Document:

FRANCHISE AGREEMENT

     THIS  AGREEMENT,  made  this  22nd  day of  February  1982  by and  between
STUCKEY'S, INC. (hereinafter called "Company"),  and BOWLIN'S INC. a Corporation
whose address is 136 LOUISIANA NE, ALBUQUERQUE,  NEW MEXICO,  87108 (hereinafter
called  "Dealer"),  who is,  or is to be,  the  owner  lessee,  or tenant of the
premises described in Section 1 herein.

                                   WITNESSETH:

     THIS  AGREEMENT is executed with the franchisee as a result of his purchase
of the franchise  from  franchisees to whom the Company  originally  granted the
franchise covered by this agreement.  There is, therefore,  no provision in this
agreement for an initial franchise fee.

     WHEREAS,  Company warrants that it is the owner of the entire right,  title
and interest,  together with all the good will connected  therewith,  in various
registered and common law trademarks and service marks, including,  although not
limited to, the following:

     (1) Registered Trademarks:

          a.   STUCKEY'S
          b.   STUCKEY'S with Carriage and Lace Design
          c.   STUART'S
          d.   STUCKEY'S GASOLINE

     (2) Registered Service Mark:

               STUCKEY'S

     (3) Unregistered Service Mark:

               STUCKEY'S PECAN SHOPPE

all of which are used in the business of Stuckey's Inc.: and

     WHEREAS, the Company  manufactures,  distributes and sells certain products
under the trademarks listed above; and

     WHEREAS, the Company has created and developed a chain of distinctive style
and  type of  drive-in  confection  and  gift  stores  operated  under  the name
STUCKEY'S  PECAN  SHOPPE,  in which  it  distributes  and  sells  pecans,  pecan
products, jellies, jams, preserves, foods and confections,  souvenirs, gifts and
novelties,  petroleum products,  and other approved commodities,  and wherein it
also provides a fast food service with  distinguishing  characteristics,  all of
which,  in part or  otherwise,  may be changed,  added to,  improved and further
developed from time to time; and

     WHEREAS,  by reason of maintaining  high standards of quality for the goods
it  manufactures  and sells and for the goods of others  offered for sale in its
STUCKEY'S  PECAN SHOPPE stores,  and by reason of maintaining  high standards of
service  specifications in connection with the sale of such products in, and the
operation  of, such stores,  both those of its ownership as well as those stores
owned by others and operated  under  licenses from the Company,  the Company has
successfully  developed  and built a strong demand for the products sold and the
services provided in its stores,  and has successfully  established a reputation
and good will  related to its stores  operated  under the name  STUCKEY'S  PECAN
SHOPPE: and
<PAGE>
     WHEREAS,  the  Dealer,  being  fully  informed  as to the good  reputation,
required high  standards  and legal rights of the Company,  desires to engage in
the  business of  conducting  a STUCKEY'S  PECAN SHOPPE at and from the premises
described in Section 1 on the terms and conditions herein set forth; and

     WHEREAS,  the  Company  is ready  and  willing  to  license  the  Dealer to
establish and operate a STUCKEY'S PECAN SHOPPE outlet at the location  described
in Section 1 on the terms and conditions  hereinafter  set forth for the selling
of products  manufactured  or distributed  by the Company and other  merchandise
approved by the Company, and providing of services identified with the operation
of a  STUCKEY'S  PECAN  SHOPPE,  all in  accordance  with  standards  of service
specified by the Company;

     NOW, THEREFORE,  in consideration of the mutual agreements herein contained
and  promises  herein  made by the  parties  to each  other and for  other  good
consideration acknowledged by each to be satisfactory,  the parties hereto agree
as follows:

     1. GRANT OF FRANCHISE:

     The Company hereby grants to Dealer, and Dealer hereby accepts,  subject to
the terms and conditions  hereof, a franchise and license to operate a STUCKEY'S
PECAN SHOPPE and to use in connection therewith the trade names,  trademarks and
service marks set forth in the prefatory  language to this franchise  agreement.
The  franchise  and  license  herein  established  are granted in respect to the
specific location at and defined as:

          STUCKEY'S PECAN SHOPPE            Located in Section 5, Township 24,
          SOUTHWEST QUADRANT                Range 11 West
          INTERSTATE 10 & STATE RT. 418
          DEMING, NEW MEXICO   88036

          While this agreement shall be and remain in effect,

          (a)  Dealer shall use the said premises  exclusively  for the business
               of a STUCKEY'S  PECAN  SHOPPE,  including the operation of a fast
               food service,  according to standards  adopted by the Company for
               its STUCKEY'S  PECAN SHOPPE  system,  and such other features and
               services  as may be  adopted  from time to time by Company in the
               operation of the system and Dealer shall not use, allow or permit
               the  said  premises  to be used  for  any  other  purpose  unless
               approved in writing by the Company;

          (b)  Dealer  shall  have  the   non-exclusive   privilege  of  selling
               Company's  products and the non-exclusive  privilege of using the
               name  "STUCKEY'S"  as applied to  STUCKEY'S  pecans,  pecan meat,
               pecan candies and other pecan products, jellies, jams, preserves,
               confections, souvenirs, gifts and novelties, and the privilege of
               using other  trademarks  and service marks of Company  related to
               the operation of a STUCKEY'S PECAN SHOPPE,  including a fast food
               service and such other  features and services as may from time to
               time be made a part of and  identified  with the  STUCKEYS  PECAN
               SHOPPE system;

                                       -2-
<PAGE>
          (c)  Dealer may  advertise  the business  operated  under this license
               under the name  "STUCKEY'S  PECAN SHOPPE".  and Dealer may use on
               said premises the  Company's  trade names,  trademarks,  designs,
               advertising and form of structure.

     2. LOCATION CLAUSE:

     The Dealer  acknowledges  that the franchise and license granted under this
Agreement  are solely for the specific  location set forth in Section 1. Nothing
in this  Agreement  shall be construed to authorize or permit  Dealer to use any
right,  privilege or license  herein  granted at or in any other location or for
any other purpose; and Dealer shall not, except pursuant to agreement in writing
with the Company,  engage in the  business of this  franchise at Any place other
than  the  place  described  above,  provided,  however,  that  Dealer  shall be
permitted to erect  billboards  at other  locations  consistent  with  Company's
policies regarding outdoor advertising,  and Dealer shall be permitted to engage
in other advertising and promotions of its franchise and license granted by this
Agreement.

     3. RESTRICTION ON GRANT OF FRANCHISES WITHIN SPECIFIC AREA:

     The Company  agrees that it shall not,  during the term of this  Agreement,
grant  a  similar  franchise  or  license  to  any  other  person,  partnership,
corporation,  or other  entity to operate or own a STUCKEY'S  PECAN  SHOPPE,  or
erect a Company owned STUCKEY'S PECAN SHOPPE within the below described area:

     Deming,  New Mexico:  Beginning at the present store location on Interstate
     10,  100 miles on the same side of the  highway in both  directions  and 50
     miles on  Interstate  10 in both  directions  on the  opposite  side of the
     highway.

     4. PURCHASE OF TRADEMARK PRODUCTS:

     Company will sell to Dealer all products  bearing any trademark  identified
in the preamble to this Agreement,  subject to the  availability  thereof,  that
Dealer shall order for the business licensed hereunder; and subject to the terms
and conditions hereof, Dealer will purchase,  stock, offer and sell all products
usually  offered and sold in  STUCKEY'S  PECAN  SHOPPESL it being the purpose of
this provision to assure that all STUCKEY'S  PECAN SHOPPES are (i) supplied with
Stuckey's  manufactured and trademarked  products,  and (ii) are identified with
the national image of the STUCKEY'S  PECAN SHOPPES and the products and services
available  therein.  Dealer  shall have the  obligation  to develop  and promote
diligently the sale of Stuckey's  products from the premises above and otherwise
to use his  best  efforts  in  developing  and  promoting  the  business  of the
franchise herein granted.

     Dealer will not sell from the above premises any products  manufactured  or
sold by others unless the same are approved by the Company,  which  approval the
Company shall not unreasonably  withhold. A dealer desiring to sell products and
services or to use supplies other than those offered by the Company shall submit
samples  thereof  to  the  Company  in  accordance  with  reasonable  procedures
established by the Company. If necessary, the Company shall have sufficient time
to test,  make  laboratory  analysis,  or other  review  of the  samples  before
approving  or  rejecting  the  submittal.  Company  shall  advise  Dealer of its
approval or  rejection  within  forty-five  (45) days of Dealer's  submittal  in
respect to a request for approval.  Any rejection shall be given in writing.  An
approval shall be deemed given after the expiration of the forty-five  (45) days
referred to above.

     5. COMPANY TRADEMARKS:

     Dealer  acknowledges  the validity and the  ownership in the Company of the
trade names,  trademarks,  service marks and designs  employed by the Company in
the operation of

                                       -3-
<PAGE>
STUCKEY'S  PECAN  SHOPPES.  Dealer shall use his best efforts in developing  and
promoting such trade names, trademarks, service marks and designs. Dealer agrees
to use such trade names, trademarks, service marks and designs only as permitted
by the  Company,  and all good will  created  from such usage and  developed  in
conducting the business of the STUCKEY'S  PECAN SHOPPE covered by this Agreement
shall inure to the benefit of the Company.

     Dealer  shall  not  use  the  name  STUCKEY'S,  or  any  name  visually  or
phonetically  similar  thereto as part of any corporate  name, or as any prefix,
suffix or other  modifying  word,  phrase,  term,  sign or symbol not  expressly
authorized  by  Company.  Dealer  shall not use the name  STUCKEY'S  or any name
visually  or  phonetically  similar  thereto,  on any  product  other than those
manufactured and sold by Company,  unless  expressly  approved by the Company in
writing.

     6. STANDARDS:

     During the term of this  Agreement,  from time to time,  the Company  shall
determine and approve standards of quality for all commodities  bought,  used or
sold on the above  described  premises,  standards of service in connection with
their sale,  standards of quality for all furnishings and equipment  required in
the conduct of the business,  and generally  all  specifications,  standards and
operating procedures for the STUCKEY'S PECAN SHOPPES, including, but not limited
to, specifications, standards and operating procedures relating to:

          (a)  The safety, maintenance,  cleanliness, function and appearance of
               the Dealer's premises and its fixtures, equipment and signs;

          (b)  Qualifications,   dress,   general  appearance  and  demeanor  of
               employees;

          (c)  Quality,  style,  warranty,  and  other  characteristics  of  all
               clothing  and other  merchandise  carried  for sale and all bags,
               boxes and other packaging used in the sale thereof;

          (d)  Hours during which the store will be opened for business;

          (e)  Merchandise inventory requirements;

          (f)  Advertising and promotion;

          (g)  Use of standard forms;

          (h)  Extension of credit and acceptance of credit cards;

          (i)  Use and  illumination  of exterior and interior  signs,  posters,
               designs and similar items;

          (j)  Government regulations;

          (k)  Physical and other inventories;

          (1)  Bookkeeping and record keeping; and

          (m)  The handling of returns and customer complaints and adjustments.

