Document:

Exhibit
10.1

 

Flower Crown (Hainan)
Cross-border E-commerce Co., Ltd

 

 

Business
Strategic Cooperation Contract

 

Contract
signing place: [Haikou] City [Xiuying] District

 

In
accordance with the Civil Code of the People’s Republic of China and other laws and regulations, Party A and Party B conclude this
Contract through friendly consultation in accordance with the principles of equality, voluntariness, fairness, honesty and faith.

 

Article
1 The Cooperation Parties

 

Party
A (supplier): Hua Zhi Guan (Hainan) Cross-border E-commerce Co., Ltd

 

Party
B (Purchaser): Tianjin China Travel Cultural Development Company

 

The
second noun definition

 

2.1
Product scope and supply price: Party website (http://shop.jxluxventure.com/) Product information and prices indicated, or the product
quotation provided by Party A to Party B by mail or otherwise, which, if not otherwise stated or agreed, has already included cross-border
comprehensive tax / tariff, customs clearance fees, third-party payment settlement service fees (if any).

 

2.2
Distribution: including the delivery of bonded zone and direct mail delivery, Party A shall send the products to the customers designated
by Party B according to the order provided by Party B.

 

2.3
BBC system: mainly B 2B mall, B 2C mall, O 2O new retail system collectively called.

 

2.4
SAAS: specifically refers to Party A’s own owned system software, which is deployed on Party A’s server. Party A provides
relevant services to Party B through SAAS.

 

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Flower Crown (Hainan)
Cross-border E-commerce Co., Ltd

 

Article
3 The Contract Content

 

3.1
During the strategic cooperation between both parties, the services that Party A can provide for Party B are: BBC system services and
Party A’s supply chain products ordering services.

 

3.2
BBC System Services Content:

 

3.2.1
Party B shall provide Party A with the relevant information required to open the BBC system (see Data required for Annex 2 BBC System).
After receiving all the data, Party A shall open Party B with free BBC system service function through SAAS (see Annex 1 BBC System Function
for detailed function description).

 

3.2.2乙
can freely use all the functions opened by Party A for Party B through the BBC system software, and have the right to carry out product
/ service shelves and irregular promotion activities on the system. Party A shall provide guidance for Party B on the use of the BBC
system, and shall regularly maintain the BBC system to facilitate the strategic cooperation between both parties.

 

3.2.3
If Party B needs to conduct promotional activities in the BBC system, it shall notify Party A within 5-7 working days in advance. Party
A shall arrange the staff to remotely assist Party B in maintaining the stability of the system according to the scale of the activity.

 

3.3
Party A’s Supply Chain Product Order Service: Party B may submit product orders to Party A through the system interface docking,
and Party A shall directly obtain the original orders from the users of Party B’s platform.

 

Party
3.3.1 shall submit the order according to the inventory of Party A system. Party A shall confirm within two working days after receiving
Party B and arrange the delivery according to Party B’s order.The order provided by Party B shall contain all the information necessary
by Party A. If it is not true, Party B shall bear the consequences by itself.

 

3.3.2
Party A shall deliver the products to the address in the order at the agreed time and mode of transportation according to the information
listed in the order.

 

3.3.3
Party A promises that the products delivered conform to the Order and the Contract and the relevant laws, regulations and industry standards
of the country of origin on product quality.

 

3.3.4
free shipment: Party A promises that all products delivered shall be in neutral packaging without any Party A or Supplier information.

 

If
Party 3.3.5乙 needs to conduct promotional activities with Party A’s products on the BBC system, it shall notify Party A
5-7 working days in advance. Party A shall lock Party B according to the inventory situation, otherwise the responsibilities caused by
Party B’s failure to communicate with Party A in advance shall be borne by Party B itself.If Party B requires Party A to lock the
inventory, it shall pay a certain amount in advance according to the lock warehouse value and deadline, and the amount of lock warehouse
advance shall be determined in accordance with Party A’s lock rules.After the end of the lock bank, if the advance payment has
a balance, it shall be transferred to the daily sales advance payment for Party B’s daily purchase deduction from Party A.If Party
B fails to apply to Party A for lock payment and advance payment, Party A shall not be liable for the delay and failure due to inventory
oversold, and the relevant consequences shall be borne by Party B itself.

 

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Flower Crown (Hainan)
Cross-border E-commerce Co., Ltd

 

Article
4 Payment of supply chain product expenses

 

4.1
Advance payment: Party B’s first payment for recharge shall not be less than in words: [10,000] RMB.

 

4.2
When Party B submits the order to Party A, Party A will directly deduct the order payment, taxes and other related expenses from the
advance payment.If the advance payment paid by Party B is not sufficient to offset the amount generated by the order on the same day,
Party A has the right to suspend the delivery of any of the products in the order and shall not be liable for any breach of contract.In
order to ensure that the cooperation between both parties is not affected, Party A shall remind Party B to timely recharge when the advance
payment is lower than [20%] or below (including) of the advance payment amount agreed by both parties.

 

4.3
Bank account information of both parties is as follows:

 

If
Party A and Party B need to change the bank account information, they shall notify the other party in writing in advance, otherwise the
resulting losses shall be borne by the party who fails to fulfill the notice obligations.

 

Article
5 The rights and obligations of both parties

 

5.1
Party A shall provide Party B with system support and supply chain products and services as agreed in this Contract. Party A shall timely
arrange the staff to respond and deal with Party B for the BBC system problems reported by Party B.

 

5.2
Due to the particularity of the supply chain products, the after-sales service provided by Party A is as follows:

 

5.2.1
Cross border bonded goods do not support special services such as replacement, reissue, redelivery, express interception, nor support
the return or refusal to sign without reason. Party B shall fully explain to its customers.

 

In
5.2.2, Party A does not support the after-sales claim in any of the following situations:

 

5.2.2.1
Goods provided by Party A;

 

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Flower Crown (Hainan)
Cross-border E-commerce Co., Ltd

 

5.2.2.2
passes the acceptance time limit of Party A (subject to the express delivery receipt time), that is, more than 24 hours after the receipt
of the goods;

 

At
the time of 5.2.2.3销 sale, Party A has been marked as defective products, temporary products and treated products;

 

5.2.2.4秒
kill goods, clearance products, virtual goods (e. g. QQ currency, game currency, phone fee recharge, etc.) and other commodities marked
with special after-sales policies;

 

5.2.2.5退
did not communicate with Party A before the goods. If the goods are directly returned or refused to sign without the consent of Party
A’s customer service, all risks related to damage, loss and theft of the goods shall be borne by Party B’s customers themselves.
Party A shall not provide a commitment to custody, re-delivery, refund and other goods, and Party A shall have the right to directly
dispose of such goods if necessary;

 

5.2.2.6已
unsealed or used goods (except quality problems), damaged (e. g., the goods itself, original box damaged or wrapped tape), incomplete
data / accessories (e. g., packaging, tags, instructions, accessories, gifts, etc.);

 

5.2.2.7
Party B’s customers own abnormal use (such as incorrect installation), improper storage (e. g. storage under abnormal conditions,
exposed to wet environment, exposed to excessive or low temperature), and goods damaged or not used due to cleaning and improper maintenance
(e. g. no standard voltage of electronic products, etc.);

 

The
applicable quality, production process, production process, identification and other projects of 5.2.2.8 border commodities all meet
the use standards of the country of origin, which may be different from the Chinese standards. Once purchased, they will be deemed to
be accepted as the relevant country of origin standards, which is not a quality problem.

 

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Flower Crown (Hainan)
Cross-border E-commerce Co., Ltd

 

5.2.2.9
Other products and special circumstances that Party A does not provide after-sales support shall be subject to the publicity of Party
A’s website.

 

5.2.3如
Party B or Party B’s customer doubts the authenticity of the goods delivered by Party A. Party A may provide documents of the authenticity
and legality of the goods. If the authenticity of the goods still cannot be solved, they shall be promptly jointly sent to the Chinese
mainland inspection institutions. If the relevant Chinese institutions cannot test, it shall be submitted to the commodity manufacturer
or the relevant institutions in the country where the commodity belongs. If the inspection result is non-real, all the expenses (including
inspection, transportation, travel, etc.) shall be borne by Party A.If the result of the inspection is genuine, all the expenses shall
be borne by Party B.If none of the above methods cannot be tested, the whole cost shall be borne by 50% by both parties, and the two
parties shall negotiate how to deal with the commodity.

 

5.2.4若
If the quality of the commodity is inconsistent with the actual commodity or the commodity defects, Party B or Party B’s customer
shall provide proof of relevant quality inconsistency, and accept the return and exchange of the goods after confirmation by Party A.

 

5.3
Party B shall provide relevant materials as agreed in this Contract and ensure the true reliability of the materials. Party B shall notify
Party A in time.If Party B provides false documents, it shall bear such legal liability and cause any losses to Party A, it shall compensate
Party A for the losses.

 

5.4
Party B shall truthfully fill in the order information, including but not limited to the customer’s real name, ID number and other
information. If Party B has caused losses to Party A for providing false contents, Party B shall bear the legal liabilities arising therefrom
and compensate Party A for the losses.

 

5.5
Party A guarantees that the product description, introduction, pictures and other materials provided to Party B conform to the actual
situation of the product.In case of changes in the above materials, Party B shall be notified in time.Otherwise, Party A shall bear the
legal liabilities arising therefrom and compensate Party B for the losses.

 

Article
6 Liability for breach of contract

 

6.1
Any party failing to perform its contractual obligations or delays in their performance shall be deemed a breach of contract, and the
defaulting party shall pay damages.

