Document:

Exhibit

10.1

 

FIRST

AMENDMENT TO CREDIT AGREEMENT

 

This FIRST AMENDMENT TO CREDIT AGREEMENT (the

“First Amendment”) dated as of September      , 2002

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);

collectively, with USRP Operating, the “Borrower”), 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 therein), the Lenders (as defined therein), BANK OF

AMERICA, N.A., as Agent for the Lenders (in such capacity, the “Agent”)

is an amendment to the terms set forth in that

certain $35,000,000 Credit Agreement (the “Credit Agreement”) dated as

of May 31, 2002 among the Borrower, the General Partner, the Subsidiary

Guarantors, the Agent, the Lenders and Banc of America Securities LLC, as Sole

Lead Arranger and Sole Book Manager (in such capacity “BAS”), as

amended or modified by the terms of that certain letter agreement dated as of

July 1, 2002 and that certain letter agreement dated as of the date hereof (together,

the “Letter Agreements”);

capitalized terms used herein and not otherwise defined shall have the meanings

given to such terms in the Credit Agreement, as amended, supplemented, restated

or otherwise modified prior to the date hereof.

 

WHEREAS, the Borrower, General

Partner and the Guarantors have requested and the Lenders and Agent have agreed

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:

 

SECTION 1. 

Amendment to Credit Agreement. 

Section 7.11(b) of the Credit Agreement is hereby deleted in its

entirety and replaced with the following:

 

“(b)         Tangible Net Worth.  At all times the Tangible Net Worth

shall be greater than or equal to the sum of (i) $230,000,000.00, plus

(ii) an amount equal to 85% of the Net Cash Proceeds of any Equity Issuance

received by the Consolidated Parties after December 31, 2001, calculated on a

cumulative basis.”

 

SECTION 2.  Conditions Precedent.  The effectiveness of this First Amendment 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 First Amendment duly

executed by the Borrower, the Guarantors and each of the Lenders; and

 

(b)  Such other documents, instruments and

agreements as the Agent may reasonably request.

 

SECTION 3.  Representations.  The Borrower, General Partner and each of

the other Guarantors collectively represent and warrant to the Agent and the

Lenders that:

 

(a)  Authorization.  The Borrower, General Partner and each other Guarantor, respectively, has the

right and power and has obtained all authorizations necessary to execute and deliver

this First Amendment and to perform its respective obligations hereunder and

under the Credit Agreement, as amended by this First Amendment, in accordance

with their respective terms.  This First

Amendment has been duly executed and delivered by a duly authorized officers of

the Borrower, General Partner and each other Guarantor, respectively, and each

of this First Amendment and the Credit Agreement, as amended by this First

Amendment, is a legal, valid and binding obligation of the Borrower, General

Partner and each other Guarantor (each as applicable), enforceable against the

Borrower, General Partner 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.

 

(b)  Compliance

with Laws, etc.  The execution and

delivery by the Borrower, General Partner and the other Guarantors of this

First Amendment and the performance by the Borrower, General Partner and/or the

other

 

 

Guarantors of this First Amendment and the Credit Agreement, as amended

by this First Amendment, 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, 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, any of the other Guarantors or any other

Consolidated Party, or any indenture, agreement/or other instrument to which

the Borrower, General Partner, 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, 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 First

Amendment.

 

SECTION 4.  Reaffirmation of Representations.  The Borrower, General Partner and each of

the other Guarantors hereby repeat and reaffirm all representations and

warranties 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 First Amendment

in full.

 

SECTION 5.  Reaffirmation of Guaranty.  The General Partner 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 the Letter Agreements and this First Amendment 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.

 

SECTION 6.  Affirmation of Documents.  Each of the undersigned Credit Parties

hereby acknowledges and consents to the terms, conditions and revisions set

forth in each of the Letter Agreements and this First Amendment.

 

SECTION 7. 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 the Letter Agreements and this

First Amendment.

 

SECTION 8.  Expenses.  The Borrower shall reimburse the Agent upon demand for all

reasonable costs and expenses (including reasonable attorneys’ fees) incurred

by the Agent in connection with the preparation, negotiation and execution of

this First Amendment and the other agreements and documents executed and

delivered in connection herewith.

 

SECTION 9.  Benefits.  This First Amendment shall be binding upon and shall inure to the

benefit of the parties hereto and their respective successors and assigns.

 

SECTION 10.  Release.  Each

Credit Party hereby releases the 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.

 

SECTION 11.  GOVERNING LAW.  THIS FIRST AMENDMENT 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.

 

SECTION 12.  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.

