Document:

EX-10.31

 EXECUTION VERSION 

 
  

 
 GUARANTEE AND COLLATERAL
AGREEMENT 
 made by 
 BURGER KING HOLDINGS, INC., 
 BURGER KING CORPORATION, 

and 
 THE
GUARANTORS IDENTIFIED HEREIN 
 in favor of 
 JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent 

Dated as of September 28, 2012 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE I DEFINED TERMS
	  	 	1	  
	 SECTION 1.1. Definitions
	  	 	1	  
	 SECTION 1.2. Other Definitional Provisions
	  	 	5	  
		
	 ARTICLE II GUARANTEE
	  	 	6	  
	 SECTION 2.1. Guarantee
	  	 	6	  
	 SECTION 2.2. Right of Contribution
	  	 	7	  
	 SECTION 2.3. No Subrogation
	  	 	7	  
	 SECTION 2.4. Amendments, etc., with respect to the Borrower Obligations
	  	 	7	  
	 SECTION 2.5. Guarantee Absolute and Unconditional
	  	 	8	  
	 SECTION 2.6. Reinstatement
	  	 	9	  
	 SECTION 2.7. Payments
	  	 	9	  
		
	 ARTICLE III GRANT OF SECURITY INTEREST
	  	 	9	  
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES
	  	 	11	  
	 SECTION 4.1. Title; No Other Lien
	  	 	11	  
	 SECTION 4.2. Perfection Certificate
	  	 	11	  
	 SECTION 4.3. Inventory and Equipment
	  	 	11	  
	 SECTION 4.4. Investment Property
	  	 	12	  
	 SECTION 4.5. Receivables
	  	 	12	  
	 SECTION 4.6. Intellectual Property
	  	 	12	  
		
	 ARTICLE V COVENANTS
	  	 	13	  
	 SECTION 5.1. Delivery of Instruments, Certificated Securities and Chattel Paper
	  	 	13	  
	 SECTION 5.2. Maintenance of Insurance
	  	 	13	  
	 SECTION 5.3. Maintenance of Perfected Security Interest; Further Documentation
	  	 	14	  
	 SECTION 5.4. Notices
	  	 	14	  
	 SECTION 5.5. Investment Property
	  	 	14	  
	 SECTION 5.6. Receivables
	  	 	15	  
	 SECTION 5.7. Intellectual Property
	  	 	15	  
		
	 ARTICLE VI REMEDIAL PROVISIONS
	  	 	17	  
	 SECTION 6.1. Certain Matters Relating to Receivables
	  	 	17	  
	 SECTION 6.2. Communications with Obligors; Grantors Remain Liable
	  	 	18	  
	 SECTION 6.3. Pledged Equity
	  	 	19	  
	 SECTION 6.4. Proceeds to be Turned Over to Administrative Agent
	  	 	20	  
	 SECTION 6.5. Application of Proceeds
	  	 	20	  
	 SECTION 6.6. Code and Other Remedies
	  	 	20	  
	 SECTION 6.7. Registration Rights
	  	 	21	  
	 SECTION 6.8. Deficiency.
	  	 	22	  
		
	 ARTICLE VII THE ADMINISTRATIVE AGENT
	  	 	22	  
	 SECTION 7.1. Administrative Agent’s Appointment as Attorney-in-Fact, etc.
	  	 	22	  

					
	 SECTION 7.2. Duty of Administrative Agent
	  	 	24	  
	 SECTION 7.3. Execution of Financing Statements
	  	 	24	  
	 SECTION 7.4. Authority of Administrative Agent
	  	 	25	  
		
	 ARTICLE VIII MISCELLANEOUS
	  	 	25	  
	 SECTION 8.1. Amendments in Writing
	  	 	25	  
	 SECTION 8.2. Notices
	  	 	25	  
	 SECTION 8.3. No Waiver by Course of Conduct; Cumulative Remedies
	  	 	25	  
	 SECTION 8.4. Enforcement Expenses; Indemnification
	  	 	26	  
	 SECTION 8.5. Successors and Assigns
	  	 	26	  
	 SECTION 8.6. Setoff
	  	 	26	  
	 SECTION 8.7. Counterparts; Integration
	  	 	27	  
	 SECTION 8.8. Severability
	  	 	27	  
	 SECTION 8.9. Section Headings
	  	 	27	  
	 SECTION 8.10. Governing Law; Jurisdiction; Consent to Service of Process
	  	 	27	  
	 SECTION 8.11. Acknowledgments
	  	 	28	  
	 SECTION 8.12. Additional Guarantors and Grantors
	  	 	28	  
	 SECTION 8.13. Releases
	  	 	28	  
	 SECTION 8.14. Waiver of Jury Trial
	  	 	29	  

  

			
	 SCHEDULES*
	  	
	 Schedule 1
	  	Notice Addresses
	 Schedule 2
	  	Investment Property
	 Schedule 3
	  	Inventory and Equipment Locations
	 Schedule 4
	  	Intellectual Property
		
	 ANNEX
	  	
	 Annex 1
	  	Form of Assumption Agreement
	 Annex 2
	  	Form of Perfection Certificate

  

	*	Schedules omitted will be provided upon request. 

 GUARANTEE AND COLLATERAL AGREEMENT, dated as of September 28, 2012 made by each of the
signatories hereto (together with any other entity that may become a party hereto as provided herein, the “Grantors”), in favor of JPMORGAN CHASE BANK, N.A., as Administrative Agent (in such capacity, the “Administrative
Agent”) for the lending and other financial institutions (the “Lenders”) from time to time parties to the Credit Agreement, dated as of the date hereof (as amended, supplemented or otherwise modified from time to time, the
“Credit Agreement”), among BURGER KING HOLDINGS, INC., a Delaware corporation (“Holdings”), BURGER KING CORPORATION, a Florida corporation, as the borrower (the “Borrower”), the Lenders, the
Administrative Agent, and the other agents party thereto. 
 W I T N E S S
E T H: 
 WHEREAS, Holdings, the Borrower, the Lenders and the Administrative Agent have entered into the
Credit Agreement, pursuant to which the Lenders have severally agreed to make extensions of credit to the Borrower upon the terms and subject to the conditions set forth therein; 

WHEREAS, the Borrower is a member of an affiliated group of companies that includes each other Grantor; 

WHEREAS, the proceeds of the extensions of credit under the Credit Agreement will be used in part to enable the Borrower to make valuable
transfers to one or more of the other Grantors in connection with the operation of their respective businesses; 
 WHEREAS, the
Borrower and the other Grantors are engaged in related businesses, and each Grantor will derive substantial direct and indirect benefit from the making of the extensions of credit under the Credit Agreement; and 

WHEREAS, it is a condition precedent to the obligation of the Lenders to make their respective extensions of credit to the Borrower under
the Credit Agreement that the Grantors shall have executed and delivered this Agreement to the Administrative Agent for the ratable benefit of the Secured Parties; 
 NOW, THEREFORE, in consideration of the premises and the agreements hereinafter set forth, and in order to induce the Administrative Agent and the Lenders to enter into the Credit Agreement and in order
to induce the Lenders to make their respective extensions of credit to the Borrower thereunder, each Grantor hereby agrees with the Administrative Agent, for the ratable benefit of the Secured Parties, as follows: 

ARTICLE I 

DEFINED TERMS 
 SECTION 1.1. Definitions. 
 (a) Unless otherwise defined herein, terms
defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement, and the following terms are used herein as defined in the New York UCC: Accounts, Certificated Security, Chattel Paper, Commercial Tort
Claims, Documents, Equipment, Farm Products, General Intangibles, Instruments, Inventory, Letter of Credit Rights and Supporting Obligations. 

 (b) The following terms shall have the following meanings: 

“Agreement”: this Guarantee and Collateral Agreement, as the same may be amended, supplemented or
otherwise modified from time to time. 
 “Assumption Agreement”: an Assumption Agreement,
substantially in the form of Annex 1. 
 “Borrower Obligations”: the collective reference to the
unpaid principal of and interest on the Loans and reimbursement obligations with respect to Letters of Credit and all other obligations and liabilities of the Borrower (including, without limitation, interest accruing at the then applicable rate
provided in the Credit Agreement after the maturity of the Loans and reimbursement obligations with respect to Letters of Credit and interest accruing at the then applicable rate provided in the Credit Agreement after the filing of any petition in
bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) to the Administrative Agent or any Lender
(or, in the case of Specified Swap Agreements and Specified Cash Management Agreements, any affiliate of any Lender) whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise
under, out of, or in connection with, the Credit Agreement, this Agreement, the other Loan Documents, any Letter of Credit, any Specified Swap Agreement, any Specified Cash Management Agreement or any other document made, delivered or given in
connection with any of the foregoing, in each case whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the
Administrative Agent or to the Lenders that are required to be paid by the Borrower pursuant to the terms of any of the foregoing agreements). 
 “Collateral”: as defined in Article III. 

“Collateral Account”: any collateral account established by the Administrative Agent as provided in
Section 6.1 or 6.4. 
 “Copyrights”: (i) all copyrights and works of authorship
arising under the laws of the United States, whether registered or unregistered and whether published or unpublished (including, without limitation, those listed in Schedule 4), all registrations and recordings thereof, and all
applications in connection therewith, in the United States Copyright Office, and (ii) the right, if any, to obtain all renewals thereof. 
 “Copyright Licenses”: any written agreement naming any Grantor as licensor or licensee granting any right under any Copyright in the United States, including, without limitation, the
grant of rights to manufacture, distribute, exploit and sell materials derived from any Copyright. 

  
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 “Deposit Account”: as defined in the Uniform Commercial
Code of any applicable jurisdiction and, in any event, including, without limitation, any demand, time savings, passbook or like account maintained with a depositary institution. 

“Excluded Property”: as defined in Article III. 

“Foreign Subsidiary Voting Stock”: the voting Equity Interests of any Foreign Subsidiary. 

“Gibraltar Non-Voting Stock”: the 75,000 (seventy-five thousand) non-qualified perpetual shares of $1.00
(one U.S. Dollar each) in the share capital of Burger King (Gibraltar) Limited issued to the Borrower. 

“Guarantor Obligations”: with respect to any Guarantor, all obligations and liabilities of such Guarantor
which may arise under or in connection with this Agreement (including, without limitation, Article II) or any other Loan Document, any Specified Swap Agreement or any Specified Cash Management Agreement to which such Guarantor is a party, in each
case whether on account of guarantee obligations, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees of counsel to the Administrative Agent or to the Lenders that are required to be
paid by such Guarantor pursuant to the terms of this Agreement or any other Loan Document). 

“Guarantors”: the collective reference to each Grantor other than the Borrower. 

“Infringement”: infringement, misappropriation, dilution or other violation of any Intellectual Property
(and the terms “Infringe” and “Infringed” have meanings correlative thereto). 

“Intellectual Property”: the collective reference to all rights, priorities and privileges relating to
intellectual property (including, without limitation, those listed on Schedule 4) arising under United States laws, including, without limitation, the Copyrights, the Patents, and the Trademarks, and all rights to sue at law or in equity for
any Infringement thereof, including the right to receive all proceeds and damages therefrom. 

“Intellectual Property Licenses”: all Copyright Licenses, Patent Licenses and Trademark Licenses.

 “Intercompany Note”: any promissory note evidencing loans made by any Grantor to Holdings or
any of its Subsidiaries. 
 “Investment Property”: the collective reference to (i) all
“investment property” as such term is defined in Section 9-102(a)(49) of the New York UCC (other than any Foreign Subsidiary Voting Stock and any Equity Interests of Excluded Subsidiaries and Unrestricted Subsidiaries excluded from
the definition of “Pledged Equity”) and (ii) whether or not constituting “investment property” as so defined, all Pledged Debt and all Pledged Equity. 

  
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 “Issuers”: the collective reference to each issuer of any
Investment Property. 
 “New York UCC”: the Uniform Commercial Code as from time to time in
effect in the State of New York. 
 “Obligations”: (i) in the case of the Borrower, the
Borrower Obligations, and (ii) in the case of each Guarantor, its Guarantor Obligations. 

“Patents”: (i) all letters patent of the United States, all reissues and extensions thereof,
including, without limitation, any of the foregoing referred to in Schedule 4, (ii) all applications for letters patent of the United States and all divisions, continuations and continuations-in-part thereof, including, without
limitation, any of the foregoing referred to in Schedule 4, and including, for each of (i) and (ii), the right to make, use and/or sell the inventions disclosed or claimed therein and (iii) all rights to obtain any reissues or
extensions of the foregoing. 
 “Patent License”: all written agreements providing for the grant
by or to any Grantor of any right to manufacture, use or sell any invention covered in whole or in part by a Patent in the United States. 
 “Perfection Certificate”: a certificate substantially in the form of Annex 2, completed and supplemented with the schedules and attachments contemplated thereby, and duly executed by the
associate general counsel or the chief legal officer of the Borrower. 
 “Pledged Debt”:
(i) all promissory notes listed on Schedule 2, (ii) all Intercompany Notes at any time issued to any Grantor exceeding $1,000,000, (iii) all promissory notes issued by any Franchisee to any Grantor exceeding $5,000,000 and
(iv) all other promissory notes (other than notes issued by any Franchisee) issued to or held by any Grantor (other than promissory notes issued in connection with extensions of trade credit by any Grantor in the ordinary course of business)
exceeding $1,000,000. 
 “Pledged Equity”: the Equity Interests listed on
Schedule 2, together with any other shares, stock certificates, options or rights of any nature whatsoever in respect of the Equity Interests of any Subsidiary that may be issued or granted to, or held by, any Grantor while this
Agreement is in effect; provided that in no event shall (i) more than 65% of the issued and outstanding Foreign Subsidiary Voting Stock (which at the time of this Agreement comprises 48,750 (forty-eight thousand, seven hundred and fifty)
non-qualified perpetual shares of $1.00 (one U.S. Dollar each) in the share of capital of Burger King (Gibraltar) Limited), (ii) more than 65% of the issued and outstanding Gibraltar Non-Voting Stock, (iii) Equity Interests of any
Unrestricted Subsidiary or (iv) Equity Interests of any Excluded Subsidiary, constitute Pledged Equity or be required to be pledged hereunder. 
 “Pledged Investment Property”: all Investment Property now or hereafter included in the Collateral. 

  
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 “Proceeds”: all “proceeds” as such term is
defined in Section 9-102(a)(64) of the New York UCC and, in any event, shall include, without limitation, all dividends or other income from the Investment Property, collections thereon or distributions or payments with respect thereto.

 “Receivable”: any right to payment for goods sold or leased or for services rendered, whether
or not such right is evidenced by an Instrument or Chattel Paper and whether or not it has been earned by performance (including, without limitation, any Account). 

“Secured Parties”: the collective reference to the Administrative Agent, the Issuing Banks, the Lenders,
each counterparty to any Specified Swap Agreement or Specified Cash Management Agreement and each sub-agent appointed by the Administrative Agent from time to time pursuant to Article VIII of the Credit Agreement, to which Borrower Obligations or
Guarantor Obligations, as applicable, are owed. 
 “Securities Act”: the Securities Act of 1933,
as amended. 
 “Subsidiary Guarantor”: any Subsidiary that is or becomes a party to this
Agreement. 
 “Specified Cash Management Agreement”: any agreement providing for treasury,
depository, purchasing card or cash management services, including in connection with automated clearing house transfers of funds or similar transactions between the Borrower or any Subsidiary Loan Party and any Lender or Affiliate thereof.

 “Specified Swap Agreement”: any Swap Agreement entered into by the Borrower or any Subsidiary
Loan Party and any Person that is a Lender or Affiliate of a Lender at the time such Swap Agreement is entered into. 
 “Trademarks”: (i) all trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles, service marks, domain names, trade dress,
logos and other source or business identifiers, and all goodwill associated therewith or symbolized thereby, now existing or hereafter adopted or acquired, all registrations and recordings thereof, and all applications in connection therewith, in
the United States Patent and Trademark Office or in any similar office or agency of the United States, or any State thereof, and all common-law rights related thereto, including, without limitation, any of the foregoing referred to in
Schedule 4, and (ii) the right to obtain all renewals thereof. 
 “Trademark
License”: any written agreement providing for the grant by or to any Grantor of any right to use any Trademark in the United States. 
 SECTION 1.2. Other Definitional Provisions.  
 (a) The words
“hereof,” “herein,” “hereto” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section
and Schedule references are to this Agreement unless otherwise specified. 

  
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 (b) The meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms. 
 (c) Where the context requires, terms relating to the Collateral or any part
thereof, when used in relation to a Grantor, shall refer to such Grantor’s Collateral or the relevant part thereof. 

ARTICLE II 

GUARANTEE 

SECTION 2.1. Guarantee. 
 (a) Each of the Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantees to the Administrative Agent, for the ratable benefit of the Secured Parties and their respective
successors and permitted indorsees, transferees and assigns, the prompt and complete payment and performance by the Borrower when due (whether at the stated maturity, by acceleration or otherwise) of the Borrower Obligations. 

(b) Anything herein or in any other Loan Document to the contrary notwithstanding, the maximum liability of each Guarantor hereunder and
under the other Loan Documents shall in no event exceed the amount which can be guaranteed by such Guarantor under applicable federal and state laws relating to the insolvency of debtors (after giving effect to the right of contribution established
in Section 2.2). 
 (c) Each Guarantor agrees that the Borrower Obligations may at any time and from time to time exceed
the amount of the liability of such Guarantor hereunder without impairing the guarantee contained in this Article II or affecting the rights and remedies of the Administrative Agent or any Lender hereunder. 

