit Loans have
been repaid, provide cash collateral for the Letters of Credit, in the amount by
which (i) the sum of the Borrower's and its Subsidiaries' cash and Cash
Equivalents on such date plus the sum of the Total Revolver Availability exceeds
                         ----
(ii) the maximum amount set forth opposite such date in such table (each such
amount for each applicable quarter being hereinafter referred to as a "Revolver
Reduction Amount"):

     ----------------------------------------------------------
          Closing Date or Fiscal           Maximum Amount
               Quarter End
     ----------------------------------------------------------
                6/29/01                      $14,000,000
     ----------------------------------------------------------
                9/24/01                      $13,000,000
     ----------------------------------------------------------
                12/31/01                     $12,000,000
     ----------------------------------------------------------
                3/25/02                      $10,000,000
     ----------------------------------------------------------

     The Total Revolver Commitment shall be permanently reduced on each such
date by the Revolver Reduction Amount for such quarter.

     3.3. Optional Repayments of Revolving Credit Loans. The Borrower shall have
          -------- ---------- -- --------- ------ -----
the right, at its election, to repay the outstanding amount of the Revolving
Credit Loans, as a whole or in part, at any time without penalty or premium. The
Borrower shall give the Agent, no later than 11:00 a.m. (Boston time), at least
one (1) Business Days prior written notice of any proposed prepayment pursuant
to this (S)3.3, specifying the proposed date of prepayment of Revolving Credit
Loans and the principal amount to be prepaid. Each such partial prepayment of
the Revolving Credit Loans shall be in an integral multiple of $100,000, shall
be accompanied by the payment of accrued interest on the principal prepaid to
the date of prepayment. Each partial prepayment shall be allocated among the
Banks, in proportion, as nearly as practicable, to the respective unpaid
principal amount of each Bank's Revolving Credit Note, as the case may be, with
adjustments to the extent practicable to equalize any prior repayments not
exactly in proportion.

                            4.  LETTERS OF CREDIT.
                                -----------------

     4.4. Letter of Credit Commitments.
          ------ -- ------ -----------

          4.1.1. Commitment to Issue Letters of Credit. Subject to the terms and
                 ---------- -- ----- ------- -- ------
     conditions hereof and the execution and delivery by the Borrower of a
     letter of credit application on the Agent's customary form (a "Letter of
     Credit Application"), the Agent on behalf of the Banks and in reliance upon
     the agreement of the Banks set forth in (S)4.1.4 and upon the
     representations and warranties of the Borrower contained herein, agrees, in
     its individual capacity, to issue, extend and renew for the account of the
     Borrower one or more standby or documentary letters of credit
     (individually, a "Letter of Credit"), in
<PAGE>

     such form as may be requested from time to time by the Borrower and agreed
     to by the Agent; provided, however, that, after giving effect to such
                      --------  -------
     request, (a) the sum of the Maximum Drawing Amount and all Unpaid
     Reimbursement Obligations shall not exceed $10,000,000 at any one time, and
     (b) the sum of (i) the Maximum Drawing Amount on all Letters of Credit,
     (ii) all Unpaid Reimbursement Obligations, and (iii) the amount of all
     Revolving Credit Loans outstanding shall not exceed the Total Revolver
     Commitment

          4.1.2. Letter of Credit Applications. Each Letter of Credit
                 ------ -- ------ ------------
     Application shall be completed to the satisfaction of the Agent. In the
     event that any provision of any Letter of Credit Application shall be
     inconsistent with any provision of this Credit Agreement, then the
     provisions of this Credit Agreement shall, to the extent of any such
     inconsistency, govern.

          4.1.3. Terms of Letters of Credit. Each Letter of Credit issued,
                 ----- -- ------- -- ------
     extended or renewed hereunder shall, among other things, (a) provide for
     the payment of sight drafts for honor thereunder when presented in
     accordance with the terms thereof and when accompanied by the documents
     described therein, and (b) have an expiry date no later than the date which
     is fourteen (14) days (or, if the Letter of Credit is confirmed by a
     confirming bank or otherwise provides for one or more nominated persons,
     forty-five (45) days) prior to the Revolving Credit Loan Maturity Date.
     Each Letter of Credit so issued, extended or renewed shall be subject to
     the Uniform Customs or, in the case of Standby Letters of Credit, either
     the Uniform Customs or the International Standby Practices.

          4.1.4. Reimbursement Obligations of Banks. Each Bank severally agrees
                 ------------- ----------- -- -----
     that it shall be absolutely liable, without regard to the occurrence of any
     Default or Event of Default or any other condition precedent whatsoever, to
     the extent of such Bank's Revolver Commitment Percentage, to reimburse the
     Agent on demand for the amount of each draft paid by the Agent under each
     Letter of Credit to the extent that such amount is not reimbursed by the
     Borrower pursuant to (S)4.2 (such agreement for a Bank being called herein
     the "Letter of Credit Participation" of such Bank).

          4.1.5. Participations of Banks. Each such payment made by a Bank shall
                 -------------- -- -----
     be treated as the purchase by such Bank of a participating interest in the
     Borrower's Reimbursement Obligation under (S)4.2 in an amount equal to such
     payment. Each Bank shall share in accordance with its participating
     interest in any interest which accrues pursuant to (S)4.2.

     4.2. Reimbursement Obligation of the Borrower. In order to induce the Agent
          ------------- ---------- -- --- --------
to issue, extend and renew each Letter of Credit and the Banks to participate
therein, the Borrower hereby agrees to reimburse or
<PAGE>

pay to the Agent, for the account of the Agent or (as the case may be) the
Banks, with respect to each Letter of Credit issued, extended or renewed by the
Agent hereunder,

          (a) except as otherwise expressly provided in (S)4.2(b) and (c), on
     each date that any draft presented under such Letter of Credit is honored
     by the Agent, or the Agent otherwise makes a payment with respect thereto,
     (i) the amount paid by the Agent under or with respect to such Letter of
     Credit, and (ii) the amount of any taxes, fees, charges or other costs and
     expenses whatsoever incurred by the Agent or any Bank in connection with
     any payment made by the Agent or any Bank under, or with respect to, such
     Letter of Credit,

          (b) upon the reduction (but not termination) of the Total Revolver
     Commitment to an amount less than the Maximum Drawing Amount, an amount
     equal to such difference, which amount shall be held by the Agent for the
     benefit of the Banks and the Agent as cash collateral for all Reimbursement
     Obligations, and

          (c) upon the termination of the Total Revolver Commitment, or the
     acceleration of the Reimbursement Obligations with respect to all Letters
     of Credit in accordance with (S)13, an amount equal to the then Maximum
     Drawing Amount on all Letters of Credit, which amount shall be held by the
     Agent for the benefit of the Banks and the Agent as cash collateral for all
     Reimbursement Obligations.

Each such payment shall be made to the Agent at the Agent's Office in
immediately available funds. Interest on any and all amounts remaining unpaid by
the Borrower under this (S)4.2 at any time from the date such amounts become due
and payable (whether as stated in this (S)4.2, by acceleration or otherwise)
until payment in full (whether before or after judgment) shall be payable to the
Agent on demand at the rate specified in (S)5.8 for overdue principal on the
Revolving Credit Loans.

     4.3. Letter of Credit Payments. If any draft shall be presented or other
          ------ -- ------ --------
demand for payment shall be made under any Letter of Credit, the Agent shall
notify the Borrower of the date and amount of the draft presented or demand for
payment and of the date and time when it expects to pay such draft or honor such
demand for payment. If the Borrower fails to reimburse the Agent as provided in
(S)4.2 on or before the date that such draft is paid or other payment is made by
the Agent, the Agent may at any time thereafter notify the Banks of the amount
of any such Unpaid Reimbursement Obligation. No later than 3:00 p.m. (Boston
time) on the Business Day next following the receipt of such notice, each Bank
shall make available to the Agent, at the Agent's Office, in immediately
available funds, such Bank's Revolver Commitment Percentage of such Unpaid
Reimbursement Obligation, together with an amount equal to the product of (a)
the average, computed for the period referred to in clause (c) below, of the
weighted average interest rate paid by the Agent for federal funds
<PAGE>

acquired by the Agent during each day included in such period, times (b) the
                                                               -----
amount equal to such Bank's Revolver Commitment Percentage of such Unpaid
Reimbursement Obligation, times (c) a fraction, the numerator of which is the
                          -----
number of days that elapse from and including the date the Agent paid the draft
presented for honor or otherwise made payment to the date on which such Bank's
Revolver Commitment Percentage of such Unpaid Reimbursement obligation shall
become immediately available to the Agent, and the denominator of which is 360.
The responsibility of the Agent to the Borrower and the Banks shall be only to
determine that the documents (including each draft) delivered under each Letter
of Credit in connection with such presentment shall be in conformity in all
material respects with such Letter of Credit.

     4.4. Obligations Absolute. The Borrower's obligations under this (S)4 shall
          ----------- --------
be absolute and unconditional under any and all circumstances and irrespective
of the occurrence of any Default or Event of Default or any condition precedent
whatsoever or any setoff, counterclaim or defense to payment which the Borrower
may have or have had against the Agent, any Bank or any beneficiary of a Letter
of Credit. The Borrower further agrees with the Agent and the Banks that the
Agent and the Banks shall not be responsible for, and the Borrower's
Reimbursement Obligations under (S)4.2 shall not be affected by, among other
things, the validity or genuineness of documents or of any endorsements thereon,
even if such documents should in fact prove to be in any or all respects
invalid, fraudulent or forged, or any dispute between or among the Borrower, the
beneficiary of any Letter of Credit or any financing institution or other party
to which any Letter of Credit may be transferred or any claims or defenses
whatsoever of the Borrower against the beneficiary of any Letter of Credit or
any such transferee. The Agent and the Banks shall not be liable for any error,
omission, interruption or delay in transmission, dispatch or delivery of any
message or advice, however transmitted, in connection with any Letter of Credit.
The Borrower agrees that any action taken or omitted by the Agent or any Bank
under or in connection with each Letter of Credit and the related drafts and
documents, if done in good faith, shall be binding upon the Borrower and shall
not result in any liability on the part of the Agent or any Bank to the
Borrower.

     4.5. Reliance by Issuer. To the extent not inconsistent with (S)4.4, the
          -------- -- ------
Agent shall be entitled to rely, and shall be fully protected in relying upon,
any Letter of Credit, draft, writing, resolution, notice, consent, certificate,
affidavit, letter, cablegram, telegram, telecopy, telex or teletype message,
statement, order or other document believed by it to be genuine and correct and
to have been signed, sent or made by the proper Person or Persons and upon
advice and statements of legal counsel, independent accountants and other
experts selected by the Agent. The Agent shall be fully justified in failing or
refusing to take any action under this Credit Agreement unless it shall first
have received such advice or concurrence of the Majority Banks as it reasonably
deems appropriate or it shall first be indemnified to its reasonable
satisfaction by the Banks against any and all
<PAGE>

liability and expense which may be incurred by it by reason of taking or
continuing to take any such action. The Agent shall in all cases be fully
protected in acting, or in refraining from acting, under this Agreement in
accordance with a request of the Majority Banks, and such request and any action
taken or failure to act pursuant thereto shall be binding upon the Banks and all
future holders of the Revolving Credit Notes or of a Letter of Credit
Participation.

     4.6. Letter of Credit Fee. The Borrower shall pay to the Agent a fee (in
          ------ -- ------ ---
each case, a "Letter of Credit Fee") (a) in respect of each standby Letter of
Credit issued pursuant to this Credit Agreement, calculated at the rate of four
and one-half percent (4 1/2%) per annum on the face amount of each such Letter
of Credit, and the Agent shall, in turn, remit to each Bank its pro rata share
                                                                --- ----
of a portion of such Letter of Credit Fee calculated at a rate of four and one-
quarter percent (4 1/4%) per annum on the face amount of each such Letter of
Credit, and (b) in respect of each documentary Letter of Credit issued pursuant
to this Credit Agreement, calculated at the rate of four percent (4%) per annum
on the face amount of such Letter of Credit, and the Agent shall, in turn, remit
to each Bank its pro rata share of a portion of such Letter of Credit Fee
                 --- ----
calculated at a rate of three and three quarters percent (3 3/4%) per annum on
the face amount of each such Letter of Credit. The Letter of Credit Fee for each
Letter of Credit shall be payable annually in advance, on the date of issuance
of such Letter of Credit, and on each anniversary thereof until such Letter of
Credit expires or is canceled. In addition, the Borrower shall pay to the Agent,
for its own account, the Agent's standard issuance, processing, negotiation,
amendment and administrative fees, determined in accordance with customary fees
and charges for similar facilities.
<PAGE>

                        5.  CERTAIN GENERAL PROVISIONS.
                            ------- ------- ----------

     5.1. Amendment and Closing Fee. The Borrower agrees to pay:
          --------- --- ------- ---

          (a)  on the Closing Date, to the Agent for the pro rata account of the
     Banks that execute this Agreement by June 29, 2001, an amendment fee in the
     amount of 0.25% of the Total Revolver Commitment, and

          (b)  to the Agent, for the pro rata account of the Banks, a closing
     fee in an amount equal to the greater of (a) $1,732,500 or (b) an amount
     equal to 3.375% of the fully diluted equity value of AmeriKing (at closing,
     subject to dilution by any future equity issuances) (the "Closing Fee").
     The Closing Fee shall be deemed fully earned as of the Closing Date. The
     Closing Fee shall be payable on the date of earliest to occur of (a) the
     payment in full in cash of all Obligations hereunder, (b) sale of all or
     substantially all of AmeriKing's, Holdings' or the Borrower's assets, (c) a
     Change of Control and (d) June 30, 2002.

     5.2. Agent's Fee.
          ------- ---

     The Borrower shall pay to the Agent an agent's fee (the "Agent's Fee") as
provided in the Fee Letter.

     5.3. Funds for Payments.
          ----- --- --------

          5.3.1. Payments to Agent. All payments of principal, interest,
                 -------- -- -----
     Reimbursement Obligations, commitment fees, Letter of Credit Fees and any
     other amounts due hereunder or under any of the other Revolver Loan
     Documents shall be made on the due date thereof to the Agent in Dollars,
     for the respective accounts of the Banks and the Agent, at the Agent's
     Office or at such other location as the Agent may from time to time
     designate, in each case at or about 11:00 a.m. (Boston, Massachusetts, time
     or other local time at the place of payment) and in immediately available
     funds.

          5.3.2. No Offset, etc. Except as otherwise provided in (S)5.5, all
                 -- ------- ----
     payments by the Borrower hereunder and under any of the other Revolver Loan
     Documents shall be made without setoff or counterclaim and free and clear
     of and without deduction for any taxes, levies, imposts, duties, charges,
     fees, deductions, withholdings, compulsory loans, restrictions or
     conditions of any nature now or hereafter imposed or levied by any
     jurisdiction or any political subdivision thereof or taxing or other
     authority therein unless the Borrower is compelled by law to make such
     deduction or withholding. Except as otherwise provided in (S)5.5, if any
     such obligation is imposed upon the Borrower with respect to any amount
     payable by it hereunder or under any of the other Revolver Loan Documents,
     the Borrower will pay to the Agent, for the account of the Banks or (as the
     case may be) the Agent, on the date on which such amount is due and payable
     hereunder or under such other Revolver
<PAGE>

     Loan Document, such additional amount in Dollars as shall be necessary to
     enable the Banks or the Agent to receive the same net amount which the
     Banks or the Agent would have received on such due date had no such
     obligation been imposed upon the Borrower. The Borrower will deliver
     promptly to the Agent certificates or other valid vouchers for all taxes or
     other charges deducted from or paid with respect to payments made by the
     Borrower hereunder or under such other Revolver Loan Document.

     5.4. Computations. All computations of interest on the Revolving Credit
          ------------
Loans, commitment fees, Letter of Credit Fees or other fees shall be based on a
360-day year and paid for the actual number of days elapsed. Whenever a payment
hereunder or under any of the other Revolver Loan Documents becomes due on a day
that is not a Business Day, the due date for such payment shall be extended to
the next succeeding Business Day, and interest shall accrue during such
extension. The outstanding amount of the Revolving Credit Loans as reflected on
the Revolving Credit Note Records, as the case may be, from time to time shall
be considered correct and binding on the Borrower unless within five (5)
Business Days after receipt of any notice by the Agent or any of the Banks of
such outstanding amount, the Agent or such Bank shall notify the Borrower to the
contrary.

     5.5  Additional Costs, etc. If any present or future applicable law, which
          ---------- ------ ---
expression, as used herein, includes statutes, rules and regulations thereunder
and interpretations thereof by any competent court or by any governmental or
other regulatory body or official charged with the administration or the
interpretation thereof and requests, directives, instructions and notices at any
time or from time to time hereafter made upon or otherwise issued to any Bank or
the Agent by any central bank or other fiscal, monetary or other authority
(whether or not having the force of law), shall:

          (a) subject any Bank or the Agent to any tax, levy, impost, duty,
     charge, fee, deduction or withholding of any nature with respect to this
     Credit Agreement, the other Revolver Loan Documents, any Letters of Credit,
     such Bank's Revolver Commitment or the Revolving Credit Loans (other than
     taxes based upon or measured by the income or profits of such Bank or the
     Agent), or

          (b) materially change the basis of taxation (except for changes in
     taxes on income or profits) of payments to any Bank of the principal of or
     the interest on any Revolving Credit Loans or any other amounts payable to
     any Bank or the Agent under this Credit Agreement or any of the other
     Revolver Loan Documents, or

          (c) impose or increase or render applicable (other than to the extent
     specifically provided for elsewhere in this Credit Agreement) any special
     deposit, reserve, assessment, liquidity, capital adequacy or other similar
     requirements (whether or not having the force of law)
<PAGE>

     against assets held by, or deposits in or for the account of, or loans by,
     or letters of credit issued by, or commitments of an office of any Bank, or

          (d) impose on any Bank or the Agent any other conditions or
     requirements with respect to this Credit Agreement, the other Revolver Loan
     Documents, any Letters of Credit, the Revolving Credit Loans, such Bank's
     Revolver Commitment, or any class of loans, letters of credit or
     commitments of which any of the Revolving Credit Loans or such Bank's
     Revolver Commitment forms a part,

     and the result of any of the foregoing is:

               (i)   to increase the cost to any Bank of making, funding,
          issuing, renewing, extending or maintaining any of the Revolving
          Credit Loans or such Bank's Revolver Commitment or any Letter of
          Credit, or

               (ii)  to reduce the amount of principal, interest, Reimbursement
          Obligation or other amount payable to such Bank or the Agent hereunder
          on account of such Bank's Revolver Commitment, any Letter of Credit or
          any of the Revolving Credit Loans, or

               (iii) to require such Bank or the Agent to make any payment or
          to forego any interest or Reimbursement Obligation or other sum
          payable hereunder, the amount of which payment or foregone interest or
          Reimbursement Obligation or other sum is calculated by reference to
          the gross amount of any sum receivable or deemed received by such Bank
          or the Agent from the Borrower hereunder,

then, and in each such case, the Borrower will, upon demand made by such Bank or
(as the case may be) the Agent at any time and from time to time and as often as
the occasion therefor may arise, pay to such Bank or the Agent such additional
amounts as will be sufficient to compensate such Bank or the Agent for such
additional cost, reduction, payment or foregone interest or Reimbursement
Obligation or other sum. On or before the date it becomes a party to this Credit
Agreement and from time to time thereafter upon any change in status rendering
any certificate or document previously delivered pursuant to this (S)5.5 invalid
or inaccurate, each Bank and the Agent that is not a U.S. Person as defined in
Section 7701(a)(30) of the Code for federal income tax purposes (a "Non-U.S.
Lender") hereby agrees that, if and to the extent it is legally able to do so,
it shall, prior to the date of the first payment by the Borrower hereunder to be
made to such Bank or the Agent or for such Bank's or the Agent's account,
deliver to the Borrower and the Agent, as applicable, such certificates,
documents or other evidence, as and when required by the Code or Treasury
Regulations issued pursuant thereto, including (a) in the case of a Non-U.S.
Lender that is a "bank" for
<PAGE>

purposes of Section 881(c)(3)(A) of the Code, two (2) duly completed copies of
Internal Revenue Service Form W-8BEN or Form W-8ECI and any other certificate or
statement of exemption required by Treasury Regulations, or any subsequent
versions thereof or successors thereto, properly completed and duly executed by
such Bank or the Agent establishing that with respect to payments of principal,
interest or fees hereunder it is (i) not subject to United States federal
withholding tax under the Code because such payment is effectively connected
with the conduct by such Bank or Agent of a trade or business in the United
States or (ii) totally exempt or partially exempt from United States federal
withholding tax under a provision of an applicable tax treaty and (b) in the
case of a Non-U.S. Lender that is not a "bank" for purposes of Section
881(c)(3)(A) of the Code, a certificate in form and substance reasonably
satisfactory to the Agent and the Borrower and to the effect that (i) such Non-
U.S. Lender is not a "bank" for purposes of Section 881(c)(3)(A) of the Code, is
not subject to regulatory or other legal requirements as a bank in any
jurisdiction, and has not been treated as a bank for purposes of any tax,
securities law or other filing or submission made to any governmental authority,
any application made to a rating agency or qualification for any exemption from
any tax, securities law or other legal requirements, (ii) is not a ten (10)
percent shareholder for purposes of Section 881(c)(3)(B) of the Code and (iii)
is not a controlled foreign corporation receiving interest from a related person
for purposes of Section 881(c)(3)(C) of the Code, together with a properly
completed Internal Revenue Service Form W-8 or W-9, as applicable (or successor
forms). Each Bank or the Agent agrees that it shall, promptly upon a change of
its lending office or the selection of any additional lending office, to the
extent the forms previously delivered by it pursuant to this section are no
longer effective, and promptly upon the Borrower's or the Agent's reasonable
request after the occurrence of any other event (including the passage of time)
requiring the delivery of a Form W-8BEN, Form W-8ECI, Form W-8 or W-9 in
addition to or in replacement of the forms previously delivered, deliver to the
Borrower and the Agent, as applicable, if and to the extent it is properly
entitled to do so, a properly completed and executed Form W-8BEN, Form W-8ECI,
Form W-8 or W-9, as applicable (or any successor forms thereto). The Borrower
shall not be required to pay any additional amounts to any Non-U.S. Lender in
respect of United States federal withholding tax pursuant to (S)5.3 or (S)5.5 to
the extent that the obligation to pay such additional amounts would not have
arisen but for a failure by such Non-U.S. Lender to comply with the provisions
of this (S)5.5; provided, however, that the foregoing shall not relieve the
                --------  -------
Borrower of its obligation to pay additional amounts pursuant to (S)5.3 or this
(S)5.5 in the event that, as a result of any change in any applicable law,
treaty or governmental rule, regulation or order, or any change in
interpretation, administration or application thereof, a Non-US Lender that was
previously entitled to receive all payments under this Credit Agreement and the
Revolving Credit Notes without deduction or withholding of any United States
federal income taxes is no longer properly entitled to deliver forms,
certificates or other evidence at a subsequent date establishing the fact that
such Bank is not subject to withholding.
<PAGE>

     Any Bank claiming any additional amounts payable pursuant to (S)5.3 or this
(S)5.5 shall use reasonable efforts (consistent with legal and regulatory
restrictions) to file any certificate or document reasonably requested in
writing by the Borrower or to change the jurisdiction of its applicable lending
office if the making of such a filing or change would avoid the need for or
substantially reduce the amount of any such additional amounts which may
thereafter accrue and would not, in the sole and absolute determination of such
Bank be otherwise disadvantageous to such Bank, which determination by such Bank
shall be conclusive.

