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                                                                    EXHIBIT 10.6
                                                                [EXECUTION COPY]

THE LIEN OF THE COLLATERAL AGENT IN RESPECT OF THE COLLATERAL GRANTED HEREUNDER
AND THE EXERCISE BY THE COLLATERAL AGENT OF ITS RIGHTS HEREUNDER WITH RESPECT TO
SUCH COLLATERAL IS SUBJECT TO THE TERMS OF THE INTERCREDITOR AGREEMENT REFERRED
TO BELOW.

                                PLEDGE AGREEMENT

     This PLEDGE AGREEMENT (this "AGREEMENT"), dated as of July 7, 2003, is
entered into by and among MORTON'S RESTAURANT GROUP, INC., a Delaware
corporation ("COMPANY"), and each of Company's undersigned Subsidiaries (Company
and such Subsidiaries, each a "PLEDGOR", and individually and collectively, and
jointly and severally, "PLEDGORS") and THE BANK OF NEW YORK ("BNY"), as
collateral agent (together with its successor(s) thereto in such capacity,
"COLLATERAL AGENT") for the Trustee and Noteholders, in light of the following:

     WHEREAS, Pledgors, certain other Subsidiaries of Company, Collateral Agent
and BNY, as Trustee ("TRUSTEE"), have entered into an Indenture, dated as of
July 7, 2003 (as amended, restated, supplemented or otherwise modified from time
to time, the "INDENTURE"), pursuant to which Company incurred indebtedness for
certain notes (such notes, together with all additional notes and all other
notes issued thereunder in exchange for such notes and additional notes, the
"NOTES") and the other Pledgors and such other Subsidiaries of Company have
guaranteed the payment of the Notes and the other Obligations thereunder;

     WHEREAS, Company and Wells Fargo Foothill, Inc. (the "LENDER") have entered
into that certain Loan and Security Agreement dated as of July 7, 2003 (as
amended, restated, supplemented, replaced or otherwise modified from time to
time, the "LOAN AGREEMENT"), pursuant to which the Lender has agreed to make
credit extensions to the Company in an initial aggregate principal amount equal
to $15,000,000;

     WHEREAS, Collateral Agent, Lender, Pledgors and such other Subsidiaries of
Company have entered into that certain Intercreditor and Lien Subordination
Agreement, dated as of July 7, 2003 (as amended, restated, supplemented,
replaced or otherwise modified from time to time, the "INTERCREDITOR
AGREEMENT"), which agreement, among other things, sets forth, as between the
Collateral Agent and the Lender, the relative priority of their respective Liens
in the Collateral and their rights with respect thereto;

     WHEREAS, each Pledgor beneficially owns the specified Equity Interests
identified as Pledged Interests in the Persons identified as Issuers listed on
SCHEDULE A attached hereto (or any addendum thereto);

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     WHEREAS, each Pledgor desires to secure its Guarantee under the Indenture
by granting to Collateral Agent, for its benefit and for the benefit of the
Trustee and the Noteholders, security interests in the Pledged Collateral as set
forth herein;

     WHEREAS, each Pledgor (other than the Company) is a Subsidiary of the
Company and will benefit from the proceeds of the Notes; and

     WHEREAS, to induce the Initial Purchaser to purchase the Notes, each
Noteholder to hold the Notes to be held by it and BNY to act in its capacities
as Trustee and Collateral Agent, each Pledgor desires to pledge, grant,
transfer, and assign to Collateral Agent, for its benefit and the benefit of the
Noteholders and the Trustee, a security interest in the Pledged Collateral (as
hereinafter defined) to secure the Secured Obligations (as hereinafter defined),
as provided herein.

     NOW, THEREFORE, in consideration of the mutual promises, covenants,
representations, and warranties set forth herein and for other good and valuable
consideration, the parties hereto agree as follows:

     1.   DEFINITIONS AND CONSTRUCTION.

          (a)  DEFINITIONS. Capitalized terms used herein and not otherwise
defined herein shall have the meanings ascribed to them in the Indenture. The
following terms, as used in this Agreement, shall have the following meanings:

     "AGREEMENT" has the meaning set forth in the preamble hereto.

     "CHIEF EXECUTIVE OFFICE" means the address of the chief executive office of
each Pledgor set forth on SCHEDULE B to this Agreement.

     "BNY" has the meaning set forth in the preamble of this Agreement.

     "CODE" means the Uniform Commercial Code as in effect from time to time in
the State of New York.

     "COLLATERAL AGENT" has the meaning set forth in the preamble hereto.

     "COMPANY" has the meaning set forth in the preamble hereto.

     "DEFEASANCE" means, with respect to any obligation, the defeasance thereof
pursuant to a Legal Defeasance or Covenant Defeasance as described under Section
8.01 of the Indenture.

     "DESIGNATED NUMBER" means, with respect to any Foreign Issuer, the largest
whole number of Equity Interests of such Foreign Issuer representing not greater
than sixty-five (65%) of all of the fully diluted issued and outstanding Equity
Interests of such Foreign Issuer (whether or not owned by Pledgor).

     "DISPOSITION" shall have the meaning ascribed to the term Asset Sale in the
Indenture, and the words "Dispose" and "DISPOSAL" shall be interpreted
similarly.

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     "DOMESTIC ISSUER" means, individually and collectively, each Issuer which
is not a Foreign Issuer.

     "EQUITY INTERESTS" means all shares, units, options, warrants, interests,
participations, or other equivalents (regardless of how designated) of or in a
corporation, partnership, limited liability company, or equivalent entity,
whether voting or nonvoting, including general partner partnership interests,
limited partner partnership interests, common stock, preferred stock, or any
other "equity security" (as such term is defined in Rule 3a11-1 of the General
Rules and Regulations promulgated by the SEC under the Exchange Act).

     "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended, and
any successor statute.

     "EXCLUDED EQUITY INTERESTS" means, with respect to any Issuer that is an
Affiliate of the Company, that portion of such Issuer's Equity Interests that
would otherwise constitute Pledged Collateral to the extent the greater of the
par value, book value as carried by the Pledgor that is the holder thereof or
the market value of any such Equity Interests is equal to or greater than 20% of
the aggregate principal amount at maturity of the Notes then outstanding.

     "FOREIGN ISSUER" means, individually and collectively, any Subsidiary of
any Pledgor which is formed in a jurisdiction other than the United States or
any political subdivision thereof.

     "FUTURE RIGHTS" means:

          (a)  with respect to each Domestic Issuer, (i) all Equity Interests
(other than Pledged Interests) of such Domestic Issuer, and all securities
convertible or exchangeable into, and all warrants, options, or other rights to
purchase, Equity Interests of such Domestic Issuer; (ii) to the extent of any
Pledgor's interest therein, all shares of, all securities convertible or
exchangeable into, and all warrants, options, or other rights to purchase Equity
Interests of any Person in which any Pledgor, after the date of this Agreement,
acquires a direct equity interest, irrespective of whether such Person is or
becomes a Subsidiary of any Pledgor; and (iii) the certificates or instruments
representing such additional Equity Interests, convertible or exchangeable
securities, warrants, and other rights and all dividends, cash, options,
warrants, rights, instruments, and other property or proceeds from time to time
received, receivable, or otherwise distributed in respect of or in exchange for
any or all of such Equity Interests; and

          (b)  with respect to each Foreign Issuer, (i) all Equity Interests
(other than Pledged Interests) of such Foreign Issuer, and all securities
convertible or exchangeable into, and all warrants, options, or other rights to
purchase, Equity Interests of such Foreign Issuer; (ii) to the extent of any
Pledgor's interest therein, all shares of, all securities convertible or
exchangeable into, and all warrants, options, or other rights to purchase Equity
Interests of any Person in which any Pledgor, after the date of this Agreement,
acquires a direct equity interest, irrespective of whether such Person is or
becomes a Subsidiary of any Pledgor; and (iii) the certificates or instruments
representing such additional Equity Interests, convertible or exchangeable
securities, warrants, and other rights and all dividends, cash, options,
warrants, rights, instruments, and other property or proceeds from time to time
received, receivable, or otherwise distributed in respect of or in exchange for
any or all of such Equity Interests,

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PROVIDED, HOWEVER, that Future Rights shall exclude (A) under the preceding
CLAUSES (b)(i), (b)(ii), and (b)(iii) any Future Rights to the extent and only
to the extent that their inclusion would cause the number of Equity Interests
pledged hereunder to exceed the Designated Number after giving effect to the
issuance of such Future Rights and any related issuances and (B) all Excluded
Equity Interests of each such Issuer.

     "HOLDER" and "HOLDERS" have the respective meanings set forth in SECTION 3
of this Agreement.

     "INDENTURE" has the meaning set forth in the recitals to this Agreement.

     "INTERCREDITOR AGREEMENT" has the meaning set forth in the recitals to this
Agreement.

     "ISSUER" means each of the Persons identified as an Issuer on SCHEDULE A
attached hereto (or any addendum thereto), and any successors thereto, whether
by merger or otherwise.

     "LENDER" has the meaning set forth in the recitals to this Agreement.

     "LOAN AGREEMENT" has the meaning set forth in the recitals to this
Agreement.

     "NOTES" has the meaning set forth in the recitals to this Agreement.

     "PERMITTED DISPOSITION" means a Disposition consummated in accordance with
the terms of Section 4.16 of the Indenture.

     "PLEDGED COLLATERAL" and "COLLATERAL" mean the Pledged Interests, the
Future Rights, and the Proceeds, collectively.

     "PLEDGED INTERESTS" means (a) with respect to each Domestic Issuer, all of
the Equity Interests identified as Pledged Interests of such Domestic Issuer on
Schedule A attached hereto (or any addendum thereto); and (b) with respect to
each Foreign Issuer, the Designated Number of Equity Interests identified as
Pledged Interests of such Foreign Issuer on Schedule A attached hereto (or any
addendum thereto); PROVIDED, HOWEVER, that "Pledged Interests" shall not include
any Excluded Equity Interests of any such Issuer.

     "PLEDGOR" and "PLEDGORS" have the respective meanings set forth in the
preamble to this Agreement.

     "PROCEEDS" means all proceeds (including proceeds of proceeds) of the
Pledged Interests and Future Rights including all: (a) rights, benefits,
distributions, premiums, profits, dividends, interest, cash, instruments,
documents of title, accounts, contract rights, inventory, equipment, general
intangibles, deposit accounts, chattel paper, and other property from time to
time received, receivable, or otherwise distributed in respect of or in exchange
for, or as a replacement of or a substitution for, any of the Pledged Interests,
Future Rights, or proceeds thereof (including any cash, Equity Interests, or
other securities or instruments issued after any recapitalization, readjustment,
reclassification, merger or consolidation with respect to the Issuers and any
security entitlements, as defined in the Code, with respect thereto); (b)
"proceeds," as such term is defined in the Code; (c) proceeds of any insurance,
indemnity,

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warranty, or guaranty (including guaranties of delivery) payable from time to
time with respect to any of the Pledged Interests, Future Rights, or proceeds
thereof; (d) payments (in any form whatsoever) made or due and payable to
Pledgor from time to time in connection with any requisition, confiscation,
condemnation, seizure or forfeiture of all or any part of the Pledged Interests,
Future Rights, or proceeds thereof; and (e) other amounts from time to time paid
or payable under or in connection with any of the Pledged Interests, Future
Rights, or proceeds thereof.

