Document:

DAIRY QUEEN OPERATING AGREEMENT

                        "DAIRY QUEEN" OPERATING AGREEMENT

This Agreement entered into this 7th day of June 1989, by and between INTERSTATE
DAIRY  QUEEN  CORPORATION  of the city of ATLANTA  county of DEKALB and state of
GEORGIA hereinafter  referred to as "Licensor",  and Bowlin's,  Inc. dba "DQ" at
Butterfield  Location of the city of Albuquerque  county of Bernalillo and state
of New Mexico hereinafter referred to as "Licensee".

WHEREAS, Licensor is a licensee of American Dairy Queen Corporation (hereinafter
referred  to  as  "American")  in  certain  geographical  areas,  including  the
territory which includes the Authorized  Location  hereinafter set forth, of the
right to license others, in accordance with the terms of this Agreement,  to use
the  "Dairy  Queen"  trademark,  service  mark and trade  name  which  have been
registered in the United States Patent Office, in each state of the union and in
foreign  countries,  as well as those  trademarks  and service  marks, a list of
which is attached hereto and made a part thereof as Appendix A (hereinafter  all
of the foregoing collectively referred to as "Trademarks,'); and,

WHEREAS,  Licensor and its  predecessors  in interest  acting under said license
instituted,  developed,  promoted and  established  the "Dairy Queen"  franchise
business and system in the  aforesaid  territory  which  consists of the sale of
distinctive  dairy  products,  food  products,  beverages and other products and
services  under  American's  Trademarks  and utilizing in  connection  therewith
certain types of facilities, equipment, supplies, ingredients, merchandising and
business  techniques and method and sales promotion programs developed from time
to time; and,

WHEREAS,  it is the purpose of Licensor to provide to Licensee in a retail store
outlet a system to control and make  uniform the  operation  of  facilities  and
equipment  together with the quality of products,  the use and protection of the
Trademarks  and to make  available  uniform and  approved  equipment,  supplies,
ingredients,  merchandising  and  business  techniques  and the sales  promotion
programs of American; and,

WHEREAS, Licensee desires to operate a "Dairy Queen" retail store as part of the
"Dairy Queen" system and to enter into this Operating  Agreement  subject to the
conditions and controls herein prescribed for the purpose

AQ2A 2/77 (c)1976 AM.D.Q.Corp.
Revised Copyright 1977 Am.D.Q.Corporation
Consolidated Operation - Permitted Products
101885'

of offering to the public  products and  services of uniformly  high quality and
standards to the end of protecting  the interests of Licensee,  of Licensor,  of
American and of all other persons engaged in said business; and,

WHEREAS,  it is the intent of both Licensor and Licensee to preserve  within the
context of a "Dairy Queen" retail store  continuing  consumer  confidence in the
reliability and quality of all products sold under any of the  Trademarks;  and,
each  party  desires  that  all  products  sold  under  any of  the  Trademarks,
consistently  conform to the highest expectations of consumers of such products;
and, whereas,  by this Agreement the parties  contemplate that Licensee's store,
in addition to normal  "Dairy Queen" food and beverage  products,  may also sell
Permitted Products, as defined hereinafter.
<PAGE>
NOW, THEREFORE,  in consideration of the promises and of the mutual promises and
covenants herein  contained,  the grant by Licensor of this Operating  Agreement
and the payment by Licensee of the various fees  provided in Paragraph 9 hereof,
it is agreed by and between the parties hereto as follows:

                                GRANT OF LICENSE

Licensor's     1.   Licensor  hereby  grants  to  Licensee,  subject  to all the
Grant to            terms,  conditions  and  provisions  hereof,  the  right and
Licensee            license to:

                    1.1  Establish  and  operate a retail  store  under the name
                         "Dairy Queen" at

                          I-10 & Exit 62 (Approx 20 Miles West of Deming, NM)
                          ------------------------------------------------------
                                               (Street)

                           Deming,                  NM                88030
                          ------------------------------------------------------
                             (City)               (State)             (Zip)

                         hereinafter referred to  as the "Authorized"  Location"
                         (provided,   however,   in   the  event  an  Authorized
                         Location is  not  designated  on the date  hereof,  and
                         such  location  is  not  designated  herein by Licensor
                         within   ninety  (90)  days   after  such  date,   this
                         Agreement  shall become null  and void and all deposits
                         including  the  franchise  fee  shall  be  returned  to
                         Licensee).

                    1.2  Use at the Authorized Location the Trademarks on and in
                         association  with the sale of all uniform and  approved
                         products and services as American  may  authorize  from
                         time  to  time,  and  with  approved  sales   promotion
                         programs relative thereto.

                    1.3  Use at the Authorized Location the Trademarks on and in
                         association  with the uniform  equipment,  supplies and
                         ingredients for the products approved by American.

                    1.4  Employ in the business of said store the merchandising,
                         sales  promotion  programs  and  business  methods  and
                         techniques developed and approved by American.

Acceptance       2.      Licensee hereby accepts the above license from Licensor
by Licensee              subject to all the terms, provisions

                                       -2-
<PAGE>
                         and  conditions  hereof and agrees that Licensee  shall
                         cause to have a "Dairy Queen" store established  within
                         180 days of the date  hereof  (unless an  extension  of
                         time is expressly  authorized  in writing by Licensor),
                         and   thereafter   maintained   and   operated  at  the
                         Authorized   Location,   under  Licensee's  active  and
                         continuous  supervision  and  management  and  upon the
                         standards   hereinafter   provided.   Licensee  further
                         expressly acknowledges and agrees:

                    2.1  American is the owner of all right,  title and interest
                         in  and  to  the   Trademarks,   and  the   good   will
                         attributable thereto of the business in connection with
                         which said  Trademarks  have been, are and will be used
                         at the Authorized Location. Licensor is the licensee of
                         the right to use the Trademarks in the territory  which
                         includes the  Authorized  Location.  Specifically,  but
                         without limiting the foregoing,  Licensee disclaims any
                         and  all  right,  title  and  interest  in  or  to  the
                         Trademarks  and to the good  will  associated  with the
                         Trademarks  of the "Dairy  Queen"  retail  store at the
                         Authorized  Location and  acknowledges  and agrees that
                         all  such  good  will  is  the  exclusive  property  of
                         American.

                    2.2  The  Trademarks are valuable  property  rights owned by
                         American.

                    2.3  The  Trademarks  shall be used only in connection  with
                         such  products  and  services  as  may be  approved  or
                         specified  by  American  and shall at all times be used
                         only in a manner approved by American.

                    2.4  Licensee's  right  to  the  use of  the  Trademarks  is
                         specifically   limited  to   Licensee's   retail  store
                         operation at the Authorized Location.

                    2.5  Licensee shall use no other trademarks,  trade names or
                         service marks in said business except those  authorized
                         by American  and as set forth in Appendix A except with
                         the prior written consent of American.

                    2.6  Licensee  shall not use the words "Dairy  Queen" or any
                         of the Trademarks, or any word or mark similar thereto,
                         as a part of its  corporate  or  business  name  unless
                         first  approved in writing by American,  and shall only
                         use  the  words  "Dairy   Queen"  and  no  other  words
                         whatsoever  except with the express  written consent of
                         American  as the trade name on the store from which the
                         said  products  and  services  are  sold.  In the event
                         American  does  approve  the  use of the  words  "Dairy
                         Queen",  or  any  of  the  Trademarks,  as  a  part  of
                         Licensee's  corporate or business name,  Licensee shall
                         cause such name to be changed so as to eliminate  those
                         words and Trademarks from the

                                       -3-
<PAGE>
                         name within thirty  (30) days after termination of this
                         Agreement.

                    2.7   Licensee  shall  adopt and  follow  in good  faith the
                          systems,  programs and methods  prescribed by Licensor
                          for  Licensee's  retail  operation in accordance  with
                          this Operating Agreement.

                    2.8   Neither  Licensee  nor any person  owning an  interest
                          directly or indirectly in Licensee  shall  directly or
                          indirectly  operate or permit to be  operated  or hold
                          any interest (other than 1% or less of the outstanding
                          stock or debt of any class of any public  company)  in
                          any  restaurant  or  fast-food  business  other than a
                          Bowlin's or its  affiliates  at the time of signing or
                          one  authorized  by this  Agreement  without the prior
                          written consent of Licensor.

                                      TERM

Term           3.   The License  granted herein shall continue until  terminated
                    by Licensee, with or without cause, on sixty (60) days prior
                    written notice to Licensor, or until otherwise terminated by
                    either   Licensee  or  Licensor  in   accordance   with  the
                    provisions of this Agreement.

                      TRADEMARK STANDARDS AND REQUIREMENTS

General        4.   Licensee agrees that nothing in this Agreement gives him any
Declarations        title to or interest in the Trade-marks  except the right to
                    use  the  same  under  the  terms  and  conditions  of  this
                    Agreement  and that  Licensee's  use  thereof  inures to the
                    benefit of American.  Specifically, but without limiting the
                    foregoing,  Licensee  acknowledges  and agrees that American
                    has the  right:  and  may  distribute  for  its own  account
                    products  identified  by the  Trademarks  through  not  only
                    "Dairy   Queen"   retail   stores  but   through  any  other
                    distribution   method   which  may  from  time  to  time  be
                    established.

Use of              4.1  Licensee  shall confine his use of the Trademarks to or
Trademarks               in association  with the sales  promotion  programs and
                         sale of products and  services  which shall in quality,
                         mode and  conditions of  manufacture  and sale,  comply
                         with such  reasonable  standards as are  established or
                         approved by  American.  In order to promote and protect
                         the  business  interests  of each of the  parties,  the
                         value of the "Dairy  Queen"  business  and the business
                         interests of other persons engaged therein,  uniformity
                         shall be maintained  in the type,  standard and quality
                         of stores,  equipment,  supplies and  ingredients  used
                         therein,  and the  conditions  of  preparation  and the
                         procedures  employed in the sale of said  products  and
                         services.

