Document:

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                                                                    Exhibit 10.8
                                                                    ------------

                  AMENDED AND RESTATED COLLATERAL ASSIGNMENT
                  ------------------------------------------
                                      OF
                                      --
                             PARTNERSHIP INTEREST
                             --------------------

     This COLLATERAL ASSIGNMENT OF PARTNERSHIP INTEREST (this "Assignment"),
dated as of June 29, 2001, from National Restaurant Enterprises, Inc. (the
"Assignor") in favor of Fleet National Bank (f/k/a BankBoston, N.A., the
"Assignee"), a national banking association, as agent (hereinafter, in such
capacity, the "Agent") for itself and other lending institutions (hereinafter,
collectively, the "Banks"), which are or may become parties to the Credit
Agreement dated as of the date hereof (as hereinafter defined).

     WHEREAS, The Assignor, AmeriKing, Inc. ("AmeriKing"), the Agent and the
Banks entered into a Fourth Amended and Restated Revolving Credit Agreement
dated as of December 24, 1998 (as amended and in effect from time to time, the
"Revolver Credit Agreement"), pursuant to which the Banks, subject to the terms
and conditions contained therein, provided certain financial accommodations to
the Assignor; and

     WHEREAS, the Assignor, AmeriKing, the Agent and the Banks entered into an
Acquisition Revolving Credit Agreement dated as of December 24, 1998 (as amended
and in effect from time to time, the "Acquisition Credit Agreement," and
collectively with the Revolver Credit Agreement, the "Existing Credit
Agreements"), pursuant to which the Banks, subject to the terms and conditions
contained therein, provided certain financial accommodations to the Assignor;
and

     WHEREAS, the parties to the Existing Credit Agreements and National
Restaurant Enterprises Holdings, Inc. ("Holdings") have agreed to consolidate,
amend and restate the Existing Credit Agreements in their entirety by entering
into the Consolidated, Amended and Restated Revolving Credit Agreement dated as
of the date hereof, among the Assignor, AmeriKing, Holdings, the Agent and the
Banks (as amended and in effect from time to time, the "Credit Agreement"); and

     WHEREAS, the Assignor is the legal and beneficial owner of a limited
partnership interest in AmeriKing Indiana, L.P., a Delaware limited partnership
(the "Partnership"); and

     WHEREAS, in connection with the Existing Credit Agreements, the Assignor
and the Agent executed a Collateral Assignment of Partnership Interest dated as
of December 24, 1998 (as amended and in effect from time to time, the "Existing
Partnership Assignment Agreement"); and

     WHEREAS, it is a condition precedent to the Agent and the Banks making
loans or otherwise extending credit to the Assignor under the Credit Agreement
that the Assignor execute and deliver to the Agent, for the benefit of the Banks
and the Agent, an amended and restated collateral assignment of partnership
interest in substantially the form hereof; and
<PAGE>

                                      -2-

     WHEREAS, each of the Assignor and the Agent wishes to amend and restate in
its entirety the Existing Partnership Assignment Agreement for the benefit of
the Agent and the Banks as herein provided, which shall amend and restate in its
entirety the Existing Partnership Assignment Agreement, and the Existing
Partnership Assignment Agreement shall remain in full force and effect only as
set forth herein; and

     WHEREAS, the Assignor is expected to receive substantial direct and
indirect benefits from the making of loans and other extensions of credit to the
Assignor by the Banks pursuant to the Credit Agreement (which benefits are
hereby acknowledged); and

     WHEREAS, the Assignor has executed a Security Agreement as of the date
hereof between the Assignor and the Agent (the "Security Agreement"); and

     WHEREAS, the Assignor wishes to pledge its limited interest in the
Partnership in favor of the Agent, for the benefit of the Banks and the Agent,
as herein provided;

     NOW, THEREFORE, in consideration of the premises contained herein and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

                               1.  DEFINITIONS.
                                   -----------

     All capitalized terms used herein without definitions shall have the
respective meanings provided therefor in the Credit Agreement.  All terms
defined in the Uniform Commercial Code of the Commonwealth of Massachusetts and
used herein shall have the same definitions herein as specified therein.  The
following terms shall have the following meanings herein:

     Acquisition Credit Agreement.  See preamble.
     ----------------------------

     Assignee, Assignor.  See preamble.
     ------------------

     Assigned Interests.  See (S)2.1 hereof.
     ------------------

     Cash Collateral.  See (S)4.2.
     ---------------

     Cash Collateral Account.  See (S)4.2.
     -----------------------

     Collateral.  The Assigned Interests and all other property now or hereafter
     ----------
pledged or assigned to the Assignee by the Assignor hereunder, and all income
therefrom, increases therein and proceeds thereof.

     Credit Agreement.  See preamble.
     ----------------

     Event of Default.  See (S)5.
     ----------------
<PAGE>

                                      -3-

     Existing Credit Agreements.  See preamble.
     --------------------------

     General Partner.  As defined in the Partnership Agreement.
     ---------------

     Guaranty.  See preamble.
     --------

     Partnership.  See preamble.
     -----------

     Partnership Agreement.  The Agreement of Limited Partnership dated as of
     ---------------------
January 22, 1998, as amended, modified, supplemented or restated from time to
time.

     Revolver Credit Agreement.  See preamble.
     -------------------------

     Security Agreement.  See preamble.
     ------------------

     Time Deposits.  See (S)4.2.
     -------------

                                2.  ASSIGNMENT.
                                    ----------

     2.1.  Grant of Security Interest. The Assignor hereby pledges, grants a
           --------------------------
security interest in, mortgages, and collaterally assigns and transfers to the
Assignee, as security for the payment and performance in full when due of all of
the Obligations, all the right, title and interest of the Assignor in and to the
Assignor's limited partnership interest in the Partnership, wherever located and
whether now owned or hereafter acquired or arising, including, without
limitation, (a) all payments or distributions, whether in cash, property or
otherwise, at any time owing or payable to the Assignor on account of its
interest as a limited partner in the Partnership or in the nature of a
management, investment banking or other fee paid or payable by the Partnership
to the Assignor, (b) all of the Assignor's rights and interests as a limited
partner under the Partnership Agreement, including all voting and management
rights and all rights to grant or withhold consents or approvals, (c) all rights
of access and inspection to and use of all books and records, including computer
software and computer software programs, of the Partnership, (d) all other
rights, interests, property or claims to which the Assignor may be entitled in
its capacity as a limited partner of the Partnership, and (e) all proceeds and
products of any of the foregoing (all of the foregoing rights, title and
interest described in the foregoing clauses (a) through (e) being herein
referred to collectively as the "Assigned Interests").

     2.2.  Pledge of Cash Collateral Accounts. The Assignor also hereby pledges
           ----------------------------------
and assigns to the Assignee a security interest in, the Cash Collateral Account
and all of the Cash Collateral, subject to the terms of this Agreement.

     2.3.  Waiver of Certain Partnership Agreement Provisions.  The Assignor
           --------------------------------------------------
irrevocably waives any and all provisions of the Partnership Agreement that (a)
prohibit, restrict, condition or otherwise affect the grant hereunder of any
lien, security interest or encumbrance on any of the Collateral or any
enforcement
<PAGE>

                                      -4-

action which may be taken in respect of any such lien, security interest or
encumbrance, or (b) otherwise conflict with the terms of this Assignment.

