Document:

Fourth Supplement to Indenture

 Exhibit 4.4 
 FOURTH SUPPLEMENT TO INDENTURE 
 This Fourth Supplement to Indenture (the
“Supplement”) is dated as of August 5, 2011 by and between Carrols Corporation, a Delaware corporation (the “Company”) and The Bank of New York Mellon (formerly known as The Bank of New York), a New York
banking corporation, as trustee (the “Trustee”), with respect to the Company’s 9% Senior Subordinated Notes due 2013 (the “Notes”). Capitalized terms used but not otherwise defined in this Supplement shall have
the meanings ascribed to such terms in the Indenture (as defined below), as amended and supplemented from time to time in accordance with its terms. 
 WHEREAS, the Company, the Subsidiary Guarantors named therein and the Trustee entered into the Indenture, dated as of December 15, 2004 (the “Indenture”) governing the Notes, as
amended by that certain First Supplement to Indenture (the “First Supplement”) dated as of November 29, 2006 by and among the Company, TPAQ Holding Corporation and the Trustee, as further amended by that certain Second
Supplement to Indenture (the “Second Supplement”) dated as of May 29, 2008 by and among the Company, Carrols LLC and the Trustee and as further amended by that certain Third Supplement to Indenture (the “Third
Supplement”) dated as of May 4, 2011 by and among the Company, Fiesta Restaurant Group, Inc. and the Trustee; 

WHEREAS, Section 10.02 of the Indenture provides that with the written consent of the Holders of at least a majority in principal
amount of outstanding Securities, the Company and the Trustee may amend or supplement the Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any provisions of the Indenture or of modifying in any manner
the rights of the Holders under the Indenture, including the definitions therein, except in certain cases where the consent of each Holder affected is required; 
 WHEREAS, the Company desires to amend the Indenture with the consent of Holders of not less than a majority in principal amount of the outstanding Securities; 

WHEREAS, the consent of each Holder is not required to enact the amendments contained herein; 

WHEREAS, pursuant to an Offer to Purchase and Consent Solicitation Statement dated July 22, 2011 (as amended or supplemented, the
“Tender Offer”), the Company has offered to purchase any and all of the outstanding Securities and has proposed certain amendments to the Indenture; 
 WHEREAS, the Holders of at least a majority in principal amount of the outstanding Securities have tendered their Securities for purchase by the Company in connection with the Tender Offer and have
approved the proposed amendments described in this Supplement; and 
 WHEREAS, all acts and requirements necessary to make this
Supplement the legal, valid and binding obligation of the Company have been done. 

 NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree, for the equal and proportionate benefit of all Holders of the Notes, as follows: 

ARTICLE I 

AMENDMENTS TO INDENTURE 
 Section 1.01 Amendments. 
 a. Sections 4.03, 4.04, 4.05, 4.07, 4.08, 4.09,
4.11, 4.13, 4.14, 5.01 and 5.02, clause (a) of Section 4.06, clauses (3), (5), (6), (8) and (9) of Section 6.01, the second paragraph of Section 6.02 and clause (6) of Section 10.01 of the Indenture are
deleted in their entirety. 
 b. The final paragraph of clause (b) of Section 4.06 of the Indenture is hereby amended
to delete the phrase “in a transaction permitted under Section 5.01” appearing in the first sentence thereof. 

c. The first paragraph of Section 6.02 of the Indenture is hereby amended to delete the phrase “(other than an Event of Default
specified in clause (8) or (9) of Section 6.01 with respect to the Company)” appearing in the first sentence thereof. 
 d. The third paragraph of Section 6.02 of the Indenture is hereby amended to insert the word “and” between the words “paid” and “(iv)” appearing in the first sentence
thereof and to delete the words “and (v) in the event of the cure or waiver of an Event of Default of the type described in clause (8) or (9) of Section 6.01, the Trustee shall have received an Officers’ Certificate and
an Opinion of Counsel that such Event of Default has been cured or waived” appearing in the first sentence thereof. 
 e.
Section 7.05 of the Indenture is hereby amended to delete the words “or a Default or Event of Default in complying with Section 5.01” appearing in the second sentence thereof. 

f. The final paragraph of Section 7.07 of the Indenture is hereby amended to delete the first sentence thereof. 

g. The final paragraph of Section 9.02 of the Indenture is hereby amended to delete the words “and Article Five” appearing
in the first sentence thereof. 
 h. Clause (9) of Section 10.01 of the Indenture is hereby amended to delete the
words “and to add a Subsidiary Guarantor pursuant to the requirements of Section 4.11” appearing therein. 
 i.
The first full sentence of Section 11.03 is hereby amended in its entirety to read as follows: 
 “If the Securities
are defeased in accordance with the terms of this Indenture, then each Subsidiary Guarantor shall be released and discharged from all obligations under this Article Eleven without further action required on the part of the Trustee or any
Holder.” 
 j. Any terms defined in the Indenture which are used in any Section of the Indenture which are deleted by any
Section of this Supplement and which are not otherwise used in any Section of the Indenture not affected by this Supplement are hereby deleted. 

  
 2 

 ARTICLE II 
 MISCELLANEOUS PROVISIONS 
 Section 2.01 Instruments to be Read Together.
This Supplement is an indenture supplement to and in implementation of the Indenture, and said Indenture, First Supplement, Second Supplement, Third Supplement and this Supplement shall henceforth be read together. 

Section 2.02 Confirmation. The Indenture, amended and supplemented by this Supplement, are in all respects confirmed and
preserved. 
 Section 2.03 Counterparts. This Supplement may be executed in any number of counterparts, each of which,
when so executed, shall be deemed to be an original, but all of which shall together constitute one and the same instrument. 

Section 2.04 Effectiveness. This Supplement shall become effective immediately upon its execution in accordance with the
provisions of the Indenture. 
 Section 2.05 GOVERNING LAW. THIS SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW RULES THEREOF. 

Section 2.06 Disclaimer of Trustee’s Responsibility. In executing this Supplement, the Trustee shall be entitled to all the
privileges and immunities afforded to the Trustee under the terms and provisions of the Indenture. The Trustee makes no representations as to the validity or sufficiency of this Supplement and the recitals and statements herein are deemed to be
those of the Company and not of the Trustee. 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplement to Indenture to be duly
executed as of the date first above written. 
  

			
	CARROLS CORPORATION
		
	By:	 	/s/ Joseph A. Zirkman
	Name:	 	Joseph A. Zirkman
	Title:	 	Vice President, General Counsel and Secretary
	
	THE BANK OF NEW YORK MELLON
		
	By:	 	/s/ Natalie Crispin
	Name:	 	Natalie Crispin
	Title:	 	AssociateSecond Lien Security Agreement

 Exhibit 10.1 

 
  

 
 SECOND LIEN SECURITY AGREEMENT

 By 

FIESTA RESTAURANT GROUP, INC., 
 as Issuer 
 and 

THE GUARANTORS PARTY HERETO 
 and 
 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

as Collateral Agent 
  

 
 Dated as of
August 5, 2011 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	 PREAMBLE
	  		  	 	1	  
			
	 RECITALS
	  		  	 	1	  
			
	 AGREEMENT
	  		  	 	2	  
		
	ARTICLE I	  			
		
	DEFINITIONS AND INTERPRETATION	  			
			
	 SECTION 1.1.
	  	 DEFINITIONS
	  	 	2	  
	 SECTION 1.2.
	  	 INTERPRETATION
	  	 	11	  
	 SECTION 1.3.
	  	 RESOLUTION OF DRAFTING AMBIGUITIES
	  	 	11	  
	 SECTION 1.4.
	  	 PERFECTION CERTIFICATE
	  	 	11	  
		
	ARTICLE II	  			
		
	GRANT OF SECURITY AND SECURED OBLIGATIONS	  			
			
	 SECTION 2.1.
	  	 GRANT OF SECURITY INTEREST
	  	 	11	  
	 SECTION 2.2.
	  	 FILINGS
	  	 	13	  
	 SECTION 2.3.
	  	 SECOND PRIORITY NATURE OF LIENS
	  	 	14	  
	
	ARTICLE III	  
	
	 PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES;

USE OF PLEDGED COLLATERAL
	   

  

