Document:

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                                                                    EXHIBIT 10.1

                       FIRST AMENDMENT TO CREDIT AGREEMENT

         THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this "First Amendment") dated
effective as of June 5, 2003 (the "First Amendment Effective Date"), among THE
HOUSTON EXPLORATION COMPANY, a Delaware corporation (the "Company"); the lenders
party hereto (the "Lenders"); WACHOVIA BANK, NATIONAL ASSOCIATION, as Issuing
Bank and as Administrative Agent (in its capacity as Administrative Agent, the
"Administrative Agent"); THE BANK OF NOVA SCOTIA and FLEET NATIONAL BANK, as
Co-Syndication Agents; and BNP PARIBAS, as Documentation Agent.

                                R E C I T A L S:

         A.       The Company, the Lenders, the Administrative Agent, the
Co-Syndication Agents and the Documentation Agent are parties to that certain
Credit Agreement dated as of July 15, 2002 (the "Credit Agreement").

         B.       The parties to the Credit Agreement intend to amend the Credit
Agreement to, among other things, permit the Company to issue the "2003 Senior
Subordinated Notes" pursuant to the "2003 Indenture" (as such terms are
hereinafter defined).

         C.       Therefore, in consideration of the mutual covenants and
agreements herein contained, the parties hereto hereby agree as follows:

         SECTION 1.        Defined Terms. Except as amended hereby, terms used
herein when defined in the Credit Agreement shall have the same meanings herein
unless the context otherwise requires.

         SECTION 2.        Amendments to Credit Agreement.

                  (a)      Definitions. The term "Agreement", defined in Section
1.02 of the Credit Agreement, is hereby amended in its entirety to read as
follows:

                  "Agreement" shall mean this Credit Agreement, as amended by
the First Amendment, and as the same may be further amended, supplemented,
waived or otherwise modified from time to time in accordance herewith.

                  (b)      New Definitions. Section 1.02 of the Credit Agreement
is hereby further amended by adding thereto the following new definitions in
their appropriate alphabetical order:

                           "First Amendment" shall mean that certain First
         Amendment to Credit Agreement dated effective as of June 5, 2003 (the
         "First Amendment Effective Date"), among the Company, the Lenders party
         thereto, the Administrative Agent, the Issuing Bank, the Co-Syndication
         Agents and the Documentation Agent.

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                           "2003 Indenture" shall mean that certain Indenture to
         be entered into by and between the Company and Bank of New York,
         individually, as Trustee, pursuant to which the Company will issue the
         2003 Senior Subordinated Notes, as the same may from time to time be
         amended or supplemented and as otherwise permitted by the terms of this
         Agreement including, without limitation, the provisions of Section
         9.01(m).

                           "2003 Senior Subordinated Notes" shall mean the
         Senior Subordinated Notes of the Company issued pursuant to the 2003
         Indenture, as the same may from time to time be renewed, rearranged,
         modified, increased or replaced and as otherwise permitted by the terms
         of this Agreement including, without limitation, the provisions of
         Section 9.01(m).

                  (c)      Borrowing Base. Section 2.09(b) of the Credit
Agreement is hereby amended in its entirety to read as follows:

                  "(b)     Scheduled and Interim Redeterminations. Subject to
                  Section 2.09(d), the Borrowing Base shall be redetermined (a
                  "Scheduled Redetermination") on April 1st and October 1st of
                  each year, commencing October 1, 2002. In addition (i) the
                  Company may, by notifying the Administrative Agent thereof,
                  and the Administrative Agent may, at the direction of the
                  Required Lenders, by notifying the Company thereof, one time
                  during any 12-month period, elect to cause, and (ii) if any
                  refinancing of the Debt of the Company under or in respect of
                  (X) the Indenture or any Senior Subordinated Note permitted by
                  the terms of this Agreement results in the Company receiving
                  net proceeds in excess of the aggregate principal amount of
                  the Senior Subordinated Notes outstanding on the Closing Date
                  or (Y) the 2003 Indenture or any 2003 Senior Subordinated Note
                  permitted by the terms of this Agreement results in the
                  Company receiving net proceeds in excess of the aggregate
                  principal amount of the 2003 Senior Subordinated Notes
                  outstanding on the first Business Day following the First
                  Amendment Effective Date, the Administrative Agent shall
                  cause, the Borrowing Base to be redetermined between Scheduled
                  Redeterminations (a redetermination pursuant to clause (i) or
                  (ii) of this Section 2.09(b), called an "Interim
                  Redetermination") in accordance with this Section. The
                  Borrowing Base shall be subject to further adjustments from
                  time to time pursuant to Section 9.15."

                  (d)      Affirmative Covenants. Article VIII of the Credit
Agreement is hereby amended by adding a new section, to be Section 8.07, to read
in its entirety as follows:

                           "Section 8.07 Redemption of Senior Subordinated
                  Notes. Promptly upon, but in any event within five (5)
                  Business Days after, the issuance of the 2003 Senior
                  Subordinated Notes, the

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                  Company will, by written notice to each "Holder" (as defined
                  in the Indenture), call for redemption of all outstanding
                  Senior Subordinated Notes in accordance with the terms of the
                  Indenture, and the Company will redeem, at the applicable
                  "Redemption Price" (as defined in the Indenture), all
                  outstanding Senior Subordinated Notes on the "Redemption Date"
                  (as defined in the Indenture) set forth in such written
                  notice, which shall be a date not more than 60 days following
                  such written notice."

                  (e)      Negative Covenants. Article IX of the Credit
Agreement is hereby amended as follows:

                           (i)      Section 9.01(l) of the Credit Agreement is
         hereby amended by deleting the period (".") from the end thereof and
         substituting therefor a semi-colon (";").

                           (ii)     Section 9.01 of the Credit Agreement is
         hereby further amended by adding thereto a new clause, to be clause
         (m), to read in its entirety as follows:

                  "(m)     Debt of the Company under or in respect of the 2003
                  Indenture and the 2003 Senior Subordinated Notes issued
                  thereunder, and all amendments, supplements, renewals,
                  extensions or refinancings thereof; provided, however, that
                  (i) the aggregate principal amount of the 2003 Senior
                  Subordinated Notes shall not exceed $175,000,000, (ii)
                  interest on the unpaid aggregate principal amount of the 2003
                  Senior Subordinated Notes shall accrue at a rate per annum not
                  greater than 8 5/8%, (iii) the final maturity of the 2003
                  Senior Subordinated Notes shall be a date not less than seven
                  (7) years from the date of the issuance thereof, (iv) payment
                  of principal of, premium, if any, interest and other amounts
                  owing or to be owing under, in connection with or evidenced by
                  the 2003 Indenture or the 2003 Senior Subordinated Notes shall
                  be subordinated to the payment of the Indebtedness on terms
                  substantially as those set forth in the Indenture as of the
                  First Amendment Effective Date or otherwise reasonably
                  satisfactory to the Administrative Agent, (v) the terms of the
                  2003 Indenture, taken as a whole, shall be no more restrictive
                  to the Company than the terms of the Indenture and (vi) any
                  amendment, supplement, renewal, extension or refinancing of
                  the 2003 Indenture or any 2003 Senior Subordinated Note shall
                  be on terms, taken as a whole, no more restrictive to the
                  Company than the terms of the 2003 Indenture and the 2003
                  Senior Subordinated Notes as they exist on the First Amendment
                  Effective Date, provided, further, however, with respect to
                  subclause (iv) hereof, the 2003 Indenture and the 2003 Senior
                  Subordinated Notes may be prepaid with net proceeds of an
                  equity offering, provided, further, however, if any

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                  refinancing of the Debt of the Company under or in respect of
                  the 2003 Indenture or any 2003 Senior Subordinated Note
                  permitted by the terms of this Agreement results in the
                  Company receiving net proceeds in excess of the aggregate
                  principal amount of the 2003 Senior Subordinated Notes
                  outstanding on the First Amendment Effective Date, the
                  Borrowing Base shall be redetermined in accordance with
                  Section 2.09."

