Document:

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                                                                    EXHIBIT 10.5

                     COLLINS RESTAURANTS MANAGEMENT PTY LTD

                           WESTPAC BANKING CORPORATION
                                ARBN 007 457 141

                            FIXED AND FLOATING CHARGE

                                 MINTER ELLISON
                                     Lawyers
                                Waterfront Place
                                 1 Eagle Street
                                BRISBANE QLD 4000
                                 DX 102 BRISBANE
                            Telephone (07) 3226 6333
                            Facsimile (07) 3229 1066

                                   GB 1090692
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                            FIXED AND FLOATING CHARGE

DEED dated August 21, 2000

BETWEEN        COLLINS RESTAURANTS MANAGEMENT PTY LTD ACN 093 912 979 OF 16
               EDMONSTONE STREET, NEWMARKET, BRISBANE, QUEENSLAND, AUSTRALIA
               ("CHARGOR")

AND            WESTPAC BANKING CORPORATION ARBN 007 457 141 OF 260 QUEEN STREET,
               BRISBANE, QUEENSLAND, AUSTRALIA ("FINANCIER")

1.       INTERPRETATION

1.1      DEFINITIONS

         In this document:

         "ATTACHMENT NOTICE" means a notice or direction under which a Public
         Authority requires money, which would otherwise be payable to the
         Chargor, to be paid or transferred to it or to the Crown. This includes
         notices under section 218 or section 255 of the Income Tax Assessment
         Act 1936 (Cth) or under section 74 of the Sales Tax Assessment Act 1992
         (Cth).

         "ATTORNEY" means an attorney appointed under a Relevant Agreement.

         "AUTHORISED OFFICER" means:

         (a)     in relation to the Financier, an attorney of the Financier and
                 a person holding or acting in the office of director, chief
                 executive or secretary or whose title includes the word
                 'Manager' or 'Director; and

         (b)     in relation to the Chargor, a person holding or acting in the
                 office of president, vice president, chief financial officer,
                 chief executive or secretary.

         "BUSINESS DAY" means a day on which banks (as defined in the Banking
         Act 1959 (Cth)) are open for general banking business in Brisbane,
         excluding Saturdays and Sundays and public holidays.

         "CHARGE" means the charge over, and security interest in, the Charged
         Property created under this document.

         "CHARGED PROPERTY" means all the property, assets and rights of the
         Chargor, whether acquired before or after this document is executed,
         wherever located. This includes all property, assets and rights held by
         the Chargor as trustee and wherever located. The Charged Property
         includes, without limitation, all the property, assets and rights of
         the Chargor described in Schedule A hereto.

         "COLLATERAL SECURITY" means a Guarantee, Security Interest or
         negotiable instrument held or given, whether before or after this
         document is executed, as security for or otherwise in connection with
         the Secured Money.

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         "DEBTOR" means a person any of whose present or future, actual or
         contingent indebtedness or liabilities to the Financier is or are
         supported or secured by a present or future Guarantee or Security
         Interest given or entered into by the Chargor.

         "EVENT OF DEFAULT" has the meaning given to it in the Negative Pledge.

         "GUARANTEE" means a guarantee, indemnity, letter of credit, letter of
         comfort or any other obligation (whatever it is called and whatever its
         nature) by which a person is responsible for another person's
         obligation or debt.

         "LIQUIDATION" includes official management, receivership, compromise,
         arrangement, amalgamation, administration, reconstruction, winding up,
         dissolution, assignment for the benefit of creditors, arrangement or
         compromise with creditors, bankruptcy or death.

         "LIQUOR ACT" means any Statute regulating the sale, disposal and
         consumption of liquor;

         "LIQUOR LICENCE" means any licence or permit issued now or in the
         future, to or acquired by the Chargor pursuant to a Liquor Act;

         "MARKETABLE SECURITIES" has the meaning given to it in the Corporations
         Law.

         "NEGATIVE PLEDGE" means the Unlimited Cross Guarantee and Indemnity and
         Negative Pledge with Financial Ratio Covenants dated on or around the
         date of this document between the Financier, Collins Foods Group Pty
         Ltd ACN 009 937 900 and others.

         "PERMITTED SECURITY INTEREST" means:

         (a)     a Security Interest which the Financier has consented to. It
                 does not include a Security Interest which the Financier has
                 consented to on one or more conditions if those conditions are
                 not complied with; and

         (b)     a lien or charge on the Charged Property arising by operation
                 of law in the ordinary course of the Chargor's ordinary
                 business. It does not include a lien or charge which secures
                 overdue debts.

         "POTENTIAL EVENT OF DEFAULT" means any event, thing or circumstance
         which with the giving of notice or passage of time or both would become
         an Event of Default.

         "PUBLIC AUTHORITY" means the Crown, a government, a minister of a
         government, a government department, a statutory corporation, or a
         semi-government or judicial entity.

         "RECEIVER" means a receiver or receiver and manager appointed under
         this document. When two or more persons are appointed, the expression
         "Receiver" refers to each of those persons severally as well as to two
         or more of them jointly.

         "RECORDS" means all the information which relates in any way to a
         specified person's business or any transaction entered into by the
         person, whether the information is recorded electronically,
         magnetically or otherwise.

         "RELEVANT AGREEMENT" means:

         (a)     this document; and

         (b)     a Collateral Security; and

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         (c)     an agreement between:

                 (i)      the Financier and the Chargor; or

                 (ii)     the Financier and a Debtor; or

                 (iii)    the Financier and any combination of the Chargor and
                          one or more Debtors;

                 that relates to the Secured Money or another Relevant Agreement
                 or contains terms on which the Secured Money remains
                 outstanding; and

         (d)     a document that the Chargor and the Financier agree is a
                 Relevant Agreement.

         "SECURED MONEY" means all money that the Chargor or a Debtor is liable
         to pay to the Financier at or after the date of this document on any
         account and in any way whatever, and whether:

         (a)     the Chargor or Debtor is liable alone or together with another
                 person; or

         (b)     the Chargor or Debtor is liable as principal debtor, surety,
                 partner, trustee, beneficiary or otherwise; or

         (c)     the relevant liability:

                 (i)      is actual or contingent, ascertained or unascertained,
                          fixed or fluctuating;

                 (ii)     is in respect of principal, interest, Guarantee
                          obligations, purchase obligations, fees or damages; or

                 (iii)    is in dollars, another currency or a combination of
                          currencies,

                 or is of any other character.

         "SECURITY INTEREST" means a mortgage, pledge, lien, charge,
         preferential right, trust arrangement, agreement or other arrangement
         given, arising or created as security.

         "SUBSIDIARY" has the meaning given to it in the Negative Pledge.

         "TAX" includes a tax, levy, duty or charge (and associated penalty or
         interest) imposed by a Public Authority. It includes income,
         withholding, stamp and transaction taxes and duties but does not
         include income tax on the overall net income of the Financier.

         "WINDING UP" includes:

         (a)     dissolution, liquidation, provisional liquidation and
                 bankruptcy; and

         (b)     a procedure which is equivalent or analogous in any
                 jurisdiction.

1.2      OTHER EXPRESSIONS

         In this document, unless the contrary intention appears:

         (a)     the singular includes the plural and vice versa;

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         (b)     other grammatical forms of defined words or expressions have
                 corresponding meanings;

         (c)     if this document binds two or more persons, it binds them
                 severally and jointly;

         (d)     a reference to a party to this document includes that party's
                 successors and permitted assigns;

         (e)     a reference to a document or agreement includes that document
                 or agreement as novated, altered or replaced;

         (f)     when two or more persons are named as Chargor, the term
                 "Chargor" is a reference to each of them alone and also to any
                 two or more of them together. The same applies to the term
                 "Debtor";

         (g)     a reference to any thing includes the whole or any part of that
                 thing and a reference to a group of things or persons includes
                 each thing or person in that group;

         (h)     "dollars" and "$" refer to Australian currency;

         (i)     words implying natural persons include partnerships, bodies
                 corporate, associations and Public Authorities;

         (j)     a reference to any legislation or statutory instrument or
                 regulation is construed in accordance with the Acts
                 Interpretation Act 1901 (Cth) or the equivalent State
                 legislation, as applicable.

2.       CHARGE

2.1      CREATING THE CHARGE

         (a)     Subject to paragraph (b), the Chargor charges and grants a
                 security interest in the Charged Property in favour of the
                 Financier as security for the payment of the Secured Money.

         (b)     If any part of the Charged Property is prohibited under an
                 agreement entered into by the Chargor in good faith with an
                 independent third party from being made the subject of the
                 Charge without the consent of that third party, then the Charge
                 shall not take effect over that part of the Charged Property
                 until that consent is obtained.

2.2      FIXED CHARGE

         The Charge is a fixed charge over:

         (a)     real property; and

         (b)     plant, equipment and machinery other than stock-in-trade and
                 work-in-progress; and

         (c)     Marketable Securities; and

         (d)     negotiable or other instruments; and

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         (e)     the benefit of any Guarantee or Security Interest held by the
                 Chargor; and

         (f)     the benefit of any contract or agreement to which the Chargor
                 is a party; and

         (g)     any right to recover money or property (other than book debts)
                 by legal proceedings; and

         (h)     capital, including premiums and uncalled and called but unpaid
                 capital; and

         (i)     licences connected with the Chargor's business; and

         (j)     goodwill, patents, trade marks, service marks, copyrights, and
                 registered designs; and

         (k)     the Chargor's Records and all software and other means used to
                 access the Chargor's Records; and

         (l)     all certificates of title and other documents evidencing title
                 to the Charged Property; and

         (m)     insurance policies and proceeds; and

         (n)     the interest of the Chargor in any partnership or joint
                 venture; and

         (o)     accounts and deposits with the Financier where there is some
                 restriction on the right of the Chargor to withdraw or use the
                 funds in those accounts or deposits; and

         (p)     all book debts owed to the Chargor not included in the above
                 which arise in the ordinary course of trading, but this does
                 not include proceeds of those debts which are received before
                 the first to occur of:

                 (i)      the Charge being enforced; and

                 (ii)     the Financier requiring those proceeds to be paid into
                          an account or deposit of the type mentioned in
                          sub-paragraph (o) (the Financier may require the
                          proceeds to be paid into such an account at any time
                          after an Event of Default or Potential Event of
                          Default); and

         (q)     any other personal property that is not acquired for disposal
                 in the ordinary course of the Chargor's business; and

         (r)     interests in any of the property, assets or rights described in
                 this subclause.

2.3      FLOATING CHARGE

         The Charge is a floating charge on the rest of the Charged Property.

2.4      THE FLOATING CHARGE BECOMES FIXED

         The floating charge becomes fixed:

         (a)     over any part of the Charged Property not already subject to a
                 fixed charge under this document:

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                 (i)      if, unless with the prior written consent of the
                          Financier or as expressly permitted under a Relevant
                          Agreement, the Chargor:

                          (A) creates or allows any Security Interest over;

                          (B) sells, leases, licences or otherwise disposes of;

                          (C) creates or allows any interest in; or

                          (D) parts with possession of,

                          that asset or agrees or attempts to do so or takes any
                          step towards doing so;

                 (ii)     on any step being taken with a view to levying or
                          enforcing any distress, attachment or other execution
                          on that part of the Charged Property or to enforcing
                          any Security Interest in respect of that part of the
                          Charged Property;

                 (iii)    on a Public Authority signing an Attachment Notice
                          which will affect that part of the Charged Property;
                          or

         (b)     over all of the Charged Property:

                 (i)      if any order is made or a resolution is passed for the
                          Winding Up of the Chargor or the Chargor is otherwise
                          subjected to or enters into Liquidation; or

                 (ii)     on this document being enforced in any way following
                          the occurrence of an Event of Default or Potential
                          Event of Default; or

         (c)     over any part of the Charged Property not already subject to a
                 fixed charge under this document:

                 (i)      if the Financier notifies the Chargor that the Charge
                          is fixed over a specified part of the Charged
                          Property; or

                 (ii)     when it becomes fixed by law.

         Except where expressly stated, no notice or action by the Financier is
         necessary for the floating charge to become fixed.

2.5      THE PARTIES TREAT THE FIXED CHARGE AS FLOATING AGAIN

         (a)     The Financier may notify the Chargor that the Charge is no
                 longer fixed on the assets specified in the Financier's notice
                 ("RELEVANT ASSETS"), with effect from the date specified in
                 that notice.

         (b)     From the date specified in that notice, the Relevant Assets
                 (whether acquired before or after that date) are subject to the
                 floating charge until the Charge crystallises under clause 2.4.

2.6      CONTINUING SECURITY AND DISCHARGING THE CHARGE

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         The Charge is a continuing security. It remains in effect until the
         Financier gives a final discharge to the Chargor. The Chargor is only
         entitled to a final discharge if:

         (a)     all of the Secured Money has been paid; and

         (b)     the Financier is satisfied that there are no amounts which will
                 subsequently fall within the description of the Secured Money.

         In satisfying itself under paragraph (b), the Financier may consider
         any matters it thinks relevant, including (without limitation) the
         possibility that a payment to reduce the Secured Money might be
         repayable, void or voidable under a law relating to insolvency or
         protecting creditors.

2.7      PRIORITY AMOUNT - MAXIMUM PROSPECTIVE LIABILITY

         The maximum prospective liability secured by the Charge is
         $100,000,000.00. This amount and this clause:

         (a)     apply only to fix priority under section 282(3) of the
                 Corporations Law; and

         (b)     do not affect any obligation of the Chargor under a Relevant
                 Agreement including, but not limited to, its obligation to pay
                 the Secured Money; and

         (c)     do not in any way fix a limit on the amount which may be
                 secured by this document.

2.8      FIRST PRIORITY SECURITY INTEREST

         The Charge is a first charge. With respect to any Charged Property as
         to which the law of any state of the United States of America governs
         the granting, perfection or effect of perfection of a security
         interest, the Charge created hereunder is a first priority perfected
         security interest.

3.       PAYMENT OBLIGATIONS

3.1      SECURED MONEY

         The Chargor must pay the Secured Money (free from any deduction,
         set-off or counter-claim):

         (a)     at the times and in the way specified in the Relevant
                 Agreements; and

         (b)     otherwise, on demand to or as directed by the Financier.

