Document:

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                                                                    Exhibit 4.45

                               LICENSE AGREEMENT

         License Agreement made and entered into effective January 1, 2001 by
and among OS GOLF MARKETING, LTD., a Florida limited partnership ("OS"), HORNE
TIPPS PARADISE GOLF, LTD., a Florida limited partnership ("HT"), HORNE TIPPS
HOLDING COMPANY, a Florida corporation ("Holding Company"), WILLIAM E. HORNE
("Horne") and JAMES R. TIPPS, JR. ("Tipps").

                                    RECITALS

         1.       OS is engaged in the business of golf related activities
         including, but not limited to, procuring playing privileges at golf
         courses and selling memberships which provide the purchaser with
         playing privileges at such golf courses ("Business"); and

         2.       OS identifies the Business by the use of the trade names
         "Outback Sports" and "Paradise Golf" and certain logos, emblems and
         other indicia incorporating "Outback Sports" or "Paradise Golf"
         (collectively "Proprietary Marks").

         3.       Horne and Tipps have served as the Chief Executive Officer
         and Chief Operating Officer, respectively, of OS and are the sole
         shareholders, directors and officers of Holding Company.

         4.       Holding Company is the owner of all of the issued and
         outstanding shares of capital stock of Horne Tipps Paradise Golf,
         Inc., a Florida corporation that is the sole general partner of HT and
         owns an eight percent (80%) partnership interest in HT ("General
         Partner").

         5.       Horne and Tipps are the sole directors and officers of the
         General Partner

         6.       HT desires to obtain from OS the exclusive right and license
         to use certain assets of OS for the purpose of engaging in the
         Business.

         7.       OS is willing to license to HT the use of certain of its
         assets pursuant to the terms of this Agreement.

         NOW THEREFORE, intending to be legally bound, in consideration of the
mutual covenants contained herein, and other good and valuable consideration,
the receipt and adequacy of which is hereby acknowledged, the parties agree as
follows:

         1.       Recitals. The above recitals are true and correct and
         incorporated herein by reference.

         2.       License of Proprietary Marks and Assets. OS hereby grants to
         HT during the Term of this Agreement the exclusive right and license
         (the "License") to utilize, solely in the conduct of the Business, the
         Proprietary Marks specified on EXHIBIT A attached hereto and the
         tangible and intangible property utilized by OS in the conduct of the
         Business and more particularly described on EXHIBIT A (the "Assets").
         The term Assets shall also include all Replacement Property as
         described in SECTION 7 hereof. The Assets and Proprietary Marks are
         hereinafter collectively referred to as the "Licensed Assets".

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         3.       Term. Unless sooner terminated as provided in this Agreement,
         this Agreement and the term of the License of the Licensed Assets
         provided in SECTION 2 hereof shall commence on January 1, 2001 and
         shall expire and terminate on December 31, 2010.

         4.       Limitation on Use of Outback Sports. Notwithstanding SECTION
         2, HT's right and license to use the Proprietary Marks shall be
         limited as provided in this SECTION 4 and in SECTION 11. HT shall not
         have any right whatsoever to use the word "Outback" except as part of
         "Outback Sports, and may only use "Outback Sports" until December 31,
         2002. OS and its affiliates retain all rights to use the word Outback,
         alone or in conjunction with any other words, except OS and its
         affiliates shall not use "Outback Sports" in the conduct of any
         business. All rights of HT to use "Outback Sports" or the word Outback
         shall terminate on December 31, 2002 and thereafter HT shall make no
         use whatsoever of the word Outback. HT shall not use "Outback Sports"
         in a manner that, in the reasonable opinion of OS, would cause third
         parties to believe HT is an affiliate of OS or OS's affiliates or that
         OS or OS's affiliates are responsible for the obligations of HT.

         5.       License Fee. In consideration of the License granted herein,
         HT shall pay to OS the following license fees totaling Five Million
         Dollars ($5,000,000) ("License Fees") on the dates indicated:

                  July 31 of each year
                    From 2001 to 2010
                    Inclusive                        $375,000

                  November 30 of each year
                    From 2001 to 2010
                    Inclusive                        $125,000

                  In the event HT sells the Business or a controlling interest
         in HT during the term of this Agreement, which sale shall only be done
         with the prior written consent of OS as required by this Agreement, HT
         shall pay to OS the first One Million Dollars ($1,000,000) of the sale
         proceeds and fifty percent (50%) of the remainder of the sale proceeds
         (collectively "OS Sale Proceeds"). In the event of such a sale OS
         shall receive the Sale Proceeds in lieu of any further License Fee
         payments, but OS shall retain all License Fee payments theretofore
         received and HT shall remain liable for all unpaid License Fees prior
         to the date of sale. For purposes of determining OS Sale Proceeds,
         sale proceeds shall mean the gross sale price reduced only by the
         expenses of sale, e.g., attorney fees, broker fee.

         6.       Transfer Upon Payment. Upon payment to OS of the total
         License Fees of $5,000,000 in the amounts and on or before the dates
         specified in SECTION 5, or upon the payment to OS of the Sale
         Proceeds, HT shall have the option to purchase, and OS shall be
         obligated to sell to HT, all right, title and interest of OS in and to
         the Assets (as existing on the date of transfer) and the Proprietary
         Marks, but excluding any of the Proprietary Marks that contain the
         word "Outback", for a purchase price of One Thousand Dollars ($1,000).
         The purchase option contained in this SECTION 6 shall be exercised by
         giving written notice of exercise to OS within sixty (60) days after
         that if the purchase option is not exercised in said sixty (60) day
         period, OS shall give written notice of termination to HT and the
         purchase option contained in this Section 6 shall terminate only if
         the purchase option remains unexercised twenty (20) days after such
         written notice of

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         termination. The closing of the purchase shall take place at the
         principal office of OS thirty (30) days from the date of the notice of
         exercise. At the closing OS shall deliver to HT all documents
         necessary, in the reasonable opinion of counsel for HT, to transfer to
         and vest in HT all of OS' right, title and interest in the Assets and
         the Proprietary Marks (excluding any that contain the word "Outback").
         The purchase option contained in this SECTION 6 shall immediately
         lapse and be null and void immediately upon any default in payment of
         any of the License Fees in the amounts and on or before the payment
         dates specified in SECTION 5 (unless cured within the time periods
         provided for in this Agreement).

         7.       Replacement Property.

                  A.       All assets purchased by HT with revenue from the
                  Business, including, but not limited to, proceeds from the
                  sale of any of the Licensed Assets and all assets purchased
                  with the proceeds from insurance policies on any of the
                  Licensed Assets (collectively "Replacement Property") shall
                  be the property of OS and titled in OS' name and shall
                  constitute a part of the Licensed Assets for all purposes of
                  this Agreement.

                  B.       HT shall not obtain any loan or financing, in
                  whatever form or however structured, that is secured by any
                  form of lien on any of the Assets, including any Replacement
                  Property, except with the prior written consent of OS, which
                  consent may be withheld or granted subject to such conditions
                  as OS shall determine in its sole discretion.

                  C.       HT shall not obtain any purchase money financing the
                  proceeds of which are to be used solely to acquire new
                  assets, except with the prior written consent of OS, which
                  consent shall not be unreasonably withheld.

         8.       Representations, Warranties and Covenants of OS.

                  A.       OS is a limited partnership duly organized and
                  existing in good standing under the laws of the State of
                  Florida. OS is now, and at all times during the term of this
                  License Agreement, shall be authorized and registered to
                  transact business in every other state in which the failure
                  to register would have a materially adverse effect on the
                  business of OS. The execution and delivery of this License
                  Agreement and OS's performance of its obligations hereunder
                  do not and will not violate or constitute a breach of OS's
                  Certificate of Limited Partnership, Agreement of Limited
                  Partnership, any other agreement to which OS is a party, or
                  any restriction of law or contract to which OS is subject.

                  B.       OS represents and warrants that it is the sole owner
                  of the Assets, free and clear of any liens, claims, security
                  interests or other encumbrances, except for payment claims of
                  the manufacturers of the Assets. During the term of this
                  License Agreement OS shall take all commercially reasonable
                  measures to protect and defend its title to the Licensed
                  Assets against the claims of all persons arising from events
                  first occurring on or before January 1, 2001.

                  C.       During the term of this License Agreement, and so
                  long as there is no uncured default under this License
                  Agreement, neither OS

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                  nor any affiliate of OS shall engage in a business that
                  competes with the Business, nor own any interest in any
                  entity engaged in a business that competes with the Business.

                  D.       OS will not: (i) permit any liens, charges,
                  encumbrances or security interests of any kind or character)
                  to attach to any of the Licensed Assets or OS' interest in
                  this License Agreement unless in each case the holder of the
                  lien, charge, encumbrance or security interest provides HT
                  with a commercially reasonable non-disturbance agreement;
                  (ii) permit any of the Licensed Assets to be levied upon
                  under any legal process; (iii) sell, transfer, lease, or
                  otherwise dispose of any Licensed Assets or any interest
                  therein, or offer to do so, unless in each case the
                  transferee agrees to performs the obligations of OS under
                  this Agreement that relate to the transferred assets.

         9.       Covenants of HT, Horne and Tipps.

                  A.       EXHIBIT B is a true and correct copy of the
                  Agreement of Limited Partnership of HT, and shall not be
                  modified or amended during the term of this License Agreement
                  without the prior written consent of OS, which consent shall
                  not be unreasonably withheld.

                  B.       HT, Horne and Tipps represent and warrant to OS that
                  Holding Company employs Horne and Tipps pursuant to the
                  employment agreements attached hereto as EXHIBITS C and D,
                  respectively (hereinafter collectively "Employment
                  Agreements") Horne and Tipps each covenants and agrees with
                  OS not to commit any breach, default or violation of his
                  Employment Agreement. Holding Company, Horne and Tipps hereby
                  acknowledge and agree that OS is a specifically intended
                  third party beneficiary of the Employment Agreements and OS
                  shall have an independent right to enforce the Employment
                  Agreements, including, but not limited to, the covenants
                  against competition contained in the Employment Agreements.

                  C.       HT and Holding Company agree not to pay, and Horne
                  and Tipps agree not to accept, total combined compensation
                  from HT, Holding Company, the General Partner and Horne Tipps
                  Trophy Suite, Inc., of whatever kind or however called,
                  including but not limited to, salary, bonus, commissions, and
                  non-accountable expense reimbursements, in excess of the
                  amounts specified on EXHIBIT E.

                  D.       Holding Company, Horne and Tipps agree not to modify
                  either of the Employment Agreements without the prior written
                  consent of OS, which consent may be granted or withheld in
                  OS's sole discretion.

                  E.       HT, Horne and Tipps agree that HT and Holding
                  Company shall not make any distributions or payments to their
                  respective partners or shareholders, of whatever kind or
                  character, including, but not limited to, distributions,
                  dividends, loans or redemptions; provided, however, that (i)
                  HT and Holding Company may make distributions to their
                  respective partners and shareholders for each taxable year in
                  an aggregate amount equal to the aggregate actual amount of
                  additional tax, if any, payable by the partners or
                  shareholders (as determined by competent tax advisors) for
                  such taxable year as a result of any taxable income passed
                  through to the partners or shareholders for such taxable

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                  year, or (2) the highest percentage individual marginal tax
                  rate, and (ii) HT may make distributions to Barry Turnball, a
                  limited partner of HT, pursuant to the Agreement of Limited
                  Partnership of HT.

                  F.       Notwithstanding subsection E above, HT shall make
                  distributions of net cash flow (as determined in accordance
                  with generally accepted accounting principles) remaining
                  after any distributions under subsection E and after the
                  establishment of reasonable reserves for HT's business, to
                  its partners provided that simultaneously with all such
                  distributions HT shall pay to OS an amount equal to the
                  aggregate amount being distributed to the partners. Such
                  payment to OS shall be a prepayment of the License Fees
                  payable under Section 5 hereof. Any such pre-payments shall
                  not reduce the scheduled installments of License Fees, but
                  shall be applied to the last scheduled License Fee payments.
                  If in any subsequent year HT demonstrates, to OS' reasonable
                  satisfaction, an inability to make payment of the scheduled
                  License Fees, HT shall receive credit against the scheduled
                  License Fee for any pre-payment of License Fees made under
                  this Section.

         10.      Representations, Warranties, Covenants and Obligations of HT,
         the General Partner and Holding Company

                  A.       Permits and Licenses. HT at all times during the
                  term of this License Agreement will hold in full force and
                  effect all permits, business licenses and franchises
                  necessary for HT to carry on its business operations, as then
                  being conducted, in conformity with all applicable laws and
                  regulations.

                  B.       Good Standing; No Violation. HT is a limited
                  partnership duly organized and existing in good standing
                  under the laws of the State of Florida. The General Partner
                  and Holding Company are corporations duly organized and
                  existing in good standing under the laws of the State of
                  Florida. HT, the General Partner and Holding Company are now,
                  and at all times during the term of this License Agreement,
                  shall be authorized and registered to transact business in
                  every other state in which the failure to register would have
                  a materially adverse effect on the business of HT, the
                  General Partner or Holding Company. The execution and
                  delivery of this License Agreement and performance of their
                  respective obligations hereunder do not and will not violate
                  or constitute a breach of HT's Certificate of Limited
                  Partnership, Agreement of Limited Partnership, the Articles
                  of Incorporation or Bylaws of the General Partner or Holding
                  Company, or any other agreement to which HT, the General
                  Partner of Holding Company is a party, or any restriction of
                  law or contract to which HT, the General Partner or Holding
                  Company is subject.

                  C.       Information Delivered. All information, certificates
                  or statements, including, without limitation, all financial
                  statements, given to OS pursuant to this License Agreement
                  are and shall be true and complete when given and are not,
                  and shall not be, materially misleading in any way.

                  D.       Name; Location of Assets. The name stated above in
                  the preamble to this License Agreement is the correct name of
                  HT, and HT does not conduct business under any other name,
                  except for Paradise Golf, OS Sports and Outback Sports. HT
                  shall immediately notify OS of any change of name, identity
                  or organizational

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                  structure. HT's principal place of business is located at the
                  address shown in the notice provision of this Agreement.

                  E.       Defense of Claims. HT will defend the Licensed
                  Assets against, and hold OS harmless from, the claims and
                  demands of all individuals or other legal entities at any
                  time claiming the same or any interest therein arising from
                  events first occurring on or after January 1, 2001.

                  F.       No Liens, Levies or Transfers. HT will not: (a)
                  permit any liens, charges, encumbrances or security interests
                  of any kind or character to attach to any of the Licensed
                  Assets or HT's interest in this License Agreement; (b) permit
                  any of the Licensed Assets to be levied upon under any legal
                  process; (c) without the prior written consent of OS, sell,
                  transfer, lease, or otherwise dispose of any Licensed Assets
                  or any interest therein, or offer to do so; or (d) permit
                  anything to be done that will impair the value of any of the
                  Licensed Assets.

                  G.       Records of Assets. HT shall keep accurate and
                  complete records respecting the Assets in such form as OS may
                  reasonably require. From time to time, when OS so requires,
                  HT shall furnish to OS a statement certified by HT, and in
                  such form and containing such information as may be requested
                  by OS, showing the current status and location of the Assets.
                  At reasonable times, OS may examine the Assets and HT's
                  records pertaining to the Assets, wherever the Assets or such
                  records may be located, and make copies of any of such
                  records. HT shall assist and cooperate fully with OS in such
                  endeavors.

                  H.       Tax Matters. HT has filed and will file during the
                  Term of this Agreement, all Federal, state and local tax
                  returns and other reports it is required to file and shall
                  pay or make adequate provision for payment of all such taxes,
                  assessments, and other governmental charges, except those
                  contested in good faith. HT will pay promptly when due all
                  taxes and assessments upon the Licensed Assets, or for use or
                  operation of the Licensed Assets, or upon this Agreement,
                  including sales, use, documentary, intangible or other taxes,
                  except those contested in good faith. HT shall further pay
                  all expenses and, upon request, take any action reasonably
                  deemed advisable by OS to preserve the Licensed Assets.

                  I.       Preservation of Licensed Assets. At its option, OS
                  may pay, for the account of HT, any taxes, liens or security
                  interests or other encumbrances at any time levied or placed
                  on the Licensed Assets, may pay for insurance on the Licensed
                  Assets, and may pay for the maintenance and preservation of
                  the Assets. HT agrees to reimburse OS promptly on demand for
                  any payment made or expense incurred by OS pursuant to the
                  foregoing authorization.