                           (iii)    Section 9.14 of the Credit Agreement is
         hereby amended in its entirety as follows:

                  "Section 9.14 Negative Pledge Agreements. The Company will not
                  create, incur, assume or suffer to exist, or permit any
                  Subsidiary to create, incur, assume or suffer to exist, any
                  contract, agreement or understanding (other than this
                  Agreement, the Security Instruments, the provisions of Section
                  4.7 of the Indenture, the provisions of Section 4.7 of the
                  2003 Indenture, and any contract or agreement evidencing an
                  Excepted Lien, but only with respect to the Property covered
                  by such Excepted Lien) which in any way prohibits or restricts
                  the granting, conveying, creation or imposition of any Lien on
                  any Property of the Company or any Subsidiary, or which
                  requires the consent of or notice to other Persons in
                  connection therewith, except customary consents to assignment
                  provisions contained in any instrument to which the Company or
                  a Subsidiary is a party, and in any conveyance thereof in the
                  Company's or any Subsidiaries' chain of title."

                  (f)      Events of Default. Section 10.01 of the Credit
Agreement is hereby amended by adding thereto a new clause, to be clause (p), to
read in its entirety as follows:

                  "(p)     An "Event of Default" (as defined in the 2003
                  Indenture) occurs and is continuing under the 2003 Indenture
                  (including, without limitation, failure to pay when due any
                  amount owing under or in connection with the 2003 Indenture or
                  a breach of any other covenant or provision thereof);"

                  (g)      Schedule 7.22. Schedule 7.22 to the Credit Agreement
is hereby amended to include the 2003 Indenture, providing for the issuance of
the Company's 2003 Senior Subordinated Notes.

         SECTION 3.        Use of Proceeds. The proceeds received by the Company
from the issuance of the 2003 Senior Subordinated Notes shall be used by the
Company first, to redeem all outstanding Senior Subordinated Notes pursuant to
Section 8.07 of the Credit Agreement, as amended hereby, provided that until
such proceeds are required to be used to redeem the outstanding Senior
Subordinated Notes, such proceeds shall, at the Company's option, be (i)
invested as permitted by Section 9.05 of the Credit Agreement or (ii) used to
prepay Loans

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pursuant to Section 2.08 of the Credit Agreement, and second, to prepay Loans
pursuant to Section 2.08 of the Credit Agreement.

         SECTION 4.        Conditions Precedent; Effectiveness. (a) This First
Amendment shall become effective as of the date hereof when the Administrative
Agent shall have received:

                  (i)      Counterparts hereof duly executed by the Company and
         the Required Lenders (or, in the case of any party as to which an
         executed counterpart shall not have been received, telegraphic, telex,
         or other written confirmation from such party of execution of a
         counterpart hereof by such party).

                  (ii)     The Administrative Agent shall have received such
         other documents as the Administrative Agent or special counsel to the
         Administrative Agent may reasonably request.

             (b)  This First Amendment shall cease to be effective on July 15,
2003, if each of the following events shall not have occurred on or before such
date:

                  (i)      The Administrative Agent shall have received a fully
         executed and completed copy of the 2003 Indenture.

                  (ii)     The 2003 Senior Subordinated Notes shall have been
         issued pursuant to the 2003 Indenture and as otherwise permitted by the
         Credit Agreement, as amended hereby.

         SECTION 5.        Reaffirmation of Representations and Warranties. To
induce the Lenders, the Administrative Agent and the Issuing Bank to enter into
this First Amendment, the Company hereby reaffirms, as of the date hereof, its
representations and warranties in their entirety contained in Article VII of the
Credit Agreement and in all other documents executed pursuant thereto (except to
the extent such representations and warranties relate solely to an earlier
date).

         SECTION 6.        Reaffirmation of Credit Agreement. This First
Amendment shall be deemed to be an amendment to the Credit Agreement, and the
Credit Agreement, as amended hereby, is hereby ratified, approved and confirmed
in each and every respect. All references to the Credit Agreement herein and in
any other document, instrument, agreement or writing shall hereafter be deemed
to refer to the Credit Agreement, as amended hereby.

         SECTION 7.        Governing Law; Entire Agreement. This First Amendment
shall be governed by, and construed in accordance with, the laws of the State of
Texas. The Credit Agreement, as amended by this First Amendment, the Notes and
the other Loan Documents constitute the entire understanding among the parties
hereto with respect to the subject matter hereof and supersede any prior
agreements, written or oral, with respect thereto.

         SECTION 8.        Severability of Provisions. Any provision in this
First Amendment that is held to be inoperative, unenforceable, or invalid in any
jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or
invalid without affecting the remaining provisions

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in that jurisdiction or the operation, enforceability, or validity of that
provision in any other jurisdiction, and to this end the provisions of this
First Amendment are declared to be severable.

         SECTION 9.        Counterparts. This First Amendment may be executed in
any number of counterparts, all of which taken together shall constitute one
agreement, and any of the parties hereto may execute this First Amendment by
signing any such counterpart.

         SECTION 10.       Headings. Article and section headings in this First
Amendment are for convenience of reference only, and shall not govern the
interpretation of any of the provisions of this First Amendment.

         SECTION 11.       Successors and Assigns. This First Amendment shall be
binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns.

                         [Signatures begin on next page]

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         IN WITNESS WHEREOF, the parties hereto have executed this First
Amendment effective as of the First Amendment Effective Date.

COMPANY:                     THE HOUSTON EXPLORATION
                             COMPANY

                             By:    /s/ John H. Karnes
                             Name:  John H. Karnes
                             Title: Senior Vice President and
                                    Chief Financial Officer

AGENTS AND LENDERS:          WACHOVIA BANK, NATIONAL
                             ASSOCIATION, Individually, as Issuing
                             Bank and as Administrative Agent

                             By:    /s/ David E. Humphreys
                             Name:  David E. Humphreys
                             Title: Vice President

                             THE BANK OF NOVA SCOTIA,
                             Individually and as Co-Syndication Agent

                             By:    /s/ N. Bell
                             Name:  N. Bell
                             Title: Senior Manager

                             FLEET NATIONAL BANK, Individually
                             and as Co-Syndication Agent

                             By:    /s/ Allison I. Rossi
                             Name:  Allison I. Rossi
                             Title: Director

                       [Signature Page to First Amendment]

<PAGE>

                             BNP PARIBAS, Individually and as
                             Documentation Agent

                             By:    /s/ Betsy Jocher
                             Name:  Betsy Jocher
                             Title: Vice President

                             By:    /s/ Polly Schott
                             Name:  Polly Schott
                             Title: Vice President

                             COMERICA BANK-TEXAS

                             By:    /s/ Huma Vadgama
                             Name:  Huma Vadgama
                             Title: Assistant Vice President

                             FORTIS CAPITAL CORP.

                             By:    /s/ Darrell W. Holley
                             Name:  Darrell W. Holley
                             Title: Managing Director

                             UNION BANK OF CALIFORNIA, N.A.

