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  <h5 style="border:none;font-style:italic;font-weight:bold;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">&nbsp;</font></i></b></h5>
  
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  <h5 style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><i><font size="5" face="Times New Roman" style="font-size:18.0pt;font-style:normal;">UNITED
  STATES</font></i></b></h5>
  
  <h5 style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><i><font size="5" face="Times New Roman" style="font-size:18.0pt;font-style:normal;">SECURITIES
  AND EXCHANGE COMMISSION</font></i></b></h5>
  
  <p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, D.C. 20549</font></b></p>
  
  <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <h3 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">FORM&nbsp;8-K</font></b></h3>
  
  <h3 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h3>
  
  <p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT</font></b></p>
  
  <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <h4 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">Pursuant to Section&nbsp;13
  or 15(d)&nbsp;of the Securities Exchange Act of 1934</font></b></h4>
  
  <h4 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h4>
  
  <h4 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report (Date of earliest event reported): May&nbsp;7, 2008</font></b></h4>
  
  <h4 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h4>
  
  <p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">Einstein Noah Restaurant Group,&nbsp;Inc.</font></b></p>
  
  <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant
  as specified in its charter)</font></p>
  
  <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center">
  
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    <td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
    <p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">0-27148</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
    <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission File
    Number)</font></p>
    </td>
   </tr>
  </table>
  
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  <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
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   <tr>
    <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
    <p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Delaware</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
    <p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">13-3690261</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
    <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other
    jurisdiction of incorporation)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
    <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer
    Identification No.)</font></p>
    </td>
   </tr>
  </table>
  
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  <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center">
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
    <p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">555 Zang Street,
    Suite&nbsp;300, Lakewood, Colorado</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
    <p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">80228</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
    <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal
    executive offices)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
    <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip Code)</font></p>
    </td>
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  <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
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  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
    <p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(303) 568-8000</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
    <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant&#146;s telephone
    number, including area code)</font></p>
    </td>
   </tr>
  </table>
  
  </div>
  
  <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box below if the Form&nbsp;8-K
  filing is intended to simultaneously satisfy the filing obligation of the
  registrant under any of the following provisions:</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:left;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Written communications pursuant
  to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</p>
  
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:left;text-indent:-.25in;">&nbsp;</p>
  
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:left;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Soliciting material pursuant to Rule&nbsp;14a-12
  under the Exchange Act (17 CFR 240.14a-12)</p>
  
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:left;text-indent:-.25in;">&nbsp;</p>
  
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:left;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pre-commencement communications
  pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17
  CFR&nbsp;240.14d-2(b))</p>
  
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:left;text-indent:-.25in;">&nbsp;</p>
  
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:left;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pre-commencement communications
  pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act&nbsp;(17 CFR
  240.13e-4(c))</p>
  
  <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0in 0in 0in 0in;">
  
  <p align="left" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  
  </div>
  
  <p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  
  <div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105627\08-11245-4\task2926994\11245-4-ba-01.htm',USER='105627',CD='May  9 09:33 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">ITEM 2.03&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN
  OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT</font></b></p>
  
  <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;7, 2008, Einstein Noah Restaurant
  Group,&nbsp;Inc. (the &#147;Company&#148;), entered into an interest rate swap with Wells
  Fargo Foothills (the &#147;Bank&#148;) pursuant to an ISDA Master Agreement in customary
  form.&nbsp; The Company entered into the interest rate swap transaction to
  mitigate the Company&#146;s floating rate interest risk on $60 million of our total
  outstanding debt&nbsp;under our amended credit facility dated as of June&nbsp;28,
  2007.&nbsp; The interest rate swap has an effective date of August&nbsp;28,
  2008 and a termination date of August&nbsp;28, 2010.&nbsp;&nbsp;The Company is
  required to make certain fixed rate payments to the Bank calculated on an
  initial notional amount of $60 million, in exchange for receiving floating
  payments based on a<b>  </b>LIBOR rate for
  the same initial $60 million notional amount.&nbsp; The interest rate swap
  transaction effectively fixes the annual interest rate payable on $60 million
  of the Company&#146;s total outstanding debt at 3.52% plus an applicable margin.&nbsp;&nbsp;Notwithstanding
  the terms of the interest rate swap transaction, the Company is ultimately
  obligated for all amounts due and payable under the credit
  facility.&nbsp;&nbsp;The Company may enter into additional swap transactions in
  the future from time to time.</font></p>
  
  <h4 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h4>
  
  <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  
  <div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\105627\08-11245-4\task2926994\11245-4-ba-01.htm',USER='105627',CD='May  9 09:33 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <h4 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURES</font></b></h4>
  