 

6.2
The losses in this Contract include but are not limited to the expected interest losses, interest losses, related expenses, notary fees,
appraisal fees, attorney fees for the protection of interests and litigation costs.

 

6.3
The Parties shall strictly abide by the confidentiality obligation of the trade secrets learned by the other party in the transaction,
and shall not disclose or disclose the trade secrets of the other party to any third party except with the written authorization of the
other party. If the breach of the trade secrets, the defaulting party shall have the right to ask the defaulting party to pay RMB 500,000
yuan or the actual loss (with the high price as the calculation standard of liquidated damages).

 

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Flower Crown (Hainan)
Cross-border E-commerce Co., Ltd

 

Article
7 Confidentiality Conditions

 

7.1
Confidential information as mentioned in this Contract refers to any information provided by the information disclosing party related
to the business or behavior of the information disclosing party that has not been disclosed by the information disclosing party.

 

7.2
Both Parties and their employees shall assume the confidentiality of information and documents for the period from the date of signing
of this Contract to permanent.Except at the requirements of judicial, administrative, legislative, regulatory authorities, including
court, arbitration, stock exchange (domestic, overseas) or other competent authorities, or by applicable laws, regulations, or other
administrative rules, or for internal control verification, financial audit, asset appraisal, and legal counsel.confidentiality period
until the confidential information is made public.Neither party shall disclose the above information to any third party without the written
permission of the other party.The Confidential Information may be used only for the purposes of this Contract.Both parties shall take
all reasonable means to avoid the disclosure of confidential information.If confidentiality disclosure to their employees is required
for the performance of this Contract, the Parties shall ensure that their employees strictly comply with their confidentiality obligations.

 

Article
8 Change, termination and termination of the Agreement

 

8.1
Failure to terminate the Contract due to breach of the other party shall notify the other party in writing 30 days in advance.The Contract
shall be terminated after receiving written confirmation by the other party.

 

8.2
Either Party has the right to terminate the Contract by written notice without prior notice, and the Contract shall be terminated from
the date of service of the notice.

 

8.2.1
in case of termination of the Agreement agreed herein or Appendix;

 

8.2.2
is revoked its business license or closed business by the administrative department of the government, and other loss of its legal business
status or qualification occurs;

 

8.2.3
filed for bankruptcy and entered the liquidation proceedings;

 

8.2.4
transfers the rights or obligations all or in part to a third party without the consent of the other party;

 

8.2.5
has evidence of commercial bribery.

 

8.3
If Party B still has a balance upon the termination or termination of Party A in the account established by Party A, and after Party
A reviews Party B without any violation or illegal behavior, Party B shall be entitled to require Party A to return all the balance charged
to the account within 10 working days.

 

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Flower Crown (Hainan)
Cross-border E-commerce Co., Ltd

 

Article
9 The Force Majeure clause

 

9.1
Any party to the Contract is affected by a Force Majeure Event, If the contractual obligations cannot be fulfilled thereby, Depending
on the extent of the force majeure events affected, Liability may be exempted in part or in all; However, the party who suffers from
the force majeure event shall timely notify the other party within 24 hours of the occurrence of the force majeure event, And, within
3 working days after the end of the Force Majeure Event, provide the other party with proof of the occurrence, the scope of influence
and the degree of influence of the Force Majeure Event, Otherwise, the party who cannot perform the force majeure event shall not be
exempted from liability; Any party suffers a force majeure event after delaying the performance of its obligations, No exemption from
liability.

 

Article
10 Other conventions

 

10.1
Effective date of cooperation: from [2021] [09] [[15] to [2024] [09] [15].The Parties may sign a separate written agreement on the renewal
or termination of the cooperation within 30 days before the expiration of the contract term.If the completion of the last business transaction
between the Parties or the expiration of the Contract within 3 months, the Contract shall be automatically terminated and the cooperation
shall terminate.After termination of this Contract, both parties shall continue to perform after-sales and settlement of surplus payment
in accordance with the contract.

 

10.2
The performance and implementation of the Contract shall apply to the current laws in force of the People’s Republic of China.Any
dispute arising from the performance of this Contract shall be settled by both parties through friendly negotiation.If the negotiation
fails, a lawsuit shall be filed in the people’s court of the place where the contract is signed.

 

10.3
Any notice given under this Contract shall be given in writing (including but not limited to express delivery, e-mail, etc.).In case
of changes in its communication address and email, it shall notify the other party in writing 7 working days in advance and be confirmed
by both parties, otherwise the notice issued by the other party according to the communication address and / or email specified in this
Contract shall be deemed to be valid.

 

10.4
This Contract shall come into force as of the date of signing of both parties, in duplicate, each holding one, with the same legal effect.For
matters not covered, the parties may sign a written supplementary agreement on the relevant matters and sign the supplementary agreement
attachment as appropriate.The Supplementary Agreement and its attachments, as an integral part of this Contract, shall have the same
legal effect as this Contract.

 

Party
A (seal): Party B (Seal):

 

Authorized
representative signature: Authorized representative signature:

 

Signing
time: Signing time:

 

 

  Page 7  of 7Exhibit
10.1

 

$150,000,000
7.00% Class A-2 Notes

$50,000,000 9.00% Class B-2 Notes

$50,000,000
10.00% Class M-2 Notes

 

FAT
BRANDS TWIN PEAKS I, LLC

Issuer

 

FAT
Brands Inc.

Manager

 

NOTE
PURCHASE AGREEMENT

 

September
14, 2021

 

Jefferies
LLC

520 Madison Avenue

New York, New York 10022

 

Ladies
and Gentlemen:

 

FAT
Brands Twin Peaks I, LLC, a Delaware limited liability company (the “Issuer”), confirms its agreement with Jefferies
LLC, as the initial purchaser (the “Initial Purchaser”), with respect to the sale by the Issuer and purchase by the
Initial Purchaser of (i) $150,000,000 aggregate principal amount of 7.00% Series 2021-1 Fixed Rate Senior Secured Notes, Class A-2 (the
“Class A-2 Notes”), (ii) $50,000,000 aggregate principal amount of 9.00% Series 2021-1 Fixed Rate Senior Subordinated
Secured Notes, Class B-2 (the “Class B-2 Notes”), and (iii) $50,000,000 aggregate principal amount of 10.00% Series
2021-1 Fixed Rate Subordinated Secured Notes, Class M-2 (the “Series 2021-1 Class M-2 Notes,” and collectively with
the Class A-2 Notes and the Class B-2 Notes, the “Notes”) under the terms and conditions contained in this note purchase
agreement (the “Agreement”). Capitalized terms used herein that are not otherwise defined shall have the meanings
ascribed thereto in Annex A to the Base Indenture (as defined below).

 

The
Notes will be issued pursuant to the Base Indenture, dated as of October 1, 2021 (the “Base Indenture”), by and between
the Issuer and UMB Bank, N.A., as trustee and securities intermediary (the “Indenture Trustee”), as supplemented by
the Series 2021-1 Supplement, dated as of the Closing Date, by and between the Issuer and the Indenture Trustee (the “Series
Supplement”, together with the Base Indenture, the “Indenture”). The Issuer will pledge to the Indenture
Trustee the Indenture Collateral to secure the obligations of the Issuer under the Base Indenture.

 

The
sale of the Notes to the Initial Purchaser will be made without registration of the Notes under the Securities Act of 1933, as amended
(the “Securities Act”), in reliance upon one or more exemptions from the registration requirements of the Securities
Act. The Initial Purchaser intends to offer the Notes for sale within the United States to Persons who are qualified institutional buyers
(“Qualified Institutional Buyers”) within the meaning of Rule 144A under the Securities Act, in reliance on Rule 144A
or to non U.S. persons in reliance on Regulation S under the Securities Act. The Notes shall bear the legends applicable to 144A Global
Notes and Regulation S Global Notes under the Indenture until such time as no longer required under the Securities Act.

 

    	1

     

    

 

In
connection with the sale of the Notes, the Issuer has (i) prepared a preliminary offering memorandum dated September 13, 2021 (including
any and all exhibits and appendixes thereto, the “Preliminary Offering Memorandum”), and (ii) will prepare a final
offering memorandum dated September 14, 2021 (including any and all exhibits and appendices thereto, the “Final Offering Memorandum”).
The time when the sale of the Notes was made by the Issuer to the Initial Purchaser was approximately 3:18 p.m. (New York time) on September
14, 2021 (the “Applicable Time”). For purposes hereof, the Preliminary Offering Memorandum shall constitute the “Time
of Sale Information”.

 

Section
1. Representations and Warranties.

 

(a)
Representations and Warranties by the Issuer. The Issuer represents and warrants to the Initial Purchaser as of the date hereof,
the Applicable Time and as of the Closing Date as follows:

 

(i)
Incorporation of Representations and Warranties. The representations and warranties of the Issuer in each Transaction Document
to which the Issuer is a party will be true and correct in all material respects and are hereby incorporated by reference herein and
restated for the benefit of the Initial Purchaser with the same effect as if set forth in full herein.

 

(ii)
Due Organization. The Issuer has been duly formed and is validly existing as a limited liability company under the laws of the
State of Delaware, and all filings required at the date hereof under the Delaware Limited Liability Company Act (6 Del. C. § 18-101,
et seq.) (the “DLLCA”) with respect to the due formation and valid existence of the Issuer as a limited liability
company have been made; the Issuer has all requisite power and authority to own, lease and operate its properties and to conduct its
business as described in the Time of Sale Information and the Final Offering Memorandum and to enter into and to perform its obligations
under each Transaction Document to which it is a party, and the Issuer is duly qualified or registered as a foreign limited liability
company to transact business and is in good standing in each jurisdiction where such qualification or registration is required, whether
by reason of the ownership of property or to conduct its business, except where the failure to be so qualified has not and would not
reasonably be expected to have a Material Adverse Effect on the Issuer.

