Document:

Exhibit 10.1

AMENDMENT
NO. 5 TO 

LOAN AND SECURITY AGREEMENT

AMENDMENT NO. 5 dated as of April 26, 2007 to LOAN AND
SECURITY AGREEMENT among SILICON VALLEY BANK (“Bank”), 3D SYSTEMS CORPORATION,
a Delaware corporation (the “Company”), and its Subsidiary, 3D SYSTEMS, INC., a
California corporation (“3D California;” the Company and 3D California being
herein individually referred to as a “Borrower” and collectively referred to
herein, jointly and severally, as the “Borrowers”), joined in for the purposes
of Section 8 of this Amendment by (i) 3D HOLDINGS LLC, a Delaware limited
liability company, (ii) 3D SYSTEMS ASIA PACIFIC LIMITED, a California
corporation, and (iii) 3D CAPITAL CORPORATION, a California corporation (each
individually being herein individually referred to as a “Guarantor” and
collectively referred to herein, jointly and severally, as the “Guarantors”).

WITNESSETH:

WHEREAS, the Bank and the Borrowers are parties to a
Loan and Security Agreement dated as of June 30, 2004 (as amended by Amendment No.
1, Amendment No. 2, Amendment No. 3, and Amendment No. 4, and as it may be
further amended, supplemented, or otherwise modified, the “Credit Agreement”),
and the other Loan Documents provided for in the Credit Agreement;

WHEREAS, the parties desire to amend certain
provisions of the Credit Agreement as set forth in this Amendment;

WHEREAS, the Guarantors have guaranteed the
Obligations of the Borrowers pursuant to the Guaranties; and

WHEREAS, terms used herein in capitalized form that
are not defined herein are used herein as defined in the Credit Agreement;

NOW, THEREFORE, the parties agree as follows:

Section 1.               Effective Date.  The amendments to the Credit Agreement set
forth herein shall be effective as of April 26, 2007 (the “Fifth Amendment
Effective Date”).

Section 2.               Adjusted Quick Ratio.  Section 6.8 (i) of the Credit Agreement is
hereby amended as of the Fifth Amendment Effective Date to read as follows:

“Quick Ratio (Adjusted).  Commencing as of January 1, 2007, and
continuing through the Revolving Maturity Date, a ratio of Quick Assets to
Adjusted Current Liabilities of at least 0.70 to 1.00.

 S-1
 

Section 3.               Section 13.1 Amendment To
Definitions.

The following existing definition, in Section 13.1 of
the Credit Agreement, is hereby amended as of the Fifth Amendment Effective
Date as follows:

“Borrowing Base”
is as determined by Bank in its reasonable discretion: (i) 80% of the
amount of Borrowers’ Eligible Domestic Accounts receivable plus (ii) 30% of the
amount of Borrowers’ gross foreign accounts receivable, in each case as
reasonably determined by Bank based on the most recent accounts receivable
aging prepared by the Company and delivered to Bank pursuant to Section
6.2(d).

Section 4.               Section 13.1 New Definitions.

The following definitions are hereby added to Section
13.1 of the Credit Agreement as of the Fifth Amendment Effective Date, in the
appropriate alphabetical order:

“Account Debtor” means any
person who is or who may become obligated under, with respect to, or on account
of , an Account, chattel paper, or a general intangible.”

“Eligible Domestic Accounts” are
Accounts which arise in the ordinary course of Borrower’s business that meet
all Borrower’s representations and warranties in Section 5.2 of the Credit
Agreement.  Bank reserves the right at
any time and from time to time after the Effective Date, to adjust any of the
criteria set forth below and to establish new criteria in its good faith
business judgment.  Unless Bank agrees
otherwise in writing, Eligible Domestic Accounts shall not include:

(a)           Accounts for which
the Account Debtor has not been invoiced;

(b)           Accounts that the
Account Debtor has not paid within sixty (60) days of the due date;

(c)           Accounts owing from
an Account Debtor, fifty percent (50%) or more of whose Accounts have not been
paid within sixty (60) days of the due date, but in any event not to exceed 90
days from the invoice date;

(d)           Credit balances
older than sixty (60) days, but in any event not to exceed 90 days from the
invoice date;

(e)           Accounts owing from an
Account Debtor, including Affiliates whose total obligations to Borrowers
exceed twenty-five (25%) of all Accounts, 
but only to the extent the obligations owing by such Account Debtor are
in excess of such percentage, unless Bank approves in writing;

 S-2
 

(f)            Accounts owing from
an Account Debtor which is a federal, state or local government entity or any
department, agency, or instrumentality thereof, in aggregate, to the extent the
face amounts of any such accounts in the aggregate, at any one time outstanding,
is greater than Five Hundred Thousand Dollars ($500,000) and without an
assignment of claims to the Bank;

(g)           Accounts owing from
an Account Debtor to the extent that Borrowers are indebted or obligated in any
manner to the Account Debtor (as creditor, lessor, supplier or otherwise -
sometimes called “contra” accounts, accounts payable, customer deposits or
credit accounts), with the exception of customary credits, adjustments and/or
discounts given to an Account Debtor by Borrowers in the ordinary course of its
business;

(h)           Accounts for
demonstration or promotional equipment, or in which goods are consigned, or
sold on a “sale guaranteed”, “sale or return”, “sale on approval”, “bill and
hold”, or other terms if Account Debtor’s payment may be conditional;

(i)            Accounts for which
the Account Debtor is Borrowers’ Affiliate, officer, employee, or agent;

(j)            Accounts in which
the Account Debtor disputes liability or makes any claim (but only up to the
disputed or claimed amount), or if the Account Debtor is subject to an
Insolvency Proceeding, or becomes insolvent, or goes out of business;

(k)           Accounts for which
Bank in its good faith business judgment determines collection to be doubtful;
and

(l)            Accounts with
respect to which Account Debtor either (i) does not maintain its chief
executive office in the United States, or Canada, excluding the province of
Quebec, or (ii) is not organized under the laws of the United States or any
state thereof, or Canada or any province thereof, excluding Quebec or (iii) is
the government of any foreign country or sovereign state, or of any state,
providence, municipality, or other political subdivision thereof, or of any
department, agency, public corporation, or other instrumentality thererof.

Section 5.               Exhibit A-1 Amendments to
Definitions.  The following
definitions in Exhibit A-1 of the Credit Agreement are hereby amended as of the
Fifth Amendment Effective Date to read as follows:

 “LIBOR Rate
Margin” means 325 basis points (3.25%), provided however that if
Borrowers achieve the Covenant Threshold, then as of the Covenant Threshold
Date and thereafter, the LIBOR Rate Margin shall be 225 basis points (2.25%)
with respect to all Advances.

 S-3
 

“Prime Rate Margin” means 100 basis
points (1.00%), provided however that if Borrowers achieve the Covenant
Threshold, then as of the Covenant Threshold Date and thereafter,  the Prime Rate Margin shall be 0 basis points
(0.00%) with respect to all Advances.

Section
6.               Waiver.

(i)            Bank hereby waives: (A) solely with
respect to the fiscal quarter ending December 31, 2006, the following Events of
Default arising under Section 8.2 as a result of Borrowers’ violation
of: (1) Section 6.8 (i) (failure to comply with the Quick Ratio
(Adjusted) covenant), (2) Section 6.8(ii) (failure to comply with the
Adjusted Total Liabilities/Tangible Net Worth Ratio), (3) Section 6.8(iii)
(failure to comply with the EBITDA covenant), (4) Section 6.2 (failure
to deliver financial statements, reports, and certificates); (B) solely with
respect to the period ending February 28, 2007, the Event of Default arising
under Section 8.2 as a result of Borrowers’ violation of Section
6.2(d) (accounts receivable aging and accounts payable aging for such
month); and (C) solely with respect to the fiscal quarter ending March 31,
2007, the Event of Default arising under Section 8.2 as a result of
Borrowers’ violation of Section 6.2 (failure to deliver financial
statements, reports and certificates) (collectively, the “Waived Defaults”).