     If a Bank or the Agent shall become aware that it is entitled to receive a
refund in respect of taxes as to which it has been indemnified by the Borrower
pursuant to (S)5.3 or this (S)5.5, it shall promptly notify the Borrower of the
availability of such refund and shall, within thirty (30) days after receipt of
a request by the Borrower, apply for such refund at the Borrower's expense. If
any Bank or the Agent, as applicable, receives a refund in respect of any taxes
to which it has been indemnified by the Borrower pursuant to (S)5.3 or this
(S)5.5, it shall promptly repay such refund to the Borrower (to the extent of
amounts that have been paid by the Borrower under (S)5.3 or this (S)5.5 with
respect to such refund), net of all out-of-pocket expenses (including taxes
imposed with respect to such refund) of such Bank or the Agent, as applicable,
and without interest; provided, however, that the Borrower, upon the request of
                      --------  -------
such Bank or the Agent, as applicable, agrees to return such refund (plus
penalties, interest or other charges) to such Bank or the Agent in the event
such Bank or the Agent is required to repay such refund.

     5.6. Capital Adequacy. If after the date hereof any Bank or the Agent
          ------- --------
determines that (a) the adoption of or change after the Closing Date in any law,
governmental rule, regulation, policy, guideline or directive (whether or not
having the force of law) regarding capital requirements for banks or bank
holding companies or any change in the interpretation or application thereof by
a court or governmental authority with appropriate jurisdiction, or (b)
compliance by such Bank or the Agent or any corporation controlling such Bank or
the Agent with any law, governmental rule, regulation, policy, guideline or
directive (whether or not having the force of law) of any such entity regarding
capital adequacy, has the effect of reducing the return on such Bank's or the
Agent's commitment with respect to any Revolving Credit Loans to a level below
that which such Bank or the Agent could have achieved but for such adoption,
change or compliance (taking into consideration such Bank's or the Agent's then
existing policies with respect to capital adequacy and assuming full utilization
of such entity's capital) by any amount deemed by such Bank or (as the case may
be) the Agent to be material, then such Bank or the Agent may notify the
Borrower of such fact. To the extent that the amount of such reduction in the
return on capital is not reflected in the Base Rate, the Borrower and such Bank
shall thereafter attempt to negotiate in good faith, within thirty (30) days of
the day on which the Borrower receives such notice, an adjustment payable
hereunder that will adequately compensate such Bank
<PAGE>

in light of these circumstances. If the Borrower and such Bank are unable to
agree to such adjustment within thirty (30) days of the date on which the
Borrower receives such notice, then commencing on the date of such notice (but
not earlier than the effective date of any such increased capital requirement),
the fees payable hereunder shall increase by an amount that will, in such Bank's
reasonable determination, provide adequate compensation. Each Bank shall
allocate such cost increases among its customers in good faith and on an
equitable basis.

     5.7. Certificate. A certificate setting forth any additional amounts
          -----------
payable pursuant to (S)(S)5.5 or 5.6 and a brief explanation of such amounts
which are due, submitted by any Bank or the Agent to the Borrower, shall be
conclusive, absent manifest error, that such amounts are due and owing.

     5.8. Interest after Default.
          -------- ----- -------

          5.8.1. Overdue Amounts. Overdue principal and (to the extent permitted
                 ------- -------
     by applicable law) interest on the Revolving Credit Loans and all other
     overdue amounts payable hereunder or under any of the other Revolver Loan
     Documents shall bear interest compounded monthly and payable on demand at a
     rate per annum equal to the Base Rate plus five percent (5%) per annum
                                           ----
     until such amount shall be paid in full (after as well as before judgment).

          5.8.2. Amounts Not Overdue. During the continuance of an Event of
                 ------- --- -------
     Default the principal of the Revolving Credit Loans not overdue shall,
     until such Event of Default has been cured or remedied or such Event of
     Default has been waived by the Majority Banks pursuant to (S)26, bear
     interest compounded monthly and payable on demand at a rate per annum equal
     to five percent (5%) above the Base Rate per annum.

     5.9. Replacement Banks. Within thirty (30) days after any Bank has demanded
          ----------- -----
compensation from the Borrower pursuant to (S)(S)5.5 or 5.6 hereof, (any such
Bank described in the foregoing clause is hereinafter referred to as an
"Affected Bank"), the Borrower may request that the Non-Affected Banks acquire
 -------- ----
all, but not less than all, of the Affected Bank's outstanding Revolving Credit
Loans and assume all, but not less than all, of the Affected Bank's Revolver
Commitment. If the Borrower so requests, the Non-Affected Banks may elect to
acquire all or any portion of the Affected Bank's outstanding Revolving Credit
Loans and to assume all or any portion of the Affected Bank's Revolver
Commitment. If the Non-Affected Banks do not elect to acquire and assume all of
the Affected Bank's outstanding Revolving Credit Loans and Revolver Commitment,
the Borrower may designate a replacement bank or banks, which must be
satisfactory to the Agent, to acquire and assume that portion of the outstanding
Revolving Credit Loans and Revolver Commitment of the Affected Bank not being
acquired and assumed by the Non-Affected Banks. The provisions of (S)19 hereof
shall apply to all reallocations pursuant to this (S)5.9, and the Affected
<PAGE>

Bank and any Non-Affected Banks and/or replacement banks which are to acquire
the Revolving Credit Loans and Revolver Commitment of the Affected Bank shall
execute and deliver to the Agent, in accordance with the provisions of (S)19
hereof, such Assignments and Acceptances and other instruments, including,
without limitation, Revolving Credit Notes, as are required pursuant to (S)19
hereof to give effect to such reallocations. Any Non-Affected Banks and/or
replacement banks which are to acquire the Revolving Credit Loans and Revolver
Commitment of the Affected Bank shall be deemed to be Eligible Assignees for all
purposes of (S)19 hereof. On the effective date of the applicable Assignments
and Acceptances, the Borrower shall pay to the Affected Bank all interest
accrued on its Revolving Credit Loans up to but excluding such date, along with
any fees payable to such Affected Bank hereunder up to but excluding such date.

                    6. COLLATERAL SECURITY AND GUARANTEES.
                       ---------- -------- --- ----------

     6.1. Security of Borrower and Subsidiaries; Guaranty of Subsidiaries. The
          -------- -- -------- --- ------------- -------- -- ------------
Obligations shall be secured by a perfected first priority security interest in
certain of the assets of the Borrower (including a pledge of the non-voting
capital stock of each of the Borrower's Subsidiaries, including, without
limitation, the Unrestricted Subsidiaries and its Restricted Subsidiaries (other
than AmeriKing Tennessee and AmeriKing Colorado until such time as such Person
is required to become a Guarantor hereunder pursuant to (S)8.17 hereof)),
whether now owned or hereafter acquired, pursuant to the terms of the Security
Documents to which the Borrower and such Restricted Subsidiaries are parties.
The Obligations shall also be secured by a pledge of the non-voting capital
stock of each Unrestricted Subsidiary's Subsidiaries. In addition, the
Obligations shall also be guaranteed by each of the Borrower's Restricted
Subsidiaries other than AmeriKing Tennessee and AmeriKing Colorado (until such
time as such Person is required to become a Guarantor hereunder pursuant to
(S)8.17 hereof) pursuant to the terms of the Guaranty of such Restricted
Subsidiaries, and the Restricted Subsidiaries' obligations under such Guaranty
shall be secured by a perfected first priority security interest in certain of
the assets of such Restricted Subsidiary (including a pledge of the non-voting
capital stock of each of the Restricted Subsidiaries' Subsidiaries), whether now
owned or hereafter acquired, pursuant to the terms of the Security Documents to
which such Restricted Subsidiaries are parties.

     6.2. Guaranties and Security of Holdings. Certain of the Obligations shall
          ---------- --- -------- -- --------
also be guaranteed by Holdings pursuant to the terms of the Holdings Guaranty.
The Obligations shall be secured by a perfected first priority security interest
in all of the non-voting stock of the Borrower and each of Holdings other
Subsidiaries owned by Holdings, pursuant to the terms of the Holdings' Stock
Pledge Agreement to which Holdings is a party.
<PAGE>

     6.3  Guaranties and Security of AmeriKing. Certain of the Obligations shall
          ---------- --- -------- -- ---------
also be guaranteed by AmeriKing pursuant to the terms of the AmeriKing Guaranty.
The Obligations shall be secured by a perfected first priority security interest
in all of the non-voting stock of Holdings owned by AmeriKing and each of
AmeriKing's other Subsidiaries owned by AmeriKing, pursuant to the terms of the
AmeriKing Stock Pledge Agreement to which AmeriKing is a party.

          7.   REPRESENTATIONS AND WARRANTIES.
               --------------- --- ----------

     Each of the Borrower and, to the extent expressly set forth in this (S)7,
Holdings and AmeriKing represents and warrants to the Banks and the Agent as
follows:

     7.1. Corporate Authority.
          --------- ---------

          7.1.1.  Incorporation; Good Standing. Each of AmeriKing, Holdings, the
                  -------------- ---- --------
     Borrower and each of their respective Subsidiaries (a) is a corporation or
     limited partnership, as the case may be, duly organized, validly existing
     and in good standing under the laws of its state of incorporation or
     formation, (b) has all requisite corporate or partnership, as the case may
     be, power to own its property and conduct its business as now conducted and
     as presently contemplated, and (c) is in good standing as a foreign
     corporation or partnership, as the case may be, and is duly authorized to
     do business in each jurisdiction where such qualification is necessary
     except where a failure to be so qualified could not reasonably be expected
     to have a materially adverse effect on the business, assets or financial
     condition of the Borrower or such Subsidiary.

          7.1.2.  Authorization. The execution, delivery and performance of this
                  -------------
     Credit Agreement and the other Revolver Loan Documents to which AmeriKing,
     Holdings, the Borrower or any of their Subsidiaries is or is to become a
     party and the transactions contemplated hereby and thereby (a) are within
     the corporate authority of such Person, (b) have been duly authorized by
     all necessary corporate or partnership proceedings, (c) do not conflict
     with or result in any breach or contravention of any provision of law,
     statute, rule or regulation to which AmeriKing, Holdings, the Borrower or
     any of their Subsidiaries is subject or any judgment, order, writ,
     injunction, license or permit applicable to AmeriKing, Holdings, the
     Borrower or any of their Subsidiaries, the violation of which would have a
     materially adverse effect on the business, assets or financial condition of
     AmeriKing, Holdings, the Borrower or such Subsidiary and (d) do not
     conflict with any provision of the corporate charter or bylaws (or
     partnership agreement, as the case may be) of, or any agreement or other
     instrument binding upon, AmeriKing, Holdings, the Borrower or any of their
     Subsidiaries.
<PAGE>

          7.1.3.  Enforceability. The execution and delivery of this Credit
                  --------------
     Agreement and the other Revolver Loan Documents to which AmeriKing,
     Holdings, the Borrower or any of their Subsidiaries is or is to become a
     party will result in valid and legally binding obligations of such Person
     enforceable against it in accordance with the respective terms and
     provisions hereof and thereof, except as enforceability is limited by
     bankruptcy, insolvency, reorganization, moratorium or other laws relating
     to or affecting generally the enforcement of creditors' rights and except
     to the extent that availability of the remedy of specific performance or
     injunctive relief is subject to the discretion of the court before which
     any proceeding therefor may be brought.

     7.2. Governmental Approvals. The execution, delivery and performance by
          ------------ ---------
AmeriKing, Holdings, the Borrower and their Subsidiaries of this Credit
Agreement and the other Revolver Loan Documents to which AmeriKing, Holdings,
the Borrower or any of their Subsidiaries is or is to become a party and the
transactions contemplated hereby and thereby do not require the approval or
consent of, or filing with, any governmental agency or authority other than
those already obtained and are not in violation of any municipal or other local
law, ordinance or federal, state or local governmental rule or regulation
relating to the occupancy or operation of any of the BKC Restaurants, which
violation would have a material adverse effect on the business, assets or
financial condition of AmeriKing, Holdings, the Borrower and their Subsidiaries,
taken as a whole

     7.3. Title to Properties; Leases. Except as indicated on Schedule 7.3
          ----- -- ----------- ------                         -------- ---
hereto, AmeriKing, Holdings, the Borrower and their Subsidiaries own or lease
all of the assets reflected in the consolidated balance sheet of AmeriKing,
Holdings, the Borrower and their Subsidiaries as at the Balance Sheet Date or
acquired since that date (except property and assets sold or otherwise disposed
of in the ordinary course of business since that date), subject to no rights of
others, including any mortgages, leases, conditional sales agreements, title
retention agreements, liens or other encumbrances except Permitted Liens.

     7.4. Financial Statements and Projections.
          --------- ---------- --- -----------

          7.4.1.  Financial Statements. There has been furnished to each of the
                  --------- ----------
     Banks a consolidated balance sheet of AmeriKing and its Subsidiaries as at
     the Balance Sheet Date, and a consolidated statement of income of AmeriKing
     and its Subsidiaries for the fiscal year then ended, certified by Deloitte
     & Touche. Such balance sheet and statement of income have been prepared in
     accordance with generally accepted accounting principals and fairly
     presents the financial condition of AmeriKing and its Subsidiaries as at
     the close of business on the date thereof and the results of operations of
     the fiscal year then ended. There are no contingent liabilities of
     AmeriKing, the Borrower or any of their Subsidiaries as of such date
<PAGE>

     involving material amounts, which were not disclosed in such balance sheet
     and the notes related thereto or in this Credit Agreement.

          7.4.2.  Projections. The projections of the annual operating budgets
                  -----------
     of AmeriKing, Holdings, the Borrower and their Subsidiaries on a
     consolidated basis, including balance sheets and cash flow statements for
     fiscal year 2001 to June 30, 2002, copies of which have been delivered to
     each Bank, disclose all assumptions made with respect to general economic,
     financial and market conditions used in formulating such projections. To
     the knowledge of AmeriKing, Holdings, the Borrower or any of their
     Subsidiaries, no facts exist that (individually or in the aggregate) would
     result in any material change in any of such projections. The projections
     are based upon reasonable estimates and assumptions, have been prepared on
     the basis of the assumptions stated therein and reflect the reasonable
     estimates of AmeriKing, Holdings, the Borrower and their Subsidiaries of
     the results of operations and other information projected therein.

     7.5. No Material Changes, etc. (a) Since May 21, 2001 there has occurred no
          -- -------- -------- ---
materially adverse change in the assets, financial condition or business of
AmeriKing, Holdings, the Borrower and their Subsidiaries as shown on or
reflected in the consolidated balance sheet of AmeriKing and its Subsidiaries as
at the Balance Sheet Date other than changes in the ordinary course of business
that have not had any materially adverse effect either individually or in the
aggregate on the assets, business or financial condition of AmeriKing, Holdings,
the Borrower or any of their Subsidiaries.

     (b)  Each of AmeriKing, Holdings, the Borrower and each of its Subsidiaries
(before and after giving effect to the transactions contemplated by this Credit
Agreement and the other Revolver Loan Documents) (i) is solvent, (ii) has assets
having a fair value in excess of its liabilities, (iii) has assets having a fair
value in excess of the amount required to pay its liabilities on existing debts
as such debts become absolute and matured, and (iv) has, and expects to continue
to have, access to adequate capital for the conduct of its business and the
ability to pay its debts from time to time incurred in connection with the
operation of its business as such debts mature.

     7.6. Franchises, Patents, Copyrights, etc. Each of the Borrower and its
          ----------- -------- ----------- ---
Subsidiaries possesses all franchises, patents, copyrights, trademarks, trade
names, licenses and permits, and rights in respect of the foregoing, adequate
for the conduct of its business substantially as now conducted without known
conflict with any rights of others.

     7.7. Litigation. Except as set forth in Schedule 7.7 hereto, there are no
          ----------                         -------- ---
actions, suits, proceedings or investigations of any kind pending or threatened
against AmeriKing, Holdings, the Borrower or any of their
<PAGE>

Subsidiaries before any court, tribunal or administrative agency or board that,
if adversely determined, might, either in any case or in the aggregate,
materially adversely affect the properties, assets, financial condition or
business of AmeriKing, Holdings, the Borrower and their Subsidiaries or
materially impair the right of AmeriKing, Holdings, the Borrower and their
Subsidiaries, considered as a whole, to carry on business substantially as now
conducted by them, or result in any substantial liability not adequately covered
by insurance, or for which adequate reserves are not maintained on the
consolidated balance sheet of AmeriKing, Holdings, the Borrower and their
Subsidiaries, or which question the validity of this Credit Agreement or any of
the other Revolver Loan Documents, or any action taken or to be taken pursuant
hereto or thereto.

     7.8.  No Materially Adverse Contracts, etc. None of AmeriKing, Holdings,
           -- ---------- ------- ---------- ---
the Borrower nor any of their Subsidiaries is subject to any charter, corporate
or other legal restriction, or any judgment, decree, order, rule or regulation
that has or is expected in the future to have a materially adverse effect on the
business, assets or financial condition of AmeriKing, Holdings, the Borrower or
any of their Subsidiaries. None of AmeriKing, Holdings, the Borrower nor any of
their Subsidiaries is a party to any contract or agreement that has or is
expected, in the judgment of the Borrower's officers, to have any materially
adverse effect on the business of AmeriKing, Holdings, the Borrower or any of
their Subsidiaries considered as a whole.

     7.9.  Compliance with Other Instruments, Laws, etc. None of AmeriKing,
           ---------- ---- ----- ------------ ----- ---
Holdings, the Borrower nor any of their Subsidiaries is in violation of any
provision of its charter documents, bylaws, or any agreement or instrument to
which it may be subject or by which it or any of its properties may be bound or
any decree, order, judgment, statute, license, rule or regulation, in any of the
foregoing cases in a manner that could result in the imposition of substantial
penalties or materially and adversely affect the financial condition, properties
or business of AmeriKing, Holdings, the Borrower or any of their Subsidiaries
considered as a whole.

     7.10. Tax Status. Each of AmeriKing, Holdings, the Borrower and their
           --- ------
Subsidiaries (a) has made or filed all federal and state income and all other
tax returns, reports and declarations required by any jurisdiction to which any
of them is subject, (b) has paid all taxes and other governmental assessments
and charges shown or determined to be due on such returns, reports and
declarations, except those being contested in good faith and by appropriate
proceedings and (c) has set aside on its books provisions reasonably adequate
for the payment of all taxes for periods subsequent to the periods to which such
returns, reports or declarations apply. There are no unpaid taxes in any
material amount claimed to be due by the taxing authority of any jurisdiction,
and the officers of the Borrower know of no basis for any such claim.
<PAGE>

     7.11. No Event of Default. No Default or Event of Default has occurred and
           -- ----- -- -------
is continuing.

     7.12. Holding Company and Investment Company Acts. None of AmeriKing,
           ------- ------- --- ---------- ------- ----
Holdings, the Borrower nor any of their Subsidiaries is a "holding company", or
a "subsidiary company" of a "holding company", or an "affiliate" of a "holding
company", as such terms are defined in the Public Utility Holding Company Act of
1935; nor is it an "investment company", or an "affiliated company" or a
"principal underwriter" of an "investment company", as such terms are defined in
the Investment Company Act of 1940.

     7.13. Absence of Financing Statements, etc. Except with respect to
           ------- -- --------- ----------- ---
Permitted Liens or as permitted by this Credit Agreement or the Security
Documents, there is no financing statement, security agreement, chattel
mortgage, real estate mortgage or other document filed or recorded with any
filing records, registry or other public office, that purports to cover, affect
or give notice of any present or possible future lien on, or security interest
in, any assets or property of AmeriKing, Holdings, the Borrower or any of their
Subsidiaries or any rights relating thereto.

     7.14. Perfection of Security Interest. All filings, assignments, pledges
           ---------- -- -------- --------
and deposits of documents or instruments have been made and all other actions
have been taken that are necessary or advisable, under applicable law, to
establish and perfect the Agent's security interest in the Collateral. The
Collateral and the Agent's rights with respect to the Collateral are not subject
to any setoff, claims, withholdings or other defenses. The Borrower, its
Subsidiaries, Holdings or AmeriKing, as the case may be, is the owner of the
Collateral free from any lien, security interest, encumbrance and any other
claim or demand, except for Permitted Liens.

     7.15. Certain Transactions. Except as set forth on Schedule 7.15 hereto,
           ------- ------------                         -------- ----
and for arm's length transactions pursuant to which AmeriKing, Holdings, the
Borrower or any of their Subsidiaries makes payments in the ordinary course of
business upon terms no less favorable than AmeriKing, Holdings, the Borrower or
such Subsidiary could obtain from third parties, none of the officers,
directors, or employees of AmeriKing, Holdings, the Borrower or any of their
Subsidiaries is presently a party to any transaction with AmeriKing, Holdings,
the Borrower or any of their Subsidiaries (other than for services as employees,
officers and directors), including any contract, agreement or other arrangement
providing for the furnishing of services to or by, providing for rental of real
or personal property to or from, or otherwise requiring payments to or from any
officer, director or such employee or, to the knowledge of the Borrower, any
corporation, partnership, trust or other entity in which any officer, director,
or any such employee has a substantial interest or is an officer, director,
trustee or partner.
<PAGE>

     7.16. Employee Benefit Plans.
           -------- ------- -----

           7.16.1. In General. Each Employee Benefit Plan and each Guaranteed
                   -- -------
     Pension Plan has been maintained and operated in compliance in all material
     respects with the provisions of ERISA and, to the extent applicable, the
     Code, including but not limited to the provisions thereunder respecting
     prohibited transactions and the bonding of fiduciaries and other persons
     handling plan funds as required by (S)412 of ERISA.

           7.16.2. Terminability of Welfare Plans. No Employee Benefit Plan,
                   ------------- -- ------- -----
     which is an employee welfare benefit plan within the meaning of (S)3(1) or
     (S)3(2)(B) of ERISA, provides benefit coverage subsequent to termination of
     employment, (except as required by Title I, Part 6 or the applicable state
     insurance laws). The Borrower may terminate each such Plan at any time (or
     at any time subsequent to the expiration of any applicable bargaining
     agreement) in the discretion of the Borrower without liability to any
     Person other than for claims arising prior to termination.

           7.16.3. Guaranteed Pension Plans. Each contribution required to be
                   ---------- ------- -----
     made to a Guaranteed Pension Plan, whether required to be made to avoid the
     incurrence of an accumulated funding deficiency, the notice or lien
     provisions of (S)302(f) of ERISA, or otherwise, has been timely made. No
     waiver of an accumulated funding deficiency or extension of amortization
     periods has been received with respect to any Guaranteed Pension Plan, and
     neither the Borrower nor any ERISA Affiliate is obligated to or has posted
     security in connection with an amendment to a Guaranteed Pension Plan
     pursuant to (S)307 of ERISA or (S)401(a)29 of the Code. No liability to the
     PBGC (other than required insurance premiums, all of which have been paid)
     has been incurred by the Borrower or any ERISA Affiliate with respect to
     any Guaranteed Pension Plan and there has not been any ERISA Reportable
     Event, or any other event or condition which presents a material risk of
     termination of any Guaranteed Pension Plan by the PBGC. Based on the latest
     valuation of each Guaranteed Pension Plan (which in each case occurred
     within twelve months of the date of this representation), and on the
     actuarial methods and assumptions employed for that valuation, the
     aggregate benefit liabilities of all such Guaranteed Pension Plans within
     the meaning of (S)4001 of ERISA did not exceed the aggregate value of the
     assets of all such Guaranteed Pension Plans, disregarding for this purpose
     the benefit liabilities and assets of any Guaranteed Pension Plan with
     assets in excess of benefit liabilities.

           7.16.4. Multiemployer Plans. Neither the Borrower nor any ERISA
                   ------------- -----
     Affiliate has incurred any material liability (including secondary
     liability) to any Multiemployer Plan as a result of a complete or partial
     withdrawal from such Multiemployer Plan under
<PAGE>

     (S)4201 of ERISA or as a result of a sale of assets described in (S)4204 of
     ERISA. Neither the Borrower nor any ERISA Affiliate has been notified that
     any Multiemployer Plan is in reorganization or insolvent under and within
     the meaning of (S)4241 or (S)4245 of ERISA or that any Multiemployer Plan
     intends to terminate or has been terminated under (S)4041A of ERISA.

