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                                                                   EXHIBIT 10.10
                                                               EXECUTION VERSION

                           GENERAL CONTINUING GUARANTY

          This GENERAL CONTINUING GUARANTY (this "GUARANTY"), dated as of July
7, 2003, is executed and delivered by each of the undersigned subsidiaries of
MORTON'S RESTAURANT GROUP, INC., a Delaware corporation (such subsidiaries, each
a "GUARANTOR", and individually and collectively, and jointly and severally, the
"GUARANTORS"), in favor of WELLS FARGO FOOTHILL, INC., a California corporation
("LENDER"), in light of the following:

          WHEREAS, Morton's Restaurant Group, Inc., a Delaware corporation
("BORROWER"), and the Lender are, contemporaneously herewith, entering into that
certain Loan and Security Agreement of even date herewith (as amended, restated,
supplemented or otherwise modified from time to time, the "LOAN AGREEMENT");

          WHEREAS, in order to induce Lender to extend financial accommodations
to Borrower pursuant to the Loan Agreement, and in consideration thereof, and in
consideration of any loans or other financial accommodations heretofore or
hereafter extended by Lender to Borrower pursuant to the Loan Agreement or any
Loan Document, each Guarantor has agreed to guaranty the Guarantied Obligations;

          WHEREAS, each Guarantor is a Subsidiary of Borrower; and

          WHEREAS, each Guarantor will benefit by virtue of the financial
accommodations from Lender to Borrower.

          NOW, THEREFORE, in consideration of the foregoing, each Guarantor
hereby agrees in favor Lender and the Bank Product Providers, as follows:

     1. DEFINITIONS AND CONSTRUCTION.

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

               "BORROWER" has the meaning set forth in the recitals to this
Guaranty.

               "GUARANTIED OBLIGATIONS" means, with respect to each Guarantor:
     (a) the due and punctual payment of the principal of, and interest
     (including, any and all interest which, but for the application of the
     provisions of the Bankruptcy Code, would have accrued on such amounts
     irrespective of whether a claim therefor is allowed) on, any and all
     premium on, and any and all fees, costs, indemnities and expenses incurred
     in connection with or on, the Indebtedness owed by Borrower to Lender
     pursuant to the terms of the Loan Agreement and the other Loan Documents;
     (b) the due and punctual payment of the principal of, and interest
     (including, any and all interest which, but for the application of the
     provisions of the Bankruptcy Code,

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     would have accrued on such amounts irrespective of whether a claim therefor
     is allowed) on, any and all premium on, and any and all fees, costs,
     indemnities and expenses incurred in connection with or on, the
     Indebtedness owed by Borrower to Bank Product Providers pursuant to the
     terms of the Loan Documents; and (c) the due and punctual payment of all
     other present or future Indebtedness owing by Borrower to Bank Product
     Providers.

               "GUARANTOR" and "GUARANTORS" have the respective meanings set
     forth in the preamble to this Guaranty.

               "GUARANTY" has the meaning set forth in the preamble to this
     Guaranty.

               "INDEBTEDNESS" means any and all obligations (including the
     Obligations), indebtedness, or liabilities of any kind or character owed by
     Borrower and arising directly or indirectly out of or in connection with
     the Loan Agreement or the other Loan Documents, including all such
     obligations, indebtedness, or liabilities, whether for principal, interest
     (including any and all interest which, but for the application of the
     provisions of the Bankruptcy Code, would have accrued on such amounts
     irrespective of whether a claim therefor is allowed), premium,
     reimbursement obligations, fees, costs, expenses (including attorneys'
     fees), or indemnity obligations, whether heretofore, now, or hereafter
     made, incurred, or created, whether voluntarily or involuntarily made,
     incurred, or created, whether secured or unsecured (and if secured,
     regardless of the nature or extent of the security), whether absolute or
     contingent, liquidated or unliquidated, or determined or indeterminate,
     whether Borrower is liable individually or jointly with others, and whether
     recovery is or hereafter becomes barred by any statute of limitations or
     otherwise becomes unenforceable for any reason whatsoever, including any
     act or failure to act by Lender or the Bank Product Providers.

               "LENDER" has the meaning set forth in the preamble to this
     Guaranty.

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

               "VOIDABLE TRANSFER" has the meaning set forth in SECTION 9 of
     this Guaranty.

          (b)  CONSTRUCTION. Unless the context of this Guaranty clearly
requires otherwise, references to the plural include the singular, references to
the singular include the plural, the terms "include" and "including" are not
limiting, and the term "or" has, except where otherwise indicated, the inclusive
meaning represented by the phrase "and/or." The words "hereof," "herein,"
"hereby," "hereunder," and other similar terms in this Guaranty refer to this
Guaranty as a whole and not to any particular provision of this Guaranty.
Section, subsection, clause, schedule and exhibit references herein are to this
Guaranty unless otherwise specified. Any reference in this Guaranty to any of
the following documents includes any and all alterations, amendments, changes,
extensions, modifications,

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renewals, replacements, substitutions, joinders, and supplements thereto or
thereof, as applicable (subject to any restrictions on such alterations,
amendments, changes, extensions, modifications, renewals, replacements,
substitutions, joinders, and supplements set forth therein): the Loan Agreement;
this Guaranty; and the other Loan Documents. Neither this Guaranty nor any
uncertainty or ambiguity herein shall be construed or resolved against Lender,
any Bank Product Provider, or Guarantor, whether under any rule of construction
or otherwise. On the contrary, this Guaranty has been reviewed by Guarantor,
Lender, and the Bank Product Providers, and their respective counsel, and shall
be construed and interpreted according to the ordinary meaning of the words used
so as to fairly accomplish the purposes and intentions of Lender, any Bank
Product Provider and Guarantor. Any reference herein to the payment in full of
the Guarantied Obligations shall mean the payment in full in cash of all
Guarantied Obligations other than contingent indemnification obligations and any
Bank Product Obligations that, at such time, are allowed by the applicable Bank
Product Provider to remain outstanding and are not required to be repaid or cash
collateralized pursuant to the provisions of the Loan Agreement, and the
termination of all Commitments of Lender under the Loan Agreement. Any reference
herein to any Person shall be construed to include such Person's successors and
assigns. Any requirement of a writing contained herein shall be satisfied by the
transmission of a Record and any Record transmitted shall constitute a
representation and warranty as to the accuracy and completeness of the
information contained therein. The captions and headings are for convenience of
reference only and shall not affect the construction of this Guaranty.

     2. GUARANTIED OBLIGATIONS. Subject to the terms and conditions of this
Guaranty, each Guarantor, jointly and severally with each other Guarantor,
hereby irrevocably and unconditionally guaranties to Lender and the Bank Product
Providers, as and for its own debt, until payment in full thereof has been made,
(a) the payment of the Guarantied Obligations, in each case when and as the same
shall become due and payable, whether at maturity, pursuant to a mandatory
prepayment requirement, by acceleration, or otherwise; it being the intent of
each Guarantor that the guaranty set forth herein shall be a guaranty of payment
and not a guaranty of collection; and (b) the punctual and faithful performance,
keeping, observance, and fulfillment by Borrower of all of the agreements,
conditions, covenants, and obligations of Borrower contained in the Loan
Agreement and under each of the other Loan Documents.