 

(iii)
Authorization of this Agreement. This Agreement has been duly authorized, executed and delivered by the Issuer.

 

(iv)
Authorization of Transaction Documents. As of the Closing Date, each Transaction Document to which the Issuer is a party has been
duly authorized, executed and delivered by the Issuer and, assuming the due authorization, execution and delivery thereof by the other
parties thereto, will constitute a legal, valid and binding agreement of the Issuer, enforceable against it in accordance with its terms,
except as the enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting enforcement
of creditors’ rights generally and except as enforcement thereof is subject to general principles of equity (regardless of whether
enforcement is considered in a proceeding in equity or at law).

 

    	2

     

    

 

(v)
Time of Sale Information; Final Offering Memorandum. The Time of Sale Information, as of the Applicable Time did not, and at the
Closing Date will not, contain any untrue statement of a material fact or omit to state any material fact necessary in order to make
the statements therein, in light of the circumstances under which they were made, not misleading; provided, that no representation or
warranty is made with respect to the omission of information in the Time of Sale Information regarding the pricing and price dependent
information relating to the Notes. The Final Offering Memorandum, at the date thereof, did not, and at the Closing Date, will not, as
amended or supplemented as of such dates, include any untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in light of the circumstances under which they were made, not misleading.

 

(vi)
No Material Adverse Change. Since the respective dates as of which information is given in the Time of Sale Information and the
Final Offering Memorandum, except as otherwise set forth therein, (A) there has been no Material Adverse Effect with respect to the Issuer
and (B) there have been no transactions entered into by the Issuer, other than those in the ordinary course of business, which are material
with respect to it. As used herein, the term “Material Adverse Effect” means, when used with respect to the Issuer or Manager,
as the case may be, a material adverse effect on its results of operations, business, properties or financial condition, or in its ability
to perform in any material respect its obligations under this Agreement and each Transaction Document to which it is a party.

 

(vii)
General Solicitation. The Issuer has not directly, or through any agent, engaged in any form of general solicitation or general
advertising (as those terms are used in Regulation D under the Securities Act) in connection with the offering of the Notes and the Issuer
has not entered into any contractual agreement with respect to the distribution of the Notes, except for the arrangement with the Initial
Purchaser for purchasing the Notes as contemplated by this Agreement.

 

(viii)
Notes. The Notes are not of the same class (within the meaning of Rule 144A under the Securities Act) as any securities of the
Issuer listed on a national securities exchange registered under Section 6 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or quoted on a U.S. automated inter-dealer quotation system.

 

(ix)
Free Writing Prospectus. The Issuer has not made any offer to sell or solicitation of an offer to buy the Notes that would constitute
a “free writing prospectus” (if the offering of the Notes were made pursuant to a registered offering under the Securities
Act), as defined in Rule 405 under the Securities Act (a “Free Writing Offering Document”) without the prior consent
of the Initial Purchaser.

 

    	3

     

    

 

(x)
Issuance of the Notes. As of the Closing Date, the Notes will have been duly authorized and will have been duly executed and,
when authenticated, issued and delivered in the manner provided for in the Indenture and delivered against payment of the purchase price
therefor, will constitute legal, valid and binding obligations of the Issuer, enforceable against the Issuer in accordance with their
terms, except as the enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
enforcement of creditors’ rights generally and except as enforcement thereof is subject to general principles of equity (regardless
of whether enforcement is considered in a proceeding in equity or at law), and will be in the form contemplated by, and entitled to the
benefits of, the Indenture.

 

(xi)
Description of the Notes and the Transaction Documents. The Notes and the Transaction Documents conform in all material respects
to the descriptions thereof and the statements relating thereto contained in the Time of Sale Information and the Final Offering Memorandum.

 

(xii)
No Registration Required. Registration of the Notes under the Securities Act or qualification of the Indenture under the Trust
Indenture Act of 1939 is not necessary in connection with the offer, sale and delivery of the Notes to the Initial Purchaser and to each
subsequent purchaser from the Initial Purchaser, each in the manner contemplated by this Agreement, the Transaction Documents, the Time
of Sale Information and the Final Offering Memorandum. There are no contracts, agreements or understandings between the Issuer and any
person, granting such person the right to require the Issuer to file a registration statement under the Securities Act with respect to
any securities of the Issuer owned or to be owned by such person.

 

(xiii)
No Integration. Neither the Issuer nor any Affiliate of the Issuer has directly or indirectly, sold, offered for sale or solicited
offers to buy or otherwise negotiate in respect of any security (as defined in the Securities Act) the offering of which security will
be integrated with the sale of the Notes in a manner which would require the registration of the Notes under the Securities Act.

 

(xiv)
No Other Arrangement. The Issuer has not entered into any contractual agreement with respect to the distribution of the Notes,
except for the arrangement of the Issuer with the Initial Purchaser for purchasing the Notes as contemplated by this Agreement.

 

(xv)
Absence of Defaults and Conflicts. The Issuer is not in violation of its certificate of formation or limited liability company
agreement or in default in the performance or observance of any obligation, agreement, covenant or condition contained in any contract,
indenture, mortgage, deed of trust, loan or credit agreement, note, lease or other agreement or instrument to which it is a party or
by which it may be bound, or to which any of its properties, operations or assets is subject (collectively, the “Issuer Instruments
and Agreements”); and the execution, delivery and performance by the Issuer of the Transaction Documents to which it is a party
and this Agreement, the consummation of the transactions contemplated herein, therein and in the Final Offering Memorandum (including
the sale of the Notes to the Initial Purchaser pursuant to the terms of this Agreement and the use of the proceeds therefrom as described
under the heading “Use of Proceeds” in the Time of Sale Information and the Final Offering Memorandum) and compliance by
the Issuer with its obligations hereunder and thereunder have been duly and validly authorized by all necessary action and do not and
will not, whether with or without the giving of notice or passage of time or both, conflict with or constitute a material breach of,
a default or Event of Default under, or result in the creation or imposition of any lien, mortgage, pledge, charge, encumbrance, adverse
claim or other security interest upon any of its property or assets pursuant to the Issuer Instruments and Agreements except for Liens
permitted by the Transaction Documents, nor will such action result in any violation of the provisions of its certificate of formation
or limited liability company agreement or any applicable law, statute, rule, regulation, judgment, order, writ or decree of any government,
government instrumentality or court, domestic or foreign, having jurisdiction over the Issuer or any of its assets, properties or operations.

 

    	4

     

    

 

(xvi)
No Fraud. Each Guarantor Asset was originated without any fraud, or material misrepresentation by the Securitization Entities
or the Manager.

 

(xvii)
Absence of Proceedings. Except as described in the Time of Sale Information and the Final Offering Memorandum there is no action,
suit, proceeding, inquiry or investigation before or brought by any court or governmental agency or body, domestic or foreign, now pending
or threatened against or affect the Issuer, which would reasonably be expected to result in a Material Adverse Effect with respect to
the Issuer; the aggregate of all pending legal or governmental proceedings to which the Issuer is a party or which any of its properties
or assets is the subject that are not described in the Final Offering Memorandum, including ordinary routine litigation incidental to
the business, which would not reasonably be expected to result in a Material Adverse Effect with respect to the Issuer.

 

(xviii)
Absence of Further Requirements. No filing with, or authorization, approval, consent, license, order, registration, qualification
or decree of, any court, governmental authority or agency or any other person is necessary in connection with (A) the issuance or the
offering and sale of the Notes, (B) the authorization, execution, delivery and performance by the Issuer of the Transaction Documents
to which it is a party or this Agreement or (C) the consummation by the Issuer of the transactions contemplated hereby or thereby, except
such as have been obtained and are in full force and effect as of the Closing Date.

 

(xix)
Possession of Licenses and Permits. The Issuer and each Securitization Entity possesses such permits, licenses, approvals, consents
and other authorizations (collectively, “Governmental Licenses”) issued by the appropriate federal, state, local or
foreign regulatory agencies or bodies necessary to conduct the business now operated by it, except where the failure to obtain such Governmental
Licenses, would not result in a Material Adverse Effect or would render a material portion of the Franchise Agreements unenforceable;
the Issuer and each Securitization Entity is in compliance with the terms and conditions of all such Governmental Licenses, except where
the failure would not result in a Material Adverse Effect or would render a material portion of the Franchise Agreements unenforceable;
all of the Governmental Licenses are valid and in full force and effect, except where such failure would not result in a Material Adverse
Effect or would render a material portion of the Franchise Agreements unenforceable; and the Issuer has not received any notice of proceedings
relating to the revocation or modification of any such Governmental Licenses which, singly or in the aggregate, if the subject of an
unfavorable decision, ruling or finding, would result in a Material Adverse Effect with respect to the Issuer or would render a material
portion of the Franchise Agreements unenforceable.