     7.17. Use of Proceeds. The proceeds of the Revolving Credit Loans shall be
           --- -- --------
used to convert existing Indebtedness under the Existing Credit Agreements and
for working capital and general corporate purposes (including the financing of
Capital Expenditures). The Borrower will obtain Letters of Credit solely for
working capital and general corporate purposes. No portion of any Revolving
Credit Loan is to be used, and no portion of any Letter of Credit is to be
obtained, for the purpose of purchasing or carrying any "margin security" or
"margin stock" as such terms are used in Regulations U and X of the Board of
Governors of the Federal Reserve System, 12 C.F.R. Parts 221 and 224.

     7.18. Environmental Compliance. To the best of the Borrower's knowledge,
           ------------- ----------
except as disclosed on Schedule 7.18 attached hereto:
                       -------- ----

           (a)  none of the Borrower, its Subsidiaries or any operator of the
     Real Estate or any operations thereon is in violation, nor has the Borrower
     or any of its Subsidiaries received notice that it, or any operator of the
     Real Estate is in alleged violation, of any judgment, decree, order, law,
     license, rule or regulation pertaining to environmental matters, including
     without limitation, those arising under the Resource Conservation and
     Recovery Act ("RCRA"), the Comprehensive Environmental Response,
     Compensation and Liability Act of 1980 as amended ("CERCLA"), the Superfund
     Amendments and Reauthorization Act of 1986 ("SARA"), the Federal Clean
     Water Act, the Federal Clean Air Act, the Toxic Substances Control Act, or
     any state or local statute, regulation, ordinance, order or decree relating
     to health, safety or the environment (hereinafter "Environmental Laws"),
     which violation would have a material adverse effect on the environment or
     the business, assets or financial condition of the Borrower and its
     Subsidiaries considered as a whole;

           (b)  neither the Borrower nor any of its Subsidiaries has received
     notice from any third party including, without limitation: any federal,
     state or local governmental authority: (i) that any one of them has been
     identified by the United States Environmental Protection Agency ("EPA") as
     a potentially responsible party under CERCLA with respect to a site listed
     on the National Priorities List, 40 C.F.R. Part 300 Appendix B (1986); (ii)
     that any hazardous waste, as defined by 42 U.S.C. (S)6903(5), any hazardous
     substances as defined by 42 U.S.C. (S)9601(14), any pollutant or
     contaminant as defined by 42 U.S.C. (S)9601(33) and any toxic substances,
     oil or hazardous materials or other chemicals or substances regulated by
     any
<PAGE>

     Environmental Laws ("Hazardous Substances") which any one of them has
     generated, transported or disposed of has been found at any site at which a
     federal, state or local agency or other third party has conducted or has
     ordered that the Borrower or any of its Subsidiaries conduct a remedial
     investigation, removal or other response action pursuant to any
     Environmental Law; or (iii) except to the extent that the following would
     not have a material adverse effect on the business, assets of financial
     condition of the Borrower and its Subsidiaries, taken as a whole, that it
     is or shall be a named party to any claim, action, cause of action,
     complaint, or legal or administrative proceeding (in each case, contingent
     or otherwise) arising out of any third party's incurrence of costs,
     expenses, losses or damages of any kind whatsoever in connection with the
     release of Hazardous Substances;

          (c)  (i) no portion of the Real Estate has been used for the handling,
     processing, storage or disposal of Hazardous Substances other than in
     accordance with applicable Environmental Laws the noncompliance with which
     would have a material adverse effect on the business, assets or financial
     condition of the Borrower and its Subsidiaries, taken as a whole; and no
     underground tank or other underground storage receptacle for Hazardous
     Substances is located on any portion of the Real Estate in violation of any
     applicable Environmental Law the noncompliance with which would have a
     material adverse effect on the business, assets or financial condition of
     the Borrower and its Subsidiaries, taken as a whole; (ii) in the course of
     any activities conducted by the Borrower, its Subsidiaries or operators of
     such Person's properties, no Hazardous Substances have been generated or
     are being used on the Real Estate except in accordance (in all material
     respects) with applicable Environmental Laws the noncompliance with which
     would have a material adverse effect on the business, assets or financial
     condition of the Borrower and its Subsidiaries, taken as a whole; (iii)
     there have been no releases (i.e. any past or present releasing, spilling,
     leaking, pumping, pouring, emitting, emptying, discharging, injecting,
     escaping, disposing or dumping) or threatened releases of Hazardous
     Substances on, upon, into or from the properties of the Borrower or its
     Subsidiaries, which releases would have a material adverse effect on the
     value of any of the business, assets or financial condition of the Borrower
     and its Subsidiaries, taken as a whole; (iv) there have been no releases
     on, upon, from or into any real property in the vicinity of any of the Real
     Estate which, through soil or groundwater contamination, may have come to
     be located on any of the Real Estate, and which would have a material
     adverse effect on the business, assets or financial condition of the
     Borrower and its Subsidiaries, taken as a whole and (v) in addition, except
     to the extent that the following would not have a materially adverse effect
     on the business, assets, or financial conditions of the Borrower and its
     Subsidiaries, taken as a whole any Hazardous Substances that
<PAGE>

     have been generated on any of the Real Estate have been transported offsite
     only by carriers having an identification number issued by the EPA, treated
     or disposed of only by treatment or disposal facilities maintaining valid
     permits as required under applicable Environmental Laws, which transporters
     and facilities have been and are operating in compliance with such permits
     and applicable Environmental Laws; and

           (d)  none of the Borrower and its Subsidiaries, or any of the Real
     Estate is subject to any applicable environmental law requiring the
     performance of Hazardous Substances site assessments, or the removal or
     remediation of Hazardous Substances, or the giving of notice to any
     governmental agency or the recording or delivery to other Persons of an
     environmental disclosure document or statement by virtue of the
     transactions set forth herein and contemplated hereby.

     7.19. Subsidiaries, etc. As of the Closing Date, the Borrower's
           ------------  ---
Subsidiaries are AmeriKing Colorado, AmeriKing Tennessee and Indiana Holdings,
each of which is a wholly-owned Subsidiary of the Borrower, and AmeriKing
Indiana L.P., a Delaware limited partnership of which the Borrower is general
partner and Indiana Holdings is limited partner. None of the Subsidiaries are
Unrestricted Subsidiaries. Holdings is the record and beneficial owner of 100%
of the outstanding capital stock of the Borrower. AmeriKing is the record and
beneficial owner of 100% of the outstanding capital stock of Holdings. Except as
set forth on Schedule 7.19 hereto, neither the Borrower nor any Subsidiary of
             -------- ----
the Borrower is engaged in any joint venture or partnership with any other
Person.

     7.20. Chief Executive Offices. Each of the Borrower's, Holdings' and
           ----- --------- -------
AmeriKing's chief executive office is at 2215 Enterprise Drive, Suite 1502,
Westchester, Illinois 60154, at which location its books and records are kept.
The chief executive office of each Subsidiary is as set forth on Schedule 7.20
                                                                 -------- ----
hereto.

     7.21. Fiscal Year. Each of AmeriKing, Holdings and the Borrower has a
           ------ ----
fiscal year which is the twelve (12) months ending on the date set forth
opposite the respective years on Schedule 7.21 attached hereto.
                                 -------- ----

     7.22. Disclosure. All factual information (other than financial
           ----------
projections) furnished by AmeriKing, Holdings, the Borrower or any of their
Subsidiaries, including without limitation, all representations and warranties
made by AmeriKing, Holdings, the Borrower or any of their Subsidiaries in this
Credit Agreement or in any agreement, instrument, document, certificate,
statement or letter furnished to the Agent or any Bank by or on behalf of
AmeriKing, Holdings, the Borrower or any of their Subsidiaries in connection
with any of the transactions contemplated by any of the Revolver Loan Documents,
is true and accurate in all material respects and does not contain any untrue
statement of a material fact or
<PAGE>

omits to state a material fact necessary in order to make the statements
contained therein not misleading in light of the circumstances in which they are
made. There is no fact known to AmeriKing, Holdings or the Borrower as of the
Closing Date (other than general economic and political conditions affecting
business generally) which materially adversely affects, or which is reasonably
likely to in the future materially adversely affect, the financial position,
business, operations, or affairs of AmeriKing, Holdings, the Borrower and their
respective Subsidiaries taken as a whole.

     7.23. Insurance. The Borrower and each of its Subsidiaries maintains with
           ---------
financially sound and reputable insurers insurance with respect to its
properties and businesses against such casualties and contingencies as are in
accordance with general practices and businesses engaged in similar activities
and similar geographic areas, with the details of such coverage being more fully
described on Schedule 7.23 hereto.
             -------- ----

                           8. AFFIRMATIVE COVENANTS.
                              ---------------------

     Each of AmeriKing, Holdings and the Borrower covenant and agree that, so
long as any Revolving Credit Loan, Unpaid Reimbursement Obligation, Letter of
Credit or Revolving Credit Note is outstanding or any Bank has any obligation to
make any Revolving Credit Loans or the Agent has any obligation to issue, extend
or renew any Letters of Credit:

     8.1.  Punctual Payment. The Borrower will duly and punctually pay or cause
           -------- -------
to be paid the principal and interest on the Revolving Credit Loans, all
Reimbursement Obligations, the Letter of Credit Fees, the commitment fees, the
Agent's Fees and all other amounts provided for in this Credit Agreement and the
other Revolver Loan Documents to which the Borrower or any of its Subsidiaries
is a party, all in accordance with the terms of this Credit Agreement and such
other Revolver Loan Documents.

     8.2.  Maintenance of Office. Each of AmeriKing, Holdings and the Borrower
           ----------- -- ------
will maintain its chief executive office at 2215 Enterprise Drive, Suite 1502,
Westchester, Illinois 60154, or at such other place in the United States of
America as the Borrower shall designate upon written notice to the Agent, where
notices, presentations and demands to or upon AmeriKing, Holdings or the
Borrower in respect of the Revolver Loan Documents to which AmeriKing, Holdings
or the Borrower is a party may be given or made.

     8.3.  Records and Accounts. Each of AmeriKing, Holdings and the Borrower
           ------- --- --------
will (a) keep, and cause each of its Subsidiaries to keep, true and accurate
records and books of account in which full, true and correct entries will be
made in accordance with generally accepted accounting principles and (b)
maintain adequate accounts and reserves for all taxes (including income taxes),
depreciation, depletion, obsolescence and amortization of its properties and the
properties of its Subsidiaries, contingencies, and other reserves.
<PAGE>

     8.4.  Financial Statements, Certificates and Information. The Borrower will
           --------- ----------- ------------ --- -----------
deliver to the Agent, with sufficient copies for each of the Banks:

           (a)  as soon as practicable, but in any event not later than ninety
     (90) days after the end of each fiscal year of AmeriKing, Holdings and the
     Borrower, (i) the consolidated balance sheet of AmeriKing and its
     Subsidiaries as at the end of such year, and the related consolidated
     statement of income and consolidated statement of cash flow for such year,
     each setting forth in comparative form the figures for the previous fiscal
     year and all such consolidated statements to be in reasonable detail,
     prepared in accordance with generally accepted accounting principles, and
     certified without qualification by Deloitte & Touche or by other
     independent certified public accountants satisfactory to the Agent, and
     (ii) the unaudited consolidating balance sheet of AmeriKing and its
     Subsidiaries as at the end of such year, and the related unaudited
     consolidating statement of income and unaudited consolidating statements of
     cash flow for such year, each setting forth in comparative form the figures
     for the previous fiscal year and all such consolidating statements to be in
     reasonable detail, prepared by management in accordance with the past
     financial practice of AmeriKing and its Subsidiaries and that the
     information contained in such financial statements fairly presents the
     financial position of AmeriKing and its Subsidiaries on the date thereof
     and for the fiscal period then ended;

           (b)  as soon as practicable, but in any event not later than forty-
     five (45) days after the end of each of the first three fiscal quarters of
     the Borrower, copies of the unaudited consolidated and consolidating
     balance sheets of AmeriKing and its Subsidiaries each as at the end of such
     quarter, and the related consolidated and consolidating statements of
     income and consolidated and consolidating statements of cash flow for the
     portion of AmeriKing's fiscal year then elapsed, each setting forth in
     comparative form the figures for the previous fiscal year and a comparison
     setting forth the corresponding figures from the budgeted or projected
     figures set forth in the projections described in (S)7.4 hereof for such
     period and all in reasonable detail and prepared in accordance with
     generally accepted accounting principles, and in each case together with a
     certification by the principal financial or accounting officer of the
     Borrower that the information contained in such financial statements fairly
     presents the financial position of AmeriKing and its Subsidiaries on the
     date thereof and for the fiscal period then ended (subject to year-end
     adjustments).  Notwithstanding the foregoing, for the fiscal quarters
     ending September 24, 2001 and March 25, 2002 the Borrower shall be required
     to deliver the financial statements, certificates and information required
     in this (S)8.4(b) by a date which is not less than four (4) Business Days
     prior to the date on which any cash payments would be required to be made
     on the Holdings Senior Notes.
<PAGE>

          (c)  as soon as practicable, but in any event within twenty-one (21)
     days after the end of each month in each fiscal year of the Borrower,
     unaudited monthly consolidated and consolidating financial statements of
     AmeriKing and its Subsidiaries for such month, each setting forth in
     comparative form the figures for the previous fiscal year and a comparison
     setting forth the corresponding figures from the budgeted or projected
     figures set forth in the projections described in (S)7.4 for such period,
     prepared in accordance with generally accepted accounting principles,
     together with a certification by the principal financial or accounting
     officer of the Borrower that the information contained in such financial
     statements fairly presents the financial condition of AmeriKing and its
     Subsidiaries on the date thereof and for the fiscal period then ended
     (subject to year-end adjustments). Notwithstanding the foregoing, for the
     months ending closest to October 31, 2001 and April 30, 2002 the Borrower
     shall be required to deliver the financial statements, certificates and
     information required in this (S)8.4(c) by a date which is not less than
     four (4) Business Days prior to the date on which any cash payments would
     be required to be made on the Holdings Senior Notes;

          (d)  simultaneously with the delivery of the financial statements
     referred to in subsections (a) and (b) above, a statement certified by the
     principal financial or accounting officer of the Borrower in substantially
     the form of Exhibit C (the "Compliance Certificate") hereto and setting
                 ------- -
     forth in reasonable detail computations evidencing compliance with the
     covenants contained in (S)10 and (if applicable) reconciliations to reflect
     changes in generally accepted accounting principles since the Balance Sheet
     Date;

          (e)  contemporaneously with the filing or mailing thereof, copies of
     all material of a financial nature filed with the Securities and Exchange
     Commission or sent to the stockholders of AmeriKing,  or the Borrower;

          (f)  not later than the beginning of each fiscal year of the Borrower,
     projections of AmeriKing, Holdings, the Borrower and their Subsidiaries
     updating those projections delivered to the Banks and referred to in
     (S)7.4.2 or, if applicable, updating any later such projections delivered
     pursuant to this (S)8.4(f);

          (g)  contemporaneously with the delivery thereof, copies of all
     accountants' management letters delivered to AmeriKing, Holdings, the
     Borrower or any of their Subsidiaries; and

          (h)  from time to time such other financial data and information as
     the Agent or any Bank may reasonably request.

     The Banks and the Agent agree that they will treat in confidence all
financial information with respect to AmeriKing and its Subsidiaries which
<PAGE>

has not become public, and will not, without the consent of the Borrower,
disclose such information to any third party (other than an affiliate of such
Bank or the Agent), and, if any representative or agent of the Banks or the
Agent shall not be an employee of one of the Banks or the Agent or any affiliate
of the Banks or the Agent, such designee shall be reputable and of recognized
standing and shall agree to treat in confidence the information obtained during
any such inspection and, without the prior written consent of the Borrower, not
to disclose such information to any third party or make use of such information
for personal gain, it being agreed that such confidential information is
intended to be used primarily in connection with the evaluation of the
performance of AmeriKing, Holdings, the Borrower and their Subsidiaries by the
Banks under the Revolver Loan Documents and the enforcement of rights and
obligations under the Revolver Loan Documents, and are not to be used for the
purpose of evaluating whether to extend credit to or advise any direct
competitor of the Borrower. Notwithstanding the foregoing, the Borrower hereby
authorizes the Agent and each of the Banks to disclose information obtained
pursuant to this Credit Agreement which has not become public, to banks or other
financial institutions who are participants or assignees or potential
participants or assignees of the Revolving Credit Loans and/or Letters of Credit
made or to be made hereunder with the Borrower's consent, not to be unreasonably
withheld, and where required or requested by governmental or regulatory
authorities.

     8.5.  Notices.
           -------

           8.5.1. Defaults. The Borrower will give notice in writing to the
                  --------
     Agent promptly (but in no event later than five (5) days) of becoming aware
     of the occurrence of any Default or Event of Default. If any Person shall
     give any notice or take any other action in respect of a claimed default
     (whether or not constituting an Event of Default) under this Credit
     Agreement or any other note, evidence of indebtedness, indenture or other
     obligation to which or with respect to which the Borrower or any of its
     Subsidiaries is a party or obligor, whether as principal, guarantor, surety
     or otherwise, the Borrower shall forthwith give written notice thereof to
     the Agent and each of the Banks, describing the notice or action and the
     nature of the claimed default.

           8.5.2. Environmental Events. The Borrower will promptly give notice
                  ------------- ------
     to the Agent and each of the Banks (a) of any violation of any
     Environmental Law that the Borrower or any of its Subsidiaries reports in
     writing or is reportable by such Person in writing (or for which any
     written report supplemental to any oral report is made) to any federal,
     state or local environmental agency and (b) upon becoming aware thereof, of
     any inquiry, proceeding, investigation, or other action, including a notice
     from any agency of potential environmental liability, or any federal, state
     or local environmental agency or board, that has the potential to
     materially affect the assets,
<PAGE>

     liabilities, financial conditions or operations of the Borrower or any of
     its Subsidiaries, or the Agent's security interests pursuant to the
     Security Documents.

          8.5.3.  Notification of Claim against Collateral. The Borrower will,
                  ------------ -- ----- ------- ----------
     immediately upon becoming aware thereof, notify the Agent and each of the
     Banks in writing of any setoff, claims (including, with respect to the Real
     Estate, environmental claims), withholdings or other defenses
     (collectively, the "Collateral Claims") to which any of the Collateral, or
     the Agent's rights with respect to the Collateral, are subject if the
     amount of such Collateral Claim is in excess of $1,000,000 in the
     aggregate.

          8.5.4.  Notice of Litigation and Judgments. Each of AmeriKing,
                  ------ -- ---------- --- ---------

     Holdings and the Borrower will, and will cause each of its Subsidiaries to,
     give notice to the Agent and each of the Banks in writing within ten (10)
     Business Days of becoming aware of any litigation or proceedings threatened
     in writing or any pending litigation and proceedings affecting AmeriKing,
     Holdings the Borrower or any of their Subsidiaries or to which AmeriKing,
     Holdings the Borrower or any of their Subsidiaries is or becomes a party
     involving an uninsured claim of more than $2,500,000 against AmeriKing,
     Holdings, the Borrower or any of their Subsidiaries that could reasonably
     be expected to have a materially adverse effect on AmeriKing, Holdings, the
     Borrower or any of their Subsidiaries and stating the nature and status of
     such litigation or proceedings. Each of AmeriKing, Holdings and the
     Borrower will, and will cause each of its Subsidiaries to, give notice to
     the Agent and each of the Banks, in writing, in form and detail
     satisfactory to the Agent, within ten (10) Business Days of any judgment
     not covered by insurance, final or otherwise, against the Borrower or any
     of its Subsidiaries in an amount in excess of $1,000,000.

     8.6. Corporate Existence; Maintenance of Properties. Each of AmeriKing,
          --------- ---------- ----------- -- ----------
Holdings and the Borrower will do or cause to be done all things necessary to
preserve and keep in full force and effect its corporate existence, rights and
franchises and those of its Subsidiaries except as permitted under (S)9.5.1
hereof or the dissolution of any Subsidiary of the Borrower whose operation has
been discontinued if such dissolution is, in the judgment of the Borrower,
desirable in the conduct of its business and does not materially adversely
affect the business of the Borrower and its Subsidiaries on a consolidated
basis. Each (a) will cause all of its properties and those of its Subsidiaries
used or useful in the conduct of its business or the business of its
Subsidiaries to be maintained and kept in good condition, repair and working
order and supplied with all necessary equipment, (b) will cause to be made all
necessary repairs, renewals, replacements, betterments and improvements thereof,
all as in the judgment of AmeriKing, Holdings and the Borrower may be necessary
so that the business carried on in connection therewith may be properly and
<PAGE>

advantageously conducted at all times, and (c) will, and will cause each of its
Subsidiaries to, continue to engage primarily in the businesses now conducted by
them and in related businesses; provided that nothing in this (S)8.6 shall
                                --------
prevent AmeriKing, Holdings or the Borrower from discontinuing the operation and
maintenance of any of its properties or any of those of its Subsidiaries if such
discontinuance is, in the judgment of AmeriKing, Holdings or the Borrower, as
the case may be, desirable in the conduct of its or their business and does not
in the aggregate materially adversely affect the business of AmeriKing,
Holdings, the Borrower and their Subsidiaries on a consolidated basis.

     8.7.  Insurance. The Borrower will, and will cause each of its Subsidiaries
           ---------
to, maintain with financially sound and reputable insurers insurance with
respect to its properties and business against such casualties and contingencies
as shall be in accordance with the general practices of businesses engaged in
similar activities in similar geographic areas and in amounts, containing such
terms, in such forms and for such periods as may be reasonable and prudent and
in accordance with the terms of the Security Agreement and Schedule 7.23.
                                                           -------- ----

     8.8.  Taxes. Each of AmeriKing, Holdings and the Borrower will, and will
           -----
cause each of its Subsidiaries to, duly pay and discharge, or cause to be paid
and discharged, before the same shall become overdue, all taxes, assessments and
other governmental charges imposed upon it and its real properties, sales and
activities, or any part thereof, or upon the income or profits therefrom, as
well as all claims for labor, materials, or supplies that if unpaid might by law
become a lien or charge upon any of its property; provided that any such tax,
                                                  --------
assessment, charge, levy or claim need not be paid if the validity or amount
thereof shall currently be contested in good faith by appropriate proceedings
and if AmeriKing, Holdings, the Borrower or such Subsidiary shall have set aside
on its books adequate reserves with respect thereto; and provided further that
                                                         -------- -------
AmeriKing, Holdings, the Borrower and each Subsidiary of AmeriKing, Holdings and
the Borrower will pay all such taxes, assessments, charges, levies or claims
forthwith upon the commencement of proceedings to foreclose any lien that may
have attached as security therefor.

