Document:

exv4w1

 

Exhibit 4.1

          THIRD SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of March 14, 2007,
among Buffets, Inc., a Minnesota corporation (or its permitted successor) (the “Company”), Buffets
Franchise Holdings, LLC, a Minnesota limited liability company, as the Additional Subsidiary
Guarantor (the “Additional Subsidiary Guarantor”) and U.S. Bank National Association, as Trustee
under the Indenture (the “Trustee”).

WITNESSETH:

          WHEREAS the Company, Parent and the Subsidiary Guarantors have heretofore executed and
delivered to the Trustee an Indenture, dated as of November 1, 2006 (as amended, the
“Indenture”), providing for the issuance of 121/2% Senior Notes due 2014 (the “Securities”);

          WHEREAS, Section 4.10 and Section 10.06 of the Indenture provide that under certain
circumstances the Company will cause the Additional Subsidiary Guarantor to execute and deliver to
the Trustee a guaranty agreement pursuant to which the Additional Subsidiary Guarantor will
Guarantee payment of the Securities on the same terms and conditions as those set forth in Article
10 of the Indenture; and

          WHEREAS, pursuant to Section 9.01(iv) of the Indenture, the Trustee and the Company are
authorized to execute and deliver this Supplemental Indenture.

          NOW THEREFORE, in consideration of the foregoing and for good and valuable consideration, the
receipt of which is hereby acknowledged, the Company, the Additional Subsidiary Guarantor and the
Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the
Securities as follows:

          SECTION 1. Capitalized Terms. Capitalized terms used herein but not defined shall
have the meanings assigned to them in the Indenture.

          SECTION 2. Guarantees. The Additional Subsidiary Guarantor hereby agrees, jointly
and severally with all other Guarantors, to guarantee the Company’ obligations under the Securities
on the terms and subject to the conditions set forth in Article 10 of the Indenture and to be bound
by all other applicable provisions of the Indenture as a Subsidiary Guarantor.

          SECTION 3. Ratification of Indenture; Supplemental Indentures Part of Indenture.
Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all
the terms, conditions and provisions thereof shall remain in full force and effect. This
Supplemental Indenture shall form a part of the Indenture for all purposes, and every holder of
Securities heretofore or hereafter authenticated and delivered shall be bound hereby.

          SECTION 4. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

          SECTION 5. Trustee Makes No Representation. The Trustee makes no representation as
to the validity or sufficiency of this Supplemental Indenture.

 

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          SECTION 6. Counterparts. The parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent
the same agreement.

          SECTION 7. Effect of Headings. The Section headings herein are for convenience only
and shall not effect the construction of this Supplemental Indenture.

 

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          IN WITNESS WHEREOF, the parties have caused this Supplemental Indenture to be duly executed as
of the date first written above.

	 	 	 	 	 
	 	BUFFETS, INC.,

 	 
	 	by  	
/s/ R. Michael Andrews, Jr.
 	 
	 	 	Name:  	R. Michael Andrews, Jr. 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	BUFFETS FRANCHISE HOLDINGS, LLC

 	 
	 	by  	
/s/ R. Michael Andrews, Jr.
 	 
	 	 	Name:  	R. Michael Andrews, Jr. 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee

 	 
	 	by  	/s/ Richard Prokosch
 	 
	 	 	Name:  	Richard Prokosch 	 
	 	 	Title:  	Vice Presidentexv10w1

 

Exhibit 10.1

     EXECUTION COPY

     AMENDMENT AGREEMENT dated as of March 13, 2007 (this “Agreement”), to
the Credit Agreement dated as of November 1, 2006 (the “Existing Credit
Agreement”), among BUFFETS, INC., a Minnesota corporation (the
“Borrower”), BUFFETS HOLDINGS, INC., a Delaware corporation
(“Holdings”), the Subsidiaries identified on Annex I (the “Subsidiary
Guarantors” and, together with Holdings, the “Reaffirming Parties”), the
lenders party thereto (the “Lenders”), and CREDIT SUISSE, as
administrative agent for the Lenders (in such capacity, the
“Administrative Agent”), as collateral agent for the Lenders (in such
capacity, the “Collateral Agent”), and as PF Fronting Lender (as defined
in the Restated Credit Agreement referred to below).

          A. Pursuant to the Existing Credit Agreement, the Lenders have extended, and have agreed to
extend, credit to the Borrower.

          B. The Borrower has requested that the Existing Credit Agreement be amended and restated in
the form of the Restated Credit Agreement and otherwise amended as set forth herein.

          C. The Borrower, Holdings, the Subsidiary Guarantors and the Collateral Agent have entered
into the Guarantee and Collateral Agreement dated as of November 1, 2006 (the “Guarantee and
Collateral Agreement”), pursuant to which, among other things, Holdings and the Subsidiary
Guarantors guaranteed the obligations of the Borrower under the Existing Credit Agreement and
provided security therefor.

          D. Each Reaffirming Party is willing to reaffirm its obligations under the Guarantee and
Collateral Agreement and the other Security Documents (as defined in the Existing Credit
Agreement).

          E. Capitalized terms used but not defined herein shall have the meanings given them in the
amended and restated Credit Agreement attached hereto as Exhibit A (the “Restated Credit
Agreement”).

          Accordingly, the parties hereto hereby agree as follows:

          SECTION 1. Amendment and Restatement of the Existing Credit Agreement. The Borrower, the PF
Fronting Lender, the Administrative Agent and the Required Lenders agree that the Existing Credit
Agreement shall be amended and
restated on the Restatement Date such that, on the Restatement Date, the terms set forth in
Exhibit A hereto shall replace and supersede the terms of the Existing Credit Agreement. As used
in the Restated Credit Agreement, the terms “Agreement”, “this Agreement”, “herein”, “hereinafter”,
“hereto”, “hereof” and words of similar import shall, unless the context otherwise requires, from
and after the replacement of the terms of the Existing Credit Agreement by the terms of the
Restated Credit Agreement, mean the Restated Credit Agreement. As used in any other Loan Document,
from and after the

 

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replacement of the terms of the Existing Credit Agreement by the terms of the Restated Credit
Agreement, all references to the Credit Agreement shall, unless the context otherwise requires,
mean the Restated Credit Agreement.

          SECTION 2. Further Amendment. If this Agreement becomes effective as set forth in Section 10
hereof and each PF Lender and each Term Lender (in each case, after giving effect to any
assignments made on or prior to the Restatement Date, whether pursuant to Section 2.21(a)(iv) of
the Restated Credit Agreement or otherwise) has executed a signature page to this Agreement, then
without any further action the Restated Credit Agreement shall be amended as follows:

     (a) the definition of the term “Applicable Percentage” set forth in Section 1.01 of the
Restated Credit Agreement shall be amended and restated in its entirety to read as follows:

     ““Applicable Percentage” shall mean, for any day, (a) with respect to any Eurodollar
Revolving Loan, 3.25%, (b) with respect to any ABR Revolving Loan, 2.25%, (c) with respect
to any PF L/C Loan held by the PF Fronting Lender in its capacity as such, zero, and (d)
with respect to any Eurodollar Term Loan or any Eurodollar PF L/C Loan held by a PF Lender
in its capacity as such, or ABR Term Loan or any ABR PF L/C Loan held by a PF Lender in its
capacity as such, as the case may be, the applicable percentage set forth below under the
caption “Eurodollar Spread — Term Loans/PF L/C Loans” or “ABR Spread — Term Loans/PF L/C
Loans”, as the case may be, based upon the Leverage Ratio as of the relevant date of
determination:

	 	 	 	 	 	 	 	 	 
	 	 	Eurodollar Spread —	 	ABR Spread —
	Leverage	 	Term Loans/ PF L/C	 	Term Loans/ PF L/C
	Ratio	 	Loans	 	Loans
	 
	 	 	 	 	 	 	 	 
	Category 1

	 	 	3.00	%	 	 	2.00	%
	Greater than or equal
to 5.00 to 1.00
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Category 2

	 	 	2.75	%	 	 	1.75	%
	Less than 5.00 to 1.00
and greater than or
equal to 4.00 to 1.00
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Category 3

	 	 	2.50	%	 	 	1.50	%
	Less than 4.00 to 1.00
	 	 	 	 	 	 	 	 

Each change in the Applicable Percentage resulting from a change in the Leverage Ratio
shall be effective with respect to all Term Loans and PF L/C Loans outstanding on and after
the date of delivery to the Administrative Agent of

 

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the financial statements and certificates required by Section 5.04(a) or (b) and Section
5.04(c), respectively, indicating such change until the date immediately preceding the next
date of delivery of such financial statements and certificates indicating another such
change. Notwithstanding the foregoing, until the Borrower shall have delivered the
financial statements and certificates required by Section 5.04(b) and Section 5.04(c),
respectively, for the period ended on or around March 31, 2007, the Leverage Ratio shall be
deemed to be in Category 2 for purposes of determining the Applicable Percentage. In
addition, (a) at any time during which the Borrower has failed to deliver the financial
statements and certificates required by Section 5.04(a) or (b) and Section 5.04(c),
respectively, or (b) at any time after the occurrence and during the continuance of an
Event of Default, the Leverage Ratio shall be deemed to be in Category 1 for purposes of
determining the Applicable Percentage.”

     (b) A new Section 2.25 of the Restated Credit Agreement shall be added to read as follows:

     “SECTION 2.25. Repricing Protection. In the event that on or prior to the first
anniversary of the Restatement Date, any Term Lender or PF Lender (each an “Affected
Lender”) receives a Repricing Prepayment (as defined below), then, at the time thereof, the
Borrower shall pay to such Affected Lender a prepayment premium equal to 1.0% of the amount
of such Repricing Prepayment. As used herein, with respect to any Affected Lender, a
“Repricing Prepayment” is the amount of principal of the Term Loans, PF L/C Loans and
Credit-Linked Deposits of such Affected Lender that is either (a) prepaid by the Borrower
pursuant to Section 2.12 (or, in the case of the Credit-Linked Deposits, by the
Administrative Agent pursuant to Section 2.09(c) following a reduction or termination of
the PF L/C Commitments by the Borrower pursuant to Section 2.09(b)) substantially
concurrently with the incurrence by Holdings or any of its subsidiaries of new term loans
(whether pursuant to Incremental Term Loan Commitments or otherwise) or pre-funded credit
facilities, in each case that have interest rate margins lower than the Applicable
Percentages then in effect for the Term Loans, PF L/C Loans or Credit-Linked Deposits so
prepaid (other than in the case of a refinancing in connection with a Change in Control) or
(b) received by such Affected Lender as a result of the mandatory assignment of such Term
Loans, PF L/C Loans or PF L/C Commitments in the circumstances described in Section
2.21(a)(iv) following the failure of such Affected Lender to consent to an amendment of
this Agreement that would have the effect of reducing any of the Applicable Percentages
with respect to such Term Loans, PF L/C Loans or related Credit-Linked Deposits (other than
in the case of a refinancing in connection with a Change in Control).”

          SECTION 3. Reaffirmation. Each Reaffirming Party, by its signature below, hereby (a) agrees
that, notwithstanding the effectiveness of this Agreement or the
Restated Credit Agreement, the Guarantee and Collateral Agreement and each of the other
Security Documents (as defined in the Existing Credit Agreement) continue to be in full force and
effect, (b) affirms and confirms its Guarantee of the Obligations and the

 

 

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pledge of and/or grant of a security interest in its assets as Collateral to secure such
Obligations, all as provided in the Guarantee and Collateral Agreement and the other Security
Documents as originally executed, and acknowledges and agrees that such Guarantee, pledge and/or
grant continue in full force and effect in respect of, and to secure, the Obligations under the
Restated Credit Agreement and the other Loan Documents, and (c) affirms and confirms that all the
representations and warranties made by or relating to it contained in the Restated Credit
Agreement and the other Loan Documents are true and correct in all material respects on and as of
the Restatement Date, except to the extent such representations and warranties expressly relate to
an earlier date.

          SECTION 4. Representations and Warranties. To induce the other parties hereto to enter into
this Agreement, each of Holdings and the Borrower represents and warrants to each of the other
parties hereto, that, at the time of and immediately after giving effect to this Agreement, (a) the
representations and warranties contained in Article III of the Restated Credit Agreement and in
each other Loan Document are true and correct in all material respects on and as of the Restatement
Date, except to the extent such representations and warranties expressly relate to an earlier date,
and (b) no Event of Default or Default has occurred and is continuing.

          SECTION 5. Applicable Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED
BY THE LAWS OF THE STATE OF NEW YORK.

          SECTION 6. No Novation. Neither this Agreement nor the effectiveness of the Restated Credit
Agreement shall extinguish the obligations for the payment of money outstanding under the Existing
Credit Agreement or discharge or release the Lien or priority of any Loan Document or any other
security therefor or any guarantee thereof. Nothing herein contained shall be construed as a
substitution or novation of the Obligations outstanding under the Existing Credit Agreement or
instruments guaranteeing or securing the same, which shall remain in full force and effect, except
as modified hereby or by instruments executed concurrently herewith. Nothing expressed or implied
in this Agreement, the Restated Credit Agreement or any other document contemplated hereby or
thereby shall be construed as a release or other discharge of the Borrower under the Existing
Credit Agreement or the Borrower or any other Loan Party under any Loan Document (as defined in the
Existing Credit Agreement) from any of its obligations and liabilities thereunder. The Existing
Credit Agreement and each of the other Loan Documents (as defined in the Existing Credit Agreement)
shall remain in full force and effect, until and except as modified hereby. This Agreement shall
constitute a Loan Document for all purposes of the Existing Credit Agreement and the Restated
Credit Agreement.

          SECTION 7. Notices. All notices hereunder shall be given in accordance with the provisions of
Section 9.01 of the Restated Credit Agreement.

          SECTION 8. Counterparts. This Agreement may be executed in counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an original but all of
which when taken together shall constitute a single

 

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contract, and shall become effective as provided in Section 10 hereof. Delivery of an executed
signature page to this Agreement by facsimile transmission shall be as effective as delivery of a
manually signed counterpart of this Agreement.

          SECTION 9. Headings. Section headings used herein are for convenience of reference only, are
not part of this Agreement and are not to affect the construction of, or to be taken into
consideration in interpreting, this Agreement.

          SECTION 10. Effectiveness; Amendment. This Agreement and the Restated Credit Agreement shall
become effective as of the Restatement Date on the date on which the Administrative Agent (or its
counsel) shall have received counterparts of this Agreement that, when taken together, bear the
signatures of (a) the Borrower, (b) Holdings, (c) the Subsidiary Guarantors, (d) the PF Fronting
Lender, (e) the Administrative Agent and (f) the Required Lenders (as defined in the Existing
Credit Agreement).

[Remainder of this page intentionally left blank]

 

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

	 	 	 	 	 
	 	BUFFETS, INC.,

 	 
	 	By  	/s/ A. Keith Wan  	 
	 	 	Name:  	A. Keith Wan 	 
	 	 	Title:  	EVP & CFO 	 
	 
	 	BUFFETS HOLDINGS, INC., 

 	 
	 	By  	/s/ A. Keith Wan  	 
	 	 	Name:  	A. Keith Wan 	 
	 	 	Title:  	EVP & CFO 	 
	 
	 	CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as a
Lender, as PF Fronting Lender and as Administrative Agent, 	 
	 	 	 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	 
	 	By  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	EACH OF THE SUBSIDIARY GUARANTORS LISTED ON
ANNEX I, 
 	 
	 	By  	/s/ A. Keith Wan  	 
	 	 	Name:  	A. Keith Wan 	 
	 	 	Title:  	Authorized Signatory 	 

 

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

	 	 	 	 	 
	 	BUFFETS, INC.,

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BUFFETS HOLDINGS, INC., 

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CREDIT SUISSE, CAYMAN
ISLANDS BRANCH, as a Lender, as PF Fronting
Lender and as Administrative Agent,

 	 
	 	By  	/s/ Robert Hetu  	 
	 	 	Name:  	ROBERT HETU 	 
	 	 	Title:  	MANAGING DIRECTOR 	 
	 	 	 
	 	By  	/s/ Denise L. Alvarez  	 
	 	 	Name:  	DENISE L. ALVAREZ 	 
	 	 	Title:  	ASSOCIATE 	 
	 
	 	EACH OF THE SUBSIDIARY GUARANTORS LISTED ON ANNEX
I,

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	Authorized Signatory 	 
	 

 

 

8

	 	 	 	 	 
	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH
13, 2007, TO THE BUFFETS, INC. CREDIT AGREEMENT

 	 
	Name of Lender  	ABN AMRO Bank N.V.  	 
	 
	 	By  	/s/ Richard Newcomb 	 
	 	 	Name:  	Richard Newcomb 	 
	 	 	Title:  	Attorney-in-fact 	 

 

 

9

	 	 	 	 	 
	Name of Lender  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC. CREDIT AGREEMENT

Grand Central Asset Trust, LMI Series
 	 
	 
	 	By  	/s/ Richard Newcomb 	 
	 	 	Name:  	Richard Newcomb 	 
	 	 	Title:  	Attorney-in-fact 	 

 

 

10
	 	 	 	 	 
	Name of Lender  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH
13, 2007, TO THE BUFFETS, INC. CREDIT AGREEMENT

CAPE BRETON FUNDING. 	 
	 
	 	By  	/s/ Neam Ahmed 	 
	 	 	Name:  	NEAM AHMED 	 
	 	 	Title:  	AUTHORIZED SIGNATORY 	 

 

 

11
	 	 	 	 	 
	

Name of Lender  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH
13, 2007, TO THE BUFFETS, INC. CREDIT AGREEMENT

Galaxy III
CLO, Ltd. 
By: AIG Global Investment Corp.,

Its Collateral Manager
 	 
	 
	 	By  	/s/ Steven S. Oh 	 
	 	 	Name:  	Steven S. Oh 	 
	 	 	Title: 	Managing Director 	 

 

 

12
	 	 	 	 	 
	

Name of Lender  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH
13, 2007, TO THE BUFFETS, INC. CREDIT AGREEMENT

Galaxy V CLO, Ltd. 

By: AIG Global Investment Corp.,

Its Collateral Manager
 	 
	 
	 	By  	/s/ Steven S. Oh 	 
	 	 	Name:  	Steven S. Oh 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

13

	 	 	 	 	 
	 	
SIGNATURE PAGE TO
AMENDMENT AGREEMENT
DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT AGREEMENT
	 
	 	 	 
	Name of Lender  	
Galaxy VI CLO, Ltd.

By: AIG Global Investment Corp.,

Its Collateral Manager
	 
	 	 	 
	 	By  	/s/ Steven S. Oh
 	 
	 	 	Name: Steven S. Oh      	 
	 	 	Title:  	 Managing Director 	 

 

 

14

	 	 	 	 	 
	 	
SIGNATURE PAGE TO
AMENDMENT AGREEMENT
DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT
AGREEMENT
	 
	 	 	 
	Name of Lender  	
Galaxy VII CLO, Ltd.

By: AIG Global Investment Corp.

As Collateral Manager
	 
	 	 	 
	 	By  	/s/ Steven S. Oh
 	 
	 	 	Name: Steven S. Oh	 
	 	 	Title:  	 Managing Director 	 

 

15

	 	 	 	 	 

	 	 	 	 	 
	 	
SIGNATURE PAGE TO
AMENDMENT AGREEMENT
DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT
AGREEMENT
	 
	 	 	 
	Name of Lender  	
Galaxy VIII CLO, Ltd.

By: AIG Global Investment Corp.,

Its Collateral Manager
	 
	 	 	 
	 	By  	/s/ Steven S. Oh
 	 
	 	 	Name: Steven S. Oh	 
	 	 	Title:  	 Managing Director 	 

 

 

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SIGNATURE PAGE TO
AMENDMENT AGREEMENT
DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT
AGREEMENT
	 
	 	 	 
	 	KZH SOLEIL-2 LLC

 	 
	 	By  	/s/ Wai Kee Lee
 	 
	 	 	Name: Wai Kee Lee 	 
	 	 	Title:  	 Authorized Agent	 

 

 

17

	 	 	 	 	 
	 	
SIGNATURE PAGE TO
AMENDMENT AGREEMENT
DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT
AGREEMENT
	 
	 	 	 
	Name of Lender  	Saturn CLO, Ltd.

By : AIG Global Investment Corp.,

Its Collateral Manager	 
	 	 	 
	 	By  	/s/ Steven S. Oh
 	 
	 	 	Name: Steven S. Oh      	 
	 	 	Title:  	 Managing Director 	 

 

 

 18

	 	 	 	 	 
	 	
SIGNATURE PAGE TO
AMENDMENT AGREEMENT
DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT
AGREEMENT
	 
	 	 	 
	Name of Lender  	
Pacifica CDO II, Ltd.	 
	 	 	 
	 	By  	/s/ Amy Adler
 	 
	 	 	Name : Amy Adler	 
	 	 	Title:    	Vice President 	 

 

 

19

	 	 	 	 	 
	 	
SIGNATURE PAGE TO
AMENDMENT AGREEMENT
DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT AGREEMENT
	 
	 	 	 
	Name of Lender  	
Pacifica CDO VI, Ltd.	 
	 	 	 
	 	By  	/s/ Amy Adler
 	 
	 	 	Name : Amy Adler	 
	 	 	Title:    	Vice President 	 

 

 

20

	 	 	 	 	 
	 	
SIGNATURE PAGE TO
AMENDMENT AGREEMENT
DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT
AGREEMENT
	 
	 	 	 
	Name of Lender  	
Westwood CDO I, Ltd.	 
	 	 	 
	 	By  	/s/ Amy Adler
 	 
	 	 	Name : Amy Adler	 
	 	 	Title:    	Vice President 	 

 

 

21

	 	 	 	 	 
	 	
SIGNATURE PAGE TO
AMENDMENT AGREEMENT
DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT
AGREEMENT
	 
	 	 	 
	Name of Lender  	
Westwood CDO II, Ltd.	 
	 	 	 
	 	By  	/s/ Amy Adler
 	 
	 	 	Name : Amy Adler	 
	 	 	Title:    	Vice President 	 

 

 

22

	 	 	 	 	 
	 	
SIGNATURE PAGE TO
AMENDMENT AGREEMENT
DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT
AGREEMENT
	 
	 	 	 
	Name of Lender  	
AIMCO CLO, Series 2005-A	 
	 	 	 
	 	By  	/s/ Ohris Goergen

 	 
	 	 	Name : OHRIS GOERGEN
	 
	 	 	Title:    	AUTHORIZED SIGNATORY	 
	 
	 	By  	/s/ Breege A. Farrell

 	 
	 	 	Name : Breege A. Farrell
	 
	 	 	Title:    	AUTHORIZED SIGNATORY	 

 

 

23

	 	 	 	 	 
	Name of Lender   	SIGNATURE PAGE TO 

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT AGREEMENT

AIMCO CLO, Series 2006-A	 
	 
	 	By  	/s/ CHRIS GOERGEN
 	 
	 	 	Name:  	CHRIS GOERGEN 	 
	 	 	Title:  	AUTHORIZED SIGNATORY 	 
	 
	 	By  	                          /s/ Breege A. Farrell
 	 
	 	 	Name:  	Breege A. Farrell 	 
	 	 	Title:  	AUTHORIZED SIGNATORY 	 

 

 

24

	 	 	 	 	 
	Name of Lender   	SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT AGREEMENT

ALLSTATE LIFE INSURANCE COMPANY 	 
	 
	 	By  	/s/ CHRIS GOERGEN
 	 
	 	 	Name:  	CHRIS GOERGEN 	 
	 	 	Title:  	AUTHORIZED SIGNATORY 	 
	 
	 	By  	                          /s/ Breege A. Farrell
 	 
	 	 	Name:  	Breege A. Farrell 	 
	 	 	Title:  	AUTHORIZED SIGNATORY 	 

 

 

25

	 	 	 	 	 
	 	SIGNATURE PAGE TO 

AMENDMENT AGREEMENT 

DATED AS OF MARCH 13, 2007, 

TO THE BUFFETS, INC. CREDIT AGREEMENT

AMMC VII, LIMITED
	 
	 	 	 	 
	 	By:  	American Money Management Corp., as Collateral Manager
 	 
	 
	 	By  	                         /s/ Chester M. Eng
 	 
	 	 	Name:  	Chester M. Eng 	 
	 	 	Title:  	Senior Vice President 	 

 

 

26

	 	 	 	 	 
	Name of Lender   	SIGNATURE PAGE TO 

AMENDMENT AGREEMENT 

DATED AS OF MARCH 13, 2007, 

TO THE BUFFETS, INC. CREDIT AGREEMENT

ANCHORAGE CROSSOVER CREDIT FINANCE, LTD.
	 
	 	 	 	 
	 	By:  	ANCHORAGE  ADVISORS, L.L.C., ITS INVESTMENT MANAGER
 	 
	 
	 	By  	                           /s/ MICHAEL AGLIALORO
 	 
	 	 	Name:  	MICHAEL AGLIALORO 	 
	 	 	Title:    Executive Vice President 	 

 

 

27

	 	 	 	 	 
	Name of Lender   	SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT AGREEMENT

AVENUE CLO FUND, LIMITED

AVENUE CLO II, LIMITED 

AVENUE CLO III, LIMITED

AVENUE CLO V, LIMITED
	 
	 
	 	By  	/s/ RICHARD D ADDARIO
 	 
	 	 	Name:  	RICHARD D ADDARIO 	 
	 	 	Title:  	SENIOR PORTFOLIO MANAGER 	 
	 

 

 

28

	 	 	 	 	 
	

Name of Lender   	SIGNATURE PAGE TO 

AMENDMENT AGREEMENT 

DATED AS OF MARCH 13, 2007, 

TO THE BUFFETS, INC. CREDIT AGREEMENT

Sankaty Advisors, LLC as Collateral 

Manager for AVERY POINT CLO,

LTD., as Term Lender	 
	 
	 	By  	/s/ Alan K. Halfenger
 	 
	 	 	Name:  	Alan K. Halfenger 	 
	 	 	Title:  	Chief Compliance Officer

Assistant Secretary 	 

 

 

29

	 	 	 	 	 
	

Name of Lender   	SIGNATURE PAGE TO 

AMENDMENT AGREEMENT 

DATED AS OF MARCH 13, 2007, 

TO THE BUFFETS, INC. CREDIT AGREEMENT

Sankaty Advisors, LLC as Collateral 

Manager for Castle Hill I —

INGOTS. Ltd., as Term Lender	 
	 
	 	By  	/s/ Alan K. Halfenger
 	 
	 	 	Name:  	Alan K. Halfenger 	 
	 	 	Title:  	Chief Compliance Officer

Assistant Secretary 	 

 

 

30

	 	 	 	 	 

	 	 	 	 	 
	

Name of Lender   	SIGNATURE PAGE TO 

AMENDMENT AGREEMENT 

DATED AS OF MARCH 13, 2007, 

TO THE BUFFETS, INC. CREDIT AGREEMENT

Sankaty Advisors, LLC as Collateral 

Manager for Castle Hill II —

INGOTS. Ltd., as Term Lender	 
	 
	 	By  	/s/ Alan K. Halfenger
 	 
	 	 	Name:  	Alan K. Halfenger 	 
	 	 	Title:  	Chief Compliance Officer

Assistant Secretary 	 

 

 

31

	 	 	 	 	 
	

Name of Lender   	SIGNATURE PAGE TO 

AMENDMENT AGREEMENT 

DATED AS OF MARCH 13, 2007, 

TO THE BUFFETS, INC. CREDIT AGREEMENT

Sankaty Advisors, LLC as Collateral 

Manager for Castle Hill III CLO.

Limited, as Term Lender	 
	 
	 	By  	/s/ Alan K. Halfenger
 	 
	 	 	Name:  	Alan K. Halfenger 	 
	 	 	Title:  	Chief Compliance Officer

Assistant Secretary 	 

 

 

32

	 	 	 	 	 
	

Name of Lender   	SIGNATURE PAGE TO 

AMENDMENT AGREEMENT 

DATED AS OF MARCH 13, 2007, 

TO THE BUFFETS, INC. CREDIT AGREEMENT

Chatham Light II CLO, Limited, by

Sankaty Advisors LLC, as Collateral

Manager	 
	 
	 	By  	/s/ Alan K. Halfenger
 	 
	 	 	Name:  	Alan K. Halfenger 	 
	 	 	Title:  	Chief Compliance Officer

Assistant Secretary 	 
	 

 

 

33

	 	 	 	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	Name of Lender   	 	Chatham Light III CLO, Ltd	 	 
	 	 	By:	 	Sankaty Advisors, LLC

as Collateral Manager	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By	 	/s/ Alan K. Halfenger	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Alan K. Halfenger	 	 
	 

	 	 	 	Title:
	 	Chief Compliance Officer

Assistant Secretary	 	 

 

 

34

	 	 	 	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	Name of Lender   	 	Katonah III, Ltd. by Sankaty Advisors LLC as Sub-Advisors	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By	 	/s/ Alan K. Halfenger	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Alan K. Halfenger	 	 
	 

	 	 	 	Title:
	 	Chief Compliance Officer

Assistant Secretary	 	 

 

 

35

	 	 	 	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	Name of Lender   	 	Katonah IV, Ltd. by Sankaty Advisors, LLC as Sub-Advisors	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By	 	/s/ Alan K. Halfenger	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Alan K. Halfenger	 	 
	 

	 	 	 	Title:
	 	Chief Compliance Officer

Assistant Secretary	 	 

 

 

36

	 	 	 	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	Name of Lender   	 	Sankaty Advisors, LLC as Collateral Manager for

Loan Funding XI LLC, As Term Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By	 	/s/ Alan K. Halfenger	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Alan K. Halfenger	 	 
	 

	 	 	 	Title:
	 	Chief Compliance Officer

Assistant Secretary	 	 

 

 

37

	 	 	 	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	Name of Lender   	 	Sankaty Advisors, LLC as Collateral Manager for Nash Point CLO,
Limited, as Collateral Manager	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By	 	/s/ Alan K. Halfenger	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Alan K. Halfenger	 	 
	 

	 	 	 	Title:
	 	Chief Compliance Officer

Assistant Secretary	 	 

 

 

38

	 	 	 	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	Name of Lender   	 	Nash Point II CLO	 	 
	 	 	By:	 	Sankaty Advisors LLC, 
as Collateral Manager	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By	 	/s/ Alan K. Halfenger	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Alan K. Halfenger	 	 
	 

	 	 	 	Title:
	 	Chief Compliance Officer

Assistant Secretary	 	 

 

 

39 

	 	 	 	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	Name of Lender   	 	Sankaty Advisors, LLC as Collateral Manager for Race Point CLO,
Limited, as Term Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By	 	/s/ Alan K. Halfenger	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Alan K. Halfenger	 	 
	 

	 	 	 	Title:
	 	Chief Compliance Officer

Assistant Secretary	 	 

 

 

40 

	 	 	 	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	Name of Lender   	 	Sankaty Advisors, LLC as Collateral Manager for Race Point II CLO,
Limited, as Term Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By	 	/s/ Alan K. Halfenger	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Alan K. Halfenger	 	 
	 

	 	 	 	Title:
	 	Chief Compliance Officer

Assistant Secretary	 	 

 

 

41 

	 	 	 	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	Name of Lender   	 	Sankaty Advisors, LLC as Collateral Manager for Race Point III CLO, Limited, as Term Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By	 	/s/ Alan K. Halfenger	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Alan K. Halfenger	 	 
	 

	 	 	 	Title:
	 	Chief Compliance Officer

Assistant Secretary	 	 

 

 

42 

	 	 	 	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	Name of Lender   	 	Race Point IV CLO, Ltd	 	 
	 	 	By:	 	Sankaty Advisors, LLC 
as Collateral Manager	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By	 	/s/ Alan K. Halfenger	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Alan K. Halfenger	 	 
	 

	 	 	 	Title:
	 	Chief Compliance Officer

Assistant Secretary	 	 

 

 

43 

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT
 AGREEMENT

Name of Lender  Sankaty High Yield Partners II, L.P.

	 	 	 	 	 
	 	 	 
	 	By  	                            /s/ Alan K. Halfenger
 	 
	 	 	Name:  	Alan K. Halfenger      	 
	 	 	Title:  	Chief Compliance Officer

Assistant Secretary 	 
	 

 

 

44 

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT
 AGREEMENT

Name of Lender  WATERVILLE FUNDING LLC

	 	 	 	 	 
	 	 	 
	 	By  	                                 /s/ M. Cristina Higgins
 	 
	 	 	Name:  	M. Cristina Higgins      	 
	 	 	Title:  	Assistant Vice President 	 

 

 

45 

	 	 	 	 	 

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

 AGREEMENT

Name of Lender  Blue Mountain CLO II Ltd

	 	 	 	 	 
	 	 	 
	 	By  	                                    /s/ Kimberly Reina
 	 
	 	 	Name:  	Kimberly Reina 	 
	 	 	Title:  	Associate 	 
	 

 

 

46 

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

 AGREEMENT

Name of Lender  Blue Mountain CLO III Ltd

	 	 	 	 	 
	 	 	 
	 	By  	                                    /s/ Kimberly Reina
 	 
	 	 	Name:  	Kimberly Reina 	 
	 	 	Title:  	Associate 	 
	 

 

 

47 

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT
 AGREEMENT

Name of Lender  Blue Mountain CLO Ltd

	 	 	 	 	 
	 	 	 
	 	By  	                                    /s/ Kimberly Reina
 	 
	 	 	Name:  	Kimberly Reina 	 
	 	 	Title:  	Associate 	 

 

 

48 

	 	 	 	 	 

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT
 AGREEMENT

Name of Lender  Canyon Capital CLO 2004-1 Ltd. &

Canyon Capital CLO 2006-1 Ltd.

	 	 	 	 	 
	 	 	 
	 	By  	                                   /s/ Michael Leyland
 	 
	 	 	Name:  	Michael Leyland 	 
	 	 	Title:  	Authorized Signatory 	 

 

 

49 

	 	 	 	 	 

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT

Name of Lender  Carlyle Capital Investment Limited

	 	 	 	 	 
	 	 	 
	 	By  	                                    /s/ Linda Pace
 	 
	 	 	Name:  	Linda Pace 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

50 

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT

Name of Lender  Carlyle High Yield Partners IV, Ltd.

	 	 	 	 	 
	 	 	 
	 	By  	                                    /s/ Linda Pace
 	 
	 	 	Name:  	Linda Pace 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

51 

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT

Name of Lender  Carlyle High Yield Partners VI, Ltd.

	 	 	 	 	 
	 	 	 
	 	By  	                                    /s/ Linda Pace
 	 
	 	 	Name:  	Linda Pace 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

52 

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT

Name of Lender  Carlyle High Yield Partners VII, Ltd

	 	 	 	 	 
	 	 	 
	 	By  	                                    /s/ Linda Pace
 	 
	 	 	Name:  	Linda Pace 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

53 

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT

Name of Lender  Carlyle High Yield Partners VIII, Ltd

	 	 	 	 	 
	 	 	 
	 	By  	                                    /s/ Linda Pace
 	 
	 	 	Name:  	Linda Pace 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

54 

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT

Name of Lender  Carlyle High Yield Partners IX, Ltd.

	 	 	 	 	 
	 	 	 
	 	By  	                                    /s/ Linda Pace
 	 
	 	 	Name:  	Linda Pace 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

55 

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT

Name of Lender  Carlyle High Yield Partners X, Ltd.

	 	 	 	 	 
	 	 	 
	 	By  	                                    /s/ Linda Pace
 	 
	 	 	Name:  	Linda Pace 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

56 

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT

Name of Lender  Carlyle Loan Investment, Ltd.

	 	 	 	 	 
	 	 	 
	 	By  	                                    /s/ Linda Pace
 	 
	 	 	Name:  	Linda Pace 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

57 

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT

Name of Lender  Carlyle Loan Opportunity Fund

	 	 	 	 	 
	 	 	 
	 	By  	                                    /s/ Linda Pace
 	 
	 	 	Name:  	Linda Pace 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

58 

	 	 	 	 	 
	 	SIGNATURE PAGE TO 

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT
	 
	Name of Lender  	Del Mar CLO I, Ltd. 	 
	 	By:  	 Caywood-Scholl Capital Management
 	 
	 	 	As Collateral Manager 	 
	 
	 	By:  	/s/ James Pott
 	 
	 	 	Name:  	James Pott 	 
	 	 	Title:  	Co-Director of Operations 	 
	 

 

 

59 

	 	 	 	 	 
	 	SIGNATURE PAGE TO 

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT
 	 
	 
	Name of Lender  	WatchTower CLO I PLC	 
	 	By:  	 Citadel Limited Partnership, Collateral Manager
 	 
	 	By:  	Citadel Investment Group L.L.C., its General Partner
 	 
	 	 	 
	 	By:  	/s/ Erica L Tarpey
 	 
	 	 	Name:  	Erica L Tarpey 	 
	 	 	Title:  	Authorized Signatory 	 

 

 

60 

	 	 	 	 	 
	 	SIGNATURE PAGE TO 

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT
 	 
	 
	Name of Lender:  	REGATTA FUNDING LTD.	 
	 	By:  	Citigroup Alternative Investments LLC, attorney-in-fact
 	 
	 	 	 
	 	By:  	/s/ Roger Yee
 	 
	 	 	Name:  	Roger Yee	 
	 	 	Title:  	VP 	 

 

 

61 

	 	 	 	 	 
	 	SIGNATURE PAGE TO 

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT
 	 
	 
	Name of Lender  	CITIBANK, N.A.	 
	 
	 	By:  	/s/ CHRISTINE M. KANICKI
 	 
	 	 	Name:  	CHRISTINE M. KANICKI	 
	 	 	Title:  	Attorney-In-Fact 	 

 

 

62 

	 	 	 	 	 
	 	SIGNATURE PAGE TO 

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT
 	 
	 
	Name of Lender  	Shinnecock CLO-2006, LTD.	 
	 
	 	By:  	/s/ David Spring
 	 
	 	 	Name:  	David Spring	 
	 	 	Title:  	Director of Operations 	 

 

 

63 

	 	 	 	 	 
	 	SIGNATURE PAGE TO 

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT
	 
	Name of Lender  	HYPO PUBLIC FINANCE BANK	 
	 
	 	By:  	/s/ Cynthia Grey-Inciong
 	 
	 	 	Name:  	Cynthia Grey-Inciong 	 
	 	 	Title:  	Authorized Signatory 	 
	 
	 	 	 
	 	By:  	                            /s/ Steven Schantz
 	 
	 	 	Name:  	Steven Schantz 	 
	 	 	Title:  	Authorized Signatory 	 

 

 

64 

	 	 	 	 	 
	 	SIGNATURE PAGE TO 

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT
	 
	Name of Lender  	CIFC Funding 2007 - I, LTD.	 
	 	CIFC Funding 2007 - II, LTD.	 
	 
	 	By:  	

/s/ Steve Vaccaro
 	 
	 	 	Name:  	Steve Vaccaro 	 
	 	 	Title:  	Chief Credit Officer 	 

 

 

65 

	 	 	 	 	 
	 	SIGNATURE PAGE TO 

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT
	 
	Name of Lender  	Credit Suisse International	 
	 
	 	By:  	/s/ DAVID THOMPSON
 	 
	 	 	Name:  	DAVID THOMPSON 	 
	 	 	Title:  	MANAGING DIRECTOR 	 

 

 

66 

	 	 	 	 	 

	 	 	 	 	 
	 	SIGNATURE PAGE TO 

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT
	 
	Name of Lender  	Duane Street CLO, III, Ltd. 	 
	 	By:  	DiMaio Ahmad Capital LLC,	 
	 	  	As Collateral Manager	 
	 
	 	By:  	/s/ Paul Travers
 	 
	 	 	Name:  	Paul Travers 	 
	 	 	Title:  	Managing Director 	 

 

 

67 

	 	 	 	 	 
	 	SIGNATURE PAGE TO 

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT
	 
	Name of Lender  	Longerity Funding CLO I, LTD	 
	 
	 	By:  	                            /s/ Thomas H. Chow
 	 
	 	 	Name:  	Thomas H. Chow 	 
	 	 	Title:  	Senior Vice President Portfolio Manager 	 
	 

 

 

68 

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT

Aurum CLO 2002-1

By: Deutsche Investment Management Americas, Inc.

(as successor in interest to Deutsche Asset Management, Inc),

As Sub-adviser

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Eric S. Meyer
 	 
	 	 	Eric S. Meyer, Director 	 
	 	 	 	 
	 	 	 
	 	By:  	/s/ John E. Thierfelder
 	 
	 	 	John E. Thierfelder, Vice President 	 
	 	 	 	 

 

 

69 

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT

Flagship CLO III

By: Deutsche Investment Management Americas, Inc.

(as successor in interest to Deutsche Asset Management, Inc),

As Sub-adviser

	 	 	 	 	 
	 	 	 
	 	By:  	                                     /s/ Eric S. Meyer
 	 
	 	 	Eric S. Meyer, Director 	 
	 	 	 	 
	 	By:  	                                     /s/ John E. Thierfelder
 	 
	 	 	John E. Thierfelder, Vice President 	 
	 	 	 	 
	 

 

 

70 

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT

Flagship CLO IV

By: Deutsche Investment Management Americas, Inc.

(as successor in interest to Deutsche Asset Management, Inc),

As Sub-adviser

	 	 	 	 	 
	 	By:  	                                     /s/ Eric S. Meyer
 	 
	 	 	Eric S. Meyer, Director 	 
	 	 	 
	 	By:  	                                     /s/ John E. Thierfelder
 	 
	 	 	John E. Thierfelder, Vice President 	 
	 	 	 	 
	 

 

 

71 

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT

Flagship CLO V

By: Deutsche Investment Management Americas, Inc.

(as successor in interest to Deutsche Asset Management, Inc),

	 	 	 	 	 
	 	By:  	                                     /s/ Eric S. Meyer
 	 
	 	 	Eric S. Meyer, Director 	 
	 	 	 	 
	 	By:  	                                     /s/ John E. Thierfelder
 	 
	 	 	John E. Thierfelder, Vice President 	 
	 	 	 	 
	 

 

 

72 

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT

Flagship CLO VI

By: Deutsche Investment Management Americas, Inc.
 (as successor in interest to Deutsche Asset Management, Inc),

	 	 	 	 	 
	 	By:  	                                     /s/ Eric S. Meyer
 	 
	 	 	Eric S. Meyer, Director 	 
	 	 	 
	 	By:  	                                     /s/ John E. Thierfelder
 	 
	 	 	John E. Thierfelder, Vice President 	 
	 	 	 	 
	 

	 	 	 	 	 

 

 

73 

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT

	 	 	 	 	 
	Name of Lender  	Eaton Vance CDO IX Ltd. 	 
	 	By:  	Eaton Vance Management as Investment Advisor
 	 
	 	 	 	 
	 	By  	/s/ Michael B. Botthof
 	 
	 	 	Name:  	Michael B. Botthof      	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 

 

 

74 

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT

	 	 	 	 	 
	Name of Lender  	Eaton Vance CDO VII PLC 	 
	 	By:  	Eaton Vance Management
 as Interim Investment Advisor
 	 
	 	 	 	 
	 	By  	/s/ Michael B. Botthof
 	 
	 	 	Name:  	Michael B. Botthof      	 
	 	 	Title:  	Vice President 	 
	 

 

 

75 

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT

	 	 	 	 	 
	Name of Lender  	Eaton Vance CDO VIII, Ltd. 	 
	 	By:  	Eaton Vance Management
 As Investment Advisor
 	 
	 
	 	By  	/s/ Michael B. Botthof
 	 
	 	 	Name:  	Michael B. Botthof      	 
	 	 	Title:  	Vice President 	 
	 

 

 

76 

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT

	 	 	 	 	 
	Name of Lender  	Eaton Vance CDO X PLC 	 
	 	By:  	Eaton Vance Management
 As Investment Advisor
 	 
	 
	 	By  	/s/ Michael B. Botthof
 	 
	 	 	Name:  	Michael B. Botthof      	 
	 	 	Title:  	Vice President 	 
	 

 

 

77 

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT

	 	 	 	 	 
	Name of Lender  	Eaton Vance CDO XI, LTD 	 
	 	By:  	Eaton Vance Management
 As Investment Advisor
 	 
	 
	 	By  	/s/ Michael B. Botthof
 	 
	 	 	Name:  	Michael B. Botthof      	 
	 	 	Title:  	Vice President 	 
	 

 

 

78 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	SIGNATURE PAGE TO
AMENDMENT AGREEMENT
DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT
AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Name of Lender	 	Eaton Vance Credit
Opportunities Fund

By: Eaton Vance Management

       As Investment Advisor	 	 
	 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By
	 	/s/ Michael B. Botthof	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name: Michael B. Botthof

Title: Vice President	 	 

 

 

79 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	SIGNATURE PAGE TO
AMENDMENT AGREEMENT
DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT
AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	EATON VANCE FLOATING-RATE

INCOME TRUST

BY: EATON VANCE MANAGEMENT

AS INVESTMENT ADVISOR	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Name of Lender	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By
	 	/s/ Michael B. Botthof	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name: Michael B. Botthof

Title: Vice President	 	 

 

 

80 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	SIGNATURE PAGE TO
AMENDMENT AGREEMENT
DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT
AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Name of Lender	 	EATON VANCE INSTITUTIONAL SENIOR LOAN FUND

BY: EATON VANCE MANAGEMENT

       AS INVESTMENT ADVISOR	 	 
	 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By
	 	/s/ Michael B. Botthof	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name: Michael B. Botthof

Title: Vice President	 	 

 

 

81

	 	 	 	 	 	 	 	 	 
	 	 	 	 	SIGNATURE PAGE TO
AMENDMENT AGREEMENT
DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT
AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Name of Lender   	EATON VANCE

LIMITED DURATION INCOME FUND

BY: EATON VANCE MANAGEMENT

AS INVESTMENT ADVISOR	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By
	 	/s/ Michael B. Botthof	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name: Michael B. Botthof

Title: Vice President	 	 

 

 

82

	 	 	 	 	 	 	 	 	 
	 	 	 	 	SIGNATURE PAGE TO
AMENDMENT AGREEMENT
DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT
AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	    Name of Lender   	EATON VANCE SENIOR

FLOATING-RATE TRUST

BY: EATON VANCE MANAGEMENT

AS INVESTMENT ADVISOR	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By
	 	/s/ Michael B. Botthof	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name: Michael B. Botthof

Title: Vice President	 	 

 

 

83

	 	 	 	 	 	 	 	 	 
	 	 	 	 	SIGNATURE PAGE TO
AMENDMENT AGREEMENT
DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT
AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Name of Lender  	EATON VANCE SENIOR INCOME TRUST

BY: EATON VANCE MANAGEMENT

       AS INVESTMENT ADVISOR	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 		 	 	 	 	 	 
	 

	 	 	 	By
	 	/s/ Michael B. Botthof	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name: Michael B. Botthof

Title:   Vice President	 	 

 

 

84

	 	 	 	 	 	 	 	 	 
	 	 	 	 	SIGNATURE PAGE TO
AMENDMENT AGREEMENT
DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT
AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Name of Lender 	 	EATON VANCE SHORT DURATION

DIVESIFIED INCOME FUND

BY: EATON VANCE MANAGEMENT

       AS INVESTMENT ADVISOR	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 		 	 	 	 	 	 
	 

	 	 	 	By
	 	/s/ Michael B. Botthof	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name: Michael B. Botthof

Title:   Vice President	 	 

 

 

85

	 	 	 	 	 	 	 	 	 
	 	 	 	 	SIGNATURE PAGE TO
AMENDMENT AGREEMENT
DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT
AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Name of Lender	 	Eaton Vance Variable

Leverage Fund Ltd.

By: Eaton Vance Management

       As Investment Advisor	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 
	 

	 	 	 	By
	 	/s/ Michael B. Botthof	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:  Michael B. Botthof

Title:    Vice President	 	 

 

 

86

	 	 	 	 	 	 	 	 	 
	 	 	 	 	SIGNATURE PAGE TO
AMENDMENT AGREEMENT
DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT
AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Name of Lender	 	EATON VANCE

VT FLOATING-RATE INCOME FUND

BY: EATON VANCE MANAGEMENT

       AS INVESTMENT ADVISOR	 	 
	 

	 

	 	 	 	By
	 	/s/ Michael B. Botthof	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name: Michael B. Botthof

Title: Vice President	 	 

 

 

87

	 	 	 	 	 	 	 	 	 
	 	 	 	 	SIGNATURE PAGE TO
AMENDMENT AGREEMENT
DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT
AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Name of Lender	 	GRAYSON & CO

BY: BOSTON MANAGEMENT AND RESEARCH
AS INVESTMENT ADVISOR	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 
	 

	 	 	 	By
	 	/s/ Michael B. Botthof	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:  Michael B. Botthof

Title:    Vice President	 	 

 

 

88

	 	 	 	 	 
	
Name of Lender  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC.
CREDIT AGREEMENT

SENIOR DEBT PORTFOLIO 

By: Boston Management and Research 

       as Investment Advisor

 	 
	 	By  	/s/ Michael B. Botthof
 	 
	 	 	Name:  	Michael B. Botthof 	 
	 	 	Title:  	Vice President 	 

 

89

	 	 	 	 	 

	 	 	 	 	 
	

Name of Lender  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC.
CREDIT AGREEMENT

ALL YOU CAN EAT TRUST 

By: Wilmington Trust Company, 

        not in its individual capacity,

        but solely as owner trustee under the

        Trust Agreement dated November 1, 2006.