                             By:    /s/ Sean Murphy
                             Name:  Sean Murphy
                             Title: Vice President

                             THE BANK OF NEW YORK

                             By:    /s/ Peter W. Keller
                             Name:  Peter W. Keller
                             Title: Vice President

                             WASHINGTON MUTUAL BANK, F.A.

                             By:    /s/ David W. Phillips
                             Name:  David W. Phillips
                             Title: Vice President

                       [Signature Page to First Amendment]

<PAGE>

                             WELLS FARGO BANK TEXAS, N.A.

                             By:    /s/ Paul A. Squires
                             Name:  Paul A. Squires
                             Title: Vice President

                             NATEXIS BANQUES POPULAIRES

                             By:    /s/ Philippe A. Robin
                             Name:  Philippe A. Robin
                             Title: Senior Vice President

                             By:    /s/ Louis P. Laville, III
                             Name:  Louis P. Laville, III
                             Title: Vice President & Group Manager

                             HIBERNIA NATIONAL BANK

                             By:    /s/ David R. Reid
                             Name:  David R. Reid
                             Title: Senior Vice President

                             COMPASS BANK

                             By:    /s/ Dorothy Marchand
                             Name:  Dorothy Marchand
                             Title: Senior Vice President

                             SOUTHWEST BANK OF TEXAS, N.A.

                             By:    /s/ Bryan Chapman
                             Name:  Bryan Chapman
                             Title: Vice President, Energy Lending

                       [Signature Page to First Amendment]<PAGE>

                                                                     EXHIBIT 4.1

               FORM OF 5.0% CONVERTIBLE SUBORDINATED NOTE DUE 2008

                                   ----------

                              DAVE & BUSTER'S, INC.

                             [FORM OF FACE OF NOTE]

[THE FOLLOWING PARAGRAPH SHALL APPEAR ON THE FACE OF EACH RESTRICTED NOTE.]

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT") OR APPLICABLE STATE SECURITIES LAWS. THIS
SECURITY MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE
SECURITIES ACT OR APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION THEREFROM.
THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR
OTHER LOAN SECURED BY THIS SECURITY.

[THE COMPANY MAY, BUT IS NOT OBLIGATED TO, INSTRUCT THE TRUSTEE TO PLACE THE
FOLLOWING PARAGRAPH ON THE FACE OF EACH NOTE HELD BY OR TRANSFERRED TO AN
"AFFILIATE" (AS DEFINED IN RULE 501(B) OF REGULATION D UNDER THE SECURITIES ACT)
OF THE COMPANY:]

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE HELD BY A PERSON WHO MAY BE
DEEMED TO BE AN AFFILIATE OF THE ISSUER FOR PURPOSES OF RULE 144 PROMULGATED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), AND MAY BE SOLD
ONLY IN COMPLIANCE WITH RULE 144, PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE 1933 ACT OR PURSUANT TO A VALID EXEMPTION FROM REGISTRATION
UNDER THE 1933 ACT.

[THE FOLLOWING PARAGRAPH SHALL APPEAR ON THE FACE OF EACH GLOBAL NOTE.]

"THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE
GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES
EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED
PURSUANT TO SECTION 2.6 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED
IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.5(b) OF THE INDENTURE, (III) THIS
GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION
2.8 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY."

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                              DAVE & BUSTER'S, INC.

                   5.0% Convertible Subordinated Note due 2008

THIS NOTE WAS ISSUED WITH "ORIGINAL ISSUE DISCOUNT" FOR U.S. FEDERAL INCOME TAX
PURPOSES. DAVE & BUSTER'S, INC. WILL PROMPTLY MAKE AVAILABLE TO THE HOLDER
HEREOF INFORMATION REGARDING THE ISSUE DATE, ISSUE PRICE, YIELD TO MATURITY,
AMOUNT OF ORIGINAL ISSUE DISCOUNT AND, AS APPROPRIATE, THE COMPARABLE YIELD AND
PROJECTED PAYMENT SCHEDULE OF THIS NOTE, UPON THE WRITTEN REQUEST OF SUCH HOLDER
DIRECTED TO DAVE & BUSTER'S, INC. AT 2481 MANANA DRIVE, DALLAS, TEXAS 75220,
ATTN.: CHIEF FINANCIAL OFFICER.

No.                                                             $
    ---                                                          ---------------

CUSIP No. 23833N AB 0

         Dave & Buster's, Inc., a corporation duly organized and validly
existing under the laws of the State of Missouri (herein called the "Company",
which term includes any successor corporation under the Indenture referred to on
the reverse hereof), for value received hereby promises to pay to
____________________, or registered assigns, the principal sum of ___________
Dollars on August 7, 2008 and to pay interest on said principal sum
semi-annually on February 15 and August 15 of each year, commencing February 15,
2004, at the rate per annum specified in the title of this Note, accrued from
August 7, 2003. The interest so payable on any February 15 or August 15 will be
paid to the person in whose name this Note, or portion thereof (or one or more
Predecessor Notes) is registered at the close of business on the record date,
which shall be the February 1 or August 1 (whether or not a Business Day) next
preceding such February 15 or August 15, respectively; provided that any such
interest not punctually paid or duly provided for shall be payable as provided
in the Indenture. Payment of the principal of and interest accrued on this Note
(including Liquidated Damages, if any) shall be made at the office or agency of
the Company maintained for that purpose in the Borough of Manhattan, The City of
New York, or at any other office or agency permitted by the Indenture, in such
lawful money of the United States of America as at the time of payment shall be
legal tender for the payment of public and private debts; provided further,
however, that, with respect to any holder of Notes with an aggregate principal
amount equal to or in excess of $500,000, at the request of such holder in
writing to the Company, interest on such holder's Notes shall be paid by wire
transfer in immediately available funds in accordance with the written wire
transfer instruction supplied by such holder from time to time to the Trustee
and paying agent (if different from the Trustee) at least two Business Days
prior to the applicable record date.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, including, without limitation, provisions giving a holder of
this Note the right to convert this Note into Common Stock of the Company on the
terms and subject to the limitations referred to on the reverse hereof and as
more fully specified in the Indenture. Such further provisions shall for all
purposes have the same effect as though fully set forth at this place.

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         This Note shall be deemed to be a contract made under the laws of the
State of New York, and for all purposes shall be construed in accordance with
and governed by the laws of said State.

         This Note shall not be valid or become obligatory for any purpose until
the certificate of authentication hereon shall have been manually signed by the
Trustee or a duly authorized authenticating agent under the Indenture.

                                      A-3
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         IN WITNESS WHEREOF, the Company has caused this Note to be duly
executed.

                                           DAVE & BUSTER'S, INC.

                                           -------------------------------------
                                           W. C. Hammett, Senior Vice President
                                           and Chief Financial Officer

Attest:

-----------------------------------------
John S. Davis, Senior Vice President and
Secretary

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

The Bank of New York,
as Trustee, certifies that this is one of
the Notes described in the within-named
Indenture.

Dated:

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

                                      A-4
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                            [FORM OF REVERSE OF NOTE]

                              DAVE & BUSTER'S, INC.

                   5.0% Convertible Subordinated Note due 2008

         This Note is one of a duly authorized issue of Notes of the Company,
designated as its 5.0% Convertible Subordinated Notes due 2008 (herein called
the "Notes"), limited to the aggregate principal amount of __________, all
issued or to be issued under and pursuant to an Indenture dated as of August 7,
2003 (herein called the "Indenture"), between the Company and The Bank of New
York (herein called the "Trustee"), to which the Indenture and all indentures
supplemental thereto reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Company and the holders of the Notes. All capitalized terms used
herein without definition shall have the meaning set forth in the Indenture.

