Document:

<PAGE>
                                                                    EXHIBIT 10.2

                            ASSIGNMENT AND ASSUMPTION
                             OF ASSET SALE AGREEMENT

         This ASSIGNMENT AND ASSUMPTION OF ASSET SALE AGREEMENT (this
"ASSIGNMENT") is made and entered into effective as of the 16th day of January,
2004 (the "EFFECTIVE TIME") by and between IASIS Healthcare Corporation, a
Delaware corporation ("ASSIGNOR"), and Lake Mead Hospital, Inc., a Delaware
corporation ("ASSIGNEE").

                              W I T N E S S E T H:

         WHEREAS, NLVH, Inc., a Nevada corporation ("SELLER"), and Assignor have
entered into that certain Asset Sale Agreement of even date herewith (the
"AGREEMENT"; all capitalized terms used but not defined herein shall have the
meanings ascribed to them in the Agreement), whereby (i) Assignor has agreed to
purchase and Seller has agreed to sell substantially all of the assets of Seller
with respect to the operation of the Hospital and (ii) Assignor has agreed to
assume certain obligations of Seller with respect to the operation of the
Hospital.

         WHEREAS, Assignor has agreed to assign, and Assignee has agreed to
assume, all of Assignor's rights, title, benefits, interest, duties and
obligations as Purchaser in, to and under the Agreement on the terms contained
herein. Any conflict between the terms hereof and the Agreement shall be
governed by the terms of the Agreement.

         NOW, THEREFORE, for and in consideration of One Hundred Dollars ($100)
and the mutual covenants contained herein, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

         Assignor hereby transfers, grants, conveys and assigns to Assignee all
of Assignor's right, title, benefits, interest, duties and obligations in, to
and under the Agreement.

         Assignee hereby accepts such transfer, grant, conveyance and assignment
and assumes and agrees to perform and be bound by the terms and conditions of
the Agreement and agrees to perform and discharge Assignor's obligations and
liabilities under the Agreement.

         This Assignment shall be governed by, and construed under, the laws of
the State of Nevada.

         This Assignment may be executed and delivered in any number of
counterparts, each of which so executed and delivered shall be deemed to be an
original and all of which shall constitute one and the same instrument.

<PAGE>

         Assignor hereby acknowledges and agrees that its assignment of its
obligations under the Agreement to Assignee as set forth herein is subject to
Assignor's agreement to guarantee the performance of such obligations pursuant
to that certain Guaranty of Payment and Performance, of even date herewith, in
favor of Seller.

                     [The next page is the signature page.]

                                       2
<PAGE>

         IN WITNESS WHEREOF, the undersigned have caused this Assignment to be
duly executed as of the day and year first above written.

                                       ASSIGNOR:

                                       IASIS HEALTHCARE CORPORATION

                                       By: /s/ W. Carl Whitmer
                                       Name: W. Carl Whitmer
                                       Title: Chief Financial Officer

                                       ASSIGNEE:

                                       LAKE MEAD HOSPITAL, INC.

                                       By: /s/ Frank A. Coyle
                                       Name: Frank A. Coyle
                                       Title: Secretary<PAGE>
                                                                    EXHIBIT 10.3

                       GUARANTY OF PAYMENT AND PERFORMANCE

         For valuable consideration, the undersigned, IASIS HEALTHCARE
CORPORATION, a Delaware corporation ("Guarantor"), hereby unconditionally and
irrevocably guarantees the due, prompt and complete performance (including,
without limitation, payment) when due, whether by acceleration or otherwise
(with such interest as may accrue thereon with respect to payments due) by Lake
Mead Hospital, Inc., a Delaware corporation ("Purchaser"), of each and every
obligation of Purchaser under that certain Asset Sale Agreement dated as of
January 16, 2004 (the "Agreement") by and between Guarantor and NLVH, Inc., a
Nevada corporation ("Seller"), as assigned by Guarantor to Purchaser pursuant to
that certain Assignment and Assumption of Asset Sale Agreement of even date
herewith, and all agreements ancillary to the Agreement (collectively, the
"Obligations"). Guarantor agrees that if any of the Obligations are not paid or
performed in a timely manner, Guarantor will immediately perform such
Obligations, cause such Obligations to be performed, or immediately make any
payment due. Guarantor agrees to pay any and all reasonable attorneys' fees,
court costs and collection charges incurred by Seller in enforcing this
Guaranty.