                  J.       Maintenance and Repairs. HT shall at its expense
                  during the term of this Agreement keep the Assets in good
                  working order and condition, ordinary wear and tear only
                  excepted, and HT shall at its expense make all repairs,
                  replacements and servicing thereof. All such repairs and
                  replacements shall immediately become the property of OS and
                  part of the Assets for all purposes hereof. In the event of
                  the termination of this Agreement as a result of default by
                  HT, HT shall, at its expense, return the then Assets to OS to
                  such location(s) within the Continental United States as OS
                  may designate in good operating order, repair, condition. HT
                  shall immediately notify OS in writing of any

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                  damage or loss of or to the Assets, whether arising out of
                  the alleged or apparent improper manufacture, functioning or
                  operation of the Assets or otherwise.

                  K.       Ownership. The Licensed Assets shall at all times
                  remain the property of OS. OS may affix plates to the Assets
                  indicating OS's ownership. Except as specifically provided in
                  SECTION 7A, HT shall not sell, assign, transfer or otherwise
                  alienate any of the Licensed Assets without the prior written
                  consent of OS, which consent shall not be unreasonably
                  withheld, and payment to OS of the OS Sale Proceeds as
                  specified in SECTION 5. OS and HT hereby confirm their intent
                  that the Licensed Assets shall always remain and be deemed
                  personal property and that this License Agreement shall be a
                  true license and not a sale or financing transaction. HT
                  shall not assign, sell, pledge or hypothecate this License
                  Agreement or any of its rights hereunder without the prior
                  written consent of OS, which consent may be granted or denied
                  in OS's sole discretion.

                  L.       Disclaimer of Warranties. HT acknowledges and agrees
                  that Horne and Tipps have made the selection of the Assets.
                  HT acknowledges and agrees that it has received no statements
                  or representations from OS and has placed no reliance upon
                  any statements or representations of OS, including, but
                  without limitation, with respect to the size, design,
                  capacity, condition, qualify, durability and manufacture of
                  the Assets and suitability of the Assets for HT's purposes.
                  OS MAKES NO REPRESENTATIONS OR WARRANTIES TO HT OR ANY OTHER
                  PERSON OF ANY KIND, EXPRESS OR IMPLIED, AS TO ANY MATTER
                  WHATSOEVER, INCLUDING WITHOUT LIMITATION WITH RESPECT TO THE
                  SIZE, DESIGN, CAPACITY, CONDITION, QUALITY, DURABILITY,
                  SUITABILITY OR PERFORMANCE OF THE ASSETS, THEIR
                  MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OR WITH
                  RESPECT TO PATENT INFRINGEMENT OR THE LIKE. OS SHALL HAVE NO
                  LIABILITY TO HT FOR ANY DEMAND, CLAIM, COST, LOSS, DAMAGE OR
                  LIABILITY OF ANY KIND OR NATURE WHATSOEVER, NOR SHALL THERE
                  BE ANY ABATEMENT OF LICENSE FEES, ARISING OUT OF OR IN
                  CONNECTION WITH (i) THE DEFICIENCY OR INADEQUACY OF THE
                  ASSETS FOR ANY PURPOSE, WHETHER OR NOT KNOWN OR DISCLOSED TO
                  HT, (ii) ANY DEFICIENCY OR DEFECT IN THE ASSETS, (iii) THE
                  USE OR PERFORMANCE OF THE ASSETS OR (iv) ANY LOSS OF BUSINESS
                  OR OTHER CONSEQUENTIAL LOSS OR DAMAGE WHETHER OR NOT
                  RESULTING FROM ANY OF THE FOREGOING. HT SHALL DEFEND,
                  INDEMNIFY AND HOLD OS HARMLESS AGAINST ANY AND ALL DEMANDS,
                  CLAIMS, COSTS, LOSSES AND LIABILITIES ARISING OUT OF OR IN
                  CONNECTION WITH THE DESIGN, MANUFACTURE, POSSESSION,
                  OPERATION OR USE OF THE ASSETS. OS AGREES TO PROVIDE HT WITH
                  ALL WARRANTIES RUNNING TO THE ASSETS FROM THE MANUFACTURER.

                  M.       Taxes. HT agrees to pay and to indemnify, defend and
                  hold OS, its successors and assigns harmless from all claims,
                  demands, assessments, fees and taxes, including, without
                  limitation, franchise, sales, use, gross receipts, ad
                  valorem, value added, stamp, excise or other taxes, levies,
                  imposts, duties, charges or withholding of any nature,
                  together with any penalties, fines or interest thereon
                  ("Impositions"), arising out of the transactions contemplated
                  by

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                  this License Agreement imposed against OS, its successors and
                  assigns, HT or any item of Licensed Assets by any Federal,
                  state or local government or taxing authority with respect to
                  any item of Licensed Assets, or the purchase, ownership,
                  delivery, leasing, possession, use, operation, return or
                  other disposition thereof, or upon or with respect to the
                  income or other proceeds received with respect to any item of
                  Licensed Assets, or upon or with respect to this License
                  Agreement (excluding, however, Federal, state and local
                  income taxes). All Impositions payable by HT pursuant hereto
                  shall be payable, on written demand of OS, which demand shall
                  be accompanied by copies of invoices, bills or other
                  appropriate evidence, in an amount which, after taking into
                  account all taxes required to be paid by OS, its successors
                  and assigns in respect of the receipt thereof, shall equal
                  such Imposition.

                  N.       Insurance Proceeds. With respect to proceeds
                  received under any insurance policy for loss, destruction or
                  damage to the Assets, it is agreed as between OS and HT that
                  any proceeds resulting from a total or partial loss of any
                  item of Assets will be applied in reduction of HT's
                  obligations under SECTION 5 of this License Agreement, unless
                  such proceeds are used solely for replacement or repair of
                  such items.

                  O.       Risk of Loss on HT. All risks of physical damage to
                  or loss, destruction or interference with the use of the
                  Assets, howsoever caused, shall be borne by HT and no such
                  damage, loss, destruction or interference shall impair HT's
                  obligations under this License Agreement. If any item of
                  Assets is rendered unusable as a result of any physical
                  damage to, or loss or destruction of, the Assets, HT shall
                  give to OS immediate notice thereof and this License
                  Agreement shall continue in full force and effect without any
                  abatement of License fees. HT shall determine, within fifteen
                  (15) days after the date of occurrence of such damage or
                  destruction, whether such item of Assets can be repaired. In
                  the event HT determines that such item of Assets can be
                  repaired, HT shall cause such item of Assets to be promptly
                  repaired at HT's expense. In the event HT determines that the
                  item of Assets cannot be repaired, then HT shall promptly
                  replace such item at HT's expense. HT shall be entitled to
                  insurance proceeds to the extent of the cost of such repairs
                  or replacements. All assets purchased with insurance proceeds
                  shall be Replacement Property as defined in SECTION 7 hereof
                  and shall be the property of OS.

         11.      Proprietary Marks.

                  A.       Restrictions on Use. With respect to HT's licensed
                  use of the Proprietary Marks pursuant to this Agreement, HT
                  agrees that:

                           (i)      HT shall use only the Proprietary Marks
                           specified on EXHIBIT A, and shall use them only in
                           the manner approved and permitted by OS in
                           accordance with the License Agreement.

                           (ii)     HT shall use the Proprietary Marks only for
                           the operation of the Business.

                           (iii)    During the term of this Agreement and any
                           renewal hereof, HT shall identify itself as the
                           owner of the Business in conjunction with any

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                           use of the Proprietary Marks, including, but not
                           limited to, uses on invoices, order forms, receipts,
                           and contracts, as well as the display of a notice in
                           such content and form and at such conspicuous
                           locations as necessary to identify HT as owner of
                           the Business.

                           (iv)     HT's right to use the Proprietary Marks is
                           limited to such uses as are authorized under this
                           Agreement, and any unauthorized use thereof shall
                           constitute an infringement of OS's rights.

                           (v)      HT shall not use the Proprietary Marks to
                           incur any obligation or indebtedness on behalf of
                           OS.

                           (vi)     HT shall not use the word Outback as part
                           of its corporate or other legal name.

                           (vii)    HT shall comply with OS's instructions in
                           filing and maintaining the requisite trade name or
                           fictitious name registrations, and shall execute any
                           documents deemed necessary by OS or its counsel to
                           obtain protection for the Proprietary Marks or to
                           maintain their continued validity and
                           enforceability.

                           (viii)   In the event that litigation involving the
                           Proprietary Marks is instituted or threatened
                           against HT, HT shall promptly notify OS and shall
                           cooperate fully with OS in defending or settling
                           such litigation.

                  B.       Ownership of Proprietary Marks. HT expressly
                  understands and acknowledges that:

                           (i)      OS is the owner of all right, title and
                           interest in and to the Proprietary Marks and the
                           goodwill associated with and symbolized by the
                           Proprietary Marks.

                           (ii)     The Proprietary Marks are valid and serve
                           to identify the Business.

                           (iii)    HT shall not directly or indirectly contest
                           the validity of OS's ownership of the Proprietary
                           Marks.

                           (iv)     HT's use of the Proprietary Marks pursuant
                           to this Agreement does not give HT any ownership
                           interest or other interest in or to the Proprietary
                           Marks, except the license granted by this Agreement.

         12.      Accounting and Records.

                  A.       Monthly Reports. HT shall submit to OS no later than
                  the sixteenth (16th) day of each month during the term of
                  this Agreement a monthly and fiscal year-to-date profit and
                  loss statement (which may be unaudited) for HT and the
                  Business.

                  B.       Quarterly Reports. HT shall submit to OS, in the
                  form prescribed by OS, a quarterly balance sheet (which may
                  be unaudited) within fifteen (15) days after

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                  the end of each calendar quarter. Each such statement shall
                  be signed by HT or by HT's treasurer or chief financial
                  officer attesting that it is true and correct.

                  C.       Annual Reports. HT shall submit to OS complete
                  audited annual financial statements of HT prepared by an
                  independent certified public accountant satisfactory to OS,
                  within ninety (90) days after the end of each fiscal year of
                  HT, showing the results of operations of HT and the Business
                  during said fiscal year. Such statements shall include, at a
                  minimum, a balance sheet, profit and loss statement and
                  statement of sources and uses of funds.

                  D.       Additional Reports. HT shall submit to OS, for
                  review or auditing, such other forms, reports, records,
                  information, and data as OS may reasonably designate, in the
                  form and at the times and places reasonably required by OS,
                  upon request and as specified from time to time in writing.

                  E.       Expenses. All reports, forms and other information
                  required by this SECTION 12 shall be prepared at HT's expense
                  and shall be submitted to OS at the address indicated in
                  SECTION 18 hereof.

                  F.       Reconciliation. On or before January 31, 2001 HT
                  shall prepare and submit to OS a reconciliation of all
                  revenue, cash, expenses and unpaid liabilities of the
                  Business as of December 31, 2000 in accordance with generally
                  accepted accounting principles, together with payment of all
                  funds due OS from the operation of the Business prior to
                  January 1, 2000. It is the intent of the parties that OS
                  shall receive the benefit of and be responsible for all
                  income, cash, expenses and payables of the Business to the
                  extent same relate to periods ending prior to January 1,
                  2000. HT shall receive the benefit of and be responsible for
                  all income, cash, expenses and payables of the Business to
                  the extent same relate to periods on or after January 1,
                  2001. OS shall have the right to review and approve the
                  reconciliation. Any unresolved dispute shall be submitted to
                  PriceWaterhouseCoopers for final determination. Upon approval
                  of the reconciliation HT or OS, as the case may be, shall
                  make appropriate payment to the other.

         13.      Insurance.

                  A.       Requirement. HT shall procure, prior to the
                  Effective Date, and shall maintain in full force and effect
                  at all times during the term of this Agreement, at HT's
                  expense, an insurance policy or policies protecting HT and
                  OS, and their respective officers, directors, partners, and
                  employees, against any demand or claim with respect to
                  personal injury, death, or property damage, or any loss,
                  liability, or expense whatsoever arising or occurring from,
                  upon or in connection with the Business and the Licensed
                  Assets.

                  B.       Insurors' Required Policies. Such policy or policies
                  shall be in form satisfactory to OS, and shall be written by
                  a responsible carrier or carriers acceptable to OS who are
                  duly licensed by the appropriate state authorities and have a
                  Best Guide rating of not less than A. Such policy or policies
                  shall include, at a minimum (except as additional coverages
                  and higher policy limits may reasonably be specified by OS
                  from time to time), the following:

                                      10
<PAGE>   11

                           (i)      Comprehensive general liability insurance,
                           equivalent to General Liability Form July 98 in the
                           amount of One Million Dollars ($1,000,000) per
                           occurrence and Two Million Dollars ($2,000,000)
                           annual aggregate.

                           (ii)     Umbrella liability insurance, following
                           form, in the amount of Twenty Million Dollars
                           ($20,000,000) per occurrence, Twenty Million Dollars
                           ($20,000,000 annual aggregate.

                           (iii)    Worker's compensation insurance as may be
                           required by statute or rule of each state or
                           locality in which the Business operates or in which
                           any of the Assets are located, and employer's
                           liability insurance with limits in amounts at least
                           equal to those previously carried by OS in the
                           operation of the Business or such higher limits as
                           OS shall reasonably require.

                           (iv)     Special form coverage for the full cost of
                           replacement of the Assets and all other property in
                           which HT may have an interest with no coinsurance
                           clause and a replacement cost clause attached.

                           (v)      Business income insurance that specifically
                           provides for payment to OS of the License Fees
                           required by SECTION 5.

                  C.       Effect of OS's Insurance. HT's obligation to obtain
                  and maintain the foregoing policy or policies in the amounts
                  specified shall not be limited in any way by reason of any
                  insurance which may be maintained by OS, nor shall HT's
                  performance of that obligation relieve it of liability under
                  the indemnity provisions set forth in SECTION 16 of this
                  Agreement.

                  D.       OS as Named Insured. OS shall be named as an
                  additional insured on all liability and property damage
                  insurance policies and OS shall be named as a loss payee with
                  respect to OS's interest in License Fees under business
                  income insurance policies and OS's interest, if any, in real
                  and/or personal property under liability and property damage
                  insurance policies. All insurance policies shall contain a
                  provision that OS, although named as an insured and/or loss
                  payee, shall nevertheless be entitled to recover under said
                  policies on any loss occasioned to OS or its servants, agents
                  or employees by reason of the negligence of HT or its
                  servants, agents or employees.

                  E.       Evidence of Insurance. At least thirty (30) days
                  prior to the time any insurance is first required to be
                  carried by HT, and thereafter at least thirty (30) days prior
                  to the expiration of any such policy, HT shall deliver to OS
                  Certificates of Insurance evidencing the proper coverage with
                  limits not less than those required hereunder. Such
                  Certificates, with the exception of Workers' Compensation,
                  shall name OS, and each of its partners, subsidiaries,
                  affiliates, directors, agents and employees as additional
                  insureds, and shall expressly provide that any interest of
                  same therein shall not be affected by any breach by HT of any
                  policy provisions for which such Certificates evidence
                  coverage. Further, all Certificates shall expressly provide
                  that no less than thirty (30) days' prior written notice
                  shall be given OS in the event of material alteration to or
                  cancellation of the coverages evidenced by such Certificates.

                                      11
<PAGE>   12

                  F.       Right to Cure. Should HT, for any reason, fail to
                  procure or maintain the insurance required by this Agreement,
                  as such requirements may be revised from time to time by OS
                  in writing, OS shall have the right and authority (without,
                  however, any obligation to do so) immediately to procure such
                  insurance and to charge same to HT, which charges, together
                  with a reasonable fee for OS's expenses in so acting, shall
                  be payable by HT immediately upon notice. The foregoing
                  remedies shall be in addition to any other remedies OS may
                  have.

         14.      Transfer of Interest.

                  A.       Transfer by OS. OS shall have the right to transfer
                  or assign this Agreement and all or any part of its rights or
                  obligations herein to any person or legal entity.