			
	 SECTION 3.1.
	  	 DELIVERY OF CERTIFICATED SECURITIES COLLATERAL
	  	 	15	  
	 SECTION 3.2.
	  	 PERFECTION OF UNCERTIFICATED SECURITIES COLLATERAL
	  	 	15	  
	 SECTION 3.3.
	  	 FINANCING STATEMENTS AND OTHER FILINGS; MAINTENANCE OF PERFECTED SECURITY INTEREST
	  	 	16	  
	 SECTION 3.4.
	  	 OTHER ACTIONS
	  	 	16	  
	 SECTION 3.5.
	  	 JOINDER OF ADDITIONAL GUARANTORS
	  	 	21	  
	 SECTION 3.6.
	  	 SUPPLEMENTS; FURTHER ASSURANCES
	  	 	21	  

  
 -i-

							
		
	ARTICLE IV	  			
		
	REPRESENTATIONS, WARRANTIES AND COVENANTS	  			
			
	 SECTION 4.1.
	  	 TITLE
	  	 	22	  
	 SECTION 4.2.
	  	 VALIDITY OF SECURITY INTEREST
	  	 	22	  
	 SECTION 4.3.
	  	 DEFENSE OF CLAIMS; TRANSFERABILITY OF PLEDGED COLLATERAL
	  	 	22	  
	 SECTION 4.4.
	  	 OTHER FINANCING STATEMENTS
	  	 	22	  
	 SECTION 4.6.
	  	 DUE AUTHORIZATION AND ISSUANCE
	  	 	23	  
	 SECTION 4.7.
	  	 CONSENTS, ETC.
	  	 	23	  
	 SECTION 4.8.
	  	 PLEDGED COLLATERAL AND MORTGAGED PROPERTY
	  	 	23	  
	 SECTION 4.9.
	  	 INSURANCE
	  	 	24	  
	 SECTION 4.10.
	  	 POST-CLOSING COLLATERAL MATTERS
	  	 	24	  
	 SECTION 4.11.
	  	 NOTICE OF CHANGES
	  	 	25	  
	 SECTION 4.12.
	  	 NO IMPAIRMENT OF THE SECURITY INTERESTS
	  	 	26	  
		
	ARTICLE V	  			
		
	CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL	  			
			
	 SECTION 5.1.
	  	 PLEDGE OF ADDITIONAL SECURITIES COLLATERAL
	  	 	26	  
	 SECTION 5.2.
	  	 VOTING RIGHTS; DISTRIBUTIONS; ETC.
	  	 	26	  
	 SECTION 5.3.
	  	 DEFAULTS, ETC.
	  	 	27	  
	 SECTION 5.4.
	  	 CERTAIN AGREEMENTS OF PLEDGORS AS ISSUERS AND HOLDERS OF EQUITY INTERESTS
	  	 	28	  
		
	ARTICLE VI	  			
		
	 CERTAIN PROVISIONS CONCERNING INTELLECTUAL

PROPERTY COLLATERAL
	  			
			
	 SECTION 6.1.
	  	 GRANT OF INTELLECTUAL PROPERTY LICENSE
	  	 	28	  
	 SECTION 6.2.
	  	 PROTECTION OF COLLATERAL AGENT’S SECURITY
	  	 	28	  
	 SECTION 6.3.
	  	 AFTER-ACQUIRED PROPERTY
	  	 	29	  
	 SECTION 6.4.
	  	 LITIGATION
	  	 	30	  
		
	ARTICLE VII	  			
		
	TRANSFERS	  			
			
	 SECTION 7.1.
	  	 TRANSFERS OF PLEDGED COLLATERAL OR MORTGAGED PROPERTY
	  	 	30	  

  
 -ii-

							
		
	ARTICLE VIII	  			
		
	REMEDIES	  			
			
	 SECTION 8.1.
	  	 REMEDIES
	  	 	30	  
	 SECTION 8.2.
	  	 NOTICE OF SALE
	  	 	32	  
	 SECTION 8.3.
	  	 WAIVER OF NOTICE AND CLAIMS
	  	 	32	  
	 SECTION 8.4.
	  	 CERTAIN SALES OF PLEDGED COLLATERAL
	  	 	33	  
	 SECTION 8.5.
	  	 NO WAIVER; CUMULATIVE REMEDIES
	  	 	34	  
	 SECTION 8.6.
	  	 CERTAIN ADDITIONAL ACTIONS REGARDING INTELLECTUAL PROPERTY
	  	 	34	  
	 SECTION 8.7.
	  	 [RESERVED]
	  	 	35	  
	 SECTION 8.8.
	  	 ACTIONS OF COLLATERAL AGENT
	  	 	35	  
		
	ARTICLE IX	  			
		
	APPLICATION OF PROCEEDS	  			
			
	 SECTION 9.1.
	  	 APPLICATION OF PROCEEDS
	  	 	35	  
		
	ARTICLE X	  			
		
	MISCELLANEOUS	  			
			
	 SECTION 10.1.
	  	 CONCERNING COLLATERAL AGENT AND THE OTHER SECURITY DOCUMENTS
	  	 	36	  
	 SECTION 10.2.
	  	 COLLATERAL AGENT MAY PERFORM; COLLATERAL AGENT APPOINTED ATTORNEY-IN-FACT
	  	 	38	  
	 SECTION 10.3.
	  	 CONTINUING SECURITY INTEREST; ASSIGNMENT
	  	 	39	  
	 SECTION 10.4.
	  	 TERMINATION; RELEASE
	  	 	39	  
	 SECTION 10.5.
	  	 MODIFICATION IN WRITING
	  	 	40	  
	 SECTION 10.6.
	  	 NOTICES
	  	 	40	  
	 SECTION 10.7.
	  	 GOVERNING LAW, CONSENT TO JURISDICTION AND SERVICE OF PROCESS; WAIVER OF JURY TRIAL
	  	 	40	  
	 SECTION 10.8.
	  	 SEVERABILITY OF PROVISIONS
	  	 	40	  
	 SECTION 10.9.
	  	 EXECUTION IN COUNTERPARTS
	  	 	40	  
	 SECTION 10.10.
	  	 BUSINESS DAYS
	  	 	41	  
	 SECTION 10.11.
	  	 NO CREDIT FOR PAYMENT OF TAXES OR IMPOSITION
	  	 	41	  
	 SECTION 10.12.
	  	 NO CLAIMS AGAINST COLLATERAL AGENT
	  	 	41	  
	 SECTION 10.13.
	  	 NO RELEASE
	  	 	41	  
	 SECTION 10.14.
	  	 PERMITTED ADDITIONAL PARI PASSU OBLIGATIONS
	  	 	42	  
	 SECTION 10.15.
	  	 OBLIGATIONS ABSOLUTE
	  	 	42	  

  
 -iii-

							
		
	 SIGNATURES
	  	 	S-1	  
			
	 EXHIBIT 1
	  	 Form of Issuer’s Acknowledgment
	  			
	 EXHIBIT 2
	  	 Form of Securities Pledge Amendment
	  			
	 EXHIBIT 3
	  	 Form of Copyright Security Agreement
	  			
	 EXHIBIT 4
	  	 Form of Patent Security Agreement
	  			
	 EXHIBIT 5
	  	 Form of Trademark Security Agreement
	  			
	 EXHIBIT 6
	  	 Form of Additional Pari Passu Joinder Agreement
	  			
	 EXHIBIT 7
	  	 Form of Joinder Agreement
	  			
	 EXHIBIT 8
	  	 Form of Perfection Certificate
	  			

  
 -iv-

 SECOND LIEN SECURITY AGREEMENT 

This SECOND LIEN SECURITY AGREEMENT dated as of August 5, 2011 (as amended, amended and restated, supplemented or otherwise modified
from time to time in accordance with the provisions hereof, this “Agreement”) made by FIESTA RESTAURANT GROUP, INC., a Delaware corporation (the “Issuer”), and the Guarantors from to time to time party hereto (the
“Guarantors”), as pledgors, assignors and debtors (the Issuer, together with the Guarantors, in such capacities and together with any successors in such capacities, the “Pledgors,” and each, a
“Pledgor”), in favor of The Bank of New York Mellon Trust Company, N.A., in its capacity as collateral agent pursuant to the Indenture (as hereinafter defined), as pledgee, assignee and secured party (in such capacities and together
with any successors in such capacities, the “Collateral Agent”). 
 R E C I T
A L S : 
 A. The Issuer, the Guarantors and The Bank of New York Mellon Trust Company, N.A., in its
capacity as trustee under the Indenture (the “Trustee”), in connection with the execution and delivery of this Agreement, entered into that certain indenture, dated as of August 5, 2011 (as amended, amended and restated, supplemented
or otherwise modified from time to time, the “Indenture”; which term shall also include and refer to any additional issuance of notes under the Indenture), pursuant to which the Issuer is issuing $200,000,000 aggregate principal of
8.875% Senior Secured Second Lien Notes due 2016 (together with the Exchange Notes and any Additional Notes, the “Notes”). 
 B. From time to time after the date hereof, the Issuer may, subject to the terms and conditions of the Indenture and the Security Documents, incur Permitted Additional Pari Passu Obligations (including
Additional Notes issued under the Indenture), that the Issuer desires to secure by the Pledged Collateral and Mortgaged Property on a pari passu basis with the Notes. 
 C. Each Guarantor has, pursuant to the Indenture, among other things, unconditionally guaranteed the Secured Obligations. 
 D. The Issuer and each Guarantor will receive substantial benefits from the issuance of the Notes and each is, therefore, willing to enter into this Agreement. 