     2.4.  Limitations.  Notwithstanding the foregoing provisions of this (S)2,
           -----------
such grant of security interest shall not extend to, and the term "Collateral"
shall not include, any general intangibles, including, without limitation, a
partnership interest or right to a distribution by virtue of ownership of such
partnership interest, which is now or hereafter held by the Assignor as partner
in the Partnership, to the extent that (a) such general intangibles are not
assignable or capable of being encumbered as a matter of law or under the terms
of the Partnership Agreement or other agreement applicable thereto) or would
cause a default by the Assignor or the Partnership (but solely to the extent
that any such restriction referred to in this clause (a) shall be enforceable
under applicable law), without the consent of one or more of the other partners
thereof or other applicable party thereto and (b) such consent has not been
obtained; provided, however, that the foregoing grant of security interest shall
          --------  -------
extend to, and the term "Collateral" shall include, (i) any and all proceeds of
such general intangibles to the extent that the assignment or encumbering of
such proceeds is not so restricted and (ii) upon any such other partner's or
other applicable party's consent with respect to any such otherwise excluded
general intangibles being obtained, thereafter such general intangibles as well
as any and all proceeds thereof that might theretofore have been excluded from
such grant of a security interest and the term "Collateral".

               3.  REPRESENTATIONS, WARRANTIES AND COVENANTS OF
                   --------------------------------------------
                                   ASSIGNOR.
                                   --------

     3.1.  Representations and Warranties.  The Assignor hereby represents and
           ------------------------------
warrants to, Assignee as follows:

             (a)  The Partnership is duly organized, validly existing, and in
     good standing under the laws of the State of Delaware and all other
     jurisdictions where the Partnership does business; the Partnership
     Agreement is in full force and effect; the Assignor is a duly constituted
     partner of the Partnership pursuant to the Partnership Agreement; the
     persons and entities listed as partners in the Partnership Agreement are
     the only partners of the Partnership; and the Assigned Interests are
     validly issued, non-assessable and, except as set forth in (S)3.1(g)
     hereof, fully paid partnership interests in the Partnership.

             (b)  The Assignor has full right, power and authority to make this
     Assignment (including the provisions enabling the Assignee or its nominee,
     upon the occurrence of an Event of Default, to exercise the rights provided
     for herein), under the Partnership Agreement and under applicable law,
     without the consent, approval or authorization of, or notice to, any other
     person, including any regulatory authority or any person having any
     interest in the Partnership, other than any consents to this Assignment
     required to be given by the other partners under the Partnership Agreement,
     which consents, if any, have been duly received.
<PAGE>

                                      -5-

             (c)  The execution, delivery, and performance of this Assignment
     and the transactions contemplated hereby (i) have been duly authorized by
     all necessary corporate proceedings on behalf of the Assignor, (ii) do not
     conflict with or result in any breach or contravention of any applicable
     law, regulation, judicial order or decree to which such Assignor is
     subject, (iii) do not conflict with or violate any provision of the
     corporate charter or bylaws of the Assignor, and (iv) do not violate,
     conflict with, constitute a default or event of default under, or result in
     any rights to accelerate or modify any obligations under any material
     agreement, instrument, lease, mortgage or indenture to which such Assignor
     is party or subject, or to which any of its assets are subject.

             (d)  This Assignment has been duly executed and delivered by the
     Assignor and is the legal, valid, and binding obligation of the Assignor
     enforceable against it in accordance with the terms hereof except as
     enforceability is limited by bankruptcy, insolvency, reorganization,
     moratorium, or other laws relating to or affecting generally the
     enforcement of creditors' rights and except to the extent that availability
     of the remedy of specific performance or injunctive relief is subject to
     the discretion of the court before which any case or proceeding therefor
     may be brought.

             (e)  The Assignor is the sole, direct, legal and beneficial owner
     of all Assigned Interests, which Assigned Interests constitute the
     Assignor's entire limited partnership interest in the Partnership
     (reflecting a 94% interest in the Partnership), and has good and marketable
     title thereto, free and clear of any lien, security interest, mortgage or
     other encumbrance, other than the liens and security interest granted to
     the Assignee hereunder or liens under the Securities Act of 1933, as
     amended; and the liens and security interests hereunder constitute valid
     and perfected first priority liens and security interests.

             (f)  The Assignor's principal place of business, chief executive
     office, and the place where its records concerning the Collateral are kept
     is located at 2215 Enterprise Drive, Suite 1502, Westchester, IL 60154.

             (g)  Except as otherwise provided in (S)6 of the Partnership
     Agreement, the Assignor has no obligation to make any contribution, capital
     call or other payment to the Partnership with respect to the Assigned
     Interests.

             (h)  The copy of the Partnership Agreement attached hereto as
     Exhibit A is a true, correct, and complete copy thereof, and the
     ------- -
     Partnership Agreement has not been amended or modified in any respect,
     except for such amendments or modifications as are attached to the copy
     thereof delivered to the Assignee.

             (i)  The partnership interest of the Assignor in the Partnership is
     not evidenced by any certificate issued by the Partnership.
<PAGE>

                                      -6-

     3.2.  Covenants.  The Assignor covenants to the Assignee as follows:
           ---------

            (a)   The Assignor will not permit or agree to any amendment or
     modification of the Partnership Agreement (except for ministerial or other
     non-substantive amendments or modifications) as in effect on the date
     hereof (or other governing document with respect to the Assigned
     Interests), or waive any rights or benefits under the Partnership Agreement
     (or such other governing document), without the prior written consent of
     the Assignee.

            (b)   Without the prior written consent of the Assignee, the
     Assignor will not sell, dispose of or assign, beneficially or of record, or
     grant, create, permit or suffer any lien or encumbrance on, any of the
     Assigned Interests except for (i) the collateral assignment and security
     interest provides herein and (ii) any sale or other disposition by Assignor
     which is expressly permitted by or provided for in the provisions of
     (S)9.5.2 of the Credit Agreement, or withdraw as a limited partner of the
     Partnership.

            (c)   Without the prior written consent of the Assignee, the
     Assignor shall not cast any vote or give or grant any consent, waiver or
     ratification or take any other action which could reasonably be expected to
     (i) directly or indirectly authorize or permit the dissolution, liquidation
     or sale of the Partnership or the sale, lease, assignment, transfer or
     other disposition of any of the assets of the Partnership (except for
     personal property which is disposed of in the ordinary course of business
     and so long as no Event of Default has occurred and is continuing), whether
     by operation of law or otherwise, (ii) have the result of materially and
     adversely affecting any of the Assignee's rights under this Assignment or
     under any of the other Revolver Loan Documents, (iii) violate the terms of
     this Assignment or any of the other Revolver Loan Documents, (iv) have the
     effect of impairing the validity, perfection or priority of the security
     interest of the Assignee in any manner whatsoever, or (v) cause an Event of
     Default.

            (d)   The Assignor will comply with all laws, regulations, judicial
     orders or decrees applicable to the Collateral or any portion thereof, and
     perform and observe its duties under the Partnership Agreement or other
     governing documents with respect to the Assigned Interests.

