Document:

Exhibit 4.86 Amended Syndication Credit Agreement

    
      Exhibit
        4.86

      
 

    

    $225,000,000.00

    

    AMENDED
      AND RESTATED 

    CREDIT
      AGREEMENT

    

    dated
      as
      of

    

    March
      10,
      2006

    

    among

    

    OUTBACK
      STEAKHOUSE, INC.,

    

    The
      Banks
      Listed Herein,

    

    WACHOVIA
      BANK, NATIONAL ASSOCIATION,

    as
      Agent,

    

    WACHOVIA
      CAPITAL MARKETS, LLC,

    as
      Sole
      Arranger,

    

    SUNTRUST
      BANK

    as
      Syndication Agent,

    

    and

    

    BANK
      OF
      AMERICA, N.A.

    

    and

    

    WELLS
      FARGO BANK, NATIONAL ASSOCIATION

    as
      Co-Documentation Agents

    

    

    

    

    
      
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    AMENDED
      AND RESTATED

    CREDIT
      AGREEMENT

    

    

    THIS
      AMENDED AND RESTATED CREDIT AGREEMENT dated as of March 10, 2006 is entered
      into
      by and among OUTBACK STEAKHOUSE, INC., the BANKS listed on the signature pages
      hereof, WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent, SUNTRUST BANK, as
      Syndication Agent and BANK OF AMERICA, N.A. and WELLS FARGO BANK, NATIONAL
      ASSOCIATION, as Co-Documentation Agents.

    

    The
      parties hereto agree as follows: 

    

    ARTICLE
      I

    

    DEFINITIONS

    

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

    

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

    

    “Affiliate”
      of any Person means (i) any other Person which directly, or indirectly through
      one or more intermediaries, controls such Person, (ii) any other Person
      which directly, or indirectly through one or more intermediaries, is Controlled
      by or is under common Control with such Person, or (iii) any other Person
      of which such Person owns, directly or indirectly, 20% or more of the common
      stock or equivalent equity interests.

    

    “Agent”
      means Wachovia Bank, National Association, a national banking association
      organized under the laws of the United States of America, in its capacity as
      agent for the Banks hereunder, and its successors and permitted assigns in
      such
      capacity.

    

    “Agent’s
      Letter Agreement” means that certain letter agreement, dated as of
      February 16, 2006, between the Borrower, Wachovia Capital Markets, LLC, as
      Arranger and the Agent relating to the structure of the Loans, and certain
      fees
      from time to time payable by the Borrower to Wachovia Capital Markets, LLC,
      as
      Arranger and the Agent, together with all amendments and modifications
      thereto.

    

    “Agreement”
      means this Amended and Restated Credit Agreement, together with all amendments
      and supplements hereto.

    

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

    

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

     

    
      
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    “Arranger”
      means Wachovia Capital Markets, LLC, in its capacity as arranger under the
      Agent’s Letter Agreement.

    

    “Assignee”
      has the meaning set forth in Section 9.07(c).

    

    “Assignment
      and Acceptance” means an Assignment and Acceptance executed in accordance with
      Section 9.07(c) in the form attached hereto as Exhibit
      J.

    

    “Authority”
      has the meaning set forth in Section 8.02.

    

    “Bank”
      means each bank listed on the signature pages hereof as having a Commitment,
      and
      its successors and assigns. 

    

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

    

    “Base
      Rate Loan” means a Loan which bears or is to bear interest at a rate based upon
      the Base Rate.

    

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

    

    “Borrowing”
      means a borrowing hereunder consisting of Loans made to the Borrower at the
      same
      time by, in the case of a Syndicated Borrowing, the Banks, or, in the case
      of a
      Money Market Borrowing, one or more of the Banks, in each case pursuant to
      Article II. A Borrowing is a “Syndicated Borrowing” if such Loans are
      Syndicated Loans or a “Money Market Borrowing” if such Loans are Money Market
      Loans. A Borrowing is a “Base Rate Borrowing” if such Loans are Base Rate Loans
      or a “Euro-Dollar Borrowing” if such Loans are Euro-Dollar Loans.

    

    “Capital
      Stock” means any nonredeemable capital stock of the Borrower or any Consolidated
      Subsidiary (to the extent issued to a Person other than the Borrower), whether
      common or preferred.

    

    “CERCLA”
      means the Comprehensive Environmental Response Compensation and Liability Act,
      42 U.S.C. §9601 et seq. and its implementing regulations and
      amendments.

    

    “CERCLIS”
      means the Comprehensive Environmental Response Compensation and Liability
      Information System established pursuant to CERCLA.

    

    “Change
      of Law” shall have the meaning set forth in Section 8.02.

     

    
      
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    “Closing
      Certificate” has the meaning set forth in Section 3.01(e).

    

    “Closing
      Date” means March 10, 2006.

    

    “Code”
      means the Internal Revenue Code of 1986, as amended, or any successor Federal
      tax code. Any reference to any provision of the Code shall also be deemed to
      be
      a reference to any successor provision or provisions thereof.

    

    “Commitment”
      means, with respect to each Bank, (i) the amount set forth opposite the name
      of
      such Bank on the signature pages hereof, or (ii) as to any Bank which enters
      into an Assignment and Acceptance (whether as transferor Bank or as Assignee
      thereunder), the amount of such Bank’s Commitment after giving effect to such
      Assignment and Acceptance, in each case as such amount may be reduced from
      time
      to time pursuant to Sections 2.08 and 2.09.

    

    “Company
      Owned Restaurants” means each restaurant that satisfies the following
      requirements: (1) the Borrower or a Consolidated Subsidiary has a direct or
      indirect ownership interest in the entity that owns such restaurant; (2) the
      entity that owns and operates such restaurant is organized as a partnership
      or
      limited liability company in which the Borrower or a Consolidated Subsidiary
      is
      a general partner or managing member; or (3) the Borrower or a Consolidated
      Subsidiary Controls the entity that owns and operates such
      restaurant.

    

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

    

    “Consolidated
      Interest Expense” for any period means interest, whether expensed or
      capitalized, in respect of Debt of the Borrower or any of its Consolidated
      Subsidiaries outstanding during such period.

    

    “Consolidated
      Net Income” means, for any period, the Net Income of the Borrower and its
      Consolidated Subsidiaries determined on a consolidated basis, but excluding
      (i) extraordinary items and (ii) any equity interests of the Borrower
      or any Subsidiary in the unremitted earnings of any Person that is not a
      Subsidiary.

    

    “Consolidated
      Net Worth” means, at any time, Stockholders’ Equity, as set forth or reflected
      on the most recent consolidated balance sheet of the Borrower and its
      Consolidated Subsidiaries, prepared in accordance with GAAP.

    

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

    

    “Consolidated
      Total Assets” means, at any time, the total assets of the Borrower and its
      Consolidated Subsidiaries, determined on a consolidated basis, as set forth
      or
      reflected on the most recent consolidated balance sheet of the Borrower and
      its
      Consolidated Subsidiaries, prepared in accordance with GAAP.

     

    
      
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    “Consolidated
      Total Debt” means as of the last day of each Fiscal Quarter the sum of:
      (a) the Debt of the Borrower and its Consolidated Subsidiaries, determined
      on a consolidated basis as of such date; and (b) the product of:
      (i) seven, and (ii) the sum of all payment obligations (excluding
      Contingent Rents and Minority Rents) under all operating leases and rental
      agreements of the Borrower and its Consolidated Subsidiaries, determined on
      a
      consolidated basis for the Fiscal Quarter then ended and the immediately
      preceding three Fiscal Quarters in accordance with GAAP.

    

    “Contingent
      Rents” means for any period, the aggregate payments of contingent rentals under
      operating leases and rental agreements, based on a percentage of gross revenues
      as defined by the terms of the applicable lease or rental agreement, made by
      the
      Borrower and its Consolidated Subsidiaries, determined on a consolidated basis
      in accordance with GAAP.

    

    “Control”
      means possession, directly or indirectly, of the power to direct or cause the
      direction of the management or policies of a Person, whether through the
      ownership of voting securities, by contract or otherwise.

    

    “Controlled
      Group” means all members of a controlled group of corporations and all trades or
      businesses (whether or not incorporated) under common control which, together
      with the Borrower, are treated as a single employer under Section 414 of the
      Code. 

    

    “Debt”
of
      any Person means at any date, without duplication, (i) all obligations of such
      Person for borrowed money, (ii) all obligations of such Person evidenced by
      bonds, debentures, notes or other similar instruments, (iii) all obligations
      of
      such Person to pay the deferred purchase price of property or services, except
      trade accounts payable arising in the ordinary course of business, (iv) all
      obligations of such Person as lessee under capital leases, (v) all
      obligations of such Person to reimburse any bank or other Person in respect
      of
      amounts payable under a banker’s acceptance, (vi) all Redeemable Preferred Stock
      of such Person (in the event such Person is a corporation), (vii) all
      obligations (absolute or contingent) of such Person to reimburse any bank or
      other Person in respect of amounts paid under a letter of credit or similar
      instrument, (viii) all Debt of others secured by a Lien on any asset of such
      Person, whether or not such Debt is assumed by such Person, (ix) all Debt of
      others Guaranteed by such Person, (x) Synthetic Lease Indebtedness, (xi) all
      indebtedness, liabilities and obligations of such Person in connection with
      or
      arising from asset securitizations, including, without limitation,
      Securitization Facility Attributed Debt, and (xii) all obligations of such
      Person with respect to interest rate protection agreements, foreign currency
      exchange agreements or other hedging agreements (valued as the termination
      value
      thereof computed in accordance with a method approved by the International
      Swap
      Dealers Association and agreed to by such Person in the applicable hedging
      agreement, if any). 

    

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

     

    
      
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    “Default
      Rate” means, with respect to any Syndicated Loan, Money Market Loan or Swing
      Line Loan, on any day, the sum of 2% plus the then highest interest rate
      (including the Applicable Margin) which may be applicable to any Syndicated
      Loan, Money Market Loan or Swing Line Loan hereunder (irrespective of whether
      any such type of Loans are actually outstanding hereunder).

    

    “Depreciation
      and Amortization” means for any period the sum of all depreciation and
      amortization expenses of the Borrower and its Consolidated Subsidiaries for
      such
      period, as determined in accordance with GAAP.

    

    “Development
      Joint Venture” means an entity that satisfies the following requirements: (1)
      the Borrower or a Consolidated Subsidiary has a direct or indirect ownership
      interest in such entity; (2) the Borrower or a Consolidated Subsidiary Controls
      such entity; and (3) neither the Borrower nor any Consolidated Subsidiary,
      individually or with another Consolidated Subsidiary or the Borrower, has agreed
      to be responsible for more than 50% of the obligations, liabilities or costs
      of
      such entity.

    

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

    

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

    

    “Domestic
      Subsidiary” means any Subsidiary which is organized under the laws of any state
      or territory of the United States of America.

    

    “EBITDAR”
      means for any period the sum of: (a) Consolidated Net Income, plus (b) the
      amount deducted in determining Consolidated Net Income for such period for
      (i)
      taxes on income, (ii) Consolidated Interest Expense, (iii) Depreciation and
      Amortization, (iv) the sum of all payment obligations (excluding Contingent
      Rents) under all operating leases and rental agreements, all determined with
      respect to the Borrower and its Consolidated Subsidiaries on a consolidated
      basis for such period and in accordance with GAAP and (v) expenses related
      to
      Share Based Payments as required by FASB Statement No. 123 (revised 2004) and
      expenses related to partner equity deferred compensation programs, to the extent
      the expenses related to Share Based Payments and partner equity deferred
      compensation programs did not arise from payments in cash or other property;
      provided, the term “other property” shall not include stock, restricted stock,
      or options to purchase stock. In determining EBITDAR for any period, (i) any
      Consolidated Subsidiary acquired during such period by the Borrower or any
      other
      Consolidated Subsidiary shall be included on a pro forma, historical basis
      as if
      it had been a Consolidated Subsidiary during such entire period, (ii) any
      amounts which would be included in a determination of EBITDAR for such period
      with respect to assets acquired during such period by the Borrower or any
      Consolidated Subsidiary shall be included in the determination of EBITDAR for
      such period and the amount thereof shall be calculated on a pro forma,
      historical basis as if such assets had been acquired by the Borrower or such
      Consolidated Subsidiary prior to the first day of such period, (iii) any
      Consolidated Subsidiary sold during such period by the Borrower or any other
      Consolidated Subsidiary shall be excluded as if it had not been a
      Consolidated

     

    
      
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      Subsidiary
        at any time during such period, and (iv) any amounts which would be otherwise
        included in a determination of EBITDAR for such period with respect to assets
        sold or otherwise disposed of during such period by the Borrower or any
        Consolidated Subsidiary shall be excluded in the determination of EBITDAR
        for
        such period and the amount excluded shall be calculated as if such assets
        had
        been sold or otherwise disposed of by the Borrower or such Consolidated
        Subsidiary prior to the first day of such period.

    

    

    “Environmental
      Authority” means any foreign, federal, state, local or regional government that
      exercises any form of jurisdiction or authority under any Environmental
      Requirement.

    

    “Environmental
      Authorizations” means all licenses, permits, orders, approvals, notices,
      registrations or other legal prerequisites for conducting the business of the
      Borrower or any Subsidiary required by any Environmental
      Requirement.

    

    “Environmental
      Judgments and Orders” means all judgments, decrees or orders arising from or in
      any way associated with any Environmental Requirements, whether or not entered
      upon consent or written agreements with an Environmental Authority or other
      entity arising from or in any way associated with any Environmental Requirement,
      whether or not incorporated in a judgment, decree or order.

    

    “Environmental
      Laws” means any and all federal, state, local and foreign statutes, laws,
      regulations, ordinances, rules, judgments, orders, decrees, permits,
      concessions, grants, franchises, licenses, agreements or other governmental
      restrictions relating to the environment or to emissions, discharges or releases
      of pollutants, contaminants, petroleum or petroleum products, chemicals or
      industrial, toxic or hazardous substances or wastes into the environment,
      including, without limitation, ambient air, surface water, groundwater or land,
      or otherwise relating to the manufacture, processing, distribution, use,
      treatment, storage, disposal, transport or handling of pollutants, contaminants,
      petroleum or petroleum products, chemicals or industrial, toxic or hazardous
      substances or wastes or the clean-up or other remediation thereof.

    

    “Environmental
      Liabilities” means any liabilities, whether accrued, contingent or otherwise,
      arising from or in any way associated with any Environmental
      Requirements.

    

    “Environmental
      Notices” means notice from any Environmental Authority or by any other person or
      entity, of possible or alleged noncompliance with or liability under any
      Environmental Requirement, including without limitation any complaints,
      citations, demands or requests from any Environmental Authority or from any
      other person or entity for correction of any violation of any Environmental
      Requirement or any investigations concerning any violation of any Environmental
      Requirement.

    

    “Environmental
      Proceedings” means any judicial or administrative proceedings arising from or in
      any way associated with any Environmental Requirement.

     

    
      
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    “Environmental
      Releases” means releases as defined in CERCLA or under any applicable state or
      local environmental law or regulation.

    

    “Environmental
      Requirements” means any legal requirement relating to health, safety or the
      environment and applicable to the Borrower, any Subsidiary or the Properties,
      including but not limited to any such requirement under CERCLA or similar state
      legislation and all federal, state and local laws, ordinances, regulations,
      orders, writs, decrees and common law.

    

    “ERISA”
      means the Employee Retirement Income Security Act of 1974, as amended from
      time
      to time, or any successor law and the regulations promulgated and rulings issued
      thereunder. Any reference to any provision of ERISA shall also be deemed to
      be a
      reference to any successor provision or provisions thereof. 

    

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

    

    “Euro-Dollar
      Loan” means a Loan which bears or is to bear interest at a rate based upon the
      London Interbank Offered Rate.

    

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

    

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

    

    “Existing
      Credit Agreement” means that certain Credit Agreement dated as of April 27, 2004
      by and between the Borrower, the lenders identified therein, Wachovia Bank,
      National Association, as Agent, Wachovia Capital Markets, LLC, as Sole Arranger,
      SunTrust Bank, as Syndication Agent, and SouthTrust Bank, as Documentation
      Agent.

    

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

    

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

    

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

    

    “Fiscal
      Quarter” means any fiscal quarter of the Borrower.

     

    
      
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    “Fiscal
      Year” means any fiscal year of the Borrower.

    

    “Foreign
      Subsidiary” means any Wholly Owned Subsidiary which is not a Domestic
      Subsidiary.

    

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

    

    “Granting
      Lender” has the meaning set forth in Section 2.03(g).

    

    “Guarantee”
      by any Person means any obligation, contingent or otherwise, of such Person
      directly or indirectly guaranteeing any Debt or other obligation of any other
      Person and, without limiting the generality of the foregoing, any obligation,
      direct or indirect, contingent or otherwise, of such Person (i) to secure,
      purchase or pay (or advance or supply funds for the purchase or payment of)
      such
      Debt or other obligation (whether arising by virtue of partnership arrangements,
      by agreement to keep-well, to purchase assets, goods, securities or services,
      to
      provide collateral security, to take-or-pay, or to maintain financial statement
      conditions or otherwise) or (ii) entered into for the purpose of assuring
      in any other manner the obligee of such Debt or other obligation of the payment
      thereof or to protect such obligee against loss in respect thereof (in whole
      or
      in part), provided
      that the
      term Guarantee shall not include endorsements for collection or deposit in
      the
      ordinary course of business. The term “Guarantee” used as a verb has a
      corresponding meaning. 

    

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

    

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

    

    “Hazardous
      Materials” includes, without limitation, (a) solid or hazardous waste, as
      defined in the Resource Conservation and Recovery Act of 1980, 42 U.S.C. §6901
      et seq. and its implementing regulations and amendments, or in any applicable
      state or local law or regulation, (b) any “hazardous substance”, “pollutant” or
“contaminant”, as defined in CERCLA, or in any applicable state or local law or
      regulation, (c) gasoline, or any other petroleum product or by-product,
      including crude oil or any fraction thereof, (d) toxic substances, as defined
      in
      the Toxic Substances Control Act of 1976, or in any applicable state or local
      law or regulation and (e) insecticides, fungicides, or rodenticides, as defined
      in the Federal Insecticide, Fungicide, and Rodenticide Act of 1975, or in any
      applicable state or local law or regulation, as each such act, statute or
      regulation may be amended from time to time.

    

    
      
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    “Indemnity
      Subrogation and Contribution Agreement” means the Amended and Restated
      Indemnity, Subrogation and Contribution Agreement to be entered into among
      the
      Borrower, the Guarantors the Pledgor Subsidiaries and the Agent, substantially
      in the form attached hereto as Exhibit
      G,
      as
      modified, amended, supplemented or restated from time to time.

    

    “Initial
      Guarantors” shall mean Outback Steakhouse of Florida, Inc.; Carrabba’s Italian
      Grill, Inc.; Outback Steakhouse International, Inc.; OS Capital, Inc.; OS
      Pacific, Inc.; OS Prime, Inc.; OS Tropical, Inc.; and Bonefish Grill, Inc.
      

    

    “Interest
      Period” means: (1) with respect to each Euro-Dollar Borrowing, the period
      commencing on the date of such Borrowing and ending on the numerically
      corresponding day in the first, second, third or sixth month thereafter, as
      the
      Borrower may elect in the applicable Notice of Borrowing; provided
      that:

    

    (a) any
      Interest Period (subject to clause (c) below) which would otherwise end on
      a day
      which is not a Euro-Dollar Business Day shall be extended to the next succeeding
      Euro-Dollar Business Day unless such Euro-Dollar Business Day falls in another
      calendar month, in which case such Interest Period shall end on the next
      preceding Euro-Dollar Business Day;

    

    (b) any
      Interest Period which begins on the last Euro-Dollar Business Day of a calendar
      month (or on a day for which there is no numerically corresponding day in the
      appropriate subsequent calendar month) shall, subject to clause (c) below,
      end on the last Euro-Dollar Business Day of the appropriate subsequent calendar
      month; and

    

    (c) no
      Interest Period may be selected which begins before the Termination Date and
      would otherwise end after the Termination Date.

    

    (2)
      with
      respect to each Swing Line Borrowing, the period commencing on the date of
      such
      Borrowing and ending on the earlier of: (a) the last day of the calendar month
      in which such Borrowing is made; or (b) the Termination Date.

    

    (3)
      with
      respect to each Base Rate Borrowing, the period commencing on the date of such
      Borrowing and ending 30 days thereafter; provided
      that:

    

    (a) any
      Interest Period (subject to clause (b) below) which would otherwise end on
      a day
      which is not a Domestic Business Day shall be extended to the next succeeding
      Domestic Business Day; and

    

    (b) no
      Interest Period may be selected which begins before the Termination Date and
      would otherwise end after the Termination Date.

    

    (4)
      with
      respect to each Money Market Borrowing, the period commencing on the date of
      such Borrowing and ending 7 to 180 days thereafter, as the Borrower may indicate
      in the applicable Money Market Quote Request; provided
      that:

    

    
      
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    (a) any
      Interest Period (subject to clause (b) below) which would otherwise end on
      a day
      which is not a Domestic Business Day shall be extended to the next succeeding
      Domestic Business Day; and

    

    (b) no
      Interest Period may be selected which begins before the Termination Date and
      would otherwise end after the Termination Date.

    

    “Investment”
      means any investment in any Person, whether by means of purchase or acquisition
      of obligations or securities of such Person, capital contribution to such
      Person, loan or advance to such Person, making of a time deposit with such
      Person, Guarantee or assumption of any obligation of such Person or
      otherwise.

    

    “Joint
      Ventures” has the meaning set forth in Section 4.21.

    

    “Lending
      Office” means, as to each Bank, its office located at its address set forth on
      the signature pages hereof (or identified on the signature pages hereof as
      its
      Lending Office) or such other office as such Bank may hereafter designate as
      its
      Lending Office by notice to the Borrower and the Agent.

    

    “Lien”
      means, with respect to any asset, any mortgage, deed to secure debt, deed of
      trust, lien, pledge, charge, security interest, security title, preferential
      arrangement which has the practical effect of constituting a security interest
      or encumbrance, servitude or encumbrance of any kind in respect of such asset
      to
      secure or assure payment of a Debt or a Guarantee, whether by consensual
      agreement or by operation of statute or other law, or by any agreement,
      contingent or otherwise, to provide any of the foregoing. For the purposes
      of
      this Agreement, the Borrower or any Subsidiary shall be deemed to own subject
      to
      a Lien any asset which it has acquired or holds subject to the interest of
      a
      vendor or lessor under any conditional sale agreement, capital lease or other
      title retention agreement relating to such asset.

    

    “Loan”
      means a Syndicated Loan, Swing Line Loan or a Money Market Loan and “Loans”
means Syndicated Loans, Swing Line Loans or Money Market Loans, or any or all
      of
      them, as the context shall require. 

    

    “Loan
      Documents” means this Agreement, the Notes, the Guaranty, any other document
      evidencing, relating to or securing the Loans, and any other document or
      instrument delivered from time to time in connection with this Agreement, the
      Notes, the Guaranty or the Loans, as such documents and instruments may be
      amended or supplemented from time to time.

    

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

    

    “London
      Interbank Offered Rate” has the meaning set forth in Section 2.06.

     

    
      
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    “Margin
      Stock” means “margin stock” as defined in Regulation G, T, U or X of the Board
      of Governors of the Federal Reserve System, as in effect from time to time,
      together with all official rulings and interpretations issued
      thereunder.

    

    “Material
      Adverse Effect” means, with respect to any event, act, condition or occurrence
      of whatever nature (including any adverse determination in any litigation,
      arbitration, or governmental investigation or proceeding), whether singly or
      in
      conjunction with any other event or events, act or acts, condition or
      conditions, occurrence or occurrences, whether or not related, a material
      adverse change in, or a material adverse effect upon, any of (a) the financial
      condition, operations, business, properties or prospects of the Borrower and
      its
      Consolidated Subsidiaries taken as a whole, (b) the rights and remedies of
      the
      Agent or the Banks under the Loan Documents, or the ability of the Borrower
      to
      perform its obligations under the Loan Documents to which it is a party, as
      applicable, or (c) the legality, validity or enforceability of any Loan
      Document.