E. This Agreement is given by each Pledgor in favor of the Collateral Agent for the benefit of the Secured Parties (as hereinafter
defined) to secure the payment and performance of all of the Secured Obligations. 
 F. It is a condition to the issuance of the
Notes that each Pledgor execute and deliver the applicable Security Documents, including this Agreement. 

 A G R E E M E N T :

 NOW THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, each Pledgor and the Collateral Agent hereby agree as follows: 
 ARTICLE I

 DEFINITIONS AND INTERPRETATION 
 SECTION 1.1. Definitions. 
 (a) Unless otherwise defined herein or in the
Indenture, capitalized terms used herein that are defined in the UCC shall have the meanings assigned to them in the UCC; provided that in any event, the following terms shall have the meanings assigned to them in the UCC: 

“Accounts”; “Bank”; “Chattel Paper”; “Commercial Tort Claim”;
“Commodity Account”; “Commodity Contract”; “Commodity Intermediary”; “Documents”; “Electronic Chattel Paper”; “Entitlement Order”;
“Equipment”; “Financial Asset”; “Fixtures”; “Goods”, “Inventory”; “Letter-of-Credit Rights”; “Letters of Credit”;
“Money”; “Payment Intangibles”; “Proceeds”; “Promissory Notes”; “ Records”; “Securities Account”; “Securities Intermediary”;
“Security Entitlement”; “Supporting Obligations”; and “Tangible Chattel Paper.” 
 (b) Terms used but not otherwise defined herein that are defined in the Indenture shall have the meanings given to them in the Indenture. 

(c) The following terms shall have the following meanings: 
 “Account Debtor” shall mean each person who is obligated on a Receivable or Supporting Obligation related thereto. 

“Additional Pari Passu Agent” shall mean the Person appointed to act as trustee, agent or representative for the holders
of Permitted Additional Pari Passu Obligations pursuant to any Additional Pari Passu Agreement. 
 “Additional Pari
Passu Agreement” shall mean the indenture, credit agreement or other agreement under which any Permitted Additional Pari Passu Obligations (other than Additional Notes) are incurred and any notes or other instruments representing such
Permitted Additional Pari Passu Obligations. 
 “Additional Pari Passu Joinder Agreement” shall mean an
agreement substantially in the form of Exhibit 6 hereto. 

  
 -2-

 “Agreement” shall have the meaning assigned to such term in the Preamble
hereof. 
 “Capital Interests” in any person means any and all shares, interests (including preferred
interests, restricted stock interests and stock options, warrants and other convertible instruments), participations or other equivalents in the equity interest (however designated) in such person and any rights (other than debt securities
convertible into an equity interest), warrants or options to acquire an equity interest in such person. 
 “Collateral
Support” shall mean all property (real or personal) assigned, hypothecated or otherwise securing any Pledged Collateral and shall include any security agreement or other agreement granting a lien or security interest in such real or
personal property. 
 “Commodity Account Control Agreement” shall mean a control agreement in a form that is
reasonably satisfactory to the Collateral Agent establishing the Collateral Agent’s Control with respect to any Commodity Account. 
 “Contracts” shall mean, collectively, with respect to each Pledgor, all sale, service, performance, equipment or property lease contracts, agreements and grants and all other contracts,
agreements or grants (in each case, whether written, or third party or intercompany), between such Pledgor and any third party, and all assignments, amendments, restatements, supplements, extensions, renewals, replacements or modifications thereof.

 “Control” shall mean (i) in the case of each Deposit Account, “control,” as such term is
defined in Section 9-104 of the UCC, (ii) in the case of any Security Entitlement, “control,” as such term is defined in Section 8-106 of the UCC, and (iii) in the case of any Commodity Contract, “control,” as
such term is defined in Section 9-106 of the UCC. 
 “Control Agreements” shall mean, collectively, all
Deposit Account Control Agreements, Securities Account Control Agreements and the Commodity Account Control Agreements. 

“Copyrights” shall mean, collectively, with respect to each Pledgor, all copyrights (whether statutory or common law,
whether established or registered in the United States or any other country or any political subdivision thereof, whether registered or unregistered and whether published or unpublished) and all copyright registrations and applications made by such
Pledgor, in each case, whether now owned or hereafter created or acquired by or assigned to such Pledgor, together with any and all (i) rights and privileges arising under applicable law with respect to such Pledgor’s use of such
copyrights, (ii) reissues, renewals, continuations and extensions thereof and amendments thereto, (iii) income, fees, royalties, damages, claims and payments now or hereafter due and/or payable with respect thereto, including damages and
payments for past, present or future infringements thereof, (iv) rights corresponding thereto throughout the world and (v) rights to sue for past, present or future infringements thereof. 

“Copyright Security Agreement” shall mean an agreement substantially in the form of Exhibit 3 hereto.

  
 -3-

 “Credit Agreement” shall mean that certain credit agreement, dated as of
August 5, 2011 (as amended, amended and restated, supplemented or otherwise modified from time to time) among the Issuer as borrower under the Credit Agreement, the guarantors party thereto, the agents and lenders party thereto and Wells Fargo
Bank, National Association, as First Lien Agent. 
 “Default” or “Event of Default” shall mean
a “default” or “event of default” under the Indenture or under any Additional Pari Passu Agreement. 

“Deposit Account Control Agreement” shall mean an agreement in a form that is reasonably satisfactory to the Collateral
Agent establishing the Collateral Agent’s Control with respect to any Deposit Account. 
 “Deposit
Accounts” shall mean, collectively, with respect to each Pledgor, (i) all “deposit accounts” as such term is defined in the UCC and in any event shall include all accounts and sub-accounts relating to any of the foregoing
accounts and (ii) all cash, funds, checks, notes and instruments from time to time on deposit in any of the accounts or sub-accounts described in clause (i) of this definition. 

“Distributions” shall mean, collectively, with respect to each Pledgor, all dividends, cash, options, warrants, rights,
instruments, distributions, returns of capital or principal, income, interest, profits and other property, interests (debt or equity) or proceeds, including as a result of a split, revision, reclassification or other like change of the Pledged
Securities, from time to time received, receivable or otherwise distributed to such Pledgor in respect of or in exchange for any or all of the Pledged Securities or Intercompany Notes. 

“Excluded Property” shall mean 
 (a) any rights or interest in any lease, contract, license or license agreement covering personal property or Real Property of the Issuer or any Guarantor, so long as under the terms of such lease,
contract, license or license agreement, or applicable law with respect thereto, the grant of a security interest or lien therein to Collateral Agent is prohibited (or would render such lease, contract, license or license agreement cancelled, invalid
or unenforceable) and such prohibition has not been or is not waived or the consent of the other party to such lease, contract, license or license agreement has not been or is not otherwise obtained; provided that, this exclusion shall in no
way be construed to apply if any such prohibition is unenforceable under the UCC or other applicable law or so as to limit, impair or otherwise affect Collateral Agent’s unconditional continuing security interests in and liens upon any rights
or interests of the Issuer or Guarantors in or to monies due or to become due to the Issuer or Guarantor under any such lease, contract, license or license agreement (including any Receivables); 

(b) assets owned by Issuer or any Guarantor on the Issue Date or thereafter acquired and any proceeds thereof that are
subject to a Lien securing a Purchase Money Debt (as defined in the Indenture) or Capital Lease Obligation (as defined in the Indenture) permitted to be incurred pursuant to the provisions of the Indenture to the extent and

  
 -4-

 
for so long as the contract or other agreement in which such Lien is granted (or the documentation providing for such Purchase Money Debt or Capital Lease Obligation) validly prohibits the
creation of any other Lien on such assets and proceeds (other than to the extent that such prohibition would be rendered ineffective pursuant to Section 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any
relevant jurisdiction and other than to the extent all necessary consents to creation, attachment and perfection of the Collateral Agent’s Liens thereon have been obtained); 

