Document:

EX-10.2

 Exhibit 10.2 
  

 
 GUARANTY 

dated as of 
 December 12, 2014

 among 
 1013421 B.C.
UNLIMITED LIABILITY COMPANY, 
 as Guarantor 

CERTAIN SUBSIDIARIES 
 IDENTIFIED
HEREIN, 
 as Guarantors 
 and

 JPMORGAN CHASE BANK, N.A., 

as Collateral Agent 
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	
	DEFINITIONS	  
			
	SECTION 1.01.	 	 Credit Agreement
	  	 	2	  
	SECTION 1.02.	 	 Other Defined Terms
	  	 	2	  
	
	ARTICLE II	  
	
	GUARANTY	  
			
	SECTION 2.01.	 	 Guaranty and Keepwell
	  	 	3	  
	SECTION 2.02.	 	 Guaranty of Payment
	  	 	4	  
	SECTION 2.03.	 	 No Limitations
	  	 	4	  
	SECTION 2.04.	 	 Reinstatement
	  	 	5	  
	SECTION 2.05.	 	 Agreement To Pay; Subrogation
	  	 	5	  
	SECTION 2.06.	 	 Information
	  	 	5	  
	SECTION 2.07.	 	 Representations and Warranties
	  	 	5	  
	SECTION 2.08.	 	 No Setoff or Deductions; Taxes; Payments
	  	 	5	  
	
	ARTICLE III	  
	
	SUBROGATION AND SUBORDINATION	  
			
	SECTION 3.01.	 	 Contribution and Subrogation
	  	 	6	  
	SECTION 3.02.	 	 Subordination
	  	 	6	  
	
	ARTICLE IV	  
	MISCELLANEOUS	  
			
	SECTION 4.01.	 	 Notices
	  	 	6	  
	SECTION 4.02.	 	 Waivers; Amendment
	  	 	6	  
	SECTION 4.03.	 	 Collateral Agent’s Fees and Expenses, Indemnification
	  	 	7	  
	SECTION 4.04.	 	 Successors and Assigns
	  	 	8	  
	SECTION 4.05.	 	 Survival of Agreement
	  	 	8	  
	SECTION 4.06.	 	 Counterparts; Effectiveness; Several Agreement
	  	 	8	  
	SECTION 4.07.	 	 Severability
	  	 	8	  
	SECTION 4.08.	 	 Right of Set-Off
	  	 	8	  
	SECTION 4.09.	 	 Governing Law; Jurisdiction; Service of Process
	  	 	9	  
	SECTION 4.10.	 	 WAIVER OF JURY TRIAL
	  	 	10	  
	SECTION 4.11.	 	 Headings
	  	 	10	  
	SECTION 4.12.	 	 Security Interest Absolute
	  	 	10	  
	SECTION 4.13.	 	 Termination or Release
	  	 	10	  
	SECTION 4.14.	 	 Additional Guarantors
	  	 	11	  
	SECTION 4.15.	 	 Excluded Swap Obligations Limitation
	  	 	11	  

 GUARANTY 

GUARANTY dated as of December 12, 2014, among 1013421 B.C. Unlimited Liability Company, an unlimited liability company organized under
the laws of British Columbia (“Holdings”), certain Subsidiaries of the Parent Borrower (as defined below) from time to time party hereto and JPMORGAN CHASE BANK, N.A. (“JPMCB”), as Collateral Agent (as defined
below). 
 Reference is made to that certain Credit Agreement dated as of October 27, 2014 (as amended, restated, amended and restated,
extended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among 1011778 B.C. Unlimited Liability Company, an unlimited liability company organized under the laws of British Columbia (the
“Parent Borrower”), New Red Finance, Inc., a Delaware corporation (the “Subsidiary Borrower” and together with the Parent Borrower, the “Borrowers”), Holdings, JPMCB, as administrative agent (in
such capacity, and together with its successors and permitted assigns, the “Administrative Agent”), and collateral agent (in such capacity, and together with its successors and permitted assigns, the “Collateral
Agent”), each Lender from time to time party thereto and the other parties thereto. The Lenders have agreed to extend credit to the Borrowers and the Cash Management Banks and the Hedge Banks may from time to time extend credit to the
Borrowers and their Subsidiaries in the form of Cash Management Obligations and the Secured Hedge Agreements, respectively, subject to the terms and conditions set forth in the Credit Agreement. The obligations of the Lenders to extend such credit
and of the Cash Management Banks and the Hedge Banks to enter into the Cash Management Obligations and the Secured Hedge Agreements, respectively, are conditioned upon, among other things, the execution and delivery of this Agreement. Each Guarantor
is an affiliate of the Borrowers, will derive substantial benefits from the extension of credit to the Borrowers pursuant to the Credit Agreement and is willing to execute and deliver this Agreement in order to induce the Lenders to extend such
credit, the Hedge Banks to enter into Secured Hedge Agreements and the Cash Management Banks to enter into agreements giving rise to Cash Management Obligations. 

Accordingly, the parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS 

SECTION 1.01. Credit Agreement. 

(a) Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the Credit Agreement. 

(b) The rules of construction specified in Article I of the Credit Agreement also apply to this Agreement. 

SECTION 1.02. Other Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

“Agreement” means this Guaranty. 

“Claiming Party” has the meaning assigned to such term in Section 3.01. 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any
successor statute. 

  
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 “Contributing Party” has the meaning assigned to such term in Section 3.01.

 “Credit Agreement” has the meaning assigned to such term in the preliminary statement of this Agreement. 

“Guarantor” means Holdings and each Restricted Subsidiary listed on the signature pages hereof under the caption
“Guarantors” and each Restricted Subsidiary that becomes a party to this Agreement after the Closing Date and, solely with respect to Cash Management Obligations and obligations under Secured Hedge Agreements, in each case, incurred by a
Restricted Subsidiary, each of the Borrowers. 
 “Guaranty Supplement” means an instrument in the form of Exhibit I hereto.

 “Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Guarantor that has total assets exceeding
$10,000,000 at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation is incurred or such other person as constitutes an “eligible contract participant” under the
Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity
Exchange Act. 
 ARTICLE II 

GUARANTY 
 SECTION
2.01. Guaranty and Keepwell. 
 (a) Each Guarantor absolutely, irrevocably and unconditionally guarantees, jointly with the other
Guarantors and severally, as a primary obligor and not merely as a surety, to the Collateral Agent, for the benefit of the Secured Parties, the due and punctual payment and performance of the Obligations. Each of the Guarantors further agrees that
the Obligations may be extended or renewed, in whole or in part, without notice to or further assent from it, and that it will remain bound upon its guarantee notwithstanding any extension or renewal of any Obligation. Each of the Guarantors waives
presentment to, demand of payment from and protest to the Borrowers or any other Guarantor of any of the Obligations, and also waives notice of acceptance of its guarantee and notice of protest for nonpayment. 