         The obligations of Guarantor under this Guaranty are independent of the
obligations of Purchaser, and a separate action or actions may be brought
against Guarantor, whether action is brought against Purchaser or whether
Purchaser is joined in any such action or actions; provided, however, as a
condition precedent to the commencement of any action against Guarantor, Seller
shall first comply with all procedures specified in the Agreement or any
agreement ancillary thereto with respect to actions to be taken in order to
quantify an amount due or identify an issue in dispute.

         Guarantor authorizes Seller, without notice to or demand upon Guarantor
and without the consent of Guarantor (except as shall be required by applicable
statute which requirement cannot be waived), and without affecting or impairing
Guarantor's liability hereunder, from time to time to renew, compromise, extend,
increase or otherwise change the time for payment of, or otherwise amend or
change the terms of, the Obligations or any part thereof. No such action that
Seller shall take or fail to take in connection with the Obligations, nor any
course of dealing with Purchaser or any other person, shall release Guarantor's
obligations hereunder, affect this Guaranty in any way, or afford Guarantor any
recourse against Seller. This Guaranty unconditionally guarantees the
performance and payment of all of the Obligations. Subject to the provisions of
the immediately preceding paragraph, Guarantor hereby waives: (a) any right to
require Seller to proceed against Purchaser or to pursue any other remedy in
Seller's power whatsoever; (b) any defense arising by reason of any disability
or other defense of Purchaser or Guarantor; (c) all presentments, demands for
performance, notices of nonperformance, notices of protest, notices of dishonor
and notices of acceptance of this Guaranty; and (d) any defense based upon an
election of remedies by Seller that destroys or otherwise impairs any
subrogation rights of Guarantor or the right of Guarantor to proceed against
Purchaser for reimbursement, or both.

         This is a Guaranty of payment and performance, not of collection.

<PAGE>

         If any provision of this Guaranty is held invalid or unenforceable, the
remainder of this Guaranty shall not be affected thereby, the provisions of this
Guaranty being severable in any such instance. This Guaranty shall be governed
by and construed and enforced in accordance with the laws of the State of Nevada
as applied to contracts made and performed within the State of Nevada.

         Until the time that all of the Obligations of Purchaser to Seller have
been paid and performed in full, Guarantor shall have no right to exercise its
right of subrogation to Seller against Purchaser, and Guarantor hereby waives
any rights to exercise its right to enforce any remedy that Seller may have
against Purchaser until that time.

         This Guaranty shall not be assigned by Guarantor in whole or in part
without the written consent of Seller, which consent shall not be unreasonably
withheld. This Guaranty shall be binding upon and shall inure to the benefit of
Guarantor and Seller and each of their permissible and respective successors and
assigns.

         No modification, limitation or discharge of the obligations herein
guaranteed, arising out of or by virtue of any bankruptcy, reorganization or
similar proceeding for relief of debtors under federal or state law, or any
other voluntary or involuntary dissolution, liquidation, or winding up of the
affairs of Purchaser, will in any way affect, modify, limit or discharge the
liability of Guarantor under this Guaranty.

         This Guaranty may only be amended, waived, modified discharged or
otherwise changed by a written instrument signed by Guarantor and Seller. No
delay or forbearance by Seller in exercising any right under the Agreement or
under this Guaranty, and no express or implied waiver by Seller of any default
under the Agreement or under this Guaranty, shall constitute a waiver of any
subsequent default under the Agreement or under this Guaranty notwithstanding
the fact that this Guaranty may have been cancelled, released and/or returned to
Guarantor.