    

    “Material
      Domestic Subsidiaries” means each Domestic Subsidiary with total assets of
      $40,000,000 or more; provided that in the event that, at any time, the total
      assets of all Domestic Subsidiaries which are not then Guarantors (the
“Non-Guarantor Domestic Subsidiaries”), in the aggregate, is equal to or greater
      than $120,000,000, the Borrower shall so notify the Agent and promptly
      thereafter (but in any event within 30 days after the date thereof) shall cause
      any such Non-Guarantor Domestic Subsidiary which has total assets equal to
      or
      greater than $24,000,000 to take the actions and deliver the documents required
      by Section 5.22 and thereafter such Subsidiaries shall be
“Guarantors.”

    

    “Minority
      Rents” means for any period, the aggregate payment obligations under operating
      leases and rental agreements of the Borrower and its Consolidated Subsidiaries
      allocable to minority partners, determined in accordance with GAAP.

    

    “Money
      Market Loan” means a Loan which bears or is to bear interest at a Money Market
      Rate.

    

    “Money
      Market Notes” means the amended and restated promissory notes of the Borrower,
      substantially in the form of Exhibit
      B
      hereto,
      evidencing the obligation of the Borrower to repay the Money Market Loans,
      together with all amendments, consolidations, modifications, renewals and
      supplements thereto and “Money Market Note” means any one of such Money Market
      Notes.

    

    “Money
      Market Quote” means an offer by a Bank to make a Money Market Loan in accordance
      with Section 2.03(c).

    

    “Money
      Market Quote Request” has the meaning set forth in Section 2.03(b).

    

    “Money
      Market Rate” has the meaning set forth in Section 2.03(c)(ii)(C).

     

    
      
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    “Multiemployer
      Plan” shall have the meaning set forth in Section 4001(a)(3) of
      ERISA.

    

    “Net
      Income” means, as applied to any Person for any period, the aggregate amount of
      net income of such Person, after taxes, for such period, as determined in
      accordance with GAAP.

    

    “Non-Guarantor
      Domestic Subsidiaries” has the meaning set forth in the definition of “Material
      Domestic Subsidiaries” contained in Section 1.01.

    

    “Note”
      means a Syndicated Note, Swing Line Note or a Money Market Note and “Notes”
means Syndicated Notes, Swing Line Notes or Money Market Notes, or any or all
      of
      them, as the context shall require.

    

    “Notice
      of Borrowing” has the meaning set forth in Section 2.02. 

    

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

    

    “OFAC”
      means the United States Department of the Treasury’s Office of Foreign Assets
      Control or any successor thereto.

    

    “Officer’s
      Certificate” has the meaning set forth in Section 3.01(f).

    

    “Participant”
      has the meaning set forth in Section 9.07(b).

    

    “Participating
      Subsidiary” means any Subsidiary of the Borrower that is a participant in a
      Permitted Securitization.

    

    “PBGC”
      means the Pension Benefit Guaranty Corporation or any entity succeeding to
      any
      or all of its functions under ERISA.

    

    “Permitted
      Acquisition” means the acquisition of: (I) shares of capital stock or other
      equity interests of any Person by the Borrower or any Subsidiary of the Borrower
      if: (A) immediately after giving effect to such acquisition (i) such Person
      is a
      Consolidated Subsidiary; (ii) the Borrower Controls such Person directly or
      indirectly through a Subsidiary; and (iii) no Default shall have occurred and
      be
      continuing; (B) the line or lines of business engaged in by such Person are
      similar to the lines of business engaged in by the Borrower and its Subsidiaries
      on the Closing Date; (C) such acquisition is made on a negotiated basis with
      the
      approval of the Board of Directors of the Person to be acquired; and (D) such
      acquisition is permitted under Section 5.23; and (II) all or substantially
      all
      of the assets of a Person if: (A)
      the
      assets acquired

     

    
      
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      by
        the
        Borrower or such Subsidiary of the Borrower, shall be used in a line of business
        similar to the lines of business engaged in by the Borrower and its Subsidiaries
        on the Closing Date; (B) no Default shall have occurred and be continuing;
        and
        (C) such acquisition is permitted under Section 5.23.

    

    

    “Permitted
      Consolidations, Mergers and Sales of Assets” means (a) the Borrower may
      merge with another Person if (i) such Person was organized under the laws of
      the
      United States of America or one of its states, (ii) the Borrower is the
      corporation surviving such merger and (iii) immediately after giving effect
      to
      such merger, no Default shall have occurred and be continuing,
      (b) Subsidiaries of the Borrower may merge with one another, and (c) the
      limitation on the sale, lease or other transfer of assets and on the
      discontinuation or elimination of a business line or segment set forth in
      Section 5.11 shall not prohibit, during any Fiscal Quarter, a transfer of assets
      or the discontinuance or elimination of a business line or segment (in a single
      transaction or in a series of related transactions) unless the aggregate assets
      to be so transferred or utilized in a business line or segment to be so
      discontinued, when combined with all other assets transferred, and all other
      assets utilized in all other business lines or segments discontinued, during
      such Fiscal Quarter and the immediately preceding three Fiscal Quarters,
      constituted more than 15% of Consolidated Total Assets at the end of the
      immediately preceding Fiscal Year.

    

    “Permitted
      Liens” means:

    

    (a) Liens
      existing on the date of this Agreement securing Debt outstanding on the date
      of
      this Agreement in an aggregate principal amount not exceeding
      $5,000,000.00;

    

    (b) any
      Lien
      existing on any asset of any corporation at the time such corporation becomes
      a
      Consolidated Subsidiary and not created in contemplation of such
      event;

    

    (c) any
      Lien
      on any asset securing Debt incurred or assumed for the purpose of financing
      all
      or any part of the cost of acquiring or constructing such asset, provided
      that
      such Lien attaches to such asset concurrently with or within 18 months after
      the
      acquisition or completion of construction thereof;

    

    (d) any
      Lien
      on any asset of any corporation existing at the time such corporation is merged
      or consolidated with or into the Borrower or a Consolidated Subsidiary and
      not
      created in contemplation of such event;

    

    (e) any
      Lien
      existing on any asset prior to the acquisition thereof by the Borrower or a
      Consolidated Subsidiary and not created in contemplation of such
      acquisition;

    

    (f) Liens
      securing Debt owing by any Subsidiary to the Borrower;

    

    (g) any
      Lien
      arising out of the refinancing, extension, renewal or refunding of any Debt
      secured by any Lien permitted by any of the foregoing clauses of this
      definition, provided
      that (i)
      such Debt is not secured by any additional assets, and (ii) the amount of such
      Debt secured by any such Lien is not increased;

     

    
      
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    (h) Liens
      incidental to the conduct of its business or the ownership of its assets which
      (i) do not secure Debt and (ii) do not in the aggregate materially detract
      from
      the value of its assets or materially impair the use thereof in the operation
      of
      its business;

    

    (i) Liens
      on
      Securitization Assets sold or transferred pursuant to a Permitted
      Securitization;

    

    (j) any
      Lien
      on Margin Stock; and

    

    (k) Liens
      not
      otherwise permitted by the foregoing clauses of this definition securing Debt
      (other than indebtedness represented by the Notes) in an aggregate principal
      amount at any time outstanding not to exceed 10% of Consolidated Net Worth.
      

    

    “Permitted
      Loans and Advances” shall mean (i) loans or advances to employees not
      exceeding Two Million and no/100 Dollars ($2,000,000.00) in the aggregate
      outstanding made in the ordinary course of business; (ii) deposits required
      by government agencies or public utilities; (iii) loans or advances to
      Consolidated Subsidiaries made in the ordinary course of business; (iv) loans
      or
      advances to Company Owned Restaurants made in the ordinary course of business;
      (v) loans or advances to Development Joint Ventures for purposes of funding
      the
      obligations of the Borrower or a Consolidated Subsidiary to such Development
      Joint Ventures, made in the ordinary course of business; and (vi) loans or
      advances made in the ordinary course of business, provided that the aggregate
      outstanding principal amount of the loans and advances made under this item
      (vi), together with certain other Investments specified in Section 5.07(vi)
      shall not exceed, in the aggregate, ten percent (10%) of Consolidated Net Worth;
      provided that after giving effect to the making of any loans, advances or
      deposits permitted by clause (i), (ii), (iii), (iv), (v) or (vi) of this
      definition, no Default shall have occurred and be continuing.

    

    “Permitted
      Securitization” means any financing program providing for the sale or transfer
      of Securitization Assets by the Borrower or its Participating Subsidiaries,
      in
      transactions purporting to be sales (and treated as sales for GAAP purposes):
      (1) to one or more limited purpose financing companies, special purpose entities
      and/or other financial institutions; (2) in each case, on a nonrecourse basis
      as
      to the Borrower and the Participating Subsidiaries subject to Standard
      Securitization Undertakings; and (3) in each case, for the fair market value
      of
      the Securitization Assets sold or transferred, including cash in an amount
      at
      least equal to 75% of the fair market value thereof, as determined in accordance
      with GAAP (for purposes of this definition a Purchase Money Note shall be deemed
      to be cash).

    

    “Person”
      means an individual, a corporation, a limited liability company, a partnership
      (including without limitation, a joint venture), an unincorporated association,
      a trust or any other entity or organization, including, but not limited to,
      a
      government or political subdivision or an agency or instrumentality thereof.
      

    

    “Plan”
      means at any time an employee pension benefit plan which is covered by Title
      IV
      of ERISA or subject to the minimum funding standards under Section 412 of the
      Code

     

    
      
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      and
        is
        either (i) maintained by a member of the Controlled Group for employees of
        any
        member of the Controlled Group or (ii) maintained pursuant to a collective
        bargaining agreement or any other arrangement under which more than one employer
        makes contributions and to which a member of the Controlled Group is then
        making
        or accruing an obligation to make contributions or has within the preceding
        5
        plan years made contributions. 

    

    

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

    

    “Priority
      Debt” means (a) any Debt of the Borrower secured by any Lien permitted pursuant
      to item (k) in the definition of Permitted Liens, and (b) any Debt of any
      Subsidiary that is not a Guarantor; provided,
      however,
      that
      Priority Debt shall not include (i) any Debt owed by any Subsidiary to the
      Borrower or any Wholly Owned Subsidiary, and (ii) any Debt incurred to refinance
      any Debt of any Subsidiary outstanding on the Closing Date to the extent the
      amount of Debt so incurred is not in excess of the amount of Debt
      refinanced.

    

    “Properties”
      means all real property owned, leased or otherwise used or occupied by the
      Borrower or any Subsidiary, wherever located.

    

    “Purchase
      Money Note” means a promissory note of a Receivables Subsidiary evidencing a
      line of credit, which may be irrevocable, from the Borrower or any Subsidiary
      of
      the Borrower in connection with a Permitted Securitization to a Receivables
      Subsidiary which note shall be repaid from cash available to the Receivables
      Subsidiary, other than amounts required to be established as reserves pursuant
      to agreements, amounts paid to investors in respect of interest, principal
      and
      other amounts owing to such investors and amounts paid in connection with the
      purchase of newly generated receivables.

    

    “Quotation
      Date” has the meaning set forth in Section 2.03(b).

    

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

    

    “Receivables
      Subsidiary” means a special purpose, bankruptcy remote Wholly Owned Subsidiary
      of the Borrower which may be formed for the sole and exclusive purpose of
      engaging in activities in connection with the purchase, sale and financing
      of
      Securitization Assets in connection with and pursuant to a Permitted
      Securitization.

    

    “Redeemable
      Preferred Stock” of any Person means any preferred stock issued by such Person
      which is at any time prior to the Termination Date either (i) mandatorily
      redeemable (by sinking fund or similar payments or otherwise) or (ii) redeemable
      at the option of the holder thereof.

    

    “Required
      Banks” means at any time Banks having at least 51% of the aggregate amount of
      the Commitments or, if the Commitments are no longer in effect, Banks holding
      at
      least 51% of the aggregate outstanding principal amount of the Notes; provided
      that if such

     

    
      
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      requirement
        is satisfied by no more than two Banks, the term “Required Banks” shall mean
        Banks having at least 66 2/3% of the aggregate amount of the Commitments
        or, if
        the Commitments are no longer in effect, Banks holding at least 66 2/3% of
        the
        aggregate outstanding principal amount of the Notes.

    

    

    “Sanctioned
      Country” means a country subject to the sanctions program identified on the list
      maintained by OFAC and available at
      http://www.treas.gov/offices/enforcement/ofac/programs or as otherwise published
      from time to time.

     

    “Sanctioned
      Person” means (i) a Person named on the list of Specially Designated Nationals
      or Blocked Persons maintained by OFAC available at http://www.treas.gov/offices/eotffc/ofac/sdn/index.html
      or as
      otherwise published from time to time, or (ii) (A) an agency of the government
      of a Sanctioned Country, (B) an organization controlled by a Sanctioned Country,
      or (C) a Person resident in a Sanctioned Country, to the extent subject to
      a
      sanctions program administered by OFAC.

    

    “Securitization
      Assets” means all accounts receivable (whether now existing or arising in the
      future) and other assets of the Borrower or any of its Participating
      Subsidiaries which are sold or transferred pursuant to a Permitted
      Securitization, and any assets related thereto, including without limitation
      (i)
      all collateral given by any of the foregoing, (ii) all contracts and all
      guarantees (but not by the Borrower or any of its Subsidiaries) or other
      obligations directly related to any of the foregoing, (iii) other related assets
      including those set forth in the Securitization Documents, and (iv) proceeds
      of
      all of the foregoing.

    

    “Securitization
      Documents” shall mean all documentation relating to any Permitted
      Securitization. 

    

    “Securitization
      Facility Attributed Debt” at any time shall mean, without duplication, the
      aggregate net outstanding amount theretofore paid to the Receivables Subsidiary,
      the Borrower or Participating Subsidiaries in respect of the Securitization
      Assets sold or transferred by it in connection with a Permitted Securitization
      (it being the intent of the parties that the amount of Securitization Facility
      Attributed Debt at any time outstanding approximate as closely as possible
      the
      principal amount of Debt which would be outstanding at such time under the
      Permitted Securitization if the same were structured as a secured lending
      agreement rather than a purchase agreement).

    

    “SPC”
has
      the meaning set forth in Section 2.03(g).

    

    “Standard
      Securitization Undertakings” means representations, warranties, covenants and
      indemnities entered into by the Borrower or any Subsidiary of the Borrower
      which
      are reasonably customary in an accounts receivable securitization.

    

    “Stockholders’
      Equity” means, at any time, the shareholders’ equity of the Borrower and its
      Consolidated Subsidiaries, as set forth or reflected on the most
      recent

     

    
      
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      consolidated
        balance sheet of the Borrower and its Consolidated Subsidiaries prepared
        in
        accordance with GAAP, but excluding
        any
        Redeemable Preferred Stock of the Borrower or any of its Consolidated
        Subsidiaries. Shareholders’ equity generally would include, but not be limited
        to (i) the par or stated value of all outstanding Capital Stock, (ii) capital
        surplus, (iii) retained earnings, and (iv) various deductions such as (A)
        purchases of treasury stock, (B) valuation allowances, (C) receivables due
        from
        an employee stock ownership plan, (D) employee stock ownership plan debt
        guarantees, and (E) translation adjustments for foreign currency
        transactions.

    

    

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

    

    “Swing
      Line Borrowing” means a Swing Line Loan made to the Borrower by the Swing Line
      Lender pursuant to Article II.

    

    “Swing
      Line Lender” means Wachovia Bank, National Association.

    

    “Swing
      Line Loan” means a loan made by the Swing Line Lender pursuant to Section 2.14
      hereof.

    

    “Swing
      Line Note” means the amended and restated promissory note of the Borrower,
      substantially in the form of Exhibit
      C
      hereto,
      evidencing the obligation of the Borrower to repay the Swing Line Loans,
      together with all amendments, consolidations, modifications, renewals and
      supplements thereto.

    

    “Syndicated
      Loan” means a Base Rate Loan or a Euro-Dollar Loan and Syndicated Loans means
      Base Rate Loans or Euro-Dollar Loans, or any or all of them, as the context
      shall require.

    

    “Syndicated
      Notes” means the amended and restated promissory notes of the Borrower,
      substantially in the form of Exhibit
      A
      hereto,
      evidencing the obligation of the Borrower to repay the Syndicated Loans,
      together with all amendments, consolidations, modifications, renewals and
      supplements thereto and “Syndicated Note” means any one of such Syndicated
      Notes.

    

    “Synthetic
      Lease Indebtedness” means the aggregate principal amount of all indebtedness
      incurred in connection with any Synthetic Lease Transaction which is secured,
      supported or serviced, directly or indirectly, by any payments made by the
      Borrower or any Subsidiary.

    

    “Synthetic
      Lease Transaction” means any transaction involving a synthetic lease, tax
      retention operating lease, off-balance sheet loan or similar off-balance sheet
      financing product, where such transaction is considered borrowed money
      indebtedness for tax purposes but

     

    
      
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    is
      classified as an operating lease in accordance with GAAP, and in respect of
      which transaction any Synthetic Lease Indebtedness is issued or
      incurred.

    

    “Taxes”
      has the meaning set forth in Section 2.12(c).

    

    “Termination
      Date” means June 30, 2011.

    

    “Third
      Parties” means all lessees, sublessees, licensees and other users of the
      Properties, excluding those users of the Properties in the ordinary course
      of
      the Borrower’s business and on a temporary basis.

    

    “Total
      Unused Commitments” means at any date, an amount equal to: (i) the aggregate
      amount of the Commitments of all of the Banks at such time, less (ii) the
      aggregate outstanding principal amount of the Loans of all of the Banks at
      such
      time.

    

    “Transferee”
      has the meaning set forth in Section 9.07(d).

    

    “Unused
      Commitment” means at any date, with respect to any Bank, an amount equal to its
      Commitment less the aggregate outstanding principal amount of its
      Loans.

    

    “Wachovia”
      means Wachovia Bank, National Association, a national banking association and
      its successors.

    

    “Wholly
      Owned Subsidiary” means any Subsidiary all of the shares of capital stock or
      other ownership interests of which (except directors’ qualifying shares) are at
      the time directly or indirectly owned by the Borrower.

    

    SECTION
      1.02. Accounting
      Terms and Determinations.
      Unless
      otherwise specified herein, all terms of an accounting character used herein
      shall be interpreted, all accounting determinations hereunder shall be made,
      and
      all financial statements required to be delivered hereunder shall be prepared
      in
      accordance with GAAP, applied on a basis consistent (except for changes
      concurred in by the Borrower’s independent public accountants or otherwise
      required by a change in GAAP) with the most recent audited consolidated
      financial statements of the Borrower and its Consolidated Subsidiaries delivered
      to the Banks, unless with respect to any such change concurred in by the
      Borrower’s independent public accountants or required by GAAP, in determining
      compliance with any of the provisions of this Agreement or any of the other
      Loan
      Documents: (i) the Borrower shall have objected to determining such compliance
      on such basis at the time of delivery of such financial statements, or (ii)
      the
      Required Banks shall so object in writing within 30 days after the delivery
      of
      such financial statements, in either of which events such calculations shall
      be
      made on a basis consistent with those used in the preparation of the latest
      financial statements as to which such objection shall not have been made (which,
      if objection is made in respect of the first financial statements delivered
      under Section 5.01 hereof, shall mean the financial statements referred to
      in
      Section 4.04).

    

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

    

    

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

    

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

    

    ARTICLE
      II

    

    THE
      CREDITS

    

    SECTION
      2.01. Commitments
      to Make Syndicated Loans.
      Each
      Bank severally agrees, on the terms and conditions set forth herein, to make
      Syndicated Loans to the Borrower from time to time before the Termination Date;
      provided
      that,
      immediately after each such Syndicated Loan is made, the aggregate outstanding
      principal amount of Syndicated Loans by such Bank (together with, in the case
      of
      the Swing Line Lender, the aggregate principal amount of all Swing Line Loans)
      shall not exceed the amount of its Commitment, provided further
      that the
      aggregate principal amount of all Syndicated Loans, together with the aggregate
      principal amount of all Money Market Loans and Swing Line Loans, at any one
      time
      outstanding shall not exceed the aggregate amount of the Commitments of all
      of
      the Banks at such time. Each Syndicated Borrowing under this Section that is
      a
      Euro-Dollar Borrowing shall be in an aggregate principal amount of $5,000,000
      or
      any larger multiple of $1,000,000 and each Syndicated Borrowing under this
      Section that is a Base Rate Borrowing shall be in an aggregate principal amount
      of $1,000,000 or any larger multiple of $500,000 (except that any such
      Syndicated Borrowing may be in the aggregate amount of the Unused Commitments)
      and shall be made from the several Banks ratably in proportion to their
      respective Commitments. Within the foregoing limits, the Borrower may borrow
      under this Section, repay or, to the extent permitted by Section 2.10, prepay
      Syndicated Loans and reborrow under this Section at any time before the
      Termination Date.

    

    SECTION
      2.02. Method
      of Borrowing Syndicated Loans.
      (a) The
      Borrower shall give the Agent notice in the form attached hereto as Exhibit
      L
      (a
“Notice of Borrowing”) prior to 11:00 A.M. (Charlotte, North Carolina time) on
      the Domestic Business Day of each Base Rate Borrowing and at least 3 Euro-Dollar
      Business Days before each Euro-Dollar Borrowing, specifying: 

     

    
      
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    (i) the
      date
      of such Syndicated Borrowing, which shall be a Domestic Business Day in the
      case
      of a Base Rate Borrowing or a Euro-Dollar Business Day in the case of a
      Euro-Dollar Borrowing,

    

    (ii) the
      aggregate amount of such Syndicated Borrowing,

    

    (iii) whether
      the Syndicated Loans comprising such Syndicated Borrowing are to be Base Rate
      Loans or Euro-Dollar Loans, and

    

    (iv) in
      the
      case of a Euro-Dollar Borrowing, the duration of the Interest Period applicable
      thereto, subject to the provisions of the definition of Interest
      Period.

    

    (b) Upon
      receipt of a Notice of Borrowing, the Agent shall promptly notify each Bank
      of
      the contents thereof and of such Bank’s ratable share of such Syndicated
      Borrowing and such Notice of Borrowing shall not thereafter be revocable by
      the
      Borrower. 

    

    (c) Not
      later
      than 1:00 p.m. (Charlotte, North Carolina time) on the date of each Syndicated
      Borrowing, each Bank shall (except as provided in subsection (d) of this
      Section) make available its ratable share of such Syndicated Borrowing, in
      Federal or other funds immediately available in Charlotte, North Carolina,
      to
      the Agent at its address referred to in or specified pursuant to Section 9.01.
      Unless the Agent determines that any applicable condition specified in Article
      III has not been satisfied, the Agent will make the funds so received from
      the
      Banks available to the Borrower at the Agent’s aforesaid address. Unless the
      Agent receives notice from a Bank, at the Agent’s address referred to in
      Section 9.01, no later than 4:00 P.M. (local time at such address) on
      the Domestic Business Day before the date of a Syndicated Borrowing stating
      that
      such Bank will not make a Syndicated Loan in connection with such Syndicated
      Borrowing, the Agent shall be entitled to assume that such Bank will make a
      Syndicated Loan in connection with such Syndicated Borrowing and, in reliance
      on
      such assumption, the Agent may (but shall not be obligated to) make available
      such Bank’s ratable share of such Syndicated Borrowing to the Borrower for the
      account of such Bank. If the Agent makes such Bank’s ratable share available to
      the Borrower and such Bank does not in fact make its ratable share of such
      Syndicated Borrowing available on such date, the Agent shall be entitled to
      recover such Bank’s ratable share from such Bank or the Borrower (and for such
      purpose shall be entitled to charge such amount to any account of the Borrower
      maintained with the Agent), together with interest thereon for each day during
      the period from the date of such Syndicated Borrowing until such sum shall
      be
      paid in full at a rate per annum equal to the rate at which the Agent determines
      that it obtained (or could have obtained) overnight Federal funds to cover
      such
      amount for each such day during such period, provided
      that any
      such payment by the Borrower of such Bank’s ratable share and interest thereon
      shall be without prejudice to any rights that the Borrower may have against
      such
      Bank. If such Bank shall repay to the Agent such corresponding amount, such
      amount so repaid shall constitute such Bank’s Syndicated Loan included in such
      Syndicated Borrowing for purposes of this Agreement. 