         In case an Event of Default, as defined in the Indenture, shall have
occurred and be continuing, the principal of, premium, if any, and accrued
interest on all Notes may be declared, and upon said declaration shall become,
due and payable, in the manner, with the effect and subject to the conditions
provided in the Indenture. Liquidated damages paid pursuant to Section 15.2 of
the Indenture, if any, shall be paid within ten (10) Business Days of the date
from which such liquidated damages accrued pursuant to Section 15.2. Liquidated
Damages on the Notes paid pursuant to Section 2(f) of the Registration Rights
Agreement, if any, shall be paid at the times and in the manner provided
therein.

         The Indenture contains provisions permitting the Company and the
Trustee in certain limited circumstances, without the consent of the holders of
the Notes, and in other circumstances, with the consent of the holders of not
less than a majority in aggregate principal amount of the Notes at the time
outstanding, evidenced as in the Indenture provided, to execute amendments to
the Indenture or supplemental indentures adding any provisions to or changing in
any manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or modifying in any manner the rights of the holders of
the Notes; provided, however, that no such amendment or supplemental indenture
shall (i) extend the fixed maturity of any Note, or reduce the rate or extend
the time of payment of interest thereon, or reduce the principal amount thereof
or premium, if any, thereon, or reduce any amount payable on redemption or
repurchase thereof, impair, or change in any respect adverse to the holder of
Notes, the obligation of the Company to repurchase any Note at the option of the
holder upon the happening of a Repurchase Event, or impair or adversely affect
the right of any Noteholder to institute suit for the payment thereof, or change
the currency in which the Notes are payable, or impair or change in any respect
adverse to the Noteholders the right to convert the Notes into Common Stock
subject to the terms set forth herein, including Section 15.6, without the
consent of the holder of each Note so affected, or (ii) reduce the aforesaid
percentage of Notes, the holders of which are required to consent to any such
supplemental indenture, without the consent of the holders of all Notes then
outstanding.

         It is also provided in the Indenture that the holders of not less than
a majority in aggregate principal amount of the Notes at the time outstanding
may on behalf of the holders of all of the

                                      A-5
<PAGE>

Notes waive any past default or Event of Default under the Indenture and its
consequences except (i) a default in the payment of interest or premium, if any,
on, or the principal of, the Notes when due, (ii) a failure by the Company to
convert any Notes into Common Stock or (iii) a default in respect of a covenant
or provisions of the Indenture which under Article XI thereof cannot be modified
or amended without the consent of the holders of all Notes then outstanding. Any
such consent or waiver by a holder of this Note (unless revoked as provided in
the Indenture) shall be conclusive and binding upon such holder and upon all
future holders and owners of this Note and any Notes which may be issued in
exchange or substitution hereof, irrespective of whether any notation thereof is
made upon this Note or such other Notes.

         The payment of principal of, premium, if any, and interest on the Notes
will be subordinated in right of payment to the prior payment in full of Senior
Indebtedness as set forth in Article IV of the Indenture.

         Interest on the Notes shall be computed on the basis of a 360-day year
comprised of twelve 30-day months.

         The Notes are issuable in registered form without coupons in
denominations of $1,000 principal amount and integral multiples thereof. At the
office of Trustee or the Company referred to on the face hereof, and in the
manner and subject to the limitations provided in the Indenture, without payment
of any service charge but with payment of a sum sufficient to cover any tax,
assessments or other governmental charges that may be imposed in connection with
any registration or exchange of Notes, Notes may be exchanged for a like
aggregate principal amount of Notes of other authorized denominations.

         From and after August 7, 2006, the Company may, at its option, redeem
all or any part of the Notes, upon notice as set forth in the Indenture, and the
Company shall pay each holder of Notes redeemed a redemption price equal to the
principal amount of such Notes, plus accrued and unpaid interest thereon, if
any, to, but not including, the date of redemption.

         If such notice of redemption has been given as provided in the
Indenture, the Notes or portion of Notes called for redemption shall, unless
converted into Common Stock pursuant to the terms of the Indenture, become due
and payable on the date and at the place or places stated in such notice at the
applicable redemption price and interest accrued to, but excluding, the date
fixed for redemption, and on and after such date (unless the Company shall
default in the payment of such Notes at the redemption price and interest
accrued to, but excluding, said date) interest on the Notes or portion of Notes
so called for redemption shall cease to accrue and such Notes shall cease after
the close of business on the Business Day next preceding the date fixed for
redemption to be convertible into Common Stock and, except as provided in
Sections 8.5 and 13.4 of the Indenture, to be entitled to any benefit or
security under the Indenture, and the holders of such Notes shall have no right
in respect of such Notes except the right to receive the redemption price and
unpaid interest to, but excluding, the date fixed for redemption. On
presentation and surrender of such Notes at a place of payment specified in such
notice, such Notes or the specified portions thereof to be redeemed shall be
paid and redeemed by the Company at the applicable redemption price and interest
accrued thereon to, but excluding, the date fixed for redemption; provided that,
if the applicable redemption date is an interest payment date, then the
semi-annual payment of interest becoming due on such

                                      A-6
<PAGE>

date shall be payable to the holders of such Notes registered as such on the
relevant record date subject to the terms and provisions of Section 2.3 of the
Indenture.

         The Notes are not subject to redemption through the operation of any
sinking fund.

         Upon the occurrence of a "Repurchase Event," the Noteholder has the
right, at such holder's option, to require the Company to repurchase all or any
portion of such holder's Notes on the 30th calendar day (or, if such 30th day is
not a Business Day, the next succeeding Business Day) after notice of such
Repurchase Event at a price equal to (i) 115% of the principal amount of Notes
such holder elects to require the Company to repurchase, if the Repurchase Event
occurs prior to or on August 7, 2004, (ii) 110% of the principal amount of Notes
such holder elects to require the Company to repurchase, if the Repurchase Event
occurs after August 7, 2004 but prior to or on August 7, 2006 and (iii) 105% of
the principal amount of the Notes such holder elects to require the Company to
repurchase if the Repurchase Event occurs after August 7, 2006 but prior to or
on August 7, 2008, together, in each case, with accrued interest to the date
fixed for repurchase; provided that if such repurchase date is an interest
payment date, then the semi-annual payment of interest becoming due on such date
shall be payable to the holders of such Notes registered as such on the relevant
record date subject to the terms and provisions of Section 2.3 of the Indenture.
The Company or, at the written request of the Company, the Trustee shall mail to
all holders of record of the Notes a notice of the occurrence of a Repurchase
Event and of the repurchase right arising as a result thereof on or before the
fifth (5th) Business Day after the occurrence of such Repurchase Event. If a
redemption date pursuant to Article III of the Indenture shall occur prior to
any repurchase date established pursuant to a Company Notice under Section 16.2
of the Indenture, provided that the Company shall have deposited or set aside an
amount of money sufficient to redeem such Notes as set forth in Section 3.2 of
the Indenture on or before such repurchase date, all such Notes shall be
redeemed pursuant to Article III of the Indenture and the repurchase rights
under Article XVI of the Indenture shall have no effect.