     Company  agrees to use its best  efforts to impose  these  standards on all
other STUCKEY'S PECAN SHOPPES, whether Company owned or franchised.

                                       -4-
<PAGE>
     To attain  further  uniformity  in the  operation  of the  STUCKEY'S  PECAN
SHOPPES and in the use of the trademarks  and service marks licensed  hereunder,
Dealer shall display only such signs or advertising as permitted by the Company.
All accoutrements such as cups, napkins, matches, bags, paper goods and the like
shall be of a quality  consistent  with that prescribed by the Company and shall
bear only such designs,  colors,  names and symbols as specified and approved by
the Company.

     The Company  shall  disclose to and keep  Dealer  informed of its  standard
operating  procedures,  and shall make  available  and  provide  Dealer with the
latest editions of its Store  Operations  Manual,  Food Service Manual,  and any
other relevant manual in effect from time to time, or other rule,  regulation or
standard  involving  any other  relevant  manual in effect from time to time, or
other rule,  regulation or standard  involving any other items set forth in this
section.  The Dealer shall comply with the standards and  procedures  prescribed
and  communicated  to him  by  the  Company  in  order  to  assure  the  uniform
maintenance  of  the  distinguishing  characteristics  of  the  STUCKEY'S  PECAN
SHOPPES.  In the event that the Company makes any  significant  policy change in
the STUCKEY'S PECAN SHOPPES system,  including but not limited to the following:
the  marketing of new  products,  modification  of products,  discontinuance  of
products,  additions,  changes or modifications in the design of the exterior or
the interior of the building structure,  and the like, the Company shall discuss
such proposed change with the Franchise  Advisory Board before  notifying Dealer
thereof.

     7. TRAINING:

     To assist the Dealer in meeting and complying  with the Company's  standard
operating procedures, Company shall train the person engaged by Dealer from time
to time to be manager of the STUCKEY'S  PECAN SHOPPE licensed by this Agreement,
in all phases of the operation of the business of a STUCKEY'S  PECAN SHOPPE in a
training course specifically designed for such purpose. Expenses incurred by the
Dealer,  including  transportation and living expenses, wages and other employee
costs  during such period of  training  shall be borne by Dealer;  but no charge
shall be made by Company to Dealer for the training so provided.

     Company shall maintain supervisory  personnel for the purpose of monitoring
the  conduct of all  STUCKEY'S  PECAN  SHOPPES  and  effecting  compliance  with
operating procedures  established for them in a manner consistent with and which
will not adversely affect the image of the STUCKEY'S PECAN SHOPPES,  and for the
further  purpose of giving  such  assistance  to the Dealer as may be needed and
agreed upon from time to time, all without any additional charge to the Dealer.

     8. RIGHT TO INSPECTION:

     Company shall have the right at alltimes  during  Dealer's  normal business
hours to enter  upon the  premises  set  forth  above  and to  inspect  Dealer's
facilities and operations to determine and assure  compliance by Dealer with the
standards  of quality and service  prescribed  by  Company.  Company  shall make
available  to  Dealer  within a  reasonable  period  of time any  report of such
inspections.

     9. LAWS AND ORDINANCES:

     Dealer shall have the  obligation  to ensure that its business and premises
are  conducted  and  maintained  in  compliance  with  all  applicable  laws and
ordinances.

     10. SALES STAFF:

     Dealer  shall  maintain an adequate  staff of sales people and clerks and a
manager  of the store who shall meet the  standards  prescribed  by Company  for
managers.

                                       -5-
<PAGE>
     11. BUILDING, CONSTRUCTION AND MAINTENANCE:

     In the event a STUCKEY'S  PECAN SHOPPE building is to be constructed on the
premises covered by this Agreement, Dealer shall not undertake construction, and
no reconstruction or alteration of an existing STUCKEY'S PECAN SHOPPE structure,
shall be undertaken without the written approval of the Company,  which approval
shall not be  unreasonably  withheld and no substantial  change or  modification
shall be made in any building  plan or  specification  without the prior written
consent of the Company,  which approval shall not be unreasonably  withheld. The
Company  shall  furnish plans and  specifications  for a STUCKEY'S  PECAN SHOPPE
building to be constructed;  and may supervise  construction or alteration so as
to conform  therewith.  Dealer shall keep all structures in good repair and well
painted  inside  and  outside.  It shall at all  times  maintain  the  premises,
interior  and  exterior of  buildings,  salesroom,  restrooms,  storerooms,  and
service  station in a clean,  orderly and  sanitary  condition  satisfactory  to
Company. Dealer shall do reasonable redecorating, restoration and repair as from
time to time may be reasonably  required by the Company to meet the standards of
a STUCKEY'S PECAN SHOPPE operation.

     12. SIGNS:

     Dealer shall prominently display on said premises advertising signs of such
nature, form, color, number, location, and size and composed of such material as
the Company shall direct or approve in writing.

     In the event the Company  disapproves  of any  Dealer's  sign,  the Company
shall give written  notice to such Dealer and to the  Franchise  Advisory  Board
explaining why such sign is not satisfactory to Company, and if such disapproved
sign is not corrected to Company satisfaction within a reasonable period of time
after  written  notice is  received  by the  Dealer,  provided  that the Company
disapproval is not unreasonable, then Company shall have the right to enter upon
the  premises for the purpose of removal  thereof  without  paying  therefor and
without being deemed guilty of trespass or any other tort.

     In order  properly to advertise the  business,  Dealer shall also erect and
maintain an adequate number of road signs upon a basis mutually  satisfactory to
Dealer and the Company.  Dealer shall incur all costs for such signs, including,
but not limited to, the construction, maintenance and insurance for such signs.

     13. ACCOUNTING AND FINANCIAL RECORDS:

     Dealer  shall keep  complete  and up to date  records  regarding  sales and
inventory, profit and loss from operations and financial standing of the Dealer,
and will permit the Company during normal business hours to inspect such records
and any tax  returns of the Dealer.  Dealer  shall use cash  registers  having a
capacity to accumulate  sales and otherwise of a number and type approved by the
Company.

     In order to further  the  maintenance  of a uniform  accounting  system and
practice,  Company  will  advise and assist in setting up  Dealer's  books at no
extra charge to the Dealer and Dealer will permit an examination of his accounts
and  records  to be made by a person or  persons,  either  in the  employ of the
Company or acceptable  to the Company,  at such time or times as the Company may
designate  in  writing.  A copy of a  report  of any such  examination  shall be
furnished  both to  Company  and the  Dealer.  In the  event  that the books and
records of account of the Dealer are  maintained by the Company on behalf of the
Dealer,  the obligation of the Dealer under this paragraph shall be deemed to be
met. Company shall not be obligated to keep books of accounts for Dealer without
compensation.

                                       -6-
<PAGE>
     14. INSURANCE:

     Dealer shall  purchase and keep in force during the term of this  Agreement
public  liability and other  insurance in amounts and with carriers  meeting the
minimum requirements as specified by the Company from time to time in writing to
the Dealer,  which  insurance  shall  cover  public  liability  risk of all kind
including claims of product liability; and all such liability insurance policies
shall include Pet  Incorporated  and Stuckey's  Inc. as named  insureds.  Dealer
shall file with the Company  appropriate  certificates  of insurance and provide
for copies of all notices of renewal or  cancellation to be sent to the Company.
The types of  insurance  required  of the Dealer by the  Company  and the limits
therefor initially are as follows:

     15. CUSTOMER COMPLAINTS:

     Dealer  shall  give  Company  immediate  notice of any  injury to person or
damage  to  property  occurring  on  Dealer's  premises  or  arising  out of the
operation  of its business as a STUCKEY'S  PECAN  SHOPPE.  Dealer will  receive,
investigate and adjust all complaints,  whether  received  directly by Dealer or
forwarded  to  Dealer  by the  Company,  arising  out of  the  operation  of its
business,  all with a view to  securing  and  maintaining  the good  will of the
public toward STUCKEY'S  products and services.  Dealer shall indemnify  Company
and save Company  harmless  from and against all claims for damages to person or
property  occurring  on Dealer's  premises or arising  out of the  operation  of
Dealer's  business,  unless  occurring as a result of a breach by the Company of
its obligations set forth in the next succeeding section of this Agreement.

     16. PRODUCT WARRANTY:

     Company  warrants that all food products sold by it shall be as of the date
of delivery to Dealer neither  adulterated nor misbranded  within the meaning of
the Federal  Food,  Drug and  Cosmetic  Act,  as  amended,  or pure food laws or
ordinances of the state or city in which Dealer is located, and will be products
which are not proscribed from  introduction  into interstate  commerce under the
Federal Food,  Drug and Cosmetic Act.  Company shall  indemnify  Dealer and save
Dealer  harmless and shall  defend  Dealer from and against any and all charges,
actions and  proceedings,  whether  instituted by any  government or any private
individual  or entity,  on account of any alleged  adulteration  or  misbranding
which is in violation of the foregoing warranty.

     17. ADVERTISING FEE:

     Dealer  shall pay to Company with each billing an amount equal to 4% of the
products  sold  through  the  warehouse   with  respect  to  which  the  company
customarily  assesses an advertising fee on sales in transfers to franchisee and
company-owned  pecan  shoppes.  These monies shall be placed in a special  fund,
which shall consist of contributions  of all STUCKEY'S PECAN SHOPPES  (including
Company owned  shoppes) and, shall be used in the  advertising  and promotion of
STUCKEY'S  PECAN SHOPPES.  Such  advertising  and promotion shall be created and
executed  by the  Company  and the time for,  methods of, and extent of all such
programs shall be determined solely by the Company.

     Dealer  may  also  establish   advertising  and  promotional  programs  and
materials of its own,  provided,  however,  that all advertising and promotional
material proposed by Dealer shall be approved by the Company prior to use.

     18. PETROLEUM PRODUCTS:

     It is an integral  part of the style and  pattern of business of  STUCKEY'S
PECAN  SHOPPES to provide for the sale of  petroleum  products.  Company  shall,
during the term

                                       -7-
<PAGE>
hereof,  provide specifications and standards to the Dealer for the operation of
such  facilities  and shall  render  such  supervision  as to assure  compliance
therewith.  It shall further  establish  procedures  for the use of  appropriate
credit  cards in the  purchase of  petroleum  products and shall advise and keep
Dealer  informed  thereof  and furnish  Dealer with  supplies to be used in such
credit procedures.

     The Dealer and Company both acknowledge and Dealer agrees,  that Company in
negotiating  contracts  for the  purchase  of  gasoline,  may be paid a gasoline
commission  or fee arising out of the sale of  gasoline  dispensed  by Dealer at
Dealer's location.