(ii)           The waiver in this Section 6
shall become effective only in accordance with Section 10 hereof and
then only in this specific instance and for the specific purposes set forth
herein.

Section 7.               Representations and Warranties
of the Borrowers.  The Borrowers
represent and warrant that the representations and warranties set forth in
Section 5 of the Credit Agreement are true and correct in all material respects
as of the Fifth Amendment Effective Date.

Section 8.               Consent of the Guarantors.  Each of the undersigned Guarantors has
executed an Unconditional Guaranty (each a “Guaranty”) in favor of Bank
respecting the obligations of each Borrower owing to Bank.  The Guarantors hereby consent to the
amendments to the Credit Agreement set forth in this Amendment and each
Guarantor agrees that nothing in its Guaranty obligates Bank to notify it of
any changes in the financial accommodations made available to the Borrowers and
no requirements to so notify it in the future shall be implied by the execution
of this Amendment.

Section 9.               Effect on the Loan Documents.  Except to the extent that the provisions of
the Credit Agreement are expressly amended by the terms and conditions of this
Amendment, the covenants, terms and conditions of the Credit Agreement and the
other Loan Documents shall remain in full force and effect in accordance with
their terms.

Section 10.             Effectiveness.  The effectiveness of this Amendment is
subject to each of the following conditions:

(a)           receipt by Bank of fully executed
copies of this Amendment signed by the Borrowers and Guarantors; and

 S-4
 

(b)           receipt by Bank of an amendment fee
in the amount of $20,000.

Section 11.             Conditions Subsequent.  Within thirty (30) days of the Fifth
Amendment Effective Date, Borrowers shall permit Bank, and Bank shall conduct
an audit of Borrowers’ accounts receivables. 
Failure by Borrowers to fulfill the foregoing conditions subsequent
shall constitute an Event of Default under the Credit Agreement, unless such
failure results from the Bank’s failure to initiate such audit.

IN
WITNESS WHEREOF, the parties have executed this Amendment pursuant to due
authorization as of the date first set forth above.

	
  

  	
   

  	
  BORROWERS:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  3D
  SYSTEMS CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
  /s/ Gerald J. Pribanic

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   Gerald J. Pribanic

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   Interim Vice President and Chief Financial
  Officer

  
	
   

  	
   

  	
   

  	
   

  
	
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  3D SYSTEMS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   /s/ Robert M. Grace, Jr.

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   Robert M. Grace, Jr.

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   Vice President

  
	
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GUARANTORS:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  3D
  HOLDINGS LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
  /s/ Robert M. Grace, Jr.

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   Robert M. Grace, Jr.

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   Vice President

  

 

 S-5
 

 

	
  

  	
   

  	
  3D SYSTEMS ASIA PACIFIC LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
  /s/ Robert M. Grace, Jr.

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   Robert M. Grace, Jr.

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   Vice President

  
	
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  3D
  CAPITAL CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
  /s/ Robert M. Grace, Jr.

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   Robert M. Grace, Jr.

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   Vice President

  

 

 S-6
 

 

	
  

  	
   

  	
  BANK:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SILICON
  VALLEY BANK

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
  /s/ Jason Ryan Spencer

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   Jason Ryan Spencer

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   Relationship Manager

  
						

 

 S-7Exhibit
10.0

GOLDMAN,
SACHS & CO. | 85 BROAD STREET | NEW YORK, NEW YORK 10004 | Tel: 212 902
1000

Opening Transaction

	
  To:

  	
  

  	
  The Cheesecake Factory Incorporated

  
	
   

  	
   

  	
  26901 Malibu Hills Road

  
	
   

  	
   

  	
  Calabasas Hills, CA 91301

  
	
   

  	
   

  	
   

  
	
  A/C:

  	
   

  	
  028611903

  
	
   

  	
   

  	
   

  
	
  From:

  	
   

  	
  Goldman, Sachs & Co.

  
	
   

  	
   

  	
   

  
	
  Re:

  	
   

  	
  Collared Accelerated Stock Buyback

  
	
   

  	
   

  	
   

  
	
  Ref.
  No:

  	
   

  	
  As provided in the Supplemental Confirmation

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
  March 12, 2007

  
	
   

  	
   

  	
   

  

 

This master confirmation
(this “Master Confirmation”),
dated as of March 12, 2007, is intended to supplement the terms and provisions
of certain Transactions (each, a “Transaction”)
entered into from time to time between Goldman, Sachs & Co. (“GS&Co.”) and The Cheesecake Factory
Incorporated (“Counterparty”).
This Master Confirmation, taken alone, is neither a commitment by either party
to enter into any Transaction nor evidence of a Transaction.  The terms of any particular Transaction shall
be set forth in (i) a Supplemental Confirmation in the form of Schedule A
hereto (a “Supplemental Confirmation”),
which shall reference this Master Confirmation and supplement, form a part of,
and be subject to this Master Confirmation and (ii) a Trade Notification in the
form of Schedule B hereto (a “Trade
Notification”), which shall reference the relevant Supplemental
Confirmation and supplement, form a part of, and be subject to such
Supplemental Confirmation.  This Master
Confirmation, each Supplemental Confirmation and the related Trade Notification
together shall constitute a “Confirmation” as referred to in the Agreement
specified below.

The definitions and
provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as published by the
International Swaps and Derivatives Association, Inc., are incorporated into
this Master Confirmation.  This Master
Confirmation, each Supplemental Confirmation and the related Trade Notification
evidence a complete binding agreement between Counterparty and GS&Co. as to
the subject matter and terms of each Transaction to which this Master
Confirmation, such Supplemental Confirmation and Trade Notification relate and
shall supersede all prior or contemporaneous written or oral communications
with respect thereto.

This Master Confirmation,
each Supplemental Confirmation and each Trade Notification supplement, form a
part of, and are subject to an agreement in the form of the 1992 ISDA Master
Agreement (Multicurrency —Cross Border) (the “Agreement”)
as if GS&Co. and Counterparty had executed the Agreement on the date of
this Master Confirmation (but without any Schedule except for (i) the election
of Loss and Second Method, New York law (without regard to the conflicts of law
principles) as the governing law and US Dollars (“USD”) as the Termination
Currency, (ii) the election that subparagraph (ii) of Section 2(c) will not
apply to the Transactions, (iii) the replacement of the word “third” in the
last line of Section 5(a)(i) with the word “first” and (iv) the election that
the “Cross Default” provisions of Section 5(a)(vi) shall apply to Counterparty,
with a “Threshold Amount” of USD50 million).

All provisions contained or incorporated by reference
in the Agreement shall govern this Master Confirmation, each Supplemental
Confirmation and each Trade Notification except as expressly modified herein.

If, in relation to any
Transaction to which this Master Confirmation, a Supplemental Confirmation and
a Trade Notification relate, there is any inconsistency between the Agreement,
this Master Confirmation, any Supplemental Confirmation, any Trade Notification
and the Equity Definitions, the following will prevail for

purposes of such Transaction in the order of
precedence indicated: (i) such Trade Notification, (ii) such Supplemental
Confirmation; (iii) this Master Confirmation; (iv) the Agreement; and (v) the
Equity Definitions.

1.             Each Transaction constitutes a Share Forward Transaction
for the purposes of the Equity Definitions. 
Set forth below are the terms and conditions which, together with the
terms and conditions set forth in the related Supplemental Confirmation and
Trade Notification (in respect of the relevant Transaction), shall govern each
such Transaction.

	
  General Terms:

  	
   

  
	
   

  	
   

  
	
  Trade Date:

  	
  For each Transaction, as set forth in the
  Supplemental Confirmation.

  
	
   

  	
   

  
	
  Buyer:

  	
  Counterparty

  
	
   

  	
   

  
	
  Seller:

  	
  GS&Co.

  
	
   

  	
   

  
	
  Shares:

  	
  Common Stock, $0.01 par value of Counterparty
  (Ticker: CAKE)

  
	
   

  	
   

  
	
  Forward Price:

  	
  The average of the VWAP Prices for each Exchange
  Business Day in the

  
	
   

  	
  Calculation Period.