 	 
	 	By  	/s/  Joseph B. Feil
 	 
	 	 	Name:  	Joseph B. Feil 	 
	 	 	Title:  	Assistant Vice President 	 

 

 

90
	 	 	 	 	 

	 	 	 	 	 
	Name of Lender  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT

Feingold O’Keeffe Credit Fund CBNA Loan Funding LLC
	 
	 
	 	By  	/s/  Patrick Reichart
 	 
	 	 	Name:  	Patrick Reichart 	 
	 	 	Title:  	Attorney-in-fact 	 

 

 

91
	 	 	 	 	 

	 	 	 	 	 
	Name of Lender  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC.
CREDIT AGREEMENT

Feingold O’Keeffe CUI	 
	 
	 	By  	/s/ NEAM AHMED
 	 
	 	 	Name:  	NEAM AHMED      	 
	 	 	Title:  	AUTHORIZED SIGNATORY 	 

 

 

92
	 	 	 	 	 

	 	 	 	 	 
	Name of Lender  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT

Fortress Credit Funding I LP	 
	 
	 	By  	/s/ Glenn P. Cummins
 	 
	 	 	Name:  	Glenn P. Cummins 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

 

 

93
	 	 	 	 	 

	 	 	 	 	 
	Name of Lender  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT

Fortress Credit Funding II LP	 
	 
	 	By  	/s/ Glenn P. Cummins
 	 
	 	 	Name:  	Glenn P. Cummins 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

 

 

94

	 	 	 	 	 

	 	 	 	 	 
	Name of Lender  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT

Fortress Credit Investments II LTD.	 
	 
	 	By  	/s/ Glenn P. Cummins
 	 
	 	 	Name:  	Glenn P. Cummins 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

 

 

95

	 	 	 	 	 

	 	 	 	 	 
	Name of Lender  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT

Fortress Credit Investments I LTD.	 
	 
	 	By  	/s/ Glenn P. Cummins
 	 
	 	 	Name:  	Glenn P. Cummins 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

 

 

96

	 	 	 	 	 

	 	 	 	 	 
	

Name of Lender  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT

	 
	 
	 	By  	/s/	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

97
	 	 	 	 	 

	 	 	 	 	 
	Name of Lender  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT

FRASER SULLIVAN CLO I LTD. 	 
	 
	 	By  	/s/ JOHN W. FRASER
 	 
	 	 	Name:  	JOHN W. FRASER	 
	 	 	Title:  	MANAGING PARTNER	 
	 

 

 

98

	 	 	 	 	 
	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC. CREDIT
AGREEMENT
 	 
	Name of Lender  	FRASER SULLIVAN CLO II LTD.

 	 
	 	By  	/s/ John W. Fraser
 	 
	 	 	Name:  	JOHN W. FRASER
 	 
	 	 	Title:  	MANAGING PARTNER	 

 

 

99
	 	 	 	 	 
	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC. CREDIT
AGREEMENT
 	 
	Name of Lender  	FRASER SULLIVAN CREDIT STRATEGIES
FUNDING CLO

 	 
	 	By  	/s/ John W. Fraser
 	 
	 	 	Name:  	JOHN W. FRASER
 	 
	 	 	Title:  	MANAGING PARTNER	 

 

 

100
	 	 	 	 	 
	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC. CREDIT
AGREEMENT

FM Leveraged Capital Fund II

By: GSO Capital Partners LP as Subadviser to FriedbergMilstein LLC

 	 
	 	By:  	/s/ Melissa Marano
 	 
	 	 	Name:  	Melissa Marano 	 
	 	 	Title:  	Authorized Signatory 	 
	 

 

 

101
	 	 	 	 	 
	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC. CREDIT
AGREEMENT

NAVIGATOR CDO 2003, LTD., as a Lender

 	 
	 	By:  	Antares Asset Management Inc., as Collateral Manager

 	 
	 	By:  	/s/ Kathleen Brooks
 	 
	 	 	Name:  	Kathleen Brooks	 
	 	 	Title:  	Authorized Signatory 	 
	 
	 	NAVIGATOR CDO 2004, LTD., as a Lender

 	 
	 	By:  	Antares Asset Management Inc., as Collateral Manager

 	 
	 	By:  	/s/ Kathleen Brooks
 	 
	 	 	Name:  	Kathleen Brooks	 
	 	 	Title:  	Authorized Signatory 	 
	 
	 	NAVIGATOR CDO 2006, LTD., as a Lender

 	 
	 	By:  	GE Asset Management Inc., as Collateral Manager

 	 
	 	By:  	/s/ Kathleen Brooks
 	 
	 	 	Name:  	Kathleen Brooks	 
	 	 	Title:  	Authorized Signatory 	 
	 

 

 

102

Annex I

	 	 	 	 	 
	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC. CREDIT
AGREEMENT
 	 
	Name of Lender  	General Electric Capital Corporation

 	 
	 	By  	/s/ James R. Persico
 	 
	 	 	Name:  	James R. Persico
 	 
	 	 	Title:  	Duly Authorized Signatory 	 

 

 

103
	 	 	 	 	 
	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC. CREDIT
AGREEMENT
 	 
	Name of Lender  	Goldman Sachs Asset Management CLO, Public Limited Company
 	 
	 	By:  	Goldman Sachs Asset Manager, L.P., as Manager

 	 
	 	By  	/s/ Sandra L. Stulberger
 	 
	 	 	Name:  	Sandra L. Stulberger
 	 
	 	 	Title:  	Authorized Signatory 	 

 

 

104
	 	 	 	 	 
	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC. CREDIT
AGREEMENT

280 FUNDING I
 	 
	 	By:  	/s/ GEORGE FAN
 	 
	 	 	Name:  	GEORGE FAN
 	 
	 	 	Title:  	AUTHORIZED SIGNATORY 	 

 

 

105
	 	 	 	 	 
	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC. CREDIT
AGREEMENT

Gale Force 1 CLO, Ltd. 	 
	 	By:  	GSO Capital Partners LP as Collateral Manager

 	 
	 	By:  	/s/ Melissa Marano
 	 
	 	 	Name:  	Melissa Marano
 	 
	 	 	Title:  	Authorized Signatory 	 

 

 

106
	 	 	 	 	 
	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC. CREDIT
AGREEMENT

Gale Force 3 CLO, Ltd. 	 
	 	By:  	GSO Capital Partners LP as Collateral Manager

 	 
	 	By:  	/s/ Melissa Marano
 	 
	 	 	Name:  	Melissa Marano
 	 
	 	 	Title:  	Authorized Signatory 	 

 

 

107
	 	 	 	 	 
	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC. CREDIT
AGREEMENT

Gale Force 2 CLO, Ltd. 	 
	 	By:  	GSO Capital Partners LP as Collateral Manager

 	 
	 	By:  	/s/ Melissa Marano
 	 
	 	 	Name:  	Melissa Marano
 	 
	 	 	Title:  	Authorized Signatory 	 

 

 

108

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,
 TO THE BUFFETS, INC. CREDIT

AGREEMENT

GSO DOMESTIC CAPITAL FUNDING

By: GSO Capital Partners LP as Collateral Manager

	 	 	 	 	 
	 	By:  	/s/ George Fan
 	 
	 	 	Name:  	George Fan 	 
	 	 	Title:  	Managing Director 	 

 

 

109

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT

Name of Lender Amherst CLO, Ltd

By: Highland Capital Management, L.P.

As Collateral Manager

By: Strand Advisors, Inc.,

Its General Partner

	 	 	 	 	 
	 	By  	                           /s/ Brain Lohrding
 	 
	 	 	Name:  	Brain Lohrding, 	 
	 	 	Title:  	Treasurer 
Strand Advisors, Inc.,

General Partner of
 Highland Capital Management, L.P. 	 

 

 

110

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT

Name of Lender BLUE SQUARE FUNDING LIMITED SERIES 3

By: DB Services New Jersey, Inc.

	 	 	 	 	 
	 	By:  	/s/ Deborah O’Keeffe 	 
	 	 	 Deborah O’Keeffe 	 
	 	 	Vice President 	 

	 	 	 	 	 
	 	By:  	/s/ Deirdre Whorton
 	 
	 	 	 Deirdre Whorton
 	 
	 	 	Assistant Vice President 	 
	 	 	 	 

 

 

111

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT

Name of Lender Eastland CLO, Ltd.

By: Highland Capital Management, L.P.

As Collateral Manager

By: Strand Advisors, Inc.,

Its General Partner

	 	 	 	 	 
	 	By  	                           /s/ Brain Lohrding
 	 
	 	 	Name:  	Brain Lohrding, 	 
	 	 	Title:  	 Treasurer 
Strand Advisors, Inc.,

General Partner of
 Highland Capital Management, L.P. 	 

 

 

112

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT

Name of Lender Emerald Orchard Limited

	 	 	 	 	 
	 	By  	/s/ NEAM AHMED
 	 
	 	 	Name:  	 NEAM AHMED 	 
	 	 	Title:  	AUTHORIZED SIGNATORY 	 
	 	 	 	 
	 

 

 

113 

	 	 	 	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	Name of Lender   	 	Gleneagles CLO, Ltd.	 	 
	 	 	By:	 	Highland Capital Management, L.P., As Collateral Manager	 	 
	 	 	By:	 	Strand Advisors, Inc., Its General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By	 	/s/ Brian Lohrding	 	 
	 	 	 	 	  	 	 
	 

	 	 	 	Name:
	 	Brian Lohrding,	 	 
	 

	 	 	 	Title:
	 	Treasurer 
Strand Advisors, Inc.,	 	 
	 

	 	 	 	 	 	General Partner of	 	 
	 

	 	 	 	 	 	Highland Capital Management, L.P.	 	 

 

 

114 

	 	 	 	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	Name of Lender   	 	Highland Floating Rate LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By	 	/s/ M. Jason Blackburn	 	 
	 	 	 	 	  	 	 
	 

	 	 	 	Name:
	 	M. Jason Blackburn,	 	 
	 

	 	 	 	Title:
	 	Treasurer	 	 

 

 

115 

	 	 	 	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	Name of Lender   	 	Highland Floating Rate Advantage Fund	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By	 	/s/ M. Jason Blackburn	 	 
	 	 	 	 	  	 	 
	 

	 	 	 	Name:
	 	M. Jason Blackburn,	 	 
	 

	 	 	 	Title:
	 	Treasurer	 	 

 

 

116 

	 	 	 	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007,
 TO THE BUFFETS, INC. CREDIT AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	Name of Lender   	 	Highland Loan Funding V Ltd.	 	 
	 	 	By:	 	 Highland Capital Management, L.P., As Collateral Manager	 	 
	 	 	By:	 	 Strand Advisors, Inc., Its General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By	 	/s/ Brian Lohrding	 	 
	 	 	 	 	  	 	 
	 

	 	 	 	Name:
	 	Brian Lohrding,	 	 
	 

	 	 	 	Title:
	 	Treasurer 
Strand Advisors, Inc.,	 	 
	 

	 	 	 	 	 	General Partner of	 	 
	 

	 	 	 	 	 	Highland Capital Management, L.P.	 	 

 

 

117 

	 	 	 	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	Name of Lender   	 	Jasper CLO, Ltd.	 	 
	 	 	By:	 	Highland Capital Management, L.P., As Collateral Manager	 	 
	 	 	By:	 	Strand Advisors, Inc., Its General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By	 	/s/ Brian Lohrding	 	 
	 	 	 	 	  	 	 
	 

	 	 	 	Name:
	 	Brian Lohrding,	 	 
	 

	 	 	 	Title:
	 	Treasurer 
Strand Advisors, Inc.,	 	 
	 

	 	 	 	 	 	General Partner of	 	 
	 

	 	 	 	 	 	Highland Capital Management, L.P.	 	 

 

 

118 

	 	 	 	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	Name of Lender   	 	Liberty CLO, Ltd.	 	 
	 	 	By:	 	 Highland Capital Management, L.P. 
 As Collateral Manager	 	 
	 	 	By:	 	 Strand Advisors, Inc., Its General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By	 	/s/ Brian Lohrding	 	 
	 	 	 	 	  	 	 
	 

	 	 	 	Name:
	 	Brian Lohrding,	 	 
	 

	 	 	 	Title:	 	Treasurer 
Strand Advisors, Inc.,	 	 
	 

	 	 	 	 	 	General Partner of	 	 
	 

	 	 	 	 	 	Highland Capital Management, L.P.	 	 

 

 

119 

	 	 	 	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	Name of Lender   	 	Loan Funding IV LLC	 	 
	 	 	By:	 	 Highland Capital Management, L.P., As Collateral Manager	 	 
	 	 	By:	 	 Strand Advisors, Inc., Its General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By	 	/s/ Brian Lohrding	 	 
	 	 	 	 	  	 	 
	 

	 	 	 	Name:
	 	Brian Lohrding,	 	 
	 

	 	 	 	Title:
	 	Treasurer 
Strand Advisors, Inc.,	 	 
	 

	 	 	 	 	 	General Partner of	 	 
	 

	 	 	 	 	 	Highland Capital Management, L.P.	 	 

 

 

120 

	 	 	 	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	Name of Lender   	 	Loan Funding VII LLC	 	 
	 	 	By:	 	Highland Capital Management, L.P., As Collateral Manager	 	 
	 	 	By:	 	Strand Advisors, Inc.,
Its General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By	 	/s/ Brian Lohrding	 	 
	 	 	 	 	  	 	 
	 

	 	 	 	Name:
	 	Brian Lohrding,	 	 
	 

	 	 	 	Title:
	 	Treasurer 
Strand Advisors, Inc.,	 	 
	 

	 	 	 	 	 	General Partner of	 	 
	 

	 	 	 	 	 	Highland Capital Management, L.P.	 	 

 

 

121 

	 	 	 	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	Name of Lender   	 	Loan Star State Trust	 	 
	 	 	By:	 	 Highland Capital Management, L.P., As Collateral Manager	 	 
	 	 	By:	 	Strand Advisors, Inc., Its Investment Advisor	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By	 	/s/ Brian Lohrding	 	 
	 	 	 	 	  	 	 
	 

	 	 	 	Name:
	 	Brian Lohrding,	 	 
	 

	 	 	 	Title:
	 	Treasurer 
Strand Advisors, Inc.,	 	 
	 

	 	 	 	 	 	General Partner of	 	 
	 

	 	 	 	 	 	Highland Capital Management, L.P.	 	 

 

 

122 

	 	 	 	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT	 	 
	 
	 	 	 	 	 	 	 	 
	Name of Lender   	 	Red River CLO Ltd.	 	 
	 	 	By:	 	Highland Capital Management, L.P. As Collateral Manager	 	 
	 	 	By:	 	Strand Advisors, Inc., Its General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By	 	/s/ Brian Lohrding	 	 
	 	 	 	 	  	 	 
	 

	 	 	 	Name:
	 	Brian Lohrding,	 	 
	 

	 	 	 	Title:
	 	Treasurer 
Strand Advisors, Inc.,	 	 
	 

	 	 	 	 	 	General Partner of	 	 
	 

	 	 	 	 	 	Highland Capital Management, L.P.	 	 

 

 

123 

	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT
AGREEMENT DATED AS OF MARCH 13, 2007, TO
THE BUFFETS, INC. CREDIT AGREEMENT

 	 
	 	Name of Lender  	Restoration Funding CLO, LTD

By: Highland Capital Management, L.P., As Collateral Manager

By: Strand Advisors, Inc., Its General Partner 
	 
	 	 	 
	 	 	By  	/s/ Brian Lohrding
 	 
	 	 	 	Name:  	Brian Lohrding, 	 
	 	 	 	Title:  	Treasurer

Strand Advisors, Inc.,

General Partner of

Highland Capital Management, L.P. 	 

 

 

124 

	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT
AGREEMENT 
DATED AS OF MARCH 13, 2007, TO 

THE BUFFETS, INC. CREDIT AGREEMENT

 	 
	 	Name of Lender  	Rockwall CDO II Ltd.

By: Highland Capital Management, L.P., As Collateral Manager

By: Strand Advisors, Inc., Its General Partner 
	 
	 	 	 
	 	 	By  	/s/ Brian Lohrding
 	 
	 	 	 	Name:  	Brian Lohrding, 	 
	 	 	 	Title:  	Treasurer

Strand Advisors, Inc.,

General Partner of

Highland Capital Management, L.P. 	 

 

 

125 

	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT 
DATED AS OF MARCH 13,2007, TO 

THE BUFFETS, INC. CREDIT AGREEMENT

 	 
	 	Name of Lender  	SEI Institutional Managed Trust-Enhanced Income Fund
	 
	 	 	 
	 	 	By  	/s/ M. Jason Blackburn
 	 
	 	 	 	Name:  	M. Jason Blackburn, 	 
	 	 	 	Title:  	Treasurer 	 

 

 

126 

	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT 

AGREEMENT DATED AS OF MARCH 13, 2007, TO 

THE BUFFETS, INC. CREDIT AGREEMENT

 	 
	 	Name of Lender  	Southfork CLO, LTD.

By: Highland Capital Management, L.P., As Collateral Manager

By: Strand Advisors, Inc., Its General Partner 
	 
	 	 	 
	 	 	By  	/s/ Brian Lohrding
 	 
	 	 	 	Name:  	Brian Lohrding, 	 
	 	 	 	Title:  	Treasurer

Strand Advisors, Inc.,

General Partner of

Highland Capital Management, L.P. 	 

 

 

127 

	 	 	 	 	 
	 	SIGNATURE PAGE TO AMENDMENT
AGREEMENT 
DATED AS OF MARCH 13, 2007, TO 

THE BUFFETS, INC. CREDIT AGREEMENT

AIM FLOATING RATE FUND
 	 
	 	By: 	INVESCO Senior Secured Management, Inc.

As Sub-Advisor
	 
	 	 	 
	 	By  	/s/ Scott Baskind
 	 
	 	 	Name:  	Scott Baskind 	 
	 	 	Title:  	Authorized Signatory	 

 

 

128 

	 	 	 	 	 
	 	SIGNATURE PAGE TO AMENDMENT
AGREEMENT 
DATED AS OF MARCH 13, 2007, TO 

THE BUFFETS, INC. CREDIT AGREEMENT

ALZETTE EUROPEAN CLO S.A.
 	 
	 	By: 	INVESCO Senior Secured Management, Inc.

As Collateral Manager
	 
	 	 	 
	 	By  	/s/ Scott Baskind
 	 
	 	 	Name:  	Scott Baskind 	 
	 	 	Title:  	Authorized Signatory	 

 

 

129 

	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO
THE BUFFETS, INC. CREDIT AGREEMENT
 	 
	 
	 	Name of Lender  	Atlas Loan Funding (Navigator), LLC

By: Atlas Capital Funding, Ltd.

By: Structured Asset Investors, LLC

Its Investment Manager 
	 
	 	 	 
	 	 	By  	/s/ Diana M. Himes
 	 
	 	 	 	Name:  	Diana M. Himes 	 
	 	 	 	Title:  	Vice President 	 

 

 

130

	 	 	 	 	 
	 	SIGNATURE PAGE TO AMENDMENT
AGREEMENT 
DATED AS OF MARCH 13, 2007, TO 

THE BUFFETS, INC. CREDIT AGREEMENT

AVALON CAPITAL LTD. 3
 	 
	 	By: 	INVESCO Senior Secured Management, Inc.

As Asset Manager
	 
	 	 	 
	 	By  	/s/ Scott Baskind
 	 
	 	 	Name:  	Scott Baskind 	 
	 	 	Title:  	Authorized Signatory	 

 

 

131

	 	 	 	 	 
	 	SIGNATURE PAGE TO AMENDMENT
AGREEMENT 
DATED AS OF MARCH 13, 2007, TO 

THE BUFFETS, INC. CREDIT AGREEMENT

BELHURST CLO LTD. 
 	 
	 	By: 	INVESCO Senior Secured Management, Inc.

As Collateral Manager
	 
	 	 	 
	 	By  	/s/ Scott Baskind
 	 
	 	 	Name:  	Scott Baskind 	 
	 	 	Title:  	Authorized Signatory	 

 

 

132

	 	 	 	 	 
	 	SIGNATURE PAGE TO AMENDMENT
AGREEMENT 
DATED AS OF MARCH 13, 2007, TO 

THE BUFFETS, INC. CREDIT AGREEMENT

CHAMPLAIN CLO LTD.
 	 
	 	By: 	INVESCO Senior Secured Management, Inc.

As Collateral Manager
	 
	 	 	 
	 	By  	/s/ Scott Baskind
 	 
	 	 	Name:  	Scott Baskind 	 
	 	 	Title:  	Authorized Signatory	 

 

 

133
	 	 	 	 	 
	 	SIGNATURE PAGE TO
AMENDMENT AGREEMENT
DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT AGREEMENT

CHARTER VIEW PORTFOLIO	 
	 	By:  	INVESCO Senior Secured Management, Inc.
 As Investment Advisor
 	 
	 
	 	By  	/s/ Scott Baskind
 	 
	 	 	Name:  	Scott Baskind 	 
	 	 	Title:  	Authorized Signatory 	 
	 

 

134
	 	 	 	 	 
	 	SIGNATURE PAGE TO
AMENDMENT AGREEMENT
DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT AGREEMENT

DIVERSIFIED CREDIT PORTFOLIO LTD.	 
	 	By:  	INVESCO Senior Secured Management, Inc.
 as Investment Adviser
 	 
	 
	 	By  	/s/ Scott Baskind
 	 
	 	 	Name:  	Scott Baskind 	 
	 	 	Title:  	Authorized Signatory 	 
	 

 

135
	 	 	 	 	 
	 	SIGNATURE PAGE TO 

AMENDMENT AGREEMENT 

DATED AS OF MARCH 13, 2007, 

TO THE BUFFETS, INC. CREDIT AGREEMENT

INVESCO EUROPEAN CDO I S.A.	 
	 	By:  	INVESCO Senior Secured Management, Inc.
 As Collateral Manager
 	 
	 
	 	By  	/s/ Scott Baskind
 	 
	 	 	Name:  	Scott Baskind 	 
	 	 	Title:  	Authorized Signatory 	 
	 

 

136
	 	 	 	 	 
	 	SIGNATURE PAGE TO 

AMENDMENT AGREEMENT 

DATED AS OF MARCH 13, 2007, 

TO THE BUFFETS, INC. CREDIT AGREEMENT

KATONAH V, LTD.	 
	 	By:  	INVESCO Senior Secured Management, Inc.
 As Investment Manager
 	 
	 
	 	By  	/s/ Scott Baskind
 	 
	 	 	Name:  	Scott Baskind 	 
	 	 	Title:  	Authorized Signatory 	 
	 

 

137
	 	 	 	 	 
	 	SIGNATURE PAGE TO 

AMENDMENT AGREEMENT 

DATED AS OF MARCH 13, 2007, 

TO THE BUFFETS, INC. CREDIT AGREEMENT

LIMEROCK CLO I	 
	 	By:  	INVESCO Senior Secured Management, Inc.
 As Manager
 	 
	 
	 	By  	/s/ Scott Baskind
 	 
	 	 	Name:  	Scott Baskind 	 
	 	 	Title:  	Authorized Signatory 	 
	 

 

138

	 	 	 	 	 
	 	
SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT
	 
	 
	 	LOAN FUNDING IX LLC, for itself or as agent for Corporate Loan Funding IX LLC
	 
	 	By:  	
INVESCO Senior Secured Management, Inc. As Portfolio Manager
	 
	 	 	 
	 	By  	/s/ Scott Basking
 	 
	 	 	Name : Scott Baskind 	 
	 	 	Title:  	  Authorized Signatory 	 
	 

 

139

	 	 	 	 	 
	 	
SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT
	 
	 
	 	MOSELLE CLO S.A.
	 
	 	By:  	
INVESCO Senior Secured Management, Inc.
 As Collateral Manager
	 
	 	 	 
	 	By  	/s/ Scott Baskind
 	 
	 	 	Name : Scott Baskind 	 
	 	 	Title:  	  Authorized Signatory 	 
	 

 

140

	 	 	 	 	 
	 	
SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT
	 
	 
	 	NAUTIQUE FINDING LTD.

	 
	 	By:  	
INVESCO Senior Secured Management, Inc. 
As Collateral Manager
	 
	 	 	 
	 	By  	/s/ Scott Basking
 	 
	 	 	Name : Scott Basking 	 
	 	 	Title:  	  Authorized Signatory 	 
	 

 

141

	 	 	 	 	 
	 	
SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT
	 
	 
	 	PETRUSSE EUROPEAN CLO S.A.	 
	 	By:  	
INVESCO Senior Secured Management, Inc.
 As Collateral Manager
	 
	 	 	 
	 	By  	/s/ Scott Baskind
 	 
	 	 	Name : Scott Baskind 	 
	 	 	Title:  	  Authorized Signatory 	 
	 

 

142

	 	 	 	 	 
	 	
SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT
	 
	 
	 	SARATOGA CLO I, LIMITED
	 
	 	By:  	
INVESCO Senior Secured Management, Inc. 
As the Asset Manager
	 
	 	 	 
	 	By  	/s/ Scott Baskind
 	 
	 	 	Name : Scott Baskind 	 
	 	 	Title:  	  Authorized Signatory 	 
	 

 

143

	 	 	 	 	 
	 	
SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT
	 
	 
	 	WASATCH CLO LTD
	 
	 	By:  	
INVESCO Senior Secured Management, Inc. As Portfolio Manager
	 
	 	 	 
	 	By  	/s/ Scott Baskind
 	 
	 	 	Name : Scott Baskind 	 
	 	 	Title:  	  Authorized Signatory 	 
	 

 

144

	 	 	 	 	 
	 	
SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT
	 
	 	 	 
	Name of Lender  	
CLEAR LAKE CLO, LTD.
	 
	 	 	 
	 	By  	/s/ WADE WINTER
 	 
	 	 	Name: WADE WINTER	 
	 	 	Title:    	S.V.P.	 

 

 

145

	 	 	 	 	 
	 	
SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT
	 
	 	 	 
	Name of Lender  	 	 
	 	 	 
	 	By  	/s/ Jason Boyer
 	 
	 	 	Name: Jason Boyer,	 
	 	 	Title:    	VP	 

 

 

146

	 	 	 	 	 
	 	
SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT
	 
	 	 	 
	Name of Lender  	
SKY CBNA LOAN FUNDING	 
	 	 	 
	 	By  	/s/
David Balmert
 	 
	 	 	Name: David Balmert
	 
	 	 	Title:    	Attorney in fact	 

 

 

147

	 	 	 	 	 
	 	
SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT

AGREEMENT
	 
	 	 	 
	Name of Lender  	
KINGSLAND III, LTD.,	 
	 	By:	Kingsland Capital Management, LLC, as Manager	 
	 	 	 
	 	By  	/s/ VINCENT SIINO
 	 
	 	 	Name : VINCENT SIINO
	 
	 	 	Title:    	AUTHORIZED OFFICER
	 
	 	 	 	KINGSLAND CAPITAL MANAGEMENT, LLC
	 
	 	 	 	AS MANAGER
	 

 

 

148

	 	 	 	 	 

	 	 	 	 	 
	Name of Lender  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT

PTRS CBNA Loan Funding LLC	 
	 
	 	By  	/s/ Patrick Reichart
 	 
	 	 	Name:  	Patrick Reichart
	 
	 	 	Title:  	Attorney-in-fact	 
	 

 

 

149

	 	 	 	 	 

	 	 	 	 	 
	

Name of Lender  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT

Hibiscus CBNA Loan Funding LLC, for itself or as agent for Hibiscus CFPI Loan Funding LLC	 
	 
	 	By  	/s/ Richard Newcomb
 	 
	 	 	Name:  	Richard Newcomb	 
	 	 	Title:  	Attorney-in-fact	 
	 

 

 

150

	 	 	 	 	 

	 	 	 	 	 
	Name of Lender  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT

Confluent 4 Limited	 
	 
	 	By  	Please See Following Page	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

151

	 	 	 	 	 

	 	 	 	 	 
	
LENDER:	
By: 	CONFLUENT 4 LIMITED,
As Lender
Loomis, Sayles & Company, L.P.,
As Sub-Manager
	 
	
 	By: 	Loomis, Sayles & Company, Incorporated,
Its General Partner	 
	 
	 	By  	/s/ Kevin J. Perry
 	 
	 	 	By:  	Kevin J. Perry 	 
	 	 	Title:  	Vice President 	 
	 

 

 

152

	 	 	 	 	 

	 	 	 	 	 
	Name of Lender  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT

Loomis Sayles CLO I, Ltd.	 
	 
	 	By  	Please
See Following Page
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

153

	 	 	 	 	 

	 	 	 	 	 
	  	LOOMIS SAYLES CLO I, LTD.	 
	  	By Loomis, Sayles and Company, L.P.	 
	  	
          its
collateral manager	 
	  	By Loomis, Sayles and Company, Inc.	 
	  	
          its
general partner	 
	 
	 	By:  	/s/ Kevin P. Charleston
 	 
	 	 	Name:  	Kevin P. Charleston	 
	 	 	Title:  	Executive Vice President	 
	 

 

 

154

	 	 	 	 	 

	 	 	 	 	 
	

 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT

LATITUDE CLO I, LTD	 
	 
	 	By:  	/s/ Kirk Wallace
 	 
	 	 	Name:  	Kirk Wallace	 
	 	 	Title:  	Senior Vice President	 
	 

 

 

155

	 	 	 	 	 

	 	 	 	 	 
	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT

LATITUDE CLO II, LTD	 
	 
	 	By:  	/s/ Kirk Wallace	 
	 	 	Name:  	Kirk Wallace 	 
	 	 	Title:  	Senior Vice President	 
	 

 

 

156

	 	 	 	 	 

	 	 	 	 	 
	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT

LATITUDE CLO III, LTD	 
	 
	 	By:  	/s/ Kirk Wallace	 
	 	 	Name:  	Kirk Wallace 	 
	 	 	Title:  	Senior Vice President	 
	 

 

 

157

	 	 	 	 	 

	 	 	 	 	 
	Name of Lender  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT

Jersey Street CLO, Ltd	 
	 
	 	By  	/s/ 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

158

	 	 	 	 	 
	Name of Lender   	SIGNATURE PAGE TO 

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT 
AGREEMENT

Marlborough Street CLO, Ltd	 
	 
	 	By  	/s/  	 
	 	 	Name:  	  	 
	 	 	Title:  	 	 
	 

 

 

159

	 	 	 	 	 
	Name of Lender   	SIGNATURE PAGE TO 

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT 
AGREEMENT

MFS Floating Rate High Income Fund	 
	 
	 	By  	/s/  	 
	 	 	Name:  	  	 
	 	 	Title:  	 	 
	 

 

 

160

	 	 	 	 	 
	Name of Lender   	SIGNATURE PAGE TO 

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT
 AGREEMENT

MFS Floating Rate Income Fund	 
	 
	 	By  	/s/  	 
	 	 	Name:  	  	 
	 	 	Title:  	 	 
	 

 

 

161

	 	 	 	 	 
	
Name of Lender   	SIGNATURE PAGE TO 

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT 
AGREEMENT

SEI Global Bank Loan Pool/ Highland

For the benefit of

SEI Global Investments Fund plc- The SEI Enhanced Income Fund

SEI Global Master Fund plc- The SEI Enhanced Income Fund
	 
	 
	 	By  	/s/ M. Jason Blackburn
 	 
	 	 	Name:  	M. Jason Blackburn,
	 
	 	 	Title:  	Treasurer 	 
	 

 

 

162

	 	 	 	 	 
	Name of Lender   	SIGNATURE PAGE TO 

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,

TO THE BUFFETS, INC. CREDIT AGREEMENT

Venture CDO 2002, Limited
	 
	 	By  	its investment advisor,

MJX Asset Management LLC
 	 
	 
	 	By  	/s/ Martin Davey
 	 
	 	 	Name:  	Martin Davey
	 
	 	 	Title:  	Managing Director 	 
	 

 

 

163

	 	 	 	 	 
	 	SIGNATURE PAGE TO
 AMENDMENT AGREEMENT
 DATED AS OF MARCH
13, 2007, 
TO THE BUFFETS, INC. CREDIT 
AGREEMENT	 
	 
	Name of Lender  	Venture II CDO 2002, Limited 

By its investment advisor,

MJX Asset Management LLC	 
	 	 	 
	 
	 	 	 
	 	By  	/s/ Martin Davey
 	 
	 	 	Name:  	Martin Davey 	 
	 	 	Title:  	Managing Director 	 

 

 

164

	 	 	 	 	 

	 	 	 	 	 
	 	SIGNATURE PAGE TO
 AMENDMENT AGREEMENT
DATED AS OF MARCH
13, 2007, 
TO THE BUFFETS, INC. CREDIT
 AGREEMENT	 
	 
	Name of Lender  	Venture III CDO Limited 

By its investment advisor,

MJX Asset Management LLC	 
	 	 	 
	 
	 	 	 
	 	By  	/s/ Martin Davey
 	 
	 	 	Name:  	Martin Davey 	 
	 	 	Title:  	Managing Director 	 

 

 

165

	 	 	 	 	 

	 	 	 	 	 
	 	SIGNATURE PAGE TO
 AMENDMENT AGREEMENT
 DATED AS OF MARCH
13, 2007, 
TO THE BUFFETS, INC. CREDIT 
AGREEMENT	 
	 
	Name of Lender  	Venture IV CDO Limited 

By its investment advisor,

MJX Asset Management LLC	 
	 	 	 
	 
	 	 	 
	 	By  	/s/ Martin Davey
 	 
	 	 	Name:  	Martin Davey 	 
	 	 	Title:  	Managing Director 	 

 

 

166

	 	 	 	 	 

	 	 	 	 	 
	 	SIGNATURE PAGE TO 
AMENDMENT AGREEMENT 
DATED AS OF MARCH
13, 2007,
 TO THE BUFFETS, INC. CREDIT 
AGREEMENT
 	 
	 
	Name of Lender  	Venture V CDO Limited 

By its investment advisor,

MJX Asset Management LLC
 	 
	 	 	 
	 
	 	 	 
	 	By  	/s/ Martin Davey
 	 
	 	 	Name:  	Martin Davey 	 
	 	 	Title:  	Managing Director 	 

 

 

167

	 	 	 	 	 

	 	 	 	 	 
	 	SIGNATURE PAGE TO 
AMENDMENT AGREEMENT 
DATED AS OF MARCH
13, 2007,
 TO THE BUFFETS, INC. CREDIT 
AGREEMENT	 
	 
	Name of Lender  	Venture VI CDO Limited 

By its investment advisor,

MJX Asset Management LLC	 
	 	 	 
	 
	 	 	 
	 	By  	/s/ Martin Davey
 	 
	 	 	Name:  	Martin Davey 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

168

	 	 	 	 	 
	 	SIGNATURE PAGE TO
AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT AGREEMENT

	
Name of Lender  	
Venture VII CDO Limited

By its investment advisor,

MJX Asset Management LLC

 	 
	 	By  	/s/ Martin Davey
 	 
	 	 	Name:  	Martin Davey 	 
	 	 	Title:  	Managing Director 	 

 

 

169

	 	 	 	 	 
	 	SIGNATURE PAGE TO
AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT AGREEMENT

	
Name of Lender  	
Vista Leveraged Income Fund

By its investment advisor,

MJX Asset Management LLC

 	 
	 	By  	/s/ Martin Davey
 	 
	 	 	Name:  	Martin Davey 	 
	 	 	Title:  	Managing Director 	 

 

 

170

	 	 	 	 	 
	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT 

DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC. CREDIT
AGREEMENT

	Name of Lender  	The Northwestern Mutual Life Ins. Co.

 	 
	 	By  	/s/ Steve Swanson
 	 
	 	 	Name:  	Steve Swanson 	 
	 	 	Title:  	Managing Director 	 

 

 

171

	 	 	 	 	 
	 	SIGNATURE PAGE TO 

AMENDMENT AGREEMENT 

DATED AS OF MARCH 13, 2007, 

TO THE BUFFETS, INC. CREDIT 

AGREEMENT

	Name of Lender:  	 OCM High Yield Plus Fund, L.P.

By: OCM High Yield Plus Fund GP, LLC 

Its: General Partner

 	 
	 	By: Oaktree Capital Management, LLC 

Its: Managing Member

 	 
	 	 	 
	 	By:  	/s/
 	 
	 	 	 
	 	By:  	/s/
 	 
	 	 	 	 
	 	 	 	 

 

 

172

	 	 	 	 	 
	 	SIGNATURE PAGE TO
AMENDMENT AGREEMENT
DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT
AGREEMENT

	Name of Lender  	
Atlas Loan Funding 3, LLC 

By: Atlas Capital Funding, Ltd.

By: Structured Asset Investors, LLC

Its Investment Manager

 	 
	 	By  	/s/ Diana M. Himes
 	 
	 	 	Name:  	Diana M. Himes 	 
	 	 	Title : Vice President 	 
	 

 

 

173

	 	 	 	 	 
	 	SIGNATURE PAGE TO
AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT AGREEMENT

	
Name of Lender  	HarbourView CLO 2006-1, LTD.  	 
	 
	 	By  	/s/ Jason Reuter
 	 
	 	 	Name:  	Jason Reuter 	 
	 	 	Title:  	Manager 	 

 

 

174

	 	 	 	 	 
	 	SIGNATURE PAGE TO
AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT AGREEMENT

	
Name of Lender  	HarbourView CLO IV, Ltd.  	 
	 
	 	By  	/s/ Jason Reuter
 	 
	 	 	Name:  	Jason Reuter 	 
	 	 	Title:  	Manager 	 

 

 

175

	 	 	 	 	 
	 	SIGNATURE PAGE TO
AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT AGREEMENT

	
Name of Lender  	Oppenheimer Senior Floating Rate Fund  	 
	 
	 	By  	/s/ Jason Reuter
 	 
	 	 	Name:  	Jason Reuter 	 
	 	 	Title:  	Manager 	 

 

 

176
	 	 	 	 	 
	 	SIGNATURE PAGE TO
AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT AGREEMENT

	
Name of Lender  	ORIX FINANCE CORP.  	 
	 
	 	By  	/s/ Christopher L. Smith
 	 
	 	 	Name:  	Christopher L. Smith 	 
	 	 	Title:  	Authorized Representative 	 

 

 

177
	 	 	 	 	 
	 	SIGNATURE PAGE TO
AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT AGREEMENT

	
Name of Lender  	PPM GRAYHAWK CLO, LTD.  	 
	 
	 	By  	/s/ David C. Wagner
 	 
	 	 	Name:  	David C. Wagner 	 
	 	 	Title:  	Managing Director
PPM America, Inc., as Collateral Manager 	 

 

 

178

	 	 	 	 	 
	 	SIGNATURE PAGE TO
AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT AGREEMENT

	
Name of Lender  	PPM MONARCH BAY FUNDING LLC  	 
	 
	 	By  	/s/ M. Cristina Higgins
 	 
	 	 	Name:  	M. Cristina Higgins 	 
	 	 	Title:  	Assitant Vice President 	 

 

 

179

	 	 	 	 	 
	 	SIGNATURE PAGE TO
AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT AGREEMENT

	
Name of Lender  	SERVES 2006-1, Ltd.  	 
	 
	 	By  	/s/ David C. Wagner
 	 
	 	 	Name:  	David C. Wagner 	 
	 	 	Title:  	Managing Director
PPM America, Inc., as Collateral Manager 	 

 

 

180

	 	 	 	 	 
	 	SIGNATURE PAGE TO
AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT AGREEMENT

	
Name of Lender  	Cole Brook CBNA Loan Funding LLC 	 
	 
	 	By  	/s/ Patrick Reichart
 	 
	 	 	Name:  	Patrick Reichart 	 
	 	 	Title:  	Attorney-in-fact 	 

 

181
	 	 	 	 	 
	 	SIGNATURE PAGE TO
AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT AGREEMENT

	
Name of Lender  	Rosedale CLO II LTD.
By: Princeton Advisory Croup, Inc.
as Collateral Manager	 
	 
	 	By:  	/s/ Jennifer Wright
 	 
	 	 	Name:  	Jennifer Wright	 
	 	 	Title:  	Vice President	 

 

 

182
	 	 	 	 	 
	 	SIGNATURE PAGE TO
AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007,
TO THE BUFFETS, INC. CREDIT AGREEMENT

	
Name of Lender  	BOSTON HARBOR CLO 2004-1, LTD.  	 
	 
	 	By  	See following page
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

183
	 	 	 	 	 
	  	 	BOSTON HARBOR CLO 2004-1, Ltd.	 
	 
	 	 	/s/ Beth Mazor 	 
	 	 	By:  	Beth Mazor	 
	 	 	Title:  	V.P.	 
	 

 

 

184

	 	 	 	 	 
	Name of Lender  
  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC.
CREDIT  AGREEMENT

PUTNAM BANK LOAN FUND (CAYMAN) MASTER FUND	 
	 
	 	By  	See following page	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

185
	 	 	 	 	 
	PUTNAM BANK LOAN FUND (CAYMAN) MASTER FUND, a series of the PUTNAM OFFSHORE MASTER SERIES
TRUST, by The Putnam Advisory Company, LLC

	 	 
	 
	/s/ Angela Patel	 	 
	Name:  	Angela Patel 	 	 
	Title:  	Vice President 	 	 
	 

 

 

186
	 	 	 	 	 
	Name of Lender  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC.
CREDIT  AGREEMENT

PUTNAM FLOATING RATE INCOME FUND	 
	 
	 	By  	See following page	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

187
	 	 	 	 	 
	  	 	PUTNAM FLOATING RATE INCOME FUND	 
	 
	 	 	/s/ Beth Mazor 	 
	 	 	By:  	Beth Mazor	 
	 	 	Title:  	V.P.	 
	 

 

 

188
	 	 	 	 	 
	

Name of Lender  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC.
CREDIT  AGREEMENT

Yorkville CBNA Loan Funding LLC, for itself or as agent for Yorkville CFPI Loan Funding LLC.	 
	 
	 	By  	/s/ Patrick Reichart	 
	 	 	Name:  	Patrick Reichart 	 
	 	 	Title:  	Attorney-in-fact 	 
	 

 

 

189
	 	 	 	 	 
	Name of Lender  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC.
CREDIT  AGREEMENT

Grand Central Asset Trust, CED Series	 
	 
	 	By  	/s/ Patrick Reichart	 
	 	 	Name:  	Patrick Reichart 	 
	 	 	Title:  	Attorney-in-fact 	 
	 

 

 

190
	 	 	 	 	 
	Name of Lender  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC.
CREDIT  AGREEMENT

Grand Central Asset Trust, RCG Series	 
	 
	 	By  	/s/ Patrick Reichart	 
	 	 	Name:  	Patrick Reichart 	 
	 	 	Title:  	Attorney-in-fact 	 
	 

 

 

191
	 	 	 	 	 
	Name of Lender  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC.
CREDIT  AGREEMENT

Raven Credit Opportunities Master Fund, Ltd	 
	 
	 	By  	/s/ Kevin Gerlitz	 
	 	 	Name:  	Kevin Gerlitz 	 
	 	 	Title:  	CFO/COO 	 
	 

 

 

192

	 	 	 	 	 
	  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC.
CREDIT  AGREEMENT

	 
	Name of Lender  	Cent CDO 12 Limited 	 
	  	By:  	RiverSource Investments, 
LLC as Collateral Manager	 
	 
	 	By  	/s/ Robin C. Stancil	 
	 	 	Name:  	Robin C. Stancil 	 
	 	 	Title:  	Director of Operations 	 
	 

 

 

193
	 	 	 	 	 
	  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC.
CREDIT  AGREEMENT

	 
	Name of Lender  	Cent CDO 14 Limited 	 
	 	By:  	RiverSource Investments, 
LLC as Collateral Manager	 
	 
	 	By  	/s/ Robin C. Stancil	 
	 	 	Name:  	Robin C. Stancil 	 
	 	 	Title:  	Director of Operations 	 
	 

 

 

194
	 	 	 	 	 
	  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC.
CREDIT  AGREEMENT

SAGAMORE CLO LTD.	 
	  	By:  	INVESCO Senior Secured Management, Inc.
As Collateral Manager	 
	 
	 	By  	/s/ Scott Baskind	 
	 	 	Name:  	Scott Baskind 	 
	 	 	Title:  	Authorized Signatory 	 
	 

 

 

195
	 	 	 	 	 
	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC.
CREDIT  AGREEMENT

	Name of Lender  	SATELLITE SENIOR INCOME FUND II, LLC
BY SATELLITE ASSET MANAGEMENT, LP.
ITS INVESTMENT MANAGER	 
	 
	 	By  	/s/ SIMON RAYKHER	 
	 	 	Name:  	SIMON RAYKHER 	 
	 	 	Title:  	GENERAL COUNSEL 	 
	 

 

 

196
	 	 	 	 	 
	Name of Lender  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC.
CREDIT  AGREEMENT

OLIGRA 43.	 
	 
	 	By  	/s/ Neam Ahmed	 
	 	 	Name:  	NEAM AHMED 	 
	 	 	Title:  	AUTHORIZED SIGNATORY 	 
	 

 

 

197
	 	 	 	 	 
	Name of Lender:  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC.
CREDIT  AGREEMENT

Mountain View CLO II, Ltd.	 
	 	By:  	Seix Advisors, a fixed income division of Trusco Capital Management, Inc., as Collateral
Manager	 
	 
	 	By:  	/s/ George Goudelias	 
	 	 	Name:  	George Goudelias 	 
	 	 	Title:  	PM, Seix Advisors 	 
	 

 

 

198
	 	 	 	 	 
	  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC.
CREDIT  AGREEMENT

Westbrook CLO, Ltd.	 
	 