                                       -4-
<PAGE>
Acknowledgment      4.2  Licensee agrees that the provisions,  restrictions  and
of,                      controls  provided in this Operating  Agreement are all
Necessity of             necessary,  reasonable  and  desirable for the purposes
Uniformity               expressed herein and that Licensee's  business shall be
                         conducted in accordance  with Licensor's and American's
                         uniform   requirements   with   respect   to   quality,
                         production,    appearance,     cleanliness,    service,
                         merchandising and sales promotion  standards.  Licensee
                         acknowledges and agrees that substantial  uniformity in
                         facilities,   products,  services  and  operations  are
                         essential to the conduct of a system such as the "Dairy
                         Queen"  system,  and therefore  further agrees to honor
                         and implement  recommendations of American and Licensor
                         directed to enhancing and furthering such uniformity.

Equipment           4.3   Licensee  agrees to purchase and use, in the operation
and Supplies              of  Licensee's   "Dairy  Queen"  retail  store,   only
                          equipment,  supplies,  ingredients  and services which
                          are  approved  by  American  or by  Licensor.  Nothing
                          herein  shall  by  construed  as an  attempt  to limit
                          unreasonably  the  sources  from  which  Licensee  may
                          procure equipment,  supplies, ingredients or services.
                          Rather,  it is the  intention of the parties that such
                          items    conform   to    American's    standards   and
                          specifications  of consistent  quality and uniformity.
                          Nothing  contained  herein  shall be deemed to require
                          American or Licensor to approve an  inordinate  number
                          of suppliers  of a given item or service  which in the
                          reasonable  judgment of  American  or  Licensor  would
                          result  in  higher  cost   generally   to   Licensor's
                          licensees   or  prevent   effective   and   economical
                          supervision  of  suppliers  by American  or  Licensor.
                          Requests for approval of additional suppliers shall be
                          in  writing  and shall  contain  such  information  as
                          American and Licensor may reasonably request. American
                          and  Licensor  reserve  the  right to  charge  back to
                          Licensee  or  the  proposed  supplier  all  reasonable
                          expenses   incurred  in   considering   requests   for
                          approval.

Approved            4.4   Complete  and detailed  uniformity  under many varying
Adaptations               conditions  may  not  be  possible  or  practical  and
                          Licensor and American reserve the right and privilege,
                          at Licensor's  and American's  sole  discretion and as
                          Licensor and American may deem in the best interest of
                          all  concerned  in  any  specific  instance,  to  vary
                          standards to  accommodate  special needs of Licensee's
                          Authorized  Site or that of any other  licensee  based
                          upon  the   peculiarities  of  a  particular  site  or
                          location,  density of population,  business potential,
                          population of trade area, existing business practices,
                          requirements  of  local  law  or any  condition  which
                          Licensor and American  deem to be of importance to the
                          successful operation of such licensee's business.

                                       -5-

Litigation          4.5   In the event any person, firm or company, who is not a
                          licensee or franchisee  of American or Licensor,  uses
                          or  infringes  upon  the  Trademarks,  American  shall
                          control all  litigation and shall be the sole judge as
                          to whether or not suit  shall be  instituted  or other
                          action taken.

Notice of           4.6  Licensor  and  American  hereby  advise  Licensee  that
Potential                Licensor, American and/or affiliates of American and/or
American and/or          Licensor  may  from  time to  time  make  available  to
Licensor Profit          Licensee  goods,  products  and/or  services for use in
                         Licensee's "Dairy Queen" retail store in respect to the
                         sales or provision of which  Licensor,  American and/or
Also See Addendum        affiliates  of  American  and/or  Licensor  may  make a
to Paragraph 4.6         profit.   Licensor   further   advises   Licensee  that
                         Licensor, American and/or affiliates of American and/or
                         Licensor  may from time to time  receive  consideration
                         from suppliers and/or manufacturers in consideration of
                         services provided or rights licensed to such persons by
                         American, Licensor or their respective affiliates.

                       FACILITY STANDARDS AND MAINTENANCE

               5.   The following  provisions and conditions  shall control with
                    respect to Licensee's Authorized Location and retail store:,

Store Facility      5.1  Licensee   agrees  that  the  retail   store  shall  be
                         constructed  and equipped in accordance with American's
                         currently  approved  specifications  and  standards  in
                         respect to  building,  equipment,  inventory,  signage,
                         fixtures, location and design and accessory features.

Future              5.2  Any    replacement,    reconstruction,    addition   or
Alteration               modification in building,  equipment or signage,  to be
                         made  hereafter,  whether at the request of Licensee or
                         of Licensor  shall be made in  accordance  with written
                         specifications  approved  in  advance  by  Licensor  or
                         American.  Licensor and American shall not unreasonably
                         withhold such approval.

Maintenance         5.3  The  building,  equipment  and signage  employed in the
                         conduct of Licensee's  business  shall be maintained in
                         accordance with maintenance schedules and procedures or
                         specific  lists  prepared  by  Licensor  and based upon
                         periodic  inspections  of the  premises  by  Licensor's
                         representatives.  Within a period of  ninety  (90) days
                         after the receipt of such  maintenance  list,  Licensee
                         shall  effect  the  items  of  maintenance   reasonably
                         provided  therein  including  the  repair of  defective
                         items  and/or  the   replacement  of   unrepairable  or
                         obsolete  items  of  equipment  and  signage.   Routine
                         maintenance  shall  be  conducted  in  accordance  with
                         general schedules published by Licensor or American and
                         made available to Licensee. -6-

Relocation          5.4  Should it become necessary, on account of condemnation,
                         sale  or   other   cause,   including   expiration   or
                         cancellation of lease or rental  contract,  to relocate
                         said store,  Licensor shall grant Licensee authority to
                         do so within a radius of 1,000 yards of the  Authorized
                         Location,  provided the new site is  reasonably  suited
                         for a "Dairy  Queen"  retail store in  accordance  with
                         Licensor's standards for store sites, does not infringe
                         on rights of another  licensee,  is reasonably  distant
                         from other "Dairy  Queen"  retail  stores,  and the new
                         retail  store is  constructed,  equipped and opened for
                         business in  accordance  with the current  standards of
                         American   at  that   time   within   one  year   after
                         discontinuing operation of a "Dairy Queen" retail store
                         at the previous Authorized Location.

Modernization       5.5  Each and every  transfer as provided in Paragraph  9.10
and/or Replacement       hereof shall be  expressly  conditioned  upon  Licensee
of Time                  promptly   performing   and  effecting  such  items  of
of Transfer              modernization   and/or   replace   ment  of   building,
                         equipment and signage as may be reasonably necessary to
                         permit  the  same  to  conform  to the  standards  then
                         prescribed  by American for  similarly  situated  store
                         operations.  Licensee  recognizes and acknowledges that
                         the   requirements  of  this  Paragraph  5.5  are  both
                         reasonable  and  necessary to insure  continued  public
                         acceptance and patronage of, and to avoid deterioration
                         or obsolescence in the business conducted hereunder.

                    PRODUCTS AND OPERATIONS STANDARDS AND REQUIREMENTS

               6.   The  following  provisions  shall  control  with  respect to
                    products and operations:

Authorized          6.1  Licensee's   business   shall   be   confined   to  the
Product Line             preparation and sale of only such products as from time
                         to time are  designated  and  approved by American  for
                         sale by  Licensees  which are  parties  to this form of
                         Operating  Agreement.  The  premises  upon  which  said
                         business  is  operated  shall not be used for any other
                         business  and  there shall  not be  sold or offered for
Also See Addendum        sale therefrom any  other product or service (excepting
to Paragraph 6.1         the   preparation,   storage   and  sale  of  Permitted
                         Products)  without  the  written  consent of  American.
                         Specifically,  but   without  limiting  the  foregoing,
                         alcoholic or intoxicating  beverages shall  not be sold
                         or offered  for sale or  otherwise  handled  upon  said
                         premises.

Approved Menu       6.2  Attached hereto as Appendix B is the currently approved
                         menu for  Licensee's  retail  store.  American may from
                         time  to time  make  reasonable  modifications  to said
                         approved menu provided said  modifications  are made in
                         respect  to all  licensees  which  have  this  form  of
                         Operating Agreement and are located in similar areas of
                         the  country.  In  addition,  Licensee may from time to
                         time request variation from

                                      -7-
<PAGE>
                         the  currently  approved menu.  Such  variations  shall
                         only  be  made   with  the  prior  written  consent  of
                         American.

Authorized          6.3  Licensee  shall  use in  preparing  products  only such
Ingredients,             ingredients,  formulas and supplies as are specified by
Formulas,                American and in such  portions,  sizes,  appearance and
Supplies,                packaging as are set forth in  American's  most current
Preparation;             "Store  Management   Operations  Manual"  and  "product
Subject to Change        preparation  charts".  Copies  of  the  current  "Store
by American              Management  Operations Manual" and "product preparation
                         charts"  have been  supplied  to  Licensee  by Licensor
                         contemporaneously  with the execution of this Operating
                         Agreement.  Licensee acknowledges and agrees that these
                         may be changed  from time to time by American  and that
                         Licensee is obligated to conform to the requirements as
                         so  changed  from  time to time.  All  other  supplies,
                         including  cones,  cups,  containers,  eating utensils,
                         napkins,  and all other customer  service  materials of
                         all  descriptions and types shall meet the standards of
                         uniformity   and  quality  as  now  or  hereafter   are
                         reasonably set by American. Licensee shall be furnished
                         with lists of approved equipment, supplies, ingredients
                         and services.

Serving and         6.4  All sales  promotion  material,  customer  "good  will"
Promotion Items          items, cartons,  containers,  wrappers and paper goods,
                         eating and serving utensils, customer convenience items
                         (including napkins,  baby bibs and disposal containers)
                         used in the sales  promotion,  sale and distribution of
                         all products covered by this Operating Agreement shall,
                         where   practicable,   contain   one  or  more  of  the
                         Trademarks  and  indicate  that it is produced and sold
                         under the authority of American and shall be subject to
                         approval by Licensor or American before being used.

Maintenance         6.5  Licensee's   said   business   shall  be  operated  and
and Sanitation           maintained at all times in compliance  with any and all
                         applicable health and sanitary standards  prescribed by
                         American,  Licensor and by governmental  authority.  In
                         addition  to  complying  with such  standards,  if such
                         store  shall  be  subject  to any  sanitary  or  health
                         inspection by any governmental  authorities under which
                         it may be rated in one or more than one classification,
                         it shall be  maintained  and operated so as to be rated
                         in  the   highest   available   health   and   sanitary
                         classification with respect to each governmental agency
                         inspecting the same.

