Document:

Exhibit 4.88 Amended Line Credit Agreement

     

    Exhibit
      4.88

    SECOND
      AMENDMENT TO CREDIT AGREEMENT

    

     

    THIS
      SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made as of the 10th
      day of March, 2006, by and among OUTBACK STEAKHOUSE, INC., a Delaware
      corporation (referred to herein as the “Borrower”), WACHOVIA BANK, NATIONAL
      ASSOCIATION (the “Bank”) and OUTBACK STEAKHOUSE OF FLORIDA, INC., CARRABBA’S
      ITALIAN GRILL, INC., OUTBACK STEAKHOUSE INTERNATIONAL, INC., OS CAPITAL, INC.,
      OS PACIFIC, INC., OS PRIME, INC., OS TROPICAL, INC. and BONEFISH GRILL, INC.
      (collectively referred to herein as the “Guarantors”).

    

    R
      E C
      I T A L S:

    

    The
      Borrower and the Bank have entered into that certain Credit Agreement dated
      April 27, 2004 as amended by that certain First Amendment to Credit Agreement
      dated April 28, 2005 (the “Credit Agreement”). Capitalized terms used in this
      Amendment which are not otherwise defined in this Amendment shall have the
      respective meanings assigned to them in the Credit Agreement.

    

    The
      Guarantors (excluding OS Tropical, Inc.) and Outback Sports, LLC executed that
      certain Guaranty Agreement (the “Guaranty Agreement”) dated April 27, 2004 to
      and for the benefit of the Bank in respect of the Borrower and Credit
      Agreement.

    

    The
      Borrower and Guarantors have requested the Bank to amend the Credit Agreement
      (i) to increase the Commitment of the Bank to be equal to $40,000,000, (ii)
      extend the termination date to June 30, 2011, (iii) amend the definition of
      “Existing Credit Agreement” to mean the Borrower’s Amended and Restated Credit
      Agreement dated of even date herewith, and (iv) certain other amendments more
      fully set forth herein, all upon the terms and conditions hereinafter set
      forth.

    

    NOW,
      THEREFORE, in consideration of the Recitals and the mutual promises contained
      herein and for other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, the Borrower, the Guarantors
      and
      the Bank, intending to be legally bound hereby, agree as follows:

    

    SECTION
      1. Recitals.
      The
      Recitals are incorporated herein by reference and shall be deemed to be a part
      of this Amendment.

    

    SECTION
      2. Amendments.
      The
      Credit Agreement is hereby amended as set forth in this Section
      2.

     

    
      
        WCSR
          2152401v3

         

      

      
         

        
          

        

      

      
         

      

    

     

    2.1 Amendment
      to Section 1.01.
      (a) The
      following definitions set forth in Section 1.01 of the Credit Agreement are
      amended and restated to read as follows:

    

    (i) “Commitment”
      means $40,000,000 as such amount may be reduced from time to time pursuant
      to
      this Agreement.

    

    (ii) “Existing
      Credit Agreement” means that certain Amended and Restated Credit Agreement dated
      March 10, 2006 by and among the Borrower, the Banks party thereto, Wachovia
      Bank, National Association, as Agent, Wachovia Capital Markets, LLC, as Sole
      Arranger, SunTrust Bank, as Syndication Agent, and Bank of America, N.A. and
      Wells Fargo Bank, National Association, as Co-Documentation Agents, as in effect
      on the date hereof without regard and without giving effect to any waivers
      given
      by the Banks (as defined in the Existing Credit Agreement) or amendments agreed
      to by the Borrower and the Banks (as defined in the Existing Credit Agreement).
      Any definitions, terms, covenants, representations or other provisions of the
      Existing Credit Agreement that are incorporated herein will continue to be
      effective for purposes of this Agreement and the other Loan Documents,
      notwithstanding that the indebtedness under the Existing Credit Agreement has
      been or hereafter may be partially or fully repaid or the fact that the Existing
      Credit Agreement otherwise might be terminated. 

    

    (iii) “Termination
      Date” means June 30, 2011.

    

    (b) Section
      1.01 is hereby amended to add the following definition:

    

    “Second
      Amendment Closing Date” means March 10, 2006.

    

    2.2.
      Amendment
      to Section 2.06(a).
      Section
      2.06(a) of the Credit Agreement is hereby amended and restated to read in its
      entirety as follows:

    

    (a) “Applicable
      Margin” shall be determined quarterly based upon the ratio of Consolidated Total
      Debt (calculated as of the last day of each Fiscal Quarter) to EBITDAR
      (calculated as of the last day of each Fiscal Quarter for the Fiscal Quarter
      then ended and the immediately preceding three Fiscal Quarters), as follows:
      

    

    Ratio
      of
      Consolidated

    Total
      Debt to EBITDAR     Base
      Rate Loan     Euro-Dollar
      Loan     Letters
      of Credit

    

    Greater
      than 2.5              
      0%       0.65%   0.80%

    

    Greater
      than 2.0 but

    equal
      to
      or less than 2.5         
0%       0.55%   0.675%

    

    Less
      than
      or equal to 2.0        
0%          0.45%   0.55%

    

    

    The
      Applicable Margin shall be determined effective as of the date (herein, the
      “Rate

     

    
      
