STEAK & SHAKE CO
EXHIBIT 10.2
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex102.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML><HEAD>
<TITLE>
Exhibit 10.2
</TITLE>
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<DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=right><STRONG>Exhibit 10.2</STRONG> </DIV>
<DIV>&nbsp;</DIV>
<DIV><BR>
<DIV align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><STRONG>FIFTH
AMENDMENT TO CREDIT AGREEMENT</STRONG></FONT></DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><STRONG>THE
STEAK N SHAKE COMPANY</STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">,
an Indiana corporation (the "Company") and </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><STRONG>FIFTH
THIRD BANK (CENTRAL INDIANA)</STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">,
a Michigan banking corporation, formerly known as Fifth Third Bank, Indiana
(Central) (the "Bank"), being parties to that certain Credit Agreement dated as
of November 16, 2001, as previously amended (collectively, the "Agreement")
agree to further amend the Agreement by this Fifth Amendment to Credit Agreement
(this "Amendment") as follows.</FONT></DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">1.</FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;
&nbsp;</FONT>&nbsp;<FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><STRONG><U>DEFINITIONS</U></STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">.
All defined terms used herein not otherwise defined in this Amendment shall have
their respective meanings set forth in </FONT></DIV>
<DIV align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><FONT
id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;the Agreement.
</FONT></DIV>
<DIV align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">&nbsp;</TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">(a)</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><STRONG><U>Amended
      Definitions</U></STRONG></FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">.
      The following definitions appearing under Section 1 of the Agreement are
      hereby amended and restated in their respective entireties as
      follows:</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=list cellSpacing=0 cellPadding=0 width="100%">
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 108pt" align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Symbol, serif">&#183;&nbsp;&nbsp;</FONT></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">"<U>Interest
      Period"</U></FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">
      means each consecutive seven (7), thirty (30), sixty (60), ninety (90), or
      one hundred twenty (120) day period for which the Company shall have
      selected the LIBOR-based Rate, effective as of the first day of each
      Interest Period and ending on the last day of each Interest Period;
      provided, that if any Interest Period is selected to end on a date for
      which there is no numerical equivalent to the date on which the Interest
      Period commenced, then the Interest Period shall end instead on the last
      day of such calendar month.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=list cellSpacing=0 cellPadding=0 width="100%">
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 108pt" align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Symbol, serif">&#183;&nbsp;&nbsp;</FONT></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">"</FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><U>Revolving
      Loan Maturity Date</U></FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">"
      means January 30, 2008.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">&nbsp;</TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">(b)</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><STRONG><U>New
      Definition</U></STRONG></FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">.
      The following new definition is hereby added to Section 1 of the Agreement
      as follows:</FONT></DIV></TD></TR></TABLE></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD></TR></TABLE></DIV>
<DIV></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR><BR>
<DIV>
<TABLE id=list cellSpacing=0 cellPadding=0 width="100%">
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 108pt" align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Symbol, serif">&#183;&nbsp;&nbsp;</FONT></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">"<U>Fifth
      Amendment"</U></FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">
      means that certain agreement entitled "Fifth Amendment to Credit
      Agreement" entered into by and between the Company and the Bank dated as
      of January 30, 2005, for the purpose of amending this
      Agreement.</FONT></DIV></TD></TR></TABLE></DIV></DIV></DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">2.</FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;
&nbsp;</FONT>&nbsp;<FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><STRONG><U>THE
LOAN</U></STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">.
Section 2(a)(i) and the first sentence of Section 2(a)(ii) of the Agreement are
hereby amended and restated in their </FONT></DIV>
<DIV align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><FONT
id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;respective entireties
as follows:</FONT></DIV>
<DIV align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">(i)</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><U>The
      Commitment -- Use of Proceeds</U></FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">.