Inspection and      6.6  American,  Licensor or the authorized representative of
Recommendation           either shall have the right to enter  Licensee's  store
                         at all reasonable times during the business day for the
                         purpose of making periodic  inspections to ascertain if
                         all the  provisions  of this  Operating  Agreement  are
                         being observed by Licensee

                                       -8-
<PAGE>
                         and  to   inspect   Licensee's   said  store  land  and
                         equipment,   and  to  test,   sample  and  inspect  his
                         supplies,  ingredients  and  products,  as  well as the
                         storage,  preparation and  formulation  thereof and the
                         conditions  of  sanitation   and   cleanliness  in  the
                         storage, production, handling and serving thereof.

Period of           6.7  Licensee's  store  shall be  opened to the  public  and
Operation                operated  twelve  months  per year and at least  twelve
                         hours  each day of the  year.  Any  variance  from this
                         provision  must be  authorized  in writing by Licensor.
                         Acts of God, war, strikes or riots preventing  Licensee
                         from temporarily  complying with the foregoing shall to
                         that extent suspend compliance therewith.

Notice of           6.8  Licensee acknowledges that he is aware of the fact that
Existence of             present  licensees  of Licensor  and  American  operate
Different Forms          under a number of different forms of agreement and that
of License               consequently  Licensor's and American's obligations and
Agreements               rights in  respect  to  their respective  licenses  may
                         differ materially in certain instances.

                       PERSONNEL AND SUPERVISION STANDARDS

               7.   The following  provisions and conditions  shall control with
                    respect to personnel, training and supervision:

Management          7.1  Licensee   shall  adopt  and  use  as  his   continuing
System                   operational   routine  the   standard   "Dairy   Queen"
                         management system as well as American's  standards with
                         respect to product preparation, merchandising, employee
                         recruitment   and  training,   equipment  and  facility
                         maintenance and sanitation.  From time to time American
                         will revise these programs to meet changing  conditions
                         of  retail  operation  in the best  interest  of "Dairy
                         Queen"  retail  stores,  and  Licensee  shall adopt and
                         implement any such changes.

Training            7.2  Licensee   shall,   at   Licensee's   expense,   attend
                         American's  store  management  training  program,  at a
                         place  to be  designated  by  American,  prior  to  the
                         opening  of  Licensee's  store.  In the event  Licensee
                         fails  to  complete  such  training  to the  reasonable
                         satisfaction  of American  or  Licensor,  Licensor  may
                         within  thirty  (30)  days   thereafter   declare  this
                         Agreement   null  and  void   whereupon   all  deposits
                         including  the  franchise  fee  shall  be  returned  to
                         Licensee.  If during the term hereof Licensee  operates
                         said store with a manager other than himself,  Licensee
                         shall,  at  Licensee's  expense,  cause such  person to
                         attend and successfully complete such training program.

                                       -9-
<PAGE>
Staffing            7.3  Licensee shall hire and supervise efficient, competent,
                         sober and  courteous  operators  and  employees for the
                         operation  of the  busi-.  ness  and set and pay  their
                         wages,  commis- sions and incentives  with no liability
                         there- for on  American  or  Licensor.  Licensee  shall
                         require  all his  employees  to work in clean  uniforms
                         approved  by  Licensor  but  furnished  at the  cost of
                         Licensee or his employees as Licensee may determine. No
                         employee of Licensee  shall be deemed to be an employee
                         of Licensor or American for any purpose(s) whatsoever.

Internal            7.4  Licensor shall provide or make available to Licensee an
Training                 in-store  training  program  for all  store  employees.
Program                  Licensee  shall  train and  periodically  re-train  all
                         store  employees using the training aids made available
                         by Licensor.  From time to time,  American  will revise
                         such  training  materials  and aids and it or  Licensor
                         make the same available to Licensee for purchase.

Attendance at       7.5  Licensee,   or  manager  of  Licensee,   at  Licensee's
Meetings                 expense,  shall attend at least one national,  regional
                         or approved  local  marketing  area  meeting  each year
                         which Licensor  and/or  American  originates for and on
                         behalf  of  "Dairy  Queen"  operators  to set forth new
                         methods  and  programs  in store  operation,  training,
                         management, sales and sale promotion programs. Licensor
                         further  strongly  recommends  that  key  employees  of
                         Licensee also attend such meetings.

                            SALES PROMOTION PROGRAMS

Sales Promotion     8.1  Licensor and Licensee, together with other licensees of
Programs and             American,   shall  cooperate  in  the  sales  promotion
Payment to               programs of approved  products.  To this end,  American
American of              has reserved the right to establish and organize  sales
Expenses for             promotion  programs  from  time  to time  and  Licensee
Adminstering             agrees to pay to Licensor for  remittance to American a
Same                     sales  promotion  program fee as set forth in Paragraph
                         9.1  hereof.  Licensee  acknowledges  and  agrees  that
                         American  has had in the past,  and shall in the future
                         have, the discretion to determine expenditures of funds
                         collected in respect to sales promotion programs and as
                         to the  selection  of  the  promotional  materials  and
                         programs   for  which  said   expenditures   are  made,
                         provided,  however,  that  American  shall  make a good
                         faith  effort to expend such funds in the general  best
                         interest   of   participating    licensees.    Licensee
                         acknowledges  and agrees that  American may  compensate
                         itself  and/or  its   affiliates  for  the  expense  of
                         administering such sales promotion  programs.  Licensor
                         shall advise Licensee  annually of American's  expenses
                         in administering said sales promotion programs.

                                      -10-
<PAGE>
Sales Promotion     8.2  Licensee shall only use such sales promotion program or
Materials                other advertising materials as are furnished,  approved
                         or  made  available  by  or  through   American.   Said
                         materials shall be used only in a manner  prescribed by
                         American.  American  shall  not  unreasonably  withhold
                         approval of any reasonable sales promotion materials.

Yellow Pages        8.3  Licensee   shall,   if  requested  by  Licensor,   list
                         separately,  or participate in a listing, in the Yellow
                         Pages of his local telephone directory  containing such
                         copy as may reason- ably be specified by Licensor.  The
                         cost of such listing  shall be paid by Licensee,  or by
                         Licensee and other participating  licensees in the case
                         of a joint  listing.  Licensor  shall  not  specify  an
                         unreasonably expensive listing.

                    FEES, REPORTING AND FINANCIAL MANAGEMENT

Service, Set-up,    9.1  Licensee  shall pay to Licensor as a service and set-up
Franchise,               fee $ 0 of which $ 0 has been paid  upon the  execution
License and              of this  Agreement  and a balance  of $ O is payable in
Sales Promotion          accordance  with  the  terms  of  Appendix  C  attached
Program Fees             hereto.  Said  service  and set-up fee is  intended  to
                         compensate  Licensor  for its  expenses  incurred,  and
                         services   rendered  in  establishing  and  setting  up
                         Licensee's  initial  operation.  In  addition  to  said
                         service  and set-up  fee,  during the full term of this
                         Operating Agreement, and in consideration of the rights
                         granted  hereunder,  Licensee  shall pay to Licensor as
                         license fee in respect to the rights  granted  herein a
                         sum equal to 4% of gross  retail  sales,  exclusive  of
                         retail sales taxes, of all products, goods and wares of
                         every kind and nature sold from, or in connection  with
                         the  operation  of,  Licensee's  "Dairy  Queen"  retail
                         store,  including,  but without limiting the generality
                         of the  foregoing,  sales of all products of any of the
                         Trademarks  as  well  as  sales  of  other  merchandise
                         whether  or not  identified  by other  brand  names and
                         which  may  be  authorized  for  sale  by  American  or
                         Licensor from time to time;  provided,  notwithstanding
                         the  foregoing,  that no such  continuing  license  fee
                         shall be payable  with  respect  to sales of  Permitted
                         Products.  in addition,  Licensee shall pay to Licensor
                         for remittance to American  a sales promotion fee to be
                         expended in accordance with the provisions of Paragraph
                         8.1. The sales  promotion  fee shall  be a sum equal to
                         not less than 3% nor more than 5% of  Licensee's  gross
                         retail  sales net  of sales  taxes  (excluding sales of
                         Permitted Products). Licensor shall

                                      -11-
<PAGE>
                         determine and notify  Licensee of the exact  percentage
                         prior to the first day of each fiscal  year of Licensor
                         (except no notification  will be  given with respect to
                         any year for  which the  percentage  is to be unchanged
                         from the preceding year).  Such percentage shall be the
                         same as  that to be  employed  during  such  succeeding
                         year by the majority of "Dairy Queen"  licensees within
                         the marketing  area as  determined  by American  within
                         which Licensee's store is located.

Computations        9.2  All amounts due and owing  hereunder  shall be computed
and Remittances          at the end of each month's operation and remittance for
                         the same  shall be made to  Licensor  on or before  the
                         fourteenth  day of the following  month  accompanied by
                         the reports  provided for in Paragraph 9.4 hereof.  The
                         computation  of said  amounts  shall be  certified  and
                         sworn  to  by  Licensee  in  the  manner  specified  by
                         Licensor  and Licensee  shall  supply to Licensor  such
                         supporting or  supplementary  materials as Licensor may
                         reasonably  require  to  verify  the  accuracy  of such
                         remittances.

Surcharge           9.3  At Licensor's option,  Licensor may require Licensee to
Method of                pay to  suppliers of mix,  meat and other  products and
Precollection            ingredients  used  in the  conduct  of the  business  a
                         surcharge on all units of such commodities purchased by
                         Licensee. Said surcharge shall be paid to such supplier
                         by   Licensee   at  the  time  of   purchase   of  such
                         commodities.  Said  surcharge  shall be  established by
                         Licensor at a reasonable  rate so as to approximate the
                         amount of  license  fee and sales  promotion  fee which
                         will be payable by Licensee.  Said  surcharge  shall be
                         paid to said  supplier or suppliers  for the account of
                         Licensor,  the same to be  regarded by the parties as a
                         method  of  precollection  of said  license  and  sales
                         promotion  fees.  The  amounts  so  collected  shall be
                         credited  by  Licensor  against  the  license and sales
                         promotion fees due from Licensee to Licensor at the end
                         of each month's  operations.  Licensor  shall submit to
                         Licensee   on  a   monthly   or   quarterly   basis   a
                         reconciliation of said license and sales promotion fees
                         account setting forth the credits to Licensee's account
                         by  reason  of  amounts   collected   for  Licensor  by
                         suppliers by way of the aforesaid  surcharge method. In
                         the event  Licensee  shall  fail to submit  reports  in
                         accordance  with Paragraph 9.4,  Licensor may make said
                         reconciliation  of amounts due in conformance  with its
                         best  judgment with regard to said amounts due and same
                         shall be conclusive as to the amounts due Licensor from
                         Licensee  unless within a period of ten (10) days after
                         mailing of said reconciliation to Licensee by Licensor,
                         Licensee  provides  evidence in a form  satisfactory to
                         Licensor of the correct amounts due.