                  B.       Transfer by HT Holding Company, General Partner,
                  Horne or Tipps. HT understands and acknowledges that the
                  rights and duties set forth in this Agreement are personal to
                  HT, and that OS has entered into this Agreement in reliance
                  on Horne and Tipps' business skill, financial capacity, and
                  character. HT, Holding Company, the General Partner, Horne
                  and Tipps represent and warrant to OS that (i) Horne and
                  Tipps are the sole shareholders of Holding Company, with
                  Horne owning eighty percent (80%) of the outstanding shares
                  and Tipps owning twenty percent (20%) of the outstanding
                  shares, (ii) Holding Company is the sole shareholder of the
                  General Partner, owing all of the outstanding shares, and
                  (iii) the General Partner is the sole general partner of HT
                  and owns an eighty percent (80%) partnership interest in HT.
                  Accordingly, neither HT, Holding Company, the General
                  Partner, nor any immediate or remote successor to any part of
                  HT's interest in this License Agreement or the Business, nor
                  Horne or Tipps, shall sell, assign, transfer, convey, give
                  away, hypothecate, pledge or otherwise dispose of, alienate
                  or encumber, whether or not for consideration ("Transfer")
                  any direct or indirect interest in this License Agreement,
                  the Business or in HT, Holding Company or the General
                  Partner, without the prior written consent of OS, which
                  consent may be granted or denied in OS' sole discretion;
                  provided, however, OS shall not unreasonably withhold its
                  consent to a transfer of shares of Holding Company by Horne
                  or Tipps to a family trust or other entity for estate
                  planning purposes if after such transfer Horne or Tipps,
                  respectively, serve as managing trustee or otherwise retain
                  voting control of such entity and the beneficial ownership of
                  such entity is held by the spouse and/or lineal descendants
                  of Horne or Tipps.

                  C.       Ownership of HT, Holding Company and the General
                  Partner

                           (i)      During the term of this License Agreement,
                           the General Partner shall remain the sole general
                           partner of HT and shall continue to own an eighty
                           percent (80)% partnership interest in HT. During the
                           term of this License Agreement, Holding Company
                           shall remain the sole shareholder of the General
                           Partner and Horne and Tipps shall remain the sole
                           shareholders of Holding Company, in the percentages
                           now owned.

                           (ii)     Copies of HT's Certificate of Limited
                           Partnership, Agreement of Limited Partnership,
                           Holding Company's and the General Partner's

                                      12
<PAGE>   13

                           Articles of Incorporation, Bylaws, or other
                           governing documents, and any amendments thereto,
                           including the resolution of the Board of Directors
                           authorizing entry into this Agreement shall be
                           promptly furnished to OS.

                           (iii)    HT, Holding Company and the General Partner
                           shall maintain stop transfer instructions against
                           the transfer on its records of any equity
                           securities. Each certificate representing an
                           ownership interest in HT, Holding Company or the
                           General Partner shall have conspicuously endorsed
                           upon its face a statement in a form satisfactory to
                           OS that it is held subject to, and that further
                           assignment or transfer thereof is subject to, all
                           restrictions imposed upon assignments by this
                           Agreement.

                           (iv)     HT, Holding Company and the General Partner
                           shall maintain a current list of all owners of
                           record and all beneficial owners of any interest in
                           or securities of HT and shall immediately notify OS
                           of any proposed change.

                  D.       Transfer Upon Death or Mental Incapacity. Upon the
                  death or mental incapacity of Horne or Tipps, the executor,
                  administrator, or personal representative of the deceased
                  person shall transfer his interest in Holding Company to the
                  survivor of Horne or Tipps, or a third party approved by OS
                  within twelve (12) months after such death or mental
                  incapacity. Until such transfer has been consummated in
                  accordance with the provisions of this SECTION 14, OS shall
                  have the right, but not the obligation, to assume direct
                  management control of the Business on an interim basis,
                  including, without limitation, installing representatives of
                  OS, at HT's expense. If the interest is not disposed of
                  within twelve (12) months from the date of death or
                  incapacity, OS may terminate this Agreement.

                  E.       Non-Waiver of Claims. OS's consent to a transfer of
                  any interest in this License Agreement, the license granted
                  herein or in HT, Holding Company or the General Partner shall
                  not constitute a waiver of any claims it may have against the
                  transferring party, nor shall it be deemed a waiver of OS's
                  right to demand exact compliance with any of the terms of
                  this Agreement by the transferee.

                  F.       Offerings by HT, Holding Company or the General
                  Partner. Securities of HT, Holding Company or the General
                  Partner may be offered for sale, by private or public
                  offering or otherwise, only with the prior written consent of
                  OS, which consent may be conditioned on the proceeds of such
                  sale being used to prepay the License Fees due under SECTION
                  5. All materials required for such offering by federal or
                  state law shall be submitted to OS for review prior to their
                  being filed with any government agency; and any materials to
                  be used in any exempt offering shall be submitted to OS for
                  review prior to their use. No HT, Holding Company or General
                  Partner offering shall imply (by use of the Proprietary Marks
                  or otherwise) that OS is participating in an underwriting,
                  issuance, or offering of HT, Holding Company General Partner
                  or OS securities; and OS's review of any offering shall be
                  limited solely to the subject of the relationship between HT
                  and OS. HT, Holding Company, the General Partner and the
                  other participants in the offering shall fully indemnify OS
                  in connection

                                      13
<PAGE>   14

                  with the offering. For each proposed offering, HT, Holding
                  Company or the General Partner shall reimburse OS for its
                  reasonable costs and expenses associated with reviewing the
                  proposed offering, including, without limitation, legal and
                  accounting fees and salaries of OS's personnel. HT, Holding
                  Company or the General Partner shall give OS written notice,
                  and provide all materials relating to the offering at least
                  thirty (30) days prior to the date of commencement of any
                  offering or other transaction covered by this SECTION 14.

         15.      Default and Termination.

                  A.       Default by HT; Without Notice or Opportunity to
                  Cure. HT shall be in default under this License Agreement,
                  without notice to HT or opportunity to cure, if: (a) HT,
                  Holding Company or the General Partner shall become insolvent
                  or make a general assignment for the benefit of creditors; or
                  (b) if a petition in bankruptcy is filed by HT or such a
                  petition is filed against and not opposed by HT, Holding
                  Company or the General Partner; or (c) if HT, the Holding
                  Company or the General Partner is adjudicated bankrupt or
                  insolvent; or (d) if a bill in equity or other proceeding for
                  the appointment of a receiver of HT, Holding Company or the
                  General Partner or other custodian for HT, Holding Company or
                  the General Partner's business or assets is filed and
                  consented to by HT, Holding Company or the General Partner or
                  if a receiver or other custodian (permanent or temporary) of
                  HT, Holding Company or the General Partner's assets or
                  property, or any part thereof, is appointed by any court of
                  competent jurisdiction; or (e) if proceedings for a
                  composition with creditors under any state or federal law
                  should be instituted by or against HT, Holding Company or the
                  General Partner; or (f) if a final judgment remains
                  unsatisfied or of record for thirty (30)days or longer
                  (unless supersedes bond is filed); or (g) if HT, Holding
                  Company or the General Partner is dissolved; or (h) if
                  execution is levied against HT, Holding Company or the
                  General Partner's business or property; or (i) if suit to
                  foreclose any lien or mortgage against any property of HT,
                  Holding Company or the General Partner is instituted against
                  HT, Holding Company or the General Partner and not dismissed
                  within thirty (30) days; or (j) if the real or personal
                  property of HT, Holding Company or the General Partner shall
                  be sold after levy thereupon by any sheriff, marshal, or
                  constable.

                  B.       Default by HT; Notice. HT shall be in default under
                  this License Agreement, without any opportunity to cure the
                  default, effective immediately upon receipt of notice by HT,
                  upon the occurrence of any of the following events:

                           (i)      If HT at any time ceases to operate or
                           otherwise abandons the Business.

                           (ii)     If HT, Horne or Tipps is convicted of a
                           felony, or a crime involving moral turpitude, or any
                           other crime or offense that OS believes is
                           reasonably likely to have an adverse affect on the
                           Business, the Proprietary Marks, the goodwill
                           associated therewith, or the Assets, unless as to
                           Horne or Tipps the other individual purchases the
                           interest of the convicted person as provided in
                           Section 10D within thirty (30) days of conviction

                                      14
<PAGE>   15

                           (iii)    If HT, Holding Company or the General
                           Partner, Horne or Tipps or any person hereafter
                           holding any ownership or voting interest in HT,
                           Holding Company or the General Partner purports to
                           transfer any rights or obligations under this
                           Agreement or any interest in HT, Holding Company or
                           the General Partner to any third party without OS's
                           prior written consent.

                           (iv)     If HT knowingly maintains false books or
                           records, or knowingly submits any false reports to
                           OS.

                  C.       Cure. HT shall be in default under this License
                  Agreement upon the occurrence of any of the following events,
                  unless cured to the satisfaction of OS within thirty (30)
                  days from the date of written notice of default from OS (ten
                  (10) days in the case of payment of money owed to OS), or
                  such lesser period of time as OS may reasonably require based
                  on the nature of the default:

                           (i)      If HT fails to comply with any of the
                           covenants, obligations and agreements imposed by
                           this Agreement or;

                           (ii)     If HT fails, refuses, or neglects promptly
                           to pay any License Fees or other monies owing to OS
                           or its subsidiaries or affiliates when due or;

                           (iii)    If HT fails, refuses, or neglects to obtain
                           OS's prior written approval or consent as required
                           by this Agreement or;

                           (iv)     If a threat or danger to public health or
                           safety results from the operation of the Business
                           or;

                           (v)      If an approved transfer is not effected
                           within a reasonable time, as required by SECTION 15
                           hereof, following the death or mental incapacity of
                           Horne or Tipps or;

                           (vi)     If HT misuses or makes any unauthorized use
                           of the Proprietary Marks or otherwise materially
                           impairs the goodwill associated therewith or OS's
                           rights therein or;

                           (vii)    If HT engages in any business or markets
                           any service or product under a name or mark which,
                           in OS's opinion, is confusingly similar to the
                           Proprietary Marks or;

                           (viii)   If Horne or Tipps breach or commit a
                           default under their respective Employment Agreements
                           with HT.

                           (ix)     If there is an uncured default by Horne
                           Agreement of even date herewith by and among OS
                           Trophy Suites, Ltd., Horne Tipps Trophy Suite, Inc.,
                           Holding Company, Horne and Tipps.

                  D.       Remedies Upon Default. Upon the occurrence of any
                  default, OS may at its option do one or more of the
                  following: (a) proceed either at law or in equity

                                      15
<PAGE>   16

                  to enforce performance by HT of the applicable terms of this
                  License Agreement or to recover damages for breach thereof,
                  (b) by notice to HT terminate this License Agreement, which
                  termination shall not affect HT's liability for breach of
                  this Agreement, (c) cause HT to (and HT agrees that it
                  shall), upon written demand of OS and at HT's expense,
                  promptly return the Assets to OS in accordance with all of
                  the terms of SECTION 10J hereof, or OS, at its option, may
                  enter upon the premises where such Assets are located and
                  take immediate possession of (whereupon HT's right to
                  possession shall terminate) and remove the same, all without
                  liability to HT for damage to property or otherwise, (d) sell
                  the Assets at a public or private sale, with or without
                  notice to HT or advertisement, or otherwise dispose of, hold,
                  use, operate, lease to others or keep idle such Assets, all
                  as OS in its sole discretion may determine and all free and
                  clear of any rights of HT and without any duty to account to
                  HT for such action or inaction or for any proceeds with
                  respect thereto, and/or (e) OS may exercise any other right
                  or remedy which may be available to it under applicable law
                  or in equity. In addition, HT shall continue to be liable for
                  all its indemnities and other obligations under this License
                  Agreement and for all legal fees and other costs and expenses
                  arising in connection with the foregoing defaults or the
                  exercise of the OS's remedies, including without limitation
                  placing any Assets in the condition required by SECTION 10J
                  hereof. No remedy referred to in this License Agreement is
                  intended to be exclusive, but each shall be cumulative and in
                  addition to any other remedy referred to above or otherwise
                  available to OS at law or in equity. No express or implied
                  waiver by OS of any default shall constitute a waiver of any
                  other default by HT or a waiver of any of OS's rights and the
                  subsequent acceptance of rental payments by OS shall not be
                  deemed a waiver of any prior existing default regardless of
                  OS's knowledge thereof. To the extent permitted by applicable
                  law, HT hereby waives any rights conferred by statute or
                  otherwise which may require OS to sell, lease, or otherwise
                  use any of the Assets in mitigation of OS's damages or which
                  may otherwise limit or modify any of OS's rights or remedies
                  under this License Agreement.

                  E.       Indemnification. HT hereby agrees to assume
                  liability for, and does hereby agree to indemnify, defend,
                  protect, save and keep harmless OS, its successors and
                  assigns from and against, and to pay OS promptly on demand,
                  the amount of any and all liabilities, obligations, losses,
                  damages, penalties, claims, actions, suits, costs, expenses
                  or disbursements (including legal fees and expenses) of any
                  kind and nature whatsoever ("Indemnified Amounts"), which may
                  be imposed on, incurred by or asserted against OS, or its
                  successors or assigns (whether or not also indemnified
                  against by the Manufacturer or any other person), in any way
                  relating to or arising out of this License Agreement or any
                  document contemplated hereby, or the operation of the
                  Business by HT, or the performance or enforcement of any of
                  the terms hereof, or in any way relating to or arising out of
                  the manufacture, purchase, acceptance, rejection, return,
                  lease, ownership, possession, use, condition, operation, sale
                  or other disposition of any item of Assets or any accident in
                  connection therewith (including without limitation, latent
                  and other defects, whether or not discoverable). All
                  Indemnified Amounts shall be payable on demand in amounts
                  which, after taking into account all taxes required to be
                  paid by OS in respect of the receipt thereof, shall equal the
                  Indemnified Amounts. HT agrees that OS shall not be liable to
                  HT for any liability, claim, loss, damage or expense of any
                  kind or nature caused by the inadequacy of any item of Assets
                  for any purpose or

                                      16
<PAGE>   17

                  any deficiency or defect therein or the use or maintenance
                  thereof or any repairs, servicing or adjustments thereto or
                  any delay in providing or failure to provide any thereof or
                  any interruption or loss of service or use thereof or any
                  loss of business.

         16.      Independent Contractor and Indemnification.

                  A.       Relationship of Parties. It is understood and agreed
                  by the parties hereto that this Agreement does not create a
                  fiduciary relationship between them, that HT is an
                  independent contractor, and that nothing in this Agreement is
                  intended to constitute either party an agent, legal
                  representative, subsidiary, joint venturer, partner,
                  employee, or servant of the other for any purpose whatsoever.

                  B.       Notice to Public. During the term of this Agreement
                  and any extensions hereof, HT shall hold itself out to the
                  public as an independent contractor operating the business
                  pursuant to a license from OS. HT agrees to take such action
                  as may be requested by OS to do so, including, without
                  limitation, exhibiting a notice of that fact in a conspicuous
                  place on the Assets, the content of which OS reserves the
                  right to specify.

                  C.       Lack of Authority. It is understood and agreed that
                  nothing in this Agreement authorizes HT to make any contract,
                  agreement, warranty, or representation on OS's behalf, or to
                  incur any debt or other obligation in OS's name; and that OS
                  shall in no event assume liability for, or be deemed liable
                  hereunder as a result of, any such action; nor shall OS be
                  liable by reason of any act or omission of HT in its conduct
                  of the Business or for any claim or judgment arising
                  therefrom against HT or OS.

                  D.       Indemnification. HT hereby indemnifies and holds
                  harmless OS, its affiliates and OS's officers, directors and
                  employees, from and against any and all claims, liabilities,
                  debts, obligations, judgments and causes of action resulting
                  from, connected with, or arising out of, directly or
                  indirectly, HT's operation of the Business, including,
                  without limitation, negligence of HT, its agents and
                  employees and shall reimburse OS for all costs, including
                  attorney's fees, incurred in defending any such claim or
                  enforcing this indemnification.

         17.      Approvals and Waivers.

                  A.       Request for Waiver. Whenever this Agreement requires
                  the prior approval or consent of OS, HT shall make a timely
                  written request to OS therefor, and such approval or consent
                  shall be obtained in writing.

                  B.       No Reliance. OS makes no warranties or guarantees
                  upon which HT may rely, and assumes no liability or
                  obligation to HT, by providing any waiver, approval, consent,
                  or suggestion to HT in connection with this Agreement, or by
                  reason of any neglect, delay, or denial of any request
                  therefor.

