Document:

First Amendment to Credit Agreement and Credit Documents dated 12/01/03

 Exhibit 10.10 
  
 FIRST AMENDMENT TO CREDIT AGREEMENT AND CREDIT DOCUMENTS 
  
 Dated as of December 1, 2003 
  
 This FIRST AMENDMENT TO CREDIT AGREEMENT AND CREDIT DOCUMENTS (this “Agreement” or this “First Amendment”) by and among U.S.
RESTAURANT PROPERTIES OPERATING L.P., a Delaware limited partnership (“USRP Operating” or the “Principal Borrower”), USRP FUNDING 2002-A, L.P., a Texas limited partnership (the “General
SPE”); USRP (S&C), LLC, a Texas limited liability company (“S&C”), USRP (JV1), LLC, a Texas limited liability company (“JV1”), USRP/HCI PARTNERSHIP 1, L.P., a Texas limited
partnership (“HCI”), USRP HOLDING CORP., a Texas corporation (“USRP Holding”; and together with the Principal Borrower, the General SPE, JV1, HCI and S&C, the “Borrower”; provided, that
representations and warranties of the Borrower contained herein shall be deemed to be made by each of them), USRP MANAGING, INC., a Delaware corporation and the general partner of USRP Operating, as a Guarantor (the “General
Partner”), U.S. RESTAURANT PROPERTIES, INC., a Maryland corporation, as a Guarantor (“USRP REIT”), the Subsidiary Guarantors (as defined in the Credit Agreement referenced below), the Lenders (as defined in the
Credit Agreement), BANK OF AMERICA, N.A., as Agent for the Lenders (in such capacity, the “Agent”) and as issuing lender (in such capacity, “Issuing Lender”) and BANC OF AMERICA SECURITIES LLC, as Sole
Lead Arranger and Sole Book Manager (in such capacity “BAS”) is an amendment to the terms set forth in that certain Credit Agreement dated as of November 4, 2003 among the Borrower, the General Partner, the Subsidiary Guarantors,
the Agent, the Lenders and BAS (as the same may have been amended, restated, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”); capitalized terms used herein and not otherwise defined shall have
the meanings given to such terms in the Credit Agreement. 
  
 WHEREAS, the
Borrower has requested that the Lenders amend the Credit Agreement in accordance with the terms hereof; and 
  
 WHEREAS, the Lenders have agreed, based on Borrower’s request, to amend the Credit Agreement on the terms and conditions set forth herein; 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged by the parties hereto, the parties
hereto agree as follows: 
  
 1. Amendments to Credit Agreement.

  
 (a) The first “Whereas” clause following
the introductory paragraph of the Credit Agreement is hereby deleted in its entirety and replaced with the following: 
  
 “WHEREAS, the Borrowers have requested that the Lenders provide a revolving credit facility in an aggregate amount of up to $60,000,000 (the
“Credit Facility”) for the purposes hereinafter set forth; and” 
  
 (b) The following definitions are hereby added to Section 1.1 of the Credit Agreement in their respective proper alphabetical positions: 
  
 ““Debt-like Preferred Stock” means, for any Person, any Preferred Stock or other Capital Stock of such
Person that is not typical perpetual preferred equity but instead either (a) obligates such Person, or any Affiliate of such Person, to purchase, redeem, repurchase, retire, or defease such preferred Capital Stock (other than as a result of a Change
of Control or an Asset Disposition that does not in fact result in a redemption of such preferred Capital Stock), (b) is contractually supported by (i) any Lien on or Negative Pledge covering any Property of such Person or any Affiliate of such
Person, or (ii) by any guaranty made by any Affiliate of such Person, or (c) considered to be a liability under GAAP. 

 ““Debt-like Preferred Stock Expense” means, for any period for any Person, the
aggregate dividend payment or other distribution due to the holders of Debt-like Preferred Stock of such Person, whether payable in cash or in kind, and regardless of whether such payment or distribution is actually paid during such period.”

  
 ““Debt-like Preferred Stock
Liabilities” means, with respect to any Debt-like Preferred Stock of any Person, an amount equal to (a) the stated liquidation, redemption, repurchase or other defeasance value of such Debt-like Preferred Stock (including, without
limitation, the maximum potential amount related to any applicable multipliers or other adjustment factors that could be applied to such value upon such purchase, re-purchase, redemption, retirement or defeasance), plus (b) without
duplication, any outstanding accrued and unpaid dividends payable by such Person or any of its Affiliates with respect to such preferred Capital Stock for periods prior to the then-current dividend period, plus (c) without duplication, all
mandatory sinking fund payments which may come due with respect to such Debt-like Preferred Stock, plus (d) without duplication, any other amounts (other than current and future scheduled periodic dividend payments) that could be owed by such
Person or any Affiliate of such Person with respect to such Debt-like Preferred Stock.” 
  
 ““Unconsolidated Affiliate” means any Affiliate of any of the USRP REIT, the General Partner, the Borrower or any of their Subsidiaries in which the USRP REIT, the General Partner, the Borrower
or any of their Subsidiaries holds an equity interest and which is not a Consolidated Party hereunder; and “Unconsolidated Affiliates” means a collective reference to each such entity.” 
  
 ““Unconsolidated Affiliate Interest” means, with
respect to any Unconsolidated Affiliate, the percentage of the Capital Stock or other equity interests in such Unconsolidated Affiliate owned by any of the USRP REIT, the General Partner, the Borrower or any of their Subsidiaries; provided, however,
that in calculating the “Unconsolidated Affiliate Interest” held with respect to any liabilities or Indebtedness of an Unconsolidated Affiliate, such percentage shall be the greater of (a) the percentage calculated pursuant to the
foregoing provisions of this definition and (b) the percentage amount of such liabilities and/or Indebtedness which is recourse to any Consolidated Party holding interests in such Unconsolidated Affiliate (in each case without duplication of amounts
already included in the applicable calculation).” 
  
 (c) The
definitions of the terms “Borrowing Base Asset Value”, “Business Day”, “Eligible Assignee”, “Funded Indebtedness”, “Intercreditor Agreement”, “Maturity Date”, “Required Lenders”,
“Revolving Committed Amount”, “Term Loan Agreement” and “Total Liabilities” contained in Section 1.1 of the Credit Agreement are hereby deleted in their entirety and replaced with the following: 
  
 ““Borrowing Base Asset Value” means, as of any given
calculation date, an amount equal to (a) the sum of the Asset Values of all Real Properties which are wholly owned by any of the General SPE, HCI (or Wholly-Owned Subsidiaries thereof), JV1 (or Wholly-Owned Subsidiaries thereof) or S&C; less (b)
any amounts included in the above calculations that are attributable to (i) assets subject to one or more Liens or Negative Pledges; and (ii) Excluded Assets.” 
  
 ““Business Day” means a day other than a Saturday, Sunday or other day on which commercial banks in
Charlotte, North Carolina, San Francisco, California or New York, New York are authorized or required by law to close.” 
  
 ““Consolidated Fixed Charges” means, as of any date, for the four fiscal quarter period most recently ending on or prior to such
date, the sum of (a) all scheduled payments of principal on Funded Indebtedness of the Consolidated Parties on a consolidated basis (including, without limitation, (i) the implied principal component of payments due on Capital Leases and Synthetic
Leases, (ii) all Debt-like Preferred Stock Expenses incurred during such period in connection with all Debt-like Preferred Stock of the Consolidated Parties and all other dividends paid during such period on any Preferred Stock of the Consolidated
Parties and (iii) an amount, not less than zero (0), equal to (A) payments made in connection with any ground leases, but excluding voluntary 
  

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 prepayments or mandatory prepayments required pursuant to Section 3.3 and any scheduled balloon, bullet
or similar principal payment repaying the related underlying principal Indebtedness in full), as determined in accordance with GAAP, less (B) the rental income received by the Consolidated Parties in connection with such ground leased properties in
connection with operating leases under which a Consolidated Party is the lessor, plus (b) without duplication, the sum of (i) all scheduled payments of principal on Funded Indebtedness of each Unconsolidated Affiliate multiplied by the respective
Unconsolidated Affiliate Interest of each such entity, (ii) all Debt-like Preferred Stock Expenses incurred during such period in connection with Debt-like Preferred Stock of any Unconsolidated Affiliate and all other dividends paid on any Preferred
of any Unconsolidated Affiliate during such period, in each case multiplied by the respective Unconsolidated Affiliate Interest of each such entity; and (iii) an amount, not less than zero (0), equal to (A) (1) payments made by any Unconsolidated
Affiliate in connection with any ground leases, less (2) the rental income received by any Unconsolidated Affiliate in connection with such ground leased properties in connection with operating leases under which an Unconsolidated Affiliate is the
lessor, multiplied by (B) the respective Unconsolidated Affiliate Interest of each such entity; provided, that in each case, all of the above amounts not otherwise adjusted to account for Minority Interests shall be adjusted to deduct therefrom the
pro rata share of such amounts allocable to the Minority Interests, plus (c) Consolidated Interest Expense.” 
  
 ““Eligible Assignee” means: (a) a Lender; (b) an Affiliate of a Lender; (c) an Approved Fund; (d) (i) a commercial bank, trust
company, insurance company, savings and loan association, savings bank, investment bank, pension fund or mutual fund organized under the laws of the United States of America, or any state thereof, experienced in similar types of commercial lending
and having total assets in excess of $5,000,000,000; or (ii) a commercial bank experienced in similar types of commercial lending and having total assets in excess of $10,000,000,000, provided that such bank is acting through a branch or agency
located in the United States of America; provided, that, for purposes of both subclause (i) and subclause (ii) of this clause (d): (1) such Person’s senior unsecured long term Indebtedness must be rated BBB or higher by S&P, Baa2 or higher
by Moody’s, or the equivalent or higher of either such rating by another rating agency of national reputation and reasonably acceptable to the Agent; (2) such Person must be otherwise approved by the Agent in writing (with such approval not to
be unreasonably withheld or delayed); and (3) if an Event of Default has not occurred, such Person must be approved by the Borrower (with such approval not to be unreasonably withheld or delayed) and (e) any other institution approved by the Agent
in writing; provided that notwithstanding the foregoing, “Eligible Assignee” shall not include the Borrower, any Credit Party or any of the Borrower’s or any Credit Party’s Affiliates or Subsidiaries.” 
  
 ““Funded Indebtedness” means, with respect to any
Person, without duplication, (i) all Indebtedness (including, without limitation, Indebtedness associated with Debt-like Preferred Stock) of such Person other than Indebtedness of the types referred to in clauses (e), (f), (g), (i), (n) and (p) of
the definition of “Indebtedness” set forth in this Section 1.1, (ii) all Funded Indebtedness of others of the type referred to in clause (i) above secured by (or for which the holder of such Funded Indebtedness has an existing right,
contingent or otherwise, to be secured by) any Lien on, or payable out of the proceeds of production from, Property owned or acquired by such Person, whether or not the obligations secured thereby have been assumed (or, if less, the aggregate net
book value of all Property securing such Funded Indebtedness of others), (iii) all Guaranty Obligations of such Person with respect to Funded Indebtedness of the type referred to in clause (i) above of another Person and (iv) Funded Indebtedness of
the type referred to in clause (i) above of any partnership or unincorporated joint venture in which such Person is a general partner or a joint venturer to the extent such Funded Indebtedness is recourse to such Person.” 
  
 ““Intercreditor Agreement” means that certain
Intercreditor Agreement dated as November 4, 2003 and entered into by and among the Collateral Agent, the Agent, the “Agent” under the Term Loan Agreement, the Lenders, the Term Loan Lenders and the Credit Parties, which agreement
addresses, among other things, the priority of payments made by Borrower hereunder and under the Term Loan Agreement and the allocation of proceeds derived from the collateral under the 
  

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 Security Documents, as amended by that certain First Amendment to Intercreditor Agreement dated as of
December 1, 2003 and as the same may be further amended, restated, supplemented or otherwise modified from time to time in accordance with its terms.” 
  
 ““Maturity Date” shall have the meaning given to such term in Section 2.1(c) hereof.” 
  
 ““Required Lenders” means, at any time, Lenders (other
than Defaulting Lenders) and Term Loan Lenders holding in the aggregate at least 66  2/3% of the Revolver/Term
Outstanding Amount (excluding amounts held by Defaulting Lenders).” 
  
 ““Required Revolver Lenders” means, at any time, Lenders (other than Defaulting Lenders) holding in the aggregate at least 66  2/3% of (a) the Revolving Commitments (and Participation Interests therein), or (b) if the Revolving Commitments have been terminated, the outstanding Loans, LOC Obligations and
Participation Interests (including the Participation Interests of the Issuing Lender in any Letters of Credit).” 
  
 ““Revolving Committed Amount” means $60,000,000.00, as such amount may be adjusted pursuant to and in accordance with the terms of
this Credit Agreement (including, without limitation, pursuant to Sections 3.4 hereof).” 
  