                                      -12-
<PAGE>
                         Licensee shall pay such amounts,  if any, determined to
                         be owed pursuant  to Licensor's  reconciliation  within
                         ten (10) days after a mailing  of notice to Licensee by
                         Licensor.  If  Licensor  determines  that  Licensee has
                         over-paid  license  or  sales  promotion  fees  on  the
                         surcharge  basis,  Licensor shall remit  to Licensee an
                         amount equal to the excess fees  collected at  the time
                         the  monthly or  quarterly  reconciliation  is provided
                         Licensee.

Reports and         9.4  Licensee  shall keep true  records  from which all sums
Records                  payable  under this  Agreement and the dates of accrual
                         thereof may be readily determined.  Licensee shall make
                         written  reports to  Licensor  in such form as Licensor
                         may from time to time  prescribe  within  fourteen (14)
                         days after the end of each  month's  operation  setting
                         forth the amount of gross sales of all  products  from,
                         or in connection  with the operation of, said store and
                         the business  thereof during said month. In addition to
                         the   foregoing,   and  in   addition   to  such  other
                         information  as Licensor may from time to time require,
                         said  monthly  report  shall  accurately  set forth the
                         total  number of  gallons of mix,  the total  number of
                         pounds  of  meat,  and  the  quantity  of  other  basic
                         commodities used during said month and the sources from
                         which  said  mix,  meat  and  other   commodities  were
                         purchased   together  with  a  complete   statement  of
                         Licensee's  cost of  labor,  utilities,  rent  and each
                         other  cost  of  operation.  For  the  purpose  of said
                         reports  the date of use of such  mix,  meat and  other
                         commodities  shall be deemed to be the date of  receipt
                         at the  store.  Licensor,  American  or the  authorized
                         representative  of either  shall  have the right at all
                         times  during  the  business  day to  enter  Licensee's
                         premises where books and records relative to said store
                         are kept, and to inspect, copy and audit such books and
                         records. In the event that any such inspection or audit
                         reveals a variance of 3% or more from data  reported to
                         Licensor or  American,  in addition to any other rights
                         it may have,  Licensor  or American  may  conduct  such
                         further   periodic   audits   and/or   inspections   of
                         Licensee's  books and records as it reason-  ably deems
                         necessary  for  up to  one  year  thereafter  and  such
                         further   audits   and/or   inspections   shall  be  at
                         Licensee's sole expense  including  without  limitation
                         reasonable professional fees, travel and room and board
                         expenses directly related thereto.

Financial           9.5  Licensee  agrees to employ sound  financial  management
Planning and             practices  in  connection  with the  operation  of said
Management               business  and to that end  Licensee  shall  maintain on
                         forms approved or provided by Licensor or American

Also See Addendum
to Paragraph 9.5

                                      -13-
<PAGE>
                         a  monthly  profit  plan,  a  monthly  profit  and loss
                         statement  and  a  monthly  balance  sheet   accurately
                         reflecting   the   operations  and  condition  of  said
                         business. In addition to the foregoing,  Licensee shall
                         employ such methods of  recordkeeping,  bookkeeping and
                         reporting   as   Licensor   shall  from  time  to  time
                         reasonably  require  and copies of all  monthly  profit
                         plans, profit and loss statements,  sales summaries and
                         breakdowns  for the preceding  month shall be forwarded
                         to  Licensor  on or before  the  fourteenth  day of the
                         following month.

                    9.6  Licensee  agrees to pay  promptly,  when due, all taxes
                         and  assessments  that  may be  assessed  against  said
                         premises  or  the   equipment   or  supplies   used  in
                         connection  with  Licensee's  business,  all  liens and
                         encumbrances  of every  kind and  character  created or
                         placed  upon or against  any of said  property  and all
                         accounts and other  indebtedness of every kind incurred
                         by  Licensee in the  conduct of said  business.  In the
                         event  Licensee  should  default  in  making  any  such
                         payment, Licensor shall be authorized but not required,
                         to pay the same on  Licensee's  behalf  and  Licensee's
                         covenants  promptly to reimburse Licensor on demand for
                         any such  payment.  to  Licensor by the same arise this
                         Paragraph  vision of this interest at 12% per annum and
                         all amounts owing Licensee hereunder, whether under the
                         provisions  of 9.6 or under any  other  pro  Agreement,
                         shall bear annum or the maximum rate  permitted by law,
                         whichever  is less,  from and after the date of accrual
                         thereof.

Timely              9.7  The default by  Licensee  in the timely  payment of any
Payment                  indebtedness  owing to Licensor and/or American,  or to
                         any  affiliates  of Licensor  and/or  American,  or the
                         default by Licensee in the payment of any  indebtedness
                         of Licensee with respect to which  Licensor or American
                         or any of Licensor's and/or American's  affiliates is a
                         guarantor,   co-signer,   endorser  or  obligor,  shall
                         constitute  a  breach  of  this  Operating   Agreement,
                         rendering the same subject to termination in accordance
                         with the provisions of Paragraphs 10.1 and 10.2 hereof.

Insolvency,         9.8  In the event that  Licensee  be declared  insolvent  or
Etc.                     bankrupt, or in the event a receiver is appointed, this
                         Operating Agreement shall automatically terminate as of
                         the date of such declaration or appointment.

Liability and       9.9  Licensee  hereby  waives  all claims  against  Licensor
Insurance                and/or  American for damages to property or injuries to
                         persons  arising  out of the  operation  of  Licensee's
                         business,   and  Licensee  shall   indemnify  and  save
                         Licensor  and/or  American  and/or  the  affiliates  of
                         either harmless of and from

                                      -14-

                         any damage or injury to  property  or  persons  arising
                         from  or in  connection  with  the  operation  of  said
                         business or the  consumption  of the  product  thereof.
                         Licensee  further  agrees to purchase  and  maintain in
                         full  force  and   effect   during  the  term  of  this
                         Agreement,   at  Licensee's  sole  expense,   liability
                         insurance in an aggregate amount not less than $300,000
                         insuring  Licensee,  Licensor  and  American  from  li4
                         ability  for any and all  such  damage  or  injury  and
                         Licensee further agrees to deliver to Licensor a proper
                         certificate  evidencing the existence of such insurance
                         coverage and Licensee's  compliance with the provisions
                         of this  paragraph and which provides that Licensor and
                         American  will be given thirty (30) days prior  written
                         notice of material change,  termination or cancellation
                         of the policy.  Said insurance  coverage shall commence
                         as of the date  Licensee  commences  operating a "Dairy
                         Queen"  retail  store or as of the date the  Authorized
                         Location  is  first  identified  as a site  on  which a
                         "Dairy Queen" retail store will be operated,  whichever
                         shall first occur.

Assignment and      9.10 Licensee  agrees  not to  transfer,  assign or alienate
Transfer                 his interest herein or  hereunder in  whole or  in part
                         without the prior written  consent  of Licensor,  which
                         consent  shall  not  be   withheld  unreasonably,   but
                         Licensor may insist that  any proposed assignment be an
Also See Addendum        assignment of all of Licensee's  interest hereunder and
to Paragraph 9.10        that any proposed  assignee be a person,  in Licensor's
                         reasonable   judgment,   qualified  to  provide  active
                         supervision   over  the  operation  of  said  store  in
                         compliance  with Licensee's  obligations  hereunder and
                         who has  sufficient  net worth and  sources  of capital
                         which meet Licensor's then current  requirements  for a
                         store  operation of the type  contemplated by this form
                         of  agreement.  In the event  Licensee's  said interest
                         should be so  transferred  or assigned,  Licensee shall
                         pay to Licensor contemporaneously  therewith the sum of
                         One  Thousand  Five  Hundred  Dollars  ($1,500),  or an
                         amount  equal to one-half  of the license  fees paid or
                         payable by  Licensee  in respect of  operations  in the
                         twelve (12)  months  ending with the month prior to the
                         month in which the assignment is approved, whichever is
                         the greater  amount,  as a fee for the preparation of a
                         new  Operating   Agreement  in  assignee's   name,  for
                         Licensor's  assistance  in reset-up of the retail store
                         and  for  any  and  all  other  expenses  incurred  and
                         services   rendered  by  Licensor  in  effecting   said
                         tran@fer.  In the  event  of any such  assignment,  the
                         assignee,  as a condition  of Licensor  approving  such
                         assignment,   must   attend   and  to  the   reasonable
                         satisfaction of Licensor

                                      -15-

                         successfully    complete,    at   assignee's   expense,
                         American's  training  program  at  American's  training
                         center.  In  the  event  Licensee  is  a   corporation,
                         partnership or other entity,  any transfer or transfers
                         of  stock  (or  other  form   of  ownership   interest)
                         constituting  in the aggregate  a controlling  interest
                         in Licensee shall be  subject to the consent,  transfer
                         fee  and  all  other  applicable   provisions  of  this
                         Agreement.  Licensor  may  withhold its  consent to any
                         proposed  transfer  until all amounts owed  by Licensee
                         to Licensor,  American, the affiliates  or subsidiaries
                         of either  and approved  "Dairy Queen"  suppliers  have
                         been paid in full.