     19. APPLICATION OF AGREEMENT TO LOCATION FOLLOWING CONDEMNATION:

     Should  the  specific  location  set  forth in  Section 1 be  condemned  by
governmental authority or any part thereof be condemned so that the location may
no longer be suitable for the operation of the STUCKEY'S PECAN SHOPPE  franchise
granted by this Agreement, this Agreement shall be applicable to a new franchise
location  that may be agreed upon  between the Company and the Dealer  provided,
however,  that should a new  location not be agreed upon between the Company and
the Dealer  within two (2) years  after the  condemnation,  then this  Agreement
shall terminate. If for any other reason the Company and Dealer agree that it is
in the  best  interest  of a  franchise  to  discontinue  the  operation  of the
STUCKEY'S  PECAN  SHOPPE at the  specific  location  set forth in Section 1, the
parties may agree to move the  franchise  to another  location and all the terms
and  provisions  of this  Agreement  shall  continue  in full  force and  effect
applicable to the franchise at such new location  provided,  however,  that such
agreement  shall be evidenced in writing and further  provided that this section
shall not be  construed  to impose any costs of  purchasing  land,  constructing
buildings, or otherwise related to said move, on the Company.

     20. TERM OF AGREEMENT AND TERMINATION:

     Unless terminated as otherwise herein provided,  the term of this Agreement
shall be for ten (10) years from the date hereof, and may be extended thereafter
at the  option of the  Franchisee  for  successive  terms of five (5) years upon
Franchisee  giving at least ninety (90) days' written notice of extension  prior
to the end of the term of this Agreement or the end of any extended term hereof,
provided  that  Franchisee  shall not be in  default  of any  provision  of this
Agreement, and provided,  further, that Franchisee shall execute Company is then
current standard form franchise  agreement,  which may include higher percentage
royalty and advertising fees than provided for herein.

     During the life of this  agreement,  it is anticipated  that Stuckey's will
continue to provide  additional  services,  management  expertise and profitable
growth opportunities.  Some of which may require increases in the royalty and/or
advertising  fee  rate,  subject  to  mutual  agreement.   Notwithstanding   the
provisions of the foregoing  paragraph,  Franchisee may terminate this Agreement
at any time by giving Company  ninety (90) days' written notice of  termination,
and the Company may terminate  this  Agreement at any time by giving ninety (90)
days' written  notice of  termination  to the  Franchisee  or by giving  written
notice of termination to the Franchisee upon any of the following conditions:

          (a)  The  filing  of a  petition  in  bankruptcy  by  or  against  the
               Franchisee, or any partner if the Franchise is a partnership;

          (b)  The making of an  assignment  for the benefit of creditors or the
               institution of any proceeding  under any state  insolvency law by
               the Franchisee, or any partner if the Franchise is a partnership;

                                       -8-
<PAGE>
          (c)  The breach by  Franchisee of any  obligation of Franchisee  under
               this  Agreement and the failure of the Franchisee to correct such
               breach to the  satisfaction of the Company upon demand and within
               thirty (30) days thereafter.

     Waiver,  however  occurring,  by the Company of any specific default by the
Franchisee  shall not  affect or impair the  Company's  rights in respect to any
subsequent default whether of the same or a different kind. No delay or omission
of the Company to exercise  any right  arising  from a default  shall  affect or
impair the Company's  rights as to any such default or a future default.  In the
event any  bankruptcy  or insolvency  proceeding  involves less than all parties
constituting  the Franchisee,  the Company shall not have the right to terminate
this  Agreement  as to the parties  involved in such  bankruptcy  or  insolvency
proceeding,  provided said other  parties elect in writing,  within a reasonable
period of time after the filing of any such bankruptcy or insolvency proceeding,
to continue the STUCKEY'S PECAN SHOPPE established  pursuant hereto and agree to
the terms and provisions of this Agreement for the unexpired term thereof.

     21. ASSIGNMENT:

     Dealer shall not sell,  transfer or assign this Agreement,  or any interest
herein, and shall not sell, transfer,  assign, lease or sublet or offer to sell,
transfer,  assign or sublet  (except as security  for  indebtedness  incurred in
connection  with the business  being  conducted  hereunder)  any interest in the
premises,  or any part thereof,  used in the operation of this franchise,  or in
the business  thereon  conducted,  or in any  equipment or  furnishings  located
thereon which are standard to STUCKEY'S  PECAN  SHOPPES,  without first offering
the same to the Company in writing at a stated price and upon stated terms which
offer the Company may accept within sixty (60) days, and if the Company does not
accept  such offer with the sixty day  period,  then Dealer may within the sixty
days thereafter,  sell,  transfer,  assign, lease or sublet such interest as the
case may be, but not at a lower price nor on more  favorable  terms than offered
to the Company, provided, however, that no sale, transfer,  assignment, lease or
subletting to a third party shall be made without the prior  written  consent of
the Company,  which  consent the Company  will not  unreasonably  withhold,  and
provided  further  that it shall not be deemed  unreasonable  for the Company to
withhold its consent to a sale, transfer or assignment of this Agreement, or any
interest herein, if the transferee shall not agree in writing to take subject to
the terms and  provisions  of this  Agreement  for the  unexpired  term thereof.
Notwithstanding any of the foregoing,

         (i)   If  Dealer  hereunder   constitutes  more  than  one  individual,
               corporation,  partnership or other entity,  any one thereof shall
               have the right to sell,  transfer,  assign,  lease or sublet  any
               interest in the premises on which the  franchise is located,  any
               interest  in  the  franchise  itself,  or  any  interest  in  the
               franchise  itself,  or any  interest in the  building  inventory,
               equipment,  furniture or furnishings used for the business of the
               franchise to any other  individual,  corporation,  partnership or
               other entity who, at the time of such sale, transfer, assignment,
               lease or subletting is also one of the individuals, corporations,
               partnerships,  or other  entities  constituting  the Dealer under
               this Agreement;

         (ii)  Dealer,  or any  individual  Dealer  if  Dealer  is more than one
               person,  may during  his  lifetime,  give to any  trust,  person,
               corporation  or  other  Donee  whatsoever  any  interest  in  the
               premises on which the  franchise is located,  any interest in the
               franchise  itself,  or any interest in the  building,  inventory,
               equipment,  furniture, or furnishings used in the business of the
               franchisee  and  said  Donee  shall  be  entitled  to all  rights
               hereunder previously

                                       -9-
<PAGE>
               held by the Dealer or such individual;  provided,  however,  that
               the  Donee  agrees  in  writing  addressed  to  Company  within a
               reasonable  period  of time  after  such  gift to be bound by the
               terms and provisions of this Agreement;

         (iii) Any legatee or heir of the Dealer or individual  Dealer if Dealer
               is more than one  person,  shall  upon the death of the Dealer be
               entitled  to all  the  rights  hereunder  previously  held by the
               Dealer or such member;  provided,  however,  that such legatee or
               heir agrees in writing  within a reasonable  period of time after
               receiving  any  such  property  to be  bound  by  the  terms  and
               provisions of this Agreement;

         (iv)  Dealer may  incorporate  its business and may assign its interest
               in this Agreement to such corporation  provided that Dealer shall
               be the owner of at least fifty-one  percent (51%) of the stock of
               such  corporation  and that the activities of the corporation are
               confined  exclusively  to the  operation of the  STUCKEY'S  PECAN
               SHOPPE hereby licensed. In the event Dealer is a corporation,  or
               becomes  a  corporation   and  assigns  this  Agreement  to  said
               corporation,  then at any time that  persons  other  than  Dealer
               become  directly or indirectly  the owners or controllers of more
               than forty-nine  percent (49%) of the stock of said  corporation,
               this Agreement shall become immediately  terminable at the option
               of Company.  Further,  in the event Dealer is a  corporation,  it
               shall not be deemed a breach of this section for any  shareholder
               in Dealer to sell,  assign, or transfer any shares to a member of
               his immediate family.

     22. OBLIGATIONS AFTER TERMINATION:

     Upon the sale by Dealer of the  premises or property to the Company or to a
third party under the provisions of the preceding  section,  the obligations and
rights of this Agreement shall terminate, except in regard to the obligations of
Dealer to take action or to abstain from taking action after the  termination of
this Agreement and the payment of all outstanding accounts.

     In the  event  of  termination  of  this  Agreement  without  a  concurrent
execution or  assumption  of Dealer's  obligations  hereunder by any assignee or
other successor in interest as herein permitted, the Company shall purchase from
the Dealer and the Dealer shall sell to the Company:

          (a)  All  merchandise  that is in a saleable  condition  manufactured,
               distributed  and/or packed under the  STUCKEY'S  label on hand in
               Dealer's place of business or in Dealer's  possession at Dealer's
               net cost exclusive of transportation charges;

          (b)  Electrically lighted STUCKEY'S signs displayed on the building or
               elsewhere  on the  premises  that  had  been  purchased  from the
               Company.  The purchase price will be based upon 10%  depreciation
               per year,  and with  consideration  given to the condition of the
               sign with particular regard to unusual deterioration, if any.

     Upon the  termination of this Agreement for whatever  reason,  Dealer shall
immediatel  discontinue  use of the  name  STUCKEY'S  or any  name  visually  or
phonetically  similar, and shall discontinue at the above described premises the
use of all trade names, trademarks, service marks, signs, structures and form of
advertising  indicative of a STUCKEY'S PECAN SHOPPE, or the business or products
thereof, and in the event said premises are not purchased by the Company, or are
not used with permission of Company by another in the business

                                      -10-
<PAGE>
of a  STUCKEY'S  PECAN  SHOPPE,  Dealer  shall  make  such  changes  in signs or
buildings so as effectively to distinguish it from its former use and from other
STUCKEY'S PECAN SHOPPES.

     If Dealer, after termination of this Agreement,  shall refuse or neglect to
keep or perform the provisions of this section,  Dealer shall reimburse  Company
for all costs,  attorneys' fees, and other expenses  incurred in connection with
legal  actions to require  Dealer to comply  herewith  and, in addition,  Dealer
shall pay to Company  the sum of $500 per day as  damages  for all the time that
Dealer  displays the name  STUCKEY'S on outdoor  advertising or on a sign at the
front of or on the building after thirty (30) days after the termination date.

     23. COVENANT NOT TO COMPETE:

     While this Agreement is in effect,  Dealer shall not engage in any business
the same as or similar to the business covered by this Agreement  located within
the area set forth in Section 3.

     24. DEALER NOT AN AGENT OR LEGAL REPRESENTATIVE OF COMPANY:

     This Agreement shall not constitute Dealer the agent or employee,  or legal
representative  of the Company for any purpose  whatsoever.  The Company and the
Dealer are not and shall not be considered as joint  venturers or partners or as
agents of each  other.  No  representations  shall be made by either  party that
would create apparent agency,  and neither party shall have the power to bind or
obligate the other except as provided in this Agreement

     25. NOTICES:

     Any notice  required  to be given by either  party to the other under or in
connection with this Agreement  shall be in writing and delivered  personally or
by certified or registered mail, return receipt requested, with adequate postage
thereon.  Notices to Dealer shall be directed to Dealer or his representative at
Dealer's  place  of  business.  Notices  to  Company  shall be  directed  to the
President,  Stuckey's,  Inc.,  4501  Circle 75  Parkway,  Suite  6360,  Atlanta,
Georgia, 30339.