3.2      INTEREST

         The Chargor must pay interest on the Secured Money to or as directed by
         the Financier, at the rates specified in the Relevant Agreements. If no
         rate is specified, the rate is as determined by the Financier. Interest
         accrues from day to day, computed from the time:

         (a)     the Secured Money became owing (whether or not it is
                 immediately payable); or

         (b)     in relation to money payable under clause 3.3, the relevant
                 amount was incurred.

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         Interest may be capitalised monthly or at the times agreed between the
         parties. It then bears interest itself under this clause. Interest
         continues to be payable despite the Winding Up of any person, or any
         judgment obtained against any person.

3.3      COSTS AND EXPENSES

         The Chargor indemnifies the Financier against, and must pay on demand
         to the Financier, all Taxes and all reasonable costs and expenses
         (including, but not limited to, legal costs and expenses on a full
         indemnity basis) which the Financier or a Receiver or Attorney pays, or
         is liable to pay, in connection with:

         (a)     a Relevant Agreement, or negotiating, preparing, completing,
                 registering or stamping a Relevant Agreement; or

         (b)     maintaining, preserving or protecting the Charged Property; or

         (c)     surveying, valuing, inspecting or reporting on the Charged
                 Property; or

         (d)     obtaining or attempting to obtain payment of the Secured Money
                 from any person; or

         (e)     protecting, enforcing or exercising a right, power or remedy of
                 the Financier or a Receiver or Attorney under or in connection
                 with a Relevant Agreement; or

         (f)     an Event of Default or Potential Event of Default; or

         (g)     the Financier providing financial accommodation to or at the
                 request of the Chargor; or

         (h)     a receipt or payment of money under, or a transaction
                 contemplated by, a Relevant Agreement.

3.4      CONTINGENT LIABILITIES

         If the Financier has declared the Secured Money to be immediately
         payable (under clause 9 or a similar provision in a Relevant
         Agreement), the money which the Chargor must immediately pay to the
         Financier includes an amount equal to the sum of:

         (a)     the contingent liability of the Chargor or a Debtor under a
                 Guarantee; and

         (b)     the aggregate face value of all negotiable instruments:

                 (i)      drawn, accepted or endorsed by the Financier at the
                          express or implied request of the Chargor or a Debtor;
                          and

                 (ii)     which have not yet matured or which have not yet been
                          discharged to the satisfaction of the Financier; and

         (c)     any other amount which may become payable by the Chargor to the
                 Financier in connection with a contingent liability.

3.5      LOSS RESULTING FROM EVENT OF DEFAULT

         The Chargor indemnifies the Financier against all losses (including
         foregone profits) the Financier suffers in connection with or as a
         result of an Event of Default.

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3.6      INDEMNIFIED AMOUNTS IN FOREIGN CURRENCY

         Where under this document the Chargor must reimburse or indemnify the
         Financier against an amount denominated in a currency other than
         Australian dollars, the Chargor must pay the amount in the relevant
         currency, except as follows. The Financier may request it be paid in
         Australian dollars. In that case, the Chargor will pay the amount of
         Australian dollars which the Financier certifies that it used to buy
         the relevant amount of the other currency at the rate determined by the
         Financier to be its usual selling rate for the other currency.

3.7      CURRENCY INDEMNITY

         The Chargor promises to indemnify the Financier on demand against any
         shortfall which arises whenever, for any reason (including as a result
         of a judgment or order, or Liquidation):

         (a)     the Financier receives or recovers an amount in one currency
                 ("PAYMENT CURRENCY") in respect of an amount due to it in
                 another currency ("DUE CURRENCY"); and

         (b)     the amount actually received or recovered by the Financier at
                 its usual rate of exchange in accordance with its normal
                 practice when it converts the Payment Currency into the Due
                 Currency is less than the relevant amount of the Due Currency.

4.       CHARGOR'S OTHER OBLIGATIONS

4.1      POSITIVE OBLIGATIONS

         The Chargor must:

         (a)     carry on its business in a proper and efficient way and obtain,
                 renew and maintain all material licences, consents and
                 approvals advisable in connection with the Chargor's business;
                 and

         (b)     maintain proper and adequate books and records in accordance
                 with applicable accounting standards; and

         (c)     pay when due the Taxes assessed, levied or imposed on the
                 Chargor (other than those being contested in good faith,
                 provided sufficient reserves have been set aside to meet the
                 potential liability), the Charged Property or the Financier in
                 connection with the Charged Property; and

         (d)     comply with each term of each material lease and material
                 contract to which it is a party unless the term is the subject
                 of a bona fide dispute or is legally unenforceable; and

         (e)     ensure that each of its Subsidiaries complies with clauses
                 4.1(a), (b), (c) and (d) for its own business and property; and

         (f)     ensure that each of its Subsidiaries has granted and registered
                 or promptly grants and registers a charge to the Financier over
                 all of its property, assets and rights in form and substance
                 satisfactory to the Financier;

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         (g)     comply with all laws and with the mandatory requirements of any
                 Public Authority and promptly carry out work required by a
                 Public Authority concerning the Charged Property except where
                 the requirement to do so is being contested in good faith; and

         (h)     do everything necessary to ensure no Event of Default occurs;
                 and

         (i)     prosecute and defend (at the Chargor's expense) all legal
                 proceedings which are advisable, or which the Financier advises
                 the Chargor that it considers advisable, to avoid a material
                 adverse effect on the Charged Property; and

         (j)     protect the Charged Property, keep it in good repair and good
                 working condition and, if requested by the Financier, replace
                 any part of the Charged Property which, in the Financier's
                 opinion, needs replacement; and

         (k)     give the Financier the certificates of title and other
                 documents evidencing title to that part of the Charged Property
                 over which the Charge is a fixed charge as soon as they are
                 available to the Chargor or its agents; and

         (l)     promptly give the Financier the Security Interests (and
                 documents in connection with the Security Interests) in favour
                 of the Chargor which secure the performance of any obligation
                 or the payment of any money owed to the Chargor; and

         (m)     take whatever action the Financier reasonably requires in
                 connection with environmentally hazardous substances.

4.2      NEGATIVE OBLIGATIONS

         The Chargor must not, without the consent of the Financier:

         (a)     materially change the scope or nature of its business as it is
                 carried on at the date of this document; or

         (b)     do or allow anything to be done in derogation of the
                 Financier's rights, powers or remedies under any Relevant
                 Agreement; or

         (c)     deal with or dispose of:

                 (i)      the Charged Property over which the Charge is fixed;
                          or

                 (ii)     the Charged Property over which the Charge is
                          floating, except in the ordinary course of the
                          ordinary business of the Chargor;

                 except as permitted under clause 12.2(b) of the Negative
                 Pledge;

         (d)     permit a Security Interest (other than a Permitted Security
                 Interest) to affect the Charged Property; or

         (e)     apply for or obtain money, goods or services from a Public
                 Authority, fail to pay an amount to a Public Authority (unless
                 the Chargor is contesting the liability to pay in good faith
                 and has set aside sufficient reserves to meet the liability) or
                 do anything else which might lead to a liability or Tax being
                 imposed on the Charged Property; or

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         (f)     other than in the ordinary course of the Chargor's business
                 materially alter or remove a building, improvement or fixture
                 which is part of the Charged Property; or

         (g)     acquire or dispose of an asset, or incur a liability, except in
                 the ordinary course of the Chargor's ordinary business and on
                 "arm's length" terms or as permitted under clause 12.2(b) of
                 the Negative Pledge; or

         (h)     dispose of any book debts owed to it, or any of its monetary
                 claims or; or

         (i)     deposit money:

                 (i)      on terms that the money is redeemable, repayable or
                          may be withdrawn only if the Chargor pays some other
                          debt or performs some other obligation; or

                 (ii)     if a right of set-off (however described) may be
                          exercised against the deposit,

                 except that the Chargor may lodge security deposits required to
                 be lodged under leases entered into at arms" length or with
                 Public Authorities (other than in respect of moneys which are
                 delinquent); or

         (j)     buy or agree to buy anything on terms reserving title to any
                 person until paid for (except stock purchases in the ordinary
                 course of business); or

         (k)     call up uncalled capital or uncalled premiums of the Chargor or
                 receive it in advance of calls or apply it except to pay the
                 Secured Money; or

         (l)     allow an environmentally hazardous substance to be released on
                 or from the Charged Property in breach of any law or the
                 requirements of any Public Authority; or

         (m)     do or allow anything to be done which may (other than in an
                 immaterial way) prejudice the Financier's security or rights
                 under a Relevant Agreement.

4.3      UNDERTAKINGS RELATING TO LIQUOR LICENCE

         If the Chargor at any time holds a Liquor Licence the Chargor
         undertakes to the Financier that:

         (a)     (i)      it will personally carry on the business in respect of
                          which the Liquor Licence is held upon the premises to
                          which the Liquor Licence relates ("LICENSED PREMISES")
                          or cause that business to be carried on by a person
                          previously nominated by it and who is acceptable to
                          the relevant licencing authority;

                 (ii)     it will perform and observe the provisions and
                          requirements of:

                          (A)     the Liquor Act;

                          (B)     all other statutes affecting or relating to
                                  the licensed premises and the business carried
                                  on at the licensed premises; and

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                          (C)     any order or notice given, sent or served upon
                                  the Financier or the Chargor pursuant to or by
                                  virtue of the Liquor Act or any other statute;

                 (iii)    it will apply for all licenses, permits and renewals
                          of licences and permits necessary or desirable for the
                          conduct of the business carried on at the licensed
                          premises and will oppose any application to restrict
                          or cancel any such licence; and

                 (iv)     it will not:

                          (A)     change the use of the licensed premises;

                          (B)     remove or apply to remove the Liquor Licence
                                  or allow the Liquor Licence to be removed from
                                  the licensed premises to other premises;

                          (C)     surrender or attempt to surrender, suspend or
                                  attempt to suspend, or transfer or attempt to
                                  transfer the Liquor Licence or vary any of the
                                  conditions of the Liquor Licence; or

                          (D)     mortgage, charge, assign, transfer, lease or
                                  part with possession of the licensed premises
                                  or any part of them to any person or attempt
                                  to do so,

                 without the Financier's prior written consent.

         (b)     If and when required by the Financier after the occurrence of
                 an Event of Default, the Chargor shall use its best endeavours
                 to obtain a transfer of the Liquor Licence to the Financier or
                 its nominee.

5.       CHARGOR'S INSURANCE OBLIGATIONS

5.1      POSITIVE OBLIGATIONS

         The Chargor must:

         (a)     maintain, with underwriters and on terms reasonably acceptable
                 to the Financier:

                 (i)      insurance over the Charged Property for its full
                          insurable value (or such other amount as the Financier
                          specifies) against loss, damage or destruction
                          resulting from theft, fire, storm and the other risks
                          usually covered by insurance, and the risks the
                          Financier specifies; and

                 (ii)     worker's compensation, public risk, business
                          interruption, loss of rent insurance and the other
                          insurance which a prudent person would have if
                          involved in a business similar to the Chargor's; and

                 (iii)    the other insurance which the Financier reasonably
                          specifies;

         (b)     ensure that this insurance:

                 (i)      has the interest of the Financier as chargee or
                          mortgagee endorsed on the policy; or

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                 (ii)     if the Financier directs, is in both the names of the
                          Chargor and the Financier for their respective rights
                          and interests; and

         (c)     deliver to the Financier:

                 (i)      the insurance policies relating to this insurance
                          ("INSURANCE POLICIES"); and

                 (ii)     all alterations and additions to the Insurance
                          Policies,

                 immediately after they are issued; and

         (d)     on request, give the Financier certificates of currency for the
                 Insurance Policies; and

         (e)     punctually pay the sums (including stamp duty) necessary to
                 maintain every Insurance Policy and give the Financier promptly
                 on request the receipt for the premium sum paid; and

         (f)     notify the Financier immediately after becoming aware of
                 anything which might give rise to a claim or right to claim
                 under an Insurance Policy which claim might or will exceed
                 $1,000,000.00.

5.2      NEGATIVE OBLIGATIONS

         The Chargor must not without the consent of the Financier:

         (a)     do or allow anything to be done which might cause an Insurance
                 Policy to be prejudiced; or

         (b)     take steps to bring about a material change to the cover under
                 an Insurance Policy; or

         (c)     insure the Charged Property other than as specified in clause
                 5.1; or

         (d)     make, enforce, settle or compromise a claim or do anything
                 inconsistent with the powers of the Financier under clause 5.3.

5.3      INSURANCE CLAIMS

         The Chargor may not without the consent of the Financier:

         (a)     make, enforce, settle and compromise insurance or compensation
                 claims in connection with the Charged Property; or

         (b)     sue for, recover, receive and give discharges for money payable
                 in connection with the Insurance Policies,

         where such claims or money payable exceed $1,000,000.00.

5.4      INSURANCE PROCEEDS

         (a)     If the Chargor receives money payable under an Insurance Policy
                 before a final discharge of this Charge, the Chargor must, if a
                 Potential Event of Default or

<PAGE>   15
                                       14

                 Event of Default has occurred or, in any event, if the amount
                 received is in excess of $1,000,000.00, pay it to the
                 Financier immediately;

         (b)     the Financier may apply money received under an Insurance
                 Policy either:

                 (i)      if a Potential Event of Default or Event of Default
                          has occurred and is outstanding, in or towards payment
                          of the Secured Money, whether due or not; or

                 (ii)     in replacing, rebuilding or repairing, under the
                          supervision of the Financier, or the Financier's
                          builder or architect, the property destroyed or
                          damaged.

6.       CHARGOR'S REPORTING OBLIGATIONS

6.1      NOTICES TO THE FINANCIER

         The Chargor must notify the Financier as soon as an Authorised Officer
         of the Chargor becomes aware of:

         (a)     an Event of Default or Potential Event of Default; or

         (b)     a representation or warranty in any Relevant Agreement becoming
                 materially false or misleading (giving full details); or

         (c)     the Charged Property being acquired or resumed by a Public
                 Authority or a proposal to do so; or

         (d)     the Chargor acquiring or intending to acquire a Subsidiary; or

         (e)     a material requirement or notice of a Public Authority in
                 connection with the Charged Property and must give the
                 Financier a copy of any related document it has and full
                 details of all relevant facts known to the Chargor concerning
                 the requirement or notice; or

         (f)     any environmentally hazardous substance released from or
                 affecting the Charged Property in breach of any law or the
                 requirements of any Public Authority.