	 	By:  	Shenkman Capital Management, Inc., as Investment Manager	 
	 
	 	By  	/s/ Richard H. Weinstein	 
	 	 	Name:  	Richard H. Weinstein 	 
	 	 	Title:  	Executive Vice President 	 
	 

 

 

199
	 	 	 	 	 
	Name of Lender:  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC.
CREDIT  AGREEMENT

Cornerstone CLO Ltd.	 
	 	By:  	Stone Tower Debt Advisors LLC.,
As its Collateral Manager	 
	 
	 	By:  	/s/ Michael W. Delpercio	 
	 	 	Name:  	MICHAEL W. DELPERCIO 	 
	 	 	Title:  	AUTHORIZED SIGNATORY 	 
	 

 

 

200
	 	 	 	 	 
	Name of Lender:  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC.
CREDIT  AGREEMENT

Granite Ventures I Ltd.	 
	 	By:  	Stone Tower Debt Advisors LLC.,
As its Collateral Manager	 
	 
	 	By:  	/s/ Michael W. Delpercio	 
	 	 	Name:  	MICHAEL W. DELPERCIO 	 
	 	 	Title:  	AUTHORIZED SIGNATORY 	 
	 

 

 

201
	 	 	 	 	 

	 	 	 	 	 
	Name of Lender:  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT

Granite Ventures II Ltd.	 
	 	By:  	Stone Tower Debt Advisors LLC., 	 
	 	 	As its Collateral Manager	 
	 
	 	By:  	/s/ Michael W. Delpercio	 
	 	 	Name: 	MICHAEL W. DELPERCIO
	 	 	Title:	AUTHORIZED SIGNATORY

 

 

202
	 	 	 	 	 

	 	 	 	 	 
	Name of Lender:  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT

Granite Ventures III Ltd.	 
	 	By:  	Stone Tower Debt Advisors LLC., 	 
	 	 	As its Collateral Manager	 
	 
	 	By:  	/s/ Michael W. Delpercio	 
	 	 	Name: 	MICHAEL W. DELPERCIO
	 	 	Title:	AUTHORIZED SIGNATORY

 

 

203
	 	 	 	 	 

	 	 	 	 	 
	Name of Lender:  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT

Stone Tower CDO II Ltd.	 
	 	By:  	Stone Tower Debt Advisors LLC., 	 
	 	 	As its Collateral Manager	 
	 
	 	By:  	/s/ Michael W. Delpercio	 
	 	 	Name: 	MICHAEL W. DELPERCIO
	 	 	Title:	AUTHORIZED SIGNATORY

 

 

204
	 	 	 	 	 

	 	 	 	 	 
	Name of Lender:  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT

Stone Tower CDO Ltd.	 
	 	By:  	Stone Tower Debt Advisors LLC., 	 
	 	 	As its Collateral Manager	 
	 
	 	By:  	/s/ Michael W. Delpercio	 
	 	 	Name: 	MICHAEL W. DELPERCIO
	 	 	Title:	AUTHORIZED SIGNATORY

 

 

205
	 	 	 	 	 

	 	 	 	 	 
	Name of Lender:  	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13,
2007, TO THE BUFFETS, INC. CREDIT AGREEMENT

Stone Tower CDO III Ltd.	 
	 	By:  	Stone Tower Debt Advisors LLC., 	 
	 	 	As its Collateral Manager	 
	 
	 	By:  	/s/ Michael W. Delpercio	 
	 	 	Name: 	MICHAEL W. DELPERCIO
	 	 	Title:	AUTHORIZED SIGNATORY

 

 

206
	 	 	 	 	 
	 	SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007, 

TO THE BUFFETS, INC. CREDIT AGREEMENT

	
Name of Lender:  	Stone Tower CDO IV Ltd.
By: Stone Tower Debt Advisors LLC.,
       As its Collateral Manager  	 
	 
	 	By:  	/s/ MICHAEL W. DELPERCIO
 	 
	 	 	Name:  	MICHAEL W. DELPERCIO 	 
	 	 	Title:  	AUTHORIZED SIGNATORY 	 

 

 

207
	 	 	 	 	 
	 	SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007, 

TO THE BUFFETS, INC. CREDIT AGREEMENT

	
Name of Lender:  	Stone Tower CDO V Ltd.
By: Stone Tower Debt Advisors LLC.,
As its Collateral Manager  	 
	 
	 	By:  	/s/ MICHAEL W. DELPERCIO
 	 
	 	 	Name:  	MICHAEL W. DELPERCIO 	 
	 	 	Title:  	AUTHORIZED SIGNATORY 	 

 

 

208
	 	 	 	 	 
	 	SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007, 

TO THE BUFFETS, INC. CREDIT AGREEMENT

	
Name of Lender:  	Stone Tower CDO VI Ltd.
By: Stone Tower Debt Advisors LLC.,
As its Collateral Manager  	 
	 
	 	By:  	/s/ MICHAEL W. DELPERCIO
 	 
	 	 	Name:  	MICHAEL W. DELPERCIO 	 
	 	 	Title:  	AUTHORIZED SIGNATORY 	 

 

 

209
	 	 	 	 	 
	 	SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007, 

TO THE BUFFETS, INC. CREDIT AGREEMENT

	
Name of Lender:  	Stone Tower CDO VII Ltd.
By: Stone Tower Debt Advisors LLC.,
As its Collateral Manager  	 
	 
	 	By:  	/s/ MICHAEL W. DELPERCIO
 	 
	 	 	Name:  	MICHAEL W. DELPERCIO 	 
	 	 	Title:  	AUTHORIZED SIGNATORY 	 

 

 

210
	 	 	 	 	 
	 	SIGNATURE PAGE TO

AMENDMENT AGREEMENT

DATED AS OF MARCH 13, 2007, 

TO THE BUFFETS, INC. CREDIT AGREEMENT

	
Name of Lender:  	Stone Tower Credit Funding I Ltd. 
By: Stone Tower Fund Management LLC.,
As its Collateral Manager  	 
	 
	 	By:  	/s/ MICHAEL W. DELPERCIO
 	 
	 	 	Name:  	MICHAEL W. DELPERCIO 	 
	 	 	Title:  	AUTHORIZED SIGNATORY 	 

 

 

211
	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT 
DATED AS OF MARCH 13, 2007,
 TO
THE BUFFETS, INC. CREDIT AGREEMENT

 	 
	 	Name of Lender  	American International Group, Inc.

By: AIG GLOBAL INVESTMENT CORP.,

ITS INVESTMENT ADVISER 
	 
	 	 	 
	 	 	By  	/s/ Steven S. Oh
 	 
	 	 	 	Name:  	Steven S. Oh 	 
	 	 	 	Title:  	Managing Director 	 

 

 

212
	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT 
DATED AS OF MARCH 13, 2007,
 TO THE BUFFETS, INC. CREDIT AGREEMENT

 	 
	 	Name of Lender  	Symphony CLO II Ltd

By: Symphony Asset Management 
	 
	 	 	 
	 	 	By  	/s/
Lenny Mason
 	 
	 	 	 	Name:  	Lenny Mason	 
	 	 	 	Title:  	PM 	 

 

 

213
	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT 
DATED AS OF MARCH 13, 2007,
 TO THE BUFFETS, INC. CREDIT AGREEMENT

 	 
	 	Name of Lender  	Symphony Credit Opportunity Fund

By: Symphony Asset Management 
	 
	 	 	 
	 	 	By  	/s/ Lenny Mason
 	 
	 	 	 	Name:  	Lenny Mason	 
	 	 	 	Title:  	PM 	 

 

 

214
	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT 
DATED AS OF MARCH 13, 2007,
 TO THE BUFFETS, INC. CREDIT AGREEMENT

 	 
	 	Name of Lender  	Founders Grove CLO, Ltd.

By: Tall Tree Investment Management, LLC

as Collateral Manager 
	 
	 	 	 
	 	 	By  	/s/ Michael J. Starshak Jr.
 	 
	 	 	 	Name:  	Michael J. Starshak Jr. 	 
	 	 	 	Title:  	Officer 	 

 

 

215
	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT 
DATED AS OF MARCH 13, 2007, TO 

THE BUFFETS, INC. CREDIT AGREEMENT

 	 
	 	Name of Lender  	Grant Grove CLO, Ltd.

By: Tall Tree Investment Management, LLC

as Collateral Manager 
	 
	 	 	 
	 	 	By  	/s/ Michael J. Starshak Jr.
 	 
	 	 	 	Name:  	Michael J. Starshak Jr. 	 
	 	 	 	Title:  	Officer 	 

 

 

216
	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO 
AMENDMENT AGREEMENT 
DATED AS OF MARCH 13, 2007, 
TO
THE BUFFETS, INC. CREDIT 
AGREEMENT

 	 
	 	Name of Lender  	TELOS CLO 2006-1, LTD.

	 
	 	 	 
	 	 	By  	/s/
 	 
	 	 	 	Name:  	 	 
	 	 	 	Title:  	 	 

 

 

217
	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO 
AMENDMENT AGREEMENT 
DATED AS OF MARCH 13, 2007, 
TO
THE BUFFETS, INC. CREDIT 
AGREEMENT

 	 
	 	Name of Lender  	UBS AG, Stamford Branch

	 
	 	 	 
	 	 	By  	/s/ Douglas Gervollno
 	 
	 	 	 	Name:  	Douglas Gervollno 	 
	 	 	 	Title:  	Associate Director

Banking Products

Services, US 	 
	 	 	 
	 	 	By  	/s/ Steven J. Nibur
 	 
	 	 	 	Name:  	Steven J. Nibur 	 
	 	 	 	Title:  	Associate Director

Banking Products

Services, US 	 

 

 

218
	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO 
AMENDMENT AGREEMENT 
DATED AS OF MARCH 13, 2007, 
TO
THE BUFFETS, INC. CREDIT 
AGREEMENT

 	 
	 	Name of Lender  	UBS Loan Finance LLC

	 
	 	 	 
	 	 	By  	/s/ Richard L. Tavrow
 	 
	 	 	 	Name:  	Richard L. Tavrow 	 
	 	 	 	Title:  	Director

Banking Products

Services, US 	 
	 	 	 
	 	 	By  	/s/ Irja R. Otsa
 	 
	 	 	 	Name:  	Irja R. Otsa 	 
	 	 	 	Title:  	Associate Director

Banking Products

Services, US 	 

 

 

219
	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO 
AMENDMENT AGREEMENT 
DATED AS OF MARCH 13,2007, 

TO THE BUFFETS, INC. CREDIT 
AGREEMENT

 	 
	 	Name of Lender  	Atlas Loan Funding (CENT I) LLC

By: RiverSource Investments, LLC

Attorney in Fact 
	 
	 	 	 
	 	 	By  	/s/ Robin C. Stancil
 	 
	 	 	 	Name:  	Robin C. Stancil 	 
	 	 	 	Title:  	Director of Operations 	 

 

 

220
	 	 	 	 	 	 
	 	 	SIGNATURE PAGE TO 
AMENDMENT AGREEMENT 
DATED AS OF MARCH 13,2007, 
TO
THE BUFFETS, INC. CREDIT 
AGREEMENT

 	 
	 	Name of Lender  	Silverado CLO 2007-I Limited

By: Wells Capital Management

as Portfolio Manager 
	 
	 	 	 
	 	 	By  	/s/ Zachary Tyler
 	 
	 	 	 	Name:  	Zachary Tyler 	 
	 	 	 	Title:  	Authorized Signatory 	 

 

 

221
	 	 	 	 	 
	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC. CREDIT
AGREEMENT

ENDURANCE CLO I, LTD.
 	 
	 	By:  	West Gate Horizons Advisors LLC, 
as Portfolio Manager

 	 
	 	By:  	/s/ Heidimarie Skor
 	 
	 	 	Name:  	Heidimarie Skor
 	 
	 	 	Title:  	Senior Credit Analyst 	 

 

 

222
	 	 	 	 	 
	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC. CREDIT
AGREEMENT

OCEAN TRAILS CLO I 	 
	 	By:  	West Gate Horizons Advisors LLC, 
as Collateral Manager

 	 
	 	By:  	/s/ Heidimarie Skor
 	 
	 	 	Name:  	Heidimarie Skor
 	 
	 	 	Title:  	Senior Credit Analyst 	 

 

 

223
	 	 	 	 	 
	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC. CREDIT
AGREEMENT

OCEAN TRAILS CLO II 	 
	 	By:  	West Gate Horizons Advisors LLC, 
as Manager

 	 
	 	By:  	/s/ Heidimarie Skor
 	 
	 	 	Name:  	Heidimarie Skor
 	 
	 	 	Title:  	Senior Credit Analyst 	 

 

 

224
	 	 	 	 	 
	 	SIGNATURE PAGE TO AMENDMENT AGREEMENT DATED AS OF MARCH 13, 2007, TO THE BUFFETS, INC. CREDIT
AGREEMENT

WG HORIZONS CLO I 	 
	 	By:  	West Gate Horizons Advisors LLC, 
as Manager

 	 
	 	By:  	/s/ Heidimarie Skor
 	 
	 	 	Name:  	Heidimarie Skor
 	 
	 	 	Title:  	Senior Credit Analyst 	 

 

 

Annex I

Subsidiary Guarantors

HomeTown Buffet, Inc.

OCB Purchasing Co.

OCB Restaurant Company, LLC

Tahoe Joe’s, Inc.

Buffets Leasing Company, LLC

Ryan’s Restaurant Group, Inc.

HomeTown Leasing Company, LLC

OCB Leasing Company, LLC

Fire Mountain Restaurants, LLC

Big R Procurement Company, LLC

Tahoe Joe’s Leasing Company, LLC

Fire Mountain Leasing Company, LLC

Ryan’s Restaurant Leasing Company, LLC

Fire Mountain Management Group, LLC

Ryan’s Restaurant Management Group, LLC

Buffets Franchise Holdings, LLC

 

 

EXHIBIT A

 

 

 

$640,000,000

CREDIT AGREEMENT

dated as of November 1, 2006,

as amended and restated as of March 13, 2007

among

BUFFETS, INC.,

BUFFETS HOLDINGS, INC.,

THE LENDERS NAMED HEREIN

and

CREDIT SUISSE,

as Administrative Agent

 

CREDIT SUISSE SECURITIES (USA) LLC

and

UBS SECURITIES LLC,

as Joint Bookrunners and Co-Lead Arrangers

UBS SECURITIES LLC,

as Syndication Agent

GOLDMAN SACHS CREDIT PARTNERS L.P.,

as Documentation Agent

 

 

[CS&M Ref No. 5865-466]

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE I
	 	 	 	 
	 
	 	 	 	 	 	 
	Definitions
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 1.01.
	 	Defined Terms	 	 	1	 
	SECTION 1.02.
	 	Terms Generally	 	 	28	 
	SECTION 1.03.
	 	Pro Forma Calculations	 	 	28	 
	SECTION 1.04.
	 	Classification of Loans and Borrowings	 	 	28	 
	 
	 	 	 	 	 	 
	ARTICLE II
	 	 	 	 
	 
	 	 	 	 	 	 
	The Credits
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 2.01.
	 	Commitments	 	 	28	 
	SECTION 2.02.
	 	Loans	 	 	29	 
	SECTION 2.03.
	 	Borrowing Procedure	 	 	32	 
	SECTION 2.04.
	 	Evidence of Debt; Repayment of Loans	 	 	32	 
	SECTION 2.05.
	 	Fees	 	 	33	 
	SECTION 2.06.
	 	Interest on Loans	 	 	35	 
	SECTION 2.07.
	 	Default Interest	 	 	35	 
	SECTION 2.08.
	 	Alternate Rate of Interest	 	 	36	 
	SECTION 2.09.
	 	Termination and Reduction of Commitments	 	 	36	 
	SECTION 2.10.
	 	Conversion and Continuation of Borrowings	 	 	37	 
	SECTION 2.11.
	 	Repayment of Term Borrowings	 	 	38	 
	SECTION 2.12.
	 	Prepayment	 	 	39	 
	SECTION 2.13.
	 	Mandatory Prepayments	 	 	40	 
	SECTION 2.14.
	 	Reserve Requirements; Change in Circumstances	 	 	42	 
	SECTION 2.15.
	 	Change in Legality	 	 	43	 
	SECTION 2.16.
	 	Indemnity	 	 	44	 
	SECTION 2.17.
	 	Pro Rata Treatment	 	 	44	 
	SECTION 2.18.
	 	Sharing of Setoffs	 	 	45	 
	SECTION 2.19.
	 	Payments	 	 	45	 
	SECTION 2.20.
	 	Taxes	 	 	46	 
	SECTION 2.21.
	 	Assignment of Commitments Under Certain Circumstances; Duty to Mitigate	 	 	48	 
	SECTION 2.22.
	 	Swingline Loans	 	 	49	 
	SECTION 2.23.
	 	Letters of Credit	 	 	51	 
	SECTION 2.24.
	 	Increase in Term Loan Commitments	 	 	57	 

 

 

ii

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	ARTICLE III
	 	 	 	 
	 
	 	 	 	 	 	 
	Representations and Warranties
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 3.01.
	 	Organization; Powers	 	 	59	 
	SECTION 3.02.
	 	Authorization	 	 	59	 
	SECTION 3.03.
	 	Enforceability	 	 	60	 
	SECTION 3.04.
	 	Governmental Approvals	 	 	60	 
	SECTION 3.05.
	 	Financial Statements	 	 	60	 
	SECTION 3.06.
	 	No Material Adverse Change	 	 	61	 
	SECTION 3.07.
	 	Title to Properties; Possession Under Leases	 	 	61	 
	SECTION 3.08.
	 	Subsidiaries	 	 	61	 
	SECTION 3.09.
	 	Litigation; Compliance with Laws	 	 	61	 
	SECTION 3.10.
	 	Agreements	 	 	62	 
	SECTION 3.11.
	 	Federal Reserve Regulations	 	 	62	 
	SECTION 3.12.
	 	Investment Company Act	 	 	62	 
	SECTION 3.13.
	 	Use of Proceeds	 	 	62	 
	SECTION 3.14.
	 	Tax Returns	 	 	62	 
	SECTION 3.15.
	 	No Material Misstatements	 	 	62	 
	SECTION 3.16.
	 	Employee Benefit Plans	 	 	63	 
	SECTION 3.17.
	 	Environmental Matters	 	 	63	 
	SECTION 3.18.
	 	Insurance	 	 	63	 
	SECTION 3.19.
	 	Security Documents	 	 	63	 
	SECTION 3.20.
	 	Location of Real Property and Leased Premises	 	 	64	 
	SECTION 3.21.
	 	Labor Matters	 	 	64	 
	SECTION 3.22.
	 	Solvency	 	 	65	 
	SECTION 3.23.
	 	Transaction Documents	 	 	65	 
	 
	 	 	 	 	 	 
	ARTICLE IV
	 	 	 	 
	 
	 	 	 	 	 	 
	Conditions of Lending
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 4.01.
	 	All Credit Events	 	 	65	 
	SECTION 4.02.
	 	First Credit Event	 	 	66	 
	 
	 	 	 	 	 	 
	ARTICLE V
	 	 	 	 
	 
	 	 	 	 	 	 
	Affirmative Covenants
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 5.01.
	 	Existence; Businesses and Properties	 	 	69	 
	SECTION 5.02.
	 	Insurance	 	 	70	 
	SECTION 5.03.
	 	Obligations and Taxes	 	 	71	 
	SECTION 5.04.
	 	Financial Statements, Reports, etc	 	 	71	 
	SECTION 5.05.
	 	Litigation and Other Notices	 	 	72	 
	SECTION 5.06.
	 	Information Regarding Collateral	 	 	73	 

 

iii

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	SECTION 5.07.
	 	Maintaining Records; Access to Properties and Inspections; Maintenance of Ratings	 	 	73	 
	SECTION 5.08.
	 	Use of Proceeds	 	 	74	 
	SECTION 5.09.
	 	Further Assurances	 	 	74	 
	SECTION 5.10.
	 	Interest Rate Protection	 	 	74	 
	 
	 	 	 	 	 	 
	ARTICLE VI
	 	 	 	 
	 
	 	 	 	 	 	 
	Negative Covenants
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 6.01.
	 	Indebtedness	 	 	75	 
	SECTION 6.02.
	 	Liens	 	 	76	 
	SECTION 6.03.
	 	Sale and Leaseback Transactions	 	 	77	 
	SECTION 6.04.
	 	Investments, Loans and Advances	 	 	78	 
	SECTION 6.05.
	 	Mergers, Consolidations, Sales
of Assets and Acquisitions	 	 	79	 
	SECTION 6.06.
	 	Restricted Payments; Restrictive Agreements	 	 	80	 
	SECTION 6.07.
	 	Transactions with Affiliates	 	 	81	 
	SECTION 6.08.
	 	Business of Holdings, Borrower and Subsidiaries	 	 	82	 
	SECTION 6.09.
	 	Other Indebtedness and Agreements	 	 	82	 
	SECTION 6.10.
	 	Capital Expenditures	 	 	83	 
	SECTION 6.11.
	 	Interest Coverage Ratio	 	 	84	 
	SECTION 6.12.
	 	Maximum Leverage Ratio	 	 	84	 
	SECTION 6.13.
	 	Fiscal Year	 	 	84	 
	 
	 	 	 	 	 	 
	ARTICLE VII
	 	 	 	 
	 
	 	 	 	 	 	 
	Events of Default
	 	 	 	 
	 
	 	 	 	 	 	 
	ARTICLE VIII
	 	 	 	 
	 
	 	 	 	 	 	 
	The Administrative Agent and the Collateral Agent
	 	 	 	 
	 
	 	 	 	 	 	 
	ARTICLE IX
	 	 	 	 
	 
	 	 	 	 	 	 
	Miscellaneous
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 9.01.
	 	Notices	 	 	89	 
	SECTION 9.02.
	 	Survival of Agreement	 	 	90	 
	SECTION 9.03.
	 	Binding Effect	 	 	90	 
	SECTION 9.04.
	 	Successors and Assigns	 	 	90	 
	SECTION 9.05.
	 	Expenses; Indemnity	 	 	94	 
	SECTION 9.06.
	 	Right of Setoff	 	 	96	 
	SECTION 9.07.
	 	Applicable Law	 	 	96	 

 

iv

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	SECTION 9.08.
	 	Waivers; Amendment	 	 	96	 
	SECTION 9.09.
	 	Interest Rate Limitation	 	 	97	 
	SECTION 9.10.
	 	Entire Agreement	 	 	98	 
	SECTION 9.11.
	 	WAIVER OF JURY TRIAL	 	 	98	 
	SECTION 9.12.
	 	Severability	 	 	98	 
	SECTION 9.13.
	 	Counterparts	 	 	98	 
	SECTION 9.14.
	 	Headings	 	 	98	 
	SECTION 9.15.
	 	Jurisdiction; Consent to Service of Process	 	 	99	 
	SECTION 9.16.
	 	Confidentiality	 	 	99	 
	SECTION 9.17.
	 	Release of Collateral	 	 	100	 
	SECTION 9.18.
	 	U.S.A. Patriot Act Notice	 	 	101	 

	 	 	 
	Schedule 1.01(a)
	 	Existing Letters of Credit
	Schedule 1.01(b)
	 	Master Land and Building Leases
	Schedule 1.01(c)
	 	Non-Core Assets
	Schedule 1.01(d)
	 	Sale/Leaseback Properties
	Schedule 1.01(e)
	 	Subsidiary Guarantors
	Schedule 2.01
	 	Lenders and Commitments
	Schedule 3.08
	 	Subsidiaries
	Schedule 3.09
	 	Litigation
	Schedule 3.17
	 	Environmental Matters
	Schedule 3.18
	 	Insurance
	Schedule 3.19(a)
	 	UCC Filing Offices
	Schedule 3.19(c)
	 	Mortgage Filing Offices
	Schedule 3.20(a)
	 	Owned Real Property
	Schedule 3.20(b)
	 	Leased Real Property
	Schedule 4.02(a)
	 	Local Counsel
	Schedule 4.02(f)
	 	Post-Closing Leasehold Mortgages
	Schedule 6.01
	 	Existing Indebtedness
	Schedule 6.02
	 	Existing Liens
	Schedule 6.04
	 	Existing Investments
	 
	 	 
	Exhibit A
	 	Form of Administrative Questionnaire
	Exhibit B
	 	Form of Assignment and Acceptance
	Exhibit C
	 	Form of Borrowing Request
	Exhibit D
	 	Guarantee and Collateral Agreement
	Exhibit E
	 	Form of Intercreditor Agreement
	Exhibit F-1
	 	Form of Leasehold Mortgage
	Exhibit F-2
	 	Form of Mortgage
	Exhibit G-1
	 	Form of Opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP
	Exhibit G-2
	 	Form of Opinion of Faegre & Benson
	Exhibit G-3
	 	Form of Opinion of McNair Law Firm, P.A.
	Exhibit G-4
	 	Form of Opinion of Each Local Counsel
	Exhibit H
	 	Form of Solvency Certificate

 

     CREDIT AGREEMENT dated as of November 1, 2006, as amended and
restated as of March 13, 2007, among BUFFETS, INC., a Minnesota
corporation (the “Borrower”), BUFFETS HOLDINGS, INC., a Delaware
corporation (“Holdings”), the Lenders (as defined in Article I) and
CREDIT SUISSE, as administrative agent (in such capacity, the
“Administrative Agent”) and as collateral agent (in such capacity, the
“Collateral Agent”) for the Lenders.

     The parties hereto agree as follows:

ARTICLE I

Definitions

          SECTION 1.01. Defined Terms. As used in this Agreement, the following terms shall have the
meanings specified below:

          “ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the
Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the
Alternate Base Rate.

          “Adjusted LIBO Rate” shall mean, with respect to any Eurodollar Borrowing for any Interest
Period, an interest rate per annum equal to the product of (a) the LIBO Rate in effect for such
Interest Period and (b) Statutory Reserves.

          “Administrative Agent Fees” shall have the meaning assigned to such term in Section 2.05(b).

          “Administrative Questionnaire” shall mean an Administrative Questionnaire in the form of
Exhibit A, or such other form as may be supplied from time to time by the Administrative Agent.

          “Affiliate” shall mean, when used with respect to a specified person, another person that
directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is
under common Control with the person specified; provided, however, that, for purposes of Section
6.07, the term “Affiliate” shall also include any person that directly or indirectly owns 10% or
more of any class of Equity Interests of the person specified or that is an officer or director of
the person specified.

          “Aggregate L/C Exposure” shall mean, at any time, the sum of the RF L/C Exposure and the PF
L/C Exposure at such time.

          “Aggregate Revolving Credit Exposure” shall mean the aggregate amount of the Lenders’
Revolving Credit Exposures.

          “Alternate Base Rate” shall mean, for any day, a rate per annum equal to the greater of (a)
the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such
day plus 1/2 of 1%. If for any reason the Administrative Agent

 

2

shall have determined (which determination shall be conclusive absent manifest error) that it is
unable to ascertain the Federal Funds Effective Rate for any reason, including the inability or
failure of the Administrative Agent to obtain sufficient quotations in accordance with the terms
of the definition thereof, the Alternate Base Rate shall be determined without regard to clause
(b) of the preceding sentence until the circumstances giving rise to such inability no longer
exist. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal
Funds Effective Rate shall be effective on the effective date of such change in the Prime Rate or
the Federal Funds Effective Rate, respectively.

          “Amendment Agreement” shall mean the Amendment Agreement dated as of the Restatement Date,
effecting the amendment and restatement of this Agreement.

          “Applicable Percentage” shall mean, for any day, (a) with respect to any Eurodollar Revolving
Loan, 3.25%, (b) with respect to any ABR Revolving Loan, 2.25%, (c) with respect to any PF L/C
Loan held by the PF Fronting Lender in its capacity as such, zero, and (d) with respect to any
Eurodollar Term Loan or any Eurodollar PF L/C Loan held by a PF Lender in its capacity as such, or
ABR Term Loan or any ABR PF L/C Loan held by a PF Lender in its capacity as such, as the case may
be, the applicable percentage set forth below under the caption “Eurodollar Spread — Term Loans/PF
L/C Loans” or “ABR Spread — Term Loans/PF L/C Loans”, as the case may be, based upon the Leverage
Ratio as of the relevant date of determination:

	 	 	 	 	 	 	 	 	 
	 	 	Eurodollar Spread —	 	 	ABR Spread —	 
	 	 	Term Loans/PF L/C	 	 	Term Loans/PF L/C	 
	Leverage Ratio	 	Loans	 	 	Loans	 
	 
	 	 	 	 	 	 	 	 
	Category 1
	 	 	 	 	 	 	 	 
	Greater than or equal
to 4.00 to 1.00
	 	 	3.00	%	 	 	2.00	%
	 
	 	 	 	 	 	 	 	 
	Category 2
	 	 	 	 	 	 	 	 
	Less than 4.00 to 1.00
	 	 	2.75	%	 	 	1.75	%

          Each change in the Applicable Percentage resulting from a change in the Leverage Ratio shall
be effective with respect to all Term Loans and PF L/C Loans outstanding on and after the date of
delivery to the Administrative Agent of the financial statements and certificates required by
Section 5.04(a) or (b) and Section 5.04(c), respectively, indicating such change until the date
immediately preceding the next date of delivery of such financial statements and certificates
indicating another such change. Notwithstanding the foregoing, until the Borrower shall have
delivered the financial statements and certificates required by Section 5.04(b) and Section
5.04(c), respectively, for the period ended on or around March 31, 2007, the Leverage Ratio shall
be deemed to be in Category 1 for purposes of determining the Applicable Percentage. In addition,
(a) at any time during which the Borrower has failed to deliver the financial statements and
certificates required by Section 5.04(a) or (b) and Section 5.04(c), respectively, or (b) at

 

3

any time after the occurrence and during the continuance of an Event of Default, the Leverage
Ratio shall be deemed to be in Category 1 for purposes of determining the Applicable Percentage.

          “Asset Sale” shall mean the sale, transfer or other disposition (by way of merger, casualty,
condemnation or otherwise) by Holdings, the Borrower or any of the Subsidiaries to any person
other than the Borrower or any Subsidiary Guarantor of (a) any Equity Interests of any of the
Subsidiaries (other than directors’ qualifying shares) or (b) any other assets of Holdings, the
Borrower or any of the Subsidiaries (other than (i) inventory, damaged, obsolete, surplus or worn
out assets, scrap and Permitted Investments, in each case disposed of in the ordinary course of
business, or (ii) dispositions between or among Foreign Subsidiaries), provided that any asset
sale or series of related asset sales described in clause (b) above having a value not in excess
of $500,000 shall be deemed not to be an “Asset Sale” for purposes of this Agreement.

          “Assignment and Acceptance” shall mean an assignment and acceptance entered into by a Lender
and an assignee (with the consent of any party whose consent is required by Section 9.04), and
accepted by the Administrative Agent, substantially in the form of Exhibit B or such other form as
shall be reasonably approved by the Administrative Agent.

          “Board” shall mean the Board of Governors of the Federal Reserve System of the United States
of America.

          “Borrowing” shall mean (a) Loans of the same Class and Type made, converted or continued on
the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in
effect, or (b) a Swingline Loan.

          “Borrowing Request” shall mean a request by the Borrower in accordance with the terms of
Section 2.03 and substantially in the form of Exhibit C, or such other form as shall be reasonably
approved by the Administrative Agent.

          “Business Day” shall mean any day other than a Saturday, Sunday or day on which banks in New
York City are authorized or required by law to close; provided, however, that when used in
connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which
banks are not open for dealings in dollar deposits in the London interbank market.

          “Capital Expenditures” shall mean, for any period and with respect to any person, all
expenditures for the acquisition or leasing of fixed or capital assets or additions to equipment
during such period by such person that would be classified as capital expenditures in accordance
with GAAP, but excluding any such expenditure made (a) to restore, replace or rebuild property to
the condition of such property immediately prior to any damage, loss, destruction or condemnation
of such property, to the extent such expenditure is made with insurance proceeds, condemnation
awards or indemnification or damage recovery proceeds relating to any such damage, loss,
destruction or condemnation, (b) with proceeds from the sale or exchange of property to the extent
utilized to purchase functionally equivalent property or equipment, (c) as the

 

4

purchase price of any Permitted Acquisition or (d) with the proceeds of a substantially
contemporaneous equity contribution from Holdings.

          “Capital Lease Obligations” of any person shall mean the obligations of such person to pay
rent or other amounts under any lease of (or other arrangement conveying the right to use) real or
personal property, or a combination thereof, which obligations are required to be classified and
accounted for as capital leases on a balance sheet of such person under GAAP, and the amount of
such obligations shall be the capitalized amount thereof determined in accordance with GAAP.
Notwithstanding the foregoing, any obligations under any Sale and Leaseback (including the
Sale/Leaseback Transaction) in existence on the Closing Date shall not constitute Capital Lease
Obligations hereunder (and if, after the Closing Date, any such obligations shall be
recharacterized as Capital Lease Obligations under GAAP, they shall nevertheless continue to be
treated as operating expenses for purposes of this Agreement).

          A “Change in Control” shall be deemed to have occurred if (a) prior to a Qualified Initial
Public Equity Offering, the Permitted Investors shall cease to own, directly or indirectly,
beneficially and of record, Equity Interests in Holdings representing at least 51% of the aggregate
ordinary voting power represented by the issued and outstanding Equity Interests of Holdings; (b)
after a Qualified Initial Public Equity Offering, the Permitted Investors shall cease to own,
directly or indirectly, beneficially and of record, Equity Interests in Holdings representing at
least 35% of the aggregate ordinary voting power represented by the issued and outstanding Equity
Interests of Holdings; (c) after a Qualified Initial Public Equity Offering, the acquisition of
ownership, directly or indirectly, beneficially or of record, by any person or group (within the
meaning of Rule 13d-5 of the Securities Exchange Act of 1934 as in effect on the date hereof) other
than the Permitted Investors, of Equity Interests representing a greater percentage of the
aggregate ordinary voting power represented by the issued and outstanding Equity Interests in
Holdings then held, directly or indirectly, beneficially and of record, by the Permitted Investors;
(d) a majority of the seats (other than vacant seats) on the board of directors of Holdings shall
at any time be occupied by persons who were neither (i) nominated by the board of directors of
Holdings or any Permitted Investor nor (ii) appointed by directors so nominated; (e) unless
Holdings shall have merged with the Borrower in accordance with Section 6.05, Holdings shall cease
to own, directly or indirectly, beneficially and of record, 100% of the outstanding Equity
Interests of the Borrower; or (f) any change in control (or similar event, however denominated)
with respect to Holdings or the Borrower shall occur under and as defined in any indenture or
agreement in respect of Material Indebtedness to which Holdings or the Borrower is a party.

          “Change in Law” shall mean (a) the adoption of any law, rule or regulation after the Closing
Date, (b) any change in any law, rule or regulation or in the interpretation or application thereof
by any Governmental Authority after the Closing Date or (c) compliance by any Lender or the Issuing
Bank (or, for purposes of Section 2.14, by any lending office of such Lender or by such Lender’s or
Issuing Bank’s holding company, if any) with any request, guideline or directive (whether or not
having the force of law) of any Governmental Authority made or issued after the Closing Date.

 

5

          “Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan,
or the Loans comprising such Borrowing, are Revolving Loans, PF L/C Loans, Term Loans, Other Term
Loans or Swingline Loans and, when used in reference to any Commitment, refers to whether such
Commitment is a Revolving Credit Commitment, PF L/C Commitment, Term Loan Commitment or Swingline
Commitment.

          “Closing Date” shall mean November 1, 2006.

          “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.

          “Collateral” shall mean all the “Collateral” as defined in any Security Document and shall
also include any Mortgaged Properties.

          “Commitment” shall mean, with respect to any Lender, such Lender’s Revolving Credit
Commitment, PF L/C Commitment, Term Loan Commitment, Swingline Commitment or Incremental Term Loan
Commitment.

          “Commitment Fee” shall have the meaning assigned to such term in Section 2.05(a).

          “Company” shall mean Ryan’s Restaurant Group, Inc., a South Carolina corporation.

          “Company Existing Credit Agreement” shall mean the Amended and Restated Credit Agreement
dated as of December 20, 2004, as amended, among the Company, Fire Mountain Restaurants, LLC
(formerly known as Fire Mountain Restaurants, Inc.), the domestic subsidiaries of the Company, the
lenders party thereto and Bank of America, N.A., as administrative agent and collateral agent.

          “Company Senior Notes” shall mean the Company’s (i) 9.02% Senior Notes due January 28, 2008
and (ii) 4.65% Senior Notes due July 25, 2013.

          “Confidential Information Memorandum” shall mean the Confidential Information Memorandum of
the Borrower dated October 2006.

          “Consolidated EBITDA”, of any person for any period, shall mean Consolidated Net Income of
such person and its subsidiaries for such period plus, without duplication and to the extent
reflected as a charge in the statement of such Consolidated Net Income for such period, (a) the sum
of (i) income tax expense, (ii) Consolidated Interest Expense of such person and its subsidiaries,
amortization or write-off of debt discount and debt issuance costs and commissions, discounts and
other fees and charges associated with Indebtedness (including, in the case of the Borrower, the
Loans and Letters of Credit), (iii) depreciation and amortization expense, (iv) amortization of
intangibles (including goodwill) and organization costs, (v) any extraordinary, unusual or
non-recurring expenses or losses determined in accordance with GAAP (including, whether or not
otherwise includable as a separate item in the statement of such Consolidated Net Income for such
period, losses on sales of assets outside of the ordinary

 

6

course of business), (vi) any other non-cash charges (other than the writedown of current assets),
(vii) management fees and expenses, (viii) business interruption insurance proceeds to the extent
not included in Consolidated Net Income, (ix) fees and expenses paid in connection with the
Transactions and (x) to the extent the related obligation is included as Indebtedness under this
Agreement, the amount of any earnout payments made during such period, and minus, without
duplication, to the extent included in the statement of such Consolidated Net Income for such
period, (b) the sum of (i) any extraordinary, unusual or non-recurring income or gains (including,
whether or not otherwise includable as a separate item in the statement of such Consolidated Net
Income for such period, gains on the sales of assets outside of the ordinary course of business)
and (ii) any other non-cash income, all as determined on a consolidated basis. For purposes of
determining the Interest Coverage Ratio, the Leverage Ratio and the Senior Secured Leverage Ratio
as of or for the periods ended on or around April 5, 2006 and June 28, 2006, Consolidated EBITDA
will be deemed to be equal to (i) for the fiscal quarter ended on or around April 5, 2006,
$51,500,000 and (ii) for the fiscal quarter ended on or around June 28, 2006, $55,400,000. In
addition, for each fiscal quarter ended after the Closing date and on or prior to June 25, 2008,
the Consolidated EBITDA of the Borrower shall be increased by the Initial Pro Forma Adjustment.

          “Consolidated Interest Expense” shall mean, for any person for any period, the total cash
interest expense (including imputed interest expense in respect of Capital Lease Obligations and
Synthetic Lease Obligations) of such person and its subsidiaries for such period, in each case
determined on a consolidated basis in accordance with GAAP. For purposes of the foregoing, interest
expense of any person shall be determined after giving effect to any net payments made or received
by such person with respect to interest rate Hedging Agreements.

          “Consolidated Net Income” shall mean, for any person for any period, the net income or loss
before cumulative effect in change of accounting of such person and its subsidiaries for such
period determined on a consolidated basis in accordance with GAAP; provided that there shall be
excluded (a) the income of any subsidiary of such person to the extent that the declaration or
payment of dividends or similar distributions by such subsidiary of that income is not at the time
permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree,
statute, rule or governmental regulation applicable to such subsidiary, (b) the income or loss of
any person accrued prior to the date it becomes a subsidiary of such person or is merged into or
consolidated with such person or any subsidiary thereof or the date that such person’s assets are
acquired by such person or any subsidiary thereof and (c) the income or loss of any person (other
than a Subsidiary Guarantor) in which any other person (other than the Borrower, a Subsidiary
Guarantor, a wholly owned Subsidiary or any director holding qualifying shares in accordance with
applicable law) has a joint interest, except to the extent of the amount of dividends or other
distributions actually paid to the Borrower or a wholly owned Subsidiary by such person during such
period.

 

7

          “Control” shall mean the 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, and the terms “Controlling” and “Controlled” shall have
meanings correlative thereto.

          “Credit Event” shall have the meaning assigned to such term in Section 4.01.

          “Credit-Linked Deposit” shall mean, in respect of each PF Lender, the cash deposit made by
such Lender pursuant to Section 2.23(l)(i), as such amount may be (a) reduced from time to time
pursuant to Section 2.09 or (b) reduced or increased from time to time pursuant to Section 2.02(g)
or pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial amount of
each PF Lender’s Credit-Linked Deposit shall be equal to the amount of its PF L/C Commitment on
the Closing Date.

          “Credit-Linked Deposit Account” shall mean the operating and/or investment account of, and
established by, the Administrative Agent under its exclusive dominion and control that shall be
used for the purposes set forth in Sections 2.02(g) and 2.23.

          “Credit-Linked Deposit Cost Amount” shall mean, for any Interest Period with respect to the
Credit-Linked Deposits, an amount (expressed in basis points) reasonably determined by the
Administrative Agent in good faith to represent the Administrative Agent’s administrative cost for
investing the Credit-Linked Deposits and maintaining the Credit-Linked Deposit Account for such
Interest Period, which amount shall not exceed 10 basis points for such Interest Period.

          “Current Assets” shall mean, at any time, the consolidated current assets (other than cash and
Permitted Investments) of the Borrower and the Subsidiaries in accordance with GAAP.

          “Current Liabilities” shall mean, at any time, the consolidated current liabilities of the
Borrower and the Subsidiaries at such time in accordance with GAAP, but excluding, without
duplication, (a) the current portion of any long-term Indebtedness and (b) outstanding PF L/C
Loans, Revolving Loans and Swingline Loans.

          “Debt Tender Offers” shall mean the Existing Holdings Notes Tender Offer and the Existing
Subordinated Notes Tender Offer.

          “Default” shall mean any event or condition which upon notice, lapse of time or both would
constitute an Event of Default.

          “dollars” or “$” shall mean lawful money of the United States of America.

          “Domestic Subsidiaries” shall mean all Subsidiaries incorporated or organized under the laws
of the United States of America, any State thereof or the District of Columbia.

 

8

          “Environmental Laws” shall mean all former, current and future Federal, state, local and
foreign laws (including common law), treaties, regulations, rules, ordinances, codes, decrees,
judgments, directives, orders (including consent orders), and agreements in each case, relating to
protection of the environment, natural resources, human health and safety or the presence, Release
of, or exposure to, Hazardous Materials, or the generation, manufacture, processing, distribution,
use, treatment, storage, transport, recycling or handling of, or the arrangement for such
activities with respect to, Hazardous Materials.

          “Environmental Liability” shall mean all liabilities, obligations, damages, losses, claims,
actions, suits, judgments, orders, fines, penalties, fees, expenses and costs (including
administrative oversight costs, natural resource damages and remediation costs), whether
contingent or otherwise, arising out of or relating to (a) compliance or non-compliance with any
Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or
disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release of
any Hazardous Materials or (e) any contract, agreement or other consensual arrangement pursuant to
which liability is assumed or imposed with respect to any of the foregoing.

          “Equity Interests” shall mean shares of capital stock, partnership interests, membership
interests in a limited liability company, beneficial interests in a trust or other equity interests
in any person, or any obligations convertible into or exchangeable for, or giving any person a
right, option or warrant to acquire such equity interests or such convertible or exchangeable
obligations.

          “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as the same may be
amended from time to time.

          “ERISA Affiliate” shall mean any trade or business (whether or not incorporated) that,
together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the
Code, or solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a
single employer under Section 414 of the Code.

          “ERISA Event” shall mean (a) any “reportable event”, as defined in Section 4043 of ERISA or
the regulations issued thereunder, with respect to a Plan (other than an event for which the 30-day
notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding
deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived;
(c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application
for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the
Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to
the termination of any Plan or the withdrawal or partial withdrawal of the Borrower or any of its
ERISA Affiliates from any Plan or Multiemployer Plan; (e) the receipt by the Borrower or any of its
ERISA Affiliates from the PBGC or a plan administrator of any notice relating to the intention to
terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the adoption of any
amendment to a Plan that would require the provision of security pursuant to Section 401(a)(29) of
the Code or Section 307 of ERISA; (g) the receipt by the Borrower or any of its ERISA Affiliates of

 

9

any notice, or the receipt by any Multiemployer Plan from the Borrower or any of its ERISA
Affiliates of any notice, concerning the imposition of Withdrawal Liability or a determination
that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the
meaning of Title IV of ERISA; or (h) the occurrence of a “prohibited transaction” with respect to
which Holdings, the Borrower or any of the Subsidiaries is a “disqualified person” (within the
meaning of Section 4975 of the Code) or with respect to which Holdings, the Borrower or any such
Subsidiary could otherwise be liable.

          “Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan,
or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to
the Adjusted LIBO Rate.

          “Event of Default” shall have the meaning assigned to such term in Article VII.

          “Excess Cash Flow” shall mean, for any fiscal year of the Borrower, commencing with the fiscal
year ending on or around June 30, 2008, the excess of (a) the sum, without duplication, of (i)
Consolidated EBITDA of the Borrower for such fiscal year and (ii) reductions to noncash working
capital of the Borrower and the Subsidiaries for such fiscal year (i.e., the decrease, if any, in
Current Assets minus Current Liabilities from the beginning to the end of such fiscal year) over
(b) the sum, without duplication, of (i) the amount of any Tax Payments payable with respect to
such fiscal year, (ii) cash interest paid (net of cash interest received) by the Borrower and the
Subsidiaries during such fiscal year, (iii) the aggregate amount paid in cash in respect of Capital
Expenditures and Permitted Acquisitions during such fiscal year made in accordance with Sections
6.10 and 6.04(f), respectively, except to the extent financed with the proceeds of Indebtedness,
equity, casualty or condemnation proceeds, (iv) permanent repayments of Indebtedness (other than
mandatory prepayments of Loans under Section 2.13 and Voluntary Prepayments) made by the Borrower
and the Subsidiaries during such fiscal year, but only to the extent that such prepayments by their
terms cannot be reborrowed or redrawn and do not occur in connection with a refinancing of all or
any portion of such Indebtedness, (v) the amounts added back to Consolidated EBITDA during such
fiscal year pursuant to clauses (a)(v), (vi), (vii) and (ix) of the definition of such term, in
each case to the extent paid in cash, (vi) additions to noncash working capital for such fiscal
year (i.e., the increase, if any, in Current Assets minus Current Liabilities from the beginning to
the end of such fiscal year) and (vii) the amount of any Initial Pro Forma Adjustment added in the
determination of Consolidated EBITDA for such fiscal year.

          “Excluded Taxes” shall mean, with respect to the Administrative Agent, any Lender, the
Issuing Bank or any other recipient of any payment to be made by or on account of any obligation
of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net
income by the United States of America, or by the jurisdiction under the laws of which such
recipient is organized or in which its principal office is located or, in the case of any Lender,
in which its applicable lending office is located, (b) any branch profits taxes imposed by the
United States of America or any similar tax imposed by any other jurisdiction in which the
Borrower is located and (c) in the case of a Foreign Lender (other than an assignee pursuant to a
request by the

 

10

Borrower under Section 2.21(a)), any withholding tax that is imposed on amounts payable to such
Foreign Lender at the time such Foreign Lender becomes a party to this Agreement (or designates a
new lending office) or is attributable to such Foreign Lender’s failure to comply with Section
2.20(e), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at
the time of designation of a new lending office (or assignment), to receive additional amounts
from the Borrower with respect to such withholding tax pursuant to Section 2.20(a).

          “Existing Credit Agreement” shall mean the Amended and Restated Credit Agreement dated as of
February 20, 2004, as amended, supplemented or otherwise modified, among the Borrower, Holdings,
the lenders party thereto and Credit Suisse (formerly known as Credit Suisse First Boston), as
administrative agent and collateral agent.

          “Existing Holdings Notes” shall mean Holdings’ Senior Discount Notes due 2010.

          “Existing Holdings Note Indenture” shall mean the indenture dated as of May 18, 2004, between
the Borrower and U.S. Bank National Association, as the senior discount note indenture trustee, as
amended from time to time.

          “Existing Holdings Notes Tender Offer” shall mean the offer to purchase and consent
solicitation in respect of the Existing Holdings Notes made by Holdings on September 15, 2006.

          “Existing Letters of Credit” shall mean each Letter of Credit previously issued for the
account of the Borrower that is (a) outstanding on the Closing Date and (b) listed on Schedule
1.01(a).

          “Existing Subordinated Note Documents” shall mean the Existing Subordinated Notes, the
Existing Subordinated Note Indenture and all other documents executed and delivered with respect
to the Existing Subordinated Notes or the Existing Subordinated Note Indenture.

          “Existing Subordinated Note Indenture” shall mean the indenture dated as of June 28, 2002,
between the Borrower and U.S. Bank National Association, as the senior subordinated note indenture
trustee, as amended from time to time.

          “Existing Subordinated Notes” shall mean the Borrower’s 11-1/4% Senior Subordinated Notes due
2010 issued pursuant to the Existing Subordinated Note Indenture and any notes issued by the
Borrower in exchange for, and as contemplated by, the Existing Subordinated Note Indenture with
substantially identical terms as the Existing Subordinated Notes.

          “Existing Subordinated Notes Tender Offer” shall mean the offer to purchase and consent
solicitation in respect of the Existing Subordinated Notes made by the Borrower on September 15,
2006.

 

11

          “Federal Funds Effective Rate” shall mean, for any day, the weighted average of the rates on
overnight Federal funds transactions with members of the Federal Reserve System arranged by
Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve
Bank of New York, or, if such rate is not so published for any day that is a Business Day, the
average of the quotations for the day for such transactions received by the Administrative Agent
from three Federal funds brokers of recognized standing selected by it.

          “Fee Letter” shall mean the Amended and Restated Fee Letter dated September 1, 2006, among
the Borrower, Credit Suisse Securities (USA) LLC, Credit Suisse, UBS Securities LLC, UBS Loan
Finance LLC, Goldman Sachs Credit Partners L.P. and Piper Jaffray & Co.

          “Fees” shall mean the Commitment Fees, the Administrative Agent Fees, the L/C Participation
Fees, the PF L/C Commitment Fees, the PF L/C Loan Fronting Fee and the Issuing Bank Fees.

          “Financial Officer” of any person shall mean the chief financial officer, principal
accounting officer, Treasurer or Controller of such person.

          “Foreign Lender” shall mean any Lender that is organized under the laws of a jurisdiction
other than that in which the Borrower is located. For purposes of this definition, the United
States of America, each State thereof and the District of Columbia shall be deemed to constitute a
single jurisdiction.