(b) Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or
other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Guaranty in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this
Section 2.01(b) for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 2.01(b), or otherwise under this Guaranty, voidable under applicable Law relating to fraudulent
conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section 2.01(b) shall remain in full force and effect until the termination of this Guaranty in accordance with
Section 4.1. Each Qualified ECP Guarantor intends that this Section 2.01(b) constitute, and this Section 2.01(b) shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Loan
Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

  
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 SECTION 2.02. Guaranty of Payment. Each of the Guarantors further agrees that its
guarantee hereunder constitutes a guarantee of payment when due and not of collection, and waives any right to require that any resort be had by the Collateral Agent or any other Secured Party to any security held for the payment of the Obligations,
or to any balance of any deposit account or credit on the books of the Collateral Agent or any other Secured Party in favor of either Borrower or any other Person. 

SECTION 2.03. No Limitations. 

(a) Except for termination of a Guarantor’s obligations hereunder as expressly provided in Section 4.13 and except as provided in
the definition of Obligations with respect to Excluded Swap Obligations, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release,
surrender, alteration or compromise, and shall not be subject to any defense (other than a defense of full payment or performance) or set-off, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or
unenforceability of the Obligations, or otherwise. Without limiting the generality of the foregoing, the obligations of each Guarantor hereunder shall not be discharged or impaired or otherwise affected by (i) the failure of the Collateral
Agent or any other Secured Party to assert any claim or demand or to enforce any right or remedy under the provisions of any Loan Document or otherwise; (ii) any rescission, waiver, amendment or modification of, or any release from any of the
terms or provisions of, any Loan Document or any other agreement, including with respect to any other Guarantor under this Agreement; (iii) the release, non-perfection, impairment, exchange or substitution of any security held by the Collateral
Agent or any other Secured Party for the Obligations; (iv) any default, failure or delay, willful or otherwise, in the performance of the Obligations; or (v) any other act or omission that may or might in any manner or to any extent vary
the risk of any Guarantor or otherwise operate as a discharge of any Guarantor as a matter of law or equity (other than the payment in full in cash of all the Obligations). Each Guarantor expressly authorizes the Secured Parties to take and hold
security for the payment and performance of the Obligations, to exchange, waive or release any or all such security (with or without consideration), to enforce or apply such security and direct the order and manner of any sale thereof in their sole
discretion or to release or substitute any one or more other Guarantors or obligors upon or in respect of the Obligations, all without affecting the obligations of any Guarantor hereunder. 

(b) To the fullest extent permitted by applicable law, each Guarantor waives any defense based on or arising out of any defense of either
Borrower or any other Guarantor or the unenforceability of the Obligations, or any part thereof from any cause, or the cessation from any cause of the liability of either Borrower or any other Guarantor, other than the payment in full in cash of all
the Obligations. The Collateral Agent and the other Secured Parties may in accordance with the terms of the Collateral Documents, at their election, foreclose on any security held by one or more of them by one or more judicial or nonjudicial sales,
accept an assignment of any such security in lieu of foreclosure, compromise or adjust any part of the Obligations, make any other accommodation with either Borrower or any other Guarantor or exercise any other right or remedy available to them
against either Borrower or any other Guarantor, without affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the Obligations have been paid in full in cash. To the fullest extent permitted by applicable
law, each Guarantor waives any defense arising out of any such election even though such election operates, pursuant to applicable law, to impair or to extinguish any right of reimbursement or subrogation or other right or remedy of such Guarantor
against either Borrower or any other Guarantor, as the case may be, or any security. 
 (c) Each Guarantor, and by its acceptance of this
Agreement, the Collateral Agent and each other Secured Party, hereby confirms that it is the intention of all such Persons that this Agreement and the Obligations of each Guarantor hereunder not constitute a fraudulent transfer or conveyance for
purposes of the Bankruptcy Code, the Uniform Fraudulent Conveyance Act, the Uniform 

  
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Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable to this Guaranty and the Obligations of each Guarantor hereunder. To effectuate the foregoing
intention, the Collateral Agent, the other Secured Parties and the Guarantors hereby irrevocably agree that the Obligations of each Guarantor under this Guaranty at any time shall be limited to the maximum amount as will result in the Obligations of
such Guarantor under this Guaranty not constituting a fraudulent transfer or conveyance. 
 (d) Each Guarantor acknowledges that it will
receive indirect benefits from the financing arrangements contemplated by the Loan Documents and that the waivers set forth in this Agreement are knowingly made in contemplation of such benefits. 

SECTION 2.04. Reinstatement. Each of the Guarantors agrees that its guarantee hereunder shall continue to be effective or be
reinstated, as the case may be, if at any time payment, or any part thereof, of any Obligation, is rescinded or must otherwise be restored by the Collateral Agent or any other Secured Party upon the bankruptcy, insolvency or reorganization of either
Borrower, any other Guarantor or otherwise. 
 SECTION 2.05. Agreement To Pay; Subrogation. In furtherance of the foregoing and not
in limitation of any other right that the Collateral Agent or any other Secured Party has at law or in equity against any Guarantor by virtue hereof, upon the failure of either Borrower or any other Guarantor to pay any Obligation when and as the
same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, each Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the Collateral Agent for distribution to the Secured Parties in
cash the amount of such unpaid Obligation. Upon payment by any Guarantor of any sums to the Collateral Agent as provided above, all rights of such Guarantor against either Borrower or any other Guarantor arising as a result thereof by way of right
of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subject to Article III. 
 SECTION 2.06.
Information. Each Guarantor assumes all responsibility for being and keeping itself informed of the Borrowers’ and each other Guarantor’s financial condition and assets, and of all other circumstances bearing upon the risk of
nonpayment of the Obligations, and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that none of the Collateral Agent or the other Secured Parties will have any duty to advise such Guarantor of
information known to it or any of them regarding such circumstances or risks. 
 SECTION 2.07. Representations and Warranties. Each
Guarantor hereby represents and warrants that this Agreement (i) has been duly executed and delivered by each Guarantor that is party hereto and (ii) constitutes a legal, valid and binding obligation of such Guarantor, enforceable against
each Guarantor that is party hereto in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and by general principles of equity. 

SECTION 2.08. No Setoff or Deductions; Taxes; Payments. Each Guarantor shall make all payments hereunder in accordance with
Section 3.01 of the Credit Agreement. The obligations of the Guarantor under this paragraph shall survive the payment in full of the Obligations and termination of this Guaranty. 