7.       ACCESS TO AND INVESTIGATION OF RECORDS AND LAND

7.1      GIVING ACCESS TO RECORDS AND LAND

         The Chargor must:

         (a)     ensure that the Records of the Chargor and its Subsidiaries are
                 available for inspection at reasonable times by the Financier
                 and persons acting on the Financier's behalf; and

         (b)     allow the Financier and persons acting on the Financier's
                 behalf to inspect and to take copies of or extracts from the
                 Chargor's and its Subsidiaries' Records during business hours
                 and give reasonable assistance to them; and

<PAGE>   16
                                       15

         (c)     allow, or obtain for the Financier and persons acting on the
                 Financier's behalf, full access at all times during business
                 hours to the Charged Property and to any land or building:

                 (i)      occupied by the Chargor or its Subsidiaries; or

                 (ii)     forming or containing part of the Charged Property,

                 and give reasonable assistance to them.

7.2      INVESTIGATING ACCOUNTANTS

         If the Financier at any time is of the opinion that an Event of Default
         or Potential Event of Default has occurred or is likely to occur, the
         Financier may appoint a firm of independent accountants or other
         experts ("INVESTIGATING ACCOUNTANTS") to investigate the affairs and
         financial position of the Chargor and, if the Financier requires, of
         the Subsidiaries of the Chargor. The Chargor:

         (a)     unconditionally authorises the Investigating Accountants to
                 take the action which is reasonably necessary for the
                 investigation. This does not include the power to manage the
                 Chargor's business (unless an Event of Default has occurred and
                 the Financier is exercising enforcement rights under this
                 document); and

         (b)     agrees to give the Investigating Accountants all reasonable
                 assistance and access to all relevant records and information
                 for that purpose; and

         (c)     unconditionally authorises the Investigating Accountants to
                 disclose to the Financier and its advisers all information and
                 documentation in connection with the investigation.

         The Chargor must pay the reasonable costs and expenses of the
         investigations to the Investigating Accountants on demand and reimburse
         the Financier for its costs and expenses.

8.       BETTER SECURITY AND RIGHTS FOR FINANCIER

8.1      BETTER SECURITY AND RIGHTS

         The Chargor must, at the Chargor's cost, do whatever the Financier
         reasonably requires to:

         (a)     more satisfactorily secure to the Financier the payment of the
                 Secured Money; or

         (b)     enable the Financier to better exercise its rights over the
                 Charged Property,

         and must use its best efforts to make anyone else who has an interest
         in the Charged Property or claims under or in trust for the Chargor do
         the same.

8.2      EXAMPLES

         This includes, but is not limited to, executing:

         (a)     a Security Interest (including a legal mortgage) over the
                 Charged Property;

<PAGE>   17
                                       16

         (b)     ancillary Guarantees or other documents; and

         (c)     financing statements suitable for filing or recording in any
                 state of the United States of America,

         in a form reasonably satisfactory to the Financier.

9.       EFFECT OF EVENT OF DEFAULT

         After an Event of Default the Financier may declare the Secured Money
         payable. If so, the Secured Money becomes immediately payable, unless
         the Financier specifies otherwise.

10.      FINANCIER'S POWERS

10.1     GENERALLY

         (a)     After an Event of Default, the Financier may do the things
                 which a mortgagee and an absolute owner could do to the Charged
                 Property and exercise the rights, powers and remedies of a
                 mortgagee and an absolute owner of the Charged Property. These
                 include, but are not limited to, the things and powers
                 described in this clause 10, and the rights, powers and
                 remedies of a secured party under the Uniform Commercial Code
                 of any jurisdiction in the United States of America.

         (b)     The Financier need not make a demand or give notice to anyone
                 before doing these things or exercising these powers, except if
                 notice is required as described in clause 10.10.

10.2     TO TAKE POSSESSION OF CHARGED PROPERTY

         After an Event of Default the Financier may:

         (a)     take possession of the Charged Property; and

         (b)     receive the rents and profits of the Charged Property.

10.3     TO DEAL WITH THE CHARGED PROPERTY AND CHARGOR'S BUSINESS

         After an Event of Default the Financier may do any of the following:

         (a)     (CARRY ON BUSINESS) carry on or participate in the Chargor's
                 business in the name of the Chargor or the Financier or
                 otherwise; and

         (b)     (BANK ACCOUNTS) operate bank accounts in the name of the
                 Chargor (alone or together) to the exclusion of the Chargor;
                 and

         (c)     (NEGOTIABLE INSTRUMENTS) deal with negotiable instruments in
                 the name of the Chargor; and

         (d)     (CONTRACTUAL RIGHTS)

                 (i)      perform the Chargor's obligations under; and

<PAGE>   18
                                       17

                 (ii)     enforce or exercise or not exercise the Chargor's
                          rights and powers under; and

                 (iii)    agree to vary or rescind,

                 a contract, instrument, arrangement or right forming part of
                 the Charged Property; and

         (e)     (COMPROMISE) settle, compromise or submit to arbitration a
                 dispute in connection with the Charged Property; and

         (f)     (PERFORM CHARGOR'S OBLIGATIONS) do everything it may to comply
                 with the obligations of the Chargor under a Relevant Agreement;
                 and

         (g)     (REMEDY BREACH) do everything it may to make good a breach or
                 default inherent in an Event of Default, to its own
                 satisfaction; and

         (h)     (DEPOSIT MONEY IN SUSPENSE OR OTHER ACCOUNTS) invest, deposit
                 or hold the Charged Property in any way that, and for as long
                 as, the Financier thinks fit and vary, transpose or reinvest
                 the Charged Property; and

         (i)     (MAKE CALLS) make calls on the members of the Chargor for the
                 uncalled capital or uncalled premiums subject to the Charge;
                 and

         (j)     (RECOVER, PROTECT CHARGED PROPERTY) do everything the Financier
                 thinks necessary to recover or protect the Charged Property
                 including, but not limited to, Winding Up debtors of the
                 Chargor; and

         (k)     (LEGAL PROCEEDINGS) commence, prosecute, defend and settle
                 proceedings which the Financier considers expedient in
                 connection with this document or the Charged Property in or
                 before a Public Authority in the name of the Chargor or
                 otherwise; and

         (l)     (MARKETABLE SECURITIES) exercise the rights and powers of an
                 absolute owner in connection with Marketable Securities which
                 form part of the Charged Property. The Chargor appoints the
                 Financier and each Authorised Officer of the Financier
                 separately to be the authorised representative and proxy of the
                 Chargor to do the things described in this paragraph; and

         (m)     (EXCHANGE) exchange the Charged Property for any other property
                 or rights (with or without giving or receiving any other
                 consideration for the exchange); and

         (n)     (TRANSFER OBLIGATIONS) effect a novation of or otherwise
                 transfer to any person obligations of the Chargor which arise
                 under a Relevant Agreement or otherwise; and

         (o)     (IMPROVE CHARGED PROPERTY) do anything which the Financier
                 considers would help improve the value of the Charged Property,
                 obtain income or returns from it or make it saleable or more
                 saleable. Without limitation, the Financier may improve or
                 alter the Charged Property, acquire additional property in the
                 name of the Chargor, reorganise or restructure the CHARGOR'S
                 business or any process or procedure carried on by the Chargor,
                 and undertake any marketing or publicity campaign; and

<PAGE>   19
                                       18

         (p)     (BUILD, PULL DOWN, REBUILD OR ALTER)

                 (i)      build a new building or improvement; and

                 (ii)     pull down, rebuild or alter a building or improvement,

                  on land which, or an interest in which, is part of the Charged
                  Property; and

         (o)     (EXECUTE DOCUMENTS) enter into agreements and execute documents
                 itself or on behalf of the Chargor for any purpose in
                 connection with a Relevant Agreement; and

         (r)     (BORROW, SECURE) in the name of the Chargor or otherwise:

                 (i)      obtain financial accommodation (including, but not
                          limited to, from a party associated with the
                          Financier) for any purpose which the Financier
                          considers expedient in connection with its powers
                          under a Relevant Agreement; and

                 (ii)     secure the payment or repayment of indebtedness
                          relating to that financial accommodation by a Security
                          Interest over the Charged Property, however it ranks
                          for priority with the Charge or a Collateral Security;
                          and

         (s)     (EMPLOY AND APPOINT PERSONS) employ staff and appoint
                 professionals and consultants for any purpose, and at the
                 remuneration, that the Financier thinks fit; and

         (t)     (DELEGATE) delegate to any person for any time that the
                 Financier thinks fit any of the powers of the Financier under
                 this document, including this right of delegation; and

         (u)     (INCIDENTAL POWER) do anything the Financier thinks expedient
                 in its interests and incidental to any of its powers under this
                 document, without limiting those powers; and

         (v)     (SPEND MONEY) spend money in exercising its powers in this
                 document. That money then forms part of the Secured Money.

10.4     TO DISCHARGE OR ACQUIRE PRIOR SECURITY INTEREST

         After an Event of Default the Financier may:

         (a)     purchase the debt secured by a prior Security Interest; or

         (b)     pay the amount required to discharge or satisfy that debt
                 (including, but not limited to, a debt secured by a Permitted
                 Security Interest); or

         (c)     take a transfer or assignment of that Security Interest and any
                 Guarantee, document or right ancillary or collateral to it, at
                 the Chargor's cost.

10.5     EXERCISE OF RIGHTS UNDER CLAUSE 10.4

         If the Financier exercises its rights under clause 10.4:

<PAGE>   20
                                       19

         (a)     the Chargor is indebted to the Financier for the same amount
                 paid by the Financier. This does not limit any other debt
                 acquired by the Financier; and

         (b)     that debt is immediately payable to the Financier and forms
                 part of the Secured Money and interest accrues on the unpaid
                 amount of that debt under clause 3.2; and

         (c)     the Financier need not enquire whether the money claimed to be
                 owing is actually owing in connection with the prior Security
                 Interest, or an ancillary or collateral document; and

         (d)     the person with the benefit of the prior Security Interest need
                 not enquire whether there is any money owing under a Relevant
                 Agreement; and

         (e)     the Chargor directs any person with the benefit of a prior
                 Security Interest to give the Financier any information it
                 requires in connection with the prior Security Interest. This
                 includes, but is not limited to, the state of accounts for that
                 Security Interest.

10.6     TO SELL AND LEASE

         After an Event of Default the Financier may do any of the following:

         (a)     (SELL) sell or help sell the Charged Property on the terms and
                 in the manner it thinks fit, whether or not the Financier has
                 taken possession; and

         (b)     (OPTIONS) give an option to purchase the Charged Property on
                 the terms it thinks fit; and

         (c)     (SEVER FIXTURES) sever fixtures belonging to the Chargor and
                 sell them apart from the Charged Property; and

         (d)     (LEASE, ETC) lease the Charged Property or give licences or
                 rights over the Charged Property in the name of the Chargor or
                 otherwise (whether or not the Financier has taken possession)
                 for whatever term, at whatever rent or fee and on whatever
                 terms the Financier thinks fit; and

         (e)     (DEAL WITH LEASES) renew, vary, accept the surrender of or
                 terminate a lease or licence of the Charged Property; and

         (f)     (SELL OR LEASE TOGETHER WITH OTHER PROPERTY) sell or lease the
                 Charged Property with any other property in any manner that the
                 Financier thinks expedient, with full power to apportion costs,
                 expenses, purchase money and rent between the properties sold
                 or leased; and

         (g)     (HIVE OFF ASSETS OR OBLIGATIONS) promote the formation of any
                 company so that the company may purchase or acquire the Charged
                 Property or assume obligations of the Chargor or both; and

         (h)     (EFFECT HIVE-OFF) sell or assign the Charged Property or assume
                 the Chargor'S obligations.

10.7     TO APPOINT RECEIVERS

<PAGE>   21
                                       20

         After an Event of Default, the Financier may:

         (a)     appoint one or more persons to be a Receiver or Receivers of
                 the Charged Property, with the powers and rights described in
                 this clause 10 (or such lesser powers as the Financier
                 determines); and

         (b)     remove that Receiver or those Receivers; and

         (c)     if a Receiver is removed, retires or dies, appoint another or
                 others in his or her place; and

         (d)     in the case of removal or retirement of a Receiver, reappoint
                 that person.

10.8     TO APPOINT MORE THAN ONE RECEIVER

         If the Financier appoints two or more persons to be the Receiver, the
         Financier may appoint them to act jointly, severally or jointly and
         severally. If it is not specified in the instrument of appointment, the
         Receivers are appointed to act severally.

10.9     TO PAY THE RECEIVER

         The Financier may fix the remuneration of a Receiver at an amount
         agreed between the Financier and the Receiver.

10.10    NOTICE OR LAPSE OF TIME REQUIRED BEFORE RIGHTS EXERCISED

         (a)     If notice or lapse of time is required under any statute before
                 the Financier can exercise its power of sale or any other
                 rights available to it under this document or by law, then that
                 notice or lapse of time is dispensed with.

         (b)     Paragraph (a) only applies if the relevant statute allows
                 notice or lapse of time to be dispensed with.

         (c)     If the relevant statute does not allow notice or lapse of time
                 to be dispensed with, but allows it to be shortened, then for
                 the purposes of this document, the period of notice or lapse of
                 time is one day.

10.11    TO GIVE UP POSSESSION AND TERMINATE RECEIVERSHIP

         The Financier may:

         (a)     give up possession of the whole or any part of the Charged
                 Property; or

         (b)     terminate a receivership,

         or both.

10.12    PERSONS DEALING NOT BOUND TO ENQUIRE

         A person dealing with the Financier or a Receiver or Attorney:

         (a)     need not enquire whether there has been a default by the
                 Chargor under a Relevant Agreement or whether the Financier,
                 Receiver or Attorney has acted properly; or

<PAGE>   22
                                       21

         (b)     need not enquire whether the Financier, a Receiver or an
                 Attorney has executed or registered an instrument or exercised
                 a right, power or remedy properly or with authority,

         and whenever the Financier, a Receiver or an Attorney deals with the
         Charged Property, that dealing is authorised and valid as far as anyone
         involved with that dealing is concerned. The receipt of the Financier
         or a Receiver or Attorney for any money payable to the Chargor
         discharges the person paying that money to the extent of the payment.