            (e)   The Assignor will (i) keep and maintain at its own cost and
     expense at its principal place of business satisfactory and complete
     records of the Collateral including a record of all payments received and
     all other dealings of a material nature with the Collateral, and (ii) mark
     its books and records pertaining to the Collateral and its books and
     records kept in its jurisdiction of organization to evidence this
     Assignment and the liens and security interests granted hereby.

            (f)   The Assignor will pay promptly when due any taxes,
     assessments, and governmental charges or levies imposed upon the Collateral
     or in respect of its income or profits therefrom, as well as all claims
<PAGE>

                                      -7-

     of any kind except that no such charge need be paid if (i) the validity
     thereof is being diligently contested in good faith by appropriate
     proceedings; (ii) such proceedings do not involve any danger of the sale,
     forfeiture, or loss of any of the Collateral or any interest therein; and
     (iii) such charge is adequately reserved against in a manner reasonably
     acceptable to the Assignee.

            (g)   The Assignor will advise the Assignee promptly, in reasonable
     detail, of (i) any lien, charge, claim or other encumbrance made or
     asserted against any of the Collateral; (ii) any adverse material change in
     the composition of the Collateral; (iii) the occurrence of any other event
     or condition which to its knowledge would have a material effect on the
     validity, perfection or priority of the liens and security interests
     granted hereunder; and (iv) any bankruptcy or litigation case or proceeding
     relating to any of the Collateral.

            (h)   The Assignor will not (i) change its principal place of
     business or chief executive office or the location of the records
     concerning the Collateral without giving prior written notice to the
     Assignee and taking such actions as may be necessary or appropriate in the
     reasonable opinion of the Assignee duly to perfect and continue the
     perfection of the Assignee's first priority lien and security interest in
     the Collateral pursuant to the laws of any jurisdiction into which such
     place of business, chief executive office, or records is or are
     transferred, and (ii) change its name, identity, or organizational
     structure in any matter that might make any financing statement filed
     hereunder misleading or invalid unless the Assignor shall have notified the
     Assignee thereof and taken all such actions as may be necessary or
     appropriate in the reasonable opinion of the Assignee to make any financing
     statement filed in favor of the Assignee not misleading or invalid.

            (i)   The Assignor shall do or cause to be done all things necessary
     to preserve, renew and keep in full force and effect its legal existence
     and that of the Partnership, the power and authority of each of the
     Assignor and the Partnership to own its property and carry on its business,
     the qualification of each of the Assignor and the Partnership to do
     business in its jurisdiction of organization, and the qualification of each
     of the Assignor and the Partnership to do business in each other
     jurisdiction where such qualification is necessary except where the failure
     so to qualify would not have a material adverse effect on the rights and
     interests of the Assignee hereunder.

            (j)   Within one hundred twenty (120) days after the end of each tax
     year, the Assignor shall furnish to the Assignee complete copies of the
     federal income tax returns of the Assignor and of the Partnership except
     where such returns have already been delivered to the Assignee pursuant to
     any of the Revolver Loan Documents.
<PAGE>

                                      -8-

                            4.  RIGHTS OF ASSIGNEE.
                                ------------------

     4.1.  Assignee Appointed Attorney-in-Fact.  The Assignor hereby irrevocably
           -----------------------------------
constitutes and appoints the Assignee, its successors and assigns, its true and
lawful attorney-in-fact, with full power and authority and with full power of
substitution, at the expense of the Assignor, either in the Assignee's own name
or in the name of the Assignor, at any time and from time to time, in each case
as the Assignee in its sole discretion may determine (i) to execute, deliver and
file financing statements with respect hereof and to execute, deliver and file
amendments to and continuations of such financing statements as the Assignee may
deem necessary or appropriate, and (ii) upon the occurrence and during the
continuance of an Event of Default:

     (A)    to take any action and execute any instruments that such attorney-
            in-fact may deem necessary or advisable to accomplish the purposes
            hereof;

     (B)    to ask, demand, collect, receive, receipt for, sue for, compound,
            and give acquittance for any and all sums or properties that may be
            or become due, payable, or distributable in respect of the
            Collateral or that constitute a part thereof, with full power to
            settle, adjust, or compromise any claim thereunder or therefor as
            fully as the Assignor could do;

     (C)    to endorse or sign the name of the Assignor on all instruments given
            in payment or in part payment thereof and all documents of
            satisfaction, discharge, or receipt required or requested in
            connection therewith; and

     (D)    to file or take any action or institute any case or proceeding that
            the Assignee may deem necessary or appropriate to collect or
            otherwise realize upon any or all of the Collateral, or effect a
            transfer thereof, or that may be necessary or appropriate to protect
            and preserve the right, title, and interest of the Assignee in and
            to the Collateral and the security intended to be afforded hereby.

     4.2.  Cash Collateral Account.  Unless applied by the Assignee to
           -----------------------
Obligations then due and payable, all sums of money that are paid to the
Assignee pursuant to this Assignment shall be deposited into an interest bearing
account with the Assignee or another financial institution selected by the
Assignee in its sole discretion (the "Cash Collateral Account"). Some or all of
                                      ---- ---------- --------
the funds from time to time in the Cash Collateral Account may be invested in
time deposits, including certificates of deposit issued by the Assignee or
another financial institution selected by the Assignee in its sole discretion
(such certificates of deposit or other time deposits being hereinafter referred
to, collectively, as "Time Deposits") that are satisfactory to the Assignee
                      ---- --------
after consultation with the Assignor, provided that nothing contained herein
                                      --------
shall require the Assignor's consent to such Time Deposits, provided, in any
such case, arrangements satisfactory to the Assignee are made to
<PAGE>

                                      -9-

perfect, and to ensure the first priority of, its lien and security interest in
such Time Deposits. Interest earned on the Cash Collateral Account and on the
Time Deposits, and the principal of the Time Deposits at maturity that is not
invested in new Time Deposits, shall be deposited in the Cash Collateral
Account. The Cash Collateral Account, all sums from time to time standing to the
credit of the Cash Collateral Account, any and all Time Deposits, any and all
instruments or other writings evidencing Time Deposits, and any and all proceeds
of any thereof are hereinafter referred to as the "Cash Collateral."
                                                   ---- ----------

     4.3.  Distributions, Conversion, Voting, etc. So long as no Event of
           --------------------------------------
Default shall have occurred and be continuing and to the extent permitted under
the Credit Agreements, the Assignor shall be entitled to:

     (i)   receive all cash and other distributions paid in respect of the
           Assigned Interests not authorized or made in violation of the Credit
           Agreement;

     (ii)  exercise any management or voting rights relating to the Assigned
           Interests; and

     (iii) give consents, waivers, approvals, and ratifications in respect of
           the Assigned Interests.

All such rights of the Assignor to receive cash and other distributions shall
cease if an Event of Default shall have occurred and be continuing, and in each
such case the Assignor shall (A) at the request of the Assignee, issue
appropriate instructions that any such distributions be paid directly to the
Assignee or to such account as the Assignee may designate, and (B) hold in trust
for the Assignee and immediately pay over to the Assignee any such distributions
received by the Assignor.  All such rights of the Assignor referred to in
clauses (ii) and (iii) shall, at the Assignee's sole option, as evidenced by the
Assignee's notifying the Assignor in writing of its exercise of such option,
cease in case an Event of Default shall have occurred and be continuing.