                  C.       No Waiver by OS. No failure of OS to exercise any
                  right or power reserved to it in this Agreement, or to insist
                  upon compliance by HT with any obligation or condition in
                  this Agreement, and no custom or practice of the parties at
                  variance with the terms hereof, shall constitute a waiver of
                  OS's rights

                                      17
<PAGE>   18

                  to demand exact compliance with the terms of this Agreement.
                  Waiver by OS of any particular default shall not affect or
                  impair OS's rights with respect to any subsequent default of
                  the same or of a different nature. No delay, omission, or
                  forbearance on the part of OS to exercise any right, option,
                  duty, or power arising out of any breach or default by HT
                  under any of the terms, provisions, covenants, or conditions
                  hereof shall constitute a waiver by OS of its right to
                  enforce any such right, option, duty, or power, nor shall
                  such constitute a waiver by OS of any rights with respect to
                  any subsequent breach or default by HT. Subsequent acceptance
                  by OS of any payments due to it hereunder shall not be deemed
                  to be a waiver by OS of any preceding breach by HT of any
                  terms, provisions, covenants, or conditions of this
                  Agreement.

         18.      Miscellaneous.

                  A.       Notices. Any and all notices required or permitted
                  under this Agreement shall be in writing and shall be
                  personally delivered, sent by nationally recognized overnight
                  delivery service (e.g., Federal Express), or mailed by
                  certified or registered mail, return receipt requested, to
                  the respective parties at the following addresses unless and
                  until a different address has been designated by written
                  notice to the other party:

         Notices to OS:     OS Suites, Ltd.
                            2202 North West Shore Boulevard, 5th Floor
                            Tampa, Florida  33607
                            Attn:  Chris Sullivan, Chief Executive Officer,
                                   and Joseph J. Kadow, Vice President and
                                   General Counsel

         Notices to HT:     Horne Tipps Paradise Golf, Ltd., Inc.
                            2202 N. West Shore Boulevard, 4th Floor
                            Tampa, Florida 33607
                            Attn: James R. Tipps, Jr.

                            With a copy to:

                            William L. Thompson, Jr., Esq.
                            2301 Park Avenue, Suite 404
                            Orange Park, Florida 32073

                           Any notice by certified or registered mail shall be
                  deemed given on the third business day following the date of
                  postmark. Any notice by a nationally recognized overnight
                  delivery service shall be deemed given on the date of
                  delivery to recipient as shown by the records of such
                  delivery service.

                  B.       Entire Agreement. This Agreement, the documents
                  referred to herein, and the Exhibits hereto constitute the
                  entire, full, and complete Agreement between the parties
                  concerning the subject matter hereof, and supersede all prior
                  agreements, no other representations having induced HT to
                  execute this Agreement. Except for those permitted to be made
                  unilaterally by OS hereunder, no amendment, change, or
                  variance from this Agreement shall be binding on

                                      18
<PAGE>   19

                  either party unless mutually agreed to by the parties and
                  executed by their authorized officers or agents in writing.

                  C.       Severability and Construction. Except as expressly
                  provided to the contrary herein, each portion, section, part,
                  term, and/or provision of this Agreement shall be considered
                  severable; and if, for any reason, any section, part, term,
                  and/or provision herein is determined to be invalid and
                  contrary to, or in conflict with, any existing or future law
                  or regulation by a court or agency having valid jurisdiction,
                  such shall not impair the operation of, or have any other
                  affect upon, such other portions, sections, parts, terms,
                  and/or provisions of this Agreement as may remain otherwise
                  intelligible; and the latter shall continue to be given full
                  force and effect and bind the parties hereto; and said
                  invalid portions, sections, parts, terms, and/or provisions
                  shall be deemed not to be a part of this Agreement.

                  D.       No Third Party Beneficiary. Except as expressly
                  provided to the contrary herein, nothing in this Agreement is
                  intended, nor shall be deemed, to confer upon any person or
                  legal entity other than HT, OS, and HT's and OS's respective
                  (and, as to HT, permitted) successors and assigns any rights
                  or remedies under or by reason of this Agreement.

                  E.       Maximum Duty Imposed on HT. HT expressly agrees to
                  be bound by any promise or covenant imposing the maximum duty
                  permitted by law which is subsumed within the terms of any
                  provision hereof, as though it were separately articulated in
                  and made a part of this Agreement, that may result from
                  striking from any of the provisions hereof any portion or
                  portions which a court may hold to be unreasonable and
                  unenforceable in a final decision to which OS is a party, or
                  from reducing the scope of any promise or covenant to the
                  extent required to comply with such a court order.

                  F.       Headings. All headings and captions in this
                  Agreement are intended solely for the convenience of the
                  parties, and none shall be deemed to affect the meaning or
                  construction of any provision hereof.

                  G.       Construction. All references herein to the
                  masculine, neuter, or singular shall be construed to include
                  the masculine, feminine, neuter, or plural, where applicable;
                  and all acknowledgments, promises, covenants, agreements, and
                  obligations herein made or undertaken by HT shall be deemed
                  jointly and severally undertaken by all those executing this
                  Agreement on behalf of HT. Time is of the essence as to all
                  obligations under this Agreement.

                  H.       Duplicate Originals. This Agreement may be executed
                  in one or more copies, and each copy so executed shall be
                  deemed an original.

                  I.       Governing Law. This Agreement takes effect upon its
                  acceptance and execution by OS in Florida, and shall be
                  governed by, interpreted and construed under the laws of the
                  State of Florida, which laws shall be applied without giving
                  effect to the principles of comity or conflicts of laws
                  thereof, and which laws shall prevail in the event of any
                  conflict of law.

                                      19
<PAGE>   20

                  J.       Jurisdiction and Venue. The parties agree that any
                  action brought by either party against the other in any
                  court, whether federal or state, shall be brought within the
                  State of Florida in Hillsborough County. Each party hereby
                  agrees to submit to the personal jurisdiction of such courts,
                  and hereby waives all questions of personal jurisdiction or
                  venue for the purpose of carrying out this provision,
                  including, without limitation, the claim or defense therein
                  that such courts constitute an inconvenient forum.

                  K.       Remedies Cumulative. No right or remedy conferred
                  upon or reserved to OS by this Agreement is intended to be,
                  nor shall be deemed, exclusive of any other right or remedy
                  herein or by law or equity provided or permitted, but each
                  shall be cumulative of every other right or remedy.

                  L.       Equitable Relief. Nothing herein contained shall bar
                  OS's right to obtain injunctive relief against threatened
                  conduct that will cause it loss or damages, under the usual
                  equity rules, including the applicable rules for obtaining
                  restraining orders and preliminary injunctions.

                  M.       Parties Bound. This Agreement shall be binding upon
                  the parties hereto and their respective successors, permitted
                  assigns, heirs, personal representatives and administrators.

                  N.       Enforcement. In the event it is necessary for any
                  party to retain legal counsel or institute legal proceedings
                  to enforce the terms of this Agreement, including, without
                  limitation, obligations upon expiration or termination, the
                  prevailing party shall be entitled to receive from the
                  non-prevailing party, in addition to all other remedies, all
                  costs of such enforcement including, without limitation,
                  attorney's fees and court costs, and including appellate
                  proceedings.

                  O.       Acknowledgement of HT. HT, Horne and Tipps
                  acknowledge that they have conducted an independent
                  investigation of the Business, and recognize that the
                  business venture contemplated by this Agreement involves
                  business risks and that its success will be largely dependent
                  upon the ability of HT, Horne and Tipps as an independent
                  businessman. OS expressly disclaims the making of, and HT
                  acknowledges that it has not received, any warranty or
                  guarantee, express or implied, as to the potential volume,
                  profits, or success of the business venture contemplated by
                  this Agreement.

                  P.       Limitation of Obligations of Horne, Tipps and
                  Holding Company. Horne and Tipps are parties to this
                  Agreement only for purposes of, and shall have personal
                  liability for, only the covenants of Horne and Tipps,
                  separately, contained in Section 9, the representations,
                  agreements and restrictions on transfer of their individual
                  ownership in HT as contained in SECTIONS 14B, 14C, 14D AND
                  14F, and the acknowledgement contained in subsection 18O
                  above. Holding Company is a party to this Agreement only for
                  purposes of, and shall have liability for, only the covenants
                  contained in Section 9, the representations and warranties
                  contained in Sections 10B and 10C, and the representations,
                  agreements and restrictions on transfer contained in Sections
                  14B, 14C and 14F.

                                      20
<PAGE>   21
IN WITNESS WHEREOF, the parties hereto have duly executed,
sealed, and delivered this Agreement on the day and year first above written.

                                          OS:

                                          OS GOLF MARKETING, LTD.,
                                          a Florida limited partnership
                                          By Its General Partner:

                                          OUTBACK SPORTS, LTD., a
                                          Florida limited partnership
                                          By its General Partner:

                                          OUTBACK SPORTS, LLC., a Delaware
                                          limited liability company

                                          By:
                                              ---------------------------------
                                                  ROBERT MERRITT, Manager

                                          HT:

                                          HORNE TIPPS PARADISE GOLF, LTD.,
                                          a Florida limited partnership
                                          By its General Partner:

                                          HORNE TIPPS TROPHY SUITE, INC.,
                                          a Florida corporation: in its
                                          individual capacity and as general
                                          partner
Attest:
                                          By:
-----------------------------------           ---------------------------------
JAMES R. TIPPS, JR., Secretary                WILLIAM E. HORNE, President

                                          HOLDING COMPANY:

                                          HORNE TIPPS HOLDING COMPANY,
                                          a Florida corporation

Attest:
                                          By:
-----------------------------------           ---------------------------------
JAMES R. TIPPS, JR., Secretary                WILLIAM E. HORNE, President

                                          HORNE:

                                          -------------------------------------
                                          WILLIAM E. HORNE, Individually

                                          TIPPS:

                                          -------------------------------------
                                          JAMES R. TIPPS, JR., Individually<PAGE>   1

                                                                   EXHIBIT 10.26

                                 $15,000,000.00

                                CREDIT AGREEMENT

                                   dated as of

                                  June 13, 2000

                                     between

                            OUTBACK STEAKHOUSE, INC.

                                       and

                               WACHOVIA BANK, N.A.

<PAGE>   2

                                CREDIT AGREEMENT

         AGREEMENT dated as of June 13, 2000 among OUTBACK STEAKHOUSE, INC. and
WACHOVIA BANK, N.A.

         The parties hereto agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

         SECTION 1.01. Definitions. The terms as defined in this Section 1.01
shall, for all purposes of this Agreement and any amendment hereto (except as
herein otherwise expressly provided or unless the context otherwise requires),
have the meanings set forth herein:

         "Adjusted Monthly Libor Index" has the meaning set forth in Section
2.06(c).

         "Advance" shall mean an advance made by the Bank to the Borrower under
this Agreement pursuant to Article II. An Advance is a "Base Rate Advance" if
such Advance is a Base Rate Loan or a "Euro-Dollar Advance" if such Advance is a
Euro-Dollar Loan.

         "Agreement" means this Credit Agreement, together with all amendments
and supplements hereto.

         "Anniversary Extension Date" means December 21, 2000 and each
anniversary of the initial Anniversary Extension Date thereafter.

         "Applicable Facility Fee Rate" has the meaning set forth in Section
2.07(a).

         "Applicable Margin" has the meaning set forth in Section 2.06(a).

         "Authority" has the meaning set forth in Section 7.02.

         "Bank" means Wachovia Bank, N.A., and its successors and assigns.

         "Base Rate" means for any Base Rate Loan for any day, the rate per
annum equal to the higher as of such day of (i) the Prime Rate, or (ii) one-half
of one percent above the Federal Funds Rate for such day. For purposes of
determining the Base Rate for any day, changes in the Prime Rate and the Federal
Funds Rate shall be effective on the date of each such change.

         "Base Rate Loan" means the Loan during Interest Periods when the Loan
bears or is to bear interest at a rate based upon the Base Rate.

<PAGE>   3

         "Borrower" means Outback Steakhouse, Inc., a Delaware corporation, and
its successors and permitted assigns.

         "Change of Law" shall have the meaning set forth in Section 7.02.

         "Closing Date" means June 13, 2000.

         "Commitment" means $15,000,000.00 as such amount may be reduced from
time to time pursuant to this Agreement.

         "Compliance Certificate" has the meaning set forth in Section 5.01(c).

         "Consolidated Subsidiary" means at any date any Subsidiary or other
entity the accounts of which, in accordance with GAAP, would be consolidated
with those of the Borrower in its consolidated financial statements as of such
date.

         "Default" means any condition or event which constitutes an Event of
Default or which with the giving of notice or lapse of time or both would,
unless cured or waived in writing, become an Event of Default.

         "Default Rate" means, with respect to the Loan or any Letter of Credit
Advance, on any day, the sum of 2% plus the Base Rate applicable for such day.

         "Dollars" or "$" means dollars in lawful currency of the United States
of America.

         "Domestic Business Day" means any day except a Saturday, Sunday or
other day on which commercial banks in Georgia are authorized or required by law
to close.

         "Euro-Dollar Business Day" means any Domestic Business Day on which
dealings in Dollar deposits are carried out in the London interbank market.

         "Euro-Dollar Loan" means the Loan during Interest Periods when the Loan
bears or is to bear interest at a rate based upon the London Interbank Offered
Rate.

         "Euro-Dollar Reserve Percentage" has the meaning set forth in Section
2.06.

         "Event of Default" has the meaning set forth in Section 6.01.

         "Existing Credit Agreement" means that certain Credit Agreement dated
December 21, 1999, by and among the Borrower, the banks party thereto, Wachovia
Bank, N.A., as Agent, Wachovia Securities, Inc., as Sole Arranger, SunTrust
Bank, Tampa Bay, as Syndication Agent and SouthTrust Bank, National Association,
as Documentation Agent, as in effect on the date hereof without regard and
without giving effect to any waivers given by the Banks (as defined in the
Existing Credit Agreement) or amendments agreed to by the Borrower and the Banks
(as defined in the Existing Credit Agreement). Any definitions, terms,
covenants,

                                       2

<PAGE>   4

representations or other provisions of the Existing Credit Agreement that are
incorporated herein will continue to be effective for purposes of this Agreement
and the other Loan Documents, notwithstanding that the indebtedness under the
Existing Credit Agreement has been or hereafter may be partially or fully repaid
or the fact that the Existing Credit Agreement otherwise might be terminated.

         "Facility Fee Determination Date" has the meaning set forth in Section
2.07(a).

         "Facility Fee Payment Date" means each March 31, June 30, September 30
and December 31.

         "Federal Funds Rate" means, for any day, the rate per annum (rounded
upward, if necessary, to the next higher 1/100th of 1%) equal to the weighted
average of the rates on overnight Federal funds transactions with members of the
Federal Reserve System arranged by Federal funds brokers on such day, as
published by the Federal Reserve Bank of New York on the Domestic Business Day
next succeeding such day, provided that (i) if the day for which such rate is to
be determined is not a Domestic Business Day, the Federal Funds Rate for such
day shall be such rate on such transactions on the next preceding Domestic
Business Day as so published on the next succeeding Domestic Business Day, and
(ii) if such rate is not so published for any day, the Federal Funds Rate for
such day shall be the average rate charged to the Bank on such day on such
transactions as determined by the Bank.

         "Fiscal Quarter" means any fiscal quarter of the Borrower.

         "Fiscal Year" means any fiscal year of the Borrower.

         "FMA Agreement" means any financial management account agreement now or
hereafter entered into between the Bank and Borrower and all amendments and
modifications thereto.

         "GAAP" means generally accepted accounting principles applied on a
basis consistent with those which, in accordance with Section 1.02, are to be
used in making the calculations for purposes of determining compliance with the
terms of this Agreement.

         "Guarantors" shall mean collectively: (a) all Material Domestic
Subsidiaries existing on the Closing Date; and (b) all Material Domestic
Subsidiaries acquired, formed or otherwise in existence after the Closing Date.

         "Guaranty" means the Guaranty Agreement executed by each of the
Guarantors substantially in the form of Exhibit B hereto, either as originally
executed or as it may be from time to time supplemented, modified, amended,
renewed, extended or restated from time to time.

         "Interest Payment Date" means each March 31, June 30, September 30 and
December 31, commencing with June 30, 2000.

                                       3

<PAGE>   5

         "Interest Period" means a calendar month; provided that: (a) the
initial Interest Period shall mean the period commencing on the Closing Date and
ending on June 30, 2000, provided that the London Interbank Offered Rate shall
be determined as if such Interest Period commenced on June 1, 2000; (b) the last
Interest Period under this Agreement shall end on the Termination Date; and (c)
if any Interest Period would end on a day that is not a Domestic Business Day,
then such Interest Period shall be extended to the next Domestic Business Day.

         "Lending Office" means, as to the Bank, its office located at its
address set forth on the signature page hereof (or identified on the signature
page hereof as its Lending Office) or such other office as the Bank may
hereafter designate as its Lending Office by notice to the Borrower.