10.13    RESPONSIBILITY FOR LOSS

         The Financier is not responsible for a loss arising in connection with
         it exercising or failing to exercise its powers under a Relevant
         Agreement nor for an act or failure of an employee or agent of the
         Financier or any Receiver. The Financier need not account for more
         money than it actually receives.

11.      RECEIVER'S POWERS

11.1     GENERAL

         Unless the terms of the Receiver's appointment say otherwise, the
         Receiver has the following powers over the Charged Property which the
         Receiver is appointed to deal with:

         (a)     all the rights and powers given by law to mortgagees in
                 possession, receivers or receivers and managers; and

         (b)     all the rights and powers of the Financier under this document
                 and at law (other than the power to appoint Receivers); and

         (c)     power to obtain financial accommodation from the Financier,
                 alone or together with any other person, for a purpose and on
                 the terms that the Receiver considers expedient in connection
                 with the Charged Property; and

         (d)     power to secure the payment or repayment of indebtedness
                 relating to that financial accommodation by a Security Interest
                 over the Charged Property, however it ranks for priority with
                 the Charge or a Collateral Security.

         The Receiver may exercise these rights and powers in the name of the
         Chargor or otherwise.

11.2     RECEIVER IS AGENT OF CHARGOR

         A Receiver is the agent of the Chargor. The Chargor alone is
         responsible for the Receiver's acts and defaults. But the Receiver, to
         the extent required by law, ceases to be the agent of the Chargor if a
         resolution is passed or an order is made to Wind Up the Chargor. The
         Receiver may become the agent of the Financier if the Financier gives a
         notice to the Receiver in writing to that effect. The Financier may
         appoint a further Receiver, despite that resolution or order.

11.3     ACCOUNTABILITY OF RECEIVER

<PAGE>   23
                                       22

         A Receiver is not responsible for a loss arising in connection with the
         exercise or execution of the Receiver's powers, nor for any act or
         default of an employee or agent of the Financier or the Receiver. A
         Receiver need not account for more money than the Receiver actually
         receives.

12.      POWER OF ATTORNEY

12.1     APPOINTMENT AND POWERS

         The Chargor for valuable consideration irrevocably appoints the
         Financier, each Authorised Officer of the Financier and each Receiver
         separately as its attorneys to do the following on the Chargor's behalf
         and in the name of the Chargor or the Attorney after the occurrence of
         an Event of Default or Potential Event of Default:

         (a)     anything which the Chargor must do under a Relevant Agreement;
                 and

         (b)     anything which, in the opinion of the Attorney:

                 (i)      would give effect to a right, power or remedy of the
                          Financier or a Receiver; or

                 (ii)     the Chargor should do,

                 under a Relevant Agreement or by law; and

         (c)     enter into or execute transactions, documents and agreements
                 which, in the opinion of the Attorney, the Chargor should enter
                 into or execute under a Relevant Agreement; and

         (d)     use the Chargor's name to exercise the powers of the Financier
                 or a Receiver under a Relevant Agreement, the law or otherwise,

         and the Chargor agrees to ratify anything done by an Attorney under
         this power of attorney.

12.2     ATTORNEY MAY DELEGATE POWERS

         An Attorney may delegate its powers (including the power to delegate)
         to any person for any period and may revoke the delegation.

12.3     PURPOSE

         The power of attorney created under this clause is irrevocable and is
         granted to secure the performance by the Chargor of the Chargor's
         obligations under each Relevant Agreement to which the Chargor is a
         party.

13.      NOTICES AND DEMANDS FROM THE FINANCIER

13.1     SIGNING

         A notice from or demand by the Financier to or on the Chargor may be
         signed by an Authorised Officer of the Financier or by a solicitor
         acting for the Financier. This signature may be handwritten or printed
         or reproduced by other means.

13.2     SENDING

<PAGE>   24
                                       23

         In addition to any method of service provided for by statute, a notice
         from or demand by the Financier is given to or made on the Chargor if
         it is:

         (a)     sent by facsimile to the facsimile number of the Chargor last
                 known to the Financier or, if more than one facsimile number is
                 known to the Financier, to any of those facsimile numbers; or

         (b)     left for the Chargor or sent by prepaid mail (and by airmail if
                 to an address outside Australia) to the Chargor at:

                 (i)      the address of the Chargor set out in this document;
                          or

                 (ii)     the Chargor's usual place of business last known to
                          the Financier; or

                 (iii)    the Chargor's registered office; or

                 (iv)     premises owned or occupied by the Chargor.

13.3     VALIDITY

         A notice or demand is validly given even if:

         (a)     the Chargor has been Wound Up or the Chargor is absent from the
                 place the notice or demand is left at, or delivered or sent to;
                 or

         (b)     the notice or demand is returned unclaimed.

13.4     RECEIPT

         A notice or demand is taken to have been received by the Chargor:

         (a)     if delivered personally, on the same day; and

         (b)     if posted to an address in Australia, on the second Business
                 Day after it was posted; and

         (c)     if posted to an address outside Australia, on the fourth
                 Business Day after it was posted; and

         (d)     if sent by facsimile, when a transmission report is produced by
                 the sender's facsimile machine indicating that the notice or
                 demand has been sent to the relevant number.

14.      PRESERVING THE FINANCIER'S RIGHTS, POWERS AND REMEDIES

1.41     PRESERVATION

         (a)     The fact that the Financier does not exercise, or delays the
                 exercise of, any right, power or remedy does not affect any of
                 its other rights, powers or remedies.

         (b)     The fact that the Financier delays the exercise of any right,
                 power or remedy does not constitute a waiver of that right,
                 power or remedy.

<PAGE>   25
                                       24

         (c)     The fact that the Financier exercises a right, power or remedy
                 does not prevent the Financier from exercising that right,
                 power or remedy again.

         (d)     This document does not operate to extinguish or prejudice any
                 right, power or remedy of the Financier under a Relevant
                 Agreement or in connection with the Secured Money.

14.2     MORATORIUM LEGISLATION

         A moratorium does not apply to a Relevant Agreement or the recovery of
         the Secured Money except if:

         (a)     the Financier agrees in writing that it does; or

         (b)     it cannot be excluded by law.

14.3     REINSTATING OR REPLACING RIGHTS

         If any payment made to the Financier in reduction of the Secured Money
         is repaid or void or conceded to be void, voidable or repayable for any
         reason, then, despite any release, settlement or discharge in
         connection with the Secured Money:

         (a)     that payment has not discharged the relevant liability; and

         (b)     the Financier may recover the amount of that payment from the
                 Chargor; and

         (c)     the Chargor must:

                 (i)      immediately do all acts and things the Financier
                          requires to replace or reinstate the Charge and any
                          Collateral Security which has been released in
                          connection with that payment; and

                 (ii)     indemnify the Financier against and pay on demand all
                          costs and expenses in connection with replacing or
                          reinstating the Charge and any Collateral Securities.

1.4     EFFECT OF RELEASE

                 (a)      A full or partial release of this Charge by the
                          Financier does not release the Chargor from personal
                          liability under this document until the Financier
                          receives the Secured Money, regardless of any:

                          (i)     receipt given, payout figure quoted or other
                                  form of account stated; or

                          (ii)    error or miscalculation by the Financier.

                 (b)      Each indemnity given by the Chargor to the Financier
                          under this document is a continuing indemnity. A full
                          or partial release of this Charge does not release the
                          Chargor from liability under an indemnity unless the
                          release is specifically of that indemnity.

15.      MISCELLANEOUS

15.1     NO OBLIGATION TO EXERCISE RIGHTS OR GIVE CONSENT

<PAGE>   26
                                       25

         Each of the Financier and a Receiver may:

         (a)     exercise or not exercise any right, power or remedy; and

         (b)     give or not give consent; and

         (c)     make or not make a decision,

         under this document, in its absolute discretion without giving a reason
         and without being liable or accountable for the consequences. In
         relation to the giving or not giving of consent, the Financier will act
         in a manner which the Financier determines in its absolute discretion
         to be reasonable. Such determination shall not be questioned by the
         Chargor.

15.2     CONSENT MUST BE IN WRITING

         A consent given or a right, power or remedy waived by the Financier is
         effective only if given or waived in writing.

15.3     NOTIFICATION FROM CHARGOR

         If the Chargor is required under this document to notify the Financier
         about anything, the Chargor must do so in writing.

15.4     FINANCIER MAY SET OFF

         Without any demand or notice, the Financier may set off and apply
         indebtedness it owes to the Chargor (whatever the currency) against the
         Secured Money:

         (a)     whether the indebtedness is owed alone or with any other
                 person; and

         (b)     whether or not the Secured Money or that indebtedness is
                 immediately payable.

15.5     CHARGOR MUST NOT SET OFF

         The Chargor must not claim, exercise or attempt to exercise a right of
         set-off or any other right which might reduce or discharge the Secured
         Money.

15.6     NO MARSHALLING

         The Financier need not resort to a Collateral Security or other
         Security Interest before exercising a power under this document.

15.7     SUSPENSE ACCOUNT

         The Financier may credit money received in or towards satisfaction of
         the Secured Money to a suspense account. The Financier may keep the
         money in that account for as long as the Financier thinks fit. Interest
         will not accrue on such account. The Financier may apply the money to
         reduce the Secured Money whenever it thinks fit.

15.8     SURPLUS PROCEEDS

         If surplus money remains in the hands of the Financier or a Receiver
         after payment of all the Secured Money (and satisfaction of any
         obligation ranking in priority to the Secured Money or secured by a
         Security Interest over the Charged Property):

<PAGE>   27
                                       26

         (a)     no trust arises over that surplus money; and

         (b)     that surplus money does not carry interest and the Financier or
                 Receiver may pay it to an account in the name of the Chargor
                 (whether or not opened by the Financier or Receiver for that
                 purpose). The Financier or Receiver is then no longer liable
                 for the surplus money.

15.9     APPLYING RECEIPTS

         The Financier may apply or appropriate money received to reduce the
         Secured Money in the order, and to satisfy whatever part of the Secured
         Money, the Financier sees fit.

15.10    TACKING

         For the purpose of applying section 282 of the Corporations Law or any
         equivalent provision in any jurisdiction, if the Financier is obliged
         to make further advances under a Relevant Agreement, that Relevant
         Agreement is taken to be incorporated in this document so that this
         document imposes on the Financier an obligation to advance that money.

15.11    THE FINANCIER MAY ASSIGN RIGHTS

         The Financier may assign or otherwise deal with its rights and benefits
         under this document.

15.12    THE FINANCIER MAY DISCLOSE INFORMATION

         The Financier may disclose to a potential assignee or participant any
         information about the Chargor, any Debtor or a Relevant Agreement which
         it considers appropriate.

15.13    CERTAIN NOTICES OR DEMANDS

         A notice from or demand by the Financier stating:

         (a)     that a specified sum of money is owing or payable (or both)
                 under a Relevant Agreement; or

         (b)     that an Event of Default has occurred; or

         (c)     something relevant to the rights or obligations of the
                 Financier or the Chargor under a Relevant Agreement,

         is admissible in proceedings and is conclusive evidence of the matters
         stated except if there is manifest error.

15.14    IF DUE DATE NOT A BUSINESS DAY

         If anything should be done under this document on a day that is not a
         Business Day, it must be done on the previous Business Day.

15.15    SEVERABILITY

         (a)     A construction of this document that results in all provisions
                 being enforceable is to be preferred to a construction that
                 does not so result.

<PAGE>   28
                                       27

         (b)     If, despite the application of paragraph (a), a provision of
                 this document is illegal or unenforceable:

                 (i)      and it would be legal and enforceable if a word or
                          words were omitted, that word or those words are
                          severed; and

                 (ii)     in any other case, the whole provision is severed,

                 and the remainder of this document continues in force.

15.16    GOVERNING LAW AND JURISDICTION

         This document is governed by the law of Queensland, except:

         (a)     as required by mandatory provisions of law;

         (b)     to the extent that the validity, perfection or enforceability
                 of any of the security interests hereunder, or remedies
                 hereunder, are dependent on the laws of a jurisdiction other
                 than Queensland, in which case the governing law shall (to that
                 extent only) be the law of that jurisdiction.

         The parties hereto agree and intend that:

         (c)     a proper forum/jurisdiction for any litigation or process
                 arising out of or related to this Agreement shall be any court
                 located in Queensland; and

         (d)     a proper forum/jurisdiction for any litigation or process in
                 respect of any of the Charged Property located in a
                 jurisdiction other than Queensland shall be any court located
                 either in Queensland or that other jurisdiction.

         The Chargor irrevocably and unconditionally submits to the
         non-exclusive jurisdiction of the courts of Queensland and/or the other
         jurisdiction referred to in paragraph (e) (as the case may be). The
         Chargor, to the extent permitted by applicable laws, hereby expressly
         waives any defence or objection to jurisdiction or venue based on the
         doctrine of forum non conveniens, and stipulates that the courts of
         Queensland and/or that other jurisdiction (as the case may be) shall
         have in personam jurisdiction and venue over it for the purpose of any
         such litigation or process arising out of or related to this document.

15.17    FINANCIER NEED NOT EXECUTE

         This document is enforceable by the Financier even if the Financier
         does not execute it.

<PAGE>   29
                                       28

                                          SCHEDULE A

         The Charged Property includes, without limitation, all of the following
         property, assets and rights of the Chargor, whether now owned or
         hereafter acquired: accounts, general intangibles, rights to payment of
         money, rights and benefits under contracts and agreements, tax refunds,
         insurance proceeds, instruments, chattel paper, letters of credit,
         promissory notes, drafts, bills of exchange, trade acceptances,
         documents, inventory, goods, copyrights, patents, trademarks,
         equipment, motor vehicles, documents of title, investment property, and
         all other tangible and intangible property, including without
         limitation, proceeds and products of the foregoing, and books and
         records relating to the foregoing.

         All terms used in this Schedule A shall have the definitions set forth
         in the Commercial Code of the State of California.

<PAGE>   30
                                       29

EXECUTED as a deed.

THE COMMON SEAL OF COLLINS                   )
RESTAURANTS MANAGEMENT PTY                   )
LTD is affixed in accordance with its        )
constituent documents in the presence of     )

-----------------------------------          -----------------------------------
Authorised Officer/Director                   Authorised Officer/Director

-----------------------------------          -----------------------------------
Please Print Full Name                        Please Print Full Name<PAGE>   1
                                                                    EXHIBIT 10.6

                           SIZZLER ASIA HOLDINGS, INC.