                     [The next page is the signature page.]

                                       2
<PAGE>

Dated: January 16, 2004                IASIS HEALTHCARE CORPORATION

                                       By:    /s/ Frank A. Coyle
                                       Name:  Frank A. Coyle
                                       Title: Secretary<PAGE>
                                                                     EXHIBIT 4.3

                             [FORM OF EXCHANGE NOTE]

                                 [FACE OF NOTE]

                                O'CHARLEY'S INC.

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE
GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES
EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED
PURSUANT TO SECTION 2.07 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.07(a) OF THE INDENTURE,
(III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT
TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO
A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

<PAGE>

                      9% SENIOR SUBORDINATED NOTES DUE 2013

No. R-__                                                   $___________________

                                                           CUSIP No. 670823 AB 9

O'Charley's Inc., a Tennessee corporation, promises to pay to Cede & Co. or
registered assigns the principal sum of _______________ Dollars on November 1,
2013.

         Interest Payment Dates:  May 1 and November 1, commencing May 1, 2004

         Record Dates:  April 15 and October 15.

         Reference is hereby made to the further provisions of this Note set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Note to be signed
manually or by facsimile by its duly authorized officers.

Dated:
       ------------------------

                                       O'CHARLEY'S INC.

                                       By
                                          ------------------------------------
                                          Name:
                                          Title:

                                       By
                                          ------------------------------------
                                          Name:
                                          Title:

<PAGE>

Certificate of Authentication:

THE BANK OF NEW YORK,
as Trustee, certifies that this is one of
the Notes referred to in the within-
mentioned Indenture.

Date:
       -------------------------

By
   ----------------------------------------
   Authorized Signatory

<PAGE>

                                [REVERSE OF NOTE]

                                O'CHARLEY'S INC.

                      9% SENIOR SUBORDINATED NOTES DUE 2013

         1. Interest. O'Charley's Inc., a Tennessee corporation (the "Company"),
promises to pay interest on the principal amount of this Note at 9% per annum
from November 4, 2003 until maturity. The Company will pay interest semiannually
on May 1 and November 1 of each year (each an "Interest Payment Date"), or if
any such day is not a Business Day, on the next succeeding Business Day.
Interest on the Notes will accrue from the most recent Interest Payment Date on
which interest has been paid or, if no interest has been paid, from November 4,
2003; provided that if there is no existing Default in the payment of interest,
and if this Note is authenticated between a record date referred to on the face
hereof and the next succeeding Interest Payment Date, interest shall accrue from
such next succeeding Interest Payment Date; provided further that the first
Interest Payment Date shall be May 1, 2004. The Company shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue principal and premium, if any, from time to time on demand at a rate
equal to the interest rate then in effect; it shall pay interest on overdue
installments of interest (without regard to any applicable grace periods) from
time to time on demand at the same rate to the extent lawful. Interest will be
computed on the basis of a 360-day year of twelve 30-day months.

         2. Method of Payment. The Company shall pay interest on the Notes
(except defaulted interest) to the persons who are registered holders of Notes
at the close of business on the record date immediately preceding the Interest
Payment Date, even if such Notes are cancelled after the record date and on or
before the Interest Payment Date, except as provided in Section 2.11 of the
Indenture with respect to defaulted interest. The Notes shall be payable as to
principal, premium, if any, and interest at the office or agency of the Company
maintained for such purpose in the Borough of Manhattan, The City of New York
maintained for such purposes, provided that payment by wire transfer of
immediately available funds shall be required with respect to principal of,
premium, if any, and interest on, all Global Notes and all other Notes the
Holders of which shall have provided wire transfer instructions to the Company
or the Paying Agent. Holders must surrender Notes to a Paying Agent to collect
principal payments. The Company will pay principal of, premium, if any, and
interest on the Notes in money of the United States of America that at the time
of payment is legal tender for payment of public and private debts.