         Subject to the provisions of the Indenture, the holder hereof has the
right, at its option, at any time following the date of original issuance of the
Notes and prior to the close of business on August 7, 2008 (except that, with
respect to any Note or portion of a Note that shall be called for redemption,
such right shall terminate, except as otherwise provided in the Indenture, at
the close of business on the Business Day next preceding the date fixed for
redemption unless the Company shall default in payment due upon redemption), to
convert the principal hereof or any portion of such principal which is $1,000 or
an integral multiple thereof, into that number of fully paid and non-assessable
shares of the Company's Common Stock, as said shares shall be constituted at the
date of conversion, obtained by dividing the principal amount of this Note or
portion thereof to be converted by the conversion price of $12.92 or such
conversion price as adjusted from time to time as provided in the Indenture,
upon surrender of this Note, together with a conversion notice as provided in
the Indenture and this Note, to the Company at the office or agency of the
Company maintained for that purpose in the Borough of Manhattan, The City of New
York, or at any other office or agency permitted by the Indenture, and, unless
the shares issuable on conversion are to be issued in the same name as this
Note, duly endorsed by, or accompanied by instruments of transfer in form
satisfactory to the Company duly executed by, the holder or by his duly
authorized attorney. The Company shall pay in cash, on this Note or portion
thereof surrendered for conversion during the period from the close of business
on any interest payment date to which interest has been fully paid through the
close

                                      A-7
<PAGE>

of business on the Business Day preceding the record date for the next such
interest payment date, accrued and unpaid interest, if any, to, but excluding,
the date of conversion. Any such payment of interest shall be made with ten (10)
Business Days after the Conversion Date. Notwithstanding the foregoing, if this
Note shall be surrendered for conversion during the period from the close of
business on any record date for any interest payment date through the close of
business on the Business Day next preceding such interest payment date, this
Note (unless the Note or the portion thereof being converted shall have been
called for redemption pursuant to a redemption notice mailed to the Noteholders
in accordance with Section 3.2 of the Indenture or shall have become due prior
to such interest payment date as a result of a Repurchase Event) must be
accompanied by payment in New York Clearing House funds or other funds
acceptable to the Company, of an amount equal to the interest otherwise payable
on such interest payment date on the principal amount being converted; provided,
however, that no such payment need be made if there shall exist at the time of
conversion a default in the payment of interest on the Notes. No fractional
shares of Common Stock will be issued upon any conversion, but an adjustment in
cash will be paid to the holder, as provided in the Indenture, in respect of any
fraction of a share which would otherwise be issuable upon the surrender of any
Note or Notes for conversion.

         If a holder of this Note exercises the right of conversion set forth in
the Indenture prior to August 7, 2005, the Company shall make an additional
payment in cash to such holder with respect to the portion of this Note
converted, in an amount (a "Holder Conversion Provisional Payment") equal to $50
per each $1,000 principal amount of the portion of the Note converted.

         In connection with any redemption of Notes, the Company may arrange for
the purchase and conversion of any Notes not converted prior to the expiration
of such conversion right by an agreement with one or more investment bankers or
other purchasers to purchase such Notes by paying to the Trustee in trust for
the Noteholders, on or before the date fixed for redemption, an amount not less
than the applicable redemption price, together with the Holder Conversion
Provisional Payment, if any, and interest accrued to the date fixed for
redemption, of such Notes.

         [INCLUDE THE FOLLOWING PARAGRAPH ONLY IF HOLDER HAS ELECTED TO BE
GOVERNED BY SECTION 2(K)(i) OF THE SECURITIES PURCHASE AGREEMENT: The Holder
hereby agrees that in no event will it convert any of the Notes in excess of the
number of such Notes upon the conversion of which (x) the number of shares of
Common Stock beneficially owned by such Holder (other than the shares which
would otherwise be deemed beneficially owned except for being subject to a
limitation on conversion analogous to the limitation contained in this paragraph
plus (y) the number of shares of Common Stock issuable upon the conversion of
such Notes, would be equal to or exceed 9.99% of the number of shares of Common
Stock then issued and outstanding (after giving effect to such conversion), it
being the intent of the Company and the Holder that the Holder not be deemed at
any time to have the power to vote or dispose of greater than 9.99% of the
number of shares of Common Stock issued and outstanding. As used herein,
beneficial ownership shall be determined in accordance with Section 13(d) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"). To the extent
that the limitation contained in this paragraph applies (and without limiting
any rights the Company may otherwise have), the Company may rely on the Holder's
determination of whether the Notes are convertible pursuant to the terms hereof,
the Company having no obligation whatsoever to verify or confirm the accuracy of
such determination, and the submission of the Conversion Notice by the Holder
shall be

                                      A-8
<PAGE>

deemed to be the Holder's representation that the Notes specified therein are
convertible pursuant to the terms hereof. Nothing contained herein shall be
deemed to restrict the right of a Holder to convert the Notes at such time as
the conversion thereof will not violate the provisions of this paragraph.]

         [INCLUDE THE FOLLOWING PARAGRAPHS ONLY IF HOLDER HAS ELECTED TO BE
GOVERNED BY SECTION 2(K)(iI) OF THE SECURITIES PURCHASE AGREEMENT: Each Holder
hereby agrees that in no event will it convert any of the Notes in excess of the
number of such Notes upon the conversion of which (x) the number of shares of
Common Stock beneficially owned by such Holder (other than the shares which
would otherwise be deemed beneficially owned except for being subject to a
limitation on conversion analogous to the limitation contained in this
paragraph) plus (y) the number of shares of Common Stock issuable upon the
conversion of such Notes, would be equal to or exceed 4.99% of the number of
shares of Common Stock then issued and outstanding (after giving effect to such
conversion), it being the intent of the Company and the Holder that the Holder
not be deemed at any time to have the power to vote or dispose of greater than
4.99% of the number of shares of Common Stock issued and outstanding. As used
herein, beneficial ownership shall be determined in accordance with the Exchange
Act. To the extent that the limitation contained in this paragraph applies (and
without limiting any rights the Company may otherwise have), the Company may
rely on the Holder's determination of whether the Notes are convertible pursuant
to the terms hereof, the Company having no obligation whatsoever to verify or
confirm the accuracy of such determination, and the submission of the Conversion
Notice by the Holder shall be deemed to be the Holder's representation that the
Notes specified therein are convertible pursuant to the terms hereof. Nothing
contained herein shall be deemed to restrict the right of a Holder to convert
the Notes at such time as the conversion thereof will not violate the provisions
of this paragraph.

         Upon due presentment for registration of transfer of this Note and any
other documents as may be required to be delivered by the Indenture at the
office or agency of the Company in the Borough of Manhattan, The City of New
York, or at any other office or agency permitted by the Indenture, a new Note or
Notes of authorized denominations for an equal aggregate principal amount will
be issued to the transferee in exchange thereof, subject to the requirements and
limitations provided in the Indenture, without charge except for any tax or
other governmental charge imposed in connection therewith.

         The Company, the Trustee, any authenticating agent, any paying agent,
any conversion agent and any Note registrar may deem and treat a registered
holder hereof as the absolute owner of this Note (whether or not this Note shall
be overdue and notwithstanding any notation of ownership or other writing
hereon), for the purpose of receiving payment hereof (including Liquidated
Damages to the extent accrued but unpaid), or on account hereof, for the
conversion hereof and for all other purposes; and neither the Company nor the
Trustee nor any other authenticating agent nor any paying agent nor any other
conversion agent nor any Note registrar shall be affected by any notice to the
contrary. All such payments so made to, or upon the order of, such registered
holder for the time being shall be valid, and, to the extent of the sum or sums
so paid, effectual to satisfy and discharge the liability for monies payable on
this Note.