  
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 ARTICLE III 

SUBROGATION AND SUBORDINATION 

SECTION 3.01. Contribution and Subrogation. Each Guarantor (a “Contributing Party”) agrees (subject to
Section 3.02) that, in the event a payment shall be made by any other Guarantor hereunder in respect of any Obligation (the “Claiming Party”), the Contributing Party shall indemnify the Claiming Party in an amount equal to the
amount of such payment, in each case multiplied by a fraction of which the numerator shall be the net worth of the Contributing Party on the date hereof and the denominator shall be the aggregate net worth of all the Contributing Parties together
with the net worth of the Claiming Party on the date hereof (or, in the case of any Guarantor becoming a party hereto pursuant to Section 4.14, the date of the Guaranty Supplement hereto executed and delivered by such Guarantor). Any
Contributing Party making any payment to a Claiming Party pursuant to this Section 3.01 shall be subrogated to the rights of such Claiming Party to the extent of such payment. 

SECTION 3.02. Subordination. 

(a) Notwithstanding any provision of this Agreement to the contrary, all rights of the Guarantors under Section 3.01 and all other rights
of indemnity, contribution or subrogation under applicable law or otherwise shall be fully subordinated to the payment in full in cash of the Obligations (other than (x) obligations under Secured Hedge Agreements not yet due and payable,
(y) Cash Management Obligations not yet due and payable and (z) contingent indemnification obligations not yet accrued and payable). No failure on the part of either Borrower or any Guarantor to make the payments required by
Section 3.01 (or any other payments required under applicable law or otherwise) shall in any respect limit the obligations and liabilities of any Guarantor with respect to its obligations hereunder, and each Guarantor shall remain liable for
the full amount of the obligations of such Guarantor hereunder. 
 (b) Each Guarantor hereby agrees that upon the occurrence and during the
continuance of an Event of Default and after notice from the Collateral Agent, all Indebtedness owed by it to any Subsidiary shall be fully subordinated to the payment in full in cash of the Obligations (other than (x) obligations under Secured
Hedge Agreements not yet due and payable, (y) Cash Management Obligations not yet due and payable and (z) contingent indemnification obligations not yet accrued and payable). 

ARTICLE IV 

MISCELLANEOUS 

SECTION 4.01. Notices. All communications and notices hereunder shall (except as otherwise expressly permitted herein) be in writing
and given as provided in Section 10.02 of the Credit Agreement. All communications and notices hereunder to any Guarantor shall be given to it in care of the Parent Borrower as provided in Section 10.02 of the Credit Agreement. 

SECTION 4.02. Waivers; Amendment. 

(a) No failure or delay by the Collateral Agent, any other Agent, any L/C Issuer or any Lender in exercising any right or power hereunder or
under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further
exercise thereof or the exercise of any other right or power. The rights and remedies of the Collateral Agent, any other Agent, the L/C Issuers and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any
rights or remedies that they would otherwise have. No 

  
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waiver of any provision of this Agreement or consent to any departure by any Guarantor therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this
Section 4.02, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall
not be construed as a waiver of any Default, regardless of whether the Collateral Agent, any other Agent, any Lender or any L/C Issuer may have had notice or knowledge of such Default at the time. No notice or demand on any Guarantor in any case
shall entitle any Guarantor to any other or further notice or demand in similar or other circumstances. 
 (b) Neither this Agreement nor
any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Collateral Agent and the Guarantors with respect to which such waiver, amendment or modification is to apply,
subject to any consent required in accordance with Section 10.01 of the Credit Agreement. 
 SECTION 4.03. Collateral Agent’s
Fees and Expenses, Indemnification. 
 (a) The parties hereto agree that the Collateral Agent shall be entitled to reimbursement of its
expenses incurred hereunder as provided in Section 10.04 of the Credit Agreement as if such section were set out in full herein and references to “the Borrowers” and “the Parent Borrower” therein were references to
“each Guarantor.” 
 (b) Without limitation of its indemnification obligations under the other Loan Documents, each Guarantor
agrees to indemnify the Collateral Agent and the other Indemnitees (as defined in Section 10.05 of the Credit Agreement) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses,
including the reasonable and documented fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of, the execution, delivery or performance
of this Agreement or any claim, litigation, investigation or proceeding relating to any of the foregoing agreements or instruments contemplated hereby, whether or not any Indemnitee is a party thereto; provided that such indemnity shall not,
as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities and related expenses resulted from (x) the gross negligence, bad faith or willful misconduct of such Indemnitee or of any of its controlled
Affiliates or controlling Persons or any of the officers, directors, employees, agents, advisors or members of any of the foregoing, in each case who are involved in or aware of the Transaction (as determined by a court of competent jurisdiction in
a final and non-appealable decision), (y) a material breach of this Agreement by such Indemnitee or one of its Affiliates or (z) disputes solely between and among such Indemnitees to the extent such disputes do not arise from any act or
omission of a Borrower or any of its Affiliates (other than with respect to a claim against an Indemnitee acting in its capacity as an Agent or Lead Arranger or similar role under the Loan Documents unless such claim arose from the gross negligence,
bad faith or willful misconduct of such Indemnitee). 
 (c) Any such amounts payable as provided hereunder shall be additional Obligations
guaranteed hereby and secured by the other Collateral Documents. The provisions of this Section 4.03 shall remain operative and in full force and effect regardless of the termination of this Agreement or any other Loan Document, the
consummation of the transactions contemplated hereby, the repayment of any of the Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the
Collateral Agent or any other Secured Party. All amounts due under this Section 4.03 shall be payable within ten days of written demand therefor. 

  
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 SECTION 4.04. Successors and Assigns. Whenever in this Agreement any of the parties hereto
is referred to, such reference shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of any Guarantor or the Collateral Agent that are contained in this Agreement
shall bind and inure to the benefit of their respective successors and assigns. 
 SECTION 4.05. Survival of Agreement. All
covenants, agreements, representations and warranties made by the Guarantors in the Loan Documents and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall
be considered to have been relied upon by the Lenders and shall survive the execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any Lender or on its
behalf and notwithstanding that the Collateral Agent, any other Agent, any L/C Issuer or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended under the Credit
Agreement, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under any Loan Document is outstanding and unpaid or any Letter of Credit is outstanding
and so long as the Commitments have not expired or terminated. 
 SECTION 4.06. Counterparts; Effectiveness; Several Agreement. This
Agreement may be executed in counterparts, each of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile transmission or
other electronic communication (including “.pdf “ or “.tif” files) shall be as effective as delivery of a manually signed counterpart of this Agreement. This Agreement shall become effective as to any Guarantor when a counterpart
hereof executed on behalf of such Guarantor shall have been delivered to the Collateral Agent and a counterpart hereof shall have been executed on behalf of the Collateral Agent, and thereafter shall be binding upon such Guarantor and the Collateral
Agent and their respective permitted successors and assigns, and shall inure to the benefit of such Guarantor, the Collateral Agent and the other Secured Parties and their respective successors and assigns, except that no Guarantor shall have the
right to assign or transfer its rights or obligations hereunder or any interest herein (and any such assignment or transfer shall be void) except as expressly contemplated by this Agreement or the Credit Agreement. This Agreement shall be construed
as a separate agreement with respect to each Guarantor and may be amended, modified, supplemented, waived or released with respect to any Guarantor without the approval of any other Guarantor and without affecting the obligations of any other
Guarantor hereunder. 
 SECTION 4.07. 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. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions
the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 SECTION 4.08.
Right of Set-Off. In addition to any rights and remedies of the Lenders provided by Law, upon the occurrence and during the continuance of any Event of Default, each Lender and its Affiliates and each L/C Issuer and its Affiliates is
authorized at any time and from time to time, without prior notice to any Guarantor, any such notice being waived by each Guarantor to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special,
time or demand, provisional or final) at any time held by, and other Indebtedness at any time owing by, such Lender and its Affiliates or such L/C Issuer and its Affiliates to or for the credit or the account of the respective Guarantor against any
and all obligations owing to such Lender and its Affiliates or such L/C 

