Document:

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                                                                   Exhibit 10.19

                      SECOND AMENDMENT TO LOAN INSTRUMENTS

     This SECOND AMENDMENT TO LOAN INSTRUMENTS (this "Amendment"), dated as of
January 31, 2002, is among RED ROBIN INTERNATIONAL, INC., a Nevada corporation
("Red Robin"), RED ROBIN DISTRIBUTING COMPANY, INC., a Colorado corporation ("RR
Distributing Sub"), RED ROBIN WEST, INC., formerly Red Robin Holding Co., Inc.,
a Nevada corporation ("RR West Sub"), RED ROBIN OF BALTIMORE COUNTY, INC., a
Maryland corporation ("RR Baltimore Sub"), RED ROBIN OF ANNE ARUNDEL, COUNTY,
INC., a Maryland corporation ("RR Anne Arundel Sub") (Red Robin, RR Distributing
Sub, RR West Sub, RR Baltimore Sub and RR Anne Arundel Sub hereinafter are
referred to individually as an "Original Borrower" and collectively as "Original
Borrowers"), RED ROBIN GOURMET BURGERS, INC., a Delaware corporation ("Holding
Company"), RED ROBIN OF MONTGOMERY COUNTY, INC., a Maryland corporation ("RR
Montgomery Sub"), WESTERN FRANCHISE DEVELOPMENT, INC., a California corporation
("Western Franchise Sub"), and FINOVA CAPITAL CORPORATION, a Delaware
corporation ("FINOVA"), in its individual capacity and as agent for all Lenders
(this and all other capitalized terms used but not elsewhere defined herein are
defined in Section 2 below).

                                    RECITALS:

     A. Original Borrowers, Agent and Lenders entered into a Loan Agreement
dated as of September 6, 2000 (the "Original Loan Agreement") pursuant and
subject to the terms and conditions of which Lenders agreed to make loans and
other financial accommodations to Original Borrowers.

     B. Original Borrowers, Holding Company, RR Montgomery Sub, Agent and
Lenders entered into a First Amendment to Loan Instruments dated as of August 9,
2001 (the "First Amendment") pursuant to which, among other things, Holding
Company and RR Montgomery Sub joined with and into the Original Loan Agreement
as additional Borrowers thereunder. The Original Loan Agreement, as amended by
the First Amendment, hereinafter is referred to as the "Loan Agreement."

     C. Red Robin has acquired all of the capital stock of Western Franchise
Sub. Original Borrowers, Holding Company, RR Montgomery Sub and Western
Franchise Sub desire to cause Western Franchise Sub to join with and into the
Loan Instruments as an additional borrower thereunder. Original Borrowers,
Holding Company and RR Montgomery Sub, together with Western Franchise Sub,
hereinafter are referred to individually as a "Borrower" and collectively as
"Borrowers."

     D. Borrowers have requested that (i) Agent and Lenders permit Borrowers to
incur up to an additional $15,000,000 of indebtedness for borrowed money for
store development and acquisition and (ii) amend the Loan Agreement in certain
respects to facilitate an initial public offering by Holding Company.

     E. Agent and Lenders are willing to agree to the requests of Borrowers,
pursuant and subject to the terms and conditions of this Amendment.

     NOW, THEREFORE, in consideration of the mutual agreements contained herein,
and subject to the terms and conditions hereof, Borrowers, Agent and Lenders
agree as follows:

     1. Incorporation of Recitals. The Recitals set forth above are incorporated
        -------------------------
herein, are acknowledged by Borrowers to be true and correct and are made a part
hereof.

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     2. Definitions. All capitalized terms used but not elsewhere defined herein
        -----------
shall have the respective meanings ascribed to such terms in the Loan Agreement,
as amended by this Amendment.

     3. Joinder. Western Franchise Sub hereby (i) joins into each of the Loan
        -------
Instruments executed by Original Borrowers and agrees to become a party thereto
with the same force and effect as if it had been an original signatory thereto,
(ii) agrees to be bound by all of the terms and conditions set forth in the Loan
Instruments as if it were a Borrower, and (iii) accepts and assumes all
Indebtedness heretofore, now and hereafter arising as a result of its joinder
into the Loan Instruments, including, without limitation, the obligation to pay
and perform Borrowers' Obligations. In furtherance of the foregoing, Western
Franchise Sub hereby agrees to be bound as a "Debtor" under the terms of that
certain Security Agreement dated as of September 6, 2000 among the Original
Borrowers and Agent (the "Security Agreement"), and further grants to Agent as
Secured Party thereunder a security interest in all Property of such Debtor
pursuant to the terms of the Security Agreement. Each Original Borrower, Holding
Company and RR Montgomery Sub hereby consents to the foregoing joinder by
Western Franchise Sub into the Loan Instruments.

     4. Amendments to Loan Instruments. The Loan Instruments are amended as set
        ------------------------------
forth below:

          4.1 Section 1.1 - Amended Definition. Section 1.1 of the Loan
              --------------------------------
     Agreement is amended by deleting the current version of the definition of
     "Borrowers" and substituting the following therefor:

               "Borrowers: Holding Company, Red Robin, RR Distributing Sub, RR
                ---------
          West Sub, RR Baltimore Sub, RR Anne Arundel Sub, RR Montgomery Sub,
          Western Franchise Sub and each Additional Borrower."

          4.2 Section 1.1 - Amended Definition. Section 1.1 of the Loan
              --------------------------------
     Agreement is amended by deleting the current version of definition of
     "Borrower Subsidiary Capital Stock" and substituting the following version
     therefor:

               "Borrower Subsidiary Capital Stock: all of the issued and
                ---------------------------------
          outstanding capital stock and options, warrants and other rights to
          acquire capital stock of RR Distributing Sub, RR Holding Sub, RR
          Baltimore Sub, RR Anne Arundel Sub, RR Montgomery Sub and Western
          Franchise Sub."

          4.3 Section 1.1 - Amended Definition. Section 1.1 of the Loan
              --------------------------------
     Agreement is amended by deleting the current version of definition of
     "Collateral" and substituting the following version therefor:

               "Collateral: (i) all existing and after-acquired Property of each
                ----------
          Borrower, including, without limitation, all existing and
          after-acquired accounts, furniture, fixtures, equipment, inventory and
          general intangibles, all Real Estate and all Leases, but, subject to
          the terms and conditions of Section 6.17, specifically excluding (A)
          the Excluded Personal Property, (B) the Excluded Leases, (C) the
          Excluded Real Estate, (D) the Real Estate Held for Sale, (E) the
          Unencumbered Property and (F) the Additional Third Party Collateral,
          (ii) the Borrower Subsidiary Capital Stock, (iii) the Red Robin
          Capital Stock and (iv) all proceeds of the foregoing."

                                       2

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          4.4 Section 1.1 - Amended Definition. Section 1.1 of the Loan
              --------------------------------
     Agreement is amended by deleting the current version of definition of "GE
     Indebtedness" and substituting the following version therefor:

               "GE Indebtedness: all Indebtedness for Borrowed Money of
                ---------------
          Borrowers owed to General Electric Capital Corporation as of the
          Second Amendment Effective Date other than the MetLife Indebtedness
          acquired by General Electric Capital Corporation from MetLife."

          4.5 Section 1.1 - Amended Definition. Section 1.1 of the Loan
              --------------------------------
     Agreement is amended by deleting the current version of definition of "GE
     Indebtedness Liens" and substituting the following version therefor:

               "GE Indebtedness Liens: the Liens on the Excluded Personal
                ---------------------
          Property and the Excluded Leases of the Existing Stores located at
          2230 Southgate Road, Colorado Springs, Colorado (Site No. 15), 3909
          Factoria Boulevard S.E., Bellevue, Washington (Site No. 147), 2575
          South Decatur Boulevard, Las Vegas, Nevada (Site No. 148), 725 West
          Main, Spokane, Washington (Site No. 151), 1300 West Sunset Road #2545,
          Henderson, Nevada (Site No. 152), 40820 Winchester Road #1070,
          Temecula, California (Site No. 158), 1553 Rio Road East,
          Charlottesville, Virginia (Site No. 157) and 428 Plaza Drive, West
          Covina, California (Site No. 160), and the Liens on the Excluded
          Personal Property and Borrower's fee simple estate in the Excluded
          Real Estate located at 10101 Brook Road, Glen Allen, Virginia (Site
          No. 153) now or hereafter granted to secure the GE Indebtedness.