         "Letter of Credit" means the letters of credit issued by the Bank
pursuant to Section 2.03(a) and "Letter of Credit" means any one of such Letters
of Credit, as any of such letters of credit may be extended, renewed, replaced
or amended from time to time.

         "Letter of Credit Advance" means an advance made by the Bank pursuant
to Section 2.03(c).

         "Letter of Credit Agreement" means any agreement entered into by the
Borrower and the Bank pursuant to which a Letter of Credit is issued, as
amended, modified or restated from time to time.

         "Loan" means the aggregate outstanding Advances made by the Bank to the
Borrower under this Agreement. The Loan shall at all times be a Euro-Dollar
Loan, unless such Loan is to be a Base Rate Loan pursuant to Article VII herein.

         "Loan Documents" means this Agreement, the Note, the Guaranty, the
Letter of Credit Agreement, any other document evidencing, relating to or
securing the Loan, the Letters of Credit and any other document or instrument
delivered from time to time in connection with this Agreement, the Note, the
Guaranty, the Letters of Credit, the Letter of Credit Agreement or the Loan, as
such documents and instruments may be amended or supplemented from time to time.

         "Loan Parties" means collectively the Borrower and each Subsidiary of
the Borrower that is now or hereafter a party to any of the Loan Documents.

         "London Interbank Offered Rate" has the meaning set forth in Section
2.06(c).

         "Material Adverse Effect" means, with respect to any event, act,
condition or occurrence of whatever nature (including any adverse determination
in any litigation, arbitration, or governmental investigation or proceeding),
whether singly or in conjunction with any other event or events, act or acts,
condition or conditions, occurrence or occurrences, whether or not related, a
material adverse change in, or a material adverse effect upon, any of (a) the
financial condition, operations, business, properties or prospects of the
Borrower and its Consolidated Subsidiaries taken as a whole, (b) the rights and
remedies of the Bank under the Loan Documents,

                                       4

<PAGE>   6

or the ability of the Borrower to perform its obligations under the Loan
Documents to which it is a party, as applicable, or (c) the legality, validity
or enforceability of any Loan Document.

         "Material Domestic Subsidiaries" means each Domestic Subsidiary with
total assets of $20,000,000 or more; provided that in the event that, at any
time, the total assets of all Domestic Subsidiaries which are not then
Guarantors (the "Non-Guarantor Domestic Subsidiaries"), in the aggregate, is
equal to or greater than $60,000,000, the Borrower shall so notify the Bank and
promptly thereafter (but in any event within 30 days after the date thereof)
shall cause any such Non-Guarantor Domestic Subsidiary which has total assets
equal to or greater than $12,000,000 to take the actions and deliver the
documents required by Section 5.02 and thereafter such Subsidiaries shall be
"Guarantors." On the Closing Date, the Material Domestic Subsidiaries are:
Outback Steakhouse of Florida, Inc.; Carrabba's Italian Grill, Inc.; Outback
Steakhouse International, Inc.; OS Capital, Inc.; OS Pacific, Inc.; OS Prime,
Inc.; and Outback Sports, LLC.

         "Note" means a promissory note of the Borrower, substantially in the
form of Exhibit A hereto, evidencing the obligation of the Borrower to repay the
Loan, together with all amendments, consolidations, modifications, renewals and
supplements thereto.

         "Obligations" means the collective reference to all indebtedness,
obligations and liabilities to the Bank, existing on the date of this Agreement
or arising thereafter, direct or indirect, joint or several, absolute or
contingent, matured or unmatured, liquidated or unliquidated, secured or
unsecured, arising by contract, operation of law or otherwise, of the Loan
Parties under this Agreement, the Letter of Credit Agreement or any other Loan
Document.

         "Officer's Certificate" has the meaning set forth in Section 3.01(c).

         "Prime Rate" refers to that interest rate so denominated and set by the
Lender from time to time as an interest rate basis for borrowings. The Prime
Rate is but one of several interest rate bases used by the Lender. The Lender
lends at interest rates above and below the Prime Rate.

         "Rate Determination Date" has the meaning set forth in Section 2.06(a).

         "Subsidiary" means any corporation or other entity of which securities
or other ownership interests having ordinary voting power to elect a majority of
the board of directors or other persons performing similar functions are at the
time directly or indirectly owned by the Borrower.

         "Termination Date" means December 21, 2002, as such Termination Date
may be extended pursuant to Section 2.05(b).

         "Undrawn Amount" means, with respect to any Letter of Credit, at any
time, the maximum amount available to be drawn under such Letter of Credit at
such time and "Undrawn Amounts" means, at any time, the sum of all Undrawn
Amounts at such time.

                                       5

<PAGE>   7

         "Unused Commitment" means at any date, with respect to the Bank, an
amount equal to: (a) the Commitment, less the sum of: (b)(i) the aggregate
outstanding principal amount of the Loan; (ii) the aggregate outstanding
principal amount of the Letter of Credit Advances and (iii) the aggregate
Undrawn Amounts.

         SECTION 1.02. Accounting Terms and Determinations. Unless otherwise
specified herein, all terms of an accounting character used herein shall be
interpreted, all accounting determinations hereunder shall be made, and all
financial statements required to be delivered hereunder shall be prepared in
accordance with GAAP, applied on a basis consistent (except for changes
concurred in by the Borrower's independent public accountants or otherwise
required by a change in GAAP) with the most recent audited consolidated
financial statements of the Borrower and its Consolidated Subsidiaries delivered
to the Bank, unless with respect to any such change concurred in by the
Borrower's independent public accountants or required by GAAP, in determining
compliance with any of the provisions of this Agreement or any of the other Loan
Documents: (i) the Borrower shall have objected to determining such compliance
on such basis at the time of delivery of such financial statements, or (ii) the
Bank shall so object in writing within 30 days after the delivery of such
financial statements, in either of which events such calculations shall be made
on a basis consistent with those used in the preparation of the latest financial
statements as to which such objection shall not have been made (which, if
objection is made in respect of the first financial statements delivered under
Section 5.01 hereof, shall mean the financial statements for the Fiscal Year
ending December 31, 1999).

         SECTION 1.03. Use of Defined Terms. All terms defined in this Agreement
shall have the same meanings when used in any of the other Loan Documents,
unless otherwise defined therein or unless the context shall otherwise require.

         SECTION 1.04. Terminology. All personal pronouns used in this
Agreement, whether used in the masculine, feminine or neuter gender, shall
include all other genders; the singular shall include the plural and the plural
shall include the singular. Titles of Articles and Sections in this Agreement
are for convenience only, and neither limit nor amplify the provisions of this
Agreement.

         SECTION 1.05. References. Unless otherwise indicated, references in
this Agreement to "Articles", "Exhibits", "Schedules", and "Sections" are
references to articles, exhibits, schedules and sections hereof.

         SECTION 1.06. Definitions in Existing Credit Agreement. The following
terms when used in this Agreement or any of the other Loan Documents shall,
unless otherwise defined herein, have the same meanings as set forth in the
Existing Credit Agreement: "Adjusted Cash Flow", "Adjusted Fixed Charges",
"Affiliate", "Capital Stock", "CERCLA", "CERCLIS", "Code", "Company Owned
Restaurants", "Consolidated Interest Expense", "Consolidated Net Income",
"Consolidated Net Worth", "Consolidated Total Assets", "Consolidated Total
Debt", "Controlled Group", "Debt", "Depreciation and Amortization", "Development
Joint Venture", "Domestic Subsidiary", "EBITDA", "Environmental Authority",
"Environmental Authorizations",

                                       6

<PAGE>   8

"Environmental Judgments and Orders", "Environmental Laws", "Environmental
Liabilities", "Environmental Notices", "Environmental Proceedings",
"Environmental Releases", "Environmental Requirements", "ERISA", "Foreign
Subsidiary", "Guarantee", "Hazardous Materials", "Investment", "Lien", "Margin
Stock", "Multiemployer Plan", "Net Income", "Net Proceeds of Capital
Stock/Conversion of Debt", "Participating Subsidiary", "PBGC", "Permitted
Acquisition", "Permitted Securitization", "Person", "Plan", "Priority Debt",
"Properties", "Purchase Money Note", "Receivables Subsidiary", "Redeemable
Preferred Stock", "Reported Net Income", "Securitization Assets",
"Securitization Documents", "Securitization Facility Attributed Debt", "Standard
Securitization Undertakings", "Stockholders Equity", "Synthetic Lease
Indebtedness", "Synthetic Lease Transaction", "Taxes" and "Third Parties".

                                   ARTICLE II

                                   THE CREDITS

         SECTION 2.01. Commitment to Make Advances. The Bank agrees, on the
terms and conditions set forth herein, to make Advances to the Borrower from
time to time before the Termination Date; provided that, immediately after each
such Advance is made, the sum of (i) the aggregate outstanding principal amount
of all Advances by the Bank; (ii) the outstanding principal amount of all Letter
of Credit Advances, and (iii) the aggregate Undrawn Amounts shall not exceed the
amount of its Commitment. Within the foregoing limits, the Borrower may borrow
under this Section, repay or, to the extent permitted by Section 2.09, prepay
all or any portion of the Loan and reborrow under this Section at any time
before the Termination Date.

         SECTION 2.02. Method of Borrowing Advances. (a) The Bank is hereby
authorized to make Advances under this Credit Agreement upon telephonic or
written communication of a request from any Person representing himself or
herself to be a duly authorized officer or representative of the Borrower;
provided that, except as otherwise provided in a FMA Agreement, the Borrower
shall make any such request for an Advance not later than 2:00 p.m. (Atlanta,
Georgia time) on the Domestic Business Day such Advance is to be disbursed.

         (b)      Unless the Bank determines that any applicable condition
specified in Article III has not been satisfied, the Bank will make the funds
corresponding to such Advance available to the Borrower at the Bank's aforesaid
address.

         (c)      Notwithstanding anything to the contrary contained in this
Agreement, no Advance may be requested if there shall have occurred an Event of
Default, which Event of Default shall not have been cured or waived in writing.

         SECTION 2.03 Letters of Credit.

         (a)      The Bank may, from time to time upon request of the Borrower,
in its sole discretion issue Letters of Credit for the account of the Borrower,
subject to satisfaction of the conditions referenced in Section 3.03.

                                       7

<PAGE>   9

         (b)      Each Letter of Credit shall be subject to the provisions of
this Agreement and to the provisions set forth in the Letter of Credit Agreement
executed by the Borrower in connection with the issuance of such Letter of
Credit. The Borrower agrees to promptly perform and comply with the terms and
conditions of each Letter of Credit Agreement.

         (c)      The payment by the Bank of a draft drawn under any Letter of
Credit shall constitute for all purposes of this Agreement a Letter of Credit
Advance in the amount of such draft.

         (d)      The Borrower shall pay to the Bank on the earlier of demand
and the Termination Date the outstanding principal amount of such Letter of
Credit Advance.

         (e)      The Bank will notify the Borrower promptly of the presentment
for payment of any Letter of Credit (on the date of presentment, if possible,
and otherwise on the next Domestic Business Day, it being agreed that such
notice may be made by phone), together with notice of the date such payment
shall be made.

         SECTION 2.04. Note. (a) The Loan of the Bank shall be evidenced by a
single Note payable to the order of the Bank for the account of its Lending
Office in an amount equal to the original principal amount of the Bank's
Commitment.

         (b)      The Bank shall record, and prior to any transfer of its Note
shall endorse on the schedule forming a part thereof appropriate notations to
evidence, the date, amount and maturity of, and effective interest rate for,
each Advance made by it, the date and amount of each payment of principal made
by the Borrower with respect thereto, and such schedule shall constitute
rebuttable presumptive evidence of the principal amount owing and unpaid on such
Bank's Note; provided that the failure of any Bank to make, or any error in
making, any such recordation or endorsement shall not affect the obligation of
the Borrower hereunder or under the Note or the ability of the Bank to assign
its Note. The Bank is hereby irrevocably authorized by the Borrower so to
endorse its Note and to attach to and make a part of the Note a continuation of
any such schedule as and when required.

         SECTION 2.05. Maturity of Loan. (a) The Loan shall mature, and the
entire outstanding principal amount thereof shall be due and payable, on the
Termination Date.

         (b)      Upon written request of the Borrower, which shall be in
writing and delivered to the Bank on a Domestic Business Day not more than 60,
nor fewer than 45, days prior to the first and second Anniversary Extension
Date, the Bank in its sole and absolute discretion may (but shall not be
obligated to) extend the then effective Termination Date for a period of 365
days; provided that in no event shall the Termination Date be extended to a date
later than December 21, 2004. In connection with any such extension request, the
Bank shall undertake a bona fide credit analysis of the Borrower utilizing
current information on the financial condition of the Borrower and trends in the
financial performance of the Borrower and in the industry or industries in which
the Borrower operates. The terms of any extension of the Termination Date shall
be independently negotiated among the Borrower, the Bank and the

                                       8

<PAGE>   10

Guarantors at the time of the extension request, provided that the terms of the
extension may be the same as those in effect prior to any extension should the
Borrower, the Bank and the Guarantors so agree; provided, further, that should
the terms of the extension be other than those in effect prior to the extension,
then the Loan Documents shall be amended to the extent necessary to incorporate
any such different terms. In the event that the Bank chooses to extend the
Termination Date for such a 365 day period, notice shall be given by the Bank to
the Borrower not more than 30, nor fewer than 15, days prior to the Anniversary
Extension Date immediately succeeding the date on which Borrower's request was
made.

         SECTION 2.06. Interest Rates. (a) "Applicable Margin" shall be
determined quarterly based upon the ratio of Consolidated Total Debt (calculated
as of the last day of each Fiscal Quarter) to EBITDA (calculated as of the last
day of each Fiscal Quarter for the Fiscal Quarter then ended and the immediately
preceding three Fiscal Quarters), as follows:

<TABLE>
<CAPTION>
Ratio of Consolidated
Total Debt to EBITDA                Base Rate Loan    Euro-Dollar Loan     Letters of Credit
---------------------               --------------    ----------------     -----------------
<S>                                 <C>               <C>                  <C>
Greater than 1.5                           0%               .95%                 1.20%

Greater than 1.0 but
equal to or less than 1.5                  0%               .70%                  .90%

Less than or equal to 1.0                  0%               .575%                 .75%
</TABLE>

The Applicable Margin shall be determined effective as of the date (herein, the
"Rate Determination Date") which is 60 days after the last day of the Fiscal
Quarter as of the end of which the foregoing ratio is being determined, based on
the quarterly financial statements for such Fiscal Quarter, and the Applicable
Margin so determined shall remain effective from such Rate Determination Date
until the date which is 60 days after the last day of the Fiscal Quarter in
which such Rate Determination Date falls (which latter date shall be a new Rate
Determination Date); provided that (i) for the period from and including the
Closing Date to but excluding the Rate Determination Date next following the
Closing Date, the Applicable Margin shall be (A) 0% for a Base Rate Loan, (B)
 .575% for a Euro-Dollar Loan, and (C) .75% for a Letter of Credit, (ii) in the
case of any Applicable Margin determined for the fourth and final Fiscal Quarter
of a Fiscal Year, the Rate Determination Date shall be the date which is 120
days after the last day of such final Fiscal Quarter and such Applicable Margin
shall be determined based upon the annual audited financial statements for the
Fiscal Year ended on the last day of such final Fiscal Quarter, and (iii) if on
any Rate Determination Date the Borrower shall have failed to deliver to the
Bank the financial statements required to be delivered pursuant to Section
5.01(a) or Section 5.01(b) with respect to the Fiscal Year or Fiscal Quarter, as
the case may be, most recently ended prior to such Rate Determination Date, then
for the period beginning on such Rate Determination Date and ending on the
earlier of (A) the date on which the Borrower shall deliver to the Bank the
financial statements to be delivered pursuant to Section 5.01(b) with respect to
such Fiscal Quarter or any subsequent Fiscal Quarter, or (B) the date on which
the Borrower shall deliver to

                                       9

<PAGE>   11

the Bank annual financial statements required to be delivered pursuant to
Section 5.01(a) with respect to the Fiscal Year which includes such Fiscal
Quarter or any subsequent Fiscal Year, the Applicable Margin shall be determined
as if the ratio of Consolidated Total Debt to EBITDA was more than 1.5 at all
times during such period. Any change in the Applicable Margin on any Rate
Determination Date shall result in a corresponding change, effective on and as
of such Rate Determination Date, in the interest rate applicable to each Loan
and in the fees applicable to each Letter of Credit outstanding on such Rate
Determination Date; provided, that no Applicable Margin shall be decreased
pursuant to this Section 2.06 if a Default is in existence on the Rate
Determination Date.