  
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Issuer and its Affiliates hereunder, now or hereafter existing, irrespective of whether or not such Lender or Affiliate shall have made demand under this Agreement and although such obligations
may be contingent or unmatured or denominated in a currency different from that of the applicable deposit or Indebtedness. Each Lender and L/C Issuer agrees promptly to notify the relevant Guarantor and the Collateral Agent after any such set off
and application made by such Lender or L/C Issuer, as the case may be; provided, that the failure to give such notice shall not affect the validity of such setoff and application. The rights of each Lender and each L/C Issuer under this
Section 4.08 are in addition to other rights and remedies (including other rights of setoff) that the Collateral Agent, such L/C Issuer and such Lender may have. 

SECTION 4.09. Governing Law; Jurisdiction; Service of Process. 

(a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (EXCEPT AS OTHERWISE EXPRESSLY
PROVIDED HEREIN). 
 (b) EXCEPT AS SET FORTH IN THE FOLLOWING PARAGRAPH, ANY LEGAL ACTION OR PROCEEDING ARISING UNDER THIS AGREEMENT OR IN
ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, SHALL BE BROUGHT IN THE
COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE (PROVIDED THAT IF NONE OF SUCH COURTS CAN AND WILL EXERCISE SUCH JURISDICTION, SUCH EXCLUSIVITY SHALL NOT APPLY), AND BY
EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH GUARANTOR AND THE COLLATERAL AGENT CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH GUARANTOR AND THE COLLATERAL AGENT IRREVOCABLY WAIVES ANY
OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR OTHER
DOCUMENT RELATED HERETO. 
 EACH GUARANTOR PARTY HERETO ORGANIZED UNDER THE LAWS OF CANADA (AND EACH OF THE PROVINCES AND TERRITORIES
THEREOF) HEREBY APPOINTS BURGER KING CORPORATION AS ITS AUTHORIZED AGENT (THE “AUTHORIZED AGENT”) UPON WHOM PROCESS MAY BE SERVED IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREIN WHICH MAY BE INSTITUTED IN ANY STATE OR FEDERAL COURT IN THE CITY OF NEW YORK, NEW YORK. SERVICE OF PROCESS UPON THE AUTHORIZED AGENT SHALL BE DEEMED, IN EVERY RESPECT, EFFECTIVE SERVICE OF PROCESS UPON SUCH GUARANTOR. 

NOTHING IN THIS AGREEMENT SHALL AFFECT ANY RIGHT THAT THE COLLATERAL AGENT MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO
THIS AGREEMENT AGAINST ANY GUARANTOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION (I) FOR PURPOSES OF ENFORCING A JUDGMENT, (II) IN CONNECTION WITH EXERCISING REMEDIES AGAINST THE COLLATERAL IN A JURISDICTION IN WHICH SUCH COLLATERAL IS
LOCATED, (III) IN CONNECTION WITH ANY PENDING BANKRUPTCY, INSOLVENCY OR SIMILAR PROCEEDING IN SUCH 

  
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JURISDICTION OR (IV) TO THE EXTENT THE COURTS REFERRED TO IN THE PREVIOUS PARAGRAPH DO NOT HAVE JURISDICTION OVER SUCH LEGAL ACTION OR PROCEEDING OR THE PARTIES OR PROPERTY SUBJECT HERETO. 

SECTION 4.10. WAIVER OF JURY TRIAL. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY
WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AGREEMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT,
OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL
BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 4.10 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT
TO TRIAL BY JURY. 
 SECTION 4.11. 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 are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

SECTION 4.12. Security Interest Absolute. To the fullest extent permitted by applicable Law, all rights of the Collateral Agent
hereunder and all obligations of each Guarantor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Credit Agreement, any other Loan Document, any agreement with respect to any of the
Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any
consent to any departure from the Credit Agreement, any other Loan Document, any other agreement or instrument, (c) any release or amendment or waiver of or consent under or departure from any guarantee guaranteeing all or any of the
Obligations or (d) any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Guarantor in respect of the Obligations or this Agreement. 

SECTION 4.13. Termination or Release. 

(a) This Agreement and the Guarantees made herein shall automatically terminate with respect to all Obligations upon the termination of the
Aggregate Commitments and payment in full in cash of all Obligations (other than (x) obligations under Secured Hedge Agreements not yet due and payable, (y) Cash Management Obligations not yet due and payable and (z) contingent
indemnification obligations not yet accrued and payable) and the expiration or termination of all Letters of Credit (other than Letters of Credit that have been Cash Collateralized or as to which other arrangements reasonably satisfactory to the
Administrative Agent and the applicable L/C Issuer have been made). 
 (b) A Guarantor shall be automatically released from its obligations
hereunder (i) if such Guarantor ceases to be a Restricted Subsidiary, or becomes an Excluded Subsidiary, in each case as a result of a transaction or designation permitted under the Credit Agreement or (ii) so long as no Event of Default
has occurred and is continuing at such time, upon the designation by the Parent Borrower of such Guarantor as a “Designated Non-Guarantor Subsidiary” pursuant to the Credit Agreement. 

  
 -10- 

 (c) In connection with any termination or release pursuant to paragraph (a) or (b) of
this Section 4.13, the Collateral Agent shall execute and deliver to any Guarantor, at such Guarantor’s expense, all documents that such Guarantor shall reasonably request to evidence such termination or release. Any execution and delivery
of documents pursuant to this Section 4.13 shall be without recourse to or warranty by the Collateral Agent. 
 SECTION 4.14.
Additional Guarantors. Any Person required to become party to this Agreement pursuant to Section 6.10 of the Credit Agreement may do so by executing and delivering a Guaranty Supplement and such Person shall become a Guarantor hereunder
with the same force and effect as if originally named as a Guarantor herein. The execution and delivery of any such instrument shall not require the consent of any other Guarantor hereunder. The rights and obligations of each Guarantor hereunder
shall remain in full force and effect notwithstanding the addition of any new Guarantor as a party to this Agreement. 
 SECTION 4.15.
Excluded Swap Obligations Limitation. Notwithstanding anything in this Guaranty to the contrary, no Guarantor shall be required to make any payment pursuant to this Guaranty to any party, and the right of set-off provided in
Section 4.08 shall not apply with respect to any Guarantor, in each case, with respect to Excluded Swap Obligations, if any, of such Guarantor. 