     4.4.  No Assignment of Duties. This Assignment constitutes an assignment of
           -----------------------
the Assigned Interests and the other Collateral only and not an assignment of
any duties or obligations of the Assignor with respect thereto, and by its
acceptance hereof and whether or not the Assignee shall have exercised any of
its rights or remedies hereunder, the Assignee does not undertake to perform or
discharge, and shall not be responsible or liable for the performance or
discharge of, any such duties or responsibilities, including, without
limitation, for capital calls. The Assignor agrees that, notwithstanding the
exercise by the Assignee of any of its rights hereunder, the Assignor shall
remain liable for the full and prompt performance of all of the Assignor's
obligations and liabilities under the Partnership Agreement. Under no
circumstances shall the Assignee or any holder of any of the Obligations as such
be deemed to be a partner of the Partnership by virtue of the provisions of this
Assignment unless expressly agreed to in writing by the Assignee. Without
limiting the generality of the foregoing, the Assignee shall have no partnership
fiduciary duty to the Assignor, whether by virtue of the security interests and
liens hereunder, or any enforcement action in respect of such security
<PAGE>

                                      -10-

interests and liens, unless and until the Assignee is admitted to the
Partnership as a substitute partner after exercising enforcement rights under
(S)9-504 or (S)9-505 of the Uniform Commercial Code of the Commonwealth of
Massachusetts, or otherwise.

                             5.  EVENTS OF DEFAULT.
                                 -----------------

     Any one or more of the following events shall constitute an "Event of
Default" hereunder:

          (a) The Assignor shall fail to perform any of its obligations under
     the Partnership Agreement;

          (b) The occurrence of any "Event of Default" or other like occurrence
     under the Credit Agreement, the other Revolver Loan Documents or any other
     agreement between the Assignor and the Assignee or under any other
     instrument executed by the Assignor in favor of the Assignee.

                                 6.  REMEDIES.
                                     --------

     6.1.  Remedies. During the continuance of an Event of Default, the
           --------
Assignee shall have, in addition to the rights, powers and authorizations to
collect the sums assigned hereunder, all rights and remedies of a secured party
under the Uniform Commercial Code of the Commonwealth of Massachusetts and under
other applicable law with respect to the Assigned Interests and any other
Collateral hereunder, including, without limitation, the following rights and
remedies:

          (a) if the Assignee so elects and gives written notice of such
     election to the Assignor, the Assignee may, in its sole discretion, (i)
     exercise any management or voting rights relating to the Assigned Interests
     (whether or not the same shall have been transferred into its name or the
     name of its nominee or nominees) for any lawful purpose, including for the
     amendment or modification of the Partnership Agreement or other governing
     documents or the liquidation of the assets of the Partnership, (ii) give
     all consents, waivers, approvals, and ratifications in respect of such
     Assigned Interests, and (iii) otherwise act with respect thereto as though
     it were the outright owner thereof (the Assignor hereby irrevocably
     constituting and appointing the Assignee the proxy and attorney-in-fact of
     the Assignor, with full power and authority of substitution, to do so);

          (b) the Assignee may, in its sole discretion, demand, sue for,
     collect, compromise, or settle any rights or claims in respect of any
     Collateral, as attorney-in-fact pursuant to (S)4.1 or otherwise;

          (c) (i)  the Assignee may, in its sole discretion, sell, resell,
     assign, deliver, or otherwise dispose of any or all of the Collateral, for
     cash or credit or both and upon such terms, in such manner, at such place
     or places, at such time or times, and to such persons or entities as the
     Assignee thinks expedient, all without demand for performance by the
     Assignor or any notice or advertisement whatsoever except as expressly
     provided herein or as may
<PAGE>

                                      -11-

     otherwise be required by applicable law; and (ii) at the time of any such
     sale or other disposition, the Assignee or its nominee or any purchaser of
     the Collateral at a foreclosure sale may, in its sole discretion, cause the
     Partnership to make an election under (S)754 of the Internal Revenue Code
     as to the basis of any Assigned Interest being sold or otherwise disposed
     of.

          (d) the Assignee may, in its sole discretion, cause all or any part of
     the Assigned Interests held by it to be transferred into its name or the
     name of its nominee or nominees; and

          (e) the Assignee may, in its sole discretion, set off against the
     Obligations or place an administrative hold or freeze on any and all sums
     deposited with it or held by it, including any sums standing to the credit
     of the Cash Collateral Account and any Time Deposits issued by the
     Assignee, with any withdrawal penalty relating to Time Deposits being an
     expense of collection.

     6.2.  Remedies Not Exclusive. No single or partial exercise by the
           ----------------------
Assignee of any right, power or remedy hereunder shall preclude any other or
further exercise thereof or the exercise of any other right, power or remedy.
Each right, power and remedy herein specifically granted to the Assignee or
otherwise available to it shall be cumulative, and shall be in addition to every
other right, power, and remedy herein specifically given or now or hereafter
existing at law, in equity, or otherwise. Each such right, power and remedy,
whether specifically granted herein or otherwise existing, may be exercised at
any time and from time to time and as often and in such order as may be deemed
expedient by the Assignee in its sole discretion.

     6.3.  Public Sale. In the event of any disposition of the Collateral as
           -----------
provided in (S)6.1(c), the Assignee shall give to the Assignor at least ten (10)
Business Days prior written notice of the time and place of any public sale of
the Collateral or of the time after which any private sale or any other intended
disposition is to be made. The Assignor hereby acknowledges that ten (10)
Business Days prior written notice of such sale or sales shall be reasonable
notice. The Assignee may enforce its rights hereunder without any other notice
and without compliance with any other condition precedent now or hereafter
imposed by law, regulation, judicial order or decree or otherwise (all of which
are hereby expressly waived by the Assignor, to the fullest extent permitted by
law). The Assignee may buy any part or all of the Collateral at any public sale
and if any part or all of the Collateral is of a type customarily sold in a
recognized market or is of a type which is the subject of widely-distributed
standard price quotations, the Assignee may buy at private sale and may make
payments thereof by any means. The Assignee may apply the cash proceeds actually
received from any sale or other disposition to the reasonable expenses of
retaking, holding, preparing for sale, selling, and the like, to reasonable
attorneys' fees, travel, and all other expenses which may be incurred by the
Assignee in attempting to collect the Obligations or to enforce this Assignment
or in the prosecution or defense of any case or proceeding related to this
Assignment, and then to the Obligations in accordance with the requirements of
the Credit
<PAGE>

                                      -12-

Agreement with any surplus being applied as set forth in (S)13.4 of the Credit
Agreement. To the extent that any of the Obligations are to be paid or performed
by a person or entity other than the Assignor, to the extent permitted by
applicable law, the Assignor waives and agrees not to assert any rights or
privileges which it may have under (S)9-112 of the Uniform Commercial Code of
the Commonwealth of Massachusetts.