                           WESTPAC BANKING CORPORATION
                                ARBN 007 457 141

                            FIXED AND FLOATING CHARGE

                                 MINTER ELLISON
                                     Lawyers
                                Waterfront Place
                                 1 Eagle Street
                                BRISBANE QLD 4000
                                 DX 102 BRISBANE
                            Telephone (07) 3226 6333
                            Facsimile (07) 3229 1066

                                   GB 1090692

<PAGE>   2

                           FIXED AND FLOATING CHARGE

DEED dated August 21, 2000

BETWEEN     SIZZLER ASIA HOLDINGS, INC., A COMPANY INCORPORATED IN DELAWARE,
            THE UNITED STATES OF AMERICA OF c/- 16 EDMONDSTONE STREET,
            NEWMARKET, BRISBANE, QUEENSLAND, AUSTRALIA ("CHARGOR")

AND         WESTPAC BANKING CORPORATION ARBN 007 457 141 OF 260 QUEEN STREET,
            BRISBANE, QUEENSLAND, AUSTRALIA ("FINANCIER")

1.      INTERPRETATION

1.1     DEFINITIONS

        In this document:

        "ATTACHMENT NOTICE" means a notice or direction under which a Public
        Authority requires money, which would otherwise be payable to the
        Chargor, to be paid or transferred to it or to the Crown. This includes
        notices under section 218 or section 255 of the Income Tax Assessment
        Act 1936 (Cth) or under section 74 of the Sales Tax Assessment Act 1992
        (Cth).

        "ATTORNEY" means an attorney appointed under a Relevant Agreement.

        "AUTHORISED OFFICER" means:

        (a)     in relation to the Financier, an attorney of the Financier and a
                person holding or acting in the office of director, chief
                executive or secretary or whose title includes the word
                'Manager' or 'Director; and

        (b)     in relation to the Chargor, a person holding or acting in the
                office of president, vice president, chief financial officer,
                chief executive or secretary.

        "BUSINESS DAY" means a day on which banks (as defined in the Banking Act
        1959 (Cth)) are open for general banking business in Brisbane, excluding
        Saturdays and Sundays and public holidays.

        "CHARGE" means the charge over, and security interest in, the Charged
        Property created under this document.

        "CHARGED PROPERTY" means all the property, assets and rights of the
        Chargor, whether acquired before or after this document is executed,
        wherever located. This includes all property, assets and rights held by
        the Chargor as trustee and wherever located. The Charged Property
        includes, without limitation, all the property, assets and rights of the
        Chargor described in Schedule A hereto.

        "COLLATERAL SECURITY" means a Guarantee, Security Interest or negotiable
        instrument held or given, whether before or after this document is
        executed, as security for or otherwise in connection with the Secured
        Money.

<PAGE>   3
                                       2

        "DEBTOR" means a person any of whose present or future, actual or
        contingent indebtedness or liabilities to the Financier is or are
        supported or secured by a present or future Guarantee or Security
        Interest given or entered into by the Chargor.

        "EVENT OF DEFAULT" has the meaning given to it in the Negative Pledge.

        "GUARANTEE" means a guarantee, indemnity, letter of credit, letter of
        comfort or any other obligation (whatever it is called and whatever its
        nature) by which a person is responsible for another person's obligation
        or debt.

        "LIQUIDATION" includes official management, receivership, compromise,
        arrangement, amalgamation, administration, reconstruction, winding up,
        dissolution, assignment for the benefit of creditors, arrangement or
        compromise with creditors, bankruptcy or death.

        "LIQUOR ACT" means any Statute regulating the sale, disposal and
        consumption of liquor;

        "LIQUOR LICENCE" means any licence or permit issued now or in the
        future, to or acquired by the Chargor pursuant to a Liquor Act;

        "MARKETABLE SECURITIES" has the meaning given to it in the Corporations
        Law.

        "NEGATIVE PLEDGE" means the Unlimited Cross Guarantee and Indemnity and
        Negative Pledge with Financial Ratio Covenants dated on or around the
        date of this document between the Financier, Collins Foods Group Pty Ltd
        ACN 009 937 900 and others.

        "PERMITTED SECURITY INTEREST" means:

        (a)     a Security Interest which the Financier has consented to. It
                does not include a Security Interest which the Financier has
                consented to on one or more conditions if those conditions are
                not complied with; and

        (b)     a lien or charge on the Charged Property arising by operation of
                law in the ordinary course of the Chargor's ordinary business.
                It does not include a lien or charge which secures overdue
                debts.

        "POTENTIAL EVENT OF DEFAULT" means any event, thing or circumstance
        which with the giving of notice or passage of time or both would become
        an Event of Default.

        "PUBLIC AUTHORITY" means the Crown, a government, a minister of a
        government, a government department, a statutory corporation, or a
        semi-government or judicial entity.

        "RECEIVER" means a receiver or receiver and manager appointed under this
        document. When two or more persons are appointed, the expression
        "Receiver" refers to each of those persons severally as well as to two
        or more of them jointly.

        "RECORDS" means all the information which relates in any way to a
        specified person's business or any transaction entered into by the
        person, whether the information is recorded electronically, magnetically
        or otherwise.

        "RELEVANT AGREEMENT" means:

        (a)     this document; and

        (b)     a Collateral Security; and

<PAGE>   4
                                       3

        (c)     an agreement between:

                (i)     the Financier and the Chargor; or

                (ii)    the Financier and a Debtor; or

                (iii)   the Financier and any combination of the Chargor and one
                        or more Debtors;

                that relates to the Secured Money or another Relevant Agreement
                or contains terms on which the Secured Money remains
                outstanding; and

        (d)     a document that the Chargor and the Financier agree is a
                Relevant Agreement.

        "SECURED MONEY" means all money that the Chargor or a Debtor is liable
        to pay to the Financier at or after the date of this document on any
        account and in any way whatever, and whether:

        (a)     the Chargor or Debtor is liable alone or together with another
                person; or

        (b)     the Chargor or Debtor is liable as principal debtor, surety,
                partner, trustee, beneficiary or otherwise; or

        (c)     the relevant liability:

                (i)     is actual or contingent, ascertained or unascertained,
                        fixed or fluctuating;

                (ii)    is in respect of principal, interest, Guarantee
                        obligations, purchase obligations, fees or damages; or

                (iii)   is in dollars, another currency or a combination of
                        currencies,

                or is of any other character.

        "SECURITY INTEREST" means a mortgage, pledge, lien, charge, preferential
        right, trust arrangement, agreement or other arrangement given, arising
        or created as security.

        "SUBSIDIARY" has the meaning given to it in the Negative Pledge.

        "TAX" includes a tax, levy, duty or charge (and associated penalty or
        interest) imposed by a Public Authority. It includes income,
        withholding, stamp and transaction taxes and duties but does not include
        income tax on the overall net income of the Financier.

        "WINDING UP" includes:

        (a)     dissolution, liquidation, provisional liquidation and
                bankruptcy; and

        (b)     a procedure which is equivalent or analogous in any
                jurisdiction.

1.2     OTHER EXPRESSIONS

        In this document, unless the contrary intention appears:

        (a)     the singular includes the plural and vice versa;

<PAGE>   5
                                       4

        (b)     other grammatical forms of defined words or expressions have
                corresponding meanings;

        (c)     if this document binds two or more persons, it binds them
                severally and jointly;

        (d)     a reference to a party to this document includes that party's
                successors and permitted assigns;

        (e)     a reference to a document or agreement includes that document or
                agreement as novated, altered or replaced;

        (f)     when two or more persons are named as Chargor, the term
                "Chargor" is a reference to each of them alone and also to any
                two or more of them together. The same applies to the term
                "Debtor";

        (g)     a reference to any thing includes the whole or any part of that
                thing and a reference to a group of things or persons includes
                each thing or person in that group;

        (h)     "dollars" and "$" refer to Australian currency;

        (i)     words implying natural persons include partnerships, bodies
                corporate, associations and Public Authorities;

        (j)     a reference to any legislation or statutory instrument or
                regulation is construed in accordance with the Acts
                Interpretation Act 1901 (Cth) or the equivalent State
                legislation, as applicable.

2.      CHARGE

2.1     CREATING THE CHARGE

        (a)     Subject to paragraph (b), the Chargor charges and grants a
                security interest in the Charged Property in favour of the
                Financier as security for the payment of the Secured Money.

        (b)     If any part of the Charged Property is prohibited under an
                agreement entered into by the Chargor in good faith with an
                independent third party from being made the subject of the
                Charge without the consent of that third party, then the Charge
                shall not take effect over that part of the Charged Property
                until that consent is obtained.

2.2     FIXED CHARGE

        The Charge is a fixed charge over:

        (a)     real property; and

        (b)     plant, equipment and machinery other than stock-in-trade and
                work-in-progress; and

        (c)     Marketable Securities; and

        (d)     negotiable or other instruments; and

<PAGE>   6
                                       5

        (e)     the benefit of any Guarantee or Security Interest held by the
                Chargor; and

        (f)     the benefit of any contract or agreement to which the Chargor is
                a party; and

        (g)     any right to recover money or property (other than book debts)
                by legal proceedings; and

        (h)     capital, including premiums and uncalled and called but unpaid
                capital; and

        (i)     licences connected with the Chargor's business; and

        (j)     goodwill, patents, trade marks, service marks, copyrights, and
                registered designs; and

        (k)     the Chargor's Records and all software and other means used to
                access the Chargor's Records; and

        (l)     all certificates of title and other documents evidencing title
                to the Charged Property; and

        (m)     insurance policies and proceeds; and

        (n)     the interest of the Chargor in any partnership or joint venture;
                and

        (o)     accounts and deposits with the Financier where there is some
                restriction on the right of the Chargor to withdraw or use the
                funds in those accounts or deposits; and

        (p)     all book debts owed to the Chargor not included in the above
                which arise in the ordinary course of trading, but this does not
                include proceeds of those debts which are received before the
                first to occur of:

                (i)     the Charge being enforced; and

                (ii)    the Financier requiring those proceeds to be paid into
                        an account or deposit of the type mentioned in
                        sub-paragraph (o) (the Financier may require the
                        proceeds to be paid into such an account at any time
                        after an Event of Default or Potential Event of
                        Default); and

        (q)     any other personal property that is not acquired for disposal in
                the ordinary course of the Chargor's business; and

        (r)     interests in any of the property, assets or rights described in
                this subclause.

2.3     FLOATING CHARGE

        The Charge is a floating charge on the rest of the Charged Property.

2.4     THE FLOATING CHARGE BECOMES FIXED

        The floating charge becomes fixed:

        (a)     over any part of the Charged Property not already subject to a
                fixed charge under this document:

<PAGE>   7
                                       6

                (i)     if, unless with the prior written consent of the
                        Financier or as expressly permitted under a Relevant
                        Agreement, the Chargor:

                        (A)     creates or allows any Security Interest over;

                        (B)     sells, leases, licences or otherwise disposes
                                of;

                        (C)     creates or allows any interest in; or

                        (D)     parts with possession of,

                        that asset or agrees or attempts to do so or takes any
                        step towards doing so;

                (ii)    on any step being taken with a view to levying or
                        enforcing any distress, attachment or other execution on
                        that part of the Charged Property or to enforcing any
                        Security Interest in respect of that part of the Charged
                        Property;

                (iii)   on a Public Authority signing an Attachment Notice which
                        will affect that part of the Charged Property; or

        (b)     over all of the Charged Property:

                (i)     if any order is made or a resolution is passed for the
                        Winding Up of the Chargor or the Chargor is otherwise
                        subjected to or enters into Liquidation; or

                (ii)    on this document being enforced in any way following the
                        occurrence of an Event of Default or Potential Event of
                        Default; or

        (c)     over any part of the Charged Property not already subject to a
                fixed charge under this document:

                (i)     if the Financier notifies the Chargor that the Charge is
                        fixed over a specified part of the Charged Property; or

                (ii)    when it becomes fixed by law.

        Except where expressly stated, no notice or action by the Financier is
        necessary for the floating charge to become fixed.

2.5     THE PARTIES TREAT THE FIXED CHARGE AS FLOATING AGAIN

        (a)     The Financier may notify the Chargor that the Charge is no
                longer fixed on the assets specified in the Financier's notice
                ("RELEVANT ASSETS"), with effect from the date specified in that
                notice.

        (b)     From the date specified in that notice, the Relevant Assets
                (whether acquired before or after that date) are subject to the
                floating charge until the Charge crystallises under clause 2.4.

<PAGE>   8
                                       7

2.6     CONTINUING SECURITY AND DISCHARGING THE CHARGE

        The Charge is a continuing security. It remains in effect until the
        Financier gives a final discharge to the Chargor. The Chargor is only
        entitled to a final discharge if:

        (a)     all of the Secured Money has been paid; and

        (b)     the Financier is satisfied that there are no amounts which will
                subsequently fall within the description of the Secured Money.

        In satisfying itself under paragraph (b), the Financier may consider any
        matters it thinks relevant, including (without limitation) the
        possibility that a payment to reduce the Secured Money might be
        repayable, void or voidable under a law relating to insolvency or
        protecting creditors.

2.7     PRIORITY AMOUNT - MAXIMUM PROSPECTIVE LIABILITY

        The maximum prospective liability secured by the Charge is
        $100,000,000.00. This amount and this clause:

        (a)     apply only to fix priority under section 282(3) of the
                Corporations Law; and

        (b)     do not affect any obligation of the Chargor under a Relevant
                Agreement including, but not limited to, its obligation to pay
                the Secured Money; and

        (c)     do not in any way fix a limit on the amount which may be secured
                by this document.

2.8     FIRST PRIORITY SECURITY INTEREST

        The Charge is a first charge. With respect to any Charged Property as to
        which the law of any state of the United States of America governs the
        granting, perfection or effect of perfection of a security interest, the
        Charge created hereunder is a first priority perfected security
        interest.

3.      PAYMENT OBLIGATIONS

3.1     SECURED MONEY

        The Chargor must pay the Secured Money (free from any deduction, set-off
        or counter-claim):

        (a)     at the times and in the way specified in the Relevant
                Agreements; and

        (b)     otherwise, on demand to or as directed by the Financier.