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK] 

  
 -11- 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year
first above written. 
  

			
	NEW RED FINANCE, INC.
	BLUE HOLDCO 1, LLC
	BLUE HOLDCO 2, LLC
	BLUE HOLDCO 3, LLC
	BURGER KING WORLDWIDE, INC.
	BURGER KING HOLDCO LLC
	BURGER KING CAPITAL HOLDINGS, LLC
	BURGER KING CAPITAL FINANCE, INC.
	BURGER KING HOLDINGS, INC.
	BURGER KING CORPORATION
	BK ACQUISITION, INC.
	BK CDE, INC.
	BK WHOPPER BAR, LLC
	BURGER KING INTERAMERICA, LLC
	BURGER KING SWEDEN INC.
	DISTRON TRANSPORTATION SYSTEMS, INC.
	MOXIE’S, INC.
	THE MELODIE CORPORATION
	TPC NUMBER FOUR, INC.
	TQW COMPANY
	THD NEVADA LLC
	THD DELAWARE LLC
	TIM DONUT U.S. LIMITED, INC.
	SBFD HOLDING CO.
	TIM HORTONS USA INC.
	TIM HORTONS (NEW ENGLAND), INC.
	THD COFFEE CO.
	TIM HORTONS DELAWARE LIMITED PARTNERSHIP
	 TULLER INVESTMENT PARTNERSHIP,

each as a Guarantor

		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary

 
			
	1013421 B.C. UNLIMITED LIABILITY COMPANY, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	1011778 B.C. UNLIMITED LIABILITY COMPANY, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	1014364 B.C. UNLIMITED LIABILITY COMPANY, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	1014369 B.C. UNLIMITED LIABILITY COMPANY, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	1019334 B.C. UNLIMITED LIABILITY COMPANY, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	1016869 B.C. UNLIMITED LIABILITY COMPANY, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary

 
			
	1016893 B.C. UNLIMITED LIABILITY COMPANY, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	1016864 B.C. UNLIMITED LIABILITY COMPANY, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	1016872 B.C. UNLIMITED LIABILITY COMPANY, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	1016878 B.C. UNLIMITED LIABILITY COMPANY, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	1016883 B.C. UNLIMITED LIABILITY COMPANY, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	1017358 B.C. UNLIMITED LIABILITY COMPANY, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary

 
			
	BURGER KING CANADA HOLDINGS INC./PLACEMENTS BURGER KING CANADA INC., as Guarantor
		
	By:	 	 /s/ Timothy Brinkley

	Name:	 	Timothy Brinkley
	Title:	 	President and Treasurer
	
	BURGER KING SASKATCHEWAN HOLDINGS INC., as Guarantor
		
	By:	 	 /s/ Timothy Brinkley

	Name:	 	Timothy Brinkley
	Title:	 	President and Treasurer

 
			
	P11 LIMITED PARTNERSHIP, as Guarantor
	By:	 	1014364 B.C. Unlimited Liability Company
	Its:	 	General Partner
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	P22 LIMITED PARTNERSHIP, as Guarantor
	By:	 	1014364 B.C. Unlimited Liability Company
	Its:	 	General Partner
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	P33 LIMITED PARTNERSHIP, as Guarantor
	By:	 	1014364 B.C. Unlimited Liability Company
	Its:	 	General Partner
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	P44 LIMITED PARTNERSHIP, as Guarantor
	By:	 	1014364 B.C. Unlimited Liability Company
	Its:	 	General Partner
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary

 
			
	P55 LIMITED PARTNERSHIP,
	as Guarantor
	By:	 	1014364 B.C. Unlimited Liability Company
	Its:	 	General Partner
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary

			
	TIM HORTONS INC., as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	1021678 ALBERTA ULC, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	BARHAV DEVELOPMENTS LIMITED, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	GRANGE CASTLE HOLDINGS LIMITED, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	1485525 ALBERTA LTD., as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	FRUITION MANUFACTURING LIMITED, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	GPAIR LIMITED, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary

			
	THE TDL GROUP CO. / GROUPE TDL CIE, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	THE TDL GROUP CO., IN ITS CAPACITY AS A PARTNER OF THE TDL GROUP, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	THE TDL GROUP CORP., IN ITS CAPACITY AS A PARTNER OF THE TDL GROUP, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	THE TDL GROUP CORP. / GROUPE TDL CORPORATION, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	THE TDL MARKS CORPORATION / LES MARQUES DE TDL CORPORATION, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary

			
	THE TDL GROUP CO., IT ITS CAPACITY AS A PARTNER OF TIM’S REALTY PARTNERSHIP, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	1021678 ALBERTA ULC, IN ITS CAPACITY AS A PARTNER OF TIM’S REALTY PARTNERSHIP, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary

 
					
	JPMORGAN CHASE BANK, N.A.,
	as Collateral Agent
		
	By:	 	 /s/ Sarah L. Freedman

		 	Name:	 	Sarah L. Freedman
		 	Title:	 	Executive Director

 EXHIBIT I 

TO THE GUARANTY 
 FORM OF 

GUARANTY SUPPLEMENT 
 SUPPLEMENT
NO. [    ] (this “Guaranty Supplement”), dated as of [            ], to the Guaranty dated as of December 12, 2014 among 1013421 B.C. Unlimited
Liability Company, certain subsidiaries of Holdings (as defined below) from time to time party thereto and JPMORGAN CHASE BANK, N.A. (“JPMCB”), as Collateral Agent (as defined below). 