     3. CONTINUING GUARANTY. This Guaranty includes Guarantied Obligations
arising under successive transactions continuing, compromising, extending,
increasing, modifying, releasing, or renewing the Guarantied Obligations,
changing the interest rate, payment terms, or other terms and conditions
thereof, or creating new or additional Guarantied Obligations after prior
Guarantied Obligations have been satisfied in whole or in part. To the maximum
extent permitted by law, each Guarantor hereby waives any right to revoke this
Guaranty as to future Indebtedness. If such a revocation is effective
notwithstanding the foregoing waiver, each Guarantor acknowledges and agrees
that (a) no such revocation shall be effective until written notice thereof has
been received by Lender, (b) no such revocation shall apply to any Guarantied
Obligations in existence on such date (including any subsequent continuation,
extension, or renewal thereof, or change in the interest rate,

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payment terms, or other terms and conditions thereof), (c) no such revocation
shall apply to any Guarantied Obligations made or created after such date to the
extent made or created pursuant to a legally binding commitment of Lender in
existence on the date of such revocation, (d) no payment by a Guarantor,
Borrower, or from any other source, prior to the date of such revocation shall
reduce the maximum obligation of such Guarantor hereunder, and (e) any payment
by Borrower or from any source other than such Guarantor subsequent to the date
of such revocation shall first be applied to that portion of the Guarantied
Obligations as to which the revocation is effective and which are not,
therefore, guarantied hereunder, and to the extent so applied shall not reduce
the maximum obligation of such Guarantor hereunder.

     4. PERFORMANCE UNDER THIS GUARANTY. In the event that Borrower fails to
make any payment of any Guarantied Obligations, on or before the due date
thereof, or if Borrower shall fail to perform, keep, observe, or fulfill any
other obligation under the Loan Agreement or any other Loan Document in the
manner provided therein, as applicable, each Guarantor immediately shall cause
such payment to be made or each of such obligations to be performed, kept,
observed, or fulfilled.

     5. PRIMARY OBLIGATIONS. This Guaranty is a primary and original obligation
of each Guarantor, is not merely the creation of a surety relationship, and is
an absolute, unconditional, and continuing guaranty of payment and performance
which shall remain in full force and effect without respect to future changes in
conditions (other than the satisfaction in full in immediately available funds
of the Guarantied Obligations). Each Guarantor hereby agrees that it is
directly, jointly and severally with any other guarantor of the Guarantied
Obligations, liable to Lender and the Bank Product Providers, that the
obligations of such Guarantor hereunder are independent of the obligations of
Borrower or any other guarantor, and that a separate action may be brought
against such Guarantor, whether such action is brought against Borrower or any
other guarantor or whether Borrower or any other guarantor is joined in such
action. Each Guarantor hereby agrees that its liability hereunder shall be
immediate and shall not be contingent upon the exercise or enforcement by Lender
and the Bank Product Providers of whatever remedies they may have against
Borrower or any other guarantor, or the enforcement of any lien or realization
upon any security Lender and the Bank Product Providers may at any time possess.
Each Guarantor hereby agrees that any release which may be given by Lender and
the Bank Product Providers to Borrower or any other guarantor shall not release
such Guarantor. Each Guarantor consents and agrees that neither Lender nor any
Bank Product Provider shall be under any obligation to marshal any property or
assets of Borrower or any other guarantor in favor of such Guarantor, or against
or in payment of any or all of the Guarantied Obligations.

     6. WAIVERS.

          (a)  To the fullest extent permitted by applicable law, each Guarantor
hereby waives: (i) notice of acceptance hereof; (ii) notice of any loans or
other financial accommodations made or extended under the Loan Agreement, or the
creation or existence of any Guarantied Obligations; (iii) notice of the amount
of the Guarantied Obligations,

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subject, however, to such Guarantor's right to make inquiry of Lender to
ascertain the amount of the Guarantied Obligations at any reasonable time; (iv)
notice of any adverse change in the financial condition of Borrower or of any
other fact that might increase such Guarantor's risk hereunder; (v) notice of
presentment for payment, demand, protest, and notice thereof as to any
instrument among the Loan Documents; (vi) notice of any Default or Event of
Default under the Loan Agreement; and (vii) all other notices (except if such
notice is specifically required to be given to such Guarantor under this
Guaranty or any other Loan Documents to which such Guarantor is a party) and
demands to which such Guarantor might otherwise be entitled.

          (b)  To the fullest extent permitted by applicable law, each Guarantor
hereby waives the right by statute or otherwise to require Lender or the Bank
Product Providers, to institute suit against Borrower or to exhaust any rights
and remedies which Lender or the Bank Product Providers, have/has or may have
against Borrower. In this regard, each Guarantor agrees that it is bound to the
payment of each and all Guarantied Obligations, whether now existing or
hereafter arising, as fully as if the Guarantied Obligations were directly owing
to Lender and Bank Product Providers, or its Affiliates, as applicable, by such
Guarantor. Each Guarantor further waives any defense arising by reason of any
disability or other defense (other than the defense that the Guarantied
Obligations shall have been performed and paid in full) of Borrower or by reason
of the cessation from any cause whatsoever of the liability of Borrower in
respect thereof.

          (c)  To the fullest extent permitted by applicable law, each Guarantor
hereby waives: (i) any rights to assert against Lender or the Bank Product
Providers, any defense (legal or equitable), set-off, counterclaim, or claim
which such Guarantor may now or at any time hereafter have against Borrower or
any other party liable to Lender or the Bank Product Providers; (ii) any
defense, set-off, counterclaim, or claim, of any kind or nature, arising
directly or indirectly from the present or future lack of perfection,
sufficiency, validity, or enforceability of the Guarantied Obligations or any
security therefor; (iii) any defense arising by reason of any claim or defense
based upon an election of remedies by Lender or the Bank Product Providers,
including any defense based upon an election of remedies by Lender under the
provisions of Sections 580d and 726 of the California Code of Civil Procedure or
any similar laws of New York or any other jurisdiction; (iv) the benefit of any
statute of limitations affecting such Guarantor's liability hereunder or the
enforcement thereof, and any act which shall defer or delay the operation of any
statute of limitations applicable to the Guarantied Obligations shall similarly
operate to defer or delay the operation of such statute of limitations
applicable to such Guarantor's liability hereunder.

          (d)  Until such time as all of the Guarantied Obligations have been
paid in full: (i) each Guarantor hereby waives and postpones any right of
subrogation such Guarantor has or may have as against Borrower with respect to
the Guarantied Obligations, including under any one or more of California Civil
Code Sections 2847, 2848, and 2849 or any similar laws of New York or any other
jurisdiction; (ii) in addition, each Guarantor hereby waives and postpones any
right to proceed against Borrower or any other Person, now or hereafter, for
contribution, indemnity, reimbursement, or any other suretyship rights and

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claims (irrespective of whether direct or indirect, liquidated or contingent),
with respect to the Guarantied Obligations; and (iii) in addition, each
Guarantor also hereby waives and postpones any right to proceed or to seek
recourse against or with respect to any property or asset of Borrower.