     "RECORD" means information that is inscribed on a tangible medium or which
is stored in an electronic or other medium and is retrievable in perceivable
form.

     "SEC" means the United States Securities and Exchange Commission and any
successor thereto.

     "SECURED OBLIGATIONS" means, with respect to each Pledgor, all liabilities,
obligations, or undertakings owing by such Pledgor to Collateral Agent, the
Trustee or any Noteholder of any kind or description arising out of or
outstanding under, advanced or issued pursuant to, or evidenced by the
Indenture, the Notes, this Agreement, or any of the other Indenture Documents,
irrespective of whether for the payment of money, whether direct or indirect,
absolute or contingent, due or to become due, voluntary or involuntary, whether
now existing or hereafter arising, and including all interest, costs,
indemnities, fees (including attorneys fees), and expenses (including interest,
costs, indemnities, fees, and expenses that, but for the provisions of the
Bankruptcy Code, would have accrued irrespective of whether a claim therefor is
allowed) and any and all other amounts which such Pledgor is required to pay
pursuant to any of the foregoing, by law, or otherwise.

     "SECURITIES ACT" has the meaning set forth in SECTION 9(c).

     "TRUSTEE" has the meaning set forth in the preamble to this Agreement.

          (b)  CONSTRUCTION. Unless the context of this Agreement clearly
requires otherwise, references to the plural include the singular, references to
the singular include the plural, the terms "include" and "including" are not
limiting, and the term "or" has, except where otherwise indicated, the inclusive
meaning represented by the phrase "and/or." The words "hereof," "herein,"
"hereby," "hereunder," and other similar terms in this Agreement refer to this
Agreement as a whole and not to any particular provision of this Agreement.
Section, subsection, clause, schedule and exhibit references herein are to this
Agreement unless otherwise specified. All of the exhibits or schedules attached
to this Agreement shall be deemed incorporated herein by reference. Any
reference in this Agreement to any of the following documents includes any and
all alterations, amendments, changes, extensions, modifications, renewals,
replacements, substitutions, joinders, and supplements thereto or thereof, as
applicable (subject to any restrictions on such alterations, amendments,
changes, extensions, modifications, renewals, replacements, substitutions,
joinders, and supplements set forth therein): the Indenture, this Agreement, and
the other Indenture Documents. Neither this Agreement nor any uncertainty or
ambiguity herein shall be construed or resolved against Collateral Agent, the
Trustee, any Noteholder, or any Pledgor, whether under any rule of construction
or otherwise. On the contrary, this Agreement has been reviewed by each Pledgor,
Collateral Agent, the Noteholders

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and the Trustee, and their respective counsel, and shall be construed and
interpreted according to the ordinary meaning of the words used so as to fairly
accomplish the purposes and intentions of Collateral Agent, the Trustee, any
Noteholder and each Pledgor. Any reference herein to the payment in full of the
Secured Obligations shall mean the payment in full in cash of all Secured
Obligations other than contingent indemnification Secured Obligations. Any
reference herein to any Person shall be construed to include such Person's
successors and assigns. Any requirement of a writing contained herein shall be
satisfied by the transmission of a Record and any Record transmitted shall
constitute a representation and warranty as to the accuracy and completeness of
the information contained therein. In the event of any direct conflict between
the express terms and provisions of this Agreement and of the Indenture, the
terms and provisions of the Indenture shall control; PROVIDED, HOWEVER, that the
inclusion herein of additional obligations on the part of any Pledgor and
supplemental rights and remedies in favor of Collateral Agent, in each case with
respect to the Pledged Collateral, shall not be deemed a conflict with the
Indenture.

     2.   PLEDGE. Each Pledgor hereby pledges, grants, transfers, and assigns to
Collateral Agent, for the benefit of Collateral Agent, the Noteholders and the
Trustee, a security interest in all of such Pledgor's right, title, and interest
in and to the Pledged Collateral in order to secure prompt repayment of any and
all of the Secured Obligations in accordance with the terms and conditions of
the Indenture Documents to which such Pledgor is a party, and in order to secure
prompt performance by such Pledgor of such Pledgor's covenants and duties under
each Indenture Document to which such Pledgor is a party. Anything contained in
this Agreement or any other Indenture Document to the contrary notwithstanding,
except for Permitted Dispositions, no Pledgor has any authority, express or
implied, to Dispose of any item or portion of the Pledged Collateral.

     3.   DELIVERY AND REGISTRATION OF PLEDGED COLLATERAL. Subject to the terms
of the Intercreditor Agreement:

          (a)  All certificates or instruments representing or evidencing the
Pledged Collateral shall be promptly delivered by each Pledgor to Collateral
Agent or Collateral Agent's designee pursuant hereto at a location designated by
Collateral Agent and shall be held by or on behalf of Collateral Agent pursuant
hereto, and shall be in suitable form for transfer by delivery, or shall be
accompanied by duly executed instruments of transfer or assignment in blank, all
in form and substance reasonably satisfactory to Collateral Agent. All
certificates or instruments representing or evidencing the Excluded Equity
Interests shall be promptly delivered by each Pledgor to Collateral Agent or
Collateral Agent's designee pursuant hereto at a location designated by
Collateral Agent and shall be held by or on behalf of Collateral Agent on behalf
of each such Pledgor. For the avoidance of doubt, if any certificate or
instrument representing any Pledged Collateral also represents any Excluded
Equity Interest, the Lien created hereunder shall only attach to the Equity
Interests evidenced thereby other than the Excluded Equity Interests.

          (b)  Upon the occurrence and during the continuance of an Event of
Default, Collateral Agent shall have the right, at any time in its discretion
and without notice to any Pledgor, to transfer to or to register on the books of
the Issuers (or of any other Person maintaining records with respect to the
Pledged Collateral) in the name of Collateral Agent or any of its nominees any
or all of the Pledged Collateral. In addition, Collateral Agent shall have the
right at any time to exchange certificates or instruments representing or
evidencing Pledged

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Collateral for certificates or instruments of smaller or larger denominations or
for certificates or instruments separately evidencing Equity Interests
constituting Pledged Collateral and Equity Interests constituting Excluded
Equity Interests.

          (c)  If, at any time and from time to time, any Pledged Collateral
(including any certificate or instrument representing or evidencing any Pledged
Collateral) is in the possession of a Person other than Collateral Agent
(including such Pledgor) (a "HOLDER") other than as the result of an action
taken by Collateral Agent, then the applicable Pledgor shall promptly, at
Collateral Agent's option, either cause such Pledged Collateral to be delivered
into Collateral Agent's possession, or (except in the case where such Holder is
such Pledgor) execute and deliver to such Holder a written
notification/instruction, and take all other steps necessary to perfect the
security interest of Collateral Agent in such Pledged Collateral, including
obtaining from such Holder a written acknowledgment that such Holder holds such
Pledged Collateral for Collateral Agent, all pursuant to the Code or other
applicable law governing the perfection of Collateral Agent's security interest
in the Pledged Collateral in the possession of such Holder. Each such
notification/instruction and acknowledgment shall be in form and substance
reasonably satisfactory to Collateral Agent.

          (d)  Any and all Pledged Collateral (including dividends, interest,
and other cash distributions) at any time received or held by any Pledgor shall
be so received or held in trust for Collateral Agent, shall be segregated from
other funds and property of such Pledgor and shall be forthwith delivered to
Collateral Agent in the same form as so received or held, with any necessary
endorsements; PROVIDED, that cash dividends or distributions received by any
Pledgor, if and to the extent they are not prohibited by the Indenture, may be
retained by such Pledgor in accordance with SECTION 4 and used in the ordinary
course of such Pledgor's business.

          (e)  If at any time and from time to time any Pledged Collateral
consists of an uncertificated security or a security in book entry form, then
the applicable Pledgor shall promptly cause such Pledged Collateral to be
registered or entered, as the case may be, in the name of Collateral Agent, or
otherwise cause the security interest held by Collateral Agent to be perfected
in accordance with applicable law.

     4.   VOTING RIGHTS AND DIVIDENDS. Subject to the terms of the Intercreditor
Agreement:

          (a)  So long as no Event of Default shall have occurred and be
continuing and any Pledgor shall not have received the written notice from
Collateral Agent described below in SECTION 4(b), such Pledgor shall be entitled
to exercise any and all voting and other consensual rights pertaining to the
Pledged Collateral applicable to it or any part thereof and any Excluded Equity
Interests held by it for any purpose not inconsistent with the terms of the
Indenture Documents.

          (b)  Upon the occurrence and during the continuance of an Event of
Default, at the election of Collateral Agent, upon the receipt by a Pledgor of
written notice of such election by Collateral Agent, all rights of such Pledgor
to exercise the voting and other consensual rights or receive and retain cash
dividends or distributions that it would otherwise be entitled to exercise or
receive and retain in respect of the Pledged Collateral applicable to it, as
applicable

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pursuant to SECTION 4(a), shall cease, and all such rights shall thereupon
become vested in Collateral Agent, who shall thereupon have the sole right to
exercise such voting or other consensual rights and to receive and retain such
cash dividends and distributions subject to the terms of the Indenture. Upon the
receipt of such written notice, such Pledgor shall execute and deliver (or cause
to be executed and delivered) to Collateral Agent all such proxies and other
instruments as Collateral Agent may reasonably request for the purpose of
enabling Collateral Agent to exercise the voting and other rights which it is
entitled to exercise and to receive the dividends and distributions that it is
entitled to receive and retain pursuant to the preceding sentence. Following the
waiver or cure of any such Event of Default, Collateral Agent shall, upon the
reasonable request and at the expense of such Pledgor, execute and deliver
(without recourse, representation or warranty) to such Pledgor such agreements
or instruments as such Pledgor may reasonably request, to terminate such proxies
and other instruments. Upon any such election by Collateral Agent, such Pledgor
shall retain the right to (i) exercise all voting and other consensual rights
relating to all Excluded Equity Interests applicable to it so long as it
exercises any such voting or other consensual right in a manner identical to the
exercise by Collateral Agent of any such voting or other consensual right of the
Equity Interests (of the Issuer of such Excluded Equity Interests) constituting
Pledged Collateral applicable to such Pledgor and (ii) receive and retain cash
dividends and distributions that it would otherwise be entitled to exercise or
receive and retain in respect of the Excluded Equity Interests applicable to it
to the extent, and solely to the extent, that such cash dividends and
distributions are made on a pro rata basis with the Equity Interests (of the
Issuer of such Excluded Equity Interests) that constitute Pledged Collateral
applicable to such Pledgor

     5.   REPRESENTATIONS AND WARRANTIES. Each Pledgor represents, warrants, and
covenants to Collateral Agent as follows:

          (a)  Such Pledgor has taken all steps it deems necessary or
appropriate to be informed on a continuing basis of changes or potential changes
affecting the Pledged Collateral (including rights of conversion and exchange,
rights to subscribe, payment of dividends, reorganizations or recapitalization,
tender offers and voting rights), and such Pledgor agrees that none of
Collateral Agent, the Trustee or any Noteholder shall have any responsibility or
liability for informing such Pledgor of any such changes or potential changes or
for taking any action or omitting to take any action with respect thereto;