 ““Term Loan Agreement” means that certain $35 million Term Loan Credit Agreement dated as of November 4, 2003 among the Borrower, Guarantors, BOA, as administrative agent and BAS and such other
lenders as may be party thereto from time to time, as amended by that certain First Amendment to Term Loan Agreement and Credit Documents dated as of December 1, 2003 and as the same may be further amended, restated, supplemented or otherwise
modified from time to time following the date hereof.” 
  
 ““Total Liabilities” means the sum of (a) total liabilities of the Consolidated Parties on a consolidated basis, as determined in accordance with GAAP, plus (b) an amount equal to the aggregate total
liabilities, as determined in accordance with GAAP, of each Unconsolidated Affiliate multiplied by the respective Unconsolidated Affiliate Interest of each such entity plus (c) without duplication, the Indebtedness of the Consolidated Parties
on a consolidated basis plus (d) without duplication, the aggregate of Indebtedness (including, without limitation, all Contingent Obligations) of each Unconsolidated Affiliate multiplied by the respective Unconsolidated Affiliate Interest of
each such entity; provided, that (i) in each case, all of the above amounts not otherwise adjusted to account for Minority Interests shall be adjusted to deduct therefrom the pro rata share of such amounts allocable to the Minority Interests (except
to the extent any Credit Party would be legally liable for the full amount of such liabilities) and (ii) notwithstanding anything contained herein to the contrary, “Total Liabilities” shall include, without duplication (A) all Debt-like
Preferred Stock Liabilities of any Consolidated Party; and (B) (1) all Debt-like Preferred Stock Liabilities of any Unconsolidated Affiliate with respect to such Unconsolidated Affiliate’s Debt-like Preferred Stock, multiplied by (2) the
respective Unconsolidated Affiliate Interest of each such entity.” 
  
 (d) Clause (k) is hereby deleted from the definition of the term “Indebtedness” contained in Section 1.1 of the Credit Agreement and replaced with the following: 
  
 “(k) all Debt-like Preferred Stock Liabilities associated with any
Debt-like Preferred Stock of such Person (other than amounts associated with accrued and unpaid dividends),” 
  
 (e) The terms “Extended Maturity Date”, “Initial Maturity Date” and “Successful Syndication” are hereby deleted in their
entirety from Section 1.1 of the Credit Agreement. 
  
 (f)
Section 2.1(c) of the Credit Agreement is hereby deleted in its entirety and replaced with the following: 
  

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 “(c) Repayment. The principal amount of all Revolving Loans and all other amounts owed by the
Borrower or any Credit Party hereunder or under any Credit Document shall, subject to acceleration or, if applicable, mandatory prepayment, pursuant to the terms hereof, be due and payable in full on October 31, 2006 (the “Maturity
Date”).” 
  
 (g) Section 2.2(b) of the Credit
Agreement is hereby deleted in its entirety and replaced with the following: 
  
 “(b) Notice and Reports. The request for the issuance of a Letter of Credit shall be submitted by the Borrower to the Issuing Lender at least three (3) Business Days prior to the requested date of
issuance. The Agent will, at least quarterly (within fifteen (15) Business Days of the end of each calendar quarter), disseminate to each of the Lenders a detailed report specifying the Letters of Credit which are then issued and outstanding and any
activity with respect thereto which may have occurred since the date of the prior report, and including therein, among other things, the beneficiary, the face amount and the expiry date, as well as any payment or expirations which may have
occurred.” 
  
 (h) The following sentence is hereby added to
the end of Section 2.3(d): 
  
 “The Agent will, at
least quarterly (within fifteen (15) Business Days of the end of each calendar quarter), disseminate to each of the Lenders a report specifying the amount of the then-outstanding Derivative Exposure Reserves and identifying the related BOA
Derivative Instruments.” 
  
 (i) Section 3.4 of the
Credit Agreement is hereby deleted in its entirety and replaced with the following: 
  
 “3.4 Termination or Reduction of Revolving Committed Amount. 
  
 (a) Voluntary Reductions. The Borrower may from time to time permanently reduce or terminate the Revolving Committed Amount in
whole or in part (in minimum aggregate amounts of $5,000,000 or in integral multiples of $5,000,000 in excess thereof (or, if less, the full remaining amount of the then applicable Revolving Committed Amount)) upon five (5) Business Days’ prior
written notice to the Agent; provided, however, no such termination or reduction shall be made which would cause (i) the sum of the aggregate outstanding principal amount of Revolving Loans, plus the LOC Obligations, plus
the Aggregate Derivative Reserve Amount to exceed the Revolving Committed Amount, or (ii) the sum of the aggregate outstanding principal amount of Revolving Loans, plus the LOC Obligations, plus the Aggregate Derivative Reserve Amount,
plus the then-outstanding Term Loan Obligations to exceed the Borrowing Base unless, concurrently with such termination or reduction, the Revolving Loans are repaid to the extent necessary to eliminate such excess or excesses. The Agent shall
promptly notify each affected Lender of receipt by the Agent of any notice from the Borrower pursuant to this Section 3.4(a). 
  
 (b) Maturity Date. Unless terminated sooner pursuant to Section 3.4(a) or Section 9.2, the Revolving Commitments of the Lenders and
the LOC Commitment of the Issuing Lender shall automatically terminate on the Maturity Date. 
  
 (c) General. The Agent will promptly notify the Lenders of any such notice of termination or reduction of the Revolving Committed
Amount. Any reduction of the Revolving Committed Amount shall be applied to the Revolving Commitment of each Lender according to its Revolving Commitment Percentage. All fees accrued until the effective date of any termination of all or a portion of
the Revolving Committed Amount shall be paid by Borrower on the effective date of such termination.” 
  
 (j) The following clause (iii) is hereby added to Section 9.1(h) of the Credit Agreement following clause (ii) thereof: 
  

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 “(iii) There exists any “Event of Default” under the Term Loan Documents which has not
been cured and has not been waived by the Term Loan Lenders.” 
  
 (k) Section 10.7 of the Credit Agreement is hereby deleted in its entirety and replaced with the following: 
  
 “10.7 Successor Agent. 
  
 The Agent may resign at any time by giving thirty (30) days advance notice thereof to the Lenders and the Credit Parties. In the event the
Administrative Agent’s actions or inactions in its capacity as Administrative Agent hereunder constitute gross negligence or willful misconduct, the Administrative Agent may be removed as Administrative Agent under the Credit Documents at any
time by (a) the Required Revolving Lenders upon 30-day’s prior notice and (b) all of the Lenders (excluding the Administrative Agent in its capacity as a Lender) upon 10-day’s prior notice; provided, however, that (w) the Administrative
Agent shall have the right to contest any such claim by the Lenders regarding its gross negligence or willful misconduct, (x) the Administrative Agent’s removal shall be postponed pending the resolution of such contest, (y) the parties to such
contest (which such parties shall include each of the Lenders voting in favor of the removal of the Administrative Agent, on the one hand, and the Administrative Agent, on the other) shall immediately enter into binding arbitration, on terms and
conditions acceptable to each such party, for the determination of whether the Administrative Agent’s actions or inactions at issue constituted gross negligence or willful misconduct and (z) to the extent the applicable arbiter determines that
the Administrative Agent’s actions or inactions did not constitute gross negligence or willful misconduct, the Lenders voting in favor of the Agent’s removal shall be jointly and severally liable for the immediate payment to the
Administrative Agent of all attorneys fees and other reasonable expenses incurred by the Administrative Agent in the preparation for and adjudication of such contest. Upon any such resignation or removal of the Administrative Agent, the Required
Revolving Lenders shall have the right to appoint a successor Agent. If no successor Agent shall have been so appointed by the Required Revolving Lenders and shall have accepted such appointment within thirty (30) days after the retiring
Agent’s giving of notice of resignation or as of the date of the removal of the Agent, as applicable, then the retiring or removed Agent may, on behalf of the Lenders, appoint a successor Agent which shall be a commercial bank organized under
the laws of the United States having combined capital and surplus of at least $100,000,000. Upon the acceptance of any appointment as Agent hereunder by a successor, such successor shall thereupon succeed to and become vested with all the rights,
powers, discretion, privileges, and duties of the retiring Agent, and the retiring or removed Agent shall be discharged from its duties and obligations hereunder. After any retiring Agent’s resignation hereunder as Agent or the removal of any
Agent as Agent hereunder, the provisions of this Section 10 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Agent. If no successor Agent has accepted appointment as Agent
under this Credit Agreement by the date which is 30 days following a retiring Agent’s notice of resignation or the date of the Agent’s removal, as applicable, the retiring Agent’s resignation or the removed Agent’s removal (as
applicable) shall nevertheless thereupon become effective and the Lenders shall perform all the duties of the Agent hereunder until such time, if any, as the Required Revolving Lenders appoint a successor agent as provided for above.”

  
 (l) Section 11.6(a)(iv) of the Credit Agreement is
hereby deleted in its entirety and replaced with the following: 
  
 “(iv) provisions contained in this Credit Agreement and in the Credit Documents pertaining to purely ministerial or administrative matters may be amended, deleted or otherwise changed upon the obtaining of the written consent of the
Credit Parties and Required Revolving Lenders (regardless of whether Required Lender consent is obtained) to the extent such amendments, deletions and/or other changes do not, in the judgment of the Collateral Agent, materially and adversely effect
the rights, remedies or expected financial return of the Term Loan Lenders.” 
  

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 2. Reaffirmation of Representations. The Borrower, General Partner, the USRP REIT and each of the other
Guarantors hereby repeat and reaffirm all representations and warranties (as modified, supplemented or amended herein) made by such party to the Agent and the Lenders in the Credit Agreement and the other Credit Documents to which it is a party on
and as of the date hereof (or, if any representation and warranty expressly relates to an earlier date, on and as of such earlier date) with the same force and effect as if such representations and warranties were set forth in this Agreement in
full. Each of the undersigned Credit Parties hereby acknowledges and consents to the terms, conditions and revisions set forth in this Agreement. 
  
 3. Reaffirmation of Guaranty. The General Partner, the USRP REIT and each of the other Guarantors hereby each reaffirm their continuing guaranty obligations
to the Agent and the Lenders under the Credit Agreement and agree that the transactions contemplated by this Agreement shall not in any way affect the validity and enforceability of their respective guaranties or the Credit Agreement or reduce,
impair or discharge their obligations thereunder. 
  
 4. Conditions
Precedent. The effectiveness of this Agreement is subject to receipt by the Agent of each of the following, each in form and substance satisfactory to the Agent: 
  
 (a) a counterpart of this Agreement duly executed by each of the parties listed in the preamble hereof; 
  
 (b) payment by Borrower of all outstanding fees and expenses of the Agent,
the Issuing Lender, the Collateral Agent and the Agent’s, Issuing Lender’s, and Collateral Agent’s counsel (if any) incurred in connection with the preparation of this Agreement and all other fees and expenses relating to the
preparation, execution and delivery of this Agreement or otherwise related to the Credit Agreement or the Credit Documents which are due and payable on the date hereof or as of the date of the applicable advance, including, without limitation,
payment to the Agent, Issuing Lender and Collateral Agent of attorneys’ fees, consultants’ fees, travel expenses, all fees and expenses associated with prior transactions entered into or contemplated by and between Borrower and the Agent,
Collateral Agent and Issuing Lender and all other fees and expenses due and then-owing from the Borrower to the such Persons pursuant to the terms hereof and the Credit Documents; 
  
 (c) delivery by Merrill Lynch Capital, Wells Fargo Bank, Compass Bank, Guaranty Bank and Raymond James Bank of respective
Assignment and Assumptions for each of them with respect to each such Person’s assumption of a portion of the Revolving Commitments and each such Person’s purchase of a portion of the currently-outstanding Revolving Loans (such delivery to
be made into escrow pending execution and effectiveness of this Agreement); 
  
 (d) the consent and approval of the Required Lenders (as evidenced on the signature pages attached hereto) to the amendments and modifications to the Credit Agreement referenced herein; and 
  
 (e) such other documents, instruments and agreements as the Agent may
reasonably request. 
  
 5. Additional Representations. Each
Borrower, the General Partner, the USRP REIT and each of the other Guarantors collectively represent and warrant to the Agent and the Lenders that: 
  
 (a) Authorization. The Borrower, General Partner, the USRP REIT and each other Guarantor, respectively, has the right and power and has obtained
all authorizations necessary to execute and deliver this Agreement and to perform its respective obligations hereunder and under the Credit Agreement and Credit Documents, as amended by this Agreement, in accordance with their respective terms. This
Agreement has been duly executed and delivered by a duly authorized officers of the Borrower, General Partner, the USRP REIT and each other Guarantor, respectively, and each of this Agreement and the Credit Agreement and Credit Documents, as amended
by this Agreement, is a legal, valid and binding obligation of the Borrower, General Partner, the USRP REIT and each other Guarantor (each as applicable), enforceable against the Borrower, General Partner, the USRP REIT and each other Guarantor
(each as applicable) in accordance with its respective terms, except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the availability of equitable remedies for the
enforcement of certain obligations contained herein or therein may be limited by equitable principles generally. 
  