 

    	5

     

    

 

(xx)
Title to Guarantor Assets; Payment of Fees. As of the Closing Date, (A) the Issuer will have good and marketable title to the
Guarantor Assets and all of the outstanding shares of capital stock, membership interests or other equity interests of each of the Securitization
Entities is owned directly by the Issuer and the Issuer is the sole owner of each Securitization Entity free and clear of Liens other
than Permitted Liens and the Lien in favor of the Indenture Trustee under the Indenture; (B) the Issuer’s grant of the Indenture
Collateral to the Indenture Trustee pursuant to the Indenture will vest in the Indenture Trustee a first priority perfected security
interest therein, subject to no prior Lien other than Permitted Liens; and (C) all taxes, fees and other governmental charges arising
in connection with the transactions contemplated by this Agreement and the Transaction Documents, including any amendments thereto and
assignments and/or endorsements thereof, have been paid in full by the Issuer.

 

(xxi)
Investment Company Act. The Issuer is not a “covered fund” under the regulations adopted to implement Section 619
of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), commonly known as the “Volcker
Rule”, because the Issuer is not, nor will it be following the issuance and sale of the Notes to the Initial Purchaser pursuant
to this Agreement, required to be registered as an “investment company” within the meaning of Section 3(a)(1) under the Investment
Company Act of 1940, as amended (the “Investment Company Act”) and is not relying solely on the exemption from the
definition of “investment company” set forth in section 3(c)(1) or 3(c)(7) of the Investment Company Act.

 

(xxii)
Non-Reliance. The Issuer has not relied on the Initial Purchaser for any tax, regulatory, legal, accounting or other advice with
respect to compliance with or registration under any statute, rule or regulation of any governmental, regulatory, administrative or other
agency or authority.

 

(xxiii)
Bankruptcy. The Issuer is not the subject of any voluntary or involuntary case or proceeding seeking liquidation, reorganization
or other relief with respect to itself or its debts under any bankruptcy or insolvency law and no event of bankruptcy has occurred.

 

    	6

     

    

 

(b)
Representations and Warranties by Manager. The Manager represents and warrants to the Initial Purchaser that the representations
and warranties of the Issuer set forth in Section 1(a) are true and correct as of the time made and further represents and warrants to
the Initial Purchaser as follows:

 

(i)
Incorporation of Representations and Warranties. The representations and warranties of the Manager in each Transaction Document
to which the Manager is a party will be true and correct in all material respects and are hereby incorporated by reference herein and
restated for the benefit of the Initial Purchaser with the same effect as if set forth in full herein.

 

(ii)
Due Organization. The Manager has been duly organized and is validly existing as a corporation under the laws of the State of
Delaware; the Manager is duly qualified or registered as a foreign corporation to transact business, and is in good standing, in each
jurisdiction where such qualification or registration is necessary to conduct its business, except where the failure to be so qualified
would not be reasonably expected to have a Material Adverse Effect; the Manager has the requisite power and authority to own its properties
and conduct its business as described in the Final Offering Memorandum and to enter into and perform its obligations under each Transaction
Document to which it is a party; and the Manager holds all material licenses, certificates and permits from all governmental authorities
necessary for the conduct of its business as described in the Final Offering Memorandum.

 

(iii)
Authorization of Transaction Documents. As of the Closing Date, each Transaction Document to which the Manager is a party has
been duly authorized, executed and delivered by the Manager, and, assuming the due authorization, execution and delivery thereof by the
other parties thereto, constitutes a legal, valid and binding agreement of the Manager, enforceable against the Manager in accordance
with its terms, except as the enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting enforcement of creditors’ rights generally and except as enforcement thereof is subject to general principles of equity
(regardless of whether enforcement is considered in a proceeding in equity or at law).

 

(iv)
Absence of Defaults and Conflicts. The Manager is not in violation of its articles of incorporation or bylaws, and the Manager
is not in default in the performance or observance of any obligation, agreement, covenant or condition contained in any contract, indenture,
mortgage, deed of trust, loan or credit agreement, note, lease or other agreement or instrument to which it is a party or by which it
may be bound, or to which any of its properties, operations or assets is subject (collectively, the “Manager Instruments and
Agreements”), except where such failure would not have a Material Adverse Effect with respect to the Manager; and the execution,
delivery and performance by the Manager of the Transaction Documents to which the Manager is a party and this Agreement, the consummation
of the transactions contemplated herein, therein and in the Final Offering Memorandum and compliance by the Manager with its obligations
hereunder and thereunder have been duly and validly authorized by all necessary action and do not and will not, whether with or without
the giving of notice or passage of time or both, conflict with or constitute a material breach of, a default or Event of Default under,
or result in the creation or imposition of any Lien upon any of its property or assets pursuant to the Manager Instruments and Agreements
except for Liens permitted by the Transaction Documents, nor will such action result in any violation of the provisions of its certificate
of incorporation or any applicable law, statute, rule, regulation, judgment, order, writ or decree of any government, government instrumentality
or court, domestic or foreign, having jurisdiction over the Manager or any of its assets, properties or operations.

 

    	7

     

    

 

(v)
Ownership. All of the outstanding shares of capital stock, membership interests or other equity interests of the Issuer, is owned
directly by the Manager, free and clear of any Lien, charge, encumbrance or other interest which secures payment or performance of any
obligation in any real or personal property, asset or other right held, owned or being purchased or acquired, except for Liens created
by the Indenture or the other Transaction Documents or which constitute Permitted Liens (as such terms are defined in the Indenture).

 

(vi)
Absence of Proceedings. Except as described in the Time of Sale Information and the Final Offering Memorandum there is no action,
suit, proceeding, inquiry or investigation before or brought by any court or governmental agency or body, domestic or foreign, now pending
or threatened, against or affecting the Manager which is or which would reasonably be expected to result in a Material Adverse Effect
with respect to the Manager; the aggregate of all pending legal or governmental proceedings to which the Manager is a party or of which
any of its properties, operations or assets is the subject which are not described in the Final Offering Memorandum, including ordinary
routine litigation incidental to the business, which would not reasonably be expected to result in a Material Adverse Effect with respect
to the Manager.

 

(vii)
No Fraud. Each Guarantor Asset was originated without any fraud, or material misrepresentation by the Securitization Entities
or the Manager.

 

(viii)
Absence of Further Requirements. No filing with, or authorization, approval, consent, license, order, registration, qualification
or decree of, any court, governmental authority or agency is necessary in connection with (A) the issuance of the Notes or the offering
and sale of the Notes, (B) the authorization, execution, delivery and performance by the Manager of the Transaction Documents to which
it is a party or this Agreement or (C) the consummation by the Manager of the transactions contemplated hereby or thereby, except such
as have been obtained and are in full force and effect as of the date hereof.

 

(ix)
Possession of Licenses and Permits. The Manager possesses such Governmental Licenses issued by the appropriate federal, state,
local or foreign regulatory agencies or bodies necessary to conduct the business now operated by it, except where the failure to obtain
such Governmental Licenses, would not result in a Material Adverse Effect or would render a material portion of the Franchise Agreements
unenforceable; the Manager is in compliance with the terms and conditions of all such Governmental Licenses, except where the failure
would not result in a Material Adverse Effect or would render a material portion of the Franchise Agreements unenforceable; all of the
Governmental Licenses are valid and in full force and effect, except where such failure would not result in a Material Adverse Effect
or would render a material portion of the Franchise Agreements unenforceable; and the Manager has not received any notice of proceedings
relating to the revocation or modification of any such Governmental Licenses which, singly or in the aggregate, if the subject of an
unfavorable decision, ruling or finding, would result in a Material Adverse Effect with respect to the Manager or would render a material
portion of the Franchise Agreements unenforceable.

 

    	8

     

    

 

(x)
Securities Act. There are no contracts, agreements or understandings between the Manager and any person, granting such person
the right to require the Manager to file a registration statement under the Securities Act with respect to any securities of the Manager
owned or to be owned by such person.

 

(xi)
Free Writing Prospectus. The Manager has not made any offer to sell or solicitation of an offer to buy the Notes that would constitute
a Free Writing Offering Document without the prior consent of the Initial Purchaser.

 

(xii)
Non-Reliance. The Manager has not relied on the Initial Purchaser for any tax, regulatory, legal, accounting or other advice with
respect to compliance with or registration under any statute, rule or regulation of any governmental, regulatory, administrative or other
agency or authority.

 

(xiii)
Compliance with Anti-Money Laundering Laws. The operations of the Manager and each of its Subsidiaries are and have been conducted
at all times in compliance with applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign
Transactions Reporting Act of 1970, as amended, the applicable money laundering statutes of all jurisdictions where the Manager and its
Subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued,
administered or enforced by any governmental or regulatory agency (collectively, the “Anti-Money Laundering Laws”)
and no action, suit or proceeding by or before any court or governmental or regulatory agency, authority or body or any arbitrator involving
the Manager or any of its Subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the Manager’s knowledge,
overtly threatened.

 

(xiv)
No Conflicts with Sanctions Laws. None of the Manager nor any of its Subsidiaries (direct or indirect), or directors, officers,
employees or any agent, is currently the subject of any sanctions administered or enforced by the U.S. Government (including, without
limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State and including,
without limitation, the designation as a “specially designated national” or “blocked person”), the United Nations
Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”),
nor is the Manager nor any of its Subsidiaries located, organized or resident in a country or territory that is the subject or the target
of Sanctions, including, without limitation, Iran, North Korea, Sudan and Syria (each, a “Sanctioned Country”); and
neither the Manager nor any of its Subsidiaries will directly or indirectly use the proceeds of the transactions hereunder, or lend,
contribute or otherwise make available such proceeds to any joint venture partner or other Person or entity (i) to fund or facilitate
any activities of or business with any Person that, at the time of such funding or facilitation, is the subject of Sanctions, (ii) to
fund or facilitate any activities of or business in any Sanctioned Country or (iii) in any other manner that will result in a violation
by any Person (including any Person participating in the transaction) of Sanctions. For the past three years, the Manager has not knowingly
engaged in and is not now knowingly engaged in any dealings or transactions with any Person that at the time of the dealing or transaction
is or was the subject or the target of Sanctions or with any Sanctioned Country.