                                      A-9
<PAGE>

         No direct or indirect partner, employee, incorporator, stockholder,
director or officer, as such, past, present or future of the Company or any
successor corporation or any Subsidiary or any of the Company's Affiliates,
shall have any personal liability in respect of the obligations of the Company
under this Note by reason of his, her or its status as such partner, employee,
incorporator, stockholder, director or officer. The holder hereof by accepting
this Note waives and releases all such liability. Such waiver and release are
part of the consideration for the issuance of this Note.

                                      A-10
<PAGE>

                                  ABBREVIATIONS

         The following abbreviations, when used in the inscription of the face
of this Note, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenants in common              UNIF GIFT MIN ACT -

                                                                       Custodian
                                            --------------------------
                                                      (Cust)

TEN ENT - as tenants by the entireties
                                            --------------------------
                                                      (Minor)
JT TEN - as joint tenants with right
of survivorship and not as tenants          Uniform Gifts to Minors Act
in common                                                               --------
                                                                        (State)

Additional abbreviations may also be used though not in the above list.

                                      A-11
<PAGE>

              SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

The following exchanges of a part of this Global Note for an interest in another
Global Note or for a Definitive Note, or exchanges of a part of another Global
Note or Definitive Note for an interest in this Global Note, have been made:

<Table>
<Caption>
                                                                                Principal Amount         Signature of
                      Amount of decrease        Amount of increase in           of this Global Note    authorized officer
                    in Principal Amount of       Principal Amount of              following such        of Trustee or
Date of Exchange       this Global Note           this Global Note            decrease (or increase)     Note Custodian
<S>                 <C>                         <C>                           <C>                      <C>

</Table>

                                      A-12
<PAGE>

                           [FORM OF CONVERSION NOTICE]

Dave & Buster's, Inc.
2481 Manana Drive
Dallas, Texas  75220
Attention:  Chief Financial Officer

The Bank of New York
101 Barclay Street, Floor 8W
New York, New York  10286
Telephone:  (212) 815-6907
Facsimile:  (212) 815-5707
Attention:  Corporate Trust Administration

         The undersigned registered owner of this Note hereby irrevocably
exercises the option to convert this Note, or the portion hereof (which is
$1,000 principal amount or an integral multiple thereof) below designated, into
shares of Common Stock in accordance with the terms of the Indenture referred to
in this Note, and directs that the shares issuable and deliverable upon such
conversion, together with any check in payment for fractional shares and any
Notes representing any unconverted principal amount hereof, be issued and
delivered to the registered holder hereof unless a different name has been
indicated below. If shares or any portion of this Note not converted are to be
issued in the name of a person other than the undersigned, the undersigned will
pay all transfer taxes payable with respect thereto. Any amount required to be
paid by the undersigned on account of interest accompanies this Note.

If you want the shares issuable on conversion of this Note credited to your
balance account with The Depositary Trust Company through its Deposit Withdrawal
Agent Commission system, check the box: [ ]

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

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

                                                --------------------------------
                                                Signature(s)

-------------------------------------
Signature Guarantee
Signature(s) must be guaranteed by an
eligible Guarantor Institution (banks,
stock brokers, savings and loan
associations and credit unions) with
membership in an approved signature
guarantee medallion program pursuant
to Securities and Exchange Commission
Rule 17Ad-15 if

                                      A-13
<PAGE>

shares of Common Stock are to be
issued, or Notes to be delivered,
other than to and in the name of the
registered holder.

                                      A-14
<PAGE>

Fill in for registration of shares if to
be issued, and Notes if to be delivered,
other than to and in the name of the
registered holder:

--------------------------------------------
(Name)

--------------------------------------------
(Street Address)

--------------------------------------------
(City, State and Zip Code)

Please print name and address
                                              Principal amount to be converted
                                              (if less than all):  $______,000

                                              ----------------------------------
                                              Social Security or Other Taxpayer
                                              Identification Number

                                      A-15
<PAGE>

                       [FORM OF OPTION TO ELECT REPAYMENT
                            UPON A REPURCHASE EVENT]

Dave & Buster's, Inc.
2481 Manana Drive
Dallas, Texas  75220
Attention:  Chief Financial Officer

The Bank of New York
101 Barclay Street, Floor 8W
New York, New York  10286
Telephone:  (212) 815-6907
Facsimile:  (212) 815-5707
Attention:  Corporate Trust Administration

         The undersigned registered owner of this Note hereby acknowledges
receipt of a notice from Dave & Buster's, Inc. (the "Company") as to the
occurrence of a Repurchase Event with respect to the Company and requests and
instructs the Company to repay the entire principal amount of this Note, or the
portion thereof (which is $1,000 principal amount or an integral multiple
thereof) below designated, in accordance with the terms of the Indenture
referred to in this Note, together with accrued interest (including Liquidated
Damages, if any) to, but excluding, such date, to the registered holder hereof.

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

                                        ----------------------------------------
                                        Signature(s)

                                        ----------------------------------------
                                        Social Security or Other Taxpayer
                                        Identification Number

                                        ----------------------------------------
                                        Principal amount to be repaid (if less
                                        than all): $______,000

                                        NOTICE: The above signatures of the
                                        holder(s) hereof must correspond with
                                        the name as written upon the face of the
                                        Note in every particular without
                                        alteration or enlargement or any change
                                        whatever.

                                      A-1
<PAGE>

                                                                       EXHIBIT B

                         FORM OF CERTIFICATE OF TRANSFER

Dave & Buster's, Inc.
2481 Manana Drive
Dallas, Texas  75220
Attention:  Chief Financial Officer

The Bank of New York
101 Barclay Street, Floor 8W
New York, New York  10286
Telephone:  (212) 815-6907
Facsimile:  (212) 815-5707
Attention:  Corporate Trust Administration

         Re:  5.0% Convertible Subordinated Notes due 2008

Reference is hereby made to the Indenture, dated as of August 7, 2003 (the
"Indenture"), among Dave & Buster's, Inc., as issuer (the "Company"), and The
Bank of New York (the "Trustee"). Capitalized terms used but not defined herein
shall have the meanings given to them in the Indenture.

___________________, (the "Transferor") owns and proposes to transfer the
Note[s] or interest in such Note[s] specified in Annex A hereto, in the
principal amount of $___________ in such Note[s] or interests (the "Transfer"),
to ___________________________ (the "Transferee"), as further specified in Annex
A hereto. In connection with the Transfer, the Transferor hereby certifies that:

                             [CHECK ALL THAT APPLY]

         1. [ ]  CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL
INTEREST IN THE 144A GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO RULE 144A.

         The Transfer is being effected pursuant to and in accordance with Rule
144A under the United States Securities Act of 1933, as amended (the "Securities
Act"), and, accordingly, the Transferor hereby further certifies that the
beneficial interest or Definitive Note is being transferred to a Person that the
Transferor reasonably believed and believes is purchasing the beneficial
interest or Definitive Note for its own account, or for one or more accounts
with respect to which such Person exercises sole investment discretion, and such
Person and each such account is a "qualified institutional buyer" within the
meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and
such Transfer is in compliance with any applicable blue sky securities laws of
any state of the United States. Upon consummation of the proposed Transfer in
accordance with the terms of the Indenture, the transferred beneficial interest
or Definitive Note will be subject to the restrictions on transfer enumerated in
the Private Placement Legend printed on the 144A Global Note and/or the
Definitive Note and in the Indenture and the Securities Act.