A. Reference is made to (i) that certain Credit Agreement dated as of October 27, 2014 (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among 1011778 B.C. Unlimited Liability Company, an unlimited liability company organized under the laws of British Columbia (the “Parent
Borrower”), New Red Finance, Inc., a Delaware corporation (the “Subsidiary Borrower” and together with the Parent Borrower, the “Borrowers”), 1013421 B.C. Unlimited Liability Company, an unlimited liability
company organized under the laws of British Columbia (“Holdings”), JPMCB, as administrative agent (in such capacity, the “Administrative Agent”), and collateral agent (in such capacity, the “Collateral
Agent”), each Lender from time to time party thereto and the other parties party thereto and (ii) the Guaranty referred to therein (such Guaranty, as in effect on the date hereof and as it may hereafter be as amended, restated, amended
and restated, supplemented or otherwise modified from time to time, together with this Guaranty Supplement, being the “Guaranty”). The capitalized terms defined in the Guaranty or in the Credit Agreement and not otherwise defined
herein are used herein as therein defined. 
 B. The Guarantors have entered into the Guaranty in order to induce the Lenders to make Loans
and the L/C Issuers to issue Letters of Credit and the Hedge Banks to enter into Secured Hedge Agreements. Section 4.14 of the Guaranty provides that subsequently acquired or wholly owned direct or indirect Intermediate Holding Companies and
additional Restricted Subsidiaries may become Guarantors under the Guaranty by execution and delivery of an instrument in the form of this Guaranty Supplement. The undersigned (the “New Guarantor”) is executing this Guaranty
Supplement in accordance with the requirements of the Credit Agreement to become a Guarantor under the Guaranty in order to induce the Lenders to make Loans and the L/C Issuers to issue Letters of Credit, the Hedge Banks to enter into Secured Hedge
Agreements from time to time and the Cash Management Banks to enter into agreements giving rise to Cash Management Obligations from time to time. 

Accordingly, the Collateral Agent and the New Guarantor agree as follows: 

SECTION 1. Obligations Under the Guaranty. In accordance with Section 4.14 of the Guaranty, the New Guarantor by its signature
below becomes a Guarantor and, if applicable, a Qualified ECP Guarantor under the Guaranty with the same force and effect as if originally named therein as a Guarantor and the New Guarantor hereby agrees to all the terms and provisions of the
Guaranty applicable to it as a Guarantor thereunder. Each reference to a “Guarantor” in the Guaranty shall be deemed to include the New Guarantor and each reference in any other Loan Document to a “Guarantor” or a “Loan
Party” shall also be deemed to include the New Guarantor. The Guaranty is hereby incorporated herein by reference. 
 SECTION 2.
Representations and Warranties. The New Guarantor represents and warrants to the Collateral Agent and the other Secured Parties that this Guaranty Supplement (i) has been duly authorized, executed and delivered by it and
(ii) constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and by general principles of equity. 

 SECTION 3. Delivery by Facsimile; Electronic Transmission. Delivery of an executed
counterpart of a signature page to this Guaranty Supplement by facsimile or other electronic transmission (including “.pdf” or “.tif” files) shall be effective as delivery of an original executed counterpart of this Guaranty
Supplement. 
 SECTION 4. Governing Law. THIS GUARANTY SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF
THE STATE OF NEW YORK (EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN). 
 SECTION 5. Affirmation. Except as expressly supplemented
hereby, the Guaranty shall remain in full force and effect. 
 SECTION 6. Severability. In case any one or more of the provisions
contained in this Guaranty Supplement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Guaranty shall not in any way be affected or
impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in
good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 7. Notice. All communications and notices hereunder shall be in writing and given as provided in Section 4.01 of the
Guaranty. 
 SECTION 8. Reimbursement. The New Guarantor agrees to reimburse the Collateral Agent for its reasonable out-of-pocket
expenses in connection with this Guaranty Supplement, including the reasonable and documented fees, other charges and disbursements of counsel for the Collateral Agent in accordance with the terms of the Credit Agreement. 

[Remainder of Page Intentionally Blank] 

 IN WITNESS WHEREOF, the New Guarantor and the Collateral Agent have duly executed this Guaranty
Supplement as of the day and year first above written. 
  

					
	[NAME OF ADDITIONAL GUARANTOR]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	 JPMORGAN CHASE BANK, N.A.,
 as
Collateral Agent

		
	By:	 	  

		 	Name:	 	
		 	Title:Exhibit 10.1

 

Execution Version

 

INCREMENTAL FACILITY AMENDMENT

 

INCREMENTAL FACILITY AMENDMENT, dated as of December 10, 2014 (this “Incremental Facility Amendment”), to the Credit Agreement, dated as of August 9, 2012 (as amended or modified from time to time, the “Credit Agreement”), among INTERPOOL, INC., a corporation organized under the laws of Delaware (the “Borrower”), the other loan parties thereto (the “Loan Parties”), the lenders party thereto (the “Lenders”), and JPMORGAN CHASE BANK, N.A., as administrative agent (the “Administrative Agent”).

 

W  I  T  N  E  S  S  E  T  H:

 

WHEREAS, pursuant to the Credit Agreement, the Lenders have agreed to make, and have made, certain loans and other extensions of credit to the Borrower;

 

WHEREAS, pursuant to Section 2.08(e) of the Credit Agreement, the Borrower wishes to obtain additional Revolving Commitments under the Credit Agreement from the Incremental Facility Lenders (as defined below) in an aggregate principal amount of $74,000,000.

 

WHEREAS, each financial institution executing a signature page hereto (each, an “Incremental Facility Lender”) has agreed to provide the additional Revolving Commitments in the amount set forth opposite to their name in the commitment schedule attached hereto as Schedule A (the “Incremental Revolving Commitment Schedule”; such additional Revolving Commitments set forth in the Incremental Revolving Commitment Schedule, the “Incremental Revolving Commitments”), upon the terms and subject to the conditions set forth herein;

 

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

SECTION 1.                            Defined Terms.  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

SECTION 2.                            Incremental Revolving Commitments.

 

(a)                                 On the Incremental Facility Amendment Effective Date (as defined below), this Incremental Facility Amendment shall constitute an “Incremental Facility Amendment” pursuant to section 2.08(f) of the Credit Agreement, the Incremental Revolving Commitments shall constitute additional “Revolving Commitments” and any loans made pursuant to the Incremental Revolving Commitments shall constitute “Loans” under the Credit Agreement.

 

(b)                                 Unless otherwise set forth herein, the Incremental Revolving Commitments shall have the same terms and conditions as those of the Revolving Commitments existing prior to the Incremental Facility Amendment Effective Date under the Credit Agreement.

 

(c)                                  From the Incremental Facility Amendment Effective Date until the Maturity Date, all Loans shall be made in accordance with the aggregate Revolving Commitments of the Lenders after giving effect to the Incremental Revolving Commitments.  On the Business Day following the Incremental Facility Amendment Effective Date, all outstanding ABR Advances shall be reallocated among the Lenders in accordance with the Lenders’ respective revised Applicable Percentages and the Lenders shall make adjustments among themselves, and payments to each other as needed, with respect to the Advances then outstanding and amounts of principal, interest, commitment fees and other amounts paid or payable with respect thereto as shall be necessary, in the opinion of the Administrative Agent, in

 

 

order to effect such reallocation.  Eurodollar Advances shall not be reallocated among the Lenders until the expiration of the applicable Interest Period in effect at the time of the Incremental Facility Amendment Effective Date, at which time any such Eurodollar Advances being continued shall be reallocated, and any such Eurodollar Advances being converted to ABR Advances shall be converted and allocated, among the Lenders at such time in accordance with their Revolving Commitments at such time.  For the avoidance of doubt, it is understood that commitment fees with respect to the Incremental Revolving Commitments shall accrue from the Incremental Facility Amendment Effective Date.