3.2     INTEREST

        The Chargor must pay interest on the Secured Money to or as directed by
        the Financier, at the rates specified in the Relevant Agreements. If no
        rate is specified, the rate is as determined by the Financier. Interest
        accrues from day to day, computed from the time:

        (a)     the Secured Money became owing (whether or not it is immediately
                payable); or

<PAGE>   9
                                       8

        (b)     in relation to money payable under clause 3.3, the relevant
                amount was incurred.

        Interest may be capitalised monthly or at the times agreed between the
        parties. It then bears interest itself under this clause. Interest
        continues to be payable despite the Winding Up of any person, or any
        judgment obtained against any person.

3.3     COSTS AND EXPENSES

        The Chargor indemnifies the Financier against, and must pay on demand to
        the Financier, all Taxes and all reasonable costs and expenses
        (including, but not limited to, legal costs and expenses on a full
        indemnity basis) which the Financier or a Receiver or Attorney pays, or
        is liable to pay, in connection with:

        (a)     a Relevant Agreement, or negotiating, preparing, completing,
                registering or stamping a Relevant Agreement; or

        (b)     maintaining, preserving or protecting the Charged Property; or

        (c)     surveying, valuing, inspecting or reporting on the Charged
                Property; or

        (d)     obtaining or attempting to obtain payment of the Secured Money
                from any person; or

        (e)     protecting, enforcing or exercising a right, power or remedy of
                the Financier or a Receiver or Attorney under or in connection
                with a Relevant Agreement; or

        (f)     an Event of Default or Potential Event of Default; or

        (g)     the Financier providing financial accommodation to or at the
                request of the Chargor; or

        (h)     a receipt or payment of money under, or a transaction
                contemplated by, a Relevant Agreement.

3.4     CONTINGENT LIABILITIES

        If the Financier has declared the Secured Money to be immediately
        payable (under clause 9 or a similar provision in a Relevant Agreement),
        the money which the Chargor must immediately pay to the Financier
        includes an amount equal to the sum of:

        (a)     the contingent liability of the Chargor or a Debtor under a
                Guarantee; and

        (b)     the aggregate face value of all negotiable instruments:

                (i)     drawn, accepted or endorsed by the Financier at the
                        express or implied request of the Chargor or a Debtor;
                        and

                (ii)    which have not yet matured or which have not yet been
                        discharged to the satisfaction of the Financier; and

        (c)     any other amount which may become payable by the Chargor to the
                Financier in connection with a contingent liability.

3.5     LOSS RESULTING FROM EVENT OF DEFAULT

<PAGE>   10
                                       9

        The Chargor indemnifies the Financier against all losses (including
        foregone profits) the Financier suffers in connection with or as a
        result of an Event of Default.

3.6     INDEMNIFIED AMOUNTS IN FOREIGN CURRENCY

        Where under this document the Chargor must reimburse or indemnify the
        Financier against an amount denominated in a currency other than
        Australian dollars, the Chargor must pay the amount in the relevant
        currency, except as follows. The Financier may request it be paid in
        Australian dollars. In that case, the Chargor will pay the amount of
        Australian dollars which the Financier certifies that it used to buy the
        relevant amount of the other currency at the rate determined by the
        Financier to be its usual selling rate for the other currency.

3.7     CURRENCY INDEMNITY

        The Chargor promises to indemnify the Financier on demand against any
        shortfall which arises whenever, for any reason (including as a result
        of a judgment or order, or Liquidation):

        (a)     the Financier receives or recovers an amount in one currency
                ("PAYMENT CURRENCY") in respect of an amount due to it in
                another currency ("DUE CURRENCY"); and

        (b)     the amount actually received or recovered by the Financier at
                its usual rate of exchange in accordance with its normal
                practice when it converts the Payment Currency into the Due
                Currency is less than the relevant amount of the Due Currency.

4.      CHARGOR'S OTHER OBLIGATIONS

4.1     POSITIVE OBLIGATIONS

        The Chargor must:

        (a)     carry on its business in a proper and efficient way and obtain,
                renew and maintain all material licences, consents and approvals
                advisable in connection with the Chargor's business; and

        (b)     maintain proper and adequate books and records in accordance
                with applicable accounting standards; and

        (c)     pay when due the Taxes assessed, levied or imposed on the
                Chargor (other than those being contested in good faith,
                provided sufficient reserves have been set aside to meet the
                potential liability), the Charged Property or the Financier in
                connection with the Charged Property; and

        (d)     comply with each term of each material lease and material
                contract to which it is a party unless the term is the subject
                of a bona fide dispute or is legally unenforceable; and

        (e)     ensure that each of its Subsidiaries complies with clauses
                4.1(a), (b), (c) and (d) for its own business and property; and

<PAGE>   11
                                       10

        (f)     ensure that each of its Subsidiaries has granted and registered
                or promptly grants and registers a charge to the Financier over
                all of its property, assets and rights in form and substance
                satisfactory to the Financier;

        (g)     comply with all laws and with the mandatory requirements of any
                Public Authority and promptly carry out work required by a
                Public Authority concerning the Charged Property except where
                the requirement to do so is being contested in good faith; and

        (h)     do everything necessary to ensure no Event of Default occurs;
                and

        (i)     prosecute and defend (at the Chargor's expense) all legal
                proceedings which are advisable, or which the Financier advises
                the Chargor that it considers advisable, to avoid a material
                adverse effect on the Charged Property; and

        (j)     protect the Charged Property, keep it in good repair and good
                working condition and, if requested by the Financier, replace
                any part of the Charged Property which, in the Financier's
                opinion, needs replacement; and

        (k)     give the Financier the certificates of title and other documents
                evidencing title to that part of the Charged Property over which
                the Charge is a fixed charge as soon as they are available to
                the Chargor or its agents; and

        (l)     promptly give the Financier the Security Interests (and
                documents in connection with the Security Interests) in favour
                of the Chargor which secure the performance of any obligation or
                the payment of any money owed to the Chargor; and

        (m)     take whatever action the Financier reasonably requires in
                connection with environmentally hazardous substances.

4.2     NEGATIVE OBLIGATIONS

        The Chargor must not, without the consent of the Financier:

        (a)     materially change the scope or nature of its business as it is
                carried on at the date of this document; or

        (b)     do or allow anything to be done in derogation of the Financier's
                rights, powers or remedies under any Relevant Agreement; or

        (c)     deal with or dispose of:

                (i)     the Charged Property over which the Charge is fixed; or

                (ii)    the Charged Property over which the Charge is floating,
                        except in the ordinary course of the ordinary business
                        of the Chargor;

                except as permitted under clause 12.2(b) of the Negative Pledge;

        (d)     permit a Security Interest (other than a Permitted Security
                Interest) to affect the Charged Property; or

        (e)     apply for or obtain money, goods or services from a Public
                Authority, fail to pay an amount to a Public Authority (unless
                the Chargor is contesting the

<PAGE>   12
                                       11

                liability to pay in good faith and has set aside sufficient
                reserves to meet the liability) or do anything else which might
                lead to a liability or Tax being imposed on the Charged
                Property; or

        (f)     other than in the ordinary course of the Chargor's business
                materially alter or remove a building, improvement or fixture
                which is part of the Charged Property; or

        (g)     acquire or dispose of an asset, or incur a liability, except in
                the ordinary course of the Chargor's ordinary business and on
                "arm's length" terms or as permitted under clause 12.2(b) of the
                Negative Pledge; or

        (h)     dispose of any book debts owed to it, or any of its monetary
                claims or revenue; or

        (i)     deposit money:

                (i)     on terms that the money is redeemable, repayable or may
                        be withdrawn only if the Chargor pays some other debt or
                        performs some other obligation; or

                (ii)    if a right of set-off (however described) may be
                        exercised against the deposit,

                except that the Chargor may lodge security deposits required to
                be lodged under leases entered into at arms' length or with
                Public Authorities (other than in respect of moneys which are
                delinquent); or

        (j)     buy or agree to buy anything on terms reserving title to any
                person until paid for (except stock purchases in the ordinary
                course of business); or

        (k)     call up uncalled capital or uncalled premiums of the Chargor or
                receive it in advance of calls or apply it except to pay the
                Secured Money; or

        (l)     allow an environmentally hazardous substance to be released on
                or from the Charged Property in breach of any law or the
                requirements of any Public Authority; or

        (m)     do or allow anything to be done which may (other than in an
                immaterial way) prejudice the Financier's security or rights
                under a Relevant Agreement.

4.3     UNDERTAKINGS RELATING TO LIQUOR LICENCE

        If the Chargor at any time holds a Liquor Licence the Chargor undertakes
        to the Financier that:

        (a)     (i)     it will personally carry on the business in respect of
                        which the Liquor Licence is held upon the premises to
                        which the Liquor Licence relates ("LICENSED PREMISES")
                        or cause that business to be carried on by a person
                        previously nominated by it and who is acceptable to the
                        relevant licencing authority;

                (ii)    it will perform and observe the provisions and
                        requirements of:

                        (A)     the Liquor Act;

<PAGE>   13
                                       12

                        (B)     all other statutes affecting or relating to the
                                licensed premises and the business carried on at
                                the licensed premises; and

                        (C)     any order or notice given, sent or served upon
                                the Financier or the Chargor pursuant to or by
                                virtue of the Liquor Act or any other statute;

                (iii)   it will apply for all licenses, permits and renewals of
                        licences and permits necessary or desirable for the
                        conduct of the business carried on at the licensed
                        premises and will oppose any application to restrict or
                        cancel any such licence; and

                (iv)    it will not:

                        (A)     change the use of the licensed premises;

                        (B)     remove or apply to remove the Liquor Licence or
                                allow the Liquor Licence to be removed from the
                                licensed premises to other premises;

                        (C)     surrender or attempt to surrender, suspend or
                                attempt to suspend, or transfer or attempt to
                                transfer the Liquor Licence or vary any of the
                                conditions of the Liquor Licence; or

                        (D)     mortgage, charge, assign, transfer, lease or
                                part with possession of the licensed premises or
                                any part of them to any person or attempt to do
                                so,

                without the Financier's prior written consent.

        (b)     If and when required by the Financier after the occurrence of an
                Event of Default, the Chargor shall use its best endeavours to
                obtain a transfer of the Liquor Licence to the Financier or its
                nominee.

5.      CHARGOR'S INSURANCE OBLIGATIONS

5.1     POSITIVE OBLIGATIONS

        The Chargor must:

        (a)     maintain, with underwriters and on terms reasonably acceptable
                to the Financier:

                (i)     insurance over the Charged Property for its full
                        insurable value (or such other amount as the Financier
                        specifies) against loss, damage or destruction resulting
                        from theft, fire, storm and the other risks usually
                        covered by insurance, and the risks the Financier
                        specifies; and

                (ii)    worker's compensation, public risk, business
                        interruption, loss of rent insurance and the other
                        insurance which a prudent person would have if involved
                        in a business similar to the Chargor's; and

                (iii)   the other insurance which the Financier reasonably
                        specifies;

        (b)     ensure that this insurance:

<PAGE>   14
                                       13

                (i)     has the interest of the Financier as chargee or
                        mortgagee endorsed on the policy; or

                (ii)    if the Financier directs, is in both the names of the
                        Chargor and the Financier for their respective rights
                        and interests; and

        (c)     deliver to the Financier:

                (i)     the insurance policies relating to this insurance
                        ("INSURANCE POLICIES"); and

                (ii)    all alterations and additions to the Insurance Policies,

                immediately after they are issued; and

        (d)     on request, give the Financier certificates of currency for the
                Insurance Policies; and

        (e)     punctually pay the sums (including stamp duty) necessary to
                maintain every Insurance Policy and give the Financier promptly
                on request the receipt for the premium sum paid; and

        (f)     notify the Financier immediately after becoming aware of
                anything which might give rise to a claim or right to claim
                under an Insurance Policy which claim might or will exceed
                $1,000,000.00.

5.2     NEGATIVE OBLIGATIONS

        The Chargor must not without the consent of the Financier:

        (a)     do or allow anything to be done which might cause an Insurance
                Policy to be prejudiced; or

        (b)     take steps to bring about a material change to the cover under
                an Insurance Policy; or

        (c)     insure the Charged Property other than as specified in clause
                5.1; or

        (d)     make, enforce, settle or compromise a claim or do anything
                inconsistent with the powers of the Financier under clause 5.3.

5.3     INSURANCE CLAIMS

        The Chargor may not without the consent of the Financier:

        (a)     make, enforce, settle and compromise insurance or compensation
                claims in connection with the Charged Property; or

        (b)     sue for, recover, receive and give discharges for money payable
                in connection with the Insurance Policies,

        where such claims or money payable exceed $1,000,000.00.

<PAGE>   15
                                       14

5.4     INSURANCE PROCEEDS

        (a)     If the Chargor receives money payable under an Insurance Policy
                before a final discharge of this Charge, the Chargor must, if a
                Potential Event of Default or Event of Default has occurred or,
                in any event, if the amount received is in excess of
                $1,000,000.00, pay it to the Financier immediately;

        (b)     the Financier may apply money received under an Insurance Policy
                either:

                (i)     if a Potential Event of Default or Event of Default has
                        occurred and is outstanding, in or towards payment of
                        the Secured Money, whether due or not; or

                (ii)    in replacing, rebuilding or repairing, under the
                        supervision of the Financier, or the Financier's builder
                        or architect, the property destroyed or damaged.

6.      CHARGOR'S REPORTING OBLIGATIONS

6.1     NOTICES TO THE FINANCIER

        The Chargor must notify the Financier as soon as an Authorised Officer
        of the Chargor becomes aware of:

        (a)     an Event of Default or Potential Event of Default; or

        (b)     a representation or warranty in any Relevant Agreement becoming
                materially false or misleading (giving full details); or

        (c)     the Charged Property being acquired or resumed by a Public
                Authority or a proposal to do so; or

        (d)     the Chargor acquiring or intending to acquire a Subsidiary; or

        (e)     a material requirement or notice of a Public Authority in
                connection with the Charged Property and must give the Financier
                a copy of any related document it has and full details of all
                relevant facts known to the Chargor concerning the requirement
                or notice; or

        (f)     any environmentally hazardous substance released from or
                affecting the Charged Property in breach of any law or the
                requirements of any Public Authority.