          (e)  If any of the Guarantied Obligations or the obligations of any
Guarantor under this Guaranty at any time are secured by a mortgage or deed of
trust upon real property, Lender may elect, in its sole discretion, upon a
default with respect to the Guarantied Obligations or the obligations of
Guarantor under this Guaranty, to foreclose such mortgage or deed of trust
judicially or nonjudicially in any manner permitted by law, before or after
enforcing this Guaranty, without diminishing or affecting the liability of any
Guarantor hereunder. Each Guarantor understands that (a) by virtue of the
operation of California's (or any similar laws of any other jurisdiction)
antideficiency law applicable to nonjudicial foreclosures, an election by Lender
nonjudicially to foreclose such a mortgage or deed of trust probably would have
the effect of impairing or destroying rights of subrogation, reimbursement,
contribution, or indemnity of such Guarantor against Borrower or other
guarantors or sureties, and (b) absent the waiver given by such Guarantor
herein, such an election would estop Lender from enforcing this Guaranty against
such Guarantor. Understanding the foregoing, and understanding that each
Guarantor hereby is relinquishing a defense to the enforceability of this
Guaranty, each Guarantor hereby waives any right to assert against Lender or the
Bank Product Providers any defense to the enforcement of this Guaranty, whether
denominated "estoppel" or otherwise, based on or arising from an election by
Lender nonjudicially to foreclose any such mortgage or deed of trust so long as
such nonjudicial foreclosure is conducted in a commercially reasonable manner in
accordance with applicable law. Each Guarantor understands that the effect of
the foregoing waiver may be that such Guarantor may have liability hereunder for
amounts with respect to which such Guarantor may be left without rights of
subrogation, reimbursement, contribution, or indemnity against Borrower or other
guarantors or sureties. Each Guarantor also agrees that the "fair market value"
provisions of Section 580a of the California Code of Civil Procedure or any
similar laws of New York or any other jurisdiction shall have no applicability
with respect to the determination of such Guarantor's liability under this
Guaranty so long as such nonjudicial foreclosure is conducted in a commercially
reasonable manner in accordance with applicable law.

          (f)  Without limiting the generality of any other waiver or other
provision set forth in this Guaranty, each Guarantor waives all rights and
defenses that such Guarantor may have if all or part of the Guarantied
Obligations are secured by real property. This means, among other things:

               (i)  Lender or the Bank Product Providers may collect from
Guarantor without first foreclosing on any real or personal property collateral
that may be pledged by Borrower or any guarantor.

               (ii) If Lender forecloses on any real property collateral that
may be pledged by Borrower or any guarantor:

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                    (1)   the amount of the Guarantied Obligations or any
          obligations of any guarantor in respect thereof may be reduced only by
          the price for which that collateral is sold at the foreclosure sale,
          even if the collateral is worth more than the sale price.

                    (2)   Lender may collect from each Guarantor even if Lender,
          by foreclosing on the real property collateral, has destroyed any
          right such Guarantor may have to collect from Borrower or any other
          guarantor.

This is an unconditional and irrevocable waiver of any rights and defenses each
Guarantor may have if all or part of the Guarantied Obligations are secured by
real property. These rights and defenses are based upon Section 580a, 580b,
580d, or 726 of the California Code of Civil Procedure or any similar laws of
New York or any other jurisdiction.

          (G)  WITHOUT LIMITING THE GENERALITY OF ANY OTHER WAIVER OR OTHER
PROVISION SET FORTH IN THIS GUARANTY, EACH GUARANTOR HEREBY WAIVES, TO THE
MAXIMUM EXTENT SUCH WAIVER IS PERMITTED BY LAW, ANY AND ALL BENEFITS OR DEFENSES
ARISING DIRECTLY OR INDIRECTLY UNDER ANY ONE OR MORE OF CALIFORNIA CIVIL CODE
Sections 2787 THROUGH AND INCLUDING Section 2855, CALIFORNIA CODE OF CIVIL
PROCEDURE Sections 580a, 580b, 580c, 580d, AND 726, AND CHAPTER 2 OF TITLE 14 OF
THE CALIFORNIA CIVIL CODE OR ANY SIMILAR LAWS OF NEW YORK OR ANY OTHER
JURISDICTION.

          (H)  WITHOUT LIMITING THE GENERALITY OF ANY OTHER WAIVER OR OTHER
PROVISION SET FORTH IN THIS GUARANTY, EACH GUARANTOR WAIVES ALL RIGHTS AND
DEFENSES ARISING OUT OF AN ELECTION OF REMEDIES BY LENDER, EVEN THOUGH THAT
ELECTION OF REMEDIES, SUCH AS A NONJUDICIAL FORECLOSURE WITH RESPECT TO SECURITY
FOR A GUARANTIED OBLIGATION, HAS DESTROYED SUCH GUARANTOR'S RIGHTS OF
SUBROGATION AND REIMBURSEMENT AGAINST BORROWER BY THE OPERATION OF SECTION 580d
OF THE CALIFORNIA CODE OF CIVIL PROCEDURE OR ANY SIMILAR LAWS OF NEW YORK OR ANY
OTHER JURISDICTION OR OTHERWISE.

          (i)  Without affecting the generality of this Section, each Guarantor
hereby also agrees to the following waivers:

                    (1)   Each Guarantor agrees that the Lender's right to
          enforce this Guaranty is absolute and is not contingent upon the
          genuineness, validity or enforceability of any of the Loan Documents.
          Each Guarantor waives all benefits and defenses it may have under
          California Civil Code Section 2810 or any similar laws of New York or
          any other jurisdiction and agrees that Lender's rights under this
          Guaranty shall be enforceable even if Borrower had

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          no liability at the time of execution of the Loan Documents or later
          ceases to be liable.

                    (2)   Each Guarantor waives all benefits and defenses it may
          have under California Civil Code Section 2809 or any similar laws of
          New York or any other jurisdiction with respect to its obligations
          under this Guaranty and agrees that Lender's rights under the Loan
          Documents will remain enforceable even if the amount secured by the
          Loan Documents is larger in amount and more burdensome than that for
          which Borrower is responsible. The enforceability of this Guaranty
          against each Guarantor shall continue until all sums due under the
          Loan Documents have been paid in full and shall not be limited or
          affected in any way by any impairment or any diminution or loss of
          value of any security or collateral for Borrower's obligations under
          the Loan Documents, from whatever cause, the failure of any security
          interest in any such security or collateral or any disability or other
          defense of Borrower, any other guarantor of Borrower's obligations
          under the Loan Documents, any pledgor of collateral for any person's
          obligations to Lender or any other person in connection with the Loan
          Documents.