 

(d) Upon the Incremental Facility Amendment Effective Date, each Incremental Facility Lender that is not a Lender under the Credit Agreement immediately prior to the Incremental Facility Amendment Effective Date will be a Lender under the Credit Agreement for all purposes of the Credit Agreement.

 

SECTION 3.                            Fees.  The Borrower agrees to pay on the Incremental Facility Amendment Effective Date to the Administrative Agent, for the account of each Incremental Facility Lender, fees in the amounts previously communicated by the Borrower to each such Incremental Facility Lender.

 

SECTION 4.                            Amendments to Credit Agreement to Reflect the Incremental Revolving Commitments.

 

(a)                                 Amendment of Total Revolving Commitment.  Pursuant to Section 2.08(f) of the Credit Agreement, the definition of “Total Revolving Commitment” is hereby amended by deleting the current amount of $1,176,000,000 and replacing it with the new amount of $1,250,000,000.

 

(b)                                 Amendment of Commitment Schedule.  Pursuant to Section 2.08(g) of the Credit Agreement, the Commitment Schedule is hereby replaced with the revised Commitment Schedule attached hereto as Schedule B.

 

SECTION 5.                            Effectiveness of Incremental Facility Amendment.  This Incremental Facility Amendment shall become effective upon satisfaction of the following conditions precedent (such date, the “Incremental Facility Amendment Effective Date”):

 

The Administrative Agent shall have received the following:

 

(i)           counterparts to this Incremental Facility Amendment duly executed by the Borrower and each Incremental Facility Lender;

 

(ii)        a fee for the account of each Incremental Facility Lender that is a party to this Incremental Facility Amendment in accordance with Section 3 hereof;

 

(iii)     all other fees required to be paid, and all expenses for which invoices have been presented (including the reasonable and documented fees and reasonable, documented, out-of-pocket expenses of legal counsel) required to be paid;

 

(iv)    executed counterparts from each Loan Party of the Pledge and Security Acknowledgement substantially in the form attached hereto as Exhibit A (the “Pledge and Security Acknowledgement”);

 

2

 

(v)         certified resolutions from the board of directors, members or other similar body of each Loan Party authorizing the execution, delivery and performance of the Incremental Facility Amendment; and

 

(vi)      a certificate from the Borrower certifying that, immediately before and immediately after giving effect to the Incremental Revolving Commitments, (A) the representations and warranties contained in Article III of the Credit Agreement and the other Loan Documents are true and correct in all material respects (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date, and that any representation or warranty which is subject to any materiality qualifier or “Material Adverse Effect” shall be required to be true and correct in all respects), and (B) no Default exists.

 

SECTION 6.                            Representations and Warranties.  To induce the other parties hereto to enter into this Incremental Facility Amendment and to provide the Incremental Revolving Commitments, the Borrower hereby represents and warrants to the Administrative Agent and to each Incremental Facility Lender, as of the Incremental Facility Amendment Effective Date:

 

(a)                                 Each Loan Party has the power and authority, and the legal right, to make, deliver and perform this Incremental Facility Amendment, and to perform its obligations hereunder. Each Loan Party has the requisite corporate or other organizational power and authority to execute and deliver the Pledge and Security Acknowledgement. The execution, delivery and performance by the Borrower of this Incremental Facility Amendment, and by the Loan Parties of the Pledge and Security Acknowledgement, have been authorized by all necessary corporate or other organizational action of such person, and no other corporate or other organizational proceedings on the part of each such person is necessary to consummate such transactions.

 

(b)                                 This Incremental Facility Amendment has been duly executed and delivered on behalf of the Borrower. The Pledge and Security Acknowledgement has been duly executed and delivered by each Loan Party. Each of the Incremental Facility Amendment and the Pledge and Security Acknowledgement (i) is a legal, valid and binding obligation of each Loan Party party hereto and thereto, enforceable against each such Loan Party in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law) and an implied covenant of good faith and fair dealing and (ii) is in full force and effect subject to bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). Neither the execution, delivery or performance of this Incremental Facility Amendment, nor the performance of the transactions contemplated hereby, will invalidate the security interest granted on the Collateral pursuant to the Loan Documents or the priority or perfection of the Administrative Agent’s Lien on such Collateral.

 

(c)                                  The execution and delivery of this Incremental Facility Amendment or the Pledge and Security Acknowledgment by any Loan Party (i) do not require any 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, to the extent permitted by the Loan Documents, for filings necessary to perfect Liens created pursuant to the Loan Documents, (ii) will not violate any Requirement of Law applicable to any Loan Party or any of its Restricted Subsidiaries, (iii) will not violate or result in a default under any indenture, agreement or other instrument binding upon any Loan Party or any of its Restricted Subsidiaries or the assets of any Loan Party or any of its Restricted Subsidiaries, or give rise to a right thereunder to require any payment to be made by any Loan Party or

 

3

 

any of its Restricted Subsidiaries, and (iv) will not result in the creation or imposition of any Lien on any asset of any Loan Party or any of its Restricted Subsidiaries; except Liens created pursuant to the Loan Documents, except, in each case other than with respect to the creation of Liens, to the extent that any such violation, default or right, or any failure to obtain such consent or approval or to take such action, could not reasonably be expected to result in a Material Adverse Effect.

 

SECTION 7.                            Effect on the Credit Agreement.  (a)  Except as specifically amended above, the Credit Agreement shall continue to be in full force and effect and is hereby in all respects ratified and confirmed.

 

(b)         The execution, delivery and effectiveness of this Incremental Facility Amendment shall not operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under the Credit Agreement, nor constitute a waiver of any provision of any of the Credit Agreement.

 

SECTION 8.                            First Priority Obligations.  It is the intention of the parties that Obligations in respect of the Incremental Revolving Commitments constitute “First Priority Obligations” under the Intercreditor Agreement.

 

SECTION 9.                            Expenses.  The Borrower agrees to pay or reimburse the Administrative Agent for all of its out-of-pocket costs and reasonable expenses incurred in connection with this Incremental Facility Amendment, any other documents prepared in connection herewith and the transaction contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent.

 

SECTION 10.                     Governing Law; Waiver of Jury Trial. THE INCREMENTAL FACILITY AMENDMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN CONNECTION WITH THE INCREMENTAL FACILITY AMENDMENT, THE RELATIONSHIP OF THE PARTIES AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. EACH PARTY HERETO HEREBY AGREES AS SET FORTH FURTHER IN SECTION 9.09 OF THE CREDIT AGREEMENT AS IF SUCH SECTION WERE SET FORTH IN FULL HEREIN.