          “Foreign Subsidiary” shall mean any Subsidiary that is not a Domestic Subsidiary.

          “Funded Debt” shall mean, at any time, the Total Debt at such time less cash and Permitted
Investments of the Borrower and the Domestic Subsidiaries at such time in an aggregate amount not
to exceed $30,000,000.

          “Funded Senior Secured Debt” shall mean, at any time, the Funded Debt at such time that is
secured by a Lien on any assets of the Borrower or any Subsidiary, regardless of whether such
assets also constitute Collateral.

          “GAAP” shall mean United States generally accepted accounting principles applied on a
consistent basis.

          “Governmental Authority” shall mean any Federal, state, local or foreign court or
governmental agency, authority, instrumentality or regulatory body.

          “Granting Lender” shall have the meaning assigned to such term in Section 9.04(i).

          “Guarantee” of or by any person shall mean any obligation, contingent or otherwise, of such
person guaranteeing or having the economic effect of guaranteeing any Indebtedness of any other
person (the “primary obligor”) in any manner, whether directly or indirectly, and including any
obligation of such person, direct or indirect,

 

12

(a) to purchase or pay (or advance or supply funds for the purchase or payment of) such
Indebtedness or to purchase (or to advance or supply funds for the purchase of) any security for
the payment of such Indebtedness, (b) to purchase or lease property, securities or services for the
purpose of assuring the owner of such Indebtedness of the payment of such Indebtedness or (c) to
maintain working capital, equity capital or any other financial statement condition or liquidity of
the primary obligor so as to enable the primary obligor to pay such Indebtedness; provided,
however, that the term “Guarantee” shall not include endorsements for collection or deposit in the
ordinary course of business.

          “Guarantee and Collateral Agreement” shall mean the Guarantee and Collateral Agreement,
substantially in the form of Exhibit D, among the Borrower, Holdings, the Subsidiaries party
thereto and the Collateral Agent for the benefit of the Secured Parties.

          “Guarantors” shall mean Holdings and the Subsidiary Guarantors.

          “Hazardous Materials” shall mean (a) any petroleum products or byproducts and all other
hydrocarbons, coal ash, radon gas, asbestos, urea formaldehyde foam insulation, polychlorinated
biphenyls, chlorofluorocarbons and all other ozone-depleting substances and (b) any chemical,
material, substance or waste that is prohibited, limited or regulated by or pursuant to any
Environmental Law.

          “Hedging Agreement” shall mean any interest rate protection agreement, foreign currency
exchange agreement, commodity price protection agreement or other interest or currency exchange
rate or commodity price hedging arrangement.

          “Inactive Subsidiary” shall mean any Subsidiary of the Borrower that (a) does not conduct any
business operations, (b) has assets with a total book value not in excess of $10,000 and (c) does
not have any Indebtedness outstanding.

          “Incremental Debt Amount” shall mean, at any time, the excess, if any, of (a) $50,000,000 over
(b) an amount equal to (i) the aggregate amount of all Incremental Term Loan Commitments
established prior to such time pursuant to Section 2.24 plus (ii) the aggregate principal amount of
New Senior Notes issued by the Borrower pursuant to the New Senior Note Indenture after the Closing
Date in excess of the aggregate principal amount of $300,000,000 plus (iii) the aggregate principal
amount of all Indebtedness incurred under Section 6.01(j) and outstanding at such time.

          “Incremental Term Lender” shall mean a Lender with an Incremental Term Loan Commitment or an
outstanding Incremental Term Loan.

          “Incremental Term Loan Assumption Agreement” shall mean an Incremental Term Loan Assumption
Agreement in form and substance reasonably satisfactory to the Administrative Agent, among the
Borrower, the Administrative Agent and one or more Incremental Term Lenders.

 

13

          “Incremental Term Loan Commitment” shall mean the commitment of any Lender, established
pursuant to Section 2.24, to make Incremental Term Loans to the Borrower.

          “Incremental Term Loan Maturity Date” shall mean the final maturity date of any Incremental
Term Loan, as set forth in the applicable Incremental Term Loan Assumption Agreement.

          “Incremental Term Loan Repayment Dates” shall mean the dates scheduled for the repayment of
principal of any Incremental Term Loan, as set forth in the applicable Incremental Term Loan
Assumption Agreement.

          “Incremental Term Loans” shall mean term loans made by one or more Lenders to the Borrower
pursuant to clause (b) of Section 2.01. Incremental Term Loans may be made in the form of
additional Term Loans or, to the extent permitted by Section 2.24 and provided for in the relevant
Incremental Term Loan Assumption Agreement, Other Term Loans.

          “Indebtedness” of any person shall mean, without duplication, (a) all obligations of such
person for borrowed money, (b) all obligations of such person evidenced by bonds, debentures,
notes or similar instruments, (c) all obligations of such person under conditional sale or other
title retention agreements relating to property or assets purchased by such person, (d) all
obligations of such person issued or assumed as the deferred purchase price of property or
services (excluding trade accounts payable and accrued obligations incurred in the ordinary course
of business), (e) all Indebtedness of others secured by (or for which the holder of such
Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on
property owned or acquired by such person, whether or not the obligations secured thereby have
been assumed, (f) all Guarantees by such person of Indebtedness of others, (g) all Capital Lease
Obligations and Synthetic Lease Obligations of such person, (h) all obligations of such person as
an account party in respect of letters of credit and (i) all obligations of such person as an
account party in respect of bankers’ acceptances. The Indebtedness of any person shall include the
Indebtedness of any partnership in which such person is a general partner, except to the extent
that, by its terms, such Indebtedness is nonrecourse to such person.

          “Indemnified Taxes” shall mean Taxes other than Excluded Taxes.

          “Initial Pro Forma Adjustment” for any fiscal quarter shall mean an amount deemed to
represent the pro forma cost savings and synergies resulting from the Merger and equal to the
following (in each case, without duplication of the actual pro forma cost savings and synergies
achieved during such fiscal quarter): (a) for each fiscal quarter ended after the Closing Date and
on or prior to December 12, 2007, $13,925,000, (b) for the fiscal quarter ending on April 2, 2008,
$13,500,000, (c) for the fiscal quarter ending on July 2, 2008, $5,100,000, and (d) for the fiscal
quarter ending on September 24, 2008, $2,500,000.

          “Intercreditor Agreement” shall mean (i) the Agreement Regarding Leasehold Mortgages and
Landlord’s Purchase Option dated as of November 1, 2006

 

14

among FIGRYANF LLC, FIGRYANH LLC, FIGRYANH-1 LLC, FIGRYANH-2 LLC, FIGRYANH-3 LLC, FIGRYANH-4 LLC,
FIGRYANH-5 LLC, FIGRYANH-6 LLC, FIGRYANH-7 LLC, FIGRYANH-8 LLC, FIGRYANH-9 LLC, FIGRYANH-10 LLC,
FIGRYANH-11 LLC, FIGRYANH-12 LLC, FIGRYANH-13 LLC, FIGRYANH-14 LLC, FIGRYANH-15 LLC and
FIGRYANH-16, the Administrative Agent, in its capacity as mortgagee of the Borrower’s leasehold
interest in the Sale/Leaseback Properties, Ryan’s Restaurant Group, Inc., Fire Mountain
Restaurants, LLC, OCB Restaurant Company, LLC, HomeTown Buffet, Inc. and German American Capital
Corporation and (ii) the Agreement Regarding Leasehold Mortgages and Landlord’s Purchase Option
dated as of November 1, 2006 among Realty Income Corporation, Realty Income Texas Properties, L.P.,
Realty Income Pennsylvania Properties Trust, Crest Net Lease, Inc., the Administrative Agent, in
its capacity as mortgagee of the Borrower’s leasehold interest in the Sale/Leaseback Properties,
Ryan’s Restaurant Group, Inc. and Fire Mountain Restaurants, LLC, each substantially in the form of
Exhibit E.

          “Interest Coverage Ratio” shall mean, for any period, the ratio of (a) Consolidated EBITDA of
the Borrower for such period to (b) Consolidated Interest Expense of the Borrower for such period.

          “Interest Payment Date” shall mean (a) with respect to any ABR Loan, the last Business Day of
each March, June, September and December, (b) with respect to any Credit-Linked Deposit, the last
day of the Interest Period therefor or the date of any prepayment thereof and (c) with respect to
any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such
Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than
three months’ duration, each day that would have been an Interest Payment Date had successive
Interest Periods of three months’ duration been applicable to such Borrowing, and, in addition, the
date of any prepayment of a Eurodollar Borrowing or conversion of a Eurodollar Borrowing to an ABR
Borrowing.

          “Interest Period” shall mean (a) with respect to any Eurodollar Borrowing, the period
commencing on the date of such Borrowing and ending on the numerically corresponding day (or, if
there is no numerically corresponding day, on the last day) in the calendar month that is 1, 2, 3
or 6 months (or, if agreed to by all the applicable Lenders, 9 or 12 months) thereafter, as the
Borrower may elect, and (b) with respect to the Credit-Linked Deposits, the period commencing on
the Closing Date or on the last day of the preceding Interest Period and ending on the last
Business Day of each March, June, September and December thereafter, commencing with the last
Business Day of December 2006; provided, however, that if the Interest Period for any Eurodollar
Borrowing would end on a day other than a Business Day, such Interest Period shall be extended to
the succeeding Business Day unless, such next succeeding Business Day would fall in the next
calendar month, in which case such Interest Period shall end on the preceding Business Day.
Interest shall accrue from and including the first day of an Interest Period to but excluding the
last day of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be
the date on which such Borrowing is made and thereafter shall be the effective date of the most
recent conversion or continuation of such Borrowing.

 

15

          “Issuing Bank” shall mean (a) with respect to each PF Letter of Credit, U.S. Bank National
Association, (b) with respect to any RF Letter of Credit, Credit Suisse, in its capacity as an
issuer of RF Letters of Credit hereunder, and (c) any other Lender that may become an Issuing Bank
pursuant to Section 2.23(i) or 2.23(k), with respect to Letters of Credit issued by such Lender.
The Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by
Affiliates of the Issuing Bank, in which case the term “Issuing Bank” shall include any such
Affiliate with respect to Letters of Credit issued by such Affiliate.

          “Issuing Bank Fees” shall have the meaning assigned to such term in Section 2.05(c).

          “L/C Commitment” shall mean the commitment of the Issuing Bank to issue Letters of Credit
pursuant to Section 2.23.

          “L/C Disbursement” shall mean a payment or disbursement made by the Issuing Bank pursuant to
a Letter of Credit.

          “L/C Participation Fee” shall have the meaning assigned to such term in Section 2.05(c).

          “Lenders” shall mean (a) the persons listed on Schedule 2.01 (other than any such person that
has ceased to be a party hereto pursuant to an Assignment and Acceptance) and (b) any person that
has become a party hereto pursuant to an Assignment and Acceptance or an Incremental Term Loan
Assumption Agreement. Unless the context clearly indicates otherwise, the term “Lenders” shall
include the Swingline Lender and the PF Fronting Lender.

          “Letter of Credit” shall mean an RF Letter of Credit or a PF Letter of Credit.

          “Leverage Ratio” shall mean, on any date, the ratio of Funded Debt on such date to
Consolidated EBITDA of the Borrower for the period of four consecutive fiscal quarters most
recently ended as of such date.

          “LIBO Rate” shall mean, with respect to the Credit-Linked Deposits or any Eurodollar Borrowing
for any Interest Period, the rate per annum determined by the Administrative Agent at approximately
11:00 a.m. (London time), on the date that is two Business Days prior to the commencement of such
Interest Period by reference to the British Bankers’ Association Interest Settlement Rates for
deposits in dollars (as set forth by the Bloomberg Information Service or any successor thereto or
any other service selected by the Administrative Agent that has been nominated by the British
Bankers’ Association as an authorized information vendor for the purpose of displaying such rates)
for a period equal to such Interest Period; provided that, to the extent that an interest rate is
not ascertainable pursuant to the foregoing provisions of this definition, the “LIBO Rate” shall be
the interest rate per annum reasonably determined by the Administrative Agent to be the average of
the rates per annum at which deposits in dollars are offered for such relevant Interest Period to
major banks in the London interbank market in London,

 

16

England by the Administrative Agent at approximately 11:00 a.m. (London time) on the date that is
two Business Days prior to the beginning of such Interest Period.

          “Lien” shall mean, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge,
encumbrance, charge or security interest in or on such asset and (b) the interest of a vendor or a
lessor under any conditional sale agreement, capital lease or title retention agreement (or any
financing lease having substantially the same economic effect as any of the foregoing) relating to
such asset.

          “Loan Documents” shall mean this Agreement, the Amendment Agreement, the promissory notes, if
any, executed and delivered pursuant to Section 2.04(e), the Security Documents and any
Incremental Term Loan Assumption Agreement.

          “Loan Parties” shall mean the Borrower and the Guarantors.

          “Loans” shall mean the Revolving Loans, the PF L/C Loans, the Term Loans and the Swingline
Loans.

          “Management Services Agreement” shall mean the Second Amended and Restated Management and Fee
Agreement dated as of November 1, 2006, between the Borrower and Caxton—Iseman Capital, Inc.

          “Margin Stock” shall have the meaning assigned to such term in Regulation U.

          “Master Land and Building Leases” shall mean each Master Land and Building Lease listed on
Schedule 1.01(b).

          “Material Adverse Effect” shall mean (a) a materially adverse effect on the business, assets,
operations or condition (financial or otherwise) of the Borrower and the Subsidiaries, taken as a
whole, (b) a material impairment of the ability of the Borrower and the other Loan Parties, taken
as a whole, to perform any of their respective obligations under any Loan Document to which any
such person is or will be a party or (c) a material impairment of the rights of or benefits
available to the Lenders under any Loan Document.

          “Material Indebtedness” shall mean Indebtedness (other than the Loans and Letters of Credit),
or obligations in respect of one or more Hedging Agreements, of any one or more of Holdings, the
Borrower and the Subsidiaries in an aggregate principal amount exceeding $10,000,000. For purposes
of determining Material Indebtedness, the “principal amount” of the obligations of Holdings, the
Borrower or any Subsidiary in respect of any Hedging Agreement at any time shall be the maximum
aggregate amount (giving effect to any netting agreements) that Holdings, the Borrower or such
Subsidiary would be required to pay if such Hedging Agreement were terminated at such time.

          “Merger” shall have the meaning assigned to such term in the Merger Agreement.

 

17

          “Merger Agreement” shall mean the Agreement and Plan of Merger dated as of July 24, 2006 (as
amended, restated or supplemented from time to time), by and among the Company, the Borrower and
Buffets Southeast, Inc.

          “Merger Consideration” shall mean the aggregate consideration payable upon the consummation of
the Merger in respect of the outstanding Equity Interests of the Company, which is expected to be
approximately $704,200,000 in the aggregate.

          “Moody’s” shall mean Moody’s Investors Service, Inc.

          “Mortgaged Properties” shall mean the owned or leased real properties of the Loan Parties and
improvements thereto with respect to which a Mortgage is granted pursuant to Section 5.09.

          “Mortgages” shall mean the mortgages, deeds of trust, leasehold mortgages, assignments of
leases and rents, modifications and other security documents delivered pursuant to Section 4.02(f)
or 5.09, each substantially in the form of Exhibit F-1 or F-2 or such other form as the
Administrative Agent shall approve.

          “Multiemployer Plan” shall mean a multiemployer plan as defined in Section 4001(a)(3) of
ERISA.

          “Net Cash Proceeds” shall mean (a) with respect to any Asset Sale, the cash proceeds
(including cash proceeds subsequently received (as and when received) in respect of noncash
consideration initially received but excluding rent received from any sublessee in connection with
a sublease by a Loan Party of any leasehold interest), net of (i) selling expenses (including
reasonable broker’s fees or commissions, legal fees, transfer and similar taxes and the Borrower’s
good faith estimate of taxes paid or payable in connection with such sale), (ii) amounts provided
as a reserve, in accordance with GAAP, against any liabilities under any indemnification
obligations or purchase price adjustment associated with such Asset Sale (provided that, to the
extent and at the time any such amounts are released from such reserve, such amounts shall
constitute Net Cash Proceeds) and (iii) the principal amount, premium or penalty, if any, interest
and other amounts on any Indebtedness for borrowed money which is secured by the asset sold in such
Asset Sale and which is repaid with such proceeds; provided, however, that, except with respect to
the Net Cash Proceeds of any sale or disposition described in Section 6.05(c), if (x) the Borrower
shall deliver a certificate of a Financial Officer to the Administrative Agent substantially at the
time of receipt thereof setting forth the Borrower’s intent to reinvest such proceeds in Permitted
Acquisitions or productive assets of a kind then used or usable in the business of the Borrower and
its Subsidiaries within 360 days of receipt of such proceeds and (y) no Default or Event of Default
shall have occurred and shall be continuing at the time of such certificate or at the proposed time
of the application of such proceeds, such proceeds shall not constitute Net Cash Proceeds except to
the extent not so used or contractually committed to be used at the end of such 360-day period, at
which time such proceeds shall be deemed to be Net Cash Proceeds; and (b) with respect to any
issuance or disposition of Indebtedness, Qualified Tahoe Joe’s Equity Offering or Qualified Initial
Public Equity Offering, the cash

 

18

proceeds thereof, net of all taxes and customary fees, commissions, costs and other expenses
incurred in connection therewith.

          “New Senior Note Documents” shall mean the New Senior Notes, the New Senior Note Indenture
and all other documents executed and delivered with respect to the New Senior Notes or the New
Senior Note Indenture.

          “New Senior Note Indenture” shall mean the indenture dated as of November 1, 2006, among the
Borrower, Holdings, certain of the Subsidiary Guarantors and U.S. Bank National Association, as the
senior note indenture trustee, as amended from time to time in accordance with the requirements
thereof and of this Agreement.

          “New Senior Notes” shall mean the Borrower’s 121/2% Senior Notes due 2014, issued pursuant to
the New Senior Note Indenture and any notes issued by the Borrower in exchange for, and as
contemplated by, the New Senior Note Indenture with substantially identical terms as the New
Senior Notes.

          “Non-Core Assets” shall mean the assets listed on Schedule 1.01(c).

          “Obligations” shall mean all obligations defined as “Obligations” in the Guarantee and
Collateral Agreement and the other Security Documents.

          “Other Taxes” shall mean any and all present or future stamp or documentary taxes or any
other excise or property taxes, charges or similar levies arising from any payment made under any
Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, any
Loan Document.

          “Other Term Loans” shall have the meaning assigned to such term in Section 2.24(a).

          “PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA.

          “Perfection Certificate” shall mean the Perfection Certificate substantially in the form of
Exhibit B to the Guarantee and Collateral Agreement.

          “Permitted Acquisition” shall have the meaning assigned to such term in Section 6.04(f).

          “Permitted Investments” shall mean:

          (a) direct obligations of, or obligations the principal of and interest on which are
unconditionally guaranteed by, the United States of America (or by any agency thereof to the extent
such obligations are backed by the full faith and credit of the United States of America), in each
case maturing within one year from the date of acquisition thereof;

 

19

          (b) investments in commercial paper maturing within six months days from the date of
acquisition thereof and having, at such date of acquisition, the highest credit rating obtainable
from S&P or from Moody’s;

          (c) investments in certificates of deposit, banker’s acceptances and time deposits maturing
within six months from the date of acquisition thereof issued or guaranteed by or placed with, and
money market deposit accounts issued or offered by, the Administrative Agent or any domestic
office of any Lender or any commercial bank organized under the laws of the United States of
America or any State thereof that has a combined capital and surplus and undivided profits of not
less than $500,000,000;

          (d) fully collateralized repurchase agreements with a term of not more than 30 days for
securities described in clause (a) above and entered into with a financial institution satisfying
the criteria of clause (c) above;

          (e) investments in “money market funds” within the meaning of Rule 2a-7 of the Investment
Company Act of 1940, as amended, substantially all of whose assets are invested in investments of
the type described in clauses (a) through (d) above;

          (f) investments in municipal securities maturing within one year from the date of acquisition
thereof and having, at such date of acquisition, a rating of at least AA by S&P or at least Aa by
Moody’s; and

          (g) other short-term investments utilized by Foreign Subsidiaries in accordance with normal
investment practices for cash management in investments of a type analogous to the foregoing.

          “Permitted Investors” shall mean (a) Caxton—Iseman Investments L.P., Caxton-Iseman Capital,
Inc., Caxton Associates, LLC, Sentinel Capital Partners, II, L.P., Frederick J. Iseman, Robert M.
Rosenberg, Steven M. Lefkowitz, Robert A. Ferris, Roe H. Hatlen and David S. Lobel and any other
person who is a Controlled Affiliate of any of the foregoing and any member of senior management
of Holdings or the Borrower on the Closing Date and (b) any Related Party of any of the foregoing.

          “person” shall mean any natural person, corporation, business trust, joint venture,
association, company, limited liability company, partnership, Governmental Authority or other
entity.

          “PF Fronting Lender” shall mean Credit Suisse, in its capacity as the fronting lender of PF
L/C Loans.

          “PF L/C Commitment” shall mean, with respect to each Lender, the amount set forth opposite
such Lender’s name on Schedule 2.01, or in the Assignment and Acceptance pursuant to which such
Lender assumed its PF L/C Commitment, as applicable, as the same may be (a) reduced from time to
time pursuant to Section 2.09 and (b) reduced or increased from time to time pursuant to
assignments by or to such Lender pursuant to Section 9.04. The aggregate amount of the PF L/C
Commitments on the Closing Date is $70,000,000.

 

20

          “PF L/C Commitment Fee” shall have the meaning assigned to such term in Section
2.05(c).

          “PF L/C Exposure” shall mean, at any time, the sum of (a) the aggregate undrawn amount of all
outstanding PF Letters of Credit at such time and (b) the aggregate principal amount of all L/C
Disbursements in respect of PF Letters of Credit that have not yet been reimbursed at such time.
The PF L/C Exposure of any PF Lender at any time shall be its PF Pro Rata Percentage of the
aggregate PF L/C Exposure at such time. For purposes of Sections 2.01(e) and 2.23(b) only, the PF
L/C Exposure shall include the face amount of any PF Letter of Credit for which the Borrower has
requested issuance until (a) the Borrower withdraws such request for issuance or (b) the Issuing
Bank notifies the Administrative Agent and the Borrower that it will not issue such PF Letter of
Credit in accordance with the terms of this Agreement.

          “PF L/C Loan Fronting Fee” shall have the meaning assigned to such term in Section 2.05(c).

          “PF L/C Loans” shall mean the revolving loans made to the Borrower by the PF Lenders, or by
the PF Fronting Lender on their behalf, pursuant to clause (e) of Section 2.01. PF L/C Loans that
are held by the PF Fronting Lender in its capacity as such at any time shall be deemed to be held
by the PF Lenders in accordance with their respective PF Pro Rata Percentages for purposes of
determining the Required Lenders at such time.

          “PF Lender” shall mean a Lender with a PF L/C Commitment, a participation in an outstanding PF
Letter of Credit or L/C Disbursement in respect thereof or a PF L/C Loan.

          “PF Letter of Credit” shall mean a Letter of Credit designated (or deemed designated) as such
and issued pursuant to Section 2.23.

          “PF Maturity Date” shall mean May 1, 2013.

          “PF Pro Rata Percentage” of any PF Lender at any time shall mean the percentage of the
aggregate PF L/C Commitments represented by such PF Lender’s PF L/C Commitment. In the event the
PF L/C Commitments shall have expired or been terminated, the PF Pro Rata Percentages shall be
determined on the basis of the PF L/C Commitments most recently in effect.

          “Plan” shall mean any employee pension benefit plan (other than a Multiemployer Plan) subject
to the provisions of Title IV of ERISA or Section 412 of the Code or Section 307 of ERISA, and in
respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would
under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

          “Prime Rate” shall mean the rate of interest per annum determined from time to time by the
Administrative Agent as its prime rate in effect at its principal office in New York City and
notified to the Borrower.

 

21

          “Pro Forma Basis” shall mean, with respect to compliance with any test or covenant hereunder,
compliance with such covenant or test after giving effect to any proposed incurrence of
Indebtedness, Permitted Acquisition, Qualified Tahoe Joe’s Equity Offering, Tahoe Joe’s
Distribution, Tahoe Joe’s Sale or other Asset Sale (including pro forma adjustments arising out of
events which are directly attributable to the proposed transaction, are factually supportable and
are expected to have a continuing impact, in each case which adjustments (a) are based on
reasonably detailed written assumptions reasonably acceptable to the Administrative Agent and (b)
are certified by a Financial Officer of the Borrower as having been prepared in good faith based
upon reasonable assumptions) using, for purposes of determining such compliance, the historical
financial statements of all entities or assets so acquired or sold or to be acquired or sold and
the consolidated financial statements of the Borrower and its Subsidiaries which shall be
reformulated as if such transaction, and any other such transactions that have been consummated
during the period, and any Indebtedness or other liabilities incurred in connection with any such
Permitted Acquisitions had been consummated and incurred at the beginning of such period.

          “Pro Forma Compliance” shall mean, at any date of determination, that the Borrower shall be
in pro forma compliance with the covenants set forth in Sections 6.11 and 6.12 as of the last day
of the most recent fiscal quarter-end (computed on the basis of (a) balance sheet amounts as of
the most recently completed fiscal quarter, and (b) income statement amounts for the most recently
completed period of four consecutive fiscal quarters, in each case, for which financial statements
shall have been delivered to the Administrative Agent and calculated on a Pro Forma Basis in
respect of the event giving rise to such determination).

          “Qualified Initial Public Equity Offering” shall mean an underwritten initial public offering
of common stock of, and by, Holdings pursuant to a registration statement filed with the
Securities and Exchange Commission in accordance with the Securities Act of 1933, as amended,
which initial public equity offering results in gross cash proceeds to Holdings of not less than
$50,000,000.

          “Qualified Tahoe Joe’s Equity Offering” shall mean the sale of common stock of Tahoe Joe’s
which results in gross cash proceeds to Holdings or the Borrower and its Subsidiaries (other than
Tahoe Joe’s) of not less than $25,000,000.

          “Register” shall have the meaning assigned to such term in Section 9.04(d).

          “Regulation T” shall mean Regulation T of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof.

          “Regulation U” shall mean Regulation U of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof.

          “Regulation X” shall mean Regulation X of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof.

 

22

          “Related Fund” shall mean, with respect to any Lender that is a fund that invests in bank
loans, any other fund that invests in bank loans and is advised or managed by the same investment
advisor as such Lender or by an Affiliate of such investment advisor.

          “Related Lender Parties” shall mean, with respect to any specified person, such person’s
Affiliates and the respective directors, officers, employees, agents and advisors of such person
and such person’s Affiliates.

          “Related Party” shall mean (a) any Controlling stockholder, Controlling member, general
partner, majority owned subsidiary, or spouse or immediate family member (in the case of an
individual) of any Permitted Investor, (b) any estate, trust, corporation, partnership or other
entity, the beneficiaries, stockholders, partners, owners or persons holding a Controlling interest
of which consist solely of one or more Permitted Investors and/or such other persons referred to in
the immediately preceding clause (a) or (c) any executor, administrator, trustee, manager, director
or other similar fiduciary of any person referred to in the immediately preceding clause (b) acting
solely in such capacity.

          “Release” shall mean any release, spill, emission, leaking, dumping, injection, pouring,
deposit, disposal, discharge, dispersal, leaching or migration into or through the environment or
within or upon any building, structure, facility or fixture.

          “Repayment Date” shall have the meaning given such term in Section 2.11. Unless the context
shall otherwise require, the term “Repayment Date” shall include the Incremental Term Loan
Repayment Dates.

          “Required Lenders” shall mean, at any time, Lenders (other than Permitted Investors) having
Loans (excluding Swingline Loans), Aggregate L/C Exposure, Swingline Exposure and unused Revolving
Credit Commitments, PF L/C Commitments and Term Loan Commitments representing greater than 50% of
the sum of all Loans outstanding (excluding Swingline Loans), Aggregate L/C Exposure, Swingline
Exposure and unused Revolving Credit Commitments, PF L/C Commitments and Term Loan Commitments of
the Lenders (other than Permitted Investors) at such time.

          “Responsible Officer” of any person shall mean any executive officer or Financial Officer of
such person and any other officer or similar official thereof responsible for the administration
of the obligations of such person in respect of this Agreement.

          “Restatement Date” shall mean March 13, 2007.

          “Restricted Indebtedness” shall mean the New Senior Notes and any other Indebtedness of
Holdings, the Borrower or any Subsidiary, the payment, prepayment, repurchase or defeasance of
which is restricted under Section 6.09(b).

          “Restricted Payment” shall mean any dividend, interest or other distribution (whether in
cash, securities or other property) with respect to any Equity

 

23

Interests in Holdings, the Borrower or any Subsidiary or any payment (whether in cash, securities
or other property), including any sinking fund or similar deposit, on account of the purchase,
redemption, retirement, acquisition, cancelation or termination of any Equity Interests in
Holdings, the Borrower or any Subsidiary or any option, warrant or other right to acquire any such
Equity Interests in Holdings, the Borrower or any Subsidiary. The amount of any Restricted Payment
resulting from the Tahoe Joe’s Distribution shall be the fair market value of the Equity Interests
of Tahoe Joe’s subject thereto, as determined by an independent investment banking firm of
recognized national standing.

          “Revolving Credit Borrowing” shall mean a Borrowing comprised of Revolving Loans.

          “Revolving Credit Commitment” shall mean, with respect to each Lender, the commitment of such
Lender to make Revolving Loans hereunder as set forth on Schedule 2.01, or in the Assignment and
Acceptance pursuant to which such Lender assumed its Revolving Credit Commitment, as applicable,
as the same may be (a) reduced from time to time pursuant to Section 2.09 and (b) reduced or
increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04.

          “Revolving Credit Exposure” shall mean, with respect to any Lender at any time, the aggregate
principal amount at such time of all outstanding Revolving Loans of such Lender, plus the
aggregate amount at such time of such Lender’s RF L/C Exposure, plus the aggregate amount at such
time of such Lender’s Swingline Exposure.

          “Revolving Credit Lender” shall mean a Lender with a Revolving Credit Commitment or an
outstanding Revolving Loan.

          “Revolving Credit Maturity Date” shall mean November 1, 2011.

          “Revolving Facility Pro Rata Percentage” of any Revolving Credit Lender at any time shall
mean the percentage of the Total Revolving Credit Commitment represented by such Lender’s
Revolving Credit Commitment. In the event the Revolving Credit Commitments shall have expired or
been terminated, the Revolving Facility Pro Rata Percentages shall be determined on the basis of
the Revolving Credit Commitments most recently in effect.

          “Revolving Loans” shall mean the revolving loans made by the Lenders to the Borrower pursuant
to clause (d) of Section 2.01 and clause (f) of Section 2.02.

          “RF L/C Exposure” shall mean at any time the sum of (a) the aggregate undrawn amount of all
outstanding RF Letters of Credit at such time and (b) the aggregate principal amount of all L/C
Disbursements in respect of RF Letters of Credit that have not yet been reimbursed at such time.
The RF L/C Exposure of any Revolving Credit Lender at any time shall equal its Revolving Facility
Pro Rata Percentage of the aggregate RF L/C Exposure at such time.

 

24

          “RF Letter of Credit” shall mean a Letter of Credit designated (or deemed designated) as such
and issued pursuant to Section 2.23.

          “S&P” shall mean Standard & Poor’s Ratings Services.

          “Sale/Leaseback Documents” shall mean (a) each Master Land and Building Lease, (b) the
Purchase and Sale Agreement dated as of November 1, 2006, among Fire Mountain Restaurants, LLC,
Ryan’s Restaurant Group, Inc., HomeTown Buffet, Inc., OCB Restaurant Company, LLC, FIGRYANF LLC,
FIGRYANH LLC, FIGRYANH-1 LLC, FIGRYANH-2 LLC, FIGRYANH-3 LLC, FIGRYANH-4 LLC, FIGRYANH-5 LLC,
FIGRYANH-6 LLC, FIGRYANH-7 LLC, FIGRYANH-8 LLC, FIGRYANH-9 LLC, FIGRYANH-10 LLC, FIGRYANH-11 LLC,
FIGRYANH-12 LLC, FIGRYANH-13 LLC, FIGRYANH-14 LLC, FIGRYANH-15 LLC and FIGRYANH-16 LLC, (c) the
Intercreditor Agreement and (d) all purchase and sale agreements, individual lease agreements,
guarantee agreements, subordination and non-disturbance agreements and other material agreements
and documents related thereto or executed in connection therewith, in each case as amended,
supplemented or otherwise modified from time to time.

          “Sale and Leaseback” shall have the meaning assigned to such term in Section 6.03.

          “Sale/Leaseback Properties” shall mean the owned real properties listed on Schedule 1.01(d).

          “Sale/Leaseback Transaction” shall mean the Sale and Leaseback of the Sale/Leaseback
Properties pursuant to the Sale/Leaseback Documents.

          “Secured Parties” shall have the meaning assigned to such term in the Guarantee and Collateral
Agreement.

          “Security Documents” shall mean the Mortgages, the Guarantee and Collateral Agreement, the
Intercreditor Agreement and each of the security agreements, mortgages and other instruments and
documents executed and delivered pursuant to any of the foregoing or pursuant to Section 5.09.

          “Seller Notes” shall have the meaning assigned to such term in Section 6.01(h).

          “Senior Secured Leverage Ratio” shall mean, on any date, the ratio of Funded Senior Secured
Debt on such date to Consolidated EBITDA of the Borrower for the period of four consecutive fiscal
quarters most recently ended as of such date.

          “SPC” shall have the meaning assigned to such term in Section 9.04(i).

          “Statutory Reserves” shall mean a fraction (expressed as a decimal), the numerator of which is
the number one and the denominator of which is the number one minus the aggregate of the maximum
reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed
as a decimal established by the

 

25

Board for Eurocurrency Liabilities (as defined in Regulation D of the Board). Such reserve
percentages shall include those imposed pursuant to such Regulation D. Eurodollar Loans shall be
deemed to constitute Eurocurrency Liabilities) and to be subject to such reserve requirements
without benefit of or credit for proration, exemptions or offsets that may be available from time
to time to any Lender under such Regulation D. Statutory Reserves shall be adjusted automatically
on and as of the effective date of any change in any reserve percentage.

          “subsidiary” shall mean, with respect to any person (herein referred to as the “parent”), any
corporation, partnership, association or other business entity of which securities or other
ownership interests representing more than 50% of the equity or more than 50% of the ordinary
voting power are, at the time any determination is being made, owned, controlled or held by the
parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of
the parent.

          “Subsidiary” shall mean any subsidiary of the Borrower.

          “Subsidiary Guarantor” shall mean each Subsidiary listed on Schedule 1.01(e), and each other
Subsidiary that is or becomes a party to the Guarantee and Collateral Agreement.

          “Swingline Commitment” shall mean the commitment of the Swingline Lender to make loans
pursuant to Section 2.22, as the same may be reduced from time to time pursuant to Section 2.09 or
Section 2.22.

          “Swingline Exposure” shall mean at any time the aggregate principal amount at such time of
all outstanding Swingline Loans. The Swingline Exposure of any Revolving Credit Lender at any time
shall equal its Revolving Facility Pro Rata Percentage of the aggregate Swingline Exposure at such
time.

          “Swingline Lender” shall mean Credit Suisse, in its capacity as lender of Swingline Loans
hereunder.

          “Swingline Loan” shall mean any loan made by the Swingline Lender pursuant to Section 2.22.

          “Synthetic Lease” shall mean, as to any person, any lease (including leases that may be
terminated by the lessee at any time) of any property (whether real, personal or mixed) (a) that is
accounted for as an operating lease under GAAP and (b) in respect of which the lessee retains or
obtains ownership of the property so leased for U.S. federal income tax purposes, other than any
such lease under which such person is the lessor.

          “Synthetic Lease Obligations” shall mean, as to any person, an amount equal to the sum of (a)
the obligations of such person to pay rent or other amounts under any Synthetic Lease which are
attributable to principal and, without duplication, (b) the amount of any purchase price payment
under any Synthetic Lease assuming the lessee exercises the option to purchase the leased property
at the end of the lease term.

 

26

          “Synthetic Purchase Agreement” shall mean any swap, derivative or other agreement or
combination of agreements pursuant to which Holdings, the Borrower or any Subsidiary is or may
become obligated to make (a) any payment in connection with a purchase by any third party from a
person other than Holdings, the Borrower or any Subsidiary of any Equity Interest or Restricted
Indebtedness of Holdings, the Borrower or a Subsidiary or (b) any payment (other than on account of
a permitted purchase by it of any Equity Interest or Restricted Indebtedness) the amount of which
is determined by reference to the price or value at any time of any Equity Interest or Restricted
Indebtedness of Holdings, the Borrower or a Subsidiary; provided that no phantom stock or similar
plan providing for payments only to current or former directors, officers, consultants or employees
of Holdings, the Borrower or the Subsidiaries (or to their heirs or estates) shall be deemed to be
a Synthetic Purchase Agreement.

          “Tahoe Joe’s” shall mean Tahoe Joe’s, Inc., a Delaware corporation.

          “Tahoe Joe’s Distribution” shall mean the dividend or distribution by the Borrower or
Holdings of all the Equity Interests of Tahoe Joe’s.

          “Tahoe Joe’s Sale” shall mean the sale or other disposition by the Borrower of all the Equity
Interests or all or substantially all the assets of Tahoe Joe’s.

          “Taxes” shall mean any and all present or future taxes, levies, imposts, duties, deductions,
charges, liabilities or withholdings imposed by any Governmental Authority.

          “Tax Payments” shall mean payments in cash in respect of Federal, state, local and foreign
income taxes and assessments, including all interests, penalties and additions imposed with respect
to such amounts, paid or payable by or on behalf of the Borrower and its consolidated Subsidiaries.

          “Term Borrowing” shall mean a Borrowing comprised of Term Loans.

          “Term Lender” shall mean a Lender with a Term Loan Commitment or an outstanding Term Loan.

          “Term Loan Commitment” shall mean, with respect to each Lender, the commitment of such Lender
to make Term Loans hereunder as set forth on Schedule 2.01, or in the Assignment and Acceptance
pursuant to which such Lender assumed its Term Loan Commitment, as applicable, as the same may be
(a) reduced from time to time pursuant to Section 2.09 and (b) reduced or increased from time to
time pursuant to assignments by or to such Lender pursuant to Section 9.04. The total amount of
the initial Term Loan Commitments is $530,000,000. Unless the context shall otherwise require,
after the effectiveness of any Incremental Term Loan Commitment the term “Term Loan Commitment”
shall include such Incremental Term Loan Commitments.

          “Term Loan Maturity Date” shall mean November 1, 2013.

 

27

          “Term Loans” shall mean the term loans made by the Lenders to the Borrower pursuant to Section
2.01. Unless the context shall otherwise require, the term “Term Loans” shall include any
Incremental Term Loans.

          “Total Debt” shall mean, at any time, the total Indebtedness of the Borrower and the
Subsidiaries at such time (excluding Indebtedness of the type described in clause (h) of the
definition of such term, except to the extent of any unreimbursed drawings).

          “Total Revolving Credit Commitment” shall mean, at any time, the aggregate amount of the
Revolving Credit Commitments, as in effect at such time. The initial Total Revolving Credit
Commitment is $40,000,000.

          “Transactions” shall mean, collectively, (a) the execution, delivery and performance by the
Borrower and Buffets Southeast, Inc. of the Merger Agreement and the consummation of the Merger and
the other transactions contemplated thereby, (b) the Existing Holdings Notes Tender Offer, the
repurchase of Existing Holdings Notes pursuant thereto and, if not all the Existing Holdings Notes
are so repurchased, the amendment of the Existing Holdings Note Indenture pursuant thereto, (c) the
Existing Subordinated Notes Tender Offer, the repurchase of Existing Subordinated Notes pursuant
thereto and, if not all the Existing Subordinated Notes are so repurchased, the amendment of the
Existing Subordinated Note Indenture pursuant thereto, (d) the repayment in full, and termination,
of the Existing Credit Agreement and the Company Existing Credit Agreement, (e) the repayment in
full or other satisfaction and discharge of the Company Senior Notes, (f) the execution and
delivery of this Agreement, (g) the borrowing of the Term Loans and establishment of the
Commitments hereunder, (h) the execution and delivery of the New Senior Notes Documents and the
issuance of the New Senior Notes, (i) the execution and delivery of the Sale/Leaseback Documents
and the consummation of the Sale/Leaseback Transaction and (j) the payment of related fees and
expenses.

          “Type”, when used in respect of any Loan or Borrowing, shall refer to the Rate by reference
to which interest on such Loan or on the Loans comprising such Borrowing is determined. For
purposes hereof, the term “Rate” shall include the Adjusted LIBO Rate and the Alternate Base Rate.

          “Voluntary Prepayment” shall mean a prepayment of principal of Term Loans pursuant to Section
2.12 in any year to the extent that such prepayment reduces the scheduled installments of principal
due in respect of Term Loans as set forth in Section 2.11(a) in any subsequent year.

          “wholly owned Subsidiary” of any person shall mean a subsidiary of such person of which
securities (except for directors’ qualifying shares) or other ownership interests representing 100%
of the Equity Interests are, at the time any determination is being made, owned, controlled or held
by such person or one or more wholly owned Subsidiaries of such person or by such person and one or
more wholly owned Subsidiaries of such person.

 

28

          “Withdrawal Liability” shall mean liability to a Multiemployer Plan as a result of a complete
or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of
Subtitle E of Title IV of ERISA.

          SECTION 1.02. Terms Generally. The definitions in Section 1.01 shall apply equally to both the
singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall
include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and
“including” shall be deemed to be followed by the phrase “without limitation”. The word “will”
shall be construed to have the same meaning and effect as the word “shall”; and the words “asset”
and “property” shall be construed as having the same meaning and effect and to refer to any and all
tangible and intangible assets and properties, including cash, securities, accounts and contract
rights. All references herein to Articles, Sections, Exhibits and Schedules shall be deemed
references to Articles and Sections of, and Exhibits and Schedules to, this Agreement unless the
context shall otherwise require. Except as otherwise expressly provided herein, (a) any reference
in this Agreement to any document shall mean such document as amended, restated, supplemented or
otherwise modified from time to time in accordance with the terms thereof and of this Agreement and
(b) all terms of an accounting or financial nature shall be construed in accordance with GAAP, as
in effect from time to time; provided, however, that if the Borrower notifies the Administrative
Agent that the Borrower wishes to amend any covenant in Article VI or any related definition to
eliminate the effect of any change in GAAP occurring after the Closing Date on the operation of
such covenant (or if the Administrative Agent notifies the Borrower that the Required Lenders wish
to amend Article VI or any related definition for such purpose), then the Borrower’s compliance
with such covenant shall be determined on the basis of GAAP in effect immediately before the
relevant change in GAAP became effective, until either such notice is withdrawn or such covenant is
amended in a manner satisfactory to the Borrower and the Required Lenders.

          SECTION 1.03. Pro Forma Calculations. With respect to any period during which any Permitted
Acquisition or Asset Sale individually or in the aggregate in excess of $5,000,000 occurs as
permitted pursuant to the terms hereof, the Leverage Ratio shall be calculated with respect to such
period and such Permitted Acquisition or Asset Sale on a Pro Forma Basis.

          SECTION 1.04. Classification of Loans and Borrowings. For purposes of this Agreement, Loans
may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a
“Eurocurrency Loan”) or by Class and Type (e.g., a “Eurocurrency Revolving Loan”). Borrowings also
may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a
“Eurocurrency Borrowing”) or by Class and Type (e.g., a “Eurocurrency Revolving Borrowing”).

ARTICLE II

The Credits

          SECTION 2.01. Commitments. Subject to the terms and conditions and relying upon the
representations and warranties herein set forth, each Lender agrees,

 

29

severally and not jointly, (a) to make a Term Loan to the Borrower on the Closing Date in a
principal amount not to exceed its Term Loan Commitment, (b) if such Lender has so committed
pursuant to Section 2.24, to make Incremental Term Loans to the Borrower, in an aggregate principal
amount not to exceed its Incremental Term Loan Commitment, (c) to fund its Credit-Linked Deposit on
the Closing Date in an amount not to exceed its PF L/C Commitment, (d) to make Revolving Loans to
the Borrower, at any time and from time to time on or after the date hereof, and until the earlier
of the Revolving Credit Maturity Date and the termination of the Revolving Credit Commitment of
such Lender in accordance with the terms hereof, in an aggregate principal amount at any time
outstanding that will not result in such Lender’s Revolving Credit Exposure exceeding such Lender’s
Revolving Credit Commitment, and (e) to make PF L/C Loans to the Borrower at any time and from time
to time until the earlier of the PF Maturity Date and the termination of the PF L/C Commitments in
accordance with the terms hereof, in an aggregate principal amount at any time outstanding that
will not result in (i) the sum of the outstanding PF L/C Loans and the aggregate PF L/C Exposure
exceeding the aggregate PF L/C Commitments or (ii) the sum of the PF L/C Loans held by the PF
Fronting Lender in its capacity as such and the aggregate PF L/C Exposure exceeding the amount on
deposit in the Credit-Linked Deposit Account. Within the limits set forth in clauses (d) and (e) of
the preceding sentence and subject to the terms, conditions and limitations set forth herein, the
Borrower may borrow, prepay and reborrow Revolving Loans and PF L/C Loans, respectively. Amounts
paid or prepaid in respect of Term Loans may not be reborrowed. The PF Fronting Lender shall have
the option, but not the obligation, to fund PF L/C Loans on behalf of the PF Lenders directly from
the Credit-Linked Deposit Account in lieu of funding such loans on a fronted basis. Notwithstanding
anything herein to the contrary, the funding obligation of each PF Lender in respect of PF L/C
Loans shall be satisfied in full upon the funding of its Credit-Linked Deposit.

          SECTION 2.02. Loans. (a) Each Loan (other than Swingline Loans and PF L/C Loans made on a
fronted basis by the PF Fronting Lender) shall be made as part of a Borrowing consisting of Loans
made by the Lenders ratably in accordance with their applicable Commitments; provided, however,
that the failure of any Lender to make any Loan shall not in itself relieve any other Lender of
its obligation to lend hereunder (it being understood, however, that no Lender shall be
responsible for the failure of any other Lender to make any Loan required to be made by such other
Lender). Except for Loans deemed made pursuant to Section 2.02(f) or 2.02(g) or made pursuant to
Section 2.22, the Loans comprising any Borrowing shall be in an aggregate principal amount that is
(i) an integral multiple of $500,000 and not less than $2,500,000 or (ii) equal to the remaining
available balance of the applicable Commitments.

          (b) Subject to Sections 2.08 and 2.15, each Borrowing shall be comprised entirely of ABR
Loans or Eurodollar Loans as the Borrower may request pursuant to Section 2.03. Each Lender may at
its option make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such
Lender to make such Loan; provided that any exercise of such option shall not affect the
obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.
Borrowings of more than one Type may be outstanding at the same time; provided, however, that the
Borrower shall

 

30

not be entitled to request any Borrowing that, if made, would result in more than 10 Eurodollar
Borrowings outstanding hereunder at any time. For purposes of the foregoing, Eurodollar Borrowings
having different Interest Periods, regardless of whether they commence on the same date, shall be
considered separate Borrowings.

          (c) Except with respect to Loans made pursuant to Section 2.02(f) or 2.02(g), each Lender
shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of
immediately available funds to such account in New York City as the Administrative Agent may
designate not later than 12:00 (noon), New York City time, in the case of a Eurodollar Borrowing,
or 12:00 (noon), New York City time, in the case of an ABR Borrowing, and the Administrative Agent
shall promptly transfer the amounts so received to an account designated by the Borrower in the
applicable Borrowing Request or, if a Borrowing shall not occur on such date because any condition
precedent herein specified shall not have been met, return the amounts so received to the
respective Lenders.

          (d) Unless the Administrative Agent shall have received notice from a Lender prior to the date
of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s
portion of such Borrowing, the Administrative Agent may assume that such Lender has made such
portion available to the Administrative Agent on the date of such Borrowing in accordance with
paragraph (c) above and the Administrative Agent may, in reliance upon such assumption, make
available to the Borrower on such date a corresponding amount. If the Administrative Agent shall
have so made funds available then, to the extent that such Lender shall not have made such portion
available to the Administrative Agent, such Lender and the Borrower severally agree to repay to the
Administrative Agent forthwith on demand such corresponding amount together with interest thereon,
for each day from the date such amount is made available to the Borrower until the date such amount
is repaid to the Administrative Agent at (i) in the case of the Borrower, the interest rate
applicable at the time to the Loans comprising such Borrowing and (ii) in the case of such Lender,
a rate determined by the Administrative Agent to represent its cost of overnight or short-term
funds (which determination shall be conclusive absent manifest error). If such Lender shall repay
to the Administrative Agent such corresponding amount, such amount shall constitute such Lender’s
Loan as part of such Borrowing for purposes of this Agreement.