Offsets             9.11 Licensee  waives any and all existing and future claims
                         and offsets  against any amounts due  hereunder,  which
                         amounts  shall be paid when due.  Licensor and American
                         shall be  entitled  to  apply  or  cause to be  applied
                         against  amounts  due to either of them or any of their
                         respective affiliated com- panies any amounts which may
                         from  time to time be held by  either  of them or their
                         respective  affiliates on Licensee's  behalf or be owed
                         to Licensee by Licensor or American or their respective
                         affiliates.-

                               CONTRACT VIOLATION

Remedies,      10.  In the  event of any  dispute  between  the  parties  hereto
Arbitration         arising under,  out of, in connection with or in relation to
                    this  Agreement,  said  dispute  shall be  submitted  by the
                    parties to binding  arbitration in accordance with the Rules
                    and  Procedures  and  under  the  auspices  of the  American
                    Arbitration Association. The arbitration shall take place at
                    the  capital  of the  state of the  Authorized  Location  of
                    Licensee or at such other place as may be mutually agreeable
                    to the  parties.  The decision of the  arbitrators  shall be
                    final,and  binding  on  all  parties.   Notwithstanding  the
                    foregoing,  Licensee recognizes that his "Dairy Queen" store
                    is one of a large  number of stores  similarly  situated and
                    selling  to the  public  similar  products,  and  hence  the
                    failure on the part of a single  licensee to comply with the
                    terms of his  Operating  Agreement  could cause  irreparable
                    damage  to  Licensor,  American  and/or to some or all other
                    "Dairy Queen"  licensees.  Therefore,  it is mutually agreed
                    that in the event of a breach or threatened breach of any of
                    the terms of this Operating Agreement by Licensee,  Licensor
                    shall  forthwith  be entitled to an  injunction  restraining
                    such  breach  and/or  to a decree  of  specific  performance
                    without having to show or prove any actual damage,  together
                    with recovery of reasonable  attorney's fees and other costs
                    incurred in obtaining said equitable relief, until such time
                    as a final and binding determination is made by the

                                      -16-
<PAGE>
                    arbitrators.  The  foregoing  equitable  remedy  shall be in
                    addition  to,  and not in lieu of,  all other  remedies  and
                    rights which Licensor might  otherwise have by virtue of any
                    breach of this Agreement by Licensee.

Breach of           10.1 Licensee  shall be in  default  hereunder  if  Licensor
Contract                 determines  that  Licensee has made any false report to
                         Licensor,  or has  failed  to pay when due any  amounts
                         owed to Licensor,  or has in Licensor's judgment in any
                         other way breached any of the terms of this  Agreement,
                         including  but  not  limited  to,   failing  to  submit
Also See Addendum        required  reports,  failing to meet any requirements or
to Paragraph 10.1        specifications  established  with  respect  to  product
                         quality, physical property,  conditions or equipment or
                         materials used, products  manufactured,  menu or use of
                         approved products,  packages or promotional  materials.
                         Failure of  Licensee  to pay to  Licensor  any past due
                         amount owed  within  fourteen  (14) days of  Licensor's
                         written notice of default therein shall be construed as
                         Licensee's voluntary  abandonment of this Agreement and
                         the franchised business hereunder operated.

                    10.2 Except as hereinafter provided,  failure of Licensee to
                         cure a default by Licensee  hereunder  within  fourteen
                         (14) days from the date of a written  notice of default
                         mailed or delivered to Licensee, which notice states to
                         such  default,   shall  give  Licensor  good  cause  to
Also See  Addendum       terminate   this   Agreement.   Termination   shall  be
Paragraph 10.2           accomplished  by  mailing  or  delivering  to  Licensee
                         written notice of termination, which notice shall state
                         the  grounds  therefore  and  shall  be  effective  (i)
                         immediately  in any case of  voluntary  abandonment  of
                         this Agreement by Licensee of conviction of Licensee of
                         an offense directly  related to the business  conducted
                         hereunder;  or (ii)  sixty  (60) days after the date of
                         such  notice  of   termination   in  all  other  cases;
                         provided,   however,  that  notwithstanding  any  other
                         provision of this  Paragraph 10, this  Agreement may be
                         terminated immediately upon failure of Licensee to cure
                         within  twenty-four  (24) hours of notice  thereof  any
                         default under this Agreement which  materially  impairs
                         the good will associated with any of the Trademarks. In
                         addition  to  the  foregoing,  this  Agreement  may  be
                         terminated by Licensor upon any ground or by any period
                         of  notice  as may be  permitted  from  time to time by
                         applicable law or regulation.  Any notice of default of
                         termination shall be personally  delivered or be mailed
                         by  certified  or  registered   mail,   return  receipt
                         requested, postage prepaid.

                                      -17-
<PAGE>
Land, Building      10.3 Subject to the provisions of Paragraph 5.4 hereof,  any
Lease, or Failure        failure to  rebuild or repair and reopen for  operation
to Reopen                Licensee's  destroyed  or damaged  store or store whose
                         lease has been  terminated  or not  renewed  within one
                         year of the  date  of  occurence  of such  termination,
                         destruction or damage,  shall  automatically  terminate
                         this Operating Agreement.

                               TERMINATION RIGHTS

               11.  Upon the termination of this Operating Agreement:

Reversion of        11.1 All rights to the use of the  Trademarks  and the right
Trademark                and license to conduct said business at the  Authorized
Rights                   Location  shall revert to Licensor  and Licensee  shall
                         immediately cease all use of the Trademarks and pay all
                         monies due at said date. Licensee shall promptly and at
                         his own expense  remove or obliterate all store signage
                         and  displays  furnished  to Licensee  by Licensor  and
                         shall remove or obliterate and  thereafter  discontinue
                         all use of any signage or  displays  at the  Authorized
                         Location  or in  his  possession  bearing  any  of  the
                         Trademarks or names or material  confusingly similar to
                         any of the Trademarks.

                    11.2 All right,  title and  interest  of  Licensee in and to
                         this Operating  Agreement  shall become the property of
                         Licensor.

Purchase            11.3 Licensor shall have the first option to purchase any or
                         all equipment,  fixtures,  furnishings or supplies,  of
                         whatever kind, owned by Licensee and used by him in the
                         production of the "Dairy Queen" product,  or any of the
                         other  approved  products  under any of the  Trademarks
                         hereunder  at  a  price   determined   by  a  qualified
                         appraiser selected with the consent of both parties. if
                         the parties  cannot agree upon the selection of such an
                         appraiser  he  shall  be  appointed  by a Judge  of the
                         United States  District Court of Licensee's  Authorized
                         Location upon petition of either party.  Said option to
                         purchase  may be  exercised  by  Licensor  at any  time
                         within   thirty   (30)  days  from  the  date  of  such
                         termination  or within  thirty (30) days after the date
                         of  the  receipt  by   Licensor   of  the   appraiser's
                         determination,  whichever  shall be the later date, and
                         shall not be impaired or  terminated  by the  attempted
                         sale  or  other  transfer  of  any  such  equipment  or
                         supplies  by  Licensee  to  a  third  party.  Upon  the
                         exercise  of such  option and tender of payment for any
                         such equipment or supplies, Licensee agrees to sell and
                         deliver  the same to  Licensor  free  and  clear of all
                         encumbrances,  and to execute and deliver to Licensor a
                         bill of sale therefore. -18-

Non-Compete         11.4 Licensee shall not directly or indirectly engage in any
                         competitive   business   within   2,000  yards  of  the
                         Authorized Location for a period of one year after said
                         date of termination of this Agreement  except through a
                         Bowlin' s or an af filiate in  operation at the time of
                         signing.

                               PERMITTED PRODUCTS

               12.  It  is  mutually   understood  and  agreed  that  the  store
                    facilities and operations of Licensee  hereunder may include
                    in addition to "Dairy Queen" or "Dairy  Queen/Brazier"  food
                    and beverage  service the sale of various other products not
                    identified or designated by Company's Trademarks, including,
                    but not  limited to,  motor  vehicle  fuel,  oil and related
                    automotive   products,   souvenir-type   products,   tobacco
                    products,  sundries, and packaged food products not intended
                    for consumption on the premises where sold and which are not
                    competitive  with food and beverage  products  identified or
                    designated   by  the   Trademarks   (all  of  said  products
                    collectively  referred to in this  Agreement  as  "Permitted
                    Products").  In order to prevent public confusion,  preserve
                    and protect the  Trademarks  and  establish  the  principles
                    which shall govern Licensee's sale of Permitted Products and
                    usage   of  the   Trademarks,   the   parties   agree   that
                    notwithstanding any provision of this or any other Agreement
                    to the contrary, the following provisions shall control with
                    regard to Permitted Products:

                    12.1 Licensee may sell Permitted  Products from its licensed
                         store.  Licensee  may  use  in  the  business  operated
                         hereunder in the manner and to the extent  permitted by
                         this Agreement  marks and names  identifying  Permitted
                         Products.

                    12.2 The  Trademarks  shall not under any  circumstances  be
                         used to identify or designate Permitted Products or any
                         other  productcs)  for which use of the  Trademarks has
                         not been specifically authorized by American. Permitted
                         Products  shall be sold only from  physical  facilities
                         (such as a different  area, room or building) which are
                         clearly  distinct  and  apart  from the  "Dairy  Queen"
                         retail store.

                    12.3 No  product   shall  be  sold  from  any  part  of  any
                         sublicensed store's site which detracts or threatens to
                         detract from the  reputation  or goodwill of the "Dairy
                         Queen"  trade name or any of the  Trademarks.  Licensor
                         shall have the right to direct  Licensee to remove from
                         the store and  discontinue the sale of any product item
                         or  items  which  in  American's  good  faith  judgment
                         violates   the  quality   standard  of  the   preceding
                         sentence.  No product shall under any  circumstances be
                         sold from the "Dairy  Queen"  portion  of the  licensed
                         store which has not received

                                      -19-
<PAGE>

                         the specific prior approval of Licensor.

                    12.4 A building design and related facility standards, based
                         upon American's  existing design and specifications for
                         "Dairy Queen"/ "Brazier" stores,  shall be developed by
                         mutual  consultation  and  agreement,  which shall take
                         into account the particular  requirements  for a "Dairy
                         Queen"  or  "Dairy  Queen"/"Brazier"   facility  to  be
                         situated  along an Interstate  highway.  Licensee shall
                         comply strictly with the design and facility  standards
                         developed hereunder.