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    Determination
      Date”) which is 60 days after the last day of the Fiscal Quarter as of the end
      of which the foregoing ratio is being determined, based on the quarterly
      financial statements for such Fiscal Quarter, and the Applicable Margin so
      determined shall remain effective from such Rate Determination Date until the
      date which is 60 days after the last day of the Fiscal Quarter in which such
      Rate Determination Date falls (which latter date shall be a new Rate
      Determination Date); provided that (i) for the period from and including the
      Second Amendment Closing Date to but excluding the Rate Determination Date
      next
      following the Second Amendment Closing Date, the Applicable Margin shall be
      (A)
      0% for a Base Rate Loan, (B) 0.45% for a Euro-Dollar Loan, and (C) 0.55% for
      a
      Letter of Credit, (ii) in the case of any Applicable Margin determined for
      the
      fourth and final Fiscal Quarter of a Fiscal Year, the Rate Determination Date
      shall be the date which is 120 days after the last day of such final Fiscal
      Quarter and such Applicable Margin shall be determined based upon the annual
      audited financial statements for the Fiscal Year ended on the last day of such
      final Fiscal Quarter, and (iii) if on any Rate Determination Date the Borrower
      shall have failed to deliver to the Bank the financial statements required
      to be
      delivered pursuant to Section 5.01(a) or Section 5.01(b) with respect to the
      Fiscal Year or Fiscal Quarter, as the case may be, most recently ended prior
      to
      such Rate Determination Date, then for the period beginning on such Rate
      Determination Date and ending on the earlier of (A) the date on which the
      Borrower shall deliver to the Bank the financial statements to be delivered
      pursuant to Section 5.01(b) with respect to such Fiscal Quarter or any
      subsequent Fiscal Quarter, or (B) the date on which the Borrower shall deliver
      to the Bank annual financial statements required to be delivered pursuant to
      Section 5.01(a) with respect to the Fiscal Year which includes such Fiscal
      Quarter or any subsequent Fiscal Year, the Applicable Margin shall be determined
      as if the ratio of Consolidated Total Debt to EBITDAR was more than 2.5 at
      all
      times during such period. Any change in the Applicable Margin on any Rate
      Determination Date shall result in a corresponding change, effective on and
      as
      of such Rate Determination Date, in the interest rate applicable to each Loan
      and in the fees applicable to each Letter of Credit outstanding on such Rate
      Determination Date; provided, that no Applicable Margin shall be decreased
      pursuant to this Section 2.06 if a Default is in existence on the Rate
      Determination Date.

    

    2.3.
      Amendment
      to Section 2.07.
      Section
      2.07 of the Credit Agreement is hereby amended and restated to read in its
      entirety as follows:

    

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

     

    
      
        WCSR
          2152401v3

         

      

      
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    Ratio
      of
      Consolidated     
      Applicable

    Total
      Debt to EBITDAR     Facility
      Fee Rate

    

    Greater
      than 2.5      0.15%

    

    Greater
      than 2.0 

    but
      equal
      to or less than 2.5              0.125%

    

    Less
      than
      or equal to 2.0               0.10%

    

    The
      Applicable Facility Fee Rate shall be determined effective as of the date
      (herein, the “Facility Fee Determination Date”) which is 60 days after the last
      day of the Fiscal Quarter as of the end of which the foregoing ratio is being
      determined, based on the quarterly financial statements for such Fiscal Quarter,
      and the Applicable Facility Fee Rate so determined shall remain effective from
      such Facility Fee Determination Date until the date which is 60 days after
      the
      last day of the Fiscal Quarter in which such Facility Fee Determination Date
      falls (which latter date shall be a new Facility Fee Determination Date);
      provided that (i) for the period from and including the Second Amendment Closing
      Date to but excluding the Facility Fee Determination Date next following the
      Second Amendment Closing Date, the Applicable Facility Fee Rate shall be 0.10%;
      (ii) in the case of any Applicable Facility Fee Rate determined for the fourth
      and final Fiscal Quarter of a Fiscal Year, the Facility Fee Determination Date
      shall be the date which is 120 days after the last day of such final Fiscal
      Quarter and such Applicable Facility Fee Rate shall be determined based upon
      the
      annual audited financial statements for the Fiscal Year ended on the last day
      of
      such final Fiscal Quarter, and (iii) if on any Facility Fee Determination Date
      the Borrower shall have failed to deliver to the Bank the financial statements
      required to be delivered pursuant to Section 5.01(a) or Section 5.01(b) with
      respect to the Fiscal Year or Fiscal Quarter, as the case may be, most recently
      ended prior to such Facility Fee Determination Date, then for the period
      beginning on such Facility Fee Determination Date and ending on the earlier
      of
      (A) the date on which the Borrower shall deliver to the Bank the financial
      statements to be delivered pursuant to Section 5.01(b) with respect to such
      Fiscal Quarter or any subsequent Fiscal Quarter, and (B) the date on which
      the
      Borrower shall deliver to the Bank annual financial statements required to
      be
      delivered pursuant to Section 5.01(a) with respect to the Fiscal Year which
      includes such Fiscal Quarter or any subsequent Fiscal Year, the Applicable
      Facility Fee Rate shall be determined as if the ratio of Consolidated Total
      Debt
      to EBITDAR was more than 2.5 at all times during such period. 

    

    SECTION
      3. Modifications.
      The
      Borrower, the Guarantors and the Bank acknowledge and agree that: (1) prior
      to this Amendment the amount of the Commitment of the Bank was equal to
      $30,000,000; and (2) effective as of March 10, 2006 the Commitment of the Bank
      shall be increased by an amount equal to $10,000,000 and after giving effect
      to
      such increase, the Commitment of the Bank shall be equal to $40,000,000. The
      Borrower and Guarantors acknowledge and agree that the Commitment of the Bank
      shall not be further increased without the Bank’s prior written
      consent.