<PAGE>

         3. Paying Agent and Registrar. Initially, the Trustee will act as
Paying Agent and Registrar. The Company may change any Paying Agent, Registrar
or co-registrar without notice, as provided in the Indenture (defined below).
Neither the Company nor any of its Subsidiaries may act as Paying Agent or
Registrar.

         4. Indenture. The Company issued the Notes under an Indenture, dated as
of November 4, 2003 (the "Indenture"), among the Company, the Subsidiary
Guarantors and the Trustee. Capitalized terms herein are used as defined in the
Indenture unless otherwise defined herein. The terms of the Notes include those
stated in the Indenture and those made part of the Indenture by reference to the
Trust Indenture Act of 1939 as in effect on the date of the Indenture.
Notwithstanding anything to the contrary herein, the Notes are subject to all
such terms, and Holders are referred to the Indenture and such Act for a
statement of such terms. To the extent any provision of this Note conflicts with
the express provisions of the Indenture, the provisions of the Indenture shall
govern and be controlling. The Indenture pursuant to which the Notes are issued
provides that an unlimited aggregate principal amount of Notes may be issued
thereunder.

         5. Guarantees. The Notes are general senior subordinated unsecured
obligations of the Company. The Company's obligation to pay principal, premium,
if any, and interest with respect to the Notes is unconditionally guaranteed on
a senior subordinated basis, jointly and severally, by the Subsidiary Guarantors
pursuant to Article Eleven of the Indenture. Certain limitations to the
obligations of the Subsidiary Guarantors are set forth in further detail in the
Indenture.

         6. Subordination. Each Holder by accepting this Note agrees, that
payment of principal, premium, if any, and interest on (or any other Obligations
relating to) the Notes is subordinated in right of payment, to the extent and in
the manner provided in Article Ten of the Indenture, to the prior payment in
full in cash of all Senior Debt of the Company (whether outstanding on the date
hereof or hereafter created, incurred, assumed or guaranteed), and that the
subordination is for the benefit of the holders of Senior Debt. Each Holder by
accepting this Note agrees, that any payment in respect of the Subsidiary
Guarantee of each Subsidiary Guarantor is subordinated in right of payment, to
the extent and in the manner provided in Article Twelve of the Indenture, to the
prior payment in full in cash of all Senior Debt of the Company and such
Subsidiary Guarantor (whether outstanding on the date hereof or hereafter
created, incurred, assumed or guaranteed), and that the subordination is for the
benefit of the holders of Senior Debt.

         7. Optional Redemption. Except as described below, the Notes will not
be redeemable at the Company's option prior to November 1, 2008. At any time on
or after November 1, 2008, the Company may, at its option, redeem all or any
portion of the Notes, subject to any restrictions or other provisions relating
thereto in any Senior Debt, at the redemption prices (expressed as percentages
of the principal amount of the Notes) set forth below, plus, in each case,
accrued interest thereon to the applicable redemption date, if redeemed during
the 12-month period beginning November 1 of the years indicated below:

<PAGE>

<TABLE>
<CAPTION>
                  Year                                    Percentage
                  ----                                    ----------
<S>                                                       <C>
                  2008                                     104.500%
                  2009                                     103.000%
                  2010                                     101.500%
                  2011 and thereafter                      100.000%
</TABLE>

         Notwithstanding the foregoing, at any time and from time to time on or
prior to November 1, 2006, the Company may redeem in the aggregate up to 35% of
the aggregate original principal amount of the Notes issued under the Indenture
with the net cash proceeds of one or more Equity Offerings, at a redemption
price (expressed as a percentage of principal amount) of 109.000%, plus accrued
and unpaid interest, if any, to the redemption date (subject to the right of
Holders of record on the relevant record date to receive interest due on the
relevant interest payment date); provided, however, that (1) at least 65% of the
aggregate principal amount of the Notes originally issued under the Indenture
must remain outstanding after each such redemption and (2) any such redemption
must occur within 60 days of the date of the closing of the Equity Offering.