                    12.5 Notwithstanding  Paragraph  8.2  hereof,  Licensee  may
                         employ  off-site  advertising  media such as billboards
                         and radio  commercials,  provided such  advertising  is
                         approved by Licensor and American, and provided further
                         that no such advertising shall be used which creates or
                         fosters any  confusion  as to the  identity,  source or
                         quality  of  goods  identified  or  designated  by  the
                         Trademarks.   Licensor  acknowledges  that  it  may  be
                         necessary  to  share  extant  billboard  space  with an
                         existing   Stuckey's,   Wayfara  or  other  store,  and
                         Licensor  requires  that  advertising  for  the  "Dairy
                         Queen"  store be as visually  and  physically  separate
                         from the other advertising as is feasible.

                    12.6 Because the "Dairy Queen" store hereunder may also sell
                         Permitted    Products,    the   parties    agree   that
                         notwithstanding  any other  provision of this Agreement
                         or any other  contract  between the  parties,  Licensor
                         deems it to be necessary and  desirable,  to permit the
                         following:

                          a.   To allow Licensee to sell  Permitted  Products in
                               conjunction   with  a  "Dairy  Queen"  or  "Dairy
                               Queen"/"Brazier" store;

                          b.   To allow the principal  shareholders  of Licensee
                               and  members of their  immediate  families to own
                               any  amount  or  class  of  stock  or debt in any
                               Bowlln's business;

                          c.   To  the  extent  and  in  the  manner   permitted
                               hereunder,  to  allow  Licensee  to  sell  and to
                               advertise  Permitted Products in conjunction with
                               products   identified   or   designated   by  the
                               Trademarks;

                          d.   Subject  to  Paragraph  6.1  hereof,  to  relieve
                               Licensee  from the  obligation  with  respect  to
                               Permitted   Products,   to   purchase   and   use
                               equipment,  supplies,  ingredients  and  services
                               approved by American;

                          e.   To allow  Licensee  to  construct  and  equip its
                               retail store in accordance

                                      -20-
<PAGE>
                               with   building   design  and  related   facility
                               standards developed under Paragraph 12.4 hereof;

                          f.   To relieve  Licensee:  (i) from the obligation of
                               using,   in  preparing  or  selecting   Permitted
                               Products,  ingredients,   formulas  and  supplies
                               specified by American;  (ii) from the  obligation
                               to observe,  with respect to Permitted  Products,
                               the  requirements  relative to  portions,  sizes,
                               appearance  and packaging set forth in American's
                               "Store Management Operations Manual" and "product
                               preparation  charts";  and (iii) with  respect to
                               Permitted  Products,  to  allow  the use of other
                               supplies and customer service  materials  without
                               regard to standards of uniformity  and quality as
                               are now or hereafter set by American;

                          9.   To allow Licensee its principal  shareholders  or
                               members of their immediate  families to engage in
                               a competitive  business within 2,000 yards of the
                               Authorized   Location   of  the  store   licensed
                               hereunder, as defined in the Operating Agreement,
                               but only through a Bowlin's business; and

                          h.   To  relieve   stockholders   of  this   corporate
                               Licensee   from  the   obligation  of  personally
                               guarantying the obligations of Licensee under the
                               Operating  Agreement.  Sale or  transfer  of this
                               License to another  corporation shall include the
                               then    customary    guarantees    required    of
                               corporations.

                               GENERAL PROVISIONS

                    13.1 In the event any one or more clauses of this  Agreement
                         shall  be  held to be  void  or  unenforceable  for any
                         reason  by any  court of  competent  jurisdiction  such
                         clause or clauses  shall be deemed to be separable  and
                         of no  force or  effect  in such  jurisdiction  and the
                         remainder of this Agreement shall be deemed to be valid
                         and in full  force  and  effect,  and the terms of this
                         Operating  Agreement shall be equitably  adjusted so as
                         to   compensate   the   appropriate   party   for   any
                         consideration  lost because of the  elimination of such
                         clause or clauses.

                    13.2 Any  waiver by  Licensor  of any  breach or  default by
                         Licensee  shall  not be  deemed  to be a waiver  of any
                         other or  subsequent  breach or default nor an estoppel
                         to  enforce  its  rights  in the  event of any other or
                         subsequent breach.

                    13.3 This Agreement,  and the  application  form executed by
                         Licensee requesting Licensor

                                      -21-
<PAGE>
                         to  enter  into  this  Agreement,  constitute  the sole
                         agreement  between  the  parties  with  respect  to the
                         entire subject  matter of this Operating  Agreement and
                         embodies all prior  agreements  and  negotiations  with
                         respect to the  "Dairy  Queen"  business.  There are no
                         representations  of any kind except as contained herein
                         and in the aforesaid application.

                    13.4 Except as  otherwise  provided in this  Agreement,  any
                         notice,  demand or  communication  provided  for herein
                         shall be in  writing,  signed by the party  giving  the
                         same,  deposited in the registered or certified  United
                         States mail, return receipt requested, postage prepaid,
                         and;

                          a.   If intended  for  American  shall be addressed to
                               American  Dairy Queen  Corporation  at 5701 Green
                               Valley Drive, Minneapolis, Minnesota, 5S437;

                          b.   If intended  for  Licensor  shall be addressed to
                               Licensor at the address hereinabove set forth;

                          c.   If intended for  Licensee,  shall be addressed to
                               Licensee at the Authorized  Location  hereinabove
                               designated;

                         or to such  other address as may have been given to the
                         other party by notification as herein provided.

                         Notices for purposes of this Agreement shall be deemed
**Refer to Addendum to   to  have  been  received **
    Paragraph 13.4

                    13.5 If Licensee consists of two or more  individuals,  such
                         individuals  shall be jointly and severally  liable and
                         references to Licensee in this Agreement  shall include
                         all such  individuals.  Reference  to  Licensee as male
                         shall also include a female  licensee,  partnership  or
                         corporation or any other business entity.  Headings and
                         captions   contained  herein  are  for  convenience  of
                         reference  only and shall not be taken into  account in
                         construing or interpreting this Agreement.

                    13.6 Subject to the terms of  Paragraph  9.10  hereof,  this
                         Agreement  shall  be  binding  upon  and  inure  to the
                         benefit  of  the  administrators,   executors,   heirs,
                         successors and assigns of the parties.

                    13.7 This Agreement shall be effective only when approved by
                         an officer of  American  and shall be  governed  by and
                         interpreted in accordance  with the law of the state in
                         which the Authorized Location is Located.

                                      -22-
<PAGE>
                    13.8 This Agreement  shall be deemed to be amended from time
                         to  time  as  may  be  necessary  to  bring  any of its
                         provisions into  conformity with valid  applicable laws
                         or regulations.

IN WITNESS WHEREOF, the parties hereto have executed the foregoing "Dairy Queen"
Operating Agreement the date first above written.

                                     LICENSEE

                                     Bowlin's Inc.
                                     -------------------------------------------

ATTEST:                              By: M.L. Bowlin
                                         ---------------------------------------

Signature Illegible                  Its: President
--------------------------           -------------------------------------------
                                     LICENSOR

ATTEST:                              INTERSTATE DAIRY QUEEN CORPORATION
                                     -------------------------------------------

Cathryn E. Campbell                  By Signature Illegible
--------------------------              ----------------------------------------
                                        Its President
                                        ----------------------------------------

                                     APPROVED:

                                     AMERICAN DAIRY QUEEN CORPORATION

                                     By Signature Illegible
                                        ----------------------------------------
                                        Its  Vice President
                                             -----------------------------------

                                      -23-
<PAGE>
                                                 I-10 & Exit 62 Approx. 20 Miles
                                                 West of Deming, NM

                                                 DATE:  ________________________
                                                 INITITALS:_____________________

              SALES PROMOTION PROGRAM FEE ADDENDUM TO PARAGRAPH 9.1
                      OF "DAIRY QUEEN" OPERATING AGREEMENT

Licensee is obligated to pay sales  promotion fees as specified in Paragraph 9.1
of the Agreement.

However, in recognition that Licensor's Licensees in the past have expended more
than 3% of sales on sales promotion (primarily in an outdoor setting in order to
attract  highway  travellers),  American and Licensor have  temporarily  without
prejudice  allowed  ADI  #0069  Licensees  to retain  all or a portion  of sales
promotion fees and to credit certain sales promotion  expenditures against these
fees provided that:

     (1.) Such  expenditures are certified  annually as specified in each fiscal
          year's ADI #0069 Requirements Bulletin, and;

     (2.) Unspent  portions of the fiscal-year  sales promotion fee are remitted
          to Licensor by January 31 of the following year.

Events in American's and Licensor's  exclusive  discretion and judgement may, in
the  future,  require,  and  Licensee  hereby  agrees to make,  full and regular
monthly payments of the sales promotion program fee to Licensor or American.

Licensee is obligated to participate  annually in the Annual  Marketing  Program
(AMP) and the Interstate  Marketing  Program (IMP) each year that these programs
are in effect.  In cases where  Licensee  pays all,  or a portion,  of the sales
promotion fee monthly to Licensor, the annual AMP and IMP fees will be paid from
amounts remitted to Licensor.  The AMP fee will then be forwarded by Licensor to
American.  In cases where Licensee does not pay sales  promotion fees monthly to
Licensor,  but instead  retains them for local  expenditure  as specifed  above,
Licensee shall remit the AMP and IMP annual fees to Licensor upon being invoiced
for these fees. Licensor will forward the AMP fee to American.  Such AMP and IMP
fees are certifiable  expenditures  that can be credited against the total sales
promotion fee due for that fiscal year.
<PAGE>
                                                 I-10 & Exit 62 Approx. 20 Miles
                                                 West of Deming, NM

                                                 DATE:  ________________________
                                                 INITITALS:_____________________

         ADDITIONAL STORE DEVELOPMENT PROGRAM ADDENDUM TO PARAGRAPH 9.10
                    OF THE "DAIRY QUEEN" OPERATING AGREEMENT

In the event of any assignment of the franchise,  transfer of assets or stock of
the franchisee,  or change of management of franchisee  which requires the prior
approval of Licensor,  Licensor may at its  election  require  Licensee to pay a
transfer  fee in  addition  to  that  fee  specified  in  Paragraph  9.10.  This
supplemental fee is based on the following formula:

TRANSFER & ASSIGNMENT WITHIN                         SUPPLEMENTAL TRANSFER FEE

   One Year of Opening                                        $25,000
   First Year to Second Year                                   18,000
   Second Year to Third Year                                   13,000
   Third Year to Fourth Year                                    9,000

The  supplemental  transfer fee reimburses  Licensor for the loss of the service
and set-up fee of  $25,000 in respect to a "Dairy  Queenlt/"Brazier"  operation,
which was waived in connection  with  Licensor's  Additional  Store  Development
Program,  inasmuch  as said  program  is  intended  to promote  development  and
operation of additional stores by a seasoned Licensee.