                    (3)   Each Guarantor waives all benefits and defenses it may
          have under California Civil Code Sections 2845, 2849 and 2850 or any
          similar laws of New York or any other jurisdiction with respect to its
          obligations under this Guaranty, including the right to require Lender
          to (A) proceed against Borrower, any guarantor of Borrower's
          obligations under the Loan Documents, any other pledgor of collateral
          for any person's obligations to Lender or any other person in
          connection with the Guarantied Obligations, (B) proceed against or
          exhaust any other security or collateral Lender may hold, or (C)
          pursue any other right or remedy for such Guarantor's benefit, and
          agrees that Lender may exercise its right under this Guaranty without
          taking any action against Borrower, any other guarantor of Borrower's
          obligations under the Loan Documents, any pledgor of collateral for
          any person's obligations to Lender or any other Person in connection
          with the Guarantied Obligations, and without proceeding against or
          exhausting any security or collateral Lender holds.

          (j)  The paragraphs in this SECTION 6 which refer to certain sections
of the California Civil Code are included in this Guaranty solely out of an
abundance of caution and shall not be construed to mean that any of the
above-referenced provisions of California law or any other applicable law are in
any way applicable to this Guaranty.

     7. RELEASES. Each Guarantor consents and agrees that, without notice to or
by such Guarantor and without affecting or impairing the obligations of such
Guarantor hereunder, Lender and the Bank Product Providers may, by action or
inaction, compromise or settle, extend the period of duration or the time for
the payment, or discharge the performance of, or may refuse to, or otherwise not
enforce, or may, by action or inaction, release all or any one

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or more parties to, any one or more of the terms and provisions of the Loan
Agreement or any of the other Loan Documents or may grant other indulgences to
Borrower in respect thereof, or may amend or modify in any manner and at any
time (or from time to time) any one or more of the Loan Agreement or any of the
other Loan Documents, or may, by action or inaction, release or substitute any
other guarantor, if any, of the Guarantied Obligations, or may enforce,
exchange, release, or waive, by action or inaction, any security for the
Guarantied Obligations or any other guaranty of the Guarantied Obligations, or
any portion thereof.

     8. NO ELECTION. Lender and the Bank Product Providers shall have the right
to seek recourse against each Guarantor to the fullest extent provided for
herein and no election by Lender or the Bank Product Providers to proceed in one
form of action or proceeding, or against any party, or on any obligation, shall
constitute a waiver of Lender's or the Bank Product Providers' right to proceed
in any other form of action or proceeding or against other parties unless Lender
or the Bank Product Providers has expressly waived such right in writing.
Specifically, but without limiting the generality of the foregoing, no action or
proceeding by Lender or the Bank Product Providers under any document or
instrument evidencing the Guarantied Obligations shall serve to diminish the
liability of any Guarantor under this Guaranty except to the extent that Lender
or the Bank Product Providers finally and unconditionally shall have realized
payment in full of the Guarantied Obligations by such action or proceeding.

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

     10. FINANCIAL CONDITION OF BORROWER. Each Guarantor represents and warrants
to Lender and the Bank Product Providers that it is currently informed of the
financial condition of Borrower and of all other circumstances which a diligent
inquiry would reveal and which bear upon the risk of nonpayment of the
Guarantied Obligations. Each Guarantor further represents and warrants to Lender
and the Bank Product Providers that it has read and understands the terms and
conditions of the Loan Agreement and the other Loan Documents. Each Guarantor
hereby covenants that it will continue to keep itself informed of Borrower's
financial condition, the financial condition of other guarantors, if any, and of
all other

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circumstances which bear upon the risk of nonpayment or nonperformance of the
Guarantied Obligations.

     11. PAYMENTS; APPLICATION. All payments to be made hereunder by any
Guarantor shall be made in lawful money of the United States of America at the
time of payment, shall be made in immediately available funds, and shall be made
without deduction (whether for taxes or otherwise) or offset. All payments made
by any Guarantor hereunder shall be applied as follows: first, to all reasonable
costs and expenses (including reasonable attorneys fees) incurred by Lender or
the Bank Product Providers in enforcing this Guaranty or in collecting the
Guarantied Obligations; second, to all accrued and unpaid interest, premium, if
any, and fees owing to Lender or the Bank Product Providers constituting
Guarantied Obligations; and third, to the balance of the Guarantied Obligations.

     12. ATTORNEYS FEES AND COSTS. Each Guarantor agrees to pay, on demand, all
reasonable attorneys fees and all other reasonable costs and expenses which may
be incurred by Lender or the Bank Product Providers in the enforcement of this
Guaranty or in any way arising out of, or consequential to, the protection,
assertion, or enforcement of the Guarantied Obligations (or any security
therefor), irrespective of whether suit is brought.

     13. NOTICES. All notices and other communications hereunder to Lender shall
be in writing and shall be mailed, sent or delivered in accordance with the Loan
Agreement. All notices and other communications hereunder to any Guarantor shall
be in writing and shall be mailed, sent or delivered in care of Borrower in
accordance with the Loan Agreement.

     14. CUMULATIVE REMEDIES. No remedy under this Guaranty, under the Loan
Agreement, or any other Loan Document is intended to be exclusive of any other
remedy, but each and every remedy shall be cumulative and in addition to any and
every other remedy given under this Guaranty, under the Loan Agreement, or any
other Loan Document, and those provided by law. No delay or omission by Lender
or the Bank Product Providers to exercise any right under this Guaranty shall
impair any such right nor be construed to be a waiver thereof. No failure on the
part of Lender or the Bank Product Providers to exercise, and no delay in
exercising, any right under this Guaranty shall operate as a waiver thereof; nor
shall any single or partial exercise of any right under this Guaranty preclude
any other or further exercise thereof or the exercise of any other right.

     15. SEVERABILITY OF PROVISIONS. Any provision of this Guaranty which is
prohibited or unenforceable under applicable law shall be ineffective to the
extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof.

     16. ENTIRE AGREEMENT; AMENDMENTS. This Guaranty constitutes the entire
agreement between the Guarantors and Lender pertaining to the subject matter
contained herein. This Guaranty may not be altered, amended, or modified, nor
may any provision hereof be waived or noncompliance therewith consented to,
except by means of a writing executed by each Guarantor and Lender. Any such
alteration, amendment, modification, waiver, or consent shall be effective only
to the extent specified therein and for the specific purpose for which given. No
course of dealing and no delay or waiver of any right or default under this

LA10 -
<Page>

Guaranty shall be deemed a waiver of any other, similar or dissimilar, right or
default or otherwise prejudice the rights and remedies hereunder.

     17. SUCCESSORS AND ASSIGNS. This Guaranty shall be binding upon each
Guarantor and its successors and assigns and shall inure to the benefit of the
successors and assigns of Lender and the Bank Product Providers; PROVIDED,
HOWEVER, no Guarantor shall assign this Guaranty or delegate any of its duties
hereunder without Lender's prior written consent and any unconsented to
assignment shall be absolutely void. In the event of any assignment or other
transfer of rights by Lender or the Bank Product Providers, the rights and
benefits herein conferred upon Lender and the Bank Product Providers shall
automatically extend to and be vested in such assignee or other transferee.