7.      ACCESS TO AND INVESTIGATION OF RECORDS AND LAND

7.1     GIVING ACCESS TO RECORDS AND LAND

        The Chargor must:

        (a)     ensure that the Records of the Chargor and its Subsidiaries are
                available for inspection at reasonable times by the Financier
                and persons acting on the Financier's behalf; and

<PAGE>   16
                                       15

        (b)     allow the Financier and persons acting on the Financier's behalf
                to inspect and to take copies of or extracts from the Chargor's
                and its Subsidiaries' Records during business hours and give
                reasonable assistance to them; and

        (c)     allow, or obtain for the Financier and persons acting on the
                Financier's behalf, full access at all times during business
                hours to the Charged Property and to any land or building:

                (i)     occupied by the Chargor or its Subsidiaries; or

                (ii)    forming or containing part of the Charged Property,

                and give reasonable assistance to them.

7.2     INVESTIGATING ACCOUNTANTS

        If the Financier at any time is of the opinion that an Event of Default
        or Potential Event of Default has occurred or is likely to occur, the
        Financier may appoint a firm of independent accountants or other experts
        ("INVESTIGATING ACCOUNTANTS") to investigate the affairs and financial
        position of the Chargor and, if the Financier requires, of the
        Subsidiaries of the Chargor. The Chargor:

        (a)     unconditionally authorises the Investigating Accountants to take
                the action which is reasonably necessary for the investigation.
                This does not include the power to manage the Chargor's business
                (unless an Event of Default has occurred and the Financier is
                exercising enforcement rights under this document); and

        (b)     agrees to give the Investigating Accountants all reasonable
                assistance and access to all relevant records and information
                for that purpose; and

        (c)     unconditionally authorises the Investigating Accountants to
                disclose to the Financier and its advisers all information and
                documentation in connection with the investigation.

        The Chargor must pay the reasonable costs and expenses of the
        investigations to the Investigating Accountants on demand and reimburse
        the Financier for its costs and expenses.

8.      BETTER SECURITY AND RIGHTS FOR FINANCIER

8.1     BETTER SECURITY AND RIGHTS

        The Chargor must, at the Chargor's cost, do whatever the Financier
        reasonably requires to:

        (a)     more satisfactorily secure to the Financier the payment of the
                Secured Money; or

        (b)     enable the Financier to better exercise its rights over the
                Charged Property,

        and must use its best efforts to make anyone else who has an interest in
        the Charged Property or claims under or in trust for the Chargor do the
        same.

<PAGE>   17
                                       16

8.2     EXAMPLES

        This includes, but is not limited to, executing:

        (a)     a Security Interest (including a legal mortgage) over the
                Charged Property;

        (b)     ancillary Guarantees or other documents; and

        (c)     financing statements suitable for filing or recording in any
                state of the United States of America,

        in a form reasonably satisfactory to the Financier.

9.      EFFECT OF EVENT OF DEFAULT

        After an Event of Default the Financier may declare the Secured Money
        payable. If so, the Secured Money becomes immediately payable, unless
        the Financier specifies otherwise.

10.     FINANCIER'S POWERS

10.1    GENERALLY

        (a)     After an Event of Default, the Financier may do the things which
                a mortgagee and an absolute owner could do to the Charged
                Property and exercise the rights, powers and remedies of a
                mortgagee and an absolute owner of the Charged Property. These
                include, but are not limited to, the things and powers described
                in this clause 10, and the rights, powers and remedies of a
                secured party under the Uniform Commercial Code of any
                jurisdiction in the United States of America.

        (b)     The Financier need not make a demand or give notice to anyone
                before doing these things or exercising these powers, except if
                notice is required as described in clause 10.10.

10.2    TO TAKE POSSESSION OF CHARGED PROPERTY

        After an Event of Default the Financier may:

        (a)     take possession of the Charged Property; and

        (b)     receive the rents and profits of the Charged Property.

10.3    TO DEAL WITH THE CHARGED PROPERTY AND CHARGOR'S BUSINESS

        After an Event of Default the Financier may do any of the following:

        (a)     (CARRY ON BUSINESS) carry on or participate in the Chargor's
                business in the name of the Chargor or the Financier or
                otherwise; and

        (b)     (BANK ACCOUNTS) operate bank accounts in the name of the Chargor
                (alone or together) to the exclusion of the Chargor; and

        (c)     (NEGOTIABLE INSTRUMENTS) deal with negotiable instruments in the
                name of the Chargor; and

<PAGE>   18
                                       17

        (d)     (CONTRACTUAL RIGHTS)

                (i)     perform the Chargor's obligations under; and

                (ii)    enforce or exercise or not exercise the Chargor's rights
                        and powers under; and

                (iii)   agree to vary or rescind,

                a contract, instrument, arrangement or right forming part of the
                Charged Property; and

        (e)     (COMPROMISE) settle, compromise or submit to arbitration a
                dispute in connection with the Charged Property; and

        (f)     (PERFORM CHARGOR'S OBLIGATIONS) do everything it may to comply
                with the obligations of the Chargor under a Relevant Agreement;
                and

        (g)     (REMEDY BREACH) do everything it may to make good a breach or
                default inherent in an Event of Default, to its own
                satisfaction; and

        (h)     (DEPOSIT MONEY IN SUSPENSE OR OTHER ACCOUNTS) invest, deposit or
                hold the Charged Property in any way that, and for as long as,
                the Financier thinks fit and vary, transpose or reinvest the
                Charged Property; and

        (i)     (MAKE CALLS) make calls on the members of the Chargor for the
                uncalled capital or uncalled premiums subject to the Charge; and

        (j)     (RECOVER, PROTECT CHARGED PROPERTY) do everything the Financier
                thinks necessary to recover or protect the Charged Property
                including, but not limited to, Winding Up debtors of the
                Chargor; and

        (k)     (LEGAL PROCEEDINGS) commence, prosecute, defend and settle
                proceedings which the Financier considers expedient in
                connection with this document or the Charged Property in or
                before a Public Authority in the name of the Chargor or
                otherwise; and

        (l)     (MARKETABLE SECURITIES) exercise the rights and powers of an
                absolute owner in connection with Marketable Securities which
                form part of the Charged Property. The Chargor appoints the
                Financier and each Authorised Officer of the Financier
                separately to be the authorised representative and proxy of the
                Chargor to do the things described in this paragraph; and

        (m)     (EXCHANGE) exchange the Charged Property for any other property
                or rights (with or without giving or receiving any other
                consideration for the exchange); and

        (n)     (TRANSFER OBLIGATIONS) effect a novation of or otherwise
                transfer to any person obligations of the Chargor which arise
                under a Relevant Agreement or otherwise; and

        (o)     (IMPROVE CHARGED PROPERTY) do anything which the Financier
                considers would help improve the value of the Charged Property,
                obtain income or returns from it or make it saleable or more
                saleable. Without limitation, the

<PAGE>   19
                                       18

                Financier may improve or alter the Charged Property, acquire
                additional property in the name of the Chargor, reorganise or
                restructure the Chargor's business or any process or procedure
                carried on by the Chargor, and undertake any marketing or
                publicity campaign; and

        (p)     (BUILD, PULL DOWN, REBUILD OR ALTER)

                (i)     build a new building or improvement; and

                (ii)    pull down, rebuild or alter a building or improvement,

                on land which, or an interest in which, is part of the Charged
                Property; and

        (q)     (EXECUTE DOCUMENTS) enter into agreements and execute documents
                itself or on behalf of the Chargor for any purpose in connection
                with a Relevant Agreement; and

        (r)     (BORROW, SECURE) in the name of the Chargor or otherwise:

                (i)     obtain financial accommodation (including, but not
                        limited to, from a party associated with the Financier)
                        for any purpose which the Financier considers expedient
                        in connection with its powers under a Relevant
                        Agreement; and

                (ii)    secure the payment or repayment of indebtedness relating
                        to that financial accommodation by a Security Interest
                        over the Charged Property, however it ranks for priority
                        with the Charge or a Collateral Security; and

        (s)     (EMPLOY AND APPOINT PERSONS) employ staff and appoint
                professionals and consultants for any purpose, and at the
                remuneration, that the Financier thinks fit; and

        (t)     (DELEGATE) delegate to any person for any time that the
                Financier thinks fit any of the powers of the Financier under
                this document, including this right of delegation; and

        (u)     (INCIDENTAL POWER) do anything the Financier thinks expedient in
                its interests and incidental to any of its powers under this
                document, without limiting those powers; and

        (v)     (SPEND MONEY) spend money in exercising its powers in this
                document. That money then forms part of the Secured Money.

10.4    TO DISCHARGE OR ACQUIRE PRIOR SECURITY INTEREST

        After an Event of Default the Financier may:

        (a)     purchase the debt secured by a prior Security Interest; or

        (b)     pay the amount required to discharge or satisfy that debt
                (including, but not limited to, a debt secured by a Permitted
                Security Interest); or

        (c)     take a transfer or assignment of that Security Interest and any
                Guarantee, document or right ancillary or collateral to it, at
                the Chargor's cost.

<PAGE>   20
                                       19

10.5    EXERCISE OF RIGHTS UNDER CLAUSE 10.4

        If the Financier exercises its rights under clause 10.4:

        (a)     the Chargor is indebted to the Financier for the same amount
                paid by the Financier. This does not limit any other debt
                acquired by the Financier; and

        (b)     that debt is immediately payable to the Financier and forms part
                of the Secured Money and interest accrues on the unpaid amount
                of that debt under clause 3.2; and

        (c)     the Financier need not enquire whether the money claimed to be
                owing is actually owing in connection with the prior Security
                Interest, or an ancillary or collateral document; and

        (d)     the person with the benefit of the prior Security Interest need
                not enquire whether there is any money owing under a Relevant
                Agreement; and

        (e)     the Chargor directs any person with the benefit of a prior
                Security Interest to give the Financier any information it
                requires in connection with the prior Security Interest. This
                includes, but is not limited to, the state of accounts for that
                Security Interest.

10.6    TO SELL AND LEASE

        After an Event of Default the Financier may do any of the following:

        (a)     (SELL) sell or help sell the Charged Property on the terms and
                in the manner it thinks fit, whether or not the Financier has
                taken possession; and

        (b)     (OPTIONS) give an option to purchase the Charged Property on the
                terms it thinks fit; and

        (c)     (SEVER FIXTURES) sever fixtures belonging to the Chargor and
                sell them apart from the Charged Property; and

        (d)     (LEASE, ETC) lease the Charged Property or give licences or
                rights over the Charged Property in the name of the Chargor or
                otherwise (whether or not the Financier has taken possession)
                for whatever term, at whatever rent or fee and on whatever terms
                the Financier thinks fit; and

        (e)     (DEAL WITH LEASES) renew, vary, accept the surrender of or
                terminate a lease or licence of the Charged Property; and

        (f)     (SELL OR LEASE TOGETHER WITH OTHER PROPERTY) sell or lease the
                Charged Property with any other property in any manner that the
                Financier thinks expedient, with full power to apportion costs,
                expenses, purchase money and rent between the properties sold or
                leased; and

        (g)     (HIVE OFF ASSETS OR OBLIGATIONS) promote the formation of any
                company so that the company may purchase or acquire the Charged
                Property or assume obligations of the Chargor or both; and

<PAGE>   21
                                       20

        (h)     (EFFECT HIVE-OFF) sell or assign the Charged Property or assume
                the Chargor's obligations.

10.7    TO APPOINT RECEIVERS

        After an Event of Default, the Financier may:

        (a)     appoint one or more persons to be a Receiver or Receivers of the
                Charged Property, with the powers and rights described in this
                clause 10 (or such lesser powers as the Financier determines);
                and

        (b)     remove that Receiver or those Receivers; and

        (c)     if a Receiver is removed, retires or dies, appoint another or
                others in his or her place; and

        (d)     in the case of removal or retirement of a Receiver, reappoint
                that person.

10.8    TO APPOINT MORE THAN ONE RECEIVER

        If the Financier appoints two or more persons to be the Receiver, the
        Financier may appoint them to act jointly, severally or jointly and
        severally. If it is not specified in the instrument of appointment, the
        Receivers are appointed to act severally.

10.9    TO PAY THE RECEIVER

        The Financier may fix the remuneration of a Receiver at an amount agreed
        between the Financier and the Receiver.

10.10   NOTICE OR LAPSE OF TIME REQUIRED BEFORE RIGHTS EXERCISED

        (a)     If notice or lapse of time is required under any statute before
                the Financier can exercise its power of sale or any other rights
                available to it under this document or by law, then that notice
                or lapse of time is dispensed with.

        (b)     Paragraph (a) only applies if the relevant statute allows notice
                or lapse of time to be dispensed with.

        (c)     If the relevant statute does not allow notice or lapse of time
                to be dispensed with, but allows it to be shortened, then for
                the purposes of this document, the period of notice or lapse of
                time is one day.

10.11   TO GIVE UP POSSESSION AND TERMINATE RECEIVERSHIP

        The Financier may:

        (a)     give up possession of the whole or any part of the Charged
                Property; or

        (b)     terminate a receivership,

        or both.

10.12   PERSONS DEALING NOT BOUND TO ENQUIRE

        A person dealing with the Financier or a Receiver or Attorney:

<PAGE>   22
                                       21

        (a)     need not enquire whether there has been a default by the Chargor
                under a Relevant Agreement or whether the Financier, Receiver or
                Attorney has acted properly; or

        (b)     need not enquire whether the Financier, a Receiver or an
                Attorney has executed or registered an instrument or exercised a
                right, power or remedy properly or with authority,

        and whenever the Financier, a Receiver or an Attorney deals with the
        Charged Property, that dealing is authorised and valid as far as anyone
        involved with that dealing is concerned. The receipt of the Financier or
        a Receiver or Attorney for any money payable to the Chargor discharges
        the person paying that money to the extent of the payment.

10.13   RESPONSIBILITY FOR LOSS

        The Financier is not responsible for a loss arising in connection with
        it exercising or failing to exercise its powers under a Relevant
        Agreement nor for an act or failure of an employee or agent of the
        Financier or any Receiver. The Financier need not account for more money
        than it actually receives.