(d) The guarantee contained in this Article II shall remain in full force and effect until all the Obligations (other than contingent
indemnification and contingent expense reimbursement obligations as to which no claim has been asserted and any Obligations in respect of Specified Swap Agreements and Specified Cash Management Agreements) shall have been satisfied by payment in
full, no Letter of Credit shall be outstanding and the Commitments shall be terminated, notwithstanding that from time to time during the term of the Credit Agreement the Borrower may be free from any Borrower Obligations. 

(e) Except as provided in Section 8.13, no payment made by the Borrower, any of the Guarantors, any other guarantor or any other
Person or received or collected by the Administrative Agent or any Lender from the Borrower, any of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any setoff, appropriation or application at any time
or from time to time in reduction of or in payment of the Borrower Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding any such payment (other than any
payment 

  
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made by such Guarantor in respect of the Borrower Obligations or any payment received or collected from such Guarantor in respect of the Borrower Obligations), remain liable for the Borrower
Obligations up to the maximum liability of such Guarantor hereunder until the Borrower Obligations are paid in full, no Letter of Credit is outstanding and the Commitments are terminated. 

SECTION 2.2. Right of Contribution. 
 Each Subsidiary Guarantor hereby agrees that to the extent that a Subsidiary Guarantor shall have paid more than its proportionate share of any payment made hereunder, such Subsidiary Guarantor shall be
entitled to seek and receive contribution from and against any other Subsidiary Guarantor hereunder which has not paid its proportionate share of such payment. Each Subsidiary Guarantor’s right of contribution shall be subject to the terms and
conditions of Section 2.3. The provisions of this Section 2.2 shall in no respect limit the obligations and liabilities of any Subsidiary Guarantor to the Administrative Agent and the Lenders, and each Subsidiary Guarantor shall remain
liable to the Administrative Agent and the Lenders for the full amount guaranteed by such Subsidiary Guarantor hereunder. 

SECTION 2.3. No Subrogation. 
 Notwithstanding any payment made by any Guarantor hereunder or any setoff or application of funds of any Guarantor by the Administrative Agent or any Lender, no Guarantor shall be entitled to be
subrogated to any of the rights of the Administrative Agent or any Lender against the Borrower or any other Guarantor or any collateral security, guarantee or right of offset held by the Administrative Agent or any Lender for the payment of the
Borrower Obligations, nor shall any Guarantor seek any contribution or reimbursement from the Borrower or any other Guarantor in respect of payments made by such Guarantor hereunder, until all amounts owing to the Administrative Agent and the
Lenders by the Borrower on account of the Borrower Obligations are paid in full, no Letter of Credit is outstanding and the Commitments are terminated. If any amount shall be paid to any Guarantor on account of such subrogation rights at any time
when all of the Borrower Obligations shall not have been paid in full, such amount shall be held by such Guarantor in trust for the Administrative Agent and the Lenders, segregated from other funds of such Guarantor, and shall, forthwith upon
receipt by such Guarantor, be turned over to the Administrative Agent in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Administrative Agent, if required), to be applied against the Borrower Obligations, whether
matured or unmatured, in such order as the Administrative Agent may determine. For the avoidance of doubt, nothing in the foregoing shall operate as a waiver of any subrogation rights. 

SECTION 2.4. Amendments, etc., with respect to the Borrower Obligations. 

To the fullest extent permitted by applicable law, each Guarantor shall remain obligated hereunder notwithstanding that, without any
reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any of the Borrower Obligations made by the Administrative Agent or any Lender may be rescinded by the Administrative
Agent or such Lender and any of the Borrower Obligations continued, and the Borrower Obligations, or the liability of any other Person upon them or for 

  
 7 

 
any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified,
accelerated, compromised, waived, surrendered or released by the Administrative Agent or any Lender, and the Credit Agreement and the other Loan Documents and any other documents executed and delivered in connection therewith may be amended,
modified, supplemented or terminated, in whole or in part, as the Administrative Agent (or the Required Lenders or all Lenders, as the case may be) may reasonably deem advisable from time to time, and any collateral security, guarantee or right of
offset at any time held by the Administrative Agent or any Lender for the payment of the Borrower Obligations may be sold, exchanged, waived, surrendered or released. Neither the Administrative Agent nor any Lender shall have any obligation to
protect, secure, perfect or insure any Lien at any time held by it as security for the Borrower Obligations or for the guarantee contained in this Article II or any property subject thereto. 

SECTION 2.5. Guarantee Absolute and Unconditional. 
 To the fullest extent permitted by applicable law, each Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Borrower Obligations and notice of or proof of
reliance by the Administrative Agent or any Lender upon the guarantee contained in this Article II or acceptance of the guarantee contained in this Article II; the Borrower Obligations, and any of them, shall conclusively be deemed to have been
created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in this Article II; and all dealings between the Borrower and any of the Guarantors, on the one hand, and the Administrative Agent and
the Lenders, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee contained in this Article II. To the fullest extent permitted by applicable law, each Guarantor waives diligence,
presentment, protest, demand for payment and notice of default or nonpayment to or upon the Borrower or any of the Guarantors with respect to the Borrower Obligations. Each Guarantor understands and agrees that the guarantee contained in this
Article II, to the fullest extent permitted by applicable law, shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (a) the validity or enforceability of the Credit Agreement or any other Loan
Document, any of the Borrower Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by the Administrative Agent or any Lender, (b) any defense, setoff or
counterclaim (other than a defense of payment or performance) which may at any time be available to or be asserted by the Borrower or any other Person against the Administrative Agent or any Lender or (c) any other circumstance whatsoever (with
or without notice to or knowledge of the Borrower or such Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the Borrower for the Borrower Obligations, or of such Guarantor under the guarantee
contained in this Article II, in bankruptcy or in any other instance. When making any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, the Administrative Agent or any Lender may, but shall be under no
obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against the Borrower, any other Guarantor or any other Person or against any collateral security or guarantee for the Borrower Obligations or any
right of offset with respect thereto, and any failure by the Administrative Agent or any Lender to make any such demand, to pursue such other rights or remedies or to collect any payments from the Borrower, any other Guarantor or any

  
 8 

 
other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of the Borrower, any other Guarantor or any other Person or any
such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of
the Administrative Agent or any Lender against any Guarantor. For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings. 

SECTION 2.6. Reinstatement. 
 The guarantee contained in this Article II shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Borrower Obligations is
rescinded or must otherwise be restored or returned by the Administrative Agent or any Lender upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any Guarantor, or upon or as a result of the appointment of
a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or any Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been made. 

SECTION 2.7. Payments. 
 Each Guarantor hereby guarantees that payments hereunder will be paid to the Administrative Agent without setoff or counterclaim in U.S. Dollars at the Administrative Agent’s Office. 

ARTICLE III 

GRANT OF SECURITY INTEREST 
 Each Grantor hereby grants to the Administrative Agent, for the ratable benefit of the Secured Parties, a security interest in, all of the following property now owned or at any time hereafter acquired by
such Grantor or in which such Grantor now has or at any time in the future may acquire any right, title or interest other than Excluded Property (collectively, the “Collateral”), as collateral security for the prompt and complete
payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of such Grantor’s Obligations: 
 (i) all Accounts; 
 (ii) all Chattel Paper; 

(iii) all Documents (other than title documents with respect to equipment or assets set forth in clause (v) of the
definition of Excluded Property below); 
 (iv) all Equipment; 

(v) all Fixtures; 
 (vi) all General Intangibles; 

  
 9 

 (vii) all Instruments; 

(viii) all Intellectual Property and Intellectual Property Licenses; 

(ix) all Inventory; 
 (x) all Investment Property; 
 (xi) all other personal property not
otherwise described above (except for any property specifically excluded from any clause in this section above, and any property specifically excluded from any defined term used in any clause of this section above); 

(xii) all books and records pertaining to the Collateral; and 

(xiii) to the extent not otherwise included, all Proceeds, Supporting Obligations and products of any and all of the
foregoing and all collateral security and guarantees given by any Person with respect to any of the foregoing; 
 provided,
however, that notwithstanding any of the other provisions set forth in this Article III, the term Collateral and the terms set forth in this Section defining the components of Collateral shall not include, and this Agreement shall not
constitute a grant of a security interest in, any of the following (the “Excluded Property”): (i) any fee owned real property of any Grantor with a value of less than $10,000,000 and any leasehold interests in real property,
(ii) any property to the extent that such grant of a security interest is prohibited by any Requirement of Law, requires a consent not obtained of any Governmental Authority pursuant to any Requirement of Law, is prohibited by the
organizational documents of a Subsidiary if such Subsidiary is not a wholly owned Subsidiary, or is prohibited by, or constitutes a breach or default under or results in the termination of or gives rise to a right on the part of the parties thereto
other than Holdings, the Borrower and the Subsidiaries to terminate (or materially modify) or requires any consent not obtained under any contract, license, agreement, instrument or other document evidencing or giving rise to such property or, in
the case of any Investment Property, Pledged Equity or Pledged Debt, any applicable shareholder or similar agreement, except to the extent that such Requirement of Law or the term in such contract, license, agreement, instrument or other document or
shareholder or similar agreement providing for such prohibition, breach, default or right of termination or modification or requiring such consent is ineffective under applicable law, (iii) any Deposit Accounts and other assets specifically
requiring perfection through control agreements, (iv) any property owned by any Grantor on the date hereof or hereafter acquired that is subject to a Lien securing a purchase money, project financing or capital or finance lease obligation
permitted to be incurred pursuant to the Credit Agreement if the contract or other agreement in which such Lien is granted (or the documentation providing for such purchase money, project financing or capital or finance lease obligation) prohibits
the creation of any other Lien on such property, (v) any trucks, trailers, tractors, service vehicles, automobiles, rolling stock or other registered mobile equipment or assets covered by certificates of title or ownership of any Grantor,
(vi) any Letter of Credit Rights, (vii) any Commercial Tort Claims, (viii) any “intent to use” Trademark applications unless and until a statement of use has been filed and accepted with the United States Patent and
Trademark Office or any Intellectual 

  
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Property if the granting, attachment or enforcement of a Lien or security interest in such Intellectual Property would result in the cancellation or voiding of such Intellectual Property, or
(ix) those assets as to which the Administrative Agent and the Borrower agree that the cost of obtaining a security interest therein or perfection thereof are excessive in relation to the value to the Lenders of the security to be afforded
thereby. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 
 To induce the Administrative Agent and the
Lenders to enter into the Credit Agreement and to induce the Lenders to make their respective extensions of credit to the Borrower thereunder, each Grantor hereby represents and warrants to the Administrative Agent and each Lender that: 

SECTION 4.1. Title; No Other Lien. 
 Except for the security interest granted to the Administrative Agent for the ratable benefit of the Secured Parties pursuant to this Agreement and the other Liens permitted to exist on the Collateral by
the Credit Agreement or this Agreement, such Grantor owns or has a right to use each item of the Collateral free and clear of any and all Liens. No effective financing statement or other public notice with respect to all or any part of the
Collateral is on file or of record in any public office, except such as have been filed in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, pursuant to this Agreement or as are permitted by the Credit Agreement or
as to which documentation to terminate the same shall have been delivered to the Administrative Agent. For the avoidance of doubt, it is understood and agreed that any Grantor has granted and may hereafter, as part of its business, grant licenses in
the ordinary course of business to third parties to use Intellectual Property owned by, licensed to, or developed by a Grantor. For purposes of this Agreement and the other Loan Documents, such licensing activity shall not constitute a
“Lien” on such Intellectual Property. Each of the Administrative Agent and each Lender understand that any such licenses may be exclusive to the applicable licensees, and such exclusivity provisions may limit the ability of the
Administrative Agent to utilize, sell, lease or transfer the related Intellectual Property or otherwise realize value from such Intellectual Property pursuant hereto. 
 SECTION 4.2. Perfection Certificate. 
 The Perfection Certificate has
been duly prepared, completed and executed and the information set forth therein, including the exact legal name of each Grantor, is correct and complete in all material aspects as of the Closing Date. 

SECTION 4.3. Inventory and Equipment. 
 On the date hereof, the Inventory and the Equipment of each Grantor having a value greater than $750,000 (other than de minimis amounts of Equipment and Inventory not located in such locations in the
ordinary course of business, Equipment and Inventory in transit between locations identified on Schedule 3 and mobile goods) are kept at the locations listed on Schedule 3. 

  
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 SECTION 4.4. Investment Property. 

(a) All the shares of the Pledged Equity as to which the Borrower or a Restricted Subsidiary of the Borrower is the Issuer have been duly
and validly issued and are fully paid and nonassessable. 
 (b) To the best of such Grantor’s knowledge, each of the
Pledged Debt constitutes the legal, valid and binding obligation of the obligor with respect thereto, enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
other similar laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing. 

(c) Such Grantor is the beneficial owner of, and has good and marketable title to, the Investment Property pledged by it hereunder, free
of any and all Liens or options in favor of any other Person, except the security interest created by this Agreement and Liens permitted pursuant to the Credit Agreement. 
 SECTION 4.5. Receivables. 
 The amounts represented by such Grantor to
the Lenders from time to time as owing to such Grantor in respect of any material Receivables will at such times to such Grantor’s knowledge be accurate in all material respects. 

SECTION 4.6. Intellectual Property. 
 (a) Schedule 4 lists all patents, copyrights and trademarks registered in the United States or for which an application for registration is pending in the United States (including the relevant
registration, application or serial number) that is owned by such Grantor in its own name on the date hereof. 
 (b) Each
Grantor owns or has the right to use all Intellectual Property that is material to its business in the United States as currently conducted, free of all Liens except liens permitted by the Credit Agreement or this Agreement, and takes reasonable
actions, as determined by such Grantor in its reasonable business judgment, to protect and maintain such Intellectual Property. 

(c) On the date hereof, all material registered or patented Intellectual Property that is owned by such Grantor in the United States is
valid, unexpired and enforceable, has not been abandoned, and to the knowledge of such Grantor, is not being Infringed by any other Person, except, in each case, as could not reasonably be expected, individually or in the aggregate, to result in a
Material Adverse Effect. The current operation of the business by such Grantor and Grantor’s use of its Intellectual Property in the United States does not Infringe the Intellectual Property of any other Person, except for any such
Infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

  
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 (d) No holding or decision has been rendered by any applicable Governmental Authority in the
United States that would impair or cancel the validity, enforceability, ownership or use of, or such Grantor’s rights in, any Intellectual Property set forth on Schedule 4 owned by such Grantor (other than oppositions or office actions issued
in the ordinary course of prosecution of any pending applications for patents or applications for registration of other Intellectual Property); except as could not reasonably be expected to result in a Material Adverse Effect. 

(e) No material claim, action or proceeding is pending, or, to the knowledge of such Grantor, threatened in writing, on the date hereof
in the United States seeking to cancel or challenge any material Intellectual Property set forth on Schedule 4 owned by such Grantor (other than oppositions or office actions issued in the ordinary course of prosecution of any pending
applications for patents or applications for registration of other Intellectual Property). 
 (f) Notwithstanding anything
contained in this Agreement or any other Loan Document, Grantor shall not have any obligation under this Agreement or any other Loan Document (or otherwise) with respect to any Intellectual Property outside the United States (regardless of whether
now or hereafter developed or acquired), including any obligation to make any filings or to take any other actions to grant, record or perfect any security interest in any Intellectual Property outside the United States. 

ARTICLE V 

COVENANTS 

Each Grantor covenants and agrees with the Administrative Agent and the Lenders that, from and after the date of this Agreement until the
Obligations (other than contingent indemnification and contingent expense reimbursement obligations as to which no claim has been asserted and any Obligations in respect of Specified Swap Agreements and Specified Cash Management Agreements) shall
have been paid in full, no Letter of Credit shall be outstanding and the Commitments shall have terminated: 
 SECTION
5.1. Delivery of Instruments, Certificated Securities and Chattel Paper. If (i) any amount in excess of $1,000,000 owed by any Subsidiary to any Grantor, (ii) any amount in excess of $5,000,000 owed by any Franchisee to any
Grantor or (iii) any other amount in excess of $1,000,000 payable under or in connection with any of the Collateral shall be or become evidenced by any Instrument, Certificated Security or Chattel Paper, such Instrument, Certificated Security
or Chattel Paper shall be delivered as soon as reasonably practicable to the Administrative Agent, duly indorsed in a manner reasonably satisfactory to the Administrative Agent, to be held as Collateral pursuant to this Agreement. 

SECTION 5.2. Maintenance of Insurance. 
 (a) Such Grantor will maintain the insurance required by Section 5.07 of the Credit Agreement. 