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 (b) Compliance with Laws, etc. The execution and delivery by the Borrower, General Partner, the
USRP REIT and the other Guarantors of this Agreement and the performance by the Borrower, General Partner, the USRP REIT and/or the other Guarantors of this Agreement and the Credit Agreement and Credit Documents, as amended by this Agreement, in
accordance with their respective terms, does not and will not, by the passage of time, the giving of notice or otherwise: (i) require any Governmental Approval or violate any Applicable Law (including all Environmental Laws) relating to the
Borrower, General Partner, the USRP REIT any of the other Guarantors or any other Consolidated Party; (ii) conflict with, result in a breach of or constitute a default under the organizational documents of the Borrower, General Partner, the USRP
REIT any of the other Guarantors or any other Consolidated Party, or any indenture, agreement/or other instrument to which the Borrower, General Partner, the USRP REIT any of the other Guarantors or any other Consolidated Party is a party or by
which it or any of its respective properties may be bound; or (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by the Borrower, General Partner, the USRP REIT, any
other Guarantor or any other Consolidated Party other than in favor of the Agent for the benefit of the Lenders; and 
  
 (c) No Default. No Default or Event of Default has occurred and is continuing as of the date hereof nor will exist immediately after giving effect
to this Agreement. 
  
 6. Waivers; Delays; Omissions. No
waiver by Lenders of any default shall be deemed to be a waiver of any other subsequent default, nor shall any such waiver by Lenders be deemed to be a continuing waiver. No delay or omission by Lenders in exercising any right or power hereunder, or
under any other writings executed by Assignor or any obligor as security for or in connection with the Credit Party Obligations, shall impair any such right or power or be construed as a waiver thereof or any acquiescence therein, nor shall any
single or partial exercise of any such right or power preclude other or further exercise thereof, or the exercise of any other right or power of Lenders hereunder or under such other writings. 
  
 7. Maximum Applicable Interest Rates. No provision herein or in any promissory
note, instrument, or any other document, instrument or agreement evidencing the Credit Party Obligations shall require the payment or permit the collection of interest in excess of the maximum permitted by law. If any excess of interest in such
respect is provided for herein or in any such promissory note, instrument, or any other document, instrument or agreement, the provisions of this paragraph shall govern, and no obligor shall be obligated to pay the amount of such interest to the
extent that it is in excess of the amount permitted by law. The intention of the parties being to conform strictly to the usury laws now in force, all promissory notes, instruments, and other documents, instruments or agreements evidencing the
Credit Party Obligations shall be held subject to reduction to the amount allowed under said usury laws as now or hereafter construed by the courts having jurisdiction.  
  
 8. Default. The failure of the Borrower or any of the Guarantors to perform any of their respective obligations under this
Agreement or the material falsity of any representation or warranty made herein shall, at the option of the Agent and/or Lenders (as determined in accordance with the Credit Agreement) after expiration of any applicable cure period, constitute an
Event of Default under the Credit Documents. 
  
 9. GOVERNING LAW.
THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NORTH CAROLINA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
  
 10. Successors and Assigns. This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto and their respective successors and assigns. No Credit Party shall transfer or assign any of their respective rights or obligations hereunder without the prior written consent of the Agent. 
  
 11. Certain References. Each reference to the Credit Agreement in any of the
Credit Documents shall be deemed to be a reference to the Credit Agreement as amended by this Agreement. 
  
 12. Expenses. The Borrower shall reimburse the Collateral Agent, Issuing Lender and Agent upon demand for all reasonable costs and expenses (including reasonable attorneys’ fees) incurred by the
such Persons in connection 
  

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 with the preparation, negotiation and execution of this Agreement and the other agreements and documents executed and
delivered in connection herewith. 
  
 13. Release. Each Credit Party
hereby represents and warrants that it has no claims, counterclaims, offsets, or defenses to any of the Credit Documents, or to the performance of their respective obligations thereunder and, in consideration of the Lenders’ and Agent’s
willingness to grant the amendment referenced herein, hereby releases the Issuing Lender, Agent, the Collateral Agent, the Lenders, BAS, and each of their respective officers, employees, representatives, agents, counsel and directors from any and
all actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, now known or unknown, suspected or unsuspected to the extent that any of the foregoing arises from any action or failure to act
on or prior to the date hereof. 
  
 14. Effect. Except as expressly
herein amended, the terms and conditions of the Credit Agreement and the other Credit Documents remain in full force and effect. The amendments contained herein shall be deemed to have prospective application only, unless otherwise specifically
stated herein. 
  
 15. No Novation. The parties hereto intend this
Agreement to evidence the amendments to the terms of the existing indebtedness of the Borrower and Guarantors to the Lenders as specifically set forth herein and do not intend for such amendments to constitute a novation in any manner whatsoever.

  
 16. Counterparts. This Agreement may be executed in any number
of counterparts, each of which shall be deemed to be an original and shall be binding upon all parties, their successors and assigns. 
  
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK—SIGNATURE PAGE(S) FOLLOW(S)] 
  

 9 

 IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Agreement to be
duly executed and delivered as of the date hereof. 
  

											
	 PRINCIPAL BORROWER:
	 	 	 	 U.S. RESTAURANT PROPERTIES OPERATING L.P.

				
	 	 	 	 	 By:
	 	 USRP MANAGING, INC.

						
	 	 	 	 	 	 	 	 	By:	 	/s/    Stacy M. Riffe        
	 	 	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 	 	 	 	 	 	 Title:
	 	Vice President

  

											
	 GENERAL SPE:
	 	 	 	 USRP FUNDING 2002-A, L.P.

				
	 	 	 	 	 By:
	 	 USRP (SFGP) 2, LLC

						
	 	 	 	 	 	 	 	 	By:	 	/s/    Stacy M. Riffe        
	 	 	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 	 	 	 	 	 	 Title:
	 	Manager

  

											
	 S&C:
	 	 	 	 USRP (S&C), LLC

				
	 	 	 	 	 	 	 
						
	 	 	 	 	 	 	 	 	By:	 	/s/    Stacy M. Riffe        
	 	 	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 	 	 	 	 	 	 Title:
	 	Manager

  

											
	 HCI:
	 	 	 	 USRP/HCI PARTNERSHIP 1, L.P.

				
	 	 	 	 	 By:
	 	 USRP (JV1), LLC

						
	 	 	 	 	 	 	 	 	By:	 	/s/    Stacy M. Riffe        
	 	 	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 	 	 	 	 	 	 Title:
	 	Manager

  

											
	 JV1:
	 	 	 	 USRP (JV1), LLC

				
	 	 	 	 	 	 	 
						
	 	 	 	 	 	 	 	 	By:	 	/s/    Stacy M. Riffe        
	 	 	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 	 	 	 	 	 	 Title:
	 	Manager

  

											
	 USRP Holding:
	 	 	 	 USRP HOLDING CORP.

				
	 	 	 	 	 	 	 
						
	 	 	 	 	 	 	 	 	By:	 	/s/    Stacy M. Riffe        
	 	 	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 	 	 	 	 	 	 Title:
	 	Manager

  

											
	 GENERAL PARTNER:
	 	 	 	 USRP MANAGING, INC.

				
	 	 	 	 	 	 	 
						
	 	 	 	 	 	 	 	 	By:	 	/s/    Stacy M. Riffe        
	 	 	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 	 	 	 	 	 	 Title:
	 	Vice President

  

 10 

											
	 USRP REIT:
	 	 	 	 U.S. RESTAURANT PROPERTIES, INC.

				
	 	 	 	 	 	 	 
						
	 	 	 	 	 	 	 	 	By:	 	/s/    Stacy M. Riffe        
	 	 	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 	 	 	 	 	 	 Title:
	 	Secretary

  

											
	 SUBSIDIARY GUARANTORS:
	 	 	 	ARKANSAS RESTAURANTS #10, L.P., a Texas limited partnership
					
	 	 	 	 	 	 	By:	 	North American Restaurant Management, Inc.
						
	 	 	 	 	 	 	 	 	By:	 	/s/    Stacy M. Riffe        
	 	 	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 	 	 	 	 	 	 Title:
	 	Vice President

  

											
	 	 	 	 	RESTAURANT PROPERTY PARTNERS, L.P., a Texas limited partnership
					
	 	 	 	 	 	 	By:	 	Restaurant Funding, Inc.
						
	 	 	 	 	 	 	 	 	By:	 	/s/    Stacy M. Riffe        
	 	 	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 	 	 	 	 	 	 Title:
	 	Vice President

  

											
	 	 	 	 	USRP (66), LTD., a Texas limited partnership
					
	 	 	 	 	 	 	By:	 	USRP GP1, LLC
						
	 	 	 	 	 	 	 	 	By:	 	/s/    Stacy M. Riffe        
	 	 	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 	 	 	 	 	 	 Title:
	 	Manager

  

											
	 	 	 	 	USRP (FAIN 10), L.P., a Texas limited partnership
					
	 	 	 	 	 	 	By:	 	USRP GP5, LLC
						
	 	 	 	 	 	 	 	 	By:	 	/s/    Stacy M. Riffe        
	 	 	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 	 	 	 	 	 	 Title:
	 	Manager

  

											
	 	 	 	 	USRP (KATY), L.P., a Texas limited partnership
					
	 	 	 	 	 	 	By:	 	USRP GP8, LLC
						
	 	 	 	 	 	 	 	 	By:	 	/s/    Stacy M. Riffe        
	 	 	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 	 	 	 	 	 	 Title:
	 	Manager

  

 11 

					
	 USRP (PAC), L.P., a Texas limited partnership

			
	 	 	 By:
	 	 USRP (Cap), Inc.

			
	 	 	 By:
	 	 /s/    Stacy M. Riffe

	 	 	 	 	

	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 Title:
	 	Vice President
	
	 USRP (QUEST), L.P., a Texas limited partnership

			
	 	 	 By:
	 	 USRP GP4, LLC

			
	 	 	 By:
	 	 /s/    Stacy M. Riffe

	 	 	 	 	

	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 Title:
	 	Manager
	
	 USRP (SAN ANTONIO), LTD., a Texas limited partnership

			
	 	 	 By:
	 	 USRP GP, LLC

			
	 	 	 By:
	 	/s/    Stacy M. Riffe
	 	 	 	 	

	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 Title:
	 	Manager
	
	 USRP (T&C), L.P., a Texas limited partnership

			
	 	 	 By:
	 	 USRP GP3, LLC

			
	 	 	 By:
	 	 /s/    Stacy M. Riffe

	 	 	 	 	

	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 Title:
	 	 
	
	 NORTH AMERICAN RESTAURANT MANAGEMENT, INC.

			
	 	 	 By:
	 	 /s/    Stacy M. Riffe

	 	 	 	 	

	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 Title:
	 	Vice President
	
	RESTAURANT FUNDING, INC.
			