 

SECTION 13.  Counterparts.  This First Amendment 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.

 

2

 

[Remainder of Page

Left Intentionally Blank – Additional Signature Pages Attached]

 

3

 

IN WITNESS

WHEREOF, each of the

parties hereto has caused a counterpart of this First Amendment to be duly

executed and delivered as of the date hereof.

 

 

	

  BORROWER:

  	

  U.S.  RESTAURANT  PROPERTIES OPERATING, L.P.

  
	

   

  	

   

  	

   

  
	

   

  	

  By:  USRP MANAGING, INC.

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  

  	

  /s/

  Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title:  President

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP

  FUNDING 2002-A, L.P.

  
	

   

  	

   

  	

   

  
	

   

  	

  By:  USRP (SFGP) 2, LLC

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:  

  	

  /s/

  Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title:  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

  GENERAL PARTNER:

  	

   

  	

   

  
	

   

  	

  USRP

  MANAGING, INC.

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:  

  	

  /s/

  Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title:  President

  
	

   

  	

   

  	

   

  
	

  USRP REIT:

  	

   

  	

   

  
	

   

  	

  U.S.  RESTAURANT PROPERTIES, INC.

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:  

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  President

  
	

   

  	

   

  	

   

  
	

  SUBSIDIARY

  	

   

  	

   

  
	

  GUARANTORS:

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  ARKANSAS RESTAURANTS

  #10, L.P.,

  
	

   

  	

  a Texas limited

  partnership

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By: North American

  Restaurant Management, Inc.

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  President

  
									

 

4

 

	

   

  	

  RESTAURANT PROPERTY

  PARTNERS, L.P.,

  
	

   

  	

  a Texas limited

  partnership

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By: Restaurant Funding,

  Inc

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  President

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  SOUTHEAST FAST–FOOD

  PARTNERS, L.P.,

  
	

   

  	

  a Texas limited

  partnership

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By: Bulldog Management,

  Inc.

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  President

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (66), LTD.,

  
	

   

  	

  a Texas limited

  partnership

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By: USRP GP1, LLC

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (FAIN 10), L.P.,

  
	

   

  	

  a Texas limited

  partnership

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By: USRP GP5, LLC

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
						

 

5

 

	

   

  	

  USRP (KATY), L.P.,

  
	

   

  	

  a Texas limited

  partnership

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By: USRP GP8, LLC

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title:  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (LAVID), L.P.,

  
	

   

  	

  a Texas limited

  partnership

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By: USRP GP, LLC

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (PAC), L.P.,

  
	

   

  	

  a Texas limited

  partnership

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By: USRP (Cap), Inc.

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  President

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (QUEST), L.P.,

  
	

   

  	

  a Texas limited

  partnership

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By: USRP GP4, LLC

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title:  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (SAN ANTONIO),

  LTD.,

  
	

   

  	

  a Texas limited

  partnership

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By: USRP GP, LLC

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
								

 

6

 

	

   

  	

  USRP (T&C), L.P.,

  
	

   

  	

  a Texas limited

  partnership

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By: USRP GP3, LLC

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

  BULLDOG MANAGEMENT,

  INC.

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  President

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  NORTH AMERICAN

  RESTAURANT MANAGEMENT, INC.,

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title:President

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  RESTAURANT FUNDING,

  INC.

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title:  President

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  PINNACLE RESTAURANT

  GROUP, LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (ACQUISITION),

  LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:  

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
						

 

7

 

	

   

  	

  USRP (BC), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title:  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (BILL), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (BOB), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (CAL), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (CAP), INC.

  
	

   

  	

  a Texas corporation

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  President

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (CARROLL), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
								

 

8

 

	

   

  	

  USRP (CENTRAL AVENUE),

  LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (CHRIS), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (DEEDEE), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (DON), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (FINANCE), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title:  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (FRED), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
						

 

9

 

	

   

  	

  USRP (GANT1), LLC,

  
	

   

  	

  a Texas limited liability

  company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (GANT2), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (GOLD), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP GP, LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP GP1, LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP GP3, LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
						

 

10

 

	

   

  	

  USRP GP4, LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP GP5, LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP GP8, LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (ILLINOIS), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (JENNIFER), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (JONES), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
						

 

11

 

	

   

  	

  USRP (JV2), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (MANAGER), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (MIDON), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (MINNESOTA), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (MISSOURI), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (MOLLY), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
						

 

12

 

	

   

  	

  USRP (PALMA), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (PAT), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (POPEYE’S), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (RIBBIT), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (SARAH), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (ST.  LOUIS), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
						

 

13

 

	

   

  	

  USRP (STEVE), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (SUSI), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (SYBRA), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (VALERIE), LLC,

  
	

   

  	

  a Texas limited

  liability company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  FUEL SUPPLY, INC.