     8.9.  Inspection of Properties and Books, etc.
           ---------- -- ---------- --- ------ ---

           8.9.1. General. Each of AmeriKing, Holdings and the Borrower shall
                  -------
     permit the Banks, through the Agent or any of the Banks' other designated
     representatives, to (a) visit and inspect any of the properties of
     AmeriKing, Holdings, the Borrower or any of their Subsidiaries, (b) to
     examine the books of account of the Borrower and their Subsidiaries (and to
     make copies thereof and extracts therefrom), (c) to discuss the affairs,
     finances and accounts of AmeriKing, Holdings, the Borrower and their
     Subsidiaries with, and to be advised as to the same by, its and their
     officers, all at such reasonable times during normal business hours and at
     such

<PAGE>

     reasonable intervals as the Agent or any Bank may reasonably request and
     (d) conduct commercial finance examinations and appraisals of assets, all
     at such reasonable times during normal business hours and such reasonable
     intervals as the Agent or any Bank may reasonably request. Each of the
     Banks agrees that it will treat in confidence the information obtained
     during any inspection which is designated by the Borrower as confidential
     and will not, without the consent of the Borrower disclose such information
     to any third party and, if any representative or agent of any Bank or the
     Agent shall not be an employee of such Bank or the Agent, as the case may
     be, or any affiliate of such Bank or the Agent, as the case may be, such
     designee shall be reputable and of recognized standing and shall agree in
     writing to treat in confidence the information obtained during any such
     inspection and, without the prior written consent of the Borrower, not to
     disclose such information to any third party or make use of such
     information for personal gain. Notwithstanding the foregoing, the Banks and
     the Agent may disclose information obtained pursuant to this Credit
     Agreement to other banks or financial institutions who are potential
     participants or potential assignees or participants in the Revolving Credit
     Loans made or to be made hereunder with the Borrower's consent, not to be
     unreasonably withheld, and where required or requested by governmental or
     regulatory authorities.

          8.9.2.  Communications with Accountants. Each of AmeriKing, Holdings
                  -------------- ---- -----------
     and the Borrower authorizes the Agent and, if accompanied by the Agent, the
     Banks, to communicate directly with AmeriKing's, Holdings' and the
     Borrower's independent certified public accountants and authorizes such
     accountants to disclose to the Agent and the Banks any and all financial
     statements and other supporting financial documents and schedules including
     copies of any management letter with respect to the business, financial
     condition and other affairs of AmeriKing, Holdings, the Borrower or any of
     their Subsidiaries. At the request of the Agent, the Borrower shall deliver
     a letter addressed to such accountants instructing them to comply with the
     provisions of this (S)8.9.2.

          8.9.3.  Environmental Assessments. The Agent may, from time to time,
                  ------------- -----------
     in its discretion, obtain one or more environmental assessments or audits
     of any Mortgaged Property prepared by a hydrogeologist, an independent
     engineer or other qualified consultant or expert approved by the Agent to
     evaluate or confirm (a) whether any Hazardous Materials are present in the
     soil or water at such Mortgaged Property and (b) whether the use and
     operation of such Mortgaged Property complies with all Environmental Laws.
     Environmental assessments may include detailed visual inspections of such
     Mortgaged Property including any and all storage areas, storage tanks,
     drains, dry wells, and leaching areas, and the taking of soil samples,
     surface water samples and ground water samples, as
<PAGE>

     well as such other investigations or analysis as the Agent deems
     appropriate. The Agent shall provide the Borrower with written notice prior
     to beginning any such assessment and shall provide the Borrower with
     reasonable detail as to the scope of work to be conducted. In addition, the
     Borrower shall be given the option to engage consultants reasonably
     acceptable to the Agent to conduct and completes such assessments such
     assessments on behalf of the Agent, provided the Borrower commences within
                                         --------
     a reasonable time of the request by the Agent for such assessment. After
     the occurrence and during the continuance of an Event of Default all such
     environmental assessments shall be conducted and made at the expense of the
     Borrower.

     8.10.  Compliance with Laws, Contracts, Licenses, and Permits. Each of
            ---------- ---- ----- ---------- --------- --- -------
AmeriKing, Holdings and the Borrower will, and will cause each of its
Subsidiaries to, comply with (a) the applicable laws and regulations wherever
its business is conducted, including all Environmental Laws the noncompliance
with which would have a material adverse affect on the business, assets or
financial condition of AmeriKing, Holdings, the Borrower and their Subsidiaries
considered as a whole or the ability of AmeriKing, Holdings or the Borrower or
any of their Subsidiaries to fulfill its obligations under this Credit Agreement
or the other Revolver Loan Documents to which such Person is a party, (b) the
provisions of its charter documents and by-laws, (c) all agreements and
instruments by which it or any of its properties may be bound, including,
without limitation, all leases, and Franchise Agreements, the noncompliance with
which could have a material adverse effect on the business, assets or financial
condition of AmeriKing, Holdings, the Borrower and their Subsidiaries considered
as a whole or the ability of AmeriKing, Holdings or the Borrower or any of their
Subsidiaries to fulfill its obligations under this Credit Agreement or the other
Revolver Loan Documents to which such Person is a party, and (d) all applicable
decrees, orders, and judgments the noncompliance with which could have a
material adverse affect on the business, assets or financial condition of
AmeriKing, Holdings, the Borrower and their Subsidiaries considered as a whole
or the ability of AmeriKing, Holdings or the Borrower or any of their
Subsidiaries to fulfill its obligations under this Credit Agreement or the other
Revolver Loan Documents to which such Person is a party. If any authorization,
consent, approval, permit or license from any officer, agency or instrumentality
of any government shall become necessary or required in order that AmeriKing,
Holdings, the Borrower or any of their Subsidiaries may fulfill any of its
obligations hereunder or any of the other Revolver Loan Documents to which such
Person is a party, AmeriKing, Holdings or the Borrower will, or (as the case may
be) will cause such Subsidiary to, immediately take or cause to be taken all
reasonable steps within the power of such Person to obtain such authorization,
consent, approval, permit or license and furnish the Agent and the Banks with
evidence thereof.
<PAGE>

     8.11.  Employee Benefit Plans. Each of AmeriKing, Holdings and the Borrower
            -------- ------- -----
will (a) promptly upon filing the same with the Department of Labor or Internal
Revenue Service upon request of the Agent, furnish to the Agent a copy of the
most recent actuarial statement required to be submitted under (S)103(d) of
ERISA and Annual Report, Form 5500, with all required attachments, in respect of
each Guaranteed Pension Plan and (b) promptly upon receipt or dispatch, furnish
to the Agent any notice, report or demand sent or received in respect of a
Guaranteed Pension Plan under (S)(S)302, 4041, 4042, 4043, 4063, 4065, 4066 and
4068 of ERISA, or in respect of a Multiemployer Plan, under (S)(S)4041A, 4202,
4219, 4242, or 4245 of ERISA.

     8.12.  Use of Proceeds. The Borrower will use the proceeds of the Revolving
            --- -- --------
Credit Loans to convert existing Indebtedness under the Existing Credit
Agreements and for general corporate and working capital purposes (including the
financing of Capital Expenditures). The Borrower will obtain Letters of Credit
solely for general corporate and working capital purposes.

     8.13.  Fair Labor Standards Act. Each of AmeriKing, Holdings and the
            ---- ----- --------- ---
Borrower will, and will cause each of their Subsidiaries to, at all times
operate its business in compliance with all material applicable provisions of
the Fair Labor Standards Act of 1938, as amended. None of the inventory of
AmeriKing, Holdings, the Borrower or any of their Subsidiaries are or will be
produced by employees of (a) AmeriKing, Holdings, the Borrower or any of their
Subsidiaries, or (b) to the best knowledge of AmeriKing, Holdings, the Borrower
and each of their Subsidiaries, by employees of suppliers, who are, in each
case, employed in violation of the minimum wage or maximum hour provisions of
the Fair Labor Standards Act (29 U.S.C. (S)(S)206 and 207) or any regulations
promulgated thereunder, in each case, as in effect from time to time.

     8.14.  Further Assurances. Each of AmeriKing, Holdings and the Borrower
            ------- ----------
will, and will cause each of its Subsidiaries to, cooperate with the Banks and
the Agent and execute such further instruments and documents as the Banks or the
Agent shall reasonably request to carry out to their satisfaction the
transactions contemplated by this Credit Agreement and the other Revolver Loan
Documents.

     8.15.  Mortgaged Property. If, after the Closing Date, the Borrower or any
            --------- --------
of its Restricted Subsidiaries acquires in any one transaction or a series of
related transactions real estate with either a fair market value or acquisition
price of more than $1,000,000, and the Borrower or such Restricted Subsidiary,
as the case may be, does not sell such real property pursuant to the terms and
conditions set forth in (S)9.5.2(f) hereof or refinance the purchase price of
such real property pursuant to the terms and conditions set forth in (S)9.1(o)
hereof in either case within 180 days of acquiring such real property, the
Borrower or such Restricted Subsidiary, as the case may be, shall
<PAGE>

forthwith deliver to the Agent, if the Agent so requests, a fully executed
mortgage or deed of trust over such real estate (which shall exclude fixtures,
furniture and equipment), in form and substance satisfactory to the Agent,
together with title insurance policies, Surveys, Surveyor Certificates,
evidences of insurance with the Agent named as loss payee and additional
insured, legal opinions and other documents and certificates with respect to
such real estate consistent with the Mortgages and related documents delivered
hereunder. In addition, if, after the Closing Date, the Borrower or any of its
Restricted Subsidiaries leases any real estate and, immediately after giving
effect to such lease, a single landlord and/or its affiliates other than BKC
owns twenty (20) or more pieces of real property leased to the Borrower or any
of the Restricted Subsidiaries, the Borrower or such Restricted Subsidiary, as
the case may be, shall use commercially reasonable efforts to obtain and deliver
to the Agent, if the Agent so requests, a fully executed leasehold mortgage or
leasehold deed of trust over all such real estate (which shall exclude fixtures,
furniture and equipment) owned by such landlord and/or its affiliates, in form
and substance satisfactory to the Agent, together with title insurance policies,
Surveys, Surveyor Certificates, evidences of insurance with the Agent named as
loss payee and additional insured, legal opinions and other documents and
certificates with respect to such real estate consistent with the Mortgages and
related documents delivered hereunder. The Borrower further agrees that,
following the taking of any such actions with respect to such real estate, the
Agent shall have for the benefit of the Banks and the Agent a valid and
enforceable first priority mortgage or deed of trust over such real estate, free
and clear of all defects and encumbrances except for Permitted Liens.

     8.16.  Class of Stock. Each of Holdings, the Borrower and its Subsidiaries
            ----- -- -----
shall at all times have a voting class of capital stock and a non-voting class
of capital stock, provided that not less than ninety-five percent (95%) of the
                  --------
value of the capital stock of Holdings, the Borrower or such Subsidiary, as the
case may be, shall be represented by the non-voting class of capital stock.

     8.17.  Guarantees of AmeriKing Tennessee and AmeriKing Colorado. The
            ---------- -- --------- --------- --- --------- --------
Borrower will cause each of AmeriKing Tennessee and AmeriKing Colorado to become
a Guarantor hereunder, and execute and deliver to the Agent all Security
Documents which would otherwise be required from a Restricted Subsidiary at the
earliest practicable date, but not later than 60 days following the earlier to
occur of (a) the repayment of all Indebtedness incurred by each such Subsidiary
prior to the Closing Date and (b) the date on which any agreement, document or
instrument which otherwise prohibits such Subsidiary from being a Guarantor
hereunder and pledging its assets to the Agent no longer contains such
prohibitions.

     8.18.  New Subsidiaries. If, after the Closing Date, AmeriKing, Holdings
            --- ------------
or any of their Subsidiaries creates or acquires, either directly or indirectly,
any Subsidiary, it will immediately notify the Agent of such
<PAGE>

creation or acquisition, as the case may be, and provide the Agent with an
update to the representation contained in (S)7.19 hereof. In addition, within
thirty (30) days of the creation or acquisition of each new Restricted
Subsidiary, the Borrower will cause such Restricted Subsidiary to become a
guarantor hereunder, and the Borrower shall cause such Restricted Subsidiary to
execute and deliver to the Agent for the benefit of the Agent and the Banks (a)
a Guarantee in form and substance satisfactory to the Agent and (b) further
Security Documents or other instruments and documents as the Agent may
reasonably require in order to grant to the Agent a first priority perfected
Security Interest (subject only to Permitted Liens) on such Subsidiary's assets,
together with legal opinions in form and substance reasonably satisfactory to
the Agent to be delivered to the Agent opining as to the authorization, validity
and enforceability of such Guarantee and Security Documents and, as to the
applicable Security Documents, the perfection of such Security Interests.

     8.19. Replacement Instruments. Upon receipt of an affidavit of an officer
           ----------- -----------
of the Agent or any Bank as to the loss, theft, destruction or mutilation of any
Revolving Credit Note or Security Document, and, in the case of any such loss,
theft, destruction or mutilation, upon cancellation of such Revolving Credit
Note or Security Document, as the case may be, the Borrower shall issue, in lieu
thereof, a replacement Revolving Credit Note in the same principal amount
thereof and otherwise of like tenor or, as the case may be, a replacement
Security Document.

                        9.  CERTAIN NEGATIVE COVENANTS.
                            ------- -------- ---------

     Each of AmeriKing, Holdings and the Borrower covenant and agree that, so
long as any Revolving Credit Loan, Unpaid Reimbursement Obligation, Letter of
Credit or Revolving Credit Note is outstanding or any Bank has any obligation to
make any Revolving Credit Loans or the Agent has any obligations to issue,
extend or renew any Letters of Credit:

     9.1.  Restrictions on Indebtedness. Each of AmeriKing, Holdings and the
           ------------ -- ------------
Borrower will not, and will not permit any of its Subsidiaries to, create,
incur, assume, guarantee or be or remain liable, contingently or otherwise, with
respect to any Indebtedness other than:

           (a)  Indebtedness to the Banks and the Agent arising under any of the
     Revolver Loan Documents;

           (b)  current liabilities of AmeriKing, Holdings, the Borrower or such
     Subsidiary incurred in the ordinary course of business not incurred through
     (i) the borrowing of money, or (ii) the obtaining of credit except for
     credit on an open account basis customarily extended and in fact extended
     in connection with normal purchases of goods and services;

           (c)  Indebtedness in respect of taxes, assessments, governmental
     charges or levies and claims for labor, materials and
<PAGE>

     supplies to the extent that payment therefor shall not at the time be
     required to be made in accordance with the provisions of (S)8.8;

          (d)  Indebtedness in respect of judgments or awards that have been in
     force for less than the applicable period for taking an appeal so long as
     execution is not levied thereunder and AmeriKing, Holdings, the Borrower or
     such Subsidiary shall at the time in good faith be prosecuting an appeal or
     proceedings for review and in respect of which a stay of execution shall
     have been obtained pending such appeal or review;

          (e)  endorsements for collection, deposit or negotiation and
     warranties of products or services, in each case incurred in the ordinary
     course of business;

          (f)  Subordinated Debt;

          (g)  Indebtedness consisting of (i) unsecured Indebtedness of
     AmeriKing, Holdings, the Borrower and the Restricted Subsidiaries not
     otherwise permitted hereunder, (ii) obligations of the Borrower and the
     Restricted Subsidiaries under Capitalized Leases, and (iii) purchase money
     Indebtedness incurred in connection with the acquisition after the date
     hereof of any real or personal property by the Borrower or such Restricted
     Subsidiary in an amount not to exceed $5,000,000 in the aggregate, provided
                                                                        --------
     that neither the Borrower nor such Restricted Subsidiary shall be permitted
     to finance more than one hundred percent (100%) of the fair market value of
     the property acquired, and further provided, that the aggregate principal
                                ------- --------
     amount of all such Indebtedness permitted under this clause (g) shall not
     exceed $5,000,000 outstanding at any one time;

          (h)  Indebtedness existing on the date hereof and listed and described
     on Schedule 9.1 hereto;
        -------- ---

          (i)  Indebtedness in respect of interest rate protection arrangements
     so long as such arrangements are purchased from or issued by any of the
     Banks;

          (j)  Indebtedness in respect of performance, surety, statutory, appeal
     or similar bonds obtained in the ordinary course of business;

          (k)  Indebtedness to BKC arising under the Franchise Agreements or the
     Leases (including, but not limited to, (i) any guaranty by AmeriKing and/or
     Holdings of the Borrower's obligations to BKC under the Franchise
     Agreements or the Leases or (ii) any guaranty by the Borrower or a
     Restricted Subsidiary of another Restricted Subsidiary's obligations to BKC
     under the Franchise Agreements or the Leases);
<PAGE>

          (l)  Indebtedness to TJC Management Corp. and AmeriKing arising under
     the Management Agreement and Tax Sharing Agreement;

          (m)  Indebtedness of the Borrower or any of its Subsidiaries incurred
     to refinance or replace Indebtedness of such Person permitted under clause
     (f) hereof, provided, that (i) the principal amount (or committed principal
                 --------
     amount) of such refinancing Indebtedness shall not exceed the outstanding
     principal amount (or committed principal amount) of the Indebtedness being
     refinanced, (ii) the terms of such refinancing Indebtedness are no more
     onerous to the Borrower or such Subsidiary, as applicable, than the terms
     of the Indebtedness being refinanced, and (iii) the Majority Banks shall
     have consented to the incurrence of such refinancing Indebtedness, such
     consent not to be unreasonably withheld;

          (n)  Indebtedness consisting of obligations of the Borrower or any of
     its Subsidiaries under any operating lease or real estate lease other than
     guarantees by AmeriKing, Holdings, the Borrower or any Restricted
     Subsidiary of the obligations under any operating lease or real estate
     lease of an Unrestricted Subsidiary;

          (o)  Indebtedness of AmeriKing, Holdings, the Borrower or any
     Restricted Subsidiary of the Borrower consisting of Indebtedness to either
     (i) refinance purchase money Indebtedness incurred in connection with the
     acquisition after the date hereof of any real property or (ii) refinance
     the purchase price paid by AmeriKing, Holdings, the Borrower or such
     Restricted Subsidiary in connection with the acquisition after the date
     hereof of any real property, provided (1) such Indebtedness is incurred
                                  --------
     within 180 days of the initial acquisition of such real property; (2) the
     proceeds of such Indebtedness are immediately applied first to repay the
     outstanding amount of the purchase money Indebtedness incurred in
     connection with such acquisition and second, to repay the outstanding
     principal amount of the Revolving Credit Loans and (3) the aggregate
     outstanding amount of such Indebtedness permitted by this (S)9.1(o), when
     taken together with the outstanding amount of all Indebtedness permitted by
     (S)9.1(g)(iii) shall not exceed $5,000,000 outstanding at any one time;

          (p)  Indebtedness of any Unrestricted Subsidiary;

          (q)  Indebtedness of AmeriKing arising under the AmeriKing Senior
     Notes not to exceed $2,000,000 in the aggregate amount;

          (r)  Indebtedness of Holdings arising under the Holdings Senior Notes;

          (s)  Indebtedness of Holdings arising under the Holdings Senior PIK
     Notes;
<PAGE>

Notwithstanding anything to the contrary contained in this (S)9.1, in no event
shall Holdings, the Borrower or its Restricted Subsidiaries, after the Closing
Date, incur Indebtedness under (S)9.1(g) or (o) hereunder if (a) an Event of
Default exists or would exist after giving effect to the incurrence of such
additional Indebtedness or (b) such an incurrence is not otherwise permitted
pursuant to Section 4.07 of the Holdings Senior Notes Indenture or Section 4.07
of the Holdings Senior PIK Notes Indenture.

     9.2   Restrictions on Liens. None of AmeriKing, Holdings and the Borrower
           ---------------------
will, nor will any of them permit any of their respective Subsidiaries to, (a)
create or incur or suffer to be created or incurred or to exist any lien,
encumbrance, mortgage, pledge, charge, restriction or other security interest of
any kind upon any of its property or assets of any character whether now owned
or hereafter acquired, or upon the income or profits therefrom; (b) transfer any
of such property or assets or the income or profits therefrom for the purpose of
subjecting the same to the payment of Indebtedness or performance of any other
obligation in priority to payment of its general creditors; (c) acquire, or
agree or have an option to acquire, any property or assets upon conditional sale
or other title retention or purchase money security agreement, device or
arrangement; (d) suffer to exist for a period of more than thirty (30) days
after the same shall have been incurred any Indebtedness or claim or demand
against it that if unpaid might by law or upon bankruptcy or insolvency, or
otherwise, be given any priority whatsoever over its general creditors; or (e)
sell, assign, pledge or otherwise transfer any accounts, contract rights,
general intangibles, chattel paper or instruments, with or without recourse;
provided that AmeriKing, Holdings, the Borrower and any Subsidiary of AmeriKing,
--------
Holdings or the Borrower may create or incur or suffer to be created or incurred
or to exist:

           (i)   liens to secure taxes, assessments and other government charges
     in respect of obligations not overdue or liens on properties to secure
     claims for labor, material or supplies in respect of obligations not
     overdue;

           (ii)  deposits or pledges made in connection with, or to secure
     payment of, workmen's compensation, unemployment insurance, old age
     pensions or other social security obligations;

           (iii) liens on properties other than the Mortgaged Properties in
     respect of judgments or awards, the Indebtedness with respect to which is
     permitted by (S)9.1(d);

           (iv)  liens of carriers, warehousemen, mechanics and materialmen, and
     other like liens on properties, in existence less than 120 days from the
     date of creation thereof in respect of obligations not overdue;

           (v)   encumbrances on Real Estate other than the Mortgaged Properties
     consisting of easements, rights of way, zoning restrictions,
<PAGE>

     restrictions on the use of real property and defects and irregularities in
     the title thereto, landlord's or lessor's liens under leases to which
     AmeriKing, Holdings, the Borrower or a Subsidiary of AmeriKing, Holdings or
     the Borrower is a party, and other minor liens or encumbrances none of
     which in the opinion of AmeriKing, Holdings or the Borrower interferes
     materially with the use of the property affected in the ordinary conduct of
     the business of AmeriKing, Holdings, the Borrower and their Subsidiaries,
     which defects do not individually or in the aggregate have a materially
     adverse effect on the business of the Borrower individually or of
     AmeriKing, Holdings, the Borrower and their Subsidiaries on a consolidated
     basis;

           (vi)   liens existing on the date hereof and listed on Schedule 9.2
                                                                  -------- ---
     hereto;

           (vii)  purchase money security interests in or purchase money
     mortgages on real or personal property of the Borrower and its Subsidiaries
     acquired after the date hereof to secure purchase money Indebtedness of the
     type and amount permitted by (S)9.1(g), incurred in connection with the
     acquisition of such property, which security interests or mortgages cover
     only the real or personal property so acquired;

           (viii) liens in favor of the Agent for the benefit of the Banks and
     the Agent under the Revolver Loan Documents and liens in favor of any Bank
     to secure interest rate protection arrangements and other derivative
     contracts permitted pursuant to (S)9.1(i);

           (ix)   liens in favor of BKC to the extent provided in the Franchise
     Agreements and Leases; and

           (x)    liens on assets of the Unrestricted Subsidiaries securing
     indebtedness permitted under (S)9.1(p).

     9.3. Restrictions on Investments. None of AmeriKing, Holdings and the
          ---------------------------

Borrower will, nor will any of them permit any of their Subsidiaries to, make or
permit to exist or to remain outstanding any Investment except Investments in:

           (a)    marketable direct or guaranteed obligations of the United
     States of America that mature within one (1) year from the date of purchase
     by AmeriKing, Holdings or the Borrower;

           (b)    demand deposits, certificates of deposit, bankers acceptances
     and time deposits of United States banks having total assets in excess of
     $500,000,000;

           (c)    securities commonly known as "commercial paper" issued by a
     corporation organized and existing under the laws of the United States of
     America or any state thereof that at the time of purchase
<PAGE>

     have been rated and the ratings for which are not less than "P 1" if rated
     by Moody's Investors Services, Inc., and not less than "A 1" if rated by
     Standard and Poor's;

           (d)  Repurchase agreements secured by any one or more of the
     foregoing;

           (e)  Investments existing on the date hereof and listed on Schedule
                                                                      -------
     9.3 hereto and in amounts not to exceed the amounts listed on Schedule 9.3
     ---                                                           -------- ---
     hereto;

           (f)  Investments consisting of the Guarantees;

           (g)  Investments by the Borrower in any of its Restricted
     Subsidiaries, provided, such Restricted Subsidiary has complied with
                   --------
     (S)8.17 and/or 8.18 hereof (including executing and delivering to the Agent
     for the benefit of the Agent and the Banks a guaranty and security
     agreement) and such Investments do not exceed, in the aggregate, $7,500,000
     outstanding at any one time;

           (h)  Investments by the Borrower consisting of Distributions
     permitted by (S)9.4;

           (i)  Investments by Unrestricted Subsidiaries in Persons other than
     AmeriKing, Holdings, the Borrower or any Restricted Subsidiary;

           (j)  shares of any so-called "money market fund" provided, that such
                                                            --------
     fund is registered under the Investment Company Act of 1940, has net assets
     in excess of $100,000,000, has an investment portfolio with an average
     maturity of 365 days or less, and invests substantially all of its assets
     in Investments of the types listed in clauses (a), (b) and (c) above; and

           (k)  Investments by the Borrower or any of its Subsidiaries made in
     connection with any Indebtedness permitted under (S)9.1(l) hereof.

