Disclosed is a compound which is useful as an 11²-hydroxysteroid dehydrogenase type 1 inhibitor. A compound represented by the formula: , its pharmaceutically acceptable salt, or a solvate thereof, wherein Ring A is a group represented by the formula: Ring B is optionally substituted heteroaryl, provided that optionally substituted isoxazole is excluded, or optionally substituted heterocycle, R 1 is hydrogen or optionally substituted alkyl, R 2 is -OR 5 , -SR 5 , halogen, halogenated alkyl or the like, R 3 is optionally substituted alkyl or the like, R 4 is optionally substituted alkyl or the like, R 5 is optionally substituted alkyl or the like, R 6 is hydrogen or the like, R 7 and R 8 are each independently hydrogen or the like, R 10 and R 11 are each independently hydrogen or the like, R 12 is optionally substituted alkyl or the like, m and p are each independently integer of 1 to 3.