     

    
      
        WCSR
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    SECTION
      4. Conditions
      to Effectiveness.
      The
      effectiveness of this Amendment and the obligations of the Bank hereunder are
      subject to the following conditions, unless the Bank waives such
      conditions:

    

    (a) receipt
      by the Bank from each of the parties hereto of a duly executed counterpart
      of
      this Amendment signed by such party; 

    

    (b) the
      Bank
      shall have received: (i) the duly executed Replacement Note for the account
      of
      the Bank; (ii) corporate resolutions and other evidence as the Bank may
      reasonably request, respecting the authorization, execution and delivery of
      this
      Amendment and the Replacement Note; and (iii) opinions (together with any
      opinions of local counsel relied on therein) of Baker & Hostetler, LLP,
      counsel for the Borrower and Guarantors and Joseph J. Kadow, Chief Officer-Legal
      and Corporate Affairs of the Borrower in form and content satisfactory to the
      Bank; and

    

    (c) the
      fact
      that the representations and warranties of the Borrowers and Guarantors
      contained in Section 6 of this Amendment shall be true on and as of the date
      hereof.

    

    SECTION
      5. No
      Other Amendment.
      Except
      for the amendments set forth above, the text of the Credit Agreement shall
      remain unchanged and in full force and effect. This Amendment is not intended
      to
      effect, nor shall it be construed as, a novation. The Credit Agreement and
      this
      Amendment shall be construed together as a single agreement. Nothing herein
      contained shall waive, annul, vary or affect any provision, condition, covenant
      or agreement contained in the Credit Agreement, except as herein amended, nor
      affect nor impair any rights, powers or remedies under the Credit Agreement
      as
      hereby amended. The Bank does hereby reserve all of its rights and remedies
      against all parties who may be or may hereafter become secondarily liable for
      the repayment of the Note. The Borrower and Guarantors promise and agree to
      perform all of the requirements, conditions, agreements and obligations under
      the terms of the Credit Agreement, as heretofore and hereby amended, the Credit
      Agreement, as amended, being hereby ratified and affirmed. The Borrower and
      Guarantors hereby expressly agree that the Credit Agreement, as amended, is
      in
      full force and effect.

    

    SECTION
      6. Representations
      and Warranties.
      The
      Borrower and Guarantors hereby represent and warrant to the Bank as
      follows:

    

    (a) No
      Default or Event of Default, nor any act, event, condition or circumstance
      which
      with the passage of time or the giving of notice, or both, would constitute
      an
      Event of Default, under the Credit Agreement or any other Loan Document has
      occurred and is continuing unwaived by the Bank on the date hereof.

    

    (b) The
      Borrower and Guarantors have the power and authority to enter into this
      Amendment and the Replacement Note and to do all acts and things as are required
      or contemplated hereunder, or thereunder, to be done, observed and performed
      by
      it.

     

    
      
        WCSR
          2152401v3

         

      

      
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    (c) This
      Amendment and the Replacement Note have been duly authorized, validly executed
      and delivered by one or more authorized officers of the Borrower and Guarantors
      and constitute legal, valid and binding obligations of the Borrower and each
      Guarantor enforceable against it in accordance with their terms, provided that
      such enforceability is subject to general principles of equity.

    

    (d) The
      execution and delivery of this Amendment, the Replacement Note and the
      performance of the Borrower and Guarantors hereunder and thereunder do not
      and
      will not require the consent or approval of any regulatory authority or
      governmental authority or agency having jurisdiction over the Borrower or any
      Guarantor, nor is in contravention of or in conflict with the articles or
      certificate of incorporation or bylaws of the Borrower or any Guarantor, or
      the
      provisions of any statute, or any judgment, order or indenture, instrument,
      agreement or undertaking, to which the Borrower or any Guarantor is party or
      by
      which the assets or properties of the Borrower and Guarantors are or may become
      bound.

    

    SECTION
      7. Counterparts.
      This
      Amendment may be executed in multiple counterparts, each of which shall be
      deemed to be an original and all of which, taken together, shall constitute
      one
      and the same agreement.

    

    SECTION
      8. Governing
      Law.
      This
      Amendment shall be considered in accordance with and governed by the laws of
      the
      State of North Carolina.

    

    SECTION
      9. Joinder
      Agreement. OS
      Tropical, Inc., a Florida corporation (“New Guarantor”) hereby agrees that by
      execution of this Amendment, it shall be a Guarantor under the Guaranty
      Agreement and (i) shall comply with, and be subject to, and have the benefit
      of,
      all of the terms, conditions, covenants, agreements and obligations set forth
      in
      the Guaranty Agreement and (ii) hereby makes each representation and warranty
      set forth in the Guaranty Agreement as of the date hereof. The Borrower and
      New
      Guarantor hereby agree that each reference to a “Guarantor” and the “Guarantors”
in the Credit Agreement, the Guaranty Agreement, this Amendment and the other
      Loan Documents shall include the New Guarantor, and each reference to the
“Guaranty Agreement” or “Guaranty” as used therein shall mean the Guaranty
      Agreement as supplemented hereby. The New Guarantor hereby acknowledges it
      has
      received a copy of the Loan Documents (including, without limitation, the
      Guaranty Agreement) and that it has read and understands the terms
      thereof.

    

    SECTION
      10. Release
      of Guarantor.
      The
      Bank hereby releases Outback Sports, LLC from all of its obligations under
      the
      Guaranty Agreement. Any reference to a “Guarantor” and the “Guarantors” in the
      Credit Agreement, the Guaranty Agreement, this Amendment and the other Loan
      Documents shall not include Outback Sports, LLC, as of the date hereof, and
      each
      reference to the “Guaranty Agreement” or “Guaranty” as used therein shall mean
      the Guaranty Agreement as supplemented hereby. 