 

    	9

     

    

 

(xv)
USA Patriot Act. Neither the Manager nor any Subsidiary of the Manager is (i) a country, territory, organization, person or entity
named on an Office of Foreign Asset Control list; (ii) a Person that resides or has a place of business in a country or territory named
on such lists or which is designated as a “Non-Cooperative Jurisdiction” by the Financial Action Task Force on Money Laundering,
or whose subscription funds are transferred from or through such a jurisdiction; (iii) a “Foreign Shell Bank” within the
meaning of the USA Patriot Act, i.e., a foreign bank that does not have a physical presence in any country and that is not affiliated
with a bank that has a physical presence and an acceptable level of regulation and supervision; or (iv) a person or entity that resides
in or is organized under the laws of a jurisdiction designated by the United States Secretary of the Treasury under Sections 311 or 312
of the USA Patriot Act as warranting special measures due to money laundering concerns.

 

(xvi)
No Material Adverse Change. Since the date as of which information is given in the Final Offering Memorandum, except as otherwise
set forth therein, there has been no Material Adverse Effect with respect to the Manager.

 

(xvii)
Financial Statements. The historical consolidated financial statements of the Manager and its Subsidiaries (including the related
notes and supporting schedules) included or incorporated by reference in the Final Offering Memorandum present fairly in all material
respects the financial condition, results of operations and cash flows of the entities purported to be shown thereby, at the dates and
for the periods indicated, and have been prepared in conformity with accounting principles generally accepted in the United States applied
on a consistent basis throughout the periods involved.

 

(xviii)
Financial Reporting. The Manager and each of its Subsidiaries maintain a system of internal control over financial reporting (as
such term is defined in Rule 13a-15(f) of the Exchange Act) that complies with the requirements of the Exchange Act and that has been
designed by, or under the supervision of, the Manager’s principal executive and principal financial officers, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles in the United States. The Manager and each of its subsidiaries maintains internal accounting
controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general
or specific authorization, (ii) transactions are recorded as necessary to permit preparation of the Manager’s financial statements
in conformity with accounting principles generally accepted in the United States and to maintain accountability for its assets, (iii)
access to the Manager’s assets is permitted only in accordance with management’s general or specific authorization, (iv)
the recorded accountability for the Manager’s assets is compared with existing assets at reasonable intervals and appropriate action
is taken with respect to any differences. Except as disclosed in the Manager’s most recent Form 10-K, as of the date of the most
recent balance sheet of the Manager and its consolidated subsidiaries reviewed or audited by Independent Auditors and the audit committee
of the board of directors of the Manager, there were no material weaknesses in the Manager’s internal controls.

 

    	10

     

    

 

(xix)
Insurance. The Manager and each of its Subsidiaries carry, or are covered by, insurance from insurers of recognized financial
responsibility (or self-insurance) in such amounts and covering such risks as is adequate for the conduct of their respective businesses
and the value of their respective properties and as is customary for companies engaged in similar businesses in similar industries. All
such policies of insurance of the Manager and each of its Subsidiaries are in full force and effect; the Manager and each of its Subsidiaries
are in compliance with the terms of such policies in all material respects; and none of the Manager and each of its Subsidiaries has
received notice from any insurer or agent of such insurer that capital improvements or other expenditures are required or necessary to
be made in order to continue such insurance. There are no claims by the Manager or any of its Subsidiaries under any such policy or instrument
as to which any insurance company is denying liability or defending under a reservation of rights clause, except as would not reasonably
be expected to have a Material Adverse Effect; and none of the Manager nor any of its Subsidiaries has any reason to believe that it
will not be able to renew its existing insurance coverage, in all material respects, as and when such coverage expires or to obtain similar
coverage, in all material respects, from similar insurers as may be necessary to continue its business at a cost that would not, in the
aggregate, reasonably be expected to have a Material Adverse Effect.

 

(xx)
Sarbanes-Oxley Compliance. There is and has been no material failure on the part of the Manager and any of the Manager’s
directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002 and the rules and
regulations promulgated in connection therewith.

 

(xxi)
Bankruptcy. The Manager is not the subject of any voluntary or involuntary case or proceeding seeking liquidation, reorganization
or other relief with respect to itself or its debts under any bankruptcy or insolvency law and no event of bankruptcy has occurred.

 

(c)
Rule 144A and Regulation S.The Notes will, when issued, satisfy either the eligibility requirements of Rule 144A or Regulation
S of the Securities Act. No order from the Securities and Exchange Commission (the “Commission”), any State securities
commission or any foreign government or agency thereof preventing or suspending the offering of the Notes has been issued and no proceedings
for that purpose have been instituted.

 

    	11

     

    

 

(d)
Officer’s Certificates. Any certificate signed by any officer of the Manager or the Issuer and delivered at the Closing
Date to the Initial Purchaser or counsel for the Initial Purchaser shall be deemed a representation and warranty by the Manager or the
Issuer, as the case may be, to the Initial Purchaser as to the matters covered thereby.

 

(e)
Initial Purchaser Representations. The parties hereto understand that the Initial Purchaser intends to offer the Notes for resale
on the terms set forth in this Agreement, the Transaction Documents, the Time of Sale Information and the Final Offering Memorandum.
The Initial Purchaser hereby represents and warrants as to itself, as of the effective date hereof, to the other parties hereto, the
following:

 

(i)
It is a Qualified Institutional Buyer.

 

(ii)
It will offer and sell the Notes as part of its distribution at any time only to institutional investors that are reasonably believed
by it to qualify as Qualified Institutional Buyers or to non U.S. persons in reliance on Regulation S, or if any such entity is buying
for one or more institutional accounts for which such entity is acting as fiduciary or agent, only when such entity has represented to
it that each such account is a Qualified Institutional Buyer to whom notice has been given that such sale or delivery is being made in
reliance on Rule 144A or to non U.S. persons in reliance on Regulation S and in each case, in transactions in accordance with Rule 144A
or Regulation S.

 

(iii)
It will otherwise act in accordance with the terms and conditions set forth in this Agreement and the applicable provisions of the Indenture
and in the Preliminary Offering Memorandum in connection with the offering and sale of the Notes contemplated hereby.

 

(iv)
It will send or make available to each potential Noteholder (or Note Owner) who is to purchase Notes a copy of the Time of Sale Information
and the Final Offering Memorandum as amended and supplemented at the date of such delivery.

 

(v)
It has not used any form of general solicitation or general advertising (as those terms are used in Regulation D under the Securities
Act) in violation of the Securities Act nor will any form of general solicitation or general advertising in violation of the Securities
Act be used, nor will any offer in any matter involving a public offering within the meaning of Section 4(a)(2) of the Securities Act
or with respect to the notes to be sold in reliance on Regulation S, by means of any directed selling efforts made by the Initial Purchaser
or any of its representatives in connection with the offer and sale of any of the Notes.

 

(vi)
It is duly organized, validly existing and in good standing under the laws of the jurisdiction in which it was formed and all other jurisdictions
where such qualification is necessary in light of the Initial Purchaser’s activities.

 

(vii)
(1) This Agreement has been duly and validly executed and delivered by the Initial Purchaser and constitutes the valid, binding and enforceable
agreement, except as enforceability may be limited by (A) applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance
or other similar laws relating to or affect creditor’s rights generally and (B) general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law) and (2) the Initial Purchaser has all requisite power and authority
to execute and deliver this Agreement and to perform its obligations hereunder.

 

    	12

     

    

 

(viii)
(a) It has not offered, sold or otherwise made available, and will not offer, sell or otherwise make available, any Notes to (x) any
EU Retail Investor in the EEA, and (y) any UK Retail Investor in the UK; (b) it has only communicated or caused to be communicated and
will only communicate or cause to be communicated an invitation or inducement to engage in investment activity received by it in connection
with the issue or sale of any Notes in circumstances in which Section 21(1) of FSMA does not apply to the Issuer; and (c) it has complied
and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Notes in, from or otherwise
involving the UK. All terms used in this clause (viii) and not defined in this Agreement shall have the meanings ascribed to such terms
in the Preliminary Offering Memorandum.

 

(ix)
It has not made any offer to sell or solicitation of an offer to buy the Notes that would constitute a Free Writing Offering Document
without the prior consent of the Issuer.

 

Section
2. Sale and Delivery to the Initial Purchaser; Closing.

 

(a)
Purchase of Notes. On the basis of the representations, warranties and agreements herein contained and subject to the terms and
conditions herein set forth, the Issuer agrees to sell to the Initial Purchaser, and the Initial Purchaser agrees to purchase from the
Issuer, the Class A-2 Notes, the Class B-2 Notes and the Class M-2 Notes at a purchase price equal to that set forth in a side letter
agreement, dated as of the date hereof, by and between the Issuer and Initial Purchaser.

 

(b)
Payment. Payment of the purchase price for the Notes shall be made at the offices of DLA Piper LLP (US), 500 8th Street, NW, Washington,
DC 20004, or at such other place as shall be agreed upon by the Initial Purchaser and the Issuer, on or around 10:00 a.m. (New York time)
on or about October 1, 2021 (such date of payment and delivery being called the “Closing Date”).