	 	 	 By:
	 	 /s/    Stacy M. Riffe

	 	 	 	 	

	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 Title:
	 	Vice President
	
	 PINNACLE RESTAURANT GROUP, LLC, a Texas limited liability company

			
	 	 	 By:
	 	 /s/    Stacy M. Riffe

	 	 	 	 	

	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 Title:
	 	Manager

  

 12 

					
	 USRP (ACQUISITION), LLC, a Texas limited liability company

			
	 	 	 By:
	 	 /s/    Stacy M. Riffe

	 	 	 	 	

	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 Title:
	 	Manager
	
	 USRP (BC), LLC, a Texas limited liability company

			
	 	 	 By:
	 	 /s/    Stacy M. Riffe

	 	 	 	 	

	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 Title:
	 	Manager
	
	 USRP (BILL), LLC, a Texas limited liability company

			
	 	 	 By:
	 	 /s/    Stacy M. Riffe

	 	 	 	 	

	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 Title:
	 	Manager
	
	 USRP (CAL), LLC, a Texas limited liability company

			
	 	 	 By:
	 	 /s/    Stacy M. Riffe

	 	 	 	 	

	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 Title:
	 	Manager
	
	 USRP (CAP), INC. a Texas corporation

			
	 	 	 By:
	 	 /s/    Stacy M. Riffe

	 	 	 	 	

	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 Title:
	 	Vice President
	
	 USRP (CARROLL), LLC, a Texas limited liability company

			
	 	 	 By:
	 	 /s/    Stacy M. Riffe

	 	 	 	 	

	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 Title:
	 	Manager
	
	 USRP (CENTRAL AVENUE), LLC, a Texas limited liability company

			
	 	 	 By:
	 	 /s/    Stacy M. Riffe

	 	 	 	 	

	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 Title:
	 	Manager
	
	 USRP (CHRIS), LLC, a Texas limited liability company

			
	 	 	 By:
	 	 /s/    Stacy M. Riffe

	 	 	 	 	

	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 Title:
	 	Manager
	
	 USRP (DEEDEE), LLC, a Texas limited liability company

			
	 	 	 By:
	 	 /s/    Stacy M. Riffe

	 	 	 	 	

	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 Title:
	 	Manager

  

 13 

					
	 USRP (DON), LLC, a Texas limited liability company

			
	 	 	 By:
	 	 /s/    Stacy M. Riffe

	 	 	 	 	

	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 Title:
	 	Manager
	
	 USRP (FINANCE), LLC, a Texas limited liability company

			
	 	 	 By:
	 	 /s/    Stacy M. Riffe

	 	 	 	 	

	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 Title:
	 	Manager
	
	 USRP (FRED), LLC, a Texas limited liability company

			
	 	 	 By:
	 	 /s/    Stacy M. Riffe

	 	 	 	 	

	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 Title:
	 	Manager
	
	 USRP (GANT1), LLC, a Texas limited liability company

			
	 	 	 By:
	 	 /s/    Stacy M. Riffe

	 	 	 	 	

	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 Title:
	 	Manager
	
	 USRP (GANT2), LLC, a Texas limited liability company

			
	 	 	 By:
	 	 /s/    Stacy M. Riffe

	 	 	 	 	

	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 Title:
	 	Vice President
	
	 USRP (GOLD), LLC, a Texas limited liability company

			
	 	 	 By:
	 	 /s/    Stacy M. Riffe

	 	 	 	 	

	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 Title:
	 	Manager
	
	 USRP GP, LLC, a Texas limited liability company

			
	 	 	 By:
	 	 /s/    Stacy M. Riffe

	 	 	 	 	

	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 Title:
	 	Manager
	
	 USRP GP1, LLC, a Texas limited liability company

			
	 	 	 By:
	 	 /s/    Stacy M. Riffe

	 	 	 	 	

	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 Title:
	 	Manager
	
	 USRP GP3, LLC, a Texas limited liability company

			
	 	 	 By:
	 	 /s/    Stacy M. Riffe

	 	 	 	 	

	 	 	 Name:
	 	Stacy M. Riffe
	 	 	 Title:
	 	Manager

  

 14 

					
	USRP GP4, LLC, a Texas limited liability company
			
	 	 	 By:
	 	 /s/    Valerie S. Silverling

	 	 	 	 	

	 	 	 Name: Valerie S. Silverling

	 	 	 Title: Manager

	
	USRP GP5, LLC, a Texas limited liability company
			
	 	 	 By:
	 	 /s/    Valerie S. Silverling

	 	 	 	 	

	 	 	 Name: Valerie S. Silverling

	 	 	 Title: Manager

	
	USRP GP8, LLC, a Texas limited liability company
			
	 	 	 By:
	 	 /s/    Valerie S. Silverling

	 	 	 	 	

	 	 	 Name: Valerie S. Silverling

	 	 	 Title: Manager

	
	 USRP (ILLINOIS), LLC, a Texas limited liability
 company

			
	 	 	 By:
	 	 /s/    Valerie S. Silverling

	 	 	 	 	

	 	 	 Name: Valerie S. Silverling

	 	 	 Title: Manager

	
	 USRP (JENNIFER), LLC, a Texas limited liability
 company

			
	 	 	 By:
	 	 /s/    Valerie S. Silverling

	 	 	 	 	

	 	 	 Name: Valerie S. Silverling

	 	 	 Title: Manager

	
	USRP (JONES), LLC, a Texas limited liability company
			
	 	 	 By:
	 	 /s/    Valerie S. Silverling

	 	 	 	 	

	 	 	 Name: Valerie S. Silverling

	 	 	 Title: Manager

	
	 USRP (MANAGER), LLC, a Texas limited liability
 company

			
	 	 	 By:
	 	 /s/    Valerie S. Silverling

	 	 	 	 	

	 	 	 Name: Valerie S. Silverling

	 	 	 Title: Manager

	
	 USRP (MIDON), LLC, a Texas limited liability
 company

			
	 	 	 By:
	 	 /s/    Valerie S. Silverling

	 	 	 	 	

	 	 	 Name: Valerie S. Silverling

	 	 	 Title: Manager

	
	 USRP (MINNESOTA), LLC, a Texas limited
 liability company

			
	 	 	By:	 	/s/    Valerie S. Silverling
	 	 	 	 	

	 	 	 Name: Valerie S. Silverling

	 	 	 Title: Manager

  

 15 

					
	USRP (MISSOURI), LLC, a Texas limited liability company
			
	 	 	 By:
	 	 /s/    Valerie S. Silverling

	 	 	 	 	

	 	 	 Name: Valerie S. Silverling

	 	 	 Title: Manager

	
	USRP (MOLLY), LLC, a Texas limited liability company
			
	 	 	 By:
	 	 /s/    Valerie S. Silverling

	 	 	 	 	

	 	 	 Name: Valerie S. Silverling

	 	 	 Title: Manager

	
	USRP (PALMA), LLC, a Texas limited liability company
			
	 	 	 By:
	 	 /s/    Valerie S. Silverling

	 	 	 	 	

	 	 	 Name: Valerie S. Silverling

	 	 	 Title: Manager

	
	USRP (PAT), LLC, a Texas limited liability company
			
	 	 	By:	 	 /s/    Valerie S. Silverling

	 	 	 	 	

	 	 	 Name: Valerie S. Silverling

	 	 	 Title: Manager

	
	USRP (POPEYE’S), LLC, a Texas limited liability company
			
	 	 	 By:
	 	 /s/    Valerie S. Silverling

	 	 	 	 	

	 Name: Valerie S. Silverling

	 Title: Manager

	
	USRP (RIBBIT), LLC, a Texas limited liability company
			
	 	 	 By:
	 	 /s/    Valerie S. Silverling

	 	 	 	 	

	 	 	 Name: Valerie S. Silverling

	 	 	 Title: Manager

	
	USRP (SARAH), LLC, a Texas limited liability company
			
	 	 	 By:
	 	 /s/    Valerie S. Silverling

	 	 	 	 	

	 	 	 Name: Valerie S. Silverling

	 	 	 Title: Manager

	
	USRP (ST. LOUIS), LLC, a Texas limited liability company
			
	 	 	 By:
	 	 /s/    Valerie S. Silverling

	 	 	 	 	

	 	 	 Name: Valerie S. Silverling

	 	 	 Title: Manager

	
	USRP (STEVE), LLC, a Texas limited liability company
			
	 	 	By:	 	 /s/    Valerie S. Silverling

	 	 	 	 	

	 	 	 Name: Valerie S. Silverling

	 	 	 Title: Manager

  

 16 

									
	 	 	 USRP (SYBRA), LLC, a Texas limited liability company

					
	 	 	 	 	 	 	 By:
	 	 /s/    Valerie S. Silverling

	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 Name:
	 	 Valerie S. Silverling

	 	 	 	 	 	 	 Title:
	 	 Manager

  
  

									
	 	 	 USRP (SUSI), LLC, a Texas limited liability company

					
	 	 	 	 	 	 	 By:
	 	 /s/    Valerie S. Silverling

	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 Name:
	 	 Valerie S. Silverling

	 	 	 	 	 	 	 Title:
	 	 Manager

  

									
	 	 	 USRP (VALERIE), LLC, a Texas limited liability company

					
	 	 	 	 	 	 	 By:
	 	 /s/    Valerie S. Silverling

	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 Name:
	 	 Valerie S. Silverling

	 	 	 	 	 	 	 Title:
	 	 Manager

  
  

 17 

					
	PINNACLE RESTAURANT GROUP II, LLC
			
	 	 	By:	 	/s/    Valerie S. Silverling        
	 	 	 	 	

	 	 	 Name:
	 	Valerie S. Silverling
	 	 	 Title:
	 	Manager

  

					
	USRP (CAROLINA), LTD.
		
	By:	 	Restaurant Acquisition Corp.
			
	 	 	By:	 	/s/    Valerie S. Silverling        
	 	 	 	 	

	 	 	 Name:
	 	Valerie S. Silverling
	 	 	 Title:
	 	Secretary

  

					
	USRP (LINCOLN), LTD.
		
	By:	 	Restaurant Acquisition Corp.
			
	 	 	By:	 	/s/    Valerie S. Silverling        
	 	 	 	 	

	 	 	 Name:
	 	Valerie S. Silverling
	 	 	 Title:
	 	Secretary

  

					
	USRP (NORMAN), LTD.
		
	By:	 	Restaurant Acquisition Corp.
			
	 	 	By:	 	/s/    Valerie S. Silverling        
	 	 	 	 	

	 	 	 Name:
	 	Valerie S. Silverling
	 	 	 Title:
	 	Secretary

  

					
	U.S. RESTAURANT PROPERTIES DEVELOPMENT L.P.
			
	 	 	By:	 	Restaurant Contractor Corp.
			
	 	 	By:	 	/s/    Valerie S. Silverling        
	 	 	 	 	

	 	 	 Name:
	 	Valerie S. Silverling
	 	 	 Title:
	 	Secretary

  
  

					
	RESTAURANT RENOVATION PARTNERS, L.P.
			
	 	 	By:	 	Restaurant Acquisition Corp.
			
	 	 	By:	 	/s/    Valerie S. Silverling        
	 	 	 	 	

	 	 	 Name:
	 	Valerie S. Silverling
	 	 	 Title:
	 	Secretary

  

					
	RESTAURANT ACQUISITION CORP.
			
	 	 	By:	 	/s/    Valerie S. Silverling        
	 	 	 	 	

	 	 	 Name:
	 	Valerie S. Silverling
	 	 	 Title:
	 	Secretary

  

 18 

					
	RESTAURANT CONTRACTOR CORP.
			
	 	 	By:	 	/s/    Valerie S. Silverling        
	 	 	 	 	

	 	 	 Name:
	 	Valerie S. Silverling
	 	 	 Title:
	 	Secretary

  

					
	USRP RENOVATION CORP.
			
	 	 	By:	 	/s/    Valerie S. Silverling        
	 	 	 	 	

	 	 	 Name:
	 	Valerie S. Silverling
	 	 	 Title:
	 	Secretary

  

					
	USRP (SFGP)2, LLC, a Texas limited liability company
			
	 	 	By:	 	/s/    Valerie S. Silverling        
	 	 	 	 	

	 	 	 Name:
	 	Valerie S. Silverling
	 	 	 Title:
	 	Manager

  

					
	USRP (SHOPORT)1, LLC, a Texas limited liability company
			
	 	 	By:	 	/s/    Valerie S. Silverling        
	 	 	 	 	

	 	 	 Name:
	 	Valerie S. Silverling
	 	 	 Title:
	 	Manager

  

					
	USRP (KRUSE), LLC, a Texas limited liability company
			
	 	 	By:	 	/s/    Valerie S. Silverling        
	 	 	 	 	

	 	 	 Name:
	 	Valerie S. Silverling
	 	 	 Title:
	 	Manager

  

					
	USRP (PETERS), LLC, a Texas limited liability company
			
	 	 	By:	 	/s/    Valerie S. Silverling        
	 	 	 	 	

	 	 	 Name:
	 	Valerie S. Silverling
	 	 	 Title:
	 	Manager

  

					
	USRP (SHO)1, L.P.
			
	 	 	By:	 	USRP (SHOPORT)1, LLC
			
	 	 	By:	 	/s/    Valerie S. Silverling        
	 	 	 	 	

	 	 	 Name:
	 	Valerie S. Silverling
	 	 	 Title:
	 	Manager

  
 [remainder of
page left intentionally blank – additional signature pages, schedules and exhibits to follow] 
  

 19 

									
	 AGENT/ISSUING LENDER/COLLATERAL AGENT:
	 	 	 	 
			
	 	 	 	 	BANK OF AMERICA, N.A., in its capacity as Agent, Issuing Lender and Collateral Agent
					
	 	 	 	 	 	 	By:	 	/s/    Matthew W. Sadler        
	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 Name:
	 	 Matthew W. Sadler

	 	 	 	 	 	 	 Title:
	 	 Vice President

  

									
	 LENDERS:
	 	 	 	BANK OF AMERICA, N.A. individually in its capacity as a Lender
					
	 	 	 	 	 	 	By:	 	/s/    Matthew W. Sadler        
	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 Name:
	 	 Matthew W. Sadler

	 	 	 	 	 	 	 Title:
	 	 Vice President

  

 20First Hawaiian Bank Loan Agreement dated 12/12/03

 EXHIBIT 10.11 
  
 LOAN AGREEMENT 
  
 THIS is an agreement (the “Agreement”) made as of December 8, 2003 by and between FIRST HAWAIIAN BANK, a Hawaii corporation, as lender (the
“Lender”), and USRP (HAWAII), LLC, a Texas limited liability company, USRP (BOB), LLC, a Texas limited liability company, and FUEL SUPPLY, INC., a Texas corporation, jointly and severally, as borrower (individually and collectively, the
“Borrower”). 
  