  
	
   

  	
   

  
	
  VWAP Price: 

  	
  For any Exchange Business Day, as determined by the
  Calculation Agent based on the NASDAQ Volume Weighted Average Price per Share
  for the regular trading session (including any extensions thereof) of the
  Exchange on such Exchange Business Day (without regard to pre-open or after
  hours trading outside of such regular trading session for such Exchange
  Business Day), as published by Bloomberg at 4:15 p.m. New York time (or 15
  minutes following the end of any extension of the regular trading session) on
  such Exchange Business Day, on Bloomberg page “CAKE.Q <Equity> AQR_SEC”
  (or any successor thereto). For purposes of calculating the VWAP Price, the Calculation
  Agent will include only those trades that are reported during the period of
  time during which Counterparty could purchase its own shares under Rule
  10b-18(b)(2) and pursuant to the conditions of Rule 10b-18(b)(3), each under
  the Exchange Act (as defined herein) (such trades, “Rule 10b-18 eligible transactions”).

  
	
   

  	
   

  
	
  Forward Price

  	
   

  
	
  Adjustment
  Amount:

  	
  For each Transaction, as set forth in the
  Supplemental Confirmation.

  
	
   

  	
   

  
	
  Calculation
  Period:

  	
  The period from and including the first Exchange
  Business Day immediately

  
	
   

  	
  following the Hedge Completion Date to and including
  the Termination Date (as

  
	
   

  	
  adjusted in accordance with the provisions hereof).

  
	
   

  	
   

  
	
  Termination
  Date:

  	
  For each Transaction, the Scheduled Termination Date
  set forth in the

  
	
   

  	
  Supplemental Confirmation (as the same may be postponed in
  accordance with

  
	
   

  	
  the provisions hereof); provided that GS&Co. shall have
  the right to designate

  
	
   

  	
  any date on or after the First Acceleration Date to
  be the Termination Date by

  
	
   

  	
  providing notice to Counterparty of any such
  designation on such date.

  
	
   

  	
   

  
	
  First
  Acceleration Date:

  	
  For each Transaction, as set forth in the Supplemental
  Confirmation.

  
	
   

  	
   

  
	
  Hedge Period:

  	
  The period from and including the day immediately
  after the Trade Date to and

  
	
   

  	
  including the Hedge Completion Date (as adjusted in
  accordance with the

  
	
   

  	
  provisions hereof).

  

 

 2
 

 

	
  Hedge Completion Date:

  	
  For each Transaction, as set forth in the Trade
  Notification, to be the Exchange Business Day on which GS&Co. finishes
  establishing its initial Hedge Positions in respect of such Transaction, as
  determined by GS&Co. in its sole discretion, which date shall be subject
  to any limitations set forth in the Supplemental Confirmation.

  
	
   

  	
   

  
	
  Hedge Period

  Reference Price:

  	
  

  For each Transaction, as set forth in the Trade Notification, to be the
  average of the VWAP Prices for each Exchange Business Day in the Hedge
  Period.

  
	
   

  	
   

  
	
  Market
  Disruption Event:

  	
  The definition of “Market Disruption Event” in
  Section 6.3(a) of the Equity Definitions is hereby amended by deleting the
  words “at any time during the one-hour period that ends at the relevant
  Valuation Time” and inserting the words “at any time on any Scheduled Trading
  Day during the Hedge Period or Calculation Period or” after the word
  “material,” in the third line thereof.

  
	
   

  	
   

  
	
   

  	
  Notwithstanding anything to the contrary in the
  Equity Definitions, to the extent that a Disrupted Day occurs in the Hedge
  Period or the Calculation Period, the Calculation Agent may in good faith and
  acting in a commercially reasonable manner postpone the Hedge Completion Date
  or the Termination Date, as the case may be. In such event, the Calculation
  Agent must determine whether (i) such Disrupted Day is a Disrupted Day in
  full, in which case the VWAP Price for such Disrupted Day shall not be
  included for purposes of determining the Hedge Period Reference Price or the
  Forward Price, as the case may be, or (ii) such Disrupted Day is a Disrupted
  Day only in part, in which case the VWAP Price for such Disrupted Day shall
  be determined by the Calculation Agent based on Rule 10b-18 eligible
  transactions in the Shares on such Disrupted Day effected before the relevant
  Market Disruption Event occurred and/or after the relevant Market Disruption
  Event ended, and the weighting of the VWAP Price for the relevant Exchange
  Business Days during the Hedge Period or the Calculation Period, as the case
  may be, shall be adjusted in a commercially reasonable manner by the
  Calculation Agent for purposes of determining the Hedge Period Reference
  Price or the Forward Price, as the case may be, with such adjustments based
  on, among other factors, the duration of any Market Disruption Event and the
  volume, historical trading patterns and price of the Shares.

  
	
   

  	
   

  
	
   

  	
  If a Disrupted Day occurs during the Hedge Period or
  the Calculation Period, as the case may be, and each of the nine immediately
  following Scheduled Trading Days is a Disrupted Day, then the Calculation
  Agent, in its good faith and commercially reasonable discretion, may either
  (i) deem such ninth Scheduled Trading Day to be an Exchange Business Day and
  determine the VWAP Price for such ninth Scheduled Trading Day using its good
  faith estimate of the value of the Shares on such ninth Scheduled Trading Day
  based on the volume, historical trading patterns and price of the Shares and
  such other factors as it deems appropriate or (ii) further extend the Hedge
  Period or the Calculation Period, as the case may be, as it deems necessary
  to determine the VWAP Price.

  
	
   

  	
   

  
	
  Exchange:

  	
  Nasdaq Global Select Market

  
	
   

  	
   

  
	
  Related
  Exchange(s):

  	
  All Exchanges.

  
	
   

  	
   

  
	
  Prepayment\Variable
  Obligation:

  	
  

  Applicable

  
	
   

  	
   

  
	
  Prepayment Amount:

  	
  For each Transaction, as set forth in the
  Supplemental Confirmation.

  

 

 3
 

 

	
  Prepayment Date:

  	
  Three (3) Exchange Business Days following the Trade
  Date.

  
	
   

  	
   

  
	
   

  	
   

  
	
  Settlement Terms:

  	
   

  
	
   

  	
   

  
	
  Physical
  Settlement:

  	
  Applicable; provided
  that GS&Co. does not, and shall not, make the agreement or the
  representations set forth in Section 9.11 of the Equity Definitions related
  to the restrictions imposed by applicable securities laws with respect to any
  Shares delivered by GS&Co. to Counterparty under any Transaction.

  
	
   

  	
   

  
	
   

  	
   

  
	
  Number of Shares

  to be Delivered: 

  	
  

  A number of Shares equal to (a) the Prepayment Amount divided by (b) the Forward Price minus the Forward Price Adjustment
  Amount; provided that the Number
  of Shares to be Delivered shall not be less than the Minimum Shares and not
  greater than the Maximum Shares. The Number of Shares to be Delivered on the
  Settlement Date shall be reduced, but not below zero, by any Shares delivered
  pursuant to the Minimum Share Delivery described below.

  
	
   

  	
   

  
	
  Excess Dividend Amount:
  

  	
  For the avoidance of doubt, all references to the
  Excess Dividend Amount shall be deleted from Section 9.2(a)(iii) of the
  Equity Definitions.

  
	
   

  	
   

  
	
  Settlement Date:

  	
  Three (3) Exchange Business Days following the
  Termination Date.

  
	
   

  	
   

  
	
  Settlement
  Currency:

  	
  USD

  
	
   

  	
   

  
	
  Initial Share
  Delivery: 

  	
  GS&Co. shall deliver a number of Shares equal to
  the Initial Shares to Counterparty on the Initial Share Delivery Date in
  accordance with Section 9.4 of the Equity Definitions, with the Initial Share
  Delivery Date deemed to be a “Settlement Date” for purposes of such Section
  9.4.

  
	
   

  	
   

  
	
  Initial Share Delivery
  Date:

  	
  The Prepayment Date

  
	
   

  	
   

  
	
  Initial Shares:

  	
  For each Transaction, as set forth in the
  Supplemental Confirmation.