 

The
Notes sold in reliance on the exemption from registration under Rule 144A will each initially be represented by one or more certificates
registered in the name of Cede & Co., as nominee of The Depository Trust Company (“DTC”). Rule 144A Notes may
also be held through Clearstream and Euroclear Bank SA/NV, Brussels Office, as operator of the Euroclear System (“Euroclear”),
as participants in DTC. Each Note offered to non U.S. persons in reliance on Regulation S will initially be issued in book-entry form
through the facilities of DTC for the accounts of Clearstream or Euroclear. The interests of the beneficial owners of the Notes will
be represented by book entries on the records of DTC and participating members thereof. The Issuer shall cause the Indenture Trustee
to settle the Notes, in each case in accordance with the applicable provisions of the Indenture.

 

    	13

     

    

 

Section
3. Covenants of the Issuer. The Issuer covenants and agrees as follows:

 

(a)
Amendments. The Issuer will give the Initial Purchaser notice of its intention to amend or supplement the Time of Sale Information
or the Final Offering Memorandum prior to the Closing Date, will furnish the Initial Purchaser with copies of all such documents a reasonable
amount of time prior to use thereof and will not use any such document to which the Initial Purchaser or its counsel shall reasonably
object.

 

(b)
Delivery of Offering Documents. The Issuer will furnish to the Initial Purchaser electronic copies of each of the Time of Sale
Information and Final Offering Memorandum and all amendments and supplements to such documents, in each case as soon as available. The
Issuer will pay the expenses of reproducing and distributing to the Initial Purchaser all such documents.

 

(c)
Continued Compliance with Disclosure Requirements. If at any time when the Time of Sale Information or the Final Offering Memorandum
is to be delivered in connection with the sale of the Notes, any event shall occur or condition shall exist as a result of which it is
necessary, in the reasonable opinion of counsel for the Initial Purchaser or the Issuer, to amend or supplement the Time of Sale Information
or the Final Offering Memorandum, as applicable, in order that the Time of Sale Information or the Final Offering Memorandum will not
include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein not
misleading in the light of the circumstances existing at the time it is delivered to a purchaser, or if it shall be necessary, in the
reasonable opinion of such counsel, at any such time to amend or supplement the Time of Sale Information or the Final Offering Memorandum
in order to comply with their respective disclosure requirements under the Securities Act, the Issuer will promptly prepare, subject
to the review and approval provisions afforded to the Initial Purchaser described in Section 3(a), such amendment or supplement as may
be necessary to correct such statement or omission or to make the Time of Sale Information or the Final Offering Memorandum comply with
such requirements, and the Issuer will furnish to the Initial Purchaser, without charge, electronic copies of such amendment or supplement
as the Initial Purchaser may reasonably request.

 

(d)
Use of Proceeds. The Issuer shall use the net proceeds received by it from the sale of the Notes in the manner specified in the
Time of Sale Information and the Final Offering Memorandum under the heading “Use of Proceeds” and no proceeds received by
the Issuer under this Agreement will be used by it for any purpose that violates Regulation T, U or X of the Federal Reserve Board.

 

(e)
Rule 144A Information. So long as the Notes are a “restricted security” within the meaning of Rule 144 under the Securities
Act, the Issuer shall, during any period when the Issuer is not subject to Section 13 or 15(d) of the Exchange Act, make available, upon
request, to any holder of a Note in connection with any sale thereof and any prospective purchaser of a Note from such holder the information
(“Rule 144A Information”) specified in Rule 144A(d)(4) under the Securities Act. The Issuer represents and warrants
that each of the Preliminary Offering Memorandum and the Final Offering Memorandum, each as of its respective date, contains or incorporates
by reference all the information specified in, and meeting the requirements of, Rule 144A(d)(4) under the Securities Act.

 

    	14

     

    

 

(f)
General Solicitation. Neither the Issuer nor any Affiliate of the Issuer shall sell, offer for sale or solicit offers to buy or
otherwise negotiate in respect of any security (as defined in the Securities Act) which (i) is or shall be integrated with the sale of
a Note in a manner which would require the registration of such Note under the Securities Act, or (ii) would cause the offer and sale
of a Note pursuant to this Agreement to fail to be entitled to the exemption from registration afforded by Section 4(a)(2) of the Securities
Act. The Issuer will not enter into any contractual agreement with respect to the distribution of the Notes except for this Agreement.

 

(g)
Further Assurances. The Issuer will promptly take such action as the Initial Purchaser shall reasonably request to qualify the
Notes for offer and sale under the securities laws of such jurisdictions as the Initial Purchaser may reasonably request and to maintain
such qualifications in effect for so long as required for the resale of the Notes by the Initial Purchaser.

 

(h)
Covered Funds. The Issuer will not take any steps to become a Covered Fund.

 

Section
4. Covenants of Manager. The Manager covenants and agrees as follows:

 

(a)
General Solicitation. Neither the Manager nor any of its Affiliates shall sell, offer for sale or solicit offers or otherwise
negotiate in respect of any security (as defined in the Securities Act) which (i) is or shall be integrated with the sale of a Note in
a manner which would require the registration of such Note under the Securities Act, or (ii) would cause the offer and sale of a Note
pursuant to this Agreement to fail to be entitled to the exemption from registration afforded by Section 4(a)(2) of the Securities Act.
The Manager will not enter into any contractual agreement with respect to the distribution of the Notes except for this Agreement.

 

(b)
Bankruptcy. The Manager is not the subject of any voluntary or involuntary case or proceeding seeking liquidation, reorganization
or other relief with respect to itself or its debts under any bankruptcy or insolvency law and no event of bankruptcy has occurred.

 

(c)
Further Assurances. The Manager will promptly take such action as the Initial Purchaser shall reasonably request to qualify the
Notes for offer and sale under the securities laws of such jurisdictions as the Initial Purchaser may reasonably request and to maintain
such qualifications in effect for so long as required for the resale of the Notes by the Initial Purchaser.

 

(d)
Confidentiality. So long as any of the Notes are outstanding and so long as such information is required to be provided under
the Indenture, the Manager will furnish to the Initial Purchaser, and upon request, to the Noteholders and prospective purchasers of
the Notes that agree to certain confidentiality obligations, the information required by Rule 144A(d)(4) under the Securities Act in
connection therewith; provided that so long as the information referred to above is publicly available on the Manager’s website
or has been filed with or furnished to the Commission by the Manager or the Issuer and the Manager shall be deemed to comply with this
Section 4(e).

 

    	15

     

    

 

Section
5. Payment of Expenses.

 

(a)
Expenses. The Issuer and the Manager shall each pay for all of their own expenses incident to the performance of its obligations
under this Agreement, including (i) the preparation, reproduction and delivery of the Preliminary Offering Memorandum, the Time of Sale
Information, the Final Offering Memorandum and each amendment or supplement thereto, (ii) the preparation, reproduction and delivery
to the Initial Purchaser of this Agreement, each Transaction Document and each other document as may be required in connection with the
issuance and delivery of the Notes or the offering or sale of the Notes, (iii) the fees and expenses of the counsel, accountants and
other advisors of the Issuer, in connection with the transactions contemplated by this Agreement, (iv) the reasonable and documented
fees and expenses of counsel to the Initial Purchaser, (v) the reasonable and documented fees and expenses of the Indenture Trustee,
including the fees and disbursements of its counsel in connection with the transactions contemplated by this Agreement, and (vi) the
costs and expenses (including any damages or other amounts payable in connection with legal or contractual liability) associated with
the breaking of and re-execution of any contracts for sale of the Notes made by the Initial Purchaser caused by a breach of a representation
contained herein.

 

(b)
Termination of Agreement. If this Agreement is terminated by the Initial Purchaser in accordance with the provisions of Section
10, the Issuer shall reimburse the Initial Purchaser for all of its reasonable and documented out-of-pocket expenses, including the fees
and disbursements of counsel for the Initial Purchaser.

 

Section
6. Conditions of the Obligations of the Initial Purchaser. The obligations of the Initial Purchaser are subject to the accuracy,
in all material respects, of the representations and warranties of the Manager and the Issuer contained in Section 1 and in certificates
of any officer of the Manager or the Issuer delivered pursuant to the provisions hereof or any Transaction Document, to the performance
in all material respects, by Manager and the Issuer of their respective covenants and other obligations hereunder and under the Transaction
Documents and to the following additional conditions:

 

(a)
Incorporation of Conditions Precedent. The conditions precedent set forth in the Indenture are hereby incorporated by reference
herein and restated for the benefit of the Initial Purchaser with the same effect as if set forth in full herein.

 

(b)
Officer’s Certificate: Each of the Issuer and the Manager shall deliver an Officer’s Certificate, which shall include
as exhibits thereto: (A) incumbency certificates identifying the qualified and acting officers authorized to execute and deliver the
Transaction Documents, (B) resolutions duly adopted authorizing the execution, delivery and performance of each Transaction Document,
and (C) true and complete copies of the formation documents of each entity accompanied by a good standing certificate issued by the office
of registration of its jurisdiction of formation or organization.

 

(c)
Accountants’ Agreed Upon Procedures Letters. No later than 10:00 a.m. (New York time) on the Closing Date, the Initial Purchaser
shall have received from the Issuer’s accounting firm a letter or letters (the “Agreed Upon Procedures Letters”),
in form and substance as previously agreed upon by the Initial Purchaser and otherwise satisfactory in form and substance to the Initial
Purchaser and counsel for the Initial Purchaser, containing statements and information of the type ordinarily included in accountants’
“agreed upon procedures letters” with respect to certain financial, statistical and other information contained in (A) the
Preliminary Offering Memorandum, and (B) the Final Offering Memorandum.