          (b)  All information herein or hereafter supplied to Collateral Agent
by or on behalf of such Pledgor in writing with respect to the Pledged
Collateral is, or in the case of information hereafter supplied will be, true
and correct in all material respects;

          (c)  Such Pledgor is and will be the sole legal and beneficial owner
of the Pledged Collateral (including the Pledged Interests and all other Pledged
Collateral acquired by such Pledgor after the date hereof) free and clear of any
adverse claim, Lien, or other right, title, or interest of any party, other than
the Liens held by Collateral Agent for the benefit of Collateral Agent, the
Noteholders and the Trustee and the Permitted Liens;

          (d)  This Agreement, the execution and delivery of the Indenture by
Collateral Agent and Trustee, and the delivery to Collateral Agent of the
Pledged Interests representing Pledged Collateral (or the delivery to all
Holders of the Pledged Interests representing Pledged

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Collateral of the notification/instruction referred to in SECTION 3 of this
Agreement), creates (subject to the Liens of the Administrative Agent, to the
extent specified in the Intercreditor Agreement) a valid, perfected, and first
priority security interest in one hundred percent (100%) of the Pledged
Interests which are in certificated form in favor of Collateral Agent for the
benefit of itself, the Trustee and the Noteholders, securing payment of the
Secured Obligations, and all actions necessary to achieve such perfection have
been duly taken (other than the delivery of the share certificates of Morton's
of Chicago Mauritius Holding Corp. held by Morton's of Chicago, Inc., which
Foreign Issuer such Pledgor is in the process of dissolving);

          (e)  SCHEDULE A to this Agreement is true and correct and complete in
all material respects as of the date hereof; without limiting the generality of
the foregoing, as of the date hereof: (i) except as set forth in SCHEDULE A, all
the Pledged Interests are in certificated form, and, except to the extent
registered in the name of Collateral Agent or its nominee pursuant to the
provisions of this Agreement, are registered in the name of the applicable
Pledgor; and (ii) the Pledged Interests as to each of the Issuers constitute at
least the percentage of all the fully diluted issued and outstanding Equity
Interests of such Issuer as set forth in SCHEDULE A to this Agreement;

          (f)  The Pledged Interests that are Equity Interests in general
partnerships, limited partnerships or limited liability companies (i) are not
dealt in or traded on securities exchanges or in securities markets, (ii) do not
have terms expressly providing that they are securities governed by Article 8 of
the Code, and (iii) are not investment company securities, and are not,
therefore, "securities" governed by Article 8 of the Code;

          (g)  There are no presently existing Future Rights owned by any
Pledgor as of the date hereof;

          (h)  The Pledged Interests have been duly authorized and validly
issued and are fully paid and nonassessable;

          (i)  Neither the pledge of the Pledged Collateral pursuant to this
Agreement nor the extensions of credit represented by the Secured Obligations
violates Regulation T, U or X of the Board of Governors of the Federal Reserve
System; and

          (j)  Each direct Subsidiary of each Pledgor is an Issuer of Pledged
Interests that have been pledged hereunder.

     6.   FURTHER ASSURANCES.

          (a)  Each Pledgor agrees that from time to time, at the expense of
such Pledgor, it will promptly execute and deliver all further instruments and
documents, and take all further action that may be necessary or reasonably
desirable, or that Collateral Agent, on behalf of Collateral Agent, the
Noteholders and the Trustee, may request, in order to perfect and protect any
security interest granted or purported to be granted hereby or to enable
Collateral Agent, on behalf of Collateral Agent, the Noteholders and the
Trustee, to exercise and enforce its rights and remedies hereunder with respect
to any Pledged Collateral. Without limiting the generality of the foregoing,
each Pledgor will: (i) at the request of Collateral Agent, mark conspicuously
each of its records pertaining to the Pledged Collateral with a legend, in form
and substance

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reasonably satisfactory to Collateral Agent, indicating that such Pledged
Collateral is subject to the security interest granted hereby; (ii) execute and
file such financing or continuation statements, or amendments thereto, and such
other instruments or notices, as may be necessary or reasonably desirable, or as
Collateral Agent may reasonably request, in order to perfect and preserve the
security interests granted or purported to be granted hereby; (iii) to the
extent held by such Pledgor, allow inspection of the Pledged Collateral and
books and records related thereto by Collateral Agent or Persons designated by
Collateral Agent, from time to time hereafter during normal business hours, or
at any time following the occurrence and during the continuance of an Event of
Default; and (iv) appear in and defend any action or proceeding that may affect
such Pledgor's title to the Pledged Collateral or Collateral Agent's security
interest in the Pledged Collateral.

          (b)  Each Pledgor hereby authorizes Collateral Agent, on behalf of
Collateral Agent, the Noteholders and the Trustee, to file one or more financing
or continuation statements, and amendments thereto, relative to all or any part
of the Pledged Collateral without the signature of such Pledgor where permitted
by law. A carbon, photographic, or other reproduction of this Agreement or any
financing statement covering the Pledged Collateral or any part thereof shall be
sufficient as a financing statement where permitted by law.

          (c)  Each Pledgor will furnish to Collateral Agent, upon the request
of Collateral Agent: (i) a certificate executed by an authorized officer of such
Pledgor, and dated as of the date of delivery to Collateral Agent, itemizing in
such detail as Collateral Agent may request, the Pledged Collateral which, as of
the date of such certificate, has been delivered to Collateral Agent by such
Pledgor pursuant to the provisions of this Agreement; and (ii) such statements
and schedules further identifying and describing the Pledged Collateral and such
other reports in connection with the Pledged Collateral as Collateral Agent may
request.

     7.   COVENANTS OF PLEDGOR. Each Pledgor shall:

          (a)  Perform each and every covenant in the Indenture Documents
applicable to such Pledgor;

          (b)  At all times keep at least one complete set of its records
concerning substantially all of the Pledged Collateral at its Chief Executive
Office as set forth in SCHEDULE B hereto, and not change the location of its
Chief Executive Office or such records without giving Collateral Agent at least
fifteen (15) days prior written notice thereof;

          (c)  To the extent it may lawfully do so, use its best efforts to
prevent the Issuers from issuing Future Rights or Proceeds, except for cash
dividends and any other distributions, if any, that are not prohibited by the
terms of the Indenture to be paid or otherwise distributed by any Issuer to such
Pledgor and are made on a pro rata basis between Equity Interests constituting
Pledged Interests and Equity Interests constituting Excluded Equity Interests;

          (d)  Upon receipt by such Pledgor of any material notice, report, or
other communication from any of the Issuers or any Holder relating to all or any
part of the Pledged

                                       10
<Page>

Collateral, deliver such notice, report or other communication to Collateral
Agent promptly, but in no event later than five (5) days following the receipt
thereof by such Pledgor; and

          (e)  Not permit any of the Issuers to: (i) authorize the amendment of
or amend the organic documents of such Issuer that is a general partnership,
limited partnership or limited liability company to provide that the Equity
Interests of such Issuer is governed by Article 8 of the Uniform Commercial Code
as adopted by the jurisdiction in which such Issuer is formed, or (ii) authorize
the issuance of or issue certificates evidencing any of the Equity Interests of
such Issuer that is a general partnership, limited partnership or limited
liability company without the prior written consent of Collateral Agent (such
consent not to be unreasonably withheld).

     8.   COLLATERAL AGENT AS EACH PLEDGOR'S ATTORNEY-IN-FACT.

          (a)  Each Pledgor hereby irrevocably appoints Collateral Agent, on
behalf of Collateral Agent, the Noteholders and the Trustee, as such Pledgor's
attorney-in-fact, with full authority in the place and stead of such Pledgor and
in the name of such Pledgor, Collateral Agent or otherwise, from time to time at
Collateral Agent's discretion, to take any action and to execute any instrument
that Collateral Agent, on behalf of Collateral Agent, the Noteholders and the
Trustee, may reasonably deem necessary or advisable to accomplish the purposes
of this Agreement, including: (i) upon the occurrence and during the continuance
of an Event of Default, to receive, endorse, and collect all instruments made
payable to such Pledgor representing any dividend, interest payment or other
distribution in respect of the Pledged Collateral or any part thereof to the
extent permitted hereunder and to give full discharge for the same and to
execute and file governmental notifications and reporting forms; (ii) to issue
any notifications/instructions Collateral Agent deems necessary pursuant to
SECTION 3 of this Agreement; or (iii) following the occurrence and during the
continuance of an Event of Default, to arrange for the transfer of the Pledged
Collateral on the books of any of the Issuers or any other Person to the name of
Collateral Agent or to the name of Collateral Agent's nominee.

          (b)  In addition to the designation of Collateral Agent as each
Pledgor's attorney-in-fact in SUBSECTION (a), each Pledgor hereby irrevocably
appoints Collateral Agent, on behalf of Collateral Agent, the Noteholders and
the Trustee, as such Pledgor's agent and attorney-in-fact with power to, if such
Pledgor refuses to, or fails timely to, make, execute and deliver any and all
documents and writings which may be necessary or appropriate for approval of, or
be required by, any regulatory authority located in any city, county, state or
country where such Pledgor or any of the Issuers engage in business, in order to
transfer or to more effectively transfer any of the Pledged Interests or
otherwise enforce the rights granted hereunder to Collateral Agent,, the
Noteholders and the Trustee, or Collateral Agent for the benefit thereof.

     9.   REMEDIES UPON DEFAULT. Upon the occurrence and during the continuance
of an Event of Default and subject to the terms of the Intercreditor Agreement:

          (a)  Collateral Agent, on behalf of Collateral Agent, the Noteholders
and the Trustee, may exercise in respect of the Pledged Collateral, in addition
to other rights and remedies provided for herein or otherwise available to it,
all the rights and remedies of a secured party on default under the Code
(irrespective of whether the Code applies to the affected items of Pledged
Collateral), and Collateral Agent, on behalf of Collateral Agent, the
Noteholders and the

                                       11
<Page>

Trustee, may also without notice (except as specified below) sell the Pledged
Collateral or any part thereof in one or more parcels at public or private sale,
at any exchange, broker's board or at any of Collateral Agent's offices or
elsewhere, for cash, on credit or for future delivery, at such time or times and
at such price or prices and upon such other terms as Collateral Agent may deem
commercially reasonable, irrespective of the impact of any such sales on the
market price of such Pledged Collateral. To the maximum extent permitted by
applicable law, Collateral Agent may be the purchaser of any or all of the
Pledged Collateral at any such public sale and shall be entitled, for the
purpose of bidding and making settlement or payment of the purchase price for
all or any portion of the Pledged Collateral sold at any such public sale, to
use and apply all or any part of the Secured Obligations as a credit on account
of the purchase price of any Pledged Collateral payable at such sale. Each
purchaser at any such sale shall hold the property sold absolutely free from any
claim or right on the part of any Pledgor, and each Pledgor hereby waives (to
the extent permitted by law) all rights of redemption, stay, or appraisal that
it now has or may at any time in the future have under any rule of law or
statute now existing or hereafter enacted. Each Pledgor agrees that, to the
extent notice of sale shall be required by law, at least ten (10) calendar days
notice to such Pledgor of the time and place of any public sale or the time
after which a private sale is to be made shall constitute reasonable
notification. Collateral Agent shall not be obligated to make any sale of
Pledged Collateral regardless of notice of sale having been given. Collateral
Agent may adjourn any public or private sale from time to time by announcement
at the time and place fixed therefor, and such sale may, without further notice,
be made at the time and place to which it was so adjourned. To the maximum
extent permitted by law, each Pledgor hereby waives any claims against
Collateral Agent arising because the price at which any Pledged Collateral may
have been sold at such a private sale was less than the price that might have
been obtained at a public sale, even if Collateral Agent accepts the first offer
received and does not offer such Pledged Collateral to more than one offeree.