  
	
   

  	
   

  
	
  Minimum Share Delivery:
  

  	
  GS&Co. shall deliver a number of Shares equal to
  the excess, if any, of the Minimum Shares over the Initial Shares to
  Counterparty on the Minimum Share Delivery Date in accordance with Section
  9.4 of the Equity Definitions, with the Minimum Share Delivery Date deemed to
  be a “Settlement Date” for purposes of such Section 9.4.

  
	
   

  	
   

  
	
  Minimum Share Delivery

  	
   

  
	
  Date:

  	
  Three (3) Exchange Business Days following the Hedge
  Completion Date.

  
	
   

  	
   

  
	
  Minimum Shares:

  	
  For each Transaction, as set forth in the
  Supplemental Confirmation.

  
	
   

  	
   

  
	
  Maximum Shares:

  	
  For each Transaction, as set forth in the
  Supplemental Confirmation.

  
	
   

  	
   

  
	
  Share Adjustments:

  	
   

  
	
   

  	
   

  
	
  Potential Adjustment
  Event: 

  	
  Notwithstanding anything to the contrary in Section
  11.2(e) of the Equity Definitions, an Extraordinary Dividend shall not
  constitute a Potential Adjustment Event.

  

 

 4
 

 

	
  Extraordinary Dividend: 

  	
  For any calendar quarter occurring (in whole or in
  part) during the period from and including the first day of the Hedge Period
  to and including the Termination Date, any dividend or distribution on the
  Shares with an ex-dividend date occurring during such calendar quarter (other
  than any dividend or distribution of the type described in Section 11.2(e)(i)
  or Section 11.2(e)(ii)(A) or (B) of the Equity Definitions).

  
	
   

  	
   

  
	
  Method of Adjustment:

  	
  Calculation Agent Adjustment

  
	
   

  	
   

  
	
  Extraordinary
  Events:

  	
   

  
	
   

  	
   

  
	
  Consequences of

  	
   

  
	
  Merger Events
  and

  	
   

  
	
  Tender Offers:

  	
   

  
	
   

  	
   

  
	
  (a)     Share-for-Share:

  	
  Modified Calculation Agent Adjustment

  
	
   

  	
   

  
	
  (b)     Share-for-Other:

  	
  Cancellation and Payment

  
	
   

  	
   

  
	
  (c)     Share-for-Combined:

  	
  Component Adjustment

  
	
   

  	
   

  
	
  Determining Party:

  	
  GS&Co.

  
	
   

  	
   

  
	
  Tender Offer:

  	
  Applicable

  
	
   

  	
   

  
	
  Nationalization,
  Insolvency or Delisting:

  	
  

  Cancellation and Payment;  provided that (i) Section
  12.6(a)(iii) of the Equity  Definitions
  shall be amended by replacing the phrase “(or will cease without any right of
  appeal)” in the second line thereof with the phrase (“or will cease without
  any condition)” and (ii) in addition to the provisions of Section 12.6(a)(iii)
  of the Equity Definitions, it shall also constitute a Delisting if the Exchange
  is located in the United States and the Shares are not immediately re-listed,
  re-traded or re-quoted on any of the New York Stock Exchange, the American
  Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market
  (or their respective successors); if the Shares are immediately re-listed,
  re-traded or re-quoted on any such exchange or quotation system, such
  exchange or quotation system shall be deemed to be the Exchange.

  

 

Notwithstanding anything to the contrary in the Equity
Definitions, if, as a result of a Merger Event, a Tender Offer, a
Nationalization, an Insolvency or a Delisting, Cancellation and Payment applies
to one or more Transactions hereunder (whether in whole or in part), an
Additional Termination Event (with the Transactions (or portions thereof) to
which Cancellation and Payment applies being the Affected Transactions,
Counterparty being the sole Affected Party and the Early Termination Date being
the date on which such Transactions would be cancelled pursuant to Article 12
of the Equity Definitions) shall be deemed to occur, and, in lieu of Sections
12.7 and 12.8 of the Equity Definitions, Section 6 of the Agreement shall apply
to such Affected Transactions.

Additional Disruption Events:

	
  (a)

  	
  Change in Law:

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  (b)

  	
  Failure to Deliver:

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  (c)

  	
  Insolvency Filing:

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  (d)

  	
  Loss of Stock Borrow:

  	
  Applicable; provided
  that Sections 12.9(a)(vii) and 12.9(b)(iv) of the Equity Definitions shall be
  amended by deleting the

  
	
   

  	
   

  	
   

  

 

 5
 

 

	
   

  	
  words “at a rate
  equal to or less than the Maximum Stock Loan Rate” and replacing them with
  “at a rate of return equal to or greater than zero”.

  
	
   

  	
   

  
	
  Hedging Party:

  	
  GS&Co.

  
	
   

  	
   

  
	
  Determining Party:

  	
  GS&Co.

  

 

Notwithstanding anything to the contrary in the Equity
Definitions, if, as a result of an Additional Disruption Event, any Transaction
is cancelled or terminated, an Additional Termination Event (with such
terminated Transaction(s) being the Affected Transaction(s), Counterparty being
the sole Affected Party and the Early Termination Date being the date on which
such Transaction(s) would be cancelled or terminated pursuant to Article 12 of
the Equity Definitions) shall be deemed to occur, and, in lieu of Sections 12.7
and 12.8 of the Equity Definitions, Section 6 of the Agreement shall apply to
such Affected Transaction(s).

	
  Non-Reliance/Agreements and

  	
   

  
	
  Acknowledgements
  Regarding

  	
   

  
	
  Hedging
  Activities/Additional

  	
   

  
	
  Acknowledgements:

  	
  Applicable

  
	
   

  	
   

  
	
  Transfer: 

  	
  Notwithstanding anything to the contrary in the
  Agreement, GS&Co. may assign, transfer and set over all rights, title and
  interest, powers, privileges and remedies of GS&Co. under this
  Transaction, in whole or in part, to an affiliate of GS&Co. whose
  obligations are guaranteed by The Goldman Sachs Group, Inc. without the
  consent of Counterparty.

  
	
   

  	
   

  
	
  GS&Co.
  Payment Instructions:

  	
  Chase Manhattan Bank New York

  
	
   

  	
  For A/C Goldman, Sachs & Co.

  
	
   

  	
  A/C #930-1-011483

  
	
   

  	
  ABA: 021-000021

  
	
   

  	
   

  
	
  Counterparty’s
  Contact Details

  	
   

  
	
  for Purpose of
  Giving Notice:

  	
  The Cheesecake Factory Incorporated

  
	
   

  	
  26901 Malibu Hills Road

  
	
   

  	
  Calabasas Hills, CA 91301

  
	
   

  	
   

  
	
  GS&Co.’s
  Contact Details for

  	
   

  
	
  Purpose of
  Giving Notice:

  	
  Telephone No.:

  	
  (212) 902-8996

  
	
   

  	
  Facsimile No.:

  	
  (212) 902-0112

  
	
   

  	
  Attention: Equity Operations: Options and
  Derivatives

  
	
   

  	
   

  
	
   

  	
  With a copy to:

  
	
   

  	
  Tracey McCabe

  
	
   

  	
  Equity Capital Markets

  
	
   

  	
  One New York Plaza

  
	
   

  	
  New York, NY 10004

  
	
   

  	
  Telephone No.:

  	
  (212) 357-0428

  
	
   

  	
  Facsimile No.:

  	
  (212) 902-3000

  
	
   

  	
   

  
	
  2.           Calculation
  Agent.

  	
  GS&Co.

  

 

3.             Additional
Mutual Representations, Warranties and Covenants.  In addition to the representations and
warranties in the Agreement, each party represents, warrants and covenants to
the other party that:

 6
 

(a) Eligible Contract
Participant.  It is an “eligible
contract participant”, as defined in the U.S. Commodity Exchange Act (as
amended), and is entering into each Transaction hereunder as principal and not
for the benefit of any third party.