     18. NO THIRD PARTY BENEFICIARY. This Guaranty is solely for the benefit of
Lender and the Bank Product Providers and each of their successors and assigns
and may not be relied on by any other Person.

     19. CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER.

          THE VALIDITY OF THIS GUARANTY, ITS CONSTRUCTION, INTERPRETATION, AND
ENFORCEMENT, AND THE RIGHTS OF THE PARTIES HERETO WITH RESPECT TO ALL MATTERS
ARISING HEREUNDER OR RELATED HERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

          THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN
CONNECTION WITH THIS GUARANTY AND THE OTHER LOAN DOCUMENTS SHALL BE TRIED AND
LITIGATED ONLY IN THE STATE AND FEDERAL COURTS LOCATED IN THE COUNTY OF NEW
YORK, STATE OF NEW YORK; PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT
AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT LENDER'S OPTION, IN
THE COURTS OF ANY JURISDICTION WHERE LENDER ELECTS TO BRING SUCH ACTION OR WHERE
SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. EACH GUARANTOR AND LENDER WAIVE,
TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO
ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT
ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 19.

          EACH GUARANTOR AND LENDER HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A
JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS
GUARANTY OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT
CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR
STATUTORY CLAIMS. EACH GUARANTOR AND LENDER

LA11 -
<Page>

REPRESENT THAT EACH SUCH PARTY HAS REVIEWED THIS WAIVER AND EACH SUCH PARTY
KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION
WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS GUARANTY MAY BE
FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

     20. AGREEMENT TO BE BOUND. Each Guarantor hereby agrees to be bound by each
and all of the terms and provisions of the Loan Agreement to the extent
applicable to such Guarantor. Without limiting the generality of the foregoing,
by its execution and delivery of this Guaranty, each Guarantor hereby: (a) makes
to Lender and the Bank Product Providers each of the representations and
warranties set forth in the Loan Agreement to the extent applicable to such
Guarantor fully as though such Guarantor were a party thereto, and such
representations and warranties are incorporated herein by this reference,
MUTATIS MUTANDIS; and (b) agrees and covenants for the benefit of Lender and the
Bank Product Providers (i) to do each of the things set forth in the Loan
Agreement that Borrower agrees and covenants to cause its Subsidiaries to do, to
the extent applicable to such Guarantor, and (ii) to not do each of the things
set forth in the Loan Agreement that Borrower agrees and covenants to cause its
Subsidiaries not to do, to the extent applicable to such Guarantor, in each
case, fully as though such Guarantor was a party thereto, and such agreements
and covenants are incorporated herein by this reference, MUTATIS MUTANDIS.

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

     22. TERMINATION; RELEASE OF GUARANTY. Upon the full and final payment of
all Guarantied Obligations in immediately available funds and the irrevocable
termination of Lender's commitment to provide credit under the Loan Agreement,
this Guaranty shall terminate and Lender shall execute any documents,
instruments or agreements, and shall take any other action reasonably requested
by Guarantors to effect such termination.

                           [Signature page to follow]

LA12 -
<Page>

          IN WITNESS WHEREOF, the undersigned have executed and delivered this
Guaranty as of the date first written above.

PORTERHOUSE, INC., a Delaware corporation

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

MORTON'S OF CHICAGO/FLAMINGO ROAD CORP., a Delaware corporation

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

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

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

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

MORTON'S OF CHICAGO/NORTH MIAMI BEACH, INC., a Delaware corporation

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

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

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

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

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

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

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

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

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

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

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

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

Guaranty Signature Page

<Page>

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

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

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

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

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

MORTON'S OF CHICAGO/WASHINGTON D.C. INC., a Delaware corporation

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

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

PORTERHOUSE OF LOS ANGELES, INC., a Delaware corporation

MOCGC CORP., a Virginia corporation

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

MORTON'S OF CHICAGO/BOSTON LLC, a Delaware limited liability company

ARNIE MORTON'S OF CHICAGO/BURBANK LLC, a Delaware limited liability company

MORTON'S OF CHICAGO/CHARLOTTE LLC, a Delaware limited liability company

MORTON'S OF CHICAGO/CRYSTAL CITY LLC, a Delaware limited liability company

MORTON'S OF CHICAGO/DENVER CRESCENT TOWN CENTER, LLC, a Delaware limited
liability company

ARNIE MORTON'S OF CHICAGO/FIGUEROA LLC, a Delaware limited liability company

MORTON'S OF CHICAGO/GREAT NECK LLC, a Delaware limited liability company

MORTON'S OF CHICAGO/HACKENSACK LLC, a Delaware limited liability company

MORTON'S OF CHICAGO/HARTFORD LLC, a Delaware limited liability company

MORTON'S OF CHICAGO/HONOLULU LLC, a Delaware limited liability company

MORTON'S OF CHICAGO/INDIANAPOLIS LLC, a Delaware limited liability company

MORTON'S OF CHICAGO/JACKSONVILLE LLC, a Delaware limited liability company

MORTON'S OF CHICAGO/KANSAS CITY LLC, a Delaware limited liability company

MORTON'S OF CHICAGO/KING OF PRUSSIA LLC, a Delaware limited liability company

MORTON'S OF CHICAGO/LOUISVILLE LLC, a Delaware limited liability company

MORTON'S OF CHICAGO/NEW ORLEANS LLC, a Delaware limited liability company

MORTON'S OF CHICAGO/PITTSBURGH LLC, a Delaware limited liability company

Guaranty Signature Page

<Page>

MORTON'S OF CHICAGO/RESTON LLC, a Delaware limited liability company

MORTON'S OF CHICAGO/RICHMOND LLC, a Delaware limited liability company

MORTON'S OF CHICAGO/SCHAUMBURG LLC, a Delaware limited liability company

MORTON'S OF CHICAGO/STAMFORD LLC, a Delaware limited liability company

MORTON'S OF CHICAGO/WHITE PLAINS LLC, a Delaware limited liability company

ITALIAN RESTAURANTS HOLDING CORP., a Delaware corporation

BERTOLINI'S RESTAURANTS, INC., a Delaware corporation

BERTOLINI'S OF CIRCLE CENTRE, INC., a Delaware corporation

BERTOLINI'S/KING OF PRUSSIA, INC., a Delaware corporation

BERTOLINI'S OF LAS VEGAS, INC., a Delaware corporation

BERTOLINI'S AT VILLAGE SQUARE, INC., a Delaware corporation

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

<Page>

ADDISON STEAKHOUSE, INC., a Texas corporation

CHICAGO STEAKHOUSE, INC., a Texas corporation

HOUSTON STEAKHOUSE, INC., a Texas corporation

SAN ANTONIO STEAKHOUSE, INC., a Texas corporation

By:      /s/ Darryl G. Steadman
    ---------------------------
   Name:  Darryl G. Steadman
   Title: Executive Vice President<Page>