 This Agreement relates to a loan (the
“Loan”) in the principal amount of TWELVE MILLION AND NO/100 DOLLARS ($12,000,000.00) to be made to the Borrower by the Lender, upon the terms and conditions set forth below. 
  
 In consideration of the mutual covenants hereinafter set forth, and intending to be legally bound thereby, the Borrower and
the Lender hereby agree as follows: 
  
 SECTION 1. Definitions.

  
 As used in this Agreement, each of the following terms
shall have the meaning set forth below with respect thereto: 
  
 “Assignment of Rents” means those certain Absolute Assignment of Rentals and Lessor’s Interest in Lease executed concurrently herewith by the Borrower and the Negative Pledgors. 
  
 “Borrower” means, jointly and severally, individually and
collectively, USRP (HAWAII), LLC, a Texas limited liability company, USRP (BOB), LLC, a Texas limited liability company, and FUEL SUPPLY, INC., a Texas corporation. 
  
 “Closing Date” means the date on which the Lender determines that all of the conditions set forth in
Section 4 of this Agreement have been satisfied. 
  
 “Compliance Certificate” means the certificate in the form attached hereto as Exhibit “1” and made a part hereof. 
  
 “Debt Service Coverage Ratio” means the ratio between (a) (i) EBITDA plus rental income of USRP (Hawaii), LLC, plus (ii) EBITDA plus
rental income of USRP (Bob), LLC, plus (iii) EBITDAR of Fuel Supply, Inc. for the Hawaii stations’ wholesale contracts, and (b) principal and interest payments under this Loan. 
  
 “EBITDA” means earnings before interest, taxes, depreciation and amortization. 
  
 “EBITDAR” means earnings before interest, taxes,
depreciation, amortization and rental expense. 
  
 “Event
of Default” means any of the events described in Section 6.1 of this Agreement. 
  

 1 

 “Expenses” means the fees, costs and expenses described in Section 5.7 of this
Agreement. 
  
 “Financing Statement” means those
certain UCC-1 Financing Statements perfecting a first security interest in and to the collateral described in the Security Agreement and the Assignment of Rents. 
  
 “GAAP” means generally accepted accounting principles. 
  
 “Guarantor” means, individually and collectively, U.S.
RESTAURANT PROPERTIES, INC., and U.S. RESTAURANT PROPERTIES OPERATING L.P. 
  
 “Guaranty” means the guaranty agreement executed by the Guarantor in favor of the Lender guaranteeing the due and punctual payment of the Note, and the observance and performance of the
Borrower’s obligations under the Loan Documents. 
  
 “Land” means that certain parcel of real property owned by the Borrower and more particularly described in Exhibit “A” attached to the Mortgage. 
  
 “Lender” means First Hawaiian Bank, a Hawaii corporation. 
  
 “Loan Documents” means all of the documents and instruments
executed by or for the benefit of the Borrower in connection with the Loan, including, without limitation, this Agreement, the Note, the Mortgage, the Security Agreement, the Assignment of Rents, the Financing Statement, the Negative Pledge and the
Guaranty. 
  
 “Loan Fee” means the fee in the
amount of $112,425.00, payable by the Borrower to the Lender on or before the Closing Date. 
  
 “Loan to Value Ratio” means the ratio of the Principal Balance to the fair market value of the Land as shown on the appraisal report as required by Section 4.10 herein. 
  
 “Maturity Date” means (a)
                                , or (b) the date, following the occurrence of an
Event of Default, on which the Lender notifies the Borrower that the entire Principal Balance, together with all accrued interest thereon, and all fees, charges, expenses and other sums payable under this Agreement and the other Loan Documents,
shall become due and payable. 
  
 “Mortgage”
means, individually and collectively, the Real Property Mortgage and Financing Statement executed concurrently herewith by USRP (Bob), LLC in favor of the Lender and the Real Property Mortgage and Financing Statement executed concurrently herewith
by USRP (Hawaii), LLC in favor of the Lender, which shall constitute at all times a valid and subsisting first mortgage lien upon the Land, all structures and improvements constructed or to be constructed on the Land, and a valid and subsisting
first security interest in all building materials, equipment, machines and any other personal property now owned or hereafter acquired by the Borrower and incorporated in the improvements or otherwise situated upon the Land. 
  
 “Mortgagor” means USRP (Hawaii), LLC and USRP (Bob), LLC.

  

 2 

 “Negative Pledge” means those certain Negative Pledge Agreements executed concurrently
herewith by the Negative Pledgors. 
  
 “Negative
Pledgors” means USRP (FRED), LLC, USRP (SARAH), LLC, USRP (JENNIFER), LLC, USRP (STEVE), LLC and FUEL SUPPLY, INC. 
  
 “Note” means the promissory note dated the date of this Agreement, executed by the Borrower in favor of the Lender, evidencing the
Borrower’s agreement to repay the Principal Balance hereunder, together with interest thereon, as provided therein. 
  
 “Principal Balance” means the aggregate outstanding principal balance of the Loan. 
  
 “Quarter” means any one of the following
three-calendar-month periods in any calendar year: January 1 to and including March 31; April 1 to and including June 30; July 1 to and including September 30; and October 1 to and including December 31. 
  
 “Release Price” means the sum shown on Exhibit “3”
payable by the Borrower as a condition for the release by the Lender of its mortgage lien and of its security interest over and in any parcel of Land. 
  
 “Security Agreement” means those certain Security Agreements executed concurrently herewith by and between the Borrower and the Lender,
and by and between the Negative Pledgors and the Lender, which shall effect an assignment to the Lender of, and grant to the Lender a valid and subsisting first security interest in and to all collateral as described therein. 
  
 “Title Insurer” means a title insurance company, authorized
to do business in the State of Hawaii, which shall issue the Title Policy. 
  
 “Title Policy” means a policy of title insurance issued by the Title Insurer, in the form and with the indorsements described in Section 4.8 of this Agreement. 
  
 SECTION 2. The Loan. 
  
 2.1 Amount. Subject to the terms and conditions contained in this
Agreement, the Lender agrees to lend to the Borrower, and the Borrower agrees, jointly and severally, to borrow from the Lender, the principal sum of TWELVE MILLION AND NO/100 DOLLARS ($12,000,000.00). 
  
 2.2 Interest. Interest on the Principal Balance shall accrue from the
Closing Date until payment in full as provided in the Note. 
  
 2.3 Payments. The Borrower shall make such payments to the Lender as provided in the Note. 
  

 3 

 2.4 Prepayments. 
  
 (a) Mandatory Prepayments. Whenever the Mortgagor sells any parcel of Land, the Borrower shall pay
the applicable Release Price therefor to the Lender. 
  
 (b) Voluntary Prepayments. The Borrower may voluntarily prepay all or any portion of the Loan as provided in the Note. 
  
 2.5 Security Documents. In order to secure and provide further assurance to the Lender of the due and punctual payment of the Note, and the
observance and performance by the Borrower of all of its obligations under the Loan Documents, the Borrower shall, on or before the Closing Date, deliver to the Lender, the Mortgage, the Security Agreement, the Assignment of Rents, the Financing
Statement, the Negative Pledge and the Guaranty, duly executed by the appropriate parties thereto, in form and substance satisfactory to the Lender. 
  
 2.6 Closing. Closing of the Loan shall be subject to the satisfaction of all of the conditions precedent set forth in Section 4 of this Agreement.

  
 SECTION 3. Representations and Warranties by the Borrower.

  
 The Borrower represents and warrants to the Lender that:

  
 3.1 Organization, Standing and Authority of Borrower.
Each limited liability company Borrower is a Texas limited liability company duly registered and validly existing under the laws of the State of Texas and in good standing under the laws of the States of Texas and Hawaii, and has all requisite power
and authority to carry on the business and to own the property that it now carries on and owns. The corporate Borrower is a Texas corporation duly registered and validly existing under the laws of the State of Texas and in good standing under the
laws of the States of Texas and Hawaii, and has all requisite power and authority to carry on the business and to own the property that it now carries on and owns. The Borrower has all requisite power and authority to execute and deliver the Loan
Documents and to observe and perform all of the provisions and conditions thereof. The execution and delivery of the Loan Documents have been duly authorized by the respective members and Board of Directors, and to the extent required, by the
managers or shareholders, of the Borrower and no other company or corporate action of the Borrower is requisite to the execution and delivery of the Loan Documents. 
  
 3.2 Tax Returns and Payments. All tax returns and reports of the Borrower required by law to be filed have been duly
filed and all taxes, assessments, contributions, fees and other governmental charges (other than those presently payable without penalty or interest and those which have been disclosed to the Lender but which are currently being contested in good
faith) upon the Borrower or upon the properties or assets or income of the Borrower, which are due and payable, have been paid. 
  
 3.3 Litigation. There is, to the knowledge of the Borrower, no action, suit, proceeding or investigation pending at law or in equity or before any
federal, state, territorial, municipal or other governmental department, commission, board, bureau, agency or instrumentality or threatened 
  

 4 

 against or affecting the Borrower which might materially adversely affect the Borrower’s ability to operate its
business or to perform its obligations under the Loan Documents. 
  
 3.4 Compliance with Other Instruments, None Burdensome. The Borrower is not in violation of or in default with respect to any term or provision of its applicable Articles of Organization, Operating Agreement, Articles of
Incorporation or Bylaws or any mortgage, indenture, contract, agreement or instrument applicable to the Borrower or by which it may be bound; and the execution, delivery, performance of and compliance with each and all of the Loan Documents will not
result in any such violation or be in conflict with or constitute a default under any such term or provision or result in the creation of any mortgage, lien or charge on any of the properties or assets of the Borrower not contemplated by this
Agreement. 
  
 3.5 Financial Statements. All financial
statements heretofore delivered to the Lender by or on behalf of the Borrower or the Guarantor are true and correct in all respects, and fairly represent the financial condition of the respective entities as of the dates thereof; and no material,
adverse changes have occurred in the financial condition reflected therein since the dates thereof. 
  
 3.6 Brokers, Finders and Agents. The Borrower has not employed or engaged any broker, finder or agent who may claim a commission or fee or other
compensation with respect to the Loan. The Borrower will indemnify the Lender against all claims of brokers for commissions or fees in connection with the Loan and all losses, damages, costs and charges (including attorneys’ fees) which the
Lender may sustain because of such claims or in consequence of defending against such claims. 
  
 3.7 Character of Representations and Warranties. None of the financial statements or any certificate or statement furnished to the Lender by or on behalf of the Borrower in connection with the Loan, and none of
the representations and warranties in this Agreement contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained therein or herein not misleading. To the best knowledge of
the Borrower, there is no fact which materially adversely affects or in the future (so far as the Borrower can now foresee) may materially adversely affect the ability of the Borrower to observe or perform its obligations under the Loan Documents
which has not been set forth herein or in a certificate or opinion of counsel or other written statement furnished to the Lender by or on behalf of the Borrower. 
  
 SECTION 4. Conditions of The Lender’s Obligation. 
  
 The Lender’s obligation to make the Loan hereunder, is subject to the fulfillment, to the Lender’s sole, personal
and subjective satisfaction, prior to or on the Closing Date, of the following conditions: 
  
 4.1 Representations and Warranties True at Closing. The representations and warranties contained in Section 3 of this Agreement and otherwise made by or on behalf of the Borrower in connection with the Loan
shall be true and correct as of the Closing Date, with the same effect as if made at such time. 
  
 4.2 Execution of Loan Documents. The Borrower shall have executed and delivered to the Lender and the Lender shall have approved, all of the Loan
Documents. 
  

 5 

 4.3 Expenses. The Borrower shall have paid to the Lender on the Closing Date the Loan Fee and all
of the fees and expenses (including, without limitation, fees and disbursements and expenses of legal counsel for the Lender) provided for in Section 5.7 which the Lender shall determine to be due and payable as of the Closing Date. 
  
 4.4 No Event of Default. There shall exist at the Closing Date no
condition or event which would constitute an Event of Default or which, after notice or lapse of time, or both, would constitute an Event of Default. 
  
 4.5 Opinion of Counsel. The Borrower shall have delivered to the Lender, and the Lender shall have approved, an opinion of legal counsel for the
Borrower in substantially the form set forth in Exhibit “2” attached hereto and made a part hereof. 
  
 4.6 Company Proceedings and Documents. All company proceedings taken by the limited liability company Borrower in connection with the Loan shall be
satisfactory in form and substance to the Lender and its counsel, and the Lender shall have received: (i) properly certified resolutions of the members, and to the extent required, by the managers, of such Borrower duly authorizing the execution and
delivery of the Loan Documents and the consummation of the transactions contemplated hereby, (ii) a certificate of good standing of such Borrower issued by the Director of the Department of Commerce and Consumer Affairs of the State of Hawaii and by
the comparable administrative agency of the State of Texas, (iii) a copy of the Articles of Organization of such Borrower, certified as true and exact by said Director, (iv) a copy of the Operating Agreement of such Borrower, certified as true,
correct and complete by the manager of such Borrower, and (v) such authenticated copies of such other company documents as the Lender may reasonably request. 
  