(b) Accredited
Investor.  Each party acknowledges
that the offer and sale of each Transaction to it is intended to be exempt from
registration under the Securities Act of 1933, as amended (the “Securities Act”), by virtue of Section 4(2)
thereof and the provisions of Regulation D thereunder (“Regulation D”).  Accordingly, each party represents and
warrants to the other that (i) it has the financial ability to bear the
economic risk of its investment in each Transaction and is able to bear a total
loss of its investment, (ii) it is an “accredited investor” as that term is
defined under Regulation D and (iii) the disposition of each Transaction is
restricted under this Master Confirmation, the Securities Act and state
securities laws.

4.             Additional Representations, Warranties
and Covenants of Counterparty.  In
addition to the representations, warranties and covenants in the Agreement and
those contained herein, as of (i) the date hereof, (ii) the Trade Date for each
Transaction hereunder and (iii) to the extent indicated below, each day during
the Hedge Period and Calculation Period for each Transaction hereunder,
Counterparty represents, warrants and covenants to GS&Co. that:

(a)           the purchase or writing of each
Transaction and the transactions contemplated hereby will not violate Rule
13e-1 or Rule 13e-4 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”);

(b)           it is not entering into any
Transaction (i) on the basis of, and is not aware of, any material non-public
information with respect to the Shares (ii) in anticipation of, in connection
with, or to facilitate, a distribution of its securities, a self tender offer
or a third-party tender offer or (iii) to create actual or apparent trading
activity in the Shares (or any security convertible into or exchangeable for
the Shares) or otherwise manipulate the price of the Shares (or any security
convertible into or exchangeable for the Shares);

(c)           each Transaction is being entered
into pursuant to a publicly disclosed Share buy-back program and its Board of
Directors has approved the use of derivatives to effect the Share buy-back
program;

(d)           without limiting the generality of
Section 13.1 of the Equity Definitions, it acknowledges that GS&Co. is not
making any representations or warranties with respect to the treatment of any
Transaction under FASB Statements 128, 133 as amended, or 149, 150, EITF 00-19,
EITF 03-6 (or any successor issue statements) or under Financial Accounting
Standards Board’s Liabilities & Equity Project;

(e)           Counterparty is in compliance with
its reporting obligations under the Exchange Act and its most recent Annual
Report on Form 10-K, together with all reports subsequently filed by it
pursuant to the Exchange Act, taken together and as amended and supplemented to
the date of this representation, do not, as of their respective filing dates,
contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading;

(f)            Counterparty shall report each
Transaction as required under Regulation S-K and/or Regulation S-B under the
Exchange Act, as applicable;

(g)           Counterparty is not, and will not be,
engaged in a “distribution” of Shares or securities that are convertible into,
or exchangeable or exercisable for Shares for purposes of Regulation M
promulgated under the Exchange Act (“Regulation
M”) at any time during the Hedge Period or the Relevant Period for
any Transaction unless Counterparty has provided written notice to GS&Co.
of such distribution (a “Regulation M
Distribution Notice”) not later than the Scheduled Trading Day
immediately preceding the first day of the relevant “restricted period” (as
defined in Regulation M); Counterparty acknowledges that any such notice may
cause the Hedge Period or the Calculation Period to be extended or suspended
pursuant to Section 5 below; accordingly, Counterparty acknowledges that its
delivery of such notice must comply with the standards set forth in Section 6
below; “Relevant Period” means,
for any Transaction, the period commencing on the first day of the Calculation
Period and ending on the 20th Exchange Business Day immediately following the
end of the Calculation Period, or such earlier day as elected by GS&Co. and
communicated to Counterparty on such day;

 7
 

(h)           Counterparty acknowledges that each
Transaction is a derivatives transaction in which it has granted GS&Co. an
option;  GS&Co. may purchase shares
for its own account at an average price that may be greater than, or less than,
the price paid by Counterparty under the terms of the related Transaction;

(i)            as of the Trade Date, the Prepayment
Date, the Initial Share Delivery Date, the Minimum Share Delivery Date and the
Settlement Date for each Transaction, Counterparty is not “insolvent” (as such
term is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of
the United States Code) (the “Bankruptcy Code”))
and Counterparty would be able to purchase a number of shares equal to the
Maximum Shares in compliance with the laws of the jurisdiction of Counterparty’s
incorporation;

(j)            Counterparty is not and, after
giving effect to any Transaction, will not be, required to register as an “investment
company” as such term is defined in the Investment Company Act of 1940, as
amended;

(k)           it has not and, during the Hedge
Period or Relevant Period for any Transaction, will not enter into agreements
similar to the Transactions described herein where any initial hedge period (however
defined), the calculation period (however defined) or the relevant period
(however defined) in such other transaction will overlap at any time (including
as a result of extensions in such initial hedge period, calculation period or
relevant period as provided in the relevant agreements) with any Hedge Period
or Relevant Period under this Master Confirmation.  In the event that the initial hedge period,
calculation period or relevant period in any other similar transaction overlaps
with any Hedge Period or Relevant Period under this Master Confirmation as a
result of an extension of the Termination Date pursuant to Section 5 herein,
Counterparty shall promptly amend such transaction to avoid any such overlap.

5.                                       Suspension
of Hedge Period or Calculation Period.

(a) If Counterparty
concludes that it will be engaged in a distribution of the Shares for purposes
of Regulation M, Counterparty agrees that it will, on a day no later than the
Scheduled Trading Day immediately preceding the start of the relevant restricted
period, provide GS&Co. with a Regulation M Distribution Notice.  If on any Scheduled Trading Day Counterparty
delivers the Regulation M Distribution Notice in writing (and confirms by
telephone) by 8:30 a.m. New York Time (the “Notification
Time”) then such notice shall be effective as of such Notification
Time.  In the event that Counterparty
delivers such Regulation M Distribution Notice in writing and/or confirms by
telephone after the Notification Time, then such notice shall be effective as of
8:30 a.m. New York Time on the following Scheduled Trading Day or as otherwise
required by law or agreed between Counterparty and GS&Co.  Upon the effectiveness of such Regulation M
Distribution Notice, the Calculation Period or the Hedge Period, as the case
may be, shall be suspended and the Termination Date or the Hedge Completion
Date or both, as the case may be, shall postponed for each Scheduled Trading
Day in such restricted period; accordingly, Counterparty acknowledges that its
delivery of such notice must comply with the standards set forth in Section 6
below, including, without limitation, the requirement that such notice be made
at a time at which none of Counterparty or any officer, director, manager or
similar person of Counterparty is aware of any material non-public information
regarding Counterparty or the Shares.

(b) In the event that
GS&Co. concludes, in good faith, that it is appropriate with respect to any
legal, regulatory or self-regulatory requirements or related policies and
procedures (whether or not such requirements, policies or procedures are
imposed by law or have been voluntarily adopted by GS&Co.), for it to
refrain from purchasing Shares on any Scheduled Trading Day during the Hedge
Period or the Calculation Period, GS&Co. may by written notice to
Counterparty elect to suspend the Hedge Period or the Calculation Period, or
both, as the case may be, for such number of Scheduled Trading Days as is
specified in the notice.  The notice
shall not specify, and GS&Co. shall not otherwise communicate to
Counterparty, the reason for GS&Co.’s election to suspend the Hedge Period
or the Calculation Period, or both, as the case may be.  The Hedge Period or the Calculation Period,
or both, as the case may be, shall be suspended and the Termination Date shall
be extended for each Scheduled Trading Day occurring during any such
suspension.

(c) In the event that the Calculation Period or the
Hedge Period, as the case may be, is suspended pursuant to Section 5(a) or 5(b)
above during the regular trading session on the Exchange, such suspension shall
be deemed to

 8
 

be an additional Market Disruption Event, and the
second and third paragraphs under “Market Disruption Event” shall apply.

(d) In the event that the
Calculation Period is extended pursuant to any provision hereof (including,
without limitation, pursuant to Section 9(d) below), the Calculation Agent, in
its commercially reasonable discretion, shall adjust any relevant terms of the
related Transaction if necessary to preserve as nearly as practicable the
economic terms of such Transaction prior to such extension; provided that Counterparty shall not be
required to make any additional cash payments or deliver any Shares in
connection with any such adjustments.