         (b)      During each Interest Period in which the Loan is a Base Rate
Loan, such Base Rate Loan shall bear interest on the outstanding principal
amount thereof, for each day during the applicable Interest Period, at a rate
per annum equal to the Base Rate for such day plus the Applicable Margin. Any
overdue principal of and, to the extent permitted by applicable law, overdue
interest on any Base Rate Loan shall bear interest, payable on demand, for each
day until paid in full at a rate per annum equal to the Default Rate.

         (c)      During each Interest Period on which the Loan is a Euro-Dollar
Loan, such Euro-Dollar Loan shall bear interest on the outstanding principal
amount thereof, for the Interest Period applicable thereto, at a rate per annum
equal to the sum of: (1) the Applicable Margin, plus (2) the applicable Adjusted
Monthly Libor Index for such Interest Period. Any overdue principal of and, to
the extent permitted by applicable law, overdue interest on any Euro-Dollar Loan
shall bear interest, payable on demand, for each day until paid in full at a
rate per annum equal to the Default Rate.

         The "Adjusted Monthly Libor Index" applicable to any Interest Period
means a rate per annum equal to the quotient obtained (rounded upward, if
necessary, to the next higher 1/100th of 1%) by dividing (i) the applicable
London Interbank Offered Rate for such Interest Period by (ii) 1.00 minus the
Euro-Dollar Reserve Percentage.

         The "London Interbank Offered Rate" applicable to any Euro-Dollar Loan
means for the Interest Period of such Euro-Dollar Loan the rate per annum
determined on the basis of the rate for deposits in Dollars of amounts equal or
comparable to the principal amount of such Euro-Dollar Loan offered for a term
comparable to such Interest Period, which rate appears on the display designated
as Page "3750" of the Telerate Service (or such other page as may replace page
3750 of that service or such other service or services as may be nominated by
the British Banker's Association for the purpose of displaying London Interbank
Offered Rates for U.S. dollar deposits) determined as of 1:00 p.m. New York City
time, 2 Euro-Dollar Business Days prior to the first day of such Interest
Period.

         "Euro-Dollar Reserve Percentage" means for any day that percentage
(expressed as a decimal) which is in effect on such day, as prescribed by the
Board of Governors of the Federal Reserve System (or any successor) for
determining the maximum reserve requirement for a member bank of the Federal
Reserve System in respect of "Eurocurrency liabilities" (or in respect of any
other category of liabilities which includes deposits by reference to which the

                                       10

<PAGE>   12

interest rate on such Euro-Dollar Loan is determined or any category of
extensions of credit or other assets which includes loans by a non-United States
office of any Bank to United States residents). The Adjusted Monthly Libor Index
shall be adjusted automatically on and as of the effective date of any change in
the Euro-Dollar Reserve Percentage.

         (d)      The Loan shall at all times be a Euro-Dollar Loan unless the
Loan is to be a Base Rate Loan pursuant to Article VII herein. Interest shall be
payable for each Interest Period on the Interest Payment Date immediately
succeeding the last day of the Interest Period; provided that: (1) all accrued
unpaid interest on the Loan shall be paid in full on the Termination Date; and
(2) should the Commitment be terminated at any time prior to the Termination
Date for any reason, any and all accrued unpaid interest shall be paid on the
date of such termination.

         (e)      The Bank shall determine each interest rate applicable to the
Loan hereunder.

         (f)      After the occurrence and during the continuance of a Default,
the principal amount of the Loan (and, to the extent permitted by applicable
law, all accrued interest thereon) may, at the election of the Bank, bear
interest at the Default Rate; provided, however, that automatically whether or
not the Bank elects to do so, any overdue principal of and, to the extent
permitted by law, overdue interest on the Loan shall bear interest payable on
demand, for each day until paid at a rate per annum equal to the Default Rate.

         (g)      Each Letter of Credit Advance shall bear interest on the
outstanding principal amount thereof, payable on demand, for each day from the
date such Letter of Credit Advance is made until paid in full at a rate per
annum equal to the Default Rate.

         SECTION 2.07. Fees. (a) The Borrower shall pay to the Bank a facility
fee equal to the product of: (i) the aggregate of the daily average amounts of
the Bank's Commitment, times (ii) a per annum percentage equal to the Applicable
Facility Fee Rate. Such facility fee shall accrue from and including the Closing
Date to and including the Termination Date. The facility fee shall be payable
quarterly in arrears on the first Facility Fee Payment Date following each
Facility Fee Determination Date and on the Termination Date; provided that
should the Commitment be terminated at any time prior to the Termination Date
for any reason, the entire accrued and unpaid facility fee shall be paid on the
date of such termination. The "Applicable Facility Fee Rate" shall be determined
quarterly based upon the ratio of Consolidated Total Debt (calculated as of the
last day of each Fiscal Quarter) to EBITDA (calculated as of the last day of
each Fiscal Quarter for the Fiscal Quarter then ended and the immediately
preceding three Fiscal Quarters) as follows:

                                       11

<PAGE>   13

<TABLE>
<CAPTION>
         Ratio of Consolidated                                Applicable
         Total Debt to EBITDA                             Facility Fee Rate
         ---------------------                            -----------------
         <S>                                              <C>
         Greater than 1.5                                         .25%

         Greater than 1.0
         but equal to or less than 1.5                            .20%

         Less than or equal to 1.0                               .175%
</TABLE>

The Applicable Facility Fee Rate shall be determined effective as of the date
(herein, the "Facility Fee Determination Date") which is 60 days after the last
day of the Fiscal Quarter as of the end of which the foregoing ratio is being
determined, based on the quarterly financial statements for such Fiscal Quarter,
and the Applicable Facility Fee Rate so determined shall remain effective from
such Facility Fee Determination Date until the date which is 60 days after the
last day of the Fiscal Quarter in which such Facility Fee Determination Date
falls (which latter date shall be a new Facility Fee Determination Date);
provided that (i) for the period from and including the Closing Date to but
excluding the Facility Fee Determination Date next following the Closing Date,
the Applicable Facility Fee Rate shall be .175%; (ii) in the case of any
Applicable Facility Fee Rate determined for the fourth and final Fiscal Quarter
of a Fiscal Year, the Facility Fee Determination Date shall be the date which is
120 days after the last day of such final Fiscal Quarter and such Applicable
Facility Fee Rate shall be determined based upon the annual audited financial
statements for the Fiscal Year ended on the last day of such final Fiscal
Quarter, and (iii) if on any Facility Fee Determination Date the Borrower shall
have failed to deliver to the Bank the financial statements required to be
delivered pursuant to Section 5.01(a) or Section 5.01(b) with respect to the
Fiscal Year or Fiscal Quarter, as the case may be, most recently ended prior to
such Facility Fee Determination Date, then for the period beginning on such
Facility Fee Determination Date and ending on the earlier of (A) the date on
which the Borrower shall deliver to the Bank the financial statements to be
delivered pursuant to Section 5.01(b) with respect to such Fiscal Quarter or any
subsequent Fiscal Quarter, and (B) the date on which the Borrower shall deliver
to the Bank annual financial statements required to be delivered pursuant to
Section 5.01(a) with respect to the Fiscal Year which includes such Fiscal
Quarter or any subsequent Fiscal Year, the Applicable Facility Fee Rate shall be
determined as if the ratio of Consolidated Total Debt to EBITDA was more than
1.5 at all times during such period.

         (b)      On the date each Letter of Credit is issued and on the
effective date of any renewal or extension of the expiry date or termination
date of any such Letter of Credit, the Borrower shall pay to the Bank, with
respect to such Letter of Credit, a per annum letter of credit fee (the "Letter
of Credit Fee") equal to the product of: (i) the face amount of such Letter of
Credit, times (ii) a per annum percentage equal to the Applicable Margin for
Letters of Credit (determined in accordance with Section 2.03 hereof) on the
date such Letter of Credit Fee is paid. Such Letter of Credit Fees shall be
payable annually in advance for each Letter of Credit. The "Applicable Margin"
for Letters of Credit shall be as determined in Section 2.06(a). The Borrower
shall pay to the Bank, for its own account, transfer fees, drawing fees and such
other fees and charges as may be provided for in any Letter of Credit Agreement.

                                       12

<PAGE>   14

         SECTION 2.08. Mandatory Reduction and Termination of Commitment. The
Commitment shall terminate on the Termination Date and the entire outstanding
principal amount of the Loan and if demand has not been earlier made, Letter of
Credit Advances then outstanding (together with accrued interest thereon) shall
be due and payable on such date.

         SECTION 2.09. Optional Prepayments. (a) The Borrower may prepay all or
any portion of the principal of the Loan at any time, or from time to time by
paying the principal amount to be prepaid together with all accrued interest
hereunder and any other sums then due from the Borrower to the Bank under this
Agreement.

         (b)      Upon receipt of a notice of prepayment pursuant to this
Section, such notice shall not thereafter be revocable by the Borrower.

         SECTION 2.10. Mandatory Prepayments. On each date on which the
Commitment is reduced or terminated pursuant to Section 2.08, the Borrower shall
repay or prepay such principal amount of the outstanding Loan, if any (together
with interest accrued thereon), as may be necessary so that after such payment
the sum of: (i) the entire unpaid principal amount of the Loan, (ii) the
aggregate outstanding principal amount of all Letter of Credit Advances, and
(iii) the aggregate Undrawn Amounts, does not exceed the aggregate amount of the
Commitment as then reduced.

         SECTION 2.11. General Provisions as to Payments. (a) Unless otherwise
provided in a FMA Agreement, the Borrower shall make each payment of principal
of, and interest on, the Loan, the Letter of Credit Advances, and of facility
fees hereunder, not later than 11:00 A.M. (Atlanta, Georgia time) on the date
when due, in Federal or other funds immediately available in Atlanta, Georgia,
to the Bank at its address referred to in Section 8.01.

         (b)      Unless otherwise provided in a FMA Agreement, whenever any
payment of principal of, or interest on, the Loan, Letter of Credit Advances or
of fees shall be due on a day which is not a Domestic Business Day, the date for
payment thereof shall be extended to the next succeeding Domestic Business Day.
If the date for any payment of principal is extended by operation of law or
otherwise, interest thereon shall be payable for such extended time.

         (c)      All payments of principal, interest and fees and all other
amounts to be made by the Borrower pursuant to this Agreement with respect to
the Loan, Letter of Credit Advances, or fees relating thereto shall be paid
without deduction for, and free from, any tax, imposts, levies, duties,
deductions, or withholdings of any nature now or at anytime hereafter imposed by
any governmental authority or by any taxing authority thereof or therein
excluding in the case of the Bank, taxes imposed on or measured by its net
income, and franchise taxes imposed on it, by the jurisdiction under the laws of
which the Bank is organized or any political subdivision thereof and, in the
case of the Bank, taxes imposed on its income, and franchise taxes imposed on
it, by the jurisdiction of the Bank's applicable Lending Office or any political
subdivision thereof (all such non-excluded taxes, imposts, levies, duties,
deductions or withholdings of any nature being "Taxes"). In the event that the
Borrower is required by

                                       13

<PAGE>   15

applicable law to make any such withholding or deduction of Taxes with respect
to the Loan, Letter of Credit Advances or fee or other amount, the Borrower
shall pay such deduction or withholding to the applicable taxing authority,
shall promptly furnish to the Bank in respect of which such deduction or
withholding is made all receipts and other documents evidencing such payment and
shall pay to the Bank additional amounts as may be necessary in order that the
amount received by the Bank after the required withholding or other payment
shall equal the amount the Bank would have received had no such withholding or
other payment been made. If no withholding or deduction of Taxes are payable in
respect of the Loan, Letter of Credit Advances or fee relating thereto, the
Borrower shall furnish the Bank, at the Bank's request, a certificate from each
applicable taxing authority or an opinion of counsel acceptable to the Bank, in
either case stating that such payments are exempt from or not subject to
withholding or deduction of Taxes. If the Borrower fails to provide such
original or certified copy of a receipt evidencing payment of Taxes or
certificate(s) or opinion of counsel of exemption, the Borrower hereby agrees to
compensate the Bank for, and indemnify them with respect to, the tax
consequences of the Borrower's failure to provide evidence of tax payments or
tax exemption.

         In the event the Bank receives a refund of any Taxes paid by the
Borrower pursuant to this Section 2.11, it will pay to the Borrower the amount
of such refund promptly upon receipt thereof; provided, however, if at any time
thereafter it is required to return such refund, the Borrower shall promptly
repay to it the amount of such refund.

         Without prejudice to the survival of any other agreement of the
Borrower hereunder, the agreements and obligations of the Borrower contained in
this Section 2.11 shall be applicable with respect to any participant, assignee
or other Transferee, and any calculations required by such provisions (i) shall
be made based upon the circumstances of such participant, assignee or other
Transferee, and (ii) constitute a continuing agreement and shall survive the
termination of this Agreement and the payment in full or cancellation of the
Note.

         SECTION 2.12. Computation of Interest and Fees. Interest on the Loan
and Letter of Credit Advances shall be computed on the basis of a year of 360
days and paid for the actual number of days elapsed. Facility fees and any other
fees payable hereunder shall be computed on the basis of a year of 360 days and
paid for the actual number of days elapsed.

                                   ARTICLE III

                            CONDITIONS TO BORROWINGS

         SECTION 3.01. Conditions to Closing. The Borrower shall satisfy the
following conditions on the Closing Date:

         (a)      receipt by the Bank from the Borrower of a duly executed
counterpart of this Agreement signed by the Borrower;

         (b)      receipt by the Bank of a duly executed Note for the account of
the Bank complying with the provisions of Section 2.04;

                                       14

<PAGE>   16

         (c)      receipt by the Bank of all documents which the Bank may
reasonably request relating to the existence of each Loan Party, the corporate
authority for and the validity of each Loan Document to which it is a party, and
any other matters relevant hereto, all in form and substance satisfactory to the
Bank, including without limitation a certificate of incumbency of such Loan
Party (the "Officer's Certificate"), signed by the Secretary or an Assistant
Secretary of such Loan Party, substantially in the form of Exhibit C hereto,
certifying as to the names, true signatures and incumbency of the officer or
officers of such Loan Party authorized to execute and deliver the Loan Documents
to which it is a party, and certified copies of the following items: (i) such
Loan Party's Certificate of Incorporation, (ii) such Loan Party's Bylaws, (iii)
a certificate of the Secretary of State of the State of such Loan Party's
organization as to the good standing of such Loan Party as a corporation, and
(iv) the action taken by the Board of Directors of such Loan Party authorizing
such Loan Party's execution, delivery and performance of this Agreement, the
Note and the other Loan Documents to which such Loan Party is a party;

         (d)      receipt by the Bank of the Guaranty, duly executed by each
Guarantor; and

         (e)      such other documents or items as the Bank or its counsel may
reasonably request.

         SECTION 3.02. Conditions to All Advances. The obligation of each Bank
to make an Advance on the occasion of each Advance is subject to the
satisfaction of the following conditions:

         (a)      receipt by the Bank of notice from the Borrower requesting
such Advance;

         (b)      the fact that, immediately before and after such Advance, no
Event of Default shall have occurred and be continuing;

         (c)      the fact that the representations and warranties of the
Borrower contained in Article IV of this Agreement shall be true on and as of
the date of such Advance; and

         (d)      the fact that the representations and warranties of the Loan
Parties contained in the Guaranty shall be true on and as of the date of such
Advance; and

         (e)      the fact that, immediately after such Advance the sum of: (i)
the entire outstanding principal amount of the Loan, (ii) the aggregate
outstanding principal amount of the Letter of Credit Advances, and (iii) the
aggregate Undrawn Amounts, will not exceed the amount of the Commitment as of
such date.

Each request by the Borrower for an Advance hereunder shall be deemed to be a
representation and warranty by the Borrower on the date such Advance is
disbursed by the Bank to the Borrower as to the truth and accuracy of the facts
specified in clauses (b), (c) and (d) of this Section.

                                       15

<PAGE>   17

         SECTION 3.03 Conditions to Issuance of Letters of Credit. The issuance
by the Bank of each Letter of Credit shall be subject to satisfaction of the
conditions set forth in the related Letter of Credit Agreement and satisfaction
of the following conditions:

         (a)      the fact that, immediately before and after the issuance of
such Letter of Credit, no Default shall have occurred and be continuing;

         (b)      the fact that the representations and warranties of (i) the
Borrower contained in Article IV of this Agreement shall be true on and as of
the date of issuance of such Letter of Credit; and (ii) the Guarantors contained
in the Guaranty shall be true on and as of the date of issuance of such Letter
of Credit;

         (c)      the fact that, immediately after the issuance of such Letter
of Credit: (i) the sum of (A) the entire outstanding principal amount of the
Loan, (B) the aggregate outstanding principal amount of the Letter of Credit
Advances and (C) the aggregate Undrawn Amounts, will not exceed the amount of
the Commitment.