  
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 (b) All such insurance shall (i) provide (or such Grantor shall use commercially
reasonable efforts to ensure that it provides) that no cancellation, material reduction in amount or material change in coverage thereof shall be effective until at least 30 days or, in the case of insurance existing as of the date hereof, at least
10 days after receipt by the Administrative Agent of written notice thereof and (ii) name the Administrative Agent as insured party or loss payee. 
 SECTION 5.3. Maintenance of Perfected Security Interest; Further Documentation. 
 Such Grantor shall take all actions reasonably requested by the Administrative Agent to maintain the security interest created by this Agreement as a security interest having at least the perfection
(subject to the qualifications set forth in Section 3.18 of the Credit Agreement) and priority described in Section 3.18 of the Credit Agreement and shall take commercially reasonable actions to defend such security interest against the
claims and demands of all Persons whomsoever, subject in each case to, in the case of Collateral consisting of Pledged Equity and Pledged Debt, Liens permitted by the Credit Agreement and, in the case of Collateral other than Pledged Equity and
Pledged Debt, Liens permitted by the Credit Agreement and to the rights of such Grantor under the Loan Documents to dispose of the Collateral. 
 SECTION 5.4. Notices 
 Such Grantor will advise the Administrative
Agent promptly, in reasonable detail, of the occurrence of any other event which could reasonably be expected to have a material adverse effect on the aggregate value of the Collateral or on the security interests created hereby. 

SECTION 5.5. Investment Property. 
 (a) Each Grantor shall be entitled to receive and retain any and all dividends, interest, principal and other distributions paid on or in respect of the Pledged Investment Property to the extent and only
to the extent that such dividends, interest, principal and other distributions are permitted by, and otherwise paid or distributed in accordance with, the terms and conditions of the Credit Agreement; provided that any noncash dividends,
interest, principal or other distributions that would constitute Pledged Investment Property required to be delivered to the Administrative Agent under this Agreement, whether resulting from a subdivision, combination or reclassification of the
outstanding Equity Interests of the issuer of any Pledged Investment Property or received in exchange for Pledged Investment Property or any part thereof, or in redemption thereof, or as a result of any merger, consolidation, acquisition or other
exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Collateral, and, if received by any Grantor, shall be held in trust for the benefit of the Administrative Agent and shall be forthwith delivered to
the Administrative Agent in the same form as so received (with any necessary endorsement). 
 (b) Without the prior written
consent of the Administrative Agent, such consent not to be unreasonably withheld, such Grantor will not (i) sell, assign, transfer, exchange, or otherwise dispose of, or grant any option with respect to, the Pledged Investment Property or
Proceeds thereof (except pursuant to a transaction permitted by the Credit 

  
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Agreement), (ii) create, incur or permit to exist any Lien or option in favor of, or any claim of any Person with respect to, any of the Pledged Investment Property or Proceeds thereof, or
any interest therein, except for the security interests created by this Agreement or permitted under the Credit Agreement or (iii) except as permitted by the Credit Agreement, enter, subsequent to the date upon which such Investment Property
becomes Collateral hereunder, into any agreement (other than the Credit Agreement) or undertaking restricting the right or ability of such Grantor or the Administrative Agent to sell, assign or transfer any of the Investment Property required to be
included in Collateral or Proceeds thereof. 
 (c) In the case of each Grantor which is an Issuer, such Issuer agrees that
(i) it will be bound by the terms of this Agreement relating to the Investment Property required to be included in Collateral issued by it and will comply with such terms insofar as such terms are applicable to it, (ii) it will notify the
Administrative Agent promptly in writing of the occurrence of any of the events described in Section 5.5(a) with respect to such Investment Property issued by it and (iii) the terms of Sections 6.3(c) and 6.7 shall apply to it,
mutatis mutandis, with respect to all actions that may be required of it pursuant to Section 6.3(c) and 6.7 with respect to such Investment Property issued by it. 

SECTION 5.6. Receivables. 
 Such Grantor will deliver to the Administrative Agent a copy of each material demand, notice or document received by it that questions or calls into doubt the validity or enforceability of more than 10%
of the aggregate amount of the then-outstanding Receivables. 
 SECTION 5.7. Intellectual Property. 

(a) Such Grantor will (i) continue to use (either itself or through licensees) each Trademark that is owned by such Grantor in the
United States and is material to the operation of the business of the Borrower and its Subsidiaries taken as a whole on each and every trademark class of goods or services applicable to such material Trademark and to its current business taken as a
whole in accordance with applicable law to the extent necessary to maintain such material Trademark in full force free from any claim of abandonment for non-use, except to the extent that such Grantor determines in its reasonable business judgment
that any such use of a Trademark is no longer necessary or beneficial to the conduct of such Grantor’s business, (ii) maintain in all material respects as in the past (or increase) the quality of products and services offered under such
material Trademark (either itself or through licensees), (iii) use such material Trademark with the appropriate notice of registration and all other notices and legends to the extent necessary and required by applicable law to maintain such
material Trademark and (iv) not do any act or knowingly omit to do any act whereby such material Trademark becomes invalidated or abandoned; except as may otherwise be decided by such Grantor in its reasonable business judgment. 

(b) Such Grantor will not do any act, or knowingly omit to do any act, whereby any Patent that is owned by such Grantor in the United
States that is material to the operation of the business of the Borrower and its Subsidiaries taken as a whole becomes forfeited, abandoned or dedicated to the public, except to the extent that such Grantor determines in its reasonable business
judgment that the maintenance thereof is no longer necessary or beneficial to the conduct of such Grantor’s business. 

  
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 (c) Such Grantor will not do any act or knowingly omit to do any act whereby any portion of
the Copyrights that is owned by such Grantor in the United States that is material to the operation of the business of the Borrower and its Subsidiaries taken as a whole becomes invalidated, except to the extent that such Grantor determines in its
reasonable business judgment that such Copyright, or any portion thereof, is no longer necessary or beneficial to the conduct of such Grantor’s business. Such Grantor will not do any act whereby any portion of the Copyrights that is owned by
such Grantor in the United States that is material to the operation of the business of the Borrower and its Subsidiaries taken as a whole may fall into the public domain, except to the extent that such Grantor determines in its reasonable business
judgment that the maintenance thereof is no longer necessary or beneficial to the conduct of such Grantor’s business. 

(d) Such Grantor will not do any act that knowingly uses any U.S. Intellectual Property that is material to the operation of the business
of the Borrower and its Subsidiaries taken as a whole to willfully Infringe the U.S. Intellectual Property of any other Person in any material respect. 
 (e) Such Grantor will notify the Administrative Agent within thirty (30) days after the last day of the fiscal quarter in which it knows that any application or registration for any Intellectual
Property that is owned by such Grantor in the United States that is material to the operation of the business of the Borrower and its Subsidiaries taken as a whole becomes forfeited or abandoned (other than the expiration of Patents or Copyrights at
the end of their statutory term and except to the extent that such Grantor determines in its reasonable business judgment that any such Intellectual Property is no longer necessary or beneficial to the conduct of such Grantor’s business), or of
any materially adverse determination in any proceeding in the United States against such Grantor regarding such Grantor’s rights in or ownership, validity, enforceability or use of, any material U.S. Intellectual Property or such Grantor’s
right to register the same or to own and maintain the same in the United States (other than office actions issued in the ordinary course of prosecution of any pending applications for patents or applications for registration of other Intellectual
Property); except, in each case, as could not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. 
 (f) Whenever such Grantor shall acquire any Intellectual Property that is registered with the United States Patent and Trademark Office or the United States Copyright Office, or file with the United
States Patent and Trademark Office or the United States Copyright Office an application for the registration of any Intellectual Property, or execute a material stand-alone license agreement pursuant to which a third party grants such Grantor an
exclusive license to a copyright registered in the United States Copyright Office, such Grantor shall, as applicable, report such acquisition, filing or license to the Administrative Agent within thirty (30) days after the last day of the
bi-annual fiscal period in which, as applicable, such filing occurs or such license is executed. Upon the reasonable request of the Administrative Agent, such Grantor shall execute and deliver, and have recorded, any and all agreements, instruments,
documents and papers as the Administrative Agent may reasonably request to evidence the Administrative Agent’s and the Lenders’ security interest in any such Copyright, Patent or Trademark in the United States and the goodwill and general
intangibles of such Grantor relating thereto or represented thereby. 

  
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 (g) Such Grantor will take reasonable and necessary steps if and to the extent such Grantor
shall reasonably deem appropriate under the circumstances, in any proceeding before the United States Patent and Trademark Office or the United States Copyright Office to maintain and pursue each application (and to obtain the relevant registration)
and to maintain each registration of the Intellectual Property owned by such Grantor in the United States that is material to the operation of the business of the Borrower and its Subsidiaries taken as a whole, including, without limitation, filing
of applications for renewal, affidavits of use and affidavits of incontestability. 
 (h) In the event that any Intellectual
Property owned by such Grantor in the United States that is material to the operation of the business of the Borrower and its Subsidiaries taken as a whole is Infringed by a third party, such Grantor shall (unless such Infringement could not
reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect) (i) take such actions as such Grantor shall reasonably deem appropriate under the circumstances to protect such Intellectual Property,
(ii) if and to the extent Grantor deems it appropriate in its sole discretion, sue for Infringement (including seeking injunctive relief where appropriate and seeking damages for such Infringement), and (iii) promptly (but in any event
within thirty (30) days) notify the Administrative Agent if and to the extent Grantor, in its sole discretion, sues for Infringement (including seeking injunctive relief), or initiates arbitration, mediation or judicial proceedings in respect
of, such third party. 
 (i) Upon and during the continuance of an Event of Default, each Grantor shall use commercially
reasonable efforts to obtain all requisite consents or approvals under each Intellectual Property License that is material to the operation of the business of the Borrower and its Subsidiaries taken as a whole to the extent reasonably requested by
the Administrative Agent to effect the assignment of all such Grantor’s right, title and interest thereunder to the Administrative Agent or its designee (provided that such Grantor shall not be required to pay any additional consideration for
such consent). 
 ARTICLE VI 
 REMEDIAL PROVISIONS 
 SECTION 6.1. Certain Matters Relating to
Receivables. 
 (a) If an Event of Default has occurred and is continuing, the Administrative Agent shall have the right to
make test verifications of the Receivables required to be included in the Collateral in any manner and through any medium that it reasonably considers advisable, and each Grantor shall furnish all such assistance and information as the
Administrative Agent may require in connection with such test verifications. 
 (b) The Administrative Agent hereby authorizes
each Grantor to collect such Grantor’s Receivables required to be included in the Collateral and the Administrative Agent may curtail or terminate said authority at any time after the occurrence and during the

  
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continuance of an Event of Default. If required by the Administrative Agent at any time after the occurrence and during the continuance of an Event of Default, any payments of such Receivables,
when collected by any Grantor, (i) shall be forthwith (and, in any event, within two Business Days) deposited by such Grantor in the exact form received, duly indorsed by such Grantor to the Administrative Agent if required, in a Collateral
Account maintained under the sole dominion and control of the Administrative Agent, subject to withdrawal by the Administrative Agent for the account of the Lenders only as provided in Section 6.5, and (ii) until so turned over, shall be
held by such Grantor in trust for the Administrative Agent and the Lenders, segregated from other funds of such Grantor. Each such deposit of Proceeds of Receivables required to be included in the Collateral shall be accompanied by a report
identifying in reasonable detail the nature and source of the payments included in the deposit. 
 (c) If an Event of Default
has occurred and is continuing, at the Administrative Agent’s request, each Grantor shall deliver to the Administrative Agent all original and other documents evidencing, and relating to, the agreements and transactions which gave rise to the
Receivables required to be included in the Collateral, including, without limitation, all original orders, invoices and shipping receipts. 
 SECTION 6.2. Communications with Obligors; Grantors Remain Liable. 

(a) The Administrative Agent in its own name or in the name of others may at any time when an Event of Default has occurred and is
continuing, communicate with obligors under the Receivables required to be included in the Collateral to verify with them to the Administrative Agent’s satisfaction the existence, amount and terms of any such Receivables. 

(b) Upon the request of the Administrative Agent at any time after the occurrence and during the continuance of an Event of Default, each
Grantor shall notify obligors on the Receivables required to be included in the Collateral that such Receivables have been assigned to the Administrative Agent for the ratable benefit of the Secured Parties and that payments in respect thereof shall
be made directly to the Administrative Agent. 
 (c) Anything herein to the contrary notwithstanding, each Grantor shall remain
liable under each of the Receivables required to be included in the Collateral to observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise
thereto. Neither the Administrative Agent nor any Lender shall have any obligation or liability under any such Receivable (or any agreement giving rise thereto) by reason of or arising out of this Agreement or the receipt by the Administrative Agent
or any Lender of any payment relating thereto, nor shall the Administrative Agent or any Lender be obligated in any manner to perform any of the obligations of any Grantor under or pursuant to any such Receivable (or any agreement giving rise
thereto), to make any payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance by any party thereunder, to present or file any claim, to take any action to enforce any
performance or to collect the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times. 

  
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 SECTION 6.3. Pledged Equity. 

(a) Unless an Event of Default shall have occurred and be continuing and the Administrative Agent shall have given notice to the relevant
Grantor of the Administrative Agent’s intent to exercise its corresponding rights pursuant to Section 6.3(b), each Grantor shall be permitted to receive all dividends (other than dividends payable in Equity Interests) paid in respect of
the Pledged Equity and all payments made in respect of the Pledged Debt, in each case to the extent permitted in the Credit Agreement, and to exercise all voting and corporate or other organizational rights with respect to the Investment Property;
provided, however, that such Grantor will not be entitled to exercise any such right if the result thereof could materially and adversely affect the rights inuring to a holder of the Investment Property or the rights and remedies of
the Administrative Agent or the Lenders under any Loan Document or the ability of the Administrative Agent or the Lenders to exercise the same. 
 (b) If an Event of Default shall occur and be continuing and the Administrative Agent shall give notice of its intent to exercise such rights to the relevant Grantor or Grantors, (i) the
Administrative Agent shall have the right to receive any and all cash dividends, payments (including sums paid upon the liquidation or dissolution of any Issuer or in connection with any distribution of capital) or other Proceeds paid in respect of
the Investment Property and make application thereof to the Obligations in accordance with Section 6.5 and (ii) any or all of the Investment Property shall be registered in the name of the Administrative Agent or its nominee, and the
Administrative Agent or its nominee may thereafter exercise (x) all voting, corporate and other rights pertaining to such Investment Property at any meeting of shareholders of the relevant Issuer or Issuers or otherwise and (y) any and all
rights of conversion, exchange and subscription and any other rights, privileges or options pertaining to such Investment Property as if it were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any
and all of the Investment Property upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the corporate or other organizational structure of any Issuer, or upon the exercise by any Grantor or the
Administrative Agent of any right, privilege or option pertaining to such Investment Property, and in connection therewith, the right to deposit and deliver any and all of the Investment Property with any committee, depositary, transfer agent,
registrar or other designated agency upon such terms and conditions as the Administrative Agent may determine), all without liability except to account for property actually received by it, but the Administrative Agent shall have no duty to any
Grantor to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing. If any sums of money paid or distributed in respect of Investment Property, which the Administrative Agent shall be
entitled to receive pursuant to clause (i) above, shall be received by a Grantor, such Grantor shall, until such money is paid to the Administrative Agent, hold such money in trust for the Administrative Agent and the Lenders as additional
collateral for the Obligations. 
 (c) Each Grantor hereby authorizes and instructs each Issuer of any Investment Property
pledged by such Grantor hereunder to (i) comply with any instruction received by it from the Administrative Agent in writing that (x) states that an Event of Default has occurred and is continuing and (y) is otherwise in accordance
with the terms of this Agreement, without any other or further instructions from such Grantor, and each Grantor agrees that each Issuer shall be fully protected in so complying, and (ii) unless otherwise expressly permitted hereby, pay any
dividends or other payments with respect to the Investment Property directly to the Administrative Agent. 

  
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 SECTION 6.4. Proceeds to be Turned Over to Administrative Agent. 

If an Event of Default occurs and is continuing and the Administrative Agent so requests, all Proceeds received by any Grantor consisting
of cash and cash equivalents shall be held by such Grantor in trust for the Administrative Agent and the Lenders, segregated from other funds of such Grantor, and shall, forthwith upon receipt by such Grantor, be turned over to the Administrative
Agent in the exact form received by such Grantor (duly indorsed by such Grantor to the Administrative Agent, if required). All Proceeds received by the Administrative Agent hereunder shall be held by the Administrative Agent in a Collateral Account
maintained under its sole dominion and control. All Proceeds while held by the Administrative Agent in a Collateral Account (or by such Grantor in trust for the Administrative Agent and the Lenders) shall continue to be held as collateral security
for all the Obligations and shall not constitute payment thereof until applied as provided in Section 6.5. 
 SECTION
6.5. Application of Proceeds.  
 At such intervals as may be agreed upon by the Borrower and the Administrative
Agent, or, if an Event of Default shall have occurred and be continuing, at any time at the Administrative Agent’s election, the Administrative Agent may apply all or any part of Proceeds constituting the Collateral, whether or not held in any
Collateral Account, and any proceeds of any collection or sale of Collateral or of the guarantees set forth in Section 2, in payment of the Obligations in the following order: 

First, to pay incurred and unpaid fees and expenses of the Administrative Agent under the Loan Documents;

 Second, to the Administrative Agent, for application by it towards payment of amounts then due and
owing and remaining unpaid in respect of the Obligations, pro rata among the Secured Parties according to the amounts of the Obligations then due and owing and remaining unpaid to the Secured Parties; 

Third, to the Administrative Agent, for application by it towards prepayment of the Obligations, pro
rata among the Secured Parties according to the amounts of the Obligations then held by the Secured Parties; and 
 Fourth, any balance remaining after the Obligations shall have been paid in full, no Letters of Credit shall be outstanding and the Commitments shall have terminated shall be paid over to the
Borrower or to whomsoever may be lawfully entitled to receive the same. 
 SECTION 6.6. Code and Other Remedies.