          4.6 Section 1.1 - Amended Definition. Section 1.1 of the Loan
              --------------------------------
     Agreement is amended by deleting the current version of definition of
     "Indebtedness for Borrowed Money" and substituting the following version
     therefor:

               "Indebtedness for Borrowed Money: without duplication, all
                -------------------------------
          Indebtedness (i) in respect of money borrowed, (ii) evidenced by a
          note, debenture or other like written obligation to pay money
          (including, without limitation, all of Borrowers' Obligations, the
          Orix Indebtedness, the MetLife Indebtedness, the Captec Indebtedness,
          the Bonnyville Indebtedness, the GE Indebtedness, the Purchase
          Money/Capitalized Lease Indebtedness and the Additional Third Party
          Indebtedness), (iii) in respect of rent or hire of Property under
          Capitalized Leases or for the deferred purchase price of Property,
          (iv) in respect of obligations under conditional sales or other title
          retention agreements, and (v) all guaranties of any or all of the
          foregoing."

          4.7 Section 1.1 - Amended Definition. Section 1.1 of the Loan
              --------------------------------
     Agreement is amended by deleting the current version of the definition of
     "Pledge Agreements" and substituting the following version therefor:

               "Pledge Agreements: the Borrower Subsidiary Pledge Agreement, the
                -----------------
          RR Montgomery Sub Pledge Agreement, the Substituted Pledge Agreement
          and the Western Franchise Sub Pledge Agreement."

          4.8 Section 1.1 - Amended Definition. Section 1.1 of the Loan
              --------------------------------
     Agreement is amended by deleting clause (ii) of the definition of
     "Permitted Liens" and substituting the following clause therefor:

                                       3

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               "(ii) the Purchase Money/Capitalized Lease Indebtedness Liens,
          the Orix Indebtedness Liens, the MetLife Indebtedness Liens, the
          Captec Indebtedness Liens, the Bonnyville Indebtedness Liens, the GE
          Indebtedness Liens and the Additional Third Party Indebtedness Liens;"

          4.9 Section 1.1 - Amended Definition. Section 1.1 of the Loan
              --------------------------------
     Agreement is amended by deleting the current version of the definition of
     "Non-Financed Capital Expenditures" and substituting the following version
     therefor:

               "Non-Financed Capital Expenditures: for any period, the aggregate
                ---------------------------------
          amount of all Capital Expenditures of Borrowers not financed with the
          proceeds of the Loan, the GE Indebtedness, Purchase Money/Capitalized
          Lease Indebtedness or the Additional Third Party Indebtedness."

          4.10 Section 1.1 - Amended Definition. Section 1.1 of the Loan
               --------------------------------
     Agreement is amended by deleting the current version of the definition of
     "Purchase Money/Capitalized Lease Indebtedness" and substituting the
     following version therefor:

               "Purchase Money/Capitalized Lease Indebtedness: collectively,
                ---------------------------------------------
          Indebtedness for Borrowed Money, other than Borrowers' Obligations,
          the Bonnyville Indebtedness, the Captec Indebtedness, the MetLife
          Indebtedness, the Orix Indebtedness, the GE Indebtedness and the
          Additional Third Party Indebtedness, incurred by any Borrower to
          purchase tangible personal property or Indebtedness for Borrowed Money
          incurred by any Borrower to lease tangible personal property pursuant
          to Capitalized Leases, provided that (i) such Indebtedness for
          Borrowed Money existing as of the Closing Date, including, without
          limitation, the Indebtedness for Borrowed Money owed by Borrowers to
          NEC, IBM, Norwest Bank and U.S. Bank, shall not exceed $418,425, (ii)
          during any Loan Year after the Closing Date the amount of such
          Indebtedness for Borrowed Money at any one time outstanding shall not
          exceed $1,000,000 and (iii) no Event of Default exists at the time or
          will be created as a result of the incurrence of any Indebtedness for
          Borrowed Money described in clause (ii) of this definition."

          4.11 Section 1.1 - Amended Definition. Section 1.1 of the Loan
               --------------------------------
     Agreement is amended by deleting the current version of the definition of
     "Unencumbered Property" and substituting the following version therefor:

               "Unencumbered Property: the Excluded Personal Property, the
                ---------------------
          Excluded Real Estate and the Excluded Leases of the Existing Stores
          located at Annapolis Mall, 210 Annapolis Mall, Annapolis, Maryland
          21401 (Site No. 28), Lake Forest Mall, 701 Russell Avenue, Store
          #F241, Gaithersburg, Maryland 20877 (Site No. 29), University Town
          Center, 4545 La Jolla Drive, Space G-12, San Diego, California 92122
          (Site No. 34), 1031 New Park Mall, Newark, California (Site No. 191),
          404-A Sun Valley Mall, Concord, California (Site No. 192), 398
          Eastridge Mall, #A-18, San Jose, California (Site No. 194), 4201 Cold
          Water Creek, Fort Wayne, Indiana (Site No. 352) and 1350 Travis
          Boulevard, Fairfield, California (Site No. 354)."

          4.12 Section 1.1 - Additional Definitions. Section 1.1 of the Loan
               ------------------------------------
     Agreement is hereby amended by adding the following definitions in the
     appropriate alphabetical order:

                                       4

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               "Additional Third Party Collateral: the furniture, fixtures and
                ---------------------------------
          equipment located at and/or the applicable Borrower's leasehold or fee
          simple interest in one or more Stores described on Schedule 1.1.

               Additional Third Party Indebtedness: Indebtedness for Borrowed
               -----------------------------------
          Money incurred by any Borrower after the Second Amendment Effective
          Date to acquire, construct, renovate or develop one or more New
          Stores.

               Additional Third Party Indebtedness Instruments: all documents,
               -----------------------------------------------
          instruments and agreements evidencing, securing or governing the terms
          of repayment of the Additional Third Party Indebtedness.

               Additional Third Party Indebtedness Liens: Liens that secure
               -----------------------------------------
          Additional Third Party Indebtedness, provided that each such Lien
          attaches only to Additional Third Party Collateral.

               Change of Control: means the occurrence of any of the following
               -----------------
          events:

                    (a) prior to a Qualifying IPO, (i) the Investor Group shall
               cease to (A) own and control a majority of Holding Company
               Capital Stock or (B) have the ability to appoint a majority of
               the Board of Directors of Holding Company, or (ii) the control
               and veto rights granted to directors designated by Skylark
               Company, Ltd under the Shareholders Agreement are expanded; or

                    (b) after a Qualifying IPO, any "person" or "group" (within
               the meaning of Section 13(d) or 14(d) of the Exchange Act) (other
               than one or more members of the Investor Group) has become the
               "beneficial owner" (as defined in Rules 13d-3 and 13d-5 under the
               Exchange Act, except that a Person shall be deemed to have
               "beneficial ownership" of all securities that any such Person has
               the right to acquire, whether such right is exercisable
               immediately or only after the passage of time), by way of merger,
               consolidation or otherwise, of a greater percentage than the
               Investor Group of the total voting power in the aggregate of all
               classes of capital stock of Holding Company then outstanding
               normally entitled to vote in elections of directors of Holding
               Company on a fully-diluted basis after giving effect to the
               conversion and exercise of all outstanding securities of Holding
               Company convertible into or exercisable for such classes of
               capital stock (whether or not such securities are then currently
               convertible or exercisable); or

                    (c) after a Qualifying IPO, during any period of two
               consecutive calendar years, individuals who at the beginning of
               such period constituted the board of directors (or persons
               performing similar functions) of Holding Company together with
               any new members of such board of directors (i) elected by the
               Investor Group or (ii) whose elections by such board of directors
               or whose nominations for election by the stockholders of Holding
               Company was approved by a vote of a majority of the members of
               such board of directors then still in office who either were
               directors at the beginning of such period or whose election or
               nomination for election was

                                       5

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               previously so approved, cease for any reason to constitute a
               majority of the directors of Holding Company still in office; or

                    (d) the Investor Group ceases to own at least (i) 20% of the
               total voting power in the aggregate of all classes of capital
               stock of Holding Company then outstanding normally entitled to
               vote in elections of directors of Holding Company on a
               fully-diluted basis after giving effect to the conversion and
               exercise of all outstanding securities of Holding Company
               convertible into or exercisable for such classes of capital stock
               (whether or not such securities are then currently convertible or
               exercisable) after a Qualifying IPO and prior to a Secondary
               Offering or (ii) 10% of the total voting power in the aggregate
               of all classes of capital stock of Holding Company then
               outstanding normally entitled to vote in elections of directors
               of Holding Company on a fully-diluted basis after giving effect
               to the conversion and exercise of all outstanding securities of
               Holding Company convertible into or exercisable for such classes
               of capital stock (whether or not such securities are then
               currently convertible or exercisable) after a Secondary Offering;
               or

                    (e) after a Qualifying IPO, the Management Group ceases to
               own at least 5% of the total voting power in the aggregate of all
               classes of capital stock of Holding Company then outstanding
               normally entitled to vote in elections of directors of Holding
               Company on a fully-diluted basis after giving effect to the
               conversion and exercise of all outstanding securities of Holding
               Company convertible into or exercisable for such classes of
               capital stock (whether or not such securities are then currently
               convertible or exercisable); or

                    (f) Holding Company shall cease to own and control, directly
               or indirectly, all of the Borrower Subsidiary Capital Stock and
               Red Robin Capital Stock.