                                                                   EXHIBIT 10.11
                                                               EXECUTION VERSION

                             STOCK PLEDGE AGREEMENT

          This STOCK PLEDGE AGREEMENT (this "AGREEMENT"), dated as of July 7,
2003, is entered into by and among MORTON'S RESTAURANT GROUP, INC., a Delaware
corporation ("BORROWER"), and each of Borrower's undersigned subsidiaries
(Borrower and such subsidiaries, each a "PLEDGOR", and individually and
collectively, and jointly and severally, the "PLEDGORS") and WELLS FARGO
FOOTHILL, INC., a California corporation ("LENDER"), in light of the following:

          WHEREAS, Borrower and the Lender are, contemporaneously herewith,
entering into that certain Loan and Security Agreement of even date herewith (as
amended, restated, supplemented or otherwise modified from time to time, the
"LOAN AGREEMENT");

          WHEREAS, contemporaneously herewith, each Pledgor other than Borrower
has executed and delivered that certain General Continuing Guaranty (as amended,
restated, supplemented or otherwise modified from time to time, the "GUARANTY")
in favor of Lender and the Bank Product Providers respecting certain obligations
of the Borrower to Lender and the Bank Product Providers in connection with the
Loan Agreement;

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

          WHEREAS, to induce Lender to make the financial accommodations
provided to Borrower pursuant to the Loan Agreement, each Pledgor desires to
pledge, grant, transfer, and assign to Lender, for its benefit and the benefit
of the Bank Product Providers, a security interest in the Pledged Collateral (as
hereinafter defined) to secure the Secured Obligations (as hereinafter defined),
as provided herein.

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

     1.   DEFINITIONS AND CONSTRUCTION.

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

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

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

<Page>

                                                               EXECUTION VERSION

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

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

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

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

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

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

               "FUTURE RIGHTS" means:

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

               (b)   with respect to each Foreign Issuer, (i) all Equity
     Interests (other than Pledged Interests) of such Foreign Issuer, and all
     securities convertible or

                                       -2-
<Page>

                                                               EXECUTION VERSION

     exchangeable into, and all warrants, options, or other rights to purchase,
     Equity Interests of such Foreign Issuer; (ii) to the extent of any
     Pledgor's interest therein, all shares of, all securities convertible or
     exchangeable into, and all warrants, options, or other rights to purchase
     Equity Interests of any Person in which any Pledgor, after the date of this
     Agreement, acquires a direct equity interest, irrespective of whether such
     Person is or becomes a Subsidiary of any Pledgor; and (iii) the
     certificates or instruments representing such additional Equity Interests,
     convertible or exchangeable securities, warrants, and other rights and all
     dividends, cash, options, warrants, rights, instruments, and other property
     or proceeds from time to time received, receivable, or otherwise
     distributed in respect of or in exchange for any or all of such Equity
     Interests, PROVIDED, HOWEVER, that Future Rights under the preceding
     clauses (b)(i), (b)(ii), and (b)(iii) shall exclude any Future Rights to
     the extent and only to the extent that their inclusion would cause the
     number of Equity Interests pledged hereunder to exceed the Designated
     Number after giving effect to the issuance of such Future Rights and any
     related issuances.

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

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

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

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

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

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

               "PLEDGED INTERESTS" means (a) with respect to each Domestic
     Issuer, all of the Equity Interests identified as Pledged Interests of such
     Domestic Issuer on Schedule A attached hereto (or any addendum thereto);
     and (b) with respect to each Foreign Issuer, the Designated Number of
     Equity Interests identified as Pledged Interests of such Foreign Issuer on
     Schedule A attached hereto (or any addendum thereto).

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

                                       -3-
<Page>

                                                               EXECUTION VERSION

               "PROCEEDS" means all proceeds (including proceeds of proceeds) of
     the Pledged Interests and Future Rights including all: (a) rights,
     benefits, distributions, premiums, profits, dividends, interest, cash,
     instruments, documents of title, accounts, contract rights, inventory,
     equipment, general intangibles, deposit accounts, chattel paper, and other
     property from time to time received, receivable, or otherwise distributed
     in respect of or in exchange for, or as a replacement of or a substitution
     for, any of the Pledged Interests, Future Rights, or proceeds thereof
     (including any cash, Equity Interests, or other securities or instruments
     issued after any recapitalization, readjustment, reclassification, merger
     or consolidation with respect to the Issuers and any security entitlements,
     as defined in the Code, with respect thereto); (b) "proceeds," as such term
     is defined in the Code; (c) proceeds of any insurance, indemnity, warranty,
     or guaranty (including guaranties of delivery) payable from time to time
     with respect to any of the Pledged Interests, Future Rights, or proceeds
     thereof; (d) payments (in any form whatsoever) made or due and payable to
     Pledgor from time to time in connection with any requisition, confiscation,
     condemnation, seizure or forfeiture of all or any part of the Pledged
     Interests, Future Rights, or proceeds thereof; and (e) other amounts from
     time to time paid or payable under or in connection with any of the Pledged
     Interests, Future Rights, or proceeds thereof.

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

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

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

          (b) CONSTRUCTION. Unless the context of this Agreement clearly
requires otherwise, references to the plural include the singular, references to
the singular include the plural, the terms "include" and "including" are not
limiting, and the term "or" has, except where otherwise indicated, the inclusive
meaning represented by the phrase "and/or." The

                                       -4-
<Page>

                                                               EXECUTION VERSION

words "hereof," "herein," "hereby," "hereunder," and other similar terms in this
Agreement refer to this Agreement as a whole and not to any particular provision
of this Agreement. Section, subsection, clause, schedule and exhibit references
herein are to this Agreement unless otherwise specified. All of the exhibits or
schedules attached to this Agreement shall be deemed incorporated herein by
reference. Any reference in this Agreement to any of the following documents
includes any and all alterations, amendments, changes, extensions,
modifications, renewals, replacements, substitutions, joinders, and supplements
thereto or thereof, as applicable (subject to any restrictions on such
alterations, amendments, changes, extensions, modifications, renewals,
replacements, substitutions, joinders, and supplements set forth therein): the
Loan Agreement; this Agreement; the Guaranty; and the other Loan Documents.
Neither this Agreement nor any uncertainty or ambiguity herein shall be
construed or resolved against Lender, any Bank Product Provider, or any Pledgor,
whether under any rule of construction or otherwise. On the contrary, this
Agreement has been reviewed by each Pledgor, Lender, and the Bank Product
Providers, and their respective counsel, and shall be construed and interpreted
according to the ordinary meaning of the words used so as to fairly accomplish
the purposes and intentions of Lender, any Bank Product Provider and each
Pledgor. Any reference herein to the payment in full of the Secured Obligations
shall mean the payment in full in cash of all Secured Obligations other than
contingent indemnification Secured Obligations and other than any Bank Product
Obligations that, at such time, are allowed by the applicable Bank Product
Provider to remain outstanding and are not required to be repaid or cash
collateralized pursuant to the provisions of the Loan Agreement and the
termination of all Commitments of Lender under the Loan Agreement. Any reference
herein to any Person shall be construed to include such Person's successors and
assigns. Any requirement of a writing contained herein shall be satisfied by the
transmission of a Record and any Record transmitted shall constitute a
representation and warranty as to the accuracy and completeness of the
information contained therein. In the event of any direct conflict between the
express terms and provisions of this Agreement and of the Loan Agreement, the
terms and provisions of the Loan Agreement shall control; provided, however,
that the inclusion herein of additional obligations on the part of any Pledgor
and supplemental rights and remedies in favor of Lender, in each case with
respect to the Pledged Collateral, shall not be deemed a conflict with the Loan
Agreement.