 If an Event of Default occurs and is continuing, the Administrative Agent, on behalf of the Lenders, may exercise, in addition
to all other rights and remedies granted to them in this Agreement and in any other instrument or agreement securing, evidencing or relating to the Obligations, all rights and remedies of a secured party under the New York UCC or any other
applicable law. Without limiting the generality of the foregoing, if an Event of Default occurs and is continuing, the Administrative Agent, without demand of performance or other demand, 

  
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presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon any Grantor or any other Person (all and each of which demands,
defenses, advertisements and notices are hereby waived), may in such circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give option or options to
purchase, or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s board or office of the
Administrative Agent or any Lender or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk. The Administrative
Agent or any Lender shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of
redemption in any Grantor, which right or equity is hereby waived and released. Each Grantor further agrees, at the Administrative Agent’s request following and during the continuance of an Event of Default, to assemble the Collateral and make
it available to the Administrative Agent at places which the Administrative Agent shall reasonably select, whether at such Grantor’s premises or elsewhere. The Administrative Agent shall apply the net proceeds of any action taken by it pursuant
to this Section 6.6, after deducting all reasonable out-of-pocket costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or
the rights of the Administrative Agent and the Lenders hereunder, including, without limitation, reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the Obligations, in accordance with Section 6.5. To the
extent permitted by applicable law, each Grantor waives all claims, damages and demands it may acquire against the Administrative Agent or any Lender arising out of the exercise by them of any rights hereunder. If any notice of a proposed sale or
other disposition of the Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least ten (10) days before such sale or other disposition. Notwithstanding anything to the contrary in this Agreement,
the Administrative Agent shall not assign or otherwise dispose of any Trademark owned by any Grantor without assigning the assets and goodwill of the business associated therewith; and any assignment not in compliance with the foregoing shall be
null and void. 
 SECTION 6.7. Registration Rights. 

(a) If the Administrative Agent shall determine to exercise its rights to sell all or any of the Pledged Equity pursuant to Section 6.6,
and if, in the opinion of the Administrative Agent, it is reasonably necessary to have the Pledged Equity, or that portion thereof to be sold, registered under the provisions of the Securities Act, the relevant Grantor will cause the Issuer thereof
to execute and deliver, and cause the directors and officers of such Issuer to execute and deliver, all such instruments and documents, and do or cause to be done all such other acts as may be, in the opinion of the Administrative Agent, reasonably
necessary to register the Pledged Equity, or that portion thereof to be sold, under the provisions of the Securities Act. Each Grantor agrees to cause such Issuer to comply with the provisions of the securities or “Blue Sky” laws of any
and all jurisdictions which the Administrative Agent shall designate. 
 (b) Each Grantor recognizes that the Administrative
Agent may be unable to effect a public sale of any or all the Pledged Equity, by reason of certain prohibitions contained 

  
 21 

 
in the Securities Act and applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be
obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof. Each Grantor acknowledges and agrees that any such private sale may result in prices and
other terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner. The Administrative Agent shall be under
no obligation to delay a sale of any of the Pledged Equity for the period of time necessary to permit the Issuer thereof to register such securities for public sale under the Securities Act, or under applicable state securities laws, even if such
Issuer would agree to do so. 
 (c) Each Grantor agrees to use its commercially reasonable efforts to do or cause to be done all
such other acts as may be necessary to make such sale or sales of all or any portion of the Pledged Equity pursuant to this Section 6.7 valid and binding and in compliance with any and all other applicable law. Each Grantor further agrees that
a breach of any of the covenants contained in this Section 6.7 will cause irreparable injury to the Administrative Agent and the Lenders, that the Administrative Agent and the Lenders have no adequate remedy at law in respect of such breach
and, as a consequence, that each and every covenant contained in this Section 6.7 shall be specifically enforceable against such Grantor, and such Grantor hereby waives, to the fullest extent permitted by applicable law, and agrees not to
assert any defenses against an action for specific performance of such covenants except for a defense that no Event of Default has occurred and is continuing under the Credit Agreement. 

SECTION 6.8. Deficiency. Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition
of the Collateral are insufficient to pay its Obligations and the reasonable fees and disbursements of any attorneys employed by the Administrative Agent or any Lender to collect such deficiency. 

ARTICLE VII 

THE ADMINISTRATIVE AGENT 
 SECTION 7.1. Administrative Agent’s Appointment as Attorney-in-Fact, etc. 
 Each Grantor hereby irrevocably constitutes and appoints the Administrative Agent and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full
irrevocable power and authority in the place and stead of such Grantor and in the name of such Grantor or in its own name, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute any and all
documents and instruments which may be necessary or desirable to accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, each Grantor hereby gives the Administrative Agent the power and right, on behalf of
such Grantor, without notice to or assent by such Grantor, to do any or all of the following: 
 (i) in the name
of such Grantor or its own name, or otherwise, take possession of and indorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due under any Receivable required to be included in the Collateral
hereunder or with respect to any other Collateral and file any claim or 

  
 22 

 
take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by the Administrative Agent for the purpose of collecting any and all such moneys due under any
such Receivable or with respect to any other Collateral whenever payable; 
 (ii) in the case of any Intellectual
Property required to be included in the Collateral hereunder, execute and deliver, and have recorded in the United States, any and all agreements, instruments, documents and papers as the Administrative Agent may reasonably request to evidence the
Administrative Agent’s and the Lenders’ security interest in such Intellectual Property and the goodwill and general intangibles of such Grantor relating thereto or represented thereby; 

(iii) pay or discharge taxes and Liens levied or placed on or threatened against the Collateral, effect any repairs or any
insurance called for by the terms of this Agreement and pay all or any part of the premiums therefor and the costs thereof; 
 (iv) execute, in connection with any sale provided for in Section 6.6 or 6.7, any indorsements, assignments or other instruments of conveyance or transfer with respect to the Collateral; and

 (v)(1) direct any party liable for any payment under any of the Collateral to make payment of any and all
moneys due or to become due thereunder directly to the Administrative Agent or as the Administrative Agent shall direct; (2) ask or demand for, collect, and receive payment of and receipt for, any and all moneys, claims and other amounts due or
to become due at any time in respect of or arising out of any Collateral; (3) sign and indorse any invoices, freight or express bills, bills of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications, notices
and other documents in connection with any of the Collateral; (4) commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect the Collateral or any portion thereof and to
enforce any other right in respect of any Collateral; (5) defend any suit, action or proceeding brought against such Grantor with respect to any Collateral; (6) settle, compromise or adjust any such suit, action or proceeding and, in
connection therewith, give such discharges or releases as the Administrative Agent may reasonably deem appropriate; (7) subject to any licenses (and the rights granted therein) existing at the time of such assignment, assign any Copyright,
Patent or Trademark (along with the goodwill of the business to which any such Copyright, Patent or Trademark pertains and subject to the qualification set out in Section 6.6 with regard to Trademarks), throughout the world for such term or
terms, on such conditions, and in such manner, as the Administrative Agent shall in its sole discretion determine; and (8) generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of the Collateral as
fully and completely as though the Administrative Agent were the absolute owner thereof for all purposes, and do, at the Administrative Agent’s option and such Grantor’s expense, at any time, or from time to time, all acts and things which
the Administrative Agent deems necessary to protect, preserve or realize upon the Collateral and the Administrative Agent’s and the Lenders’ security interests therein and to effect the intent of this Agreement, all as fully and
effectively as such Grantor might do. 

  
 23 

 Anything in this Section 7.1, to the contrary notwithstanding, the Administrative Agent
agrees that it will not exercise any rights under the power of attorney provided for in this Section 7.1, unless an Event of Default shall have occurred and be continuing. 

(b) If any Grantor fails to perform or comply with any of its agreements contained herein, the Administrative Agent, at its option, but
without any obligation so to do, may perform or comply, or otherwise cause performance or compliance, with such agreement. 

(c) The out-of-pocket expenses of the Administrative Agent incurred in connection with actions undertaken as provided in this
Section 7.1, together with interest thereon at a rate per annum equal to the highest rate per annum at which interest would then be payable on any category of past due Base Rate Loans under the Credit Agreement, from the date of payment by the
Administrative Agent to the date reimbursed by the relevant Grantor, shall be payable by such Grantor to the Administrative Agent on demand. 
 (d) Each Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. All powers, authorizations and agencies contained in this Agreement are coupled with an
interest and are irrevocable until this Agreement is terminated and the security interests created hereby are released. 

SECTION 7.2. Duty of Administrative Agent. 
 The Administrative Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the New York UCC or otherwise,
shall be to deal with it in the same manner as the Administrative Agent deals with similar property for its own account. Neither the Administrative Agent, any Lender nor any of their respective officers, directors, employees or agents shall be
liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take
any other action whatsoever with regard to the Collateral or any part thereof. The powers conferred on the Administrative Agent and the Lenders hereunder are solely to protect the Administrative Agent’s and the Lenders’ interests in the
Collateral and shall not impose any duty upon the Administrative Agent or any Lender to exercise any such powers. The Administrative Agent and the Lenders shall be accountable only for amounts that they actually receive as a result of the exercise
of such powers, and neither they nor any of their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct. 

SECTION 7.3. Execution of Financing Statements. 
 Pursuant to any applicable law, each Grantor authorizes the Administrative Agent to file or record financing statements and other filing or recording documents or instruments with respect to the
Collateral without the signature of such Grantor in such form and in such offices as the Administrative Agent determines appropriate to perfect the security interests of the Administrative Agent under this Agreement. Each Grantor authorizes the
Administrative Agent to use the collateral description “all personal property” or “all assets” in any such financing statements. Each Grantor hereby ratifies and authorizes the filing by the Administrative Agent

  
 24 

 
of any financing statement with respect to the Collateral made prior to the date hereof; provided that, at the reasonable request of any Grantor, the Administrative Agent shall amend any
such statement (and any other financing statement filed by the Administrative Agent in connection with this Agreement) to exclude any property that is released from, or otherwise not included in, the Collateral. The Administrative Agent agrees
promptly to furnish copies of all such filings to the Borrower. 
 SECTION 7.4. Authority of Administrative Agent.

 Each Grantor acknowledges that the rights and responsibilities of the Administrative Agent under this Agreement with respect
to any action taken by the Administrative Agent or the exercise or non-exercise by the Administrative Agent of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement
shall, as between the Administrative Agent and the Lenders, be governed by the Credit Agreement and by such other agreements with respect thereto as may exist from time to time among them, but, as between the Administrative Agent and the Grantors,
the Administrative Agent shall be conclusively presumed to be acting as agent for the Lenders with full and valid authority so to act or refrain from acting, and no Grantor shall be under any obligation, or entitlement, to make any inquiry
respecting such authority. 
 ARTICLE VIII 
 MISCELLANEOUS 
 SECTION 8.1. Amendments in Writing. 

None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except in accordance with
Section 9.02 of the Credit Agreement. 
 SECTION 8.2. Notices. 

All notices, requests and demands to or upon the Administrative Agent or any Grantor hereunder shall be effected in the manner provided
for in Section 9.01 of the Credit Agreement; provided that any such notice, request or demand to or upon any Guarantor shall be addressed to such Guarantor at its notice address set forth on Schedule 1. 

SECTION 8.3. No Waiver by Course of Conduct; Cumulative Remedies. 

Neither the Administrative Agent nor any Lender shall by any act (except by a written instrument pursuant to Section 8.1), delay,
indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default. No failure to exercise, nor any delay in exercising, on the part of the Administrative Agent or any
Lender, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right,
power or privilege. A waiver by the Administrative Agent or any Lender of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which the Administrative Agent or such Lender

  
 25 

 
would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies
provided by law. 
 SECTION 8.4. Enforcement Expenses; Indemnification. 

(a) The parties hereto agree that the Administrative Agent and the Lenders shall be entitled to reimbursement of their expenses incurred
hereunder as provided in Section 9.03 of the Credit Agreement. 
 (b) Each Guarantor agrees to pay, and to save the
Administrative Agent and the Lenders harmless from, any and all liabilities, losses, damages and claims and related out-of-pocket expenses (including the reasonable fees, charges and disbursements of counsel) of any kind or nature whatsoever with
respect to the execution, delivery, enforcement, performance and administration of this Agreement to the extent the Borrower would be required to do so pursuant to Section 9.03 of the Credit Agreement. 

(c) The agreements in this Section 8.4 shall survive repayment of the Obligations and all other amounts payable under the Credit
Agreement and the other Loan Documents. 
 SECTION 8.5. Successors and Assigns. 

This Agreement shall be binding upon the permitted successors and assigns of each Grantor and shall inure to the benefit of the
Administrative Agent and the Lenders and their permitted successors and assigns; provided that no Grantor may, except pursuant to a merger or consolidation permitted by the Credit Agreement, assign, transfer or delegate any of its rights or
obligations under this Agreement without the prior written consent of the Administrative Agent. 
 SECTION
8.6. Setoff. 
 If an Event of Default shall have occurred and be continuing, each Lender, each Issuing Bank and each
of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency)
at any time held and other obligations (in whatever currency) at any time owing by such Lender, such Issuing Bank or any such Affiliate to or for the credit or the account of each Grantor against any of and all the obligations of such Grantor now or
hereafter existing under this Agreement held by such Lender or such Issuing Bank, irrespective of whether or not such Lender or such Issuing Bank shall have made any demand under this Agreement and although such obligations may be unmatured or are
owed to a branch or office of such Lender or such Issuing Bank different from the branch or office holding such deposit or obligated on such Indebtedness. The applicable Lender and the applicable Issuing Bank shall notify such Grantor and the
Administrative Agent of such setoff and application, provided that any failure to give or any delay in giving such notice shall not affect the validity of any such setoff and application under this Section. The rights of each Lender, each
Issuing Bank and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, such Issuing Bank and their respective Affiliates may have. 

  
 26 

 SECTION 8.7. Counterparts; Integration. 

This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent, the Syndication Agents, the
Lead Arrangers or the syndication of the Loans and Commitments constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the
subject matter hereof. 
 SECTION 8.8. Severability. 

Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction
shall not invalidate such provision in any other jurisdiction. 
 SECTION 8.9. Section Headings. 

Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement
and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
 SECTION
8.10. Governing Law; Jurisdiction; Consent to Service of Process. 
 (a) This Agreement shall be construed in
accordance with and governed by the law of the State of New York. 
 (b) Each Grantor hereby irrevocably and unconditionally
submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in the Borough of Manhattan and of the United States District Court of the Southern District of New York, and any appellate
court from any thereof, in any action or proceeding arising out of or relating to any Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in
respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that, to the extent permitted by applicable law, a final
judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in any Loan Document shall affect any right that the Administrative
Agent, any Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to any Loan Document against any Grantor or their respective properties in the courts of any jurisdiction. 

(c) Each Grantor hereby irrevocably and unconditionally waives, to the fullest extent not prohibited by law, any right it might have to
claim or recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential damages 

  
 27 

 
and waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or
relating to any Loan Document in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of
such action or proceeding in any such court. 
 (d) Each party to this Agreement irrevocably consents to service of process in
the manner provided for notices in Section 8.2. Nothing in any Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 8.11. Acknowledgments. 
 Each Grantor hereby acknowledges that: 
 (a) it has been advised by counsel in the
negotiation, execution and delivery of this Agreement and the other Loan Documents to which it is a party; 
 (b) neither the
Administrative Agent nor any Lender has any fiduciary relationship with or duty to any Grantor arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between the Grantors, on the one hand, and
the Administrative Agent and the Lenders, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and 
 (c) no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Grantors and the Lenders.

 SECTION 8.12. Additional Guarantors and Grantors. 

Each Subsidiary of the Borrower that is required to become a party to this Agreement pursuant to Section 5.11(a) of the Credit
Agreement shall become a Guarantor and a Grantor for all purposes of this Agreement upon execution and delivery by such Subsidiary of an Assumption Agreement in the form of Annex 1 hereto. 

SECTION 8.13. Releases. 
 (a) At such time as the Loans and the other Obligations (other than contingent indemnification and contingent expense reimbursement obligations as to which no claim has been asserted and any Obligations
in respect of Specified Swap Agreements and Specified Cash Management Agreements) shall have been paid in full, the Commitments have been terminated and no Letters of Credit shall be outstanding, the Collateral shall be released from the Liens
created hereby, and this Agreement and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent and each Grantor hereunder shall terminate, all without delivery of any instrument or performance of
any act by any party, and all rights to the Collateral shall revert to the Grantors. At the request and sole expense of any Grantor following any such termination, the Administrative Agent shall deliver to such Grantor any Collateral held by the
Administrative Agent hereunder and execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such termination. 

  
 28 

 (b) If any of the Collateral shall be sold, transferred or otherwise disposed of by any
Grantor in a transaction permitted by the Credit Agreement, then (i) the Liens created hereby on such Collateral shall automatically be released and (ii) the Administrative Agent, at the request and sole expense of such Grantor, shall
execute and deliver to such Grantor all releases or other documents reasonably necessary or desirable for the release of the Liens created hereby on such Collateral. At the request and sole expense of the Borrower, a Subsidiary Guarantor shall be
released from its obligations hereunder in the event that all the Equity Interests of such Subsidiary Guarantor shall be sold, transferred or otherwise disposed of in a transaction permitted by the Credit Agreement. 