     9.4. Distributions. Neither Holdings nor AmeriKing will make any
          -------------
Distributions, and neither the Borrower nor any of its Subsidiaries will make
any Restricted Payments, other than dividends or payments:

           (a)  by the Borrower and Holdings to AmeriKing required under the Tax
     Sharing Agreement to permit AmeriKing to pay income, franchise and other
     taxes and governmental levies owed or payable by AmeriKing, provided such
                                                                 --------
     dividends or payments shall not be made earlier than fifteen (15) days
     prior to the date such payments are due and payable pursuant to the Tax
     Sharing Agreement;
<PAGE>

          (b)  by the Borrower to AmeriKing to permit AmeriKing and/or Holdings
     to pay director fees (not to exceed $100,000 in the aggregate in any
     calendar year);

          (c)  so long as no Default or Event of Default exists and is
     continuing at the time of such payment or would result therefrom, payments
     by the Borrower to Holdings or AmeriKing, as the case may be, to permit
     Holdings or AmeriKing, as the case may be, to (i) fund indemnity payments
     required by Holdings' or AmeriKing's certificate of incorporation or by-
     laws or director indemnity agreements existing on the date hereof, (ii) pay
     filing, registration and reporting fees and expenses, and fees and expenses
     associated with state qualifications and other state, federal or regulatory
     compliance matters, (iii) comply with expense reimbursement and indemnity
     provisions under the Management Agreement, (iv) make required payments of
     interest on AmeriKing Senior Notes provided the Borrower shall only be
                                        --------
     permitted to make such payments to AmeriKing in each fiscal year up to an
     aggregate amount equal to the amount of interest AmeriKing is required to
     pay in cash on the AmeriKing Senior Notes in and with respect to such
     fiscal year and solely for the purpose of making such interest payments,
     provided, however, such amount shall not include any Restricted Payments to
     --------  -------
     fund any increases in the rate of interest on such Senior Notes after the
     Closing Date, (v) make required payments of interest on the Holdings Senior
     Notes provided the Borrower shall only be permitted to make such payments
           --------
     to Holdings in each fiscal year up to an aggregate amount equal to the
     amount of interest Holdings' is required to pay in cash on the Holdings
     Senior Notes in and with respect to such fiscal year at a per annum rate of
     10.75% and solely for the purpose of making such interest payments,

     provided, however, such amount shall not include any Restricted Payments to
     --------  -------
     fund any increases in the rate of interest on such Holdings Senior Notes
     after the Closing Date, and (vi) comply with any expense reimbursement
     provisions under the Capitalization Documents.  Notwithstanding anything to
     the contrary contained in this (S)9.4, (a) any payments permitted by
     (S)9.4(c)(i)-(iii) and (S)9.4(c)(vi) shall not be made earlier than fifteen
     (15) days prior to the date such payments are due and payable by Holdings
     and/or AmeriKing and (b) payments permitted by this (S)9.4(c)(iv)-(v) shall
     not be made earlier than the later to occur of (A) fifteen (15) days prior
     to the date such payments are due and payable by Holdings or AmeriKing and
     (B) delivery of a Compliance Certificate evidencing compliance with each of
     the financial covenants contained in (S)10;

          (d)  by any Subsidiary of the Borrower to the Borrower.

     9.5. Merger, Consolidation and Disposition of Assets.
          -----------------------------------------------

          9.5.1.  Mergers and Acquisitions. None of AmeriKing, Holdings nor the
                  ------------------------
     Borrower will, nor will any of them permit any of
<PAGE>

     their respective Subsidiaries to, become a party to any merger or
     consolidation, or agree to or effect any asset acquisition or stock
     acquisition (other than the acquisition of assets in the ordinary course of
     business consistent with past practices) except (a) the merger or
     consolidation of one or more of the Subsidiaries of AmeriKing (other than
     the Borrower), Holdings (other than the Borrower) or the Borrower with and
     into its parent provided, that the survivor of such merger may not be an
                     --------
     Unrestricted Subsidiary, (b) the merger or consolidation of two or more
     Subsidiaries of AmeriKing, Holdings (other than the Borrower) or the
     Borrower, provided that the survivor of such merger may not be an
               --------
     Unrestricted Subsidiary unless the merger involves only Unrestricted
     Subsidiaries, (c) development by the Borrower of those BKC Restaurants
     listed on Schedule 9.5.1, (d) acquisitions or development by the Borrower
               -------- -----
     or any Restricted Subsidiary of the assets and businesses of BKC
     Restaurants, or real estate upon which a restaurant is located or is
     intended to be located, provided (i) such acquisitions and/or developments
                             --------
     can be made in accordance with (S)9.18, (ii) the expenditures for such
     acquisitions can be made in accordance with (S)10.5, (iii) no Default or
     Event of Default exists at the time of such acquisition or after giving
     effect thereto, and (iv) the Borrower or the Restricted Subsidiary, as the
     case may be, has taken all necessary actions to grant to the Agent a first
     priority perfected lien in such assets other than those assets which are
     not permitted to be encumbered by any Franchise Agreement or lease
     affecting such restaurant.

          In the event any new Restricted Subsidiary is formed as a result of or
     in connection with any acquisition or development, the Revolver Loan
     Documents shall be amended and/or supplemented as necessary to make the
     terms and conditions of the Revolver Loan Documents applicable to such
     Restricted Subsidiary.

          9.5.2.  Disposition of Assets. None of AmeriKing, Holdings nor the
                  ---------------------

     Borrower will, nor will any of them permit any of their respective
     Subsidiaries to, become a party to or agree to or effect any disposition of
     assets, other than (a) the sale of inventory in the ordinary course of
     business, consistent with past practices, (b) the disposition of obsolete
     assets which are no longer used or useful in current or planned business
     operations of such Person, (c) the disposition of assets in the ordinary
     course of business, consistent with past practices, (d) the disposition of
     assets in accordance with (S)9.18, (e) the sale of up to a maximum number
     of ten (10) BKC Restaurants (or more to the extent the Borrower has
     obtained the prior written consent of the Agent for any sales in excess of
     such ten) so long as the Net Sale Proceeds received from such sale are
     immediately used to repay the Revolving Credit Loans and reduce the Total
     Revolver Commitment by such amount, (f) so long as no Default or Event of
     Default has occurred and is continuing, the sale of any
<PAGE>

     real property acquired by the Borrower or any Restricted Subsidiary after
     the date hereof, provided (i) such sale occurs within 180 days after the
                      --------
     Borrower or such Restricted Subsidiary initially acquires such real
     property; (ii) the Borrower or such Restricted Subsidiary receives cash
     proceeds from such sale of not less than the fair market value of such real
     property; (iii) the Borrower or such Restricted Subsidiary receives the
     entire purchase price for such real property in cash; and (iv) the cash
     proceeds of such sale are applied first to repay the outstanding amount of
     the purchase money Indebtedness incurred in connection with the acquisition
     of such real property and second to repay the outstanding principal amount
     of the Revolving Credit Loans, and reduce the Total Revolver Commitment by
     the amount of such repayment.

          Notwithstanding anything to the contrary contained in this (S)9.5,
     neither AmeriKing, Holdings nor any of their respective Subsidiaries shall
     be permitted to dispose of any assets or take (or omit to take) any action
     in connection with any asset sale or other asset disposition or engage in
     any other transaction which action (or omission) would require or result in
     any repayment, repurchase or redemption (or any mandatory offer to repay,
     repurchase or redeem) by AmeriKing or Holdings or any of their Subsidiaries
     of (a) the Holdings Senior Notes pursuant to the Section 4.14 of the
     Holdings Senior Notes Indenture or (b) the Holdings Senior PIK Notes
     pursuant to Section 4.14 of the Holdings Senior PIK Notes Indenture.

     9.6. Sale and Leaseback. Except as set forth on Schedule 9.6 hereto or as
          ------------------                         -------- ---
expressly permitted pursuant to (S)9.5.2 hereof, none of AmeriKing, Holdings nor
the Borrower will, nor will any of them permit any of their respective
Subsidiaries to, enter into any arrangement, directly or indirectly, whereby
AmeriKing, Holdings, the Borrower or any Subsidiary of AmeriKing, Holdings or
the Borrower shall sell or transfer any property owned by it in order then or
thereafter to lease such property or lease other property that AmeriKing,
Holdings or the Borrower or any Subsidiary of AmeriKing, Holdings or the
Borrower intends to use for substantially the same purpose as the property being
sold or transferred, provided, however, that AmeriKing, Holdings, the Borrower
or any of their Subsidiaries may enter into such sale-leaseback transactions to
the extent that the Indebtedness incurred in connection with such transactions
is permitted under (S)9.1(g) hereof.

     9.7. Compliance with Environmental Laws. Except as set forth on Schedule
          ----------------------------------                         --------
9.7 hereto, none of AmeriKing, Holdings nor the Borrower will, nor will any of
---
them permit any of their respective Subsidiaries to, (a) use any of the Real
Estate or any portion thereof for the handling, processing, storage or disposal
of Hazardous Substances in violation of any Environmental Law the noncompliance
with which would have a material adverse effect on the business, assets or
financial condition of AmeriKing, Holdings, the Borrower or their Subsidiaries
taken as a whole, (b) cause or permit to be located on
<PAGE>

any of the Real Estate any underground tank or other underground storage
receptacle for Hazardous Substances in violation of any Environmental Law the
noncompliance with which would have a material adverse effect on the business,
assets or financial condition of AmeriKing, Holdings, the Borrower and their
Subsidiaries taken as a whole, (c) generate any Hazardous Substances on any of
the Real Estate in violation of any Environmental Law the noncompliance with
which would have a material adverse effect on the business, assets or financial
condition of AmeriKing, Holdings, the Borrower or their Subsidiaries taken as a
whole, (d) conduct any activity at any Real Estate or use any Real Estate in any
manner so as to cause a release (i.e. releasing, spilling, leaking, pumping,
pouring, emitting, emptying, discharging, injecting, escaping, leaching,
disposing or dumping) or threatened release of Hazardous Substances on, upon or
into the Real Estate or (e) otherwise conduct any activity at any Real Estate or
use any Real Estate in any manner that would violate any Environmental Law or
bring such Real Estate in violation of any Environmental Law in each case if
such violation would have a material adverse effect on the business, assets or
financial condition of AmeriKing, Holdings, the Borrower and its Subsidiaries,
taken as a whole.

     9.8.  Subordinated Debt and Preferred Stock. From and after the Closing
           -------------------------------------
Date, none of AmeriKing, Holdings nor the Borrower will, nor will any of them
permit any of their respective Subsidiaries to, (a) amend, supplement or
otherwise modify the terms of any of the Subordinated Debt, the Exchange
Debentures, the Exchange Debenture Indentures, Holdings Senior Notes, Holdings
Senior Notes Indenture, Holdings Senior PIK Notes, Holdings Senior PIK Notes
Indenture, AmeriKing Senior Notes or AmeriKing Senior Notes Indenture (i) which
amendment, supplement or modification effects any increase in the principal
amount of the Subordinated Notes, the Exchange Debentures, Holdings Senior
Notes, Holdings Senior PIK Notes or AmeriKing Senior Notes, the interest rate
thereon or any fees under the Subordination Documents or the Exchange Offer
Documents or tightens or adds covenants or defaults or events of default
thereto, or (ii) which amendment, supplement or modification relates to other
terms and provisions of the Subordination Documents, Offering Documents or
Exchange Offer Documents, as the case may be, and the cumulative effect of which
in either case is to materially adversely affect the Agent's or the Banks'
rights or interests under the Revolver Loan Documents or the Borrower's ability
to fulfill its obligations under the Revolver Loan Documents, (b) prepay,
redeem, repurchase or make any payment in defeasance of any of the Subordinated
Debt, the Exchange Debentures, Holdings Senior Notes, Holdings Senior PIK Notes,
AmeriKing Senior Notes, any Preferred Stock or send any notice of redemption,
repayment, repurchase or defeasance with respect to any of the Subordinated
Debt, the Exchange Debentures, Holdings Senior Notes, Holdings Senior PIK Notes
AmeriKing Senior Notes or any Preferred Stock or (c) amend, supplement or
otherwise modify the terms of the Stockholders Agreement, the Exchange Offer
Documents, if such amendment, supplement or modification could reasonably be
expected to adversely affect the Agent's or the Banks' rights
<PAGE>

or impact the Borrower's, Holdings' or AmeriKing's abilities to fulfill their
obligations under the Revolver Loan Documents.

     9.9.  Employee Benefit Plans. None of AmeriKing, Holdings, the Borrower nor
           ----------------------
any ERISA Affiliate will

           (a)  engage in any "prohibited transaction" within the meaning of
     (S)406 of ERISA or (S)4975 of the Code which could result in a material
     liability for the Borrower or any of its Subsidiaries; or

           (b)  permit any Guaranteed Pension Plan to incur an "accumulated
     funding deficiency", as such term is defined in (S)302 of ERISA, whether or
     not such deficiency is or may be waived; or

           (c)  fail to contribute to any Guaranteed Pension Plan to an extent
     which, or terminate any Guaranteed Pension Plan in a manner which, could
     result in the imposition of a lien or encumbrance on the assets of the
     Borrower or any of its Subsidiaries pursuant to (S)302(f) or (S)4068 of
     ERISA;

           (d)  amend any Guaranteed Pension Plan in circumstances requiring the
     posting of security pursuant to (S)307 of ERISA or (S)401(a)(29) of the
     Code; or

           (e)  permit or take any action which would result in the aggregate
     benefit liabilities (with the meaning of (S)4001 of ERISA) of all
     Guaranteed Pension Plans exceeding the value of the aggregate assets of
     such Plans, disregarding for this purpose the benefit liabilities and
     assets of any such Plan with assets in excess of benefit liabilities.

     9.10. Change in Terms of Capital Stock. None of AmeriKing, Holdings nor the
           --------------------------------
Borrower will, nor will any of them permit any of their respective Restricted
Subsidiaries to effect or permit any change in or amendment to any document or
instrument pertaining to the terms of such Person's capital stock without the
written consent of the Banks unless such change or amendment is of an immaterial
or ministerial nature that would not have any adverse effect on the Agent's or
the Banks' rights under the Revolver Loan Documents or the Borrower's, Holdings'
or AmeriKing's obligations under the Revolver Loan Documents; provided, however,
                                                              --------  -------
so long as no Default or Event of Default has occurred and is continuing or
would exist as a result thereof, Holdings and AmeriKing shall be entitled to
modify its outstanding capital stock or issue shares of a new class of capital
stock provided that (i) the terms of such capital stock do not permit any cash
dividends to be paid to the holders thereof until all of the Obligations have
been indefeasibly repaid in full in cash and the Commitment has been permanently
reduced to zero; (ii) the terms of such capital stock do not contain any
mandatory redemption rights until such time as all of the Obligations have been
indefeasibly repaid in full in cash and the Commitment has been permanently
reduced to zero; and (iii) such capital
<PAGE>

stock is non-voting and, if convertible, is only convertible into a non-voting
class of capital stock.

     9.11.  Fiscal Year. None of AmeriKing, Holdings nor the Borrower will, nor
            ------ ----
will any of them permit any of their respective Subsidiaries to change the date
of the end of their respective fiscal years from that set forth in (S)7.21
hereof.

     9.12.  Business Activities. (a)  Holdings will not engage in any business
            -------- ----------
activity, except for, its ownership of the Borrower and its performance from
time to time of its obligations under this Credit Agreement, the other Revolver
Loan Documents, the Holdings Stock Purchase Agreement, Exchange Offer Documents
and each other agreement, instrument or document contemplated hereby, whether or
not executed on or before the Closing Date.

     (b)  AmeriKing will not engage in any business activity, except for its
ownership of Holdings and AmeriKing Service Company, Inc. and its performance
from time to time of its obligations under this Credit Agreement, the other
Revolver Loan Documents, the AmeriKing Stock Purchase Agreement, Exchange Offer
Documents and each other agreement, instrument or document contemplated hereby,
whether or not executed on or before the Closing Date.

     9.13.  Modification of Documents. None of AmeriKing, Holdings nor the
            ------------ -- ---------
Borrower will consent to or agree to any amendment, supplement or other
modification to the Tax Sharing Agreement, the Management Agreement, the
Management Subscription Agreement or the Intercompany Management Agreement which
affects, in a manner adverse to AmeriKing, Holdings or the Borrower, the amount
or timing of payments required to be made by the Borrower, Holdings or AmeriKing
thereunder, or if such amendment, supplement or modification could reasonably be
expected to adversely affect the Agent's or the Banks' rights or interests or
adversely affect the Borrower's or AmeriKing's abilities to fulfill their
obligations under the Revolver Loan Documents.

     9.14.  Negative Pledges. None of AmeriKing, Holdings, the Borrower nor any
            -------- -------
of their Subsidiaries other than the Unrestricted Subsidiaries will enter into
any agreement (excluding this Credit Agreement and the other Revolver Loan
Documents) prohibiting the creation or assumption of any lien upon its
properties, revenues or assets or those of any of its Subsidiaries, whether now
owned or hereafter acquired other than agreements with Persons prohibiting any
such lien on assets in which such Person has a prior security interest which is
permitted by (S)9.2.

     9.15.  Transactions with Affiliates. None of AmeriKing, Holdings nor the
            ------------ ---- ----------
Borrower will, nor will any of them permit any of their respective Subsidiaries
to, enter into, or cause, suffer or permit to exist (a) any arrangement or
contract with any of its other Affiliates of a nature customarily entered into
by Persons which are Affiliates of each other
<PAGE>

(including management or similar contracts or arrangements relating to the
allocation of revenues, taxes and expenses or otherwise) requiring any payments
to be made by AmeriKing, Holdings, the Borrower or any of their Subsidiaries to
any Affiliate unless such arrangement is fair and equitable to AmeriKing,
Holdings, the Borrower or such Subsidiary; or (b) any other transaction,
arrangement, contract with any of their other Affiliates which would not be
entered into by a prudent Person in the position of AmeriKing, Holdings, the
Borrower or such Subsidiary with, or which is on terms which are less favorable
than are obtainable from, any Person which is not one of its Affiliates,
provided, however, nothing contained in this (S)9.15 shall prohibit AmeriKing,
--------  -------
Holdings or the Borrower from making or receiving payments otherwise permitted
by (S)9.4 hereof.

     9.16.  Upstream Limitations. The Borrower will not, nor will the Borrower
            -------- -----------
permit any of its Restricted Subsidiaries to enter into any agreement, contract
or arrangement (other than the Credit Agreement and the other Revolver Loan
Documents or the Exchange Offer Documents) restricting the ability of any
Restricted Subsidiary to pay or make dividends or distributions in cash or kind,
to make loans, advances or other payments of whatsoever nature or to make
transfers or distributions of all or any part of its assets to the Borrower or
to any Subsidiary of such Restricted Subsidiary.

     9.17.  Inconsistent Agreements. None of AmeriKing, Holdings nor the
            ------------ ----------
Borrower will, nor will any of them permit any of their respective Subsidiaries
to, enter into any agreement containing any provision which would be violated or
breached by the performance by AmeriKing, Holdings, the Borrower or such
Subsidiary of its obligations hereunder or under any of the Revolver Loan
Documents.

     9.18.  Acquisition and Development Restrictions. 9.18.1. Development.
            ----------- --- ----------- ------------          -----------

     The Borrower will not, nor will it permit any of its Subsidiaries to
develop any BKC Restaurants except as expressly permitted by (S)9.5.1.

            9.18.2. Acquisition.
                    -----------

     The Borrower will not, nor will it permit any of its Subsidiaries to, give
effect to any acquisition of BKC Restaurants, provided, so long as no Default or
                                              --------
Event of Default has occurred and is continuing or would exist as a result
thereof, the Borrower shall be permitted to acquire from BKC up to (but no more
than) nine (9) BKC Restaurants so long as at the time of each such acquisition
the Borrower simultaneously sells to BKC existing BKC Restaurants owned by the
Borrower (the "Borrower Restaurants") which Borrower Restaurants have an
aggregate Restaurant Cash Flow as of the date of such sale (calculated on a Pro
Forma Basis to the extent such Borrower Restaurants have been in operation for
less than twelve (12) months from the sale of determination) of not more than
the aggregate Restaurant Cash Flow as of such date of the restaurants to be
acquired
<PAGE>

from BKC on such date (calculated on a Pro Forma Basis to the extent such
restaurant has been in operation for less than twelve (12) months from the date
of determination). The transactions described in this (S)9.18.2 shall
hereinafter be referred to the "Restaurant Exchange"). The parties agree that
the Borrower Shall not effect more than nine (9) such Restaurant Exchanges
without the prior written consent of the Agent.

                           10.  FINANCIAL COVENANTS.
                                --------- ---------

     Each of AmeriKing, Holdings and the Borrower covenants and agrees that, so
long as any Revolving Credit Loan, Unpaid Reimbursement Obligation, Letter of
Credit or Revolving Credit Note is outstanding or any Bank has any obligation to
make any Revolving Credit Loans or the Agent has any obligation to issue, extend
or renew any Letters of Credit:

     10.1.  Debt Service Coverage Ratio. AmeriKing, Holdings and the Borrower
            ---- ------- -------- -----
will not, as of the end of any fiscal quarter set forth in the table below
permit the Debt Service Coverage Ratio for the Reference Period ending on such
date to be less than the ratio set forth opposite such date in such table.