          (e) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled
to request any Revolving Credit Borrowing or PF L/C Borrowing if the Interest Period requested with
respect thereto would end after the Revolving Credit Maturity Date or the PF Maturity Date,
respectively.

          (f) If the Issuing Bank shall not have received from the Borrower the payment required to be
made by Section 2.23(e) with respect to any RF Letter of Credit within the time specified in such
Section, the Issuing Bank will promptly notify the Administrative Agent of the L/C Disbursement
and the Administrative Agent will promptly notify each Revolving Credit Lender of such L/C
Disbursement and its Revolving Facility Pro Rata Percentage thereof. Each Revolving Credit Lender
shall pay by wire transfer of immediately available funds to the Administrative Agent not later
than 2:00 p.m., New York City time, on such date (or, if such Revolving Credit Lender shall

 

31

have received such notice later than 12:00 (noon), New York City time, on any day, not later than
10:00 a.m., New York City time, on the immediately following Business Day), an amount equal to such
Lender’s Revolving Facility Pro Rata Percentage of such L/C Disbursement (it being understood that
such amount shall be deemed to constitute an ABR Revolving Loan of such Lender and such payment
shall be deemed to have reduced the RF L/C Exposure), and the Administrative Agent will promptly
pay to the Issuing Bank amounts so received by it from such Revolving Credit Lenders. The
Administrative Agent will promptly pay to the Issuing Bank any amounts received by it from the
Borrower pursuant to Section 2.23(e) prior to the time that any Revolving Credit Lender makes any
payment pursuant to this paragraph (f); any such amounts received by the Administrative Agent
thereafter will be promptly remitted by the Administrative Agent to the Revolving Credit Lenders
that shall have made such payments and to the Issuing Bank, as their interests may appear. If any
Revolving Credit Lender shall not have made its Revolving Facility Pro Rata Percentage of such L/C
Disbursement available to the Administrative Agent as provided above, such Lender and the Borrower
severally agree to pay interest on such amount, for each day from and including the date such
amount is required to be paid in accordance with this paragraph to but excluding the date such
amount is paid, to the Administrative Agent for the account of the Issuing Bank at (i) in the case
of the Borrower, a rate per annum equal to the interest rate applicable to Revolving Loans pursuant
to Section 2.06(a), and (ii) in the case of such Lender, for the first such day, the Federal Funds
Effective Rate, and for each day thereafter, the Alternate Base Rate.

          (g) If the Issuing Bank shall not have received from the Borrower the payment required to be
made by Section 2.23(e) with respect to any PF Letter of Credit within the time specified in such
Section, the Issuing Bank will promptly notify the Administrative Agent of the L/C Disbursement and
the Administrative Agent will promptly notify each PF Lender of such L/C Disbursement and its PF
Pro Rata Percentage thereof. Each PF Lender hereby authorizes the Administrative Agent to reimburse
the Issuing Bank solely from such Lender’s PF Pro Rata Percentage of the Credit-Linked Deposits on
deposit with the Administrative Agent in the Credit-Linked Deposit Account (it being understood
that such amount shall be deemed to constitute a PF L/C Loan of such Lender and such payment shall
be deemed to have reduced the PF L/C Exposure), and the Administrative Agent will promptly pay to
the Issuing Bank such amounts. Any amounts received by the Administrative Agent thereafter pursuant
to Section 2.23(e) will be promptly remitted by the Administrative Agent to the Credit-Linked
Deposit Account (it being understood that, thereafter, such amounts will be available to reimburse
the Issuing Bank in accordance with the preceding sentence of this paragraph).

          (h) On each date on which the Administrative Agent charges the Credit-Linked Deposit Account
to reimburse a PF L/C Disbursement as provided in Section 2.02(g), the Borrower shall have the
right either to reimburse such amount or to allow such amount to remain outstanding as a PF L/C
Loan with an initial Interest Period coincident with the then-applicable Interest Period for the
Credit-Linked Deposits and the Adjusted LIBO Rate therefor shall be the same as the then-applicable
Adjusted LIBO Rate for the Credit-Linked Deposits. Thereafter, each PF Borrowing shall be comprised

 

32

either of Eurodollar Loans or ABR Loans, as the Borrower may elect in accordance with Section 2.10.

          SECTION 2.03. Borrowing Procedure. In order to request a Borrowing (other than a Swingline
Loan or a deemed Borrowing pursuant to Section 2.02(f) or 2.02(g), as to which this Section 2.03
shall not apply), the Borrower shall notify the Administrative Agent (and, in the case of any PF
L/C Borrowing, the Issuing Bank of PF Letters of Credit) of such request either in writing by
delivery of a duly completed Borrowing Request (by hand or facsimile) or by telephone not later
than (a) in the case of a Eurodollar Borrowing, not later than 12:00 (noon), New York City time,
three Business Days before a proposed Borrowing, and (b) in the case of an ABR Borrowing, not later
than 12:00 (noon), New York City time, one Business Day before a proposed Borrowing. A telephonic
Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or
facsimile to the Administrative Agent of a duly completed written Borrowing Request. Each such
telephonic and written Borrowing Request shall specify the following information: (i) whether the
Borrowing then being requested is to be a Term Borrowing, a Revolving Credit Borrowing or a PF L/C
Borrowing, and whether such Borrowing is to be a Eurodollar Borrowing or an ABR Borrowing; (ii) the
date of such Borrowing (which shall be a Business Day); (iii) the number and location of the
account to which funds are to be disbursed (which shall be an account that complies with the
requirements of Section 2.02(c)); (iv) the amount of such Borrowing; and (v) if such Borrowing is
to be a Eurodollar Borrowing, the Interest Period with respect thereto; provided, however, that,
notwithstanding any contrary specification in any Borrowing Request, each requested Borrowing shall
comply with the requirements set forth in Section 2.02. If no election as to the Type of Borrowing
is specified in any such notice, then the requested Borrowing shall be an ABR Borrowing. If no
Interest Period with respect to any Eurodollar Borrowing is specified in any such notice, then the
Borrower shall be deemed to have selected an Interest Period of one month’s duration. The
Administrative Agent shall promptly advise the applicable Lenders of any notice given pursuant to
this Section 2.03 (and the contents thereof), and of each Lender’s portion of the requested
Borrowing.

          SECTION 2.04. Evidence of Debt; Repayment of Loans. (a) The Borrower hereby unconditionally
promises to pay to the Administrative Agent for the account of each Lender (i) the principal amount
of each Term Loan of such Lender as provided in Section 2.11, (ii) the then unpaid principal amount
of each Revolving Loan of such Lender on the Revolving Credit Maturity Date and (iii) the then
unpaid principal amount of each PF L/C Loan of such Lender on the PF Maturity Date. The Borrower
hereby unconditionally promises to pay to the Swingline Lender the then unpaid principal amount of
each Swingline Loan on the Revolving Credit Maturity Date.

          (b) Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such
Lender from time to time, including the amounts of principal and interest payable and paid to such
Lender from time to time under this Agreement.

 

33

          (c) The Administrative Agent shall maintain accounts in which it will record (i) the amount of
each Loan made hereunder, the Type thereof and the Interest Period applicable thereto, (ii) the
amount of any principal or interest due and payable or to become due and payable from the Borrower
to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent
hereunder from the Borrower or any Guarantor and each Lender’s share thereof.

          (d) The entries made in the accounts maintained pursuant to paragraphs (b) and (c) above shall
be prima facie evidence of the existence and amounts of the obligations therein recorded; provided,
however, that the failure of any Lender or the Administrative Agent to maintain such accounts or
any error therein shall not in any manner affect the obligations of the Borrower to repay the Loans
in accordance with their terms.

          (e) Any Lender may request in writing that Loans made by it hereunder be evidenced by a
promissory note. In such event, the Borrower shall execute and deliver to such Lender a promissory
note payable to such Lender and its registered assigns and in a form and substance reasonably
acceptable to the Administrative Agent and the Borrower. Notwithstanding any other provision of
this Agreement, in the event any Lender shall request and receive such a promissory note, the
interests represented by such note shall at all times (including after any assignment of all or
part of such interests pursuant to Section 9.04) be represented by one or more promissory notes
payable to the payee named therein or its registered assigns.

          (f) If the Borrower fails to pay when due (at stated maturity, by acceleration or otherwise)
any principal of any PF L/C Loan held by the PF Fronting Lender in its capacity as such, the
Administrative Agent shall withdraw from the Credit-Linked Deposit Account and pay to the PF
Fronting Lender the amount of such principal not paid when due. Promptly following receipt by the
Administrative Agent of any payment from the Borrower of principal of such PF L/C Loans, the
Administrative Agent shall distribute such payment to the PF L/C Fronting Lender or, to the extent
that amounts have been withdrawn from the Credit-Linked Deposit Account to make any payment
pursuant to this paragraph to the PF Fronting Lender, then such payment shall be deposited in the
Credit-Linked Deposit Account. Any payment made with amounts withdrawn from the Credit-Linked
Deposit Account to pay the PF Fronting Lender for any defaulted principal payment shall constitute
the funding by the respective PF Lender of a participation in the related PF L/C Loan and shall not
constitute a new Loan or relieve the Borrower of its obligation to pay such principal.

          SECTION 2.05. Fees. (a) The Borrower agrees to pay to each Lender, through the Administrative
Agent, on the last Business Day of March, June, September and December in each year and on each
date on which the Revolving Credit Commitment of such Lender shall expire or be terminated as
provided herein, a commitment fee (a “Commitment Fee”) equal to 0.50% per annum on the daily unused
amount of the Revolving Credit Commitments of such Lender during the preceding quarter (or other
period ending with the Revolving Credit Maturity Date or the date on which the Revolving Credit
Commitment of such Lender shall expire or be terminated). All Commitment Fees shall be computed on
the basis of the actual number of days elapsed in

 

34

a year of 360 days. The Commitment Fee due to each Lender shall commence to accrue on the Closing
Date and shall cease to accrue on the date on which the Revolving Credit Commitment of such Lender
shall expire or be terminated as provided herein. For purposes of calculating Commitment Fees
only, no portion of the Revolving Credit Commitments of any Lender other than the Swingline Lender
shall be deemed utilized under Section 2.17 as a result of outstanding Swingline Loans.

          (b) The Borrower agrees to pay to the Administrative Agent, for its own account, the
administration fees set forth in the Fee Letter at the times and in the amounts specified therein
(the “Administrative Agent Fees”).

          (c) The Borrower agrees to pay (i) to each Revolving Credit Lender, through the Administrative
Agent, on the last Business Day of March, June, September and December of each year and on the date
on which the Revolving Credit Commitment of such Lender shall be terminated as provided herein, a
fee (an “L/C Participation Fee”) calculated on such Lender’s Revolving Facility Pro Rata Percentage
of the daily aggregate RF L/C Exposure (excluding the portion thereof attributable to unreimbursed
L/C Disbursements in respect of RF Letters of Credit) during the preceding quarter (or shorter
period ending with the Revolving Credit Maturity Date or the date on which all RF Letters of Credit
have been canceled or have expired and the Revolving Credit Commitments of all Lenders shall have
been terminated) at a rate per annum equal to the Applicable Percentage used to determine the
interest rate on Revolving Credit Borrowings comprised of Eurodollar Loans pursuant to Section
2.06, (ii) to each PF Lender, through the Administrative Agent, on each Interest Payment Date with
respect to the Credit-Linked Deposits and on the date on which any Credit-Linked Deposit is
terminated and the funds therein returned to such Lenders, a fee (a “PF L/C Commitment Fee”)
calculated on such Lender’s PF Pro Rata Percentage of the amounts on deposit in the Credit-Linked
Deposit Account during the Interest Period ending on such Interest Payment Date at a rate per annum
equal to the sum of the Applicable Percentage from time to time used to determine the interest rate
on Term Borrowings comprised of Eurodollar Loans pursuant to Section 2.06 plus the Credit-Linked
Deposit Cost Amount for such period, (iii) to the PF Fronting Lender, through the Administrative
Agent, on each Interest Payment Date and on the date on which the PF L/C Commitments of all PF
Lenders shall expire or be terminated as provided herein, a fronting fee (a “PF L/C Loan Fronting
Fee”) equal to 0.125% per annum on the daily outstanding principal amount of the PF L/C Loans
fronted and held by the PF Fronting Lender during the preceding quarter (or other period ending
with the PF Maturity Date or the date on which the PF L/C Commitments of all PF Lenders shall
expire or be terminated), and (iv) to the Issuing Bank with respect to each Letter of Credit, the
standard fronting, issuance, negotiation, transfer, amendment and drawing fees specified from time
to time by the Issuing Bank, which, in the case of U.S. Bank National Association, shall include a
fronting fee equal to 0.125% per annum of the aggregate face amount of the Letters of Credit issued
by U.S. Bank National Association, payable in arrears on each January 15th, April 15th, July 15th
and October 15th, commencing on the first such date to occur after the Closing Date (the “Issuing
Bank Fees”). All L/C Participation Fees, PF L/C Commitment Fees and Issuing Bank Fees shall be
computed on the basis of the actual number of days elapsed in a year of 360 days. For the
avoidance of doubt, if amounts on deposit in the Credit-

 

35

Linked Deposit Account are used to reimburse the Issuing Bank during any period as contemplated by
Section 2.02(g), then the PF L/C Commitment Fee in respect of such Interest Period will be payable
only with respect to the amounts actually on deposit in the Credit-Linked Deposit Account during
such Interest Period. From and including the date of the deemed PF L/C Loan, such PF L/C Loan shall
bear interest as provided in Section 2.06 or 2.07, as the case may be, and the Borrower shall be
responsible to the Administrative Agent for any costs arising as a result thereof under Section
2.16.

          (d) All Fees shall be paid on the dates due, in immediately available funds, to the
Administrative Agent for distribution, if and as appropriate, among the Lenders, except that the
Issuing Bank Fees shall be paid directly to the Issuing Bank. Once paid, none of the Fees shall be
refundable under any circumstances.

          SECTION 2.06. Interest on Loans. (a) Subject to the provisions of Section 2.07, the Loans
comprising each ABR Borrowing, including each Swingline Loan, shall bear interest (computed on the
basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be,
when the Alternate Base Rate is determined by reference to the Prime Rate and over a year of 360
days at all other times and calculated from and including the date of such Borrowing to but
excluding the date of repayment thereof) at a rate per annum equal to the Alternate Base Rate plus
the Applicable Percentage in effect from time to time.

          (b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing
shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360
days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for
such Borrowing plus the Applicable Percentage in effect from time to time.

          (c) Interest on each Loan shall be payable to the Administrative Agent on the Interest Payment
Dates applicable to such Loan except as otherwise provided in this Agreement. The applicable
Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Administrative Agent, and such
determination shall be conclusive absent manifest error.

          (d) Interest on PF L/C Loans fronted by the PF Fronting Lender and accrued hereunder shall be
for the account of the PF Fronting Lender, except that interest accrued on and after the date of
payment from the Credit-Linked Deposit Account to fund a PF Lender’s participation in PF L/C Loans
pursuant to Section 2.04(f) shall be for the account of such PF Lender to the extent such interest
relates to the defaulted principal of the PF L/C Loans resulting in such payment.

          SECTION 2.07. Default Interest. If the Borrower shall default in the payment of the principal
of or interest on any Loan or any other amount becoming due hereunder, by acceleration or
otherwise, or under any other Loan Document, the Borrower shall on demand from time to time pay
interest, to the extent permitted by law, on such defaulted amount to but excluding the date of
actual payment (after as well as before judgment) (a) in the case of overdue principal, at the
rate otherwise applicable to such Loan pursuant to Section 2.06 plus 2.00% per annum and (b) in
all other cases, at a

 

36

rate per annum (computed on the basis of the actual number of days elapsed over a year of 365 or
366 days, as the case may be, when determined by reference to the Prime Rate and over a year of
360 days at all other times) equal to the rate that would be applicable to an ABR Revolving Loan
plus 2.00%. To the extent the PF Fronting Lender actually receives payment of default interest in
respect of the principal of PF L/C Loans fronted and held by the PF Fronting Lender in its
capacity as such, the PF Fronting Lender shall remit such default interest to the Administrative
Agent for distribution to the PF Lenders in accordance with their respective PF Pro Rata
Percentages.

          SECTION 2.08. Alternate Rate of Interest. In the event, and on each occasion, that on the day
two Business Days prior to the commencement of any Interest Period for a Eurodollar Borrowing the
Administrative Agent shall have determined that dollar deposits in the principal amounts of the
Loans comprising such Borrowing are not generally available in the London interbank market, or
that the rates at which such dollar deposits are being offered will not adequately and fairly
reflect the cost to a majority in interest of the Lenders making or maintaining such Eurodollar
Loans during such Interest Period, or that reasonable means do not exist for ascertaining the
Adjusted LIBO Rate, the Administrative Agent shall, as soon as practicable thereafter, give
written or fax notice of such determination to the Borrower and the Lenders. In the event of any
such determination, until the Administrative Agent shall have advised the Borrower and the Lenders
that the circumstances giving rise to such notice no longer exist (which the Administrative Agent
agrees to do as soon as practicable after such circumstances cease to exist), any request by the
Borrower for a Eurodollar Borrowing pursuant to Section 2.03 or 2.10 shall be deemed to be a
request for an ABR Borrowing. Each determination by the Administrative Agent hereunder shall be
conclusive absent manifest error.

          SECTION 2.09. Termination and Reduction of Commitments. (a) The Term Loan Commitments (other
than any Incremental Term Loan Commitments, which shall terminate in accordance with the
applicable Incremental Term Loan Assumption Agreement) shall automatically terminate at 5:00 p.m.,
New York City time, on the Closing Date. The Revolving Credit Commitments and the Swingline
Commitment shall automatically terminate on the Revolving Credit Maturity Date. The PF L/C
Commitments shall automatically terminate on the PF Maturity Date.

          (b) Upon at least three Business Days’ prior irrevocable written or fax notice to the
Administrative Agent, the Borrower may at any time in whole permanently terminate, or from time to
time in part permanently reduce, the Term Loan Commitments, the Revolving Credit Commitments or the
PF L/C Commitments; provided, however, that (i) each partial reduction of the Term Loan
Commitments, the Revolving Credit Commitments or the PF L/C Commitments shall be in an integral
multiple of $1,000,000, (ii) the Total Revolving Credit Commitment shall not be reduced to an
amount that is less than the Aggregate Revolving Credit Exposure at the time and (iii) the
aggregate amount of the PF L/C Commitments shall not be reduced to an amount that is less than the
sum of the outstanding PF L/C Loans and the PF L/C Exposure at the time.

          (c) Each reduction in the Term Loan Commitments, the Revolving Credit Commitments or the PF
L/C Commitments hereunder shall be made ratably among the

 

37

Lenders in accordance with their respective applicable Commitments. The Borrower shall pay to the
Administrative Agent for the account of the applicable Lenders, on the date of each termination or
reduction, the Commitment Fees or PF L/C Commitment Fees, as the case may be, on the amount of the
Commitments so terminated or reduced accrued to but excluding the date of such termination or
reduction. In addition, in connection with any reduction or termination of the PF L/C Commitments
pursuant to this Section 2.09, the Administrative Agent shall return to the PF Lenders, from the
Credit-Linked Deposit Account, in accordance with their respective PF Pro Rata Percentages, an
amount equal to the amount of such reduction or termination.

          SECTION 2.10. Conversion and Continuation of Borrowings. The Borrower shall have the right at
any time upon prior irrevocable notice to the Administrative Agent (a) not later than 12:00 (noon),
New York City time, on the day of conversion, to convert any Eurodollar Borrowing into an ABR
Borrowing, (b) not later than 12:00 (noon), New York City time, three Business Days prior to
conversion or continuation, to convert any ABR Borrowing into a Eurodollar Borrowing or to continue
any Eurodollar Borrowing as a Eurodollar Borrowing for an additional Interest Period, and (c) not
later than 12:00 (noon), New York City time, three Business Days prior to conversion, to convert
the Interest Period with respect to any Eurodollar Borrowing to another permissible Interest
Period, subject in each case to the following:

     (i) except for PF L/C Loans held by the PF Fronting Lender in its capacity as such,
each conversion or continuation shall be made pro rata among the Lenders in accordance
with the respective principal amounts of the Loans comprising the converted or continued
Borrowing;

     (ii) if less than all the outstanding principal amount of any Borrowing shall be
converted or continued, then each resulting Borrowing shall satisfy the limitations
specified in Sections 2.02(a) and 2.02(b) regarding the principal amount and maximum
number of Borrowings of the relevant Type;

     (iii) each conversion shall be effected by each Lender and the Administrative Agent by
recording for the account of such Lender the new Type and/or Interest Period for such
Borrowing resulting from such conversion; accrued interest on any Eurodollar Loan (or
portion thereof) being converted shall be paid by the Borrower at the time of conversion;

     (iv) if any Eurodollar Borrowing is converted at a time other than the end of the
Interest Period applicable thereto, the Borrower shall pay, upon demand, any amounts due
to the Lenders pursuant to Section 2.16;

     (v) any portion of a Borrowing maturing or required to be repaid in less than one
month may not be converted into or continued as a Eurodollar Borrowing;

     (vi) any portion of a Eurodollar Borrowing that cannot be converted into or continued
as a Eurodollar Borrowing by reason of the immediately preceding clause shall be
automatically converted at the end of the Interest Period in effect for such Borrowing into
an ABR Borrowing;

 

38

     (vii) no Interest Period may be selected for any Eurodollar Term Borrowing that
would end later than a Repayment Date occurring on or after the first day of such Interest
Period if, after giving effect to such selection, the aggregate outstanding amount of (A)
the Eurodollar Term Borrowings with Interest Periods ending on or prior to such Repayment
Date and (B) the ABR Term Borrowings would not be at least equal to the principal amount of
Term Borrowings to be paid on such Repayment Date; and

     (viii) upon notice to the Borrower from the Administrative Agent given at the request
of the Required Lenders, after the occurrence and during the continuance of a Default or
Event of Default, no outstanding Loan may be converted into, or continued as, a Eurodollar
Loan.

          Each notice pursuant to this Section 2.10 shall be irrevocable and shall refer to this
Agreement and specify (i) the identity and amount of the Borrowing that the Borrower requests be
converted or continued, (ii) whether such Borrowing is to be converted to or continued as a
Eurodollar Borrowing or an ABR Borrowing, (iii) if such notice requests a conversion, the date of
such conversion (which shall be a Business Day) and (iv) if such Borrowing is to be converted to or
continued as a Eurodollar Borrowing, the Interest Period with respect thereto. If no Interest
Period is specified in any such notice with respect to any conversion to or continuation as a
Eurodollar Borrowing, the Borrower shall be deemed to have selected an Interest Period of one
month’s duration. The Administrative Agent shall advise the Lenders of any notice given pursuant to
this Section 2.10 and of each Lender’s portion of any converted or continued Borrowing. If the
Borrower shall not have given notice in accordance with this Section 2.10 to continue any
Eurodollar Borrowing into a subsequent Interest Period (and shall not otherwise have given notice
in accordance with this Section 2.10 to convert such Borrowing), such Borrowing shall, at the end
of the Interest Period applicable thereto (unless repaid pursuant to the terms hereof),
automatically be converted into an ABR Borrowing.

          SECTION 2.11. Repayment of Term Borrowings. (a) (i) The Borrower shall pay to the
Administrative Agent, for the account of the Lenders, on the dates set forth below, or if any such
date is not a Business Day, on the next preceding Business Day (each such date being called a
“Repayment Date”), a principal amount of the Term Loans (as adjusted from time to time pursuant to
Sections 2.11(b), 2.12, 2.13(e) and 2.24(d)) equal to the amount set forth below for such date,
together in each case with accrued and unpaid interest on the principal amount to be paid to but
excluding the date of such payment:

	 	 	 	 	 
	Repayment Date	 	Amount
	 
	March 31, 2007
	 	$  	1,325,000	 
	June 30, 2007
	 	$  	1,325,000	 
	September 30, 2007
	 	$  	1,325,000	 
	December 31, 2007
	 	$  	1,325,000	 
	March 31, 2008
	 	$  	1,325,000	 
	June 30, 2008
	 	$  	1,325,000	 
	September 30, 2008
	 	$  	1,325,000	 

 

 

39

	 	 	 	 	 
	Repayment Date	 	Amount
	 
	December 31, 2008
	 	$	1,325,000	 
	March 31, 2009
	 	$	1,325,000	 
	June 30, 2009
	 	$	1,325,000	 
	September 30, 2009
	 	$	1,325,000	 
	December 31, 2009
	 	$	1,325,000	 
	March 31, 2010
	 	$	1,325,000	 
	June 30, 2010
	 	$	1,325,000	 
	September 30, 2010
	 	$	1,325,000	 
	December 31, 2010
	 	$	1,325,000	 
	March 31, 2011
	 	$	1,325,000	 
	June 30, 2011
	 	$	1,325,000	 
	September 30, 2011
	 	$	1,325,000	 
	December 31, 2011
	 	$	1,325,000	 
	March 31, 2012
	 	$	1,325,000	 
	June 30, 2012
	 	$	1,325,000	 
	September 30, 2012
	 	$	1,325,000	 
	December 30, 2012
	 	$	1,325,000	 
	March 31, 2013
	 	$	1,325,000	 
	Term Loan Maturity Date
	 	$	496,875,000	 

          (ii) The Borrower shall pay to the Administrative Agent, for the account of the Lenders, on
each Incremental Term Loan Repayment Date, a principal amount of the Other Term Loans (as adjusted
from time to time pursuant to Sections 2.11(b), 2.12 and 2.13(e)) equal to the amount set forth for
such date in the applicable Incremental Term Loan Assumption Agreement, together in each case with
accrued and unpaid interest on the principal amount to be paid to but excluding the date of such
payment.

          (b) In the event and on each occasion that any Term Loan Commitments shall be reduced or shall
expire or terminate other than as a result of the making of a Term Loan, the installments payable
on each Repayment Date shall be reduced pro rata by an aggregate amount equal to the amount of such
reduction, expiration or termination.

          (c) To the extent not previously paid, all Term Loans and Other Term Loans shall be due and
payable on the Term Loan Maturity Date and the applicable Incremental Term Loan Maturity Date,
respectively, together with accrued and unpaid interest on the principal amount to be paid to but
excluding the date of payment.

          (d) All repayments pursuant to this Section 2.11 shall be subject to Section 2.16, but shall
otherwise be without premium or penalty.

          SECTION 2.12. Prepayment. (a) The Borrower shall have the right at any time and from time to
time to prepay any Borrowing (other than a prepayment of Swingline Loans), in whole or in part,
upon at least three Business Days’ prior written or fax notice (or telephone notice promptly
confirmed by written or fax notice) in the case

 

40

of Eurodollar Loans, or written or fax notice (or telephone notice promptly confirmed by written
or fax notice) at least one Business Day prior to the date of prepayment in the case of ABR Loans,
to the Administrative Agent before 12:00 (noon), New York City time; provided, however, that each
partial prepayment (other than a prepayment of Swingline Loans) shall be in an amount that is an
integral multiple of $500,000 and not less than $2,500,000.

          (b) Optional prepayments of Term Loans shall be applied pro rata against the remaining
scheduled installments of principal due in respect of the Term Loans. Optional prepayments of PF
L/C Loans made other than in connection with a corresponding reduction of the PF L/C Commitments
shall be made to the Administrative Agent, which shall promptly remit the same to the
Credit-Linked Deposit Account.

          (c) Each notice of prepayment shall specify the prepayment date and the principal amount of
each Borrowing (or portion thereof) to be prepaid, shall be irrevocable and shall commit the
Borrower to prepay such Borrowing by the amount stated therein on the date stated therein. All
prepayments under this Section 2.12 shall be subject to Section 2.16 but otherwise without premium
or penalty. All prepayments of Eurodollar Loans under this Section 2.12 shall be accompanied by
accrued interest on the principal amount being prepaid to the date of payment.

          SECTION 2.13. Mandatory Prepayments. (a) In the event of any termination of all the Revolving
Credit Commitments, the Borrower shall, on the date of such termination, repay or prepay all its
outstanding Revolving Credit Borrowings and all outstanding Swingline Loans and replace all
outstanding RF Letters of Credit and/or deposit an amount equal to the RF L/C Exposure in cash in a
cash collateral account established with the Collateral Agent for the benefit of the Secured
Parties. In the event of any partial reduction of the Revolving Credit Commitments, then (i) at or
prior to the effective date of such reduction, the Administrative Agent shall notify the Borrower
and the Revolving Credit Lenders of the Aggregate Revolving Credit Exposure after giving effect
thereto and (ii) if the Aggregate Revolving Credit Exposure would exceed the Total Revolving Credit
Commitment after giving effect to such reduction or termination, then the Borrower shall, on the
date of such reduction or termination, repay or prepay Revolving Credit Borrowings or Swingline
Loans (or a combination thereof) and/or replace or cash collateralize outstanding RF Letters of
Credit in an amount sufficient to eliminate such excess. In the event of any termination of all the
PF L/C Commitments, the Borrower shall, on the date of such termination, repay or prepay all its
outstanding PF L/C Loans and replace all outstanding PF Letters of Credit and/or deposit an amount
equal to the PF L/C Exposure in cash in a cash collateral account established with the Collateral
Agent for the benefit of the Issuing Bank. In the event of any partial reduction of the PF L/C
Commitments, then (i) at or prior to the effective date of such reduction, the Administrative Agent
shall notify the Borrower and the PF Lenders of the aggregate amount of the outstanding PF L/C
Loans and the PF L/C Exposure after giving effect thereto and (ii) if such aggregate amount would
exceed the aggregate amount of the PF L/C Commitments after giving effect to such reduction or
termination, then the Borrower shall repay or prepay PF L/C Loans and/or replace or cash
collateralize outstanding PF Letters of Credit in an amount sufficient to eliminate such excess.
Upon any repayment

 

41

of PF L/C Loans or replacement or cash collateralization of PF Letters of Credit as
contemplated and to the extent required by the preceding sentence, the Administrative Agent shall
return to the PF Lenders, from the Credit-Linked Deposit Account in accordance with their
respective PF Pro Rata Percentages, an amount equal to the amount of such reduction or termination.

          (b) Not later than the third Business Day following the completion of any Asset Sale (other
than a sale of Non-Core Assets or a Tahoe Joe’s Sale), the Borrower shall apply 100% of the Net
Cash Proceeds received with respect thereto to prepay outstanding Term Loans in accordance with
Section 2.13(e).

          (c) No later than the earlier of (i) 90 days after the end of each fiscal year of the
Borrower, commencing with the fiscal year ending on or around June 30, 2008, and (ii) the third
Business Day following the date on which the financial statements with respect to such period are
delivered pursuant to Section 5.04(a), the Borrower shall prepay outstanding Term Loans in
accordance with Section 2.13(e) in an aggregate principal amount equal to 50% of Excess Cash Flow
for the fiscal year then ended minus Voluntary Prepayments during such fiscal year; provided,
however, that such percentage shall be reduced to (i) 25% for any year if the Leverage Ratio at the
end of such year shall have been less than 4.0 to 1.0 and (ii) 0% for any year if the Leverage
Ratio at the end of such year shall have been less than 3.0 to 1.0.

          (d) In the event that any Loan Party or any subsidiary of a Loan Party shall receive Net Cash
Proceeds from the issuance or other disposition of Indebtedness for money borrowed of any Loan
Party or any subsidiary of a Loan Party (other than Indebtedness for money borrowed permitted
pursuant to Section 6.01), the Borrower shall, substantially simultaneously with (and in any event
not later than the third Business Day next following) the receipt of such Net Cash Proceeds by such
Loan Party or such subsidiary, apply an amount equal to 100% of such Net Cash Proceeds to prepay
outstanding Term Loans in accordance with Section 2.13(e).

          (e) All amounts required to be paid pursuant to this Section 2.13 shall be applied to prepay
outstanding Term Loans of the Term Lenders that accept the same. Each Term Lender may elect, by
notice to the Administrative Agent at or prior to the time and in the manner specified by the
Administrative Agent, prior to any prepayment of Term Loans required to be made by the Borrower
pursuant to this Section 2.13, to decline all (but not a portion) of its pro rata share of such
prepayment (such declined amounts, the “Declined Proceeds”). Any Declined Proceeds shall be offered
to the Term Lenders not so declining such prepayment (with such Term Lenders having the right to
decline any prepayment with Declined Proceeds at the time and in the manner specified by the
Administrative Agent). All such accepted prepayments shall be applied pro rata to the remaining
scheduled installments of principal due in respect of the Term Loans under Section 2.11. Any such
mandatory prepayments that are rejected by the Term Lenders may be retained by the Borrower.

          (f) The Borrower shall deliver to the Administrative Agent, at the time of each prepayment
required under this Section 2.13, (i) a certificate signed by a Financial Officer of the Borrower
setting forth in reasonable detail the calculation of the amount of

 

42

such prepayment and (ii) to the extent practicable, at least three days prior written notice of
such prepayment. Each notice of prepayment shall specify the prepayment date, the Type of each Loan
being prepaid and the principal amount of each Loan (or portion thereof) to be prepaid; provided,
however, that, if at the time of any prepayment pursuant to this Section 2.13 there shall be Term
Borrowings of different Types or Eurodollar Term Borrowings with different Interest Periods, and if
some but not all Term Lenders shall have accepted such mandatory prepayment, then the aggregate
amount of such mandatory prepayment shall be allocated ratably to each outstanding Term Borrowing
of the accepting Term Lenders. All prepayments of Borrowings under this Section 2.13 shall be
subject to Section 2.16, but shall otherwise be without premium or penalty.

          SECTION 2.14. Reserve Requirements; Change in Circumstances. (a) Notwithstanding any other
provision of this Agreement, if any Change in Law shall impose, modify or deem applicable any
reserve, special deposit or similar requirement against assets of, deposits with or for the account
of or credit extended by any Lender, the Issuing Bank or the Administrative Agent (except any such
reserve requirement which is reflected in the Adjusted LIBO Rate or the Credit-Linked Deposit Cost
Amount, as applicable) or shall impose on such Lender, the Issuing Bank or the Administrative Agent
or the London interbank market any other condition affecting this Agreement or Eurodollar Loans
made by such Lender, any Credit-Linked Deposit or any Letter of Credit or participation therein,
and the result of any of the foregoing shall be to increase the cost to such Lender, the Issuing
Bank or the Administrative Agent of making or maintaining any Eurodollar Loan or Credit-Linked
Deposit or increase the cost to any Lender of issuing or maintaining any Letter of Credit or
purchasing or maintaining a participation therein or in any Credit-Linked Deposit or to reduce the
amount of any sum received or receivable by such Lender, the Issuing Bank or the Administrative
Agent hereunder (whether of principal, interest or otherwise), in each case, by an amount deemed by
such Lender, the Issuing Bank or the Administrative Agent to be material, then the Borrower will
pay to such Lender, the Issuing Bank or the Administrative Agent, as the case may be, upon demand
in accordance with paragraph (c) below such additional amount or amounts as will compensate such
Lender, the Issuing Bank or the Administrative Agent, as the case may be, for such additional costs
incurred or reduction suffered.

          (b) If any Lender or the Issuing Bank shall have determined that any Change in Law regarding
capital adequacy has or would have the effect of reducing the rate of return on such Lender’s or
the Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding
company, if any, as a consequence of this Agreement or the Loans made or participations in Letters
of Credit purchased by such Lender pursuant hereto or the Letters of Credit issued by the Issuing
Bank pursuant hereto to a level below that which such Lender or the Issuing Bank or such Lender’s
or the Issuing Bank’s holding company could have achieved but for such Change in Law (taking into
consideration such Lender’s or the Issuing Bank’s policies and the policies of such Lender’s or the
Issuing Bank’s holding company with respect to capital adequacy) by an amount deemed by such Lender
or the Issuing Bank to be material, then from time to time in accordance with paragraph (c) below
the Borrower shall pay to such Lender or the Issuing Bank, as the case may be, such additional
amount or amounts as will

 

43

compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company
for any such reduction suffered.

          (c) A certificate of a Lender, the Issuing Bank or the Administrative Agent setting forth the
amount or amounts necessary to compensate such Lender, the Issuing Bank or the Administrative
Agent or its holding company, as applicable, as specified in paragraph (a) or (b) above, together
with supporting documentation or computations in each case in reasonable detail, shall be
delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay
such Lender, the Issuing Bank or the Administrative Agent the amount shown as due on any such
certificate delivered by it within 10 days after its receipt of the same.

          (d) Failure or delay on the part of any Lender, the Issuing Bank or the Administrative Agent
to demand compensation for any increased costs or reduction in amounts received or receivable or
reduction in return on capital shall not constitute a waiver of such Lender’s, the Issuing Bank’s
or the Administrative Agent’s right to demand such compensation; provided that the Borrower shall
not be under any obligation to compensate any Lender, the Issuing Bank or the Administrative Agent
under paragraph (a) or (b) above with respect to increased costs or reductions with respect to any
period prior to the date that is 120 days prior to such request if such Lender, the Issuing Bank or
the Administrative Agent knew or could reasonably have been expected to know of the circumstances
giving rise to such increased costs or reductions and of the fact that such circumstances would
result in a claim for increased compensation by reason of such increased costs or reductions;
provided further that the foregoing limitation shall not apply to any increased costs or reductions
arising out of the retroactive application of any Change in Law within such 120-day period. The
protection of this Section shall be available to each Lender, the Issuing Bank and the
Administrative Agent regardless of any possible contention of the invalidity or inapplicability of
the Change in Law that shall have occurred or been imposed.

          SECTION 2.15. Change in Legality. (a) Notwithstanding any other provision of this Agreement,
if any Change in Law shall make it unlawful for any Lender to make or maintain any Eurodollar Loan
or to give effect to its obligations as contemplated hereby with respect to any Eurodollar Loan,
then, by written notice to the Borrower and to the Administrative Agent:

     (i) such Lender may declare that Eurodollar Loans will not thereafter
(for the duration of such unlawfulness) be made by such Lender hereunder (or be
continued for additional Interest Periods and ABR Loans will not thereafter (for
such duration) be converted into Eurodollar Loans), whereupon any request for a
Eurodollar Borrowing (or to convert an ABR Borrowing to a Eurodollar Borrowing or
to continue a Eurodollar Borrowing for an additional Interest Period) shall, as
to such Lender only, be deemed a request for an ABR Loan (or a request to
continue an ABR Loan as such or to convert a Eurodollar Loan into an ABR Loan, as
the case may be), unless such declaration shall be subsequently withdrawn (which
such Lender agrees to do as promptly as practicable after circumstances allow);
and

 

44

     (ii) such Lender may require that all outstanding Eurodollar Loans made by it be
converted to ABR Loans, in which event all such Eurodollar Loans shall be automatically
converted to ABR Loans as of the effective date of such notice as provided in paragraph
(b) below.

In the event any Lender shall exercise its rights under (i) or (ii) above, all payments and
prepayments of principal that would otherwise have been applied to repay the Eurodollar Loans that
would have been made by such Lender or the converted Eurodollar Loans of such Lender shall instead
be applied to repay the ABR Loans made by such Lender in lieu of, or resulting from the conversion
of, such Eurodollar Loans.

          (b) For purposes of this Section 2.15, a notice to the Borrower by any Lender shall be
effective as to each Eurodollar Loan made by such Lender, if lawful, on the last day of the
Interest Period then applicable to such Eurodollar Loan; in all other cases such notice shall be
effective on the date of receipt by the Borrower.

          SECTION 2.16. Indemnity. The Borrower shall indemnify each Lender against any loss or expense
(other than any loss of margin over funding cost or anticipated profit) that such Lender may
sustain or incur as a consequence of (a) any event, other than a default by such Lender in the
performance of its obligations hereunder, which results in (i) such Lender receiving or being
deemed to receive any amount on account of the principal of any Eurodollar Loan prior to the end of
the Interest Period in effect therefor, (ii) the conversion of any Eurodollar Loan to an ABR Loan,
or the conversion of the Interest Period with respect to any Eurodollar Loan, in each case other
than on the last day of the Interest Period in effect therefor, or (iii) any Eurodollar Loan to be
made by such Lender (including any Eurodollar Loan to be made pursuant to a conversion or
continuation under Section 2.10) not being made after notice of such Loan shall have been given by
the Borrower hereunder (any of the events referred to in this clause (a) being called a “Breakage
Event”) or (b) any default in the making of any payment or prepayment required to be made
hereunder. In the case of any Breakage Event, such loss shall include an amount equal to the
excess, as reasonably determined by such Lender, of (i) its cost of obtaining funds for the
Eurodollar Loan that is the subject of such Breakage Event for the period from the date of such
Breakage Event to the last day of the Interest Period in effect (or that would have been in effect)
for such Loan over (ii) the amount of interest likely to be realized by such Lender in redeploying
the funds released or not utilized by reason of such Breakage Event for such period. In addition,
the Borrower shall indemnify the Administrative Agent against any loss or expense comparable to the
losses or expenses covered by the preceding sentences of this Section 2.16 that the Administrative
Agent may sustain or incur as a consequence of any withdrawal from the Credit-Linked Deposit
Account pursuant to the terms of this Agreement prior to the end of the then-applicable Interest
Period for the Credit-Linked Deposits. A certificate of any Lender or the Administrative Agent in
reasonable detail with supporting calculations setting forth any amount or amounts which such
Lender or the Administrative Agent is entitled to receive pursuant to this Section 2.16 shall be
delivered to the Borrower and shall be conclusive absent manifest error.

          SECTION 2.17. Pro Rata Treatment. Except as provided below in this Section 2.17 with respect
to Swingline Loans and as required under Section 2.15, or as

 

45

provided in Section 2.13(e), each Borrowing, each payment or prepayment of principal of any
Borrowing, each payment of interest on the Loans, each payment of the Commitment Fees and the PF
L/C Commitment Fees, each reduction of the Term Loan Commitments, the Incremental Term Loan
Commitments (if any) the Revolving Credit Commitments or the PF L/C Commitments and each conversion
of any Borrowing to or continuation of any Borrowing as a Borrowing of any Type shall be allocated
pro rata among the Lenders in accordance with their respective applicable Commitments (or, if such
Commitments shall have expired or been terminated, in accordance with the respective principal
amounts of their outstanding Loans or participations in L/C Disbursements, as applicable). For
purposes of determining the available Revolving Credit Commitments of the Lenders at any time, each
outstanding Swingline Loan shall be deemed to have utilized the Revolving Credit Commitments of the
Lenders (including those Lenders which shall not have made Swingline Loans) pro rata in accordance
with such respective Revolving Credit Commitments. Each Lender agrees that in computing such
Lender’s portion of any Borrowing to be made hereunder, the Administrative Agent may, in its
discretion, round each Lender’s percentage of such Borrowing to the next higher or lower whole
dollar amount.

          SECTION 2.18. Sharing of Setoffs. Each Lender agrees that if it shall, through the exercise of
a right of banker’s lien, setoff or counterclaim against the Borrower or any other Loan Party, or
pursuant to a secured claim under Section 506 of Title 11 of the United States Code or other
security or interest arising from, or in lieu of, such secured claim, received by such Lender under
any applicable bankruptcy, insolvency or other similar law or otherwise, or by any other means,
obtain payment (voluntary or involuntary) in respect of any of its Loans or participations in L/C
Disbursements and accrued interest thereon as a result of which the unpaid portion of its Loans or
participations in L/C Disbursements and accrued interest thereon shall be proportionately less than
the unpaid portion of the Loans and participations in L/C Disbursements and accrued interest
thereon of any other Lender, it shall be deemed simultaneously to have purchased from such other
Lender at face value, and shall promptly pay to such other Lender the purchase price for, a
participation in the Loans and participations in L/C Disbursements and accrued interest thereon of
such other Lender, so that the benefit of all such payments shall be shared by the Lenders ratably
in accordance with the aggregate amount of the principal of and accrued interest on their
respective Loans and participations in L/C Disbursements; provided, however, that if any such
purchase or purchases or adjustments shall be made pursuant to this Section 2.18 and the payment
giving rise thereto shall thereafter be recovered, such purchase or purchases or adjustments shall
be rescinded to the extent of such recovery and the purchase price or prices or adjustment restored
without interest. The Borrower expressly consents to the foregoing arrangements and agrees that any
Lender acquiring a participation pursuant to the foregoing arrangements may exercise any and all
rights of banker’s lien, setoff or counterclaim with respect to any and all moneys owing by the
Borrower to such Lender by reason thereof as fully as if such Lender were a direct creditor of the
Borrower in the amount of such participation.

          SECTION 2.19. Payments. (a) The Borrower shall make each payment (including principal of or
interest on any Borrowing or any L/C Disbursement or any

 

46

Fees or other amounts) hereunder and under any other Loan Document not later than 1:00 p.m., New
York City time, on the date when due in immediately available dollars, without setoff, defense or
counterclaim. Each such payment (other than (i) Issuing Bank Fees, which shall be paid directly to
the Issuing Bank, and (ii) principal of and interest on Swingline Loans, which shall be paid
directly to the Swingline Lender except as otherwise provided in Section 2.21(e)) shall be made to
the Administrative Agent at its offices at Eleven Madison Avenue, New York, New York.

          (b) Except as otherwise expressly provided herein, whenever any payment (including principal
of or interest on any Borrowing or any Fees or other amounts) hereunder or under any other Loan
Document shall become due, or otherwise would occur, on a day that is not a Business Day, such
payment may be made on the next succeeding Business Day, and such extension of time shall in such
case be included in the computation of interest or Fees, if applicable.

          (c) Unless the Administrative Agent shall have received notice from the Borrower prior to the
date on which any payment is due to the Administrative Agent for the account of the Lenders or the
Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may
assume that the Borrower has made such payment on such date in accordance herewith and may, in
reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be,
the amount due. In such event, if the Borrower does not in fact make such payment, then each of the
Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative
Agent forthwith on demand the amount so distributed to such Lender, and to pay interest thereon,
for each day from and including the date such amount is distributed to it to but excluding the date
of payment to the Administrative Agent, at a rate determined by the Administrative Agent to
represent its cost of overnight or short-term funds (which determination shall be conclusive absent
manifest error).

          SECTION 2.20. Taxes. (a) Any and all payments by or on account of any obligation of the
Borrower or any Loan Party hereunder or under any other Loan Document shall be made free and clear
of and without deduction for any Indemnified Taxes or Other Taxes; provided that if the Borrower or
any Loan Party shall be required to deduct any Indemnified Taxes or Other Taxes from such payments,
then (i) the sum payable shall be increased as necessary so that after making all required
deductions (including deductions applicable to additional sums payable under this Section) the
Administrative Agent or such Lender (as the case may be) receives an amount equal to the sum it
would have received had no such deductions been made, (ii) the Borrower or such Loan Party shall
make such deductions and (iii) the Borrower or such Loan Party shall pay the full amount deducted
to the relevant Governmental Authority in accordance with applicable law.

          (b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental
Authority in accordance with applicable law.

          (c) The Borrower shall indemnify the Administrative Agent and each Lender, within 10 days
after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by
the Administrative Agent or such Lender, as

 

47

the case may be, on or with respect to any payment by or on account of any obligation of the
Borrower or any Loan Party hereunder or under any other Loan Document (including Indemnified Taxes
or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) and
any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether
or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority. A certificate as to the amount of such payment or liability
delivered to the Borrower by a Lender, or by the Administrative Agent on its behalf or on behalf of
a Lender, shall be conclusive absent manifest error.

          (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the
Borrower or any other Loan Party to a Governmental Authority, the Borrower shall deliver to the
Administrative Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Administrative Agent.