SECTION 8.14. Waiver of Jury Trial. 
 EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO
ANY LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

  
 29 

 IN WITNESS WHEREOF, each of the undersigned has caused this Guarantee and Collateral
Agreement to be duly executed and delivered as of the date first above written. 
  

			
	BURGER KING HOLDINGS, INC.
		
	By:	 	/s/ Lisa Giles-Klein
	Name:	 	Lisa Giles-Klein
	Title:	 	Assistant Secretary

 [SIGNATURE PAGE TO GUARANTEE AND COLLATERAL AGREEMENT] 

 
			
	BURGER KING CORPORATION
		
	By:	 	 /s/ Lisa Giles-Klein

	Name:	 	Lisa Giles-Klein
	Title:	 	Assistant Secretary

 [SIGNATURE PAGE TO GUARANTEE AND COLLATERAL AGREEMENT] 

 
			
	BK ACQUISITION, INC.
	BK CDE, INC.
	BURGER KING INTERAMERICA, LLC
	BURGER KING SWEDEN, INC.
	DISTRON TRANSPORTATION SYSTEMS, INC.
	MOXIE’S, INC.
	THE MELODIE CORPORATION
	TPC NUMBER FOUR, INC.
	TQW COMPANY
	BK WHOPPER BAR, LLC
		
	By:	 	 /s/ Lisa Giles-Klein

	Name:	 	Lisa Giles-Klein
	Title:	 	Assistant Secretary

 [SIGNATURE PAGE TO GUARANTEE AND COLLATERAL AGREEMENT] 

 
			
	 JPMORGAN CHASE BANK, N.A., as
 Administrative Agent

		
	By:	 	 /s/ Tony Yung

	Name:	 	Tony Yung
	Title:	 	Executive Director

 [SIGNATURE PAGE TO GUARANTEE AND COLLATERAL AGREEMENT] 

 ACKNOWLEDGMENT AND CONSENT*** 

The undersigned hereby acknowledges receipt of a copy of the Guarantee and Collateral Agreement dated as of September 28, 2012 (the
“Agreement”), made by the Grantors parties thereto for the benefit of JPMORGAN CHASE BANK, N.A., as Administrative Agent. The undersigned agrees for the benefit of the Administrative Agent and the Lenders as follows: 

 

					
	1)	  	The undersigned will be bound by the terms of the Agreement and will comply with such terms insofar as such terms are applicable to the undersigned.
		
	2)	  	The undersigned will notify the Administrative Agent promptly in writing of the occurrence of any of the events described in Section 5.5 of the
Agreement.
		
	3)	  	The terms of Sections 6.3(c) and 6.7 of the Agreement shall apply to it, mutatis mutandis, with respect to all actions that may be required of it
pursuant to Section 6.3(c) or 6.7 of the Agreement.
		
		  	[NAME OF ISSUER]
			
		  	By	  	  

		  	Name:	  	
		  	Title:	  	
		
		  	Address for Notices:
		
		  	  

		  	  

		  	  

			
		  	Fax:	  	

  

	***	This consent is necessary only with respect to any Issuer which is not also a Grantor. This consent may be modified or eliminated with respect to any Issuer that is not
controlled by a Grantor. 

 Annex 1 to 
 Guarantee and Collateral Agreement 
 ASSUMPTION AGREEMENT, dated as of
            , 20    , made by
                                , a
                     corporation (the “Additional Grantor”), in favor of JPMORGAN CHASE BANK, N.A., as administrative agent (in such
capacity, the “Administrative Agent”), for the lending and other financial institutions (the “Lenders”) parties to the Credit Agreement referred to below. All capitalized terms not defined herein shall have the
meaning ascribed to them in such Credit Agreement. 
 W I T N E S S E
T H : 
 WHEREAS, BURGER KING HOLDINGS, INC., a Delaware corporation (“Holdings”), BURGER KING
CORPORATION, a Florida corporation (the “Borrower”), the Lenders and the Administrative Agent have entered into a Credit Agreement, dated as of September 28, 2012 (as amended, supplemented or otherwise modified from time to
time, the “Credit Agreement”); 
 WHEREAS, in connection with the Credit Agreement, Holdings, the Borrower and
certain of the Borrower’s Subsidiaries (other than the Additional Grantor) have entered into the Guarantee and Collateral Agreement, dated as of September 28, 2012 (as amended, supplemented or otherwise modified from time to time, the
“Guarantee and Collateral Agreement”) in favor of the Administrative Agent for the benefit of the Secured Parties; 
 WHEREAS, the Credit Agreement requires the Additional Grantor to become a party to the Guarantee and Collateral Agreement; and 
 WHEREAS, the Additional Grantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Guarantee and Collateral Agreement; 

NOW, THEREFORE, IT IS AGREED: 
 1. Guarantee and Collateral Agreement. By executing and delivering this Assumption Agreement, the Additional Grantor, as provided in Section 8.12 of the Guarantee and Collateral Agreement,
hereby becomes a party to the Guarantee and Collateral Agreement as a Guarantor and a Grantor thereunder with the same force and effect as if originally named therein as a Guarantor and a Grantor and, without limiting the generality of the
foregoing, hereby expressly assumes all obligations and liabilities of a Guarantor and a Grantor thereunder. The information set forth in Annex 1-A hereto is hereby added to the information set forth in the Schedules to the Guarantee and
Collateral Agreement. The Additional Grantor hereby represents and warrants that each of the representations and warranties contained in Article IV of the Guarantee and Collateral Agreement is true and correct on and as the date hereof (after giving
effect to this Assumption Agreement) as if made on and as of such date 

 2. GOVERNING LAW. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed
and delivered as of the date first above written. 
  

			
	[ADDITIONAL GRANTOR]
		
	By:	 	  

	Name:	 	
	Title:	 	

 Annex 1-A to 
 Assumption Agreement 
 Supplement to Schedule 1 

Supplement to Schedule 2 
 Supplement to Schedule 3 
 Supplement to Schedule 4 

 EXECUTION VERSION 

Schedule 1 

Notice Addresses 
 To each
Guarantor: 
 5505 Blue Lagoon Drive 

Miami, FL 33126 
 Fax (305) 378-7230

 Pledged Equity 
 Part A: Domestic Issuers 
  

													
	 Issuer
	  	Certificate	 	  	 Registered Owner
	  	Equity Interest	  	Percentage of
Equity
Interests	 
	 Burger King Corporation
	  	 	4	  	  	 Burger King Holdings, Inc.
	  	1,000 common	  	 	100	% 
	 BK Acquisition, Inc.
	  	 	3	  	  	 Burger King Corporation
	  	1,000 common	  	 	100	% 
	 Burger King Interamerica, LLC
	  	 	1	  	  	 Burger King Corporation
	  	Membership Interests	  	 	100	% 
	 Burger King Sweden Inc.
	  	 	2	  	  	 Burger King Corporation
	  	1,000 common	  	 	100	% 
	 Distron Transportation Systems, Inc.
	  	 	1	  	  	 Burger King Corporation
	  	10 common	  	 	100	% 
	 TPC Number Four, Inc.
	  	 	2	  	  	 Burger King Corporation
	  	100 common	  	 	100	% 
	 Moxie’s, Inc.
	  	 	6	  	  	 TPC Number Four, Inc.
	  	99 common	  	 	100	% 
	 TQW Company
	  	 	6	  	  	 Burger King Corporation
	  	10,000 common	  	 	100	% 
	 BK CDE, Inc.
	  	 	1	  	  	 Burger King Corporation
	  	100 common	  	 	100	% 
	 BK Whopper Bar, LLC
	  	 	1	  	  	 Burger King Corporation
	  	Membership Interests	  	 	100	% 
	 The Melodie Corporation
	  	 	2	  	  	 Distron Transportation Systems, Inc.
	  	6,000 common	  	 	100	% 

 Part B: Foreign Issuers 
  

													
	 Issuer
	  	 Certificate
	  	 Registered Owner
	  	 Equity Interest
	 	 	 Percentage of
Equity

Interests
	 
	 Burger King Restaurants of
	  	COM-1	  	 Burger King Corporation
	  	 	9,753,250	 common 	 			
	 Canada Inc.
	  	COM-4	  	 Burger King Corporation
	  	 	534,950	 common 	 			
		  		  		  	  
	  
	 	 			
		  		  		  	 	10,288,200	 common 	 	 	65	% 
	 Administracion de Comidas
	  	7-CF	  	 Burger King Corporation
	  	 	26,000	  	 			
	 Rapidas, S.A. de C.V.
	  	3-CV	  	 Burger King Corporation
	  	 	1,121,278	  	 			
		  		  		  	  
	  
	 	 			
		  		  		  	 	1,147,278	  	 	 	65	% 
	 Burger King Mexicana,
	  	6-CV	  	 Burger King Corporation
	  	 	60,303,711	  	 			
	 S.A. de C.V.
	  	5-CV	  	 Burger King Corporation
	  	 	87,100,000	  	 			
		  	16-CV	  	 Burger King Corporation
	  	 	17,779,720	  	 			
		  	12-CV	  	 Burger King Corporation
	  	 	3,251	  	 			
		  		  		  	  
	  
	 	 			
		  		  		  	 	165,186,682	  	 	 	65	% 
	 Burgerking Limited
	  	16	  		  	 	71,286,800	 ordinary 	 	 	65	% 
	 Burger King do Brasil
	  	uncertificated	  	 Burger King Corporation
	  	 	1,950	  	 	 	65	% 
	 Assessoria a Restaurantes Ltda.
	  		  		  				 			
	 Burger King de Puerto Rico, Inc.1 1
	  		  	 Burger King Corporation
	  	 	325,000	  	 	 	65	% 
	 BK Argentina Servicios S.A.1
	  	uncertificated	  	 Burger King Corporation
	  	 	7,800	  	 	 	65	% 
	 BK Venezuela Servicios C.A.1
	  	uncertificated	  	 Burger King Corporation
	  	 	13,650,000	  	 	 	65	% 
	 Burger King (Gibraltar) Ltd.
	  	12	  	 Burger King Corporation
	  	 	1,966,250	 ordinary 	 			
		  	14	  	 Burger King Corporation
	  	 	13,185	 ordinary 	 			
		  		  		  	  
	  
	 	 			
		  		  		  	 	1,979,435	 ordinary 	 	 	65	% 
		  	11	  	 Burger King Corporation
	  	 
 	48,750
 	 Non-Qualified 
Preferred 	 	 	65	% 
	 Jolick Trading, S.A.1
	  	N/A	  	 Burger King Corporation
	  	 
 	7.02
 	 bearer 
shares 65% 	 			

  

	1 	 De Minimis Foreign Subsidiary 

 Schedule 3 
 Inventory and Equipment Locations 
 5505 Blue Lagoon Drive 

Miami, FL 33126 

 Schedule 4 
 Intellectual Property 
 U.S. Trademarks and Trademark Applications 

 

															
	 Owner
	 	 Trademark
	 	 Country
	 	 Application

No.
	 	 Registration

No
	 	 Registration

Date
	 	 Classes
	 	 Status

	Burger King Corporation	 	A.M. EXPRESS	 	United States of America	 	73/636311	 	1451533	 	Aug 4 1987	 	42	 	Registered
								
	Burger King Corporation	 	 Always Fired never Fried
  

	 	United States of America	 	77/721556	 	3815520	 	Jul 6 2010	 	43	 	Registered
								
	Burger King Corporation	 	 ANGRY WHOPPER
  

	 	United States of America	 	77/758591	 	3804598	 	Jun 15 2010	 	30	 	Registered
								
	Burger King Corporation	 	 AREN’T YOU HUNGRY? (Stylized)
  

	 	United States of America	 	73/353780	 	1283706	 	Jun 26 1984	 	42	 	Registered
								
	Burger King Corporation	 	Beat Cancer for Kids	 	United States of America	 	77/401433	 	3504914	 	Sep 23 2008	 	36	 	Registered
								
	Burger King Corporation	 	BK	 	United States of America	 	76/484750	 	2790924	 	Dec 9 2003	 	43	 	Registered
								
	Burger King Corporation	 	BK	 	United States of America	 	77/252106	 	3534987	 	Nov 18 2008	 	29	 	Registered
								
	Burger King Corporation	 	BK	 	United States of America	 	77/570231	 	3611857	 	Apr 28 2009	 	29	 	Registered

															
	 Owner
	 	 Trademark
	 	 Country
	 	 Application

No.
	 	 Registration

No
	 	 Registration

Date
	 	 Classes
	 	 Status

	Burger King Corporation	 	BK	 	United States of America	 	77/975676	 	3476576	 	Jul 29 2008	 	9,29,30,32,36	 	Registered
								
	Burger King Corporation	 	 BK & Flaming Crescent Design
  

  
	 	United States of America	 	77/722030	 	3708652	 	Nov 10 2009	 	43	 	Registered
								
	Burger King Corporation	 	BK BIG FISH	 	United States of America	 	74/663958	 	1982277	 	Jun 25 1996	 	30	 	Registered
								
	Burger King Corporation	 	BK BREAKFAST SHOTS	 	United States of America	 	77/694833	 	3673001	 	Aug 25 2009	 	30	 	Registered
								
	Burger King Corporation	 	BK BROILER	 	United States of America	 	74/155473	 	1699280	 	Jul 7 1992	 	30	 	Registered
								
	Burger King Corporation	 	 BK BRUNCH
  

  
	 	United States of America	 	77/979368	 	3797561	 	Jun 1 2010	 	43	 	Registered
								
	Burger King Corporation	 	BK BURGER SHOTS	 	United States of America	 	77/499937	 	3543615	 	Dec 9 2008	 	30	 	Registered
								
	Burger King Corporation	 	BK CROWN	 	United States of America	 	85/384485	 	4133232	 	24-Apr-2012	 	35	 	Registered

															
	 Owner
	 	 Trademark
	 	 Country
	 	 Application

No.
	 	 Registration

No
	 	 Registration

Date
	 	 Classes
	 	 Status

	Burger King Corporation	 	BK CROWN	 	United States of America	 	85/400880	 	4126985	 	10-Apr-2012	 	41	 	Registered
								
	Burger King Corporation	 	BK HOLD’EMS	 	United States of America	 	78/671258	 	3238287	 	May 1 2007	 	30	 	Registered
								
	Burger King Corporation	 	BK ‘N GO	 	United States of America	 	78/567309	 	3137122	 	Aug 29 2006	 	43	 	Registered
								
	Burger King Corporation	 	BK PIPE	 	United States of America	 	77/164999	 	3359365	 	Dec 25 2007	 	20	 	Registered
								
	Burger King Corporation	 	BK POSITIVE STEPS	 	United States of America	 	77/687239	 	3716870	 	Nov 24 2009	 	35,41,43	 	Registered
								
	Burger King Corporation	 	BK SHOTS	 	United States of America	 	77/694818	 	3673000	 	Aug 25 2009	 	30	 	Registered
								
	Burger King Corporation	 	BK VEGGIE	 	United States of America	 	76/421658	 	2702440	 	Apr 1 2003	 	30	 	Registered
								
	Burger King Corporation	 	BK WRAPPER	 	United States of America	 	77/475728	 	3543591	 	Dec 9 2008	 	30	 	Registered
								
	Burger King Corporation	 	BONNY	 	United States of America	 	76/618118	 	3107392	 	June 20 2006	 	43	 	Registered

															
	 Owner
	 	 Trademark
	 	 Country
	 	 Application

No.
	 	 Registration

No
	 	 Registration

Date
	 	 Classes
	 	 Status

	Burger King Corporation	 	 BORN TO RULE ALL BURGERS
  

  
	 	United States of America	 	77/804843	 	3767138	 	Mar 30 2010	 	43	 	Registered
								
	Burger King Corporation	 	BURGER BUCKS	 	United States of America	 	75/172757	 	2189809	 	Sep 15 1998	 	16	 	Registered
								
	Burger King Corporation	 	BURGER KING	 	United States of America	 	72/306090	 	0869775	 	May 20 1969	 	29,32	 	Registered
								
	Burger King Corporation	 	BURGER KING	 	United States of America	 	77/128236	 	3355280	 	Dec 18 2007	 	43	 	Registered
								
	Burger King Corporation	 	 BURGER KING & Crescent Burger on Flaming Grill Design

 
 