  
	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Valerie S.

  Siverling

  	

   

  
	

   

  	

   

  	

  Name:  Valerie S. Siverling

  
	

   

  	

   

  	

  Title: 

  Secretary

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  PINNACLE RESTAURANT GROUP II, LLC

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (CAROLINA), LTD.

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  Restaurant Acquisition

  Corp.

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  President

  
							

 

14

 

	

   

  	

  USRP (LINCOLN), LTD.

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  Restaurant Acquisition

  Corp.

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  President

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (NORMAN), LTD.

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  Restaurant Acquisition

  Corp.

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  President

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP (WEST VIRGINIA)

  PARTNERS, L.P.

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  USRP Renovation Corp.

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J.Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  President

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  U.S. RESTAURANT

  PROPERTIES DEVELOPMENT, L.P.

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:  Restaurant Contractor Corp.

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  President

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  RESTAURANT RENOVATION

  PARTNERS, L.P.

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By: Restaurant

  Acquisition Corp.

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  President

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  RESTAURANT ACQUISITION

  CORP.

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  President

  
						

 

15

 

	

   

  	

  RESTAURANT CONTRACTOR

  CORP.

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  President

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  USRP RENOVATION CORP.

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Robert J. Stetson

  	

   

  
	

   

  	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

   

  	

  Title: 

  President

  

 

 

[remainder of page

left intentionally blank –additional signature page to follow]

 

16

 

	

  LENDERS:

  	

  BANK OF AMERICA, N.A.

  
	

   

  	

  individually

  in its capacity as a

  
	

   

  	

  Lender

  and in its capacity as Agent

  
	

   

  	

   

  
	

   

  	

  By:

  	

  /s/

  Russ Ruhnke

  	

   

  
	

   

  	

  Name:  Russ Ruhnke

  
	

   

  	

  Title:  Principal

  

 

17Exhibit 10.2

 

U.S. Restaurant

Properties, Inc.

12240 Inwood Rd.,

Suite 300

Dallas, Texas

75244

 

 

September 25, 2002

 

Mr. Russell Ruhnke,

Principal

Bank of America

Portfolio Management;

Real Estate/Lodging

NCI-007-15-08

100 North Tryon Street,

16th Floor

Charlotte, North Carolina

28255-0001

 

Re:                                Revision

to the terms of that certain conditional waiver letter dated as of July 1, 2002

(the “Conditional Waiver Letter”).

 

Dear Russ:

 

Reference

is hereby made to the Conditional Waiver Letter and that certain $35,000,000

Credit Agreement (the “Credit Agreement”) dated as of May 31, 2002 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); collectively, with USRP Operating, the “Borrower”), 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 therein), the

Lenders (as defined therein), BANK OF AMERICA, N.A., as Agent for the

Lenders (in such capacity, the “Agent”) and BANC OF AMERICA SECURITIES LLC,

as Sole Lead Arranger and Sole Book Manager (in such capacity “BAS”).  Capitalized terms used herein and not

otherwise defined shall have the meanings set forth in the Credit Agreement or,

if not defined therein, then in the Conditional Waiver Letter.

 

USRP

Operating hereby requests that the Agent continue to provide the waiver and

amendment requested by the Conditional Waiver Letter on the terms and

conditions set forth therein, with the certain changes in the calculation

formulas for the Extension Fees which may become due and owing thereunder.  USRP Operating therefore requests that

clauses (a) through (d) of the Conditional Waiver Letter setting forth the

formulas for calculating the Extension Fees be deemed deleted and replaced with

the following:

 

“(a)                            for

the period including calendar days one (1) through fifteen (15) following the

final day of the Initial Waiver Period, the amount equal to: (i) (A) the

aggregated principal amount of the CD Notes held by the Borrower, less

$6,500,000; divided by (B) $20,000,000; multiplied by (ii)

$15,000;

 

(b)                                 in

addition to the Extension Fees paid pursuant to clause (a), for the period

including calendar days sixteen (16) through thirty (30) following the final

day of the Initial Waiver Period, the amount equal to: (i) (A) the aggregated

principal amount of the CD Notes held by the Borrower, less $6,500,000; divided

by (B) $20,000,000; multiplied by (ii) $20,000;

 

 

Request for Revision to Terms and Conditions of Conditioned Waiver

September 25, 2002

 

(c)                                  in

addition to the Extension Fees paid pursuant to clauses (a) and (b), for the

period including calendar days thirty-one (31) through sixty (60) following the

final day of the Initial Waiver Period, $45,000; and

 

(d)                                 in

addition to the Extension Fees paid pursuant to clauses (a), (b) and (c), for

the period including calendar days sixty-one (61) through ninety (90) following

the final day of the Initial Waiver Period, $60,000.”