               Development Notice: a notice and certification from Borrowers to
               ------------------
          Agent in the form of Exhibit A attached to the Second Amendment
          pertaining to the acquisition, construction, renovation or development
          of one or more New Stores.

               Exchange Act: the Securities Exchange Act of 1934, as amended, or
               ------------
          any similar Federal statute, and the rules and regulations promulgated
          thereunder, as in effect from time to time.

               Investor Group: the Management Group and the Sponsor Group.
               --------------

               Management Group: the Management Holders and their Related
               ----------------
          Parties.

               Management Holders: Snyder or any Person over which Snyder,
               ------------------
          directly or indirectly, exercises voting control, including, without
          limitation, the right to direct the management and policies of such
          Person and the right to elect a majority of the Board of Directors or
          similar governing authority for such Person.

               Qualifying IPO: means an underwritten primary public offering
               --------------
          (other than a public offering pursuant to a registration statement on
          Form S-8 (or any successor

                                       6

<PAGE>

          form)) of the common capital stock of Holding Company pursuant to an
          effective registration statement filed with the United States
          Securities of Exchange Commission in accordance with the Securities
          Act (whether alone or in conjunction with a secondary public
          offering).

               Related Parties means (i) any spouse or immediate family member
               ---------------
          of Snyder, (ii) any trust set up for the benefit of Snyder or any of
          the Persons specified in clause (i) or (iii) any corporation or
          limited liability company wholly owned by a Management Holder and/or
          the Persons specified in clause (i) and (ii).

               Second Amendment: the Second Amendment to Loan Instruments dated
               ----------------
          as of January 31, 2002 among Borrowers and Agent.

               Second Amendment Effective Date: January 31, 2002.
               -------------------------------

               Secondary Offering: means an underwritten secondary public
               ------------------
          offering (other than a public offering pursuant to a registration
          statement on Form S-8 (or any successor form)) of the common capital
          stock of Holding Company, following a Qualifying IPO, pursuant to an
          effective registration statement filed with the United States
          Securities of Exchange Commission in accordance with the Securities
          Act.

               Sponsor Group: RR Investors, RR Investors II and any of their
               -------------
          respective Affiliates..

               Western Franchise Sub: Western Franchise Development, Inc., a
               ---------------------
          California corporation.

               Western Franchise Sub Pledge Agreement: the pledge agreement
               --------------------------------------
          dated as of the Second Amendment Effective Date by and between Red
          Robin and Agent.

          4.13 Subsection 2.1.7. Subsection 2.1.7 of the Loan Agreement is
               ----------------
     deleted in its entirety and the following is substituted therefor:

               "2.1.7 Prepayments.
                      -----------

                    (a) Voluntary Prepayments. Except as set forth in subsection
                        ---------------------
               2.1.7(b), Borrowers may not prepay the Principal Balance of the
               Loan at any time during the first three Loan Years. Borrowers
               voluntarily may prepay the Principal Balance in whole or in part
               at any time after the third Loan Year subject to the satisfaction
               of the Voluntary Prepayment Conditions. Concurrently with any
               such voluntary prepayment of the Principal Balance, Borrowers
               shall pay to Agent, for the benefit of Lenders, a prepayment
               premium equal to a percentage of the amount of the Principal
               Balance prepaid, determined in accordance with the following
               schedule:

                                                   Percentage of Principal
               Period of Prepayment                    Balance Prepaid
               --------------------                    ---------------

               Fourth Loan Year                           4.0%
               Fifth Loan Year                            3.0%
               Sixth Loan Year                            2.0%

                                       7

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               Seventh Loan Year
                 and Thereafter                           1.0%

                    (b) Mandatory Prepayments. Concurrently with the
                        ---------------------
               consummation of a Qualifying IPO, Borrower shall prepay the
               Principal Balance by $10,000,000 or such greater amount as
               Borrowers may elect. Concurrently with such prepayment, Borrowers
               shall pay to Agent, for the benefit of the applicable Lenders (i)
               accrued and unpaid interest on the portion of the Principal
               Balance being prepaid, to the date on which Agent is in receipt
               of Good Funds, (ii) any other sums which then are due and payable
               pursuant to the terms of the Loan Instruments and (iii) a
               prepayment premium equal to a percentage of the amount of the
               Principal Balance prepaid, determined in accordance with the
               following schedule:

                                                   Percentage of Principal
               Period of Prepayment                    Balance Prepaid
               --------------------                    ---------------

               Second Loan Year                           4.0%
               Third Loan Year                            4.0%
               Fourth Loan Year                           4.0%
               Fifth Loan Year                            3.0%
               Sixth Loan Year                            2.0%
               Seventh Loan Year
                 and Thereafter                           1.0%

                    (c) Application of Prepayments. All prepayments of the
                        --------------------------
               Principal Balance shall be applied: (i) first, to the payment of
               any and all sums which then are due and payable pursuant to the
               terms of the Loan Instruments, other than the Principal Balance
               and interest accrued thereon, (ii) next to accrued and unpaid
               interest on the Principal Balance until all such accrued and
               unpaid interest is paid in full and (iii) then to the Principal
               Balance in the inverse order of the maturity of the installments
               thereof."

          4.14 Article III.. The following sentence is inserted at the end of
               -----------
     Article III of the Loan Agreement:

          "Upon the written request of Borrowers and at their sole cost and
          expense, Agent shall take such actions and execute such documents as
          Borrowers reasonably may request, including, without limitation, the
          execution and delivery of appropriate UCC-3 partial releases, in order
          to release the Security Interests, if any, on any Additional Third
          Party Collateral which is to become subject to an Additional Third
          Party Lien permitted hereunder as a result of the incurrence of
          Additional Third Party Indebtedness permitted hereunder."

          4.15 Section 6.7. Section 6.7 of the Loan Agreement is deleted in its
               -----------
     entirety and the following is substituted therefor:

               "6.7 Future Leases. Deliver to Agent concurrently with the
                    -------------
          execution by any Borrower, as lessee, of any lease pertaining to real
          property other than any lease which consists of Unencumbered Property,
          which is subject to any GE Indebtedness Lien or which becomes subject
          to any Additional Third Party Indebtedness Lien prior

                                       8

<PAGE>

          to March 31, 2003 (i) an executed copy thereof, (ii) a Landlord's
          Agreement from the landlord under such lease, (iii) a first leasehold
          mortgage or leasehold deed of trust in form and substance
          substantially similar to the Leasehold Mortgages, (iv) a lender's
          policy of title insurance, in such form and amount and containing such
          endorsements as shall be reasonably satisfactory to Agent, (v) an
          ALTA/ACSM survey of the real estate demised under such lease, (vi) an
          Environmental Audit with respect to such real property and (vii) such
          other documents and assurances with respect to such lease as Agent may
          require."

          4.16 Section 6.8. Section 6.8 of the Loan Agreement is deleted in its
               -----------
     entirety and the following is substituted therefor:

               "6.8 Future Acquisitions of Real Property. Deliver to Agent
                    ------------------------------------
          concurrently with the (i) execution by any Borrower of any contract
          relating to the purchase by such Borrower of any real property other
          than any real property which consists of Unencumbered Property, which
          is subject to any GE Indebtedness Lien or which becomes subject to any
          Additional Third Party Indebtedness Lien prior to March 31, 2003, an
          executed copy of such contract and an Environmental Phase I Report
          with respect to such real property and (ii) closing of the purchase of
          such real property, (A) a first mortgage or deed of trust in favor of
          Agent on such real property, in form and substance reasonably
          satisfactory to Agent, (B) a lender's policy of title insurance, in
          such form and amount and containing such endorsements as shall be
          satisfactory to Agent, (C) an ALTA/ACSM survey of such real property,
          (D) an Environmental Phase I Report with respect to such real property
          and (E) such other documents and assurances with respect to such real
          property as Agent may require."