     26. SEVERABILITY:

     If any  provision  of this  Agreement  shall be  construed to be illegal or
invalid,  the validity of any of the remaining  portions of this Agreement shall
not be affected thereby.

     27. ARBITRATION:

     Any  controversy or claim arising out of or related to this  Agreement,  or
the breach thereof,  shall be settled by arbitration.  The party  initiating the
arbitration  proceedings shall give written notice to the other party indicating
such party's desire to arbitrate,  the section of this Agreement in dispute, and
the reasons therefor, and the name of the arbitrator selected by such party. The
other party  shall give  written  notice  within  thirty  (30) days  thereafter,
indicating  the  name  of  the  arbitrator  selected  by  such  party.  The  two
arbitrators so selected shall within a reasonable  period of time select a third
arbitrator. The arbitration proceedings shall be held within a reasonable period
of time as selected by the  arbitrators  at a site located in the area set forth
in Section 3 selected by the arbitrators. Each party shall bear the expenses and
fee of the  arbitrator  selected by him but all other expenses and fees shall be
borne  equally by the two parties.  Judgment  upon an award of a majority of the
arbitrators shall be binding and may be entered in any court having jurisdiction
thereof.  Except as  otherwise  expressly  provided,  the  proceedings  shall be
conducted  in  accordance  with  the  rules  then  prevailing  of  the  American
Arbitration Association.

                                      -11-
<PAGE>
     28. GENERAL:

     This Agreement cancels and supersedes any and all other agreements, oral or
written,  among the  parties  with  respect  to the  subject  matter  hereof and
contains all covenants and agreements between the parties with respect thereto.

     No change  in,  addition  to or  erasure  of any  printed  portion  of this
Agreement  (except  filling in blank  lines)  shall be valid or binding upon the
Company unless the same is approved in writing by the President of the Company.

     No  agreement  between  the parties  which is at  variance  with any of the
provisions of this Agreement or which imposes  definite  obligations upon either
party not  specifically  imposed by this  Agreement  or which is  intended to be
effective or performed  following  the  expiration  or the  termination  of this
Agreement and imposes  obligations or extends the time for  performance  thereof
other than as  provided in this  Agreement  shall be binding  upon either  party
unless  executed by Dealer and the  President  or  Executive  Vice  President of
Company.

STUCKEY'S INC.                             BOWLIN'S, INC.

BY  Don Barnes                             Michael L. Bowlin
    ---------------------------------      -------------------------------------
    DON BARNES, PRESIDENT                  MICHAEL L. BOWLIN
                                           Subject to Mutual
                                           Acceptance of Attached
                                           "Addendum"

NOTARY PUBLIC: Janice Wingham
              -----------------

                        Notary Public, Georgia, State at Large
My Commission expires:  My Commission Expires October 25, 1985
                        ----------------------------------------
<PAGE>
                         ADDENDUM TO FRANCHISE AGREEMENT

     INTERPRETATION  AND  COMMENT  OF CERTAIN  PROVISIONS  IN  STUCKEY'S,  INC.,
     FRANCHISE  AGREEMENT  AS AGREED  UPON IN A TELEPHONE  CONVERSATION  BETWEEN
     DEALER AND COMPANY HELD ON MARCH 24, 1982.

1.   Page 3,  Article 4,  Paragraph  2,  states  that a dealer  desiring to sell
     products  other than those  offered by the Company must submit  samples and
     allow  forty-five  (45) days for Company  approval.  After  discussion  and
     interpretation of this provision by M. L. Bowlin, Executive Vice President,
     Bowlin's  Incorporated,  (hereinafter  called  "Dealer"),  and Don  Barnes,
     President,  Stuckey's Incorporated,  (hereinafter called "Company"), it was
     mutually  agreed that this  requirement be waived.  Both Dealer and Company
     acknowledge  that the intent of this section is to prevent the introduction
     of  directly  competing  products  that  are  otherwise  identical  to  the
     trademarked products supplied by Company. Further, Dealer hereby agrees not
     to introduce such identical products or business format not consistent with
     a Stuckey's Pecan Shoppe without approval of Company.

2.   Pages 4 and 5, Article 6, states that Company shall keep Dealer informed of
     the standard  operating  procedures  by  providing  Dealer with the current
     editions of its store Operations Manual, Food Service Manual, and any other
     relevant manuals,  regulations,  or standards that may be in effect. During
     the  discussion of this  provision,  Dealer was assured by Company that all
     manuals  would be  provided,  and that the policies  contained  therein are
     prudent and reasonable.

3.   Page 6,  Article 11,  states that no  alteration  of an existing  Stuckey's
     Pecan Shoppe structure shall be undertaken  without written approval of the
     Company.  As a result of the  disucssion  of this  provision  by Dealer and
     Company, it was mutually agreed that written approval is not needed for the
     changing or  altering  of the  display  sales areas of the store as long as
     such  alterations  do not involve the  relocating  of fixed  partitions  or
     walls, or other substantial structural changes.

4.   Page 7, Article 14, states the necessity of Dealer provided  insurance that
     protects the interests of both Dealer and Company,  but the paragraph  does
     not  detail  the exact  amount  and types of  insurance  required.  Company
     informed Dealer that the Dealer's customary and usual insurance coverage is
     acceptable.  Further,  Dealer will instruct its insurance  agent to provide
     whatever documentation Company desires upon receiving a written request for
     same.

5.   Page 11,  Article 23,  states that during the term of this  Agreement  that
     Dealer shall not compete by engaging in any similar business for a distance
     of 100  miles in both  directions  on the same side of the  highway  and 50
     miles  in both  directions  on the  opposite  side of the  highway.  Dealer
     informed Company that Dealer presently operates the following stores within
     a 50 and 100 mile radius in both directions:
<PAGE>
Page 2 / ADDENDUM TO FRANCHISE AGREEMENT

     (1)  Approximately  25 miles West on the same side of the highway  known as
     Bowlin's Continental Divide Trading Post; (2) Approximately 5 miles West on
     the  same  side  of  the  highway  known  as  Bowlin's  Tepee  Store;   (3)
     Approximately  35 miles East on the opposite  side of the highway  known as
     Bowlin's Akela Flats Trading Post; (4)  Approximately  55 miles East on the
     opposite  side of the highway  known as  Bowlin's  Old West  Trading  Post.
     Company  acknowledges  that the  existence of these  similar and  competing
     businesses  shall not violate  Article 23, or any other  provisions  of the
     Franchise  Agreement,  and  further,  that any  "covenants  not to compete"
     contained in the Franchise  Agreement are hereby waived with respect to the
     businesses mentioned herein.

6.   Page 11, Article 25, states that notices shall be directed to Dealer at his
     place of  business.  Dealer  requests  that all  notices by directed to the
     following address:

     Bowlin's Incorporated
     136 Louisiana N.E.
     Albuquerque, NM 87108

7.   Page 12,  Article  28,  states  that no changes  in, or  additions  to, the
     Franchise  Agreement  shall be binding upon either party unless executed in
     writing by both  Dealer and the  President  or Vice  President  of Company.
     Dealer  therefore  requests  that Company  sign this  Addendum to Franchise
     Agreement  and that this  Addendum  shall be attached to, and become a part
     of, that Agreement.  Further, that no other changes in this agreement shall
     be binding unless acknowledged in writing and signed by both parties.

STUCKEY'S INC.                         BOWLIN'S INC.

BY /s/ Don Barnes                      BY /s/ M.L. Bowlin
   --------------------------             --------------------------------------
   DON BARNES, PRESIDENT                  M. L. BOWLIN, EXECUTIVE VICE PRESIDENT

STATE OF Georgia   )
                   ) ss
COUNTY OF Cobb     )

     Before me on this 31th day of March, 1986,  personally  appeared Don Barnes
to me  know  to be  the  persons  who  executed  the  foregoing  instrument  and
acknowledged same to be their free act and deed.

                                                 /s/ Janice Wingham
                                                 -------------------------------
                                                 Notary Public

My Commission Expires: Notary Public, Georgia,
                       My Commission Expires October 25, 1985
<PAGE>
Page 3 / ADDENDUM TO FRANCHISE AGREEMENT

STATE OF New Mexico  )
                     ) ss
COUNTY OF Bernalillo )

     Before me on this 26th day of March, 1982,  personally appeared M.L. Bowlin
to me  know  to be  the  persons  who  executed  the  foregoing  instrument  and
acknowledged same to be their free act and deed.

                                                 /s/ Signature Illegible
                                                 -------------------------------
                                                 Notary Public

My Commission Expires: 6/30/83
<PAGE>
                         PERSONAL GUARANTY AND INDEMNITY

     THIS  GUARANTY  AND  INDEMNITY  is made by MICHAEL L.  BOWLIN and MONICA A.
BOWLIN,  of 136  LOUISIANA  NE,  ALBUQUERQUE,  NEW  MEXICO,  87108,  hereinafter
referred to individually and collectively as "Guarantors";

     As an inducement for Stuckey's Inc., a Delaware corporation herein referred
to as  "Stuckey's",  to extend  credit to BOWLIN'S  INC. a  CORPORATION,  herein
referred  to as  "Franchisee".  in the  course of  selling  supplies  and making
purchases  of  petroleum  products  and  other  materials  for the  Franchisee's
account, Guarantors represent, warrant, and agree as follows:

     1. Guarantors do hereby absolutely and  unconditionally  guarantee the full
and  complete  performance  by  Franchisee  of  all  the  terms,  covenants  and
conditions of the Franchise Agreement between Stuckey's and Franchisee,  whether
entered  into  contemporaneously  with  this  Guaranty  or not,  and do  further
guarantee the payment of all amounts due Stuckey's from Franchisee.

     2.  Guarantors do agree to indemnify and hold  Stuckey's  harmless from and
against all liability, losses, damages, costs and expenses (including reasonable
attorneys   fees)  suffered  or  incurred  by  Stuckey's   arising  out  of  the
Franchisee's failure to pay any and all amounts due third parties.

     3. Guarantors  within ten days of receipt of written demand from Stuckey's,
shall  pay to  Stuckey's  any  and  all  losses,  damages,  costs  and  expenses
(including  reasonable  attorneys!  fees) suffered or incurred by Stuckey's as a
result  of  any  default  by  Franchisee  or the  breach  of  any  agreement  by
Franchisee.  Stuckey's  shall not be  required  to  exhaust  its legal  remedies
against Franchisee before making written demand of Guarantors.  If there is more
than one Guarantor, each makes this Guaranty both jointly and severally.