 

    	16

     

    

 

(d)
Officer’s Certificates. At the Closing Date, there shall not have been, since the date hereof or since the respective dates
as of which information is given in the Final Offering Memorandum, any Material Adverse Effect with respect to the Issuer or the Manager,
and the Initial Purchaser shall have received a certificate, dated as of the Closing Date, of an authorized officer of (i) the Issuer
to the effect that (A) there has been no such Material Adverse Effect, (B) the information describing the Issuer contained in the Time
of Sale Information and the Final Offering Memorandum and the representations and warranties in Section 1(a) are true and correct, in
each case, in all material respects, with the same force and effect as though expressly made at and as of the Closing Date and (C) the
Issuer has complied with all agreements and satisfied all conditions, in each case, in all material respects, on its part to be performed
or satisfied at or prior to the Closing Date and (ii) the Manager to the effect that (A) there has been no such Material Adverse Effect,
(B) the information describing the Manager contained in the Time of Sale Information and the Final Offering Memorandum and the representations
and warranties in Section 1(b) are true and correct, in each case, in all material respects, with the same force and effect as though
expressly made at and as of the Closing Date and (C) the Manager has complied with all agreements and satisfied all conditions, in each
case, in all material respects on its part to be performed or satisfied at or prior to the Closing Date.

 

(e)
Opinion of Counsel for the Issuer and the Manager. At the Closing Date, the Initial Purchaser shall have received the opinion,
dated as of the Closing Date, of Katten Muchin Rosenman LLP (“Katten”), counsel for the Issuer and the Manager, as
to corporate, enforceability, and security interest matters customary for transactions like the one described in this Agreement and the
Final Offering Memorandum, in form and substance reasonably satisfactory to counsel for the Initial Purchaser.

 

(f)
Opinion of Bankruptcy Counsel for the Manager. At the Closing Date, the Initial Purchaser shall have received the opinions, each
dated as of the Closing Date, of Katten, in form and substance reasonably satisfactory to counsel for the Initial Purchaser, regarding
(A) the contribution of assets by the Manager to the Issuer would not be compelled to be turned over, and (B) to the effect that should
the Manager become the debtor in a case under the United States bankruptcy code, the court would not order the substantive consolidation
of the assets and liabilities of the Issuer with those of the Manager.

 

(g)
Opinion of Tax Counsel for the Issuer and the Manager. At the Closing Date, the Initial Purchaser shall have received the opinion,
dated as of the Closing Date, of Katten, special federal income tax counsel for the Issuer and the Manager, in form and substance reasonably
satisfactory to counsel for the Initial Purchaser, substantially to the effect that for federal income tax purposes, the Class A-2 Notes
will and the Class B-2 Notes should be treated as indebtedness and the Issuer will not be classified as an association or a publicly
traded partnership taxable as a corporation and that the statements in the Time of Sale Information and Final Offering Memorandum under
the headings “Summary—Tax Status”, “Summary—ERISA Considerations”, and “ERISA Considerations”,
to the extent that they constitute matters of law or legal conclusions with respect thereto, have been reviewed by such counsel and are
correct in all material respects.

 

    	17

     

    

 

(h)
Opinion of Counsel for the Indenture Trustee. At the Closing Date, the Initial Purchaser shall have received the favorable opinion,
dated as of the Closing Date, of Seward & Kissel LLP, counsel for the Indenture Trustee, in form and substance reasonably satisfactory
to counsel for the Initial Purchaser, substantially to the effect that:

 

	 	i.	The
    Indenture Trustee is validly existing as a national banking association under the laws of the United States.
	 	 	 
	 	ii.	The
    Indenture Trustee has the requisite power and authority to execute, deliver and perform its obligations under the Indenture and the
    other Transaction Documents to which it is a party, and has taken all necessary action to authorize the execution, delivery and performance
    by it of each of the Indenture and the other Transaction Documents to which it is a party.
	 	 	 
	 	iii.	The
    Indenture and each of the Transaction Documents to which the Indenture Trustee is a party is a legal, valid and binding obligation
    of the Indenture Trustee enforceable against the Indenture Trustee in accordance with the its terms, except that such enforcement
    may be limited by bankruptcy, insolvency, reorganization, moratorium, liquidation or other similar laws affecting the enforcement
    of creditors’ rights generally, and by general principles of equity, including, without limitation, concepts of materiality,
    reasonableness, good faith and fair dealing (regardless of whether such enforceability is considered in a proceeding in equity or
    at law).
	 	 	 
	 	iv.	The
    Notes have been duly authenticated and delivered by the Indenture Trustee in accordance with the Indenture.

 

(i)
Opinion of Counsel for the Initial Purchaser. At the Closing Date, the Initial Purchaser shall have received the favorable opinion,
dated as of the Closing Date, of DLA Piper LLP (US), counsel for the Initial Purchaser, in form and substance reasonably satisfactory
to the Initial Purchaser.

 

(j)
Additional Documents. At the Closing Date, the Initial Purchaser and counsel for the Initial Purchaser shall have been furnished
with such documents and legal opinions as it may reasonably require for the purpose of enabling it to pass upon the issuance of the Notes
and the sale of the Notes as herein contemplated, or in order to evidence the accuracy of any of the representations or warranties or
the fulfillment of any of the conditions herein contained.

 

(k)
Document Delivery. At the Closing Date, the Initial Purchaser shall have received a fully executed copy of each of the Transaction
Documents.

 

(l)
UCC Financing Statements. The Initial Purchaser shall have received evidence reasonably satisfactory to the Initial Purchaser,
on or prior to the Closing Date, that UCC-1 financing statements are being filed (or have been sent for filing on the Closing Date) in
all applicable governmental offices reflecting the grant by the Issuer to the Indenture Trustee pursuant to the Indenture of a security
interest in the Indenture Collateral and grants by each Guarantor to the Indenture Trustee pursuant to the Guarantee and Collateral Agreement
of a security interest in the “Collateral” (as defined under the Guarantee and Collateral Agreement).

 

    	18

     

    

 

(m)
Termination of Agreement. If any condition specified in this Section shall not have been fulfilled, in all material respects,
when and as required to be fulfilled, this Agreement may be terminated by the Initial Purchaser by notice to the Issuer at any time,
and such termination shall be without liability of any party to any other party except as provided in Section 5 and except that Sections
1, 7, 8, 9 and 13 shall survive any such termination and remain in full force and effect.

 

Section
7. Indemnification.

 

(a)
Indemnification of the Initial Purchaser. The Manager and the Issuer agree, jointly and severally, to indemnify and hold harmless
the Initial Purchaser and each person, if any, who controls the Initial Purchaser within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act as follows:

 

(i)
against any and all loss, liability, claim, damage and expense whatsoever, arising out of any untrue statement or alleged untrue statement
of a material fact contained in the Time of Sale Information, the Final Offering Memorandum or the marketing materials listed in Annex
A or the omission or alleged omission therefrom of a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading;

 

(ii)
against any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in
settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any
claim whatsoever, based upon any such untrue statement or omission, or any such alleged untrue statement or omission;

 

(iii)
against any breach by Manager or Issuer of its representations or covenants contained herein which has a material adverse effect on the
Initial Purchaser; and

 

(iv)
against any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by the Initial Purchaser),
reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental
agency or body, commenced or threatened, or any claim whatsoever, based upon any such untrue statement or omission, or any such alleged
untrue statement or omission, to the extent that any such expense is not paid under clause (i), (ii) or (iii) above.

 

    	19

     

    

 

(b)
Actions Against Parties; Notification. Each indemnified party shall give notice as promptly as reasonably practicable to each
indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify
an indemnifying party shall not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced
as a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity
agreement. Upon receiving such notice, the indemnifying party will be entitled to participate in and, to the extent it shall elect, to
assume, at the indemnifying party’s expense, the defense of the matter with counsel reasonably satisfactory to the applicable indemnified
party. After written notice from the indemnifying party of its election to assume the defense thereof, the indemnifying party will not
be liable to the indemnified party under this Section 7 for any legal expenses subsequently incurred by the indemnified party in connection
with the defense of the matter unless (i) the defendants in the matter include both the indemnified party and the indemnifying party
and the indemnified party shall have reasonably concluded that a conflict may arise between the position of the indemnified party and
the indemnifying party in conducting the defense of any such matter or that there may be legal defenses available to it and/or other
indemnified parties which are different from or additional to those available to the indemnifying party, (ii) the indemnifying party
shall not have retained counsel reasonably satisfactory to the indemnified party within a reasonable time after notice of commencement
of the matter or (iii) the employment of counsel by the indemnified party has been authorized in writing by the indemnifying party. In
any circumstance described in the preceding sentence, the indemnified party may select separate counsel to assume defense of the matter
on behalf of the indemnifying party. In no event shall the indemnifying parties be liable for fees and the reasonable and documented
expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for all indemnified parties in connection
with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or
circumstances. No indemnifying party shall, without the prior written consent of the indemnified parties, which consent shall not be
withheld in bad faith, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation
or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which indemnification
or contribution could be sought under this Section or Section 8 (whether or not the indemnified parties are actual or potential parties
thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party from all liability
arising out of such litigation, investigation, proceeding or claim and (ii) does not include a statement as to or an admission of fault,
culpability or a failure to act by or on behalf of any indemnified party.

 

(c)
Settlement Without Consent if Failure to Reimburse. If at any time an indemnified party shall have requested an indemnifying party
to reimburse the indemnified party for fees and reasonable and documented expenses of counsel, such indemnifying party agrees that it
shall be liable for any settlement of the nature contemplated by Section 7(a)(ii) effected without its written consent if such settlement
is entered into more than 60 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall
have received notice of the terms of such settlement at least 45 days prior to such settlement being entered into and (iii) such indemnifying
party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.