11.     RECEIVER'S POWERS

11.1    GENERAL

        Unless the terms of the Receiver's appointment say otherwise, the
        Receiver has the following powers over the Charged Property which the
        Receiver is appointed to deal with:

        (a)     all the rights and powers given by law to mortgagees in
                possession, receivers or receivers and managers; and

        (b)     all the rights and powers of the Financier under this document
                and at law (other than the power to appoint Receivers); and

        (c)     power to obtain financial accommodation from the Financier,
                alone or together with any other person, for a purpose and on
                the terms that the Receiver considers expedient in connection
                with the Charged Property; and

        (d)     power to secure the payment or repayment of indebtedness
                relating to that financial accommodation by a Security Interest
                over the Charged Property, however it ranks for priority with
                the Charge or a Collateral Security.

        The Receiver may exercise these rights and powers in the name of the
        Chargor or otherwise.

11.2    RECEIVER IS AGENT OF CHARGOR

        A Receiver is the agent of the Chargor. The Chargor alone is responsible
        for the Receiver's acts and defaults. But the Receiver, to the extent
        required by law, ceases to be the agent of the Chargor if a resolution
        is passed or an order is made to Wind Up the Chargor. The Receiver may
        become the agent of the Financier if the Financier gives a

<PAGE>   23
                                       22

        notice to the Receiver in writing to that effect. The Financier may
        appoint a further Receiver, despite that resolution or order.

11.3    ACCOUNTABILITY OF RECEIVER

        A Receiver is not responsible for a loss arising in connection with the
        exercise or execution of the Receiver's powers, nor for any act or
        default of an employee or agent of the Financier or the Receiver. A
        Receiver need not account for more money than the Receiver actually
        receives.

12.     POWER OF ATTORNEY

12.1    APPOINTMENT AND POWERS

        The Chargor for valuable consideration irrevocably appoints the
        Financier, each Authorised Officer of the Financier and each Receiver
        separately as its attorneys to do the following on the Chargor's behalf
        and in the name of the Chargor or the Attorney after the occurrence of
        an Event of Default or Potential Event of Default:

        (a)     anything which the Chargor must do under a Relevant Agreement;
                and

        (b)     anything which, in the opinion of the Attorney:

                (i)     would give effect to a right, power or remedy of the
                        Financier or a Receiver; or

                (ii)    the Chargor should do,

                under a Relevant Agreement or by law; and

        (c)     enter into or execute transactions, documents and agreements
                which, in the opinion of the Attorney, the Chargor should enter
                into or execute under a Relevant Agreement; and

        (d)     use the Chargor's name to exercise the powers of the Financier
                or a Receiver under a Relevant Agreement, the law or otherwise,

        and the Chargor agrees to ratify anything done by an Attorney under this
        power of attorney.

12.2    ATTORNEY MAY DELEGATE POWERS

        An Attorney may delegate its powers (including the power to delegate) to
        any person for any period and may revoke the delegation.

12.3    PURPOSE

        The power of attorney created under this clause is irrevocable and is
        granted to secure the performance by the Chargor of the Chargor's
        obligations under each Relevant Agreement to which the Chargor is a
        party.

<PAGE>   24
                                       23

13.     NOTICES AND DEMANDS FROM THE FINANCIER

13.1    SIGNING

        A notice from or demand by the Financier to or on the Chargor may be
        signed by an Authorised Officer of the Financier or by a solicitor
        acting for the Financier. This signature may be handwritten or printed
        or reproduced by other means.

13.2    SENDING

        In addition to any method of service provided for by statute, a notice
        from or demand by the Financier is given to or made on the Chargor if it
        is:

        (a)     sent by facsimile to the facsimile number of the Chargor last
                known to the Financier or, if more than one facsimile number is
                known to the Financier, to any of those facsimile numbers; or

        (b)     left for the Chargor or sent by prepaid mail (and by airmail if
                to an address outside Australia) to the Chargor at:

                (i)     the address of the Chargor set out in this document; or

                (ii)    the Chargor's usual place of business last known to the
                        Financier; or

                (iii)   the Chargor's registered office; or

                (iv)    premises owned or occupied by the Chargor.

13.3    VALIDITY

        A notice or demand is validly given even if:

        (a)     the Chargor has been Wound Up or the Chargor is absent from the
                place the notice or demand is left at, or delivered or sent to;
                or

        (b)     the notice or demand is returned unclaimed.

13.4    RECEIPT

        A notice or demand is taken to have been received by the Chargor:

        (a)     if delivered personally, on the same day; and

        (b)     if posted to an address in Australia, on the second Business Day
                after it was posted; and

        (c)     if posted to an address outside Australia, on the fourth
                Business Day after it was posted; and

        (d)     if sent by facsimile, when a transmission report is produced by
                the sender's facsimile machine indicating that the notice or
                demand has been sent to the relevant number.

<PAGE>   25
                                       24

14.     PRESERVING THE FINANCIER'S RIGHTS, POWERS AND REMEDIES

14.1    PRESERVATION

        (a)     The fact that the Financier does not exercise, or delays the
                exercise of, any right, power or remedy does not affect any of
                its other rights, powers or remedies.

        (b)     The fact that the Financier delays the exercise of any right,
                power or remedy does not constitute a waiver of that right,
                power or remedy.

        (c)     The fact that the Financier exercises a right, power or remedy
                does not prevent the Financier from exercising that right, power
                or remedy again.

        (d)     This document does not operate to extinguish or prejudice any
                right, power or remedy of the Financier under a Relevant
                Agreement or in connection with the Secured Money.

14.2    MORATORIUM LEGISLATION

        A moratorium does not apply to a Relevant Agreement or the recovery of
        the Secured Money except if:

        (a)     the Financier agrees in writing that it does; or

        (b)     it cannot be excluded by law.

14.3    REINSTATING OR REPLACING RIGHTS

        If any payment made to the Financier in reduction of the Secured Money
        is repaid or void or conceded to be void, voidable or repayable for any
        reason, then, despite any release, settlement or discharge in connection
        with the Secured Money:

        (a)     that payment has not discharged the relevant liability; and

        (b)     the Financier may recover the amount of that payment from the
                Chargor; and

        (c)     the Chargor must:

                (i)     immediately do all acts and things the Financier
                        requires to replace or reinstate the Charge and any
                        Collateral Security which has been released in
                        connection with that payment; and

                (ii)    indemnify the Financier against and pay on demand all
                        costs and expenses in connection with replacing or
                        reinstating the Charge and any Collateral Securities.

14.4    EFFECT OF RELEASE

        (a)     A full or partial release of this Charge by the Financier does
                not release the Chargor from personal liability under this
                document until the Financier receives the Secured Money,
                regardless of any:

                (i)     receipt given, payout figure quoted or other form of
                        account stated; or

<PAGE>   26
                                       25

                (ii)    error or miscalculation by the Financier.

        (b)     Each indemnity given by the Chargor to the Financier under this
                document is a continuing indemnity. A full or partial release of
                this Charge does not release the Chargor from liability under an
                indemnity unless the release is specifically of that indemnity.

15.     MISCELLANEOUS

15.1    NO OBLIGATION TO EXERCISE RIGHTS OR GIVE CONSENT

        Each of the Financier and a Receiver may:

        (a)     exercise or not exercise any right, power or remedy; and

        (b)     give or not give consent; and

        (c)     make or not make a decision,

        under this document, in its absolute discretion without giving a reason
        and without being liable or accountable for the consequences. In
        relation to the giving or not giving of consent, the Financier will act
        in a manner which the Financier determines in its absolute discretion to
        be reasonable. Such determination shall not be questioned by the
        Chargor.

15.2    CONSENT MUST BE IN WRITING

        A consent given or a right, power or remedy waived by the Financier is
        effective only if given or waived in writing.

15.3    NOTIFICATION FROM CHARGOR

        If the Chargor is required under this document to notify the Financier
        about anything, the Chargor must do so in writing.

15.4    FINANCIER MAY SET OFF

        Without any demand or notice, the Financier may set off and apply
        indebtedness it owes to the Chargor (whatever the currency) against the
        Secured Money:

        (a)     whether the indebtedness is owed alone or with any other person;
                and

        (b)     whether or not the Secured Money or that indebtedness is
                immediately payable.

15.5    CHARGOR MUST NOT SET OFF

        The Chargor must not claim, exercise or attempt to exercise a right of
        set-off or any other right which might reduce or discharge the Secured
        Money.

15.6    NO MARSHALLING

        The Financier need not resort to a Collateral Security or other Security
        Interest before exercising a power under this document.

<PAGE>   27
                                       26

15.7    SUSPENSE ACCOUNT

        The Financier may credit money received in or towards satisfaction of
        the Secured Money to a suspense account. The Financier may keep the
        money in that account for as long as the Financier thinks fit. Interest
        will not accrue on such account. The Financier may apply the money to
        reduce the Secured Money whenever it thinks fit.

15.8    SURPLUS PROCEEDS

        If surplus money remains in the hands of the Financier or a Receiver
        after payment of all the Secured Money (and satisfaction of any
        obligation ranking in priority to the Secured Money or secured by a
        Security Interest over the Charged Property):

        (a)     no trust arises over that surplus money; and

        (b)     that surplus money does not carry interest and the Financier or
                Receiver may pay it to an account in the name of the Chargor
                (whether or not opened by the Financier or Receiver for that
                purpose). The Financier or Receiver is then no longer liable for
                the surplus money.

15.9    APPLYING RECEIPTS

        The Financier may apply or appropriate money received to reduce the
        Secured Money in the order, and to satisfy whatever part of the Secured
        Money, the Financier sees fit.

15.10   TACKING

        For the purpose of applying section 282 of the Corporations Law or any
        equivalent provision in any jurisdiction, if the Financier is obliged to
        make further advances under a Relevant Agreement, that Relevant
        Agreement is taken to be incorporated in this document so that this
        document imposes on the Financier an obligation to advance that money.

15.11   THE FINANCIER MAY ASSIGN RIGHTS

        The Financier may assign or otherwise deal with its rights and benefits
        under this document.

15.12   THE FINANCIER MAY DISCLOSE INFORMATION

        The Financier may disclose to a potential assignee or participant any
        information about the Chargor, any Debtor or a Relevant Agreement which
        it considers appropriate.

15.13   CERTAIN NOTICES OR DEMANDS

        A notice from or demand by the Financier stating:

        (a)     that a specified sum of money is owing or payable (or both)
                under a Relevant Agreement; or

        (b)     that an Event of Default has occurred; or

        (c)     something relevant to the rights or obligations of the Financier
                or the Chargor under a Relevant Agreement,

<PAGE>   28
                                       27

        is admissible in proceedings and is conclusive evidence of the matters
        stated except if there is manifest error.

15.14   IF DUE DATE NOT A BUSINESS DAY

        If anything should be done under this document on a day that is not a
        Business Day, it must be done on the previous Business Day.

15.15   SEVERABILITY

        (a)     A construction of this document that results in all provisions
                being enforceable is to be preferred to a construction that does
                not so result.

        (b)     If, despite the application of paragraph (a), a provision of
                this document is illegal or unenforceable:

                (i)     and it would be legal and enforceable if a word or words
                        were omitted, that word or those words are severed; and

                (ii)    in any other case, the whole provision is severed,

                and the remainder of this document continues in force.

15.16   GOVERNING LAW AND JURISDICTION

        This document is governed by the law of Queensland, except:

        (a)     as required by mandatory provisions of law;

        (b)     to the extent that the validity, perfection or enforceability of
                any of the security interests hereunder, or remedies hereunder,
                are dependent on the laws of a jurisdiction other than
                Queensland, in which case the governing law shall (to that
                extent only) be the law of that jurisdiction.

        The parties hereto agree and intend that:

        (c)     a proper forum/jurisdiction for any litigation or process
                arising out of or related to this Agreement shall be any court
                located in Queensland; and

        (d)     a proper forum/jurisdiction for any litigation or process in
                respect of any of the Charged Property located in a jurisdiction
                other than Queensland shall be any court located either in
                Queensland or that other jurisdiction.

        The Chargor irrevocably and unconditionally submits to the non-exclusive
        jurisdiction of the courts of Queensland and/or the other jurisdiction
        referred to in paragraph (e) (as the case may be). The Chargor, to the
        extent permitted by applicable laws, hereby expressly waives any defence
        or objection to jurisdiction or venue based on the doctrine of forum non
        conveniens, and stipulates that the courts of Queensland and/or that
        other jurisdiction (as the case may be) shall have in personam
        jurisdiction and venue over it for the purpose of any such litigation or
        process arising out of or related to this document.

15.17   AGENT FOR SERVICE OF PROCESS

        The Chargor, having its registered office outside Queensland:

<PAGE>   29
                                       28

        (a)     irrevocably appoints Collins Restaurants Management Pty Ltd ACN
                093 912 979 ('CRM') as its agent for service of process relating
                to any proceedings before the courts and appellate courts of the
                State of Queensland in connection with this document;

        (b)     failure by CRM to notify to the process will not invalidate the
                proceedings concerned; and

        (c)     agrees that nothing shall affect the right to serve process in
                any other manner permitted by law.

15.18   FINANCIER NEED NOT EXECUTE

        This document is enforceable by the Financier even if the Financier does
        not execute it.

                                   SCHEDULE A

        The Charged Property includes, without limitation, all of the following
        property, assets and rights of the Chargor, whether now owned or
        hereafter acquired: accounts, general intangibles, rights to payment of
        money, rights and benefits under contracts and agreements, tax refunds,
        insurance proceeds, instruments, chattel paper, letters of credit,
        promissory notes, drafts, bills of exchange, trade acceptances,
        documents, inventory, goods, copyrights, patents, trademarks, equipment,
        motor vehicles, documents of title, investment property, and all other
        tangible and intangible property, including without limitation, proceeds
        and products of the foregoing, and books and records relating to the
        foregoing.

        All terms used in this Schedule A shall have the definitions set forth
        in the Commercial Code of the State of California.

<PAGE>   30
                                       29

EXECUTED as a deed.

THE COMMON SEAL OF SIZZLER ASIA   )
HOLDINGS INC. is affixed in       )
accordance with its constituent   )
documents in the presence of      )

------------------------------                ----------------------------------
Authorised Officer/Director                   Authorised Officer/Director

------------------------------                ----------------------------------
Please Print Full Name                        Please Print Full Name

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