     --------------------------------------------------------------------------
                        Fiscal Quarters Ending Nearest             Amount
                        ------ -------- ------ -------             ------
     --------------------------------------------------------------------------
                                   6/30/01                        0.80:1.00
     --------------------------------------------------------------------------
                                   9/30/01                        0.80:1.00
     --------------------------------------------------------------------------
                                  12/31/01                        1.18:1.00
     --------------------------------------------------------------------------
                  3/31/02 and each fiscal quarter thereafter      1.00:1.00
     --------------------------------------------------------------------------

     10.2.  Interest Coverage Ratio. AmeriKing, Holdings and the Borrower will
            -------- -------- -----
not, as of the end of any fiscal quarter ending nearest the dates set forth in
the table below, permit the Interest Coverage Ratio for the Reference Period
ending on such date to be less than the ratio set forth opposite such period in
such table:

     --------------------------------------------------------------------------
                        Fiscal Quarters Ending Nearest               Amount
                        ------ -------- ------ -------               ------
     --------------------------------------------------------------------------
                                    6/30/01                         1.21:1.00
     --------------------------------------------------------------------------
                                    9/30/01                         1.17:1.00
     --------------------------------------------------------------------------
                                   12/31/01                         1.58:1.00
     --------------------------------------------------------------------------
                  3/31/02 and each fiscal quarter thereafter        1.54:1.00
     --------------------------------------------------------------------------

     10.3.  Leverage Ratio. AmeriKing, Holdings and the Borrower will not, at
            -------- -----
the end of any fiscal quarter ending during any period described in the table
set forth below, permit the Leverage Ratio to exceed the ratio set forth
opposite such period in such table:

-------------------------------------------------------------------------------
                                    Period                       Ratio
                                    ------                       -----
-------------------------------------------------------------------------------
<PAGE>

     --------------------------------------------------------------------------
                           Closing Date - 06/30/01               8.00:1.00
     --------------------------------------------------------------------------
                             07/01/01 - 09/30/01                 8.77:1.00
     --------------------------------------------------------------------------
                             10/01/01 - 12/31/01                 6.89:1.00
     --------------------------------------------------------------------------
                           01/01/01 and thereafter               6.74:1.00
     --------------------------------------------------------------------------

     10.4.  Senior Leverage Ratio. AmeriKing, Holdings and the Borrower will
            ------ -------- -----
not, at the end of any fiscal quarter during any period described in the table
below, permit the Senior Leverage Ratio to exceed the ratio set forth opposite
such period in such table:

-------------------------------------------------------------------------------
                                    Period                         Ratio
                                    ------                         -----
-------------------------------------------------------------------------------
                           Closing Date - 06/30/01               5.52:1.00
-------------------------------------------------------------------------------
                             07/01/01 - 09/30/01                 6.04:1.00
-------------------------------------------------------------------------------
                             10/01/01 - 12/31/01                 4.74:1.00
-------------------------------------------------------------------------------
                           01/01/01 and thereafter               4.71:1.00
-------------------------------------------------------------------------------

     10.5   Capital Expenditures.
            ------- ------------

     The Borrower will not make, or permit any Subsidiary of the Borrower to
make, Capital Expenditures in any fiscal year which in the aggregate exceed the
dollar amount set forth opposite the applicable fiscal year in table below:

     --------------------------------------------------------------------------
                             Year                Maximum Capital Expenditures
                             ----                ----------------------------
     --------------------------------------------------------------------------
                             2001                         $ 5,100,000
     --------------------------------------------------------------------------
                             2002                         $10,268,000
     --------------------------------------------------------------------------

     10.6.  Minimum EBITDA.
            ------- ------

     The Borrower will not permit EBITDA of AmeriKing and its Subsidiaries for
the period of twelve (12) consecutive months ending nearest each date referenced
in the table below to be less than the amount set forth opposite such date in
such table, provided, the following Minimum EBITDA amounts shall be given pro
forma effect to reflect the sale of any BKC Restaurant made in compliance with
this Credit Agreement in any period after the Closing Date:

     --------------------------------------------------------------------------
                             Date                            Minimum EBITDA
                             ----                            --------------
     --------------------------------------------------------------------------
                           06/30/01                            $20,485,000
     --------------------------------------------------------------------------
                           07/31/01                            $20,385,000
     --------------------------------------------------------------------------
                           08/31/01                            $19,829,000
     --------------------------------------------------------------------------
                           09/30/01                            $18,527,000
     --------------------------------------------------------------------------
                           10/31/01                            $19,043,000
     --------------------------------------------------------------------------
                           11/30/01                            $19,638,000
     --------------------------------------------------------------------------
<PAGE>

     --------------------------------------------------------------------------
                           12/31/01                            $23,464,000
     --------------------------------------------------------------------------
                           01/31/02                            $23,839,000
     --------------------------------------------------------------------------
                           02/28/02                            $24,151,000
     --------------------------------------------------------------------------
                           03/31/02                            $24,919,000
     --------------------------------------------------------------------------
                           04/30/02                            $25,406,000
     --------------------------------------------------------------------------
                           05/31/02                            $25,894,000
     --------------------------------------------------------------------------
                           06/30/02                            $26,274,000
     --------------------------------------------------------------------------

                           11.  CLOSING CONDITIONS.
                                ------------------

     The obligations of the Banks to make the initial Revolving Credit Loans and
of the Agent to issue any initial Letters of Credit shall be subject to the
satisfaction of the following conditions precedent on or prior to June 29, 2001:

     11.1.  Revolver Loan Documents, etc.
            -------- ---- ---------- ---

            11.1.1. Revolver Loan Documents. Each of the Revolver Loan Documents
                    -------- ---- ---------
     shall have been duly executed and delivered by the respective parties
     thereto, shall be in full force and effect and shall be in form and
     substance satisfactory to each of the Banks. Each Bank shall have received
     a fully executed copy of each such document.

            11.1.2. Exchange Offer Documents. Each of the Exchange Offer
                    -------- ----- ---------
     Documents shall have been duly executed and delivered by the respective
     parties thereto, shall be in full force and effect and shall be in form and
     substance satisfactory to each of the Banks. The Agent shall have received
     a fully executed copy of each such document.

     11.2.  Certified Copies of Charter Documents. Each of the Banks shall have
            --------- ------ -- ------- ---------
received from AmeriKing, Holdings, the Borrower and each of its Subsidiaries a
copy, certified by a duly authorized officer of such Person to be true and
complete on the Closing Date, of each of (a) its charter or other incorporation
or formation documents as in effect on such date of certification, and (b) to
the extent applicable, its by-laws as in effect on such date.

     11.3.  Corporate or Other Action. All corporate action or partnership
            --------- -- ----- ------
action, as the case may be, necessary for the valid execution, delivery and
performance by AmeriKing, Holdings, the Borrower and its Subsidiaries of this
Credit Agreement, the other Revolver Loan Documents, the Exchange Offer
Documents, the Holdings Senior Notes Indenture and the Holdings Senior PIK Notes
Indenture to which it is or is to become a party shall have been duly and
effectively taken, and evidence thereof satisfactory to the Banks shall have
been provided to each of the Banks.

     11.4.  Incumbency Certificate. Each of the Banks shall have received from
            ---------- -----------
AmeriKing, Holdings, the Borrower and its Subsidiaries an incumbency
certificate, dated as of the Closing Date, signed by a duly authorized officer
of AmeriKing, Holdings, the Borrower and its
<PAGE>

Subsidiaries, and giving the name and bearing a specimen signature of each
individual who shall be authorized: (a) to sign, in the name and on behalf of
each of AmeriKing, Holdings, the Borrower and its Subsidiaries, each of the
Revolver Loan Documents to which the Borrower and its Subsidiaries is or is to
become a party; (b) in the case of the Borrower, to make Loan Requests and
Conversion Requests and to apply for Letters of Credit; and (c) to give notices
and to take other action on its behalf under the Revolver Loan Documents.

     11.5.  Validity of Liens. The Security Documents shall be effective to
            -------- -- -----
create in favor of the Agent a legal, valid and enforceable first (except for
Permitted Liens entitled to priority under applicable law) security interest in
and lien upon the Collateral. All filings, recordings, deliveries of instruments
and other actions necessary or desirable in the opinion of the Agent to protect
and preserve such security interests shall have been duly effected. The Agent
shall have received evidence thereof in form and substance satisfactory to the
Agent.

     11.6.  Perfection Certificates and UCC Search Results. The Agent shall
            ---------- ------------ --- --- ------ -------
have received from each of AmeriKing, Holdings, the Borrower and its
Subsidiaries other than the Unrestricted Subsidiaries a completed and fully
executed Perfection Certificate and the results of UCC searches with respect to
the Collateral, indicating no liens other than Permitted Liens and otherwise in
form and substance satisfactory to the Agent.

     11.7.  Certificates of Insurance. The Agent shall have received a
            ------------ -- ---------
certificate of insurance from an independent insurance broker dated as of the
Closing Date, identifying insurers, types of insurance, insurance limits, and
policy terms, and otherwise describing the insurance obtained in accordance with
the provisions of the Security Documents.

     11.8.  Solvency Certificate. Each of the Banks shall have received an
            -------- -----------
officer's certificate of the Borrower dated as of the Closing Date as to the
solvency of AmeriKing, Holdings, the Borrower and their Subsidiaries following
the consummation of the transactions contemplated herein and in form and
substance satisfactory to the Banks.

     11.9.  Opinion of Counsel. Each of the Banks and the Agent shall have
            ------- -- -------
received a favorable legal opinion addressed to the Banks and the Agent, dated
as of the Closing Date, in form and substance reasonably satisfactory to the
Agent, from Mayer, Brown & Platt, special counsel to AmeriKing, Holdings, the
Borrower, and their Subsidiaries.

     11.10. Payment of Fees and Expenses. The Borrower shall have paid to the
            ------- -- ---- --- --------
Banks or the Agent, as appropriate, the amendment fee, the Agent's Fee and legal
fees.

     11.11. Disbursement Instructions. The Agent shall have received
            ------------ ------------
disbursement instructions from the Borrower with respect to the proceeds of the
Revolver Credit Loans.
<PAGE>

     11.12.  Completion of Exchange Offer. The Agent and the Banks shall have
             ---------- -- -------- -----
received evidence satisfactory to them that the Exchange Offer has been
completed and that holders of at least $98,000,000 in principal amount of
AmeriKing Senior Notes have exchanged such AmeriKing Senior Notes for Holdings
Senior Notes, Holdings Senior PIK Notes and Holdings Warrants.

     11.13.  Consents and Approvals. The Agent shall have received evidence that
             -------- --- ---------
all consents and approvals necessary to complete the transactions contemplated
hereby have been obtained.

     11.14.  Amendment to each Intercreditor Agreement. An amendment to each of
             --------- -- ---- ------------- ---------
the Intercreditor Agreements shall have been duly executed and delivered by the
respective parties thereto, shall be in full force and effect and shall be in
form satisfactory to each of the Banks. The Agent shall have received a fully
executed copy of each document.

     11.15.  Financial Consultant. As of the Closing Date, the Agent or its
             --------- ----------
counsel, shall have engaged a financial consultant, the fees and expense of
which shall be paid by the Borrower, for the purpose of assessing for the Agent
and the Banks the status of the business operations of AmeriKing, Holdings, the
Borrower and each of their Subsidiaries and analyzing the current and future
business plans with respect to the business operations of AmeriKing, Holdings,
the Borrower and each of their Subsidiaries.

     11.16.  Mortgages. The Borrower shall (i) on or prior to June 29, 2001
             ---------
execute a Third Amendment to Leasehold Mortgage in favor of the Agent for the
benefit of the Agent and the Banks and in form and substance satisfactory to the
Agent and (ii) ten (10) Business Days after the Closing Date execute a fully
executed mortgage or deed of trust over certain real estate set forth on
Schedule 11.6 (which shall exclude fixtures, furniture, and equipment) in form
and substance satisfactory to the Agent.

     11.17.  Title Insurance. The Borrower shall deliver to the Agent (i) on or
             ----- ---------
prior to June 29, 2001, an endorsement to each Title Policy covering each
Mortgaged Property currently insured under an existing policy together with
proof of payment of all fees and premiums for such endorsements from the Title
Insurance Company and in amounts satisfactory to the Agent, insuring the
interest of the Agent and each of the Banks as mortgagee under each such
Mortgage and (ii) ten (10) Business Days after the Closing Date, a Title
Insurance Policy for each of the other Mortgaged Properties together with proof
of payment of all fees and premiums for such policies from the Title Insurance
Company and in amounts satisfactory to the Agent, insuring the interest of the
Agent and each of the Banks as mortgagee under each such Mortgage.

     11.18.  Pro Forma Balance Sheet for Holdings. The Agent shall have received
             --- ----- ------- ----- --- --------
from Holdings a pro forma balance sheet adjusted to reflect the consummation of
the Exchange Offer and the transactions contemplated
<PAGE>

herein as if each had occurred on March 26, 2001 and in form and substance
satisfactory to the Agent.

                      12.  CONDITIONS TO ALL BORROWINGS.
                           ---------- -- --- ----------

     The obligations of the Banks to make any Revolving Credit Loan, including
the initial Revolving Credit Loan, and of the Agent to issue, extend or renew
any Letter of Credit, in each case whether on or after the Closing Date, shall
also be subject to the satisfaction of the following conditions precedent:

     12.1.  Representations True; No Event of Default. Each of the
            --------------- ----- -- ----- -- -------
representations and warranties of any of AmeriKing, Holdings, the Borrower and
their Subsidiaries contained in this Credit Agreement, the other Revolver Loan
Documents or in any document or instrument delivered pursuant to or in
connection with this Credit Agreement shall be true as of the date as of which
they were made and shall also be true at and as of the time of the making of
such Revolving Credit Loan or the issuance, extension or renewal of such Letter
of Credit, with the same effect as if made at and as of that time (except to the
extent of changes resulting from transactions contemplated or permitted by this
Credit Agreement and the other Revolver Loan Documents and changes occurring in
the ordinary course of business that singly or in the aggregate are not
materially adverse, and to the extent that such representations and warranties
relate expressly to an earlier date) and no Default or Event of Default shall
have occurred and be continuing.

     12.2.  No Legal Impediment. No change shall have occurred in any law or
            -- ----- ----------
regulations thereunder or interpretations thereof that in the reasonable opinion
of any Bank would make it illegal for such Bank to make such Revolving Credit
Loan or to participate in the issuance, extension or renewal of such Letter of
Credit or in the reasonable opinion of the Agent would make it illegal for the
Agent to issue, extend or renew such Letter of Credit.

     12.3.  Governmental Regulation. Each Bank shall have received such
            ------------ ----------
statements in substance and form reasonably satisfactory to such Bank as such
Bank shall require for the purpose of compliance with any applicable regulations
of the Comptroller of the Currency or the Board of Governors of the Federal
Reserve System.

     12.4.  Proceedings and Documents. All proceedings in connection with the
            ----------- --- ---------
transactions contemplated by this Credit Agreement, the other Loan Documents and
all other documents incident thereto shall be satisfactory in substance and in
form to the Banks and to the Agent and the Agent's Special Counsel, and the
Banks, the Agent and such counsel shall have received all information and such
counterpart originals or certified or other copies of such documents as the
Agent may reasonably request.

                  13.   EVENTS OF DEFAULT; ACCELERATION; ETC.
                        ------ -- -------- ------------- ---
<PAGE>

     13.1.  Events of Default and Acceleration. If any of the following events
            ------ -- ------- --- ------------
("Events of Default" or, if the giving of notice or the lapse of time or both is
required, then, prior to such notice or lapse of time, "Defaults") shall occur:

          (a)  the Borrower shall fail to pay any principal of the Revolving
     Credit Loans or any Reimbursement Obligation when the same shall become due
     and payable, whether at the stated date of maturity or any accelerated date
     of maturity or at any other date fixed for payment;

          (b)  the Borrower shall fail to pay any (i) interest on the Revolving
     Credit Loans, (ii) the commitment fee, (iii) any Letter of Credit Fee, (iv)
     the Agent's fee, or (v) other sums due hereunder or under any of the other
     Revolver Loan Documents, when the same shall become due and payable,
     whether at the stated date of maturity or any accelerated date of maturity
     or at any other date fixed for payment and such failure shall continue for
     five (5) days;

          (c)  the Borrower, Holdings or AmeriKing shall fail to comply with any
     of its covenants contained (S)8.5, in the first sentence of (S)8.6,
     (S)(S)8.9, 8.12, 8.13, 8.16, 9.1 through 9.6, 9.8, 9.10, 9.11 through 9.18
     or (S)10;

          (d)  AmeriKing, Holdings, the Borrower or any of their Subsidiaries
     shall fail to perform any term, covenant or agreement contained herein or
     in any of the other Revolver Loan Documents (other than those specified
     elsewhere in this (S)13.1) for thirty (30) days after written notice of
     such failure has been given to the Borrower by the Agent;

          (e)  any representation or warranty of AmeriKing, Holdings, the
     Borrower or any of their Subsidiaries in this Credit Agreement, or any of
     the other Revolver Loan Documents or in any other document or instrument
     delivered pursuant to or in connection with this Credit Agreement, or any
     of the other Revolver Loan Documents shall prove to have been false in any
     material respect upon the date when made or deemed to have been made or
     repeated;

          (f)  AmeriKing, Holdings, the Borrower or any of their Subsidiaries
     other than the Unrestricted Subsidiaries shall (i) fail to pay at maturity,
     or within any applicable period of grace, any obligation for borrowed money
     or credit received or in respect of any Capitalized Leases in an aggregate
     amount in excess of $5,000,000, or (ii) fail to observe or perform any
     material term, covenant or agreement contained in any agreement by which it
     is bound, evidencing or securing borrowed money or credit received or in
     respect of any Capitalized Leases in an aggregate amount in excess of
     $5,000,000 for such period of time as would permit (assuming the giving of
     appropriate notice if required) the holder or holders thereof
<PAGE>

     or of any obligations issued thereunder to accelerate the maturity thereof,
     or any Indebtedness of any of the Unrestricted Subsidiaries shall be
     accelerated by the holders thereof;

          (g)  AmeriKing, Holdings, the Borrower or any of their Subsidiaries
     shall make an assignment for the benefit of creditors, or admit in writing
     its inability to pay or generally fail to pay its debts as they mature or
     become due, or shall petition or apply for the appointment of a trustee or
     other custodian, liquidator or receiver of such Person or of any
     substantial part of the assets of such Person or shall commence any case or
     other proceeding relating to such Person under any bankruptcy,
     reorganization, arrangement, insolvency, readjustment of debt, dissolution
     or liquidation or similar law of any jurisdiction, now or hereafter in
     effect, or shall take any action to authorize or in furtherance of any of
     the foregoing, or if any such petition or application shall be filed or any
     such case or other proceeding shall be commenced against such Person and
     such Person shall indicate its approval thereof, consent thereto or
     acquiescence therein;

          (h)  a decree or order is entered appointing any such trustee,
     custodian, liquidator or receiver or adjudicating AmeriKing, Holdings, the
     Borrower or any of their Subsidiaries bankrupt or insolvent, or approving a
     petition in any such case or other proceeding, or a decree or order for
     relief is entered in respect of any such Person in an involuntary case
     under federal bankruptcy laws as now or hereafter constituted and such case
     or proceeding remains undismissed for sixty (60) days;

          (i)  there shall remain in force, undischarged, unsatisfied and
     unstayed, for more than thirty (30) days, whether or not consecutive, any
     final judgment against AmeriKing, Holdings, the Borrower or any of their
     Subsidiaries that, with other outstanding final judgments, undischarged,
     against such Persons exceeds in the aggregate $2,000,000;

          (j)  Holdings shall exchange the Senior Exchange Preferred Stock for
     the Exchange Debentures; the holders of all or any part of the Subordinated
     Debt, the Exchange Debentures, Holdings Senior Notes, Holdings Senior PIK
     Notes or AmeriKing Senior Notes shall accelerate the maturity of all or any
     part of the Subordinated Debt, the Exchange Debentures, Holdings Senior
     Notes, Holdings Senior PIK Notes or AmeriKing Senior Notes; or the
     Subordinated Debt, the Exchange Debentures, Holdings Senior Notes, Holdings
     Senior PIK Notes or AmeriKing Senior Notes or any Preferred Stock
     (including, without limitation, the Senior Exchange Preferred Stock) shall
     be prepaid, redeemed, defeased or repurchased in whole or in part;
<PAGE>

          (k)  if any of the Revolver Loan Documents shall be cancelled,
     terminated, revoked or rescinded or the Agent's security interests,
     mortgages or liens in substantially all of the Collateral shall cease to be
     perfected, or shall cease to have the priority contemplated by the Security
     Documents, in each case otherwise than in accordance with the terms thereof
     or with the express prior written agreement, consent or approval of the
     Banks, or any action at law, suit or in equity or other legal proceeding to
     cancel, revoke or rescind any of the Revolver Loan Documents shall be
     commenced by or on behalf of AmeriKing, Holdings, the Borrower or any of
     their Subsidiaries party thereto or any of their respective stockholders,
     or any court or any other governmental or regulatory authority or agency of
     competent jurisdiction shall make a determination that, or issue a
     judgment, order, decree or ruling to the effect that, any one or more of
     the Revolver Loan Documents is illegal, invalid or unenforceable in
     accordance with the terms thereof;

          (l)  the Borrower or any ERISA Affiliate incurs any liability to the
     PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an
     aggregate amount exceeding $2,000,000, or the Borrower or any ERISA
     Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by
     a Multiemployer Plan requiring aggregate annual payments exceeding
     $2,000,000, or any of the following occurs with respect to a Guaranteed
     Pension Plan: (i) an ERISA Reportable Event, or a failure to make a
     required installment or other payment (within the meaning of (S)302(f)(1)
     of ERISA), provided that the Agent determines in its reasonable discretion
                --------
     that such event (A) could be expected to result in liability of the
     Borrower or any of its Subsidiaries to the PBGC or such Guaranteed Pension
     Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute
     grounds for the termination of such Guaranteed Pension Plan by the PBGC,
     for the appointment by the appropriate United States District Court of a
     trustee to administer such Guaranteed Pension Plan or for the imposition of
     a lien in favor of such Guaranteed Pension Plan; or (ii) the appointment by
     a United States District Court of a trustee to administer such Guaranteed
     Pension Plan; or (iii) the institution by the PBGC of proceedings to
     terminate such Guaranteed Pension Plan;

          (m)  AmeriKing, Holdings, the Borrower or any of their Subsidiaries
     shall be enjoined, restrained or in any way prevented by the order of any
     court or any administrative or regulatory agency from conducting any
     material part of its business and such order shall continue in effect for
     more than thirty (30) days;

          (n)  there shall occur any material damage to, or loss, theft or
     destruction of, any Collateral, whether or not insured, or any strike,
     lockout, labor dispute, embargo, condemnation, act of God or public enemy,
     or other casualty, which in any such case causes, for more than fifteen
     (15) consecutive days, the cessation or substantial
<PAGE>

     curtailment of revenue producing activities at any facility of the Borrower
     or any of its Subsidiaries if such event or circumstance is not covered by
     business interruption insurance and would have a material adverse effect on
     the business or financial condition of the Borrower or such Subsidiary;

          (o)  there shall occur the loss, suspension or revocation of, or
     failure to renew, any license or permit now held or hereafter acquired by
     AmeriKing, Holdings, the Borrower or any of their Subsidiaries if such
     loss, suspension, revocation or failure to renew would have a material
     adverse effect on the business or financial condition of AmeriKing,
     Holdings, the Borrower and their Subsidiaries taken as a whole;

          (p)  AmeriKing shall at any time, legally or beneficially own less
     than 80.01% of the outstanding capital stock of Holdings, or Holdings shall
     at any time, legally or beneficially own less than 100% of the outstanding
     capital stock of the Borrower, or the Borrower shall at any time, legally
     or beneficially own less than 100% of the outstanding capital stock of any
     of its Restricted Subsidiaries and 80% of the outstanding capital stock of
     any of its Unrestricted Subsidiaries;

          (q)  TJC and its Affiliates shall at any time have less than a
     majority of the directors on the board of directors of each of AmeriKing,
     Holdings and the Borrower;

          (r)  A Change of Control has occurred or the Jordan Affiliates and
     JZEP shall at any time, legally or beneficially own less than forty percent
     (40%) of the outstanding common stock of AmeriKing; provided, however,
                                                         --------  -------
     after the occurrence of a firmly underwritten public offering of the
     capital stock of AmeriKing providing gross proceeds to AmeriKing of at
     least $25,000,000, and evidence that the net proceeds of such offering have
     been received by AmeriKing and the repayment provisions of (S)3.2 have been
     met, such percentage shall be reduced to twenty-four percent (24%) of the
     outstanding common stock of AmeriKing;

          (s)  Leases on or Franchise Agreements with respect to restaurants
     representing more then fifteen percent (15%) of Restaurant Cash Flow shall
     have been terminated or expired without renewal (determined in the
     aggregate over the term of this Credit Agreement), or at the time of any
     Lease or Franchise Agreement termination or expiration the Borrower fails
     to demonstrate pro forma compliance with (S)10 hereof for a period of
                    --- -----
     twelve (12) months, after eliminating the results of all such terminated
     restaurants;

          (t)  The consolidated total revenues of AmeriKing and its Subsidiaries
     derived solely from the ownership and/or operations of
<PAGE>

     BKC Restaurants shall be less than ninety percent (90%) of the consolidated
     total revenues of AmeriKing and its Subsidiaries;

          (u)  The termination or expiration without renewal of Franchise
     Agreements with respect to restaurants which, in any twelve month period,
     represent more than ten percent (10%) of the consolidated total revenues of
     AmeriKing and its Subsidiaries;

          (v)  The Unrestricted Subsidiaries shall at any time have aggregate
     revenues of greater than twenty-five percent (25%) of the consolidated
     revenues of the Borrower at such time;

then, and in any such event, so long as the same may be continuing, the Agent
may, and upon the request of the Majority Banks shall, by notice in writing to
the Borrower declare all amounts owing with respect to this Credit Agreement,
the Revolving Credit Notes and the other Revolver Loan Documents and all
Reimbursement Obligations to be, and they shall thereupon forthwith become,
immediately due and payable without presentment, demand, protest or other notice
of any kind, all of which are hereby expressly waived by the Borrower; provided
                                                                       --------
that in the event of any Event of Default specified in (S)(S)13.1(g) or 13.1(h),
all such amounts shall become immediately due and payable automatically and
without any requirement of notice from the Agent or any Bank.