         8. Mandatory Redemption. The Company shall not be required to make
mandatory redemption payments or sinking fund payments with respect to the
Notes.

         9. Selection and Notice of Redemption. Notice of redemption will be
mailed to the Holder's registered address at least 30 days but not more than 60
days before the redemption date to each Holder of Notes to be redeemed. If less
than all Notes are to be redeemed, the Trustee shall select the Notes to be
redeemed in multiples of $1,000 pro rata, by lot or by any other method that the
Trustee considers fair and appropriate; provided that if the Notes are listed on
any securities exchange, that such method complies with the requirements of such
exchange. Notes in denominations larger than $1,000 may be redeemed in part. On
and after the redemption date interest ceases to accrue on Notes or portions of
them called for redemption (unless the Company shall default in the payment of
the redemption price or accrued interest).

         10. Repurchase at Option of Holder. (a) Upon the occurrence of a Change
of Control, each Holder of Notes will have the right to require the Company to
repurchase all or any part (equal to $1,000 or an integral multiple thereof) of
such Holder's Notes pursuant to a Change of Control Offer at an offer price in
cash equal to 101% of the aggregate principal amount thereof plus accrued and
unpaid interest thereon, to the date of purchase. Within 30 days following any
Change of Control, the Company will mail a notice to each Holder describing,
among other things, the transaction or transactions that constitute the Change
of Control and offering to repurchase Notes on the date specified in such
notice, which date shall be no earlier than 30 days and no later than 90 days
from the date such notice is mailed, pursuant to the procedures required by the
Indenture and described in such notice.

         (b) Within 365 days after the receipt of any Net Proceeds from an Asset
Sale, the Company may apply such Net Proceeds at its option to (1) prepay, repay
or purchase Senior Debt and, if the Senior Debt repaid is revolving credit
Indebtedness, to correspondingly reduce commitments with respect thereto;
provided, however, that if any Net Proceeds received in any Build-to-Suit
Sale-Leaseback Transaction or any Expansion Equipment Sale-Leaseback Transaction
are used to repay revolving credit Indebtedness, no corresponding reduction in
commitments with respect thereto will be required; or (2) to purchase
Replacement Assets or to make a capital expenditure in or that is used or useful
in a Permitted Business or enter into a

<PAGE>

commitment to do so. Any Net Proceeds from Asset Sales that are not applied or
invested as provided in the preceding paragraph shall constitute "Excess
Proceeds." Within 30 days after the aggregate amount of Excess Proceeds exceeds
$10.0 million, the Company shall make an "Asset Sale Offer" to all Holders of
Notes, and all holders of other Indebtedness that is pari passu with the Notes
or any Subsidiary Guarantee containing provisions similar to those set forth in
this Indenture with respect to offers to purchase with the proceeds of sales of
assets, to purchase the maximum principal amount of Notes and such other pari
passu Indebtedness that may be purchased out of the Excess Proceeds. The offer
price in any Asset Sale Offer shall be equal to 100% of principal amount of the
Notes purchased plus accrued and unpaid interest thereon to the date of
purchase, and shall be payable in cash. If any Excess Proceeds remain after
consummation of an Asset Sale Offer, the Company may use such Excess Proceeds
for any purpose not otherwise prohibited by this Indenture. If the aggregate
principal amount of Notes and such other pari passu Indebtedness tendered into
such Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall
select the Notes and such other pari passu Indebtedness to be purchased on a pro
rata basis based on the principal amount of Notes and such other pari passu
Indebtedness tendered. Upon completion of each Asset Sale Offer, the amount of
Excess Proceeds shall be reset at zero.