6.                                       10b5-1
Plan.  Counterparty represents,
warrants and covenants to GS&Co. that for each Transaction:

(a)           Counterparty is entering into this
Master Confirmation and each Transaction hereunder in good faith and not as
part of a plan or scheme to evade the prohibitions of Rule 10b-5 under the
Exchange Act.  Counterparty acknowledges
that it is the intent of the parties that each Transaction entered into under
this Master Confirmation comply with the requirements of paragraphs
(c)(1)(i)(A) and (B) of Rule 10b5-1 under the Exchange Act (“Rule 10b5-1”) and each Transaction entered
into under this Master Confirmation shall be interpreted to comply with the
requirements of Rule 10b5-1(c).

(b)           Counterparty will not seek to control
or influence GS&Co. to make “purchases or sales” (within the meaning of
Rule 10b5-1(c)(1)(i)(B)(3)) under any Transaction entered into under this
Master Confirmation, including, without limitation, GS&Co.’s decision to
enter into any hedging transactions. 
Counterparty represents and warrants that it has consulted with its own
advisors as to the legal aspects of its adoption and implementation of this
Master Confirmation, each Supplemental Confirmation and each Trade Notification
under Rule 10b5-1.

(c)           Counterparty
acknowledges and agrees that any amendment, modification, waiver or termination
of this Master Confirmation, the relevant Supplemental Confirmation or Trade
Notification must be effected in accordance with the requirements for the
amendment or termination of a “plan”
as defined in Rule 10b5-1(c).  Without
limiting the generality of the foregoing, any such amendment, modification,
waiver or termination shall be made in good faith and not as part of a plan or
scheme to evade the prohibitions of Rule 10b-5, and no such amendment,
modification, waiver or termination shall be made at any time at which
Counterparty or any officer, director, manager or similar person of
Counterparty is aware of any material non-public information regarding
Counterparty or the Shares.

7.                                       Counterparty
Purchases.

Counterparty (or any “affiliated
purchaser” as defined in Rule 10b-18 under the Exchange Act (“Rule 10b-18”)) shall not, without the prior
written consent of GS&Co., directly or indirectly purchase any Shares,
listed contracts on the Shares or securities that are convertible into, or
exchangeable or exercisable for Shares (including, without limitation, any Rule
10b-18 purchases of blocks (as defined in Rule 10b-18)) during any Hedge Period
or Relevant Period (as extended pursuant to the provisions hereof).  During this time, any such purchases by
Counterparty shall be made through GS&Co., or if not through GS&Co.,
with the prior written consent of GS&Co., and in compliance with Rule
10b-18 or otherwise in a manner that Counterparty and GS&Co. believe is in
compliance with applicable requirements.

8.             Additional Termination Event.  The declaration of any Extraordinary Dividend
by the Issuer during the Hedge Period and the Calculation Period will
constitute an Additional Termination Event, with Counterparty as the sole
Affected Party and all Transactions hereunder as the Affected Transactions.

9.             Special
Provisions for Merger Transactions. 
Notwithstanding anything to the contrary herein or in the Equity
Definitions,

                (a)
          Counterparty shall, prior to the
opening of trading in the Shares on any day during any Hedge Period or
Calculation Period on which Counterparty makes, or expects to be made, any
public announcement (as defined in Rule 165(f) under the Securities Act of
1933, as amended) of any Merger Transaction, notify GS&Co. of such public
announcement;

 9
 

(b)           promptly notify GS&Co. following
any such announcement that such announcement has been made; and

(c)           promptly provide GS&Co. with
written notice specifying (i) Counterparty’s average daily Rule 10b-18
Purchases (as defined in Rule 10b-18) during the three full calendar months
immediately preceding the Announcement Date that were not effected through
GS&Co. or its affiliates and (ii) the number of Shares purchased pursuant
to the proviso in Rule 10b-18(b)(4) under the Exchange Act for the three full
calendar months preceding the Announcement Date.  Such written notice shall be deemed to be a
certification by Counterparty to GS&Co. that such information is true and
correct.  In addition, Counterparty shall
promptly notify GS&Co. of the earlier to occur of the completion of such
transaction and the completion of the vote by target shareholders.  Counterparty acknowledges that any such
notice may cause the terms of any Transaction to be adjusted or such
Transaction to be terminated; accordingly, Counterparty acknowledges that its
delivery of such notice must comply with the standards set forth in Section 6;
and

(d)           GS&Co. in its sole discretion may
(i) make adjustments to the terms of any Transaction, including, without
limitation, the Termination Date, the Forward Price Adjustment Amount and the
Maximum Shares to account for the number of Shares that could be purchased on
each day during the Hedge Period or the Calculation Period in compliance with
Rule 10b-18 following such public announcement, provided that Counterparty shall not be required to make any
additional cash payments or deliver any Shares in connection with any such
adjustments or (ii) treat the occurrence of such public announcement as an
Additional Termination Event with Counterparty as the sole Affected Party.

“Merger Transaction”
means any merger, acquisition or similar transaction involving a
recapitalization as contemplated by Rule 10b-18(a)(13)(iv) under the Exchange
Act.

10.                                 Acknowledgments.
 The parties hereto intend for:

(a)             Each Transaction to be a “securities
contract” as defined in Section 741(7) of the Bankruptcy Code, a “swap
agreement” as defined in Section 101(53B) of the Bankruptcy Code and a “forward
contract” as defined in Section 101(25) of the Bankruptcy Code, and the parties
hereto to be entitled to the protections afforded by, among other Sections,
Sections 362(b)(6), 362(b)(17), 362(b)(27), 362(o), 546(e), 546(g), 546(j),
555, 556, 560 and 561 of the Bankruptcy Code;

(b)             The Agreement to be a “master netting
agreement” as defined in Section 101(38A) of the Bankruptcy Code;

(c)             A party’s right to liquidate or
terminate any Transaction, net out or offset termination values or payment
amounts, and to exercise any other remedies upon the occurrence of any Event of
Default or Termination Event under the Agreement with respect to the other
party or any Extraordinary Event that results in the termination or
cancellation of any Transaction to constitute a “contractual right” (as defined
in the Bankruptcy Code);

(d)             Any cash, securities or other
property transferred as performance assurance, credit support or collateral
with respect to each Transaction to constitute “margin payments” and “transfers”
(each as defined in the Bankruptcy Code); and

(e)             All payments for, under or in
connection with each Transaction, all payments for the Shares and the transfer
of such Shares to constitute “settlement payments” and “transfers” (as defined
in the Bankruptcy Code).

11.             Credit
Support Documents.  The parties
hereto acknowledge that no Transaction hereunder is secured by any collateral
that would otherwise secure the obligations of Counterparty herein or pursuant
to the Agreement.

12.             Limitation on Set-off.  (a) 
Notwithstanding anything to the contrary in the Agreement or the Equity
Definitions, the calculation of any Settlement Amounts and Unpaid Amounts shall
be calculated separately for (A) all Terminated Transactions in the Shares of
the Issuer that qualify as equity under applicable accounting rules
(collectively, the “Equity Shares”)
as determined by the Calculation Agent and (B) all other Terminated

 10
 

Transactions under the Agreement including, without
limitation, Transactions in Shares other than those of the Issuer
(collectively, the “Other Shares”)
and the netting and set-off provisions of the Agreement shall only operate to
provide netting and set-off (i) among Terminated Transactions in the Equity
Shares and (ii) among Terminated Transactions in the Other Shares.  In no event shall the netting and set-off
provisions of the Agreement operate to permit netting and set-off between
Terminated Transactions in the Equity Shares and Terminated Transactions in the
Other Shares.

(b)           The parties agree that upon the
occurrence of an Event of Default or Termination Event with respect to a party
who is the Defaulting Party or an Affected Party (“X”), the other party (“Y”)
will have the right (but not be obliged) without prior notice to X or any other
person to set-off or apply any obligation of X owed to Y (or any Affiliate of
Y) (whether or not matured or contingent and whether or not arising under the
Agreement, and regardless of the currency, place of payment or booking office
of the obligation) against any obligation of Y (or any Affiliate of Y) owed to
X (whether or not matured or contingent and whether or not arising under the
Agreement, and regardless of the currency, place of payment or booking office
of the obligation).  Y will give notice
to the other party of any set-off effected under this Section 12.