     4. Execution of this Guaranty and performance of its terms shall not result
in the breach of any term or  provision,  or  constitute  a default  under,- any
indenture,  mortgage, deed of trust, security agreement,  financial agreement or
contract to which Guarantors are a party or are otherwise bound.

     5. In the event the  Guarantors  shall pay to Stuckey's  any  obligation of
Franchisee as provided herein, Guarantors shall be subrogated to Stuckey's right
of  recovery  against  Franchisee  to the  extent  of any such  payment  made by
Guarantors.

     6. This  Guaranty  shall  inure to the  benefit  of  Stuckey's,  its parent
company,  Pet Incorporated,  their successors and assigns,  and shall be binding
upon Guarantors, their successors, assigns, heirs and legal representatives.

     7. Guarantors  expressly agree that this Guaranty and its provisions  shall
not be modified,  amended or waived in any manner  except by written  instrument
signed by Stuckey's.

     IN WITNESS  WHEREOF,  Guarantors  have executed and delivered this Guaranty
this 24th day of March, 1982.

GUARANTORS:

MICHAEL L. BOWLIN                       /s/ MICHAEL L. BOWLIN
-----------------------                 ----------------------------------------
                                        (Signature of Guarantor)

MONICA A. BOWLIN                        /s/ MONICA A. BOWLIN
-----------------------                 ----------------------------------------
                                        (Signature of Guarantor's Spouse)

STATE OF New Mexico  )
                     ) ss
COUNTY OF Bernalillo )

     Before me on this 24th day of March , 1982,  personally appeared Michael L.
& Monica A.  Bowlin to me know to be the  persons  who  executed  the  foregoing
instrument and acknowledged same to be their free act and deed.

                                                 Signature Illegible
                                                 -------------------------------
                                                 Notary Public

My Commission Expires: 6/30/83MASTER LOAN AGREEMENT

     This Master Loan Agreement  dated  effective  November 10, 1998, is between
BOWLIN OUTDOOR  ADVERTISING & TRAVEL CENTERS  INCORPORATED  (the "Borrower") and
FIRST  SECURITY  BANK  OF  NEW  MEXICO,   N.A.  ("Bank"),   a  national  banking
association.  In consideration of the mutual covenants and agreements  contained
in this  Agreement and for other good and valuable  consideration,  the Borrower
and the Bank agree:

THE PROPOSED LOANS

     1.  Borrower  is  presently  indebted  to the  Bank on a  number  of  loans
identified in the Credit Agreement dated effective November 25, 1997.

     2. Borrower has requested that the Bank grant significant additional credit
facilities and modify the amounts,  terms, and/or conditions of certain, but not
all, of the existing credit facilities.  The Bank is willing to grant additional
credit  facilities and to modify  specific  terms of certain  existing notes and
other  credit  facilities  upon  the  terms  and  conditions  outlined  in  this
Agreement.

     3. This Agreement  replaces the Credit  Agreement dated effective  November
25, 1997, and the Commitment Letter dated October 27, 1998.

     4. A new  $12,000,000  Outdoor Term Note is created to  refinance  existing
borrowings  including those at Norwest Bank New Mexico, N.A and to provide funds
for working capital.

     5. A new $10,000,000  Outdoor Acquisition Line is created to fund purchases
of existing outdoor advertising business and/or billboard properties,  a portion
of  which  may be used for  term  financing  of  billboards  constructed  by the
Borrower.

     6. Increase the existing $500,000 Working Capital Line to $2,000,000.

     7.  The  existing  $8,000,000  Facility  Line  to fund  acquisition  and/or
construction of travel centers is reduced to $6,000,000.

     8. The $2,000,000 "Leasing Line" dated November 25, 1997, to fund leases of
vehicles, fuel dispensing and other equipment is terminated.
<PAGE>
SECTION 1 - DEFINITIONS.

     As used in this  Agreement,  the following  terms shall have the respective
meanings indicated:

     1.01 AGREEMENT means this Master Loan Agreement.

     1.02 BANK means First Security Bank of New Mexico,  N.A. and its successors
and assigns.

     1.03  BORROWER   means  BOWLIN   Outdoor   Advertising  &  Travel   Centers
Incorporated,  a Nevada corporation whose office and principle place of business
is 150  Louisiana  Blvd,  NE,  Albuquerque,  NM 87108,  and all  successors  and
assigns.

     1.04 BORROWER'S  RESOLUTIONS  AND APPROVALS  means,  the  resolutions  duly
adopted  by the  Borrower  authorizing  and  consenting  to the  Loan and to the
execution and delivery of the Loan Documents. The Borrower's Resolutions must be
evidenced by resolutions and authorizations in form acceptable to the Bank.

     1.05  BUSINESS  DAY  means  a day  when  the  Bank is  open  for  business.

     1.06 CLOSING and CLOSING DATE mean the effective date of November 10, 1998.

     1.07 EXISTING NOTES means the existing promissory notes payable to the Bank
listed on Exhibit 1.07.  The Borrower is the maker on these notes or has assumed
all of makers  obligations  under the terms of the  Assumption  Agreement  dated
effective August 28,1996.

     1.08 FACILITY  LINE means the line of credit to fund the maximum  aggregate
amount of $6,000,000  (including  amounts  previously funded) to the Borrower to
construct, purchase or remodel travel centers and to purchase vehicles, computer
equipment,  and  other  allowed  fixtures  and  equipment  as  provided  in this
Agreement.

     1.09  GOVERNMENTAL  AUTHORITY  means the United  States of America  and any
state  government;  any  political  subdivision  of any of the foregoing and any
agency, department,  commission, board, bureau or instrumentality of any of them
which now or hereafter exercises jurisdiction over the Borrower.

     1.10  LOAN  means,  collectively  all loans  from the Bank to the  Borrower
described in this Agreement, evidenced by the Notes or other Loan Documents.

                                        2
<PAGE>
     1.11 LOAN  DOCUMENT(S)  means  this  Agreement,  the  Notes,  and all other
security interest, deeds of trust, pledges, mortgages, assignments,  collateral,
lien, lien perfection, or instruments executed in connection with or as security
for the payment of the Loan or for  performance  of the  Borrower's  Obligations
under this Agreement, or for both such payment and performance and all renewals,
extensions, modifications and amendments of any of the foregoing.

     1.12 NOTE(S) means the promissory notes, or obligations  referred or in the
form  attached as follows,  executed and  delivered to the Bank by the Borrower,
together   with   all   extensions,   amendments,   modifications,    revisions,
replacements, and substitutions thereof permitted by the Bank:

     a.) The  existing  Notes by the  Borrower  to the Bank  listed  on  Exhibit
     1.07(a),

     b.)  Individual  notes  identified  in Exhibit  1.07(a)  and  future  notes
     executed by the Borrower to the Bank,  in the form required by the Bank, up
     to the maximum  aggregated  face amount of $6,000,000  under the $6,000,000
     Facility Line,

     c.) The $2,000,000  "Working  Capital Note" in the form attached as Exhibit
     1.12(c).

     d.) The "$12,000,000  Outdoor Term Note" in the form is attached as Exhibit
     1.12(d).

     e.)  Individual  notes  executed by the  Borrower to the Bank,  in the form
     required  by  the  Bank,  up  to  the  maximum  aggregate  face  amount  of
     $10,000,000 under the Outdoor Acquisition Line.

     f.) The  Modification  Agreement,  in the form attached as Exhibit 1.12(f),
     extending the final maturity date of Note No. 9008, dated January 31, 1995,
     in the original principal amount of $765,000, to January 31, 2005.

     g.) The  Modification  Agreement,  in the form attached as Exhibit 1.12(g),
     extending the final maturity date of Note No. 9010,  dated May 16, 1995, in
     the original principal amount of $900,000, to May 16, 2005.

                                        3
<PAGE>
     1.13 OUTDOOR ACQUISITION LINE means the line of credit in maximum aggregate
face amount of $10,000,000 to fund the Borrower's  purchase of existing  outdoor
advertising company(ies) and/or existing billboards and sites.

     1.14 OUTDOOR  ACQUISITION  ASSETS means the  existing  outdoor  advertising
business or billboards, panels, signs, locations for such signs purchased by the
Borrower.

     1.15 OUTDOOR TERM LOAN means the $12,000,000 term note created, in part, to
fund the  refinance  of the  Borrower's  existing  loans from  Norwest  Bank New
Mexico,  N.A and certain other lenders as listed in Exhibit 1.15. The balance of
the  proceeds of this note will be disbursed to the  Borrower,  at closing,  for
working capital.

     1.16 OBLIGATIONS means all obligations of the Borrower:

     a.) To pay the  principal  of, and  interest  on, each Note and any Renewal
     Note in accordance with their respective terms, now existing or existing in
     the future, and to satisfy all of its other liabilities to the Bank whether
     hereunder or otherwise, whether now existing or hereafter incurred, matured
     or  unmatured,  direct  or  contingent,  joint or  several,  including  any
     extensions, modifications, renewals thereof and substitutions therefor;

     b.) To repay to the Bank all  amounts  advanced  by the Bank  hereunder  or
     otherwise on behalf of the  Borrower,  including,  but without  limitation,
     advances  for Loan Fees,  principal or interest  payments to prior  secured
     parties or lienholders, or for taxes or levies; and

     c.) To reimburse  the Bank, on demand,  for all of the Bank's  expenses and
     costs,  including  the  reasonable  fees and  expenses of its  counsel,  in
     connection with the administration,  amendment, modification or enforcement
     of the Loan Documents and any documents evidencing or relating to a Renewal
     Note, including,  without limitation,  any proceeding brought or threatened
     to enforce payment of any of the Obligations.

     1.17 RENEWAL NOTE means any  promissory  note executed and delivered by the
Borrower  to the Bank in  connection  with a renewal,  extension,  modification,
amendment,  revision, replacement or substitution of any Note in accordance with
the terms of this Agreement.

     1.18  WORKING  CAPITAL  LINE  means the  revolving  twenty-four  (24) month
revolving line of credit in the maximum  principal  amount of $2,000,000 to fund
the Borrower's short term working capital needs.

                                        4
<PAGE>
SECTION 2 - THE LOAN.

     2.01  General  Terms.  Borrower's  obligation  to repay  the Loan  shall be
evidenced by the Notes,  any Renewal Note, and the other Loan Documents,  all of
which  Borrower  shall execute and deliver to the Bank before it may receive any
Loan proceeds.

     2.02 Right of  Set-off.  Collateral  includes  the Bank's  right of set-off
against  any  balance or share  belonging  to  Borrower  of any deposit or other
account with the Bank, notwithstanding any other security for the Loan.

     2.03  Interest  Rates.  Interest  shall  accrue on each Note at the rate or
index  specified in the Note as established at the time the Note is executed and
in accordance  with this Agreement.  The Bank may, at its option,  calculate and
charge  interest  as though  each  payment is made on the  payment due date with
principal reductions effective as of the date of receipt.