 4.7 Corporate Proceedings and Documents. All corporate proceedings taken by the corporate Borrower in connection with the Loan shall be
satisfactory in form and substance to the Lender and its counsel, and the Lender shall have received: (i) properly certified resolutions of the Board of Directors, and to the extent required, by the shareholders, of such Borrower duly authorizing
the execution and delivery of the Loan Documents and the consummation of the transactions contemplated hereby, (ii) a certificate of good standing of such Borrower issued by the Director of the Department of Commerce and Consumer Affairs of the
State of Hawaii and by the comparable administrative agency of the State of Texas, (iii) a copy of the Articles of Incorporation of such Borrower, certified as true and exact by said Director, (iv) a copy of the Bylaws of such Borrower, certified as
true, correct and complete by the secretary of such Borrower, and (v) such authenticated copies of such other company documents as the Lender may reasonably request. 
  
 4.8 Evidence of Tax Payments; Tax Clearance Certificate. The Lender shall have received a Tax Clearance Certificate
issued by the Department of Taxation of the State of Hawaii, and issued by the comparable agency of the State of Texas, certifying that all taxes due to the respective states by the Borrower up to and including a date within thirty (30) days of the
Closing Date have been paid. 
  
 4.9 Title Insurance. The
Borrower shall have delivered to the Lender the Title Policy including such indorsements as the Lender may require, issued by the Title Insurer and reinsured by 
  

 6 

 such number of additional title insurance companies as the Lender may require, in form, substance and amount (which shall
not be less than the full principal amount of the Note) satisfactory to the Lender, insuring (or agreeing to insure) that the Mortgage constitutes a valid first lien on the Land, free and clear of all defects, liens, encumbrances and exceptions to
title whatsoever, except such as are shown on Exhibit “A” attached thereto and such other minor encumbrances, defects, liens and exceptions to title which individually or in the aggregate do not have a material adverse effect on the value
of such property, as determined by the Lender in its reasonable discretion (the “Permitted Liens”). The Title Policy shall effect full coverage against losses arising out of encroachments against boundary or setback lines, losses arising
out of the violation of zoning ordinances and regulations and such other losses with respect to which the Lender may require coverage. The Title Policy shall contain no exclusions, stipulations or exceptions not theretofore approved by the Lender.
THE LENDER HEREBY NOTIFIES THE BORROWER THAT THE LENDER MAY NOT MAKE THE GRANTING OF THE LOAN CONTINGENT UPON THE BORROWER PROCURING ANY SUCH POLICY OR POLICIES WITH A TITLE INSURER DESIGNATED BY THE LENDER. 
  
 4.9 Financing Statement and Personal Property Lien Report. The
Borrower shall have delivered to the Lender a financing statement and personal property lien report, in form and substance satisfactory to the Lender, issued by a recognized corporate searcher of titles, advising the Lender that a search of the
public records discloses, as of the Closing Date, no security agreements, chattel mortgages, financing statements, title retention agreements, notices or certificates of tax liens or other instruments or documents filed or recorded against the
Borrower except those which may be approved by the Lender in writing. 
  
 4.10 Appraisal. The Lender shall have received an appraisal report, in form and substance satisfactory to the Lender, from the Lender’s appraisal department or from a recognized real estate appraiser retained by the Lender,
appraising the fair market value of the Land in accordance with the Uniform Standards of Professional Appraisal Practice and federal regulations applicable to the Lender. 
  
 4.11 Compliance Certificate. The Borrower shall have furnished to the Lender the Compliance Certificate, dated
concurrently with this Agreement, executed by an authorized corporate officer of the Borrower. 
  
 4.12 Compliance with Law; Governmental Authorization. All restrictive covenants, land use laws and regulations, zoning ordinances and regulations, building codes and regulations, environmental and ecological
laws and regulations, and any other applicable laws, statutes, ordinances or regulations, shall have been fully complied with, and all licenses, permits and all certificates with respect to the operation of the Borrower’s business shall have
been obtained. 
  
 SECTION 5. Other Covenants of the Borrower.

  
 The Borrower covenants and agrees with the Lender as
follows: 
  
 5.1 Information. The Borrower shall (a)
furnish directly to the Lender with reasonable promptness such data and information, financial or otherwise, (including such financial information as may be required in any separate agreement between the Borrower and the Lender) concerning the

  

 7 

 Borrower as from time to time may reasonably be requested by the Lender; (b) promptly notify the Lender of any condition
or event which constitutes a breach or event of default of any covenant, condition, warranty, representation or provision of any of the Loan Documents, and of any materially adverse change in the financial condition or operations of the Borrower;
and (c) furnish directly to the Lender, not more than sixty (60) days after the end of each Quarter, a certificate of the Borrower, signed by an authorized executive officer of the Borrower, to the effect that the signer has reviewed the relevant
terms of this Agreement, and the other Loan Documents, and has made, or caused to be made under his supervision, a review of the transactions and condition of the Borrower during such Quarter, and that such review has not disclosed, and the signer
does not have knowledge of the existence, of any Event of Default, or, if any Event of Default has occurred or exists, specifying the nature and period of existence thereof and what action the Borrower has taken or is taking or proposes to take with
respect thereto. 
  
 5.2 Preservation of Juristic
Existence. The Borrower shall maintain its juristic existence in good standing under the laws of the State of Hawaii and any other jurisdiction in which it conducts business, and shall not, without the prior written consent of the Lender, amend,
modify, or terminate its constituent documents, true and correct copies of which the Borrower represents have been provided to the Lender. 
  
 5.3 Payment of Taxes. The Borrower shall pay or cause to be paid all taxes, assessments, or other governmental charges levied upon any of its
properties or assets, or in respect of its income before the same become delinquent, except that the Borrower will have the right to contest assessments and other charges in the manner provided in Section 6.2. 
  
 5.4 Maintenance and Performance of Contracts. The Borrower shall at
all times maintain and perform all material contracts, licenses, permits, and other agreements applicable to its business and operations and provide timely notice to the Lender of the expiration of any such contracts, licenses, permits or
agreements, and of any default by the Borrower or any third party under any of such contracts, licenses, permits or agreements. 
  
 5.5 Insurance. The Borrower shall maintain at all times during the term of the Loan such insurance as is normally carried by prudent entities
engaged in the same or similar business as the Borrower. 
  
 5.6
Indemnification of the Lender. The Borrower shall indemnify and hold the Lender harmless from any and all claims asserted against the Lender by any person, entity or governmental authority arising out of or in connection with the Loan except
for claims arising out of the Lender’s gross negligence or wilful misconduct. The Lender shall be entitled to appear in any action or proceeding to defend itself against such claims, and all reasonable costs incurred by the Lender in connection
therewith, including reasonable attorneys’ fees, shall be reimbursed by the Borrower to the Lender within ten (10) days after presentment, as provided in Section 5.7. Any failure to so reimburse the Lender within the specified time period shall
constitute an Event of Default under this Agreement, and the unreimbursed amount shall thereupon be added to the Principal Balance, and shall bear interest at the default rate specified in the Note. 
  

 8 

 The Lender shall, at its sole option, be entitled to settle or compromise any asserted
claim against it, and such settlement shall be binding upon the Borrower for purposes of this indemnification. Payment thereof by the Lender or the payment by the Lender of any judgment or claim successfully perfected against the Lender shall
constitute an advance hereunder, shall bear interest at the default rate specified in the Note until paid, and shall be payable upon demand of the Lender. The agreements contained in this section shall survive termination of the Loan and any other
portions of this Agreement. 
  
 5.7 Expenses. Whether or
not the transactions hereby contemplated shall be consummated, the Borrower shall assume and pay upon demand of the Lender: 
  
 (a) All reasonable out-of-pocket expenses incurred by the Lender in connection with the making and continued administration of any portion
of the Loan, including, but not limited to, the reasonable fees and disbursements and expenses of legal counsel for the Lender; 
  
 (b) Any and all advances or payments made by the Lender pursuant to this Agreement or any other Loan Documents, and other similar or
dissimilar expenses and charges in connection with the administration, servicing or collection of any portion of the Loan, including restructuring of the Loan, all of which shall constitute an additional liability owing by the Borrower to the
Lender; and 
  
 (c) All costs and expenses,
including, but not limited to, reasonable attorneys’ fees, incurred by the Lender as a result of an Event of Default or for the purpose of negotiating a resolution of any default (whether by means of refinancing or otherwise and whether or not
successful) or for the purpose of effecting collection of the amounts outstanding under the Loan, principal, interest, fees and charges, or any other sums required to be paid by the Borrower pursuant to any of the Loan Documents, when the same shall
become due and payable (whether at the stated maturity thereof or upon any acceleration of the maturity thereof). 
  
 5.8 Financial Statements. The Borrower shall furnish to the Lender the following: 
  
 (a) as soon as available, but not later than ninety (90) days after the end of each Quarter,
company-prepared financial statements of the Borrower and the Guarantor for the previous Quarter, prepared in accordance with GAAP, containing, among other matters, statements of income and retained earnings and statements of cash flow, reflecting
the financial condition of such entity as of the end of such period; 
  
 (b) as soon as available, but not later than ninety (90) days after the end of each Quarter, company-prepared operating statements for the Land, together with rental income schedules, and consolidated company-prepared
operating statements for all Hawaii properties owned or leased by the Borrower, Guarantor and any subsidiaries or affiliates thereof; and 
  
 (c) as soon as available, but not later than one-hundred twenty (120) days after the end of each fiscal year, audited consolidated
financial statements of U.S. Restaurant Properties, Inc. for such fiscal year, prepared in accordance with GAAP, containing among other matters, a consolidating schedule, statements of income and retained earnings and statements of cash flow,

  

 9 

 setting forth comparative figures for the previous fiscal year, reflecting the financial condition of
such entity as of the end of such fiscal year. 
  
 5.9
Litigation. The Borrower will give the Lender prompt notice of: 
  
 (a) Any litigation or claims of any kind which might subject the Borrower to any liability, whether covered by insurance or not; and 
  
 (b) All complaints and charges filed by any governmental agency or any other party affecting or exercising
supervision or control of the Borrower or its businesses or assets which may impair the security of the Lender or adversely affect any of its rights under the Loan Documents. 
  
 5.10 Negative Covenants. As long as any portion of the indebtedness hereunder remains unpaid, the Borrower shall not,
without the prior written consent of the Lender: 
  
 (a) create, incur, assume, or suffer to exist any lien, encumbrance, mortgage, security interest, pledge, or charge of any kind upon any of its property or assets of any character, whether now owned or hereafter acquired, or transfer any of
such property or assets for the purpose of subjecting the same to the payment of any indebtedness or performance of any other obligation, or acquire or have an option to acquire any property or assets upon conditional sale or other title retention
agreement, device or arrangement; PROVIDED, HOWEVER, that the Borrower may create or incur or suffer to be created or incurred or to exist: 
  
 (i) liens for taxes or assessments for governmental charges or levies if payment thereof shall not at the time be required to be made;

  
 (ii) liens in respect of pledges and deposits
under workers’ compensation laws or similar legislation, and in respect of pledges or deposits in connection with appeal or similar bonds incidental to the conduct of litigation, and liens incidental to the conduct of the business of the
Borrower not incurred in connection with the borrowing of money or the obtaining of advances or credit and which do not in the aggregate materially detract from the value of its assets or property; 
  
 (iii) the Permitted Liens; or 
  
 (iv) any other liens with the prior written approval of the
Lender; 
  
 (b) create, assume or become or
remain liable for, or committed to incur directly or indirectly, any indebtedness except: 
  
 (i) indebtedness in respect of the Loan Documents; 
  
 (ii) indebtedness for taxes, assessments, governmental charges or levies to the extent that payment thereof
shall not at the time be required to be made or are being contested in good faith in accordance with this Agreement; 
  

 10 

 (iii) indebtedness incurred in the ordinary course of business which will not materially
impair the ability of the Borrower to repay the amounts due hereunder; and 
  
 (iv) indebtedness approved by the Lender in writing; 
  
 (c) directly or indirectly purchase or acquire any stocks, bonds, notes, debentures or other securities of or acquire by purchase or
otherwise all or substantially all of the business or assets, or stock, partnership interests or other evidence of ownership (beneficial or otherwise) or make any other investment in, any corporation, association, partnership, organization or
individual except such as may be approved in writing by the Lender; 
  
 (d) directly or indirectly make or commit to make any loan, advance, guaranty or extension of credit to any corporation, association, partnership, organization or individual except such as may be approved in writing
by the Lender; 
  
 (e) assume, endorse, be or
become liable for, or guarantee directly or indirectly any debt or obligation of any corporation, association, partnership, organization or individual except such as may be approved in writing by the Lender; 
  
 (f) make any significant change in accounting treatment or
reporting practices except as required by GAAP. 
  