          (b)  Each Pledgor hereby agrees that any sale or other disposition of
the Pledged Collateral conducted in conformity with reasonable commercial
practices of banks, insurance companies, or other financial institutions in the
State of New York in disposing of property similar to the Pledged Collateral in
a transaction of a similar type shall be deemed to be commercially reasonable.

          (c)  Each Pledgor hereby acknowledges that the sale by Collateral
Agent of any Pledged Collateral pursuant to the terms hereof in compliance with
the Securities Act of 1933 as now in effect or as hereafter amended, or any
similar statute hereafter adopted with similar purpose or effect (the
"SECURITIES Act"), as well as applicable "Blue Sky" or other state securities
laws may require strict limitations as to the manner in which Collateral Agent
or any subsequent transferee of the Pledged Collateral may dispose thereof. Each
Pledgor acknowledges and agrees that in order to protect Collateral Agent's
interest it may be necessary to sell the Pledged Collateral at a price less than
the maximum price attainable if a sale were delayed or were made in another
manner, such as a public offering under the Securities Act. No Pledgor has any
objection to sale in such a manner and agrees that Collateral Agent shall have
no obligation to obtain the maximum possible price for the Pledged Collateral so
long as the sale is conducted in a commercially reasonable manner. Without
limiting the generality of the foregoing, each Pledgor agrees that, upon the
occurrence and during the continuation of an Event of Default, Collateral Agent
may, subject to applicable law, from time to time attempt to sell all

                                       12
<Page>

or any part of the Pledged Collateral by a private placement, restricting the
bidders and prospective purchasers to those who will represent and agree that
they are purchasing for investment only and not for distribution. In so doing,
Collateral Agent may solicit offers to buy the Pledged Collateral or any part
thereof for cash, from a limited number of investors deemed by Collateral Agent,
in its reasonable judgment, to be institutional investors or other responsible
parties who might be interested in purchasing the Pledged Collateral. If
Collateral Agent shall solicit such offers and so long as the sale is conducted
in accordance with applicable law, then the acceptance by Collateral Agent of
one of the offers shall be deemed to be a commercially reasonable method of
disposition of the Pledged Collateral.

          (d)  If Collateral Agent shall determine to exercise its right to sell
all or any portion of the Pledged Collateral pursuant to this Section, each
Pledgor agrees that, upon request of Collateral Agent, such Pledgor will, at its
own expense:

               (i)  use its best efforts to execute and deliver, and cause the
Issuers and the directors and officers thereof to execute and deliver, all such
instruments and documents, and to do or cause to be done all such other acts and
things, as may be necessary or, in the opinion of Collateral Agent, advisable to
register such Pledged Collateral under the provisions of the Securities Act, and
to cause the registration statement relating thereto to become effective and to
remain effective for such period as prospectuses are required by law to be
furnished, and to make all amendments and supplements thereto and to the related
prospectuses which, in the opinion of Collateral Agent, are necessary or
advisable, all in conformity with the requirements of the Securities Act and the
rules and regulations of the Securities and Exchange Commission applicable
thereto;

               (ii) use its best efforts to qualify the Pledged Collateral under
the state securities laws or "Blue Sky" laws and to obtain all necessary
governmental approvals for the sale of the Pledged Collateral, as requested by
Collateral Agent;

               (iii) cause the Issuers to make available to their respective
security holders, as soon as practicable, an earnings statement which will
satisfy the provisions of Section 11(a) of the Securities Act;

               (iv) execute and deliver, or cause the officers and directors of
the Issuers to execute and deliver, to any Person, entity or governmental
authority as Collateral Agent may choose, any and all documents and writings
which, in Collateral Agent's reasonable judgment, may be necessary or
appropriate for approval, or be required by, any regulatory authority located in
any city, county, state or country where such Pledgor or the Issuers engage in
business, in order to transfer or to more effectively transfer the Pledged
Interests or otherwise enforce Collateral Agent's rights hereunder; and

               (v)  do or cause to be done all such other acts and things as may
be necessary to make such sale of the Pledged Collateral or any part thereof
valid and binding and in compliance with applicable law.

Each Pledgor acknowledges that there is no adequate remedy at law for failure by
it to comply with the provisions of this Section and that such failure would not
be adequately compensable in

                                       13
<Page>

damages, and therefore agrees that its agreements contained in this Section may
be specifically enforced.

          (e)  EACH PLEDGOR EXPRESSLY WAIVES TO THE MAXIMUM EXTENT PERMITTED BY
LAW: (i) ANY CONSTITUTIONAL OR OTHER RIGHT TO A JUDICIAL HEARING PRIOR TO THE
TIME COLLATERAL AGENT DISPOSES OF ALL OR ANY PART OF THE COLLATERAL AS PROVIDED
IN THIS SECTION; (ii) ALL RIGHTS OF REDEMPTION, STAY, OR APPRAISAL THAT IT NOW
HAS OR MAY AT ANY TIME IN THE FUTURE HAVE UNDER ANY RULE OF LAW OR STATUTE NOW
EXISTING OR HEREAFTER ENACTED; AND (iii) EXCEPT AS SET FORTH IN SUBSECTION (a)
OF THIS SECTION, ANY REQUIREMENT OF NOTICE, DEMAND, OR ADVERTISEMENT FOR SALE.

          (f)  Each Pledgor authorizes Collateral Agent to sell all or any
portion of the Excluded Equity Interests together with all of the Pledged
Interests of the Issuer of such Excluded Equity Interests to the same extent as
it is permitted to authorize the sale of the Pledged Interests hereunder without
any liability thereto or any duty owed thereby other than as otherwise expressly
required hereunder with respect to such Pledged Interests in the same sale and
on the same terms and for the same consideration as provided in such sale of the
Pledged Interests and at the same price per share or unit of Pledged Interest as
the Excluded Equity Interests; PROVIDED that the Collateral Agent shall promptly
upon receipt of such consideration turn over to such Pledgor (after deducting a
pro rata portion of the costs and expenses incurred in connection with such
sale) the proceeds of such sale relating to the Excluded Equity Interests so
sold, together with a copy of any instruments or other documentation evidencing
such share and an accounting of the costs and expenses applied thereto. Each
Pledgor agrees that the foregoing provisions of this Section 9 shall apply to
such Excluded Equity Interests as if such Excluded Equity Interests were Pledged
Interests, subject to the immediately preceding sentence, Section 4(a) and the
last sentence of Section 4(b).

     10.  APPLICATION OF PROCEEDS. Upon the occurrence and during the
continuance of an Event of Default and subject to the terms of the Intercreditor
Agreement, any cash held by Collateral Agent as Pledged Collateral and all cash
proceeds received by Collateral Agent in respect of any sale of, collection
from, or other realization upon all or any part of the Pledged Collateral
pursuant to the exercise by Collateral Agent of its remedies as a secured
creditor as provided in SECTION 9 shall be applied from time to time by
Collateral Agent as provided in the Indenture.

     11.  DUTIES OF COLLATERAL AGENT. The powers conferred on Collateral Agent
hereunder are solely to protect its interests in the Pledged Collateral and
shall not impose on it any duty to exercise such powers. Except as provided in
Section 9-207 of the Code, Collateral Agent shall have no duty with respect to
the Pledged Collateral or any Excluded Equity Interests (it being understood
that for purposes of this Section the obligations of the Collateral Agent under
Section 9-207 of the Code shall apply thereto as if such Excluded Equity
Interests constituted Pledged Collateral) or any responsibility for taking any
necessary steps to preserve rights against any Persons with respect to any
Pledged Collateral.

                                       14
<Page>

     12.  CHOICE OF LAW AND VENUE. THE VALIDITY OF THIS AGREEMENT, ITS
CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT, AND THE RIGHTS OF THE PARTIES
HERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR RELATED HERETO SHALL BE
DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK. THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN
CONNECTION WITH THIS AGREEMENT AND THE OTHER INDENTURE DOCUMENTS SHALL BE TRIED
AND LITIGATED ONLY IN THE STATE AND FEDERAL COURTS LOCATED IN THE BOROUGH OF
MANHATTAN IN THE CITY OF NEW YORK, STATE OF NEW YORK; PROVIDED, HOWEVER, THAT
ANY SUIT SEEKING ENFORCEMENT AGAINST ANY PLEDGED COLLATERAL OR OTHER PROPERTY
MAY BE BROUGHT, AT COLLATERAL AGENT'S OPTION, IN THE COURTS OF ANY JURISDICTION
WHERE COLLATERAL AGENT ELECTS TO BRING SUCH ACTION OR WHERE SUCH PLEDGED
COLLATERAL OR OTHER PROPERTY MAY BE FOUND. EACH PLEDGOR AND COLLATERAL AGENT
WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY
HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE
EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 12.

     13.  AMENDMENTS; ETC. No amendment or waiver of any provision of this
Agreement nor consent to any departure by any Pledgor herefrom shall in any
event be effective unless the same shall be in writing and signed by Collateral
Agent and each Pledgor, and then such waiver or consent shall be effective only
in the specific instance and for the specific purpose for which given. No
failure on the part of Collateral Agent to exercise, and no delay in exercising
any right under this Agreement, any other Indenture Document, or otherwise with
respect to any of the Secured Obligations, shall operate as a waiver thereof;
nor shall any single or partial exercise of any right under this Agreement, any
other Indenture Document, or otherwise with respect to any of the Secured
Obligations preclude any other or further exercise thereof or the exercise of
any other right. The remedies provided for in this Agreement or otherwise with
respect to any of the Secured Obligations are cumulative and not exclusive of
any remedies provided by law. Notwithstanding the foregoing, the parties hereto
agree that in the event that Rule 3-16 of Regulation S-X under the Securities
Act is amended, modified or interpreted by the Commission to require (or is
replaced with another rule or regulation, or any other law, rule or regulation
is adopted, which would require) the filing with the Commission of separate
financial statements of any Issuer whose Equity Interests constitute Pledged
Collateral, the term "Excluded Equity Interests" shall be deemed amended
(without further action or consent by any Pledgor, Collateral Agent, the Trustee
or any Noteholder) to the extent, and only to the extent, necessary to avoid the
requirement of filing with the Commission of such separate audited financial
statements of such Issuer, and for the avoidance of doubt, Pledged Interests
shall not include any Excluded Equity Interests as amended.

     14.  NOTICES. All notices and other communications hereunder to Collateral
Agent shall be in writing and shall be mailed, sent or delivered in accordance
with the Indenture and all notices and other communications hereunder to any
Debtor shall be in writing and shall be mailed, sent or delivered in care of
Company in accordance with the Indenture.