     6.4.  Private Sale. The Assignor recognizes that the Assignee may be
           ------------
unable to effect a public sale of the Collateral by reason of the lack of a
ready market for the Collateral, of the limited number of potential buyers of
the Collateral or of certain prohibitions contained in the Securities Act of
1933, state securities laws, federal banking laws, and other applicable laws,
and that the Assignee may be compelled to resort to one or more private sales
thereof to a restricted group of purchasers. The Assignor agrees that any such
private sales may be at prices and other terms less favorable to the seller than
if sold at public sales and that such private sales shall not solely by reason
thereof be deemed not to have been made in a commercially reasonable manner. The
Assignee shall be under no obligation hereunder or otherwise (except as provided
by applicable law) to delay a sale of any of the Collateral for the period of
time necessary to permit the registration of such securities for public sale
under the Securities Act of 1933 and applicable state securities laws. Any such
sale of all or a portion of the Collateral may be for cash or on credit or for
future delivery and may be conducted at a private sale where the Assignee or any
other person or entity may be the purchaser of all or part of the Assigned
Interests so sold. The Assignor agrees that to the extent notice of sale shall
be required by law, at least ten (10) Business Days prior notice to the Assignor
of the time and place of any public sale or the time after which any private
sale is to be made shall constitute reasonable notification. Subject to the
foregoing, the Assignee agrees that any sale of the Assigned Interests shall be
made in a commercially reasonable manner. The Assignee shall incur no liability
as a result of the sale of any of the Collateral, or any part thereof, at any
private sale which complies with the requirements of this (S)6.4. The Assignor
hereby waives, to the extent permitted by applicable law, any claims against the
Assignee arising by reason of the fact that the price at which any of the
Collateral, or any part thereof, may have been sold at such private sale was
less than the price that might have been obtained at a public sale, even if the
Assignee accepts the first offer deemed by the Assignee in good faith deemed to
be commercially reasonable under the circumstances and does not offer any of the
Collateral to more than one offeree.

     6.5.  Title. The Assignor further acknowledges its obligation for payment
           -----
of any deficiency remaining beyond the amount of the sale price of the Assigned
Interests, or any of them, less any payment or expenses incurred by the Assignee
in connection with such sale, and the Assignor will promptly pay the amount of
any such deficiency to the Assignee. Nothing contained in this Assignment shall
be construed to require the Assignee to take any action with respect to the
Assigned Interests, whether by way of foreclosure or otherwise and except as
required by the Partnership Agreement, in order to permit the Assignee to become
a substitute limited partner of the Partnership under the Partnership Agreement.
<PAGE>

                                      -13-

                   7.  ASSIGNMENT NOT AFFECTED BY OTHER ACTS.
                       -------------------------------------

     The Assignor acknowledges and agrees that the security interests and
collateral assignments herein provided for shall remain in full force and effect
and shall not be impaired by any acceptance by the Assignee of any other
collateral security for or guaranty of any of the Obligations, or by any failure
or neglect or omission on the part of the Assignee to realize upon, collect or
protect any Obligations or any Collateral.  The security interests and
collateral assignments herein provided for shall not in any manner be affected
or impaired by any renewal, extension, modification, amendment, waiver, or
restatement of any of the Obligations or of any collateral security therefor, or
of any guaranty thereof.  In order to sell, dispose or otherwise realize upon
the security interests and assignments herein granted and provided for, and
exercise the rights granted the Assignee hereunder and under applicable law,
there shall be no obligation on the part of the Assignee at any time to first
resort for payment to any guarantors of the Obligations or any part thereof or
to resort to any other collateral security, property, liens or other rights or
remedies whatsoever, and the Assignee shall have the right to enforce the
security interests and collateral assignments herein provided for irrespective
of whether or not other proceedings are pending for realization upon or from any
of the foregoing.

                          8.  REGISTRATION AND FILING.
                              -----------------------

     The Assignor (i) has caused the Partnership to duly register the security
interests granted hereby on the books of the Partnership as required by (S)(S)8-
108, 8-313 and 8-321 of the Uniform Commercial Code of the Commonwealth of
Massachusetts, and has furnished the Assignee with evidence thereof (including,
without limitation, appropriate initial transaction statements), in form and
substance satisfactory to the Assignee, (ii) has duly executed and caused any
financing statements with respect to the Assigned Interests to be filed in such
a manner and in such places as may be required by law in order to fully protect
the rights of the Assignee hereunder, and (iii) will cause any financing
statements with respect to the Assigned Interests at all times to be kept
recorded and filed at its own expense in such a manner and in such places as may
be required by law in order to fully perfect the interests and protect the
rights of the Assignee hereunder.

                               9.  MISCELLANEOUS.
                                   -------------

     9.1.  Additional Instruments and Assurances. The Assignor hereby agrees,
           -------------------------------------
at its own expense, to execute and deliver, from time to time, any and all
further, or other, instruments, and to perform such acts, as the Assignee may
reasonably request to effect the purposes of this Assignment and to secure to
the Assignee the benefits of all rights and remedies conferred upon the Assignee
by the terms of this Assignment.

     9.2.  Release. If and only if all of the Obligations shall have been
           -------
indefeasibly paid, performed, and discharged in full in cash, any commitments to
lend under the Credit Agreement shall have been canceled, the Assignee shall,
upon
<PAGE>

                                      -14-

demand and at the sole expense of the Assignor, release this Assignment and the
lien hereof by proper instrument or instruments, at the request and expense of
the Assignor.

     9.3.  Assignee's Exoneration. Under no circumstances shall the Assignee
           ----------------------
be deemed to assume any responsibility for or obligation or duty with respect to
any part or all of the Collateral of any nature or kind or any matter or
proceeding arising out of or relating thereto, other than (i) to exercise
reasonable care in the physical custody of the Collateral and (ii) if an Event
of Default shall have occurred and be continuing, to act in a commercially
reasonable manner in exercising its rights and remedies with respect to the
Collateral. Subject to the foregoing, the Assignee shall not be required to take
any action of any kind to collect, preserve or protect its or the Assignor's
rights in the Collateral.

     9.4.  No Waiver, etc. Any term of this Assignment may be amended or
           ---------------
modified with, but only with, the written consent of the Assignor and the
Assignee. Any term of this Assignment may be waived by a writing executed by the
party to be charged with such waiver. No act, failure, or delay by the Assignee
shall constitute a waiver of its rights and remedies hereunder or otherwise. No
single or partial waiver by the Assignee of any default, right, or remedy that
it may have shall operate as a waiver of any other default, right, or remedy or
of the same default, right, or remedy on a future occasion.

     9.5.  Waiver By Assignor. The Assignor hereby waives presentment, notice
           ------------------
of dishonor, and protest of all instruments included in or evidencing any of the
Obligations or the Collateral, and any and all other notices and demands
whatsoever (except as expressly provided herein or in the Credit Agreement or
for notices required in connection with judicial proceedings).

     9.6.  Notice, etc. All notices, requests, and other communications
           ------------
hereunder shall be made and effective in the manner and at the address set forth
in (S)20 of the Credit Agreement or at such other address as may be set forth or
in a notice from the notifying party to the other parties hereto.

     9.7.  Overdue Amounts. Until paid, all amounts due and payable by the
           ---------------
Assignor hereunder shall be a debt secured by the Collateral and shall bear,
whether before or after judgment, interest at the rate of interest for overdue
principal set forth in the Credit Agreement.

     9.8.  Governing Law; Consent to Jurisdiction. THIS ASSIGNMENT IS INTENDED
           --------------------------------------
TO TAKE EFFECT AS A SEALED INSTRUMENT AND SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS.  The
Assignor agrees that any proceeding for the enforcement of this Assignment may
be brought in the courts of the Commonwealth of Massachusetts or any federal
court sitting therein and consents to the non-exclusive jurisdiction of such
court and to service of process in any such proceeding being made upon the
Assignor by mail at the address specified in (S)9.6. The Assignor hereby waives
any objection that it may now or hereafter have
<PAGE>

                                      -15-

to the venue of any such proceeding or any such court or that such proceeding is
brought in an inconvenient court.