          (e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax
under the law of the jurisdiction in which the Borrower is located, or any treaty to which such
jurisdiction is a party, with respect to payments under this Agreement shall deliver to the
Borrower (with a copy to the Administrative Agent), on or prior to the Closing Date, or in the case
of a Lender that is an assignee or transferee of an interest under this Agreement pursuant to
Section 9.04 (unless the Lender was already a Lender hereunder immediately prior to such assignment
or transfer), on the date of such assignment or transfer to such Lender, such accurate, properly
completed and executed documentation prescribed by applicable law or reasonably requested by the
Borrower as will permit such payments to be made without withholding or at a reduced rate. In
addition, each Lender agrees that from time to time after the Closing Date, when a lapse in time or
change in circumstances renders the previous certification obsolete or inaccurate in any material
respect, it will deliver to the Borrower and the Administrative Agent new accurate, properly
completed and executed documentation prescribed by applicable law or as may be required in order to
confirm or establish the entitlement of such Lender to a continued exemption from or reduction in
United States withholding tax with respect to payments under this Agreement, or it shall
immediately notify the Borrower and the Administrative Agent of its inability to deliver any such
documentation, in which case such Lender shall not be required to deliver any such documentation,
pursuant to this Section 2.20(e). Notwithstanding anything to the contrary contained in this
Section 2.20 but subject to Section 9.04 and the immediately succeeding sentence, (x) the Borrower
shall be entitled, to the extent it is required to do so by law, to deduct or withhold income or
similar taxes imposed by the United States (or any political subdivision or taxing authority
thereof or therein) from interest, fees or other amounts payable hereunder for the account of any
Lender which is a Foreign Lender to the extent that such Lender has not provided to the Borrower
accurate, properly completed and executed documentation that establishes a complete exemption from
such deduction or withholding (the “Exemption Documentation”) and (y) the Borrower shall not be
obligated pursuant to Section 2.20 to make any additional payments to a Lender pursuant to Section
2.20(a), 2.20(b) or 2.20(c), as the case may be (the “Gross-Up

 

48

Payments”) if such Lender has not provided to the Borrower the Exemption Documentation required to
be provided to the Borrower pursuant to this Section 2.20(e). Notwithstanding anything to the
contrary contained in the preceding sentence or elsewhere in this Section 2.20 and except as set
forth in Section 9.04, the Borrower agrees to pay additional amounts and to indemnify each Lender
in the manner set forth in Sections 2.20(a), 2.20(b) and 2.20(c) (without regard to the identity of
the jurisdiction requiring the deduction or withholding) in respect of any Taxes deducted or
withheld by it as described in the immediately preceding sentence as a result of any Change in Law
relating to the deducting or withholding of such Taxes.

          (f) If the Borrower pays any additional amount under this Section 2.20 to a Lender and such
Lender determines in its sole discretion that it has actually received or realized in connection
therewith any refund or any reduction of, or credit against, its Tax liabilities in or with respect
to the taxable year in which the additional amount is paid, such Lender shall pay to the Borrower
an amount that the Lender shall, in its sole discretion, determine is equal to the net benefit,
after tax, which was obtained by the Lender in such year as a consequence of such refund, reduction
or credit.

          SECTION 2.21. Assignment of Commitments Under Certain Circumstances; Duty to Mitigate. (a) In
the event (i) any Lender or the Issuing Bank delivers a certificate requesting compensation
pursuant to Section 2.14, (ii) any Lender or the Issuing Bank delivers a notice described in
Section 2.15, (iii) the Borrower is required to pay any additional amount to any Lender or the
Issuing Bank or any Governmental Authority on account of any Lender or the Issuing Bank pursuant to
Section 2.20 or (iv) any Lender refuses to consent to any amendment, waiver or other modification
of any Loan Document requested by the Borrower that requires the consent of a greater percentage of
the Lenders than the Required Lenders and such amendment, waiver or other modification is consented
to by the Required Lenders, the Borrower may, at its sole expense and effort (including with
respect to the processing and recordation fee referred to in Section 9.04(b)), upon notice to such
Lender or the Issuing Bank and the Administrative Agent, require such Lender or the Issuing Bank to
transfer and assign, without recourse (in accordance with and subject to the restrictions contained
in Section 9.04), all of its interests, rights and obligations under this Agreement (or, in the
case of clause (iv) above, all of its interests, rights and obligations with respect to the Class
of Loans or Commitments that is the subject of the related consent, amendment, waiver or other
modification) to an assignee that shall assume such assigned obligations (which assignee may be
another Lender, if a Lender accepts such assignment); provided that (x) such assignment shall not
conflict with any law, rule or regulation or order of any court or other Governmental Authority
having jurisdiction, (y) the Borrower shall have received the prior written consent of the
Administrative Agent (and, if a Revolving Credit Commitment is being assigned, of the Issuing Bank
and the Swingline Lender), which consent shall not unreasonably be withheld, and (z) the Borrower
or such assignee shall have paid to the affected Lender or the Issuing Bank in immediately
available funds an amount equal to the sum of the principal of and interest accrued to the date of
such payment on the outstanding Loans or L/C Disbursements of such Lender or the Issuing Bank,
respectively, plus all Fees and other amounts accrued for the account of such Lender or the Issuing
Bank hereunder (including any amounts under Section 2.14 and

 

49

Section 2.16), in each case with respect to the Loans or Commitments subject to such assignment;
provided further that, if prior to any such transfer and assignment the circumstances or event
that resulted in such Lender’s or the Issuing Bank’s claim for compensation under Section 2.14 or
notice under Section 2.15 or the amounts paid pursuant to Section 2.20, as the case may be, cease
to cause such Lender or the Issuing Bank to suffer increased costs or reductions in amounts
received or receivable or reduction in return on capital, or cease to have the consequences
specified in Section 2.15, or cease to result in amounts being payable under Section 2.20, as the
case may be (including as a result of any action taken by such Lender or the Issuing Bank pursuant
to paragraph (b) below), or if such Lender or the Issuing Bank shall waive its right to claim
further compensation under Section 2.14 in respect of such circumstances or event or shall consent
to the proposed amendment, waiver, consent or other modification or shall withdraw its notice
under Section 2.15 or shall waive its right to further payments under Section 2.20 in respect of
such circumstances or event or shall consent to the proposed amendment, waiver, consent or other
modification, as the case may be, then such Lender or the Issuing Bank shall not thereafter be
required to make any such transfer and assignment hereunder. Each Lender hereby grants to the
Administrative Agent an irrevocable power of attorney (which power is coupled with an interest) to
execute and deliver, on behalf of such Lender as assignor, any Assignment and Acceptance necessary
to effectuate any assignment of such Lender’s interests hereunder in the circumstances
contemplated by this Section 2.21(a).

          (b) If (i) any Lender or the Issuing Bank shall request compensation under Section 2.14, (ii)
any Lender or the Issuing Bank delivers a notice described in Section 2.15 or (iii) the Borrower
is required to pay any additional amount to any Lender or the Issuing Bank or any Governmental
Authority on account of any Lender or the Issuing Bank, pursuant to Section 2.20, then such Lender
or the Issuing Bank shall use reasonable efforts (which shall not require such Lender or the
Issuing Bank to incur an unreimbursed loss or unreimbursed cost or expense or otherwise take any
action inconsistent with its internal policies or legal or regulatory restrictions or suffer any
disadvantage or burden deemed by it to be significant) (x) to file any certificate or document
reasonably requested in writing by the Borrower or (y) to assign its rights and delegate and
transfer its obligations hereunder to another of its offices, branches or affiliates, if such
filing or assignment would reduce its claims for compensation under Section 2.14 or enable it to
withdraw its notice pursuant to Section 2.15 or would reduce amounts payable pursuant to Section
2.20, as the case may be, in the future. The Borrower hereby agrees to pay all reasonable costs
and expenses incurred by any Lender or the Issuing Bank in connection with any such filing or
assignment, delegation and transfer.

          SECTION 2.22. Swingline Loans. (a) Swingline Commitment. Subject to the terms and conditions
and relying upon the representations and warranties herein set forth, the Swingline Lender agrees
to make loans to the Borrower at any time and from time to time on and after the Closing Date and
until the earlier of the Revolving Credit Maturity Date and the termination of the Revolving Credit
Commitments in accordance with the terms hereof, in an aggregate principal amount at any time
outstanding that will not result in (i) the aggregate principal amount of all Swingline Loans
exceeding

 

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$10,000,000 in the aggregate, (ii) the Revolving Credit Exposure of any Lender, after giving effect
to any Swingline Loan, exceeding such Lender’s Revolving Credit Commitment, or (iii) the Aggregate
Revolving Credit Exposure, after giving effect to any Swingline Loan, exceeding the Total Revolving
Credit Commitment. Each Swingline Loan shall be in a principal amount that is an integral multiple
of $250,000. The Swingline Commitment may be terminated or reduced from time to time as provided
herein. Within the foregoing limits, the Borrower may borrow, pay or prepay and reborrow Swingline
Loans hereunder, subject to the terms, conditions and limitations set forth herein.

          (b) Swingline Loans. The Borrower shall notify the Swingline Lender by fax, or by telephone
(confirmed by fax), with a copy of such notice to the Administrative Agent not later than 1:00
p.m., New York City time, on the day of a proposed Swingline Loan. Such notice shall be delivered
on a Business Day, shall be irrevocable and shall refer to this Agreement and shall specify the
requested date (which shall be a Business Day), the amount of such Swingline Loan and the wire
transfer instructions for the account to which the proceeds of such Swingline Loan are to be
transferred. The Swingline Lender shall promptly make each Swingline Loan by wire transfer to the
account specified by the Borrower in such request.

          (c) Prepayment. The Borrower shall have the right at any time and from time to time to prepay
any Swingline Loan, in whole or in part, upon giving written or fax notice (or telephone notice
promptly confirmed by written or fax notice) to the Swingline Lender and to the Administrative
Agent before 12:00 (noon), New York City time on the date of prepayment at the Swingline Lender’s
address for notices specified on Schedule 2.01.

          (d) Interest. Each Swingline Loan shall be an ABR Loan and, subject to the provisions of
Section 2.07, shall bear interest as provided in Section 2.06(a).

          (e) Participations. The Swingline Lender may by written notice given to the Administrative
Agent not later than 11:00 a.m., New York City time, on any Business Day require the Revolving
Credit Lenders to acquire participations on such Business Day in all or a portion of the Swingline
Loans outstanding. Such notice shall specify the aggregate amount of Swingline Loans in which the
Revolving Credit Lenders will participate. The Administrative Agent will, promptly upon receipt of
such notice, give notice to each Revolving Credit Lender, specifying in such notice such Lender’s
Revolving Facility Pro Rata Percentage of such Swingline Loan or Loans. In furtherance of the
foregoing, each Revolving Credit Lender hereby absolutely and unconditionally agrees, upon receipt
of notice as provided above, to pay to the Administrative Agent, for the account of the Swingline
Lender, such Revolving Credit Lender’s Revolving Facility Pro Rata Percentage of such Swingline
Loan or Loans. Each Revolving Credit Lender acknowledges and agrees that its obligation to acquire
participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and
shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a
Default or an Event of Default, and that each such payment shall be made without any offset,
abatement, withholding or reduction whatsoever. Each Revolving Credit Lender shall comply with its
obligation under this paragraph by wire transfer of immediately available

 

51

funds, in the same manner as provided in Section 2.02(c) with respect to Loans made by such Lender
(and Section 2.02(c) shall apply, mutatis mutandis, to the payment obligations of the Lenders) and
the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it
from the Lenders. The Administrative Agent shall notify the Borrower of any participations in any
Swingline Loan acquired pursuant to this paragraph and thereafter payments in respect of such
Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender. Any
amounts received by the Swingline Lender from the Borrower (or other party on behalf of the
Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of
a sale of participations therein shall be promptly remitted to the Administrative Agent; any such
amounts received by the Administrative Agent shall be promptly remitted by the Administrative
Agent to the Lenders that shall have made their payments pursuant to this paragraph and to the
Swingline Lender, as their interests may appear. The purchase of participations in a Swingline
Loan pursuant to this paragraph shall not relieve the Borrower (or other party liable for
obligations of the Borrower) of any default in the payment thereof.

          SECTION 2.23. Letters of Credit. (a) General. The Borrower may request the issuance of a
Letter of Credit for its own account or for the account of any of its wholly owned Subsidiaries (in
which case the Borrower and such wholly owned Subsidiary shall be co-applicants with respect to
such Letter of Credit), in a form reasonably acceptable to the Administrative Agent and the Issuing
Bank, at any time and from time to time prior to the date that is 30 days prior to (i) the
Revolving Credit Maturity Date (in the case of RF Letters of Credit) or (ii) the PF Maturity Date
(in the case of PF Letters of Credit). This Section shall not be construed to impose an obligation
upon the Issuing Bank to issue any Letter of Credit that is inconsistent with the terms and
conditions of this Agreement.

          (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. In order to request
the issuance of a Letter of Credit (or to amend, renew or extend an existing Letter of Credit), the
Borrower shall hand deliver or fax to the Issuing Bank and the Administrative Agent (reasonably in
advance of the requested date of issuance, amendment, renewal or extension) a notice requesting the
issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or
extended, whether such Letter of Credit shall be an RF Letter of Credit or a PF Letter of Credit,
the date of issuance, amendment, renewal or extension, the date on which such Letter of Credit is
to expire (which shall comply with paragraph (c) below), the amount of such Letter of Credit, the
name and address of the beneficiary thereof and such other information as shall be necessary to
prepare such Letter of Credit. The Issuing Bank shall promptly (i) notify the Administrative Agent
in writing of the amount and expiry date of each Letter of Credit issued by it and (ii) provide a
copy of each such Letter of Credit (and any amendments, renewals or extensions thereof) to the
Administrative Agent. An RF Letter of Credit shall be issued, amended, renewed or extended only if,
and upon issuance, amendment, renewal or extension of each such Letter of Credit the Borrower shall
be deemed to represent and warrant that, after giving effect to such issuance, amendment, renewal
or extension (i) the RF L/C Exposure shall not exceed $20,000,000 and (ii) the Aggregate Revolving
Credit Exposure shall not exceed the Total

 

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Revolving Credit Commitment. A PF Letter of Credit shall be issued, amended, renewed or extended
only if, and upon issuance, amendment, renewal or extension of each such PF Letter of Credit the
Borrower shall be deemed to represent and warrant that, after giving effect to such issuance,
amendment, renewal or extension (i) the sum of the aggregate PF L/C Exposure and the outstanding PF
L/C Loans shall not exceed the aggregate PF L/C Commitments and (ii) the sum of the PF L/C Loans
held by the PF Fronting Lender in its capacity as such and the aggregate PF L/C Exposure shall not
exceed the aggregate Credit-Linked Deposits. If the Borrower shall fail to specify whether any
requested Letter of Credit is to be an RF Letter of Credit or a PF Letter of Credit, then the
requested Letter of Credit shall be deemed to be a PF Letter of Credit unless the issuance thereof
would not be permitted by the foregoing provisions of this paragraph, in which case it shall be
deemed to be an RF Letter of Credit. Each Existing Letter of Credit shall be deemed to be a PF
Letter of Credit.

          (c) Expiration Date. Each Letter of Credit shall expire at the close of business on the
earlier of the date one year after the date of the issuance of such Letter of Credit and the date
that is five Business Days prior to (i) the Revolving Credit Maturity Date (in the case of RF
Letters of Credit) or (ii) the PF Maturity Date (in the case of PF Letters of Credit), unless such
Letter of Credit expires by its terms on an earlier date; provided, that a Letter of Credit may,
upon the request of the Borrower, include a provision whereby such Letter of Credit shall be
renewed automatically for additional consecutive periods of 12 months or less (but not beyond the
date that is five Business Days prior to (i) the Revolving Credit Maturity Date (in the case of RF
Letters of Credit) or (ii) the PF Maturity Date (in the case of PF Letters of Credit) unless the
Issuing Bank notifies the beneficiary thereof at least 30 days (or in the case of (A) any PF Letter
of Credit issued in replacement of an Existing Letter of Credit, (B) any PF Letter of Credit issued
in replacement of a PF Letter of Credit issued pursuant to clause (A) above or (C) any back-up
Letter of Credit issued with respect to an Existing Letter of Credit, the period set forth in such
Existing Letter of Credit, PF Letter of Credit or back-up Letter of Credit, as the case may be)
prior to the then-applicable expiration date that such Letter of Credit will not be renewed.

          (d) Participations. By the issuance of a Letter of Credit and without any further action on
the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Revolving
Credit Lender or PF Lender, as the case may be, and each such Lender hereby acquires from the
Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Revolving Facility
Pro Rata Percentage or PF Pro Rata Percentage, as applicable, of the aggregate amount available to
be drawn under such Letter of Credit, effective upon the issuance of such Letter of Credit (or, in
the case of the Existing Letters of Credit, effective upon the Closing Date). In consideration and
in furtherance of the foregoing, (i) each Revolving Credit Lender hereby absolutely and
unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank,
such Lender’s Revolving Facility Pro Rata Percentage of each L/C Disbursement in respect of an RF
Letter of Credit made by the Issuing Bank and not reimbursed by the Borrower (or, if applicable,
another party pursuant to its obligations under any other Loan Document) forthwith on the date due
as provided in Section 2.02(f), in the case of RF Letters of Credit, and (ii) each PF Lender hereby
absolutely and unconditionally

 

53

authorizes the Administrative Agent to pay the Issuing Bank such Lender’s PF Pro Rata Percentage of
each L/C Disbursement made by the Issuing Bank and not reimbursed by the Borrower from the
Credit-Linked Deposits on deposit with the Administrative Agent in the Credit-Linked Deposit
Account forthwith on the date due as provided by Section 2.02(g). Each Revolving Credit Lender and
PF Lender acknowledges and agrees that its obligation to acquire participations pursuant to this
paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected
by any circumstance whatsoever, including the occurrence and continuance of a Default or an Event
of Default, and that each such payment shall be made without any offset, abatement, withholding or
reduction whatsoever.

          (e) Reimbursement. If the Issuing Bank shall make any L/C Disbursement in respect of a Letter
of Credit, then, subject to Section 2.02(f) or 2.02(g), as applicable, the Borrower shall pay to
the Administrative Agent an amount equal to such L/C Disbursement on the same Business Day that the
Borrower shall have received notice from the Issuing Bank that payment of such draft will be made,
or, if the Borrower shall have received such notice later than 10:00 a.m., New York City time, on
any Business Day, not later than 10:00 a.m., New York City time, on the immediately following
Business Day.

          (f) Obligations Absolute. The Borrower’s obligations to reimburse L/C Disbursements as
provided in paragraph (e) above shall be absolute, unconditional and irrevocable, and shall be
performed strictly in accordance with the terms of this Agreement, under any and all circumstances
whatsoever, and irrespective of:

     (i) any lack of validity or enforceability of any Letter of Credit or any Loan
Document, or any term or provision therein;

     (ii) any amendment or waiver of or any consent to departure from all or any of the
provisions of any Letter of Credit or any Loan Document;

     (iii) the existence of any claim, setoff, defense or other right that the Borrower,
any other party guaranteeing, or otherwise obligated with, the Borrower, any Subsidiary or
other Affiliate thereof or any other person may at any time have against the beneficiary
under any Letter of Credit, the Issuing Bank, the Administrative Agent or any Lender or any
other person, whether in connection with this Agreement, any other Loan Document or any
other related or unrelated agreement or transaction;

     (iv) any draft or other document presented under a Letter of Credit proving to be
forged, fraudulent, invalid or insufficient in any respect or any statement therein being
untrue or inaccurate in any respect;

     (v) payment by the Issuing Bank under a Letter of Credit against presentation of a
draft or other document that does not comply with the terms of such Letter of Credit; and

 

54

     (vi) any other act or omission to act or delay of any kind of the Issuing Bank, the
Lenders, the Administrative Agent or any other person or any other event or circumstance
whatsoever, whether or not similar to any of the foregoing, that might, but for the
provisions of this Section, constitute a legal or equitable discharge of the Borrower’s
obligations hereunder.

          Without limiting the generality of the foregoing, it is expressly understood and agreed that
the absolute and unconditional obligation of the Borrower hereunder to reimburse L/C Disbursements
will not be excused by the gross negligence or wilful misconduct of the Issuing Bank. However, the
foregoing shall not be construed to excuse the Issuing Bank from liability to the Borrower to the
extent of any direct damages (as opposed to consequential damages, claims in respect of which are
hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower
that are caused by the Issuing Bank’s gross negligence or wilful misconduct in determining whether
drafts and other documents presented under a Letter of Credit comply with the terms thereof; it is
understood that the Issuing Bank may accept documents that appear on their face to be in order,
without responsibility for further investigation, regardless of any notice or information to the
contrary and, in making any payment under any Letter of Credit (i) the Issuing Bank’s exclusive
reliance on the documents presented to it under such Letter of Credit as to any and all matters set
forth therein, including reliance on the amount of any draft presented under such Letter of Credit,
whether or not the amount due to the beneficiary thereunder equals the amount of such draft and
whether or not any document presented pursuant to such Letter of Credit proves to be insufficient
in any respect, if such document on its face appears to be in order, and whether or not any other
statement or any other document presented pursuant to such Letter of Credit proves to be forged or
invalid or any statement therein proves to be inaccurate or untrue in any respect whatsoever and
(ii) any noncompliance in any immaterial respect of the documents presented under such Letter of
Credit with the terms thereof shall, in each case, be deemed not to constitute wilful misconduct or
gross negligence of the Issuing Bank.

          (g) Disbursement Procedures. The Issuing Bank shall, promptly following its receipt thereof,
examine all documents purporting to represent a demand for payment under a Letter of Credit. The
Issuing Bank shall as promptly as possible give telephonic notification, confirmed by fax, to the
Administrative Agent and the Borrower of such demand for payment and whether the Issuing Bank has
made or will make an L/C Disbursement thereunder; provided that any failure to give or delay in
giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank,
the Revolving Credit Lenders or the PF Lenders, as the case may be, with respect to any such L/C
Disbursement.

          (h) Interim Interest. If the Issuing Bank shall make any L/C Disbursement in respect of a
Letter of Credit, then, unless the Borrower shall reimburse such L/C Disbursement in full on such
date, the unpaid amount thereof shall bear interest for the account of the Issuing Bank, for each
day from and including the date of such L/C Disbursement, to but excluding the earlier of (i) the
date of payment by the Borrower or (ii)(x) in the case of an RF Letter of Credit, the date on which
interest shall commence to accrue thereon as provided in Section 2.02(f), and (y) in the case of a
PF Letter of Credit,

 

55

the date of payment by the Administrative Agent as provided in Section 2.02(g), at the rate per
annum that would apply to such amount if such amount were an ABR Revolving Loan.

          (i) Resignation or Removal of the Issuing Bank. The Issuing Bank may resign at any time by
giving 30 days’ prior written notice to the Administrative Agent, the Lenders and the Borrower, and
may be removed at any time by the Borrower by notice to the Issuing Bank, the Administrative Agent
and the Lenders. Subject to the next succeeding paragraph, upon the acceptance of any appointment
as the Issuing Bank hereunder by a Lender that shall agree to serve as successor Issuing Bank, such
successor shall succeed to and become vested with all the interests, rights and obligations of the
retiring Issuing Bank and the retiring Issuing Bank shall be discharged from its obligations to
issue additional Letters of Credit hereunder. At the time such removal or resignation shall become
effective, the Borrower shall pay all accrued and unpaid fees pursuant to Section 2.05(c)(iv). The
acceptance of any appointment as the Issuing Bank hereunder by a successor Lender shall be
evidenced by an agreement entered into by such successor, in a form satisfactory to the Borrower
and the Administrative Agent, and, from and after the effective date of such agreement, (i) such
successor Lender shall have all the rights and obligations of the previous Issuing Bank under this
Agreement and the other Loan Documents and (ii) references herein and in the other Loan Documents
to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing
Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the
resignation or removal of the Issuing Bank hereunder, the retiring Issuing Bank shall remain a
party hereto and shall continue to have all the rights and obligations of an Issuing Bank under
this Agreement and the other Loan Documents with respect to Letters of Credit issued by it prior to
such resignation or removal, but shall not be required to issue additional Letters of Credit.

          (j) Cash Collateralization. If any Event of Default shall occur and be continuing, the
Borrower shall, on the Business Day it receives notice from the Administrative Agent or the
Required Lenders (or, if the maturity of the Loans has been accelerated, Revolving Credit Lenders
holding participations in outstanding Letters of Credit representing greater than 50% of the
aggregate undrawn amount of all outstanding RF Letters of Credit) thereof and of the amount to be
deposited, deposit in an account with the Collateral Agent, for the benefit of the Revolving Credit
Lenders, an amount in cash equal to the RF L/C Exposure as of such date; provided, however, that
the obligation to deposit such cash shall become effective immediately, and such deposit shall
become immediately due and payable, without demand or other notice of any kind, upon the occurrence
of any Event of Default with respect to the Borrower described in clause (g) or (h) of Article VII.
Such deposit shall be held by the Collateral Agent as collateral for the payment and performance of
the Obligations. The Collateral Agent shall have exclusive dominion and control, including the
exclusive right of withdrawal, over such account. Other than any interest earned on the investment
of such deposits in Permitted Investments, which investments shall be made at the option and sole
discretion of the Collateral Agent, such deposits shall not bear interest. Interest or profits, if
any, on such investments shall accumulate in such account. Moneys in such account shall (i)
automatically be applied by the Administrative Agent to reimburse the Issuing Bank

 

56

for L/C Disbursements in respect of RF Letters of Credit for which it has not been reimbursed, (ii)
be held for the satisfaction of the reimbursement obligations of the Borrower for the RF L/C
Exposure at such time and (iii) if the maturity of the Loans has been accelerated (but subject to
the consent of Revolving Credit Lenders holding participations in outstanding Letters of Credit
representing greater than 50% of the aggregate undrawn amount of all outstanding RF Letters of
Credit), be applied to satisfy the Obligations. If the Borrower is required to provide an amount of
cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the
extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after
all Events of Default have been cured or waived.

          (k) Additional Issuing Banks. The Borrower may, at any time and from time to time with the
consent of the Administrative Agent (which consent shall not be unreasonably withheld) and such
Lender, designate one or more additional Lenders to act as an issuing bank under the terms of this
Agreement. Any Lender designated as an issuing bank pursuant to this paragraph (k) shall be deemed
to be an “Issuing Bank” (in addition to being a Lender) in respect of Letters of Credit issued or
to be issued by such Lender, and, with respect to such Letters of Credit, such term shall
thereafter apply to any other Issuing Bank and such Lender.

          (l) Credit Linked Deposit Account. (i) On the Closing Date and subject to the satisfaction of
the conditions precedent set forth in Sections 4.01 and 4.02, each PF Lender shall pay to the
Administrative Agent such PF Lender’s Credit-Linked Deposit. The Credit-Linked Deposits shall be
held by the Administrative Agent in (or credited to) the Credit-Linked Deposit Account, and no
person other than the Administrative Agent shall have a right of withdrawal from the Credit-Linked
Deposit Account or any other right or power with respect to the Credit-Linked Deposits.
Notwithstanding anything herein to the contrary, the funding obligation of each PF Lender in
respect of its participation in PF Letters of Credit and PF L/C Loans shall be satisfied in full
upon the funding of its Credit-Linked Deposit.

          (ii) Each of the Administrative Agent, the Issuing Bank and each PF Lender hereby acknowledges
and agrees that (x) each PF Lender is funding its Credit-Linked Deposit to the Administrative Agent
for application in the manner contemplated by Sections 2.01(e), 2.02(g) and 2.23(d) and (y) the
Administrative Agent may invest the Credit-Linked Deposits in such Credit Suisse time deposit
accounts as may be determined from time to time by the Administrative Agent. The Administrative
Agent hereby agrees to pay to each PF Lender, on each Interest Payment Date for the Credit-Linked
Deposits, interest (computed on the basis of the actual number of days elapsed over a year of 360
days) on the amount of such PF Lender’s PF Pro Rata Percentage of the aggregate amount of the
Credit-Linked Deposits during such Interest Period at a rate per annum equal to the Adjusted LIBO
Rate for such Interest Period less the Credit-Linked Deposit Cost Amount. With respect to any
Interest Period during which a PF L/C Loan is deemed made, the Administrative Agent shall determine
the amount of interest payable by the Borrower on such PF L/C Loan for the portion of such Interest
Period during which such PF L/C Loan is outstanding pursuant to Section 2.02(h) and the amount of
interest payable by the Administrative Agent on the Credit-Linked Deposits during such

 

57

Interest Period, and such determination shall be conclusive absent manifest error. In addition, if
on any Interest Payment Date for the Credit-Linked Deposits the Adjusted LIBO Rate for the Interest
Period then ended would exceed the LIBO Rate for such Interest Period (as a result of the
imposition of Statutory Reserves), then on such Interest Payment Date the Borrower will pay to the
Administrative Agent in immediately available funds an amount equal to such excess. Promptly upon
request from the Issuing Bank of PF Letters of Credit, the Administrative Agent shall advise such
Issuing Bank, as of such date, of the balance of the Credit-Linked Deposit Account, the aggregate
amount of PF L/C Loans held by the PF Fronting Lender and, if there is more than one Issuing Bank
of PF Letters of Credit, the aggregate face amount of PF Letters of Credit that have been issued or
for which the Borrower has requested issuance by each other Issuing Bank of PF Letters of Credit.

          (iii) The Borrower shall have no right, title or interest in or to the Credit-Linked Deposit
Account or the Credit-Linked Deposits and no obligations with respect thereto other than as
expressly provided in this Agreement. Without limiting the foregoing, the obligation to return the
Credit-Linked Deposits to the P/F Lenders is solely an obligation of the Administrative Agent, and
the Borrower shall have no liability or obligation in respect of the principal amount of the
Credit-Linked Deposits.

          SECTION 2.24. Increase in Term Loan Commitments. (a) The Borrower may, by written notice to
the Administrative Agent from time to time, request Incremental Term Loan Commitments in an
aggregate amount (for all such Incremental Term Loan Commitments) not to exceed the Incremental
Debt Amount from one or more Incremental Term Lenders, which may include any existing Lender;
provided that each Incremental Term Lender, if not already a Lender hereunder, shall be subject to
the approval of the Administrative Agent (which approval shall not be unreasonably withheld);
provided further that no existing Lender shall be obligated to commit to provide Incremental Term
Loans or become an Incremental Term Lender. Such notice shall set forth (i) the amount of the
Incremental Term Loan Commitments being requested (which shall be in minimum increments of
$1,000,000 and a minimum amount of $5,000,000 or equal to the remaining Incremental Debt Amount),
(ii) the date on which such Incremental Term Loan Commitments are requested to become effective
(which shall not be less than 10 Business Days nor more than 60 days after the date of such notice)
and (iii) whether such Incremental Term Loan Commitments are to be Term Loan Commitments or
commitments to make term loans with terms different from the Term Loans (“Other Term Loans”).

          (b) The Borrower and each Incremental Term Lender shall execute and deliver to the
Administrative Agent an Incremental Term Loan Assumption Agreement and such other documentation as
the Administrative Agent shall reasonably specify to evidence the Incremental Term Loan Commitment
of such Incremental Term Lender. Each Incremental Term Loan Assumption Agreement shall specify the
terms of the Incremental Term Loans to be made thereunder; provided that, without the prior written
consent of the Required Lenders, (i) the final maturity date of any Other Term Loans shall be no
earlier than the Term Loan Maturity Date, (ii) the average life to maturity of any Other Term Loans
shall be no shorter than (x) the average life to maturity of the

 

58

Term Loans and (y) if the initial yield (determined as provided below) of such Other Term Loans
exceeds the Applicable Percentage then in effect for Eurodollar Term Loans, six months longer than
the average life to maturity of the Term Loans, and (iii) if the initial yield on any Other Term
Loans (as determined by the Administrative Agent to be equal to the sum of (x) the Adjusted LIBOR
margin on the Other Term Loans and (y) if the Other Term Loans are initially made at a discount or
the Lenders making the same receive a fee directly or indirectly from Holdings, the Borrower or any
Subsidiary for doing so (the amount of such fee, expressed as a percentage of the Other Term Loans,
being referred to herein as “OID”), the amount of such OID divided by the lesser of (A) the average
life to maturity of such Other Term Loans and (B) four) exceeds by more than 50 basis points (the
amount of such excess above 50 basis points being referred to herein as the “Yield Differential”)
the Applicable Percentage then in effect for Eurodollar Term Loans, then the Applicable Percentages
then in effect for Term Loans shall automatically be increased by the Yield Differential, effective
upon the making of the Other Term Loans (and if the Adjusted LIBOR margins on the Other Term Loans
are subject to a leveraged-based pricing grid, appropriate increases to the other Applicable
Percentages for the Term Loans, consistent with the foregoing, shall be made). The Administrative
Agent shall promptly notify each Lender as to the effectiveness of each Incremental Term Loan
Assumption Agreement. Each of the parties hereto hereby agrees that, upon the effectiveness of any
Incremental Term Loan Assumption Agreement, this Agreement shall be deemed amended to the extent
(but only to the extent) necessary to reflect the existence and terms of the Incremental Term Loan
Commitment evidenced thereby. Any such deemed amendment may be memorialized in writing by the
Administrative Agent with the Borrower’s consent (not to be unreasonably withheld) and furnished to
the other parties hereto.

          (c) Notwithstanding the foregoing, no Incremental Term Loan Commitment shall become effective
under this Section 2.24 unless (i) on the date of such effectiveness, the conditions set forth in
paragraphs (b) and (c) of Section 4.01 shall be satisfied and the Administrative Agent shall have
received a certificate to that effect dated such date and executed by a Financial Officer of the
Borrower, (ii) the Administrative Agent shall have received (with sufficient copies for each of the
Incremental Term Lenders) legal opinions, board resolutions and other closing certificates and
documentation consistent with those delivered on the Closing Date under Section 4.02 and (iii) the
Leverage Ratio on such date, calculated on a Pro Forma Basis after giving effect to such
Incremental Term Loan Commitment and the Loans to be made thereunder and the application of the
proceeds therefrom as if made and applied on such date, shall be at least 0.25 to 1.0 less than the
maximum Leverage Ratio permitted under Section 6.12 applicable at such time.

          (d) Each of the parties hereto hereby agrees that the Administrative Agent may take any and
all action as may be reasonably necessary to ensure that all Incremental Term Loans (other than
Other Term Loans), when originally made, are included in each Borrowing of outstanding Term Loans
on a pro rata basis. This may be accomplished at the discretion of the Administrative Agent by
requiring each outstanding Eurodollar Term Borrowing to be converted into an ABR Term Borrowing on
the date of each Incremental Term Loan, or by allocating a portion of each Incremental Term Loan to

 

59

each outstanding Eurodollar Term Borrowing on a pro rata basis, even though as a result
thereof such Incremental Term Loan may effectively have a shorter Interest Period than the Term
Loans included in the Borrowing of which they are a part (and notwithstanding any other provision
of this Agreement that would prohibit such an initial Interest Period). Any conversion of
Eurodollar Term Loans to ABR Term Loans made pursuant to the preceding sentence shall be subject to
Section 2.16. If any Incremental Term Loan is to be allocated to an existing Interest Period for a
Eurodollar Term Borrowing then, subject to Section 2.07, the interest rate applicable to such
Incremental Term Loan for the remainder of such Interest Period shall equal the Adjusted LIBO Rate
for a period approximately equal to the remainder of such Interest Period (as determined by the
Administrative Agent two Business Days before the date such Incremental Term Loan is made) plus the
Applicable Percentage then in effect. In addition, to the extent any Incremental Term Loans are not
Other Term Loans, the scheduled amortization payments under Sections 2.11(a)(i) required to be made
after the making of such Incremental Term Loans shall be ratably increased by the aggregate
principal amount of such Incremental Term Loans.

ARTICLE III

Representations and Warranties

          Each of Holdings and the Borrower represents and warrants to the Administrative Agent, the
Collateral Agent, the Issuing Bank and each of the Lenders that:

          SECTION 3.01. Organization; Powers. Holdings, the Borrower and each of the Subsidiaries (a)
is duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization, (b) has all requisite power and authority to own its property and assets and to
carry on its business as now conducted and as proposed to be conducted, (c) is qualified to do
business in, and is in good standing in, every jurisdiction where such qualification is required,
except where the failure so to qualify could not reasonably be expected to result in a Material
Adverse Effect, and (d) has the power and authority to execute, deliver and perform its
obligations under each of the Loan Documents and each other agreement or instrument contemplated
hereby or thereby to which it is or will be a party and, in the case of the Borrower, to borrow
hereunder.

          SECTION 3.02. Authorization. The Transactions (a) have been duly authorized by all requisite
corporate or other company and, if required, stockholder, action on the part of each Loan Party and
(b) will not (i) violate (A) any material provision of law, statute, rule or regulation, or of the
certificate or articles of incorporation, by-laws, limited liability company agreements or other
constitutive documents of Holdings, the Borrower or any Subsidiary, (B) any applicable order of any
Governmental Authority or (C) any provision of any indenture or any other material agreement or
other instrument to which Holdings, the Borrower or any Subsidiary is a party or by which any of
them or any of their property is or may be bound, (ii) be in conflict with, result in a breach of
or constitute (alone or with notice or lapse of time or both) a default under, or give rise to any
right to accelerate or to require the prepayment,

 

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repurchase or redemption of any obligation under any such indenture, agreement or other instrument
or (iii) result in the creation or imposition of any Lien upon or with respect to any property or
assets now owned or hereafter acquired by Holdings, the Borrower or any Subsidiary (other than any
Lien created hereunder or under the Security Documents).

          SECTION 3.03. Enforceability.
This Agreement has been duly executed and delivered by Holdings
and the Borrower and constitutes, and each other Loan Document when executed and delivered by each
Loan Party thereto will constitute, a legal, valid and binding obligation of such Loan Party
enforceable against such Loan Party in accordance with its terms, except as such enforceability
may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar
laws relating to or affecting creditors’ rights generally and general equitable principles.

          SECTION 3.04. Governmental Approvals.
No action, consent or approval of, registration or
filing with or any other action by any Governmental Authority is or will be required in connection
with the Transactions, except for (a) such as have been made or obtained and are in full force and
effect and (b) such actions, consents, approvals, registrations or filings, the failure of which
to make or obtain could not reasonably be expected to result in a Material Adverse Effect.

          SECTION 3.05. Financial Statements.
(a) The Borrower has heretofore furnished to the Lenders
(i) its consolidated balance sheets and related statements of income, stockholders’ equity and cash
flows as of and for the fiscal year ended on June 28, 2006, audited by and accompanied by the
opinion of Deloitte & Touche LLP, independent public accountants, and (ii) the Company’s
consolidated balance sheets and related statements of income, stockholders’ equity and cash flows
(A) as of and for the fiscal year ended on December 28, 2005, audited by and accompanied by the
opinion of KPMG LLP, independent public accountants, and (B) as of and for the fiscal quarters
ended March 29, 2006 and June 28, 2006. Such financial statements present fairly in all material
respects the financial condition and results of operations and cash flows of the Borrower and its
consolidated Subsidiaries or the Company and its consolidated subsidiaries, as the case may be, as
of such dates and for such periods. Such balance sheets and the notes thereto disclose all material
liabilities, direct or contingent, of the Borrower and its consolidated Subsidiaries or the Company
and its consolidated subsidiaries, as the case may be, as of the dates thereof. Such financial
statements were prepared in accordance with GAAP (as applicable to interim financial statements, in
the case of such interim financial statements) applied on a consistent basis.

          (b) The
Borrower has heretofore delivered to the Lenders its unaudited pro forma consolidated
balance sheet and related pro forma consolidated statement of income as of and for the four fiscal
quarters ended June 28, 2006, prepared giving effect to the Transactions as if they had occurred,
with respect to such balance sheet, on such date and, with respect to such other financial
statements, on the first day of the four fiscal quarter period ending on such date. Such pro forma
financial statements have been prepared in good faith by the Borrower, based on the assumptions
used to prepare the pro forma financial information contained in the Confidential Information
Memorandum (which assumptions at the time made were believed by the Borrower to be reasonable),
were based on the best information available to the Borrower as of the date of delivery

 

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thereof, accurately reflect all adjustments required to be made to give effect to the Transactions
and present fairly in all material respects on a pro forma basis the estimated consolidated
financial position of the Borrower and its consolidated Subsidiaries as of such date and for such
period, assuming that the Transactions had actually occurred at such date or at the beginning of
such period, as the case may be.

          SECTION 3.06. No Material Adverse Change. No event, change or condition has occurred that has
had, or could reasonably be expected to have, a material adverse effect on the business, assets,
operations or condition, financial or otherwise, of the Borrower and the Subsidiaries, taken as a
whole, since June 28, 2006.

          SECTION 3.07. Title to Properties; Possession Under Leases. (a) Each of Holdings, the
Borrower and each of the Subsidiaries has good and marketable title to, or valid leasehold
interests in, all its material properties and assets (including any Mortgaged Property), except
for minor defects in title that do not interfere with its ability to conduct its business as
currently conducted or to utilize such properties and assets for their intended purposes. All such
material properties and assets are free and clear of Liens, other than Liens expressly permitted
by Section 6.02.

          (b) Each of Holdings, the Borrower and each of the Subsidiaries has complied with all
obligations under all leases to which it is a party and all such leases are in full force and
effect except, in each case, for such noncompliance or such failures to be in full force and
effect that could not reasonably be expected, individually or in the aggregate, to result in a
Material Adverse Effect. Each of Holdings, the Borrower and each of the Subsidiaries enjoys
peaceful and undisturbed possession under all such material leases.

          SECTION 3.08. Subsidiaries. Schedule 3.08 sets forth as of the Closing Date a list of all
Subsidiaries and the percentage ownership interest of Holdings, the Borrower or any Subsidiary
therein. The shares of Equity Interests so indicated on Schedule 3.08 are fully paid and
non-assessable and are owned by Holdings, the Borrower or one of the Subsidiaries, directly or
indirectly, free and clear of all Liens (other than Liens created under the Security Documents).

          SECTION 3.09. Litigation; Compliance with Laws. (a) Except as set forth on Schedule 3.09,
there are not any actions, suits or proceedings at law or in equity or by or before any
Governmental Authority now pending or, to the knowledge of Holdings or the Borrower, threatened
against or affecting Holdings or the Borrower or any Subsidiary or any business, property or
rights of any such person (i) that involve any Loan Document or the Transactions or (ii) as to
which there is a reasonable possibility of an adverse determination and that, if adversely
determined, could reasonably be expected, individually or in the aggregate, to result in a
Material Adverse Effect.

          (b) Since the Closing Date, there has been no change in the status of the matters disclosed on
Schedule 3.09 that, individually or in the aggregate, has resulted in, or materially increased the
likelihood of, a Material Adverse Effect.

 

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          SECTION 3.10. Agreements. None of Holdings, the Borrower or any of the Subsidiaries is in
default in any manner under any provision of any indenture or other agreement or instrument
evidencing Indebtedness, or any other material agreement or instrument to which it is a party or by
which it or any of its properties or assets are or may be bound, where such default could
reasonably be expected to result in a Material Adverse Effect.

          SECTION 3.11. Federal Reserve Regulations. (a) None of Holdings, the Borrower or any of the
Subsidiaries is engaged principally, or as one of its important activities, in the business of
extending credit for the purpose of buying or carrying Margin Stock.

          (b) No part of the proceeds of any Loan or any Letter of Credit will be used, whether directly
or indirectly, and whether immediately, incidentally or ultimately, for any purpose that entails a
violation of, or that is inconsistent with, the provisions of the Regulations of the Board,
including Regulation T, U or X.

          SECTION 3.12. Investment Company Act. None of Holdings, the Borrower or any Subsidiary is an
“investment company” as defined in, or subject to regulation under, the Investment Company Act of
1940.

          SECTION 3.13. Use of Proceeds. The Borrower will use the proceeds of the Term Loans (other
than any Incremental Term Loans), together with the proceeds of the New Senior Notes and the
Sale/Leaseback Transaction, solely (a) to pay the Merger Consideration, (b) to refinance all
amounts due or outstanding under the Existing Credit Agreement, (c) to finance the Debt Tender
Offers, (d) to repay in full or otherwise satisfy and discharge the Company Senior Notes, (e) to
repay in full the Company Existing Credit Agreement, (f) to pay related fees and expenses and (g)
to provide working capital. The Borrower will use the proceeds of the Revolving Loans and the
Swingline Loans, and will request the issuance of Letters of Credit, solely for general corporate
purposes of the Borrower. The Borrower will use the proceeds of any Incremental Term Loans solely
as set forth in the applicable Incremental Term Loan Assumption Agreement.

          SECTION 3.14. Tax Returns. Each of Holdings, the Borrower and each of the Subsidiaries has
filed or caused to be filed all Federal, state and material, local and foreign tax returns or
materials required to have been filed by it and has paid or caused to be paid all material Taxes
due and payable by it and all material assessments received by it, except Taxes that are being
contested in good faith by appropriate proceedings and for which Holdings, the Borrower or such
Subsidiary, as applicable, shall have set aside on its books adequate reserves.

          SECTION 3.15. No Material Misstatements. None of (a) the Confidential Information Memorandum
or (b) any other information, report, financial statement, exhibit or schedule furnished by or on
behalf of Holdings or the Borrower to the Administrative Agent or any Lender in connection with the
negotiation of any Loan Document or included therein or delivered pursuant thereto, when taken as a
whole, contained, contains or will contain any material misstatement of fact or omitted, omits or
will omit to state any material fact necessary to make the statements therein, in the light

 

63

of the circumstances under which they were, are or will be made, not misleading; provided that to
the extent any such information, report, financial statement, exhibit or schedule was based upon
or constitutes a forecast or projection, each of Holdings and the Borrower represents only that it
acted in good faith and utilized reasonable assumptions and due care in the preparation of such
information, report, financial statement, exhibit or schedule.

          SECTION 3.16. Employee Benefit Plans. Each of the Borrower and each of its ERISA Affiliates is
in compliance in all material respects with the applicable provisions of ERISA and the Code and the
regulations and published interpretations thereunder. No ERISA Event has occurred or is reasonably
expected to occur that, when taken together with all other such ERISA Events, could reasonably be
expected to result in material liability of the Borrower or any of its ERISA Affiliates. The
present value of all benefit liabilities under each Plan (based on the assumptions used to fund
such Plan) did not, as of the last annual valuation date applicable thereto, exceed the fair market
value of the assets of such Plan by a material amount, and the present value of all benefit
liabilities of all underfunded Plans (based on the assumptions used to fund such plan) did not, as
of the last annual valuation dates applicable thereto, exceed the fair market value of the assets
of all such underfunded Plans by a material amount.

          SECTION 3.17. Environmental Matters. (a) Except as set forth in Schedule 3.17 and except with
respect to any other matters that, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect, none of Holdings, the Borrower or any of the
Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply
with any permit, license or other approval required under any Environmental Law, (ii) has become
subject to any Environmental Liability, (iii) has received notice of any claim with respect to any
Environmental Liability or (iv) knows of any basis for any Environmental Liability.

          (b) Since the Closing Date, there has been no change in the status of the matters disclosed on
Schedule 3.17 that, individually or in the aggregate, has resulted in, or materially increased the
likelihood of, a Material Adverse Effect.

          SECTION 3.18. Insurance. Schedule 3.18 sets forth a true, complete and correct description of
all insurance maintained by the Borrower or by the Borrower for its Subsidiaries as of the Closing
Date. As of the Closing Date, such insurance is in full force and effect and all premiums have been
duly paid. The Borrower and its Subsidiaries have insurance in such amounts and covering such risks
and liabilities as are in accordance with normal industry practice.

          SECTION 3.19. Security Documents. (a) The Guarantee and Collateral Agreement, upon execution
and delivery thereof by the parties thereto, will create in favor of the Collateral Agent, for the
ratable benefit of the Secured Parties, a legal, valid and enforceable security interest in the
Collateral (as defined in the Guarantee and Collateral Agreement) and the proceeds thereof and (i)
when the Pledged Collateral (as defined in the Guarantee and Collateral Agreement) is delivered to
the Collateral Agent, the Lien created under the Guarantee and Collateral Agreement shall
constitute a fully perfected first priority Lien on, and security interest in, all right, title and
interest of the

 

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Loan Parties in such Pledged Collateral, in each case prior and superior in right to any other
person, and (ii) when financing statements in appropriate form are filed in the offices specified
on Schedule 3.19(a), the Lien created under the Guarantee and Collateral Agreement will constitute
a fully perfected Lien on, and security interest in, all right, title and interest of the Loan
Parties in such Collateral (other than Intellectual Property (as defined in the Guarantee and
Collateral Agreement) and Collateral in which a security interest may be perfected only by the
taking of control), in each case prior and superior in right to any other person, other than with
respect to Liens expressly permitted by Section 6.02.

          (b) Upon the recordation of the Guarantee and Collateral Agreement (or a
short-form security agreement in form and substance reasonably satisfactory to the
Borrower and the Collateral Agent) with the United States Patent and Trademark Office
and the United States Copyright Office, together with the financing statements in
appropriate form filed in the offices specified on Schedule 3.19(a), the Lien created under
the Guarantee and Collateral Agreement shall constitute a fully perfected Lien on, and
security interest in, all right, title and interest of the Loan Parties in the Intellectual
Property (as defined in the Guarantee and Collateral Agreement) in which a security
interest may be perfected by such filings in the United States and its territories and
possessions, in each case prior and superior in right to any other person (it being
understood that subsequent recordings in the United States Patent and Trademark Office
and the United States Copyright Office may be necessary to perfect a Lien on registered
trademarks and patents, trademark and patent applications and registered copyrights
acquired by the Loan Parties after the date hereof).