                                      B-1
<PAGE>

         2. [ ]  CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A
BENEFICIAL INTEREST IN THE IAI GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO ANY
PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A OR RULE 144.

         The Transfer is being effected in compliance with the transfer
restrictions applicable to beneficial interests in Restricted Global Notes and
Restricted Definitive Notes and pursuant to and in accordance with the
Securities Act and any applicable blue sky securities laws of any state of the
United States, and accordingly the Transferor hereby further certifies that
(check one):

                  (a)  [ ]  such Transfer is being effected pursuant to and in
         accordance with Rule 144 under the Securities Act;

                                       or

                  (b)  [ ]  such Transfer is being effected to the Company or a
         subsidiary thereof;

                                       or

                  (c)  [ ]  such Transfer is being effected pursuant to an
         effective registration statement unDER the Securities Act and in
         compliance with the prospectus delivery requirements of the Securities
         Act;

                                       or

                  (d)  [ ]  such Transfer is being effected to an Institutional
         Accredited Investor and pursuant To an exemption from the registration
         requirements of the Securities Act other than Rule 144A or Rule 144,
         and the Transferor hereby further certifies that it has not engaged in
         any general solicitation within the meaning of Regulation D under the
         Securities Act and the Transfer complies with the transfer restrictions
         applicable to beneficial interests in a Restricted Global Note or
         Restricted Definitive Notes and the requirements of the exemption
         claimed, which certification is supported by (1) a certificate executed
         by the Transferee in the form of Exhibit D to the Indenture and (2) an
         Opinion of Counsel provided by the Transferor or the Transferee (a copy
         of which the Transferor has attached to this certification), to the
         effect that such Transfer is in compliance with the Securities Act.
         Upon consummation of the proposed transfer in accordance with the terms
         of the Indenture, the transferred beneficial interest or Definitive
         Note will be subject to the restrictions on transfer enumerated in the
         Private Placement Legend printed on the IAI Global Note and/or the
         Definitive Notes and in the Indenture and the Securities Act.

         3.  [ ]  CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL
INTEREST IN THE UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE.

                  (a)  [ ]  CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The
         Transfer is being effected pursuant TO and in accordance with Rule 144
         under the Securities Act and in compliance with the transfer
         restrictions contained in the Indenture and any applicable blue sky
         securities laws of any state of the United States and (ii) the
         restrictions on transfer contained in the Indenture and the Private
         Placement Legend are not required in order to maintain compliance with
         the Securities Act. Upon consummation of the proposed Transfer in
         accordance with the terms of the Indenture, the transferred beneficial
         interest or Definitive Note will no longer be subject to the
         restrictions on transfer enumerated in the Private Placement Legend
         printed on the Restricted Global Notes, on Restricted Definitive Notes
         and in the Indenture.

                                      B-2
<PAGE>

                  (b)  [ ]  CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION.
         (i) The Transfer is being effected pursuant to and in compliance with
         an exemption from the registration requirements of the Securities Act
         other than Rule 144, and in compliance with the transfer restrictions
         contained in the Indenture and any applicable blue sky securities laws
         of any State of the United States and (ii) the restrictions on transfer
         contained in the Indenture and the Private Placement Legend are not
         required in order to maintain compliance with the Securities Act. Upon
         consummation of the proposed Transfer in accordance with the terms of
         the Indenture, the transferred beneficial interest or Definitive Note
         will not be subject to the restrictions on transfer enumerated in the
         Private Placement Legend printed on the Restricted Global Notes or
         Restricted Definitive Notes and in the Indenture.

This certificate and the statements contained herein are made for your benefit
and the benefit of the Company.

                                           -------------------------------------
                                                 [Insert Name of Transferor]

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

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

-------------------------------------
Signature Guarantee

Signature(s) must be guaranteed by
an eligible Guarantor Institution
(banks, stock brokers, savings and
loan associations and credit unions)
with membership in an approved
signature guarantee medallion
program pursuant to Securities and
Exchange Commission Rule 17Ad-15
if shares of Common Stock are to
be issued, or Notes to be delivered,
other than to and in the name of the
registered holder.

                                      B-3
<PAGE>

                       ANNEX A TO CERTIFICATE OF TRANSFER

1.       The Transferor owns and proposes to transfer the following:

                            [CHECK ONE OF (a) OR (b)]

         (a)  [ ]  A BENEFICIAL INTEREST IN THE:

                             (i)   [ ]  144A Global Note (CUSIP _________), or

                             (ii)  [ ]  IAI Global Note (CUSIP _________); or

         (b)  [ ]  A RESTRICTED DEFINITIVE NOTE.

2.       After the Transfer the Transferee will hold:

                                                      [CHECK ONE]

                        (a)  [ ]  a beneficial interest in the:

                             (i)    [ ]  144A Global Note (CUSIP _________), or

                             (ii)   [ ]  IAI Global Note (CUSIP _________); or

                             (iii)  [ ]  Unrestricted Global Note
                                        (CUSIP _________); or

                        (b)  [ ]  a Restricted Definitive Note; or

                        (c)  [ ]  an Unrestricted Definitive Note,

                        in accordance with the terms of the Indenture.

                                      B-4
<PAGE>

                                                                       EXHIBIT C

                         FORM OF CERTIFICATE OF EXCHANGE

Dave & Buster's, Inc.
2481 Manana Drive
Dallas, Texas  75220
Attention:  Chief Financial Officer

The Bank of New York
101 Barclay Street, Floor 8W
New York, New York  10286
Telephone:  (212) 815-6907
Facsimile:  (212) 815-5707
Attention:  Corporate Trust Administration

         Re:  5.0% Convertible Subordinated Notes due 2008

                               (CUSIP 23833N AB 0)

Reference is hereby made to the Indenture, dated as of August 7, 2003 (the
"Indenture"), among Dave & Buster's Inc., as issuer (the "Company"), and The
Bank of New York (the "Trustee"). Capitalized terms used but not defined herein
shall have the meanings given to them in the Indenture.

__________________________, (the "Owner") owns and proposes to exchange the
Note[s] or interest in such Note[s] specified herein, in the principal amount of
$____________ in such Note[s] or interests (the "Exchange"). In connection with
the Exchange, the Owner hereby certifies that:

         1. EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN A
RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS
IN AN UNRESTRICTED GLOBAL NOTE

                  (a)  [ ]  CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A
         RESTRICTED GLOBAL NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL
         NOTE. In connection with the Exchange of the Owner's beneficial
         interest in a Restricted Global Note for a beneficial interest in an
         Unrestricted Global Note in an equal principal amount, the Owner hereby
         certifies (i) the beneficial interest is being acquired for the Owner's
         own account without transfer, (ii) such Exchange has been effected in
         compliance with the transfer restrictions applicable to the Global
         Notes and pursuant to and in accordance with the United States
         Securities Act of 1933, as amended (the "Securities Act"), (iii) the
         restrictions on transfer contained in the Indenture and the Private
         Placement Legend are not required in order to maintain compliance with
         the Securities Act and (iv) the beneficial interest in an Unrestricted
         Global Note is being acquired in compliance with any applicable blue
         sky securities laws of any state of the United States.