     9.9.  Waiver of Jury Trial.  THE ASSIGNOR HEREBY WAIVES ITS RIGHT TO A JURY
           --------------------
TRIAL WITH RESPECT TO ANY PROCEEDING ARISING OUT OF ANY DISPUTE IN CONNECTION
WITH THIS ASSIGNMENT, ANY RIGHTS OR OBLIGATIONS HEREUNDER, OR THE PERFORMANCE OF
ANY SUCH RIGHTS OR OBLIGATIONS.

     9.10.  Limitation of Liability. Except as prohibited by applicable law,
            -----------------------
each of the Assignor and assignee waives any right which it may have to claim or
recover in any proceeding referred to in the preceding sentence any special,
exemplary, or punitive damages or any damages other than, or in addition to,
actual or consequential damages. The Assignor (i) certifies that neither the
Assignee nor any representative, agent, or attorney of the Assignee has
represented, expressly or otherwise, that the Assignee would not, in the event
of any proceeding, seek to enforce the foregoing waivers and (ii) acknowledges
that, in entering into the Credit Agreement, and the other Revolver Loan
Documents to which the Assignee is a party, the Assignee is relying upon, among
other things, the waivers and certifications contained in this (S)9.10.

     9.11.  Severability and Enforceability. All provisions hereof are
            -------------------------------
severable and the invalidity or unenforceability of any of such provisions shall
in no manner affect or impair the validity and enforceability of the remaining
provisions hereof.

     9.12.  Successors and Assigns. This Assignment shall be binding upon the
            ----------------------
Assignor and upon the legal representatives, successors and assigns of the
Assignor and shall inure to the benefit of the Assignee and its successors and
assigns.

     9.13.  Counterparts. This Assignment may be executed in any number of
            ------------
counterparts, each constituting an original, but all together one and the same
instrument.

     9.14.  Entire Agreement. This Assignment and the Revolver Loan Documents
            ----------------
and any other document executed in connection herewith or therewith express the
entire understanding of the parties with respect to the transactions
contemplated hereby. Neither this Assignment nor any terms hereof may be
changed, waived or terminated except by a writing signed by each party hereto.

     9.15.  Transitional Arrangements. This Assignment shall amend and restate
            -------------------------
in its entirety the Existing Partnership Assignment Agreement on the Closing
Date. On the Closing Date, the rights and obligations of the respective parties
under the Existing Partnership Assignment Agreement shall be subsumed within and
governed by this Assignment, provided that, the provisions of the Existing
                             -------- ----
Partnership Assignment Agreement shall remain in full force and effect prior to
the Closing Date.
<PAGE>

                                      -16-

     IN WITNESS WHEREOF, the Assignor and the Assignee have executed this
Assignment as of the date first above written, as an instrument under seal.

                                                  NATIONAL RESTAURANT
                                                  ENTERPRISES, INC.

                                                  By: /s/ A. Ricahrd Caputo, Jr
                                                      -------------------------
                                                      Title: Vice President

                                                  FLEET NATIONAL BANK, as
                                                  Agent

                                                  By: /s/ James J. O'Brian
                                                      -------------------------
                                                      Title: Authorized Officer

     The undersigned, general partner of the Partnership, consents to the
assignment of the limited partnership interest set forth in this Assignment.

                                                    NATIONAL RESTAURANT
                                                    ENTERPRISES, INC.

                                                  By: /s/ A. Richard Caputo, Jr.
                                                      --------------------------
                                                      Title: Vice President<PAGE>

                                                                    Exhibit 10.9
                                                                    ------------

                     SECOND AMENDED AND RESTATED GUARANTY
                     ------------------------------------

     SECOND AMENDED AND RESTATED GUARANTY, dated as of June 29, 2001, by
AMERIKING, INC., a Delaware corporation (the "Guarantor") in favor of (a) FLEET
NATIONAL BANK (f/k/a BankBoston, N.A.), a national banking association, as agent
(hereinafter, in such capacity, the "Agent") for itself and other lending
institutions (hereinafter, collectively, the "Banks") which are or may become
parties to the Credit Agreement (as hereinafter defined) and (b) each of the
Banks.

     WHEREAS, the Borrower, the Guarantor, the Agent and the Banks entered into
a Fourth Amended and Restated Revolving Credit Agreement dated as of December
24, 1998 (as amended and in effect from time to time, the "Revolver Credit
Agreement") and to provide certain additional financing in connection with the
acquisition of Burger King Restaurants pursuant to an Acquisition Revolving
Credit Agreement dated as of December 24, 1998 (as amended and in effect from
time to time, the "Acquisition Credit Agreement" and collectively with the
Revolver Credit Agreement, the "Existing Credit Agreements").

     WHEREAS, the parties to the Existing Credit Agreements and National
Restaurant Enterprises Holdings, Inc. ("Holdings") agreed to consolidate, amend
and restate the Existing Credit Agreements in their entirety by entering into a
Consolidated, Amended and Restated Revolving Credit Agreement dated as of the
date hereof by and among the Borrower, the Guarantor, Holdings, the Banks and
the Agent (as amended and in effect from time to time, the "Credit Agreement");
and

     WHEREAS, the Borrower and the Guarantor are members of a group of related
corporations, the success of any one of which is dependent in part on the
success of the other members of such group; and

     WHEREAS, in connection with the Existing Credit Agreements, the Guarantor
executed and delivered to the Agent an Amended and Restated Guaranty dated as of
December 24, 1998 (as amended, the "Amended and Restated Guaranty") in favor of
the Agent and the Banks; and

     WHEREAS, Guarantor is expected to receive substantial direct and indirect
benefits from the making of loans and other extensions of credit to the Borrower
by the Banks pursuant to the Credit Agreement (which benefits are hereby
acknowledged); and

     WHEREAS, it is a condition precedent to the Agent and Banks entering into
the Credit Agreement and making loans or otherwise extending credit to the
Borrower under the Credit Agreement, that the Guarantor execute and deliver to
the Agent, for the benefit of the Banks and the Agent, a guaranty in
substantially the form hereof; and
<PAGE>

                                      -2-

     WHEREAS, each of the Guarantor and the Borrower wishes to amend and restate
in its entirety the Amended and Restated Guaranty for the benefit of the Agent
and the Banks as herein provided in order to guaranty the Borrower's Obligations
to the Banks and Agent under or in respect of the Credit Agreement as herein
provided;

     NOW, THEREFORE, in consideration of the premises contained herein and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

     1.  Definitions. All capitalized terms used herein without definition shall
         -----------
have the respective meanings provided therefor in the Credit Agreement.