     13.2. Termination of Commitments. If any one or more of the Events of
           ----------- -- -----------
Default specified in (S)13.1(g) or (S)13.1(h) shall occur, any unused portion of
the credit hereunder shall forthwith terminate and each of the Banks shall be
relieved of all further obligations to make Revolving Credit Loans to the
Borrower and the Agent shall be relieved of all further obligations to issue,
extend or renew Letters of Credit. If any other Event of Default shall have
occurred and be continuing, the Agent may and, upon the request of the Majority
Banks, shall, by notice to the Borrower, terminate the unused portion of the
credit hereunder, and upon such notice being given such unused portion of the
credit hereunder shall terminate immediately and each of the Banks shall be
relieved of all further obligations to make Revolving Credit Loans and the Agent
shall be relieved of all further obligations to issue, extend or renew Letters
of Credit. No termination of the credit hereunder shall relieve AmeriKing,
Holdings, the Borrower or any of their Subsidiaries of any of the Obligations.

     13.3. Remedies. In case any one or more of the Events of Default shall have
           --------
occurred and be continuing, and whether or not the Banks shall have accelerated
the maturity of the Revolving Credit Loans pursuant to (S)13.1, each Bank, if
owed any amount with respect to the Revolving Credit Loans or the Reimbursement
Obligations, may, with the consent of the Majority Banks but not otherwise,
proceed to protect and enforce its rights by suit in equity, action at law or
other appropriate proceeding, whether for the specific performance of any
covenant or agreement contained in this Credit Agreement and the other Revolver
Loan Documents or any
<PAGE>

instrument pursuant to which the Obligations to such Bank are evidenced,
including as permitted by applicable law the obtaining of the ex parte
                                                              -- -----
appointment of a receiver, and, if such amount shall have become due, by
declaration or otherwise, proceed to enforce the payment thereof or any other
legal or equitable right of such Bank. No remedy herein conferred upon any Bank
or the Agent or the holder of any Revolving Credit Note or purchaser of any
Letter of Credit Participation is intended to be exclusive of any other remedy
and each and every remedy shall be cumulative and shall be in addition to every
other remedy given hereunder or now or hereafter existing at law or in equity or
by statute or any other provision of law.

     13.4.     Distribution of Collateral Proceeds. In the event that following
               ------------ -- ---------- --------
the occurrence or during the continuance of any Default or Event of Default, the
Agent or any Bank, as the case may be, receives any monies in connection with
the enforcement of any the Security Documents, or otherwise with respect to the
realization upon any of the Collateral, such monies shall be distributed for
application as follows:

               (a)       first, to the payment of, or (as the case may be) the
                         -----
     reimbursement of the Agent for or in respect of all reasonable costs,
     expenses, disbursements and losses which shall have been incurred or
     sustained by the Agent in connection with the collection of such monies by
     the Agent, for the exercise, protection or enforcement by the Agent of all
     or any of the rights, remedies, powers and privileges of the Agent under
     this Credit Agreement or any of the other Revolver Loan Documents or in
     respect of the Collateral or in support of any provision of adequate
     indemnity to the Agent against any taxes or liens which by law shall have,
     or may have, priority over the rights of the Agent to such monies;

               (b)       second, to all other Obligations on a pro rata basis;
                         ------                                --- ----
     provided, however, that (i) distributions in respect of such Obligations
     --------  -------
     shall be made pari passu among Obligations with respect to the Agent's Fee
                   ---- -----
     payable pursuant to (S)5.2 and all other Obligations and (ii) Obligations
     owing to the Banks with respect to each type of Obligation such as
     interest, principal, fees and expenses, shall be made among the Banks pro
                                                                           ---
     rata; and provided, further, that the Agent may in its discretion make
     ----      --------  -------
     proper allowance to take into account any Obligations not then due and
     payable;

               (c)       third, upon payment and satisfaction in full or other
                         -----
     provisions for payment in full satisfactory to the Banks and the Agent of
     all of the Obligations, to the payment of any obligations required to be
     paid pursuant to (S)9-504(1)(c) of the Uniform Commercial Code of the
     Commonwealth of Massachusetts; and

               (d)       fourth, the excess, if any, shall be returned to the
                         ------
     Borrower or to such other Persons as are entitled thereto.

                                  14.  SETOFF.
                                       ------
<PAGE>

     Regardless of the adequacy of any collateral, during the continuance of any
Event of Default, any deposits or other sums credited by or due from any of the
Banks to the Borrower and any securities or other property of the Borrower in
the possession of such Bank may be applied to or set off by such Bank against
the payment of Obligations and any and all other liabilities, direct, or
indirect, absolute or contingent, due or to become due, now existing or
hereafter arising, of the Borrower to such Bank.  Each of the Banks agrees with
each other Bank that (a) if an amount to be set off is to be applied to
Indebtedness of the Borrower to such Bank, other than Indebtedness evidenced by
the Revolving Credit Notes held by such Bank or constituting Reimbursement
Obligations owed to such Bank, such amount shall be applied ratably to such
other Indebtedness and to the Indebtedness evidenced by all such Revolving
Credit Notes held by such Bank or constituting Reimbursement Obligations owed to
such Bank, and (b) if such Bank shall receive from the Borrower, whether by
voluntary payment, exercise of the right of setoff, counterclaim, cross action,
enforcement of the claim evidenced by the Revolving Credit Notes held by, or
constituting Reimbursement Obligations owed to, such Bank by proceedings against
the Borrower at law or in equity or by proof thereof in bankruptcy,
reorganization, liquidation, receivership or similar proceedings, or otherwise,
and shall retain and apply to the payment of the Revolving Credit Notes held by,
or Reimbursement Obligations owed to, such Bank any amount in excess of its
ratable portion of the payments received by all of the Banks with respect to the
Revolving Credit Notes held by, and Reimbursement Obligations owed to, all of
the Banks, such Bank will make such disposition and arrangements with the other
Banks with respect to such excess, either by way of distribution, pro tanto
                                                                  --- -----
assignment of claims, subrogation or otherwise as shall result in each Bank
receiving in respect of the Revolving Credit Notes held by it or Reimbursement
Obligations owed it, its proportionate payment as contemplated by this Credit
Agreement; provided that if all or any part of such excess payment is thereafter
           --------
recovered from such Bank, such disposition and arrangements shall be rescinded
and the amount restored to the extent of such recovery, but without interest.

                                15.  THE AGENT.
                                     --- -----

     15.1.  Authorization. (a) The Agent is authorized to take such action on
            -------------
behalf of each of the Banks and their affiliates and to exercise all such powers
as are hereunder and under any of the other Revolver Loan Documents and any
related documents delegated to the Agent, together with such powers as are
reasonably incident thereto, provided that no duties or responsibilities not
                             --------
expressly assumed herein or therein shall be implied to have been assumed by the
Agent.

     (b)    The relationship between the Agent and each of the Banks is that of
an independent contractor. The use of the term "Agent" is for convenience only
                                                -----
and is used to describe, as a form of convention, the independent contractual
relationship between the Agent and each of the
<PAGE>

Banks. Nothing contained in this Credit Agreement nor the other Revolver Loan
Documents shall be construed to create an agency, trust or other fiduciary
relationship between the Agent and any of the Banks.

     (c)    As an independent contractor empowered by the Banks to exercise
certain rights and perform certain duties and responsibilities hereunder and
under the other Revolver Loan Documents, the Agent is nevertheless a
"representative" of the Banks, as that term is defined in Article 1 of the
 --------------
Uniform Commercial Code, for purposes of actions for the benefit of the Banks
and the Agent with respect to all collateral security and guaranties
contemplated by the Revolver Loan Documents. Such actions include the
designation of the Agent as "secured party", "mortgagee" or the like on all
                             ------- -----    ---------
financing statements and other documents and instruments, whether recorded or
otherwise, relating to the attachment, perfection, priority or enforcement of
any security interests, mortgages or deeds of trust in collateral security
intended to secure the payment or performance of any of the Obligations, all for
the benefit of the Banks and the Agent.

     15.2.     Employees and Agents. The Agent may exercise its powers and
               --------- --- ------
execute its duties by or through employees, affiliates or agents and shall be
entitled to take, and to rely on, advice of counsel concerning all matters
pertaining to its rights and duties under this Credit Agreement and the other
Revolver Loan Documents. The Agent may utilize the services of such Persons as
the Agent in its sole discretion may reasonably determine, and all reasonable
fees and expenses of any such Persons shall be paid by the Borrower.

     15.3.     No Liability. Neither the Agent nor any of its shareholders,
               -- ---------
directors, officers or employees nor any other Person assisting them in their
duties nor any agent or employee thereof, shall be liable for any waiver,
consent or approval given or any action taken, or omitted to be taken, in good
faith by it or them hereunder or under any of the other Revolver Loan Documents,
or in connection herewith or therewith, or be responsible for the consequences
of any oversight or error of judgment whatsoever, except that the Agent or such
other Person, as the case may be, may be liable for losses due to its willful
misconduct or gross negligence.

     15.4.     No Representations. The Agent shall not be responsible for the
               -- ---------------
execution or validity or enforceability of this Credit Agreement, the Revolving
Credit Notes, the Letters of Credit, any of the other Revolver Loan Documents or
any instrument at any time constituting, or intended to constitute, collateral
security for the Revolving Credit Notes, or for the value of any such collateral
security or for the validity, enforceability or collectability of any such
amounts owing with respect to the Revolving Credit Notes, or for any recitals or
statements, warranties or representations made herein or in any of the other
Revolver Loan Documents or in any certificate or instrument hereafter furnished
to it by or on behalf of AmeriKing, Holdings, the Borrower or any of their
Subsidiaries, or be bound to ascertain or inquire as to the performance or
observance of
<PAGE>

any of the terms, conditions, covenants or agreements herein or in any
instrument at any time constituting, or intended to constitute, collateral
security for the Revolving Credit Notes or to inspect any of the properties,
books or records of AmeriKing, Holdings, the Borrower or any of their
Subsidiaries. The Agent shall not be bound to ascertain whether any notice,
consent, waiver or request delivered to it by the Borrower or any holder of any
of the Revolving Credit Notes shall have been duly authorized or is true,
accurate and complete. The Agent has not made nor does it now make any
representations or warranties, express or implied, nor does it assume any
liability to the Banks, with respect to the credit worthiness or financial
conditions of Holdings, the Borrower or any of their Subsidiaries. Each Bank
acknowledges that it has, independently and without reliance upon the Agent or
any other Bank, and based upon such information and documents as it has deemed
appropriate, made its own credit analysis and decision to enter into this Credit
Agreement.

     15.5.     Payments.
               --------

               15.5.1. Payments to Agent. A payment by the Borrower to the Agent
                       -------- -- -----
     hereunder or any of the other Revolver Loan Documents for the account of
     any Bank shall constitute a payment to such Bank. The Agent agrees promptly
     to distribute to each Bank such Bank's pro rata share of payments received
                                            --- ----
     by the Agent for the account of the Banks except as otherwise expressly
     provided herein or in any of the other Revolver Loan Documents.

               15.5.2.   Distribution by Agent. If in the opinion of the Agent
                         ------------ -- -----
     the distribution of any amount received by it in such capacity hereunder,
     under the Revolving Credit Notes or under any of the other Revolver Loan
     Documents might involve it in liability, it may refrain from making
     distribution until its right to make distribution shall have been
     adjudicated by a court of competent jurisdiction. If a court of competent
     jurisdiction shall adjudge that any amount received and distributed by the
     Agent is to be repaid, each Person to whom any such distribution shall have
     been made shall either repay to the Agent its proportionate share of the
     amount so adjudged to be repaid or shall pay over the same in such manner
     and to such Persons as shall be determined by such court.

               15.5.3.   Delinquent Banks. Notwithstanding anything to the
                         ---------- -----
     contrary contained in this Credit Agreement or any of the other Revolver
     Loan Documents, any Bank that fails (i) to make available to the Agent its
     pro rata share of any Revolving Credit Loan or to purchase any Letter of
     --- ----
     Credit Participation or (ii) to comply with the provisions of (S)14 with
     respect to making dispositions and arrangements with the other Banks, where
     such Bank's share of any payment received, whether by setoff or otherwise,
     is in excess of its pro rata share of such payments due and payable to all
                         --- ----
     of the Banks, in each case as, when and to the full extent required by the
<PAGE>

     provisions of this Credit Agreement, shall be deemed delinquent (a
     "Delinquent Bank") and shall be deemed a Delinquent Bank until such time as
     such delinquency is satisfied. A Delinquent Bank shall be deemed to have
     assigned any and all payments due to it from the Borrower, whether on
     account of outstanding Revolving Credit Loans, Unpaid Reimbursement
     Obligations, interest, fees or otherwise, to the remaining nondelinquent
     Banks for application to, and reduction of, their respective pro rata
                                                                  --- ----
     shares of all outstanding Revolving Credit Loans and Unpaid Reimbursement
     Obligations. The Delinquent Bank hereby authorizes the Agent to distribute
     such payments to the nondelinquent Banks in proportion to their respective
     pro rata shares of all outstanding Revolving Credit Loans and Unpaid
     --- ----
     Reimbursement Obligations. A Delinquent Bank shall be deemed to have
     satisfied in full a delinquency when and if, as a result of application of
     the assigned payments to all outstanding Revolving Credit Loans and Unpaid
     Reimbursement Obligations of the nondelinquent Banks, the Banks' respective
     pro rata shares of all outstanding Revolving Credit Loans and Unpaid
     --- ----
     Reimbursement Obligations have returned to those in effect immediately
     prior to such delinquency and without giving effect to the nonpayment
     causing such delinquency.

     15.6.     Holders of Revolving Credit Notes. The Agent may deem and treat
               ------- -- --------- ------ -----
the payee of any Revolving Credit Note or the purchaser of any Letter of Credit
Participation as the absolute owner or purchaser thereof for all purposes hereof
until it shall have been furnished in writing with a different name by such
payee or by a subsequent holder, assignee or transferee.

     15.7.     Indemnity. The Banks ratably agree hereby to indemnify and hold
               ---------
harmless the Agent and its affiliates from and against any and all claims,
actions and suits (whether groundless or otherwise), losses, damages, costs,
expenses (including any expenses for which the Agent has not been reimbursed by
the Borrower as required by (S)16), and liabilities of every nature and
character arising out of or related to this Credit Agreement, the Revolving
Credit Notes, or any of the other Revolver Loan Documents or the transactions
contemplated or evidenced hereby or thereby, or the Agent's actions taken
hereunder or thereunder, except to the extent that any of the same shall be
directly caused by the Agent's willful misconduct or gross negligence.

     15.8.     Agent as Bank. In its individual capacity, Fleet shall have the
               ----- -- ----
same obligations and the same rights, powers and privileges in respect to its
Commitment and the Revolving Credit Loans made by it, and as the holder of any
of the Revolving Credit Notes and as the purchaser of any Letter of Credit
Participations, as it would have were it not also the Agent.

     15.9.     Resignation. The Agent may resign at any time by giving sixty
               -----------
(60) days prior written notice thereof to the Banks and the Borrower. Upon any
such resignation, the Majority Banks shall have the right to appoint a successor
Agent. Unless a Default or Event of Default shall have occurred
<PAGE>

and be continuing, such successor Agent, shall be reasonably acceptable to the
Borrower. If no successor Agent shall have been so appointed by the Majority
Banks and shall have accepted such appointment within thirty (30) days after the
retiring Agent's giving of notice of resignation, then the retiring Agent may,
on behalf of the Banks, appoint a successor Agent which shall be a financial
institution having a rating of not less than A or its equivalent by Standard &
Poor's Corporation. Upon the acceptance of any appointment as Agent hereunder by
a successor Agent, such successor Agent shall thereupon succeed to and become
vested with all the rights, powers, privileges and duties of the retiring Agent,
and the retiring Agent shall be discharged from its duties and obligations
hereunder. After any retiring Agent's resignation, the provisions of this Credit
Agreement and the other Revolver Loan Documents shall continue in effect for its
benefit in respect of any actions taken or omitted to be taken by it while it
was acting as Agent.

     15.10.    Notification of Defaults and Events of Default. Each Bank hereby
               ------------ -- -------- --- ------ -- -------
agrees that, upon learning of the existence of a Default or an Event of Default,
it shall promptly notify the Agent thereof. The Agent hereby agrees that upon
receipt of any notice under this (S)15.10 it shall promptly notify the other
Banks of the existence of such Default or Event of Default.

     15.11.    Duties in the Case of Enforcement. In case one of more Events of
               ------ -- --- ---- -- -----------
Default have occurred and shall be continuing, and whether or not acceleration
of the Obligations shall have occurred, the Agent shall, if (a) so requested by
the Majority Banks and (b) the Banks have provided to the Agent such additional
indemnities and assurances against expenses and liabilities as the Agent may
reasonably request, proceed to enforce the provisions of the Security Documents
authorizing the sale or other disposition of all or any part of the Collateral
and exercise all or any such other legal and equitable and other rights or
remedies as it may have in respect of such Collateral. The Majority Banks may
direct the Agent in writing as to the method and the extent of any such sale or
other disposition, the Banks hereby agreeing to indemnify and hold the Agent,
harmless from all liabilities incurred in respect of all actions taken or
omitted in accordance with such directions, provided that the Agent need not
                                            --------
comply with any such direction to the extent that the Agent reasonably believes
the Agent's compliance with such direction to be unlawful or commercially
unreasonable in any applicable jurisdiction.

                                 16. EXPENSES.
                                     --------

     Whether or not the transactions contemplated hereby shall be consummated,
and subject to (S)8.9.3 hereof, the Borrower promises to pay (a) the reasonable
and documented costs of producing and reproducing this Credit Agreement, the
other Revolver Loan Documents and the other agreements and instruments mentioned
herein and (b) any taxes (including any interest and penalties in respect
thereto), filing fees or recording fees or taxes payable by the Agent or any
Bank (other than taxes based upon any
<PAGE>

Bank's net income) on or with respect to the transactions contemplated by this
Credit Agreement or the other Revolver Loan Documents (the Borrower hereby
agreeing to indemnify the Agent and each Bank with respect thereto), (c) the
reasonable and documented fees, expenses and disbursements of the Agent's
Special Counsel and any local counsel to the Agent incurred in connection with
the preparation, administration, interpretation or syndication of the Revolver
Loan Documents and other instruments mentioned herein, each closing hereunder
and any amendments, modifications, approvals, consents or waivers hereto or
hereunder of any Revolver Loan Document upon payment in full in cash of the
Obligations or pursuant to any terms of such Revolver Loan Documents for
providing for such cancellation, (d) the fees, expenses and disbursements of the
Agent or any of its affiliates incurred by the Agent or such affiliate in
connection with the preparation, administration, interpretation or syndication
of the Revolver Loan Documents and other instruments mentioned herein, including
all appraisal charges and charges of other professionals retained by the Agent,
and all title insurance premiums and surveyor, engineering, appraisal and
examination charges, (e) the fees, expenses and disbursements of the Agent or
their designees in connection with all commercial finance examinations conducted
by or on behalf of the Agent, (f) any fees, costs, expenses and bank charges,
including bank charges for returned checks, incurred by the Agent in
establishing, maintaining or handling agency accounts, lock box accounts and
other accounts for the collection of any Collateral, (g) the reasonable and
documented fees and expenses of any advisors retained by the Agent pursuant to
(S)(S)8.9.3 and 11.15, (h) all reasonable and documented out-of-pocket expenses
(including without limitation reasonable attorneys' fees and costs, which
attorneys may be employees of any Bank or the Agent and reasonable consulting,
accounting, appraisal, investment banking and similar professional fees and
charges) incurred by any Bank or the Agent in connection with (i) the
enforcement of or preservation of rights under any of the Revolver Loan
Documents against AmeriKing, Holdings, the Borrower or any of their Subsidiaries
or the administration thereof after the occurrence of a Default or Event of
Default, (ii) any litigation, proceeding or dispute whether arising hereunder or
otherwise, in any way related to any Banks' or the Agent's relationship with
AmeriKing, Holdings, the Borrower or any their Subsidiaries and (iii) in
connection with any refinancing or restructuring of the financing under the
Revolver Loan Documents in the nature of a "work-out" or in any insolvency or
bankruptcy proceeding and (i) all reasonable and documented fees, expenses and
disbursements of any Bank or the Agent incurred in connection with UCC searches
or UCC filings, intellectual property searches, intellectual property filings or
mortgage recordings. The covenants contained in this (S)16 shall survive payment
or satisfaction in full of all other Obligations.

                             17. INDEMNIFICATION.
                                 ---------------

     The Borrower further agrees to indemnify and hold harmless the Agent and
the Banks as well as each such Person's shareholders, directors,
<PAGE>

agents, officers, Subsidiaries and affiliates, from and against all damages,
losses, settlement payments, obligations, liabilities, claims, actions or causes
of action, and costs and expenses incurred, suffered, sustained or required to
be paid by an indemnified party by reason of or resulting from the transactions
contemplated hereby, except any of the foregoing which result from the gross
negligence or willful misconduct of the indemnified party. In any investigation,
proceeding or litigation, or the preparation therefor, each Bank and the Agent
shall be entitled to select its own counsel and, in addition to the foregoing
indemnity, the Borrower agrees to pay promptly the fees and expenses of such
counsel. In addition, the Borrower hereby agrees to indemnify the Agent and its
affiliates and hold the Agent and its affiliates harmless from and against any,
loss, cost or expense incurred or sustained by the Agent or such affiliate in
providing payroll and other cash management services to AmeriKing and its
Subsidiaries. The parties hereto further agree that such indemnification
obligations shall be Obligations under the Revolver Loan Documents. If, and to
the extent that the obligations of the Borrower under this (S)17 are
unenforceable for any reason, the Borrower hereby agrees to make the maximum
contribution to the payment in satisfaction of such obligations which is
permissible under applicable law. The covenants contained in this (S)17 shall
survive payment or satisfaction in full of all other Obligations.

                        18. SURVIVAL OF COVENANTS, ETC.
                            -------- -- ---------  ----

     All covenants, agreements, representations and warranties made herein, in
the Revolving Credit Notes, in any of the other Revolver Loan Documents or in
any documents or other papers delivered by or on behalf of Holdings, the
Borrower or any of their Subsidiaries pursuant hereto shall be deemed to have
been relied upon by the Banks and the Agent, notwithstanding any investigation
heretofore or hereafter made by any of them, and shall survive the making by the
Banks of any of the Revolving Credit Loans and the issuance, extension or
renewal of any Letters of Credit, as herein contemplated, and shall continue in
full force and effect so long as any Letter of Credit or any amount due under
this Credit Agreement or the Revolving Credit Notes or any of the other Revolver
Loan Documents remains outstanding or any Bank has any obligation to make any
Revolving Credit Loans or the Agent has any obligation to issue, extend or renew
any Letter of Credit, and for such further time as may be otherwise expressly
specified in this Credit Agreement. All statements contained in any certificate
or other paper delivered to any Bank or the Agent at any time by or on behalf of
AmeriKing, Holdings, the Borrower or any of their Subsidiaries pursuant hereto
or in connection with the transactions contemplated hereby shall constitute
representations and warranties by AmeriKing, Holdings, the Borrower or such
Subsidiary hereunder.