    

    SECTION
      11. Consent
      by Guarantors.
      The
      Guarantors consent to the foregoing amendments. The Guarantors promise and
      agree
      to perform all of the requirements, conditions, agreements and obligations
      under
      the terms of the Guaranty Agreement, said Guaranty

     

    
      
        WCSR
          2152401v3

         

      

      
        6

        
          

        

      

      
         

      

       

      Agreement
        being hereby ratified and affirmed. In furtherance and not in limitation
        of the
        foregoing, the Guarantors acknowledge and agree that the “Obligations” (as
        defined in the Guaranty Agreement) include, without limitation, the
        indebtedness, liabilities and obligations evidenced by the Replacement Note
        and
        the Advances made under the Commitment as increased by this Amendment. The
        Guarantors hereby expressly agree that the Guaranty Agreement, as hereby
        amended, is in full force and effect.

    

    

    SECTION
      12. Effective
      Date.
      This
      Amendment shall be effective as of March 10, 2006.

    

    SECTION
      13. Commitment.
      The
      Borrower, the Guarantors and the Bank acknowledge and agree, as of the effective
      date of this Amendment the aggregate amount of the Commitment of the Bank is
      equal to $40,000,000. The Borrower shall deliver to the Bank a replacement
      Note
      (in the amount of the Bank’s Commitment) (such Note is referred to herein as the
“Replacement Note”), executed by the Borrower, in exchange for the Note of such
      Bank currently outstanding. All references contained in the Credit Agreement
      and
      the other Loan Documents to the Note shall mean and include the Replacement
      Note
      as supplemented, modified, amended, renewed or extended.

    

    SECTION
      14. Notices.
      All
      notices, requests and other communications to the Bank or the Borrower under
      the
      Credit Agreement, as amended hereby, shall be given in accordance with the
      terms
      of Section 8.01 of the Credit Agreement; provided, such notices, requests and
      other communications shall be given to such party at its address or telecopy
      number set forth on the signature pages hereof or such other address or telecopy
      number as such party may hereafter specify for the purpose by notice to each
      other party. 

    

    

    [Remainder
      of page intentionally left blank]

    
      
         

        WCSR
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    IN
      WITNESS WHEREOF, the parties hereto have executed and delivered, or have caused
      their respective duly authorized officers or representatives to execute and
      deliver, this Amendment as of the day and year first above written.

    

    BORROWER:

    

    

    OUTBACK
      STEAKHOUSE, INC.

    

    

    By:
      /s/ Dirk A. Montgomery___________(SEAL)

    Dirk
      A.
      Montgomery, Senior Vice

    President
      and Chief Financial Officer

    

    Outback
      Steakhouse, Inc.

    2202
      North Westshore Blvd., 5th
      Floor

    Tampa,
      Florida 33607

    Attention:
      Dirk A. Montgomery

    Senior
      Vice President and Chief Financial Officer 

    Telecopy
      number: (813)
      286-2247

    Telephone
      number: (813)
      282-1225

    

    with
      a
      copy to:

    

    Outback
      Steakhouse, Inc.

    2202
      North Westshore Blvd., 5th
      Floor

    Tampa,
      Florida 33607

    Attention:
      Joseph J. Kadow

    Executive
      Vice President, Chief Officer-Legal and Corporate Affairs and
      Secretary

    Telecopy
      number: (813)
      281-2114

    Telephone
      number: (813)
      282-1225

    

    GUARANTORS:

    

    

                            OUTBACK
      STEAKHOUSE OF
      FLORIDA, INC., a Florida corporation

    

    

    By:
      /s/ Dirk A. Montgomery___________(SEAL)

    Dirk
      A.
      Montgomery, Chief

    Financial
      Officer

     

    
      
        WCSR
          2152401v3

         

      

      
        8

        
          

        

      

      
         

      

    

                            

                                 CARRABBA’S
      ITALIAN GRILL, INC.,

    a
      Florida
      corporation

    

    

    By:
      /s/ Dirk A. Montgomery___________(SEAL)

    Dirk
      A.
      Montgomery, Chief

    Financial
      Officer

    

    

                            OUTBACK
      STEAKHOUSE
      INTERNATIONAL, INC., a Florida corporation

    

    

    By:
      /s/ Dirk A. Montgomery___________(SEAL)

    Dirk
      A.
      Montgomery, Chief

    Financial
      Officer

    

    

                            OS
      CAPITAL, INC.,

    a
      Delaware corporation

    

    

    By:
      /s/ Dirk A. Montgomery___________(SEAL)

    Dirk
      A.
      Montgomery, Chief

    Financial
      Officer

    

    

    OS
      PACIFIC, INC., 

    a
      Florida
      corporation

    

    

    By:
      /s/ Dirk A. Montgomery___________(SEAL)

    Dirk
      A.
      Montgomery, Chief

    Financial
      Officer

    

    

                            OS
      PRIME, INC.,

    a
      Florida
      corporation

    

    

    By:
      /s/ Dirk A. Montgomery___________(SEAL)

    Dirk
      A.
      Montgomery, Chief

    Financial
      Officer

     

    
      
        WCSR
          2152401v3

         

      

      
        9

        
          

        

      

      
         

      

    

     

    OS
      TROPICAL, INC., 

    a
      Florida
      corporation

    

    

    By:
      /s/ Dirk A. Montgomery___________(SEAL)

    Dirk
      A.
      Montgomery, Chief

    Financial
      Officer

    

    

                            BONEFISH
      GRILL, INC.,

    a
      Florida
      corporation

    

    

    By:
      /s/ Dirk A. Montgomery___________(SEAL)

    Dirk
      A.
      Montgomery, Chief

    Financial
      Officer

     

    

    [Remainder
      of page intentionally left blank]

    
      
         

        WCSR
          2152401v3

         

      

      
        10

        
          

        

      

      
         

      

    

    WACHOVIA
      BANK, NATIONAL ASSOCIATION

    

    

                      
By:
/s/
      Lynn E.
      Culbreath___________________

    Lynn
      E.
      Culbreath, Senior Vice President

    

    Lending
      Office

    