 

In addition, to the

extent this letter is consented to by the Agent, the following language shall

be added to the Conditional Waiver Letter immediately following clause (d)

referenced above:

 

“Extension Fees for the

periods referenced in clauses (a) through (d) above shall accrue as of the

first (1st) day of each such period (regardless of any reduction in

the principal amount of CD Notes held by the Borrower after such day) and shall

be due and payable at any time thereafter on demand by the Agent (for the

benefit of the Lenders); provided, however, that for purposes of clauses (a)

and (b) above, to the extent the principal amount of the CD Notes held by the

Borrower for any reason increases during such period, the Borrower agrees to

pay to the Agent on demand, in addition to the amount owed as of the first day

of such period, an amount equal to (a) any greater amount which would be

calculated pursuant to the applicable clause at any time during the applicable

period, less (b) the amount previously paid by Borrower with respect to

such period.  The foregoing provision

shall not be construed to permit the Borrower to increase the amount of CD

Notes held by it in contravention of the terms of this letter and the Credit

Agreement.”

 

The

Credit Parties hereby restate their acknowledgment and agreement that (a) the

Conditioned Waiver shall be effective only to the extent that the Credit

Parties shall be deemed to be in compliance with Sections 6.19 and 8.6 of the

Credit Agreement despite the Defaults or Events of Default which would

otherwise arise as a result of USRP Operating’s purchase of the CD Notes and to

the extent such Defaults or Events of Default would be caused solely by the

Investment by USRP Operating in the CD Notes; (b) the Conditioned Waiver shall

not be effective as to any other Defaults or Events of Default (whether or not

arising as an indirect result of the purchase of the CD Notes) that may arise

during the Waiver Period, including, without limitation, Defaults or Events of

Default resulting from financial covenant violations under Section 7.11 of the

Credit Agreement or Defaults or Events of Default under Sections 6.19 or 8.6 of

the Credit Agreement which do not relate to the purchase of the CD Notes; and

(c) no terms or conditions of the Credit Agreement or any of the other Credit

Documents shall be modified by the terms hereof except to the extent expressly

set forth herein and no other amendments or waivers are being sought hereby

from the Agent with respect to any other matters.  In addition, the Credit Parties hereby agree to indemnify, defend

and hold harmless the Agent and its respective directors, officers, agents,

employees and counsel from and against any and all losses, claims, damages,

liabilities, deficiencies, judgments or expenses incurred, resulting from or

arising in connection with the purchase of the CD Notes, the Conditioned Waiver

or this letter and agree that all fees, expenses and costs incurred by the

Agent in reviewing, negotiating, drafting and otherwise preparing this letter

shall be paid by us upon demand as fees, costs and expenses incurred in

connection with the Credit Agreement.  Finally, the Credit Parties represent

and warrant that they have no claims, counterclaims, offsets, or defenses to

any of the Credit Documents, or to the performance of their respective

obligations thereunder.  In

consideration of the Agent’s willingness to revise the terms of the Extension

Fees as set forth herein, each of the Credit Parties hereby releases the Agent

and its officers, employees, representatives, counsel, trustees and directors,

from any and all actions, causes of action, claims, demands, damages and

liabilities

 

2

 

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.

 

If you need any

additional information in order to evaluate this request, please contact

me.  We ask that you countersign this

letter as evidence of the Agent’s consent to the revisions to the Extension Fee

calculation formulas as set forth herein and return this letter to us by fax as

soon as possible.

 

We

appreciate your cooperation and understanding in this matter.  If you have any questions, please do not

hesitate to contact me.

 

	

   

  	

  Very truly yours,

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  U.S. Restaurant Properties Operating, L.P.,

  as Principal Borrower for the Credit Parties

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:  

  	

  USRP Managing, Inc.

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   /s/ Robert J. Stetson

  	

   

  
	

   

  	

  Name:  Robert J. Stetson

  
	

   

  	

  Title:  President

  
					

 

 

Acknowledged and

consented to

this 25th day

of September, 2002

 

 

	

  By: 

  	

  /s/ Russell Ruhnke

  	

   

  
	

   

  	

  Russell Ruhnke, on behalf of

  Bank of America, N.A., as Agent

  

 

3

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