     

    
      
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    (d) If
      any
      Bank makes a new Syndicated Loan hereunder on a day on which the Borrower is
      to
      repay all or any part of an outstanding Syndicated Loan from such Bank, such
      Bank shall apply the proceeds of its new Syndicated Loan to make such repayment
      and only an amount equal to the difference (if any) between the amount being
      borrowed and the amount being repaid shall be made available by such Bank to
      the
      Agent as provided in subsection (c) of this Section, or remitted by the Borrower
      to the Agent as provided in Section 2.12, as the case may be. 

    

    (e) Notwithstanding
      anything to the contrary contained in this Agreement, no Euro-Dollar Borrowing
      may be made if there shall have occurred a Default or an Event of Default,
      which
      Default or Event of Default shall not have been cured or waived in
      writing.

    

    (f) In
      the
      event that a Notice of Borrowing fails to specify whether the Loans comprising
      such Borrowing are to be Base Rate Loans or Euro-Dollar Loans, such Loans shall
      be made as Base Rate Loans. If the Borrower is otherwise entitled under this
      Agreement to repay any Loans maturing at the end of an Interest Period
      applicable thereto with the proceeds of a new Borrowing, and the Borrower fails
      to repay such Loans using its own moneys and fails to give a Notice of Borrowing
      in connection with such new corresponding Borrowing, a new Borrowing shall
      be
      deemed to be made on the date such Loans mature in an amount equal to the
      principal amount of the Loans so maturing, and the Loans comprising such new
      Borrowing shall be Base Rate Loans.

    

    (g) Notwithstanding
      anything to the contrary contained herein, (i) there shall not be more than
      8
      different Interest Periods for both Euro-Dollar Loans and Money Market Loans
      outstanding at the same time (for which purpose Interest Periods described
      in
      different numbered clauses of the definition of the term “Interest Period” shall
      be deemed to be different Interest Periods even if they are coterminous) and
      (ii) the proceeds of any Base Rate Borrowing shall be applied first to repay
      the
      unpaid principal amount of all Base Rate Loans (if any) outstanding immediately
      before such Base Rate Borrowing.

    

    SECTION
      2.03. Money
      Market Loans.
      (a) In
      addition to making Syndicated Borrowings, the Borrower may, as set forth in
      this
      Section, request the Banks to make offers to make Money Market Loans to the
      Borrower. The Banks may, but shall have no obligation to, make such offers
      and
      the Borrower may, but shall have no obligation to, accept any such offers in
      the
      manner set forth in this Section, provided that:

    

    (i) there
      may
      be no more than 8 different Interest Periods for both Euro-Dollar Loans and
      Money Market Loans outstanding at the same time (for which purpose Interest
      Periods described in different numbered clauses of the definition of the term
      “Interest Period” shall be deemed to be different Interest Periods even if they
      are coterminous);

    

    (ii) the
      aggregate principal amount of all Money Market Loans, together with the
      aggregate principal amount of all Syndicated Loans and Swing Line Loans, at
      any
      one time outstanding shall not exceed the

     

    
      
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                aggregate
        amount of the
        Commitments of all of the Banks at such time; and

    

    

    (iii) no
      Money
      Market Loan made by any Bank shall reduce such Bank’s obligation hereunder to
      make Loans to the Borrower equal to its pro rata share of the then
      remaining Unused Commitments.

    

    (b) When
      the
      Borrower wishes to request offers to make Money Market Loans, it shall give
      the
      Agent (which shall promptly notify the Banks) notice substantially in the form
      of Exhibit
      E
      hereto
      (a “Money Market Quote Request”) so as to be received no later than 11:00 A.M.
      (Charlotte, North Carolina time) two Domestic Business Days prior to the date
      of
      the Money Market Borrowing proposed therein (or such other time and date as
      the
      Borrower and the Agent, with the consent of the Required Banks, may agree),
      specifying:

    

    (i) the
      proposed date of such Money Market Borrowing, which shall be a Domestic Business
      Day (the “Quotation Date”);

    

    (ii) the
      aggregate amount of such Money Market Borrowing, which shall be at least
      $5,000,000 (and in larger multiples of $1,000,000) but shall not cause the
      limits specified in Section 2.03(a) to be violated; and

    

    (iii) the
      duration of the Interest Period applicable thereto, which shall be 7 to 180
      days.

    

    The
      Borrower may request offers to make Money Market Loans for up to three different
      Interest Periods in a single Money Market Quote Request; provided that the
      request for each separate Interest Period shall be deemed to be a separate
      Money
      Market Quote Request for a separate Money Market Borrowing. Except as otherwise
      provided in the immediately preceding sentence, the Borrower shall not deliver
      a
      Money Market Quote Request more frequently than once every 5 Domestic Business
      Days.

    

    (c) (i) Each
      Bank
      may, but shall have no obligation to, submit a Money Market Quote containing
      an
      offer to make a Money Market Loan in response to any Money Market Quote Request;
      provided that, if the Borrower’s request under Section 2.03(b) specified more
      than one Interest Period, such Bank may, but shall have no obligation to, make
      a
      single submission containing a separate offer for each such Interest Period
      and
      each such separate offer shall be deemed to be a separate Money Market Quote.
      Each Money Market Quote must be submitted to the Agent not later than 10:00
      A.M.
      (Charlotte, North Carolina time) on the Quotation Date (or such other time
      and
      date as the Borrower and the Agent, with the consent of the Required Banks,
      may
      agree); provided
      that any
      Money Market Quote submitted by Wachovia may be submitted, and may only be
      submitted, if Wachovia notifies the Borrower of the terms of the offer contained
      therein not later than 9:45 A.M. (Charlotte, North Carolina time) on the
      Quotation Date. Subject to Section 6.01, any Money Market Quote so made shall
      be
      irrevocable except with the written consent of the Agent given on the
      instructions of the Borrower.

     

    
      
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    (ii) Each
      Money Market Quote shall be in substantially the form of Exhibit
      F
      hereto
      and shall specify:

    

    (A) the
      proposed date of the Money Market Borrowing and the duration of the Interest
      Period therefor, which shall be 7 to 180 days;

    

    (B) the
      maximum principal amount of the Money Market Loan which the quoting Bank is
      willing to make for the applicable Interest Period, which principal amount
      (x)
      may be greater than or less than the Commitment of the quoting Bank, (y) shall
      be at least $5,000,000 or a larger multiple of $1,000,000, and (z) may not
      exceed the principal amount of the Money Market Borrowing for which offers
      were
      requested;

    

    (C) the
      rate
      of interest per annum (rounded, if necessary, to the nearest 1/100th of 1%)
      (the
“Money Market Rate”) offered for each such Money Market Loan; and

    

    (D) the
      identity of the quoting Bank.

    

    Unless
      otherwise agreed by the Agent and the Borrower, no Money Market Quote shall
      contain qualifying, conditional or similar language or propose terms other
      than
      or in addition to those set forth in the applicable Money Market Quote Request
      (other than setting forth the maximum principal amount of the Money Market
      Loan
      which the quoting Bank is willing to make for the applicable Interest
      Period).

    

    (d) The
      Agent
      shall as promptly as practicable after the Money Market Quote is submitted
      (but
      in any event not later than 10:30 A.M. (Charlotte, North Carolina time) notify
      the Borrower of the terms (i) of any Money Market Quote submitted by a Bank
      that
      is in accordance with Section 2.03(c) and (ii) of any Money Market Quote that
      amends, modifies or is otherwise inconsistent with a previous Money Market
      Quote
      submitted by such Bank with respect to the same Money Market Quote Request.
      Any
      such subsequent Money Market Quote shall be disregarded by the Agent unless
      such
      subsequent Money Market Quote is submitted solely to correct a manifest error
      in
      such former Money Market Quote. The Agent’s notice to the Borrower shall specify
      (A) the maximum aggregate principal amount of the Money Market Borrowing for
      which offers have been received and (B) the maximum principal amount and Money
      Market Rates so offered by each Bank (identifying the Bank that made each Money
      Market Quote).

    

    (e) Not
      later
      than 11:00 A.M. (Charlotte, North Carolina time) on the Quotation Date (or
      such
      other time and date as the Borrower and the Agent, with the consent
      of

     

    
      
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      the
        Required Banks, may agree), the Borrower shall notify the Agent of its
        acceptance or nonacceptance of the offers so notified to it pursuant to Section
        2.03(d) and the Agent shall promptly notify each Bank that has submitted
        a Money
        Market Quote. In the case of acceptance, such notice shall specify the aggregate
        principal amount of offers for each Interest Period that are accepted. The
        Borrower may accept any Money Market Quote in whole or in part (provided
        that
        any Money Market Quote accepted in part from any Bank shall not be less than
        the
        amount set forth in the Money Market Quote of such Bank as the minimum principal
        amount of the Money Market Loan such Bank was willing to make for the applicable
        Interest Period); provided
        that:

    

    

    (i) the
      aggregate principal amount of each Money Market Borrowing may not exceed the
      applicable amount set forth in the related Money Market Quote
      Request;

    

    (ii) the
      aggregate principal amount of each Money Market Borrowing shall be at least
      $5,000,000 (and in larger multiples of $1,000,000) but shall not cause the
      limits specified in Section 2.03(a) to be violated;

    

    (iii) acceptance
      of offers may only be made in ascending order of Money Market Rates;
      and

    

    (iv) the
      Borrower may not accept any offer where the Agent has advised the Borrower
      that
      such offer fails to comply with Section 2.03(c)(ii) or otherwise fails to comply
      with the requirements of this Agreement (including, without limitation, Section
      2.03(a)).

    

    If
      offers
      are made by two or more Banks with the same Money Market Rates for a greater
      aggregate principal amount than the amount in respect of which offers are
      accepted for the related Interest Period, the principal amount of Money Market
      Loans in respect of which such offers are accepted shall be allocated by the
      Borrower among such Banks as nearly as possible (in multiples of $100,000)
      in
      proportion to the aggregate principal amount of such offers. Determinations
      by
      the Borrower of the amounts of Money Market Loans shall be conclusive in the
      absence of manifest error.

    

    (f) Any
      Bank
      whose offer to make any Money Market Loan has been accepted shall, not later
      than 12:00 P.M. (Charlotte, North Carolina time) on the Quotation Date, make
      the
      amount of such Loan available to the Agent at its address referred to in Section
      9.01 in immediately available funds. The amount so received by the Agent shall,
      subject to the terms and conditions of this Agreement, be made available to
      the
      Borrower on such date by depositing the same, in immediately available funds,
      in
      an account of such Borrower maintained with Wachovia.

    

    (g) Notwithstanding
      anything to the contrary contained herein, any Bank (a “Granting Lender”) may
      grant to a special purpose funding vehicle (an “SPC”) the option to fund all or
      any part of any Money Market Loan that such Granting Lender would otherwise
      be

     

    
      
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      obligated
        to fund pursuant to this Agreement; provided
        that
        (i)
        nothing herein shall constitute a commitment by any SPC to fund any Money
        Market
        Loan, and (ii) if an SPC elects not to exercise such option or otherwise
        fails
        to fund all or any part of such Money Market Loan, the Granting Lender shall
        be
        obligated to fund such Money Market Loan pursuant to the terms hereof. The
        funding of a Money Market Loan by an SPC hereunder shall utilize the Commitment
        of the Granting Lender to the same extent, and as if, such Money Market Loan
        were funded by such Granting Lender. Each party hereto agrees that no SPC
        shall
        be liable for any indemnity or payment under this Agreement for which a Bank
        would otherwise be liable for so long as, and to the extent, the Granting
        Lender
        provides such indemnity or makes such payment. Notwithstanding anything to
        the
        contrary contained in this Agreement, any SPC may disclose on a confidential
        basis any non-public information relating to its funding of Money Market
        Loans
        to any rating agency, commercial paper dealer or provider of any surety or
        guarantee to such SPC. This Section may not be amended without the prior
        written
        consent of each Granting Lender, all or any part of whose Money Market Loan
        is
        being funded by an SPC at the time of such amendment.

    

    

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

    

    (b) The
      Money
      Market Loans made by any Bank to the Borrower shall be evidenced by a single
      Money Market Note payable to the order of such Bank for the account of its
      Lending Office.

    

    (c) The
      Swing
      Line Loans made by the Swing Line Lender to the Borrower shall be evidenced
      by a
      single Swing Line Note payable to the order of the Swing Line
      Lender.

    

    (d) Upon
      receipt of each Bank’s Notes pursuant to Section 3.01, the Agent shall deliver
      such Notes to such Bank. Each Bank shall record, and prior to any transfer
      of
      its Notes shall endorse on the schedule forming a part thereof appropriate
      notations to evidence, the date, amount and maturity of, and effective interest
      rate for, each Loan made by it, the date and amount of each payment of principal
      made by the Borrower with respect thereto and whether, in the case of such
      Bank’s Syndicated Note, such Syndicated Loan is a Base Rate Loan or Euro-Dollar
      Loan, and such schedule shall constitute rebuttable presumptive evidence of
      the
      principal amount owing and unpaid on such Bank’s Notes; provided
      that the
      failure of any Bank to make, or any error in making, any such recordation or
      endorsement shall not affect the obligation of the Borrower hereunder or under
      the Notes or the ability of any Bank to assign its Notes. Each Bank is hereby
      irrevocably authorized by the Borrower so to endorse its Notes and to attach
      to
      and make a part of any Note a continuation of any such schedule as and when
      required.

    

    SECTION
      2.05. Maturity
      of Loans.
      Each
      Loan included in any Borrowing shall mature, and the principal amount thereof
      shall be due and payable, on the last day of the Interest Period applicable
      to
      such Borrowing. 

     

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

    

    Ratio
      of
      Consolidated     Base
      Rate
      Loans

    Total
      Debt to EBITDAR   and
      Swing Line Loans      Euro-Dollar
      Loans

    

    Greater
      than 2.5            
0%                0.65%

    

    Greater
      than 2.0 but

    equal
      to
      or less than 2.5        0%                0.55%

    

    Less
      than
      or equal to 2.0       0%                0.45%

    

    

    The
      Applicable Margin shall be determined effective as of the date (herein, the
      “Rate Determination Date”) which is 60 days after the last day of the Fiscal
      Quarter as of the end of which the foregoing ratio is being determined, based
      on
      the quarterly financial statements for such Fiscal Quarter, and the Applicable
      Margin so determined shall remain effective from such Rate Determination Date
      until the date which is 60 days after the last day of the Fiscal Quarter in
      which such Rate Determination Date falls (which latter date shall be a new
      Rate
      Determination Date); provided
      that (i)
      for the period from and including the Closing Date to but excluding the Rate
      Determination Date next following the Closing Date, the Applicable Margin shall
      be (A) 0% for Base Rate Loans, and (B) 0.45% for Euro-Dollar Loans,
      (ii) in the case of any Applicable Margin determined for the fourth and
      final Fiscal Quarter of a Fiscal Year, the Rate Determination Date shall be
      the
      date which is 120 days after the last day of such final Fiscal Quarter and
      such
      Applicable Margin shall be determined based upon the annual audited financial
      statements for the Fiscal Year ended on the last day of such final Fiscal
      Quarter, and (iii) if on any Rate Determination Date the Borrower shall have
      failed to deliver to the Banks the financial statements required to be delivered
      pursuant to Section 5.01(a) or Section 5.01(b) with respect to the Fiscal Year
      or Fiscal Quarter, as the case may be, most recently ended prior to such Rate
      Determination Date, then for the period beginning on such Rate Determination
      Date and ending on the earlier of (A) the date on which the Borrower shall
      deliver to the Banks the financial statements to be delivered pursuant to
      Section 5.01(b) with respect to such Fiscal Quarter or any subsequent Fiscal
      Quarter, or (B) the date on which the Borrower shall deliver to the Banks
      annual financial statements required to be delivered pursuant to Section 5.01(a)
      with respect to the Fiscal Year which includes such Fiscal Quarter or any
      subsequent Fiscal Year, the Applicable Margin shall be determined as if the
      ratio of Consolidated Total Debt to EBITDAR was more than 2.5 at all times
      during such period. Any change in the Applicable Margin on any Rate
      Determination Date shall result in a corresponding change, effective on and
      as
      of such Rate Determination Date, in the interest rate applicable to each
      Syndicated Loan outstanding on such Rate Determination Date; provided, that:
      (i)
      for Euro-Dollar Loans, changes in Applicable Margin shall only be effective
      for
      Interest Periods commencing on or after the Rate

     

    
      
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    Determination
      Date; and (ii) no Applicable Margin shall be decreased pursuant to this Section
      2.06 if a Default is in existence on the Rate Determination Date.

    

    (b) Each
      Base
      Rate Loan shall bear interest on the outstanding principal amount thereof,
      for
      each day from the date such Loan is made until it becomes due, at a rate per
      annum equal to the Base Rate for such day plus the Applicable Margin. Such
      interest shall be payable for each Interest Period on the last day thereof.
      Any
      overdue principal of and, to the extent permitted by applicable law, overdue
      interest on any Base Rate Loan (excluding a Swing Line Loan) shall bear
      interest, payable on demand, for each day until paid in full at a rate per
      annum
      equal to the Default Rate. 

    

    (c) Each
      Euro-Dollar Loan shall bear interest on the outstanding principal amount
      thereof, for the Interest Period applicable thereto, at a rate per annum equal
      to the sum of: (1) the Applicable Margin, plus (2) the applicable Adjusted
      London Interbank Offered Rate for such Interest Period; provided
      that if
      any Euro-Dollar Loan shall, as a result of clause (1)(c) of the definition
      of
      Interest Period, have an Interest Period of less than one month, such
      Euro-Dollar Loan shall bear interest during such Interest Period at the rate
      applicable to Base Rate Loans during such period. Such interest shall be payable
      for each Interest Period on the last day thereof and, if such Interest Period
      is
      longer than 3 months, at intervals of 3 months after the first day thereof.
      Any
      overdue principal of and, to the extent permitted by applicable law, overdue
      interest on any Euro-Dollar Loan shall bear interest, payable on demand, for
      each day until paid in full at a rate per annum equal to the Default Rate.
      

    

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

    

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

    

    “Euro-Dollar
      Reserve Percentage” means for any day that percentage (expressed as a decimal)
      which is in effect on such day, as prescribed by the Board of Governors of
      the
      Federal Reserve System (or any successor) for determining the maximum reserve
      requirement for a member bank of the Federal Reserve System in respect of
“Eurocurrency liabilities” (or in respect of any other category of liabilities
      which includes deposits by reference to which the interest rate on Euro-Dollar
      Loans is determined or any category of extensions of credit or other assets
      which includes loans by a non-United States office of any Bank to United States
      residents).

     

    
      
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      The
        Adjusted London Interbank Offered Rate shall be adjusted automatically on
        and as
        of the effective date of any change in the Euro-Dollar Reserve
        Percentage.

    

    

    (d) Each
      Money Market Loan shall bear interest on the outstanding principal amount
      thereof, for the Interest Period applicable thereto, at a rate per annum equal
      to the Money Market Rate for such Loan quoted by the Bank making such Loan
      in
      accordance with Section 2.03. Such interest shall be payable for such Interest
      Period on the last day thereof and, if such Interest Period is longer than
      90
      days, at intervals of 90 days after the first day thereof. Any overdue principal
      of and, to the extent permitted by law, overdue interest on any Money Market
      Loan shall bear interest, payable on demand, for each day until paid at a rate
      per annum equal to the Default Rate.

    

    (e) The
      Agent
      shall determine each interest rate applicable to the Loans hereunder. The Agent
      shall give prompt notice to the Borrower and the Banks by telecopy of each
      rate
      of interest so determined, and its determination thereof shall be conclusive
      in
      the absence of manifest error. 

    

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

    

    (g) Each
      Swing Line Loan shall bear interest on the outstanding principal amount thereof,
      for the Interest Period applicable thereto, at a rate per annum equal to the
      Base Rate for such day plus the Applicable Margin. Such interest shall be
      payable for such Interest Period on the last day thereof. Any overdue principal
      of and, to the extent permitted by applicable law, overdue interest on the
      Swing
      Line Loans may, at the election of the Swing Line Lender, bear interest, payable
      on demand, for each day until paid at a rate per annum equal to the Default
      Rate.

    

    SECTION
      2.07. Fees.
      (a) The
      Borrower shall pay to the Agent for the ratable account of each Bank a facility
      fee equal to the product of: (i) the aggregate of the daily average amounts
      of such Bank’s Commitment, times (ii) a per annum percentage equal to the
      Applicable Facility Fee Rate. Such facility fee shall accrue from and including
      the Closing Date to and including the Termination Date. Facility fees shall
      be
      payable quarterly in arrears on the first Facility Fee Payment Date following
      each Facility Fee Determination Date and on the Termination Date; provided
      that
      should the Commitments be terminated at any time prior to the Termination Date
      for any reason, the entire accrued and unpaid facility fee shall be paid on
      the
      date of such termination. The “Applicable Facility Fee Rate” shall be determined
      quarterly based

     

    
      
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      upon
        the
        ratio of Consolidated Total Debt (calculated as of the last day of each Fiscal
        Quarter) to EBITDAR (calculated as of the last day of each Fiscal Quarter
        for
        the Fiscal Quarter then ended and the immediately preceding three Fiscal
        Quarters) as follows:

    

     

    
      	 	 Ratio
              of Consolidated	 	
              Applicable

            	 
	 	 Total
              Debt to EBITDAR	 	
              Facility
                Fee Rate

            	 
	 	 	 	 	 
	 	 Greater
              than 2.5	 	
              0.15%

            	 
	 	 	 	 	 
	 	 Greater
              than 2.0 	 	 	 
	 	 but
              equal to or less than 2.5	 	
              0.125%

            	 
	 	 	 	 	 
	 	 Less
              than or equal to 2.0	 	
              0.10%

            	 

    

     

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

    

    (b) The
      Borrower shall pay to the Agent, for the account and sole benefit of the Agent,
      such fees and other amounts at such times as set forth in the Agent’s Letter
      Agreement.

     

    
      
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    SECTION
      2.08. Optional
      Termination or Reduction of Commitments.
      The
      Borrower may, upon at least 3 Domestic Business Days’ notice to the Agent,
      terminate at any time, or proportionately reduce from time to time by an
      aggregate amount of at least $5,000,000 or any larger multiple of $1,000,000,
      the Commitments; provided, however, no such termination or reduction shall
      be in
      an amount greater than the Total Unused Commitments on the date of such
      termination or reduction. If the Commitments are terminated in their entirety,
      all accrued fees (as provided under Section 2.07) shall be payable on the
      effective date of such termination. 

    

    SECTION
      2.09. Mandatory
      Reduction and Termination of Commitments.
      The
      Commitments shall terminate on the Termination Date and any Loans then
      outstanding (together with accrued interest thereon) shall be due and payable
      on
      such date.

    

    SECTION
      2.10. Optional
      Prepayments.
      (a) The
      Borrower may, upon at least 1 Domestic Business Day’s notice to the Agent,
      prepay any Base Rate Borrowing in whole at any time, or from time to time in
      part in amounts aggregating at least $1,000,000, or any larger multiple of
      $500,000, by paying the principal amount to be prepaid together with accrued
      interest thereon to the date of prepayment. Each such optional prepayment shall
      be applied to prepay ratably the Base Rate Loans of the several Banks included
      in such Base Rate Borrowing. 

    

    (b) Except
      as
      provided in Section 8.02, the Borrower may not prepay all or any portion of
      the principal amount of any Euro-Dollar Loan or any Money Market Loan prior
      to
      the last day of an Interest Period applicable thereto, unless such prepayment
      is
      accompanied by the amount due with respect thereto under Section
      8.05(a).

    

    (c) The
      Borrower may prepay any Swing Line Loan in whole at any time, or from time
      to
      time in part in amounts aggregating at least $100,000 or any larger multiple
      thereof by paying the principal amount to be prepaid together with accrued
      interest thereon to the date of prepayment.

    

    (d) Upon
      receipt of a notice of prepayment pursuant to this Section, the Agent shall
      promptly notify each Bank of the contents thereof and of such Bank’s ratable
      share of such prepayment and such notice shall not thereafter be revocable
      by
      the Borrower. 