      From this date and until the Revolving Loan Maturity Date, the Bank agrees
      to make Advances (collectively, the "Revolving Loan") under a revolving
      line of credit from time to time to the Company of amounts not exceeding
      in the aggregate at any time outstanding Fifty Million and No/100 Dollars
      ($50,000,000.00) (the "Commitment"). Proceeds of the Revolving Loan may be
      used by the Company only to fund general corporate
    purposes.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">(ii)</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><U>Method
      of Borrowing</U></FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">.
      The obligation of the Company to repay the Revolving Loan shall be
      evidenced by a Promissory Note of the Company in the form of </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><U>Exhibit
      "A"</U></FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">
      attached hereto (the "Revolving Note").</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">3.</FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;
&nbsp;</FONT>&nbsp;<FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><STRONG><U>FINANCIAL
COVENANTS</U></STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">.
Section 5(g)(ii) of the Agreement pertaining to the maintenance of a minimum
debt service coverage ratio </FONT></DIV>
<DIV align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><FONT
id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;is hereby deleted,
and Section 5(g)(i) is hereby amended and restated in its entirety as
follows:</FONT></DIV>
<DIV align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">(i)</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><U>Maximum
      Ratio of Funded Debt to EBITDA</U></FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">.
      For each period of four (4) consecutive fiscal quarters commencing with
      the period of four (4) consecutive fiscal quarters ending on December 28,
      2004, maintain a ratio of Funded Debt to EBITDA of not more than 4.00 to
      1.00.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">4.</FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;
&nbsp;</FONT>&nbsp;<FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><STRONG><U>REPRESENTATIONS
AND WARRANTIES</U></STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">.
In order to induce the Bank to enter into this Amendment, the Company affirms
that </FONT></DIV>
<DIV align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><FONT
id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;the representations
and warranties contained in the Agreement are correct as of the date of this
Amendment, except that (i) they shall be </FONT></DIV>
<DIV align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><FONT
id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;deemed to also refer
to this Amendment as well as all documents named herein and, (ii) Section 3(d)
of the Agreement shall be deemed </FONT></DIV>
<DIV align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><FONT
id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;also to refer to the
most recent audited and unaudited financial statements of the Company delivered
to the Bank.</FONT></DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">5.</FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;
&nbsp;</FONT>&nbsp;<FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><STRONG><U>EVENTS
OF DEFAULT</U></STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">.
The Company certifies to the Bank that no Event of Default or Unmatured Event of
Default under the </FONT></DIV>
<DIV align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><FONT
id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;Agreement, as amended
by this Amendment, has occurred and is continuing as of the date of this
Amendment.</FONT></DIV>
<DIV align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"></FONT>&nbsp;</DIV>
<DIV align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">6.</FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;
&nbsp;</FONT>&nbsp;<FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><STRONG><U>CONDITIONS
PRECEDENT</U></STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">.
As conditions precedent to the effectiveness of this Amendment, the Bank shall
have received the </FONT></DIV>
<DIV align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><FONT
id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;following
contemporaneously with execution and delivery of this Amendment, each duly
executed, dated and in form and substance </FONT></DIV>
<DIV align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><FONT
id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;satisfactory to the
Bank:</FONT></DIV>
<DIV align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 126pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">(i)</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">This
      Amendment duly executed by the Company.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 162pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV style="MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">(ii)</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">The
      Revolving Note in the form of </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><U>Exhibit
      "A"</U></FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">
      attached hereto duly executed by the
Company.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 162pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV style="MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">(iii)</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">The
      Reaffirmation of Guaranty Agreement in the form attached hereto as
      </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><U>Exhibit
      "B"</U></FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">
      duly executed by Steak n Shake Operations,
Inc.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 162pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV style="MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">(iv)</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">The
      Reaffirmation of Guaranty Agreement in the form attached hereto as
      </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><U>Exhibit
      "C"</U></FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">
      duly executed by </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">Steak
      n Shake, L.P.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 162pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV style="MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">(v)</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">The
      Reaffirmation of Guaranty Agreement in the form attached hereto as
      </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><U>Exhibit
      "D"</U></FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">
      duly executed by SnS Investment Company.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV style="MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV style="MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">(vi)</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">Resolutions