                                       -5-
<Page>

                                                               EXECUTION VERSION

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

     3.   DELIVERY AND REGISTRATION OF PLEDGED COLLATERAL.

          (a) All certificates or instruments representing or evidencing the
Pledged Collateral shall be promptly delivered by each Pledgor to Lender or
Lender's designee pursuant hereto at a location designated by Lender and shall
be held by or on behalf of Lender pursuant hereto, and shall be in suitable form
for transfer by delivery, or shall be accompanied by duly executed instruments
of transfer or assignment in blank, all in form and substance reasonably
satisfactory to Lender.

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

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

          (d) Any and all Pledged Collateral (including dividends, interest, and
other cash distributions) at any time received or held by any Pledgor shall be
so received or held in

                                       -6-
<Page>

                                                               EXECUTION VERSION

trust for Lender, shall be segregated from other funds and property of such
Pledgor and shall be forthwith delivered to Lender in the same form as so
received or held, with any necessary endorsements; PROVIDED that cash dividends
or distributions received by any Pledgor, if and to the extent they are not
prohibited by the Loan Agreement, may be retained by such Pledgor in accordance
with SECTION 4 and used in the ordinary course of such Pledgor's business.

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

     4.   VOTING RIGHTS AND DIVIDENDS.

          (a) So long as (i) no Event of Default shall have occurred and be
continuing, or (ii) if an Event of Default has occurred and is continuing, no
Pledgor shall have received the written notice from Lender described below in
SECTION 4(b), each Pledgor shall be entitled to exercise any and all voting and
other consensual rights pertaining to the Pledged Collateral applicable to it or
any part thereof for any purpose not inconsistent with the terms of the Loan
Documents.

          (b) Upon the occurrence and during the continuance of an Event of
Default, at the election of Lender in its Permitted Discretion, upon the receipt
by a Pledgor of written notice of such election by Lender, all rights of such
Pledgor to exercise the voting and other consensual rights or receive and retain
cash dividends or distributions that it would otherwise be entitled to exercise
or receive and retain, as applicable pursuant to SECTION 4(a), shall cease, and
all such rights shall thereupon become vested in Lender, who shall thereupon
have the sole right to exercise such voting or other consensual rights and to
receive and retain such cash dividends and distributions subject to the terms of
the Loan Agreement. Upon the receipt of such written notice, such Pledgor shall
execute and deliver (or cause to be executed and delivered) to Lender all such
proxies and other instruments as Lender may reasonably request for the purpose
of enabling Lender to exercise the voting and other rights which it is entitled
to exercise and to receive the dividends and distributions that it is entitled
to receive and retain pursuant to the preceding sentence. Following the waiver
or cure of any such Event of Default, Lender shall, upon the reasonable request
and at the expense of Pledgor, execute and deliver to Pledgor such agreements or
instruments as Pledgor may reasonably request, to terminate such proxies and
other instruments.

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

          (a) Such Pledgor has taken all steps it deems necessary or appropriate
to be informed on a continuing basis of changes or potential changes affecting
the Pledged

                                       -7-
<Page>

                                                               EXECUTION VERSION

Collateral (including rights of conversion and exchange, rights to subscribe,
payment of dividends, reorganizations or recapitalization, tender offers and
voting rights), and such Pledgor agrees that neither Lender nor any Bank Product
Provider shall have any responsibility or liability for informing such Pledgor
of any such changes or potential changes or for taking any action or omitting to
take any action with respect thereto;

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

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

          (d) This Agreement, the execution and delivery of the Loan Agreement
by Lender, and the delivery to Lender of the Pledged Interests representing
Pledged Collateral (or the delivery to all Holders of the Pledged Interests
representing Pledged Collateral of the notification/instruction referred to in
SECTION 3 of this Agreement), creates a valid, perfected, and first priority
security interest in one hundred percent (100%) of the Pledged Interests which
are in certificated form in favor of Lender securing payment of the Secured
Obligations, and all actions necessary to achieve such perfection have been duly
taken;

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

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

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

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

                                       -8-
<Page>

                                                               EXECUTION VERSION

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

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

     6.   FURTHER ASSURANCES.

          (a) Each Pledgor agrees that from time to time, at the expense of such
Pledgor, it will promptly execute and deliver all further instruments and
documents, and take all further action that may be necessary or reasonably
desirable, or that Lender, on behalf of Lender and the Bank Product Providers,
may request, in order to perfect and protect any security interest granted or
purported to be granted hereby or to enable Lender, on behalf of Lender and the
Bank Product Providers, to exercise and enforce its rights and remedies
hereunder with respect to any Pledged Collateral. Without limiting the
generality of the foregoing, each Pledgor will: (i) at the request of Lender,
mark conspicuously each of its records pertaining to the Pledged Collateral with
a legend, in form and substance reasonably satisfactory to Lender, indicating
that such Pledged Collateral is subject to the security interest granted hereby;
(ii) execute and file such financing or continuation statements, or amendments
thereto, and such other instruments or notices, as may be necessary or
reasonably desirable, or as Lender may reasonably request, in order to perfect
and preserve the security interests granted or purported to be granted hereby;
(iii) allow inspection of the Pledged Collateral by Lender or Persons designated
by Lender, from time to time hereafter during normal business hours, or at any
time following the occurrence and during the continuance of a Default or an
Event of Default; and (iv) appear in and defend any action or proceeding that
may affect such Pledgor's title to or Lender's security interest in the Pledged
Collateral.

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

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

                                       -9-
<Page>

                                                               EXECUTION VERSION

     7.   COVENANTS OF PLEDGOR. Each Pledgor shall:

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

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

          (c) To the extent it may lawfully do so, use its best efforts to
prevent the Issuers from issuing Future Rights or Proceeds, except for cash
dividends and any other distributions, if any, that are not prohibited by the
terms of the Loan Agreement to be paid or otherwise distributed by any Issuer;

          (d) Upon receipt by such Pledgor of any material notice, report, or
other communication from any of the Issuers or any Holder relating to all or any
part of the Pledged Collateral, deliver such notice, report or other
communication to Lender promptly, but in no event later than five (5) days
following the receipt thereof by such Pledgor.

          (e) Not permit any of the Issuers to: (i) authorize the amendment of
or amend the Governing Documents of such Issuer that is a general partnership,
limited partnership or limited liability company to provide that the Stock of
such Issuer is governed by Article 8 of the Code, or (ii) authorize the issuance
of or issue certificates evidencing the Stock of such Issuer that is a general
partnership, limited partnership or limited liability company without the prior
written consent of Lender (such consent not to be unreasonably withheld).