(c) any shares entitled to vote (within the meaning of Treasury Regulation Section 1.956-2) of any direct or indirect
Subsidiary of the Issuer that is a “controlled foreign corporation” in excess of sixty-five (65%) percent of all of the issued and outstanding Capital Interests in such Subsidiary; 

(d) any Capital Interests of any Subsidiary of the Issuer to the extent necessary for such Subsidiary not to be subject to
any requirement pursuant to Rule 3-16 or Rule 3-10 of Regulation S-X under the Exchange Act, due to the fact that such Subsidiary’s Capital Interests secures the Notes or Note Guarantees, to file separate financial statements with the
Securities and Exchange Commission (or any other governmental agency); 
 (e) any intent to use trademark
application to the extent and for so long as creation of a security interest therein would result in the loss of any material rights therein, provided that upon submission and acceptance by the United States Patent and Trademark Office of an
amendment to allege use pursuant to 15 U.S.C. Section 1060(a) (or any successor provision), such intent to use trademark application shall not be considered Excluded Property; and 

(f) any Real Property leased by the Issuer or any Guarantor; 
 provided, however, that Excluded Property shall not include any Proceeds, products, substitutions or replacements of any Excluded Property referred to in clause (a), (b), (c), (d),
(e) or (f) (unless such Proceeds, substitutions or replacements would constitute Excluded Property referred to in clauses (a), (b), (c), (d), (e) or (f)). 
 “First Lien Agent” shall mean Wells Fargo Bank, National Association, in its capacity as administrative agent under the Credit Agreement, and its permitted successors and assigns.

 “First Lien Security Agreement” shall mean that certain security agreement dated as of August 5, 2011
among the Issuer as borrower under the Credit Agreement, the guarantors party thereto and the Administrative Agent. 

“General Intangibles” shall mean, collectively, with respect to each Pledgor, all “general intangibles,” as
such term is defined in the UCC, of such Pledgor and, in any event, shall include (i) all of such Pledgor’s rights, title and interest in, to and under all Contracts and insurance policies (including all rights and remedies relating
to monetary damages, including 

  
 -5-

 
indemnification rights and remedies, and claims for damages or other relief pursuant to or in respect of any Contract), (ii) all know-how and warranties relating to any of the Pledged
Collateral or the Mortgaged Property, (iii) any and all other rights, claims, choses-in-action and causes of action of such Pledgor against any other person and the benefits of any and all collateral or other security given by any other person
in connection therewith, (iv) all guarantees, endorsements and indemnifications on, or of, any of the Pledged Collateral or any of the Mortgaged Property, (v) all lists, books, records, correspondence, ledgers, printouts, files (whether in
printed form or stored electronically), tapes and other papers or materials containing information relating to any of the Pledged Collateral or any of the Mortgaged Property, including all customer or tenant lists, identification of suppliers, data,
plans, blueprints, specifications, designs, drawings, appraisals, recorded knowledge, surveys, studies, engineering reports, test reports, manuals, standards, processing standards, performance standards, catalogs, research data, computer and
automatic machinery software and programs and the like, field repair data, accounting information pertaining to such Pledgor’s operations or any of the Pledged Collateral or any of the Mortgaged Property and all media in which or on which any
of the information or knowledge or data or records may be recorded or stored and all computer programs used for the compilation or printout of such information, knowledge, records or data, (vi) all licenses, consents, permits, variances,
certifications, authorizations and approvals, however characterized, now or hereafter acquired or held by such Pledgor, including building permits, certificates of occupancy, environmental certificates, industrial permits or licenses and
certificates of operation and (vii) all rights to reserves, deferred payments, deposits, refunds, indemnification of claims and claims for tax or other refunds against any Governmental Authority. 

“Goodwill” shall mean, collectively, with respect to each Pledgor, the goodwill connected with such Pledgor’s
business including all goodwill connected with (i) the use of and symbolized by any Trademark or Intellectual Property License with respect to any Trademark in which such Pledgor has any interest, (ii) all know-how, trade secrets, customer
and supplier lists, proprietary information, inventions, methods, procedures, formulae, descriptions, compositions, technical data, drawings, specifications, name plates, catalogs, confidential information and the right to limit the use or
disclosure thereof by any person, pricing and cost information, business and marketing plans and proposals, consulting agreements, engineering contracts and such other assets which relate to such goodwill and (iii) all product lines of such
Pledgor’s business. 
 “Governmental Authority” means the government of the United States or any other
nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 
 “Guarantors” shall have the meaning assigned to such term in the Preamble hereof. 
 “Identified Sale and Leaseback Property” shall mean the owned Real Property identified on Schedule 1.1 hereto. 

  
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 “Initial Purchasers” shall mean Wells Fargo Securities, LLC and
Jefferies & Company, Inc. 
 “Instruments” shall mean, collectively, with respect to each Pledgor, all
“instruments,” as such term is defined in Article 9, rather than Article 3, of the UCC, and shall include all promissory notes, drafts, bills of exchange or acceptances. 

“Intellectual Property Collateral” shall mean, collectively, the Patents, Trademarks, Copyrights, Intellectual Property
Licenses and Goodwill. 
 “Intellectual Property Licenses” shall mean, collectively, with respect to each
Pledgor, all license and distribution agreements with, and covenants not to sue, any other party with respect to any Patent, Trademark or Copyright or any other patent, trademark or copyright, whether such Pledgor is a licensor or licensee,
distributor or distributee under any such license or distribution agreement, together with any and all (i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties, damages, claims and payments now and
hereafter due and/or payable thereunder and with respect thereto including damages and payments for past, present or future infringements or violations thereof, (iii) rights to sue for past, present and future infringements or violations
thereof and (iv) other rights to use, exploit or practice any or all of the Patents, Trademarks or Copyrights or any other patent, trademark or copyright. 
 “Intercompany Notes” shall mean, with respect to each Pledgor, all intercompany notes described in Schedule 10 to the Perfection Certificate and intercompany notes hereafter
acquired by such Pledgor and all certificates, instruments or agreements evidencing such intercompany notes, and all assignments, amendments, restatements, supplements, extensions, renewals, replacements or modifications thereof to the extent
permitted pursuant to the terms hereof. 
 “Intercreditor Agreement” shall mean that certain intercreditor
agreement, dated as of August 5, 2011 among Wells Fargo Bank, National Association, as First-Lien Agent and The Bank of New York Mellon Trust Company, N.A., as Second Lien Collateral Agent, as it may be amended, restated, supplemented or
modified from time to time. 
 “Investment Property” shall mean a security, whether certificated or
uncertificated, Security Entitlement, Securities Account, Commodity Contract or Commodity Account, excluding, however, the Securities Collateral. 
 “Issue Date” shall mean August 5, 2011. 

“Leases” shall mean any and all leases, subleases, tenancies, options, concession agreements, rental agreements,
occupancy agreements, franchise agreements, access agreements and any other agreements (including all amendments, extensions, replacements, renewals, modifications and/or guarantees thereof), whether or not of record and whether now in existence or
hereafter entered into, affecting the use or occupancy of all or any portion of any Real Property. 

  
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 “Lien” means, with respect to any property or other asset, any mortgage,
deed of trust, deed to secure debt, pledge, hypothecation, assignment, deposit arrangement, security interest, lien (statutory or otherwise), charge, easement, encumbrance or other security agreement on or with respect to such property or other
asset (including, without limitation, any conditional sale or other title retention agreement having substantially the same economic effect as any of the foregoing). 
 “Mortgage Instrument” shall mean any mortgage, deed of trust or deed to secure debt executed by a Pledgor in favor of the Collateral Agent, for the benefit of the Secured Parties, as the
same may be amended, modified, extended, restated, replaced, or supplemented from time to time. 
 “Mortgaged
Property” means, collectively, (i) each Real Property listed on Schedule 7(a) of the Perfection Certificate, (ii) each Real Property, if any, encumbered by a Mortgage Instrument delivered after the Issue Date pursuant to
Section 3.4, 4.8 and 4.10 and (iii) any other interest in Real Property that secures the Credit Agreement. 
 “Note Guarantee” means any guarantee of the Notes by any Guarantor pursuant to the Indenture. 
 “Patents” shall mean, collectively, with respect to each Pledgor, all patents issued or assigned to, and all patent applications and registrations made by, such Pledgor (whether
established or registered or recorded in the United States or any other country or any political subdivision thereof), together with any and all (i) rights and privileges arising under applicable law with respect to such Pledgor’s use of
any patents, (ii) inventions and improvements described and claimed therein, (iii) reissues, divisions, continuations, renewals, extensions and continuations-in-part thereof and amendments thereto, (iv) income, fees, royalties,
damages, claims and payments now or hereafter due and/or payable thereunder and with respect thereto including damages and payments for past, present or future infringements thereof, (v) rights corresponding thereto throughout the world and
(vi) rights to sue for past, present or future infringements thereof. 
 “Patent Security Agreement” shall
mean an agreement substantially in the form of Exhibit 4 hereto. 
 “Perfection Certificate” means
that certain perfection certificate to be executed and delivered by the Issuer in connection with the execution and delivery of the Credit Agreement and the Indenture, to be dated on or about the Issue Date and substantially in the form attached
hereto as Exhibit 8. 
 “Pledge Amendment” shall have the meaning assigned to such term in
Section 5.1 hereof. 
 “Pledged Collateral” shall have the meaning assigned to such term in
Section 2.1 hereof. 