      of the Board of Directors of the Company authorizing the execution,
      delivery and performance, respectively, of this Amendment and all other
      Loan Documents provided for in this Amendment to which the Company is a
      party certified by the Secretary of the Board of Directors of the Company
      as being in full force and effect and duly adopted as of the date
      hereof.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV style="MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV style="MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">(vii)</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">The
      Certificate of the Secretary of the Board of Directors of the Company
      certifying the names of the officer or officers authorized to execute this
      Amendment and all other Loan Documents provided for in this Amendment to
      which the Company is a party, together with a sample of the true signature
      of each such officer, dated as of the date of this
    Amendment.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 162pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV style="MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">(viii)</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">Resolutions
      of the Board of Directors of Steak n Shake Operations, Inc., an Indiana
      corporation, authorizing the execution, delivery and performance,
      respectively, of its Reaffirmation of Guaranty Agreement and all other
      Loan Documents provided for in this Amendment to which Steak n Shake
      Operations, Inc. is a party certified by the Secretary of the Board of
      Directors of Steak n Shake Operations, Inc. as being in full force and
      effect and duly adopted as of the date
hereof.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV style="MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV style="MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">(ix)</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">The
      Certificate of the Secretary of the Board of Directors of Steak n Shake
      Operations, Inc. certifying the names of the officer or officers
      authorized to execute its Reaffirmation of Guaranty Agreement and all
      other Loan Documents provided for in this Amendment to which Steak n Shake
      Operations, Inc. is a party, together with a sample of the true signature
      of each such officer, dated as of the date of this
    Amendment.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 162pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV style="MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">(x)</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">Resolutions
      of the Board of Directors of Steak n Shake, L.P., an Indiana limited
      partnership, authorizing the execution, delivery and performance,
      respectively, of its Reaffirmation of Guaranty Agreement and all other
      Loan Documents provided for in this Amendment to which Steak n Shake, L.P.
      is a party certified by the Secretary of the Board of Directors of Steak n
      Shake, L.P. as being in full force and effect and duly adopted as of the
      date hereof.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV style="MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV style="MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">(xi)</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">The
      Certificate of the Secretary of the Board of Directors of Steak n Shake,
      L.P. certifying the names of the officer or officers authorized to execute
      its Reaffirmation of Guaranty Agreement and all other Loan Documents
      provided for in this Amendment to which Steak n Shake, L.P. is a party,
      together with a sample of the true signature of each such officer, dated
      as of the date of this Amendment.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 162pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV style="MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">(xii)</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">Resolutions
      of the Board of Directors of SnS Investment Company, an Indiana
      corporation, authorizing the execution, delivery and performance,
      respectively, of its Reaffirmation of Guaranty Agreement and all other
      Loan Documents provided for in this Amendment to which SnS Investment
      Company is a party certified by the Secretary of the Board of Directors of
      SnS Investment Company as being in full force and effect and duly adopted
      as of the date hereof.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV style="MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV style="MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">(xiii)</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">The
      Certificate of the Secretary of the Board of Directors of SnS Investment
      Company certifying the names of the officer or officers authorized to
      execute its Reaffirmation of Guaranty Agreement and all other Loan
      Documents provided for in this Amendment to which SnS Investment Company
      is a party, together with a sample of the true signature of each such
      officer, dated as of the date of this
Amendment.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV style="MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">7.</FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;
&nbsp;</FONT>&nbsp;<FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><STRONG><U>PRIOR
AGREEMENTS</U></STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><STRONG>.</STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">
The Agreement, as amended by this Amendment, supersedes all previous agreements
and commitments </FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><FONT
id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;made or issued by the
Bank with respect to the Loans and all other subjects of this Amendment,
including, without limitation, any oral or </FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><FONT
id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;written proposals
which may have been made or issued by the Bank.</FONT></DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">8.</FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;
&nbsp;</FONT>&nbsp;<FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><STRONG><U>EFFECT
OF AMENDMENT</U></STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><STRONG>.</STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">
The provisions contained herein shall serve to supplement and amend the
provisions of the Agreement. </FONT></DIV>
<DIV align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><FONT
id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;To the extent that
the terms of this Amendment conflict with the terms of the Agreement, the
provisions of this Amendment shall control </FONT></DIV>
<DIV align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><FONT
id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;in all
respects.</FONT></DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">9.</FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;
&nbsp;</FONT>&nbsp;<FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><STRONG><U>REAFFIRMATION</U></STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">.