     2.04 Repayment of Notes.  Each Note shall be due and payable on the date(s)
specified in the Note and in  accordance  with the terms  thereof.  All payments
shall be paid directly to the Bank in immediately available funds. Alternatively
and at its sole discretion,  the Bank may charge any deposit account of Borrower
for  all or any  part  of the  Obligations  due or  declared  due.  The  records
maintained  by the Bank shall be deemed to be evidence of the date of the amount
of each payment on each Note and the other Obligations.  Payments may be applied
to a Note in such  amounts  and in such  order or  priority  as the  Bank  deems
necessary and as provided in the Note or in this Agreement. Additional principal
payments on certain notes may be required  based on the  Borrower's  earnings as
provided in Section 3.01(l), below.

                                        5
<PAGE>
     2.05 Loan Fees and Costs.  Borrower shall pay to the Bank fees on the Notes
as follows:

     a.) Facility Line fees:

          i) on each Note for construction of a travel center, a fee of 35 basis
          points  (.35%) of the maximum  Note  amount,  payable when the Note is
          executed,

          ii) upon completion of construction and conversion of the construction
          note  to a term  amortization,  and for the  purchase  of an  existing
          travel  center,  a fee of 35 basis  points  (.35%) of the maximum Note
          amount, payable when the Note is executed,

          iii) for each Note to finance  vehicles,  fuel  dispensing  equipment,
          computer  systems and  furniture,  fixtures and  equipment and for any
          other allowed purpose,  a fee of 25 basis points (.25%) of the maximum
          Note amount, payable when the Note is executed.

     b.)  Outdoor  Term  Loan  Fees:  a fee of 25  basis  points  (.25%)  of the
     $12,000,000 Term Loan, payable at Closing.

     c.) Working Capital Line: a fee of 25 basis points (.25%) of the $2,000,000
     face amount of the Working Capital Note, payable at Closing.

     d.) Outdoor Acquisitions Line/Note Fees: a fee of 10 basis points (.10%) of
     the $10,000,000 Outdoor  Acquisitions Line, payable at Closing,  plus a fee
     of 15  basis  points  (.15%)  of the face  (maximum)  amount  of each  Note
     executed under this Line, payable upon execution of the Note.

     e.) Other Fees and Costs:  the Borrower will  reimburse the Bank at Closing
     for all out-of-pocket expenses and costs incurred by the Bank in connection
     with  this  Loan  including  the cost of all  lien  searches,  filing,  and
     recording fees, and preparation and review of this Agreement and other Loan
     Documents.  The  Bank's  attorneys  fees will not exceed  $12,000.00  (plus
     applicable  tax).  The  Borrower  will  promptly  reimburse  the Bank after
     Closing  for such cost and  expense  amounts  not  available  at Closing or
     incurred  after the date of  Closing.  A schedule of the  estimated  costs,
     expenses,  and fees  available  as of Closing  Date are attached as Exhibit
     2.05(e).

                                        6
<PAGE>
     f.) Credit for  Commitment  Fee: the Borrower  paid,  upon execution of the
     October 27, 1998,  Commitment  Letter a fee of $10,000.  Such fee will,  at
     Closing, be a credit against the fees and costs payable by the Borrower.

     2.06  Two  Year   Limitation   on  Advances   Under  the   Facility   Line:
Notwithstanding any later maturity date in any Note, any requests for funding by
the Borrower and any obligations of the Bank to fund advances under the Facility
Line are subject to a two (2) year limitation  (November 10, 2000).  Any request
to create a Note under the  Facility  Line must be received by the Bank from the
Borrower and all  necessary  Note(s) and all other Loan  Documents  necessary to
such request must be completed not later than  November 10, 2000.  Funding on an
individual  Note made  prior to such date may be  completed  after  that date in
accordance with the provisions of this Agreement and Exhibit 4.01.

SECTION 3 - COVENANTS OF THE BORROWER.

     3.01 Affirmative  Covenants.  So long as any Obligations remain unpaid, the
Borrower will, unless the Bank shall otherwise consent in writing:

     a.) Compliance with Laws, Etc.  Comply,  and cause each of its subsidiaries
     to comply,  in all material  respects  with (i) all material  laws,  rules,
     regulations  and  orders  (including,  without  limitation,  ERISA  and all
     applicable  environmental laws) and (ii) all other laws, rules, regulations
     and orders, promptly upon discovery of any non-compliance.

     b.)  Payment  of Taxes,  Etc.  Pay and  discharge,  and  cause  each of its
     subsidiaries to pay and discharge, before the same shall become delinquent,
     (i) all taxes,  assessments and governmental charges or levies imposed upon
     it or upon its property  provided,  however,  that neither the Borrower nor
     any of its subsidiaries shall be required to pay or discharge any such tax,
     assessment,  charge or claim that is being  contested  in good faith and by
     proper  proceedings  and  as  to  which  appropriate   reserves  are  being
     maintained.

     c.) Maintenance of Insurance.  Maintain, and cause each of its subsidiaries
     to maintain,  insurance with responsible and reputable  insurance companies
     or  associations,  in such amounts and covering such risks as is acceptable
     to the Bank, and not less than the usual amounts and coverage types carried
     by companies engaged in similar businesses and owning similar properties in
     the same general areas in which the Borrower or such  subsidiary  operates.
     The Borrower and all subsidiaries may maintain  reasonable  amounts of self
     insurance  consistent  with their  financial  condition and other  relevant
     criteria,  provided  that any such self  insurance  must be approved by the
     Bank in writing.

                                        7
<PAGE>
     d.)  Preservation  of  Corporate  Existence  and   Approvals.Preserve   and
     maintain,  and cause each of its  subsidiaries to preserve and maintain (i)
     its corporate  existence,  rights (charter and  statutory),  franchises and
     privileges in the jurisdiction of its incorporation, and qualify and remain
     qualified,  and  causes  each of its  subsidiaries  to  qualify  and remain
     qualified,  as a foreign  corporation  in each  jurisdiction  in which such
     qualification  is  necessary  or  desirable  in  view of its  business  and
     operations or the ownership of its properties.

     e.) Maintenance of Properties,  Etc. Maintain and preserve,  and cause each
     of its  subsidiaries  to maintain and preserve,  all of its properties that
     are used or useful in the conduct of its business in good working order and
     condition, ordinary wear and tear excepted.

     f.) Performance of other obligations.  Perform and observe all of the terms
     and  provisions  of all other  loans,  debts and  obligations  to all other
     lenders and creditors.

     g.)  Transactions  with  Affiliates.   Conduct,   and  cause  each  of  its
     subsidiaries to conduct,  all transactions  with any of their affiliates on
     terms that are fair and reasonable and no less favorable to the Borrower or
     such  subsidiary  than  it  would  obtain  in  a  comparable   arm's-length
     transaction with a person not an affiliate.

     h.) Financial Ratio Covenants. The Borrower shall maintain, during the term
     of this Loan, each of the following minimum financial ratios:

          i. Minimum debt coverage ration of 1.15 to 1.0

          ii. Minimum interest coverage ratio of 1.5 to 1.0

          iii. Net worth of company must  increase by at least 50% of net profit
          on an annual basis.

          iv. Tangible leverage ratio of not more than 6.5 to 1.0

                                        8
<PAGE>
         v. For purposes of calculating these ratios, the following definitions
          and formulas apply:

               "Earnings"  means earnings before interest,  taxes,  depreciation
               and amortization.

               "Interest  Coverage  Ratio" means  earnings  divided by (Interest
               expense (+) taxes).

               "Debt  Coverage  Ratio"  means  earnings  divided by (Prior  year
               current  maturities  of long term debt (+)  interest  expense (+)
               taxes).

               "Tangible  Leverage Ratio" means total liabilities / tangible net
               worth.  Tangible  net  worth is  defined  as the sum of  (Capital
               stock,  paid in capital and returned  earnings) Less the sum of a
               good will or other intangible assets.

               All  ratios  will be  calculated  quarterly  from the  Borrower's
               fiscal   quarter   statements   with  income  and  expense  items
               annualized.

     i.) The Borrower shall furnish to the Bank:

          1) as soon as  possible  and in any event  within  five days after the
          occurrence of each Default or Event of Default  continuing on the date
          of such statement,  a statement by the chief financial  officer of the
          Borrower setting forth details of such Default and the action that the
          Borrower has taken and proposes to take with respect thereto;

          2) as soon as available  and in any event within 50 days after the end
          of each of the first three fiscal  quarters of each fiscal year of the
          Borrower,  a copy of the 10-Q and other related  filings  submitted by
          the Borrower to the Securities and Exchange Commission (the "SEC");

          3) as soon as available  and in any event within 90 days after the end
          of  each  fiscal  year of the  Borrower,  a copy  of the  annual  10-K
          submitted by the Borrower to the SEC to include the Borrower's audited
          financial statements and all schedules, accounts, opinions, and notes;

                                        9
<PAGE>
          4) promptly  after the  commencement  thereof,  notice of all actions,
          suits  and  proceedings  threatened  or  pending  before  any court or
          governmental   department,   commission,   board,  bureau,  agency  or
          instrumentality,   domestic  or  foreign,   materially  affecting  the
          Borrower or any of its subsidiaries;

          5) promptly after the sending or filing  thereof,  copies of all proxy
          statements,  other financial  statements and reports that the Borrower
          sends to its  stockholders,  and copies of all  regular,  periodic and
          special reports, and all registration  statements and other reports or
          information,  that the Borrower files with the Securities and Exchange
          Commission  or any  governmental  authority  that  may be  substituted
          therefor, or with any national securities exchange;

          6) promptly after the furnishing  thereof,  copies of any statement or
          report furnished to any other holder of the securities of the Borrower
          or of any of its subsidiaries with respect to any pending or potential
          non-compliance  with the terms of any other indenture,  loan or credit
          or similar  agreement,  and not otherwise  required to be furnished to
          the Lenders pursuant to any other clause of this Section;

     j.)  Examination  Rights.  At any  reasonable  time and from  time to time,
     permit,  the Bank shall have the right to (i) to examine and make copies of
     and  abstracts  from the  records  and books of  account  of, and visit the
     properties of, the Borrower or any such  subsidiary and (ii) to discuss the
     affairs,  finances and accounts of the Borrower and any of its subsidiaries
     with  any of  their  officers  or  directors  and  with  their  independent
     certified public accountants.

     k.) Books and Records.  Keep, and cause each of its  subsidiaries  to keep,
     proper books of record and account, in which full and correct entries shall
     be made of all  financial  transactions  and the assets and business of the
     Borrower and each such subsidiary in accordance with GAAP.