                                       15
<Page>

     15.  CONTINUING SECURITY INTEREST. This Agreement shall create a continuing
security interest in the Pledged Collateral and shall: (i) remain in full force
and effect until the payment in full of all Secured Obligations or the
Defeasance thereof; (ii) be binding upon each Pledgor and its successors and
assigns; and (iii) inure to the benefit of Collateral Agent and its successors,
transferees, and assigns, in each case other than as expressly permitted
pursuant to the terms of the Indenture Documents. Upon the payment in full of
all Secured Obligations or the Defeasance thereof, the security interests
granted herein shall automatically terminate and all rights to the Pledged
Collateral shall revert to the applicable Pledgor and all restrictions imposed
on the exercise by such Pledgor of any of its rights with respect to any
Excluded Equity Interests held by it shall be terminated. Upon any such
termination, Collateral Agent will, at Pledgors' expense, execute and deliver to
each Pledgor such documents without recourse, representation or warranty as such
Pledgor shall reasonably request to evidence such termination. Such documents
shall be prepared by the Pledgors and shall be in form and substance reasonably
satisfactory to Collateral Agent.

     16.  SECURITY INTEREST ABSOLUTE. To the maximum extent permitted by law,
all rights of Collateral Agent, all security interests hereunder, and all
obligations of each Pledgor hereunder, shall be absolute and unconditional
irrespective of:

          (a)  any lack of validity or enforceability of any of the Secured
Obligations or any other agreement or instrument relating thereto, including any
of the Indenture Documents;

          (b)  any change in the time, manner, or place of payment of, or in any
other term of, all or any of the Secured Obligations, or any other amendment or
waiver of or any consent to any departure from any of the Indenture Documents,
or any other agreement or instrument relating thereto;

          (c)  any exchange, release, or non-perfection of any other collateral,
or any release or amendment or waiver of or consent to departure from any
guaranty for all or any of the Secured Obligations; or

          (d)  any other circumstances that might otherwise constitute a defense
available to, or a discharge of, any Pledgor.

To the maximum extent permitted by law, each Pledgor hereby waives any right to
require Collateral Agent to: (A) proceed against or exhaust any security held
from such Pledgor; or (B) pursue any other remedy in Collateral Agent's power
whatsoever.

     17.  PLEDGORS REMAIN LIABLE. Anything herein to the contrary
notwithstanding:

          (a)  Pledgors will remain liable under all agreements (including all
limited liability company agreements) relating to the Pledged Collateral to the
extent set forth therein, and will perform all of their duties and obligations
under such agreements to the same extent as if this Agreement had not been
executed;

          (b)  the exercise by Collateral Agent of any of its rights hereunder
will not release any Pledgor from any of its duties or obligations under any
such agreements; and

                                       16
<Page>

          (c)  none of Collateral Agent, the Trustee or any Noteholder will have
any obligation or liability under any such agreement by reason of this
Agreement, nor will any such Person be obligated to perform any of the
obligations or duties of any Pledgor thereunder.

     18.  REVIVAL AND REINSTATEMENT OF OBLIGATIONS. If the incurrence or payment
of the Secured Obligations by Debtor, any Defeasance thereof or the transfer by
Debtor to Collateral Agent of any property of Debtor should for any reason
subsequently be declared to be void or voidable under any state or federal law
relating to creditors' rights, including provisions of the Bankruptcy Code
relating to fraudulent conveyances, preferences, and other voidable or
recoverable payments of money or transfers of property (collectively, a
"VOIDABLE TRANSFER"), and if Collateral Agent is required to repay or restore,
in whole or in part, any such Voidable Transfer, or elects to do so upon the
reasonable advice of its counsel, then, as to any such Voidable Transfer, or the
amount thereof that Collateral Agent is required or elects to repay or restore,
and as to all reasonable costs, expenses, and attorneys' fees of Collateral
Agent related thereto, the liability of Debtor automatically shall be revived,
reinstated, and restored and shall exist as though such Voidable Transfer had
never been made.

     19.  POSTPONEMENT OF SUBROGATION. Each Pledgor hereby agrees that it will
not exercise any rights which it may acquire by reason of any payment made
hereunder, whether by way of subrogation, reimbursement or otherwise, until the
prior payment in full of all Secured Obligations or the Defeasance thereof.
Subject to the terms of the Intercreditor Agreement, any amount paid to any
Pledgor on account of any payment made hereunder prior to the payment in full of
all Secured Obligations or the Defeasance thereof shall be held in trust for the
benefit of Collateral Agent, the Noteholders and the Trustee and shall
immediately be paid to Collateral Agent, to be distributed to the Trustee for
application against the Secured Obligations, whether matured or unmatured, in
accordance with the terms of the Indenture. In furtherance of the foregoing, for
so long as any Secured Obligations remain outstanding or the Defeasance thereof
shall not have been consummated, each Pledgor shall refrain from taking any
action or commencing any proceeding against Company or any other Pledgor (or any
of their respective successors or assigns, whether in connection with a
bankruptcy proceeding or otherwise) to recover any amounts in respect of
payments made under this Agreement to Collateral Agent, the Trustee or any
Noteholder.

     20.  HEADINGS. Section and subsection headings in this Agreement are
included herein for convenience of reference only and shall not constitute a
part of this Agreement or be given any substantive effect.

     21.  SEVERABILITY. In case any provision in or obligation under this
Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the
validity, legality and enforceability of the remaining provisions or
obligations, or of such provision or obligation in any other jurisdiction, shall
not in any way be affected or impaired thereby.

     22.  COUNTERPARTS; TELEFACSIMILE EXECUTION. This Agreement may be executed
in one or more counterparts, each of which shall be deemed an original and all
of which together shall constitute one and the same Agreement. Delivery of an
executed counterpart of this Agreement by telefacsimile shall be equally as
effective as delivery of an original executed counterpart of this Agreement. Any
party delivering an executed counterpart of this Agreement by

                                       17
<Page>

telefacsimile also shall deliver an original executed counterpart of this
Agreement but the failure to deliver an original executed counterpart shall not
affect the validity, enforceability, or binding effect hereof.

     23.  WAIVER OF MARSHALING. Each Pledgor and Collateral Agent acknowledge
and agree that in exercising any rights under or with respect to the Pledged
Collateral, Collateral Agent, subject to the terms of the Intercreditor
Agreement: (i) is under no obligation to marshal any Pledged Collateral; (ii)
may, in its absolute discretion, realize upon the Pledged Collateral in any
order and in any manner it so elects; and (iii) may, in its absolute discretion,
apply the proceeds of any or all of the Pledged Collateral to the Secured
Obligations in any order and in any manner it so elects. Each Pledgor and
Collateral Agent waive any right to require the marshaling of any of the Pledged
Collateral.

     24.  WAIVER OF JURY TRIAL. EACH PLEDGOR AND COLLATERAL AGENT HEREBY WAIVE
THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED
UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED
HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL
OTHER COMMON LAW OR STATUTORY CLAIMS. EACH PLEDGOR AND COLLATERAL AGENT
REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY
WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE
EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT
TO A TRIAL BY THE COURT.

     25.  INTERCREDITOR AGREEMENT.

          (a)  THE LIENS GRANTED HEREUNDER IN FAVOR OF COLLATERAL AGENT FOR THE
BENEFIT OF ITSELF, THE TRUSTEE AND THE NOTEHOLDERS IN RESPECT OF THE PLEDGED
COLLATERAL AND THE EXERCISE OF ANY RIGHT RELATED THERETO THEREBY SHALL BE
SUBJECT, IN EACH CASE, TO THE TERMS OF THE INTERCREDITOR AGREEMENT.

          (b)  IN THE EVENT OF ANY DIRECT CONFLICT BETWEEN THE EXPRESS TERMS AND
PROVISIONS OF THIS AGREEMENT AND OF THE INTERCREDITOR AGREEMENT, THE TERMS AND
PROVISIONS OF THE INTERCREDITOR AGREEMENT SHALL CONTROL.

          (c)  NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, ANY PROVISION
HEREOF THAT REQUIRES ANY PLEDGOR TO DELIVER ANY PLEDGED INTERESTS TO COLLATERAL
AGENT MAY BE SATISFIED BY THE DELIVERY OF SUCH PLEDGED INTERESTS BY SUCH PLEDGOR
TO THE ADMINISTRATIVE AGENT FOR THE BENEFIT OF THE LENDER AND COLLATERAL AGENT
FOR THE BENEFIT OF ITSELF, THE TRUSTEE AND THE NOTEHOLDERS PURSUANT TO SECTION
3.02 OF THE INTERCREDITOR AGREEMENT.

                           [Signature page to follow.]

                                       18
<Page>

          IN WITNESS WHEREOF, each of the parties hereto has caused this
Agreement to be duly executed and delivered as of the date first written above.

Borrower:

MORTON'S RESTAURANT GROUP, INC.,
a Delaware corporation

By:  /s/ Thomas J. Baldwin
     -----------------------------------------
     Name:    Thomas J. Baldwin
     Title:   Executive Vice President and
              Chief Financial Officer

Guarantors:

PORTERHOUSE, INC., a Delaware
corporation

MORTON'S OF CHICAGO, INC., an
Illinois corporation

MORTON'S OF CHICAGO/ADDISON,
INC., a Delaware corporation

MORTON'S OF CHICAGO/DALLAS,
INC., an Illinois corporation

MORTON'S OF CHICAGO HOLDING,
INC., a Delaware corporation

MORTON'S OF CHICAGO/HOUSTON,
INC., a Delaware corporation

MORTON'S OF CHICAGO/
PITTSBURGH, INC., a Delaware corporation

MORTON'S OF CHICAGO/SAN
ANTONIO, INC., a Delaware corporation

ITALIAN RESTAURANTS HOLDING
CORP., a Delaware corporation

BERTOLINI'S RESTAURANTS, INC., a
Delaware corporation

By:   /s/ Thomas J. Baldwin
      ------------------------------------------
      Name:   Thomas J. Baldwin
      Title:  Executive Vice President and Chief
              Financial Officer of the above
              corporations

<Page>

THE BANK OF NEW YORK, AS
COLLATERAL AGENT

By:   /s/ Julie Salovitch-Miller
      -----------------------------------------
      Name:  Julie Salovitch-Miller
      Title: Vice President<Page>

                                                                    EXHIBIT 10.7

                                                                [EXECUTION COPY]

THE LIEN OF THE COLLATERAL AGENT IN RESPECT OF THE COLLATERAL GRANTED HEREUNDER
AND THE EXERCISE BY THE COLLATERAL AGENT OF ITS RIGHTS HEREUNDER WITH RESPECT TO
SUCH COLLATERAL IS SUBJECT TO THE TERMS OF THE INTERCREDITOR AGREEMENT REFERRED
TO BELOW.