 

SECTION 11.                     Counterparts.  This Incremental Facility Amendment 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 Incremental Facility Amendment, the Credit Agreement and the other Loan Documents 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.  Delivery of an executed counterpart of a signature page of this Incremental Facility Amendment by facsimile or email shall be effective as delivery of a manually executed counterpart of this Amendment.  THIS INCREMENTAL FACILITY AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

[Remainder of page intentionally left blank.]

 

4

 

IN WITNESS WHEREOF, the parties hereto have caused this Incremental Facility Amendment to be duly executed and delivered by their respective proper and duly authorized officers as of the day and year first above written.

 

 

	
 
    	
 
    	
INTERPOOL,   INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/   Christopher Annese
    
	
 
    	
 
    	
 
    	
Name:   Christopher Annese
    
	
 
    	
 
    	
 
    	
Title:   Chief Financial Officer
    

 

 

	
 
    	
 
    	
JPMORGAN   CHASE BANK, N.A., as 
   Administrative Agent and as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/   Matthew H. Massie
    
	
 
    	
 
    	
Name:   
    	
MATTHEW   H. MASSIE
    
	
 
    	
 
    	
Title:   
    	
MANAGING   DIRECTOR
    

 

 

	
 
    	
 
    	
Bank of America, N.A., 
   as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/   Matthew T. O’Keefe
    
	
 
    	
 
    	
 
    	
Name:   Matthew T. O’Keefe
    
	
 
    	
 
    	
 
    	
Title:     Senior Vice President 
    

 

 

	
 
    	
 
    	
Deutsche   Bank AG New York Branch,
    
	
 
    	
 
    	
as   a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/   Michael Shannon
    
	
 
    	
 
    	
 
    	
Name:   Michael Shannon
    
	
 
    	
 
    	
 
    	
Title:     Vice President 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/   Peter Cucchiara
    
	
 
    	
 
    	
 
    	
Name:   Peter Cucchiara
    
	
 
    	
 
    	
 
    	
Title:   Vice President
    

 

3

 

Schedule A

Incremental Revolving Commitment Schedule

 

	
Lender
    	
 
    	
Incremental Revolving 
   Commitment
    	
 
    
	
JPMorgan Chase Bank, N.A.
    	
 
    	
$
    	
27,750,000
    	
 
    
	
Bank of America, N.A.
    	
 
    	
$
    	
27,750,000
    	
 
    
	
Deutsche Bank AG New York Branch
    	
 
    	
$
    	
18,500,000
    	
 
    
	
Total
    	
 
    	
$
    	
74,000,000
    	
 
    

 

4

 

Schedule B

Commitment Schedule

 

	
Lender
    	
 
    	
Revolving Commitment
    	
 
    
	
JPMorgan Chase Bank, N.A.
    	
 
    	
$
    	
122,750,000
    	
 
    
	
Bank of America, N.A.
    	
 
    	
$
    	
122,750,000
    	
 
    
	
DVB Bank SE
    	
 
    	
$
    	
125,000,000
    	
 
    
	
Deutsche Bank AG New York Branch
    	
 
    	
$
    	
113,500,000
    	
 
    
	
Wells Fargo Bank, N.A.
    	
 
    	
$
    	
95,000,000
    	
 
    
	
ING Bank N.V.
    	
 
    	
$
    	
75,000,000
    	
 
    
	
MUFG Union Bank, National Association
    	
 
    	
$
    	
75,000,000
    	
 
    
	
Royal Bank of Canada
    	
 
    	
$
    	
53,000,000
    	
 
    
	
RBS Citizens Business Capital
    	
 
    	
$
    	
50,000,000
    	
 
    
	
NYCB Specialty Finance Company LLC
    	
 
    	
$
    	
50,000,000
    	
 
    
	
Compass Bank 
    	
 
    	
$
    	
43,000,000
    	
 
    
	
PNC Bank, National Association
    	
 
    	
$
    	
40,000,000
    	
 
    
	
SunTrust Bank
    	
 
    	
$
    	
40,000,000
    	
 
    
	
Regions Bank
    	
 
    	
$
    	
35,000,000
    	
 
    
	
FirstMerit Bank, N.A. 
    	
 
    	
$
    	
35,000,000
    	
 
    
	
People’s United Bank
    	
 
    	
$
    	
35,000,000
    	
 
    
	
Capital One Business Credit Corp. 
    	
 
    	
$
    	
30,000,000
    	
 
    
	
CIT Finance LLC
    	
 
    	
$
    	
30,000,000
    	
 
    
	
Webster Business Credit Corp.
    	
 
    	
$
    	
25,000,000
    	
 
    
	
City National Bank
    	
 
    	
$
    	
25,000,000
    	
 
    
	
Cathay Bank
    	
 
    	
$
    	
15,000,000
    	
 
    
	
First Niagara Commercial Finance, Inc.
    	
 
    	
$
    	
15,000,000
    	
 
    
	
Total
    	
 
    	
$
    	
1,250,000,000
    	
 
    

 

5

 

EXHIBIT A

 

Form of Pledge and Security Acknowledgement

 

Each of the parties hereto hereby acknowledges and consents to the Incremental Facility Amendment, dated as of December 10, 2014 (the “Incremental Facility Amendment”; capitalized terms used herein, but not defined, shall have the meanings set forth in the Incremental Facility Amendment or the Credit Agreement (hereinafter defined)), to the Credit Agreement, dated as of August 9, 2012 (as amended or modified from time to time, the “Credit Agreement”), among INTERPOOL, INC. a corporation organized under the laws of Delaware (the “Borrower”), the other loan parties thereto (the “Loan Parties”), the lenders party thereto (the “Lenders”) and JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and agrees with respect to each Loan Document to which it is a party:

 

(a)                             all of its obligations, liabilities and indebtedness under such Loan Document shall remain in full force and effect on a continuous basis after giving effect to the Incremental Facility Amendment and its guarantee, if any, of the obligations, liabilities and indebtedness of the other Loan Parties under the Credit Agreement shall extend to and cover the Incremental Revolving Commitments made pursuant to the Incremental Facility Amendment and the Loans, interest thereon and fees and expenses and other obligations in respect thereof; and

 

(b)                                 giving effect to the Incremental Facility Amendment will not invalidate the security interests, if any, granted by such Loan Party on the Collateral pursuant to the Loan Documents or the priority or perfection of the Administrative Agent’s Lien on such Collateral.

 

	
 
    	
INTERPOOL   INC.
    
	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
TRAC   INTERMODAL LLC
    
	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
TRAC   INTERMODAL CORP.
    
	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
TRAC   LEASE, INC.
    
	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

6

 

	
 
    	
TRAC   LOGISTICS LLC
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
TRAC   DRAYAGE LLC
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    

 

7

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