 

Section
8. Contribution. If the indemnification provided for in Section 7 is for any reason unavailable to or insufficient to hold harmless
an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party
shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified party,
as incurred, (i) in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party on the one
hand and the Initial Purchaser on the other hand from the offering of the Notes pursuant to this Agreement or if the allocation provided
by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred
to in clause (i) above but also the relative fault of the indemnifying party on the one hand and of the Initial Purchaser on the other
hand in connection with the statements or omissions or circumstances which resulted in such losses, liabilities, claims, damages or expenses,
as well as any other relevant equitable considerations.

 

    	20

     

    

 

The
relative benefits received by the indemnifying party on the one hand and the Initial Purchaser on the other hand in connection with the
offering of the Notes pursuant to this Agreement shall be deemed to be in the same respective proportions as the total net proceeds from
the placement of the Notes (before deducting expenses) received by the Issuer bear to the total amount of fees received by the Initial
Purchaser pursuant to this Agreement. The relative fault of the Issuer on the one hand and the Initial Purchaser on the other hand shall
be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission
or alleged omission to state a material fact relates to information supplied by the Issuer or by the Initial Purchaser and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

 

The
Issuer and the Initial Purchaser agrees that it would not be just and equitable if contribution pursuant to this Section were determined
by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to above
in this Section. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred
to above in this Section shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating,
preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened,
or any claim whatsoever, based upon any such untrue or alleged untrue statement or omission or alleged omission.

 

Notwithstanding
the provisions of this Section, the Initial Purchaser shall not be required to contribute any amount in excess of the amount by which
the total amount of fees received by the Initial Purchaser in respect of the Notes exceeds the amount of any damages that the Initial
Purchaser would otherwise have been required to pay by reason of any such untrue or alleged untrue statement or omission or alleged omission.

 

No
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation.

 

For
purposes of this Section, each person, if any, who controls the Initial Purchaser within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act shall have the same rights to contribution as the Initial Purchaser.

 

Section
9. Representations, Warranties and Agreements to Survive Delivery. All representations, warranties and agreements contained in
this Agreement (including, without limitation, Sections 7 and 8) or in certificates of officers of Manager or the Issuer submitted pursuant
hereto shall remain operative and in full force and effect, regardless of any investigation made by or on behalf of the Initial Purchaser
or any controlling person, or by or on behalf of the Manager or the Issuer, and shall survive delivery of the Notes to the Initial Purchaser.

 

    	21

     

    

 

Section
10. Termination of Agreement.

 

(a)
Termination; General. The Initial Purchaser may terminate this Agreement for itself, by notice to the Issuer, at any time at or
prior to the Closing Date (i) if there has been, since the time of execution of this Agreement or since the respective dates as of which
information is given in the Final Offering Memorandum, any material adverse change in the condition, financial or otherwise, or in the
earnings, business affairs or business prospects of the Manager or the Issuer, whether or not arising in the ordinary course of business,
(ii) if there has occurred any material adverse change in the financial markets in the United States, (iii) if any outbreak of hostilities
or escalation thereof or other calamity or crisis or any change or development involving a prospective change in national or international
political, financial or economic conditions, (iv) if trading in any securities of Manager or any of its respective Affiliates has been
suspended or materially limited by the Commission or if trading generally on the American Stock Exchange, the New York Stock Exchange
or in the NASDAQ National Market has been suspended or materially limited, or minimum or maximum prices for trading have been fixed,
or maximum ranges for prices have been required, by any of said exchanges or by such system or by order of the Commission, the Financial
Industry Regulatory Authority, Inc. or any other governmental authority, (v) a material disruption has occurred in commercial banking
or securities settlement or clearing services in the United States or (vi) if a banking moratorium has been declared by either federal
or New York authorities, in each case of (i) through (vi), the effect of which as to make it, in the reasonable judgment of the Initial
Purchaser, impracticable or inadvisable to acquire the Notes.

 

(b)
Liabilities. If this Agreement is terminated pursuant to this Section, such termination shall be without liability of any party
to any other party except as provided in Section 5, and provided further that Sections 1, 7, 8, 9 and 13 shall survive such termination
and remain in full force and effect.

 

Section
11. Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if
mailed or transmitted by any standard form of telecommunication. Notices to (i) Jefferies LLC shall be directed to it at Jefferies LLC,
520 Madison Avenue, New York, NY 10022, Attention: General Counsel, (ii) the Manager shall be directed to it at FAT Brands Inc., 9720
Wilshire Blvd., Suite 500, Beverly Hills, CA 90212, Attention: Andy Wiederhorn, E-mail: andy@fatbrands.com, Telephone: 310-402-0601,
and (iii) the Issuer shall be directed to it at FAT Brands Twin Peaks I, LLC, c/o FAT Brands Inc., 9720 Wilshire Blvd., Suite 500, Beverly
Hills, CA 90212, Attention: Andy Wiederhorn, E-mail: andy@fatbrands.com, Telephone: 310-402-0601.

 

Section
12. Parties. This Agreement shall inure to the benefit of and be binding upon the Initial Purchaser, the Manager, the Issuer and
their respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm
or corporation, other than the Initial Purchaser, the Manager, the Issuer and their respective successors and the controlling persons,
directors and officers referred to in Sections 7 and 8 and their heirs and legal representatives any legal or equitable right, remedy
or claim under or in respect of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof
are intended to be for the sole and exclusive benefit of the Initial Purchaser, the Manager, the Issuer and their respective successors,
and the controlling persons, directors and officers referred to in Sections 7 and 8 and their heirs and legal representatives and for
the benefit of no other person, firm or corporation. No purchaser of the Notes from the Initial Purchaser shall be deemed to be a successor
by reason merely of such purchase.

 

    	22

     

    

 

Section
13. Fiduciary Duties. The Issuer and the Manager each hereby acknowledges that in connection with the offering of the Notes and
the transactions related thereto, as contemplated herein and in the other Transaction Documents, and the discussions and negotiations
of the purchase price thereof set forth in this Agreement: (i) the Initial Purchaser has acted at arm’s length, is not an agent
of or advisor to, and owes no fiduciary duties to, any of the Issuer, the Manager or any other Person, (ii) the Initial Purchaser owes
the Issuer and the Manager only those contractual duties as are set forth in this Agreement and (iii) the Initial Purchaser may have
interests that differ from those of the Issuer and the Manager. Each of the Issuer and the Manager hereby waive to the full extent permitted
by applicable law any claims it may have against the Initial Purchaser arising from an alleged breach of fiduciary duty in connection
with the offering of the Notes and the transactions related thereto, as contemplated herein and in the other Transaction Documents, including
the discussions and negotiations of the purchase price thereof set forth in this Agreement.

 

Section
14. Status of Initial Purchaser. Nothing contained in this Agreement (a) shall prevent the Initial Purchaser from entering into
any agency agreement, underwriting agreement or other similar agreement governing the offer and sale of securities with any issuer or
issuers of securities or (b) shall be construed in any way as precluding or restricting other rights of the Initial Purchaser to sell
or offer for sale any securities issued by any person, including securities similar to, our competing with, the Notes.

 

Section
15. GOVERNING LAW. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN CONNECTION WITH THIS
AGREEMENT, THE RELATIONSHIP OF THE PARTIES, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES WILL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES OTHER
THAN SECTIONS 5¬1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 

Section
16. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original,
but all such counterparts shall together constitute one and the same Agreement.

 

Section
17. Effect of Headings. The Section headings herein are for convenience only and shall not effect the construction hereof.

 

Section
18. Non-Petition. The Initial Purchaser hereby agrees that, prior to the date which is one year and one day after all the Notes
have been paid in full, it will not institute against, or join any Person in instituting against, the Issuer any bankruptcy, reorganization,
arrangement, insolvency, moratorium or liquidation proceedings, or other similar proceedings under any Federal or state bankruptcy or
similar law.

 

    	23

     

    

 

If
the foregoing is in accordance with your understanding of our agreement, please sign and return to the Initial Purchaser a counterpart
hereof, whereupon this instrument, along with all counterparts, will become a binding agreement among the Manager, the Issuer and the
Initial Purchaser in accordance with its terms.

 

	 	 	FAT
    BRANDS INC., as the Manager
	 	 	 
	 	 	By:	/s/
    Andrew Wiederhorn 
	 	 	Name: 	Andrew
    Wiederhorn
	 	 	Title:	Chief
    Executive Officer
	 	 	 	 
	 	 	FAT
    Brands Twin Peaks I, LLC, as the Issuer
	 	 	 
	 	 	By:	/s/
    Andrew Wiederhorn 
	 	 	Name:	Andrew
    Wiederhorn
	 	 	Title:	Chief
    Executive Officer

 

	CONFIRMED
    AND ACCEPTED, as of the date first written above:	 	 
	 	 	 
	JEFFERIES
    LLC, as the Initial Purchaser 	 	 
	 	 	 
	By:	/s/
    Michael Wade	 	 
	Name: 	Michael
    Wade	 	 
	Title:	Managing
    Director	 	 

 

    	 

     

    

 

ANNEX
A

 

	 	1.	FAT
    Brands Twin Peaks I, LLC (Series 2021-1) – Pricing Model Excel Spreadsheet
	 	 	 
	 	2.	FAT
    Brands Twin Peaks I, LLC Series 2021-1 Overview

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