                      19.  ASSIGNMENT AND PARTICIPATION.
                           ---------- --- -------------

     19.1,  Conditions to Assignment by Banks. Except as provided herein, each
            ---------- -- ---------- -- -----
Bank may assign to one or more Eligible Assignees all or a
<PAGE>

portion of its interests, rights and obligations under this Credit Agreement
(including all or a portion of its Revolver Commitment Percentage with respect
to Revolving Credit Loans and the same portion of the Revolving Credit Loans at
the time owing to it, the Revolving Credit Notes held by it and its
participating interest in the risk relating to any Letters of Credit); provided
                                                                       --------
that (a) each of the Agent and the Borrower shall have given its prior written
consent to such assignment, which consent, in the case of the Borrower, will not
be unreasonably withheld, (b) each such assignment shall be of a constant, and
not a varying, percentage of all the assigning Bank's rights and obligations in
respect of the Revolving Credit Loans under this Credit Agreement, (c) each
assignment shall be in an amount of no less than $2,500,000, or, if less, the
entire remaining amount of the assigning Bank's interest in the Revolving Credit
Loans, or a larger integral multiple of $1,000,000, and (d) the parties to such
assignment shall execute and deliver to the Agent, for recording in the Register
(as hereinafter defined), an Assignment and Acceptance, substantially in the
form of Exhibit D hereto (an "Assignment and Acceptance"), together with any
        ---------
Revolving Credit Notes subject to such assignment. Upon such execution,
delivery, acceptance and recording, from and after the effective date specified
in each Assignment and Acceptance, which effective date shall be at least five
(5) Business Days after the execution thereof, (i) the assignee thereunder shall
be a party hereto and, to the extent provided in such Assignment and Acceptance,
have the rights and obligations of a Bank hereunder, and (ii) the assigning Bank
shall, to the extent provided in such assignment and upon payment to the Agent
of the registration fee referred to in (S)19.3, be released from its obligations
under this Credit Agreement.

     19.2.  Certain Representations and Warranties; Limitations; Covenants.  By
            --------------------------------------------------------------
executing and delivering an Assignment and Acceptance, the parties to the
assignment thereunder confirm to and agree with each other and the other parties
hereto as follows:

            (a)  other than the representation and warranty that it is the legal
     and beneficial owner of the interest being assigned thereby free and clear
     of any adverse claim, the assigning Bank makes no representation or
     warranty, express or implied, and assumes no responsibility with respect to
     any statements, warranties or representations made in or in connection with
     this Credit Agreement or the execution, legality, validity, enforceability,
     genuineness, sufficiency or value of this Credit Agreement, the other
     Revolver Loan Documents or any other instrument or document furnished
     pursuant hereto or the attachment, perfection or priority of any security
     interest or mortgage,

            (b)  the assigning Bank makes no representation or warranty and
     assumes no responsibility with respect to the financial condition of the
     Borrower and its Subsidiaries or any other Person primarily or secondarily
     liable in respect of any of the Obligations, or the performance or
     observance by the Borrower and its Subsidiaries or
<PAGE>

     any other Person primarily or secondarily liable in respect of any of the
     Obligations of any of their obligations under this Credit Agreement or any
     of the other Revolver Loan Documents or any other instrument or document
     furnished pursuant hereto or thereto;

          (c)  such assignee confirms that it has received a copy of this Credit
     Agreement, together with copies of the most recent financial statements
     referred to in (S)7.4 and (S)8.4 and such other documents and information
     as it has deemed appropriate to make its own credit analysis and decision
     to enter into such Assignment and Acceptance;

          (d)  such assignee will, independently and without reliance upon the
     assigning Bank, the Agent or any other Bank and based on such documents and
     information as it shall deem appropriate at the time, continue to make its
     own credit decisions in taking or not taking action under this Credit
     Agreement;

          (e)  such assignee represents and warrants that it is an Eligible
     Assignee and that, on the effective date of such Assignment and Acceptance,
     the circumstances described in (S)(S)5.5 and 5.6 hereof are not applicable
     to such assignee;

          (f)  such assignee appoints and authorizes the Agent to take such
     action as agent on its behalf and to exercise such powers under this Credit
     Agreement and the other Revolver Loan Documents as are delegated to the
     Agent by the terms hereof or thereof, together with such powers as are
     reasonably incidental thereto;

          (g)  such assignee agrees that it will perform in accordance with
     their terms all of the obligations that by the terms of this Credit
     Agreement are required to be performed by it as a Bank;

          (h)  such assignee represents and warrants that it is legally
     authorized to enter into such Assignment and Acceptance; and

          (i)  such assignee acknowledges that it has made arrangements with the
     assigning Bank satisfactory to such assignee with respect to its pro rata
                                                                      --- ----
     share of Letter of Credit Fees in respect of outstanding Letters of Credit.

     19.3.  Register. The Agent shall maintain a copy of each Assignment and
            --------
Acceptance delivered to it and a register or similar list (the "Register") for
the recordation of the names and addresses of the Banks and the Revolver
Commitment Percentage of, and principal amount of the Revolving Credit Loans
owing to and Letter of Credit Participations purchased by, the Banks from time
to time. The entries in the Register shall be conclusive, in the absence of
manifest error, and the Borrower, the Agent and the Banks may treat each Person
whose name is recorded in the Register as a Bank hereunder for all purposes of
this Credit Agreement. The Register shall be available for inspection by the
Borrower and the Banks at any reasonable
<PAGE>

time and from time to time upon reasonable prior notice. Upon each such
recordation, the assigning Bank agrees to pay to the Agent a registration fee
(unless the Agent, in its sole and absolute discretion, has waived such fee) in
the sum of $5,000.

     19.4.  New Revolving Credit Notes.  Upon its receipt of an Assignment and
            --- --------- ------ -----
Acceptance executed by the parties to such assignment, together with each
Revolving Credit Note subject to such assignment, the Agent shall (a) record the
information contained therein in the Register, and (b) give prompt notice
thereof to the Borrower and the Banks (other than the assigning Bank). Within
five (5) Business Days after receipt of such notice, the Borrower, at its own
expense, shall execute and deliver to the Agent, in exchange for each
surrendered Revolving Credit Note, a new Revolving Credit Note to the order of
such Eligible Assignee in an amount equal to the amount assumed by such Eligible
Assignee pursuant to such Assignment and Acceptance and, if the assigning Bank
has retained some portion of its obligations hereunder, a new Revolving Credit
Note to the order of the assigning Bank in an amount equal to the amount
retained by it hereunder. Such new Revolving Credit Notes shall provide that
they are replacements for the surrendered Revolving Credit Notes, shall be in an
aggregate principal amount equal to the aggregate principal amount of the
surrendered Revolving Credit Notes, shall be dated the effective date of such an
Assignment and Acceptance and shall otherwise be substantially the form of the
assigned Revolving Credit Notes. Within five (5) days of issuance of any new
Revolving Credit Notes pursuant to this (S)19.4, the Borrower shall, if
requested by the assigning Bank or the assignee Bank, deliver an opinion of
counsel, addressed to the Banks and the Agent, relating to the due
authorization, execution and delivery of such new Revolving Credit Notes and the
legality, validity and binding effect thereof, in form and substance
satisfactory to the Banks. The surrendered Revolving Credit Notes shall be
cancelled and returned to the Borrower.

     19.5.  Participations.  Each Bank may sell participations to one or more
            --------------
banks or other entities in all or a portion of such Bank's rights and
obligations under this Credit Agreement and the other Revolver Loan Documents
provided that (a) each such participation shall be in an amount of not less than
--------
$2,500,000, (b) any such sale or participation shall not affect the rights and
duties of the selling Bank hereunder to the Borrower, (c) the only rights
granted to the participant pursuant to such participation arrangements with
respect to waivers, amendments or modifications of the Revolver Loan Documents
shall be the rights to approve waivers, amendments or modifications that would
forgive any principal of or reduce the interest rate on any Revolving Credit
Loans, extend the term or increase the amount of the Commitment of such Bank as
it relates to such participant, reduce the amount of any commitment fees or
Letter of Credit Fees to which such participant is entitled or extend any
regularly scheduled payment date for principal or interest.
<PAGE>

     19.6.  Disclosure.  The Borrower agrees that in addition to disclosures
            ----------
made in accordance with standard and customary banking practices any Bank may
disclose information obtained by such Bank pursuant to this Credit Agreement to
assignees or participants and potential assignees or participants hereunder;
provided that such assignees or participants or potential assignees or
--------
participants shall agree (a) to treat in confidence such information unless such
information otherwise becomes public knowledge, (b) not to disclose such
information to a third party, except as required by law or legal process and (c)
not to make use of such information for purposes of transactions unrelated to
such contemplated assignment or participation.

            Assignee or Participant Affiliated with the Borrower.  If any
            -------- -- ----------- ---------- ---- --- --------
assignee Bank is an Affiliate of the Borrower, then any such assignee Bank shall
have no right to vote as a Bank hereunder or under any of the other Revolver
Loan Documents for purposes of granting consents or waivers or for purposes of
agreeing to amendments or other modifications to any of the Revolver Loan
Documents or for purposes of making requests to the Agent pursuant to (S)13.1 or
(S)13.2, and the determination of the Majority Banks shall for all purposes of
this Credit Agreement and the other Revolver Loan Documents be made without
regard to such assignee Bank's interest in any of the Revolving Credit Loans. If
any Bank sells a participating interest in any of the Revolving Credit Loans or
Reimbursement Obligations to a participant, and such participant is the Borrower
or an Affiliate of the Borrower, then such transferor Bank shall promptly notify
the Agent of the sale of such participation. A transferor Bank shall have no
right to vote as a Bank hereunder or under any of the other Revolver Loan
Documents for purposes of granting consents or waivers or for purposes of
agreeing to amendments or modifications to any of the Revolver Loan Documents or
for purposes of making requests to the Agent pursuant to (S)13.1 or (S)13.2 to
the extent that such participation is beneficially owned by the Borrower or any
Affiliate of the Borrower, and the determination of the Majority Banks shall for
all purposes of this Credit Agreement and the other Revolver Loan Documents be
made without regard to the interest of such transferor Bank in the Revolving
Credit Loans to the extent of such participation.

     19.8.  Miscellaneous Assignment Provisions.  Any assigning Bank shall
            ------------- ---------- ----------
retain its rights to be indemnified pursuant to (S)17 with respect to any claims
or actions arising prior to the date of such assignment. If any assignee Bank is
not incorporated under the laws of the United States of America or any state
thereof, it shall, prior to the date on which any interest or fees are payable
hereunder or under any of the other Revolver Loan Documents for its account,
deliver to the Borrower and the Agent certification as to its exemption from
deduction or withholding of any United States federal income taxes. If Fleet
transfers all of its interest, rights and obligations under this Credit
Agreement, the Agent shall, in consultation with the Borrower and with the
consent of the Borrower and the Majority Banks, appoint another Bank to act as
the Reference Bank hereunder. Anything contained in this (S)19 to the contrary
notwithstanding,
<PAGE>

any Bank may at any time pledge all or any portion of its interest and rights
under this Credit Agreement (including all or any portion of its Revolving
Credit Notes) to any of the twelve Federal Reserve Banks organized under (S)4 of
the Federal Reserve Act, 12 U.S.C. (S)341. No such pledge or the enforcement
thereof shall release the pledgor Bank from its obligations hereunder or under
any of the other Revolver Loan Documents.

     19.9. Assignment by Borrower.  The Borrower shall not assign or transfer
           ----------------------
any of its rights or obligations under any of the Revolver Loan Documents
without the prior written consent of each of the Banks.

                              20.  NOTICES, ETC.
                                   -------- ---

     Except as otherwise expressly provided in this Credit Agreement, all
notices and other communications made or required to be given pursuant to this
Credit Agreement or the Revolving Credit Notes or any Letter of Credit
Applications shall be in writing and shall be delivered in hand, mailed by
United States registered or certified first class mail, postage prepaid, sent by
overnight courier, or sent by telegraph, telecopy, facsimile or telex and
confirmed by delivery via courier or postal service, addressed as follows:

          (a)  if to AmeriKing, Holdings, the Borrower or any of their
     Subsidiaries, at 2215 Enterprise Drive, Suite 1502, Westchester, Illinois
     60154, Attention:  Michael Nicholas, or at such other address for notice as
     the Borrower shall last have furnished in writing to the Person giving the
     notice;

          (b)  if to the Agent, at 100 Federal Street, Boston, Massachusetts
     02110, USA, Attention: James J. O'Brien, authorized officer, or such other
     address for notice as the Agent shall last have furnished in writing to the
     Person giving the notice; and

          (c)  if to any Bank, at such Bank's address set forth on Schedule 1
                                                                   -------- -
     hereto, or such other address for notice as such Bank shall have last
     furnished in writing to the Person giving the notice.

     Any such notice or demand shall be deemed to have been duly given or made
and to have become effective (i) if delivered by hand, overnight courier or
facsimile to a responsible officer of the party to which it is directed, at the
time of the receipt thereof by such officer or the sending of such facsimile and
(ii) if sent by registered or certified first-class mail, postage prepaid, on
the third Business Day following the mailing thereof.

                              21.  GOVERNING LAW.
                                   --------- ---

     THIS CREDIT AGREEMENT AND, EXCEPT AS OTHERWISE SPECIFICALLY PROVIDED
THEREIN, EACH OF THE OTHER REVOLVER LOAN DOCUMENTS ARE CONTRACTS UNDER THE LAWS
OF THE COMMONWEALTH OF MASSACHUSETTS AND SHALL FOR ALL PURPOSES BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY
<PAGE>

THE LAWS OF SAID COMMONWEALTH OF MASSACHUSETTS (EXCLUDING THE LAWS APPLICABLE TO
CONFLICTS OR CHOICE OF LAW). THE BORROWER AGREES THAT ANY SUIT FOR THE
ENFORCEMENT OF THIS CREDIT AGREEMENT OR ANY OF THE OTHER REVOLVER LOAN DOCUMENTS
MAY BE BROUGHT IN THE COURTS OF THE COMMONWEALTH OF MASSACHUSETTS OR ANY FEDERAL
COURT SITTING THEREIN AND CONSENTS TO THE NONEXCLUSIVE JURISDICTION OF SUCH
COURT AND SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON THE BORROWER BY
MAIL AT THE ADDRESS SPECIFIED IN (S)20. THE BORROWER HEREBY WAIVES ANY OBJECTION
THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH
COURT OR THAT SUCH SUIT IS BROUGHT IN AN INCONVENIENT COURT.

                                22.  HEADINGS.
                                     --------

     The captions in this Credit Agreement are for convenience of reference only
and shall not define or limit the provisions hereof.

                              23.  COUNTERPARTS.
                                   ------------

     This Credit Agreement and any amendment hereof may be executed in several
counterparts and by each party on a separate counterpart, each of which when
executed and delivered shall be an original, and all of which together shall
constitute one instrument.  In proving this Credit Agreement it shall not be
necessary to produce or account for more than one such counterpart signed by the
party against whom enforcement is sought.

                          24.  ENTIRE AGREEMENT, ETC.
                               ------ ---------- ---

     The Revolver Loan Documents and any other documents executed in connection
herewith or therewith express the entire understanding of the parties with
respect to the transactions contemplated hereby. Neither this Credit Agreement
nor any term hereof may be changed, waived, discharged or terminated, except as
provided in (S)26.

                          25.  WAIVER OF JURY TRIAL.
                               ------ -- ---- -----

     Each of AmeriKing, Holdings and the Borrower hereby waives its right to a
jury trial with respect to any action or claim arising out of any dispute in
connection with this Credit Agreement, the Revolving Credit Notes or any of the
other Revolver Loan Documents, any rights or obligations hereunder or thereunder
or the performance of which rights and obligations.  Except as prohibited by
law, each of AmeriKing, Holdings and the Borrower hereby waives any right it may
have to claim or recover in any litigation referred to in the preceding sentence
any special, exemplary, punitive or consequential damages or any damages other
than, or in addition to, actual damages.  Each of AmeriKing, Holdings and the
Borrower (a) certifies that no representative, agent or attorney of any Bank or
the Agent has represented, expressly or otherwise, that such Bank or the Agent
would not, in the event
<PAGE>

of litigation, seek to enforce the foregoing waivers and (b) acknowledges that
the Agent and the Banks have been induced to enter into this Credit Agreement,
the other Revolver Loan Documents to which it is a party and the Subordination
Documents to which it is a party by, among other things, the waivers and
certifications contained herein.

                   26.  CONSENTS, AMENDMENTS, WAIVERS, ETC.
                        --------- ----------- -------- ---

     Any consent or approval required or permitted by this Credit Agreement to
be given by all of the Banks may be given, and any term of this Credit
Agreement, the other Revolver Loan Documents or any other instrument related
hereto or mentioned herein may be amended, and the performance or observance by
AmeriKing, Holdings, the Borrower or any of their Subsidiaries of any terms of
this Credit Agreement, the other Revolver Loan Documents or such other
instrument or the continuance of any Default or Event of Default may be waived
(either generally or in a particular instance and either retroactively or
prospectively) with, but only with, the written consent of the Borrower and the
written consent of the Majority Banks.  Notwithstanding the foregoing, a
decrease in the rate of interest on the Revolving Credit Notes, the maturity of
or extension of scheduled payments on the Revolving Credit Notes, the release of
all or substantially all of the Collateral, the amount of the Commitments of the
Banks and a decrease in the amount of commitment fee or Letter of Credit Fees
hereunder may not be changed without the written consent of the Borrower and the
written consent of each Bank; the definition of Majority Banks and this (S)26
may not be amended without the written consent of all of the Banks; and the
amount of the Agent's Fee or any Letter of Credit Fees payable for the Agent's
account and (S)16 may not be amended without the written consent of the Agent.
No waiver shall extend to or affect any obligation not expressly waived or
impair any right consequent thereon.  No course of dealing or delay or omission
on the part of the Agent or any Bank in exercising any right shall operate as a
waiver thereof or otherwise be prejudicial thereto.  No notice to or demand upon
the Borrower shall entitle the Borrower to other or further notice or demand in
similar or other circumstances.

                               27.  SEVERABILITY
                                    ------------

     The provisions of this Credit Agreement are severable and if any one clause
or provision hereof shall be held invalid or unenforceable in whole or in part
in any jurisdiction, then such invalidity or unenforceability shall affect only
such clause or provision, or part thereof, in such jurisdiction, and shall not
in any manner affect such clause or provision in any other jurisdiction, or any
other clause or provision of this Credit Agreement in any jurisdiction.

                        28.  TRANSITIONAL ARRANGEMENTS
                             ------------ ------------
<PAGE>

     28.1 Existing Credit Agreements Superseded. This Credit Agreement shall on
          -------- ------ ---------- ----------
the Closing Date supersede the Revolver Credit Agreement and the Acquisition
Credit Agreement in their entirety, except as provided in this (S)28. On the
Closing Date, the rights and obligations of the parties evidenced by the
Revolver Credit Agreement and the Acquisition Credit Agreement shall be
evidenced by this Credit Agreement and other Revolver Loan Documents, the
"Revolving Credit Loans" as defined in the Revolver Credit Agreement and the
Acquisition Credit Agreement shall be converted to Revolving Credit Loans, as
defined herein, and all outstanding letters of credit issued by the Agent for
the account of the Borrower prior to the Closing Date shall, for the purposes of
this Credit Agreement, be Letters of Credit.

     28.2 Return and Cancellation of Revolving Credit Notes. As soon as
          ------ --- ------------ -- --------- ------ -----
reasonably practicable after its receipt of its Revolving Credit Note hereunder
on the Closing Date, the Banks will promptly return to the Borrower, marked
"Substituted" or "Cancelled", as the case may be, any notes of the Borrower held
by the Banks pursuant to the Revolver Credit Agreement and the Acquisition
Credit Agreement.

     28.3 Interest and Fees Under Superseded Agreement. All interest and fees
          -------- --- ---- ----- ---------- ---------
and expenses, if any, owing or accruing under or in respect of the Revolver
Credit Agreement or the Acquisition Credit Agreement, as the case may be,
through the Closing Date shall be calculated as of the Closing Date (prorated in
the case of any fractional periods), and shall be paid in accordance with the
method, and on the dates, specified in the Revolver Credit Agreement or the
Acquisition Credit Agreement, as the case may be, as if the Revolver Credit
Agreement or the Acquisition Credit Agreement, as the case may be, were still in
effect. Commencing on the Closing Date, the commitment fees shall be payable by
the Borrower to the Agent for the account of the Banks in accordance with
(S)2.2.

<PAGE>

     IN WITNESS WHEREOF, the undersigned have duly executed this Consolidated
Amended and Restated Revolving Credit Agreement as a sealed instrument as of the
date first set forth above.

                                     NATIONAL RESTAURANT
                                       ENTERPRISES, INC.

                                     By: /s/ A. Richard Caputo, Jr.
                                         ---------------------------
                                         Name:  A. Richard Caputo, Jr.
                                         Title: Vice President

                                     NATIONAL RESTAURANT
                                      ENTERPRISES HOLDINGS, INC.

                                     By: /s/ A. Richard Caputo, Jr.
                                         ---------------------------
                                         Name:  A. Richard Caputo, Jr.
                                         Title: Vice President

                                     AMERIKING, INC.

                                     By: /s/ A. Richard Caputo, Jr.
                                         ---------------------------
                                         Name:  A. Richard Caputo, Jr.
                                         Title: Vice President

                                     FLEET NATIONAL BANK,
                                     individually and as Agent

                                     By: /s/ James J. O'Brien
                                         -----------------------------
                                         Name:  James J. O'Brien
                                         Title: Authorized Officer

                                     SUNTRUST BANK

                                     By: /s/ Kristina L. Anderson
                                         -----------------------------
                                         Name:  Kristina L. Anderson
                                         Title: Director

<PAGE>

                              LASALLE NATIONAL BANK

                              By: /s/ John Rutger
                                  -------------------------------------
                                  Name: John Rutger
                                  Title: Senior Vice President

                              PARIBAS

                              By: /s/ Ro Toyoshima
                                  -------------------------------------
                                  Name: Ro Toyoshima
                                  Title: Vice President

                              By: /s/ John J. McCormick, III
                                  -------------------------------------
                                  Name: John J. McCormick, III
                                  Title:

                              HELLER FINANCIAL

                              By: /s/ Julia Maalanka
                                  -------------------------------------
                                  Name: Julia Maalanka
                                  Title: Vice President

                              FLEET BUSINESS CREDIT
                               CORPORATION

                              By: /s/ Mark Flamm
                                  -------------------------------------
                                  Name: Mark Flamm
                                  Title: Vice President

                              CREDIT AGRICOLE INDOSUEZ

                              By: /s/ Paul A. Dytrych
                                  -------------------------------------
                                  Name: Paul A. Dytrych
                                  Title: Vice President
                                         Senior Relationship Manager

                              By: /s/ Raymond A. Falkenberg
                                  -------------------------------------
                                  Name: Raymond A. Falkenberg
                                  Title: Vice President
                                         Senior Relationship Manager
<PAGE>

                              DEUTSCHE FINANCIAL SERVICES

                              By: /s/ Philip G. Porcher IX
                                  ---------------------------------
                                  Name: Philip G. Porcher IX
                                  Title: Vice President

                              BANK OF AMERICA

                              By: /s/ Michael Hammond
                                  ---------------------------------
                                  Name: Michael Hammond
                                  Title: Vice President

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