         (d)      no Letter of Credit shall have an expiry date or termination
date on or after the Termination Date.

                                   ARTICLE IV

                         REPRESENTATIONS AND WARRANTIES

         The Borrower represents and warrants that (a) the representations and
warranties contained in the Existing Credit Agreement are true and correct in
all material respects; and (b) no Default (as defined in the Existing Credit
Agreement) or Event of Default (as defined in the Existing Credit Agreement),
nor any act, event, condition or circumstance, which with the passage of time or
the giving of notice, or both, would constitute an Event of Default (as defined
in the Existing Credit Agreement) under the Existing Credit Agreement or any
other Loan Document (as defined in the Existing Credit Agreement) has occurred
and is continuing unwaived on the date hereof.

                                    ARTICLE V

                                    COVENANTS

         The Borrower agrees that, so long as the Bank has any Commitment
hereunder, a Letter of Credit is outstanding or any amount payable under any
Letter of Credit Advance or the Note remains unpaid:

         SECTION 5.01. Information. The Borrower will deliver to the Bank:

         (a)      as soon as available and in any event within 90 days after the
end of each Fiscal Year, a consolidated balance sheet of the Borrower and its
Consolidated Subsidiaries as of

                                       16

<PAGE>   18

the end of such Fiscal Year and the related consolidated statements of income,
shareholders' equity and cash flows for such Fiscal Year, setting forth in each
case in comparative form the figures for the previous Fiscal Year, all certified
by PricewaterhouseCoopers, LLP or other independent public accountants of
nationally recognized standing, with such certification to be free of exceptions
and qualifications not acceptable to the Bank;

         (b)      as soon as available and in any event within 45 days after the
end of each of the first 3 Fiscal Quarters of each Fiscal Year, a consolidated
balance sheet of the Borrower and its Consolidated Subsidiaries as of the end of
such Fiscal Quarter and the related statement of income and statement of cash
flows for such Fiscal Quarter and for the portion of the Fiscal Year ended at
the end of such Fiscal Quarter, setting forth in each case in comparative form
the figures for the corresponding Fiscal Quarter and the corresponding portion
of the previous Fiscal Year, all certified (subject to normal year-end
adjustments) as to fairness of presentation, GAAP and consistency by the chief
financial officer or the chief accounting officer of the Borrower;

         (c)      simultaneously with the delivery of each set of financial
statements referred to in clauses (a) and (b) above, a certificate,
substantially in the form of Exhibit D (a "Compliance Certificate"), of the
chief financial officer or the chief accounting officer of the Borrower (i)
setting forth in reasonable detail the calculations required to establish
whether the Borrower was in compliance on the date of such financial statements,
with the requirements of Sections 5.03 through 5.08, inclusive, 5.11 and 5.26 of
the Existing Credit Agreement, (ii) identifying the complete name and
jurisdiction of incorporation of each Subsidiary of the Borrower created, formed
or acquired during the time period covered by such financial statements; (iii)
identifying the Domestic Subsidiaries; and (iv) stating whether any Default
exists on the date of such certificate and, if any Default then exists, setting
forth the details thereof and the action which the Borrower is taking or
proposes to take with respect thereto;

         (d)      simultaneously with the delivery of each set of annual
financial statements referred to in clause (a) above, a statement of the firm of
independent public accountants which reported on such statements to the effect
that nothing has come to their attention to cause them to believe that any
Default existed on the date of such financial statements;

         (e)      within 5 Domestic Business Days after the Borrower becomes
aware of the occurrence of any Default, a certificate of the chief financial
officer or the chief accounting officer of the Borrower setting forth the
details thereof and the action which the Borrower is taking or proposes to take
with respect thereto;

         (f)      promptly upon the mailing thereof to the shareholders of the
Borrower generally, copies of all financial statements, reports and proxy
statements so mailed;

         (g)      promptly upon the filing thereof, copies of all registration
statements (other than the exhibits thereto and any registration statements on
Form S-8 or its equivalent) and annual, quarterly or monthly reports which the
Borrower shall have filed with the Securities and Exchange Commission;

                                       17

<PAGE>   19

         (h)      if and when the Borrower or any member of the Controlled Group
(i) gives or is required to give notice to the PBGC of any "reportable event"
(as defined in Section 4043 of ERISA) with respect to any Plan which might
constitute grounds for a termination of such Plan under Title IV of ERISA, or
knows that the plan administrator of any Plan has given or is required to give
notice of any such reportable event, a copy of the notice of such reportable
event given or required to be given to the PBGC; (ii) receives notice of
complete or partial withdrawal liability under Title IV of ERISA, a copy of such
notice; or (iii) receives notice from the PBGC under Title IV of ERISA of an
intent to terminate or appoint a trustee to administer any Plan, a copy of such
notice;

         (i)      promptly after the Borrower knows of the commencement thereof,
notice of any litigation, dispute or proceeding involving a claim against the
Borrower and/or any Subsidiary for $1,000,000 or more in excess of amounts
covered in full by applicable insurance; and

         (j)      from time to time such additional information regarding the
financial position or business of the Borrower and its Subsidiaries as the Bank
may reasonably request.

         SECTION 5.02 Subsidiaries. (a) The Borrower shall cause any Person
which becomes a Material Domestic Subsidiary after the Closing Date to become a
party to, and agree to be bound by the terms of, the Guaranty pursuant to an
instrument in form and substance satisfactory to the Bank executed and delivered
to the Bank within ten (10) Domestic Business Days after the day on which such
Person became a Material Domestic Subsidiary. The Borrower shall also cause the
items specified in Section 3.01(d) to be delivered to the Bank concurrently with
the instrument referred to above, modified appropriately to refer to such
instrument and such Material Domestic Subsidiary.

         (b)      Once any Subsidiary becomes a Material Domestic Subsidiary and
therefore becomes a party to the Guaranty in accordance with Section 3.01(d) or
Section 5.02(a), such Material Domestic Subsidiary (including, without
limitation, all initial Material Domestic Subsidiaries) thereafter shall remain
a party to the Guaranty, even if such Subsidiary thereafter ceases to be a
Material Domestic Subsidiary; provided that if a Material Domestic Subsidiary
ceases to be a Subsidiary of the Borrower as a result of the Borrower's transfer
or sale of one hundred percent (100%) of the capital stock of such Subsidiary in
accordance with and to the extent permitted by the terms of Section 5.11 of the
Existing Credit Agreement, the Bank agrees to release such Subsidiary from the
Guaranty.

         SECTION 5.03 Existing Credit Agreement. The Borrower covenants and
agrees that from the date hereof and until payment in full of the Loan, all
Letter of Credit Advances, termination of all Letters of Credit and the payment
in full of all other amounts owing under this Agreement and the other Loan
Documents, the Borrower shall observe, perform and fulfill, for the benefit of
the Bank, all of those covenants and agreements, as the same are in effect on
the date hereof, contained in the Existing Credit Agreement, as in effect on the
date hereof, the provisions of which (including, where pertinent, the defined
terms used in other Sections of the Existing Credit Agreement referenced, in
such Sections) are incorporated herein by reference,

                                       18

<PAGE>   20

without regard and without giving effect to any waivers given by the Banks (as
defined in the Existing Credit Agreement) with respect to, or amendments agreed
to by the Borrower and the Banks (as defined in the Existing Credit Agreement)
of any of such covenants and agreements, which covenants and agreements the
Borrower will continue to observe, perform and fulfill for the benefit of the
Bank notwithstanding that the indebtedness under the Existing Credit Agreement
has been or hereafter may be partially or fully repaid or the fact that the
Existing Credit Agreement otherwise might be terminated.

                                   ARTICLE VI

                                    DEFAULTS

         SECTION 6.01. Events of Default. If one or more of the following events
("Events of Default") shall have occurred and be continuing:

         (a)      the Borrower shall fail to pay when due any principal of the
Loan or shall fail to pay any interest on the Loan within five Domestic Business
Days after such interest shall become due, or shall fail to pay any fee or other
amount payable hereunder within five Domestic Business Days after such fee or
other amount becomes due; or

         (b)      the Borrower or any Subsidiary shall fail to observe or
perform any covenant contained in Sections 5.02(ii), 5.03 to 5.12, inclusive of
the Existing Credit Agreement, or Section 5.15 or 5.20 to 5.26, inclusive of the
Existing Credit Agreement; or

         (c)      any Loan Party shall fail to observe or perform any covenant
or agreement contained or incorporated by reference in any Loan Document (other
than those covered by clause (a) or (b) above) for thirty days after the earlier
of (i) the first day on which such Loan Party has knowledge of such failure or
(ii) written notice thereof has been given to the Borrower by the Bank; or

         (d)      any representation, warranty, certification or statement made
or deemed made by any Loan Party in any Loan Document or in any certificate,
financial statement or other document delivered pursuant to any Loan Document
shall prove to have been incorrect or misleading in any material respect when
made (or deemed made); or

         (e)      the Borrower or any Subsidiary shall fail to make any payment
in respect of Debt outstanding (other than the Note) in an aggregate principal
amount in excess of $10,000,000 when due or within any applicable grace period;
or

         (f)      any event or condition shall occur which results in the
acceleration of the maturity of Debt outstanding of the Borrower or any
Subsidiary in an aggregate principal amount in excess of $10,000,000 or the
mandatory prepayment or purchase of such Debt by the Borrower (or its designee)
or such Subsidiary (or its designee) prior to the scheduled maturity thereof, or
enables (or, with the giving of notice or lapse of time or both, would enable)
the holders of such Debt or any Person acting on such holders' behalf to
accelerate the maturity thereof or require the

                                       19

<PAGE>   21

mandatory prepayment or purchase thereof prior to the scheduled maturity
thereof, without regard to whether such holders or other Person shall have
exercised or waived their right to do so; or

         (g)      the Borrower, any Loan Party or any Subsidiary shall commence
a voluntary case or other proceeding seeking liquidation, reorganization or
other relief with respect to itself or its debts under any bankruptcy,
insolvency or other similar law now or hereafter in effect or seeking the
appointment of a trustee, receiver, liquidator, custodian or other similar
official of it or any substantial part of its property, or shall consent to any
such relief or to the appointment of or taking possession by any such official
in an involuntary case or other proceeding commenced against it, or shall make a
general assignment for the benefit of creditors, or shall fail generally, or
shall admit in writing its inability, to pay its debts as they become due, or
shall take any corporate action to authorize any of the foregoing; or

         (h)      an involuntary case or other proceeding shall be commenced
against the Borrower, any Loan Party or any Subsidiary seeking liquidation,
reorganization or other relief with respect to it or its debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect or
seeking the appointment of a trustee, receiver, liquidator, custodian or other
similar official of it or any substantial part of its property, and such
involuntary case or other proceeding shall remain undismissed and unstayed for a
period of 60 days; or an order for relief shall be entered against the Borrower,
any other Loan Party or any Subsidiary under the federal bankruptcy laws as now
or hereafter in effect; or

         (i)      the Borrower or any member of the Controlled Group shall fail
to pay when due any material amount which it shall have become liable to pay to
the PBGC or to a Plan under Title IV of ERISA; or notice of intent to terminate
a Plan or Plans shall be filed under Title IV of ERISA by the Borrower, any
member of the Controlled Group, any plan administrator or any combination of the
foregoing; or the PBGC shall institute proceedings under Title IV of ERISA to
terminate or to cause a trustee to be appointed to administer any such Plan or
Plans or a proceeding shall be instituted by a fiduciary of any such Plan or
Plans to enforce Section 515 or 4219(c)(5) of ERISA and such proceeding shall
not have been dismissed within 30 days thereafter; or a condition shall exist by
reason of which the PBGC would be entitled to obtain a decree adjudicating that
any such Plan or Plans must be terminated; or

         (j)      one or more judgments or orders for the payment of money in an
aggregate amount in excess of $500,000 shall be rendered against the Borrower or
any Subsidiary and such judgment or order shall continue unsatisfied and
unstayed for a period of 30 days; or

         (k)      a federal tax lien shall be filed against the Borrower or any
Subsidiary under Section 6323 of the Code or a lien of the PBGC shall be filed
against the Borrower or any Subsidiary under Section 4068 of ERISA and in either
case such lien shall remain undischarged for a period of 25 days after the date
of filing; or

         (l)      (i)      any Person or two or more Persons acting in concert
shall have acquired beneficial ownership (within the meaning of Rule 13d-3 of
the Securities and Exchange

                                       20

<PAGE>   22

Commission under the Securities Exchange Act of 1934) of 30% or more of the
outstanding shares of the voting stock of the Borrower; or (ii) as of any date a
majority of the Board of Directors of the Borrower consists of individuals who
were not either (A) directors of the Borrower as of the corresponding date of
the previous year, (B) selected or nominated to become directors by the Board of
Directors of the Borrower of which a majority consisted of individuals described
in clause (A), or (C) selected or nominated to become directors by the Board of
Directors of the Borrower of which a majority consisted of individuals described
in clause (A) and individuals described in clause (B); or

         (m)      if any provision of this Agreement, the Note or the Guaranty,
shall for any reason cease to be valid and binding on any Loan Party, or any
Loan Party shall deny or disaffirm its obligations thereunder; or

         (n)      the occurrence of a Default (as defined in the Existing Credit
Agreement) or an Event of Default (as defined in the Existing Credit Agreement)
under the Existing Credit Agreement; or

         (o)      any event of default shall occur and be continuing under the
Guaranty and such event of default continues beyond any applicable cure or grace
period provided therein.

then, and in every such event, the Bank may (i) by notice to the Borrower
terminate the Commitment and it shall thereupon terminate, and (ii) by notice to
the Borrower declare the Notes (together with accrued interest thereon) and all
other amounts payable hereunder and under the other Loan Documents to be, and
the Note (together with all accrued interest thereon) and all other amounts
payable hereunder and under the other Loan Documents shall thereupon become,
immediately due and payable without presentment, demand, protest or other notice
of any kind, all of which are hereby waived by the Borrower; provided that if
any Event of Default specified in clause (g) or (h) above occurs with respect to
the Borrower, without any notice to the Borrower, any Guarantor or any other act
by the Bank, the Commitment shall thereupon automatically terminate and the Note
(together with accrued interest thereon) and all other amounts payable hereunder
and under the other Loan Documents shall automatically become immediately due
and payable without presentment, demand, protest or other notice of any kind,
all of which are hereby waived by the Borrower. Notwithstanding the foregoing,
the Bank shall have available to it all other remedies at law or equity, and
shall exercise any one or all of them at the request of the Bank.

         SECTION 6.02 Cash Cover. If any Event of Default shall have occurred
and be continuing, the Borrower shall, if requested by the Bank, pay to the Bank
an amount in immediately available funds (which funds shall be held as
collateral pursuant to arrangements satisfactory to the Bank) equal to the
aggregate Undrawn Amounts, provided that, if any Event of Default specified in
clause (g) or (h) above occurs with respect to the Borrower, the Borrower shall
be obligated to pay such amount to the Bank forthwith without any notice to the
Borrower or any other act by the Bank.

                                       21

<PAGE>   23

                                   ARTICLE VII

                      CHANGE IN CIRCUMSTANCES; COMPENSATION

         SECTION 7.01. Basis for Determining Interest Rate Inadequate or Unfair.
If on or prior to the first day of any Interest Period:

         (a)      the Bank determines that deposits in Dollars (in the
applicable amounts) are not being offered in the relevant market for such
Interest Period, or

         (b)      the Bank determines that the London Interbank Offered Rate
will not adequately and fairly reflect the cost to the Bank of funding a
Euro-Dollar Loan for such Interest Period,

the Bank shall forthwith give notice thereof to the Borrower, whereupon until
the Bank notifies the Borrower that the circumstances giving rise to such
suspension no longer exist, the obligation of the Bank to make a Euro-Dollar
Loan shall be suspended. Unless the Borrower notifies the Bank before a
Euro-Dollar Advance is disbursed that it elects not to borrow such Euro-Dollar
Advance, such borrowing shall instead be made as a Base Rate Advance.