         11. Denominations, Transfer, Exchange. The Notes are in registered form
without coupons in denominations of $1,000 and whole multiples of $1,000. A
Holder may transfer or exchange Notes in accordance with the Indenture. The
Registrar and the Trustee may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and the Company may require a
Holder to pay any taxes and fees required by law or permitted by the Indenture.
The Company is not required to transfer or exchange any Notes selected for
redemption. Also, the Company is not required to transfer or exchange any Notes
for a period of 15 days before the mailing of a notice of redemption of Notes to
be redeemed.

         12. Persons Deemed Owners. The registered Holder of a Note may be
treated as the owner of it for all purposes and neither the Company, any
Subsidiary Guarantor, the Trustee nor any Agent shall be affected by notice to
the contrary.

         13. Amendment, Supplement, Waiver. Subject to certain exceptions, the
Indenture or the Notes may be amended or supplemented with the consent of the
Holders of at least a majority in aggregate principal amount of the Notes, and
any past default or noncompliance with any provision may be waived with the
consent of the Holders of a majority in aggregate principal amount of the Notes.
Without the consent of any Holder, the Company may modify, amend or supplement
the Indenture or the Notes to: cure any ambiguity, defect or inconsistency;
provide for uncertificated Notes in addition to or in place of certificated
Notes; provide for the assumption of the Company's or any Subsidiary Guarantor's
Obligations to the Holders of the Notes in the case of a merger or consolidation
or sale of all or substantially all of the Company's or such Subsidiary
Guarantor's assets pursuant to the provisions of Section 5.01, 4.20(B) or 4.11
of the Indenture; to make any change that would provide any additional benefit
or rights to the Holders or that does not adversely affect the legal rights
under the Indenture of any such Holder; to comply with requirements of the
Commission in order to effect or maintain the qualification of this Indenture
under the TIA; to comply with Sections 4.20 (Release of Subsidiary Guarantees)
and 4.22 (Additional Subsidiary Guarantors) of the Indenture; evidence and
provide

<PAGE>

for the acceptance of appointment by a successor Trustee; or to provide for the
issuance of Additional Notes in accordance with the Indenture.

         14. Defaults and Remedies. If an Event of Default (other than an Event
of Default related to bankruptcy or insolvency of the Company, any Subsidiary
Guarantor or any Significant Subsidiary (or any Subsidiaries of the Company
that, taken together as a whole, would constitute a Significant Subsidiary))
under the Indenture occurs and is continuing, then and in every such case the
Trustee or the Holders of at least 25% in principal amount of the outstanding
Notes may declare the unpaid principal of, premium, if any, and accrued and
unpaid interest on, all the Notes then outstanding to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee, if given
by Holders) specifying the respective Event of Default and upon any such
declaration such principal, premium, if any, and accrued and unpaid interest
shall become immediately due and payable; provided, however, that so long as any
Obligations under any Credit Agreement shall be outstanding or the commitments
thereunder have not been terminated, that acceleration shall not be effective
until the earlier of (1) the acceleration of all Obligations under the Credit
Agreement or (2) five business days after receipt by the administrative agent
under the Credit Agreement of written notice of the acceleration of the Notes.
If an Event of Default related to bankruptcy or insolvency of the Company, any
Subsidiary Guarantor or any Significant Subsidiary (or any Subsidiaries of the
Company that, taken together as a whole, would constitute a Significant
Subsidiary) occurs, all unpaid principal of, and accrued interest on, the Notes
then outstanding will become due and payable immediately, without any
declaration or other act on the part of the Trustee or any Holder. Holders may
not enforce the Indenture or the Notes except as provided in the Indenture. The
Trustee may require indemnity and security satisfactory to it before it enforces
the Indenture or the Notes. Subject to certain limitations, Holders of a
majority in aggregate principal amount of the Notes may direct the Trustee in
its exercise of any trust or power.