    Wachovia
      Bank, National Association

    10
      South
      Jefferson Street, VA7391

    Roanoke,
      VA 24011

    

    with
      a
      copy to:

    

    Wachovia
      Bank, National Association

    100
      South
      Ashley Drive, FL4954

    Suite
      1000

    Tampa,
      Florida 33602

    Attention:
      Lynn E. Culbreath

    Senior
      Vice President

    Telecopy
      number: (813) 276-6454

    Telephone
      number: (813) 276-6517

    
 

     

    WCSR
      2152401v3

     11Exhibit 4.89 Amended Multi-Currency Credit and Guaranty Agreement

    Exhibit
      4.89

    

      SECOND
        AMENDMENT TO MULTI-CURRENCY

      REVOLVING
        CREDIT FACILITY AND GUARANTY AGREEMENT

      

      

      THIS
        SECOND AMENDMENT TO MULTI-CURRENCY REVOLVING CREDIT FACILITY AND GUARANTY
        AGREEMENT (this “Amendment”) is made as of the 10th
        day of
        March, 2006, by and among OUTBACK STEAKHOUSE JAPAN KK, a company incorporated
        in
        Japan under registered number 0104-01-050821 and whose registered office
        is at
        Fukuda Building West 2F, 11-3, Akasaka 2 - chome, Minato-ku, Tokyo (the
“Borrower”), WACHOVIA BANK, NATIONAL ASSOCIATION, LONDON BRANCH (referred to
        herein as the “Bank”) and OUTBACK STEAKHOUSE, INC., OUTBACK STEAKHOUSE
        INTERNATIONAL, INC. and OUTBACK STEAKHOUSE INTERNATIONAL, L.P. (collectively
        referred to herein as the “Guarantors”).

      

      R
        E C
        I T A L S:

      

      The
        Borrower and the Bank have entered into that certain Multi-Currency Revolving
        Credit Facility dated as of October 24, 2003, as amended by that certain
        First
        Amendment to Multi-Currency Revolving Credit Facility and Guaranty Agreement
        dated as of April 27, 2004 (the “Credit Agreement”). Capitalized terms used in
        this Amendment which are not otherwise defined in this Amendment shall have
        the
        respective meanings assigned to them in the Credit Agreement. 

      

      The
        Guarantors have executed and delivered that certain Guaranty Agreement dated
        October 24, 2003 as amended by that certain First Amendment to Multi-Currency
        Revolving Credit Facility and Guaranty Agreement dated as of April 27, 2004
        (the
“Guaranty Agreement”) for the benefit of the Bank.

      

      The
        Borrower and Guarantors have requested the Bank to amend the Credit Agreement
        and the Guaranty Agreement to modify certain provisions of the Credit Agreement
        and the Guaranty Agreement as more fully set forth herein. The Bank, the
        Guarantors and the Borrower desire to amend the Credit Agreement and the
        Guaranty Agreement upon the terms and conditions hereinafter set
        forth.

      

      NOW,
        THEREFORE, in consideration of the Recitals and the mutual promises contained
        herein and for other good and valuable consideration, the receipt and
        sufficiency of which are hereby acknowledged, the Borrower, the Guarantors
        and
        the Bank, intending to be legally bound hereby, agree as follows:

      

      SECTION
        1. Recitals.
        The
        Recitals are incorporated herein by reference and shall be deemed to be a
        part
        of this Amendment.

      

      SECTION
        2. Amendment
        to Credit Agreement.
        The
        Credit Agreement is hereby amended as set forth in this Section 2.

       

      
        
          WCSR
            2152533v4

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

                 
        SECTION 2.01. Amendments
        to Section 1.1.
        

      

      (a)
         The
        definitions of “Outback Credit Agreement” and “Repayment Date” as set forth in
        Section 1.1 of the Credit Agreement are amended and restated to read in their
        entirety as follows:

      

      “Outback
        Credit Agreement”
means
        that certain Amended and Restated Credit Agreement dated March 10, 2006,
        by and
        among Outback Steakhouse, Inc., the Banks party thereto, Wachovia Bank, National
        Association, as Agent, Wachovia Capital Markets, LLC, as Sole Arranger, SunTrust
        Bank, as Syndication Agent, and Bank of America, N.A. and Wells Fargo Bank,
        National Association, as Co-Documentation Agents, as in effect on the date
        hereof without regard and without giving effect to any waivers given by the
        Banks (as defined in the Outback Credit Agreement) after the date hereof
        or
        amendments agreed to by Outback Steakhouse, Inc. and the Banks (as defined
        in
        the Outback Credit Agreement) after the date hereof. Any definitions, terms,
        covenants, representations or other provisions of the Outback Credit Agreement
        that are incorporated herein will continue to be effective for purposes of
        this
        Agreement and the other Finance Documents, notwithstanding that the indebtedness
        under the Outback Credit Agreement has been or hereafter may be partially
        or
        fully repaid or the fact that the Outback Credit Agreement otherwise might
        be
        terminated.

      

      “Repayment
        Date”
means,
        in relation to an Advance, the last day of the Interest Period relating thereto
        for which such Advance was made and the “Final Repayment Date” shall mean
        30th
        June
        2011.

      

      (b) Section
        1.1 of the Credit Agreement is hereby amended to add the following
        definition:

      

      “Second
        Amendment Closing Date” means March 10, 2006.