          (c) The Mortgages are effective to create in favor of the Collateral
Agent, for the ratable benefit of the Secured Parties, a legal, valid and enforceable Lien
on all of the Loan Parties’ right, title and interest in and to the Mortgaged Property
thereunder and the proceeds thereof, and when the Mortgages are filed in the offices
specified on Schedule 3.19(c), the Mortgages shall constitute a fully perfected Lien on,
and security interest in, all right, title and interest of the Loan Parties in such Mortgaged
Property and the proceeds thereof, in each case prior and superior in right to any other
person, other than with respect to the rights of persons pursuant to Liens expressly
permitted by Section 6.02.

          SECTION 3.20. Location of Real Property and Leased Premises. Schedule 3.20(a) lists
completely and correctly as of the Closing Date all real property owned by the Borrower and the
Subsidiaries and the addresses thereof. The Borrower and the Subsidiaries, as the case may be, as
of the Closing Date, own in fee all the real property set forth on Schedule 3.20(a). Schedule
3.20(b) lists completely and correctly as of the Closing Date all material real property leased by
the Borrower and the Subsidiaries and the addresses thereof. The Borrower and the Subsidiaries, as
the case may be, as of the Closing Date have valid leasehold interests in all the real property
set forth on Schedule 3.20(b).

          SECTION 3.21. Labor Matters. As of the Closing Date, there are no strikes, lockouts or
slowdowns against Holdings, the Borrower or any Subsidiary pending or, to the knowledge of Holdings
or the Borrower, threatened. Except as provided on

 

65

Schedule 3.09, the hours worked by and payments made to employees of Holdings, the Borrower and the
Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable
Federal, state, local or foreign law dealing with such matters, except for such violations that
could not reasonably be expected, individually or in the aggregate, to result in a Material Adverse
Effect. All payments due from Holdings, the Borrower or any Subsidiary, or for which any claim may
be made against Holdings, the Borrower or any Subsidiary, on account of wages and employee health
and welfare insurance and other benefits, have been paid or accrued as a liability on the books of
Holdings, the Borrower or such Subsidiary, except for such failures that could not reasonably be
expected, individually or in the aggregate, to result in a Material Adverse Effect. The
consummation of the Transactions will not give rise to any right of termination or right of
renegotiation on the part of any union under any collective bargaining agreement to which Holdings,
the Borrower or any Subsidiary is bound.

          SECTION 3.22. Solvency. Immediately after the consummation of the Transactions to occur on the
Closing Date and immediately following the making of each Loan and after giving effect to the
application of the proceeds of each Loan, (a) the fair value of the assets of each Loan Party, at a
fair valuation, will exceed its debts and liabilities, subordinated, contingent or otherwise; (b)
the present fair saleable value of the property of each Loan Party will be greater than the amount
that will be required to pay the probable liability of its debts and other liabilities,
subordinated, contingent or otherwise, as such debts and other liabilities become absolute and
matured; (c) each Loan Party will be able to pay its debts and liabilities, subordinated,
contingent or otherwise, as such debts and liabilities become absolute and matured; and (d) each
Loan Party will not have unreasonably small capital with which to conduct the business in which it
is engaged as such business is now conducted and is proposed to be conducted following the Closing
Date.

          SECTION 3.23. Transaction Documents. The Borrower has delivered to the Administrative Agent a
complete and correct copy of the Merger Agreement (including all schedules, exhibits, amendments,
supplements and modifications thereto). None of the Borrower, any other Loan Party or Buffets
Southeast, Inc. is in default in the performance or compliance with any material provisions
thereof. The Merger Agreement complies in all material respects with all material applicable laws.
All representations and warranties set forth in the Merger Agreement were true and correct in all
material respects at the time as of which such representations and warranties were made (or deemed
made).

ARTICLE IV

Conditions of Lending

          The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of
Credit hereunder are subject to the satisfaction of the following conditions:

          SECTION 4.01. All Credit Events. On the date of each Borrowing, including each Borrowing of a
Swingline Loan but excluding the conversion of a

 

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Eurodollar Borrowing to an ABR Borrowing or vice versa or the continuation or conversion of the
Interest Period of a Eurodollar Borrowing into another permitted Interest Period, and on the date
of each issuance, amendment, extension or renewal of a Letter of Credit (each such event being
called a “Credit Event”):

          (a) The Administrative Agent shall have received a notice of such Borrowing as required by
Section 2.03 (or such notice shall have been deemed given in accordance with Section 2.03) or, in
the case of the issuance, amendment, extension or renewal of a Letter of Credit, the Issuing Bank
and the Administrative Agent shall have received a notice requesting the issuance, amendment,
extension or renewal of such Letter of Credit as required by Section 2.23(b) or, in the case of the
Borrowing of a Swingline Loan, the Swingline Lender and the Administrative Agent shall have
received a notice requesting such Swingline Loan as required by Section 2.22(b).

          (b) The representations and warranties set forth in Article III hereof and in each other Loan
Document shall be true and correct in all material respects on and as of the date of such Credit
Event with the same effect as though made on and as of such date, except to the extent such
representations and warranties expressly relate to an earlier date.

          (c) At the time of and immediately after such Credit Event, no Event of Default or Default
shall have occurred and be continuing.

          Each Credit Event shall be deemed to constitute a representation and warranty by the Borrower
and Holdings on the date of such Credit Event as to the matters specified in paragraphs (b) and (c)
of this Section 4.01.

          SECTION 4.02. First Credit Event. On the Closing Date:

          (a) The Administrative Agent shall have received, on behalf of itself, the Lenders and the
Issuing Bank, a favorable written opinion of (i) Paul, Weiss, Rifkind, Wharton & Garrison LLP,
counsel for Holdings and the Borrower, substantially to the effect set forth in Exhibit G-1, (ii)
Faegre & Benson, Minnesota counsel for the Borrower, substantially to the effect set forth in
Exhibit G-2, (iii) McNair Law Firm, P.A., South Carolina counsel for the Company, substantially to
the effect set forth in Exhibit G-3 and (iv) each local counsel for the Borrower set forth on
Schedule 4.02(a), each substantially to the effect set forth on Exhibit G-4 or in such other form
as the Administrative Agent shall reasonably approve, in each case (A) dated the Closing Date, (B)
addressed to the Issuing Bank, the Administrative Agent and the Lenders and (C) covering such
other matters relating to the Loan Documents and the Transactions as the Administrative Agent
shall reasonably request, and Holdings and the Borrower hereby request such counsel to deliver
such opinions.

          (b) The Administrative Agent shall have received (i) a copy of the certificate or articles of
incorporation or certificate of formation, as applicable, including all amendments thereto, of each
Loan Party, certified as of a recent date by the Secretary of State of the state of its
organization, and a certificate as to the good standing of each Loan Party as of a recent date,
from such Secretary of State; (ii) a certificate of the

 

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Secretary or Assistant Secretary of each Loan Party dated the Closing Date and certifying (A) that
attached thereto is a true and complete copy of the by-laws or limited liability company agreement,
as applicable, of such Loan Party as in effect on the Closing Date and at all times since a date
prior to the date of the resolutions described in clause (B) below, (B) that attached thereto is a
true and complete copy of resolutions duly adopted by the Board of Directors or sole member, as
applicable, of such Loan Party authorizing the execution, delivery and performance of the Loan
Documents to which such person is a party and, in the case of the Borrower, the borrowings
hereunder, and that such resolutions have not been modified, rescinded or amended and are in full
force and effect, (C) that the certificate or articles of incorporation or certificate of
formation, as applicable, of such Loan Party have not been amended since the date of the last
amendment thereto shown on the certificate of good standing furnished pursuant to clause (i) above,
and (D) as to the incumbency and specimen signature of each officer executing any Loan Document or
any other document delivered in connection herewith on behalf of such Loan Party; (iii) a
certificate of another officer as to the incumbency and specimen signature of the Secretary or
Assistant Secretary executing the certificate pursuant to clause (ii) above; and (iv) such other
documents as the Lenders, the Issuing Bank or the Administrative Agent may reasonably request.

          (c) The Administrative Agent shall have received a certificate, dated the Closing Date and
signed by a Financial Officer of the Borrower, confirming compliance with the conditions precedent
set forth in paragraphs (b) and (c) of Section 4.01.

          (d) The Administrative Agent shall have received all Fees and other amounts due and payable
(to the extent invoiced) on or prior to the Closing Date, including, to the extent invoiced,
reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the
Borrower hereunder or under any other Loan Document.

          (e) The Lenders shall have received, to the extent requested, all documentation and other
information required by bank regulatory authorities under applicable “know your customer” and
anti-money laundering rules and regulations, including the U.S.A. Patriot Act.

          (f) The Security Documents (including leasehold Mortgages and the Intercreditor Agreement with
respect to the Sale/Leaseback Properties) shall have been duly executed by each Loan Party that is
to be a party thereto and shall be in full force and effect on the Closing Date; provided, however,
that leasehold Mortgages with respect to the Sale/Leaseback Properties listed on Schedule 4.02(f)
shall be provided after the Closing Date so long as and to the extent that the ground lessor of
such Sale/Leaseback Property consents to such leasehold Mortgage to the extent required by the
respective ground lease in effect as of the date hereof; provided further that the amount secured
by each leasehold Mortgage to be recorded in a jurisdiction that requires a mortgage tax shall be
capped at 110% of the value of such leasehold interest encumbered by such leasehold Mortgage.
Except as provided in the proviso to the preceding sentence, the Collateral Agent on behalf of the
Secured Parties shall have a security interest in the Collateral of the type and priority described
in each Security Document.

 

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          (g) The Collateral Agent shall have received a Perfection Certificate with respect to the Loan
Parties dated the Closing Date and duly executed by a Responsible Officer of Holdings and the
Borrower, and shall have received the results of a search of the Uniform Commercial Code filings
(or equivalent filings) made with respect to the Loan Parties in the states (or other
jurisdictions) of formation of such persons and in the other jurisdictions in which such persons
maintain property, in each case as indicated on such Perfection Certificate, together with copies
of the financing statements (or similar documents) disclosed by such search, and accompanied by
evidence reasonably satisfactory to the Collateral Agent that the Liens indicated in any such
financing statement (or similar document) would be permitted under Section 6.02 or have been or
will be contemporaneously released or terminated.

          (h) The Administrative Agent shall have received a copy of, or a certificate as to coverage
under, the insurance policies required by Section 5.02 and the applicable provisions of the
Security Documents, each of which shall be endorsed or otherwise amended to include a customary
lender’s loss payable endorsement and to name the Collateral Agent as additional insured, in form
and substance satisfactory to the Administrative Agent.

          (i) The Merger shall have been, or substantially simultaneously with the initial funding of
Loans on the Closing Date shall be, consummated in accordance with the Merger Agreement and
applicable law, without giving effect to any waiver of any material terms or conditions of the
Merger Agreement not approved by the Required Lenders. The Administrative Agent shall have
received copies of the Merger Agreement and all certificates and other documents delivered
thereunder, certified by a Financial Officer as being complete and correct.

          (j) There shall not have occurred any event, circumstance, change, development or effect
since December 28, 2005, that, individually or in the aggregate with all other events,
circumstances, conditions, changes, developments or effects, has had, or would reasonably be
expected to have, a Company Material Adverse Effect (as defined in the Merger Agreement).

          (k) The Borrower shall have received gross cash proceeds of not less than $300,000,000 from
the issuance of the New Senior Notes and not less than $566,769,505 from the Sale/Leaseback
Transaction. The terms and conditions of the New Senior Notes and the provisions of the New Senior
Note Documents and the Sale/Leaseback Documents shall be reasonably satisfactory to the Lenders.
The Administrative Agent shall have received copies of the New Senior Note Documents and the
Sale/Leaseback Documents, certified by a Financial Officer as being complete and correct.

          (l) All principal, premium, if any, interest, fees and other amounts due or outstanding under
the Existing Credit Agreement, the Company Existing Credit Agreement and the Company Senior Notes
shall have been paid in full, the commitments (if any) thereunder terminated and all guarantees (if
any) and security (if any) in support thereof discharged and released, and the Administrative Agent
shall have received reasonably satisfactory evidence thereof. Holdings and the Borrower shall have
purchased all Existing Holdings Notes and Existing Subordinated Notes, respectively,

 

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validly tendered and not withdrawn in the Debt Tender Offers, and, if all such notes are not so
repurchased, the applicable indenture related thereto shall have been amended as contemplated by
the applicable Debt Tender Offer. Immediately after giving effect to the Transactions and the other
transactions contemplated hereby, Holdings, the Borrower and the Subsidiaries shall have
outstanding no Indebtedness or preferred stock other than (a) Indebtedness outstanding under this
Agreement, (b) the New Senior Notes, (c) Indebtedness under the Sale/Leaseback Documents, (d)
Existing Holdings Notes and Existing Subordinated Notes not purchased in the Debt Tender Offers and
(e) Indebtedness set forth on Schedule 6.01.

          (m) The Lenders shall have received a certificate substantially in the form of Exhibit H from
the chief financial officer of the Borrower to the effect that, after giving effect to the
Transactions and the other transactions contemplated hereby, the Borrower and the Subsidiaries,
taken as a whole, will not (i) be insolvent, (ii) be rendered insolvent by the Indebtedness
incurred in connection therewith, (iii) be left with unreasonably small capital with which to
engage in its business or (iv) have incurred debts beyond its ability to pay such debts as they
mature.

          (n) All requisite Governmental Authorities and third parties shall have approved or consented
to the Transactions and the other transactions contemplated hereby to the extent required, all
applicable appeal periods shall have expired and no order, decree, ruling, judgment or injunction
shall have been enacted, entered, promulgated or enforced by any Governmental Authority of
competent jurisdiction making illegal or otherwise prohibiting the consummation of the Transactions
or the other transactions contemplated hereby substantially on the terms contemplated hereby, which
shall continue to be in effect.

ARTICLE V

Affirmative Covenants

          Each of Holdings and the Borrower covenants and agrees with each Lender that so long as this
Agreement shall remain in effect and until the Commitments have been terminated and the principal
of and interest on each Loan, all Fees and all other expenses or amounts payable under any Loan
Document shall have been paid in full and all Letters of Credit have been canceled or have expired
and all amounts drawn thereunder have been reimbursed in full, unless the Required Lenders shall
otherwise consent in writing, each of Holdings and the Borrower will, and will cause each of the
Subsidiaries to:

          SECTION 5.01. Existence; Businesses and Properties. (a) Do or cause to be done all things
necessary to preserve, renew and keep in full force and effect its legal existence, except as
otherwise expressly permitted under Section 6.05.

          (b) Do or cause to be done all things necessary to obtain, preserve, renew, extend and keep in
full force and effect the rights, licenses, permits, franchises, authorizations, patents,
copyrights, trademarks and trade names material to the conduct of its business; maintain and
operate such business in substantially the manner in which it is

 

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presently conducted and operated with, in the case of the Borrower and the Subsidiaries, reasonable
extensions thereof; comply in all material respects with all applicable laws, rules, regulations,
decrees and orders of any Governmental Authority, whether now in effect or hereafter enacted; and
at all times maintain and preserve all property material to the conduct of such business and keep
such property in good repair, working order and condition and from time to time make, or cause to
be made, all needful and proper repairs, renewals, additions, improvements and replacements thereto
necessary in order that the business carried on in connection therewith may be properly conducted
at all times.

          SECTION 5.02. Insurance. (a) Keep its insurable properties adequately insured at all times by
financially sound and reputable insurers; maintain such other insurance, to such extent and against
such risks, including fire and other risks insured against by extended coverage, as is customary
with companies in the same or similar businesses operating in the same or similar locations,
including public liability insurance against claims for personal injury or death or property damage
occurring upon, in, about or in connection with the use of any properties owned, occupied or
controlled by it; and maintain such other insurance as may be required by law.

          (b) Cause all such policies covering any Collateral to be endorsed or otherwise amended to
include a customary lender’s loss payable endorsement, in form and substance reasonably
satisfactory to the Administrative Agent and the Collateral Agent, which endorsement shall provide
that, from and after the Closing Date, if the insurance carrier shall have received written notice
from the Administrative Agent or the Collateral Agent of the occurrence of an Event of Default, the
insurance carrier shall pay all proceeds otherwise payable to the Borrower or the Loan Parties
under such policies directly to the Collateral Agent; cause all such policies to provide that
neither the Borrower, the Administrative Agent, the Collateral Agent nor any other party shall be a
coinsurer thereunder and to contain a “Replacement Cost Endorsement”, without any deduction for
depreciation, and such other provisions as the Administrative Agent or the Collateral Agent may
reasonably require from time to time to protect their interests; deliver original or certified
copies of all such policies to the Collateral Agent; cause each such policy to provide that it
shall not be canceled, modified or not renewed (i) by reason of nonpayment of premium upon not less
than 10 days’ prior written notice thereof by the insurer to the Administrative Agent and the
Collateral Agent (giving the Administrative Agent and the Collateral Agent the right to cure
defaults in the payment of premiums) or (ii) for any other reason upon not less than 30 days’ prior
written notice thereof by the insurer to the Administrative Agent and the Collateral Agent; deliver
to the Administrative Agent and the Collateral Agent, prior to the cancelation, modification or
nonrenewal of any such policy of insurance, a copy of a renewal or replacement policy (or other
evidence of renewal of a policy previously delivered to the Administrative Agent and the Collateral
Agent) together with evidence reasonably satisfactory to the Administrative Agent and the
Collateral Agent of payment of the premium therefor.

          (c) Notify the Administrative Agent and the Collateral Agent immediately whenever any
separate insurance concurrent in form or contributing in the event of loss with that required to
be maintained under this Section 5.02 is taken out by the Borrower;

 

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and promptly deliver to the Administrative Agent and the Collateral Agent a duplicate
original copy of such policy or policies.

          SECTION 5.03. Obligations and Taxes. Pay its Material Indebtedness and other material
obligations promptly and in accordance with their terms and pay and discharge promptly when due all
material Taxes, assessments and governmental charges or levies imposed upon it or upon its income
or profits or in respect of its property, before the same shall become delinquent or in default, as
well as all lawful claims for labor, materials and supplies or otherwise that, if unpaid, might
give rise to a Lien upon such properties or any part thereof; provided, however, that such payment
and discharge shall not be required with respect to any such material obligation or Tax,
assessment, charge, levy or claim so long as the validity or amount thereof shall be contested in
good faith by appropriate proceedings and the Borrower shall have set aside on its books adequate
reserves with respect thereto in accordance with GAAP and such contest operates to suspend
collection of the contested obligation, tax, assessment or charge and enforcement of a Lien and, in
the case of a Mortgaged Property, there is no risk of forfeiture of such property.

          SECTION 5.04. Financial Statements, Reports, etc. In the case of the Borrower, furnish to the
Administrative Agent:

          (a) within 90 days after the end of each fiscal year, its consolidated balance sheet and
related statements of income, stockholders’ equity and cash flows showing the financial condition
of the Borrower and its consolidated Subsidiaries as of the close of such fiscal year and the
results of its operations and the operations of such Subsidiaries during such year, together with
comparative figures for the immediately preceding fiscal year, all audited by Deloitte & Touche LLP
or other independent public accountants of recognized national standing and accompanied by an
opinion of such accountants (which shall not be qualified in any material respect) to the effect
that such consolidated financial statements fairly present the financial condition and results of
operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance
with GAAP consistently applied;

          (b) within 45 days after the end of each of the first three fiscal quarters of each fiscal
year, its consolidated balance sheet and related statements of income, stockholders’ equity and
cash flows showing the financial condition of the Borrower and its consolidated Subsidiaries as of
the close of such fiscal quarter and the results of its operations and the operations of such
Subsidiaries during such fiscal quarter and the then elapsed portion of the fiscal year, and
comparative figures for the same periods in the immediately preceding fiscal year, all certified by
one of its Financial Officers as fairly presenting in all material respects the financial condition
and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis
in accordance with GAAP consistently applied, subject to normal year-end audit adjustments;

          (c) concurrently with any delivery of financial statements under paragraph (a) or (b) above, a
certificate of the accounting firm (in the case of paragraph (a)) or Financial Officer (in the case
of paragraph (b)) opining on or certifying such statements (which certificate, when furnished by an
accounting firm, may be limited to accounting

 

72

matters and disclaim responsibility for legal interpretations) (i) certifying that no Event of
Default or Default has occurred or, if such an Event of Default or Default has occurred, specifying
the nature and extent thereof and any corrective action taken or proposed to be taken with respect
thereto, (ii) setting forth computations in reasonable detail satisfactory to the Administrative
Agent demonstrating compliance with the covenants contained in Sections 6.11 and 6.12 and (iii)
setting forth the amount, if any, of the Initial Pro Forma Adjustment included in the calculation
of Consolidated EBITDA for such period and, in the case of a certificate delivered with the
financial statements required by paragraph (a) above, (x) setting forth the Borrower’s calculation
of Excess Cash Flow and (y) certifying that there has been no change in the business activities,
assets or liabilities of Holdings, or if there has been any such change, describing such change in
reasonable detail and certifying that Holdings is in compliance with Section 6.08;

          (d) at least 45 days after the commencement of each fiscal year of the Borrower, a detailed
consolidated budget for such fiscal year (including a projected consolidated balance sheet and
related statements of projected operations and cash flows as of the end of and for such fiscal
year and setting forth the assumptions used for purposes of preparing such budget) and, promptly
when available, any significant revisions of such budget;

          (e) promptly after the same become publicly available, copies of all periodic and other
reports, final proxy statements, and upon notice of filing to the Administrative Agent and upon
the request of the Administrative Agent, other materials filed by Holdings, the Borrower or any
Subsidiary with the Securities and Exchange Commission, or any Governmental Authority succeeding
to any or all of the functions of said Commission, or with any national securities exchange, or
distributed to its shareholders, as the case may be, and all press releases;

          (f) promptly after the receipt thereof by Holdings, the Borrower or any Subsidiary, a copy of
any “management letter” (in final form) received by any such person from its certified public
accountants and the management’s response thereto; and

          (g) promptly, from time to time, such other information regarding the operations, business
affairs and financial condition of Holdings, the Borrower or any Subsidiary, or compliance with the
terms of any Loan Document, as the Administrative Agent or any Lender may reasonably request.

          SECTION 5.05. Litigation and Other Notices. Furnish to the Administrative Agent, the Issuing
Bank and each Lender prompt written notice of the following:

          (a) any Event of Default or Default, specifying the nature and extent thereof and the
corrective action (if any) taken or proposed to be taken with respect thereto;

          (b) the filing or commencement of, or any threat or notice of intention of any person to file
or commence, any action, suit or proceeding, whether at law or in

 

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equity or by or before any Governmental Authority, against the Borrower or any Affiliate thereof
that could reasonably be expected to result in a Material Adverse Effect;

          (c) the occurrence of any ERISA Event that, alone or together with any other ERISA Events
that have occurred, could reasonably be expected to result in liability of the Borrower and the
Subsidiaries in an aggregate amount exceeding $1,000,000.

          (d) any development that has resulted in, or could reasonably be expected to result in, a
Material Adverse Effect.

          SECTION 5.06. Information Regarding Collateral. (a) Furnish to the Administrative Agent prompt
written notice of any change in any Loan Party’s legal name, corporate structure, jurisdiction of
organization or Federal Taxpayer Identification Number. Holdings and the Borrower agree not to
effect or permit any change referred to in the preceding sentence unless all filings have been made
under the Uniform Commercial Code or otherwise that are required in order for the Collateral Agent
to continue at all times following such change to have a valid, legal and perfected security
interest in all the Collateral. Holdings and the Borrower also agree promptly to notify the
Administrative Agent if any material portion of the Collateral is damaged or destroyed.

          (b) In the case of the Borrower, each year, at the time of delivery of the annual financial
statements with respect to the preceding fiscal year pursuant to Section 5.04(a), deliver to the
Administrative Agent a certificate of a Financial Officer setting forth the information required
pursuant to the Perfection Certificate or confirming that there has been no change in such
information since the date of the Perfection Certificate delivered on the Closing Date or the date
of the most recent certificate delivered pursuant to this Section 5.06.

          SECTION 5.07. Maintaining Records; Access to Properties and Inspections; Maintenance of
Ratings. (a) Keep proper books of record and account in which full, true and correct entries in
conformity with GAAP and all requirements of law are made of all dealings and transactions in
relation to its business and activities. Each of Holdings and the Borrower will, and will cause
each of its subsidiaries to, permit any representatives designated by the Administrative Agent, the
Collateral Agent or any Lender to visit and inspect the financial records and the properties of
Holdings, the Borrower or any Subsidiary at reasonable times (but not more often then two times
each year unless an Event of Default is continuing) and to make extracts from and copies of such
financial records, and permit any representatives designated by the Administrative Agent, the
Collateral Agent or any Lender to discuss the affairs, finances and condition of Holdings, the
Borrower or any Subsidiary with the officers thereof and independent accountants therefor.

          (b) In the case of Holdings and the Borrower, use commercially reasonable efforts to cause
the credit facilities established under this Agreement to be continuously rated by S&P and Moody’s
and, in the case of the Borrower, use commercially reasonable efforts to maintain a corporate
rating from S&P and a corporate family rating from Moody’s.

 

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          SECTION 5.08. Use of Proceeds. Use the proceeds of the Loans and request the issuance of
Letters of Credit only for the purposes set forth in Section 3.13.

          SECTION 5.09. Further Assurances. Execute any and all further documents, financing statements,
agreements and instruments, and take all further action (including filing Uniform Commercial Code
and other financing statements, mortgages and deeds of trust) that may be required under applicable
law, or that the Required Lenders, the Administrative Agent or the Collateral Agent may reasonably
request, in order to effectuate the transactions contemplated by the Loan Documents and in order to
grant, preserve, protect and perfect the validity and first priority of the security interests
created or intended to be created by the Security Documents. The Borrower will cause any
subsequently acquired or organized Domestic Subsidiary (other than any Inactive Subsidiary) or any
Domestic Subsidiary that ceases to be an Inactive Subsidiary to become a Loan Party by executing
the Guarantee and Collateral Agreement and each other applicable Security Document in favor of the
Collateral Agent. In addition, from time to time, the Borrower will, at its cost and expense,
promptly secure the Obligations by pledging or creating, or causing to be pledged or created,
perfected security interests with respect to such of its assets and properties as the
Administrative Agent, the Collateral Agent or the Required Lenders shall designate (it being
understood that it is the intent of the parties that the Obligations shall be secured by
substantially all the assets of the Borrower and its Subsidiaries (including material owned real
and other properties acquired subsequent to the Closing Date)). Such security interests and Liens
will be created under the Security Documents and other security agreements, mortgages, deeds of
trust and other instruments and documents in form and substance reasonably satisfactory to the
Administrative Agent and the Collateral Agent, and the Borrower shall deliver or cause to be
delivered to the Lenders all such instruments and documents (including legal opinions, title
insurance policies and lien searches) as the Collateral Agent shall reasonably request to evidence
compliance with this Section 5.09. The Borrower agrees to provide such evidence as the Collateral
Agent shall reasonably request as to the perfection and priority status of each such security
interest and Lien. In furtherance of the foregoing, the Borrower will give prompt notice to the
Administrative Agent of the acquisition by it or any of the Subsidiaries of any real property (or
any interest in real property) having a value in excess of $500,000.

          SECTION 5.10. Interest Rate Protection. No later than the 180th day after the Closing Date,
the Borrower shall enter into, and for a minimum of two years thereafter maintain, Hedging
Agreements reasonably acceptable to the Administrative Agent that result in at least 40% of the
aggregate principal amount of its funded long-term Indebtedness being effectively subject to a
fixed or maximum interest rate reasonably acceptable to the Administrative Agent.

ARTICLE VI

Negative Covenants

          Each of Holdings and the Borrower covenants and agrees with each Lender that, so long as this
Agreement shall remain in effect and until the Commitments have been terminated and the principal
of and interest on each Loan, all Fees and all other

 

75

expenses or amounts payable under any Loan Document have been paid in full and all Letters of
Credit have been canceled or have expired and all amounts drawn thereunder have been reimbursed in
full, unless the Required Lenders shall otherwise consent in writing, neither Holdings nor the
Borrower will, nor will they cause or permit any of the Subsidiaries to:

          SECTION 6.01. Indebtedness. Incur, create, assume or permit to exist any Indebtedness,
except:

          (a) the Existing Subordinated Notes and the Existing Holdings Notes (in each case, to the
extent not purchased in the Debt Tender Offers) and other Indebtedness for borrowed money existing
on the Closing Date and set forth in Schedule 6.01, and any extensions, renewals or replacements
of such Indebtedness to the extent the principal amount of such Indebtedness is not increased, the
weighted average life to maturity of such Indebtedness is not decreased, such Indebtedness, if
subordinated to the Obligations, remains so subordinated on terms not less favorable to the
Lenders, and the original obligors in respect of such Indebtedness remain the only obligors
thereon;

          (b) Indebtedness created hereunder and under the other Loan Documents;

          (c) intercompany Indebtedness of Holdings, the Borrower and the Subsidiaries to the extent
permitted by Section 6.04(c) and unsecured Guarantees made in the ordinary course of business by
the Borrower or any Subsidiary Guarantor of obligations of the Borrower or any Subsidiary
Guarantor;

          (d) Indebtedness of the Borrower or any Subsidiary incurred to finance the acquisition,
construction or improvement of any fixed or capital assets, and extensions, renewals and
replacements of any such Indebtedness that do not increase the outstanding principal amount
thereof; provided that (i) such Indebtedness is incurred prior to or within 90 days after such
acquisition or the completion of such construction or improvement and (ii) the aggregate principal
amount of Indebtedness permitted by this Section 6.01(d), when combined with the aggregate
principal amount of all Capital Lease Obligations and Synthetic Lease Obligations incurred pursuant
to Section 6.01(e) shall not exceed $40,000,000 at any time outstanding;

          (e) in the case of the Borrower and its Subsidiaries, Capital Lease Obligations and Synthetic
Lease Obligations, in an aggregate principal amount, when combined with the aggregate principal
amount of all Indebtedness incurred pursuant to Section 6.01(d), not in excess of $40,000,000 at
any time outstanding;

          (f) Indebtedness under performance bonds or with respect to workers’ compensation claims, in
each case incurred in the ordinary course of business;

          (g) Indebtedness of any person that becomes a Subsidiary after the date hereof; provided that
(i) such Indebtedness exists at the time such person becomes a Subsidiary and is not created in
contemplation of or in connection with such person becoming a Subsidiary, (ii) immediately before
and after such person becomes a Subsidiary, no Default or Event of Default shall have occurred and
be continuing and (iii)

 

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the aggregate principal amount of Indebtedness permitted by this clause (g) shall not exceed
$15,000,000 at any time outstanding;

          (h) unsecured subordinated Indebtedness of the Borrower (“Seller Notes”) issued to the seller
in connection with any Permitted Acquisition under Section 6.04(f); provided that (i) such
Indebtedness provides for cash interest payments in an amount not greater than 14% per annum and
requires no cash payments of principal prior to the date that is one year after the Term Loan
Maturity Date, (ii) such Indebtedness does not impose any financial or other “maintenance”
covenants on Holdings, the Borrower or any of the Subsidiaries, (iii) such Indebtedness is
subordinated to the Obligations on terms no less favorable to the Secured Parties than those
governing the Existing Subordinated Notes and (iv) the aggregate principal amount of any such
Seller Notes does not exceed $20,000,000 at any one time outstanding;

          (i) New Senior Notes issued after the Closing Date in an aggregate principal amount at any
time outstanding not to exceed the Incremental Debt Amount, and any Guarantees relating to such
New Senior Notes, so long as, at the time of and immediately after such incurrence (A) no Event of
Default or Default shall have occurred and be continuing and (B) the Leverage Ratio of the
Borrower, on a Pro Forma Basis after giving effect to such incurrence and the application of the
proceeds therefrom, shall be at least 0.25 to 1.0 less than the maximum Leverage Ratio permitted
under Section 6.12 applicable at such time; and

          (j) other unsecured Indebtedness of the Borrower or the Subsidiaries in an aggregate principal
amount at any time outstanding not to exceed the Incremental Debt Amount.

          SECTION 6.02. Liens. Create, incur, assume or permit to exist any Lien on any property or
assets (including Equity Interests or other securities of any person, including any Subsidiary) now
owned or hereafter acquired by it or on any income or revenues or rights in respect of any thereof,
except:

          (a) Liens on property or assets of the Borrower and its Subsidiaries existing on the date
hereof and set forth in Schedule 6.02; provided that such Liens shall secure only those
obligations which they secure on the date hereof;

          (b) any Lien created under the Loan Documents;

          (c) any Lien existing on any property or asset prior to the acquisition thereof by the
Borrower or any Subsidiary; provided that (i) such Lien is not created in contemplation of or in
connection with such acquisition and (ii) such Lien does not apply to any other property or assets
of the Borrower or any Subsidiary;

          (d) Liens for taxes not yet due or which are being contested in compliance with Section 5.03;

          

 

77

          (e) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens
arising in the ordinary course of business and securing obligations that are not due and payable
or which are being contested in compliance with Section 5.03;

          (f) pledges and deposits in compliance with workmen’s compensation, unemployment insurance
and other social security laws or regulations;

          (g) deposits to secure the performance of bids, trade contracts (other than for Indebtedness
for borrowed money), leases (other than Capital Lease Obligations), statutory obligations, surety
and appeal bonds, performance bonds and other obligations of a like nature incurred in the
ordinary course of business;

          (h) zoning restrictions, easements, rights-of-way, restrictions on use of real property and
other similar encumbrances incurred in the ordinary course of business which, in the aggregate,
are not substantial in amount and do not materially detract from the value of the property subject
thereto or materially interfere with the ordinary conduct of the business of the Borrower or any
of its Subsidiaries;

          (i) purchase money security interests in real property, improvements thereto or equipment
hereafter acquired (or, in the case of improvements, constructed) by the Borrower or any
Subsidiary; provided that (i) such security interests secure Indebtedness permitted by Section
6.01, (ii) such security interests are incurred, and the Indebtedness secured thereby is created,
within 90 days after such acquisition (or construction) and (iii) such security interests do not
apply to any other property or assets of the Borrower or any Subsidiary;

          (j) judgment liens securing judgments that have not resulted in an Event of Default under
Article VII;

          (k) non-exclusive licenses of Intellectual Property granted in the ordinary course of
business;

          (l) any interest or title of a lessor under any lease entered into by the Borrower or any of
the Subsidiaries in the ordinary course of business and covering only the assets so leased; and

          (m) any matter that would be disclosed by an accurate survey or inspection of real property
owned or leased by the Borrower or any Subsidiary.

          SECTION 6.03. Sale and Leaseback Transactions. Other than the Sale/Leaseback Transaction,
enter into any arrangement, directly or indirectly, with any person whereby it shall sell or
transfer any property, real or personal, used or useful in its business, whether now owned or
hereafter acquired, and thereafter rent or lease such property or other property which it intends
to use for substantially the same purpose or purposes as the property being sold or transferred (a
“Sale and Leaseback”) unless (i) the sale of such property is permitted by Section 6.05 and (ii)
any Capital Lease Obligations or Liens arising in connection therewith are permitted by Sections
6.01 and 6.02, respectively.

 

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          SECTION 6.04. Investments, Loans and Advances. Purchase, hold or acquire any Equity Interests,
evidences of Indebtedness or other securities of, make or permit to exist any loans or advances to,
or make or permit to exist any investment or any other interest in, any other person, except:

          (a) (i) investments by Holdings, the Borrower and the Subsidiaries existing on the Closing
Date in the Equity Interests of the Borrower and the Subsidiaries, and (ii) additional investments
by Holdings, the Borrower and the Subsidiaries in the Equity Interests of the Borrower and the
Subsidiary Guarantors; provided that any such Equity Interests held by a Loan Party shall be
pledged pursuant to the Guarantee and Collateral Agreement (subject to the limitations applicable
to voting stock of a Foreign Subsidiary referred to therein);

          (b) Permitted Investments;

          (c) loans or advances made by the Borrower to any Subsidiary Guarantor and made by any
Subsidiary to the Borrower or any Subsidiary Guarantor; provided that any such loans and advances
made by a Loan Party shall be evidenced by a promissory note pledged to the Collateral Agent for
the ratable benefit of the Secured Parties pursuant to the Guarantee and Collateral Agreement;

          (d) investments received in connection with the bankruptcy or reorganization of, or
settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the
ordinary course of business;

          (e) the Borrower and the Subsidiaries may make loans and advances in the ordinary course of
business to their respective employees so long as the aggregate principal amount thereof at any
time outstanding (determined without regard to any write-downs or write-offs of such loans and
advances) shall not exceed $5,000,000;

          (f) the Borrower or any wholly owned Subsidiary may acquire all or substantially all the
assets of a person or line of business of such person, or all of the Equity Interests of a person
(referred to herein as the “Acquired Entity”); provided that (i) the Acquired Entity shall be a
going concern and shall be in a similar line of business as that of the Borrower and the
Subsidiaries as conducted during the current and most recent calendar year; (ii) at the time of
such transaction (A) both before and after giving effect thereto, no Event of Default or Default
shall have occurred and be continuing or shall exist; (B) the Borrower would be in Pro Forma
Compliance; (C) after giving effect to such acquisition, there must be at least $10,000,000 of
unused and available Revolving Credit Commitments; and (D) the aggregate of the consideration paid
in connection with such acquisition and any related acquisitions pursuant to this Section 6.04(f)
(including any Indebtedness of the Acquired Entity that is assumed by the Borrower or any
Subsidiary following such acquisition) shall not in the aggregate exceed $75,000,000; (iii) the
Borrower shall assume no Indebtedness in connection with such acquisition, except as permitted by
Section 6.01; and (iv) the Borrower shall comply, and shall cause the Acquired Entity to comply,
with the applicable provisions of Section 5.09 and the Security Documents (any acquisition of an
Acquired Entity meeting all the criteria of this Section 6.04(f) being referred to herein as a
“Permitted Acquisition”);

          

 

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          (g) investments existing on the Closing Date and set forth on Schedule 6.04;

          (h) investments consisting of non-cash proceeds of Asset Sales made in accordance with
Section 6.05(b);

          (i) loans or advances permitted by Section 6.06(a);

          (j) extensions of trade credit in the ordinary course of business; and

          (k) in addition to investments permitted by paragraphs (a) through (j) above, additional
investments, loans and advances by the Borrower and the Subsidiaries so long as the aggregate
amount invested, loaned or advanced pursuant to this paragraph (k) (determined without regard to
any write-downs or write-offs of such investments, loans and advances, but net of any return of
principal or capital, as the case may be) does not exceed $15,000,000 in the aggregate.

          SECTION 6.05. Mergers, Consolidations, Sales of Assets and Acquisitions. (a) Merge into or
consolidate with any other person, or permit any other person to merge into or consolidate with it,
or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of
transactions) all or substantially all of the assets (whether now owned or hereafter acquired) of
the Borrower or less than all the Equity Interests of any Subsidiary, or purchase, lease or
otherwise acquire (in one transaction or a series of transactions) all or any substantial part of
the assets of any other person, except that (i) the Borrower and any Subsidiary may purchase and
sell inventory in the ordinary course of business, (ii) the Borrower and Buffets Southeast, Inc.
may consummate the transactions contemplated by the Merger Agreement, (iii) the Borrower and any
wholly owned Subsidiary may make Permitted Acquisitions, (iv) if at the time thereof and
immediately after giving effect thereto no Event of Default or Default shall have occurred and be
continuing (x) any wholly owned Subsidiary may merge into or consolidate with the Borrower in a
transaction in which the Borrower is the surviving corporation, (y) any wholly owned Subsidiary may
merge into or consolidate with any other wholly owned Subsidiary (or, in order to consummate a
Permitted Acquisition, any other person) in a transaction in which the surviving entity is a wholly
owned Subsidiary and (except in the case of Permitted Acquisitions) no person other than the
Borrower or a wholly owned Subsidiary receives any consideration; provided that if any such merger
described in this clause (y) shall involve a Subsidiary Guarantor, the surviving entity of such
merger shall be a Subsidiary Guarantor and (z) Holdings may merge with or into the Borrower in a
transaction in which no person other than Holdings or the Borrower receives any consideration other
than, in the case of the stockholders of Holdings, consideration consisting solely of the Equity
Interests of the surviving corporation (following which all references to Holdings or the Borrower
shall mean the survivor of such merger), and (v) the Borrower and the Subsidiaries may sell the
Sale/Leaseback Properties pursuant to the Sale/Leaseback Documents.

          (b) Engage in any Asset Sale otherwise permitted under paragraph (a) above unless (i) such
Asset Sale is for consideration at least 75% of which is cash, (ii) such consideration is at least
equal to the fair market value of the assets being sold,

 

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transferred, leased or disposed of and (iii) the fair market value of all assets sold,
transferred, leased or disposed of pursuant to this paragraph (b) shall not exceed $20,000,000 in
any fiscal year.

          (c) Notwithstanding the foregoing paragraphs (a) and (b), the Borrower shall be permitted to
(i) sell Equity Interests of Tahoe Joe’s pursuant to a Qualified Tahoe Joe’s Equity Offering, (ii)
consummate a Tahoe Joe’s Sale, (iii) sell Non-Core Assets, (iv) sell the Borrower’s manufacturing
facility located in Marshfield, Wisconsin, (v) sell up to 80 restaurants in the aggregate after the
Closing Date and (vi) enter into like kind exchanges with respect to up to 20 restaurants after the
Restatement Date (but not more than seven in any fiscal year of the Borrower) for similarly valued
restaurants that are the subject of a Sale and Leaseback on the Restatement Date, in each case so
long as (x) no Event of Default or Default shall have occurred and be continuing or result
therefrom, (y) with respect to clauses (ii), (iii), (iv) and (v) above, the requirements of Section
6.05(b)(i) and (ii) have been satisfied and (z) with respect to clauses (iv) and (v), the Borrower
complies with Section 2.13(b) or (e), as applicable, with respect to the Net Cash Proceeds thereof.

          SECTION 6.06. Restricted Payments; Restrictive Agreements. (a) Declare or make, or agree to
declare or make, directly or indirectly, any Restricted Payment (including pursuant to any
Synthetic Purchase Agreement), or incur any obligation (contingent or otherwise) to do so;
provided, however, that (i) any Subsidiary may declare and pay dividends or make other
distributions ratably to its equity holders, (ii) so long as no Event of Default or Default shall
have occurred and be continuing or would result therefrom, the Borrower may, or the Borrower may
make distributions to Holdings so that Holdings may (x) make Restricted Payments in an aggregate
amount after the Closing Date not to exceed $15,000,000, (y) if at the end of any fiscal year,
commencing with the fiscal year ending on or around June 30, 2007, the Senior Secured Leverage
Ratio was less than 2.25 to 1.0, make Restricted Payments during the following fiscal year in an
aggregate amount not to exceed 50% of Excess Cash Flow for the fiscal year then ended so long as,
after giving effect to any such Restricted Payment, the Senior Secured Leverage Ratio would be less
than 2.25 to 1.0 and (z) repurchase its Equity Interests owned by employees of Holdings, the
Borrower or the Subsidiaries or make payments to employees of Holdings, the Borrower or the
Subsidiaries upon termination of employment in connection with the exercise of stock options, stock
appreciation rights or similar equity incentives or equity based incentives pursuant to management
incentive plans or in connection with the death or disability of such employees in an aggregate
amount not to exceed $8,000,000 in any fiscal year, plus the amount of cash received by the
Borrower during such fiscal year from insurance proceeds paid in respect of the death or disability
of any employee or director of Holdings, the Borrower or any Subsidiary, (iii) the Borrower may
make Restricted Payments or make loans and advances to Holdings (x) in an amount not to exceed
$1,500,000 in any fiscal year, to the extent necessary to pay general corporate and overhead
expenses incurred by Holdings in the ordinary course of business; provided that any such amount not
so utilized may be carried forward to the next fiscal year, and (y) in an amount necessary to make
Tax Payments directly attributable to (or arising as a result of) the operations of the Borrower
and the Subsidiaries; provided, however, that (A) the amount of such dividends shall not exceed

 

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the amount that the Borrower and the Subsidiaries would be required to pay in respect of Federal,
State and local taxes were the Borrower to pay such taxes as a stand-alone taxpayer and (B) all
Restricted Payments made to Holdings pursuant to this clause (iii) are used by Holdings for the
purposes specified herein within 30 days of the receipt thereof, (iv) so long as no Default or
Event of Default shall have occurred and be continuing, the Borrower may make payments to Holdings
in an aggregate amount not to exceed $5,000,000 in any calendar year (with unused amounts in any
calendar year being carried over to the next succeeding calendar year subject to a maximum of
$10,000,000 in any calendar year) to be used solely to redeem, purchase or otherwise acquire
warrants outstanding on the Closing Date, to acquire capital stock of Holdings; provided, however,
that such payments shall not be made prior to September 29, 2008 and (v) the Loan Parties may
provide reasonable compensation, customary employee benefit arrangements and indemnities for their
respective directors.

          (b) Enter into, incur or permit to exist any agreement or other arrangement that prohibits,
restricts or imposes any condition upon (i) the ability of Holdings, the Borrower or any Subsidiary
to create, incur or permit to exist any Lien upon any of its property or assets to secure the
Obligations or any refinancing thereof, or (ii) the ability of any Subsidiary to pay dividends or
other distributions with respect to any of its Equity Interests or to make or repay loans or
advances to the Borrower or any other Subsidiary or to Guarantee Indebtedness of the Borrower or
any other Subsidiary; provided that (A) the foregoing shall not apply to restrictions and
conditions imposed by law or by any Loan Document, (B) the foregoing shall not apply to customary
restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending
such sale, provided such restrictions and conditions apply only to the Subsidiary that is to be
sold and such sale is permitted hereunder, (C) the foregoing shall not apply to restrictions and
conditions imposed on any Foreign Subsidiary by the terms of any Indebtedness of such Foreign
Subsidiary permitted to be incurred hereunder, (D) clause (i) of the foregoing shall not apply to
restrictions or conditions imposed by any agreement relating to secured Indebtedness, Capital Lease
Obligations, Synthetic Lease Obligations or obligations in respect of the Sale/Leaseback
Transaction, in each case permitted by this Agreement, if such restrictions or conditions apply
only to the property or assets securing such Indebtedness or subject to such lease and (E) clause
(i) of the foregoing shall not apply to customary provisions in leases and other contracts
restricting the assignment thereof.

          SECTION 6.07. Transactions with Affiliates. Except for transactions by or among Loan Parties,
sell or transfer any property or assets to, or purchase or acquire any property or assets from, or
otherwise engage in any other transactions with, any of its Affiliates, except that:

          (a) the Borrower or any Subsidiary may engage in any of the foregoing transactions in the
ordinary course of business at prices and on terms and conditions not less favorable to the
Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third
parties;

          (b) Restricted Payments may be made to the extent provided in Section 6.06;

 

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           (c) loans may be made and other transactions may be entered into between and among the
Borrower, Holdings, the Subsidiaries and their respective Affiliates to the extent permitted by
Sections 6.01 and 6.04;

          (d) so long as no Event of Default or Default shall have occurred and be continuing or would
result therefrom, (i) business management fees may be paid to Caxton-Iseman Capital, Inc. or any of
its Affiliates in an aggregate amount not to exceed 2% of the Borrower’s Consolidated EBITDA in any
fiscal year, (ii) upon the consummation of acquisitions and divestitures by the Borrower,
investment banking fees in an aggregate amount not to exceed 1.0% of the consideration paid for
such acquisition or divestiture plus reasonable expenses in connection therewith may be paid to
Caxton-Iseman Capital, Inc. or any of its Affiliates in connection with such acquisition or
divestiture, in the case of clauses (i) and (ii) as provided for in the Management Services
Agreement as in effect on the Closing Date; provided that in connection with a Qualified Initial
Public Equity Offering, the Borrower may terminate the Management Services Agreement and pay a
termination fee from the proceeds of such Qualified Initial Public Equity Offering and (iii) fees
may be paid to Sentinel Capital Partners, II, L.P. or any of its Affiliates in an aggregate amount
not to exceed $250,000 in any fiscal year, as provided in the services agreement between the
Borrower and Sentinel Capital Partners, II, L.P. as in effect on the Closing Date; and

          (e) a registration rights agreement may be entered into between and among Holdings and
holders of Equity Interests in it providing for customary registration rights in connection with a
Qualified Initial Public Equity Offering.