          4.17 Section 6.17. Section 6.17 of the Loan Agreement is deleted in
               ------------
     its entirety and the following is substituted therefor:

               "6.17 Excluded Collateral. Deliver to Agent such Mortgages,
                     -------------------
          Leasehold Mortgages, Security Agreements, UCC financing statements,
          other Security Instruments, surveys, title insurance and landlord's
          and mortgagee's consents as Agent reasonably may require to grant to
          Agent, as security for Borrowers' Obligations, a valid and perfected
          Lien, subject only to Permitted Liens and subject in priority only to
          Permitted Prior Liens, on:

                    (i) each item of Excluded Personal Property, each Excluded
               Lease, each parcel of Excluded Real Estate which secures the AEI
               Indebtedness, the Orix Indebtedness, the MetLife Indebtedness,
               the Captec Indebtedness, the Bonnyville Indebtedness or the GE
               Indebtedness, in each case within 30 days after the repayment of
               the applicable Indebtedness;

                    (ii) each item of Additional Third Party Collateral (A)
               within 30 days after March 31, 2003 if an Additional Third Party
               Indebtedness Lien has not been granted on such item of Additional
               Third Party Collateral by March 31, 2003 and (B) on which an
               Additional Third Party Indebtedness Lien is granted on or prior
               to March 31, 2003 within 30 days after the repayment of the
               related Additional Third Party Indebtedness unless such repayment
               is the result of a refinancing of short term (i.e., maturing less
               than one year from the date incurred) Additional Third Party
               Indebtedness with long term (i.e.,

                                       9

<PAGE>

               maturing five or more years from the date incurred) Additional
               Third Party Indebtedness secured by such item of Additional Third
               Party Collateral; and

                    (iii) each parcel of the Real Estate Held for Sale which has
               not been sold to an unaffiliated third party of any Borrower
               prior to the second anniversary of the Closing Date, within 30
               days after the second anniversary of the Closing Date."

          4.18 Section 7.1. Section 7.1 of the Loan Agreement is deleted in its
               -----------
     entirety and the following is substituted therefor:

               "7.1 Borrowing. Create, incur, assume or suffer to exist any
                    ---------
          liability for Indebtedness for Borrowed Money without the prior
          written consent of Agent, which consent may be given or withheld in
          the sole and unlimited discretion of Agent, except (i) Borrowers'
          Obligations, (ii) the Orix Indebtedness, provided the aggregate
          principal amount thereof does not exceed $131,845 at any time, (ii)
          the MetLife Indebtedness, provided the aggregate principal amount
          thereof does not exceed $3,089,414 at any time, (iii) the Captec
          Indebtedness, provided the aggregate principal amount thereof does not
          exceed $17,380,708 at any time, (iv) the Bonnyville Indebtedness,
          provided the aggregate principal amount thereof does not exceed
          $1,099,846 at any time, (v) Purchase Money/Capitalized Lease
          Indebtedness, (vi) the GE Indebtedness, provided the aggregate amount
          thereof does not exceed $9,895,118 at any time and (vii) Additional
          Third Party Indebtedness incurred after the Second Amendment Effective
          Date, provided that:

                    (A) the aggregate principal amount thereof outstanding at
               any time after the Second Amendment Effective Date does not
               exceed $15,000,000;

                    (B) the aggregate principal amount thereof outstanding at
               any time prior to January 1, 2003 does not exceed $10,000,000;

                    (C) prior to incurring Additional Third Party Indebtedness
               in an aggregate principal amount outstanding in excess of
               $10,000,000, Borrowers demonstrate to the reasonable satisfaction
               of Agent that (1) Holding Company has consummated a Qualifying
               IPO and (2) the Leverage Ratio for the most recently ended Four
               Quarter Period was less than 2.75:1.00 assuming such Indebtedness
               had been incurred on the last day of such Four Quarter Period;

                    (D) the pricing and other terms of such Additional Third
               Party Indebtedness and the value of any Additional Third Party
               Collateral required to be pledged to secure such Additional Third
               Party Indebtedness are consistent with prevailing market terms
               applicable to Indebtedness for Borrowed Money of such character
               and type (it being understood and agreed that the parties hereto
               do not anticipate that all Additional Third Party Collateral must
               be pledged to secure the amounts of Additional Third Party
               Indebtedness permitted to be incurred under this Section 7.1);

                    (E) no Event of Default exists or would be created at the
               time any such Additional Third Party Indebtedness is incurred;
               and

                                       10

<PAGE>

                    (F) Borrowers provide to Agent copies of all applicable
               Additional Third Party Indebtedness Instruments prior to
               incurring such Additional Third Party Indebtedness."

          4.19 Section 7.6. Section 7.6 of the Loan Agreement is deleted in its
               -----------
     entirety and the following is substituted therefor:

               "7.6 Payments of Indebtedness for Borrowed Money. Make any
                    -------------------------------------------
          payment or prepayment on account of any Indebtedness for Borrowed
          Money other than Borrowers' Obligations, except that Borrowers may (i)
          make regularly scheduled payments on account of the AEI Indebtedness,
          the Orix Indebtedness, the MetLife Indebtedness, the Captec
          Indebtedness, the Bonnyville Indebtedness, the GE Indebtedness, the
          Purchase Money/Capitalized Lease Indebtedness and the Additional Third
          Party Indebtedness and (ii) refinance short term Additional Third
          Party Indebtedness with long term Additional Third Party Indebtedness
          (as contemplated by Section 6.17)."

          4.20 Section 7.9. Section 7.9 of the Loan Agreement is deleted in its
               -----------
     entirety and the following is substituted therefor:

               "7.9 Development of New Stores. Acquire, construct, renovate or
                    -------------------------
          develop any New Stores (i) if any Event of Default then exists and is
          continuing or any event or proceeding has occurred or shall be pending
          which could reasonably be expected to have a Material Adverse Effect
          and (ii) without delivering to Agent a duly executed and completed
          Development Notice not more than 30 nor less than 10 days prior to
          acquiring, constructing, renovating or developing such New Stores.
          Notwithstanding the foregoing, Agent shall be deemed to have given its
          consent to the development of the New Stores, the "Le Carnassier" and
          "Western Franchise Development" New Store acquisitions described on
          Schedule 1.1 hereto and the acquisition of the New Stores located at
          1031 New Park Mall, Newark, California (Site No. 191), 404-A Sun
          Valley Mall, Concord, California (Site No. 192) and 398 Eastridge
          Mall, #A-18., San Jose, California."

          4.21 Section 7.12. Section 7.12 of the Loan Agreement is deleted in
               ------------
     its entirety and the following is substituted therefor:

               "7.12 Amendment of Certain Agreements. Amend, modify or waive any
                     -------------------------------
          term or provision of (i) its articles of organization, certificate of
          incorporation, by-laws or other constitutive or organizational
          documents or any of the other Equity Instruments, except pursuant to
          (A) the Corporate Reorganization Documents or (B) amendments and
          modifications in connection with a Qualifying IPO, provided such
          amendments or modifications do not conflict with, or require any act
          or omission prohibited by, the Loan Instruments; (ii) the Quad-C
          Investment Instruments, (iii) the Snyder Group Merger Instruments,
          (iv) the Trust Indenture, the Debentures or the Sinking Fund
          Assignment Instruments, (v) the Snyder Employment Instruments, (vi)
          the Quad-C Consulting Agreement, (v) any Leases, (vi) the Bonnyville
          Indebtedness Instruments, (vii) the Captec Indebtedness Instruments,
          (viii) the MetLife Indebtedness Instruments, (ix) the Orix
          Indebtedness Instruments, (x) the GE Indebtedness Instruments or (xi)
          once executed and delivered, the Additional Third Party Indebtedness
          Instruments."

                                       11

<PAGE>

          4.22 Section 8.1.10 of the Loan Agreement. Section 8.1.10 of the Loan
               ------------------------------------
     Agreement is deleted in its entirety and the following is substituted
     therefor:

               "8.1.10 Change in Management or Control. If at any time (i)
                       -------------------------------
          Snyder shall cease to devote his full business time and effort to the
          day-to-day management of the operations and affairs of Borrowers or
          (ii) a Change of Control shall occur."

          4.23 Schedules to the Loan Agreement. Schedules 5.3.1, 5.5.4, 5.5.5
               -------------------------------
     and 5.5.6 to the Loan Agreement are deleted in their entirety and Amended
     and Restated Schedules 5.3.1, 5.5.4, 5.5.5 and, 5.5.6 attached hereto are
     substituted therefor. Schedule 1.1 attached hereto is attached to the Loan
     Agreement as Schedule 1.1 thereto.

          4.24 Security Agreement. Due to the repayment of the AEI Indebtedness
               ------------------
     and pursuant to Section 6.17 of the Loan Agreement, each Borrower hereby
     grants to Agent, for the benefit of Lenders, a security interest in all
     furniture, fixtures and equipment now or hereafter located at 1410 Jamboree
     Drive, Colorado Springs, Colorado (Site No. 207), all additions and
     accession thereto or replacements thereof and all proceeds of the
     foregoing, all of which shall be deemed to be included in the Collateral
     (as defined in the Security Agreement).