  
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 “Pledged Securities” shall mean, collectively, with respect to each
Pledgor, in each case other than Excluded Property, (i) all issued and outstanding Equity Interests of each issuer set forth on Schedules 9(a) and 9(b) to the Perfection Certificate as being owned by such Pledgor (other than
Equity Interests of the Unrestricted Subsidiaries (as defined in the Indenture) on the Issue Date) and all options, warrants, rights, agreements and additional Equity Interests of whatever class of any such issuer acquired by such Pledgor (including
by issuance), together with all rights, privileges, authority and powers of such Pledgor relating to such Equity Interests in each such issuer or under any Organization Document of each such issuer, and the certificates, instruments and agreements
representing such Equity Interests and any and all interest of such Pledgor in the entries on the books of any financial intermediary pertaining to such Equity Interests, (ii) all Equity Interests of any issuer (other than Equity Interests of
the Unrestricted Subsidiaries (as defined in the Indenture) on the Issue Date), which Equity Interests are hereafter acquired by such Pledgor (including by issuance) and all options, warrants, rights, agreements and additional Equity Interests of
whatever class of any such issuer acquired by such Pledgor (including by issuance), together with all rights, privileges, authority and powers of such Pledgor relating to such Equity Interests or under any Organization Document of any such issuer,
and the certificates, instruments and agreements representing such Equity Interests and any and all interest of such Pledgor in the entries on the books of any financial intermediary pertaining to such Equity Interests, from time to time acquired by
such Pledgor in any manner, and (iii) all Equity Interests issued in respect of the Equity Interests referred to in clause (i) or (ii) upon any consolidation or merger of any issuer of such Equity Interests. 

“Pledgor” shall have the meaning assigned to such term in the Preamble hereof. 

“Pollo Tropical Trademarks” shall mean those certain Trademarks owned by Carrols Corporation and transferred to the
Issuer prior to or after the Issue Date and thereafter constituting Intellectual Property Collateral. 
 “Real
Property” shall mean, collectively, all right, title and interest (including any leasehold, mineral or other estate) in and to any and all parcels of or interests in real property owned, leased or operated by any Person, whether by lease,
license or other means, together with, in each case, all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant fixtures and equipment, all general intangibles and contract rights and other property and rights
incidental to the ownership, lease or operation thereof. 
 “Receivables” shall mean all (i) Accounts,
(ii) Chattel Paper, (iii) Payment Intangibles, (iv) General Intangibles, (v) Instruments and (vi) all other rights to payment, whether or not earned by performance, for goods or other property sold, leased, licensed,
assigned or otherwise disposed of, or services rendered or to be rendered, regardless of how classified under the UCC together with all of Pledgors’ rights, if any, in any goods or other property giving rise to such right to payment and all
Collateral Support and Supporting Obligations related thereto and all Records relating thereto. 
 “Secured
Obligations” means any principal, premium, interest (including any interest accruing subsequent to the filing of a petition in bankruptcy, reorganization or similar 

  
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proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal or foreign law), penalties, fees,
indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and banker’s acceptances), damages and other liabilities, and guarantees of payment of such principal, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities, payable under any of (i) the Indenture, the Notes (other than any Additional Notes except to the extent constituting Permitted Additional Pari Passu Obligations), the Note
Guarantees and the Security Documents and (ii) any Additional Pari Passu Agreement and other documentation relating to any other Permitted Additional Pari Passu Obligations; provided that no obligations in respect of Permitted Additional
Pari Passu Obligations (other than Additional Notes) shall constitute “Secured Obligations” unless the Additional Pari Passu Agent for the holders of such Permitted Additional Pari Passu Obligations has executed an Additional Pari Passu
Joinder Agreement in the form of Exhibit 6 hereto and has become a party to the Intercreditor Agreement. 

“Secured Parties” shall mean, collectively, the Collateral Agent, the Trustee, the Holders, each Additional Pari Passu
Agent, each holder of Permitted Additional Pari Passu Obligations that constitute Secured Obligations and the other Persons the Secured Obligations owing to which are or are purported to be secured by the Collateral under the terms of the Security
Documents (other than the Intercreditor Agreement). 
 “Securities Account Control Agreement” shall mean an
agreement in a form that is reasonably satisfactory to the Collateral Agent establishing the Collateral Agent’s Control with respect to any Securities Account. 
 “Securities Act” shall mean the Securities Act of 1933, as amended. 
 “Securities Collateral” shall mean, collectively, the Pledged Securities, the Intercompany Notes and the Distributions. 

“Subsidiary” means, with respect to any person, any corporation, limited or general partnership, trust, association or
other business entity of which an aggregate of at least a majority of the outstanding Voting Interests therein is, at the time, directly or indirectly, owned by such Person and/or one or more Subsidiaries of such Person. 

“Title Company” shall mean any title insurance company as shall be retained by any Pledgor and reasonably acceptable to
the Collateral Agent. 
 “Trademarks” shall mean, collectively, with respect to each Pledgor, all trademarks
(including service marks), slogans, logos, certification marks, trade dress, uniform resource locations (URL’s), domain names, corporate names and trade names, whether registered or unregistered, owned by or assigned to such Pledgor and all
registrations and applications for the foregoing (whether statutory or common law and whether established or registered in the United States or any other country or any political subdivision thereof), together with any and all (i) rights and
privileges arising under applicable law with respect to such Pledgor’s use of any trademarks, (ii) reissues, continuations, extensions and renewals thereof and amendments 

  
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thereto, (iii) income, fees, royalties, damages and payments now and hereafter due and/or payable thereunder and with respect thereto, including damages, claims and payments for past,
present or future infringements thereof, (iv) rights corresponding thereto throughout the world and (v) rights to sue for past, present and future infringements thereof. 

“Trademark Security Agreement” shall mean an agreement substantially in the form of Exhibit 5 hereto.

 “UCC” shall mean the Uniform Commercial Code as in effect from time to time in the State of New York;
provided, however, that, at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority of the Collateral Agent’s and the Secured Parties’ security interest in any item or portion of the
Pledged Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect, at such time, in such other jurisdiction for
purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions relating to such provisions. 
 “Voting Interests” means, with respect to any person, securities of any class or classes of Capital Interests in such person entitling the holders thereof generally to vote on the
election of members of the board of directors or comparable body of such person. 
 SECTION 1.2. Interpretation. The
rules of interpretation specified in the Indenture (including Section 1.4 thereof) shall be applicable to this Agreement. 
 SECTION 1.3. Resolution of Drafting Ambiguities. Each Pledgor acknowledges and agrees that it was represented by counsel in connection with the execution and delivery hereof, that it and its
counsel reviewed and participated in the preparation and negotiation hereof and that any rule of construction to the effect that ambiguities are to be resolved against the drafting party (i.e., the Collateral Agent) shall not be employed in
the interpretation hereof. 
 SECTION 1.4. Perfection Certificate. The Collateral Agent, each Secured Party and each
Pledgor agree that the Perfection Certificate and all descriptions of Pledged Collateral and Mortgaged Property, schedules, amendments and supplements thereto are and shall at all times remain a part of this Agreement. 