  <h4 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h4>
  
  <p align="left" style="color:red;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act
  of 1934, the registrant has duly caused this report to be signed on its behalf
  by the undersigned hereunto duly authorized.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.06%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.94%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EINSTEIN
    NOAH RESTAURANT GROUP, INC.</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.06%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.94%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.06%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:
    May&nbsp;9, 2008</font></p>
    </td>
    <td width="42%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:42.94%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ ROBERT E.
    GOWDY, JR.</font></p>
    </td>
   </tr>
   <tr>
    <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.06%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="42%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:42.94%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert E.
    Gowdy,&nbsp;Jr.</font></p>
    </td>
   </tr>
   <tr>
    <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.06%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.94%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Controller and
    Chief Accounting Officer</font></p>
    </td>
   </tr>
  </table>
  
  <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  
  <div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\105627\08-11245-4\task2926994\11245-4-ba-01.htm',USER='105627',CD='May  9 09:33 2008' -->
  
  
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "a08-11245_48k.htm", "description": "8-K", "secsgml_size_bytes": 18931}]
metadata_filer: {"company-data": {"conformed-name": "EINSTEIN NOAH RESTAURANT GROUP INC", "cik": "0000949373", "assigned-sic": "5812", "irs-number": "133690261", "state-of-incorporation": "DE", "fiscal-year-end": "0103"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-33515", "film-number": "08818251"}, "business-address": {"street1": "555 ZANG STREET", "street2": "SUITE 300", "city": "LAKEWOOD", "state": "CO", "zip": "80228", "phone": "3035688000"}, "mail-address": {"street1": "555 ZANG STREET", "street2": "SUITE 300", "city": "LAKEWOOD", "state": "CO", "zip": "80228"}, "former-company": [{"former-conformed-name": "NEW WORLD RESTAURANT GROUP INC", "date-changed": "20010928"}, {"former-conformed-name": "NEW WORLD COFFEE MANHATTAN BAGEL INC", "date-changed": "19990413"}, {"former-conformed-name": "NEW WORLD COFFEE & BAGELS INC /", "date-changed": "19981007"}]}
text: UNITED
  STATES
  SECURITIES
  AND EXCHANGE COMMISSION
  Washington, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13
  or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of earliest event reported): May 7, 2008
  Einstein Noah Restaurant Group, Inc.
  (Exact name of registrant
  as specified in its charter)
  0-27148
  (Commission File
    Number)
  Delaware
  13-3690261
  (State or other
    jurisdiction of incorporation)
  (I.R.S. Employer
    Identification No.)
  555 Zang Street,
    Suite 300, Lakewood, Colorado
  80228
  (Address of principal
    executive offices)
  (Zip Code)
  (303) 568-8000
  (Registrant's telephone
    number, including area code)
  Check the appropriate box below if the Form 8-K
  filing is intended to simultaneously satisfy the filing obligation of the
  registrant under any of the following provisions:
  o
  Written communications pursuant
  to Rule 425 under the Securities Act (17 CFR 230.425)
  o
  Soliciting material pursuant to Rule 14a-12
  under the Exchange Act (17 CFR 240.14a-12)
  o
  Pre-commencement communications
  pursuant to Rule 14d-2(b) under the Exchange Act (17
  CFR 240.14d-2(b))
  o
  Pre-commencement communications
  pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
  240.13e-4(c))
  ITEM 2.03
  CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN
  OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT
  On May 7, 2008, Einstein Noah Restaurant
  Group, Inc. (the "Company"), entered into an interest rate swap with Wells
  Fargo Foothills (the "Bank") pursuant to an ISDA Master Agreement in customary
  form.  The Company entered into the interest rate swap transaction to
  mitigate the Company's floating rate interest risk on $60 million of our total
  outstanding debt under our amended credit facility dated as of June 28,
  2007.  The interest rate swap has an effective date of August 28,
  2008 and a termination date of August 28, 2010.  The Company is
  required to make certain fixed rate payments to the Bank calculated on an
  initial notional amount of $60 million, in exchange for receiving floating
  payments based on a
  LIBOR rate for
  the same initial $60 million notional amount.  The interest rate swap
  transaction effectively fixes the annual interest rate payable on $60 million
  of the Company's total outstanding debt at 3.52% plus an applicable margin.  Notwithstanding
  the terms of the interest rate swap transaction, the Company is ultimately
  obligated for all amounts due and payable under the credit
  facility.  The Company may enter into additional swap transactions in
  the future from time to time.
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  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act
  of 1934, the registrant has duly caused this report to be signed on its behalf
  by the undersigned hereunto duly authorized.
  EINSTEIN
    NOAH RESTAURANT GROUP, INC.
  Date:
    May 9, 2008
  /s/ ROBERT E.
    GOWDY, JR.
  Robert E.
    Gowdy, Jr.
  Controller and
    Chief Accounting Officer
  3