     5. Conditions to Effectiveness. The effectiveness of this Amendment shall
        ---------------------------
be subject to the satisfaction of all of the following conditions in a manner,
form and substance satisfactory to Lenders:

          5.1 Delivery of Documents. The following shall have been delivered to
              ---------------------
     Agent, each duly authorized and executed and each in form and substance
     satisfactory to Lenders:

               (a) this Amendment;

               (b) the Western Franchise Sub Pledge Agreement, together with the
          original stock certificates evidencing all of the Equity Interests of
          Western Franchise Sub and duly executed assignments separate from
          certificate with respect thereto;

               (c) certified copies of (i) the articles or certificate of
          incorporation of each Borrower, together with all amendments thereto,
          certified by the corporate secretary of such Borrower as of the date
          hereof, (ii) the by-laws of each Borrower, together with all
          amendments thereto, certified as of the date hereof by the corporate
          secretary of such Borrower, and (iii) resolutions adopted by the board
          of directors of each Borrower authorizing the execution, delivery and
          performance of this Amendment, certified as of the date hereof by the
          corporate secretary of such Borrower;

               (d) signature and incumbency certificates of the officers of each
          Borrower;

               (e) evidence that the AEI Indebtedness Liens have been released;

               (f) such other instruments, documents, certificates, consents,
          waivers and opinions as Lenders reasonably may request.

          5.2 Performance; No Default. Each Obligor shall have performed and
              -----------------------
     complied with all agreements and conditions contained in the Loan
     Instruments to be performed by or complied with by it, and no Event of
     Default or Incipient Default shall exist.

                                       12

<PAGE>

          5.3 Material Adverse Effect. No event shall have occurred since
              -----------------------
     December 31, 2000 which has had or could have a Material Adverse Effect.

          5.4 Amendment Fee; Costs and Expenses. Borrower shall have paid to
              ---------------------------------
     Agent the $100,000 amendment fee described herein and all other fees and
     expenses described in Paragraph 7 hereof incurred by Agent in connection
     with this Amendment.

     The date on which all of the conditions set forth in this Paragraph 4 have
been satisfied is referred to herein as the "Effective Date."

     6. References. From and after the Effective Date, (i) all terms used in the
        ----------
Loan Instruments which are defined in the Loan Agreement shall be deemed to
refer to such terms as amended by this Amendment and (ii) all references in the
Loan Agreement and the other Loan Instruments to the Loan Agreement shall be
deemed to refer to the Loan Agreement as amended by this Amendment.

     7. Representations and Warranties. Each Borrower hereby confirms to Agent
        ------------------------------
and Lenders that the representations and warranties set forth in the Loan
Instruments, as amended by this Amendment and except as previously disclosed to
Agent in writing with respect to any representation or warranty other than those
contained in Sections 5.3.1, 5.5.4, 5.5.5 and 5.5.6, to which such Borrower is a
party are true and correct in all material respects as of the date hereof, and
shall be deemed to be remade as of the date hereof. Each Borrower represents and
warrants to Agent and Lenders that (i) such Borrower has full power and
authority to execute and deliver this Amendment and to perform its obligations
hereunder, (ii) upon the execution and delivery hereof, this Amendment will be
valid, binding and enforceable upon such Borrower in accordance with its terms,
(iii) the execution and delivery of this Amendment does not and will not
contravene, conflict with, violate or constitute a default under (A) its
articles of incorporation or by-laws, or (B) any applicable law, rule,
regulation, judgment, decree or order or any agreement, indenture or instrument
to which such Borrower is a party or is bound or which is binding upon or
applicable to all or any portion of such Borrower's Property and (iv) as of the
date hereof no Incipient Default or Event of Default exists.

     8. Amendment Fee; Costs and Expenses. In consideration of the execution and
        ---------------------------------
delivery by Agent and Lenders of this Amendment, Borrowers shall pay to Agent
and Lenders a non-refundable amendment fee of $100,000, which shall be deemed to
be fully earned and payable upon the execution and delivery of this Amendment by
Agent and Lenders. Borrowers shall reimburse Agent and Lenders for all fees and
expenses incurred in the preparation, negotiation and execution of this
Amendment and the consummation of the transactions contemplated hereby,
including, without limitation, the fees and expenses of counsel for Agent and
Lenders.

     9. No Further Amendments; Ratification of Liability. Except as amended
        ------------------------------------------------
hereby, the Loan Agreement and each of the other Loan Instruments shall remain
in full force and effect in accordance with its respective terms. Each Borrower
hereby ratifies and confirms its liabilities, obligations and agreements under
the Loan Agreement and the other Loan Instruments, all as amended by this
Amendment, and the Liens created thereby, and acknowledges that (i) it has no
defenses, claims or set-offs to the enforcement by Agent or Lenders of such
liabilities, obligations and agreements, (ii) Agent and each Lender have fully
performed all obligations to such Borrower which it may have had or has on and
as of the date hereof and (iii) other than as specifically set forth herein,
Lenders (A) expressly reserve and preserve all of their rights and remedies
under the Loan Agreement and the other Loan Instruments and (B) do not waive,
diminish or limit any term or condition contained in the Loan Agreement or the
other Loan Instruments. Lenders' agreement to the terms of this Amendment or any
other amendment of the Loan Agreement shall not be deemed to establish or create
a custom or course of dealing among

                                       13

<PAGE>

Lenders and Borrowers. The Loan Instruments, as amended by this Amendment,
contain the entire agreement among Lenders and Borrowers with respect to the
transactions contemplated hereby.

     10. Counterparts; Facsimile Execution. This Amendment may be executed in
         ---------------------------------
one or more counterparts, each of which shall be deemed an original and by
facsimile , and all of which, when taken together, shall constitute one and the
same instrument. Delivery of an executed counterpart of this Amendment by
telefacsimile shall be equally as effective as delivery of a manually executed
counterpart of this Amendment. Any party delivering an executed counterpart of
this Amendment by telefacsimile shall also deliver a manually executed
counterpart of this Amendment, but the failure to deliver a manually executed
counterpart shall not affect the validity, enforceability, and binding effect of
this Amendment.

     11. Further Assurances. Borrowers covenant and agree that they will at any
         ------------------
time and from time to time do, execute, acknowledge and deliver, or will cause
to be done, executed, acknowledged and delivered, all such further acts,
documents and instruments as reasonably may be required by Lenders in order to
effectuate fully the intent of this Amendment.

     12. Severability. If any term or provision of this Amendment or the
         ------------
application thereof to any party or circumstance shall be held to be invalid,
illegal or unenforceable in any respect by a court of competent jurisdiction,
the validity, legality and enforceability of the remaining terms and provisions
of this Amendment shall not in any way be affected or impaired thereby, and the
affected term or provision shall be modified to the minimum extent permitted by
law so as most fully to achieve the intention of this Amendment.

     13. Captions. The captions in this Amendment are inserted for convenience
         --------
of reference only and in no way define, describe or limit the scope or intent of
this Amendment or any of the provisions hereof.

     14. Governing Law. This Amendment shall be construed in accordance with and
         -------------
governed as to validity, interpretation, construction, effect and in all other
respects by the laws and decisions of the State of Arizona. For purposes of this
Section 13, this Amendment shall be deemed to be performed and made in the State
----------
of Arizona.

                [remainder of this page intentionally left blank]

                                       14

<PAGE>

     IN WITNESS WHEREOF, this Amendment has been executed and delivered by each
of the parties hereto by a duly authorized officer of each such party on the
date first set forth above.

                                      RED ROBIN GOURMET BURGERS, INC.,
                                      a Delaware corporation

                                      By:   /s/ James P. McCloskey
                                            ------------------------------------
                                      Name: James P. McCloskey
                                      Title:Chief Financial Officer & Secretary

                                      RED ROBIN INTERNATIONAL, INC., a Nevada
                                      corporation

                                      By:   /s/ James P. McCloskey
                                            ------------------------------------
                                      Name: James P. McCloskey
                                      Title:Chief Financial Officer & Secretary

                                      RED ROBIN DISTRIBUTING COMPANY, INC., a
                                      Colorado corporation

                                      By:   /s/ James P. McCloskey
                                            ------------------------------------
                                      Name: James P. McCloskey
                                      Title:Chief Financial Officer & Secretary

                                      RED ROBIN WEST, INC., a Nevada corporation

                                      By:   /s/ James P. McCloskey
                                            ------------------------------------
                                      Name: James P. McCloskey
                                      Title:Chief Financial Officer & Secretary

                                      RED ROBIN OF BALTIMORE COUNTY, INC., a
                                      Maryland corporation

                                      By:   /s/ John W. Grant
                                            ------------------------------------
                                      Name: John W. Grant
                                      Title:President

<PAGE>

                                      RED ROBIN OF ANNE ARUNDEL COUNTY, INC., a
                                      Maryland corporation