Except as expressly amended by this Amendment, all of the terms and conditions
of the Agreement shall remain in </FONT></DIV>
<DIV align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><FONT
id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;full force and effect
as originally written and as previously amended.</FONT></DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">10.</FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;
&nbsp;</FONT>&nbsp;<FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><STRONG><U>COUNTERPARTS</U></STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><STRONG>.
</STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">This
Amendment may be executed in any number of counterparts, each of which shall be
an original and all of </FONT></DIV>
<DIV align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><FONT
id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;which when taken
together shall be one and the same agreement. </FONT></DIV>
<DIV align=justify>&nbsp;</DIV>
<DIV align=center><BR></DIV>
<DIV align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><STRONG>IN
WITNESS WHEREOF</STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">,
the Company and the Bank by their respective duly authorized officers have
executed and delivered in Indiana this Fifth Amendment Credit Agreement as of
January 30, 2005.</FONT></DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><STRONG>THE
      STEAK N SHAKE COMPANY</STRONG></FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">,
      an Indiana corporation</FONT></DIV></TD></TR></TABLE></DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT></DIV>
<DIV align=justify><FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;By:</DIV>
<DIV align=justify>&nbsp;</DIV>
<DIV style="MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;/s/&nbsp; Jeffrey A.
Blade</DIV>
<DIV align=justify><FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;Jeffrey
A. Blade,</DIV>
<DIV align=justify><FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Senior Vice President and Chief Financial Officer<BR><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 252pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><STRONG>FIFTH
THIRD BANK (CENTRAL INDIANA)</STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">,
a Michigan banking corporation</FONT></DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 234pt">&nbsp;</TD>
    <TD style="WIDTH: 27pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">By:</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"></FONT>&nbsp;</DIV>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify>/s/ Andrew M. Cardimen</DIV>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">&nbsp;&nbsp;&nbsp;
      Andrew M. Cardimen, </FONT></DIV>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">&nbsp;&nbsp;&nbsp;
      Vice President and Senior Relationship
Manager</FONT></DIV></TD></TR></TABLE></DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><BR></DIV><BR></DIV>
<DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 270pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"></FONT></DIV><BR></DIV><BR>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>&nbsp;</DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">&nbsp;</DIV>
<DIV id=HDR>&nbsp;</DIV></DIV><BR>
<DIV align=justify><BR></DIV>
<DIV align=justify><BR></DIV>
<DIV align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif"><STRONG>SCHEDULE
OF EXHIBITS</STRONG></FONT></DIV>
<DIV align=center><BR></DIV>
<DIV align=center><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 72pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">Exhibit
      "A"</FONT></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">-</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">Promissory
      Note (Revolving Loan)($50,000,000.00) (The Steak n Shake
      Company)*</FONT></DIV></TD></TR></TABLE></DIV>
<DIV align=left><BR></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 72pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">Exhibit
      "B"</FONT></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">-</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">Reaffirmation
      of Guaranty Agreement (Steak n Shake Operations,
Inc.)*</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 72pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">Exhibit
      "C"</FONT></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">-</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">Reaffirmation
      of Guaranty Agreement (Steak n Shake,
L.P.)*</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 72pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">Exhibit
      "D"</FONT></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">-</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: CG Times, Times New Roman, serif">Reaffirmation
      of Guaranty Agreement (SnS Investment
Company)*</FONT></DIV></TD></TR></TABLE></DIV>
<DIV>&nbsp;</DIV>
<DIV>* Exhibits were omitted from filing.</DIV></DIV></DIV></BODY></HTML>


</TEXT>
</DOCUMENT>