ARTICLE II 

GRANT OF SECURITY AND SECURED OBLIGATIONS 
 SECTION 2.1. Grant of Security Interest. As collateral security for the payment and performance in full of all the Secured Obligations, each Pledgor hereby pledges and grants to the Collateral
Agent for the benefit of the Secured Parties, a lien on and security interest in all of the right, title and interest of such Pledgor in, to and under the following property, 

  
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wherever located, and whether now existing or hereafter arising or acquired from time to time (collectively, the “Pledged Collateral”): 

 

	 	(i)	all Accounts; 

  

	 	(ii)	all Equipment, Goods, Inventory and Fixtures; 

  

	 	(iii)	all Documents, Instruments, Promissory Notes and Chattel Paper; 

  

	 	(iv)	all Letters of Credit and Letter-of-Credit Rights; 

  

	 	(v)	all Securities Collateral; 

  

	 	(vi)	all Investment Property; 

  

	 	(vii)	all Intellectual Property Collateral; 

  

	 	(viii)	the Commercial Tort Claims described on Schedule 12 to the Perfection Certificate; 

 

	 	(ix)	all General Intangibles; 

  

	 	(x)	all Money and all Deposit Accounts; 

  

	 	(xi)	all Supporting Obligations; 

  

	 	(xii)	any assets of Pledgor that now or hereafter come into the possession, custody, or control of Collateral Agent (or its agent or designee); 

 

	 	(xiii)	all books and records relating to the Pledged Collateral; and 

  

	 	(xiv)	to the extent not covered by clauses (i) through (xiii) of this sentence, all other personal property of such Pledgor, whether tangible or intangible, and all
Proceeds and products of each of the foregoing and all accessions to, substitutions and replacements for, and rents, profits and products of, each of the foregoing, any and all Proceeds of any insurance, indemnity, warranty or guaranty payable to
such Pledgor from time to time with respect to any of the foregoing. 

 Notwithstanding anything to the contrary
contained in clauses (i) through (xiii) above, the security interest created by this Agreement shall not extend to, and the term “Pledged Collateral” shall not include, any Excluded Property and from and after the Issue Date, no
Pledgor shall permit to become effective in any document creating, governing or providing for any permit, license or agreement a provision that would prohibit the creation of a Lien on such permit, license or agreement in favor of the Collateral
Agent unless such Pledgor believes, in its reasonable judgment, that such prohibition is usual and customary in transactions of such type. 

  
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 In addition, notwithstanding anything herein to the contrary, in the event that Rule 3-10 or
Rule 3-16 of Regulation S-X under the Securities Act requires (or is replaced with another rule or regulation, or any other law, rule or regulation is adopted, which would require) the filing with the Securities and Exchange Commission (or any other
governmental agency) of separate financial statements of any Pledgor that is a Subsidiary of the Issuer due to the fact that such Subsidiary’s Capital Interests or other securities of such Pledgor secure the Notes and/or Permitted Additional
Pari Passu Obligations affected thereby, then the Capital Interests and such other securities of such Pledgor will automatically be deemed not to be part of the Pledged Collateral securing the Notes and/or Permitted Additional Pari Passu Obligations
affected thereby but only to the extent necessary to not be subject to such requirement, only for so long as required to not be subject to such requirement and only with respect to Secured Obligations affected thereby. 

In the event that Rule 3-10 or Rule 3-16 of Regulation S-X under the Securities Act is amended, modified or interpreted by the Securities
and Exchange Commission to permit (or is replaced with another rule or regulation, or any other law, rule or regulation is adopted, which would permit) such Pledgor’s Capital Interests and other securities to secure the Notes and/or Permitted
Additional Pari Passu Obligations in excess of the amount then pledged without the filing with the Securities and Exchange Commission (or any other governmental agency) of separate financial statements of such Pledgor, then the Capital Interests and
other securities of such Pledgor will automatically be deemed to be a part of the Pledged Collateral for the relevant Notes and/or Permitted Additional Pari Passu Obligations but only to the extent necessary to not be subject to any such financial
statement requirement. 
 In accordance with the limitations set forth in the two immediately preceding paragraphs, the Pledged
Collateral for the Notes and/or Permitted Additional Pari Passu Obligations will include such Pledgor’s Capital Interests only to the extent that the applicable value of such Capital Interests (on a Subsidiary-by-Subsidiary basis) is less than
20% of the aggregate principal amount of the Notes outstanding. Following the date hereof, however, the portion of the Capital Interests of Subsidiaries constituting Pledged Collateral may increase or decrease as described above. 

SECTION 2.2. Filings. (i) Each Pledgor hereby irrevocably authorizes the Collateral Agent at any time and from time to time
to file in any relevant jurisdiction any financing statements (including fixture filings) and amendments thereto that contain the information required by Article 9 of the UCC of each applicable jurisdiction for the filing of any financing statement
or amendment relating to the Pledged Collateral, including (i) whether such Pledgor is an organization, the type of organization and any organizational identification number issued to such Pledgor, (ii) any financing or continuation
statements or other documents without the signature of such Pledgor where permitted by law, including the filing of a financing statement describing the Pledged Collateral as “all assets now owned or hereafter acquired by the Pledgor or in
which Pledgor otherwise has rights” and (iii) in the case of a financing statement filed as a fixture filing or covering Pledged Collateral constituting minerals or the like to be extracted or timber to be cut, a sufficient description of
the real property to which such Pledged Collateral 

  
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relates. Each Pledgor agrees to provide all information described in the immediately preceding sentence to the Collateral Agent promptly upon request by the Collateral Agent. 

(a) Each Pledgor hereby ratifies its authorization for the Collateral Agent to file in any relevant jurisdiction any financing statements
relating to the Pledged Collateral if filed prior to the date hereof. 
 (b) Each Pledgor hereby further authorizes the
Collateral Agent to file filings with the United States Patent and Trademark Office or United States Copyright Office (or any successor office or any similar office in any other country), including the Copyright Security Agreement, the Patent
Security Agreement and the Trademark Security Agreement, or other documents for the purpose of perfecting, confirming, continuing, enforcing or protecting the security interest granted by such Pledgor hereunder, without the signature of such
Pledgor, and naming such Pledgor, as debtor, and the Collateral Agent, as secured party. 
 (c) Notwithstanding the foregoing
authorizations, in no event shall the Collateral Agent be obligated to prepare or file any financing statements whatsoever, or to maintain the perfection of the security interest granted hereunder. Each Pledgor agrees to prepare, record and file, at
its own expense, financing statements (and continuation statements when applicable) with respect to the Collateral now existing or hereafter created meeting the requirements of applicable state law in such manner and in such jurisdictions as are
necessary to perfect and maintain perfected the Collateral, and to deliver a file stamped copy of each such financing statement or other evidence of filing to the Collateral Agent. Neither the Trustee nor the Collateral Agent shall be under any
obligation whatsoever to file any such financing or continuation statements or to make any other filing under the UCC in connection with this Agreement. 
 SECTION 2.3. Second Priority Nature of Liens. Notwithstanding anything herein to the contrary, the lien and security interest granted to the Collateral Agent pursuant to this Agreement shall be a
second priority lien on and security interest in the Pledged Collateral and the exercise of any right or remedy by the Collateral Agent hereunder is subject to the provisions of the Intercreditor Agreement. In the event of any conflict between the
terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern and control. Notwithstanding anything herein to the contrary, prior to the Discharge of First Lien Obligations (as defined in the
Intercreditor Agreement), the requirements of this Agreement to deliver Pledged Collateral and any certificates, instruments or Documents in relation thereto to the Collateral Agent shall be deemed satisfied by delivery of such Pledged Collateral
and such certificates, instruments or Documents in relation thereto to the First Lien Agent (as bailee and non-fiduciary agent for the Collateral Agent). 
 Each Pledgor agrees that, in the event any Pledgor, pursuant to the First Lien Security Agreement, takes any action to grant or perfect a Lien in favor of the First-Lien Agent in any assets (other than
assets described in clause (f) of the definition of Excluded Property), such Pledgor shall also take such action to grant or perfect a Lien (subject to the Intercreditor Agreement) in favor of the Collateral Agent to secure the Secured
Obligations without request of the 

  
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Collateral Agent, including with respect to any property and real property in which the First-Lien Agent directs a Pledgor to grant or perfect a Lien or take such other action under the
First-Lien Security Agreement. 
 ARTICLE III 
 PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES; 
 USE OF PLEDGED COLLATERAL 