                                      By:   /s/ John W. Grant
                                            ------------------------------------
                                      Name: John W. Grant
                                      Title:President

                                      RED ROBIN OF MONTGOMERY COUNTY, INC., a
                                      Maryland corporation

                                      By:   /s/ John W. Grant
                                            ------------------------------------
                                      Name: John W. Grant
                                      Title:President

                                      WESTERN FRANCHISE DEVELOPMENT, INC., a
                                      California corporation

                                      By:   /s/ James P. McCloskey
                                            ------------------------------------
                                      Name: James P. McCloskey
                                      Title:Chief Financial Officer & Secretary

                                      FINOVA CAPITAL CORPORATION, a Delaware
                                      corporation

                                      By:
                                            ------------------------------------
                                      Name:
                                            ------------------------------------
                                      Title:
                                            ------------------------------------

<PAGE>

                                      RED ROBIN OF ANNE ARUNDEL COUNTY, INC., a
                                      Maryland corporation

                                      By:
                                            ------------------------------------
                                      Name:
                                            ------------------------------------
                                      Title:
                                            ------------------------------------

                                      RED ROBIN OF MONTGOMERY COUNTY, INC., a
                                      Maryland corporation

                                      By:
                                            ------------------------------------
                                      Name:
                                            ------------------------------------
                                      Title:
                                            ------------------------------------

                                      WESTERN FRANCHISE DEVELOPMENT, INC., a
                                      California corporation

                                      By:
                                            ------------------------------------
                                      Name:
                                            ------------------------------------
                                      Title:
                                            ------------------------------------

                                      FINOVA CAPITAL CORPORATION, a Delaware
                                      corporation

                                      By:   /s/ John Zakoworotny
                                            ------------------------------------
                                      Name: John Zakoworotny
                                      Title:Vice President

<PAGE>

                                  Schedule 1.1

1.   Northeast corner of NW Civic Street and Division Street, Gresham, OR
     (location # 351)

2.   Southwest corner of SE Washington Street and SE 100th Avenue, Portland OR
     (location # 145)

3.   Roseville (Creekside), Town Center, Pad 6, Harding Boulevard and Antelope
     Creek Drive, Roseville, CA (location # 49)

4.   12227 Harbor Boulevard, Garden Grove, CA 92840 (location # 146)

5.   1. W. Flatiron Circle, Suite 504, Broomfield, CO (location # 20)

6.   Crown Point, CO under development

7.   Dulles Town Center, VA under development

8.   Germantown, MD under development

9.   Mesa, AZ under development

10.  Peoria, AZ under development

11.  Prescott, Arizona under development

12.  The following New Stores which are the subject of the "Le Carnassier"
     acquisition:

     6522 Strip Ave. NW, Canton, Ohio (Site No. 601)
     17308 Chesterfield Airport Road, Chesterfield, MO (Site No. 615)
     36565 Euclid Avenue, Willoughby, OH (Site No. 604)

13.  The following New Stores which are the subject of the "Western Franchise
     Development" acquisition:

     1274 El Camino Real, San Bruno, CA (Site No. 193)
     4503 Rosewood Drive, Pleasanton, CA (Site No. 195)
     2204 Bridgepointe Parkway, San Mateo, CA (Site No. 196)

<PAGE>

                     List of Omitted Exhibits and Schedules
                     --------------------------------------

The following exhibits and schedules to the Second Amendment to Loan Instruments
have been omitted and shall be furnished supplementally to the Commission upon
request:

Schedule 5.3.1  -   Equity Interests
Schedule 5.5.4  -   Facility Sites
Schedule 5.5.5  -   Leases
Schedule 5.5.6  -   Real Estate<PAGE>

                                                                   Exhibit 10.21
                              MASTER LOAN AGREEMENT

     This MASTER LOAN AGREEMENT (this "Agreement"), dated as of the 3rd day of
November, 2000 is made by and between Red Robin International, Inc., a Nevada
corporation ("Debtor"), whose address is 5575 DTC Parkway, Suite 110, Englewood,
CO 80111 and General Electric Capital Business Asset Funding Corporation ("GE
Capital") whose address is 10900 NE 4th Street, Suite 500, Bellevue, WA 98004,
mailing address C-97550, Bellevue, WA 98009. GE Capital and Debtor may from time
to time enter into written agreements in the form of security agreements and
promissory notes pursuant to which GE Capital will make certain secured loans to
Debtor. To facilitate such transactions, GE Capital and Debtor are entering into
this Agreement, the terms and provisions of which shall be incorporated by
reference in each such security agreement and promissory note.

     NOW, THEREFORE, in consideration of the premises and the covenants set
forth herein, the receipt and sufficiency of which are hereby acknowledged,
Debtor and GE Capital hereby agree as follows:

     1. Security Agreement. If GE Capital agrees from time to time to make a
        ------------------
loan or loans when requested by Debtor, Debtor shall execute and deliver to GE
Capital a security agreement ("Security Agreement") granting GE Capital a
security interest in the particular collateral more particularly described in
the Security Agreement (the "Collateral") to be pledged as security for such
loan and if so indicated in the Security Agreement, as security for all other
debts or obligations of Debtor to GE Capital now existing or hereafter arising,
setting forth the particulars of the transaction, including, without limitation,
the amount of each loan (the "Loan Amount") and the final date on which the loan
proceeds will be available for each funding (the "Outside Funding Date"). The
Loan Amount, the Outside Funding Date, and other relevant information may be
specified in a schedule or schedules from time to time attached to and made a
part of a Security Agreement in order to facilitate future advances secured by
the Collateral described in the Security Agreement. In the absence of a signed
Security Agreement, this Agreement shall not constitute a loan agreement or a
commitment by either party to enter into a loan.

     2. The Borrowing. Subject to the terms and conditions herein stated, GE
        -------------
Capital agrees from time to time during the term of this Agreement to make an
interim loan or loans (the "Interim Loan") to Debtor, and/or a term loan or
loans (the "Term Loan") to Debtor. (Hereinafter, the Interim Loan and Term Loan
are sometimes collectively referred to as the "Loan"). The Interim Loan proceeds
will be disbursed as partial advances of the Loan Amount as requested by Debtor.
At the earliest to occur of (i) funding by GE Capital of the total Loan Amount,
(ii) the Outside Funding Date, or (iii) such other date as may be mutually
agreed by the parties (such earliest date hereinafter referred to as the
"Closing Date"), the Term Loan will be made by renewing, on the terms and
conditions hereinafter set out, the then outstanding Interim Loan principal
balance. Alternatively the Loan may be structured solely as a Term Loan pursuant
to Section 5 hereof, without a prior Interim Loan.

     3. Manner of Borrowing on Interim Loan. Debtor shall give GE Capital at
        -----------------------------------
least five (5) days' notice, in the form of a request for the advance of loan
proceeds (the "Request"), specifying the date on which any portion of the
Interim Loan is to be borrowed. Each Request shall be accompanied by an original
copy of the invoice or invoices for equipment to be paid from the Interim Loan
proceeds. Such notice shall constitute a representation and warranty by Debtor
that as of the date of the notice, no event of default or event that, with the
lapse of time or the giving of notice or both, would constitute an event of
default, has occurred and is continuing. Subject to the conditions heretofore
stated and stated in the Security Agreement, GE Capital will disburse the Loan
Amount to the invoicing party, or if Debtor shall have paid the amount of such
invoice, GE Capital shall reimburse Debtor for the Loan Amount upon receipt from
Debtor of proof of payment.

     4. Payment of Interim Loan Principal and Interest. The outstanding
        ----------------------------------------------
principal balance of the Interim Loan, together with all accrued interest
thereon, at the rate set forth in the Interim Note, if any, is payable in full
on the Closing Date. If on the Closing Date the Term Loan is made, the
outstanding principal balance of the Interim Loan will be deemed paid in full
with the proceeds from the Term Loan, and the amount of such proceeds shall
constitute the beginning balance of the Term Loan.

                                       1

<PAGE>

     5. Manner of Borrowing on Term Loan. Upon satisfaction of all conditions
        --------------------------------
herein stated, and upon payment by Debtor of all accrued but unpaid interest on
the Interim Loan, if any, GE Capital shall, on the Closing Date, make the Term
Loan by either (i) renewing the Interim Loan on the terms herein set forth, or
(ii) disbursing loan proceeds as instructed by Debtor, or (iii) a combination of
(i) and (ii). Upon receipt of a request therefore, and upon satisfaction of all
conditions herein stated, and upon credit approval by GE Capital, which approval
shall be in GE Capital's sole discretion, GE Capital may make additional Term
Loans to Debtor, as reflected in the terms of an additional Term Note and, if
required, a new Security Agreement, executed by Debtor and delivered to GE
Capital. Repayment of such additional Term Loan(s) shall be in accordance with
the terms of the related Term Note, Security Agreement and this Agreement.