     2.  Guaranty of Payment and Performance. The Guarantor hereby guarantees to
         -----------------------------------
the Banks and the Agent the full and punctual payment when due (whether at
stated maturity, by required prepayment, by acceleration or otherwise), as well
as the performance, of all of the Obligations including all such which would
become due but for the operation of the automatic stay pursuant to (S)362(a) of
the Federal Bankruptcy Code and the operation of (S)(S)502(b) and 506(b) of the
Federal Bankruptcy Code. This Guaranty is an absolute, unconditional and
continuing guaranty of the full and punctual payment and performance of all of
the Obligations and not of their collectibility only and is in no way
conditioned upon any requirement that the Agent or any Bank first attempt to
collect any of the Obligations from the Borrower or resort to any collateral
security or other means of obtaining payment. Should the Borrower default in the
payment or performance of any of the Obligations, the obligations of the
Guarantor hereunder with respect to such Obligations in default shall, upon
demand by the Agent, become immediately due and payable to the Agent, for the
benefit of the Banks and the Agent, without demand or notice of any nature, all
of which are expressly waived by the Guarantor. Payments by the Guarantor
hereunder may be required by the Agent on any number of occasions. All payments
by the Guarantor hereunder shall be made to the Agent, in the manner and at the
place of payment specified therefor in the Credit Agreement, for the account of
the Banks and the Agent and shall be made without setoff or counterclaim and
free and clear of and without deduction for any taxes, levies, imposts, duties,
charges, fees, deductions, withholdings, compulsory loans, restrictions or
conditions of any nature now or hereafter imposed or levied by any jurisdiction
or any political subdivision thereof or taxing or other authority therein unless
the Guarantor is compelled by law to make such deduction or withholding.

     3.  Guarantor's Agreement to Pay Enforcement Costs, etc. The Guarantor
         ---------------------------------------------------
further agrees, as the principal obligor and not as a guarantor only, to pay to
the Agent, on demand, all costs and expenses (including court costs and legal
expenses) incurred or expended by the Agent or any Bank in connection with the
Obligations, this Guaranty and the enforcement thereof, together with interest
on amounts recoverable under this (S)3 from the time when such amounts become
due until payment, whether before or after judgment, at the rate of interest for
overdue principal set forth in the Credit Agreement, provided that if such
                                                     --------
interest exceeds
<PAGE>

                                      -3-

the maximum amount permitted to be paid under applicable law, then such interest
shall be reduced to such maximum permitted amount.

     4.  Waivers by Guarantor; Agent's and Banks' Freedom to Act. The Guarantor
         -------------------------------------------------------
agrees that the Obligations will be paid and performed strictly in accordance
with their respective terms, regardless of any law, regulation or order now or
hereafter in effect in any jurisdiction affecting any of such terms or the
rights of the Agent or any Bank with respect thereto. The Guarantor waives
promptness, diligences, presentment, demand, protest, notice of acceptance,
notice of any Obligations incurred and all other notices of any kind, all
defenses which may be available by virtue of any valuation, stay, moratorium law
or other similar law now or hereafter in effect, any right to require the
marshalling of assets of the Borrower or any other entity or other person
primarily or secondarily liable with respect to any of the Obligations, and all
suretyship defenses generally. Without limiting the generality of the foregoing,
the Guarantor agrees to the provisions of any instrument evidencing, securing or
otherwise executed in connection with any Obligation and agrees that the
obligations of the Guarantor hereunder shall not be released or discharged, in
whole or in part, or otherwise affected by (a) the failure of the Agent or any
Bank to assert any claim or demand or to enforce any right or remedy against the
Borrower or any other entity or other person primarily or secondarily liable
with respect to any of the Obligations; (b) any extensions, compromise,
refinancing, consolidation or renewals of any Obligation; (c) any change in the
time, place or manner of payment of any of the Obligations or any rescissions,
waivers, compromise, refinancing, consolidation or other amendments or
modifications of any of the terms or provisions of the Credit Agreement, the
Revolving Credit Notes, the other Revolver Loan Documents, or any other
agreement evidencing, securing or otherwise executed in connection with any of
the Obligations, (d) the addition, substitution or release of any entity or
other person primarily or secondarily liable for any Obligation; (e) the
adequacy of any rights which the Agent or any Bank may have against any
collateral security or other means of obtaining repayment of any of the
Obligations; (f) the impairment of any collateral securing any of the
Obligations, including without limitation the failure to perfect or preserve any
rights which the Agent or any Bank might have in such collateral security or the
substitution, exchange, surrender, release, loss or destruction of any such
collateral security; or (g) any other act or omission which might in any manner
or to any extent vary the risk of the Guarantor or otherwise operate as a
release or discharge of the Guarantor, all of which may be done without notice
to the Guarantor. To the fullest extent permitted by law, the Guarantor hereby
expressly waives any and all rights or defenses arising by reason of (i) any
"one action" or "anti-deficiency" law which would otherwise prevent the Agent or
any Bank from bringing any action, including any claim for a deficiency, or
exercising any other right or remedy (including any right of set-off), against
the Guarantor before or after the Agent's or such Bank's commencement or
completion of any foreclosure action, whether judicially, by exercise of power
of sale or otherwise, or (ii) any other law which in any other way would
otherwise require any election of remedies by the Agent or any Bank.

     5.  Unenforceability of Obligations Against Borrower. If for any reason the
         ------------------------------------------------
Borrower has no legal existence or is under no legal obligation to discharge any
<PAGE>

                                      -4-

of the Obligations, or if any of the Obligations have become irrecoverable from
the Borrower by reason of the Borrower's insolvency, bankruptcy or
reorganization or by other operation of law or for any other reason, this
Guaranty shall nevertheless be binding on the Guarantor to the same extent as if
the Guarantor at all times had been the principal obligor on all such
Obligations. In the event that acceleration of the time for payment of any of
the Obligations is stayed upon the insolvency, bankruptcy or reorganization of
the Borrower, or for any other reason, all such amounts otherwise subject to
acceleration under the terms of the Credit Agreement, the Revolving Credit
Notes, the other Revolver Loan Documents, or any other agreement evidencing,
securing or otherwise executed in connection with any Obligation shall be
immediately due and payable by the Guarantor.

     6.  Subrogation; Subordination.
         --------------------------

          6.1.  Waiver of Rights Against Borrower. Until the final payment and
                ---------------------------------
     performance in full of all of the Obligations, the Guarantor shall not
     exercise and hereby waives any rights against the Borrower arising as a
     result of payment by the Guarantor hereunder, by way of subrogation,
     reimbursement, restitution, contribution or otherwise, and will not prove
     any claim in competition with the Agent or any Bank in respect of any
     payment hereunder in any bankruptcy, insolvency or reorganization case or
     proceedings of any nature; the Guarantor will not claim any setoff,
     recoupment or counterclaim against the Borrower in respect of any liability
     of the Guarantor to the Borrower; and the Guarantor waives any benefit of
     and any right to participate in any collateral security which may be held
     by the Agent or any Bank.

          6.2.  Subordination. The payment of any amounts due with respect to
                -------------
     any indebtedness of the Borrower for money borrowed or credit received now
     or hereafter owed to the Guarantor is hereby subordinated to the prior
     payment in full of all of the Obligations. The Guarantor agrees that, after
     the occurrence of any default in the payment or performance of any of the
     Obligations, the Guarantor will not demand, sue for or otherwise attempt to
     collect any such indebtedness of the Borrower to the Guarantor until all of
     the Obligations shall have been paid in full. If, notwithstanding the
     foregoing sentence, the Guarantor shall collect, enforce or receive any
     amounts in respect of such indebtedness while any Obligations are still
     outstanding, such amounts shall be collected, enforced and received by the
     Guarantor as trustee for the Banks and the Agent and be paid over to the
     Agent, for the benefit of the Banks and the Agent, on account of the
     Obligations without affecting in any manner the liability of the Guarantor
     under the other provisions of this Guaranty.