                                  APPENDIX "A"

Licensee  has the right to use the  following  trademarks  and service  marks In
accordance with the attached Operating Agreement.

This  Appendix  "A" may be amended by Company from time to time in order to make
available  additional  trademarks or service me unavailable.  Licensee agrees to
use only those  trademarks  and service marks which are mark* or to delete those
which then currently authorized.

  DAIRY QUEEN(R)                         DQ(R)
  BRAZIER(R)                             DAIRY QUEEN IN ELLIPSE LOGO(R)
  MR. MISTY(R)                           BROWNIE DELIGHT(R)
  MR. MISTY KISS(R)                      THE CONE WITH THE CURL ON TOP(R)
  LET'S ALL GO TO THE DAIRY QUEEN(TM)    DESIGN:THE CONE WITH THE CURL ON TOP(R)
  FIESTA(TM)                             QUEEN'S CHOICE AND DESIGN(R)
  FULL MEAL DEAL(TM)                     DOUBLE DELIGHT(R)
  CHILI DOG SPLIT(R)                     STARKISS(R)
  PEANUT BUSTER(R) PARFAIT               BIG "Q"(R)
  FUDGE NUT BAR(TM)                      IT'S A REAL TREAT(TM)
  BANANA SUPREME(R)                      DQ CHIPPER SANDWICH(R)
  WE TREAT YOU RIGHT(R)                  BLIZZARD(R)
  MORE BURGER THAN BUN(R)                CHOCOLATE PEANUT BUTTER CRUNCH(TM)
  SUPER DOG(TM)                          MR. MALTIE(R)
  ROYAL BANANA SPLIT(TM)                 DQ CHOCOLATE CHIP COOKIE SANDWICH(R)
  SNAK DEAL(TM)                          CHOCOLATE MOUNTAIN SUNDAE(R)
  BUSTER BAR(R)                          BIG CONE AND DESIGN(R)
  DILLY(R) BAR                           DQWICH(R)
  DILLYWICH(R)

Each of the  above  trademarks  and/or  service  marks  must be used only in the
manner specified by the Company and in connection with the goods and/or services
specified by the Company. No deviations will be permitted.
<PAGE>
4/88

(R) Reg. U.S. Pat. Office Am. D.Q. Corp. (TM)Trademark, Am. D.Q. Corp.

APPENDIX "B"                       Date:___________________  Initials:__________
Dairy Oueen'D /BrazierO
(Please attach to copy of current operating aiprooment)

Below is listed the approved menu of Company for Dairy Queens  /BrazierO  stores
which is in current use and effect.  Licensee is  authorized to use this menu in
accordance with the attached Operating Agreement.

This  Appendix  "B" may be amended by Company from time to time in order to make
available  additional  products  or to delete  those which  become  unavailable.
Licensee  agrees to use only those products which are then currently  authorized
for use in Dairy Queen/Brazier stores.

Licensee  shall use in preparing  products only such  ingredients,  formulas and
supplies as are specified by Company and in such portions, sizes. appearance and
package as set forth in Company's  most  current  "Store  Management  Operations
Manual" and "Product Preparation Charts."

<TABLE>
<CAPTION>
            Required                            Required                                 Required
            --------                            --------                                 --------
      Brazier(R) Food Items           Dairy Queen* Soft Serve Items                    Beverage Items
      ---------------------           -----------------------------                    --------------
<S>                                   <C>                                         <C>
Homestyle Hamburgers:                 Cones                                       A minimum of three carbonated
 Single                               Dipped Cones                                   soft drinks"
 Double                               Sundaes                                     Mr. Misty(R)
 Triple                               Shakes/Malts
     w/Lettuce and Tomato             Float
     w/Cheese                         Mr. Misty Float
DQ Homestyle(TM) Ultimate Burger      Freeze
HotDog                                Mr. Misty* Freeze                                Optional
     w/Chili                          Banana Split                                     --------
     w/Cheese                         Peanut Buster* Parfait                         Beverage Items
DQ Pounder-                           Nutty Double Fudges                            --------------
     w/chili                          Hot Fudge Brownie Delight*
     W/Cheese                         Blizzards Flavor Treats                     Soft Drink 32 fl. oz.
DQ Pounder Basket Deal(TM)              Home Pak:                                 Milk
Fish Fillet Sandwich                       Pint                                   Coffee
     w/Choose                         Novelties:                                  Hot Chocolate
Chicken Breast Fillet Sandwich             Dilly* Bar                             Iced Tea
     w/Choose                              Buster Bar and/or Fudge Nut Bar        Lemonade
French Fries                               DQ* Sandwich and/or DQwich             Diet Soft Drinks"
     Regular
     Large
Onion Rings
     Regular
</TABLE>

      Optional                                       Optional
      --------                                       --------
 Brazier(R) Food Items                      Dairy Queen* Soft Serve Items
 ---------------------                      -----------------------------

Super Dog-                                 Cone 9 oz.
     W/Chili                               Dipped Cone 10 oz.
     w/Cheese                              Strawberry Shortcake
Basket Deals:                              Banana Supreme
     Chicken Breast Fillet                 Shake 'N Sundae
     Fish Fillet                           Parfait
     Pork Loin Fritter                     Soda
Polish Sausage                             Sundae 14 oz.
Barbecue Sandwich                          Float 21 fl. oz.
Chill BovA                                 Mr. Misty(R) Float 21 fl. oz.
Nachos                                     Freeze 21 ff. oz. -
Pork Loin Fritter                          Mr. Misty(R) Freeze 21 H. oz.
Chicken Nuggets                            Blizzard(R) Flavor Treat 32 fl. oz.
Fried Mushrooms                            Mr. Misty Klass and/or Starki
Turnover                                   DQ Chipper Sandwich* or
Prepackaged Lettuce & Tomato Salads        DQ Chocolate Chip Cookie Sandwich
Biscuit Breakfast                          DQ Push
Traditional Breakfast                      Low-Fat Soft Frozen Yogurt
Salad Bar...                               Dairy Queen* Frozen Cakes and
Onion Rings                                  Blizzards Pies
Mandatory for Franchise
     Large                                 Queen'& Cho@ Premium Hard
Agreement I after 2/86.
                                                lee Cr@.                )

*    Mr. Misty* contract stores only.

**   All carbonated drinks must be of high quality in national  distribution and
     made by a primary manufacturer.

***  These items are Optional  menu  additions to be sold only by Dairy Queen or
     Dairy  Queen/Brazier  store  operators who have been  certified to do so by
     American  Dairy  Queen  Corporation  or  a  Territory  Operator  for  store
     franchise owners franchised  directly by them in their respective area. The
     product  weights portions  for  these  items  are  filled  in the r product
     preparation procedure* from ADQC.

4/86 Note: The Dairy Queen soft serve and Braizer food and beverage items listed
     on the National  Optional  Menu,  shown  above,  may be sold by Licensee if
     Licensee desires to do so, but are not required to be sold.

(R)  Reg. U.S. Pat. Off., Am. D.Q. Corp.
<PAGE>
                                                          DATE:_________________

                                                        INITIALS:_______________

                        APPENDIX D: ADDITIONAL ADDENDA TO
                   "DAIRY QUEEN" OPERATING AGREEMENT DATED ___/___/___

1.   PARAGRAPH 4.6 (page 6). Licensor advises that the purpose of this paragraph
     is full disclosure.

2.   PARAGRAPH  6.1  (page  7).  Licensee  sells  packaged  alcoholic  beverages
     intended for off-premise consumption in Licensee's store building adjoining
     the "Dairy  Queen"/"Brazier"  store.  Licensee  will not  dispense  alcohol
     intended  for  on-premise   consumption   from  the  adjoining   non-"Dairy
     Queen"/"Brazier"  store and will not sell any alcoholic  beverages from the
     "Dairy Queen"/"Brazier" store.

3.   PARAGRAPH  9.5  (pages 13 & 14).  Licensor  will allow  Licensee  to submit
     monthly  the profit  and loss  statement  and  consolidated  balance  sheet
     generated by Licensees  in-house  computer in lieu of  American's  standard
     profit and loss  statement  form,  provided  Licensee's  form  identifies a
     separate "Dairy Queen"/"Brazier" profit center.

4.   PARAGRAPHS  10.1,  10.2 AND 13.4  (pages 17 & 22).  Licensor  will mail any
     notices  specified in said  paragraphs via certified  mail,  return receipt
     requested.  For purposes of this  Agreement,  notice will be deemed to have
     been  received  by  Licensee  on the earlier of the date of delivery or the
     date of the first attempted delivery as indicated on the return receipt. In
     the absence of a noted  delivery date or a noted  attempted  delivery date,
     notice will be deemed to have been  received 15 days from the noted date of
     mailing.

                                    AGREEMENT

     THIS  AGREEMENT  made and entered into by and between  American Dairy Queen
Corporation,  hereinafter referred to as "ADQ," and Bowlin's,  Inc., hereinafter
referred to as "Bowlin's."

     WHEREAS, a certain "Dairy Queen" Operating Agreement,  hereinafter referred
to as  "Operating  Agreement,"  dated July 29,  1976,  was  entered  into by and
between Richard G. Kassel and G. Leone Kassel as Licensor,  hereinafter referred
to  as  "Kassels,"  and  Garland  Sarratt  and  Virginia  Sarratt  as  Licensee,
hereinafter  referred  to as  "Sarratts,"  covering  the  operation  of a "Dairy
Queen"/"Brazier" store in Deming, New Mexico; and

     WHEREAS,  ADQ has acquired  Kassel's  rights as Licensor and Bowlin's  have
acquired Sarratts rights as Licensee under said Operating Agreement; and

     WHEREAS,  Paragraph 1.1 of said Operating  Agreement precludes the Licensor
(ADQ) from establishing  another "Dairy Queen" retail store in Luna County,  New
Mexico, hereinafter referred to as "protected area"; and

     WHEREAS,  Bowlin's wish to develop a store under ADQ's  territory  operator
Interstate Dairy Queen Corporation at the southwest quadrant of I-10 and exit 62
in Luna County, New Mexico; and

     WHEREAS, the parties hereto, in order to facilitate such development,  have
mutually agreed to modify said protected area;

     NOW,  THEREFORE in return for the mutual conveyance  herein contained,  the
parties agree as follows:

     1.   Paragraph 1.1 of the Operating Agreement, referred to above, is hereby
          deleted in its entirety and the following substituted therefor:

          1.1  Establish and operate a retail store under the name "Dairy Queen"
               at 1414 E. Spruce,  Deming,  New Mexico 88030 and Licensor agrees
               that it will not  establish  another  "Dairy  Queen" retail store
               within  the  following  defined  territory:  County of Luna,  New
               Mexico,  except for a location to be  developed  by Licensee as a
               sublicensee  of  Interstate   Dairy  Queen   Corporation  at  the
               southwest quadrant of I-10 and exit 62.