     8.   LENDER AS EACH PLEDGOR'S ATTORNEY-IN-FACT.

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

                                      -10-
<Page>

                                                               EXECUTION VERSION

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

     9.   REMEDIES UPON DEFAULT.  Upon the occurrence and during the continuance
of an Event of Default:

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

                                      -11-
<Page>

                                                               EXECUTION VERSION

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

          (c) Each Pledgor hereby acknowledges that the sale by Lender of any
Pledged Collateral pursuant to the terms hereof in compliance with the
Securities Act of 1933 as now in effect or as hereafter amended, or any similar
statute hereafter adopted with similar purpose or effect (the "SECURITIES ACT"),
as well as applicable "Blue Sky" or other state securities laws may require
strict limitations as to the manner in which Lender or any subsequent transferee
of the Pledged Collateral may dispose thereof. Each Pledgor acknowledges and
agrees that in order to protect Lender's interest it may be necessary to sell
the Pledged Collateral at a price less than the maximum price attainable if a
sale were delayed or were made in another manner, such as a public offering
under the Securities Act. No Pledgor has any objection to sale in such a manner
and agrees that Lender shall have no obligation to obtain the maximum possible
price for the Pledged Collateral so long as the sale is conducted in a
commercially reasonable manner. Without limiting the generality of the
foregoing, each Pledgor agrees that, upon the occurrence and during the
continuation of an Event of Default, Lender may, subject to applicable law, from
time to time attempt to sell all or any part of the Pledged Collateral by a
private placement, restricting the bidders and prospective purchasers to those
who will represent and agree that they are purchasing for investment only and
not for distribution. In so doing, Lender may solicit offers to buy the Pledged
Collateral or any part thereof for cash, from a limited number of investors
deemed by Lender, in its reasonable judgment, to be institutional investors or
other responsible parties who might be interested in purchasing the Pledged
Collateral. If Lender shall solicit such offers and so long as the sale is
conducted in accordance with applicable law, then the acceptance by Lender of
one of the offers shall be deemed to be a commercially reasonable method of
disposition of the Pledged Collateral.

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

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

                                      -12-
<Page>

                                                               EXECUTION VERSION

with the requirements of the Securities Act and the rules and regulations of the
Securities and Exchange Commission applicable thereto;

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

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

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

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

Each Pledgor acknowledges that there is no adequate remedy at law for failure by
it to comply with the provisions of this Section and that such failure would not
be adequately compensable in damages, and therefore agrees that its agreements
contained in this Section may be specifically enforced.

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

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

                                      -13-
<Page>

                                                               EXECUTION VERSION

     11.  DUTIES OF LENDER. The powers conferred on Lender hereunder are solely
to protect its interests in the Pledged Collateral and shall not impose on it
any duty to exercise such powers. Except as provided in Section 9-207 of the
Code, Lender shall have no duty with respect to the Pledged Collateral or any
responsibility for taking any necessary steps to preserve rights against any
Persons with respect to any Pledged Collateral.

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

     13.  AMENDMENTS; ETC. No amendment or waiver of any provision of this
Agreement nor consent to any departure by any Pledgor herefrom shall in any
event be effective unless the same shall be in writing and signed by Lender and
each Pledgor, and then such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given. No failure on
the part of Lender to exercise, and no delay in exercising any right under this
Agreement, any other Loan Document, or otherwise with respect to any of the
Secured Obligations, shall operate as a waiver thereof; nor shall any single or
partial exercise of any right under this Agreement, any other Loan Document, or
otherwise with respect to any of the Secured Obligations preclude any other or
further exercise thereof or the exercise of any other right. The remedies
provided for in this Agreement or otherwise with respect to any of the Secured
Obligations are cumulative and not exclusive of any remedies provided by law.

     14.  NOTICES. All notices and other communications hereunder to Lender
shall be in writing and shall be mailed, sent or delivered in accordance with
the Loan Agreement and all notices and other communications hereunder to any
Debtor shall be in writing and shall be mailed, sent or delivered in care of
Borrower in accordance with the Loan Agreement.

                                      -14-
<Page>

                                                               EXECUTION VERSION

     15.  CONTINUING SECURITY INTEREST. This Agreement shall create a continuing
security interest in the Pledged Collateral and shall: (i) remain in full force
and effect until the payment in full of the Secured Obligations (other than
contingent indemnification obligations), including the cash collateralization,
expiration, or cancellation of all Secured Obligations, if any, consisting of
letters of credit, and the full and final termination of any commitment to
extend any financial accommodations under the Loan Agreement; (ii) be binding
upon each Pledgor and its successors and assigns; and (iii) inure to the benefit
of Lender and its successors, transferees, and assigns, in each case other than
as expressly permitted pursuant to the terms of the Loan Documents. Upon the
payment in full of the Secured Obligations (other than contingent
indemnification obligations), including the cash collateralization, expiration,
or cancellation of all Secured Obligations, if any, consisting of letters of
credit, and the full and final termination of any commitment to extend any
financial accommodations under the Loan Agreement, the security interests
granted herein shall automatically terminate and all rights to the Pledged
Collateral shall revert to the applicable Pledgor. Upon any such termination,
Lender will, at the Pledgors' expense, execute and deliver to each Pledgor such
documents as such Pledgor shall reasonably request to evidence such termination.
Such documents shall be prepared by the Pledgors and shall be in form and
substance reasonably satisfactory to Lender.

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

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

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

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

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

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

                                      -15-
<Page>

                                                               EXECUTION VERSION

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

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

     19.  COUNTERPARTS; TELEFACSIMILE EXECUTION. This Agreement may be executed
in one or more counterparts, each of which shall be deemed an original and all
of which together shall constitute one and the same Agreement. Delivery of an
executed counterpart of this Agreement by telefacsimile shall be equally as
effective as delivery of an original executed counterpart of this Agreement. Any
party delivering an executed counterpart of this Agreement by telefacsimile also
shall deliver an original executed counterpart of this Agreement but the failure
to deliver an original executed counterpart shall not affect the validity,
enforceability, or binding effect hereof.

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

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

                           [Signature page to follow.]

                                      -16-
<Page>

                                                               EXECUTION VERSION

          IN WITNESS WHEREOF, each Pledgor and Lender have caused this Agreement
to be duly executed and delivered as of the date first written above.

BORROWER:

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

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

GUARANTORS:

PORTERHOUSE, INC., a Delaware corporation

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

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

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

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

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

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

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

ITALIAN RESTAURANTS HOLDING CORP., a Delaware corporation

BERTOLINI'S RESTAURANTS, INC., a Delaware corporation

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

<Page>

                                                               EXECUTION VERSION

                                      WELLS FARGO FOOTHILL, INC.

                                      By:    /s/ Lisa Cooley
                                          ------------------
                                        Name:  Lisa C. Cooley
                                        Title: Vice President

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