    

    SECTION
      2.11. Mandatory
      Prepayments.
      On each
      date on which the Commitments are reduced or terminated pursuant to
      Section 2.08 or Section 2.09, the Borrower shall repay or prepay such
      principal amount of the outstanding Loans, if any (together with interest
      accrued thereon and any amounts due under Section 8.05(a)), as may be necessary
      so that after such payment the aggregate unpaid principal amount of the Loans
      does not exceed the aggregate amount of the Commitments as then reduced. Each
      such payment or prepayment shall be applied to repay or prepay ratably the
      Loans
      of the several Banks; provided
      that
      such prepayment shall be applied, first, to Syndicated Loans outstanding on
      the
      date of such prepayment (in direct order of maturity) and then, to the extent
      necessary, to Money Market Loans outstanding on the date of such prepayment
      (in
      direct order of maturity).

     

    
      
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    SECTION
      2.12. General
      Provisions as to Payments.
      (a) The
      Borrower shall make each payment of principal of, and interest on, the Loans
      and
      of commitment fees hereunder, not later than 11:00 A.M. (Charlotte, North
      Carolina time) on the date when due, in Federal or other funds immediately
      available in Charlotte, North Carolina, to the Agent at its address referred
      to
      in Section 9.01. The Agent will promptly distribute to each Bank its ratable
      share of each such payment received by the Agent for the account of the
      Banks.

    

    (b) Whenever
      any payment of principal of, or interest on, the Base Rate Loans or the Money
      Market Loans or of fees shall be due on a day which is not a Domestic Business
      Day, the date for payment thereof shall be extended to the next succeeding
      Domestic Business Day. Whenever any payment of principal of, or interest on,
      the
      Euro-Dollar Loans shall be due on a day which is not a Euro-Dollar Business
      Day,
      the date for payment thereof shall be extended to the next succeeding
      Euro-Dollar Business Day unless such Euro-Dollar Business Day falls in another
      calendar month, in which case the date for payment thereof shall be the next
      preceding Euro-Dollar Business Day. If the date for any payment of principal
      is
      extended by operation of law or otherwise, interest thereon shall be payable
      for
      such extended time. 

    

    (c) All
      payments of principal, interest and fees and all other amounts to be made by
      the
      Borrower pursuant to this Agreement with respect to any Loan or fee relating
      thereto shall be paid without deduction for, and free from, any tax, imposts,
      levies, duties, deductions, or withholdings of any nature now or at anytime
      hereafter imposed by any governmental authority or by any taxing authority
      thereof or therein excluding in the case of each Bank, taxes imposed on or
      measured by its net income, and franchise taxes imposed on it, by the
      jurisdiction under the laws of which such Bank is organized or any political
      subdivision thereof and, in the case of each Bank, taxes imposed on its income,
      and franchise taxes imposed on it, by the jurisdiction of such Bank’s applicable
      Lending Office or any political subdivision thereof (all such non-excluded
      taxes, imposts, levies, duties, deductions or withholdings of any nature being
      “Taxes”). In the event that the Borrower is required by applicable law to make
      any such withholding or deduction of Taxes with respect to any Loan or fee
      or
      other amount, the Borrower shall pay such deduction or withholding to the
      applicable taxing authority, shall promptly furnish to any Bank in respect
      of
      which such deduction or withholding is made all receipts and other documents
      evidencing such payment and shall pay to such Bank additional amounts as may
      be
      necessary in order that the amount received by such Bank after the required
      withholding or other payment shall equal the amount such Bank would have
      received had no such withholding or other payment been made. If no withholding
      or deduction of Taxes are payable in respect of any Loan or fee relating
      thereto, the Borrower shall furnish any Bank, at such Bank’s request, a
      certificate from each applicable taxing authority or an opinion of counsel
      acceptable to such Bank, in either case stating that such payments are exempt
      from or not subject to withholding or deduction of Taxes. If the Borrower fails
      to provide such original or certified copy of a receipt evidencing payment
      of
      Taxes or certificate(s) or opinion of counsel of exemption, the Borrower hereby
      agrees to compensate such Bank for, and indemnify them with respect to, the
      tax
      consequences of the Borrower’s failure to provide evidence of tax payments or
      tax exemption.

    

    In
      the
      event any Bank receives a refund of any Taxes paid by the Borrower pursuant
      to
      this Section 2.12, it will pay to the Borrower the amount of such refund
      promptly

     

    
      
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      upon
        receipt thereof; provided,
        however,
        if at
        any time thereafter it is required to return such refund, the Borrower shall
        promptly repay to it the amount of such refund.

    

    

    Without
      prejudice to the survival of any other agreement of the Borrower hereunder,
      the
      agreements and obligations of the Borrower contained in this Section 2.12 shall
      be applicable with respect to any Participant, Assignee or other Transferee,
      and
      any calculations required by such provisions (i) shall be made based upon the
      circumstances of such Participant, Assignee or other Transferee, and (ii)
      constitute a continuing agreement and shall survive the termination of this
      Agreement and the payment in full or cancellation of the Notes.

    

    SECTION
      2.13. Computation
      of Interest and Fees.
      Interest on Base Rate Loans shall be computed on the basis of a year of 360
      days
      and paid for the actual number of days elapsed (including the first day but
      excluding the last day). Interest on Euro-Dollar Loans and interest on Money
      Market Loans shall be computed on the basis of a year of 360 days and paid
      for
      the actual number of days elapsed, calculated as to each Interest Period from
      and including the first day thereof to but excluding the last day thereof.
      Facility fees and any other fees payable hereunder shall be computed on the
      basis of a year of 360 days and paid for the actual number of days elapsed
      (including the first day but excluding the last day).

    

    SECTION
      2.14. Swing
      Line Loans.
      (a) The
      Borrower may prior to the Termination Date, as set forth in this Section,
      request the Swing Line Lender to make, and the Swing Line Lender prior to the
      Termination Date will make, Swing Line Loans to the Borrower, in an aggregate
      principal amount at any one time outstanding, not exceeding $10,000,000,
      provided that:

    

    (i) the
      aggregate principal amount of all Swing Line Loans, together with the aggregate
      outstanding principal amount of all outstanding Loans, at any one time
      outstanding shall not at any one time exceed the aggregate amount of the
      Commitments of all of the Banks at such time; and

    

    (ii) the
      aggregate principal amount of all Swing Line Loans, together with all
      outstanding Loans made by the Swing Line Lender, at any one time outstanding
      shall not exceed the Commitment of the Swing Line Lender.

    

    (b) When
      the
      Borrower wishes to request a Swing Line Loan, it shall give the Agent notice
      substantially in the form of Exhibit
      M
      hereto
      (a “Swing Line Loan Request”) so as to be received no later than 11:00 A.M.
      (Charlotte, North Carolina time) on or before the date of the proposed Swing
      Line Borrowing proposed therein (or such other time and date as the Borrower
      and
      the Swing Line Lender may agree), specifying:

    

    (i) the
      proposed date of such Swing Line Borrowing, which shall be a Domestic Business
      Day (the “Borrowing Date”); and

     

    
      
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    (ii) the
      aggregate amount of such Swing Line Borrowing, which shall be at least $500,000
      (or in larger multiples of $100,000) but shall not cause the limits specified
      in
      Section 2.14(a) to be violated.

    

    (c) The
      Swing
      Line Lender shall make the amount of such Swing Line Loan available to the
      Borrower on such date by depositing the same, in immediately available funds,
      in
      an account of such Borrower maintained with the Swing Line Lender.

    

    (d) Subject
      to the limitations contained in this Agreement, the Borrower may borrow under
      this Section 2.14, prepay and reborrow under this Section 2.14 at any time
      before the Termination Date. Each Swing Line Loan included in any Swing Line
      Borrowing shall mature, and the principal amount thereof shall be due and
      payable, on the first to occur of: (i) the last day of the Interest Period
      applicable to such Swing Line Borrowing; or (ii) the Termination
      Date;

    

    (e) At
      any
      time, upon the request of the Swing Line Lender, each Bank other than the Swing
      Line Lender shall, on the third Domestic Business Day after such request is
      made, purchase a participating interest in Swing Line Loans in an amount equal
      to its ratable share (based upon its respective Commitment) of such Swing Line
      Loans. On such third Domestic Business Day, each Bank will immediately transfer
      to the Swing Line Lender, in immediately available funds, the amount of its
      participation. Whenever, at any time after the Swing Line Lender has received
      from any such Bank its participating interest in a Swing Line Loan, the Agent
      receives any payment on account thereof, the Agent will distribute to such
      Bank
      its participating interest in such amount (appropriately adjusted, in the case
      of interest payments, to reflect the period of time during which such Bank’s
      participating interest was outstanding and funded); provided,
      however,
      that in
      the event that such payment received by the Agent is required to be returned,
      such Bank will return to the Agent any portion thereof previously distributed
      by
      the Agent to it. Each Bank’s obligation to purchase such participating interests
      shall be absolute and unconditional and shall not be affected by any
      circumstance, including, without limitation: (i) any set-off, counterclaim,
      recoupment, defense or other right which such Bank or any other Person may
      have
      against the Swing Line Lender requesting such purchase or any other Person
      for
      any reason whatsoever; (ii) the occurrence or continuance of a Default or an
      Event of Default or the termination of the Commitments, provided that no Bank
      shall be required to purchase a participating interest in any Swing Line Loan
      first advanced after the Swing Line Lender has actual knowledge of an Event
      of
      Default; (iii) any adverse change in the condition (financial or otherwise)
      of
      the Borrower or any other Person; (iv) any breach of this Agreement by the
      Borrower or any other Bank, provided that no Bank shall be required to purchase
      a participating interest in any Swing Line Loan, if the aggregate outstanding
      principal amount of all Swing Line Loans exceeds $10,000,000; or (v) any other
      circumstance, happening or event whatsoever, whether or not similar to any
      of
      the foregoing.

    

    (f) In
      furtherance and not in limitation of the rights set forth in Section 2.14(e),
      the Swing Line Lender may, at any time, in its sole discretion, by written
      notice to the Borrower and the Agent, demand repayment of its Swing Line Loans
      by way of a Syndicated Loan borrowing, in which case the Borrower shall be
      deemed to have requested a Syndicated

     

    
      
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    Loan
      borrowing comprised entirely of Base Rate Loans in the amount of such Swing
      Line
      Loans; provided, however, that, in the following circumstances, any such demand
      shall also be deemed to have been given one Domestic Business Day prior to
      each
      of (i) the Termination Date, (ii) the occurrence of any Event of Default
      described in Section 6.01(g) or Section 6.01(h), (iii) upon acceleration of
      the
      Notes or any other amount payable hereunder or under the Credit Documents,
      whether on account of an Event of Default described in Section 6.01(g) or
      Section 6.01(h) or any other Event of Default, and (iv) the exercise of remedies
      in accordance with the provisions of Section 6.01 hereof (each such Syndicated
      Loan borrowing made on account of any such deemed request therefor as provided
      herein being hereinafter referred to as a “Swing Line Mandatory Borrowing”).
      Each Bank hereby irrevocably agrees to make such Syndicated Loans promptly
      upon
      any such request or deemed request on account of each Swing Line Mandatory
      Borrowing in the amount and in the manner specified in the preceding sentence
      and on the same such date notwithstanding (A) the amount of Swing Line Mandatory
      Borrowing may not comply with the minimum amount for borrowings of Syndicated
      Loans otherwise required hereunder, (B) whether any conditions specified in
      Section 3.02 are then satisfied, (C) whether a Default or an Event of Default
      then exists, (D) failure of any such request or deemed request for Revolving
      Loans to be made by the time otherwise required in Section 2.02, (E) the date
      of
      such Swing Line Mandatory Borrowing, or (F) any reduction in the Commitments
      or
      termination of the Commitments immediately prior to such Swing Line Mandatory
      Borrowing or contemporaneously therewith.

    

    (g) Notwithstanding
      anything contained in this Agreement to the contrary, the Swing Line Loan
      facility contained in this Section 2.14 shall terminate immediately upon: (i)
      Wachovia’s removal or resignation as Agent; or (ii) termination of the
      Commitments (whether at maturity or otherwise).

    

    ARTICLE
      III

    

    CONDITIONS
      TO BORROWINGS

    

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

    

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

    

    (b) receipt
      by the Agent of a duly executed Syndicated Note, a duly executed Swing Line
      Note
      and a duly executed Money Market Note for the account of each Bank complying
      with the provisions of Section 2.04;

    

    (c) receipt
      by the Agent of the opinions (together with any opinions of local counsel relied
      on therein) of Baker & Hostetler, LLP, counsel for the Loan Parties and
      Joseph J. Kadow, Chief Officer - Legal and Corporate Affairs of the Borrower,
      dated as of the Closing Date, covering the matters set forth in Exhibits
      D-1
      and
D-2
      hereto
      and covering such additional matters relating to the transactions contemplated
      hereby as the Agent or any Bank may reasonably request;

     

    
      
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    (d) receipt
      by the Agent of an opinion of Womble Carlyle Sandridge & Rice, PLLC, special
      counsel for the Agent, dated as of the Closing Date, substantially in the form
      of Exhibit
      N
      hereto
      and covering such additional matters relating to the transactions contemplated
      hereby as the Agent may reasonably request;

    

    (e) receipt
      by the Agent of a certificate (the “Closing Certificate”), dated as of the
      Closing Date, substantially in the form of Exhibit
      O
      hereto,
      signed by a principal financial officer of the Borrower and each Loan Party,
      to
      the effect that (i) no Default has occurred and is continuing on the
      Closing Date, and (ii) the representations and warranties of the Loan
      Parties contained in the Loan Documents are true on and as of the Closing
      Date;

    

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

    

    (g) receipt
      by the Agent of the Guaranty, duly executed by each Guarantor; 

    

    (h) receipt
      by the Agent of the Indemnity, Subrogation and Contribution Agreement, duly
      executed by each Loan Party which is a party thereto;

    

    (i) receipt
      by the Agent and the Banks of evidence that all fees due and payable to the
      Agent and the Banks on the Closing Date have been paid in full; and

    

    (j) such
      other documents or items as the Agent, the Banks or their counsel may reasonably
      request.

    

    SECTION
      3.02. Conditions
      to All Borrowings.
      The
      obligation of each Bank to make a Loan on the occasion of each Borrowing is
      subject to the satisfaction of the following conditions:

    

    (a) either
      (i) receipt by the Agent of a Notice of Borrowing as required by Section 2.02
      (if such Borrowing is a Syndicated Borrowing), (ii) compliance with the
      provisions

     

    
      
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      of
        Section 2.03 (if such Borrowing is a Money Market Borrowing); or (iii)
        compliance with the provisions of Section 2.14, in the case of a Swing Line
        Loan;

    

    

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

    

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

    

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

    

    (e) the
      fact
      that, immediately after such Borrowing (i) the aggregate outstanding principal
      amount of the Syndicated Loans of each Bank (together with, in the case of
      the
      Swing Line Lender, the aggregate outstanding principal amount of all Swing
      Line
      Loans) will not exceed the amount of its Commitment and (ii) the aggregate
      outstanding principal amount of the Loans will not exceed the aggregate amount
      of the Commitments of all of the Banks as of such date.

    

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

    

    ARTICLE
      IV

    

    REPRESENTATIONS
      AND WARRANTIES

    

    The
      Borrower represents and warrants that: 

    

    SECTION
      4.01. Corporate
      Existence and Power.
      The
      Borrower is a corporation duly organized, validly existing and in good standing
      under the laws of the jurisdiction of its incorporation, is duly qualified
      to
      transact business in every jurisdiction where, by the nature of its business,
      such qualification is necessary, and has all corporate powers and all
      governmental licenses, authorizations, consents and approvals required to carry
      on its business as now conducted. 

    

    SECTION
      4.02. Corporate
      and Governmental Authorization; No Contravention.
      The
      execution, delivery and performance by the Loan Parties of this Agreement,
      the
      Notes and the other Loan Documents (i) are within the Loan Parties’
organizational powers, (ii) have been duly authorized by all necessary
      organizational action, (iii) require no action by or in respect of, or
      filing with, any governmental body, agency or official, (iv) do not
      contravene, or constitute a default under, any provision of applicable law
      or
      regulation or of the certificate of incorporation, operating agreement or
      by-laws of any Loan Party or of any agreement, judgment, injunction, order,
      decree or other instrument binding upon the Borrower or any of its Subsidiaries,
      and (v) do not result in the creation or imposition of any Lien on any
      asset of the Borrower or any of its

     

    
      
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      Subsidiaries,
        except in favor of the Collateral Agent, the Agent and the Banks as provided
        in
        the Loan Documents. 

    

    

    SECTION
      4.03. Binding
      Effect.
      This
      Agreement constitutes a valid and binding agreement of the Borrower enforceable
      in accordance with its terms, and the Notes and the other Loan Documents, when
      executed and delivered in accordance with this Agreement, will constitute valid
      and binding obligations of each of the Loan Parties that are a party thereto
      enforceable in accordance with their respective terms, provided
      that the
      enforceability hereof and thereof is subject in each case to general principles
      of equity and to bankruptcy, insolvency and similar laws affecting the
      enforcement of creditors’ rights generally.

    

    SECTION
      4.04. Financial
      Information.
      (a) The consolidated balance sheet of the Borrower and its Consolidated
      Subsidiaries as of December 31, 2004 and the related consolidated
      statements of income, shareholders’ equity and cash flows for the Fiscal Year
      then ended, reported on by PricewaterhouseCoopers, LLP, copies of which have
      been delivered to each of the Banks, and the unaudited consolidated financial
      statements of the Borrower for the interim period ended September 30, 2005,
      copies of which have been delivered to each of the Banks, fairly present, in
      conformity with GAAP, the consolidated financial position of the Borrower and
      its Consolidated Subsidiaries as of such date and their consolidated results
      of
      operations and cash flows for such period stated.

    

    (b) Since
      December 31, 2004, there has been no event, act, condition or occurrence having
      a Material Adverse Effect.

    

    SECTION
      4.05. Litigation.
      There
      is no action, suit or proceeding pending, or to the knowledge of the Borrower
      threatened, against or affecting the Borrower or any of its Subsidiaries before
      any court or arbitrator or any governmental body, agency or official which
      could
      have a Material Adverse Effect or which in any manner draws into question the
      validity or enforceability of, or could impair the ability of any Loan Party
      to
      perform its obligations under, this Agreement, the Notes or any of the other
      Loan Documents.

    

    SECTION
      4.06. Compliance
      with ERISA.
      (a) The
      Borrower and each member of the Controlled Group have fulfilled their
      obligations under the minimum funding standards of ERISA and the Code with
      respect to each Plan and are in compliance in all material respects with the
      presently applicable provisions of ERISA and the Code, and have not incurred
      any
      liability to the PBGC or a Plan under Title IV of ERISA.

    

    (b) Neither
      the Borrower nor any member of the Controlled Group is or ever has been
      obligated to contribute to any Multiemployer Plan.

    

    SECTION
      4.07. Taxes.
      There
      have been filed on behalf of the Borrower and its Subsidiaries all Federal,
      state and local income, excise, property and other tax returns which are
      required to be filed by them and all taxes due pursuant to such returns or
      pursuant to any assessment received by or on behalf of the Borrower or any
      Subsidiary have been paid. The charges, accruals and reserves on the books
      of
      the Borrower and its Subsidiaries in respect of

     

    
      
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      taxes
        or
        other governmental charges are, in the opinion of the Borrower, adequate.
        United
        States income tax returns of the Borrower and its Subsidiaries have been
        examined and closed through the Fiscal Year ended December 31,
        2001.

    

    

    SECTION
      4.08. Subsidiaries.
      Each of
      the Borrower’s Subsidiaries is a corporation or limited liability company duly
      organized, validly existing and in good standing under the laws of its
      jurisdiction of incorporation or formation, is duly qualified to transact
      business in every jurisdiction where, by the nature of its business, such
      qualification is necessary, and has all corporate or limited liability company
      powers and all governmental licenses, authorizations, consents and approvals
      required to carry on its business as now conducted. As of the Closing Date,
      the
      Borrower has no Subsidiaries except those Subsidiaries listed on Schedule
      4.08.
      Each
      Compliance Certificate delivered by the Borrower pursuant to Section
      5.01(c)
      sets
      forth the complete name and jurisdiction of the incorporation or formation
      of
      each Subsidiary of the Borrower created, formed or acquired during the time
      period covered by the financial statements applicable to such Compliance
      Certificate. Schedule
      4.08
      and such
      Compliance Certificates accurately set forth each such Subsidiary's complete
      name and jurisdiction of incorporation or formation.

    

    SECTION
      4.09. Not
      an
      Investment Company.
      Neither
      the Borrower nor any of its Subsidiaries is an “investment company” within the
      meaning of the Investment Company Act of 1940, as amended. 

    

    SECTION
      4.10 Public
      Utility Holding Company Act.
      Neither
      the Borrower nor any of its Subsidiaries is a “holding company”, or a
“subsidiary company” of a “holding company”, or an “affiliate” of a “holding
      company” or of a “subsidiary company” of a “holding company”, as such terms are
      defined in the Public Utility Holding Company Act of 1935, as
      amended.

    

    SECTION
      4.11. Ownership
      of Property; Liens.
      Each of
      the Borrower and its Consolidated Subsidiaries has title to its properties
      sufficient for the conduct of its business, and none of such property is subject
      to any Lien except as permitted in Section 5.08.

    

    SECTION
      4.12. No
      Default.
      Neither
      the Borrower nor any of its Consolidated Subsidiaries is in default under or
      with respect to any agreement, instrument or undertaking to which it is a party
      or by which it or any of its property is bound which could have or cause a
      Material Adverse Effect. No Default or Event of Default has occurred and is
      continuing.

    

    SECTION
      4.13. Full
      Disclosure.
      All
      information heretofore furnished by the Borrower to the Agent or any Bank for
      purposes of or in connection with this Agreement or any transaction contemplated
      hereby is, and all such information hereafter furnished by the Borrower to
      the
      Agent or any Bank will be, true, accurate and complete in every material respect
      or based on reasonable estimates on the date as of which such information is
      stated or certified. The Borrower has disclosed to the Banks in writing any
      and
      all facts which could have or cause a Material Adverse Effect.

     

    
      
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    SECTION
      4.14. Environmental
      Matters.
      (a)
      Neither the Borrower nor any Subsidiary is subject to any Environmental
      Liability which could have or cause a Material Adverse Effect and neither the
      Borrower nor any Subsidiary has been designated as a potentially responsible
      party under CERCLA or under any state statute similar to CERCLA. None of the
      Properties has been identified on any current or proposed (i) National
      Priorities List under 40 C.F.R. § 300, (ii) CERCLIS list or (iii) any list
      arising from a state statute similar to CERCLA.

    

    (b) No
      Hazardous Materials have been or are being used, produced, manufactured,
      processed, treated, recycled, generated, stored, disposed of, managed or
      otherwise handled at, or shipped or transported to or from the Properties or
      are
      otherwise present at, on, in or under the Properties, or, to the best of the
      knowledge of the Borrower, at or from any adjacent site or facility, except
      for
      Hazardous Materials, such as cleaning solvents, pesticides and other materials
      used, produced, manufactured, processed, treated, recycled, generated, stored,
      disposed of, and managed or otherwise handled in minimal amounts in the ordinary
      course of business in compliance with all applicable Environmental
      Requirements.

    

    (c) The
      Borrower, and each of its Subsidiaries and Affiliates, has procured all
      Environmental Authorizations necessary for the conduct of its business, and
      is
      in compliance with all Environmental Requirements in connection with the
      operation of the Properties and the Borrower’s, and each of its Subsidiary’s and
      Affiliate’s, respective businesses.

    

    SECTION
      4.15. Compliance
      with Laws.
      The
      Borrower and each Subsidiary is in compliance with all applicable laws,
      including, without limitation, all Environmental Laws, except where any failure
      to comply with any such laws would not, alone or in the aggregate, have a
      Material Adverse Effect.

    

    SECTION
      4.16. Capital
      Stock.
      All
      Capital Stock, debentures, bonds, notes and all other securities of the Borrower
      and its Subsidiaries presently issued and outstanding are validly and properly
      issued in accordance with all applicable laws, including, but not limited to,
      the “Blue Sky” laws of all applicable states and the federal securities laws.
      The issued shares of Capital Stock of the Borrower’s Wholly Owned Subsidiaries
      are owned by the Borrower free and clear of any Lien or adverse claim, except
      for Permitted Liens. At least a majority of the issued shares of capital stock
      of each of the Borrower’s other Subsidiaries (other than Wholly Owned
      Subsidiaries) is owned by the Borrower free and clear of any Lien or adverse
      claim, except for the Permitted Liens.