                                       -1-
<PAGE>
     2.   All of the terms and conditions of the Operating Agreement referred to
          above shall remain unchanged.

     IN WITNESS  WHEREOF the parties have executed this  Agreement the 23 day of
October, 1989.

                                             LICENSOR:

                                             AMERICAN DAIRY QUEEN CORPORATION

                                             By:  Signature Illegible

                                                  ----------------------------
                                             Its: Vice President

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

                                             LICENSEE:

                                             BOWLIN'S, INC

                                             By:  Signature Illegible
                                                  ----------------------------
                                             Its: E.V.P
                                                  ----------------------------

                                       -2-
<PAGE>
                               AMENDMENT AGREEMENT

AMENDMENT  AGREEMENT is made and entered into as of the 23rd day of October 1989
with respect to the "Dairy Queen" Operating

Agreement  dated  June 7, 1989  between  BOWLIN'S,  INCORPORATED,  a New  Mexico
Corporation  whose  head  office is  located  in  Albuquerque,  NM  (hereinafter
"Licensee") and INTERSTATE DAIRY QUEEN CORPORATION,  a Georgia Corporation whose
head office is located in Washington, DC (hereinafter "IDQC").

WITNESSETH:

WHEREAS, The parties desire to amend the aforesaid Operating Agreement,

NOW,  THEREFORE,  In consideration of the premises and of the considerations set
forth herein, the parties hereby agree as follows:

1.   It is understood  that, in the event that by December 31, 1991, ID(2C shall
     have executed six or more  sublicense  agreements with respect to locations
     in the I-10 territory as defined in the Territory  Agreement  dated January
     8, 1988 between American Dairy Queen  Corporation  (hereinafter  "ADQ") and
     IDQC, IDQC may elect,  under terms of the  Developmental  Rights  Agreement
     dated  January 1, 1977  between  ADQ and IDQC,  to enter  into a  territory
     agreement  (hereinafter "the New I-10 Territory Agreement") with respect to
     the entire  corridor area lying within  one-half mile of the center line of
     I-10,  excluding  therefrom  any portion of said  corridor  area within the
     state of Texas and any portion for which ADQ has prior to that time granted
     "Dairy Queen"/"Brazier" franchise or license rights to any third party.

2.   In the event that IDQC does so enter into the New I-10 Territory Agreement,
     effective  upon  execution  of said  Agreement,  IDQC will pay to  Licensee
     one-third  (1/3) of the continuing  license fee that IDQC receives from its
     sublicensee for the "Dairy  Queen"/"Brazier" store located at the southwest
     quadrant  of I-10 and Exit 62  (hereinafter  "the  Site").  The  continuing
     license fee payable to IDQC by its  sublicensee  will be no less than 4% of
     gross retail "Dairy Queen"/"Brazier"  restaurant sales, exclusive of retail
     sales tax and  exclusive of sales of permitted  products as these  products
     are defined in the Operating Agreement.

3.   The IDQC payment specified in Paragraph 2 of this Amendment  Agreement will
     be payable to Licensee but will not be assignable.

4.   If the  Operating  Agreement is  terminated  pursuant to provisions of said
     Operating Agreement, this Amendment Agreement will become null and void.

5.   IDQC will require sublicensee for the "Dairy  Queen"/"Brazier" store at the
     Site to furnish a store  monthly  report  accurately  setting  forth  total
     sales, by department, on which a continuing license fee is payable, as well
     as such other information as IDQC requires in accordance with Paragraph 9.4
     of the  Operating  Agreement.  Effective  upon  execution  of the New  1-10
     Territory  Agreement,  IDQC will  forward to Licensee a copy of each report
     and payment of the one-third (1/3) portion of the continuing license fee by
     the  25th of the  month  following  the  month  in which  said  report  and
     continuing  license fee is received  by IDQC,  unless  Licensee is also the
     sublicensee  for the  "Dairy  Queen"/"Brazier"  store at the Site.  In such
     event.  IDQC will not forward a copy of each  report  back to Licensee  and
     Licensee will retain the one-third  portion of the  continuing  license fee
     each month.  The parties to this Amendment  Agreement  acknowledge that ADQ
     and IDQC have the right to audit the  sublicensee  and agree that  Licensee
     will receive its pro-rated  share of any continuing  license fee assessment
     as a result of an audit.

IN WITNESS WHEREOF, The parties have executed this Amendment Agreement effective
as of the day and year first above written.

                                      BOWLIN'S INCORPORATED

Signature Illegible
---------------------
     Witness

                                      By:  Signature Illegible
                                           -----------------------------
                                           E.V.P

                                      Its:
                                           -----------------------------

                                      INTERSTATE DAIRY QUEEN CORPORATION

Signature Illegible
---------------------
    Witness                           By:    Signature Illegible
                                           -----------------------------
                                      Its:   President
                                           -----------------------------LETTER OF AGREEMENT

Stuckey's

                              STUCKEY'S CORPORATION

                             2121 NEWMARKET PARKWAY
                                    SUITE 144
                             MARIETTA, GEORGIA 30067

March 1, 1987

Dear Mr. Bowlin:

STUCKEY'S  CORPORATION  purchased the franchise  operations of Pet's subsidiary,
STUCKEY'S,  INC., on April 30, 1985. This letter will memoralialize the terms of
the franchise  agreements  regarding  any STUCKEY'S  franchise for this store as
listed in SCHEDULE I enclosed and is effective March 1, 1987.

1.      As the owner of one of the original  locations for which a franchise was
        granted by STUCKEY'S, INC and now granted by STUCKEY'S CORPORATION,  you
        are entitled to  representation  on the  Franchise  Council of STUCKEY'S
        CORPORATION  to  help us  improve  the  STUCKEY'S  Method  of  Operation
        throughout the country.

2.      STUCKEY'S   CORPORATION  will  perform  quality,   value,   service  and
        cleanliness  inspections at your  franchised  store and will furnish you
        with a written report on these inspections.

3.      STUCKEY'S is a registered trademark owned by STUCKEY'S CORPORATION.  You
        are  hereby  granted,  by  STUCKEY'S  CORPORATION,  for the term of this
        agreement,  a license,  to use the mark STUCKEY'S at the location listed
        in  the  attached  SCHEDULE  I in  accordance  with  reasonable  quality
        standards and usage rules that STUCKEY'S CORPORATION adopts from time to
        time.

                              STUCKEY'S CORPORATION
                   Corporate Office o 2121 Newmarket Parkway,
                 Suite 144, Marietta, GA 30067 a (404) 951-1997
 2135 Wisconsin Avenue. N.W., Suite 403, Washington, D.C. 20007 o (202) 338-3041

                                       -2-
<PAGE>
4.      You will pay a franchise fee on a monthly basis to STUCKEY'S CORPORATION
        equal to one (1%) percent of all gross sales from your  STUCKEY'S  store
        listed on SCHEDULE  I, but not more than  $7,500 per store per  calendar
        year (adjusted each January 1, during the term hereof for any changes in
        the appropriate Consumer Price Index from the then preceding January 1).
        Payment shall be made and reports of sales  indicated in such reasonable
        form as STUCKEY'S CORPORATION shall request from time to time.

5.      You may cancel this agreement at any time after February 29, 1988,  upon
        ninety  (90)  days  prior  written  notice  sent to the  above  address.
        STUCKEY'S   CORPORATION   may  only  cancel  this   agreement  for  your
        non-compliance with any of the terms of our agreement-

If this  letter  correctly  sets forth our  agreement,  please sign and date the
duplicate of this letter and return it with  SCHEDULE I to us by March 15, 1987,
so our files will be complete.

Sincerely,

STUCKEY'S CORPORATION

/s/ Michael L. Bowlin

Michael L. Bowlin
President

AGREED TO:

/s/ Michael L. Bowlin                            DATE          3/5/87
---------------------------------------               --------------------------
(Signature)

Enc. - SCHEDULE I (Address of franchised premise listed on this schedule)

                                   SCHEDULE I

                 Address(es) of franchised STUCKEY' S store(s):

(1)      Store Name:       Stuckey's Pecan Shoppe
                    ------------------------------------------------------------
         Store Number:     #154
                      ----------------------------------------------------------
         Store Location:   I-10 & US 80,    Benson, Arizona
                        --------------------------------------------------------
(2)      Store Name:____________________________________________________________
         Store Number:__________________________________________________________
         Store Location:________________________________________________________

(3)      Store Name:____________________________________________________________
         Store Number:__________________________________________________________
         Store Location:________________________________________________________

(4)      Store Name:____________________________________________________________
         Store Number:__________________________________________________________
         Store Location:________________________________________________________

(5)      Store Name:____________________________________________________________
         Store Number:__________________________________________________________
         Store Location:________________________________________________________

(6)      Store Name:____________________________________________________________
         Store Number:__________________________________________________________
         Store Location:________________________________________________________

(7)      Store Name:____________________________________________________________
         Store Number:__________________________________________________________
         Store Location:________________________________________________________

(8)      Store Name:____________________________________________________________
         Store Number:__________________________________________________________
         Store Location:________________________________________________________

(9)      Store Name:____________________________________________________________
         Store Number:__________________________________________________________
         Store Location:________________________________________________________

(10)     Store Name:____________________________________________________________
         Store Number:__________________________________________________________
         Store Location:________________________________________________________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00015-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00015-of-00352.parquet"}]]