                          TRADEMARK SECURITY AGREEMENT

          This TRADEMARK SECURITY AGREEMENT (this "AGREEMENT"), dated as of July
7, 2003, is made by MORTON'S OF CHICAGO, INC., an Illinois corporation
("DEBTOR"), in favor of THE BANK OF NEW YORK ("BNY"), as collateral agent
(together with its successor(s) thereto in such capacity, "COLLATERAL AGENT")
for the Trustee and the Noteholders, with reference to the following:

          WHEREAS, Morton's Restaurant Group, Inc., a Delaware corporation
("COMPANY"), certain Subsidiaries of the Company (including Debtor), as
guarantors ("Guarantors"), Collateral Agent and BNY, as Trustee ("TRUSTEE"),
have entered into an Indenture, dated as of July 7, 2003 (as amended, restated,
supplemented or otherwise modified from time to time, the "INDENTURE"), pursuant
to which Company incurred indebtedness for certain notes (such notes, together
with all additional notes and all other notes issued thereunder in exchange for
such notes and additional notes, the "NOTES") and Debtor and the other
Guarantors have guaranteed the payment of the Notes and the other Obligations
thereunder;

          WHEREAS, Company and Wells Fargo Foothill, Inc. (the "LENDER") have
entered into that certain Loan and Security Agreement dated as of July 7, 2003
(as amended, restated, supplemented, replaced or otherwise modified from time to
time, the "LOAN AGREEMENT"), pursuant to which Lender has agreed to make credit
extensions to the Company in an initial aggregate principal amount of up to
$15,000,000;

          WHEREAS, Collateral Agent, Lender, Company, Debtor and the other
Guarantors have entered into that certain Intercreditor and Lien Subordination
Agreement, dated as of July 7, 2003 (as amended, restated, supplemented,
replaced or otherwise modified from time to time, the "INTERCREDITOR
AGREEMENT"), which agreement, among other things, sets forth, as between
Collateral Agent and Lender, the relative priority of their respective Liens in
the Collateral (as defined in the Intercreditor Agreement) and their rights with
respect thereto;

          WHEREAS, Debtor desires to secure its Guarantee under the Indenture by
granting to Collateral Agent, for its benefit and for the benefit of the Trustee
and the Noteholders, security interests in the Trademark Collateral as set forth
herein;

          WHEREAS, Debtor has executed that certain Security Agreement of even
date herewith, in favor of Collateral Agent (the "SECURITY AGREEMENT"), pursuant
to which Debtor has

<Page>

granted to Collateral Agent, for the benefit of Collateral Agent, the
Noteholders and the Trustee, security interests in (among other things) all
general intangibles of Debtor;

          WHEREAS, Debtor is a Subsidiary of the Company and will benefit from
the proceeds of the Notes;

          WHEREAS, in accordance with the terms of the Indenture, Debtor has
agreed to execute and deliver this Agreement to Collateral Agent for filing with
the PTO and with any other relevant recording systems in any domestic or foreign
jurisdiction, and as further evidence of and to effectuate Collateral Agent's
existing security interests in the trademarks and other general intangibles
described herein.

          NOW, THEREFORE, for valuable consideration, the receipt and adequacy
of which is hereby acknowledged, Debtor hereby agrees in favor of Collateral
Agent, for the benefit of Collateral Agent, the Noteholders and the Trustee, as
follows:

          1. DEFINITIONS; INTERPRETATION.

               (a) CERTAIN DEFINED TERMS. All capitalized terms used herein and
not otherwise defined herein shall have the meanings ascribed to them in the
Security Agreement. As used in this Agreement, the following terms shall have
the following meanings:

          "AGREEMENT" has the meaning set forth in the preamble hereto.

          "BNY" has the meaning set forth in the recitals hereto.

          "COLLATERAL AGENT" has the meaning set forth in the preamble hereto.

          "COLLATERAL AGENT'S LIENS" means the Liens granted by Debtor to
Collateral Agent under this Agreement or the other Indenture Documents to which
Debtor is a party.

          "COMPANY" has the meaning set forth in the recitals hereto.

          "DEBTOR" has the meaning set forth in the preamble hereto.

          "DEFEASANCE" means, with respect to any obligation, the defeasance
thereof pursuant to a Legal Defeasance or Covenant Defeasance as described under
SECTION 8.01 of the Indenture.

          "EVENT OF DEFAULT" means any Event of Default under the Indenture.

          "INDENTURE" has the meaning set forth in the recitals hereto.

          "INTERCREDITOR AGREEMENT" has the meaning set forth in the recitals
hereto.

          "LENDER" has the meaning set forth in the recitals hereto.

          "LOAN AGREEMENT" has the meaning set forth in the recitals hereto.

                                        2
<Page>

          "NOTES" has the meaning set forth in the recitals hereto.

          "PROCEEDS" means whatever is receivable or received from or upon the
sale, lease, license, collection, use, exchange or other disposition, whether
voluntary or involuntary, of any Trademark Collateral, including "proceeds" as
such term is defined in the UCC, and all proceeds of proceeds. Proceeds shall
include (i) any and all accounts, chattel paper, instruments, general
intangibles, cash and other proceeds, payable to or for the account of Debtor,
from time to time in respect of any of the Trademark Collateral, (ii) any and
all proceeds of any insurance, indemnity, warranty or guaranty payable to or for
the account of Debtor from time to time with respect to any of the Trademark
Collateral, (iii) any and all claims and payments (in any form whatsoever) made
or due and payable to Debtor from time to time in connection with any
requisition, confiscation, condemnation, seizure or forfeiture of all or any
part of the Trademark Collateral by any Person acting under color of
governmental authority, and (iv) any and all other amounts from time to time
paid or payable under or in connection with any of the Trademark Collateral or
for or on account of any damage or injury to or conversion of any Trademark
Collateral by any Person.

          "PTO" means the United States Patent and Trademark Office and any
successor thereto.

          "RECORD" means information that is inscribed on a tangible medium or
which is stored in an electronic or other medium and is retrievable in
perceivable form.

          "SECURED OBLIGATIONS" means, with respect to Debtor, all liabilities,
obligations, or undertakings owing by Debtor to Collateral Agent, Trustee or any
Noteholder of any kind or description arising out of or outstanding under,
advanced or issued pursuant to, or evidenced by the Indenture, this Agreement,
or any of the other Indenture Documents, irrespective of whether for the payment
of money, whether direct or indirect, absolute or contingent, due or to become
due, voluntary or involuntary, whether now existing or hereafter arising, and
including all interest, costs, indemnities, fees (including attorneys fees), and
expenses (including interest, costs, indemnities, fees, and expenses that, but
for the provisions of the Bankruptcy Code, would have accrued irrespective of
whether a claim therefor is allowed) and any and all other amounts which Debtor
is required to pay pursuant to any of the foregoing, by law, or otherwise.

          "SECURITY AGREEMENT" has the meaning set forth in the recitals hereto.

          "TRADEMARK COLLATERAL" and "COLLATERAL" have the meaning assigned to
the term "Trademark Collateral" in SECTION 2.

          "TRADEMARKS" has the meaning set forth in SECTION 2.

          "TRUSTEE" has the meaning set forth in the recitals hereto.

          "UCC" means the Uniform Commercial Code as in effect from time to time
in the State of New York.

          "UNITED STATES" and "U.S." each mean the United States of America.

                                        3
<Page>

          "VOIDABLE TRANSFER" has the meaning set forth in SECTION 19 to this
Agreement.

               (b) TERMS DEFINED IN UCC. Where applicable and except as
otherwise defined herein, terms used in this Agreement shall have the meanings
assigned to them in the UCC.

                    (i)   INTERPRETATION. Unless the context of this Agreement
          clearly requires otherwise, references to the plural include the
          singular, references to the singular include the plural, the term
          "including" is not limiting, and the term "or" has, except where
          otherwise indicated, the inclusive meaning represented by the phrase
          "and/or." The words "hereof," "herein," "hereby," "hereunder," and
          similar terms in this Agreement refer to this Agreement as a whole and
          not to any particular provision of this Agreement. Section,
          subsection, clause, schedule, and exhibit references are to this
          Agreement unless otherwise specified. All of the exhibits or schedules
          attached to this Agreement shall be deemed incorporated herein by
          reference. Any reference in this Agreement or in any of the other
          Indenture Documents to this Agreement or any of the other Indenture
          Documents shall include all alterations, amendments, changes,
          extensions, modifications, renewals, replacements, substitutions,
          joinders, and supplements, thereto and thereof, as applicable (subject
          to any restrictions on such alterations, amendments, changes,
          extensions, modifications, renewals, replacements, substitutions,
          joinders, and supplements set forth therein). In the event of a direct
          conflict between the terms and provisions of this Agreement and the
          Indenture, it is the intention of the parties hereto that both such
          documents shall be read together and construed, to the fullest extent
          possible, to be in concert with each other. In the event of any
          actual, irreconcilable conflict that cannot be resolved as aforesaid,
          the terms and provisions of the Indenture shall control and govern;
          PROVIDED, HOWEVER, that the inclusion herein of additional obligations
          on the part of Debtor and supplemental rights and remedies in favor of
          Collateral Agent, in each case in respect of the Trademark Collateral,
          shall not be deemed a conflict with the Indenture. Any reference
          herein to the payment in full of the Secured Obligations shall mean
          the payment in full in cash of all Secured Obligations other than
          contingent indemnification Secured Obligations. Any reference herein
          to any Person shall be construed to include such Person's successors
          and assigns. Any requirement of a writing contained herein shall be
          satisfied by the transmission of a Record and any Record transmitted
          shall constitute a representation and warranty as to the accuracy and
          completeness of the information contained therein. The captions and
          headings are for convenience of reference only and shall not affect
          the construction of this Agreement. References to statutes or
          regulations are to be construed as including all statutory and
          regulatory provisions consolidating, amending or replacing the statute
          or regulation referred to.

          2. SECURITY INTEREST.

               (a) ASSIGNMENT AND GRANT OF SECURITY IN RESPECT OF THE SECURED
OBLIGATIONS. To secure the prompt payment and performance of the Secured
Obligations, Debtor

                                        4
<Page>

hereby grants, assigns, transfers and conveys to Collateral Agent, for the
benefit of Collateral Agent, the Noteholders and the Trustee, a continuing
security interest in all of Debtor's right, title and interest in and to the
following property, whether now existing or hereafter acquired or arising and
whether registered or unregistered (collectively, the "TRADEMARK COLLATERAL"):

                    (i)   all state (including common law) and federal
          trademarks, service marks and trade names, corporate names, company
          names, business names, fictitious business names, trade styles, trade
          dress, logos, other source or business identifiers, designs and
          general intangibles of like nature, now existing or hereafter adopted
          or acquired, together with and including all licenses therefor held by
          Debtor, and all registrations and recordings thereof, and all
          applications filed or to be filed in connection therewith, including
          registrations and applications in the PTO, any State of the United
          States (but excluding each application to register any trademark,
          service mark, or other mark prior to the filing under applicable law
          of a verified statement of use (or the equivalent) for such trademark
          or service mark) and all extensions or renewals thereof, including
          without limitation any of the foregoing identified on SCHEDULE A
          hereto (as the same may be amended, modified or supplemented from time
          to time), and the right (but not the obligation) to register claims
          under any state or federal trademark law or regulation and to apply
          for, renew and extend any of the same, to sue or bring opposition or
          cancellation proceedings in Debtor's name or in the name of Collateral
          Agent for past, present or future infringement or unconsented use
          thereof, and all rights arising therefrom throughout the world
          (collectively, the "TRADEMARKS");

                    (ii)  all claims, causes of action and rights to sue for
          past, present or future infringement or unconsented use of any
          Trademarks and all rights arising therefrom and pertaining thereto;

                    (iii) all general intangibles related to or arising out of
          any of the Trademarks and all the goodwill of Debtor's business
          symbolized by the Trademarks or associated therewith; and

                    (iv)  all Proceeds of any and all of the foregoing.