  
	 	United States of America	 	76/523047	 	2947347	 	May 10 2005	 	43	 	Registered
								
	Burger King Corporation	 	 BURGER KING & Crescent Design
  

	 	United States of America	 	75/655962	 	2428846	 	Feb 13 2001	 	42	 	Registered

															
	 Owner
	 	 Trademark
	 	 Country
	 	 Application

No.
	 	 Registration

No
	 	 Registration

Date
	 	 Classes
	 	 Status

	Burger King Corporation	 	 BURGER KING & Crescent Design
  

  
	 	United States of America	 	75/656416	 	2449825	 	May 8 2001	 	32	 	Registered
								
	Burger King Corporation	 	 BURGER KING & Crescent Design
  

  
	 	United States of America	 	75/656417	 	2449826	 	May 8 2001	 	30	 	Registered
								
	Burger King Corporation	 	 BURGER KING & Crescent Design
  

  
	 	United States of America	 	75/656619	 	2448248	 	May 1 2001	 	29	 	Registered
								
	Burger King Corporation	 	 BURGER KING & Crescent Design
  

	 	United States of America	 	75/662109	 	2445005	 	Apr 17 2001	 	24	 	Registered

															
	 Owner
	 	 Trademark
	 	 Country
	 	 Application

No.
	 	 Registration

No
	 	 Registration

Date
	 	 Classes
	 	 Status

	Burger King Corporation	 	 BURGER KING & Crescent Design
  

  
	 	United States of America	 	75/662110	 	2428856	 	Feb 13 2001	 	21	 	Registered
								
	Burger King Corporation	 	 BURGER KING & Crescent Design
  

  
	 	United States of America	 	75/662399	 	2445008	 	Apr 17 2001	 	16	 	Registered
								
	Burger King Corporation	 	 BURGER KING & Crescent Design
  

  
	 	United States of America	 	75/662803	 	2445009	 	Apr 17 2001	 	25	 	Registered
								
	Burger King Corporation	 	 BURGER KING & Crescent Design
  

	 	United States of America	 	75/662809	 	2449837	 	May 8 2001	 	28	 	Registered

															
	 Owner
	 	 Trademark
	 	 Country
	 	 Application

No.
	 	 Registration

No
	 	 Registration

Date
	 	 Classes
	 	 Status

	Burger King Corporation	 	 BURGER KING & Crescent Design
  

  
	 	United States of America	 	75/664301	 	2445014	 	Apr 17 2001	 	14	 	Registered
								
	Burger King Corporation	 	 BURGER KING & Crescent Design
  

  
	 	United States of America	 	77/570881	 	3611863	 	Apr 28 2009	 	29	 	Registered
								
	Burger King Corporation	 	 BURGER KING & Crescent Design
  

  
	 	United States of America	 	77/853595	 	3802779	 	Jun 15 2010	 	16	 	Registered
								
	Burger King Corporation	 	 BURGER KING & Crescent Design (Color)
  

	 	United States of America	 	76/468010	 	2755927	 	Aug 26 2003	 	43	 	Registered

															
	 Owner
	 	 Trademark
	 	 Country
	 	 Application

No.
	 	 Registration

No
	 	 Registration

Date
	 	 Classes
	 	 Status

	Burger King Corporation	 	 BURGER KING & Hamburger Design
  

  
	 	United States of America	 	72/328416	 	0901311	 	Oct 20 1970	 	42	 	Registered
								
	Burger King Corporation	 	 BURGER KING & Hamburger Design
  

  
	 	United States of America	 	75/437867	 	2262585	 	Jul 20 1999	 	14,25	 	Registered
								
	Burger King Corporation	 	 BURGER KING & Hamburger Design (Color, Red & Orange)

 
 

  
	 	United States of America	 	73/076655	 	1057250	 	Jan 25 1977	 	42	 	Registered
								
	Burger King Corporation	 	 BURGER KING & Hamburger Globe Design
  

  
	 	United States of America	 	74/224200	 	1802390	 	Nov 2 1993	 	42	 	Registered
								
	Burger King Corporation	 	 BURGER KING (Stylized)
  

	 	United States of America	 	73/114231	 	1076177	 	Oct 25 1977	 	42	 	Registered

															
	 Owner
	 	 Trademark
	 	 Country
	 	 Application

No.
	 	 Registration

No
	 	 Registration

Date
	 	 Classes
	 	 Status

	Burger King Corporation	 	 BURGER KING (Stylized)
  

  
	 	United States of America	 	73/295438	 	1196182	 	May 25 1982	 	14	 	Registered
								
	Burger King Corporation	 	 BURGER KING MCLAMORE FOUNDATION and Design
  

  
	 	United States of America	 	78/625736	 	3085315	 	Apr 25 2006	 	36	 	Registered
								
	Burger King Corporation	 	 BURGER KING SCHOLARS and Design
  

  
	 	United States of America	 	78/625638	 	3085308	 	Apr 25 2006	 	36	 	Registered
								
	Burger King Corporation	 	BURGER LOVER	 	United States of America	 	76/418996	 	2771092	 	Oct 7 2003	 	43	 	Registered
								
	Burger King Corporation	 	CHICKEN TENDERS	 	United States of America	 	74/171806	 	1785694	 	Aug 3 1993	 	29	 	Registered
								
	Burger King Corporation	 	CHICK’N CRISP	 	United States of America	 	77/128249	 	3465283	 	Jul 15 2008	 	30	 	Registered
								
	Burger King Corporation	 	CHOICE RULES	 	United States of America	 	77/513426	 	3572376	 	Feb 10 2009	 	43	 	Registered

															
	 Owner
	 	 Trademark
	 	 Country
	 	 Application

No.
	 	 Registration

No
	 	 Registration

Date
	 	 Classes
	 	 Status

	Burger King Corporation	 	CLUB BK	 	United States of America	 	77/531331	 	3572546	 	Feb 10 2009	 	41	 	Registered
								
	Burger King Corporation	 	 COMO TE GUSTA
  

  
	 	United States of America	 	77/755456	 	3842724	 	Aug 31 2010	 	43	 	Registered
								
	Burger King Corporation	 	COOKIN’ OVER AN OPEN FIRE	 	United States of America	 	76/490365	 	2891743	 	Oct 5 2004	 	43	 	Registered
								
	Burger King Corporation	 	 COOL DOWN WITH THE KING
  

  
	 	United States of America	 	77/721553	 	3815519	 	Jul 6 2010	 	43	 	Registered
								
	Burger King Corporation	 	CROISSAN’WICH	 	United States of America	 	73/761031	 	1550398	 	Aug 1 1989	 	30	 	Registered
								
	Burger King Corporation	 	 Crown Design
  

  
	 	United States of America	 	75/481274	 	2310680	 	Jan 13 2010	 	18,25	 	Registered
								
	Burger King Corporation	 	DOUBLE WHOPPER	 	United States of America	 	75/301603	 	2187487	 	Sep 8 1998	 	30	 	Registered
								
	Burger King Corporation	 	DRINK IT YOUR WAY	 	United States of America	 	75/274944	 	2150854	 	Apr 14 1998	 	32	 	Registered

															
	 Owner
	 	 Trademark
	 	 Country
	 	 Application

No.
	 	 Registration

No
	 	 Registration

Date
	 	 Classes
	 	 Status

	Burger King Corporation	 	DRINK IT YOUR WAY	 	United States of America	 	75/274945	 	2150855	 	Apr 14 1998	 	42	 	Registered
								
	Burger King Corporation	 	EEEPS	 	United States of America	 	76/618115	 	3109838	 	Jun 27 2006	 	43	 	Registered
								
	Burger King Corporation	 	EL SABOR ES EL REY	 	United States of America	 	85/686843	 		 		 	16, 25, 29, 30, 32, 43	 	Pending
								
	Burger King Corporation	 	FIRE UP YOUR DAY	 	United States of America	 	76/515392	 	2889947	 	Sep 28 2004	 	43	 	Registered
								
	Burger King Corporation	 	 FLAVOR FROM FIRE-GRILLING...NOT FROM FAT
  

  
	 	United States of America	 	76/580896	 	2935918	 	Mar 29 2005	 	43	 	Registered
								
	Burger King Corporation	 	FRYPOD	 	United States of America	 	77/165005	 	3355936	 	Dec 18 2007	 	16	 	Registered
								
	Burger King Corporation	 	GET YOUR BREAKFAST’S WORTH	 	United States of America	 	75/301604	 	2183772	 	Aug 25 1998	 	42	 	Registered
								
	Burger King Corporation	 	GET YOUR BURGER’S WORTH	 	United States of America	 	75/301605	 	2183773	 	Aug 25 1998	 	42	 	Registered
								
	Burger King Corporation	 	HAVE IT YOUR WAY	 	United States of America	 	72/413798	 	961016	 	Jun 12 1973	 	29,30,31,32,42	 	Registered

															
	 Owner
	 	 Trademark
	 	 Country
	 	 Application

No.
	 	 Registration

No
	 	 Registration

Date
	 	 Classes
	 	 Status

	Burger King Corporation	 	HAVE IT YOUR WAY	 	United States of America	 	78/857691	 	3206125	 	Feb 6 2007	 	36	 	Registered
								
	Burger King Corporation	 	HAVE IT YOUR WAY	 	United States of America	 	78892108	 	3206301	 	Feb 6 2007	 	9	 	Registered
								
	Burger King Corporation	 	 HAVE IT YOUR WAY
  

	 	United States of America	 	78/892121	 	3206302	 	Feb 6 2007	 	36	 	Registered
								
	Burger King Corporation	 	 HAVE IT YOUR WAY (Stylized)
  

	 	United States of America	 	73/070797	 	1081348	 	Jan 3 1978	 	42	 	Registered
								
	Burger King Corporation	 	HOME OF FLAME BROILING	 	United States of America	 	75/590041	 	2283409	 	Sep 14 2009	 	42	 	Registered
								
	Burger King Corporation	 	HOME OF THE WHOPPER	 	United States of America	 	72/098429	 	782990	 	Jan 5 1965	 	42	 	Registered
								
	Burger King Corporation	 	HONBATZ	 	United States of America	 	76/618120	 	3107394	 	Jun 20 2006	 	43	 	Registered
								
	Burger King Corporation	 	 Ignite your Tastebuds
  

	 	United States of America	 	77/721555	 	3791312	 	May 18 2010	 	43	 	Registered

															
	 Owner
	 	 Trademark
	 	 Country
	 	 Application

No.
	 	 Registration

No
	 	 Registration

Date
	 	 Classes
	 	 Status

	Burger King Corporation	 	IT JUST TASTES BETTER	 	United States of America	 	75/528190	 	2374317	 	Mar 5 2010	 	42	 	Registered
								
	Burger King Corporation	 	IT TAKES TWO HANDS TO HANDLE A WHOPPER	 	United States of America	 	73/313301	 	1225544	 	Jan 25 1983	 	42	 	Registered
								
	Burger King Corporation	 	KING COMBO	 	United States of America	 	73/491923	 	1370409	 	Nov 12 1985	 	30	 	Registered
								
	Burger King Corporation	 	 KING DEALS
  

	 	United States of America	 	77/765824	 	3808360	 	Jun 22 2010	 	43	 	Registered
								
	Burger King Corporation	 	 KING KOLOSSALZ
  

	 	United States of America	 	77/754300	 	3759273	 	Mar 9 2010	 	29	 	Registered
								
	Burger King Corporation	 	 KING KRINKZ
  

	 	United States of America	 	77/667582	 	3723674	 	Dec 8 2009	 	29	 	Registered
								
	Burger King Corporation	 	KING OF FRIES	 	United States of America	 	75/668316	 	2326394	 	Mar 7 2010	 	42	 	Registered
								
	Burger King Corporation	 	KING OF THE MALL	 	United States of America	 	72/392630	 	946978	 	Nov 7 1972	 	42	 	Registered

															
	 Owner
	 	 Trademark
	 	 Country
	 	 Application

No.
	 	 Registration

No
	 	 Registration

Date
	 	 Classes
	 	 Status

	Burger King Corporation	 	 KING WEDGEZ
  

	 	United States of America	 	77/717767	 	3759212	 	Mar 9 2010	 	29	 	Registered
								
	Burger King Corporation	 	KURGER BING	 	United States of America	 	78/927908	 	3304745	 	Oct 2 2007	 	43	 	Registered
								
	Burger King Corporation	 	LIVE LIFE YOUR WAY	 	United States of America	 	76/495166	 	3009139	 	Oct 25 2005	 	43	 	Registered
								
	Burger King Corporation	 	 Man Discovered Fire for a Reason
  

	 	United States of America	 	77/881923	 	3836230	 	Aug 17 2010	 	43	 	Registered
								
	Burger King Corporation	 	MEAT’NORMOUS	 	United States of America	 	78/702255	 	3170154	 	Nov 7 2006	 	30	 	Registered
								
	Burger King Corporation	 	PAY IT YOUR WAY	 	United States of America	 	76/628994	 	3048385	 	Jan 24 2006	 	43	 	Registered
								
	Burger King Corporation	 	ROUSER	 	United States of America	 	76/599746	 	3169178	 	Nov 7 2006	 	32	 	Registered

															
	 Owner
	 	 Trademark
	 	 Country
	 	 Application

No.
	 	 Registration

No
	 	 Registration

Date
	 	 Classes
	 	 Status

	Burger King Corporation	 	 Sitting Burger King Character (right hand shake) on Hamburger Design

 
 

	 	United States of America	 	72/098428	 	714249	 	Apr 18 1961	 	42	 	Registered
								
	Burger King Corporation	 	SIZE IT YOUR WAY	 	United States of America	 	76/136808	 	2636676	 	Oct 15 2002	 	42	 	Registered
								
	Burger King Corporation	 	SPOONERS SOFT SERVE	 	United States of America	 	73/386579	 	1267317	 	Feb 14 1984	 	29	 	Registered
								
	Burger King Corporation	 	 SPOONERS SOFT SERVE (Stylized)
  

	 	United States of America	 	73/389893	 	1267318	 	Feb 14 1984	 	29	 	Registered
								
	Burger King Corporation	 	STAY CONNECTED YOUR WAY	 	United States of America	 	77/209275	 	3401085	 	Mar 25 2008	 	41	 	Registered
								
	Burger King Corporation	 	 Stout Character Burger King Design (Color)
  

	 	United States of America	 	72/431828	 	955425	 	Mar 13 1973	 	42	 	Registered

															
	 Owner
	 	 Trademark
	 	 Country
	 	 Application

No.
	 	 Registration

No
	 	 Registration

Date
	 	 Classes
	 	 Status

	Burger King Corporation	 	TASTE IS KING	 	United States of America	 	85/646259	 		 		 	16, 25, 29, 30, 32, 43	 	Pending
								
	Burger King Corporation	 	TASTE RULES	 	United States of America	 	75/566290	 	2269249	 	Aug 10 1999	 	42	 	Registered
								
	Burger King Corporation	 	TENDERCRISP	 	United States of America	 	76/600533	 	3025650	 	Dec 13 2005	 	30	 	Registered
								
	Burger King Corporation	 	TENDERCRISP	 	United States of America	 	76/978327	 	3163290	 	Oct 24 2006	 	29	 	Registered
								
	Burger King Corporation	 	TENDERCRISP	 	United States of America	 	76/978797	 	3427370	 	May 13 2008	 	29	 	Registered
								
	Burger King Corporation	 	TENDERGRILL	 	United States of America	 	76/583688	 	3071543	 	Mar 21 2006	 	30	 	Registered
								
	Burger King Corporation	 	TENDERGRILL	 	United States of America	 	77/265714	 	3426176	 	May 13 2008	 	29	 	Registered
								
	Burger King Corporation	 	THE FIRE’S READY	 	United States of America	 	76/523025	 	2831756	 	Apr 13 2004	 	43	 	Registered
								
	Burger King Corporation	 	THE GREAT AMERICAN HAMBURGER	 	United States of America	 	72/442079	 	983518	 	May 7 1974	 	42	 	Registered

															
	 Owner
	 	 Trademark
	 	 Country
	 	 Application

No.
	 	 Registration

No
	 	 Registration

Date
	 	 Classes
	 	 Status

	Burger King Corporation	 	 THE KING GRILLS HERE
  

	 	United States of America	 	77/826470	 	3767410	 	Mar 30 2010	 	43	 	Registered
								
	Burger King Corporation	 	 THE KING IMAGE
  

	 	United States of America	 	85/137937	 	3992630	 	12-Jul-2011	 	43	 	Registered
								
	Burger King Corporation	 	THE KING OF ALL GIFTS	 	United States of America	 	77/229133	 	3439556	 	Jun 3 2008	 	9	 	Registered
								
	Burger King Corporation	 	THISORTHAT	 	United States of America	 	76/618117	 	3107391	 	Jun 20 2006	 	43	 	Registered
								
	Burger King Corporation	 	TREAT YOURSELF COOL	 	United States of America	 	76/073647	 	2467817	 	Jul 10 2001	 	32	 	Registered
								
	Burger King Corporation	 	TRIPLE WHOPPER	 	United States of America	 	78/929696	 	3242175	 	May 15 2007	 	30	 	Registered
								
	Burger King Corporation	 	TU CIUDAD TU MUSICA	 	United States of America	 	77/501897	 	3605366	 	Apr 14 2009	 	41	 	Registered
								
	Burger King Corporation	 	WE WOULDN’T HAVE IT ANY OTHER WAY	 	United States of America	 	73/134826	 	1095538	 	Jul 4 1978	 	42	 	Registered

															
	 Owner
	 	 Trademark
	 	 Country
	 	 Application

No.
	 	 Registration

No
	 	 Registration

Date
	 	 Classes
	 	 Status

	Burger King Corporation	 	WHALER	 	United States of America	 	72/284291	 	872256	 	Jul 1 1969	 	29	 	Registered
								
	Burger King Corporation	 	WHERE KIDS ARE KING	 	United States of America	 	72/432193	 	989152	 	Jul 23 1974	 	42	 	Registered
								
	Burger King Corporation	 	WHOPPER	 	United States of America	 	72/306089	 	0899775	 	Sep 29 1970	 	29	 	Registered
								
	Burger King Corporation	 	 WHOPPER
  

	 	United States of America	 	77/792219	 	3736954	 	Jan 12 2010	 	43	 	Registered
								
	Burger King Corporation	 	WHOPPER	 	United States of America	 	77/819630	 	3736973	 	Jan 12 2010	 	30	 	Registered
								