      

      SECTION
        2.02. Amendment
        to Section 6.1(c).
        Section
        6.1(c) of the Credit Agreement is hereby amended and restated to read in
        its
        entirety as follows:

      

      (c) “Applicable
        Margin” shall be determined quarterly based upon the ratio of Consolidated Total
        Debt (calculated as of the last day of each Fiscal Quarter) to EBITDAR
        (calculated as of the last day of each Fiscal Quarter for the Fiscal Quarter
        then ended and the immediately preceding three Fiscal Quarters), as
        follows:

      

      Ratio
        of
        Consolidated

      Total
        Debt to EBITDAR  Applicable
        Margin

      

      Greater
        than 2.5    0.65%

       

      
        
          WCSR
            2152533v4

          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      Greater
        than 2.0 but

      equal
        to
        or less than 2.5          
        0.55%

      

      Less
        than
        or equal to 2.0      0.45%

      

      The
        Applicable Margin shall be determined effective as of the date (herein, the
        “Rate Determination Date”) which is 60 days after the last day of the Fiscal
        Quarter as of the end of which the foregoing ratio is being determined, based
        on
        the quarterly financial statements for such Fiscal Quarter, and the Applicable
        Margin so determined shall remain effective from such Rate Determination
        Date
        until the date which is 60 days after the last day of the Fiscal Quarter
        in
        which such Rate Determination Date falls (which latter date shall be a new
        Rate
        Determination Date); provided that (i) for the period from and including
        the
        Second Amendment Closing Date to but excluding the Rate Determination Date
        next
        following the Second Amendment Closing Date, the Applicable Margin shall
        be
        0.45%, (ii) in the case of any Applicable Margin determined for the fourth
        and
        final Fiscal Quarter of a Fiscal Year, the Rate Determination Date shall
        be the
        date which is 120 days after the last day of such final Fiscal Quarter and
        such
        Applicable Margin shall be determined based upon the annual audited financial
        statements for the Fiscal Year ended on the last day of such final Fiscal
        Quarter, and (iii) if on any Rate Determination Date Outback Steakhouse,
        Inc.
        shall have failed to deliver to the Bank the financial statements required
        to be
        delivered pursuant to Section 9(a)(1) or Section 9(a)(2) of the Guarantee
        with
        respect to the Fiscal Year or Fiscal Quarter, as the case may be, most recently
        ended prior to such Rate Determination Date, then for the period beginning
        on
        such Rate Determination Date and ending on the earlier of (A) the date on
        which
        Outback Steakhouse, Inc. shall deliver to the Bank the financial statements
        to
        be delivered pursuant to Section 9(a)(2) of the Guarantee with respect to
        such
        Fiscal Quarter or any subsequent Fiscal Quarter, or (B) the date on which
        Outback Steakhouse, Inc. shall deliver to the Bank annual financial statements
        required to be delivered pursuant to Section 9(a)(1) of the Guarantee with
        respect to the Fiscal Year which includes such Fiscal Quarter or any subsequent
        Fiscal Year, the Applicable Margin shall be determined as if the ratio of
        Consolidated Total Debt to EBITDAR was more than 2.5 at all times during
        such
        period. Any change in the Applicable Margin on any Rate Determination Date
        shall
        result in a corresponding change, effective on and as of such Rate Determination
        Date, in the interest rate applicable to each Advance outstanding on such
        Rate
        Determination Date; provided, that no Applicable Margin shall be decreased
        pursuant to this Clause 6.1(c) if an Event of Default is in existence on
        the
        Rate Determination Date.

      

      SECTION
        2.03. Amendment
        to Section 13.2.
        Section
        13.2 of the Credit Agreement is hereby amended and restated to read in its
        entirety as follows:

      

      13.2 The
        Borrower shall pay to the Bank a facility fee equal to the product of: (i)
        the
        aggregate of the daily average amounts of the Bank’s

       

      
        
          WCSR
            2152533v4

          
          

        

        
          3

          
            

          

        

        
          
          

        

         

        Commitment,
          times (ii) a per annum percentage equal to the Applicable Facility Fee
          Rate.
          Such facility fee shall accrue from and including the Closing Date to and
          including the Final Repayment Date. The facility fee shall be payable quarterly
          in arrears on the first Facility Fee Payment Date following each Facility
          Fee
          Determination Date and on the Final Repayment Date; provided that should
          the
          Commitment be terminated at any time prior to the Final Repayment Date
          for any
          reason, the entire accrued and unpaid facility fee shall be paid on the
          date of
          such termination. The “Applicable Facility Fee Rate” shall be determined
          quarterly based upon the ratio of Consolidated Total Debt (calculated as
          of the
          last day of each Fiscal Quarter) to EBITDAR (calculated as of the last
          day of
          each Fiscal Quarter for the Fiscal Quarter then ended and the immediately
          preceding three Fiscal Quarters) as follows:

      

      

      Ratio
        of
        Consolidated     
        Applicable

      Total
        Debt to EBITDAR    
        Facility
        Fee Rate

      

      Greater
        than 2.5      0.15%

      

      Greater
        than 2.0 

      but
        equal
        to or less than 2.5                
        0.125%

      

      Less
        than
        or equal to 2.0               0.10%

      

      The
        Applicable Facility Fee Rate shall be determined effective as of the date
        (herein, the “Facility Fee Determination Date”) which is 60 days after the last
        day of the Fiscal Quarter as of the end of which the foregoing ratio is being
        determined, based on the quarterly financial statements for such Fiscal Quarter,
        and the Applicable Facility Fee Rate so determined shall remain effective
        from
        such Facility Fee Determination Date until the date which is 60 days after
        the
        last day of the Fiscal Quarter in which such Facility Fee Determination Date
        falls (which latter date shall be a new Facility Fee Determination Date);
        provided that (i) for the period from and including the Second Amendment
        Closing
        Date to but excluding the Facility Fee Determination Date next following
        the
        Second Amendment Closing Date, the Applicable Facility Fee Rate shall be
        0.10%;
        (ii) in the case of any Applicable Facility Fee Rate determined for the fourth
        and final Fiscal Quarter of a Fiscal Year, the Facility Fee Determination
        Date
        shall be the date which is 120 days after the last day of such final Fiscal
        Quarter and such Applicable Facility Fee Rate shall be determined based upon
        the
        annual audited financial statements for the Fiscal Year ended on the last
        day of
        such final Fiscal Quarter, and (iii) if on any Facility Fee Determination
        Date
        Outback Steakhouse, Inc. shall have failed to deliver to the Bank the financial
        statements required to be delivered pursuant to Section 9(a)(1) of the Guarantee
        or Section 9(a)(2) of the Guarantee with respect to the Fiscal Year or Fiscal
        Quarter, as the case may be, most recently ended prior to such Facility Fee
        Determination Date, then for the period beginning on such Facility Fee
        Determination Date and ending on the