               (b) CONTINUING SECURITY INTEREST. Debtor hereby agrees that this
Agreement shall create a continuing security interest in the Trademark
Collateral which shall remain in effect until terminated in accordance with
SECTION 18.

               (c) INCORPORATION INTO SECURITY AGREEMENT. This Agreement shall
be fully incorporated into the Security Agreement and all understandings,
agreements and provisions contained in the Security Agreement shall be fully
incorporated into this Agreement. Without limiting the foregoing, the Trademark
Collateral described in this Agreement shall constitute part of the Collateral
in the Security Agreement.

               (d)  LICENSES. Debtor may grant licenses of the Trademark
Collateral in accordance with the terms of the Indenture and the Security
Agreement.

                                        5
<Page>

          3. FURTHER ASSURANCES; APPOINTMENT OF COLLATERAL AGENT AS
ATTORNEY-IN-FACT. Debtor at its expense shall execute and deliver, or cause to
be executed and delivered, to Collateral Agent any and all documents and
instruments, in form and substance reasonably satisfactory to Collateral Agent,
and take any and all action, which Collateral Agent may reasonably request from
time to time, to perfect and continue the perfection or to maintain the priority
of, or provide notice of the security interest in the Trademark Collateral held
by Collateral Agent for the benefit of Collateral Agent, the Noteholders and the
Trustee and to accomplish the purposes of this Agreement. If Debtor refuses to
execute and deliver, or fails timely to execute and deliver, any of the
documents it is requested to execute and deliver by Collateral Agent in
accordance with the foregoing, Collateral Agent shall have the right, in the
name of Debtor, or in the name of Collateral Agent or otherwise, without notice
to or assent by Debtor, and Debtor hereby irrevocably constitutes and appoints
Collateral Agent (and any of Collateral Agent's officers or employees or agents
designated by Collateral Agent) as Debtor's true and lawful attorney-in-fact
with full power and authority, subject to the terms of the Intercreditor
Agreement, (i) to sign the name of Debtor on all or any of such documents or
instruments and perform all other acts that Collateral Agent reasonably deems
necessary in order to perfect or continue the perfection of, maintain the
priority or enforceability of or provide notice of the security interest in the
Trademark Collateral held by Collateral Agent for the benefit of Collateral
Agent, the Noteholders and the Trustee, and (ii) to execute any and all other
documents and instruments, and to perform any and all acts and things for and on
behalf of Debtor, which Collateral Agent may reasonably deem necessary or
advisable to maintain, preserve and protect the Trademark Collateral and to
accomplish the purposes of this Agreement, including (A) to defend, settle,
adjust or institute any action, suit or proceeding with respect to the Trademark
Collateral, (B) to assert or retain any rights under any license agreement for
any of the Trademark Collateral, and (C) to execute any and all applications,
documents, papers and instruments for Collateral Agent to use the Trademark
Collateral, to grant or issue any exclusive or non-exclusive license with
respect to any Trademark Collateral, and to assign, convey or otherwise transfer
title in or dispose of the Trademark Collateral. The power of attorney set forth
in this SECTION 3, being coupled with an interest, is irrevocable so long as
this Agreement shall not have terminated in accordance with SECTION 18; PROVIDED
that the foregoing power of attorney shall terminate when all of the Secured
Obligations have been fully and finally paid and performed in full or the
Defeasance thereof shall have been consummated.

          4. REPRESENTATIONS AND WARRANTIES. Debtor represents and warrants to
Collateral Agent, in each case to the best of its knowledge, information, and
belief, as follows:

               (a) NO OTHER TRADEMARKS. SCHEDULE A sets forth a true and correct
list of all of Debtor's existing Trademarks (other than abandoned Trademarks)
that are registered, or for which any application for registration has been
filed with the PTO or any corresponding or similar trademark office of any other
U.S. jurisdiction, and that are owned or held (whether pursuant to a license or
otherwise) and used by Debtor.

               (b) TRADEMARKS SUBSISTING. Each of Debtor's Trademarks listed in
SCHEDULE A is subsisting and has not been adjudged invalid or unenforceable, in
whole or in part, and, to the best of Debtor's knowledge, each of the Trademarks
set forth on SCHEDULE A is valid and enforceable.

                                        6
<Page>

               (c) OWNERSHIP OF TRADEMARK COLLATERAL; NO VIOLATION. To the best
of Debtor's knowledge, (i) Debtor has rights in and/or good and defensible title
to the Trademark Collateral listed on SCHEDULE A, (ii) Debtor is the sole and
exclusive owner of the Trademark Collateral listed on SCHEDULE A, free and clear
of any Liens and rights of others (other than Permitted Liens), including
licenses, registered user agreements and covenants by Debtor not to sue third
persons, and (iii) with respect to any Trademarks for which Debtor is either a
licensor or a licensee pursuant to a license or licensing agreement regarding
such Trademark, each such license or licensing agreement is in full force and
effect, Debtor is not in material default of any of its obligations thereunder
and, (A) other than the parties to such licenses or licensing agreements, or (B)
in the case of any non-exclusive license or license agreement entered into by
Debtor or any such licensor regarding such Trademark, the parties to any other
such non-exclusive licenses or license agreements entered into by Debtor or any
such licensor with any other Person, no other Person has any rights in or to any
of the Trademark Collateral. To the best of Debtor's knowledge, the past,
present and contemplated future use of the Trademark Collateral by Debtor has
not, does not and will not infringe upon or violate any right, privilege or
license agreement of or with any other Person or give any such Person the right
to terminate any such right, privilege or license agreement.

               (d) NO INFRINGEMENT. To the best of Debtor's knowledge, (i) no
material infringement or unauthorized use presently is being made of any of the
Trademark Collateral by any Person, and (ii) the past, present, and contemplated
future use of the Trademark Collateral by Debtor has not, does not and will not
materially infringe upon or materially violate any right, privilege, or license
arrangement of or with any other Person or give such Person the right to
terminate any such license arrangement.

               (e) POWERS. Debtor has the unqualified right, power and authority
to pledge and to grant to Collateral Agent, for the benefit of Collateral Agent,
the Noteholders and the Trustee, security interests in the Trademark Collateral
pursuant to this Agreement, and to execute, deliver and perform its obligations
in accordance with the terms of this Agreement, without the consent or approval
of any other Person except as already obtained.

               (f) FILINGS, ETC. Other than the filing of a Uniform Commercial
Code financing statement in the jurisdiction in which Debtor is organized, the
filing of this Agreement with the PTO and such other consents or approvals that
have been obtained and that are still in force and effect, the execution,
delivery, and performance by Debtor of this Agreement and the Security Agreement
do not and will not require any registration with, consent, or approval of, or
notice to, or other action with or by, any Governmental Authority.

               (g) BINDING OBLIGATIONS, ETC. This Agreement and the Security
Agreement are the legally valid and binding obligations of Debtor, enforceable
against Debtor in accordance with their respective terms, except as enforcement
may be limited by equitable principles or by bankruptcy, insolvency,
reorganization, moratorium, or similar laws relating to or limiting creditors'
rights generally.

               (h) PERFECTION OF LIENS. On and after the date hereof, upon the
filing of the financing statements and the filing of this Agreement with the
PTO, the Collateral Agent's

                                        7
<Page>

Liens in the Trademark Collateral are validly created, perfected, and first
priority Liens, subject only to Permitted Liens.

          5. COVENANTS. So long as any of the Secured Obligations remain
unsatisfied (other than contingent indemnification obligations) and the
Defeasance thereof shall not have been consummated, Debtor agrees: (i) that it
will comply in all material respects with all of the covenants, terms and
provisions of this Agreement, and (ii) that it will promptly give Collateral
Agent written notice of the occurrence of any event that could reasonably be
expected to have a material adverse effect on any of the Trademarks and the
Trademark Collateral, including any petition under the Bankruptcy Code filed by
or against any licensor of any of the Trademarks for which Debtor is a licensee.

          6. FUTURE RIGHTS. For so long as any of the Secured Obligations shall
remain outstanding or the Defeasance thereof shall not have been consummated,
or, if earlier, until Collateral Agent shall have released or terminated, in
whole but not in part, its interest in the Trademark Collateral, if and when
Debtor shall obtain rights to any new Trademarks, or any reissue, renewal or
extension of any Trademarks, the provisions of SECTION 2 shall automatically
apply thereto and Debtor shall give to Collateral Agent prompt notice thereof.
Debtor shall do all things reasonably deemed necessary by Collateral Agent to
ensure the validity, perfection, priority and enforceability of the security
interests of Collateral Agent in such future acquired Trademark Collateral. If
Debtor refuses to execute and deliver, or fails timely to execute and deliver,
any of the documents it is requested to execute and deliver by Collateral Agent
in connection herewith, Debtor hereby authorizes Collateral Agent to modify,
amend or supplement the Schedules hereto and to re-execute this Agreement from
time to time on Debtor's behalf and as its attorney-in-fact to include any
future Trademarks which are or become Trademark Collateral and to cause such
re-executed Agreement or such modified, amended or supplemented Schedules to be
filed with the PTO.

          7. DUTIES OF COLLATERAL AGENT. Notwithstanding any provision contained
in this Agreement, none of Collateral Agent, the Noteholders or the Trustee
shall have any duty to exercise any of the rights, privileges or powers afforded
to it and shall not be responsible to Debtor or any other Person for any failure
to do so or delay in doing so. None of Collateral Agent, the Noteholders or the
Trustee shall have any duty or liability to exercise or preserve any rights,
privileges or powers pertaining to the Trademark Collateral other than the
exercise of commercially reasonable behavior in accordance with applicable law.

          8. EVENTS OF DEFAULT. The occurrence of any "Event of Default" under
the Indenture shall constitute an Event of Default hereunder.

          9. REMEDIES. From and after the occurrence and during the continuation
of an Event of Default, Collateral Agent shall have all rights and remedies
available to it under the Indenture and applicable law (which rights and
remedies are cumulative) with respect to the security interests in any of the
Trademark Collateral. Debtor hereby agrees that such rights and remedies include
the right of Collateral Agent as a secured party to sell or otherwise dispose of
the Trademark Collateral after the occurrence and during the continuance of an
Event of Default,

                                        8
<Page>

pursuant to the UCC. Debtor hereby agrees that Collateral Agent shall at all
times have such royalty-free licenses, to the extent permitted by law and the
Indenture Documents, for any Trademark Collateral that is reasonably necessary
to permit the exercise of any of Collateral Agent's rights or remedies upon or
after the occurrence of (and during the continuance of) an Event of Default with
respect to (among other things) any tangible asset of Debtor in which Collateral
Agent has a security interest, including Collateral Agent's rights to sell
inventory, tooling or packaging which is acquired by Debtor (or its successor,
assignee or trustee in bankruptcy). In addition to and without limiting any of
the foregoing, upon the occurrence and during the continuance of an Event of
Default, Collateral Agent shall have the right but shall in no way be obligated
to bring suit, or to take such other action as Collateral Agent reasonably deems
necessary, in the name of Debtor or Collateral Agent, to enforce or protect any
of the Trademark Collateral, in which event Debtor shall, at the request of
Collateral Agent, do any and all lawful acts and execute any and all documents
required by Collateral Agent necessary to such enforcement. To the extent that
Collateral Agent shall elect not to bring suit to enforce such Trademark
Collateral, Debtor, in the exercise of its reasonable business judgment, agrees
to use all reasonable measures and its diligent efforts, whether by action,
suit, proceeding or otherwise, to prevent the infringement, misappropriation or
violation thereof by others and for that purpose agrees diligently to maintain
any action, suit or proceeding against any Person necessary to prevent such
infringement, misappropriation or violation, except to the extent the Trademark
Collateral that is the subject of such infringement, misappropriation or
violation is not material to the Debtor's business, as determined in the good
faith business judgment of the Debtor.