SECTION 3.1. Delivery of Certificated Securities Collateral. Each Pledgor represents and warrants that all certificates,
agreements or instruments representing or evidencing the Securities Collateral in existence on the date hereof, have been delivered to the First Lien Agent for the benefit of the Collateral Agent in suitable form for transfer by delivery or
accompanied by duly executed instruments of transfer or assignment in blank, and that the Collateral Agent has a perfected second priority security interest therein. Each Pledgor hereby agrees that all certificates, agreements or instruments
representing or evidencing Securities Collateral acquired by such Pledgor after the date hereof shall promptly (but in any event within thirty (30) days after receipt thereof by such Pledgor) be delivered to and held by or on behalf of the
Collateral Agent pursuant hereto and the Intercreditor Agreement. The requirements in the preceding two sentences shall not apply (i) to the extent that the face value of the Securities Collateral (other than any Subsidiary Equity Interests)
does not exceed $1,000,000 in the aggregate for all Pledgors or (ii) to the Intercompany Notes. All certificated Securities Collateral shall be in suitable form for transfer by delivery or shall be accompanied by duly executed instruments of
transfer or assignment in blank, all in form and substance satisfactory to the Collateral Agent. The Collateral Agent shall have the right, at any time upon the occurrence and during the continuance of any Event of Default, to endorse, assign or
otherwise transfer to or to register in the name of the Collateral Agent or any of its nominees or endorse for negotiation any or all of the Securities Collateral, without any indication that such Securities Collateral is subject to the security
interest hereunder. In addition, upon the occurrence and during the continuance of an Event of Default, the Collateral Agent shall have the right at any time to exchange certificates representing or evidencing Securities Collateral for certificates
of smaller or larger denominations. 
 SECTION 3.2. Perfection of Uncertificated Securities Collateral. Each Pledgor
represents and warrants that the Collateral Agent has a perfected second priority security interest in all uncertificated Pledged Securities pledged by it hereunder that are in existence on the date hereof. Each Pledgor hereby agrees that if any of
the Pledged Securities are at any time not evidenced by certificates of ownership, then each applicable Pledgor shall, to the extent permitted by applicable law, (i) cause the issuer to execute and deliver to the Collateral Agent an
acknowledgment of the pledge of such Pledged Securities substantially in the form of Exhibit 1 hereto, (ii) if necessary or desirable to perfect a security interest in such Pledged Securities, cause such pledge to be recorded on the
equityholder register or the books of the issuer, execute any customary pledge forms or other documents necessary or appropriate to complete the pledge and give the Collateral Agent the right to transfer such Pledged Securities under the terms
hereof, and (iii) 

  
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after the occurrence and during the continuance of any Event of Default, (A) cause the Organization Documents of each such issuer that is a Subsidiary of the Issuer to be amended to provide
that such Pledged Securities shall be treated as “securities” for purposes of the UCC and (B) cause such Pledged Securities to become certificated and delivered to the Collateral Agent in accordance with the provisions of
Section 3.1. 
 SECTION 3.3. Financing Statements and Other Filings; Maintenance of Perfected Security
Interest. Each Pledgor represents and warrants that all financing statements, agreements, instruments and other documents necessary to perfect the security interest granted by it to the Collateral Agent in respect of the Pledged Collateral have
been delivered to the Collateral Agent in completed and, to the extent necessary, duly executed form for filing in each governmental, municipal or other office specified in Schedule 6 to the Perfection Certificate. Each Pledgor agrees that at
the sole cost and expense of the Pledgors, such Pledgor will maintain the security interest created by this Agreement in the Pledged Collateral as a perfected second priority security interest subject only to Permitted Collateral Liens and file all
UCC-3 continuation statements necessary to continue the perfection of the security interest created by this Agreement. 

SECTION 3.4. Other Actions. In order to further ensure the attachment, perfection and priority of, and the ability of the
Collateral Agent to enforce, the Collateral Agent’s security interest in the Pledged Collateral, each Pledgor represents and warrants (as to itself) as follows and agrees, in each case at such Pledgor’s own expense, to take the following
actions with respect to the following Pledged Collateral: 
 (a) Instruments and Tangible Chattel Paper.
As of the date hereof, no amounts payable under or in connection with any of the Pledged Collateral are evidenced by any Instrument or Tangible Chattel Paper other than such Instruments and Tangible Chattel Paper listed in Schedule 10 to
the Perfection Certificate. Each Instrument and each item of Tangible Chattel Paper listed in Schedule 10 to the Perfection Certificate has been properly endorsed, assigned and delivered to the Collateral Agent, accompanied by instruments of
transfer or assignment duly executed in blank. At any time such requirements apply, the applicable Pledgor shall give notice thereof to the Collateral Agent in accordance with Section 13.2 of the Indenture and the Collateral Agent shall not be
charged with any knowledge that such requirements are applicable unless such notice has been given. If any amount then payable under or in connection with any of the Pledged Collateral shall be evidenced by any Instrument or Tangible Chattel Paper,
and such amount, together with all amounts payable evidenced by any Instrument or Tangible Chattel Paper not previously delivered to the Collateral Agent exceeds $1,000,000 in the aggregate for all Pledgors, the Pledgor acquiring such Instrument or
Tangible Chattel Paper shall promptly (but in any event within thirty (30) days after receipt thereof) endorse, assign and deliver the same to the Administrative Collateral Agent, accompanied by such instruments of transfer or assignment duly
executed in blank. 
 (b) Deposit Accounts. As of the date hereof, no Pledgor has any Deposit Accounts
other than the accounts listed in Schedule 13 to the Perfection Certificate. Within 

  
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45 days after the date hereof (or such longer period of time as agreed to by the First Lien Agent in its sole discretion and so communicated to the Collateral Agent in writing as soon as
practicable), the Collateral Agent will have a second priority security interest in each such Deposit Account (other than (i) Deposit Accounts established solely as payroll and other zero balance Accounts and (ii) other Deposit Accounts,
so long as at any time the balance in any such Account does not exceed $50,000 and the aggregate balance in all such Accounts does not exceed $50,000), which security interest will be, upon the execution and delivery of a Deposit Account Control
Agreement with respect thereto perfected by Control. No Pledgor shall hereafter establish and maintain any Deposit Account (other than (i) Deposit Accounts established solely as payroll and other zero balance Accounts and (ii) other
Deposit Accounts, so long as at any time the balance in any such Account does not exceed $50,000 and the aggregate balance in all such Accounts does not exceed $50,000) with any Bank unless such Bank and such Pledgor shall have duly executed and
delivered to the Collateral Agent a Deposit Account Control Agreement with respect to such Deposit Account. At any time such requirements apply, the applicable Pledgor shall give notice thereof to the Collateral Agent in accordance with
Section 13.2 of the Indenture and the Collateral Agent shall not be charged with any knowledge that such requirements are applicable unless such notice has been given. The Collateral Agent agrees with each Pledgor that the Collateral Agent
shall not give any instructions directing the disposition of funds from time to time credited to any Deposit Account or withhold any withdrawal rights from such Pledgor with respect to funds from time to time credited to any Deposit Account unless
an Event of Default has occurred and is continuing. Each Pledgor agrees that once the Collateral Agent sends an instruction or notice to a Bank exercising its Control over any Deposit Account such Pledgor shall not give any instructions or orders
with respect to such Deposit Account including, without limitation, instructions for distribution or transfer of any funds in such Deposit Account. No Pledgor shall grant Control of any Deposit Account to any person other than the Collateral Agent
and the First Lien Agent. 
 (c) Securities Accounts and Commodity Accounts. (a) As of the date
hereof, no Pledgor has any Securities Accounts or Commodity Accounts other than those listed in Schedule 13 to the Perfection Certificate. Within 45 days after the date hereof (or such longer period of time as agreed to by the First Lien
Agent in its sole discretion and so communicated to the Collateral Agent in writing as soon as practicable), the Collateral Agent will have a second priority security interest in each such Securities Account and Commodity Account (other than
(i) Securities Accounts and Commodities Accounts established solely as payroll and other zero balance Accounts and (ii) other Commodities Accounts and Securities Accounts, so long as at any time the balance in any such Account does not
exceed $50,000 and the aggregate balance in all such Accounts does not exceed $50,000), which security interest will be, in the case of Securities Accounts, upon the execution and delivery of a Securities Account Control Agreement with respect
thereto, perfected by Control. No Pledgor shall hereafter establish and maintain any Securities Account or Commodity Account (other than (i) Securities Accounts and Commodities Accounts established solely as payroll and other zero balance
Accounts and (ii) other Commodities Accounts and Securities Accounts, so long as at any time the balance in 