         SECTION 7.02. Illegality. If, after the date hereof, the adoption of
any applicable law, rule or regulation, or any change in any existing or future
law, rule or regulation, or any change in the interpretation or administration
thereof by any governmental authority, central bank or comparable agency charged
with the interpretation or administration thereof (any such authority, bank or
agency being referred to as an "Authority" and any such event being referred to
as a "Change of Law"), or compliance by the Bank (or its Lending Office) with
any request or directive (whether or not having the force of law) of any
Authority shall make it unlawful or impossible for the Bank (or its Lending
Office) to make, maintain or fund its Euro-Dollar Loan, the Bank shall forthwith
give notice thereof to the Borrower, whereupon until the Bank notifies the
Borrower that the circumstances giving rise to such suspension no longer exist,
the obligation of the Bank to make the Euro-Dollar Loan shall be suspended.
Before giving any notice pursuant to this Section, the Bank shall designate a
different Lending Office if such designation will avoid the need for giving such
notice and will not, in the judgment of the Bank, be otherwise disadvantageous
to the Bank. If the Bank shall determine that it may not lawfully continue to
maintain and fund any of its outstanding Euro-Dollar Loan to maturity and shall
so specify in such notice, the Borrower shall immediately prepay in full the
then outstanding principal amount of each Euro-Dollar Loan of the Bank, together
with accrued interest thereon. Concurrently with prepaying each such Euro-Dollar
Loan, the Borrower shall borrow a Base Rate Loan in an equal principal amount
from the Bank, and the Bank shall make such a Base Rate Loan.

         SECTION 7.03. Increased Cost and Reduced Return. (a) If after the date
hereof, a Change of Law or compliance by the Bank (or its Lending Office) with
any request or directive (whether or not having the force of law) of any
Authority:

                  (i)      shall subject the Bank (or its Lending Office) to any
         tax, duty or other charge with respect to its Euro-Dollar Loan, its
         Note or its obligation to

                                       22

<PAGE>   24

         make a Euro-Dollar Loan, or shall change the basis of taxation of
         payments to the Bank (or its Lending Office) of the principal of or
         interest on its Euro-Dollar Loan or any other amounts due under this
         Agreement in respect of its Euro-Dollar Loan or its obligation to make
         the Euro-Dollar Loan (except for changes in the rate of tax on the
         overall net income of the Bank or its Lending Office imposed by the
         jurisdiction in which the Bank's principal executive office or Lending
         Office is located); or

                  (ii)     shall impose, modify or deem applicable any reserve,
         special deposit or similar requirement (including, without limitation,
         any such requirement imposed by the Board of Governors of the Federal
         Reserve System, but excluding with respect to the Euro-Dollar Loan any
         such requirement included in an applicable Euro-Dollar Reserve
         Percentage) against assets of, deposits with or for the account of, or
         credit extended by, any Bank (or its Lending Office); or

                  (iii)    shall impose on the Bank (or its Lending Office) or
         on the London interbank market any other condition affecting the
         Euro-Dollar Loan, its Note or its obligation to make Euro-Dollar Loan;

         and the result of any of the foregoing is to increase the cost to the
         Bank (or its Lending Office) of making or maintaining any Euro-Dollar
         Loan, or to reduce the amount of any sum received or receivable by the
         Bank (or its Lending Office) under this Agreement or under the Note
         with respect thereto, by an amount deemed by the Bank to be material,
         then, within 15 days after demand by the Bank, the Borrower shall pay
         to the Bank such additional amount or amounts as will compensate the
         Bank for such increased cost or reduction.

         (b)      If the Bank shall have determined that after the date hereof
the adoption of any applicable law, rule or regulation regarding capital
adequacy, or any change in any existing or future law, rule or regulation, or
any change in the interpretation or administration thereof, or compliance by the
Bank (or its Lending Office) with any request or directive regarding capital
adequacy (whether or not having the force of law) of any Authority, has or would
have the effect of reducing the rate of return on the Bank's capital as a
consequence of its obligations hereunder to a level below that which the Bank
could have achieved but for such adoption, change or compliance (taking into
consideration the Bank's policies with respect to capital adequacy) by an amount
deemed by the Bank to be material, then from time to time, within 15 days after
demand by the Bank, the Borrower shall pay to the Bank such additional amount or
amounts as will compensate the Bank for such reduction.

         (c)      The Bank will promptly notify the Borrower of any event of
which it has knowledge, occurring after the date hereof, which will entitle the
Bank to compensation pursuant to this Section and will designate a different
Lending Office if such designation will avoid the need for, or reduce the amount
of, such compensation and will not, in the judgment of the Bank, be otherwise
disadvantageous to the Bank. A certificate of the Bank claiming compensation
under this Section and setting forth the additional amount or amounts to be paid
to it hereunder shall be

                                       23

<PAGE>   25

conclusive in the absence of manifest error. In determining such amount, the
Bank may use any reasonable averaging and attribution methods.

         (d)      The provisions of this Section 7.03 shall be applicable with
respect to any participant, assignee or other Transferee, and any calculations
required by such provisions shall be made based upon the circumstances of such
participant, assignee or other Transferee.

         SECTION 7.04. Base Rate Loan Substituted for Euro-Dollar Loan. If (i)
the obligation of the Bank to make or maintain a Euro-Dollar Loan has been
suspended pursuant to Section 7.02 or (ii) the Bank has demanded compensation
under Section 7.03, and the Borrower shall, by at least 5 Euro-Dollar Business
Days' prior notice to the Bank, have elected that the provisions of this Section
shall apply to the Bank, then, unless and until the Bank notifies the Borrower
that the circumstances giving rise to such suspension or demand for compensation
no longer apply the Loan which would otherwise be a Euro-Dollar Loan shall be
instead a Base Rate Loan. In the event that the Borrower shall elect that the
provisions of this Section shall apply, the Borrower shall remain liable for,
and shall pay to the Bank as provided herein, all amounts due the Bank under
Section 7.03 in respect of the period preceding the date of conversion of the
Bank's Loan resulting from the Borrower's election.

                                  ARTICLE VIII

                                  MISCELLANEOUS

         SECTION 8.01. Notices. All notices, requests and other communications
to any party hereunder shall be in writing (including facsimile transmission or
similar writing) and shall be given to such party at its address or telecopy
number set forth on the signature pages hereof or such other address or telecopy
number as such party may hereafter specify for the purpose by notice to each
other party. Each such notice, request or other communication shall be effective
(i) if given by telecopier, when such telecopy is transmitted to the telecopy
number specified in this Section and the telecopy machine used by the sender
provides a written confirmation that such telecopy has been so transmitted or
receipt of such telecopy transmission is otherwise confirmed, (ii) if given by
mail, 72 hours after such communication is deposited in the mails with first
class postage prepaid, addressed as aforesaid, and (iii) if given by any other
means, when delivered at the address specified in this Section; provided that
notices to the Bank under Article II or Article VIII shall not be effective
until received.

         SECTION 8.02. No Waivers. No failure or delay by the Bank in exercising
any right, power or privilege hereunder or under the Note or other Loan Document
shall operate as a waiver thereof nor shall any single or partial exercise
thereof preclude any other or further exercise thereof or the exercise of any
other right, power or privilege. The rights and remedies herein provided shall
be cumulative and not exclusive of any rights or remedies provided by law.

         SECTION 8.03. Expenses; Documentary Taxes; Indemnification. (a) The
Borrower shall pay (i) all out-of-pocket expenses of the Bank, including fees
and disbursements of special counsel for the Bank, in connection with the
preparation of this Agreement and the other

                                       24

<PAGE>   26

Loan Documents, any waiver or consent hereunder or thereunder or any amendment
hereof or thereof or any Default or alleged Default hereunder or thereunder and
(ii) if a Default occurs, all out-of-pocket expenses incurred by the Bank,
including fees and disbursements of counsel, in connection with such Default and
collection and other enforcement proceedings resulting therefrom, including
out-of-pocket expenses incurred in enforcing this Agreement and the other Loan
Documents.

         (b)      The Borrower shall indemnify the Bank against any transfer
taxes, documentary taxes, assessments or charges made by any Authority by reason
of the execution and delivery of this Agreement or the other Loan Documents.

         (c)      The Borrower shall indemnify the Bank and each Affiliate
thereof and their respective directors, officers, employees and agents from, and
hold each of them harmless against, any and all losses, liabilities, claims or
damages to which any of them may become subject, insofar as such losses,
liabilities, claims or damages arise out of or result from any actual or
proposed use by the Borrower of the proceeds of any extension of credit by the
Bank hereunder or breach by the Borrower of this Agreement or any other Loan
Document or from investigation, litigation (including, without limitation, any
actions taken by the Bank to enforce this Agreement or any of the other Loan
Documents) or other proceeding (including, without limitation, any threatened
investigation or proceeding) relating to the foregoing, and the Borrower shall
reimburse the Bank, and each Affiliate thereof and their respective directors,
officers, employees and agents, upon demand for any expenses (including, without
limitation, legal fees) incurred in connection with any such investigation or
proceeding; but excluding any such losses, liabilities, claims, damages or
expenses incurred by reason of the gross negligence or willful misconduct of the
Person to be indemnified.

         SECTION 8.04. Setoffs. The Borrower hereby grants to the Bank, as
security for the full and punctual payment and performance of the obligations of
the Borrower under this Agreement, a continuing lien on and security interest in
all deposits and other sums credited by or due from the Bank to the Borrower or
subject to withdrawal by the Borrower; and regardless of the adequacy of any
collateral or other means of obtaining repayment of such obligations, the Bank
may at any time upon or after the occurrence of any Event of Default, and
without notice to the Borrower, set off the whole or any portion or portions of
any or all such deposits and other sums against such obligations, whether or not
any other Person or Persons could also withdraw money therefrom.

         SECTION 8.05. Amendments and Waivers. Any provision of this Agreement,
the Note or any other Loan Documents may be amended or waived if, but only if,
such amendment or waiver is in writing and is signed by the Borrower and the
Bank.

         SECTION 8.06. Successors and Assigns. (a) The provisions of this
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns; provided that the Borrower may not
assign or otherwise transfer any of its rights under this Agreement.

                                       25

<PAGE>   27

         (b)      Subject to the provisions of Section 8.07, the Borrower
authorizes each Bank to disclose to any participant, assignee or other
transferee (each a "Transferee") and any prospective Transferee any and all
financial and other information in such Bank's possession concerning the
Borrower which has been delivered to the Bank by the Borrower pursuant to this
Agreement or which has been delivered to such Bank by the Borrower in connection
with such Bank's credit evaluation prior to entering into this Agreement.

         (c)      No Transferee shall be entitled to receive any greater payment
under Section 7.03 than the transferor Bank would have been entitled to receive
with respect to the rights transferred, unless such transfer is made with the
Borrower's prior written consent or by reason of the provisions of Section 7.02
or 7.03 requiring such Bank to designate a different Lending Office under
certain circumstances or at a time when the circumstances giving rise to such
greater payment did not exist.

         SECTION 8.07. Confidentiality. The Bank agrees to exercise its best
efforts to keep any information delivered or made available by the Borrower to
it which is clearly indicated to be confidential information, confidential from
anyone other than persons employed or retained by the Bank who are or are
expected to become engaged in evaluating, approving, structuring or
administering the Loan; provided, however, that nothing herein shall prevent the
Bank from disclosing such information (i) upon the order of any court or
administrative agency, (ii) upon the request or demand of any regulatory agency
or authority having jurisdiction over the Bank, (iii) which has been publicly
disclosed, (iv) to the extent reasonably required in connection with any
litigation to which the Bank or its Affiliates may be a party, (v) to the extent
reasonably required in connection with the exercise of any remedy hereunder,
(vi) to the Bank's legal counsel, Affiliates and independent auditors and (vii)
to any actual or proposed participant, assignee or other Transferee of all or
part of its rights hereunder which has agreed in writing to be bound by the
provisions of this Section 8.07.

         SECTION 8.08. Survival of Certain Obligations. Sections 7.03(a),
7.03(b) and 8.03, and the obligations of the Borrower thereunder, shall survive,
and shall continue to be enforceable notwithstanding, the termination of this
Agreement and the Commitment and the payment in full of the principal of and
interest on the Loan.

         SECTION 8.09. Georgia Law. This Agreement and the Note shall be
construed in accordance with and governed by the law of the State of Georgia.

         SECTION 8.10. Severability. In case any one or more of the provisions
contained in this Agreement, the Note or any of the other Loan Documents should
be invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein and therein shall
not in any way be affected or impaired thereby and shall be enforced to the
greatest extent permitted by law.

         SECTION 8.11. Interest. In no event shall the amount of interest due or
payable hereunder or under the Note exceed the maximum rate of interest allowed
by applicable law, and in the event any such payment is inadvertently made to
the Bank by the Borrower or inadvertently

                                       26

<PAGE>   28

received by the Bank, then such excess sum shall be credited as a payment of
principal, unless the Borrower shall notify the Bank in writing that it elects
to have such excess sum returned forthwith. It is the express intent hereof that
the Borrower not pay and the Bank not receive, directly or indirectly in any
manner whatsoever, interest in excess of that which may legally be paid by the
Borrower under applicable law.

         SECTION 8.12. Interpretation. No provision of this Agreement or any of
the other Loan Documents shall be construed against or interpreted to the
disadvantage of any party hereto by any court or other governmental or judicial
authority by reason of such party having or being deemed to have structured or
dictated such provision.

         SECTION 8.13. Consent to Jurisdiction. The Borrower (a) submits to
personal jurisdiction in the State of Georgia, the courts thereof and the United
States District Courts sitting therein, for the enforcement of this Agreement,
the Note and the other Loan Documents, (b) waives any and all personal rights
under the law of any jurisdiction to object on any basis (including, without
limitation, inconvenience of forum) to jurisdiction or venue within the State of
Georgia for the purpose of litigation to enforce this Agreement, the Note or the
other Loan Documents, and (c) agrees that service of process may be made upon it
in the manner prescribed in Section 8.01 for the giving of notice to the
Borrower. Nothing herein contained, however, shall prevent the Bank from
bringing any action or exercising any rights against any security and against
the Borrower personally, and against any assets of the Borrower, within any
other state or jurisdiction.

         SECTION 8.14. Counterparts. This Agreement may be signed in any number
of counterparts, each of which shall be an original, with the same effect as if
the signatures thereto and hereto were upon the same instrument.

         SECTION 8.15. Florida Taxes. In connection with this transaction there
may or may not be due certain documentary stamp taxes and/or intangible taxes
imposed by the State of Florida (the "Florida Taxes"). In addition to (and not
in limitation of) the indemnification with respect to tax liabilities set forth
herein, the Borrower agrees to indemnify the Bank, its directors, officers,
agents and employees from and against any and all liability, damage, loss, cost,
expense or reasonable attorney fees which may accrue to or be sustained by the
Bank or its directors, officers, agents or employees on account of or arising
from any claim or action raised by, filed or brought by or in the name of any
Florida governmental or administrative department with respect to non-payment of
the Florida Taxes against the Bank, or any of its directors, officers, agents or
employees.

                                       27

<PAGE>   29

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed, under seal, by their respective authorized officers as of the day
and year first above written.

                                 OUTBACK STEAKHOUSE, INC.

                                 By:                                      (SEAL)
                                    --------------------------------------
                                         Robert S. Merritt, Treasurer

                                 Outback Steakhouse, Inc.
                                 2202 North Westshore Blvd., 5th Floor
                                 Tampa, Florida 33607
                                 Attention:  Robert S. Merritt
                                 Senior Vice President, Chief Financial Officer
                                 and Treasurer
                                 Telecopy number:  (813) 286-2247
                                 Telephone number: (813) 282-1225

                                 with a copy to:

                                 Outback Steakhouse, Inc.
                                 2202 North Westshore Blvd., 5th Floor
                                 Tampa, Florida 33607
                                 Attention:  Joseph J. Kadow
                                 Vice President, General Counsel and Secretary
                                 Telecopy number:  (813) 281-2114
                                 Telephone number: (813) 282-1225

             [The remainder of this page intentionally left blank.]

                                       28

<PAGE>   30

                                WACHOVIA BANK, N.A.

                                By:                                       (SEAL)
                                   ---------------------------------------
                                   Lynn E. Culbreath, Senior Vice President

                                Lending Office

                                Wachovia Bank, N.A.
                                100 North Tampa Street, Suite 4100
                                Tampa, Florida 33602
                                Attention:  Lynn E. Culbreath
                                Senior Vice President
                                Telecopy number:  (813) 226-1411
                                Telephone number: (813) 226-1499

                                       29

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