FIRST AMENDMENT TO LOAN AGREEMENT
This First Amendment to Loan Agreement ("First Amendment") is dated January 20, 2004, to be effective as of
May 12, 2003, by and among J.
ALEXANDER'S CORPORATION, J. ALEXANDER'S RESTAURANTS, INC., both Tennessee
corporations (collectively referred to as the "Borrower"), and BANK OF AMERICA, N.A., a national banking
W I T N E S S E T H
WHEREAS, Borrower and Lender entered into that certain Loan Agreement dated May 12, 2003 (the "Loan
WHEREAS, Borrower and Lender have agreed to modify certain provisions of the Loan Agreement as set forth
NOW, THEREFORE, as an inducement to cause Lender to extend credit to Borrower, and for other valuable
consideration, the receipt and sufficiency of which are acknowledged, it is agreed as follows:
1. Capitalized terms not defined herein shall have the meaning contained in the Loan Agreement.
2. Section 1(ll) of the Loan Agreement is hereby deleted in its entirety and in lieu thereof shall read as follows:
"(ll) "Revolving Committed Amount" means the lesser of (i) $5,000,000.00; (ii) 80% of the appraised value of the
(iii) such lesser amount as the Revolving Committed Amount may be reduced as set forth herein."
3. The first paragraph of Section 2 of the Loan Agreement is hereby deleted in its entirety and in lieu there of shall
read as follows:
"2. Revolving Loan. Lender agrees to make a revolving line of Credit loan to the Borrower for the Revolving
Committed Amount, at any time, and from time to time during the period from the date hereof to, but not
including, the Revolving Loan Maturity Date (the "Revolving Loan"). Borrower may borrow, repay and reborrow
the Revolving Loan at any time, up to a maximum aggregate amount outstanding at any one time equal to the
Revolving Committed Amount, provided that Borrower is not in default under any provision of this Agreement or
the Loan Documents, and provided that the borrowings hereunder do