    

    SECTION
      4.17. Margin
      Stock.
      Neither
      the Borrower nor any of its Subsidiaries is engaged principally, or as one
      of
      its important activities, in the business of purchasing or carrying any Margin
      Stock, and no part of the proceeds of any Loan will be used to purchase or
      carry
      any Margin Stock or to extend credit to others for the purpose of purchasing
      or
      carrying any Margin Stock, or be used for any purpose which violates, or which
      is inconsistent with, the provisions of Regulations T, U or X of the Board
      of
      Governors of the Federal Reserve System..

    

    SECTION
      4.18. Insolvency.
      After
      giving effect to the execution and delivery of the Loan Documents and the making
      of the Loans under this Agreement, the Borrower will not

     

    
      
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      be
        “insolvent,” within the meaning of such term as used in O.C.G.A. § 18-2-22 or as
        defined in § 101 of Title 11 of the United States Code or Section 2 of the
        Uniform Fraudulent Transfer Act, or any other applicable state law pertaining
        to
        fraudulent transfers, as each may be amended from time to time, or be unable
        to
        pay its debts generally as such debts become due, or have an unreasonably
        small
        capital to engage in any business or transaction, whether current or
        contemplated.

    

    

    SECTION
      4.19. Intentionally omitted. 

    

    SECTION
      4.20. Insurance.
      The
      Borrower and each of its Subsidiaries maintains (either in the name of the
      Borrower or in such Subsidiary’s own name), with financially sound and reputable
      insurance companies, insurance on all its Property in at least such amounts
      and
      against at least such risks as are usually insured against in the same general
      area by companies of established repute engaged in the same or similar
      business.

    

    SECTION
      4.21. Joint
      Ventures/Partnerships.
      The
      Borrower agrees to provide to the Agent annually, simultaneously with providing
      the information required pursuant to Section 5.01(a), a then current list
      of all joint ventures and partnerships in which the Borrower or a Subsidiary
      is
      a partner or venturer (referred to herein collectively as the “Joint Ventures”)
      and the percentage ownership in each such Joint Venture owned by the Borrower
      or
      any Subsidiary. Schedule
      4.21
      accurately sets forth the complete name and jurisdiction of organization of
      each
      Joint Venture in which the Borrower or any Subsidiary owns an Investment on
      the
      Closing Date. Except for Company Owned Restaurants and Development Joint
      Ventures, neither the Borrower nor any Subsidiary is a general partner in any
      Joint Venture, other than a Subsidiary that is a corporation, the sole assets
      of
      which consist of its interest in such Joint Venture. 

    

    SECTION
      4.22. Sanctioned
      Persons; Sanctioned Countries.
      Neither
      the Borrower nor any of its Subsidiaries and to the best of Borrower’s
      knowledge, no Affiliate of the Borrower or any of its Subsidiaries, (i) is
      a
      Sanctioned Person or (ii) does business in a Sanctioned Country or with a
      Sanctioned Person in violation of the economic sanctions of the United States
      administered by OFAC. The proceeds of any Loan will not be used to fund any
      operation in, finance any investments or activities in or make any payments
      to,
      a Sanctioned Person or a Sanctioned Country.

    

    ARTICLE
      V

    

    COVENANTS

    

    The
      Borrower agrees that, so long as any Bank has any Commitment hereunder or any
      amount payable under any Note remains unpaid: 

    

    SECTION
      5.01. Information.
      The
      Borrower will deliver to each of the Banks: 

    

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

     

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

    

    

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

    

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

    

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

    

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

    

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

    

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

     

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

    

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

    

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

    

    SECTION
      5.02. Inspection
      of Property, Books and Records.
      The
      Borrower will (i) keep, and will cause each Subsidiary to keep, proper books
      of
      record and account in which full, true and correct entries in conformity with
      GAAP shall be made of all dealings and transactions in relation to its business
      and activities; and (ii) permit, and will cause each Subsidiary to permit,
      representatives of any Bank at such Bank’s expense prior to the occurrence of an
      Event of Default and at the Borrower’s expense after the occurrence of an Event
      of Default to visit and inspect any of their respective properties, to examine
      and make abstracts from any of their respective books and records and to discuss
      their respective affairs, finances and accounts with their respective officers,
      employees and independent public accountants. The Borrower agrees to cooperate
      and assist in such visits and inspections, in each case at such reasonable
      times
      and as often as may reasonably be desired.

    

    SECTION
      5.03. Ratio
      of Consolidated Total Debt to EBITDAR.
      At the
      end of each Fiscal Quarter commencing with the Fiscal Quarter ending September
      30, 2005, the ratio of Consolidated Total Debt determined for the Fiscal Quarter
      then ending to EBITDAR for the Fiscal Quarter then ending and the immediately
      preceding three Fiscal Quarters will not at any time exceed 3.00 to
      1.00.

    

    SECTION
      5.04. Minimum
      Consolidated Net Worth.
      Consolidated Net Worth will at all times be greater than or equal to
      Consolidated Total Debt.

    

    SECTION
      5.05. Intentionally omitted.

    

    SECTION
      5.06. Loans
      or Advances.
      Neither
      the Borrower nor any of its Subsidiaries shall make loans or advances to any
      Person except Permitted Loans and Advances.

     

    
      
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    SECTION
      5.07. Investments.
      Neither
      the Borrower nor any of its Subsidiaries shall make Investments in any Person
      except as permitted by Section 5.06 and except Investments in
      (i) direct obligations of the United States Government maturing within one
      year, (ii) certificates of deposit issued by a commercial bank whose credit
      is satisfactory to the Agent, (iii) commercial paper rated A-1 or the
      equivalent thereof by Standard & Poor’s Corporation or P-1 or the equivalent
      thereof by Moody’s Investors Service, Inc. and in either case maturing within
      270 days after the date of acquisition, (iv) Company Owned Restaurants made
      in
      the ordinary course of business, (v) Development Joint Ventures in satisfaction
      of the obligations of the Borrower or a Consolidated Subsidiary to such
      Development Joint Ventures, made in the ordinary course of business, (vi) the
      stock or other equity interests of any other Person (excluding Investments
      existing on the Closing Date) provided that the aggregate amount expended,
      assumed or incurred by the Borrower and the Subsidiaries of the Borrower in
      connection with such Investment does not exceed, when aggregated with the total
      amount expended, assumed or incurred by the Borrower and the Subsidiaries in
      connection with all such other Investments under this Section 5.07(vi), together
      with the aggregate outstanding principal amount of the loans and advances made
      under item (vi) of the definition of Permitted Loans and Advances, ten percent
      (10%) of Consolidated Net Worth at the time of such Investment, (vii)
      Investments of the Borrower and its Subsidiaries existing on the Closing Date,
      (viii) Investments in Permitted Acquisitions, (ix) obligations issued or
      unconditionally guaranteed by a state or municipality having a rating of AA
      or
      better from Standard & Poor’s Corporation or Aa or better from Moody’s
      Investors Service, Inc., (x) obligations of a corporation having a rating of
      AA
      or better from Standard & Poor’s Corporation or Aa or better from Moody’s
      Investors Service, Inc., (xi) money market funds that invest exclusively in
      the
      investments described in Subsections 5.07(i), (ii), (iii), (ix), (x) and (xii),
      and/or (xii) tender bonds the payment of the principal of and interest on
      which is fully supported by a letter of credit issued by a United States bank
      whose long-term certificates of deposit are rated at least AA or the equivalent
      thereof by Standard & Poor’s Corporation and AA or the equivalent thereof by
      Moody’s Investors Service, Inc.

    

    SECTION
      5.08. Negative
      Pledge.
      Neither
      the Borrower nor any Consolidated Subsidiary will create, assume or suffer
      to
      exist any Lien on any asset now owned or hereafter acquired by it, except
      Permitted Liens. 

    

    SECTION
      5.09. Maintenance
      of Existence.
      The
      Borrower shall, and shall cause each Subsidiary to, maintain its corporate
      or
      limited liability company existence and carry on its business in substantially
      the same manner and in substantially the same fields as such business is now
      carried on and maintained.

    

    SECTION
      5.10. Dissolution.
      Neither
      the Borrower nor any of its Subsidiaries shall suffer or permit dissolution
      or
      liquidation either in whole or in part or redeem or retire any shares of stock
      of any Subsidiary, except through corporate reorganization to the extent
      permitted by Section 5.11.

    

    SECTION
      5.11. Consolidations,
      Mergers and Sales of Assets.
      The
      Borrower will not, nor will it permit any Subsidiary to, consolidate or merge
      with or into, or sell, lease or otherwise transfer all or any substantial part
      of its assets to, any other Person, or discontinue or

     

    
      
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      eliminate
        any business line or segment, provided
        that the
        Borrower may be involved in Permitted Consolidations, Mergers and Sales of
        Assets.

    

    

    SECTION
      5.12. Use
      of
      Proceeds.
      The
      proceeds of the Loans will be used by the Borrower solely to (i) pay any fees
      and expense with respect to this Agreement or the Loans, and (ii) provide
      for the working capital and general corporate requirements of the Borrower.
      No
      portion of the proceeds of the Loans will be used by the Borrower or any
      Subsidiary (i) in connection with, either directly or indirectly, any
      tender offer for, or other acquisition of, stock of any corporation with a
      view
      towards obtaining control of such other corporation (other than a Permitted
      Acquisition), (ii) directly or indirectly, for the purpose, whether
      immediate, incidental or ultimate, of purchasing or carrying any Margin Stock,
      or (iii) for any purpose in violation of any applicable law or
      regulation.

    

    SECTION
      5.13. Compliance
      with Laws; Payment of Taxes.
      The
      Borrower will, and will cause each of its Subsidiaries and each member of the
      Controlled Group to, comply with applicable laws (including but not limited
      to
      ERISA), regulations and similar requirements of governmental authorities
      (including but not limited to the PBGC), except where the necessity of such
      compliance is being contested in good faith through appropriate proceedings
      diligently pursued. The Borrower will, and will cause each of its Subsidiaries
      to, pay promptly when due all taxes, assessments, governmental charges, claims
      for labor, supplies, rent and other obligations which, if unpaid, might become
      a
      lien against the property of the Borrower or any Subsidiary, except liabilities
      being contested in good faith by appropriate proceedings diligently pursued
      and
      against which, if requested by the Agent, the Borrower shall have set up
      reserves in accordance with GAAP.

    

    SECTION
      5.14. Insurance.
      The
      Borrower will maintain, and will cause each of its Subsidiaries to maintain
      (either in the name of the Borrower or in such Subsidiary’s own name), with
      financially sound and reputable insurance companies, insurance on all its
      Property in at least such amounts and against at least such risks as are usually
      insured against in the same general area by companies of established repute
      engaged in the same or similar business.

    

    SECTION
      5.15. Change
      in Fiscal Year.
      The
      Borrower will not change its Fiscal Year without the consent of the Required
      Banks.

    

    SECTION
      5.16. Maintenance
      of Property.
      The
      Borrower shall, and shall cause each Subsidiary to, maintain all of its
      properties and assets in good condition, repair and working order, ordinary
      wear
      and tear excepted.

    

    SECTION
      5.17. Environmental
      Notices.
      The
      Borrower shall furnish to the Banks and the Agent prompt written notice of
      all
      Environmental Liabilities, pending, threatened or anticipated Environmental
      Proceedings, Environmental Notices, Environmental Judgments and Orders, and
      Environmental Releases at, on, in, under or in any way affecting the Properties
      or any adjacent property, and all facts, events, or conditions that could lead
      to any of the foregoing.

     

    
      
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    SECTION
      5.18. Environmental
      Matters.
      The
      Borrower and its Subsidiaries will not, and will not permit any Third Party
      to,
      use, produce, manufacture, process, treat, recycle, generate, store, dispose
      of,
      manage at, or otherwise handle or ship or transport to or from the Properties
      any Hazardous Materials except for Hazardous Materials such as cleaning
      solvents, pesticides and other similar materials used, produced, manufactured,
      processed, treated, recycled, generated, stored, disposed, managed or otherwise
      handled in minimal amounts in the ordinary course of business in compliance
      with
      all applicable Environmental Requirements.

    

    SECTION
      5.19. Environmental
      Release.
      The
      Borrower agrees that upon the occurrence of an Environmental Release at or
      on
      any of the Properties it will act immediately to investigate the extent of,
      and
      to take appropriate remedial action to eliminate, such Environmental Release,
      whether or not ordered or otherwise directed to do so by any Environmental
      Authority.

    

    SECTION
      5.20. Joint
      Ventures/Partnerships.
      Except
      for Company Owned Restaurants and Development Joint Ventures, the Borrower
      shall
      not become a general partner in any general or limited partnership or joint
      venture, or permit any of its Subsidiaries to do so, other than any Subsidiary
      that is a corporation and the sole assets of which consist of its interest
      in
      such partnership or joint venture.

    

    SECTION
      5.21. Transactions
      with Affiliates.
      Neither
      the Borrower nor any of its Subsidiaries shall enter into, or be a party to,
      any
      transaction with any Affiliate of the Borrower or such Subsidiary (which
      Affiliate is not the Borrower or a Subsidiary), except as permitted by law
      and
      in the ordinary course of business and pursuant to reasonable terms which are
      fully disclosed to the Agent and the Banks, consented to in writing by the
      Required Banks, and are no less favorable to Borrower or such Subsidiary than
      would be obtained in a comparable arm’s length transaction with a Person which
      is not an Affiliate.

    

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

    

    (b) Once
      any
      Subsidiary becomes a Material Domestic Subsidiary and therefore becomes a party
      to the Guaranty in accordance with Section 3.01(g) or Section 5.22(a) such
      Material Domestic Subsidiary (including, without limitation, all initial
      Material Domestic Subsidiaries) thereafter shall remain a party to the Guaranty,
      even if such Subsidiary thereafter ceases to be a Material Domestic Subsidiary;
      provided that if a Material Domestic Subsidiary ceases to be a Subsidiary of
      the
      Borrower as a result of the Borrower’s transfer or sale of one hundred percent
      (100%) of the capital stock of such Subsidiary in accordance with and to
      the

     

    
      
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    extent
      permitted by the terms of Section 5.11, the Agent and the Banks agree to release
      such Subsidiary from the Guaranty.

    

    SECTION
      5.23. Acquisitions.
      The
      Borrower will not, nor will it permit any Subsidiary to purchase, lease or
      otherwise acquire (in a single transaction or in a series of transactions),
      directly or indirectly: (i) all or any substantial part of the assets or stock
      of any other Person; (ii) a business line or segment of any other Person; or
      (iii) control of any other Person, unless such purchase, lease or acquisition
      constitutes a Permitted Acquisition.

    

    SECTION
      5.24. Permitted
      Securitizations.
      The
      Borrower will not, and will not permit any of its Subsidiaries to, enter into
      or
      consummate any financing program providing for the sale or transfer of
      Securitization Assets by the Borrower or any Subsidiary unless such financing
      program constitutes a “Permitted Securitization” as defined in Section
      1.01.

    

    SECTION
      5.25. Restrictions
      Affecting Subsidiaries.
      The
      Borrower will not create, incur, permit or suffer to exist any agreement or
      other arrangement that prohibits, restricts or imposes any condition upon the
      ability or right of any Subsidiary to pay dividends or other distributions
      with
      respect to any shares of its capital stock or to make or repay loans or advances
      to the Borrower or any other Subsidiary; provided
      that the
      foregoing shall not apply to restrictions or conditions imposed by
      law.

    

    SECTION
      5.26. Limitation
      on Priority Debt.
      The
      Borrower shall not permit the outstanding principal amount of Priority Debt
      to
      exceed, in the aggregate, more than 10% of Consolidated Net Worth at any
      time.

    

    ARTICLE
      VI

    

    DEFAULTS

    

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

    

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

    

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

    

    (c) any
      Loan
      Party shall fail to observe or perform any covenant or agreement contained
      or
      incorporated by reference in any Loan Document (other than those covered by
      clause (a) or (b) above) for thirty days after the earlier of (i) the first
      day
      on which such Loan

     

    
      
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      Party
        has
        knowledge of such failure or (ii) written notice thereof has been given to
        the
        Borrower by the Agent at the request of any Bank; or

    

    

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

    

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

    

    (f) any
      event
      or condition shall occur which results in the acceleration of the maturity
      of
      Debt outstanding of the Borrower or any Subsidiary in an aggregate principal
      amount in excess of $10,000,000 or the mandatory prepayment or purchase of
      such
      Debt by the Borrower (or its designee) or such Subsidiary (or its designee)
      prior to the scheduled maturity thereof, or enables (or, with the giving of
      notice or lapse of time or both, would enable) the holders of such Debt or
      any
      Person acting on such holders’ behalf to accelerate the maturity thereof or
      require the mandatory prepayment or purchase thereof prior to the scheduled
      maturity thereof, without regard to whether such holders or other Person shall
      have exercised or waived their right to do so; or

    

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

    

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

    

    (i) the
      Borrower or any member of the Controlled Group shall fail to pay when due any
      material amount which it shall have become liable to pay to the PBGC or to
      a
      Plan under Title IV of ERISA; or notice of intent to terminate a Plan or Plans
      shall be filed under Title IV of ERISA by the Borrower, any member of the
      Controlled Group, any plan administrator

     

    
      
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      or
        any
        combination of the foregoing; or the PBGC shall institute proceedings under
        Title IV of ERISA to terminate or to cause a trustee to be appointed to
        administer any such Plan or Plans or a proceeding shall be instituted by
        a
        fiduciary of any such Plan or Plans to enforce Section 515 or 4219(c)(5) of
        ERISA and such proceeding shall not have been dismissed within 30 days
        thereafter; or a condition shall exist by reason of which the PBGC would
        be
        entitled to obtain a decree adjudicating that any such Plan or Plans must
        be
        terminated; or

    

    

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

    

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

    

    (l) (i) any
      Person or two or more Persons acting in concert shall have acquired beneficial
      ownership (within the meaning of Rule 13d-3 of the Securities and Exchange
      Commission under the Securities Exchange Act of 1934) of 30% or more of the
      outstanding shares of the voting stock of the Borrower; or (ii) as of any date
      a
      majority of the Board of Directors of the Borrower consists of individuals
      who
      were not either (A) directors of the Borrower as of the corresponding date
      of
      the previous year, (B) selected or nominated to become directors by the
      Board of Directors of the Borrower of which a majority consisted of individuals
      described in clause (A), or (C) selected or nominated to become directors
      by the Board of Directors of the Borrower of which a majority consisted of
      individuals described in clause (A) and individuals described in clause (B);
      or

    

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

    

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

    

    then,
      and
      in every such event, the Agent shall (i) if requested by the Required
      Banks, by notice to the Borrower terminate the Commitments and they shall
      thereupon terminate, (ii) if requested by the Swing Line Lender, by notice
      to
      the Borrower terminate the Swing Line facility set forth in Section 2.14, and
      (iii) if requested by the Required Banks, by notice to the Borrower declare
      the
      Notes (together with accrued interest thereon) and all other amounts payable
      hereunder and under the other Loan Documents to be, and the Notes (together
      with
      all accrued interest thereon) and all other amounts payable hereunder and under
      the other Loan Documents shall thereupon become, immediately due and payable
      without presentment, demand, protest or other notice of any kind, all of which
      are hereby waived by the Borrower; provided
      that if
      any Event of Default specified in clause (g) or (h) above occurs with respect
      to
      the Borrower, without any notice to the

     

    
      
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    Borrower,
      any Guarantor or any other act by the Agent or the Banks, the Commitments and
      the Swing Line facility set forth in Section 2.14 shall thereupon automatically
      terminate and the Notes (together with accrued interest thereon) and all other
      amounts payable hereunder and under the other Loan Documents shall automatically
      become immediately due and payable without presentment, demand, protest or
      other
      notice of any kind, all of which are hereby waived by the Borrower.
      Notwithstanding the foregoing, the Agent shall have available to it all other
      remedies at law or equity, and shall exercise any one or all of them at the
      request of the Required Banks.

    

    SECTION
      6.02. Notice
      of Default.
      The
      Agent shall give notice to the Borrower of any Default under
      Section 6.01(c) promptly upon being requested to do so by any Bank and
      shall thereupon notify all the Banks thereof.

    

    ARTICLE
      VII

    

    THE
      AGENT

    

    SECTION
      7.01. Appointment,
      Powers and Immunities.
      Each
      Bank hereby irrevocably appoints and authorizes the Agent to act as its agent
      hereunder and under the other Loan Documents with such powers as are
      specifically delegated to the Agent by the terms hereof and thereof, together
      with such other powers as are reasonably incidental thereto. The Agent: (a)
      shall have no duties or responsibilities except as expressly set forth in this
      Agreement and the other Loan Documents, and shall not by reason of this
      Agreement or any other Loan Document be a trustee for any Bank; (b) shall not
      be
      responsible to the Banks for any recitals, statements, representations or
      warranties contained in this Agreement or any other Loan Document, or in any
      certificate or other document referred to or provided for in, or received by
      any
      Bank under, this Agreement or any other Loan Document, or for the validity,
      effectiveness, genuineness, enforceability or sufficiency of this Agreement
      or
      any other Loan Document or any other document referred to or provided for herein
      or therein or for any failure by the Borrower to perform any of its obligations
      hereunder or thereunder; (c) shall not be required to initiate or conduct any
      litigation or collection proceedings hereunder or under any other Loan Document
      except to the extent requested by the Required Banks, and then only on terms
      and
      conditions satisfactory to the Agent, and (d) shall not be responsible for
      any
      action taken or omitted to be taken by it hereunder or under any other Loan
      Document or any other document or instrument referred to or provided for herein
      or therein or in connection herewith or therewith, except for its own gross
      negligence or willful misconduct. The Agent may employ agents and
      attorneys-in-fact and shall not be responsible for the negligence or misconduct
      of any such agents or attorneys-in-fact selected by it with reasonable care.
      The
      provisions of this Article VII are solely for the benefit of the Agent and
      the
      Banks, and the Borrower shall not have any rights as a third party beneficiary
      of any of the provisions hereof. In performing its functions and duties under
      this Agreement and under the other Loan Documents, the Agent shall act solely
      as
      agent of the Banks and does not assume and shall not be deemed to have assumed
      any obligation towards or relationship of agency or trust with or for the
      Borrower. The duties of the Agent shall be ministerial and administrative in
      nature, and the Agent shall not have by reason of this Agreement or any other
      Loan Document a fiduciary relationship in respect of any Bank.

     

    
      
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    SECTION
      7.02. Reliance
      by Agent.
      The
      Agent shall be entitled to rely upon any certification, notice or other
      communication (including any thereof by telephone, telefax, telegram or cable)
      believed by it to be genuine and correct and to have been signed or sent by
      or
      on behalf of the proper Person or Persons, and upon advice and statements of
      legal counsel, independent accountants or other experts selected by the Agent.
      As to any matters not expressly provided for by this Agreement or any other
      Loan
      Document, the Agent shall in all cases be fully protected in acting, or in
      refraining from acting, hereunder and thereunder in accordance with instructions
      signed by the Required Banks, and such instructions of the Required Banks in
      any
      action taken or failure to act pursuant thereto shall be binding on all of
      the
      Banks.

    

    SECTION
      7.03. Defaults.
      The
      Agent shall not be deemed to have knowledge of the occurrence of a Default
      or an
      Event of Default (other than the non-payment of principal of or interest on
      the
      Loans) unless the Agent has received notice from a Bank or the Borrower
      specifying such Default or Event of Default and stating that such notice is
      a
“Notice of Default”. In the event that the Agent receives such a notice of the
      occurrence of a Default or an Event of Default, the Agent shall give prompt
      notice thereof to the Banks. The Agent shall give each Bank prompt notice of
      each non-payment of principal of or interest on the Loans, whether or not it
      has
      received any notice of the occurrence of such non-payment. The Agent shall
      (subject to Section 9.05) take such action with respect to such Default or
      Event
      of Default as shall be directed by the Required Banks, provided that, unless
      and
      until the Agent shall have received such directions, the Agent may (but shall
      not be obligated to) take such action, or refrain from taking such action,
      with
      respect to such Default or Event of Default as it shall deem advisable in the
      best interests of the Banks.