Amounts (or the
relevant portion of such amounts) subject to set-off may be converted by Y into
the Termination Currency at the rate of exchange at which such party would be
able, acting in a reasonable manner and in good faith, to purchase the relevant
amount of such currency.  If any
obligation is unascertained, Y may in good faith estimate that obligation and
set-off in respect of the estimate, subject to the relevant party accounting to
the other when the obligation is ascertained. 
Nothing in this Section 12 shall be effective to create a charge or
other security interest.  This Section 12
shall be without prejudice and in addition to any right of set-off, combination
of accounts, lien or other right to which any party is at any time otherwise
entitled (whether by operation of law, contract or otherwise).

(c)           Notwithstanding anything to the
contrary in the foregoing, GS&Co. agrees not to set off or net amounts due
from Counterparty with respect to any Transaction against amounts due from
GS&Co. to Counterparty with respect to contracts or instruments that are
not Equity Contracts.  “Equity Contract” means any transaction or
instrument that does not convey rights to GS&Co. senior to claims of common
stockholders in the event of Counterparty’s bankruptcy.

13.           Staggered Delivery of Shares.  (a) GS&Co. may satisfy its obligation to
deliver the Initial Shares on the Initial Share Delivery Date by making
separate deliveries of Shares more than one time on the Initial Share Delivery
Date, so long as the aggregate number of Shares so delivered is equal to the
number of Initial Shares.

(b)                                 GS&Co.
may, by prior notice to Counterparty, elect to deliver the Shares it is
required to deliver under “Minimum Share Delivery” (above) and/or the Number of
Shares to be Delivered, as the case may be, on two or more dates (each, a “Staggered Delivery Date”) and/or at two or
more times on the Staggered Delivery Date as follows:

(i)            in such notice, GS&Co. will
specify to Counterparty the related Staggered Delivery Dates (each of which
will be on or prior to the Minimum Share Delivery Date or the Settlement Date,
as the case may be) or delivery times and how it will allocate the Shares it is
required to deliver among the Staggered Delivery Dates or delivery times; and

(ii)           the aggregate number of Shares that
GS&Co. will deliver to Counterparty hereunder on all such Staggered
Delivery Dates and delivery times relating to the Minimum Share Delivery Date
will equal the number of Shares that GS&Co. would otherwise be required to
deliver on the Minimum Share Delivery Date, and the aggregate number of Shares
that GS&Co. will deliver to Counterparty hereunder on all such Staggered
Delivery Dates and delivery times relating to the Settlement Date will equal
the Number of Shares to be Delivered that GS&Co. would otherwise be
required to deliver on the Settlement Date.

14.           Early Termination.  In the event that an Early Termination Date
(whether as a result of an Event of Default or a Termination Event) occurs or
is designated with respect to any Transaction (except as a result of a Merger
Event in which the consideration or proceeds to be paid to holders of Shares
consists solely of cash), if GS&Co. would owe any amount to Counterparty
pursuant to Section 6(d)(ii) of the Agreement (calculated as if the

 11
 

Transactions being terminated on such Early
Termination Date were the sole Transactions under the Agreement) (any such
amount, a “GS&Co. Amount”),
then, in lieu of any payment of such GS&Co. Amount, Counterparty may, no
later than the Early Termination Date or the date on which such Transaction is
terminated, elect for GS&Co. to deliver to Counterparty a number of Shares
(or, in the case of a Merger Event, a number of units, each comprising the
number or amount of the securities or property that a hypothetical holder of one
Share would receive in such Merger Event (each such unit, an “Alternative Delivery Unit” and, the
securities or property comprising such unit, “Alternative
Delivery Property”)) with a value equal to the GS&Co. Amount, as
determined by the Calculation Agent (and the parties agree that, in making such
determination of value, the Calculation Agent may take into account a number of
factors, including the market price of the Shares or Alternative Delivery
Property on the date of early termination and the prices at which GS&Co.
purchases Shares or Alternative Delivery Property to fulfill its delivery
obligations under this Section 14); provided
that in determining the composition of any Alternative Delivery Unit, if the
relevant Merger Event involves a choice of consideration to be received by
holders, such holder shall be deemed to have elected to receive the maximum
possible amount of cash.

15.           Payment Date upon Early
Termination.  Notwithstanding
anything to the contrary in Section 6(d)(ii) of the Agreement, all amounts
calculated as being due in respect of an Early Termination Date under Section
6(e) of the Agreement will be payable on the day that notice of the amount
payable is effective; provided
that if Counterparty elects to receive Shares or Alternative Delivery Property
in accordance with Section 14, such Shares or Alternative Delivery Property
shall be delivered on a date selected by GS&Co as promptly as practicable.

16.           Special Provisions for Counterparty
Payments.  The parties hereby agree
that, notwithstanding anything to the contrary herein or in the Agreement, in
the event that an Early Termination Date (whether as a result of an Event of
Default or a Termination Event) occurs or is designated with respect to any
Transaction and, as a result, Counterparty owes to GS&Co. an amount
calculated under Section 6(e) of the Agreement (calculated as if the
Transactions being terminated on such Early Termination Date were the sole
Transactions under the Agreement), such amount shall be deemed to be zero.

17.           Claim in Bankruptcy.  GS&Co. agrees that in the event of the
bankruptcy of Counterparty, GS&Co. shall not have rights or assert a claim
that is senior in priority to the rights and claims available to the
shareholders of the common stock of Counterparty.

18.           Governing Law.  The Agreement, this Master Confirmation, each
Supplemental Confirmation, each Trade Notification and all matters arising in
connection with the Agreement, this Master Confirmation,  each Supplemental Confirmation and each Trade
Notification shall be governed by, and construed and enforced in accordance
with, the laws of the State of New York (without reference to its choice of
laws doctrine).

19.           Offices.

(a)                                  The
Office of GS&Co. for each Transaction is: 
One New York Plaza, New York, New York 10004.

The Office of Counterparty for each Transaction is:
26901 Malibu Hills Road, Calabasas Hills, CA 91301.

20.           Arbitration.  The Agreement, this Master Confirmation, each
Supplemental Confirmation and each Trade Notification are subject to the
following arbitration provisions:

(a)                                  All parties to this
Confirmation are giving up the right to sue each other in court, including the
right to a trial by jury, except as provided by the rules of the arbitration
forum in which a claim is filed.

(b)                                  Arbitration awards
are generally final and binding; a party’s ability to have a court reverse or
modify an arbitration award is very limited.

(c)                                  The ability of the
parties to obtain documents, witness statements and other discovery is
generally more limited in arbitration than in court proceedings.

 12
 

(d)                                  The
arbitrators do not have to explain the reason(s) for their award.

(e)                                  The panel of
arbitrators will typically include a minority of arbitrators who were or are
affiliated with the securities industry, unless Counterparty is a member of the
organization sponsoring the arbitration facility, in which case all arbitrators
may be affiliated with the securities industry.

(f)                                    The rules of some
arbitration forums may impose time limits for bringing a claim in arbitration.  In some cases, a claim that is ineligible for
arbitration may be brought in court.

(g)                                 The rules of the
arbitration forum in which the claim is filed, and any amendments thereto,
shall be incorporated into this Confirmation.

Counterparty
agrees that any and all controversies that may arise between Counterparty and
GS&Co., including, but not limited to, those arising out of or relating to
the Agreement or any Transaction hereunder, shall be determined by arbitration
conducted before The New York Stock Exchange, Inc. (“NYSE”) or NASD Dispute
Resolution (“NASD-DR”), or, if the NYSE and NASD-DR decline to hear the matter,
before the American Arbitration Association, in accordance with their
arbitration rules then in force.  The
award of the arbitrator shall be final, and judgment upon the award rendered
may be entered in any court, state or federal, having jurisdiction.