                                       10
<PAGE>
     l.) Additional Debt Service based on Excess Cash Flow. Additional principal
     payment of up to $400,000  per year,  applied at the  Borrowers'  option to
     either  the  $12,000,000  Outdoor  Term  Note  or any  one or  more  of the
     individual notes under the $10,000,000  Outdoor  Acquisition  Line, will be
     required. Provided no default exists, the Borrower may direct which Note(s)
     the  additional  payments  will  reduce.  Excess Cash Flow means 50% of the
     excess EBITDA above the 1.3 to 1.0 debt service coverage ratio  (calculated
     as of the Company's  fiscal year-end) up to the maximum amount of $400,000.
     The additional debt service payments will be due annually  beginning May 1,
     2001, for the fiscal year ending January 31, 2001.

     m.) List of Billboards  and  Locations.  The Borrower  shall provide to the
     Bank within 30 days of the Closing  Date and  thereafter  within 30 days of
     the end of the  Borrower's  fiscal  year,  a listing  of all of  Borrower's
     Billboards by state and county. The initial list shall include the specific
     property address or legal  description and for Billboards  located on sites
     not owned by the  Borrower,  the name and  address of the  property  owner,
     lessor or licensor of the site.

     n.) Billboard  Receivables  Listing.  At the Bank's  written  request,  the
     Borrower  shall  provide to the Bank  within 10 days of the  receipt of the
     request,  a  listing  of all  receivables  for  all  Billboard  advertising
     contracts,  leases, rentals and revenues to include the name and address of
     the obligor and an aging of the receivables.

     o.) Additional Loan Documents.  The Borrower shall immediately  execute and
     deliver any additional or further Loan Documents which the Bank in its sole
     discretion determines necessary to create,  document, or perfect any of the
     collateral,  lien, or lien perfection interests  contemplated or referenced
     in this Agreement,  including any exhibit hereto. Additional documents may,
     at the Bank's  option,  include  documents to create or perfect liens as to
     Billboard sites and leasehold  interest to be filed in county real property
     records.

     p.) Subordination of Seller Financing. Any lien(s) or security interests in
     favor of any seller to secure  repayment  of any portion of the purchase of
     billboard or outdoor advertising assets or businesses shall be subordinated
     to the Bank. The  subordination  amount shall be equal to all  downpayments
     and principal payments made thereafter on such financing.

                                       11
<PAGE>
     q.) Libor Rate Notes;  Indemnification  for  Prepayments.  If the  Borrower
     elects to prepay  any  portion of any Note for which the  interest  rate is
     based on the London Interbank Offered Rate ("LIBOR"),  all such prepayments
     shall be subject to, and shall require that the Borrower pay to the Bank at
     the  time of such  prepayment,  an  amount(s)  which  the  Bank  reasonably
     determines will be sufficient to compensate for any loss, cost,  expense or
     risk incurred by the Bank as a result of the Borrower's prepayment(s) prior
     to the expiration of applicable  LIBOR Rate Period  elected.  The Bank will
     provide to the  Borrower  its  calculation  of such cost.  Additional  debt
     service  payments  required  under  subsection  3.01(l),   above,  are  not
     prepayments under this provision.

SECTION 3.02 NEGATIVE  COVENANTS.  So long as any obligations remain unpaid, the
Borrower will not, without the prior written consent of the Bank:

     a.) Mergers,  Etc. Merge with or into or consolidate with or into any other
     entity  , or  acquire  all  or  substantially  all  of  the  assets  of any
     non-outdoor  advertising or non-travel center business or entity, or permit
     any of its  subsidiaries  to do so,  except that (i) any  subsidiary of the
     Borrower may merge or  consolidate  with or into or acquire  assets of, any
     other   subsidiary  of  the  Borrower  and  (ii)  any  of  the   Borrower's
     subsidiaries may merge into or dispose of assets to the Borrower; provided,
     however,  that in each case,  immediately  after giving effect thereto,  no
     Event of Default  would exist,  and in the case of any such merger to which
     the Borrower is a party, the Borrower is the surviving corporation.

     b.)  Sales,  Pledge,   Transfer  of  Assets.  Sell,  pledge,  grant  liens,
     mortgages,  deeds of trust or security  interests in, transfer or otherwise
     dispose  of,  or  permit  any of its  subsidiaries  to sell,  transfer,  or
     otherwise dispose of, any of its assets (including, without limitation, all
     or substantially all of its assets,  whether in one transaction or a series
     of  related  transactions)  except  (i) in  connection  with a  transaction
     authorized by this  Agreement;  or (ii) sale,  transfer or  disposition  of
     assets,  not in  excess  of the  aggregate  book  value of such  assets  of
     $5,000,000  in any fiscal  year.  (In no event will any such sale of assets
     allowed by this subsection be at less than fair market value.)

                                       12
<PAGE>
     c.) Investments in Other Entities.  Make or hold, or permit the Borrower or
     any of its subsidiaries to make or hold, any investment in any other entity
     in excess of  $5,000,000,  without the Bank's prior written  consent.  This
     restriction  shall not prevent the Borrower  from  purchasing,  acquiring a
     travel  centers or billboard  business(es)  allowed under the terms of this
     Agreement.

     d.) Change in Nature of Business.  Except in connection  with  transactions
     permitted under Section  3.02(b) and (c) above,  make, or permit any of its
     subsidiaries  to make, any material change in the nature of its business as
     carried on at the date hereof.

     e.) Accounting  Changes.  Make or permit, or permit any of its subsidiaries
     to  make  or  permit,  any  change  in  accounting  policies  or  reporting
     practices,  except as required by GAAP, or as permitted by GAAP, unless the
     amounts involved or the resulting changes are not material.

     f.) Limitation on Other Borrowings. The Borrower shall not, except with the
     Bank's prior written consent:

          i) incur,  assume or otherwise become obligated on loans,  borrowings,
          debts,  leases,  or other  financing  with any  person or entity in an
          amount  exceeding  the  aggregate  of $500,000 per fiscal year and the
          aggregate maximum amount of $3,000,000. (Such obligation limits do not
          include amounts due to vendors for fuels, supplies,  materials, labor,
          and similar day to day  operating  expenses  incurred in the  ordinary
          course  of  the  Borrower's  travel  center  and  outdoor  advertising
          business), or

          ii) incur  any  indebtedness  or other  obligations  to any  lender to
          finance  the  acquisition  of  any  outdoor  advertising  business  or
          billboards, or

          iii)  incur  any  indebtedness  or other  obligations  to the owner or
          seller of any single or related group of outdoor advertising assets or
          businesses to finance the purchase of such assets  (seller  financing)
          in excess  of  $2,000,000  and in no event in excess of the  aggregate
          maximum amount of $5,000,000 for all such types of indebtedness.

                                       13
<PAGE>
SECTION 4 - ADVANCES ON LINES.

     Provided no Default  exists,  provided the  Borrower has compiled  with and
observed all  covenants,  requirements  and  conditions of this  Agreement,  and
provided  the  Borrower  is not  prohibited  from  doing so by any  Governmental
Authority, Borrower may request advances on the various Lines as provided below.
The Bank  shall have no  obligation  to make  advances,  which  would  cause the
aggregate  outstanding  principal  balance of the Notes to exceed the applicable
maximum loan amount for that Line.

     4.01 Advances under $6,000,000 Facility Line. See disbursement requirements
and procedures in Exhibit 4.01 attached.

     4.02  Advances  under  the  $10,000,000   Outdoor   Acquisition  Line.  See
disbursement requirements and procedures in Exhibit 4.02 attached.

     4.03 Advances on $2,000,000  Working Capital Line. The Working Capital Line
is a  revolving  line of  credit  on which  the  Borrower  may from time to time
request  advances  of not less than  $100,000.  The maximum  principal  balance,
including any requested advance,  shall not at any time exceed  $2,000,000.  The
Borrower  shall use  proceeds  from  advances  only for its short  term  working
capital  needs and,  may not  without  the Bank's  prior  written  consent,  use
proceeds from the advances under this line:

     1) fund the acquisition or construction of travel center, or

     2) purchase or acquire Outdoor Acquisition Assets.

SECTION 5 - COLLATERAL.

     5.01  Collateral.  The Bank and the  Borrower  intend  and  agree  that the
collateral for this Loan is a first lien (except where a second or inferior lien
position is specifically  referenced) on all of the assets of the Borrower, both
tangible and intangible, including cash, cash equivalents,  inventory, accounts,
chattel paper, documents,  instruments,  investment property, rights to proceeds
and all other forms of payments,  rentals,  contract and  advertising  revenues,
real estate, leasehold interests,  furniture,  fixtures, and equipment, contract
rights and other agreements, and general intangibles,  together with a pledge of
all  currently  owned or later  acquired  subsidiaries,  and  including  but not
limited to all Debtor's assets used in its outdoor advertising (billboard) and

                                       14
<PAGE>
travel  center  businesses.   "Billboard"  includes,   without  limitation,  all
billboards,  panels, signs, and other types of advertising signs, all structures
to or upon which such signs are mounted or displayed,  all  lighting,  and other
electrical and electronics,  equipment,  and controls, and all of the Borrower's
fee simple and  leasehold  interests  and rights to each  location or site where
such signs are, or become, located together with all licenses, permits, or other
governmental  approvals  related to such  signs.  Such  collateral  secures  all
Obligations of the Borrower to the Bank and includes, but is not limited to, the
following liens, mortgages, security interests and other collateral documents:

     a.) All existing collateral  documents and lien interests listed on Exhibit
     5.01(a) attached.

     b.) A first real estate mortgage (or deed of trust,  leasehold  mortgage or
     leasehold  deed of trust) on the real  property and  improvements  for each
     travel center now owned, and on each travel center constructed,  purchased,
     or remodeled under the Facility Line.

     c.) The security interests, liens, pledges,  assignments,  mortgages, deeds
     of  trust,  leasehold  mortgages,   leasehold  deeds  of  trust  and  other
     collateral interests granted, or to be granted, by the Borrower to the Bank
     listed in Exhibit 5.01(c).

     d.)  Insurance  coverage and loss payee  provisions  for all of  Borrower's
     assets  which are  collateral  for the lines,  including  all  vehicles and
     equipment owned by the Bank and leased to Borrower under the Lease line.

     e.)  Collateral  liens on any travel  centers  purchased,  constructed,  or
     remodeled on Outdoor  Acquisition  Assets,  and any  additional  collateral
     liens which the Bank  requires the Borrower to grant to the Bank during the
     term of the Loan including real estate lien and lien  perfection  documents
     on billboard site leases.

SECTION 6 - DEFAULT AND REMEDIES.

     6.01 Events of Default.  Each of the following shall constitute an Event of
Default under this Agreement:

     a.) Failure of  Borrower  to make any  payment on any Note,  , or any other
     Obligations  to the Bank within  five (5)  Business  Days after  receipt of
     certified written notice from the Bank.