    

    SECTION
      7.04. Rights
      of Agent and its Affiliates as a Bank.
      With
      respect to any Loan made by Wachovia or an Affiliate of Wachovia, such Affiliate
      and Wachovia in their capacity as a Bank hereunder shall have the same rights
      and powers hereunder as any other Bank and may exercise the same as though
      it
      were not an Affiliate of Wachovia (or in Wachovia’s case, acting as the Agent),
      and the term “Bank” or “Banks” shall, unless the context otherwise indicates,
      include such Affiliate of Wachovia or Wachovia in its individual capacity.
      Such
      Affiliate and Wachovia may (without having to account therefor to any Bank)
      accept deposits from, lend money to and generally engage in any kind of banking,
      trust or other business with the Borrower (and any of its Affiliates) as if
      they
      were not an Affiliate of the Agent or the Agent, respectively; and such
      Affiliate and Wachovia may accept fees and other consideration from the Borrower
      (in addition to any agency fees and arrangement fees heretofore agreed to
      between the Borrower and Wachovia) for services in connection with this
      Agreement or any other Loan Document or otherwise without having to account
      for
      the same to the Banks.

    

    SECTION
      7.05. Indemnification.
      Each
      Bank severally agrees to indemnify the Agent, to the extent the Agent shall
      not
      have been reimbursed by the Borrower, ratably in accordance with its Commitment,
      for any and all liabilities, obligations, losses, damages, penalties, actions,
      judgments, suits, costs, expenses (including, without limitation, counsel fees
      and disbursements) or disbursements of any kind and nature whatsoever which
      may
      be imposed on, incurred by or asserted against the Agent in any way relating
      to
      or arising out of this Agreement or any other Loan Document or any other
      documents contemplated by or referred to

     

    
      
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      herein
        or
        therein or the transactions contemplated hereby or thereby (excluding, unless
        an
        Event of Default has occurred and is continuing, the normal administrative
        costs
        and expenses incident to the performance of its agency duties hereunder)
        or the
        enforcement of any of the terms hereof or thereof or any such other documents;
        provided,
        however,
        that no
        Bank shall be liable for any of the foregoing to the extent they arise from
        the
        gross negligence or willful misconduct of the Agent. If any indemnity furnished
        to the Agent for any purpose shall, in the opinion of the Agent, be insufficient
        or become impaired, the Agent may call for additional indemnity and cease,
        or
        not commence, to do the acts indemnified against until such additional indemnity
        is furnished.

    

    

    SECTION
      7.06. CONSEQUENTIAL
      DAMAGES.
      THE
      AGENT SHALL NOT BE RESPONSIBLE OR LIABLE TO ANY BANK, THE BORROWER OR ANY OTHER
      PERSON OR ENTITY FOR ANY PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES WHICH
      MAY
      BE ALLEGED AS A RESULT OF THIS AGREEMENT, THE OTHER LOAN DOCUMENTS, OR ANY
      OF
      THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

    

    SECTION
      7.07. Payee
      of Note Treated as Owner.
      The
      Agent may deem and treat the payee of any Note as the owner thereof for all
      purposes hereof unless and until a written notice of the assignment or transfer
      thereof shall have been filed with the Agent and the provisions of Section
      9.07(c) have been satisfied. Any requests, authority or consent of any Person
      who at the time of making such request or giving such authority or consent
      is
      the holder of any Note shall be conclusive and binding on any subsequent holder,
      transferee or assignee of that Note or of any Note or Notes issued in exchange
      therefor or replacement thereof. Each Bank acknowledges that each Person
      designated as an “Arranger,” a “Documentation Agent” or a “Syndication Agent”
shall have no right, duty or responsibility, and shall incur no liability under
      this Agreement or any other Loan Document in its capacity as an “Arranger,” a
“Documentation Agent” or a “Syndication Agent.”

    

    SECTION
      7.08. Non-Reliance
      on Agent and Other Banks.
      Each
      Bank agrees that it has, independently and without reliance on the Agent or
      any
      other Bank, and based on such documents and information as it has deemed
      appropriate, made its own credit analysis of the Borrower and decision to enter
      into this Agreement and that it will, independently and without reliance upon
      the Agent or any other Bank, and based on such documents and information as
      it
      shall deem appropriate at the time, continue to make its own analysis and
      decisions in taking or not taking action under this Agreement or any of the
      other Loan Documents. The Agent shall not be required to keep itself (or any
      Bank) informed as to the performance or observance by the Borrower of this
      Agreement or any of the other Loan Documents or any other document referred
      to
      or provided for herein or therein or to inspect the properties or books of
      the
      Borrower or any other Person. Except for notices, reports and other documents
      and information expressly required to be furnished to the Banks by the Agent
      hereunder or under the other Loan Documents, the Agent shall not have any duty
      or responsibility to provide any Bank with any credit or other information
      concerning the affairs, financial condition or business of the Borrower or
      any
      other Person (or any of their Affiliates) which may come into the possession
      of
      the Agent.

     

    
      
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    SECTION
      7.09. Failure
      to Act.
      Except
      for action expressly required of the Agent hereunder or under the other Loan
      Documents, the Agent shall in all cases be fully justified in failing or
      refusing to act hereunder and thereunder unless it shall receive further
      assurances to its satisfaction by the Banks of their indemnification obligations
      under Section 7.05 against any and all liability and expense which may be
      incurred by the Agent by reason of taking, continuing to take, or failing to
      take any such action. 

    

    SECTION
      7.10. Resignation
      or Removal of Agent.
      Subject
      to the appointment and acceptance of a successor Agent as provided below, the
      Agent may resign at any time by giving notice thereof to the Banks and the
      Borrower and the Agent may be removed at any time with or without cause by
      the
      Required Banks. Upon any such resignation or removal, the Required Banks shall
      have the right to appoint a successor Agent. If no successor Agent shall have
      been so appointed by the Required Banks and shall have accepted such appointment
      within 30 days after the retiring Agent’s notice of resignation or the Required
      Banks’ removal of the retiring Agent, then the retiring Agent may, on behalf of
      the Banks, appoint a successor Agent. Any successor Agent shall be a bank which
      has a combined capital and surplus of at least $500,000,000. Upon the acceptance
      of any appointment as Agent hereunder by a successor Agent, such successor
      Agent
      shall thereupon succeed to and become vested with all the rights, powers,
      privileges and duties of the retiring Agent, and the retiring Agent shall be
      discharged from its duties and obligations hereunder. After any retiring Agent’s
      resignation or removal hereunder as Agent, the provisions of this Article VII
      shall continue in effect for its benefit in respect of any actions taken or
      omitted to be taken by it while it was acting as the Agent
      hereunder.

    

    ARTICLE
      VIII

    

    CHANGE
      IN
      CIRCUMSTANCES; COMPENSATION

    

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

    

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

    

    (b) the
      Required Banks advise the Agent that the London Interbank Offered Rate as
      determined by the Agent will not adequately and fairly reflect the cost to
      such
      Banks of funding the relevant type of Euro-Dollar Loans for such Interest
      Period,

    

    the
      Agent
      shall forthwith give notice thereof to the Borrower and the Banks, whereupon
      until the Agent notifies the Borrower that the circumstances giving rise to
      such
      suspension no longer exist, the obligations of the Banks to make the type of
      Euro-Dollar Loans specified in such notice shall be suspended. Unless the
      Borrower notifies the Agent at least 2 Domestic Business Days before the date
      of
      any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been
      given that it elects not to borrow on such date, such borrowing shall instead
      be
      made as a Base Rate Borrowing. 

     

    
      
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    SECTION
      8.02. Illegality.
      If,
      after the date hereof, the adoption of any applicable law, rule or regulation,
      or any change in any existing or future law, rule or regulation, or any change
      in the interpretation or administration thereof by any governmental authority,
      central bank or comparable agency charged with the interpretation or
      administration thereof (any such authority, bank or agency being referred to
      as
      an “Authority” and any such event being referred to as a “Change of Law”), or
      compliance by any Bank (or its Lending Office) with any request or directive
      (whether or not having the force of law) of any Authority shall make it unlawful
      or impossible for any Bank (or its Lending Office) to make, maintain or fund
      its
      Euro-Dollar Loans and such Bank shall so notify the Agent, the Agent shall
      forthwith give notice thereof to the other Banks and the Borrower, whereupon
      until such Bank notifies the Borrower and the Agent that the circumstances
      giving rise to such suspension no longer exist, the obligation of such Bank
      to
      make Euro-Dollar Loans shall be suspended. Before giving any notice to the
      Agent
      pursuant to this Section, such Bank shall designate a different Lending Office
      if such designation will avoid the need for giving such notice and will not,
      in
      the judgment of such Bank, be otherwise disadvantageous to such Bank. If such
      Bank shall determine that it may not lawfully continue to maintain and fund
      any
      of its outstanding Euro-Dollar Loans to maturity and shall so specify in such
      notice, the Borrower shall immediately prepay in full the then outstanding
      principal amount of each Euro-Dollar Loan of such Bank, together with accrued
      interest thereon and any amount due such Bank pursuant to Section 8.05(a).
      Concurrently with prepaying each such Euro-Dollar Loan, the Borrower shall
      borrow a Base Rate Loan in an equal principal amount from such Bank (on which
      interest and principal shall be payable contemporaneously with the related
      Euro-Dollar Loans of the other Banks), and such Bank shall make such a Base
      Rate
      Loan. 

    

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

    

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

    

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

     

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

    

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

    

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

    

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

    

    (d) The
      provisions of this Section 8.03 shall be applicable with respect to any
      Participant, Assignee or other Transferee, and any calculations required by
      such
      provisions shall be made based upon the circumstances of such Participant,
      Assignee or other Transferee.

    

    SECTION
      8.04. Base
      Rate Loans Substituted for Euro-Dollar Loans.
      If
      (i) the obligation of any Bank to make or maintain Euro-Dollar Loans has
      been suspended pursuant to Section 8.02 or (ii) any Bank has demanded
      compensation under Section 8.03, and the Borrower shall, by at least 5
      Euro-Dollar Business Days’ prior notice to such Bank through the Agent, have
      elected that the provisions of this Section shall apply to such Bank, then,
      unless and until such Bank notifies the Borrower that the circumstances giving
      rise to such suspension or demand for compensation no longer apply:

     

    
      
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    (a) all
      Loans
      which would otherwise be made by such Bank as Euro-Dollar Loans shall be made
      instead as Base Rate Loans (in all cases interest and principal on such Loans
      shall be payable contemporaneously with the related Euro-Dollar Loans of the
      other Banks), and

    

    (b) after
      each of its Euro-Dollar Loans has been repaid, all payments of principal which
      would otherwise be applied to repay such Euro-Dollar Loans shall be applied
      to
      repay its Base Rate Loans instead.

    

    In
      the
      event that the Borrower shall elect that the provisions of this Section shall
      apply to any Bank, the Borrower shall remain liable for, and shall pay to such
      Bank as provided herein, all amounts due such Bank under Section 8.03 in respect
      of the period preceding the date of conversion of such Bank’s Loans resulting
      from the Borrower’s election.

    

    SECTION
      8.05. Compensation.
      Upon
      the request of any Bank, delivered to the Borrower and the Agent, the Borrower
      shall pay to such Bank such amount or amounts as shall compensate such Bank
      for
      any loss, cost or expense incurred by such Bank as a result of:

    

    (a) any
      payment or prepayment (pursuant to Section 2.10, Section 2.11, Section 8.02
      or
      otherwise) of a Euro-Dollar Loan or a Money Market Loan on a date other than
      the
      last day of an Interest Period for such Euro-Dollar Loan or Money Market Loan,
      as the case may be;

    

    (b) any
      failure by the Borrower to prepay a Euro-Dollar Loan or a Money Market Loan
      on
      the date for such prepayment specified in the relevant notice of prepayment
      hereunder; 

    

    (c) any
      failure by the Borrower to borrow a Euro-Dollar Loan on the date for the
      Euro-Dollar Borrowing of which such Euro-Dollar Loan is a part specified in
      the
      applicable Notice of Borrowing delivered pursuant to Section 2.02;
      or

    

    (d) any
      failure by the Borrower to borrow a Money Market Loan (with respect to which
      the
      Borrower has accepted a Money Market Quote) on the date for the Money Market
      Borrowing of which such Money Market Loan is a part specified in the applicable
      Money Market Quote Request delivered pursuant to Section 2.03;

    

    such
      compensation to include, without limitation, an amount equal to the excess,
      if
      any, of (x) the amount of interest which would have accrued on the amount so
      paid or prepaid or not prepaid or borrowed for the period from the date of
      such
      payment, prepayment or failure to prepay or borrow to the last day of the then
      current Interest Period for such Euro-Dollar Loan (or, in the case of a failure
      to prepay or borrow, the Interest Period for such Euro-Dollar Loan which would
      have commenced on the date of such failure to prepay or borrow) at the
      applicable rate of interest for such Euro-Dollar Loan provided for herein over
      (y) the amount of interest (as reasonably determined by such Bank) such Bank
      would have paid on (i) deposits in Dollars of comparable amounts having terms
      comparable to such period placed with it by leading banks in the London
      interbank market.

     

    
      
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    ARTICLE
      IX

    

    MISCELLANEOUS

    

    SECTION
      9.01. Notices; Effectiveness; Electronic Communication.

    

    (a) Notices
      Generally.
      Except
      in the case of notices and other communications expressly permitted to be given
      by telephone (and except as provided in paragraph (b) below), all notices,
      requests and other communications to any party hereunder shall be in writing
      (including facsimile transmission or similar writing) and shall be given to
      such
      party at its address or telecopy number set forth on the signature pages hereof
      or such other address or telecopy number as such party may hereafter specify
      for
      the purpose by notice to each other party. Notices sent by hand or overnight
      courier service, or mailed by certified or registered mail, shall be deemed
      to
      have been given when received; notices sent by telecopier shall be deemed to
      have been given when sent (except that, if not given during normal business
      hours for the recipient, shall be deemed to have been given at the opening
      of
      business on the next business day for the recipient); provided
      that
      notices to the Agent under Article II or Article VIII shall not be
      effective until received. Notices delivered through electronic communications
      to
      the extent provided in paragraph (b) below, shall be effective as provided
      in
      said paragraph (b). 

    

    (b) Electronic
      Communications.
      Notices
      and other communications to the Banks hereunder may be delivered or furnished
      by
      electronic communication (including e-mail and Internet or intranet websites)
      pursuant to procedures approved by the Agent; provided
      that the
      foregoing shall not apply to notices to any Bank pursuant to Article II or
      Article VIII if such Bank, as applicable, has notified the Agent that it is
      incapable of receiving notices under such Article by electronic communication.
      The Agent or the Borrower may, in its discretion, agree to accept notices and
      other communications to it hereunder by electronic communications pursuant
      to
      procedures approved by it; provided
      that
      approval of such procedures may be limited to particular notices or
      communications. 

    

    Unless
      the Agent otherwise prescribes, (i) notices and other communications sent to
      an
      e-mail address shall be deemed received upon the sender’s receipt of an
      acknowledgement from the intended recipient (such as by the “return receipt
      requested” function, as available, return e-mail or other written
      acknowledgement); provided
      that if
      such notice or other communication is not sent during the normal business hours
      of the recipient, such notice or communication shall be deemed to have been
      sent
      at the opening of business on the next business day for the recipient, and
      (ii)
      notices or communications posted to an internet or intranet website shall be
      deemed received upon the deemed receipt by the intended recipient at its e-mail
      address as described in the foregoing clause (i) of notification that such
      notice or communication is available and identifying the website address
      therefore. 

     

    
      
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    (c) Change
      of Address, Etc.
      Any
      party hereto may change in address or telecopier number for notices and other
      communications hereunder by notice to the other parties hereto. 

    

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

    

    SECTION
      9.03. Expenses;
      Documentary Taxes; Indemnification.
      (a) The
      Borrower shall pay (i) all out-of-pocket expenses of the Agent, including fees
      and disbursements of special counsel for the Agent, in connection with the
      preparation of this Agreement and the other Loan Documents, any waiver or
      consent hereunder or thereunder or any amendment hereof or thereof or any
      Default or alleged Default hereunder or thereunder and (ii) if a Default occurs,
      all out-of-pocket expenses incurred by the Agent or any Bank, including fees
      and
      disbursements of counsel, in connection with such Default and collection and
      other enforcement proceedings resulting therefrom, including out-of-pocket
      expenses incurred in enforcing this Agreement and the other Loan Documents.
      

    

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

    

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

    

    SECTION
      9.04. Setoffs;
      Sharing of Set-Offs.
      (a) The
      Borrower hereby grants to each Bank, as security for the full and punctual
      payment and performance of the obligations of the Borrower under this Agreement,
      a continuing lien on and security interest in all deposits and other sums
      credited by or due from such Bank to the Borrower or subject to withdrawal
      by
      the 

     

    
      
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      Borrower;
        and regardless of the adequacy of any collateral or other means of obtaining
        repayment of such obligations, each Bank may at any time upon or after the
        occurrence of any Event of Default, and without notice to the Borrower, set
        off
        the whole or any portion or portions of any or all such deposits and other
        sums
        against such obligations, whether or not any other Person or Persons could
        also
        withdraw money therefrom. 

    

    

    (b) Each
      Bank
      agrees that if it shall, by exercising any right of set-off or counterclaim
      or
      otherwise, receive payment of a proportion of the aggregate amount of principal
      and interest owing with respect to the Syndicated Notes held by it which is
      greater than the proportion received by any other Bank in respect of the
      aggregate amount of all principal and interest owing with respect to the
      Syndicated Notes held by such other Bank, the Bank receiving such
      proportionately greater payment shall purchase such participations in the
      Syndicated Notes held by the other Banks owing to such other Banks, and/or
      such
      other adjustments shall be made, as may be required so that all such payments
      of
      principal and interest with respect to the Syndicated Notes held by the Banks
      owing to such other Banks shall be shared by the Banks pro rata; provided
      that (i)
      nothing in this Section shall impair the right of any Bank to exercise any
      right
      of set-off or counterclaim it may have and to apply the amount subject to such
      exercise to the payment of indebtedness (including, without limitation, Money
      Market Loans) of the Borrower other than its indebtedness under the Syndicated
      Notes, and (ii) if all or any portion of such payment received by the purchasing
      Bank is thereafter recovered from such purchasing Bank, such purchase from
      each
      other Bank shall be rescinded and such other Bank shall repay to the purchasing
      Bank the purchase price of such participation to the extent of such recovery
      together with an amount equal to such other Bank’s ratable share (according to
      the proportion of (x) the amount of such other Bank’s required repayment to (y)
      the total amount so recovered from the purchasing Bank) of any interest or
      other
      amount paid or payable by the purchasing Bank in respect of the total amount
      so
      recovered. The Borrower agrees, to the fullest extent it may effectively do
      so
      under applicable law, that any holder of a participation in a Syndicated Note,
      whether or not acquired pursuant to the foregoing arrangements, may exercise
      rights of set-off or counterclaim and other rights with respect to such
      participation as fully as if such holder of a participation were a direct
      creditor of the Borrower in the amount of such participation. 

    

    SECTION
      9.05. Amendments
      and Waivers.
      (a) Any
      provision of this Agreement, the Notes or any other Loan Documents may be
      amended or waived if, but only if, such amendment or waiver is in writing and
      is
      signed by the Borrower and the Required Banks (and, if the rights or duties
      of
      the Agent are affected thereby, by the Agent); provided
      that no
      such amendment or waiver shall, unless signed by all the Banks, (i) change
      the
      Commitment of any Bank or subject any Bank to any additional obligation, (ii)
      change the principal of or reduce the rate of interest on any Loan or any fees
      hereunder or any of the Obligations (as defined in the Guaranty) under the
      Guaranty, (iii) change the date fixed for any payment of principal of or
      interest on any Loan or any fees hereunder or any of the Obligations (as defined
      in the Guaranty) under the Guaranty, (iv) change the amount of principal, or
      reduce the amount of interest or fees due on any date fixed for the payment
      thereof under this Agreement, the Notes or any other Loan Documents, (v) change
      the percentage of the Commitments or of the aggregate unpaid principal amount
      of
      the Notes, or the percentage of Banks, which shall be required for the Banks
      or
      any of them to take any action under this Section or any other provision of
      this
      Agreement or modify the

     

    
      
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      definition
        of Required Banks, (vi) change the manner of application of any payments
        made under this Agreement, the Guaranty or the Notes, or (vii) release,
        discharge or terminate any guaranty given to support payment of the Loans
        (including without limitation the Guaranty); provided further that no such
        amendment or waiver shall, unless signed by the Swing Line Lender, change
        any
        provision of this Agreement (including without limitation Section 2.14) relating
        to the Swing Line Loans.

    

    

    (b) The
      Borrower will not solicit, request or negotiate for or with respect to any
      proposed waiver or amendment of any of the provisions of this Agreement unless
      each Bank shall be informed thereof by the Borrower and shall be afforded an
      opportunity of considering the same and shall be supplied by the Borrower with
      sufficient information to enable it to make an informed decision with respect
      thereto. Executed or true and correct copies of any waiver or consent effected
      pursuant to the provisions of this Agreement shall be delivered by the Borrower
      to each Bank forthwith following the date on which the same shall have been
      executed and delivered by the requisite percentage of Banks. The Borrower will
      not, directly or indirectly, pay or cause to be paid any remuneration, whether
      by way of supplemental or additional interest, fee or otherwise, to any Bank
      (in
      its capacity as such) as consideration for or as an inducement to the entering
      into by such Bank of any waiver or amendment of any of the terms and provisions
      of this Agreement unless such remuneration is concurrently paid, on the same
      terms, ratably to all such Banks.

    

    SECTION
      9.06. Margin
      Stock Collateral.
      Each of
      the Banks represents to the Agent and each of the other Banks that it in good
      faith is not, directly or indirectly (by negative pledge or otherwise), relying
      upon any Margin Stock as collateral in the extension or maintenance of the
      credit provided for in this Agreement. 

    

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

    

    (b) Any
      Bank
      may at any time sell to one or more Persons (each a “Participant”) participating
      interests in any Loan owing to such Bank, any Note held by such Bank, any
      Commitment hereunder or any other interest of such Bank hereunder. In the event
      of any such sale by a Bank of a participating interest to a Participant, such
      Bank’s obligations under this Agreement shall remain unchanged, such Bank shall
      remain solely responsible for the performance thereof, such Bank shall remain
      the holder of any such Note for all purposes under this Agreement, and the
      Borrower and the Agent shall continue to deal solely and directly with such
      Bank
      in connection with such Bank’s rights and obligations under this Agreement. In
      no event shall a Bank that sells a participation be obligated to the Participant
      to take or refrain from taking any action hereunder except that such Bank may
      agree that it will not (except as provided below), without the consent of the
      Participant, agree to (i) the change of any date fixed for the payment of
      principal of or interest on the related Loan or Loans, (ii) the change of the
      amount of any principal, or the reduction of any interest or fees due on any
      date fixed for the payment thereof with respect to the related Loan or Loans,
      (iii) the change of the principal of the related

     

    
      
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      Loan
        or
        Loans, (iv) any reduction in the rate at which either interest is payable
        thereon or (if the Participant is entitled to any part thereof) commitment
        fee
        is payable hereunder from the rate at which the Participant is entitled to
        receive interest or commitment fee (as the case may be) in respect of such
        participation, (v) the release or substitution of all or any substantial
        part of any Collateral held as security for the Loans, or (vi) the release
        of
        any guaranty given to support payment of the Loans. Each Bank selling a
        participating interest in any Loan, Note, Commitment or other interest under
        this Agreement shall, within 10 Domestic Business Days of such sale, provide
        the
        Borrower and the Agent with written notification stating that such sale has
        occurred and identifying the Participant and the interest purchased by such
        Participant. The Borrower agrees that each Participant shall be entitled
        to the
        benefits of Article VIII with respect to its participation in Loans
        outstanding from time to time.