          SECTION 6.08. Business of Holdings, Borrower and Subsidiaries. (a) With respect to Holdings,
engage in any business activities or have any assets or liabilities other than its ownership of
the Equity Interests of the Borrower and, following a Tahoe Joe’s Distribution, Tahoe Joe’s, its
guarantee under the New Senior Notes, liabilities incidental thereto, including its liabilities
hereunder and pursuant to the Guarantee and Collateral Agreement, and other de minimus activities.

          (b) With respect to the Borrower and its Subsidiaries, engage at any time in any business or
business activity other than the business currently conducted by it and reasonable extensions
thereof and business activities reasonably incidental thereto.

          SECTION 6.09. Other Indebtedness and Agreements. (a) Permit any waiver, supplement,
modification, amendment, termination or release of any indenture, instrument or agreement pursuant
to which any Material Indebtedness of Holdings, the Borrower or any of the Subsidiaries is
outstanding if the effect of such waiver, supplement, modification, amendment, termination or
release would materially increase the obligations of the obligor or confer additional material
rights on the holder of such Indebtedness in a manner materially adverse to Holdings, the Borrower,
any of the Subsidiaries or the Lenders unless such amended Material Indebtedness could be incurred
under Section 6.01.

          (b) (i) Make any distribution, whether in cash, property, securities or a combination
thereof, other than regular scheduled payments of principal and interest as

 

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and when due (to the extent not prohibited by applicable subordination provisions), in respect of,
or pay, or offer or commit to pay, or directly or indirectly (including pursuant to any Synthetic
Purchase Agreement) redeem, repurchase, retire or otherwise acquire for consideration, or set
apart any sum for the aforesaid purposes, the New Senior Notes or any subordinated Indebtedness
(other than intercompany subordinated Indebtedness), or (ii) pay in cash any amount in respect of
any Indebtedness or preferred Equity Interests that may at the obligor’s option be paid in kind or
in other securities.

          (c) Notwithstanding the foregoing, Holdings and the Borrower shall be permitted to:

     (i) expend up to $25,000,000 to optionally prepay, repurchase or redeem any Existing
Subordinated Notes, Existing Holdings Notes and/or New Senior Notes so long as, after
giving effect thereto, (x) no Default or Event of Default shall have occurred and be
continuing or result therefrom and (y) the Senior Secured Leverage Ratio would be less than
2.0 to 1.0 on a Pro Forma Basis;

     (ii) expend up to $6,500,000 prior January 1, 2007 to optionally prepay, repurchase or
redeem any Existing Subordinated Notes so long as, after giving effect thereto, no Default
or Event of Default shall have occurred and be continuing or result therefrom;

     (iii) use the Net Cash Proceeds of a Qualified Initial Public Equity Offering to
redeem or repurchase New Senior Notes in accordance with the “equity clawback” or “equity
repurchase” provisions thereof so long as after giving effect thereto, no Default or Event
of Default shall have occurred and be continuing or result therefrom;

     (iv) in the case of the Borrower, to the extent the Borrower would be permitted to
make Restricted Payments at the time pursuant to Section 6.06(a)(ii)(x) or (y), prepay,
repurchase or redeem New Senior Notes (with the amount so expended being deemed to be a
Restricted Payment for purposes of Section 6.06(a)(ii)(x) and (y)); and

     (v) use the Net Cash Proceeds of sales of Non-Core Assets and a Tahoe Joe’s Sale to
redeem or repurchase New Senior Notes so long as, after giving effect thereto, no Default
or Event of Default shall have occurred and be continuing or result therefrom.

          SECTION 6.10. Capital Expenditures. Permit the aggregate amount of Capital Expenditures made
by the Borrower and the Subsidiaries to exceed (i) $55,000,000 for the period from the Closing Date
through the end of the fiscal year ending on or around June 27, 2007 or (ii) $70,000,000 for any
fiscal year thereafter. The amount of permitted Capital Expenditures set forth in the preceding
sentence in respect of any fiscal year commencing with the fiscal year ending on or around July 2,
2008, shall be increased (but not decreased) by the sum of (a) an amount equal to the aggregate
amount of all Restricted Payments that may be made during such year under Section 6.06(a)(ii)(y)
that have not been so made and (b) the amount of unused permitted

 

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Capital Expenditures for the immediately preceding period or fiscal year (without giving effect to
clause (a) and (b) of this sentence).

          SECTION 6.11. Interest Coverage Ratio. Permit the Interest Coverage Ratio for any period of
four consecutive fiscal quarters, in each case taken as one accounting period, ending with the
last day of any fiscal quarter ending during any period set forth below to be less than the ratio
set forth opposite such period below:

	 	 	 
	Period	 	Ratio
	Closing Date through July 2, 2008

	 	1.50 to 1.00
	July 3, 2008 through December 17, 2008

	 	1.60 to 1.00
	December 18, 2008 through September 23, 2009

	 	1.65 to 1.00
	September 24, 2009 through April 7, 2010

	 	1.70 to 1.00
	April 8, 2010 through September 22, 2010

	 	1.75 to 1.00
	September 23, 2010 through April 6, 2011

	 	1.80 to 1.00
	Thereafter

	 	1.90 to 1.00

          SECTION 6.12. Maximum Leverage Ratio. Permit the Leverage Ratio as at the last day of any
fiscal quarter during any period set forth below to be greater than the ratio set forth opposite
such period below:

	 	 	 
	Period	 	Ratio
	Closing Date through September 19, 2007

	 	6.00 to 1.00
	September 20, 2007 through July 2, 2008

	 	5.75 to 1.00
	July 3, 2008 through July 1, 2009

	 	5.50 to 1.00
	July 2, 2009 through December 16, 2009

	 	5.15 to 1.00
	December 17, 2009 through June 30, 2010

	 	5.00 to 1.00
	July 1, 2010 through December 15, 2010

	 	4.75 to 1.00
	Thereafter

	 	4.50 to 1.00

          SECTION 6.13. Fiscal Year. With respect to the Borrower, change its fiscal year-end to a date
other than the Wednesday closest to June 30 of each year.

ARTICLE VII

Events of Default

          In case of the happening of any of the following events (“Events of Default”):

          (a) any representation or warranty made or deemed made in or in connection with any Loan
Document or the borrowings or issuances of Letters of Credit hereunder, or any representation,
warranty, statement or information contained in any report, certificate, financial statement or
other instrument furnished in connection with or pursuant to any Loan Document, shall prove to
have been false or misleading in any material respect when so made, deemed made or furnished;

 

85

          (b) default shall be made in the payment of any principal of any Loan or the reimbursement
with respect to any L/C Disbursement when and as the same shall become due and payable, whether at
the due date thereof or at a date fixed for prepayment thereof or by acceleration thereof or
otherwise;

          (c) default shall be made in the payment of any interest on any Loan or any Fee or L/C
Disbursement or any other amount (other than an amount referred to in (b) above) due under any
Loan Document, when and as the same shall become due and payable, and such default shall continue
unremedied for a period of five Business Days;

          (d) default shall be made in the due observance or performance by Holdings, the Borrower or
any Subsidiary of any covenant, condition or agreement contained in Section 5.01(a) (with respect
to Holdings and the Borrower only) or 5.08 or in Article VI;

          (e) default shall be made in the due observance or performance by Holdings, the Borrower or
any Subsidiary of any covenant, condition or agreement contained in any Loan Document (other than
those specified in (b), (c) or (d) above) and such default shall continue unremedied for a period
of 30 days after notice thereof from the Administrative Agent or any Lender to the Borrower;

          (f) (i) Holdings, the Borrower or any Subsidiary shall (i) fail to pay any principal or
interest, regardless of amount, due in respect of any Material Indebtedness, when and as the same
shall become due and payable, or (ii) any other event or condition occurs that results in any
Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with
or without the giving of notice, the lapse of time or both) the holder or holders of any Material
Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to
become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to
its scheduled maturity; provided that this clause (ii) shall not apply to secured Indebtedness that
becomes due as a result of the voluntary sale or transfer of the property or assets securing such
Indebtedness;

          (g) an involuntary proceeding shall be commenced or an involuntary petition shall be filed in
a court of competent jurisdiction seeking (i) relief in respect of Holdings, the Borrower or any
Subsidiary, or of a substantial part of the property or assets of Holdings, the Borrower or a
Subsidiary, under Title 11 of the United States Code, as now constituted or hereafter amended, or
any other Federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) the
appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for
Holdings, the Borrower or any Subsidiary or for a substantial part of the property or assets of
Holdings, the Borrower or a Subsidiary or (iii) the winding-up or liquidation of Holdings, the
Borrower or any Subsidiary; and such proceeding or petition shall continue undismissed for 60 days
or an order or decree approving or ordering any of the foregoing shall be entered;

          (h) Holdings, the Borrower or any Subsidiary shall (i) voluntarily commence any proceeding or
file any petition seeking relief under Title 11 of the United States Code, as now constituted or
hereafter amended, or any other Federal, state or

 

86

foreign bankruptcy, insolvency, receivership or similar law, (ii) consent to the institution of, or
fail to contest in a timely and appropriate manner, any proceeding or the filing of any petition
described in (g) above, (iii) apply for or consent to the appointment of a receiver, trustee,
custodian, sequestrator, conservator or similar official for Holdings, the Borrower or any
Subsidiary or for a substantial part of the property or assets of Holdings, the Borrower or any
Subsidiary, (iv) file an answer admitting the material allegations of a petition filed against it
in any such proceeding, (v) make a general assignment for the benefit of creditors, (vi) become
unable, admit in writing its inability or fail generally to pay its debts as they become due or
(vii) take any action for the purpose of effecting any of the foregoing;

          (i) one or more judgments for the payment of money in an aggregate amount in excess of
$10,000,000 shall be rendered against Holdings, the Borrower, any Subsidiary or any combination
thereof (to the extent not covered by insurance as to which the insurer has been notified of such
judgment and has not denied coverage thereof) and the same shall remain undischarged for a period
of 30 consecutive days during which execution shall not be effectively stayed, or any action shall
be legally taken by a judgment creditor to levy upon assets or properties of Holdings, the Borrower
or any Subsidiary to enforce any such judgment;

          (j) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when
taken together with all other such ERISA Events, could reasonably be expected to result in
liability of the Borrower and its ERISA Affiliates in an aggregate amount exceeding $10,000,000;

          (k) any Guarantee under the Guarantee and Collateral Agreement for any reason shall cease to
be in full force and effect (other than in accordance with its terms), or any Guarantor shall deny
in writing that it has any further liability under the Guarantee and Collateral Agreement (other
than as a result of the discharge of such Guarantor in accordance with the terms of the Loan
Documents);

          (l) any security interest purported to be created by any Security Document shall cease to be,
or shall be asserted by the Borrower or any other Loan Party not to be, a valid, perfected, first
priority (except as otherwise expressly provided in this Agreement or such Security Document)
security interest in the securities, assets or properties covered thereby, except to the extent
that any such loss of perfection or priority results from the failure of the Collateral Agent to
maintain possession of certificates representing securities pledged under the Guarantee and
Collateral Agreement and except to the extent that such loss is covered by a lender’s title
insurance policy and the related insurer promptly after such loss shall have acknowledged in
writing that such loss is covered by such title insurance policy;

          (m) there shall have occurred a Change in Control; or

          (n) default shall be made in the due observance or performance by the Borrower or the
Subsidiaries of greater than 10% of the aggregate number of restaurant operating leases of the
Borrower and the Subsidiaries, such that the landlords under such leases would be entitled to
terminate such leases;

 

87

then, and in every such event (other than an event with respect to Holdings or the Borrower
described in paragraph (g) or (h) above), and at any time thereafter during the continuance of such
event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to
the Borrower, take either or both of the following actions, at the same or different times: (i)
terminate forthwith the Commitments and (ii) declare the Loans then outstanding to be forthwith due
and payable in whole or in part, whereupon the principal of the Loans so declared to be due and
payable, together with accrued interest thereon and any unpaid accrued Fees and all other
liabilities of the Borrower accrued hereunder and under any other Loan Document, shall become
forthwith due and payable, without presentment, demand, protest or any other notice of any kind,
all of which are hereby expressly waived by the Borrower, anything contained herein or in any other
Loan Document to the contrary notwithstanding; and in any event with respect to Holdings or the
Borrower described in paragraph (g) or (h) above, the Commitments shall automatically terminate and
the principal of the Loans then outstanding, together with accrued interest thereon and any unpaid
accrued Fees and all other liabilities of the Borrower accrued hereunder and under any other Loan
Document, shall automatically become due and payable, without presentment, demand, protest or any
other notice of any kind, all of which are hereby expressly waived by the Borrower, anything
contained herein or in any other Loan Document to the contrary notwithstanding.

ARTICLE VIII

The Administrative Agent and the Collateral Agent

          Each of the Lenders and the Issuing Bank hereby irrevocably appoints the Administrative Agent
and the Collateral Agent (for purposes of this Article VIII, the Administrative Agent and the
Collateral Agent are referred to collectively as the “Agents”) its agent and authorizes the Agents
to take such actions on its behalf and to exercise such powers as are delegated to such Agent by
the terms of the Loan Documents, together with such actions and powers as are reasonably incidental
thereto. Without limiting the generality of the foregoing, the Agents are hereby expressly
authorized to execute any and all documents (including releases) with respect to the Collateral and
the rights of the Secured Parties with respect thereto, as contemplated by and in accordance with
the provisions of this Agreement and the Security Documents.

          The bank serving as the Administrative Agent and/or the Collateral Agent hereunder shall have
the same rights and powers in its capacity as a Lender as any other Lender and may exercise the
same as though it were not an Agent, and such bank and its Affiliates may accept deposits from,
lend money to and generally engage in any kind of business with Holdings, the Borrower or any
Subsidiary or other Affiliate thereof as if it were not an Agent hereunder.

          Neither Agent shall have any duties or obligations except those expressly set forth in the
Loan Documents. Without limiting the generality of the foregoing, (a) neither Agent shall be
subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and
is continuing, (b) neither Agent shall have any duty to take any discretionary action or
exercise any discretionary powers, except

 

88

discretionary rights and powers expressly contemplated hereby that such Agent is required to
exercise in writing by the Required Lenders (or such other number or percentage of the Lenders as
shall be necessary under the circumstances as provided in Section 9.08), and (c) except as
expressly set forth in the Loan Documents, neither Agent shall have any duty to disclose, nor shall
it be liable for the failure to disclose, any information relating to Holdings, the Borrower or any
of the Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent
and/or Collateral Agent or any of its Affiliates in any capacity. Neither Agent shall be liable for
any action taken or not taken by it with the consent or at the request of the Required Lenders (or
such other number or percentage of the Lenders as shall be necessary under the circumstances as
provided in Section 9.08) or in the absence of its own gross negligence or wilful misconduct.
Neither Agent shall be deemed to have knowledge of any Default unless and until written notice
thereof is given to such Agent by Holdings, the Borrower or a Lender, and neither Agent shall be
responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with any Loan Document, (ii) the contents of any
certificate, report or other document delivered thereunder or in connection therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set
forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any
Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any
condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt
of items expressly required to be delivered to such Agent.

          Each Agent shall be entitled to rely upon, and shall not incur any liability for relying
upon, any notice, request, certificate, consent, statement, instrument, document or other writing
believed by it to be genuine and to have been signed or sent by the proper person. Each Agent may
also rely upon any statement made to it orally or by telephone and believed by it to have been
made by the proper person, and shall not incur any liability for relying thereon. Each Agent may
consult with legal counsel (who may be counsel for the Borrower), independent accountants and
other experts selected by it, and shall not be liable for any action taken or not taken by it in
accordance with the advice of any such counsel, accountants or experts.

          Each Agent may perform any and all its duties and exercise its rights and powers by or through
any one or more sub-agents appointed by it. Each Agent and any such sub-agent may perform any and
all its duties and exercise its rights and powers by or through their respective Related Parties.
The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the
Related Parties of each Agent and any such sub-agent, and shall apply to their respective
activities in connection with the syndication of the credit facilities provided for herein as well
as activities as Agent.

          Subject to the appointment and acceptance of a successor Agent as provided below, either
Agent may resign at any time by notifying the Lenders, the Issuing Bank and the Borrower. Upon any
such resignation, the Required Lenders shall have the right, in consultation and (except during
the continuance of an Event of Default) with the prior approval of the Borrower, to appoint a
successor. If no successor shall have been so appointed by the Required Lenders and shall have
accepted such

 

89

appointment within 30 days after the retiring Agent gives notice of its resignation, then the
retiring Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Agent which
shall be a bank with an office in New York, New York, or an Affiliate of any such bank and (except
during the continuance of an Event of Default) shall be acceptable to the Borrower. Upon the
acceptance of its appointment as Agent hereunder by a successor, such successor shall 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. The fees payable by
the Borrower to a successor Agent shall be the same as those payable to its predecessor unless
otherwise agreed between the Borrower and such successor. After an Agent’s resignation hereunder,
the provisions of this Article and Section 9.05 shall continue in effect for the benefit of such
retiring Agent, its sub-agents and their respective Related Parties in respect of any actions taken
or omitted to be taken by any of them while acting as Agent.

          Each Lender acknowledges that it has, independently and without reliance upon the Agents or
any other Lender and based on such documents and information as it has deemed appropriate, made its
own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that
it will, independently and without reliance upon the Agents or any other Lender and based on such
documents and information as it shall from time to time deem appropriate, continue to make its own
decisions in taking or not taking action under or based upon this Agreement or any other Loan
Document, any related agreement or any document furnished hereunder or thereunder.

ARTICLE IX

Miscellaneous

          SECTION 9.01. Notices. Notices and other communications provided for herein shall be in
writing and shall be delivered by hand or overnight courier service, mailed by certified or
registered mail or sent by fax, as follows:

          (a) if to the Borrower or Holdings, to it at 1460 Buffet Way, Eagan, MN 55121, Attention of H.
Thomas Mitchell (Fax No. (651) 365-2356), with a copy to Paul, Weiss, Rifkind, Wharton & Garrison
LLP, 1285 Avenue of the Americas, New York, NY 10019, Attention of Eric S. Goodison and
Caxton—Iseman Capital, Inc., 500 Park Avenue, New York, NY 10022, Attention of Fred Iseman;

          (b) if to the Administrative Agent, to Credit Suisse, Eleven Madison Avenue, New York, NY
10010, Attention of Agency Group (Fax No. (212) 325-8304); and

          (c) if to a Lender, to it at its address (or fax number) set forth on Schedule 2.01 or in the
Assignment and Acceptance pursuant to which such Lender shall have become a party hereto.

All notices and other communications given to any party hereto in accordance with the provisions of
this Agreement shall be deemed to have been given on the date of receipt if

 

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delivered by hand or overnight courier service or sent by fax or on the date five Business Days
after dispatch by certified or registered mail if mailed, in each case delivered, sent or mailed
(properly addressed) to such party as provided in this Section 9.01 or in accordance with the
latest unrevoked direction from such party given in accordance with this Section 9.01. Any party
hereto may change its address for notices by giving notice of such change to each party hereto in
accordance with this Section 9.01. In addition, the Administrative Agent and the Borrower may agree
from time to time that notices hereunder for certain specified purposes may be delivered by e-mail,
in which case such notices will be as effective as if delivered by fax.

          SECTION 9.02. Survival of Agreement. All covenants, agreements, representations and warranties
made by the Borrower or Holdings herein and in the certificates or other instruments prepared or
delivered in connection with or pursuant to this Agreement or any other Loan Document shall be
considered to have been relied upon by the Lenders and the Issuing Bank and shall survive the
making by the Lenders of the Loans and the issuance of Letters of Credit by the Issuing Bank,
regardless of any investigation made by the Lenders or the Issuing Bank or on their behalf, and
shall continue in full force and effect as long as the principal of or any accrued interest on any
Loan or any Fee or any other amount payable under this Agreement or any other Loan Document is
outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have
not been terminated. The provisions of Sections 2.14, 2.16, 2.20 and 9.05 shall remain operative
and in full force and effect regardless of the expiration of the term of this Agreement, the
consummation of the transactions contemplated hereby, the repayment of any of the Loans, the
expiration of the Commitments, the expiration of any Letter of Credit, the invalidity or
unenforceability of any term or provision of this Agreement or any other Loan Document, or any
investigation made by or on behalf of the Administrative Agent, the Collateral Agent, any Lender or
the Issuing Bank.

          SECTION 9.03. Binding Effect. This Agreement became effective as of November 1, 2006. The
amendment and restatement of this Agreement shall become effective as provided in the Amendment
Agreement.

          SECTION 9.04. Successors and Assigns. (a) Whenever in this Agreement any of the parties
hereto is referred to, such reference shall be deemed to include the permitted successors and
assigns of such party; and all covenants, promises and agreements by or on behalf of the Borrower,
Holdings, the Administrative Agent, the Collateral Agent, the Issuing Bank or the Lenders that are
contained in this Agreement shall bind and inure to the benefit of their respective successors and
assigns.

          (b) Each Lender may assign to one or more assignees all or a portion of its interests, rights
and obligations under this Agreement (including all or a portion of its Commitments and the Loans
at the time owing to it); provided, however, that (i) except in the case of an assignment to a
Lender or an Affiliate or Related Fund of a Lender, (x) the Borrower and the Administrative Agent
(and, in the case of any assignment of a Revolving Credit Commitment, the Issuing Bank and the
Swingline Lender) must give their prior written consent to such assignment (which consent shall not
be unreasonably withheld or delayed); provided, however, that the consent of the Borrower shall not
be required to any such assignment (1) during the continuance of any Event of Default or (2)

 

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if such assignment is made in connection with the primary syndication of the Term Loans to persons
previously identified to the Borrower in writing (or to Affiliates of such persons), and (y) the
amount of the Commitment of the assigning Lender subject to each such assignment (determined as of
the date the Assignment and Acceptance with respect to such assignment is delivered to the
Administrative Agent on an aggregate basis in the event of concurrent assignments to Related Funds)
shall not be less than $1,000,000 (or, if less, the entire remaining amount of such Lender’s
Commitment), (ii) the parties to each such assignment shall execute and deliver to the
Administrative Agent an Assignment and Acceptance via an electronic settlement system acceptable to
the Administrative Agent (or, if previously agreed with the Administrative Agent, manually), and
shall pay to the Administrative Agent a processing and recordation fee of $3,500 (which fee may be
waived or reduced in the sole discretion of the Administrative Agent); provided that only one such
fee shall be payable in the case of concurrent assignments to two or more Related Funds, and (iii)
the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an
Administrative Questionnaire and applicable tax forms. Upon acceptance and recording pursuant to
paragraph (e) of this Section 9.04, from and after the effective date specified in each Assignment
and Acceptance, (A) the assignee thereunder shall be a party hereto and, to the extent of the
interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender
under this Agreement and (B) the assigning Lender thereunder shall, to the extent of the interest
assigned by such Assignment and Acceptance, be released from its obligations under this Agreement
(and, in the case of an Assignment and Acceptance covering all or the remaining portion of an
assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a
party hereto but shall continue to be entitled to the benefits of Sections 2.14, 2.16, 2.20 and
9.05, as well as to any Fees accrued for its account and not yet paid).

          (c) By executing and delivering an Assignment and Acceptance, the assigning Lender thereunder
and the assignee thereunder shall be deemed to confirm to and agree with each other and the other
parties hereto as follows: (i) such assigning Lender warrants that it is the legal and beneficial
owner of the interest being assigned thereby free and clear of any adverse claim and that its
Commitments, and the outstanding balances of its Loans, in each case without giving effect to
assignments thereof which have not become effective, are as set forth in such Assignment and
Acceptance; (ii) except as set forth in (i) above, such assigning Lender makes no representation or
warranty and assumes no responsibility with respect to any statements, warranties or
representations made in or in connection with this Agreement, or the execution, legality, validity,
enforceability, genuineness, sufficiency or value of this Agreement, any other Loan Document or any
other instrument or document furnished pursuant hereto, or the financial condition of the Borrower
or any Subsidiary or the performance or observance by the Borrower or any Subsidiary of any of its
obligations under this Agreement, any other Loan Document or any other instrument or document
furnished pursuant hereto; (iii) such assignee represents and warrants that it is legally
authorized to enter into such Assignment and Acceptance; (iv) such assignee confirms that it has
received a copy of this Agreement, together with copies of the most recent financial statements
referred to in Section 3.05(a) or delivered pursuant to Section 5.04 and such other documents and
information as it has deemed appropriate to make its own

 

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credit analysis and decision to enter into such Assignment and Acceptance; (v) such assignee will
independently and without reliance upon the Administrative Agent, the Collateral Agent, such
assigning Lender or any other Lender and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking action
under this Agreement; (vi) such assignee appoints and authorizes the Administrative Agent and the
Collateral Agent to take such action as agent on its behalf and to exercise such powers under this
Agreement as are delegated to the Administrative Agent and the Collateral Agent, respectively, by
the terms hereof, together with such powers as are reasonably incidental thereto; and (vii) such
assignee agrees that it will perform in accordance with their terms all the obligations which by
the terms of this Agreement are required to be performed by it as a Lender.

          (d) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall
maintain at one of its offices in The City of New York a copy of each Assignment and Acceptance
delivered to it and a register for the recordation of the names and addresses of the Lenders, and
the Commitment of, and principal amount of the Loans owing to, each Lender pursuant to the terms
hereof from time to time (the “Register”). The entries in the Register shall be conclusive and the
Borrower, the Administrative Agent, the Issuing Bank, the Collateral Agent and the Lenders may
treat each person whose name is recorded in the Register pursuant to the terms hereof as a Lender
hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register
shall be available for inspection by the Borrower, the Issuing Bank, the Collateral Agent and any
Lender, at any reasonable time and from time to time upon reasonable prior notice.

          (e) Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning
Lender and an assignee, an Administrative Questionnaire and applicable tax forms completed in
respect of the assignee (unless the assignee shall already be a Lender hereunder), the processing
and recordation fee referred to in paragraph (b) above and, if required, the written consent of the
Borrower, the Swingline Lender, the Issuing Bank and the Administrative Agent to such assignment,
the Administrative Agent shall promptly (i) accept such Assignment and Acceptance and (ii) record
the information contained therein in the Register. No assignment shall be effective unless it has
been recorded in the Register as provided in this paragraph (e).

          (f) Each Lender may without the consent of the Borrower, the Swingline Lender, the Issuing
Bank or the Administrative Agent sell participations to one or more banks or other entities in all
or a portion of its rights and obligations under this Agreement (including all or a portion of its
Commitment and the Loans owing to it); provided, however, that (i) such Lender’s obligations under
this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the
other parties hereto for the performance of such obligations, (iii) the participating banks or
other entities shall be entitled to the benefit of the cost protection provisions contained in
Sections 2.14, 2.16 and 2.20 and shall be bound by the confidentiality provisions contained in
Section 9.16 to the same extent as if they were Lenders and (iv) the Borrower, the Administrative
Agent, the Issuing Bank and the Lenders shall continue to deal solely and directly with such

 

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Lender in connection with such Lender’s rights and obligations under this Agreement, and such
Lender shall retain the sole right to enforce the obligations of the Borrower relating to the
Loans or L/C Disbursements and to approve any amendment, modification or waiver of any provision
of this Agreement (other than amendments, modifications or waivers decreasing any fees payable to
such participating bank or person hereunder or the amount of principal of or the rate at which
interest is payable on the Loans in which such participating bank or person has an interest,
extending any scheduled principal payment date or date fixed for the payment of interest on the
Loans in which such participating bank or person has an interest, increasing or extending the
Commitments of such participating bank or person or releasing any Guarantor or all or
substantially all of the Collateral). All amounts payable by the Borrower to any Lender hereunder
in respect of any Loan and the applicability of the cost protection provisions contained in
Section 2.14, 2.16 and 2.20 shall be determined as if such Lender had not sold or agreed to sell
any participation in such Loan, and as if such Lender were funding the participated portion of
such Loan the same way that it is funding the portion of such Loan in which no participation has
been sold.

          (g) Any Lender or participant may, in connection with any assignment or participation or
proposed assignment or participation pursuant to this Section 9.04, disclose to the assignee or
participant or proposed assignee or participant any information relating to the Borrower furnished
to such Lender by or on behalf of the Borrower; provided that, prior to any such disclosure of
information designated by the Borrower as confidential, each such assignee or participant or
proposed assignee or participant shall execute an agreement whereby such assignee or participant
shall agree (subject to customary exceptions) to preserve the confidentiality of such confidential
information on terms no less restrictive than those applicable to the Lenders pursuant to Section
9.16.

          (h) Any Lender may at any time assign all or any portion of its rights under this Agreement to
secure extensions of credit to such Lender or in support of obligations owed by such Lender;
provided that no such assignment shall release a Lender from any of its obligations hereunder or
substitute any such assignee for such Lender as a party hereto. Any Lender that is a fund that
invests in bank loans may (without the consent of the Borrower or the Administrative Agent) pledge
all or any portion of its rights in connection with this Agreement to the trustee for holders of
obligations owed, or securities issued, by such fund as security for such obligations or
securities, provided that any foreclosure or other exercise of remedies by such trustee shall be
subject to the provisions of this Section 9.04 regarding assignments in all respects. No pledge
described in the immediately preceding sentence shall release such Lender from its obligations
hereunder.

          (i) Notwithstanding anything to the contrary contained herein, any Lender (a “Granting
Lender”) may grant to a special purpose funding vehicle (an “SPC”), identified as such in writing
from time to time by the Granting Lender to the Administrative Agent and the Borrower, the option
to provide to the Borrower all or any part of any Loan that such Granting Lender would otherwise
be obligated to make to the Borrower pursuant to this Agreement; provided that (i) nothing herein
shall constitute a commitment by any SPC to make any Loan and (ii) if an SPC elects not to
exercise such

 

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option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be
obligated to make such Loan pursuant to the terms hereof. The making of a Loan by an SPC hereunder
shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were
made by such Granting Lender. Each party hereto hereby agrees that no SPC shall be liable for any
indemnity or similar payment obligation under this Agreement (all liability for which shall remain
with the Granting Lender). In furtherance of the foregoing, each party hereto hereby agrees (which
agreement shall survive the termination of this Agreement) that, prior to the date that is one year
and one day after the payment in full of all outstanding commercial paper or other senior
indebtedness of any SPC, it will not institute against, or join any other person in instituting
against, such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings under the laws of the United States or any State thereof. In addition, notwithstanding
anything to the contrary contained in this Section 9.04, any SPC may (i) with notice to, but
without the prior written consent of, the Borrower and the Administrative Agent and without paying
any processing fee therefor, assign all or a portion of its interests in any Loans to the Granting
Lender or to any financial institutions (consented to by the Borrower and Administrative Agent)
providing liquidity and/or credit support to or for the account of such SPC to support the funding
or maintenance of Loans and (ii) disclose on a confidential basis any non-public information
relating to its Loans to any rating agency, commercial paper dealer or provider of any surety,
guarantee or credit or liquidity enhancement to such SPC.

          (j) Neither Holdings nor the Borrower shall assign or delegate any of its rights or duties
hereunder without the prior written consent of the Administrative Agent, the Issuing Bank and each
Lender, and any attempted assignment without such consent shall be null and void.

          SECTION 9.05. Expenses; Indemnity. (a) The Borrower and Holdings agree, jointly and severally,
to pay all reasonable out-of-pocket expenses incurred by the Administrative Agent, the Collateral
Agent, the Issuing Bank and the Swingline Lender in connection with the syndication of the credit
facilities provided for herein and the preparation and administration of this Agreement and the
other Loan Documents or in connection with any amendments, modifications or waivers of the
provisions hereof or thereof (whether or not the transactions hereby or thereby contemplated shall
be consummated) or incurred by the Administrative Agent, the Collateral Agent or any Lender in
connection with the enforcement or protection of its rights in connection with this Agreement and
the other Loan Documents or in connection with the Loans made or Letters of Credit issued
hereunder, including the reasonable fees, charges and disbursements of Cravath, Swaine & Moore LLP,
counsel for the Administrative Agent and the Collateral Agent, and, in connection with any such
enforcement or protection, the fees, charges and disbursements of any other counsel for the
Administrative Agent, the Collateral Agent or any Lender.

          (b) The Borrower and Holdings agree, jointly and severally, to indemnify the Administrative
Agent, the Collateral Agent, each Lender, the Issuing Bank and each Related Lender Party of any of
the foregoing persons (each such person being called an “Indemnitee”) against, and to hold each
Indemnitee harmless from, any and all losses,

 

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claims, damages, liabilities and related expenses, including reasonable counsel fees, charges and
disbursements, incurred by or asserted against any Indemnitee arising out of, in any way connected
with, or as a result of (i) the execution or delivery of this Agreement or any other Loan Document
or any agreement or instrument contemplated thereby, the performance by the parties thereto of
their respective obligations thereunder or the consummation of the Transactions and the other
transactions contemplated thereby, (ii) the use of the proceeds of the Loans or issuance of Letters
of Credit, (iii) any claim, litigation, investigation or proceeding relating to any of the
foregoing, whether or not any Indemnitee is a party thereto (and regardless of whether such matter
is initiated by a third party or by the Borrower, any other Loan Party or any of their respective
Affiliates), or (iv) any actual or alleged presence or Release of Hazardous Materials on any
property currently or formerly owned or operated by the Borrower or any of the Subsidiaries, or any
Environmental Liability related in any way to the Borrower or the Subsidiaries; provided that such
indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims,
damages, liabilities or related expenses are determined by a court of competent jurisdiction by
final and nonappealable judgment to have resulted from the gross negligence or wilful misconduct of
such Indemnitee.

          (c) To the extent that Holdings and the Borrower fail to pay any amount required to be paid by
them to the Administrative Agent, the Collateral Agent, the Issuing Bank, the PF Fronting Lender or
the Swingline Lender under paragraph (a) or (b) of this Section, each Lender severally agrees to
pay to the Administrative Agent, the Collateral Agent, the Issuing Bank, the PF Fronting Lender or
the Swingline Lender, as the case may be, such Lender’s pro rata share (determined as of the time
that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount;
provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related
expense, as the case may be, was incurred by or asserted against the Administrative Agent, the
Collateral Agent, the Issuing Bank, the PF Fronting Lender or the Swingline Lender in its capacity
as such. For purposes hereof, a Lender’s “pro rata share” shall be determined based upon its share
of the sum of the Aggregate Revolving Credit Exposure, outstanding Term Loans, aggregate PF L/C
Exposure, outstanding PF L/C Loans held by it or fronted for its account and unused Commitments
(other than PF L/C Commitments in respect of PF L/C Exposure and PF L/C Loans referred to above) at
the time.

          (d) To the extent permitted by applicable law, neither Holdings nor the Borrower shall assert,
and each hereby waives, any claim against any Indemnitee, on any theory of liability, for special,
indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out
of, in connection with, or as a result of, this Agreement or any agreement or instrument
contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds
thereof.

          (e) The provisions of this Section 9.05 shall remain operative and in full force and effect
regardless of the expiration of the term of this Agreement, the consummation of the transactions
contemplated hereby, the repayment of any of the Loans, the expiration of the Commitments, the
expiration of any Letter of Credit, the invalidity or unenforceability of any term or provision of
this Agreement or any other Loan Document, or any investigation made by or on behalf of the
Administrative Agent,

 

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the Collateral Agent, any Lender or the Issuing Bank. All amounts due under this Section 9.05
shall be payable on written demand therefor.

          SECTION 9.06. Right of Setoff. If an Event of Default shall have occurred and be continuing,
each Lender is hereby authorized at any time and from time to time, except to the extent prohibited
by law, to set off and apply any and all deposits (general or special, time or demand, provisional
or final) at any time held and other indebtedness at any time owing by such Lender to or for the
credit or the account of the Borrower or Holdings against any of and all the obligations of the
Borrower or Holdings now or hereafter existing under this Agreement and other Loan Documents held
by such Lender, irrespective of whether or not such Lender shall have made any demand under this
Agreement or such other Loan Document and although such obligations may be unmatured. The rights of
each Lender under this Section 9.06 are in addition to other rights and remedies (including other
rights of setoff) which such Lender may have.

          SECTION 9.07. Applicable Law. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN LETTERS
OF CREDIT AND AS EXPRESSLY SET FORTH IN OTHER LOAN DOCUMENTS) SHALL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. EACH LETTER OF CREDIT SHALL BE GOVERNED
BY, AND SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OR RULES DESIGNATED IN SUCH LETTER OF
CREDIT, OR IF NO SUCH LAWS OR RULES ARE DESIGNATED, THE UNIFORM CUSTOMS AND PRACTICE FOR
DOCUMENTARY CREDITS MOST RECENTLY PUBLISHED AND IN EFFECT, ON THE DATE SUCH LETTER OF CREDIT WAS
ISSUED, BY THE INTERNATIONAL CHAMBER OF COMMERCE (THE “UNIFORM CUSTOMS”) AND, AS TO MATTERS NOT
GOVERNED BY THE UNIFORM CUSTOMS, THE LAWS OF THE STATE OF NEW YORK.

          SECTION 9.08. Waivers; Amendment. (a) No failure or delay of the Administrative Agent, the
Collateral Agent, any Lender or the Issuing Bank in exercising any power or right hereunder or
under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such
a right or power, preclude any other or further exercise thereof or the exercise of any other right
or power. The rights and remedies of the Administrative Agent, the Collateral Agent, the Issuing
Bank and the Lenders hereunder and under the other Loan Documents are cumulative and are not
exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of
this Agreement or any other Loan Document or consent to any departure by the Borrower or any other
Loan Party therefrom shall in any event be effective unless the same shall be permitted by
paragraph (b) below, and then such waiver or consent shall be effective only in the specific
instance and for the purpose for which given. No notice or demand on the Borrower or Holdings in
any case shall entitle the Borrower or Holdings to any other or further notice or demand in similar
or other circumstances.

          (b) Neither this Agreement nor any provision hereof may be waived, amended or modified except
pursuant to an agreement or agreements in writing entered into by the Borrower, Holdings and the
Required Lenders (except as provided in Section

 

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2.24); provided, however, that no such agreement shall (i) decrease the principal amount of, or
extend the maturity of or any scheduled principal payment date or date for the payment of any
interest on any Loan or any date for reimbursement of an L/C Disbursement, or waive or excuse any
such payment or any part thereof, or decrease the rate of interest on any Loan or L/C Disbursement,
without the prior written consent of each Lender adversely affected thereby, (ii) increase or
extend the Commitment or decrease or extend the date for payment of any Fees of any Lender without
the prior written consent of such Lender, (iii) amend or modify the pro rata requirements of
Section 2.17, the provisions of Section 9.04(j), the provisions of this Section, the definition of
the term “Required Lenders” or release any Guarantor or all or substantially all of the Collateral,
without the prior written consent of each Lender, (iv) change the provisions of any Loan Document
in a manner that by its terms adversely affects the rights in respect of payments due to Lenders
holding Loans of one Class differently from the rights of Lenders holding Loans of any other Class
without the prior written consent of Lenders holding a majority in interest of the outstanding
Loans and unused Commitments of each adversely affected Class, or (v) modify the protections
afforded to an SPC pursuant to the provisions of Section 9.04(i) without the written consent of
such SPC; provided further that no such agreement shall amend, modify or otherwise affect the
rights or duties of the Administrative Agent, the Collateral Agent, the Issuing Bank or the
Swingline Lender hereunder or under any other Loan Document without the prior written consent of
the Administrative Agent, the Collateral Agent, the Issuing Bank or the Swingline Lender,
respectively. Notwithstanding the foregoing and except as provided in Section 9.17, if the Borrower
shall request the release of any Collateral to be sold as part of any Asset Sale permitted under
Section 6.05 and shall deliver to the Collateral Agent a certificate to the effect that such Asset
Sale and the disposition of the proceeds thereof will comply with the terms of this Agreement, the
Collateral Agent, if satisfied that the applicable certificate is correct, shall and is hereby
authorized to, without the consent of any Lender, execute and deliver all such instruments as may
be required to effect the release of such Collateral.

          SECTION 9.09. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at
any time the interest rate applicable to any Loan or participation in any L/C Disbursement,
together with all fees, charges and other amounts which are treated as interest on such Loan or
participation in such L/C Disbursement under applicable law (collectively the “Charges”), shall
exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken,
received or reserved by the Lender holding such Loan or participation in accordance with applicable
law, the rate of interest payable in respect of such Loan or participation hereunder, together with
all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent
lawful, the interest and Charges that would have been payable in respect of such Loan or
participation but were not payable as a result of the operation of this Section 9.09 shall be
cumulated and the interest and Charges payable to such Lender in respect of other Loans or
participations or periods shall be increased (but not above the Maximum Rate therefor) until such
cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of
repayment, shall have been received by such Lender.

 

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           SECTION 9.10. Entire Agreement. This Agreement, the Fee Letter and the other Loan Documents
constitute the entire contract between the parties relative to the subject matter hereof. Any other
previous agreement among the parties with respect to the subject matter hereof is superseded by
this Agreement and the other Loan Documents. Nothing in this Agreement or in the other Loan
Documents, expressed or implied, is intended to confer upon any person (other than the parties
hereto and thereto, their respective successors and assigns permitted hereunder (including any
Affiliate of the Issuing Bank that issues any Letter of Credit) and, to the extent expressly
contemplated hereby, the Related Parties of each of the Administrative Agent, the Collateral Agent,
the Issuing Bank and the Lenders) any rights, remedies, obligations or liabilities under or by
reason of this Agreement or the other Loan Documents.

          SECTION 9.11. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE
OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF
ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE
OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS,
AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.11.

          SECTION 9.12. Severability. In the event any one or more of the provisions contained in this
Agreement or in any other Loan Document should be held 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 (it being understood that the
invalidity of a particular provision in a particular jurisdiction shall not in and of itself
affect the validity of such provision in any other jurisdiction). The parties shall endeavor in
good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid
provisions the economic effect of which comes as close as possible to that of the invalid, illegal
or unenforceable provisions.

          SECTION 9.13. Counterparts. This Agreement may be executed in counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an original but all of
which when taken together shall constitute a single contract, and shall become effective as
provided in Section 9.03. Delivery of an executed signature page to this Agreement by facsimile
transmission or other electronic transmission shall be as effective as delivery of a manually
signed counterpart of this Agreement.

          SECTION 9.14. Headings. Article and Section headings and the Table of Contents used herein
are for convenience of reference only, are not part of this

 

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Agreement and are not to affect the construction of, or to be taken into consideration in
interpreting, this Agreement.

          SECTION 9.15. Jurisdiction; Consent to Service of Process. (a) Each of Holdings and the
Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the
nonexclusive jurisdiction of any New York State court or Federal court of the United States of
America sitting in New York City, and any appellate court from any thereof, in any action or
proceeding arising out of or relating to this Agreement or the other Loan Documents, or for
recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and
unconditionally agrees that all claims in respect of any such action or proceeding may be heard and
determined in such New York State or, to the extent permitted by law, in such Federal court. Each
of the parties hereto agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law. Nothing in this Agreement shall affect any right that the Administrative
Agent, the Collateral Agent, the Issuing Bank or any Lender may otherwise have to bring any action
or proceeding relating to this Agreement or the other Loan Documents against the Borrower, Holdings
or their respective properties in the courts of any jurisdiction.

          (b) Each of Holdings and the Borrower hereby irrevocably and unconditionally waives, to the
fullest extent it may legally and effectively do so, any objection which it may now or hereafter
have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement or the other Loan Documents in any New York State or Federal court. Each of the parties
hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an
inconvenient forum to the maintenance of such action or proceeding in any such court.

          (c) Each party to this Agreement irrevocably consents to service of process in the manner
provided for notices in Section 9.01. Nothing in this Agreement will affect the right of any party
to this Agreement to serve process in any other manner permitted by law.

          SECTION 9.16. Confidentiality. Each of the Administrative Agent, the Collateral Agent, the
Issuing Bank and the Lenders agrees to maintain the confidentiality of the Information (as defined
below), except that Information may be disclosed (a) to its and its Affiliates’ officers,
directors, employees and agents, including accountants, legal counsel and other advisors (it being
understood that the persons to whom such disclosure is made will be informed of the confidential
nature of such Information and instructed to keep such Information confidential), (b) to the extent
requested by any regulatory authority or quasi-regulatory authority (such as the National
Association of Insurance Commissioners), (c) to the extent required by applicable laws or
regulations or by any subpoena or similar legal process, (d) in connection with the exercise of any
remedies hereunder or under the other Loan Documents or any suit, action or proceeding relating to
the enforcement of its rights hereunder or thereunder, (e) subject to an agreement containing
provisions substantially the same as those of this Section 9.16, to (i) any actual or prospective
assignee of or participant in any of its rights or obligations under this Agreement and the other
Loan Documents or (ii) any actual or prospective counterparty (or its advisors) to any swap or
derivative transaction relating to the Borrower or any

 

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Subsidiary or any of their respective obligations, (f) with the consent of the Borrower or (g) to
the extent such Information becomes publicly available other than as a result of a breach of this
Section 9.16. For the purposes of this Section, “Information” shall mean all information received
from the Borrower or Holdings and related to the Borrower or Holdings or their business, other
than any such information that was available to the Administrative Agent, the Collateral Agent,
the Issuing Bank or any Lender on a nonconfidential basis prior to its disclosure by the Borrower
or Holdings; provided that, in the case of Information received from the Borrower or Holdings
after the date hereof, such information is clearly identified at the time of delivery as
confidential or such information is of such a nature that a prudent person would expect such
information to be confidential. Any person required to maintain the confidentiality of Information
as provided in this Section 9.16 shall be considered to have complied with its obligation to do so
if such person has exercised the same degree of care to maintain the confidentiality of such
Information as such person would accord its own confidential information.

          SECTION 9.17. Release of Collateral. (a) Notwithstanding any other provision of this Agreement
or the Guarantee and Collateral Agreement, all Collateral owned by Tahoe Joe’s and held under any
Security Document shall be released from the Liens created thereunder, without representation,
warranty or recourse of any nature, on a Business Day specified by the Borrower (the “Release
Date”), and the provisions of Section 5.06 and 5.09, insofar as they relate to such Collateral,
shall cease to be of any force and effect, upon satisfaction of the following conditions precedent:
(i) the Borrower shall have given written notice to the Administrative Agent at least five Business
Days’ (or such shorter period as shall be acceptable to the Administrative Agent) prior to the
Release Date, specifying the proposed Release Date; (ii) as of the Release Date, a Qualified Tahoe
Joe’s Equity Offering, a Tahoe Joe’s Distribution or a Tahoe Joe’s Sale, as the case may be, shall
have been consummated; (iii) no Default or Event of Default shall have occurred and be continuing
as of the Release Date; and (iv) on the Release Date, the Collateral Agent shall have received a
certificate, dated the Release Date and executed on behalf of the Borrower by a Financial Officer
of the Borrower, confirming the satisfaction of the conditions precedent set forth in clauses (ii)
and (iii) above.

          (b) Upon the release of Collateral owned by Tahoe Joe’s pursuant to paragraph (a) above, Tahoe
Joe’s shall automatically (x) be released from its Guarantee under the Guarantee and Collateral
Agreement and cease to be a Subsidiary Guarantor and (y) be deemed not to be a Subsidiary of the
Borrower or a Loan Party for purposes of the Loan Documents.

          (c) Subject to the satisfaction of the conditions set forth in paragraph (a) above, on or
after the Release Date, the Lenders hereby expressly authorize the Collateral Agent to, and the
Collateral Agent hereby agrees to, execute and deliver to the Borrower all such financing
statements, agreements, instruments and documents as the Borrower may reasonably request to
effectuate, evidence or confirm the release of Collateral provided for in this Section 9.17. Any
execution and delivery of documents pursuant to this Section 9.17 shall be without recourse to or
warranty by the Collateral Agent.

          (d) Without limiting the provisions of Section 9.05, the Borrower shall reimburse the
Administrative Agent, the Collateral Agent and the Lenders upon demand

 

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for all costs and expenses, including the fees, charges and disbursements of counsel, incurred by
any of them in connection with any action contemplated by this Section 9.17.

          SECTION 9.18. U.S.A. Patriot Act Notice. Each Lender and the Administrative Agent (for itself
and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of
the U.S.A. Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
“Act”), it is required to obtain, verify and record information that identifies the Borrower, which
information includes the name and address of the Borrower and other information that will allow
such Lender or the Administrative Agent, as applicable, to identify the Borrower in accordance with
the Act.

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