                  (b)  [ ]  CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A
         RESTRICTED GLOBAL NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection
         with the Exchange of the Owner's beneficial interest in a Restricted
         Global Note for an Unrestricted Definitive Note, the

                                      C-1
<PAGE>

         Owner hereby certifies (i) the Definitive Note is being acquired for
         the Owner's own account without transfer, (ii) such Exchange has been
         effected in compliance with the transfer restrictions applicable to the
         Restricted Global Notes and pursuant to and in accordance with the
         Securities Act, (iii) the restrictions on transfer contained in the
         Indenture and the Private Placement Legend are not required in order to
         maintain compliance with the Securities Act and (iv) the Definitive
         Note is being acquired in compliance with any applicable blue sky
         securities laws of any state of the United States.

                  (c)  [ ]  CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE
         TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection
         with the Owner's Exchange of a Restricted Definitive Note for a
         beneficial interest in an Unrestricted Global Note, the Owner hereby
         certifies (i) the beneficial interest is being acquired for the Owner's
         own account without transfer, (ii) such Exchange has been effected in
         compliance with the transfer restrictions applicable to Restricted
         Definitive Notes and pursuant to and in accordance with the Securities
         Act, (iii) the restrictions on transfer contained in the Indenture and
         the Private Placement Legend are not required in order to maintain
         compliance with the Securities Act and (iv) the beneficial interest is
         being acquired in compliance with any applicable blue sky securities
         laws of any state of the United States.

                  (d)  [ ]  CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE
         TO UNRESTRICTED DEFINITIVE NOTE. IN connection with the Owner's
         Exchange of a Restricted Definitive Note for an Unrestricted Definitive
         Note, the Owner hereby certifies (i) the Unrestricted Definitive Note
         is being acquired for the Owner's own account without transfer, (ii)
         such Exchange has been effected in compliance with the transfer
         restrictions applicable to Restricted Definitive Notes and pursuant to
         and in accordance with the Securities Act, (iii) the restrictions on
         transfer contained in the Indenture and the Private Placement Legend
         are not required in order to maintain compliance with the Securities
         Act and (iv) the Unrestricted Definitive Note is being acquired in
         compliance with any applicable blue sky securities laws of any state of
         the United States.

         2. EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN
RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS
IN RESTRICTED GLOBAL NOTES

                  (a)  [ ]  CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A
         RESTRICTED GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE. In connection
         with the Exchange of the Owner's beneficial interest in a Restricted
         Global Note for a Restricted Definitive Note with an equal principal
         amount, the Owner hereby certifies that the Restricted Definitive Note
         is being acquired for the Owner's own account without transfer. Upon
         consummation of the proposed Exchange in accordance with the terms of
         the Indenture, the Restricted Definitive Note issued will continue to
         be subject to the restrictions on transfer enumerated in the Private
         Placement Legend printed on the Restricted Definitive Note and in the
         Indenture and the Securities Act.

                  (b)  [ ]  CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE
         TO BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE. In connection with
         the Exchange of the Owner's Restricted Definitive Note for a beneficial
         interest in the [CHECK ONE] [ ] 144A Global Note, [ ] IAI Global Note
         with an equal principal amount, thE OWNEr hereby certifies (i) the
         beneficial interest is being acquired for the Owner's own account
         without transfer and

                                      C-2
<PAGE>

         (ii) such Exchange has been effected in compliance with the transfer
         restrictions applicable to the Restricted Global Notes and pursuant to
         and in accordance with the Securities Act, and in compliance with any
         applicable blue sky securities laws of any state of the United States.
         Upon consummation of the proposed Exchange in accordance with the terms
         of the Indenture, the beneficial interest issued will be subject to the
         restrictions on transfer enumerated in the Private Placement Legend
         printed on the relevant Restricted Global Note and in the Indenture and
         the Securities Act.

This certificate and the statements contained herein are made for your benefit
and the benefit of the Company.

                                         ---------------------------------------
                                                [Insert Name of Transferor]

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

------------------------------------
Signature Guarantee

Signature(s) must be guaranteed
by an eligible Guarantor
Institution (banks, stock brokers,
savings and loan associations and
credit unions) with membership
in an approved signature
guarantee medallion program
pursuant to Securities and
Exchange Commission Rule
17Ad-15 if shares of Common
Stock are to be issued, or
Notes to be delivered, other
than to and in the name of the
registered holder.

                                      C-3
<PAGE>

                                                                       EXHIBIT D

                   FORM OF TRANSFER LETTER OF REPRESENTATIONS

                           (TO BE DELIVERED BY HOLDER
                     UPON CERTAIN TRANSFERS OF NOTES WITHOUT
                        EFFECTIVE REGISTRATION STATEMENT)

We are delivering this letter in connection with the sale or transfer to us of
Notes (as defined in the Indenture, dated as of August 7, 2003, between Dave &
Buster's, Inc., a Missouri corporation (the "Company") and The Bank of New York,
a New York banking corporation (the "Trustee")) other than pursuant to a
registration statement that has been declared effective under the Securities Act
of 1933, as amended (the "Securities Act").

We hereby confirm that:

         (i)      we are an "accredited investor" within the meaning of Rule
                  501(a)(1),(2), (3), (5), (6), (7) or (8) under the Securities
                  Act;

         (ii)     any purchase or receipt of the Notes by us will be for
                  investment purposes and for our own account, not as a nominee
                  or agent;

         (iii)    we have such knowledge and experience in financial and
                  business matters that we are capable of evaluating the merits
                  and risks of purchasing or receiving the Notes;

         (iv)     we do not have need for liquidity in our investment in the
                  Notes, we have the ability to bear the economic risks of our
                  investment in the Notes for an indefinite period of time and
                  we are able to afford the complete loss of our investment in
                  the Notes;

         (v)      we are not acquiring the Notes with a view to any distribution
                  thereof in a transaction that would violate the Securities Act
                  or the securities laws of any State of the United States or
                  any other applicable jurisdiction, and we have no present
                  intention of selling, granting any participation in, or
                  otherwise distributing the same;

         (vi)     we have had access to such information regarding the Company
                  necessary in order for us to make an informed decision and any
                  such information which we have requested have been made
                  available for us or our attorney, accountant, or advisor; and

         (vii)    we or our attorney, accountant, or advisor have had a
                  reasonable opportunity to ask questions of and receive answers
                  from a person or persons acting on behalf of the Company
                  concerning the business, management and financial affairs of
                  the Company and the terms and conditions of the acquisition by
                  us of the Notes and all such questions have been answered to
                  our full satisfaction, and we have acquired sufficient
                  information about the Company to make an informed and
                  knowledgeable decision to acquire the Notes.

                                      D-1
<PAGE>

         We understand that the Notes have not been registered under the
Securities Act, and we agree, on our own behalf and on behalf of each account
for which we acquire any Notes, that such Notes may be offered, resold, pledged
or otherwise transferred only (i) in accordance with an exemption from the
registration requirements of the Securities Act, (ii) to the Company or (iii)
pursuant to an effective registration statement, and, in each case, in
accordance with any applicable securities laws of any State of the United States
or any other applicable jurisdiction. We agree that we will furnish the Company
and the Trustee an opinion of counsel, if the Company so requests, that the
foregoing restrictions on transfer have been complied with. We understand that
the Trustee will not be required to accept for registration of transfer any
Notes, except upon presentation of evidence satisfactory to the Company,
including an opinion of counsel if the Company so requests, that the foregoing
restrictions on transfer have been complied with.

         We acknowledge that the Company and others will rely upon our
confirmations, acknowledgements and agreements set forth herein, and we agree to
notify you promptly in writing if any of our representations or warranties
herein ceases to be accurate and complete.

                                      ------------------------------------------
                                      (Name)

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

                                      Address:

                                      D-2

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