         15. Trustee Dealings with Company and Subsidiary Guarantors. The
Trustee under the Indenture, in its individual or any other capacity, may become
the owner or pledgee of Notes and may otherwise deal with the Company, the
Subsidiary Guarantors or their respective Subsidiaries or Affiliates with the
same rights it would have if it were not Trustee.

         16. Authentication. This Note shall not be valid until the Trustee or
an authenticating agent signs the certificate of authentication on the other
side of this Note.

         17. CUSIP Numbers. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company will cause
CUSIP numbers to be printed on the Notes as a convenience to Holders of the
Notes. No representation is made as to the accuracy of such numbers as printed
on the Notes and reliance may be placed only on the other identification numbers
printed hereon.

         18. No Recourse Against Others. A director, officer, employee or
stockholder, as such, of the Company, any Subsidiary Guarantor or the Trustee,
shall not have any liability for any obligations of the Company, any Subsidiary
Guarantor or the Trustee, under the Notes, the Subsidiary Guarantees or the
Indenture or for any claim based on, in respect of or by reason of, such
obligations or their creation. Each Holder by accepting a Note waives and
releases all such liability. The waiver and release are part of the
consideration for the issue of the Notes.

<PAGE>

         19. Abbreviations. Customary abbreviations may be used in the name of a
Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship
and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts
to Minors Act).

         This Note shall be governed by and construed in accordance with the
laws of the State of New York.

         The Company will furnish to any Holder upon written request and without
charge a copy of the Indenture. Requests may be made to: O'Charley's Inc., 3038
Sidco Drive, Nashville, Tennessee 37204, Attention: A. Chad Fitzhugh.

<PAGE>

                                 ASSIGNMENT FORM

To assign this Note, fill in the form below:

I or we assign and transfer this Note to:

--------------------------------------------------------------------------------
               (Insert assignee's social security or tax I.D. no.)

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
              (Print or type assignee's name, address and zip code)

and irrevocably appoint                                             as agent to
                        -------------------------------------------
transfer this Note on the books of the Company. The agent may substitute
another to act for him.

--------------------------------------------------------------------------------

Your Signature:
               -----------------------------------------------------------------
              (Sign exactly as your name appears on the other side of this Note)

Your Name:
          ----------------------------------------------------------------------

Date:
     ------------------------------------------

Signature Guarantee:
                    ------------------------------------------------------------

<PAGE>
                   FORM OF OPTION OF HOLDER TO ELECT PURCHASE

         If you want to elect to have this Note purchased by the Company
pursuant to Section 4.11 or Section 4.16 of the Indenture, check the box: [ ]

         If you want to have only part of this Note purchased by the Company
pursuant to Section 4.11 or Section 4.16 of the Indenture, state the amount (in
integral multiples of $1,000:

$
 --------------------------

Date:                                 Signature:
     ----------------------                     --------------------------------
                                      (Sign exactly as your name appears on the
                                      other side of this Note)

Name:
     ---------------------------------------------------------------------------

Signature Guarantee:
                    ------------------------------------------------------------

<PAGE>

                        [TO BE ATTACHED TO GLOBAL NOTES]

                SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

    The following increases or decreases in this Global Note have been made:

<TABLE>
<CAPTION>
========================================================================================
                                                        PRINCIPAL
                     AMOUNT OF        AMOUNT OF       AMOUNT OF THIS      SIGNATURE OF
                    DECREASE IN      INCREASE IN       GLOBAL NOTE         AUTHORIZED
                     PRINCIPAL        PRINCIPAL       FOLLOWING SUCH      SIGNATORY OF
   DATE OF         AMOUNT OF THIS   AMOUNT OF THIS     DECREASE OR      TRUSTEE OR NOTES
  EXCHANGE          GLOBAL NOTE      GLOBAL NOTE         INCREASE          CUSTODIAN
========================================================================================
<S>                <C>              <C>               <C>               <C>
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00060-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00060-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00060-of-00352.parquet"}]]