	Burger King Corporation	 	WHOPPER	 	United States of America	 	85/156013	 	4046784	 	25-Oct-2011	 	36	 	Registered
								
	Burger King Corporation	 	WHOPPER BAR	 	United States of America	 	77/450760	 	3659042	 	Jul 21 2009	 	43	 	Registered
								
	Burger King Corporation	 	WHOPPER JR.	 	United States of America	 	73/073269	 	1062368	 	Mar 29 1977	 	30	 	Registered
								
	Burger King Corporation	 	WHOPPERETTES	 	United States of America	 	78/746495	 	3277554	 	Aug 7 2007	 	43	 	Registered
								
	Burger King Corporation	 	YOU GOT IT!	 	United States of America	 	76/352054	 	2792348	 	Dec 9 2003	 	43	 	Registered

															
	 Owner
	 	 Trademark
	 	 Country
	 	 Application

No.
	 	 Registration

No
	 	 Registration

Date
	 	 Classes
	 	 Status

	Burger King Corporation	 	YUMBO	 	United States of America	 	72/272574	 	861438	 	Dec 3 1968	 	29	 	Registered
								
	Burger King Corporation	 	BK	 	United States of America	 	85/094667	 	3947236	 	19-Apr-2011	 	24	 	Registered
								
	Burger King Corporation	 	 BK DESSERT SHOTS
  

	 	United States of America	 	85/038943	 		 		 	30	 	Pending
								
	Burger King Corporation	 	BK POSITIVE STEPS	 	United States of America	 	85/109311	 	4018300	 	30-Aug-2011	 	29,30	 	Registered
								
	Burger King Corporation	 	 GO PLAY YOUR WAY AT BK
  

	 	United States of America	 	77/867948	 	3955507	 	03-May-2011	 	41	 	Registered
								
	Burger King Corporation	 	 GUEST TRAC
  

	 	United States of America	 	77/934725	 	3853010	 	9/28/2010	 	42	 	Registered
								
	Burger King Corporation	 	 NEVER FRIED ALWAYS FIRED
  

	 	United States of America	 	77/937383	 	3853145	 	9/28/2010	 	43	 	Registered
								
	Burger King Corporation	 	YOUR WHOPPER YOUR WAY	 	United States of America	 	85/054673	 	3900690	 	04-Jan-2011	 	43	 	Registered

 U.S. Patents, Design Patents and Applications 

 

													
	 Title
	  	Country	  	Applic. No./
Filing Date	  	Pub. No./
Pub. Date	  	Patent
No.
Issue Date	  	Status	  	 Owner

	FOOD HOLDING CABINET ASSEMBLY	  	US	  	09/875661
 6/5/2001
	  	20020178930
 12/5/2002
	  	7089850
 8/15/2006
	  	Granted	  	Burger King Corporation
							
	STEAM GENERATING ASSEMBLY	  	US	  	10/372412
 2/24/2003
	  	20040166217
 8/26/2004
	  	7222563
 5/29/2007
	  	Granted	  	Burger King Corporation
							
	BROILER APPARATUS	  	US	  	08/816901
 3/13/1997
	  		  	5727451
 3/17/1998
	  	Granted	  	Burger King Corporation
							
	AUTOMATED FRENCH FRY COOKING APPARATUS	  	US	  	07/657537
 2/19/1991
	  		  	5189944
 3/2/1993
	  	Granted	  	Burger King Corporation
							
	FAST FOOD DRIVE-THRU VIDEO COMMUNICATION SYSTEM	  	US	  	07/675567
 3/27/1991
	  		  	5168354
 12/1/1992
	  	Granted	  	Burger King Corporation
							
	AUTOMATIC BROILER FOR VARIABLE BATCH COOKING	  	US	  	11/899912
 9/7/2007
	  	20080141868
 6/19/2008
	  		  	Pending	  	Inventors
							
	PROVIDING DISTRIBUTED WIDE AREA COVERAGE INFRASTRUCTURE USING BLUETOOTH SIGNAL COMBINER	  	US	  	11/433708
 5/12/2006
	  	20060274705
 12/7/2006
	  		  	Pending	  	Burger King Corporation
							
	AUTOMATIC BROILER FOR VARIABLE BATCH COOKING	  	US	  	11/129242
 5/13/2005
	  	20060257542
 11/16/2006
	  		  	Pending	  	Burger King Corporation
							
	WALL SURFACE	  	US
Design	  	29/356942
 3/4/2010
	  		  		  	Pending	  	Burger King Corporation
							
	COUNTER	  	US
Design	  	29/356943
 3/4/2010
	  		  		  	Pending	  	Burger King Corporation
							
	FOOD AND BEVERAGE BAR	  	US
Design	  	29/356948
 3/4/2010
	  		  		  	Pending	  	Burger King Corporation

 U.S. Registered Copyrights 

 

							
	 Title
	  	 Registration
Number
	  	 Registration Date
	  	 Owner

	 Burger King.
	  	VA0001348438	  	7/11/2005	  	Burger King Corporation
				
	 Burger King’s human cartoon king costume.
	  	VA0001342634	  	7/26/2005	  	Burger King Corporation
				
	 Thisorthat.
	  	VA0001298471	  	11/26/2004	  	Burger King Corporation
				
	 Bonny.
	  	VA0001298472	  	11/26/2004	  	Burger King Corporation
				
	 Chomp.
	  	VA0001298473	  	11/26/2004	  	Burger King Corporation
				
	 Mixmax.
	  	VA0001298474	  	11/26/2004	  	Burger King Corporation
				
	 Eeeps.
	  	VA0001298475	  	11/26/2004	  	Burger King Corporation
				
	 Blingo.
	  	TX0006112073	  	11/26/2004	  	Burger King Corporation
				
	 Bob your head.
	  	SR0000375993	  	9/12/2005	  	Burger King Corporation
				
	 One-armed bandit.
	  	SR0000375986	  	9/12/2005	  	Burger King Corporation
				
	 Nice box.
	  	SR0000375992	  	9/12/2005	  	Burger King Corporation
				
	 Cross the road.
	  	SR0000375990	  	9/12/2005	  	Burger King Corporation
				
	 Subservient chicken, Burger King’s human chicken costume.
	  	TX0006231706	  	7/11/2005	  	Burger King Corporation
				
	 Whopper hamburger image.
	  	VA0001364900	  	3/8/2006	  	Burger King Corporation
				
	 “Have it your way” song : Burger King (Whopperettes)
	  	PA0001320534	  	3/8/2006	  	Burger King Corporation

							
	 Title
	  	 Registration
Number
	  	 Registration Date
	  	 Owner

	 Whopperettes : Burger King’s human top bun costume.
	  	TX0006604225	  	3/16/2006	  	Burger King Corporation
				
	 Whopperettes : Burger King’s human tomato costume.
	  	TX0006604221	  	3/16/2006	  	Burger King Corporation
				
	 Whopperettes : Burger King’s human pickle costume.
	  	TX0006604224	  	3/16/2006	  	Burger King Corporation
				
	 Whopperettes : Burger King’s human onion costume.
	  	TX0006604222	  	3/16/2006	  	Burger King Corporation
				
	 Whopperettes : Burger Kings’ human mustard costume.
	  	TX0006348140	  	3/16/2006	  	Burger King Corporation
				
	 Whopperettes : Burger King’s human burger costume.
	  	TX0006604223	  	3/16/2006	  	Burger King Corporation
				
	 Whopperettes : Burger Kings’ human mustard costume.
	  	TX0006348141	  	3/16/2006	  	Burger King Corporation
				
	 Whopperettes “Have it your way” song : extra cheese version.
	  	PA0001330830	  	5/8/2006	  	Burger King Corporation
				
	 Whopperettes “Have it your way” song : America’s favorite version.
	  	PA0001330829	  	5/8/2006	  	Burger King Corporation
				
	 Whopperettes “Have it your way” song : mayo version.
	  	PA0001330831	  	5/8/2006	  	Burger King Corporation
				
	 Burger King “Generic” : 60 [sec.] / David Buskin.
	  	PA0000443397	  	11/21/1989	  	Burger King Corporation
				
	 King character bookmarks.
	  	VA0000059040	  	8/22/1980	  	Burger King Corporation
				
	 Burger King sculpture of king’s head.
	  	VA0001342635	  	7/26/2005	  	Burger King Corporation
				
	 Have it your way: musical composition
	  	EP327367	  		  	Burger King Corporation
				
	 Burger King manual of operating data; book
	  	A629905	  		  	Burger King Corporation
				
	 Burger King manual of operating data; book
	  	A777895	  		  	Burger King Corporation
				
	 Burger King; words & music
	  	EU73057	  		  	Burger King CorporationEX-10.32

 EXECUTION VERSION 

 
  

 
 GUARANTEE AGREEMENT 

made by 
 BURGER
KING WORLDWIDE, INC. 
 in favor of 
 JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent 

Dated as of September 28, 2012 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE I DEFINED TERMS
	  	 	1	  
	 SECTION 1.1. Definitions
	  	 	1	  
	 SECTION 1.2. Other Definitional Provisions
	  	 	2	  
		
	 ARTICLE II GUARANTEE
	  	 	2	  
	 SECTION 2.1. Guarantee
	  	 	2	  
	 SECTION 2.2. Right of Contribution
	  	 	3	  
	 SECTION 2.3. No Subrogation
	  	 	4	  
	 SECTION 2.4. Amendments, etc., with respect to the Borrower Obligations
	  	 	4	  
	 SECTION 2.5. Guarantee Absolute and Unconditional
	  	 	4	  
	 SECTION 2.6. Reinstatement
	  	 	5	  
	 SECTION 2.7. Payments
	  	 	6	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	 	6	  
	 SECTION 3.1. Organization; Powers
	  	 	6	  
	 SECTION 3.2. Authorization; Enforceability
	  	 	6	  
	 SECTION 3.3. Governmental Approvals; No Conflicts
	  	 	6	  
	 SECTION 3.4. Litigation
	  	 	6	  
		
	 ARTICLE IV COVENANTS
	  	 	7	  
		
	 ARTICLE V MISCELLANEOUS
	  	 	7	  
	 SECTION 5.1. Amendments in Writing
	  	 	7	  
	 SECTION 5.2. Notices
	  	 	7	  
	 SECTION 5.3. No Waiver by Course of Conduct; Cumulative Remedies
	  	 	7	  
	 SECTION 5.4. Enforcement Expenses; Indemnification
	  	 	8	  
	 SECTION 5.5. Successors and Assigns
	  	 	8	  
	 SECTION 5.6. Setoff
	  	 	8	  
	 SECTION 5.7. Counterparts; Integration
	  	 	9	  
	 SECTION 5.8. Severability
	  	 	9	  
	 SECTION 5.9. Section Headings
	  	 	9	  
	 SECTION 5.10. Governing Law; Jurisdiction; Consent to Service of Process
	  	 	9	  
	 SECTION 5.11. Acknowledgments
	  	 	10	  
	 SECTION 5.12. Additional Guarantors
	  	 	10	  
	 SECTION 5.13. Releases
	  	 	10	  
	 SECTION 5.14. Waiver of Jury Trial
	  	 	11	  

  

			
	SCHEDULES
	Schedule 1	  	Notice Addresses
		
	ANNEX	  	
	Annex 1	  	Form of Assumption Agreement

  
 i 

 GUARANTEE AGREEMENT, dated as of September 28, 2012 made by each of the signatories
hereto (together with any other entity that may become a party hereto as provided herein, the “Guarantors”), in favor of JPMORGAN CHASE BANK, N.A., as Administrative Agent (in such capacity, the “Administrative
Agent”) for the lending and other financial institutions (the “Lenders”) from time to time parties to the Credit Agreement, dated as of the date hereof (as amended, supplemented or otherwise modified from time to time, the
“Credit Agreement”), among BURGER KING HOLDINGS, INC., a Delaware corporation (“Holdings”), BURGER KING CORPORATION, a Florida corporation, as the borrower (the “Borrower”), the Lenders, the
Administrative Agent, and the other agents party thereto. 
 W I T N E S S
E T H: 
 WHEREAS, Holdings, the Borrower, the Lenders and the Administrative Agent have entered into the
Credit Agreement, pursuant to which the Lenders have severally agreed to make extensions of credit to the Borrower upon the terms and subject to the conditions set forth therein; 

WHEREAS, each of the Guarantors is a guarantor of the Senior Notes; 

WHEREAS, the Borrower and the Guarantors are engaged in related businesses, and each Guarantor will derive substantial direct and indirect
benefit from the making of the extensions of credit under the Credit Agreement; and 
 WHEREAS, it is a condition precedent to
the obligation of the Lenders to make their respective extensions of credit to the Borrower under the Credit Agreement that the Guarantors shall have executed and delivered this Agreement to the Administrative Agent for the ratable benefit of the
Lenders; 
 NOW, THEREFORE, in consideration of the premises and the agreements hereinafter set forth, and in order to induce
the Administrative Agent and the Lenders to enter into the Credit Agreement and in order to induce the Lenders to make their respective extensions of credit to the Borrower thereunder, each Guarantor hereby agrees with the Administrative Agent, for
the ratable benefit of the Lenders, as follows: 
 ARTICLE I 

DEFINED TERMS 
 SECTION 1.1. Definitions. 
 (a) Unless otherwise defined herein, terms
defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
 (b) The
following terms shall have the following meanings: 
 “Agreement”: this Guarantee Agreement, as
the same may be amended, supplemented or otherwise modified from time to time. 

 “Borrower Obligations”: the collective reference to the
unpaid principal of and interest on the Loans and reimbursement obligations with respect to Letters of Credit and all other obligations and liabilities of the Borrower (including, without limitation, interest accruing at the then applicable rate
provided in the Credit Agreement after the maturity of the Loans and reimbursement obligations with respect to Letters of Credit and interest accruing at the then applicable rate provided in the Credit Agreement after the filing of any petition in
bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) to the Administrative Agent or any
Lender, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, the Credit Agreement, this Agreement, the other Loan Documents, any Letter
of Credit or any other document made, delivered or given in connection with any of the foregoing, in each case whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without
limitation, all fees and disbursements of counsel to the Administrative Agent or to the Lenders that are required to be paid by the Borrower pursuant to the terms of any of the foregoing agreements). 

“Guarantor Obligations”: with respect to any Guarantor, all obligations and liabilities of such Guarantor
which may arise under or in connection with this Agreement (including, without limitation, Article II) or any other Loan Document to which such Guarantor is a party, in each case whether on account of guarantee obligations, reimbursement
obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees of counsel to the Administrative Agent or to the Lenders that are required to be paid by such Guarantor pursuant to the terms of this Agreement or
any other Loan Document). 
 “Obligations”: (i) in the case of the Borrower, the Borrower
Obligations, and (ii) in the case of each Guarantor, its Guarantor Obligations. 
 SECTION 1.2. Other Definitional
Provisions. 
 (a) The words “hereof,” “herein,” “hereto” and “hereunder” and words
of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section and Schedule references are to this Agreement unless otherwise specified. 

(b) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

 ARTICLE II 
 GUARANTEE 
 SECTION 2.1. Guarantee. 

(a) Each of the Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantees to the Administrative Agent, for
the ratable benefit of the Lenders and 

  
 2 

 
their respective successors and permitted indorsees, transferees and assigns, the prompt and complete payment and performance by the Borrower when due (whether at the stated maturity, by
acceleration or otherwise) of the Borrower Obligations. 
 (b) Anything herein or in any other Loan Document to the contrary
notwithstanding, the maximum liability of each Guarantor hereunder and under the other Loan Documents shall in no event exceed the amount which can be guaranteed by such Guarantor under applicable federal and state laws relating to the insolvency of
debtors (after giving effect to the right of contribution established in Section 2.2). 
 (c) Each Guarantor agrees that
the Borrower Obligations may at any time and from time to time exceed the amount of the liability of such Guarantor hereunder without impairing the guarantee contained in this Article II or affecting the rights and remedies of the Administrative
Agent or any Lender hereunder. 
 (d) The guarantee contained in this Article II shall remain in full force and effect until all
the Obligations (other than contingent indemnification and contingent expense reimbursement obligations as to which no claim has been asserted) shall have been satisfied by payment in full, no Letter of Credit shall be outstanding and the
Commitments shall be terminated, notwithstanding that from time to time during the term of the Credit Agreement the Borrower may be free from any Borrower Obligations. 
 (e) Except as provided in Section 5.12, no payment made by the Borrower, any of the Guarantors, any other guarantor or any other Person or received or collected by the Administrative Agent or any
Lender from the Borrower, any of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any setoff, appropriation or application at any time or from time to time in reduction of or in payment of the Borrower
Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding any such payment (other than any payment made by such Guarantor in respect of the Borrower Obligations
or any payment received or collected from such Guarantor in respect of the Borrower Obligations), remain liable for the Borrower Obligations up to the maximum liability of such Guarantor hereunder until the Borrower Obligations are paid in full, no
Letter of Credit is outstanding and the Commitments are terminated. 
 SECTION 2.2. Right of Contribution.

 Each Guarantor hereby agrees that to the extent that a Guarantor shall have paid more than its proportionate share of any
payment made hereunder, such Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Guarantor’s right of contribution shall be
subject to the terms and conditions of Section 2.3. The provisions of this Section 2.2 shall in no respect limit the obligations and liabilities of any Guarantor to the Administrative Agent and the Lenders, and each Guarantor shall remain
liable to the Administrative Agent and the Lenders for the full amount guaranteed by such Guarantor hereunder. 