                                       15
<PAGE>
     b.) Any warranty,  representation or statement made or furnished to Bank by
     or on behalf of Borrower under this Agreement or any Loan Document is false
     or misleading in any material respect at the time made or furnished.

     c.) This  Agreement or any other Loan  Document  ceases to be in full force
     and effect.

     d.) Any  default by  Borrower on any  indebtedness  to any other  lender or
     default  or  material  non-compliance  by the  Borrower  on any  borrowing,
     obligation, or contractual liability with any third party.

     e.) The  dissolution  or  termination  of  Borrower's  existence as a going
     business, the insolvency of Borrower, the appointment of a receiver for any
     part of Borrower's  property,  any assignment for the benefit of creditors,
     or the  commencement  of any proceeding  under any bankruptcy or insolvency
     laws by or against Borrower.

     f.)  Commencement  of  foreclosure  or forfeiture  proceedings,  whether by
     judicial  proceeding,  self-help,  repossession or any other method, by any
     creditor of Borrower, including any garnishment,  attachment, or levy on or
     of any of Borrower's deposit accounts with Lender.

     g.) A material adverse change occurs in Borrower's financial condition,  or
     Bank in good faith  believes the prospect of payment or  performance of the
     Indebtedness is impaired.

     h.) As to any breach or failure  to  observe  or  perform  any  non-payment
     (non-monetary)  condition,  requirement or restriction under this Agreement
     or any other Loan Document  when such breach is  susceptible  to cure,  the
     Borrower  fails to cure or remedy such breach  within 15 days after receipt
     of certified written notice from the Bank of such breach.

     i.)  Borrower  breaches  or fails to  observe  any other  term,  condition,
     requirement,  or  restriction  under  this  Agreement,  in any  other  Loan
     Document,  or in any other agreement with the Bank which is not susceptible
     to cure.

                                       16
<PAGE>
     j.) Any enforcement action is commenced against the Borrower by the SEC, or
     trading in the  Borrower's  stock is  suspended or halted by the SEC or any
     exchange regulated by the SEC.

     6.02  Cessation of Advances ,  Acceleration  and Other  Remedies.  Upon the
occurrence  of any Event of Default as described in section  6.01,  the Bank may
forthwith  or at any time during such default or events,  without  notice to the
Borrower  refuse  to make  further  advances  on any  Line  or  Note,  and  may,
independent  of such decision,  declare the unpaid  balance of the  Obligations,
including all principal and all interest then accrued, to be immediately due and
payable;  and the  Obligations  shall become and be immediately  due and payable
without  presentment,  notice of protest or other  notice of  dishonor or of any
other  kind of  notice  whatsoever,  including,  without  limitation,  notice of
default, notice of intent to accelerate and notice of acceleration, all of which
are hereby  expressly waived by Borrower;  and the Bank may immediately  enforce
its rights under the Loan Documents; and may exercise all rights available to it
in law or equity  including all rights  available  under this Agreement or under
the other Loan Documents.

SECTION 7 - MISCELLANEOUS.

     7.01 Execution and Form of Documents.  Each written instrument  required by
this  Agreement  or any of the other Loan  Documents to be furnished to the Bank
shall  be duly  executed  by the  person  or  persons  specified  (or  where  no
particular person is specified,  by such person as the Bank shall require), duly
acknowledged  where  required  by the Bank and,  in the case of  affidavits  and
similar sworn  instruments,  duly sworn to and subscribed before a notary public
duly  authorized  to act in the  premises by  Governmental  Authority;  shall be
furnished to the Bank in one or more copies as required by the Bank; shall be in
such form and of such  substance as shall be  effective,  in the judgment of the
Bank, to accomplish the results  intended by such  instrument;  and shall in all
respects  be in form and  substance  satisfactory  to the Bank and to its  legal
counsel.

     7.02 Assignment of Loan Proceeds.  Borrower irrevocably assigns to the Bank
and  grants a  security  interest  to the Bank in and to its  right,  title  and
interest in:

     a.) All Loan proceeds held by the Bank, whether or not disbursed; and

     b.) All funds  deposited by the Borrower with the Bank under this Agreement
     or otherwise.

                                       17
<PAGE>
     7.03  Severability.  If any item,  term or provision  contained in the Loan
Documents is in conflict,  or may  hereafter be held to be in conflict  with the
laws of the United  States or the State of New  Mexico,  as  applicable,  or any
political  subdivision of any of them,  then only the documents  containing such
provision  shall be affected and it shall be affected only as to such particular
item, term or provision and shall in all other respects remain in full force and
effect.

     7.04 No Waiver.  No course of dealing  between the Bank and the Borrower or
any  guarantor,  or any delay on the part of the Bank in  exercising  any rights
hereunder or under the Loan Documents shall operate as a waiver of any rights of
the Bank, except to the extent, if any, expressly waived in writing by the Bank.

     7.05 Survival.  All covenants,  agreements,  representations and warranties
made by the  Borrower in the Loan  Documents  and in any  certificates  or other
documents or instruments  delivered pursuant to this Agreement shall survive the
making  by the Bank of the  Loan  and the  execution  and  delivery  of the Loan
Documents, and shall continue in full force and effect until the Obligations are
paid in full.

     7.06  Notices.  All  notices  required  to be given in  writing  under this
Agreement  shall  be  given  by hand  delivery,  by a  certified  delivery  by a
nationally  recognized overnight courier service, or by the U.S. Postal Service,
and shall be effective when actually delivered,  or when delivery during regular
business hours is attempted on a Business Day at the notice address of the party
to whom the notice is to be given.  Any party may change its address for notices
under this Agreement by giving written notice to the other party.

Notice Addresses: Borrower:

BOWLIN Outdoor Advertising & Travel Centers, Inc.
     150 Louisiana Blvd. NE
     Albuquerque, NM 87108
     Attn: Michael L. Bowlin,  President

  Bank:
     First Security Bank of New Mexico, N.A.
     P.O. Box 1305
     Albuquerque, NM 87103
     Attn: Commercial Loans, James Bertram, Vice President

     7.07 Modification.  This Agreement shall not be changed orally or by course
of conduct or dealing but shall be changed only by  agreement in writing  signed
by all parties hereto.

                                       18
<PAGE>
     7.08  Counterparts.  This Agreement may be executed  simultaneously  in any
number of counterparts,  each of which, when so executed and delivered, shall be
an original,  but such counterparts  shall together  constitute one and the same
instrument.

     7.09 Binding  Effect.  This  Agreement  shall be binding upon the Bank, the
Borrower  and  their  respective   successors,   assigns,   heirs  and  personal
representatives.

     7.10 No  Partnership  or Joint  Venture.  Notwithstanding  anything  to the
contrary in the Loan Documents,  and  notwithstanding  any action the Bank takes
pursuant to the Loan Documents, the Bank and the Borrower shall not be deemed to
be engaged in a partnership or joint venture, nor shall the Bank be deemed to be
an agent or principal of the Borrower.

     7.11  Assignment by the Bank.  The Loan  Documents,  each Note, any Renewal
Note and the Loan contemplated  thereby, may be placed,  participated,  assigned
and/or serviced by the Bank and/or its successors and assigns, and in connection
with any of the foregoing, the Bank may retain a portion of the fees or interest
paid on the Notes or may  receive  servicing,  brokerage  or other fees from the
purchaser or  participant.  Any such  placement,  participation,  assignment  or
servicing  shall be at the Bank's sole option;  and the Bank and its  successors
and assigns shall have no  obligations  to disclose to the Borrower the receipt,
or contemplated receipt, of any such fees, nor shall the Borrower have any claim
or right to the same.  The Bank shall have the right to disclose  and to provide
to any  prospective  purchaser  or  participant  copies  of Loan  Documents  and
financial and other information of or about the Borrower.

     7.12  Relation  to Other  Documents.  This Loan  Agreement  supersedes  and
replaces all prior agreements,  commitments, and understandings between the Bank
and the Borrower, written or unwritten,  including all previous loan agreements.
The provisions of this Agreement are not intended to supersede the provisions of
the other Loan  Documents,  but should be  construed  as  supplemental  thereto.
However,  except as specifically  provided herein, if there is any inconsistency
between the  provisions  of this  Agreement and the other Loan  Documents,  this
Agreement shall be control.

                                       19
<PAGE>
     7.13 Jurisdiction. Borrower hereby irrevocably agrees that any legal action
or  proceedings  against the  Borrower  with  respect to this  Agreement  may be
brought in the courts of the State of New Mexico or in the U.S.  District  Court
for the  District of New Mexico.  Borrower  hereby  consents  and submits to the
jurisdiction of such courts and further consents to the personal jurisdiction of
any court located  within  Bernalillo  County,  New Mexico,  with respect to any
lawsuit to enforce  the  obligations  of  Borrower  under this  Agreement.  This
provision  shall  not  limit  the  right  of the Bank to bring  such  action  or
proceedings  against  the  Borrower  in the  courts  of  such  other  states  or
jurisdictions  where the  Borrower  may be  subject to  jurisdiction  nor to any
action required to be brought in another  jurisdiction  as the Borrower(s)  real
property assets or interests located in such other jurisdictions.

     7.14  Governing  Law.  This  Agreement  and the Loan  Documents  have  been
negotiated,  executed and delivered  solely within the State of New Mexico.  The
rights and obligations of the parties under this Agreement and under each of the
Loan Documents  shall be governed by and construed and interpreted in accordance
with the laws of the State of New Mexico.

     7.15 Jury  trial  waiver.  In any  action,  claim,  counterclaim,  or other
proceeding  based upon or related in any manner to this agreement,  the note, or
the  other  loan  documents,  borrower,  the  bank,  and all  makers,  sureties,
guarantors of the note,  and this  agreement,  together with all  successors and
assigns  of the  foregoing,  waive the right to a jury  demand and to a trial by
jury and stipulate that the trier of fact shall be the designated  judge in such
proceeding and acknowledge and agree that such waiver may significantly limit an
important  common law,  constitutional,  and/or  statutory  right which would be
otherwise available.

     7.16 YEAR 2000  COMPLIANCE  (Y2K).  The Borrower shall take all action that
may be necessary or desirable, or that the Bank may reasonably request, in order
to ensure that the Borrower,  its affiliates,  and all customers,  suppliers and
vendors that are material to the Borrower's business, become Year 2000 Compliant
on or before August 1, 1999. Such acts shall include,  without  limitation,  (i)
performing  a  comprehensive  inventory,  review  and  assessment  of all of the
Borrower's  systems  and  adopting a detailed  plan,  with  itemized  budget and
timetable, for the remediation, monitoring and testing of such systems, and (ii)
making a detailed  inquiry of all material  customers,  suppliers and vendors to
ascertain  whether such entities are aware of the need to be Year 2000 Compliant
and are taking all appropriate steps to become Year 2000 Compliant on the timely
basis.  The Borrower  shall,  promptly  upon  request,  provide to the Bank such
certifications or other evidence of Borrower's compliance with the terms of this
section as the Bank may from time to time reasonably require.

  BANK:                                      BORROWER:
  First Security Bank of                     BOWLIN Outdoor Advertising &
  New Mexico, N.A.                           Travel Centers Incorporated

  ---------------------------                ----------------------------
  By: James J. Bertram,                      By: Michael L. Bowlin,
      Vice President                             President

                                       20

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