       

      
        
          WCSR
            2152533v4

          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      earlier
        of (A) the date on which Outback Steakhouse, Inc. shall deliver to the Bank
        the
        financial statements to be delivered pursuant to Section 9(a)(2) of the
        Guarantee with respect to such Fiscal Quarter or any subsequent Fiscal Quarter,
        and (B) the date on which the Borrower shall deliver to the Bank annual
        financial statements required to be delivered pursuant to Section 9(a)(1)
        of the
        Guarantee with respect to the Fiscal Year which includes such Fiscal Quarter
        or
        any subsequent Fiscal Year, the Applicable Facility Fee Rate shall be determined
        as if the ratio of Consolidated Total Debt to EBITDAR was more than 2.5 at
        all
        times during such period. The Applicable Facility Fee Rate shall not be
        decreased pursuant to this Clause 13.2 if an Event of Default is in existence
        on
        the Facility Fee Determination Date.

      

      Such
        facility fee shall be calculated on the Bank Basis and shall be payable in
        arrears as set forth above.

      

      SECTION
        2.04. Amendment
        to Section 23.1.
        Section
        23.1 of the Credit Agreement is hereby amended and restated in its entirety
        to
        read as follows:

      

      23.1
        Save
        as otherwise provided herein, each notice, request, demand or other
        communication to be given or made under this Agreement shall be given in
        writing
        delivered personally or by letter by first class mail, or facsimile to the
        address or facsimile number of the addressee set out below:

       

      (1) in
        the
        case of the Bank, if by facsimile to it at 020 7929 4645 Attention: Matt
        Scales,
        with a copy to (813) 276-6454 Attention: Lynn E. Culbreath, and if delivered
        personally or by letter to it at 1 Plantation Place, 30 Fenchurch Street,
        London, EC3M 3BD, Attention: Matt Scales, with a copy to 100 South Ashley
        Drive,
        FL4954, Suite 1000, Tampa, Florida 33602, Attention: Lynn E. Culbreath,
        provided, in all cases (delivery of a notice by facsimile, by personal delivery
        or by letter), with a copy emailed to the Bank at LOANADMIN.LONDON@WACHOVIA.COM;
        and

       

      (2) in
        the
        case of the Borrower, if by facsimile to it at (404) 231-2167 Attention:
        Greg
        Walther, with a copy to (813) 286-2247 Attention: Dirk A. Montgomery, and
        if
        delivered personally or by letter to it at Outback Steakhouse International,
        3390 Peachtree Road, Suite 200, Atlanta, GA 30326, Attention: Greg Walther,
        with
        a copy to Outback Steakhouse, Inc., 2202 North Westshore Boulevard,
        5th
        Floor,
        Tampa, Florida 33607, Attention: Dirk A. Montgomery,

       

      or
        at any
        other numbers or addresses or marked for the attention of such other person
        as
        the parties hereto may from time to time notify to each other.

       

      SECTION
        3. Amendment
        to Guaranty Agreement.
        The
        Guaranty Agreement is hereby amended as set forth in this Section
        3.

       

      
        
          WCSR
            2152533v4

          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      SECTION
        3.01. Amendment
        to Section 8.
        The
        second sentence of Section 8 of the Guaranty Agreement is amended and restated
        to read in its entirety as follows:

      

      As
        used
        in this Guaranty, “Outback Credit Agreement” means that certain Amended and
        Restated Credit Agreement dated March 10, 2006, by and among Outback Steakhouse,
        Inc., the banks party thereto, and Wachovia Bank, National Association, as
        Agent, as in effect on the date hereof without regard and without giving
        effect
        to any waivers given by the Banks (as defined in the Outback Credit Agreement)
        after the date hereof or amendments agreed to by Outback Steakhouse, Inc.
        and
        the Banks (as defined in the Outback Credit Agreement) after the date
        hereof.

      

      SECTION
        4. Conditions
        to Effectiveness.
        The
        effectiveness of this Amendment and the obligations of the Bank hereunder
        are
        subject to the following conditions, unless the Bank waives such
        conditions:

      

      (a) receipt
        by the Bank from each of the parties hereto of a duly executed counterpart
        of
        this Amendment signed by such party; 

      

      (b) the
        fact
        that the representations and warranties of the Borrower and Guarantors contained
        in Section 6 of this Amendment shall be true on and as of the date hereof;
        and

      

      (c) receipt
        by the Bank of: (i) corporate resolutions and other evidence as the Bank
        may
        reasonably request, with respect to the authorization, execution and delivery
        of
        this Amendment; and (ii) the opinion of Joseph J. Kadow, Chief Officer-Legal
        and
        Corporate Affairs of Outback Steakhouse, Inc. in form and content satisfactory
        to the Bank.