    

    

    (c) Any
      Bank
      may at any time assign to one or more banks or financial institutions (each
      an
“Assignee”) all, or a proportionate part of all, of its rights and obligations
      under this Agreement, the Notes and the other Loan Documents, and such Assignee
      shall assume all such rights and obligations, pursuant to an Assignment and
      Acceptance in the form attached hereto as Exhibit
      J,
      executed by such Assignee, such transferor Bank and the Agent (and, in the
      case
      of: (i) an Assignee that is not then a Bank or an Affiliate of a Bank; and
      (ii)
      an assignment not made during the existence of a Default or an Event of Default,
      by the Borrower); provided that (i) no interest may be sold by a Bank
      pursuant to this paragraph (c) unless the Assignee shall agree to assume ratably
      equivalent portions of the transferor Bank’s Commitment, (ii) the amount of
      the Commitment being assigned pursuant to such assignment shall be equal to
      $10,000,000 (or any larger multiple of $1,000,000) (except that any such
      assignment may be in the aggregate amount of the Commitment of the transferor
      Bank), (iii) no interest may be sold by a Bank pursuant to this paragraph
      (c) to any Assignee that is not then a Bank or an Affiliate of a Bank without
      the consent of the Borrower, which consent shall not be unreasonably withheld,
      provided that the Borrower’s consent shall not be necessary with respect to any
      assignment made during the existence of a Default or an Event of Default;
      (iv) a Bank may not have more than two (2) Assignees that are not then
      Banks (or affiliates of a Bank) at any one time, and (v) no interest may be
      sold
      by a Bank pursuant to this paragraph (c) to any Assignee that is not then a
      Bank
      or an Affiliate of a Bank, without the consent of the Agent, which consent
      shall
      not be unreasonably withheld, provided, that although the Agent’s consent may
      not be necessary with respect to an Assignee that is then a Bank or an Affiliate
      of a Bank, no such assignment shall be effective until the conditions set forth
      in the following sentence are satisfied. Upon (A) execution of the
      Assignment and Acceptance by such transferor Bank, such Assignee, the Agent
      and
      (if applicable) the Borrower, (B) delivery of an executed copy of the
      Assignment and Acceptance to the Borrower and the Agent, (C) payment by
      such Assignee to such transferor Bank of an amount equal to the purchase price
      agreed between such transferor Bank and such Assignee, and (D) payment to the
      Agent by the assigning Bank of a processing and recordation fee of $1,000,
      if
      the assignee is then a Bank or affiliate of a Bank or $3,500 if the assignee
      is
      not then a Bank or an affiliate of a Bank, such Assignee shall for all purposes
      be a Bank party to this Agreement and shall have all the rights and obligations
      of a Bank under this Agreement (including, without limitation, the rights of
      a
      Bank under Section 2.03) to the same extent as if it were an original party
      hereto with a Commitment as set forth in such instrument of assumption, and
      the
      transferor Bank shall be released from its obligations hereunder to a
      corresponding extent, and no further

     

    
      
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      consent
        or action by the Borrower, the Banks or the Agent shall be required. Upon
        the
        consummation of any transfer to an Assignee pursuant to this paragraph (c),
        the
        transferor Bank, the Agent and the Borrower shall make appropriate arrangements
        so that, if required, a new Note is issued to each of such Assignee and such
        transferor Bank.

    

    

    (d) Subject
      to the provisions of Section 9.08, the Borrower authorizes each Bank to
      disclose to any Participant, Assignee or other transferee (each a “Transferee”)
      and any prospective Transferee any and all financial and other information
      in
      such Bank’s possession concerning the Borrower which has been delivered to such
      Bank by the Borrower pursuant to this Agreement or which has been delivered
      to
      such Bank by the Borrower in connection with such Bank’s credit evaluation prior
      to entering into this Agreement.

    

    (e) No
      Transferee shall be entitled to receive any greater payment under
      Section 8.03 than the transferor Bank would have been entitled to receive
      with respect to the rights transferred, unless such transfer is made with the
      Borrower’s prior written consent or by reason of the provisions of
      Section 8.02 or 8.03 requiring such Bank to designate a different Lending
      Office under certain circumstances or at a time when the circumstances giving
      rise to such greater payment did not exist.

    

    (f) Anything
      in this Section 9.07 to the contrary notwithstanding, any Bank may assign and
      pledge all or any portion of the Loans and/or obligations owing to it to any
      Federal Reserve Bank or the United States Treasury as collateral security
      pursuant to Regulation A of the Board of Governors of the Federal Reserve System
      and Operating Circular issued by such Federal Reserve Bank, provided that any
      payment in respect of such assigned Loans and/or obligations made by the
      Borrower to the assigning and/or pledging Bank in accordance with the terms
      of
      this Agreement shall satisfy the Borrower’s obligations hereunder in respect of
      such assigned Loans and/or obligations to the extent of such payment. No such
      assignment shall release the assigning and/or pledging Bank from its obligations
      hereunder.

    

    SECTION
      9.08. Confidentiality.
      Each
      Bank agrees to exercise its best efforts to keep any information delivered
      or
      made available by the Borrower to it which is clearly indicated to be
      confidential information, confidential from anyone other than persons employed
      or retained by such Bank who are or are expected to become engaged in
      evaluating, approving, structuring or administering the Loans; provided,
      however,
      that
      nothing herein shall prevent any Bank from disclosing such information (i)
      to
      any other Bank, (ii) upon the order of any court or administrative agency,
      (iii)
      upon the request or demand of any regulatory agency or authority having
      jurisdiction over such Bank, (iv) which has been publicly disclosed, (v) to
      the
      extent reasonably required in connection with any litigation to which the Agent,
      any Bank or their respective Affiliates may be a party, (vi) to the extent
      reasonably required in connection with the exercise of any remedy hereunder,
      (vii) to such Bank’s legal counsel, Affiliates and independent auditors and
      (viii) to any actual or proposed Participant, Assignee or other Transferee
      of
      all or part of its rights hereunder which has agreed in writing to be bound
      by
      the provisions of this Section 9.08.

     

    
      
        WCSR
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    SECTION
      9.09. Representation
      by Banks.
      Each
      Bank hereby represents that it is a commercial lender or financial institution
      which makes loans in the ordinary course of its business and that it will make
      its Loans hereunder for its own account in the ordinary course of such business;
      provided,
      however,
      that,
      subject to Section 9.07, the disposition of the Note or Notes held by that
      Bank
      shall at all times be within its exclusive control.

    

    SECTION
      9.10. Obligations
      Several.
      The
      obligations of each Bank hereunder are several, and no Bank shall be responsible
      for the obligations or commitment of any other Bank hereunder. Nothing contained
      in this Agreement and no action taken by the Banks pursuant hereto shall be
      deemed to constitute the Banks to be a partnership, an association, a joint
      venture or any other kind of entity. The amounts payable at any time hereunder
      to each Bank shall be a separate and independent debt, and each Bank shall
      be
      entitled to protect and enforce its rights arising out of this Agreement or
      any
      other Loan Document and it shall not be necessary for any other Bank to be
      joined as an additional party in any proceeding for such purpose.

    

    SECTION
      9.11. Survival
      of Certain Obligations.
      Sections 8.03(a), 8.03(b), 8.05 and 9.03, and the obligations of the
      Borrower thereunder, shall survive, and shall continue to be enforceable
      notwithstanding, the termination of this Agreement and the Commitments and
      the
      payment in full of the principal of and interest on all Loans.

    

    SECTION
      9.12. North
      Carolina.
      This
      Agreement and each Note shall be construed in accordance with and governed
      by
      the law of the State of North Carolina.

    

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

    

    SECTION
      9.14. Interest.
      In no
      event shall the amount of interest due or payable hereunder or under the Notes
      exceed the maximum rate of interest allowed by applicable law, and in the event
      any such payment is inadvertently made to any Bank by the Borrower or
      inadvertently received by any Bank, then such excess sum shall be credited
      as a
      payment of principal, unless the Borrower shall notify such Bank in writing
      that
      it elects to have such excess sum returned forthwith. It is the express intent
      hereof that the Borrower not pay and the Banks not receive, directly or
      indirectly in any manner whatsoever, interest in excess of that which may
      legally be paid by the Borrower under applicable law.

    

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

     

    
      
        WCSR
          2018712

        
        

      

      
        62

        
          

        

      

      
        
        

      

    

     

    SECTION
      9.16. Waiver
      of Jury Trial; Consent to Jurisdiction.
      The
      Borrower (a) and each of the Banks and the Agent irrevocably waives, to the
      fullest extent permitted by law, any and all right to trial by jury in any
      legal
      proceeding arising out of this Agreement, any of the other Loan Documents,
      or
      any of the transactions contemplated hereby or thereby, (b) submits to personal
      jurisdiction in the State of North Carolina, the courts thereof and the United
      States District Courts sitting therein, for the enforcement of this Agreement,
      the Notes and the other Loan Documents, (c) waives any and all personal rights
      under the law of any jurisdiction to object on any basis (including, without
      limitation, inconvenience of forum) to jurisdiction or venue within the State
      of
      North Carolina for the purpose of litigation to enforce this Agreement, the
      Notes or the other Loan Documents, and (d) agrees that service of process may
      be
      made upon it in the manner prescribed in Section 9.01 for the giving of notice
      to the Borrower. Nothing herein contained, however, shall: (i) prevent the
      Agent
      from bringing any action or exercising any rights against any security and
      against the Borrower personally, and against any assets of the Borrower, within
      any other state or jurisdiction; or (ii) affect the right to serve legal process
      in any other manner permitted by law.

    

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

    

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

    

    SECTION
      9.19. Arbitration;
      Preservation and Limitation of Remedies.
      (a)
      Upon demand of any party hereto, whether made before or after institution of
      any
      judicial proceeding, any dispute, claim or controversy arising out of, connected
      with or relating to this Agreement or any other Loan Document (“Disputes”)
      between or among the Borrower, its Subsidiaries, the Agent and the Banks, or
      any
      of them, shall be resolved by binding arbitration as provided herein.
      Institution of a judicial proceeding by a party does not waive the right of
      that
      party to demand arbitration hereunder. Disputes may include, without limitation,
      tort claims, counterclaims, claims brought as class actions, claims arising
      from
      documents executed in the future, disputes as to whether a matter is subject
      to
      arbitration, or claims arising out of or connected with the transactions
      contemplated by this Agreement and the other Loan Documents. Arbitration shall
      be conducted under and governed by the Commercial Financial Disputes Arbitration
      Rules (the “Arbitration Rules”) of the American Arbitration Association (the
“AAA”), as in effect from time to time, and the Federal Arbitration Act, Title 9
      of the U.S. Code, as amended. All arbitration hearings shall be conducted in
      the
      city in which the principal office of the Agent is

     

    
      
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          2018712

        
        

      

      
        63

        
          

        

      

      
        
        

      

    

     

    located.
      A hearing shall begin within ninety (90) days of demand for arbitration and
      all
      hearings shall be concluded within 120 days of demand for arbitration. These
      time limitations may not be extended unless a party shows cause for extension
      and then for no more than a total of sixty (60) days. The expedited procedures
      set forth in Rule 51 et seq.
      of the
      Arbitration Rules shall be applicable to claims of less than $1,000,000. All
      applicable statutes of limitation shall apply to any Dispute. A judgment upon
      the award may be entered in any court having jurisdiction. The panel from which
      all arbitrators are selected shall be comprised of licensed attorneys selected
      from the Commercial Financial Dispute Arbitration Panel of the AAA. The single
      arbitrator selected for expedited procedure shall be a retired judge from the
      highest court of general jurisdiction, state or federal, of the state where
      the
      hearing will be conducted. The parties do not waive applicable federal or state
      substantive law except as provided herein.

    

    (b) Notwithstanding
      the preceding binding arbitration provisions, the parties hereto agree to
      preserve, without diminution, certain remedies that any party hereto may employ
      or exercise freely, either alone, in conjunction with or during a Dispute.
      Any
      party hereto shall have the right to proceed in any court of proper jurisdiction
      or by self-help to exercise or prosecute the following remedies, as applicable:
      (i) obtaining provisional or ancillary remedies, including injunctive relief,
      sequestration, garnishment, attachment, appointment of a receiver and filing
      an
      involuntary bankruptcy proceeding; and (ii) when applicable, a judgment by
      confession of judgment. Any claim or controversy with regard to any party’s
      entitlement to such remedies is a Dispute. Preservation of these remedies does
      not limit the power of an arbitrator to grant similar remedies that may be
      requested by a party in a Dispute. The parties hereto agree that no party shall
      have a remedy of punitive or exemplary damages against any other party in any
      Dispute, and each party hereby waives any right or claim to punitive or
      exemplary damages that it has now or that may arise in the future in connection
      with any Dispute, whether such Dispute is resolved by arbitration or judicially.
      The parties acknowledge that by agreeing to binding arbitration they have
      irrevocably waived any right they may have to a jury trial with regard to a
      Dispute. The Borrower agrees to pay the reasonable fees and expenses of counsel
      to the Agent and the Banks in connection with any Dispute subject to arbitration
      as provided herein.

    

    SECTION
      9.20. Amended,
      Restated and Replacement Agreement.
      This
      Agreement amends, restates and replaces in its entirety the Existing Credit
      Agreement, all effective as of the Closing Date. Effective as of the Closing
      Date, the Commitments of each Bank shall be the amount set forth opposite the
      name of such Bank on the signature pages hereof. The provisions of the Existing
      Credit Agreement and the other Loan Documents (as defined in the Existing Credit
      Agreement) executed in connection therewith, to the extent restated, amended
      and
      modified hereby or by the other corresponding Loan Documents, are hereby
      superseded and replaced by the provisions hereof and of the corresponding other
      Loan Documents. The Notes restate, amend, modify, replace, are substituted
      for
      and supersede, but do not extinguish, the Obligations (as defined in the
      Existing Credit Agreement) arising under the Notes (as defined in the Existing
      Credit Agreement) issued pursuant to the Existing Credit Agreement. The
      execution and delivery of the Loan Documents, and the performance by the
      Borrower of its obligations thereunder shall not constitute a
      novation.

    

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        WCSR
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        64

        
          

        

      

      
        
        

      

    

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

     

    OUTBACK
      STEAKHOUSE, INC.

    

    

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

    Dirk
      A.
      Montgomery, Senior Vice President 

    and
      Chief
      Financial Officer

    

    

    Outback
      Steakhouse, Inc.

    2202
      North Westshore Blvd., 5th
      Floor

    Tampa,
      Florida 33607

    Attention:
      Dirk A. Montgomery

    Senior
      Vice President and Chief Financial Officer 

    Telecopy
      number: (813)
      286-2247

    Telephone
      number: (813)
      282-1225

    

    with
      a
      copy to:

    

    Outback
      Steakhouse, Inc.

    2202
      North Westshore Blvd., 5th
      Floor

    Tampa,
      Florida 33607

    Attention:
      Joseph J. Kadow

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

    Telecopy
      number: (813)
      281-2114

    Telephone
      number: (813)
      282-1225

    

    

    

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        WCSR
          2018712

        
        

      

      
        65

        
          

        

      

      
        
        

      

    

    COMMITMENTS             WACHOVIA
      BANK, NATIONAL ASSOCIATION, as Agent and as a Bank

    $75,000,000.00

    Swing
      Line Commitment

    $10,000,000.00

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

    Lynn
      E.
      Culbreath, Senior Vice President

    

    Lending
      Office

    Wachovia
      Bank, National Association

    Charlotte
      Plaza

    201
      South
      College Street, CP-8

    Charlotte,
      North Carolina 28288-0680

    Attention:
      Syndication Agency Services, Sue Patterson

    Telecopy
      number: 704-383-0288

    Telephone
      number: 704-383-0486

    

    with
      a
      copy to:

    

    Wachovia
      Bank, National Association

    100
      South
      Ashley Drive, FL4954

    Suite
      1000

    Tampa,
      Florida 33602

    Attention:
      Lynn E. Culbreath

    Senior
      Vice President

    Telecopy
      number: (813)
      276-6454

    Telephone
      number: (813)
      276-6517

    

    

    

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      remainder of this page intentionally left blank.]

    
      
        WCSR
          2018712

        
        

      

      
        66

        
          

        

      

      
        
        

      

    

    $40,000,000.00         SUNTRUST
      BANK

    

    

    By:
      /s/ Stacy M. Lewis________________ (SEAL)

    Title:
      Vice President

    

    Lending
      Office

    SunTrust
      Bank

    200
      South
      Orange Avenue 

    SunTrust
      Center, 10th
      Floor,
      MC1106

    Orlando,
      Florida 32801

    Attention:
      Andy Lee

    Telecopy
      number: 407-237-4076

    Telephone
      number: 407-237-5250

    

    

    

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        WCSR
          2018712

        
        

      

      
        67

        
          

        

      

      
        
        

      

    

    

    $35,000,000.00        
BANK
      OF
      AMERICA, N.A.

    

    

    By:
      /s/ Judy E. Ware_______________ (SEAL)

    Title:
      Vice President

    

    Lending
      Office

    Bank
      of
      America, N.A.

    101
      East
      Kennedy Blvd., 5th
      Floor

    Tampa,
      Florida 33602

    Attention:
      Owen Whyte

    Telecopy
      number: (813) 225-8642

    Telephone
      number: (813) 225-8136

    

    

    

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      remainder of this page intentionally left blank.]

    
      
        WCSR
          2018712

        
        

      

      
        68

        
          

        

      

      
        
        

      

    

    $30,000,000.00           LASALLE
      BANK NATIONAL ASSOCIATION

    

    

    By:
      /s/ Amy H. Kehoe___________ (SEAL)

    Title:
      FVP

    

    Lending
      Office

    LaSalle
      Bank, National Association

    401
      E.
      Jackson Street, Suite 2450

    Tampa,
      Florida 33602

    Attention:
      Daniel Borasch

    Telecopy
      number: (813) 202-7890

    Telephone
      number: (813) 202-7898

    

    

    

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      remainder of this page intentionally left blank.]

    
      
        WCSR
          2018712

        
        

      

      
        69

        
          

        

      

      
        
        

      

    

    $35,000,000.00         WELLS
      FARGO BANK, NATIONAL ASSOCIATION

    

    

    By:
      /s/ Alex Idichandy___________ (SEAL)

    Title:
      SVP

    

    

    By:
      /s/ Kevin R. Combs__________ (SEAL)

    Title:
      VP

    

    Lending
      Office

    Wells
      Fargo Bank, National Association

    7000
      Central Parkway, Suite 600

    Atlanta,
      Georgia 30328

    Attention:
      Kevin Combs

    Telecopy
      number: (770) 551-4643

    Telephone
      number: (770) 551-4654

    

    

    

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      remainder of this page intentionally left blank.]

    

    
      
        WCSR
          2018712

        
        

      

      
        70

        
          

        

      

      
        
        

      

    

    $10,000,000.00            HIBERNIA
      NATIONAL BANK

    

    

    By:
      /s/ Connie Disbrow__________ (SEAL)

    Title:
      Assistant Vice President

    

    Lending
      Office

    Hibernia
      National Bank

    313
      Carondelet Street, 

    6th
      Floor -
      US Corporate

    New
      Orleans, Louisiana 70130

    Attention:
      Julie Nosser, Portfolio Manager

    Telecopy
      number: 504-533-5344

    Telephone
      number: 504-533-5920

    

    

    

    

    

    TOTAL
      COMMITMENTS:

    $225,000,000.00

     

     

     

     

    WCSR
      2018712

     71Exhibit 4.87 Amended Syndication Guaranty Agreement

    Exhibit
      4.87

    
 

    AMENDED
      AND RESTATED

    GUARANTY
      AGREEMENT

    

    

    THIS
      AMENDED AND RESTATED GUARANTY AGREEMENT (this “Guaranty”) is made as of the 10th
      day of March, 2006, by the undersigned (hereinafter collectively referred to
      as
      the “Guarantors” and individually as a “Guarantor”), to and for the benefit of
      WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association in its
      capacity as Agent (the “Agent”) for itself, the Banks and the Swing Line Lender
      (as such terms are defined in the Credit Agreement referred to below) and their
      successors and assigns (collectively, the “Secured Parties”).

    

    WHEREAS,
      the Guarantors have requested the Banks to extend credit to Outback Steakhouse,
      Inc. (the “Borrower”) under the Amended and Restated Credit Agreement dated as
      of March 10, 2006 (as amended, supplemented or otherwise modified from time
      to
      time, the “Credit Agreement”) among the Borrower, the Banks from time to time
      party thereto, Wachovia Bank, National Association, as Agent, SunTrust Bank,
      as
      Syndication Agent and Bank of America, N.A. and Wells Fargo Bank, National
      Association, as Co-Documentation Agents, and the Banks have agreed to extend
      such credit by reason of such request and in reliance upon this Guaranty;
      and

    

    WHEREAS,
      capitalized terms used but not defined herein shall have the respective meanings
      ascribed thereto in the Credit Agreement; and

    

    WHEREAS,
      the Secured Parties require additional assurances and guarantees by the
      Guarantors as one of the conditions for making the Money Market Loans, Swing
      Line Loans and Syndicated Loans (collectively referred to herein as the “Loans”)
      to the Borrower and entering into the Credit Agreement and the other Loan
      Documents; and

    

    WHEREAS,
      each Guarantor is a Subsidiary of the Borrower; and

    

    WHEREAS,
      each Guarantor acknowledges the receipt of substantial direct benefits by the
      making of the Loans to the Borrower.

    

    NOW
      THEREFORE, in consideration of the Loans extended and/or to be extended by
      the
      Banks and Swing Line Lender to the Borrower under the Credit Agreement, and
      for
      other consideration, the receipt and sufficiency of which are hereby
      acknowledged, each Guarantor agrees as follows:

    

    1. Guaranty.
      Each
      Guarantor hereby unconditionally, absolutely, jointly and severally, guarantees
      to the Secured Parties and their respective successors, endorsees and assigns
      that (a) the Borrower will duly and punctually pay and perform, at the place
      specified therefor in the Credit Agreement, all indebtedness, obligations and
      liabilities, direct or indirect, matured or unmatured, primary or secondary,
      certain or contingent, of the Borrower to the Secured Parties now or hereafter
      owing or incurred pursuant to the Credit Agreement, the Notes and the other
      Loan
      Documents (including without limitation reasonable attorneys’ fees and other
      costs and expenses incurred by the Secured Parties in attempting to collect
      or
      enforce any of the foregoing after an Event of Default) accrued in each case
      to
      the date of payment hereunder (collectively, the “Obligations” and individually,
      an “Obligation”); and (b) the Borrower will perform in all other respects its
      obligations under the Credit Agreement, the Notes and the other Loan Documents
      in accordance with the respective terms of the Credit Agreement, the Notes
      and
      the other Loan Documents. 

     

    
      
        WCSR
          2170871v1

         

      

      
        1

        
          

        

      

      
         

      

    

     

    2. Guaranty
      Absolute.
      This
      Guaranty is an absolute, unconditional, continuing and unlimited guaranty of
      the
      full and punctual payment and performance by the Borrower of the Obligations
      and
      not of their collectibility only and is in no way conditioned upon any
      requirement that any Secured Party first attempt to collect any of the
      Obligations from the Borrower, any other Guarantor, or any other person, or
      resort to any security for the Obligations or this Guaranty or to other means
      of
      obtaining payment of any of the Obligations which any Secured Party now has
      or
      may acquire after the date hereof, or upon any other contingency whatsoever,
      and
      the Secured Parties may proceed hereunder against any Guarantor in the first
      instance to collect the Obligations when due, without first proceeding against
      the Borrower or any other Person and without first resorting to any security
      or
      other means of obtaining payment. The obligations of each Guarantor hereunder
      are irrevocable, absolute and unconditional, irrespective of genuineness,
      validity, regularity or enforceability of the Obligations or any security given
      therefor or in connection therewith or any other circumstance (except payment
      to, or express, written waiver, release or consent by, the Secured Parties)
      which might otherwise constitute a legal or equitable discharge of a surety
      or
      guarantor. This Guaranty shall be in addition to any other guaranty or other
      security for the Obligations, and it shall not be prejudiced or rendered
      unenforceable by the invalidity of any such other guaranty or security. The
      liability of each Guarantor hereunder shall in no way be affected or impaired
      by
      any acceptance by the Secured Parties of any direct or indirect security for,
      or
      other guaranties of, the Obligations or any other indebtedness, liability or
      obligations of the Borrower, any Guarantor or other Person to any Secured Party
      or by any failure, delay, neglect or omission of any Secured Party to realize
      upon or protect any Obligations or any such other indebtedness, liability or
      obligation or any notes or other instruments evidencing the same or any direct
      or indirect security therefor, or by any approval, consent, waiver or other
      action taken or omitted to be taken by any Secured Party. Upon any default
      by
      the Borrower in the payment and performance of the Obligations (and after the
      expiration of any applicable grace period provided in the Credit Agreement),
      the
      liabilities and obligations of the Guarantors hereunder shall, at the option
      of
      the Required Banks, become forthwith due and payable to the Secured Parties
      without demand or notice of any nature, all of which are expressly waived by
      each Guarantor; provided
      that if
      any Event of Default specified in clause (g) or (h) of Section 6.01 of the
      Credit Agreement occurs, without any notice to any Guarantor or any other act
      by
      any Secured Party, the liabilities and obligations of the Guarantors hereunder
      shall automatically become immediately due and payable without presentment,
      demand, protest or other notice of any kind, all of which are hereby waived
      by
      the Guarantors. Payments by the Guarantors, or any of them, hereunder may be
      required by the Secured Parties on any number of occasions.