No
person shall bring a putative or certified class action to arbitration, nor
seek to enforce any pre-dispute arbitration agreement against any person who
has initiated in court a putative class action or who is a member of a putative
class who has not opted out of the class with respect to any claims encompassed
by the putative class action until: (i) the class certification is denied; (ii)
the class is decertified; or (iii) Counterparty is excluded from the class by
the court.

Such forbearance to enforce an
agreement to arbitrate shall not constitute a waiver of any rights under this
Confirmation except to the extent stated herein.”

21.           Counterparts. This Master
Confirmation may be executed in any number of counterparts, all of which shall
constitute one and the same instrument, and any party hereto may execute this
Master Confirmation by signing and delivering one or more counterparts.

 13

22.           Counterparty hereby agrees (a) to check this Master
Confirmation carefully and immediately upon receipt so that errors or
discrepancies can be promptly identified and rectified and (b) to confirm that
the foregoing (in the exact form provided by GS&Co.) correctly sets forth
the terms of the agreement between GS&Co. and Counterparty with respect to any particular Transaction to
which this Master Confirmation relates, by manually signing this Master Confirmation or this page hereof as
evidence of agreement to such terms and providing the other information requested
herein and immediately returning an executed copy to Equity Derivatives
Documentation Department, Facsimile No. 212-428-1980/83.

	
  

  	
  Yours faithfully,

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  GOLDMAN, SACHS & CO.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name: 

  
	
   

  	
   

  	
   

  	
  Title: 

  

 

	
  Agreed and Accepted By:

  
	
   

  
	
  THE
  CHEESECAKE FACTORY INCORPORATED

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

SCHEDULE A

SUPPLEMENTAL CONFIRMATION

	
   

  	
  

  	
  The Cheesecake Factory Incorporated

  
	
   

  	
  To:

  	
  26901 Malibu Hills Road

  
	
   

  	
   

  	
  Calabasas Hills, CA 91301

  
	
   

  	
   

  	
   

  
	
   

  	
  From:

  	
  Goldman, Sachs & Co.

  
	
   

  	
   

  	
   

  
	
   

  	
  Subject:

  	
  Collared Accelerated Stock Buyback

  
	
   

  	
   

  	
   

  
	
   

  	
  Ref. No:

  	
  [Insert Reference No.]

  
	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
  [Insert Date]

  

 

The purpose of this Supplemental Confirmation is to
confirm the terms and conditions of the Transaction entered into between
Goldman, Sachs & Co. (“GS&Co.”)
and The Cheesecake Factory Incorporated (“Counterparty”)
(together, the “Contracting Parties”)
on the Trade Date specified below.  This
Supplemental Confirmation is a binding contract between GS&Co. and
Counterparty as of the relevant Trade Date for the Transaction referenced
below.

1.             This
Supplemental Confirmation supplements, forms part of, and is subject to the
Master Confirmation dated as of March 12, 2007 (the “Master Confirmation”) between the Contracting Parties, as
amended and supplemented from time to time. 
All provisions contained in the Master Confirmation govern this
Supplemental Confirmation except as expressly modified below.

2.                                       The
terms of the Transaction to which this Supplemental Confirmation relates are as
follows:

	
  Trade Date:

  	
  [         ]

  
	
   

  	
   

  
	
  Forward Price
  Adjustment Amount:

  	
  USD [   ]

  
	
   

  	
   

  
	
  Hedge Completion
  Date:

  	
  As set forth in the Trade Notification, but in no
  event later than

  
	
   

  	
  [         ].

  
	
   

  	
   

  
	
  Scheduled
  Termination Date:

  	
  As set forth in the Trade Notification, to be the
  date that follows

  
	
   

  	
  the Hedge Completion Date by [         ]
  months.

  
	
   

  	
   

  
	
  First
  Acceleration Date:

  	
  As set forth in the Trade Notification, to be the
  date that follows

  
	
   

  	
  the Hedge Completion Date by [         ]
  months.

  
	
   

  	
   

  
	
  Prepayment
  Amount:

  	
  USD [         ]

  
	
   

  	
   

  
	
  Initial Shares:

  	
  [         ]

  
	
   

  	
   

  
	
  Minimum Shares: 

  	
  As set forth in the Trade Notification, to be a
  number of shares equal to (a) the Prepayment Amount  divided by (b) [         ]
  % of the Hedge Period Reference Price.

  
	
   

  	
   

  
	
  Maximum Shares: 

  	
  As set for in the Trade Notification, to be a number
  of shares equal to (a) the Prepayment Amount  divided by (b) [         ]
  % of the Hedge Period Reference Price.

  

 

3.             Counterparty represents and warrants to GS&Co. that
neither it nor any “affiliated purchaser” (as defined in Rule 10b-18 under the
Exchange Act) has made any purchases of blocks pursuant to the proviso in Rule
10b-18(b)(4) under the Exchange Act during the four full calendar weeks
immediately preceding the Trade Date.

4.             This Supplemental Confirmation may be executed in any
number of counterparts, all of which shall constitute one and the same
instrument, and any party hereto may execute this Supplemental Confirmation by
signing and delivering one or more counterparts.

Counterparty hereby
agrees (a) to check this Supplemental Confirmation carefully and immediately
upon receipt so that errors or discrepancies can be promptly identified and
rectified and (b) to confirm that the foregoing (in the exact form provided by
GS&Co.) correctly sets forth the terms of the agreement between GS&Co.
and Counterparty with respect to this Transaction, by manually signing this
Supplemental Confirmation or this page hereof as evidence of agreement to such
terms and providing the other information requested herein and immediately
returning an executed copy to Equity Derivatives Documentation Department,
facsimile No. 212-428-1980/83.

	
  

  	
  Yours sincerely,

  
	
   

  	
   

  
	
   

  	
  GOLDMAN, SACHS & CO.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

	
  Agreed and Accepted By:

  
	
   

  
	
  THE
  CHEESECAKE FACTORY INCORPORATED

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

SCHEDULE
B

TRADE NOTIFICATION

	
  To:

  	
  The Cheesecake Factory Incorporated

  26901 Malibu Hills Road

  Calabasas Hills, CA 91301

  
	
   

  	
   

  
	
  From:

  	
  Goldman, Sachs & Co.

  
	
   

  	
   

  
	
  Subject:

  	
  Collared Accelerated Stock Buyback

  
	
   

  	
   

  
	
  Ref. No:

  	
  [Insert Reference No.]

  
	
   

  	
   

  
	
  Date:

  	
  [Insert Date]

  

 

The purpose of this Trade
Notification is to notify you of certain terms in the Transaction entered into
between Goldman, Sachs & Co. (“GS&Co.”)  and The
Cheesecake Factory Incorporated (“Counterparty”)  (together, the “Contracting Parties”)  on
the Trade Date specified below.

This Trade Notification
supplements, forms part of, and is subject to the Supplemental Confirmation
dated as of [Insert Date of Supplemental
Confirmation] (the “Supplemental
Confirmation”)  between
the Contracting Parties, as amended and supplemented from time to time. The
Supplemental Confirmation is subject to the Master Confirmation dated as of
March 12, 2007 (the “Master Confirmation”)
between the Contracting Parties, as amended and supplemented from time to time.
All provisions contained in the Master Confirmation and the Supplemental
Confirmation govern this Trade Notification except as expressly modified below.

	
  Trade Date:

  	
  [      ], 2007

  
	
   

  	
   

  
	
  Hedge Completion Date:

  	
  [           ]

  
	
   

  	
   

  
	
  Scheduled Termination Date:

  	
  [      ]

  
	
   

  	
   

  
	
  First Acceleration Date:

  	
  [           ][or,
  if such date is not an Exchange Business Day, the next following Exchange
  Business Day.]

  
	
   

  	
   

  
	
  Hedge Period Reference Price:

  	
  USD[      ]

  
	
   

  	
   

  
	
  Minimum Shares:

  	
  [    ]

  
	
   

  	
   

  
	
  Maximum Shares:

  	
  [    ]

  

 

	
  

  	
  Yours sincerely,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GOLDMAN, SACHS & CO.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

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