     6. Payment of Principal and Interest on Term Loan. Principal and interest
        ----------------------------------------------
on each Term Loan shall be payable in accordance with the terms and conditions
of the related Term Note. Each payment installment shall be applied first to
accrued but unpaid interest, with the balance being applied in reduction of the
outstanding principal. Payments are deemed paid when received by GE Capital.

     7. Promissory Notes. Each Interim Loan shall be evidenced by and repayable
        ----------------
with interest in accordance with one or more promissory note(s) of Debtor (the
"Interim Note") payable to the order of GE Capital. Each Term Loan shall be
evidenced by and repayable with interest in accordance with one or more
promissory note(s) of Debtor (the "Term Note") payable to the order of GE
Capital in the principal amount of the Term Loan. (The Interim Note and the Term
Note are herein sometimes each called a "Note" and collectively the "Notes").

     8. Conditions Precedent. GE Capital's obligation to make any loan
        --------------------
contemplated hereunder is subject to receipt of all documents that GE Capital
may reasonably request to establish the consummation and enforceability of this
Agreement. Such documents may include, but are not necessarily limited to,
certified resolutions, legal opinions, personal and corporate guarantees,
Uniform Commercial Code financing statements, landlord and mortgagee waivers,
evidence of insurance and sales agreements or purchase orders.

     9. Limitation on Interest. It is the intent of the parties to this
        ----------------------
Agreement to contract in strict compliance with applicable usury law from time
to time in effect. In furtherance thereof, the parties stipulate and agree that
none of the terms and provisions contained in this Agreement, the Notes or in
any other agreement or document executed in connection herewith, shall ever be
construed to create a contract to pay for the use, forbearance or detention of
money at a rate in excess of the maximum interest rate permitted to be charged
by applicable law from time to time in effect.

     10. Debtor's Warranties. Debtor represents and warrants to GE Capital, as
         -------------------
of the date of execution of this Agreement and as of the date of execution of
any Note and any Security Agreement, that the execution, delivery and
performance of this Agreement, the Note and the Security Agreement,
respectively, will not result in a default or acceleration of any obligation
under any agreement, order, decree or judgment to which it is a party or by
which it is bound, nor is it now in default under any of the same; there is no
litigation or proceeding pending or threatened against it which may have a
materially adverse effect on Debtor or which would prevent or hinder the
performance by it of its obligations hereunder; this Agreement and the attendant
documents constitute the legal and valid obligations of Debtor, binding and
enforceable against it in accordance with their respective terms; no action by
or with any commission or administrative agency is required in connection
herewith; other than those which have been obtained or waived, no consent of any
third party is required in order for Debtor to execute, deliver and perform its
obligations under this Agreement and the attendant documents; Debtor has the
power to own its assets and to transact business in which it is engaged; and
Debtor will give GE Capital prompt notice of any change in its name, identity or
structure.

     11. Use. Debtor agrees that the Collateral will be used solely in the
         ---
conduct of Debtor's business and will at all times remain in the possession and
control of Debtor at the location(s) specified in the Security Agreement(s) and
will not be removed without GE Capital's prior written consent. Debtor promises
that the Collateral at all times will be used and operated under and in
compliance with the laws of the jurisdiction in which the Collateral is located
and in compliance with all lawful acts, rules and regulations and orders of any
governmental bodies or officers having power to regulate or supervise the use of
such property, except that

                                       2

<PAGE>

Debtor may in good faith and by appropriate proceedings contest the application
of any such rule, regulation or order in any reasonable manner that will not
adversely affect GE Capital's security interest in any Collateral or subject the
same to forfeiture or sale. Debtor will not permit any Collateral to be subject
to any lien, charge or encumbrance except that of GE Capital and will keep the
Collateral free and clear of any and all liens, charges, encumbrances, and
adverse claims. Debtor will not sell, lease, rent, or otherwise dispose of any
item of Collateral without the prior written consent of GE Capital.

     12. Maintenance and Improvement. Debtor shall at all times, at its own
         ---------------------------
expense, keep the Collateral in good and efficient working order, condition and
repair, ordinary wear and tear excepted, and shall make all inspections and
repairs regularly required by law, regulation or insurance policy. Debtor shall
also make any alterations, improvements or additions to the Collateral that are
required by law or regulation. Any alterations, improvements, or additions to
shall be made at the expense of Debtor, shall constitute accessions to the
Collateral and shall be subject to GE Capital's security interest.

     13. Loss and Damage. Debtor shall bear the risk of damage, loss, theft, or
         ---------------
destruction, partial or complete, of the Collateral from whatsoever source
arising, whether or not such loss or damage is covered by insurance, except that
while Debtor is not in default, GE Capital agrees to apply toward payment of
obligations of Debtor under this Agreement, insurance proceeds payable to GE
Capital by reason of such damage, loss, theft, or destruction. In the event of
any damage, loss, theft, or destruction, partial or complete, of any material
item over $50,000.00 of Collateral, Debtor shall promptly notify GE Capital in
writing and at the option of GE Capital (a) repair or restore the Collateral to
good condition and working order, or (b) replace the Collateral with similar
equipment in good repair, condition and working order, or (c) pay GE Capital, in
cash, an amount equal to the unamortized cost for that item and all other
amounts then due and owing under this Agreement, and upon payment of that
amount, this Agreement shall terminate with respect to that item only, and GE
Capital will release its interest in that item.

     14. Insurance. Debtor shall procure and continuously maintain and pay for
         ---------
(a) all risk physical damage insurance covering loss or damage to the Collateral
for not less than the full replacement value thereof naming GE Capital as
additional insured and loss payee, and (b) bodily injury and property damage
combined single limit liability insurance in an amount not less than One Million
Dollars ($1,000,000) for each location at which any of the Collateral is
located, with such insurance companies and pursuant to such contracts or
policies and with such deductibles as are reasonably satisfactory to GE Capital.
All contracts and policies shall include provisions for the protection of GE
Capital notwithstanding any act or neglect of or breach or default by Debtor,
shall provide for payment of insurance proceeds to GE Capital, shall provide
that they may not be modified, terminated or canceled unless GE Capital is given
at least twenty (20) days' advance written notice thereof, and shall provide
that the coverage is "primary coverage" for the protection of Debtor or GE
Capital notwithstanding any other coverage carried by GE Capital or Debtor
protecting against similar risks. Debtor shall promptly notify any appropriate
insurer and GE Capital of each and every occurrence which reasonably may be
expected to become the basis of a claim or cause of action against the insured
and provide GE Capital with all data pertinent to such occurrence. Debtor shall
furnish GE Capital with certificates of such insurance or copies of policies
upon request and shall furnish GE Capital with renewal certificates not less
than thirty (30) days prior to the renewal date. Proceeds of all insurance are
payable first to GE Capital the extent of its interest.

     15. Taxes. Debtor agrees to pay all taxes, assessments and other
         -----
governmental charges of whatsoever kind and character by whom payable on or
relating to any item of Collateral or the sale, ownership, use, shipment,
transportation, delivery or operation thereof or payable in respect to any
obligation of Debtor. Upon receipt of a request therefor from GE Capital, Debtor
will submit written evidence of payment of the obligations enumerated in this
section.

     16. Financial Data. During the term of this Agreement Debtor will provide
         --------------
GE Capital with balance sheets and income statements within forty-five (45) days
after the close of each fiscal quarter, or more frequently if requested, as
provided to Debtor's franchisor, and CPA prepared financial statements,
including balance sheets and income statements of Red Robin International, Inc.
on a consolidated basis, within ninety (90) days after the close of each fiscal
year. Debtor warrants that any such financial statement shall be a full, true
and correct statement of Debtor's financial condition on the stated dates.
Debtor shall also provide GE Capital with

                                       3

<PAGE>

personal financial statements and tax returns of any guarantor on an annual
basis, and such information concerning its business as GE Capital may reasonably
request.

     17. General Indemnity. Debtor will defend, indemnify and hold harmless GE
         -----------------
Capital from and against any claim, cause of action, damage, liability, cost or
expense (including but not limited to legal fees and costs) which may be
assessed against or incurred in any manner by or for the account of Debtor or GE
Capital: (i) relating to the Collateral or any part thereof, including without
limitation the manufacture, construction, purchase, delivery, acceptance or
rejection, installation, alteration, ownership, sale, leasing, removal or return
of the Collateral, or as a result of the use, maintenance, repair, replacement,
operation or the condition thereof (whether defects are latent or discoverable);
(ii) by reason or as a result of any act or omission of Debtor for itself or as
agent or attorney-in-fact for GE Capital hereunder; (iii) as a result of claims
for patent, trademark or copyright infringement; or (iv) as a result of product
liability claims or claims for strict liability.