    

    3. No
      Impairment.
      Each
      Guarantor agrees that its obligations hereunder shall not be impaired, modified,
      changed, released or limited in any manner whatsoever by any impairment,
      modification, change, release or limitation of liability of the Borrower or
      its
      estate by reason of the commencement of any case, proceeding or other action
      seeking reorganization, arrangement, adjustment, liquidation, dissolution or
      composition of the Borrower or its property under any law relating to
      bankruptcy, insolvency, reorganization, relief of debtors or seeking appointment
      of a receiver, trustee, custodian or similar official for the Borrower or for
      all or part of its property.

    

    4. Guarantors’
      Further Agreement to Pay.
      Each
      Guarantor further agrees to pay to the Secured Parties forthwith upon demand,
      in
      funds immediately available to the Secured Parties, all costs and expenses
      (including court costs and reasonable attorneys’ fees) incurred or expended by
      the Secured Parties in connection with the enforcement of this
      Guaranty.

    

    5. Termination
      of Guaranty.
      It is
      the intention hereof that the Guarantors shall remain liable under this Guaranty
      until all of the Obligations have been fully paid and performed notwithstanding
      any act, omission or thing (except payment to, or express, written waiver,
      release or

     

    
      
        WCSR
          2170871v1

         

      

      
        2

        
          

        

      

      
         

      

       

      consent
        by, the Secured Parties) which might otherwise operate as a legal or equitable
        discharge of the Guarantors. Notwithstanding anything contained herein to
        the
        contrary, each Guarantor agrees that to the extent all or any part of any
        payment of any of the Obligations previously received by any Secured Party
        pursuant to the Credit Agreement or any Loan Document or otherwise is
        subsequently invalidated, voided, declared to be fraudulent or preferential,
        set
        aside, recovered, rescinded or is required to be retained by or repaid to
        a
        trustee, receiver, or any other person under any bankruptcy code, common
        law, or
        equitable cause, or otherwise required to be returned by any Secured Party
        for
        any reason, whether by court order, administrative order or settlement, this
        Guaranty and the obligation or part thereof intended to be satisfied shall
        be
        revived and reinstated and continued in full force and effect as to each
        Guarantor’s obligations hereunder, and each Guarantor agrees that it shall
        immediately pay to such Secured Party the amount of such payment,
        notwithstanding any termination of this Guaranty or any cancellation of the
        Credit Agreement or the Notes. 

    

    

    6. Security;
      Setoff.
      Each
      Guarantor hereby grants to the Secured Parties, as security for the full and
      punctual payment and performance of such Guarantor’s obligations hereunder, a
      continuing lien on and security interest in all deposits and other sums credited
      by or due from any Secured Party to the Guarantor or subject to withdrawal
      by
      the Guarantor. Regardless of the adequacy of any collateral or other means
      of
      obtaining repayment of the Obligations, any Secured Party may at any time upon
      or after the occurrence of any Event of Default, and without notice to any
      Guarantor, set off the whole or any portion or portions of any or all such
      deposits and other sums credited by or due from any Secured Party to a Guarantor
      or subject to withdrawal by a Guarantor against amounts payable under this
      Guaranty, whether or not any other person or persons could also withdraw money
      therefrom. Each Guarantor agrees, to the fullest extent it may effectively
      do so
      under applicable law, that any holder of a participation in a Note, whether
      or
      not acquired pursuant to the terms of the Credit Agreement, may exercise rights
      of set-off or counterclaim and other rights with respect to such participation
      as fully as if such holder of a participation were a direct creditor of the
      Guarantor in the amount of such participation. 

    

    7. Secured
      Parties’ Freedom to Deal with Borrower and Other Parties.
      The
      Secured Parties shall be at liberty, without giving notice to or obtaining
      the
      assent of the Guarantors, or any of them, and without relieving any Guarantor
      of
      any liability hereunder, to deal with the Borrower and with each other party
      who
      is now, or after the date hereof becomes, liable in any manner for any of the
      Obligations (including, without limitation, any co-guarantor), in such manner
      as
      the Secured Parties in their sole discretion deem fit and to this end each
      Guarantor hereby gives to the Secured Parties full authority in their sole
      discretion to do any or all of the following things: (a) extend credit, make
      loans and afford other financial accommodations to the Borrower or to any such
      other party at such times, in such amounts and on such terms as the Secured
      Parties may approve, (b) vary the terms and grant extensions or renewals of
      any
      present or future indebtedness or obligation of the Borrower or of any such
      other party to the Secured Parties, (c) grant extensions of time, waivers and
      other indulgences in respect thereof, (d) vary, exchange, release or discharge,
      wholly or partially, or delay in or abstain from perfecting and enforcing any
      security or guaranty or other means of obtaining payment of any of the
      Obligations or any liability under this Guaranty, which security or guaranty
      the
      Secured Parties now have or acquire after the date hereof, (e) accept partial
      payments from the Borrower or such other party, (f) release or discharge, wholly
      or partially, any endorser or guarantor, and (g) compromise or make any
      settlement or other arrangement with the Borrower or any such other
      party.

    

    8. Representations
      and Warranties of Guarantors.
      To
      induce the Banks to extend credit to the Borrower, each Guarantor represents
      and
      warrants to the Secured Parties that all representations and warranties relating
      to it contained in the Credit Agreement are true and correct.

     

    
      
        WCSR
          2170871v1

         

      

      
        3

        
          

        

      

      
         

      

    

     

    9. Covenants.
      Each
      Guarantor covenants and agrees that, from the date hereof and until payment
      in
      full of the Obligations, such Guarantor shall, unless the Agent otherwise
      consents in writing, comply with all of the covenants contained in the Credit
      Agreement (as it may be amended from time to time) as applicable to such
      Guarantors and shall deliver to the Secured Parties:

    

    (i) within
      five Business Days after such Guarantor becomes aware of the occurrence of
      any
      Default or Event of Default, a certificate of a principal financial officer
      or a
      principal accounting officer of such Guarantor setting forth the details thereof
      and the action which the Guarantor is taking or proposes to take with respect
      thereto; and

    

    (ii) from
      time
      to time, such additional information regarding the financial position or
      business of such Guarantor as any Secured Party may reasonably request.

    

    10. Events
      of Default.
      Each of
      the following shall constitute an “Event of Default” hereunder: 

    

    (a) Failure
      of any Guarantor to pay on demand by any Secured Party any principal of,
      premium, if any, or interest on the Obligations after the same shall become
      due,
      whether by acceleration or otherwise; 

    

    (b) Failure
      of any Guarantor to observe or perform any of its covenants, conditions or
      agreements under this Guaranty (other than set forth in paragraph (a) above)
      for
      a period of thirty (30) days after notice specifying such failure and requesting
      that it be remedied is given by the Agent to such Guarantor;

    

    (c) Any
      representation, warranty, certification or statement made by any Guarantor
      in
      any certificate, financial statement or other document delivered pursuant to
      this Guaranty shall prove to have been incorrect in any material respect when
      made; or

    

    (d) The
      Borrower shall at any time fail to own, directly or indirectly, 100% or more
      of
      the issued and outstanding shares of voting stock of any Guarantor; provided,
      that an Event of Default shall not occur if the Borrower ceases to own 100%
      of
      the issued and outstanding shares of voting stock of a Guarantor as a result
      of
      the Borrower’s sale of one hundred percent (100%) of the capital stock of such
      Guarantor in accordance with and to the extent permitted by the terms of Section
      5.11 of the Credit Agreement.

    

    Whenever
      any Default or Event of Default shall have occurred, the Agent (if requested
      by
      the Required Banks) may declare the entire unpaid principal of, premium, if
      any,
      and interest on the Obligations to be immediately due and payable without
      presentation, demand, protest and notice of any kind, all of which are hereby
      expressly waived; provided
      that if
      any Event of Default specified in clause (g) or (h) of Section 6.01 of the
      Credit Agreement occurs, without any notice to any Guarantor or any other act
      by
      any Secured Party, the liabilities and obligations of the Guarantors hereunder
      shall automatically become immediately due and payable without presentment,
      demand, protest or other notice of any kind, all of which are hereby waived
      by
      the Guarantors. As used herein, the term “Default” means any condition or event
      which constitutes an Event of Default or which with the giving of notices or
      lapse of time or both would, unless cured or waived, become an Event of
      Default.

    

    No
      failure or delay by any Secured Party to exercise any right, power or privilege
      hereunder shall operate as a waiver of any such right, power or privilege nor
      shall any single or partial

     

    
      
        WCSR
          2170871v1

         

      

      
        4

        
          

        

      

      
         

      

       

      exercise
        of any right, power or privilege preclude any other or further exercise thereof.
        The rights and remedies herein provided are cumulative and not exclusive
        of any
        rights or remedies provided by law. 

    

    

    11. Waivers
      by Guarantors.
      Each
      Guarantor hereby waives: (a) acceptance or notice of acceptance of this Guaranty
      by the Secured Parties; (b) notice of any action taken or omitted by the Secured
      Parties in reliance hereon; (c) any duty on the part of any Secured Party to
      disclose to the Guarantors, or any of them, any facts it may now or hereafter
      know regarding the Borrower or any other Guarantor; (d) notice of presentment
      and demand for payment or performance of any of the Obligations; (e) protest
      and
      notice of dishonor or of default to the Guarantors, or any of them, or to any
      other party with respect to the payment or performance of the Obligations hereby
      guaranteed; (f) any and all other notices whatsoever from any Secured Party
      to
      which the Guarantors, or any of them, might otherwise be entitled; and (g)
      any
      requirement that any Secured Party be diligent or prompt in making demands
      hereunder, giving notice of any default by the Borrower or asserting any other
      right of any Secured Party hereunder. Each Guarantor also irrevocably waives,
      to
      the fullest extent permitted by law, and agrees not to assert or take advantage
      of any and all defenses which at any time may be available in respect of such
      Guarantor’s obligations to the Secured Parties hereunder by virtue of: (i) the
      statute of limitations in any action hereunder or for the collection or the
      performance of any of the Obligations; (ii) the incapacity, lack of authority,
      death or disability of any Guarantor or any other person or entity, or the
      failure of any Secured Party to file or enforce a claim against the estate
      (either in administration, bankruptcy, or any other proceeding) of the Borrower,
      any Guarantor or any other person or entity; (iii) the failure of any Secured
      Party to give notice of any action or non-action on the part of any other person
      whomsoever, in connection with any of the Obligations; (iv) an election of
      remedies by any Secured Party which destroys or otherwise impairs any
      subrogation rights of the Guarantors, or any of them, the right of a Guarantor
      to proceed against the Borrower for reimbursement, or the right of a Guarantor
      to seek contribution from any co-guarantor, or all or any combination of such
      rights; (v) the failure of any Secured Party to commence an action against
      the
      Borrower, any Guarantor, or any other Person; (vi) any homestead exemption,
      valuation, stay, moratorium law or other similar law now or hereafter in effect;
      (vii) any defense based on lack of due diligence by any Secured Party in
      collection, protection or realization upon any collateral securing the
      Obligations; (viii) any and all rights the Guarantors, or any of them, may
      now
      or hereafter have arising under N.C. Gen. Stat. §26-7; (ix) the amendment of,
      supplement to or waiver of any provision of the Credit Agreement, the Notes
      or
      any other Loan Documents, (x) the failure of any Guarantor to receive any
      benefit from or as a result of its execution, delivery and performance of this
      Guaranty; and (xi) any other legal or equitable defenses whatsoever to which
      the
      Guarantors, or any of them, might otherwise be entitled.

    

    12. No
      Contest with Secured Parties.
      So long
      as any Obligation remains unpaid or undischarged, no Guarantor will, by paying
      any sum recoverable hereunder (whether or not demanded by any Secured Party)
      or
      by any means or on any other ground, claim any right of subrogation with respect
      to any of the Obligations guaranteed hereby or to any collateral now or
      hereafter granted to secure the Obligations or claim any setoff or counterclaim
      against the Borrower in respect of any liability of the Guarantors, or any
      of
      them, to the Borrower or of the Borrower to the Guarantors, or any of them,
      or,
      in proceedings under any federal or state bankruptcy code or insolvency
      proceedings of any nature, proceed in competition with any Secured Party in
      respect of payment hereunder or be entitled to have the benefit of any
      counterclaim or proof of claim or dividend or payment by or on behalf of the
      Borrower or the benefit of any other security for any Obligation which, now
      or
      hereafter, any Secured Party may hold or in which it may have any
      share.

    

    13. Remedies
      Cumulative.
      Each
      right, privilege, power and remedy of the Secured Parties under this Guaranty,
      the Credit Agreement, the Notes or any other Loan Document, or under any other
      instrument of any other party securing or guaranteeing any of the Obligations
      or
      under applicable

     

    
      
        WCSR
          2170871v1

         

      

      
        5

        
          

        

      

      
         

      

       

      laws
        shall be cumulative and concurrent and the exercise of any one or more of
        them
        shall not preclude the simultaneous or later exercise by the Secured Parties
        of
        any or all such other rights, privileges, powers and
        remedies.

    

    

    14. Demands
      and Notices.
      All
      notices, requests and other communications to the parties hereunder shall be
      in
      writing and shall be given (i) to a Guarantor in care of the Borrower at the
      address for the Borrower set forth in the Credit Agreement, (ii) to the Agent
      at
      its address set forth in the Credit Agreement; and (iii) to the respective
      Banks
      at their respective addresses set forth in the Credit Agreement. All notices
      shall be given in the manner specified in the Credit Agreement

    

    15. Amendments,
      Waiver, Etc.
      No
      provision of this Guaranty can be changed, waived, discharged or terminated
      except by an instrument in writing signed by the Agent and each Guarantor and
      consented to by the Banks as required by the Credit Agreement. No course of
      dealing or delay or omission on the part of any party in exercising any right
      shall operate as a waiver thereof or otherwise be prejudicial
      thereto.

    

    16. Counterparts.
      This
      Guaranty may be executed in any number of counterparts. Each of the counterparts
      will be considered an original, and all counterparts constitute but one and
      the
      same instrument.

    

    17. Pari
      Passu Obligations.
      Each
      Guarantor warrants and represents that payment obligations and liabilities
      of
      such Guarantor under this Guaranty shall at all times rank pari passu with
      all
      other unsecured and unsubordinated payment obligations and liabilities
      (including contingent obligations and liabilities) of such Guarantor (other
      than
      those which are mandatorily preferred by laws or regulations of general
      application). Each Guarantor shall assure that the representation set forth
      herein is true and correct at all times.

    

    18. Indemnity.
      Each
      Guarantor agrees to indemnify the Secured Parties against, and hold the Secured
      Parties harmless from, any loss, cost, charge, expense (including reasonable
      attorneys’ fees), claims, demands, suits, damages, penalties, taxes, fines,
      levies and assessments which may be asserted or imposed against, or suffered
      or
      incurred by, any Secured Party as a direct or indirect result of any
      representation or warranty of the Borrower in the Credit Agreement or of the
      Guarantors herein being untrue or inaccurate in any respect or as a direct
      or
      indirect result of the failure by the Borrower or any Guarantor to observe,
      perform or comply with any of its respective covenants, undertakings or
      obligations set forth in the Credit Agreement, this Guaranty or any other Loan
      Document.

    

    19. Financial
      Information.
      The
      liability of each Guarantor under this Guaranty shall be reflected in the
      consolidated financial statements (or the notes thereto) of the Borrower and
      its
      Subsidiaries in accordance with GAAP.

    

    20. Miscellaneous
      Provisions.
      This
      Guaranty is intended to take effect as a sealed instrument to be governed by
      and
      construed in accordance with the laws of the State of North Carolina (but not
      including the choice of law rules thereof). This Guaranty shall bind the
      successors and assigns of each Guarantor and shall inure to the benefit of
      the
      Secured Parties, their successors and assigns. All words used herein shall
      be
      deemed to refer to the singular, plural, masculine, feminine or neuter as the
      identity of the person or entity may require. The descriptive headings of the
      several paragraphs of this Guaranty are inserted for convenience only and do
      not
      constitute a part of this Guaranty.

    

    21.
      Additional
      Guarantors.
      Pursuant to Section 5.22 of the Credit Agreement, certain Subsidiaries acquired
      or organized after the Closing Date are required to enter into this Guaranty
      as
      a

     

    
      
        WCSR
          2170871v1

         

      

      
        6

        
          

        

      

      
         
Guarantor
        upon becoming a Subsidiary. Upon execution and delivery, after the date hereof,
        by the Agent and such Subsidiary of an instrument in form and substance
        satisfactory to the Agent, such Subsidiary shall become a Guarantor hereunder
        with the same force and effect as if originally named as a Guarantor herein.
        The
        execution and delivery of any instrument adding an additional Guarantor as
        a
        party to this Guaranty shall not require the consent of any other Guarantor
        hereunder. The rights and obligations of each Guarantor hereunder shall remain
        in full force and effect notwithstanding the addition of any new Guarantor
        as a
        party to this Guaranty.

    

    

    22.
      Waiver
      of Jury Trial; Consent to Jurisdiction.
      The
      Guarantors (a) and each of the Banks and the Agent irrevocably waive, to the
      fullest extent permitted by law, any and all right to trial by jury in any
      legal
      proceeding arising out of this Guaranty, any of the other Loan Documents, or
      any
      of the transactions contemplated hereby or thereby, (b) submit to personal
      jurisdiction in the State of North Carolina, the courts thereof and the United
      States District Courts sitting therein, for the enforcement of this Guaranty
      and
      the other Loan Documents, (c) waive any and all personal rights under the law
      of
      any jurisdiction to object on any basis (including, without limitation,
      inconvenience of forum) to jurisdiction or venue within the State of North
      Carolina for the purpose of litigation to enforce this Guaranty or the other
      Loan Documents, and (d) agree that service of process may be made upon any
      Guarantor in the manner prescribed in Section 9.01 of the Credit Agreement
      for
      the giving of notice to the Borrower. Nothing herein contained, however, shall:
      (i) prevent the Agent from bringing any action or exercising any rights against
      any security and against any Guarantor personally, and against any assets of
      any
      Guarantor, within any other state or jurisdiction; or (ii) affect the right
      to
      serve legal process in any other manner permitted by law.

    

    23.
      Arbitration;
      Preservation and Limitation of Remedies.
      (a)
      Upon demand of any party hereto, whether made before or after institution of
      any
      judicial proceeding, any dispute, claim or controversy arising out of, connected
      with or relating to this Guaranty or any other Loan Document (“Disputes”)
      between or among the Borrower, its Subsidiaries, the Agent, any Guarantor and
      the Banks, or any of them, shall be resolved by binding arbitration as provided
      herein. Institution of a judicial proceeding by a party does not waive the
      right
      of that party to demand arbitration hereunder. Disputes may include, without
      limitation, tort claims, counterclaims, claims brought as class actions, claims
      arising from documents executed in the future, disputes as to whether a matter
      is subject to arbitration, or claims arising out of or connected with the
      transactions contemplated by this Guaranty and the other Loan Documents.
      Arbitration shall be conducted under and governed by the Commercial Financial
      Disputes Arbitration Rules (the “Arbitration Rules”) of the American Arbitration
      Association (the “AAA”), as in effect from time to time, and the Federal
      Arbitration Act, Title 9 of the U.S. Code, as amended. All arbitration hearings
      shall be conducted in the city in which the principal office of the Agent is
      located. A hearing shall begin within ninety (90) days of demand for arbitration
      and all hearings shall be concluded within 120 days of demand for arbitration.
      These time limitations may not be extended unless a party shows cause for
      extension and then for no more than a total of sixty (60) days. The expedited
      procedures set forth in Rule 51 et seq. of the Arbitration Rules shall be
      applicable to claims of less than $1,000,000. All applicable statutes of
      limitation shall apply to any Dispute. A judgment upon the award may be entered
      in any court having jurisdiction. The panel from which all arbitrators are
      selected shall be comprised of licensed attorneys selected from the Commercial
      Financial Dispute Arbitration Panel of the AAA. The single arbitrator selected
      for expedited procedure shall be a retired judge from the highest court of
      general jurisdiction, state or federal, of the state where the hearing will
      be
      conducted. The parties do not waive applicable federal or state substantive
      law
      except as provided herein.

    

    (b) Notwithstanding
      the preceding binding arbitration provisions, the parties hereto agree to
      preserve, without diminution, certain remedies that any party hereto may employ
      or exercise

     

    
      
        WCSR
          2170871v1

         

      

      
        7

        
          

        

      

      
         

      

       

      freely,
        either alone, in conjunction with or during a Dispute. Any party hereto shall
        have the right to proceed in any court of proper jurisdiction or by self-help
        to
        exercise or prosecute the following remedies, as applicable: (i) obtaining
        provisional or ancillary remedies, including injunctive relief, sequestration,
        garnishment, attachment, appointment of a receiver and filing an involuntary
        bankruptcy proceeding; and (ii) when applicable, a judgment by confession
        of
        judgment. Any claim or controversy with regard to any party’s entitlement to
        such remedies is a Dispute. Preservation of these remedies does not limit
        the
        power of an arbitrator to grant similar remedies that may be requested by
        a
        party in a Dispute. The parties hereto agree that no party shall have a remedy
        of punitive or exemplary damages against any other party in any Dispute,
        and
        each party hereby waives any right or claim to punitive or exemplary damages
        that it has now or that may arise in the future in connection with any Dispute,
        whether such Dispute is resolved by arbitration or judicially. The parties
        acknowledge that by agreeing to binding arbitration they have irrevocably
        waived
        any right they may have to a jury trial with regard to a Dispute. The Guarantors
        agree to pay the reasonable fees and expenses of counsel to the Agent and
        the
        Banks in connection with any Dispute subject to arbitration as provided
        herein.

    

    

    

    [Remainder
      of this page intentionally left blank]

    
      
         

        WCSR
          2170871v1

         

      

      
        8

        
          

        

      

      
         

      

    

    

    IN
      WITNESS WHEREOF, each Guarantor has executed this Guaranty as of the day and
      year first above written.

    

    GUARANTORS:

    

                            OUTBACK
      STEAKHOUSE OF
      FLORIDA, INC., a Florida corporation

    

    

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

    Dirk
      A.
      Montgomery, Chief Financial Officer

    

                            CARRABBA’S
      ITALIAN
      GRILL, INC., a Florida corporation

    

    

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

    Dirk
      A.
      Montgomery, Chief Financial Officer

    

                            OUTBACK
      STEAKHOUSE
      INTERNATIONAL, INC., a Florida corporation

    

    

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

    Dirk
      A.
      Montgomery, Chief Financial Officer

    

                            OS
      CAPITAL, INC., a
      Delaware corporation

    

    

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

    Dirk
      A.
      Montgomery, Chief Financial Officer

    

                            OS
      PACIFIC, INC., a
      Florida corporation

    

    

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

    Dirk
      A.
      Montgomery, Chief Financial Officer

    

                            OS
      PRIME, INC., a
      Florida corporation

    

    

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

    Dirk
      A.
      Montgomery, Chief Financial Officer

     

    
      
        WCSR
          2170871v1

         

      

      
        9

        
          

        

      

      
         

      

    

    

                            OS
      TROPICAL, INC., a
      Florida corporation

    

    

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

    Dirk
      A.
      Montgomery, Chief Financial Officer

    

                            BONEFISH
      GRILL, INC.,
      a Florida corporation

    

    

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

    Dirk
      A.
      Montgomery, Chief Financial Officer

     

     

     

    
WCSR
      2170871v1

    10

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