  
 3 

 SECTION 2.3. No Subrogation. 

Notwithstanding any payment made by any Guarantor hereunder or any setoff or application of funds of any Guarantor by the Administrative
Agent or any Lender, no Guarantor shall be entitled to be subrogated to any of the rights of the Administrative Agent or any Lender against the Borrower or any other Guarantor or any collateral security, guarantee or right of offset held by the
Administrative Agent or any Lender for the payment of the Borrower Obligations, nor shall any Guarantor seek any contribution or reimbursement from the Borrower or any other Guarantor in respect of payments made by such Guarantor hereunder, until
all amounts owing to the Administrative Agent and the Lenders by the Borrower on account of the Borrower Obligations are paid in full, no Letter of Credit is outstanding and the Commitments are terminated. If any amount shall be paid to any
Guarantor on account of such subrogation rights at any time when all of the Borrower Obligations shall not have been paid in full, such amount shall be held by such Guarantor in trust for the Administrative Agent and the Lenders, segregated from
other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Administrative Agent in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Administrative Agent, if required),
to be applied against the Borrower Obligations, whether matured or unmatured, in such order as the Administrative Agent may determine. For the avoidance of doubt, nothing in the foregoing shall operate as a waiver of any subrogation rights.

 SECTION 2.4. Amendments, etc., with respect to the Borrower Obligations. 

To the fullest extent permitted by applicable law, each Guarantor shall remain obligated hereunder notwithstanding that, without any
reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any of the Borrower Obligations made by the Administrative Agent or any Lender may be rescinded by the Administrative
Agent or such Lender and any of the Borrower Obligations continued, and the Borrower Obligations, or the liability of any other Person upon them or for any part thereof, or any collateral security or guarantee therefor or right of offset with
respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Administrative Agent or any Lender, and the Credit Agreement and the other Loan
Documents and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as the Administrative Agent (or the Required Lenders or all Lenders, as the case may be) may
reasonably deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by the Administrative Agent or any Lender for the payment of the Borrower Obligations may be sold, exchanged, waived, surrendered
or released. Neither the Administrative Agent nor any Lender shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Borrower Obligations or for the guarantee contained in this Article II
or any property subject thereto. 
 SECTION 2.5. Guarantee Absolute and Unconditional. 

To the fullest extent permitted by applicable law, each Guarantor waives any and all notice of the creation, renewal, extension or accrual
of any of the Borrower Obligations and notice of or proof of reliance by the Administrative Agent or any Lender upon the guarantee contained in this Article II or acceptance of the guarantee contained in this Article II; the

  
 4 

 
Borrower Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained
in this Article II; and all dealings between the Borrower and any of the Guarantors, on the one hand, and the Administrative Agent and the Lenders, on the other hand, likewise shall be conclusively presumed to have been had or consummated in
reliance upon the guarantee contained in this Article II. To the fullest extent permitted by applicable law, each Guarantor waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon the Borrower or any
of the Guarantors with respect to the Borrower Obligations. Each Guarantor understands and agrees that the guarantee contained in this Article II, to the fullest extent permitted by applicable law, shall be construed as a continuing, absolute and
unconditional guarantee of payment without regard to (a) the validity or enforceability of the Credit Agreement or any other Loan Document, any of the Borrower Obligations or any other collateral security therefor or guarantee or right of
offset with respect thereto at any time or from time to time held by the Administrative Agent or any Lender, (b) any defense, setoff or counterclaim (other than a defense of payment or performance) which may at any time be available to or be
asserted by the Borrower or any other Person against the Administrative Agent or any Lender or (c) any other circumstance whatsoever (with or without notice to or knowledge of the Borrower or such Guarantor) which constitutes, or might be
construed to constitute, an equitable or legal discharge of the Borrower for the Borrower Obligations, or of such Guarantor under the guarantee contained in this Article II, in bankruptcy or in any other instance. When making any demand hereunder or
otherwise pursuing its rights and remedies hereunder against any Guarantor, the Administrative Agent or any Lender may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against
the Borrower, any other Guarantor or any other Person or against any collateral security or guarantee for the Borrower Obligations or any right of offset with respect thereto, and any failure by the Administrative Agent or any Lender to make any
such demand, to pursue such other rights or remedies or to collect any payments from the Borrower, any other Guarantor or any other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any
release of the Borrower, any other Guarantor or any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and
remedies, whether express, implied or available as a matter of law, of the Administrative Agent or any Lender against any Guarantor. For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings.

 SECTION 2.6. Reinstatement. 
 The guarantee contained in this Article II shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Borrower Obligations is
rescinded or must otherwise be restored or returned by the Administrative Agent or any Lender upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any Guarantor, or upon or as a result of the appointment of
a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or any Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been made. 

  
 5 

 SECTION 2.7. Payments. 

Each Guarantor hereby guarantees that payments hereunder will be paid to the Administrative Agent without setoff or counterclaim in U.S.
Dollars at the Administrative Agent’s Office. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 
 Each of the Guarantors represents and warrants to the Lenders that: 
 SECTION
3.1. Organization; Powers. 
 Such Guarantor is duly organized, validly existing and in good standing under the laws
of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and as proposed to be conducted, to execute, deliver and perform its obligations under each Loan Document to which it is a party
and to effect the Transactions and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every
jurisdiction where such qualification is required. 
 SECTION 3.2. Authorization; Enforceability. 

The Transactions to be entered into by such Guarantor have been duly authorized by all necessary corporate or other action and, if
required, action by the holders of such Guarantor’s Equity Interests. This Agreement has been duly executed and delivered by such Guarantor and constitutes, and each other Loan Document to which such Guarantor is to be a party, when executed
and delivered by such Guarantor, will constitute, a legal, valid and binding obligation of such Guarantor, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting
creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 SECTION 3.3. Governmental Approvals; No Conflicts. 
 The Transactions
(a) do not require any material consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect and except filings necessary to
perfect Liens created under the Loan Documents, (b) will not violate the Organizational Documents of such Guarantor, (c) will not violate any Requirement of Law applicable to such Guarantor, (d) will not violate or result in a default
under any indenture, agreement or other instrument (including all Franchise Agreements) binding upon such Guarantor or their respective assets, or give rise to a right thereunder to require any payment to be made by such Guarantor or give rise to a
right of, or result in, termination, cancelation or acceleration of any obligation thereunder, and (e) will not result in the creation or imposition of any Lien on any asset of such Guarantor (except Liens created under the Loan Documents),
except, in the cases of clauses (c) and (d), for any such violations or defaults that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.4. Litigation. 
 (a) There are no actions, suits or proceedings or, to the knowledge of such Guarantor, investigations, by or before any arbitrator or Governmental Authority pending against or, to the

  
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knowledge of such Guarantor, threatened against or affecting such Guarantor (i) that could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or
(ii) that (x) on the Closing Date, involve any of the Loan Documents or the Transactions or (y) on the date of any credit event after the Closing Date, could affect the legality, validity or enforceability of any of the Loan
Documents. 
 ARTICLE IV 
 COVENANTS 
 Each Guarantor covenants and agrees with the Administrative
Agent and the Lenders that, from and after the date of this Agreement until the Obligations (other than contingent indemnification and contingent expense reimbursement obligations as to which no claim has been asserted) shall have been paid in full,
no Letter of Credit shall be outstanding and the Commitments shall have terminated that such Guarantor will pay its Tax liabilities, before the same shall become delinquent or in default, except where the validity or amount thereof is being
contested in good faith by appropriate proceedings or other appropriate actions and the failure to make payment pending such contest or action could not reasonably be expected to result in a Material Adverse Effect. 

ARTICLE V 

MISCELLANEOUS 
 SECTION 5.1. Amendments in Writing. 
 None of the terms or provisions
of this Agreement may be waived, amended, supplemented or otherwise modified except in accordance with Section 9.02 of the Credit Agreement. 
 SECTION 5.2. Notices. 
 All notices, requests and demands to or upon
the Administrative Agent or any Guarantor hereunder shall be effected in the manner provided for in Section 9.01 of the Credit Agreement; provided that any such notice, request or demand to or upon any Guarantor shall be addressed to
such Guarantor at its notice address set forth on Schedule 1. 
 SECTION 5.3. No Waiver by Course of Conduct;
Cumulative Remedies. 
 Neither the Administrative Agent nor any Lender shall by any act (except by a written instrument
pursuant to Section 5.1), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default. No failure to exercise, nor any delay in exercising, on the part
of the Administrative Agent or any Lender, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or
the exercise of any other right, power or privilege. A waiver by the Administrative Agent or any Lender of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which the Administrative Agent or
such Lender 

  
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would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies
provided by law. 
 SECTION 5.4. Enforcement Expenses; Indemnification. 

(a) The parties hereto agree that the Administrative Agent and the Lenders shall be entitled to reimbursement of their expenses incurred
hereunder as provided in Section 9.03 of the Credit Agreement. 
 (b) Each Guarantor agrees to pay, and to save the
Administrative Agent and the Lenders harmless from, any and all liabilities, losses, damages and claims and related out-of-pocket expenses (including the reasonable fees, charges and disbursements of counsel) of any kind or nature whatsoever with
respect to the execution, delivery, enforcement, performance and administration of this Agreement to the extent the Borrower would be required to do so pursuant to Section 9.03 of the Credit Agreement. 

(c) The agreements in this Section 5.4 shall survive repayment of the Obligations and all other amounts payable under the Credit
Agreement and the other Loan Documents. 
 SECTION 5.5. Successors and Assigns. 

This Agreement shall be binding upon the permitted successors and assigns of each Guarantor and shall inure to the benefit of the
Administrative Agent and the Lenders and their permitted successors and assigns; provided that no Guarantor may, except pursuant to a merger or consolidation permitted by the Credit Agreement, assign, transfer or delegate any of its rights or
obligations under this Agreement without the prior written consent of the Administrative Agent. 
 SECTION
5.6. Setoff. 
 If an Event of Default shall have occurred and be continuing, each Lender, each Issuing Bank and each
of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency)
at any time held and other obligations (in whatever currency) at any time owing by such Lender, such Issuing Bank or any such Affiliate to or for the credit or the account of each Guarantor against any of and all the obligations of such Guarantor
now or hereafter existing under this Agreement held by such Lender or such Issuing Bank, irrespective of whether or not such Lender or such Issuing Bank shall have made any demand under this Agreement and although such obligations may be unmatured
or are owed to a branch or office of such Lender or such Issuing Bank different from the branch or office holding such deposit or obligated on such Indebtedness. The applicable Lender and the applicable Issuing Bank shall notify such Guarantor and
the Administrative Agent of such setoff and application, provided that any failure to give or any delay in giving such notice shall not affect the validity of any such setoff and application under this Section. The rights of each Lender, each
Issuing Bank and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, such Issuing Bank and their respective Affiliates may have. 

  
 8 

 SECTION 5.7. Counterparts; Integration. 

This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent, the Syndication Agents, the
Lead Arrangers or the syndication of the Loans and Commitments constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the
subject matter hereof. 
 SECTION 5.8. Severability. 

Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction
shall not invalidate such provision in any other jurisdiction. 
 SECTION 5.9. Section Headings. 

Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement
and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
 SECTION
5.10. Governing Law; Jurisdiction; Consent to Service of Process. 
 (a) This Agreement shall be construed in
accordance with and governed by the law of the State of New York. 
 (b) Each Guarantor hereby irrevocably and unconditionally
submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in the Borough of Manhattan and of the United States District Court of the Southern District of New York, and any appellate
court from any thereof, in any action or proceeding arising out of or relating to any Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in
respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that, to the extent permitted by applicable law, a final
judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in any Loan Document shall affect any right that the Administrative
Agent, any Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to any Loan Document against any Guarantor or their respective properties in the courts of any jurisdiction. 

  
 9 

 (c) Each Guarantor hereby irrevocably and unconditionally waives, to the fullest extent not
prohibited by law, any right it might have to claim or recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential damages and waives, to the fullest extent it may legally and effectively
do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to any Loan Document in any court referred to in paragraph (b) of this Section. Each of the parties
hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 5.2.
Nothing in any Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
 SECTION 5.11. Acknowledgments. 
 Each Guarantor hereby acknowledges
that: 
 (a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan
Documents to which it is a party; 
 (b) neither the Administrative Agent nor any Lender has any fiduciary relationship with or
duty to any Guarantor arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between the Guarantor, on the one hand, and the Administrative Agent and the Lenders, on the other hand, in connection
herewith or therewith is solely that of debtor and creditor; and 
 (c) no joint venture is created hereby or by the other Loan
Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Guarantor and the Lenders. 
 SECTION 5.12. Additional Guarantors. 
 Each Person that is required to
become a party to this Agreement pursuant to Section 5.14 of the Credit Agreement shall become a Guarantor for all purposes of this Agreement upon execution and delivery by such Person of an Assumption Agreement in the form of Annex 1
hereto. 
 SECTION 5.13. Releases. 
 (a) At such time as the Loans and the other Obligations (other than contingent indemnification and contingent expense reimbursement obligations as to which no claim has been asserted) shall have been paid
in full, the Commitments have been terminated and no Letters of Credit shall be outstanding, this Agreement and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent and each Guarantor hereunder
shall terminate, all without delivery of any instrument or performance of any act by any party. At the request and sole expense of any Guarantor following any such termination, the Administrative Agent shall execute and deliver to such Guarantor
such documents as such Guarantor shall reasonably request to evidence such termination. 

  
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 (b) At such time as any Guarantor ceases to be a guarantor of the Senior Notes, such
Guarantor shall be released from this Agreement and shall no longer be a Guarantor hereunder and all obligations (other than those expressly stated to survive such termination) of such Guarantor hereunder shall terminate, all without delivery of any
instrument or performance of any act by any party. At the request and sole expense of any Guarantor following any such termination, the Administrative Agent shall execute and deliver to such Guarantor such documents as such Guarantor shall
reasonably request to evidence such termination. 
 SECTION 5.14. Waiver of Jury Trial. 

EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY
LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

  
 11 

 IN WITNESS WHEREOF, each of the undersigned has caused this Guarantee Agreement to be duly
executed and delivered as of the date first above written. 
  

			
	BURGER KING WORLDWIDE, INC.
		
	By:	 	 /s/ Lisa Giles-Klien

	Name:	 	Lisa Giles-Klien
	Title:	 	Assistant Secretary

 [SIGNATURE PAGE TO GUARANTEE AGREEMENT] 

 
			
	JPMORGAN CHASE BANK, N.A., as Administrative Agent
		
	By:	 	 /s/ Tony Yang

	Name:	 	Tony Yang
	Title:	 	Executive Director

 [SIGNATURE PAGE TO GUARANTEE AGREEMENT] 

 Annex 1 to 
 Guarantee Agreement 
 ASSUMPTION AGREEMENT, dated as of
            , 20    , made by                     , a
                     corporation (the “Additional Guarantor”), in favor of JPMORGAN CHASE BANK, N.A., as administrative agent (in
such capacity, the “Administrative Agent”), for the lending and other financial institutions (the “Lenders”) parties to the Credit Agreement referred to below. All capitalized terms not defined herein shall have the
meaning ascribed to them in such Credit Agreement. 
 W I T N E S S E
T H : 
 WHEREAS, BURGER KING HOLDINGS, INC., a Delaware corporation (“Holdings”), BURGER KING
CORPORATION, a Florida corporation (the “Borrower”), the Lenders and the Administrative Agent have entered into a Credit Agreement, dated as of September 28, 2012 (as amended, supplemented or otherwise modified from time to
time, the “Credit Agreement”); 
 WHEREAS, in connection with the Credit Agreement, Holdings, the Borrower and
certain of the Borrower’s Subsidiaries (other than the Additional Guarantor) have entered into the Guarantee Agreement, dated as of September 28, 2012 (as amended, supplemented or otherwise modified from time to time, the
“Guarantee Agreement”) in favor of the Administrative Agent for the benefit of the Lenders; 
 WHEREAS, the
Credit Agreement requires the Additional Guarantor to become a party to the Guarantee Agreement; and 
 WHEREAS, the Additional
Guarantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Guarantee Agreement; 

NOW, THEREFORE, IT IS AGREED: 
 1. Guarantee Agreement. By executing and delivering this Assumption Agreement, the Additional Guarantor, as provided in Section 5.12 of the Guarantee Agreement, hereby becomes a party to the
Guarantee Agreement as a Guarantor thereunder with the same force and effect as if originally named therein as a Guarantor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities of a
thereunder. The information set forth in Annex 1-A hereto is hereby added to the information set forth in the Schedules to the Guarantee Agreement. The Additional Guarantor hereby represents and warrants that each of the representations and
warranties contained in Article III of the Guarantee Agreement is true and correct on and as the date hereof (after giving effect to this Assumption Agreement) as if made on and as of such date 

2. GOVERNING LAW. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 [Signature Page Follows] 

 IN WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed
and delivered as of the date first above written. 
  

			
	[ADDITIONAL GUARANTOR]
		
	By:	 	  

	Name:	 	
	Title:	 	

 Annex 1-A to 
 Assumption Agreement 
 Supplement to Schedule 1 

 Schedule 1 
 Notice Addresses 
 5505 Blue Lagoon Drive 
 Miami, FL 33126 
 Fax: (305) 378-7230

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