          10. BINDING EFFECT. This Agreement shall be binding upon and inure to
the benefit of and enforceable by Debtor and Collateral Agent for the benefit of
itself, the Trustee and the Noteholders and their respective successors and
assigns of each of the parties; PROVIDED, HOWEVER, that neither party may assign
this Agreement or any rights or duties hereunder except to the extent permitted
under the Indenture.

          11. NOTICES. All notices and other communications hereunder shall be
in writing and shall be mailed, sent or delivered to each party hereto at its
address set forth on SCHEDULE B hereto in accordance with the Indenture.

          12. GOVERNING LAW. THE VALIDITY OF THIS AGREEMENT, ITS CONSTRUCTION,
INTERPRETATION, AND ENFORCEMENT, AND THE RIGHTS OF THE PARTIES HERETO WITH
RESPECT TO ALL MATTERS ARISING HEREUNDER OR RELATED HERETO SHALL BE DETERMINED
UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF THE SECURITY
INTERESTS HEREUNDER IN RESPECT OF THE TRADEMARK COLLATERAL ARE GOVERNED BY
FEDERAL LAW, IN WHICH CASE SUCH CHOICE OF NEW YORK LAW SHALL NOT BE DEEMED TO
DEPRIVE COLLATERAL AGENT OF SUCH RIGHTS AND REMEDIES AS MAY BE AVAILABLE UNDER
FEDERAL LAW. THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN
CONNECTION WITH THIS AGREEMENT AND THE OTHER INDENTURE DOCUMENTS SHALL BE TRIED
AND LITIGATED

                                        9
<Page>

ONLY IN THE STATE AND FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN THE
CITY OF NEW YORK, STATE OF NEW YORK; PROVIDED, HOWEVER, THAT ANY SUIT SEEKING
ENFORCEMENT AGAINST ANY TRADEMARK COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT,
AT COLLATERAL AGENT'S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE COLLATERAL
AGENT ELECTS TO BRING SUCH ACTION OR WHERE SUCH TRADEMARK COLLATERAL OR OTHER
PROPERTY MAY BE FOUND. DEBTOR AND COLLATERAL AGENT WAIVE, TO THE EXTENT
PERMITTED UNDER APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO ASSERT THE
DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY
PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 12.

          13. ENTIRE AGREEMENT; AMENDMENT. This Agreement and the other
Indenture Documents, together with the Schedules hereto and thereto, contains
the entire agreement of the parties with respect to the subject matter hereof
and supersede all prior drafts and communications relating to such subject
matter. Neither this Agreement nor any provision hereof may be modified, amended
or waived except by the written agreement of the parties to this Agreement. No
failure on the part of Collateral Agent to exercise, and no delay in exercising
any right under this Agreement, any other Indenture Document, or otherwise with
respect to any of the Secured Obligations, shall operate as a waiver thereof;
nor shall any single or partial exercise of any right under this Agreement, any
other Indenture Document, or otherwise with respect to any of the Secured
Obligations preclude any other or further exercise thereof or the exercise of
any other right. Notwithstanding the foregoing, Collateral Agent may reexecute
this Agreement or modify, amend or supplement the Schedules hereto as provided
in SECTION 6 hereof.

          14. SEVERABILITY. If one or more provisions contained in this
Agreement shall be invalid, illegal or unenforceable in any respect in any
jurisdiction or with respect to any party, such invalidity, illegality or
unenforceability in such jurisdiction or with respect to such party shall, to
the fullest extent permitted by applicable law, not invalidate or render illegal
or unenforceable any such provision in any other jurisdiction or with respect to
any other party, or any other provisions of this Agreement.

          15. COUNTERPARTS; TELEFACSIMILE EXECUTION. This Agreement may be
executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute but one and the same
agreement. Delivery of an executed counterpart of this Agreement by
telefacsimile shall be equally as effective as delivery of an original executed
counterpart of this Agreement. Any party delivering an executed counterpart of
this Agreement by telefacsimile also shall deliver an original executed
counterpart of this Agreement but the failure to deliver an original executed
counterpart shall not affect the validity, enforceability, and binding effect of
this Agreement.

                                       10
<Page>

          16. SECURITY AGREEMENT. Debtor acknowledges that the rights and
remedies of Collateral Agent with respect to the security interest in the
Trademark Collateral granted hereby are more fully set forth in the Security
Agreement and the other Indenture Documents and all such rights and remedies are
cumulative.

          17. NO INCONSISTENT REQUIREMENTS. Debtor acknowledges that this
Agreement and the other Indenture Documents may contain covenants and other
terms and provisions variously stated regarding the same or similar matters, and
Debtor agrees that all such covenants, terms and provisions are cumulative and
all shall be performed and satisfied in accordance with their respective terms.

          18. TERMINATION. Upon the payment and performance in full of the
Secured Obligations or the Defeasance thereof, this Agreement shall terminate,
and Collateral Agent shall execute and deliver such documents and instruments
without recourse, representation or warranty and take such further action
reasonably requested by Debtor, at Debtor's expense, as Debtor shall reasonably
request to evidence termination of the security interest granted by Debtor to
Collateral Agent for the benefit of Collateral Agent, the Noteholders and the
Trustee hereunder, including cancellation of this Agreement by written notice
from Collateral Agent to the PTO.

          19. REVIVAL AND REINSTATEMENT OF OBLIGATIONS. If the incurrence or
payment of the Secured Obligations by Debtor or the transfer by Debtor to
Collateral Agent of any property of Debtor should for any reason subsequently be
declared to be void or voidable under any state or federal law relating to
creditors' rights, including provisions of the Bankruptcy Code relating to
fraudulent conveyances, preferences, and other voidable or recoverable payments
of money or transfers of property (collectively, a "VOIDABLE TRANSFER"), and if
Collateral Agent is required to repay or restore, in whole or in part, any such
Voidable Transfer, or elects to do so upon the reasonable advice of its counsel,
then, as to any such Voidable Transfer, or the amount thereof that Collateral
Agent is required or elects to repay or restore, and as to all reasonable costs,
expenses, and attorneys' fees of Collateral Agent related thereto, the liability
of Debtor automatically shall be revived, reinstated, and restored and shall
exist as though such Voidable Transfer had never been made.

          20. DEBTOR REMAINS LIABLE. Anything herein to the contrary
notwithstanding:

          (a)  Debtor will remain liable under the contracts and agreements
included in the Trademark Collateral to the extent set forth therein, and will
perform all of its duties and obligations under such contracts and agreements to
the same extent as if this Agreement had not been executed;

          (b)  the exercise by Collateral Agent of any of its rights hereunder
will not release Debtor from any of its duties or obligations under any such
contracts or agreements included in the Trademark Collateral; and

                                       11
<Page>

          (c)  none of Collateral Agent, the Trustee or any Noteholder will have
any obligation or liability under any contracts or agreements included in the
Trademark Collateral by reason of this Agreement, nor will any such Person be
obligated to perform any of the obligations or duties of Debtor thereunder or to
take any action to collect or enforce any claim for payment assigned hereunder.

          21. POSTPONEMENT OF SUBROGATION. Debtor hereby agrees that it will not
exercise any rights which it may acquire by reason of any payment made
hereunder, whether by way of subrogation, reimbursement or otherwise, until the
prior payment in full of all Secured Obligations or the Defeasance thereof. Any
amount paid to Debtor on account of any payment made hereunder prior to the
payment in full of all Secured Obligations or the Defeasance thereof shall be
held in trust for the benefit of Collateral Agent, the Noteholders and the
Trustee and shall immediately be paid to Collateral Agent, to be distributed to
the Trustee for application against the Secured Obligations, whether matured or
unmatured, in accordance with the terms of the Indenture. In furtherance of the
foregoing, for so long as any Secured Obligations remain outstanding or the
Defeasance thereof shall not have been consummated, Debtor shall refrain from
taking any action or commencing any proceeding against Company or any other
Guarantor (or any of their respective successors or assigns, whether in
connection with a bankruptcy proceeding or otherwise) to recover any amounts in
respect of payments made under this Agreement to Collateral Agent, the Trustee
or any Noteholder.

          22. SECURITY INTEREST ABSOLUTE. To the maximum extent permitted by
law, all rights of Collateral Agent, all security interests hereunder, and all
obligations of Debtor hereunder, shall be absolute and unconditional
irrespective of:

               (a) any lack of validity or enforceability of any of the Secured
Obligations or any other agreement or instrument relating thereto, including any
of the Indenture Documents;

               (b) any change in the time, manner, or place of payment of, or in
any other term of, all or any of the Secured Obligations, or any other amendment
or waiver of or any consent to any departure from any of the Indenture
Documents, or any other agreement or instrument relating thereto;

               (c) any exchange, release, or non-perfection of any other
collateral, or any release or amendment or waiver of or consent to departure
from any guaranty for all or any of the Secured Obligations; or

               (d) any other circumstances that might otherwise constitute a
defense available to, or a discharge of, Debtor.

To the maximum extent permitted by law, Debtor hereby waives any right to
require Collateral Agent to: (A) proceed against or exhaust any security held
from Debtor; or (B) pursue any other remedy in Collateral Agent's power
whatsoever.

          23. INTERCREDITOR AGREEMENT.

                                       12
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               (a) The Liens granted hereunder in favor of Collateral Agent for
the benefit of itself, the Trustee and the Noteholders in respect of the
Trademark Collateral and the exercise of any right related thereto thereby shall
be subject, in each case, to the terms of the Intercreditor Agreement.

               (b) In the event of any direct conflict between the express terms
and provisions of this Agreement and of the Intercreditor Agreement, the terms
and provisions of the Intercreditor Agreement shall control.

                            [Signature page follows]

                                       13
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          IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement, as of the date first above written.

                                        MORTON'S OF CHICAGO, INC.,

                                        By:   /s/ Thomas J. Baldwin
                                           --------------------------
                                        Name:  Thomas J. Baldwin
                                        Title: EVP & CFO

<Page>

                                        THE BANK OF NEW YORK, AS
                                        COLLATERAL AGENT
                                        By:   /s/ Julie Salovitch-Miller
                                           -----------------------------
                                        Name:  Julie Salovitch-Miller
                                        Title: Vice President

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