          6.3.  Provisions Supplemental. The provisions of this (S)6 shall be
                -----------------------
     supplemental to and not in derogation of any rights and remedies of the
     Banks and the Agent under any separate subordination agreement which the
     Agent may at any time and from time to time enter into with the Guarantor
     for the benefit of the Banks and the Agent.
<PAGE>

                                      -5-

     7.  Security; Setoff. The Guarantor grants to each of the Agent and the
         ----------------
Banks, as security for the full and punctual payment and performance of all of
the Guarantor's obligations hereunder, a continuing lien on and security
interest in all securities or other property belonging to the Guarantor now or
hereafter held by the Agent or such Bank and in all deposits (general or
special, time or demand, provisional or final) and other sums credited by or due
from the Agent or such Bank to the Guarantor or subject to withdrawal by the
Guarantor. Regardless of the adequacy of any collateral security or other means
of obtaining payment of any of the Obligations, each of the Agent and the Banks
is hereby authorized at any time and from time to time, without notice to the
Guarantor (any such notice being expressly waived by the Guarantor) and to the
fullest extent permitted by law, to set off and apply such deposits and other
sums against the obligations of the Guarantor under this Guaranty, whether or
not the Agent or such Bank shall have made any demand under this Guaranty and
although such obligations may be contingent or unmatured.

     8.  Further Assurances. The Guarantor agrees that it will from time to
         ------------------
time, at the request of the Agent, do all such things and execute all such
documents as the Agent may consider necessary or desirable to give full effect
to this Guaranty and to perfect and preserve the rights and powers of the Banks
and the Agent hereunder. The Guarantor acknowledges and confirms that the
Guarantor itself has established its own adequate means of obtaining from the
Borrower on a continuing basis all information desired by the Guarantor
concerning the financial condition of the Borrower and that the Guarantor will
look to the Borrower and not to the Agent or any Bank in order for the Guarantor
to keep adequately informed of changes in the Borrower's financial condition.

     9.  Termination; Reinstatement. This Guaranty shall remain in full force
         --------------------------
and effect until the Agent is given written notice of the Guarantor's intention
to discontinue this Guaranty, notwithstanding any intermediate or temporary
payment or settlement of the whole or any part of the Obligations. No such
notice shall be effective unless received and acknowledged by an officer of the
Agent at the address of the Agent for notices set forth in (S)20 of the Credit
Agreement. No such notice shall affect any rights of the Agent or any Bank
hereunder, including without limitation the rights set forth in (S)(S)4 and 6,
with respect to any Obligations incurred or accrued prior to the receipt of such
notice or any Obligations incurred or accrued pursuant to any contract or
commitment in existence prior to such receipt. This Guaranty shall continue to
be effective or be reinstated, notwithstanding any such notice, if at any time
any payment made or value received with respect to any Obligation is rescinded
or must otherwise be returned by the Agent or any Bank upon the insolvency,
bankruptcy or reorganization of the Borrower, or otherwise, all as though such
payment had not been made or value received.

     10.  Successors and Assigns. This Guaranty shall be binding upon the
          ----------------------
Guarantor, its successors and assigns, and shall inure to the benefit of the
Agent and the Banks and their respective successors, transferees and assigns.
Without limiting the generality of the foregoing sentence, each Bank may assign
or otherwise transfer the Credit Agreement, the Revolving Credit Notes, the
other Revolver Loan
<PAGE>

                                      -6-

Documents, or any other agreement or note held by it evidencing, securing or
otherwise executed in connection with the Obligations, or sell participations in
any interest therein, to any other entity or other person, and such other entity
or other person shall thereupon become vested, to the extent set forth in the
agreement evidencing such assignment, transfer or participation, with all the
rights in respect thereof granted to such Bank herein, all in accordance with
(S)19 of the Credit Agreement. The Guarantor may not assign any of its
obligations hereunder.

     11.  Amendments and Waivers. No amendment or waiver of any provision of
          ----------------------
this Guaranty nor consent to any departure by the Guarantor therefrom shall be
effective unless the same shall be in writing and signed by the Agent with the
consent of the Majority Banks. No failure on the part of the Agent or any Bank
to exercise, and no delay in exercising, any right hereunder shall operate as a
waiver thereof; nor shall any single or partial exercise of any right hereunder
preclude any other or further exercise thereof or the exercise of any other
right.

     12.  Notices. All notices, requests and other communications hereunder
          -------
shall be made in the manner set forth in (S)20 of the Credit Agreement.

     13.  Governing Law; Consent to Jurisdiction. THIS GUARANTY IS INTENDED TO
          --------------------------------------
TAKE EFFECT AS A SEALED INSTRUMENT AND SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS. The Guarantor
agrees that any suit for the enforcement of this Guaranty may be brought in the
courts of the Commonwealth of Massachusetts or any federal court sitting therein
and consents to the nonexclusive jurisdiction of such court and to service of
process in any such suit being made upon the Guarantor by mail at the address
specified by reference in (S)12. The Guarantor hereby waives any objection that
it may now or hereafter have to the venue of any such suit or any such court or
that such suit was brought in an inconvenient court.

     14.  Waiver of Jury Trial. THE GUARANTOR HEREBY WAIVES ITS RIGHT TO A JURY
          --------------------
TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN
CONNECTION WITH THIS GUARANTY, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THE
PERFORMANCE OF ANY OF SUCH RIGHTS OR OBLIGATIONS. Except as prohibited by law,
the Guarantor hereby waives any right which it may have to claim or recover in
any litigation referred to in the preceding sentence any special, exemplary,
punitive or consequential damages or any damages other than, or in addition to,
actual damages. The Guarantor (a) certifies that neither the Agent or any Bank
nor any representative, agent or attorney of the Agent or any Bank has
represented, expressly or otherwise, that the Agent or any Bank would not, in
the event of litigation, seek to enforce the foregoing waivers and (b)
acknowledges that, in entering into the Credit Agreement and the other Loan
Documents to which the Agent or any Bank is a party, the Agent and the Banks are
relying upon, among other things, the waivers and certifications contained in
this (S)14.
<PAGE>

                                      -7-

     15.  Miscellaneous. This Guaranty constitutes the entire agreement of the
          -------------
Guarantor with respect to the matters set forth herein, and supersedes the
Amended and Restated Guaranty in its entirety. The rights and remedies herein
provided are cumulative and not exclusive of any remedies provided by law or any
other agreement, and this Guaranty shall be in addition to any other guaranty of
or collateral security for any of the Obligations. The invalidity or
unenforceability of any one or more sections of this Guaranty shall not affect
the validity or enforceability of its remaining provisions. Captions are for the
ease of reference only and shall not affect the meaning of the relevant
provisions. The meanings of all defined terms used in this Guaranty shall be
equally applicable to the singular and plural forms of the terms defined.

              [THE REMAINDER OF PAGE IS INTENTIONALLY LEFT BLANK]
<PAGE>

                                      -8-

     IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be executed
and delivered as of the date first above written.

                                         AMERIKING, INC.

                                         By: /S/ A. Richard Caputo, Jr.
                                             --------------------------
                                             Title: Vice President

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