      

      SECTION
        5. No
        Other Amendment.
        Except
        for the amendments set forth above, the text of the Credit Agreement and
        Guaranty Agreement shall remain unchanged and in full force and effect. This
        Amendment is not intended to effect, nor shall it be construed as, a novation.
        The Credit Agreement and this Amendment shall be construed together as a
        single
        agreement. The Guaranty Agreement and this Amendment shall be construed together
        as a single agreement. Nothing herein contained shall waive, annul, vary
        or
        affect any provision, condition, covenant or agreement contained in the Credit
        Agreement or Guaranty Agreement, except as herein amended, nor affect nor
        impair
        any rights, powers or remedies under the Credit Agreement or Guaranty Agreement
        as hereby amended. The Bank does hereby reserve all of its rights and remedies
        against all parties who may be or may hereafter become secondarily liable
        for
        the repayment of the Advances. The Borrower promises and agrees to perform
        all
        of the requirements, conditions, agreements and obligations under the terms
        of
        the Credit Agreement, as heretofore and hereby amended and the other Finance
        Documents, the Credit Agreement, as amended, and the other Finance Documents
        being hereby ratified and affirmed. The Borrower hereby expressly agrees
        that
        the Credit Agreement, as amended, and the other Finance Documents are in
        full
        force and effect. The Guarantors promise and agree to perform all of the
        requirements, conditions, agreements and obligations under the terms of the
        Guaranty

       

      
        
          WCSR
            2152533v4

          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      Agreement,
        as heretofore and hereby amended, and the other Finance Documents, the Guaranty
        Agreement, as amended, and the other Finance Documents being hereby ratified
        and
        affirmed. The Guarantors hereby expressly agree that the Guaranty Agreement,
        as
        amended, and the other Finance Documents are in full force and
        effect.

      

      SECTION
        6. Representations
        and Warranties.
        The
        Borrower and Guarantors hereby represent and warrant to the Bank as
        follows:

      

      (a) No
        Event
        of Default, nor any act, event, condition or circumstance which with the
        passage
        of time or the giving of notice, or both, would constitute an Event of Default,
        under the Credit Agreement or any other Finance Document has occurred and
        is
        continuing unwaived by the Bank on the date hereof.

      

      (b) The
        Borrower and Guarantors have the power and authority to enter into this
        Amendment and to do all acts and things as are required or contemplated
        hereunder, or thereunder, to be done, observed and performed by
        them.

      

      (c) This
        Amendment has been duly authorized, validly executed and delivered by one
        or
        more authorized officers of the Borrower and Guarantors and constitutes legal,
        valid and binding obligations of the Borrower and Guarantors enforceable
        against
        them in accordance with its terms, provided that such enforceability is subject
        to general principles of equity.

      

      (d) The
        execution and delivery of this Amendment and the performance hereunder by
        the
        Borrower and Guarantors do not and will not require the consent or approval
        of
        any regulatory authority or governmental authority or agency having jurisdiction
        over the Borrower or any Guarantor, nor be in contravention of or in conflict
        with the certificate or articles of incorporation, bylaws or other
        organizational documents of the Borrower or any Guarantor, or the provision
        of
        any statute, or any judgment, order or indenture, instrument, agreement or
        undertaking, to which the Borrower or any Guarantor is party or by which
        the
        assets or properties of the Borrower or any Guarantor are or may become
        bound.

      

      SECTION
        7. Counterparts.
        This
        Amendment may be executed in multiple counterparts, each of which shall be
        deemed to be an original and all of which, taken together, shall constitute
        one
        and the same agreement.

      

      SECTION
        8. Governing
        Law.
        This
        Amendment shall be construed in accordance with and governed by the laws
        of the
        State of Georgia.

      

      SECTION
        9. Effective
        Date.
        This
        Amendment shall be effective as of March 10, 2006 (the “Effective
        Date”).

      

      SECTION
        10. Commitment
        Fee.
        On the
        Effective Date the Borrower shall pay to the Bank a fee equal to
        $10,000.00.

       

      
        
          WCSR
            2152533v4

          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      SECTION
        11. Consent
        by Guarantors.
        The
        Guarantors consent to the foregoing amendments. The Guarantors promise and
        agree
        to perform all of the requirements, conditions, agreements and obligations
        under
        the terms of the Guaranty Agreement, said Guaranty Agreement, as heretofore
        and
        hereby amended, being hereby ratified and affirmed. The Guarantors hereby
        expressly agree that the Guaranty Agreement, as amended, is in full force
        and
        effect.

      

      

      

      

      

      [The
        remainder of this page intentionally left blank.]

       

       

      
        
          WCSR
            2152533v4

          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the parties hereto have executed and delivered, or have
        caused
        their respective duly authorized officers or representatives to execute and
        deliver, this Amendment as of the day and year first above written.

      

      

      /s/
        Greg L. Walther________________________

      duly
        authorized for and on behalf of Outback

      Steakhouse
        Japan KK

      

      OUTBACK
        STEAKHOUSE, INC.

      

      

      By:
        /s/ Dirk A. Montgomery__________

      Dirk
        A.
        Montgomery, Chief Financial Officer

      

      

                              OUTBACK
        STEAKHOUSE
        INTERNATIONAL, INC.

      

      

      By:
        /s/ Dirk A. Montgomery__________

      Dirk
        A.
        Montgomery, Chief Financial Officer

      

      

                              OUTBACK
        STEAKHOUSE
        INTERNATIONAL, L.P.

      

      By: OSI
        International, Inc., General Partner

      

      

      By:/s/
        Dirk A. Montgomery__________

      Dirk
        A.
        Montgomery, Senior Vice President

      

      

      

      

      [Remainder
        of this page intentionally left blank]

       

      
 

      
        
          WCSR
            2152533v4

          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      WACHOVIA
        BANK, NATIONAL ASSOCIATION,

      LONDON
        BRANCH

      

      

      By:
        /s/ Lynn E. Culbreath___________(SEAL)

      Title:
        Lynn E. Culbreath, Senior Vice President

       

       

       

       

      WCSR
        2152533v4

      
        10

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