 5.11
Financial Covenants. 
  
 (a) The Borrower
agrees that, as long as any amounts remain outstanding under the Loan, the Borrower shall maintain a Debt Service Coverage Ratio of not less than 1.5 to 1. The Debt Service Coverage Ration shall be measured on an annual basis as of December 31 of
each year. 
  
 (b) The Borrower shall not permit
the Loan to Value Ratio to exceed 80%. 
  
 5.12 Waiver of
Indemnification and Contribution. Notwithstanding the joint and several liability of the Borrower hereunder, each Borrower waives, releases and discharges any right of indemnification or contribution such Borrower may have from the other
Borrower, or any third party, in the event that such Borrower makes any payment to the Lender hereunder. This waiver, release and discharge (with regard to indemnification and contribution) shall continue even after the Loan has been paid in full,
the obligations thereunder have been performed, and the obligations of the Lender under the Loan Documents have terminated. 
  
 SECTION 6. Default; Remedies on Default. 
  
 6.1 Events of Default. If and for so long as any of the following events (herein called “Events of Default”) shall occur: 
  
 (a) The Borrower shall default in the payment of principal
or interest under the Note when the same becomes due; or 
  

 11 

 (b) The Borrower shall default in the performance of or compliance with any term,
covenant, condition or provision contained in this Agreement or any of the other Loan Documents, and such default shall not have been remedied within twenty (20) days after the Lender or any other person notifies the Borrower in writing of such
default; or 
  
 (c) The Borrower or the Guarantor
shall become insolvent, or shall make an assignment for the benefit of creditors or shall fail generally to pay its debts as they become due; or the Borrower or the Guarantor shall become the subject of an order for relief in an involuntary case
under the bankruptcy laws as now or hereafter constituted, and such order shall remain in effect and unstayed for a period of sixty (60) consecutive days, or shall commence a voluntary case under the bankruptcy laws as now or hereafter constituted,
or shall file any petition or answer seeking for itself any arrangement, composition, adjustment, liquidation, dissolution or similar relief to which it may be entitled under any present or future statute, law or regulation, or shall file any answer
admitting the material allegations of any petition filed against it in any such proceedings; or the Borrower or the Guarantor shall seek or consent to or acquiesce in the appointment of or taking possession by, any custodian, trustee, receiver or
liquidator of it or of all or a substantial part of its properties or assets; or the Borrower or the Guarantor shall take action looking to its dissolution or liquidation; or within sixty (60) days after commencement of any proceedings against the
Borrower or the Guarantor seeking any arrangement, composition, adjustment, liquidation, dissolution or similar relief to which it may be entitled under any present or future statute, law or regulation, such proceedings shall not have been
dismissed; or within sixty (60) days after the appointment of, or taking possession by, any custodian, trustee, receiver or liquidator of any or of all or a substantial part of its properties or assets, without the consent or acquiescence of the
Borrower or the Guarantor, any such appointment or possession shall not have been vacated or terminated; or 
  
 (d) Any representation made by or on behalf of the Borrower herein or otherwise in writing in connection with the Loan shall prove to have
been false or incorrect in any material respect on the date as of which such representation was made; or 
  
 (e) A final judgment which alone exceeds $100,000.00 in amount shall be rendered against the Borrower, and shall not be discharged or have
execution thereof stayed pending appeal within thirty (30) days after entry of such judgment or shall not be discharged within thirty (30) days after the expiration of any such stay; or 
  
 (f) The Borrower shall default under any agreement involving the extension of credit to the Borrower
(whether made by the Lender or otherwise), or under any agreement respecting deferred payment for goods, and such default shall not be waived or remedied within the time permitted for the remedying of such default under the applicable document; or

  
 (g) There shall be any attachment, execution
or other judicial seizure of, or affecting, the properties and assets of the Borrower, or affecting the Land or any part thereof unless the Borrower sets aside, dissolves, bonds off or otherwise eliminates such attachment, execution or seizure
within thirty (30) days of its occurrence; or 
  
 (h) There shall be a sale, transfer, hypothecation, assignment or conveyance of the Land, or any portion thereof or interest therein, by the Borrower without the prior written consent 
  

 12 

 of the Lender unless the Borrower pays to the Lender the applicable Release Price therefor pursuant to
the terms of Section 2.4(a); or 
  
 (i) Any other
“Event of Default”, as defined in the Loan Documents, shall have occurred and such default shall not have been remedied within the applicable grace period, if any therefor; 
  
 THEN, AND IN ANY SUCH EVENT, in addition to all remedies conferred by law, the Lender shall have the option to declare the
Note to be due and payable, whereupon the entire aggregate unpaid Principal Balance under the Note, all accrued but unpaid interest thereon, and all fees, charges and other sums payable under the Loan Documents shall forthwith mature and become due
and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived, and upon such maturity by acceleration or otherwise, all such principal, interest, amounts, fees, charges and other sums, shall bear
interest at the rate provided in the Note to be paid following an Event of Default. 
  
 6.2 Right of Contest. The Borrower shall have the right to contest in good faith any claim, demand, levy or assessment by a third party the assertion of which would constitute an Event of Default hereunder;
PROVIDED, HOWEVER, any such contest shall be prosecuted diligently and in a manner not prejudicial to the Lender hereunder; and, upon demand by the Lender, the Borrower shall make suitable provision by payment to the Lender or by bond reasonably
satisfactory to the Lender for the possibility that the contest will be unsuccessful. Such provision shall be made within ten (10) days after demand therefor and, if made by payment of funds to the Lender, the amount so deposited shall be disbursed
in accordance with the resolution of the contest either to the Borrower or the adverse claimant. 
  
 6.3 Marshalling. The Borrower hereby waives any and all rights to require any security given hereunder to be marshalled and agrees and acknowledges
that after the occurrence of any Event of Default, the Lender may, in its sole and absolute discretion, proceed to enforce its rights under the Loan Documents and to realize on any or all of the security for the repayment of the amounts outstanding
under the Loan or any portion or portions thereof, irrespective of the differing nature of such security and whether or not the same constitutes real or personal property. 
  
 SECTION 7. Miscellaneous Provisions. 
  

7.1 Authority to File Notices. The Borrower irrevocably appoints, constitutes and designates the Lender its attorney-in-fact to file for record
any notice that the Lender reasonably deems necessary or desirable to protect its interest hereunder or under any of the Loan Documents. Such power shall be deemed coupled with an interest and shall be irrevocable while any sum remains due and owing
under any of the Loan Documents or any obligation of the Borrower thereunder remains unperformed. 
  
 7.2 Actions. The Lender shall have the right to commence, appear in or defend any action or proceeding which the Lender reasonably believes will
have a material adverse effect upon its security or the ability of the Borrower to observe or perform its obligations under the Loan, whether or not an Event of Default has occurred hereunder. In connection therewith, the Lender may incur

  

 13 

 and pay reasonable costs and expenses, including, but not limited to, reasonable attorneys’ fees. The Borrower shall
pay to the Lender within ten (10) days after demand therefor, all such expenses incurred by the Lender if an Event of Default has occurred, and the Lender is authorized to disburse funds from the Loan for such purposes. 
  
 7.3 Timeliness; Term of Agreement; Survival of Representations and
Warranties. Time is of the essence of this Agreement. This Agreement shall continue in full force and effect until all indebtedness of the Borrower to the Lender under the Loan Documents shall have been paid in full, all obligations of the
Borrower under this Agreement and the Loan Documents have been observed and performed, and all obligations of the Lender under this Agreement and the other Loan Documents have been terminated. All representations and warranties contained herein or
made in writing by or on behalf of the Borrower in connection with the Loan shall survive the execution and delivery of the Loan Documents and any investigation at any time made by, through or on behalf of the Lender. All statements contained in any
certificate or other instrument delivered to the Lender on behalf of the Borrower pursuant to this Agreement or otherwise in connection with the Loan shall constitute representations and warranties hereunder. 
  
 7.4 Amendments and Waivers. Neither this Agreement nor any provision
hereof may be amended, waived, discharged or terminated orally, but only by an instrument in writing, signed by the party against whom enforcement of the amendment, waiver, discharge or termination is sought. 
  
 7.5 Remedies Are Cumulative. All rights, powers and remedies herein
given to the Lender are cumulative and not alternative, are in addition to all rights, powers and remedies afforded by statutes or rules of law and may be exercised concurrently, independently, or successively in any order whatsoever. Without
limiting the generality of the foregoing, the Lender may enforce any one or more of the Loan Documents without enforcing all of them concurrently or in any particular order. 
  
 7.6 No Waiver. No failure, forbearance or delay on the part of the Lender in exercising any power or right under any
of the Loan Documents shall operate as a waiver of the same or any other power or right, and no single or partial exercise of any such power or right shall preclude any other or further exercise thereof or the exercise of any other such power or
right. 
  
 7.7 No Joint Venture. The execution of this
Agreement, the making of the Loan, and the exercise of any rights hereunder, are not intended, and shall not be construed, to create a partnership or joint venture between the Lender and the Borrower. 
  
 7.8 Notices. All notices, requests, demands or documents which are
required or permitted to be given or served hereunder shall be in writing and personally delivered, or sent by registered or certified mail addressed as follows: 
  

			
	 TO BORROWER
at:              
	 	12240 Inwood Road, Suite 300
	 	 	Dallas, Texas 75244
	 	 	Attention: Chief Financial Officer

  

			
	 TO LENDER
at:                           
	 	999 Bishop Street, 11th Floor
	 	 	Honolulu, Hawaii 96813
	 	 	Attention: Commercial Real Estate Division

  

 14 

 The addresses may be changed from time to time by the addressee by serving notice as heretofore provided. Service of such
notice or demand shall be deemed complete on the date of actual delivery as shown by the addressee’s registry or certification receipt or at the expiration of the second day after the date of mailing, whichever is earlier in time. 

 
 The Borrower hereby irrevocably authorizes the Lender to accept facsimile
(“FAX”) transmissions of such notices, requests, demands and documents, provided such transmission is signed by a manager of the Borrower. The Borrower shall and does hereby hold the Lender harmless from, and indemnify the Lender against,
any loss, cost, expense, claim or demand which may be incurred by or asserted against the Lender by virtue of the Lender acting upon any such notices, requests, demands or documents transmitted in accordance with the above provisions. The Borrower
shall confirm any such FAX transmission separately by telephone conference between the Lender and the individuals signing such FAX transmission, and shall thereafter transmit to the Lender the actual “hard copy” of the notice, request,
demand or document in question. 
  
 7.9 Waiver of Jury
Trial. The Borrower hereby knowingly, voluntarily and intentionally waives any right it may have to a jury trial in any legal proceeding which may be hereinafter instituted by the Lender or the Borrower to assert any of their respective claims
arising out of or relating to any of the Loan Documents or any other agreement, instrument or document contemplated thereby. In such event, the Borrower, at the request of the Lender, shall cause its attorney of record to effectuate such waiver in
compliance with the Hawaii Rules of Civil Procedure, as the same may be amended from time to time. 
  
 7.10 Assignment; Parties in Interest. The Borrower shall not assign its interest in this Agreement without the prior written consent of the Lender,
which consent may be withheld by the Lender in its sole and absolute discretion. All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective
successors and assigns, whether or not hereinabove so expressed and, in particular, shall inure to the benefit of and be enforceable by the holder or holders from time to time of the Note or any part thereof or interest therein. 
  
 7.11 Headings of Paragraphs. The headings of paragraphs and
subparagraphs herein are inserted only for convenience and reference and shall in no way define, limit or describe the scope or intent of any provision of this Agreement. 
  
 7.12 Applicable Law. This Agreement is executed and delivered in and shall be construed and enforced in accordance
with the laws of the State of Hawaii. 
  
 7.13
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument, and in making proof of this Agreement, it shall not be
necessary to produce or account for more than one such counterpart. 
  

 15 

 7.14 Severability. If any provision of this Agreement or the other Loan Documents is held to be
invalid or unenforceable, the validity and enforceability of the other provisions of this Agreement and the other Loan Documents will remain unaffected. 
  
 7.15 Terms and Conditions of this Agreement Supplement Other Loan Documents. The terms and conditions of this Agreement and the covenants,
representations and warranties of the Borrower under this Agreement shall not be deemed to supersede, amend or modify the obligations and duties of the Borrower under the other Loan Documents. The terms and conditions of this Agreement and the
covenants, representations and warranties of the Borrower hereunder merely supplement, and do not supplant or supersede, provisions of similar effect or subject matter in the other Loan Documents. The Loan Documents shall, however, constitute and be
deemed amendments to any inconsistent provisions of any commitment letter issued by the Lender to the Borrower in connection with the Loan, and, upon the execution of this Agreement, any such commitment letter shall be deemed superceded by the Loan
Documents and cancelled. 
  