     18. GE Capital's Expenditures. GE Capital may at its option provide
         -------------------------
insurance, pay taxes, and make other expenditures reasonably necessary to
protect GE Capital or the Collateral if Debtor should fail to perform any
covenant of this Agreement. Debtor will, on demand, reimburse GE Capital for all
such expenditures, together with interest thereon from the date of such
expenditure until fully reimbursed at the rate of two percent (2%) per month on
the outstanding balance of such expenditures or the highest rate permitted by
law, whichever is less.

     19. Events of Default and Remedies.
         ------------------------------
          a.   Events of Default. Each of the following shall constitute an
               -----------------
               Event of Default hereunder and a default under any Security
               Agreement and Note executed in connection herewith:
               i.   Failure to perform the covenants set forth in Section 14
                    (Insurance) or breach of the covenants set forth in Section
                    20 (due on sale of franchise), which failure shall continue
                    for ten (10) days following Debtor's receipt of notice of
                    such failure, or
               ii.  Failure to pay any installment due under any Note or failure
                    to pay any other monetary obligation owed by Debtor or any
                    affiliate of Debtor at any time to GE Capital, which failure
                    shall continue for more than ten (10) days, or
               iii. Failure to perform any other covenant contained in this
                    Agreement, which failure shall continue for thirty (30) days
                    following Debtor's receipt of notice of such failure, or
               iv.  Default with respect to any other obligations of Debtor to
                    GE Capital under any other transactions, debts, undertakings
                    or agreements or with respect to any other transactions,
                    debts, undertakings or agreements of Debtor to any other
                    party, or
               v.   If any representation or warranty made by Debtor herein or
                    in any statement or certificate furnished by Debtor in
                    connection with this Agreement or any related agreement
                    proves untrue in any material respect as of the date of
                    making thereof, and shall not be made good within thirty
                    (30) days after written notice thereof to Debtor, or Debtor
                    becomes insolvent or is generally not paying its debts as
                    they become due or makes an assignment for benefit of
                    creditors, or
               vi.  Proceedings are commenced by Debtor under the Federal
                    Bankruptcy Code or any similar Federal or State laws for the
                    relief of debtors, or proceedings are commenced against
                    debtor and are not dismissed within thirty (30) days after
                    such commencement, or a trustee or receiver is appointed for
                    Debtor or a major part of its property and is not discharged
                    within thirty (30) days after such appointment, or
               vii. Any item of Collateral is seized or levied on under legal or
                    governmental process against Debtor or against such item of
                    Collateral or for any reason GE Capital deems itself
                    insecure, or
               viii. Any merger, consolidation, reorganization, conversion to
                    "S" corporation status or dissolution of a corporate,
                    partnership or company Debtor, which has a materially
                    adverse effect upon GE Capital's position under this
                    Agreement.

                                       4

<PAGE>

          b.   Remedies. The occurrence of any Event of Default shall terminate
               --------
               any obligation on the part of GE Capital to advance additional
               loan proceeds. When the Event of Default has occurred and is
               continuing, GE Capital at its option may:
               i.   Proceed by appropriate court action to enforce performance
                    by Debtor of this Agreement, the Security Agreement(s) and
                    the Notes or to recover damages for breach thereof, and/or
               ii.  Without notice or demand declare immediately due and payable
                    the entire unamortized portion of any and all Notes executed
                    in connection herewith plus accrued interest and any other
                    amounts then due hereunder; and thereupon GE Capital shall
                    have an immediate right to pursue all remedies provided by
                    law, including, without limitation, the following:
                    (a). Debtor agrees to put GE Capital in possession of the
                         Collateral on demand;
                    (b). GE Capital is authorized to enter any premises where
                         any Collateral is situated and take possession thereof
                         without notice or demand and without legal proceedings;
                    (c). At GE Capital's request, Debtor will assemble the
                         Collateral and make it available to GE Capital at a
                         place designated by GE Capital which is reasonably
                         convenient to both parties;
                    (d). Debtor agrees that ten (10) days from the time notice
                         is sent shall be a reasonable period of notification of
                         a sale or other disposition of the Collateral;
                    (e). Debtor agrees to pay on demand the amount of all
                         expenses reasonably incurred by GE Capital in
                         protecting or realizing on the Collateral;
                    (f). If GE Capital disposes of the Collateral, Debtor agrees
                         to pay any deficiency remaining after application of
                         the net proceeds to the amounts due hereunder and under
                         the Notes.

     If upon the occurrence of an Event of Default, GE Capital brings suit or
otherwise incurs expenses for protection of GE Capital's rights, Debtor will pay
GE Capital its legal fees, in a reasonable amount, together with GE Capital's
collection expenses and court costs. In addition, from and after an Event of
Default, Debtor shall be liable for interest on amounts due GE Capital hereunder
at the rate of six (6%) percent over the rate payable by Debtor under the Term
or Interim Notes then in effect; ("Default Interest") provided however, that
Debtor shall not be assessed a late charge (as set forth in the Term and Interim
Notes) during such period of time that Default Interest is accruing against
Debtor as herein stated. The remedies herein provided in favor of GE Capital
shall not be deemed to be exclusive but shall be cumulative and in addition to
all other remedies available at law or equity.

     20. Inspection. GE Capital, its employees or agents, shall at all times
         ----------
during normal business hours have the right to enter the premises where the
Collateral may be located for the purpose of inspecting and examining the
Collateral to insure Debtor's compliance with its obligations hereunder.
Inspections conducted by GE Capital shall be for its own benefit and shall not
be relied on by Debtor or any third parties.

     21. Personal Property. No item of Collateral will be attached or affixed to
         -----------------
realty or any building without GE Capital's prior knowledge and the written
consent and waiver, in form and substance acceptable to GE Capital, of the
landlord and the mortgagee, if any, of the real property to which the Collateral
is proposed to be attached or affixed.

     22. Notices. Except for any notice required under applicable law to be
         -------
given in another manner, any notices required hereunder shall be in writing and
shall be given by mailing such notice by certified mail or by sending such
notice by Federal Express or other nationally recognized courier, addressed to
GE Capital at: 10900 N.E. 4th Street, Suite 500, Bellevue, Washington 98004
(mailing address: C-97550, Bellevue, WA 98009) and to Debtor at: 5575 DTC
Parkway, Suite 110, Englewood, CO 80111, Attn: Legal Department, with a copy to
the Attn: CFO, or to such other address as either party may from time to time
specify in writing to the other. Notices so mailed or sent shall be deemed given
on the date shown on the return receipt or courier's records as the date of
delivery or first attempted delivery.

                                       5

<PAGE>

     23. Further Instruments. From time to time, Debtor will execute such
         -------------------
further instruments as GE Capital may reasonably require in order to protect,
preserve and maintain the security interest granted in connection herewith.

     24. Authorization to Insert. Debtor authorizes GE Capital to insert in the
         -----------------------
spaces provided herein, and in any Security Agreement or Note executed in
connection herewith, dates, models, serial numbers, loan numbers and other
pertinent data relative to the proper identification of Debtor, the Collateral
or this Loan.

     25. Survival. All representations, warranties, covenants, and agreements of
         --------
Debtor shall survive the execution and delivery of this Agreement or any other
agreements or documents executed in connection herewith, and the performance of
this Agreement.

     26. Assignment. Debtor may not assign or transfer any rights under this
         ----------
Agreement or to the Collateral without GE Capital's prior written consent,
except to an affiliate of Debtor or Red Robin International, Inc.

     27. Joint and Several. The obligations of all Debtors hereunder shall be
         -----------------
both joint and several.

     28. Non-Waiver. This Agreement, the Security Agreement(s) and the Notes
         ----------
comprise the entire agreement between GE Capital and Debtor with respect to the
Collateral, and any amendments thereto shall be only in a writing executed by
both parties. No delay or failure by GE Capital shall constitute a waiver or
otherwise affect or impair any right, power or remedy available to GE Capital
nor shall any waiver or indulgence by GE Capital or any partial or single
exercise of any right, power or remedy preclude any other or further exercise
thereof. The exercise of any right, power or remedy shall in no event constitute
a waiver or cure of any default under this Agreement or prejudice GE Capital in
the exercise of any right hereunder unless in the exercise of such right all
obligations of Debtor under this Agreement are fully performed.

     29. Governing Law. This Agreement, the Security Agreement(s) and the
         -------------
Note(s) shall be governed by and construed according to the laws of the State of
Washington.

General Electric Capital                  Red Robin International, Inc.
Business Asset Funding Corporation

By: /s/ Dawn Peretti                      By: /s/ Jim McCloskey
    -----------------------------------       ----------------------------------
Title: Dawn Peretti, Vice President       Title: Jim McCloskey, CFO

                                       6

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