 7.16 Agents. In exercising any
rights under this Agreement or the other Loan Documents, the Lender may act through its employees, agents or independent contractors; provided that the Lender shall remain responsible for the actions of its employees and agents. 
  
 7.17 Lender’s Right of Setoff. Upon the occurrence of any Event
of Default, or if the Lender shall be served with garnishee process, whether or not the Borrower shall be in default hereunder at the time, the Lender may, but shall not be required to, set off any indebtedness owing by the Lender to the Borrower
against any indebtedness under the Loan Documents, without prejudice to any other rights or remedies of the Lender thereunder. 
  
 7.18 Partial Releases. Provided an Event of Default shall not have occurred and provided that the net worth of U.S. Restaurant Properties, Inc.
shall not be less than $230,000,000.00, the Lender will, from time to time, upon the Borrower’s request and at the Borrower’s cost and expense, release from the lien of the Mortgage and the security interest of the Lender under the
Security Agreement, any parcel of Land covered thereby (“Release Parcel”), upon the following conditions: 
  
 (a) The Borrower shall have paid or shall pay to the Lender the Release Price for such Release Parcel specified in the schedule attached
hereto as Exhibit “3”; and 
  
 (b) The
Borrower shall have paid to the Lender all expenses incurred pursuant to Section 5.7. 
  
 If all of the conditions stated above have been satisfied, except that the net worth of U.S. Restaurant Properties, Inc. is less than $230,000,000.00, then the Lender shall not be required to release the Release
Parcel for a period of 91 days after the Borrower has paid the amount required by subsections (a) and (b) above. 
  

 16 

 IN WITNESS WHEREOF, the Borrower and the Lender have executed this Agreement on the day and year first
above stated. 
  

			
	USRP (HAWAII), LLC
		
	 By:
	 	 /s/    Stacy M. Riffe

	 	 	

	 	 	 Stacy M. Riffe

	 	 	 Its Manager

  

			
	USRP (BOB), LLC
		
	 By:
	 	 /s/    Stacy M. Riffe

	 	 	

	 	 	 Stacy M. Riffe

	 	 	 Its Manager

  

			
	FUEL SUPPLY, INC.
		
	 By:
	 	 /s/    Valerie S. Silverling

	 	 	

	 	 	Valerie S. Silverling
	 	 	 Its Secretary
 Borrower

  

			
	FIRST HAWAIIAN BANK
		
	 By:
	 	 /s/    Marianne M.O. Kimura

	 	 	

	 	 	 Marianne M.O. Kimura

	 	 	 Its Assistant Vice President
 Lender

  

 17 

							
	STATE OF TEXAS                            	  	)	  	SS:                                      
  	  	 
	 	  	)	  	  	 
	COUNTY OF DALLAS                    	  	)	  	  	 

  
 On 12-3-03,
personally appeared Stacey M. Riffe, Manager of USRP (Hawaii), LLC to me personally known, who, being by me duly sworn or affirmed did say that such person(s) executed the foregoing instrument as the free act and deed of such person(s), and
if applicable, in the capacity shown, having been duly authorized to execute such instrument in such capacity. 
  

					
	 [STAMP]
	 	 	 	 /s/    S. Elder

	 	 	 	 	

	  	 	 	 	 S. Elder

	 	 	 	 	 Notary Public, State of Texas

	 	 	 	 	 My commission expires: May 02 2005

  

							
	STATE OF TEXAS                            	  	)	  	SS:                                      
      	  	 
	 	  	)	  	  	 
	COUNTY OF DALLAS                    	  	)	  	  	 

  
 On 12-3-03,
personally appeared Stacey M. Riffe, Manager of USRP (Bob), LLC, to me personally known, who, being by me duly sworn or affirmed did say that such person(s) executed the foregoing instrument as the free act and deed of such person(s), and if
applicable, in the capacity shown, having been duly authorized to execute such instrument in such capacity. 
  

					
	 	 	 	 	 /s/    S. Elder

	 	 	 	 	

	 [STAMP]
	 	 	 	 S. Elder

	 	 	 	 	 Notary Public, State of Texas

	 	 	 	 	 My commission expires: May 02 2005

  

							
	STATE OF TEXAS                            	  	)	  	SS:                                      
    	  	 
	 	  	)	  	  	 
	COUNTY OF DALLAS                    	  	)	  	  	 

  
 On 12-3-03,
personally appeared Valerie S. Siverling, Secretary of Fuel Supply, Inc., to me personally known, who, being by me duly sworn or affirmed did say that such person(s) executed the foregoing instrument as the free act and deed of such
person(s), and if applicable, in the capacity shown, having been duly authorized to execute such instrument in such capacity. 
  

					
	 	 	 	 	 /s/    S. Elder

	 	 	 	 	

	[STAMP]	 	 	 	 S. Elder

	 	 	 	 	 Notary Public, State of Texas

	 	 	 	 	 My commission expires: May 02 2005

  

 18 

 STATE OF
HAWAII                                      ) 

                                       
                                 )    SS: 
 CITY AND COUNTY OF HONOLULU      )      
  
 On Dec 04 2003, personally appeared Marianne M.O. Kimura, to me
personally known, who, being by me duly sworn or affirmed did say that such person(s) executed the foregoing instrument as the free act and deed of such person(s), and if applicable, in the capacity shown, having been duly authorized to execute such
instrument in such capacity. 
  

	
	/s/    Dayle S. Sasaki-Hamamoro
	

	 Dayle S. Sasaki-Hamamoro

	 Notary Public, State of Hawaii

	 My commission expires: 08-08-2007

  

 19 

 EXHIBIT “1” 
  
 COMPLIANCE CERTIFICATE 
  
 USRP (HAWAII), LLC, USRP (BOB), LLC, and FUEL SUPPLY, INC. (collectively, the “Borrower”), represents and warrants to FIRST HAWAIIAN BANK (the
“Lender”), in connection with that certain Loan Agreement dated                     ,
20         (the “Loan Agreement”) executed by and between the Borrower and the Lender, as follows: 
  
 1. Representations and Warranties True at Closing. The representations and warranties contained in Section 3 of the Loan Agreement and otherwise
made by or on behalf of the Borrower or in connection with the Loan are true and correct as of the date hereof. 
  
 2. No Event of Default. There exists no condition or event which constitutes an Event of Default or which, after notice or lapse of time or both,
would constitute such an Event of Default. 
  
 3.
Performance. The Borrower has performed and complied with all agreements and conditions contained in the Loan Agreement and required by the Lender to be performed and complied with by the Borrower prior to or as of the date hereof.

  
 4. No Claims, Defenses or Off-sets. As of the date
hereof, the Borrower has no claims, defenses or off-sets against the Lender or against the Borrower’s obligations under the Loan Documents, whether in connection with the negotiations for or closing of the Loan, or otherwise, and if any such
claims, defenses or off-sets exist, they are hereby irrevocably waived and released. 
  
 All capitalized terms used herein have the meanings given to them in the Loan Agreement, unless otherwise herein defined. 
  

			
	 DATED:
                    , 20        .

	
	 USRP (HAWAII), LLC

		
	 By
	 	 
	 	 	

	 	 	Its Manager
	
	 USRP (BOB), LLC

		
	 By
	 	 
	 	 	

	 	 	Its Manager
	
	 FUEL SUPPLY, INC.

		
	 By
	 	 
	 	 	

	 	 	Its

 EXHIBIT “2”  
  
 [Counsel’s Letterhead]  
  

                    ,
20         
  
 First Hawaiian Bank 
 Commercial Real Estate Division 
 999 Bishop Street, 11th Floor 
 Honolulu, Hawaii 96813 
  

	 	Re:	USRP (HAWAII), LLC, USRP (BOB), LLC and FUEL SUPPLY, INC. 

  
 Gentlemen/Ladies: 
  
 We are counsel for USRP (HAWAII), LLC, a Texas limited liability company, USRP (BOB), LLC, a Texas limited liability company, and FUEL SUPPLY, INC., a
Texas corporation (individually and collectively, the “Borrower”), and for U.S. RESTAURANT PROPERTIES, INC., a Maryland corporation, and U.S. RESTAURANT PROPERTIES OPERATING L.P., a Delaware limited partnership (individually and
collectively, the “Guarantor”), and for USRP (FRED), LLC, a Texas limited liability company, USRP (SARAH), LLC, a Texas limited liability company, USRP (JENNIFER), LLC, a Texas limited liability company, and USRP (STEVE), LLC, a Texas
limited liability company (individually and collectively, the “Negative Pledgors”), in connection with the Borrower’s request for a term loan from First Hawaiian Bank (the “Lender”). Pursuant to Section 4.5 of the Loan
Agreement dated                             , executed by and between the Borrower and the
Lender, we provide you with our opinion as follows: 
  
 1. Each
limited liability company Borrower is a Texas limited liability company duly registered and validly existing under the laws of the State of Texas and in good standing under the laws of the States of Texas and Hawaii, and each has all requisite power
and authority to carry on the business and to own the property that it now carries on and owns. Each limited liability company Borrower has all requisite power and authority to execute and deliver the Loan Documents and to observe and perform all of
the provisions and conditions thereof. The execution and delivery of the Loan Documents have been duly authorized by the members, and to the extent required by the managers, of such Borrower and no other company action of such Borrower is requisite
to the execution and delivery of the Loan Documents. 
  
 2. FUEL
SUPPLY, INC. (“FS”), is a Texas corporation duly registered and validly existing under the laws of the State of Texas and in good standing under the laws of the States of Texas and Hawaii, and has all requisite power and authority to carry
on the business and to own the property that it now carries on and owns. FS has all requisite power and authority to execute and deliver the Loan Documents and to observe and perform all of the provisions and conditions thereof. The execution and
delivery of the Loan Documents have been duly authorized by the Board of Directors of FS, and, to the extent required by law, by the shareholders of FS, and no other corporate action of FS is requisite to the execution and delivery of such Loan
Documents. 

 3. The Loan Documents required to be executed and delivered by the Borrower, when executed and delivered,
will be enforceable in accordance with their terms and shall constitute the valid and legally binding obligations of the Borrower. 
  
 4. U.S. RESTAURANT PROPERTIES, INC. (“USRPI”) is a Maryland corporation duly registered and validly existing under the laws of the State of
Maryland and in good standing under the laws of the States of Maryland and Hawaii, and has all requisite power and authority to carry on the business and to own the property that it now carries on and owns. USRPI has all requisite power and
authority to execute and deliver the Guaranty and to observe and perform all of the provisions and conditions thereof. The execution and delivery of the Guaranty have been duly authorized by the Board of Directors of USRPI, and, to the extent
required by law, by the shareholders of USRPI, and no other corporate action of USRPI is requisite to the execution and delivery of the Guaranty. 
  
 5. U.S. RESTAURANT PROPERTIES OPERATING L.P. (“USRPO”) is a Delaware limited partnership duly registered and validly existing under the laws of
the State of Delaware and in good standing under the laws of the States of Delaware and Hawaii, and has all requisite power and authority to carry on the business and to own the property that it now carries on and owns. USRPO has all requisite power
and authority to execute and deliver the Guaranty and to observe and perform all of the provisions and conditions thereof. The execution and delivery of the Guaranty have been duly authorized by the general partner(s) of USRPO, and no other
partnership action of USRPO is requisite to the execution and delivery of the Guaranty. 
  
 6. The Loan Documents required to be executed and delivered by the Guarantor, when executed and delivered, will be enforceable in accordance with their terms and shall constitute the valid and legally binding
obligations of the Guarantor. 
  
 7. Each Negative Pledgor is a
Texas limited liability company duly registered and validly existing under the laws of the State of Texas and in good standing under the laws of the States of Texas and Hawaii, and each has all requisite power and authority to carry on the business
and to own the property that it now carries on and owns. Each Negative Pledgor has all requisite power and authority to execute and deliver the Loan Documents required to be executed and delivered by the Negative Pledgor and to observe and perform
all of the provisions and conditions thereof. The execution and delivery of the Loan Documents have been duly authorized by the members, and to the extent required by the managers, of the Negative Pledgor and no other company action of the Negative
Pledgor is requisite to the execution and delivery of such Loan Documents. There is no requirement that any Negative Pledgor be organized and operated as a single purpose bankruptcy remote entity and there is no restriction on any Negative
Pledgor’s ability to pledge its assets for the benefit of the Borrower. 
  
 8. The Loan Documents required to be executed and delivered by the Negative Pledgor, when executed and delivered, will be enforceable in accordance with their terms and shall constitute the valid and legally binding
obligations of the Negative Pledgor. 
  

	
	 Sincerely,

	
	 
	

 EXHIBIT “3” 
 RELEASE PRICE 
  
 The Release
Price for each parcel of Land shall be equal to the “Appraised Value” multiplied by 80% multiplied by 110%. As used herein, “Appraised Value” shall mean the fair market value of the such parcel as shown on the appraisal report
required by Section 4.11 herein, as the same may be updated or amended as provided by Section B(31) of the Mortgage.

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