  
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any such Account does not exceed $50,000 and the aggregate balance in all such Accounts does not exceed $50,000) with any Securities Intermediary or Commodity Intermediary unless such Securities
Intermediary or Commodity Intermediary, as the case may be, and such Pledgor shall have duly executed and delivered a Control Agreement with respect to such Securities Account or Commodity Account, as the case may be. At any time such requirements
apply, the applicable Pledgor shall give notice thereof to the Collateral Agent in accordance with Section 13.2 of the Indenture and the Collateral Agent shall not be charged with any knowledge that such requirements are applicable unless such
notice has been given. Each Pledgor shall accept any cash and Investment Property in trust for the benefit of the Collateral Agent and within five (5) Business Days of actual receipt thereof, deposit any and all cash and Investment Property
received by it into a Deposit Account or Securities Account subject to Collateral Agent’s Control. The Collateral Agent agrees with each Pledgor that the Collateral Agent shall not give any Entitlement Orders or instructions or directions to
any issuer of uncertificated securities, Securities Intermediary or Commodity Intermediary, and shall not withhold its consent to the exercise of any withdrawal or dealing rights by such Pledgor, unless an Event of Default has occurred and is
continuing or, after giving effect to any such investment and withdrawal rights, would occur. Each Pledgor agrees that once the Collateral Agent sends an instruction or notice to a Securities Intermediary or Commodity Intermediary exercising its
Control over any Securities Account and Commodity Account such Pledgor shall not give any instructions or orders with respect to such Securities Account and Commodity Account including, without limitation, instructions for investment, distribution
or transfer of any Investment Property or financial asset maintained in such Securities Account or Commodity Account. No Pledgor shall grant Control over any Investment Property to any person other than the Collateral Agent and the First Lien
Collateral Agent. As between the Collateral Agent and the Pledgors, the Pledgors shall bear the investment risk with respect to the Investment Property and Pledged Securities, and the risk of loss of, damage to, or the destruction of the Investment
Property and Pledged Securities, whether in the possession of, or maintained as a Security Entitlement or deposit by, or subject to the Control of, the Collateral Agent, a Securities Intermediary, a Commodity Intermediary, any Pledgor or any other
person. 
 (d) Electronic Chattel Paper and Transferable Records. As of the date hereof, no amount under
or in connection with any of the Pledged Collateral is evidenced by any Electronic Chattel Paper or any “transferable record” (as that term is defined in Section 201 of the Federal Electronic Signatures in Global and National Commerce
Act, or in Section 16 of the Uniform Electronic Transactions Act as in effect in any relevant jurisdiction) other than such Electronic Chattel Paper and transferable records listed in Schedule 10 to the Perfection Certificate. If any
amount payable under or in connection with any of the Pledged Collateral shall be evidenced by any Electronic Chattel Paper or any transferable record, the Pledgor acquiring such Electronic Chattel Paper or transferable record shall promptly notify
the Collateral Agent thereof and shall take such action as is reasonably necessary to vest in the Collateral Agent control of such Electronic Chattel Paper under Section 9-105 of the UCC or control under Section 201 of the Federal
Electronic Signatures in Global and National Commerce Act or, as the case may be, 

  
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Section 16 of the Uniform Electronic Transactions Act, as so in effect in such jurisdiction, of such transferable record. The requirement in the preceding sentence shall not apply to the
extent that such amount, together with all amounts payable evidenced by Electronic Chattel Paper or any transferable record in which the Collateral Agent has not been vested control within the meaning of the statutes described in the immediately
preceding sentence, does not exceed $3,000,000 in the aggregate for all Pledgors. At any time such requirement applies, the applicable Pledgor shall give notice thereof to the Collateral Agent in accordance with Section 13.2 of the Indenture
and the Collateral Agent shall not be charged with any knowledge that such requirements are applicable unless such notice has been given. The Pledgors may make alterations to the Electronic Chattel Paper or transferable record, provided that such
alterations are permitted under Section 9-105 of the UCC or Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or Section 16 of the Uniform Electronic Transactions Act, as determined by the Issuer,
and unless an Event of Default has occurred and is continuing. 
 (e) Letter-of-Credit Rights. If any
Pledgor is at any time a beneficiary under a Letter of Credit now or hereafter issued, such Pledgor shall promptly (but in any event within thirty (30) days after receipt thereof by such Pledgor) notify the Collateral Agent thereof and such
Pledgor shall, either (i) use commercially reasonable efforts to arrange for the issuer and any confirmer of such Letter of Credit to consent to an assignment to the Collateral Agent of the proceeds of any drawing under the Letter of Credit or
(ii) arrange for the Collateral Agent to become the transferee beneficiary of such Letter of Credit, with the Collateral Agent agreeing, in each case, that the proceeds of any drawing under the Letter of Credit are to be applied as provided in
the Indenture. The actions in the preceding sentence shall not be required to the extent that the amount of any such Letter of Credit, together with the aggregate amount of (a) all other Letters of Credit for which the actions described above
in clause (i) and (ii) have not been taken and (b) all Commercial Tort Claims in which the Collateral Agent does not have a perfected security interest and (c) all motor vehicles (and any such other Equipment covered by
certificates of title or ownership) as to which any Pledgor has not delivered a certificate of title or ownership to the Collateral Agent, does not exceed $5,000,000 in the aggregate for all Pledgors. At any time such action is required, the
applicable Pledgor shall give notice thereof to the Collateral Agent in accordance with Section 13.2 of the Indenture and the Collateral Agent shall not be charged with any knowledge that such requirement is applicable unless such notice has
been given. 
 (f) Commercial Tort Claims. As of the date hereof, each Pledgor hereby represents and
warrants that it holds no Commercial Tort Claims other than those listed in Schedule 12 to the Perfection Certificate. If any Pledgor shall at any time hold or acquire a Commercial Tort Claim, such Pledgor shall promptly, and in any event
within thirty (30) days, notify the Collateral Agent in writing signed by such Pledgor of the brief details thereof and grant to the Collateral Agent in such writing a security interest therein and in the Proceeds thereof, all upon the terms of
this Agreement, with such writing to be in such form and substance as is reasonably necessary to grant a security interest in such Commercial Tort Claim. The requirement in the preceding sentence shall not apply to

  
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the extent that the amount of such Commercial Tort Claim, together with the amount of (a) all other Commercial Tort Claims held by any Pledgor in which the Collateral Agent does not have a
perfected security interest, (b) all Letters of Credit (except to the extent constituting Supporting Obligations) in which the Collateral Agent does not have a perfected security interest and (c) all motor vehicles (and any such other
Equipment covered by certificates of title or ownership) as to which any Pledgor has not delivered a certificate of title or ownership to the Collateral Agent, does not exceed $5,000,000 in the aggregate for all Pledgors. At any time such
requirement applies, the applicable Pledgor shall give notice thereof to the Collateral Agent in accordance with Section 13.2 of the Indenture and the Collateral Agent shall not be charged with any knowledge that such requirement is applicable
unless such notice has been given. 
 (g) Each Pledgor shall deliver to the Collateral Agent originals of the
certificates of title or ownership for the motor vehicles (and any other Equipment covered by certificates of title or ownership) owned by it, with the Collateral Agent listed as lienholder therein. Such requirement shall not apply to the
extent the aggregate amount of (a) all motor vehicles (and any such other Equipment covered by certificates of title or ownership) as to which any Pledgor has not delivered a certificate of title or ownership to the Collateral Agent,
(b) all Commercial Tort Claims in which the Collateral Agent does not have a perfected security interest and (c) all Letters of Credit (except to the extent constituting Supporting Obligations) in which the Collateral Agent does not have a
perfected security, does not exceed $5,000,000 in the aggregate for all Pledgors. 
 (h) After-Acquired
Collateral. Unless otherwise provided, upon the acquisition by the Issuer or any Guarantor after the date hereof (1) any after-acquired assets, including, but not limited to, any after-acquired Real Property or any Equipment or Fixtures
which constitute accretions, additions or technological upgrades to the Equipment or Fixtures or any working capital assets that, in any such case, form part of the Collateral, or (2) any replacement assets, the Issuer or such Pledgor shall
execute and deliver, (i) with regard to any Real Property that is acquired for the purpose of serving as a restaurant, mortgages and related documentation and opinions as specified in Section 4.10 hereof within 365 days of the date of
acquisition, (ii) with regard to any other Real Property, mortgages and related documentation and opinions as specified in Section 4.10 within 180 days of the date of acquisition (or such later date as any applicable regulatory approvals
have been obtained) and (iii) to the extent required by the Security Documents, any information, documentation, financing statements or other certificates as may be necessary to vest in the Collateral Agent a perfected security interest,
subject only to Permitted Liens, in such after-acquired Property (other than Excluded Property and Collateral that the Issuer or such Guarantor is not required to take actions to perfect) and to have such after-acquired Property added to the
Collateral, and thereupon all provisions of the Indenture, the Security Documents and the Intercreditor Agreement relating to the Collateral shall be deemed to relate to such after-acquired Property to the same extent and with the same force and
effect. 

  
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 SECTION 3.5. Joinder of Additional Guarantors. The Pledgors shall cause each
Subsidiary of the Issuer which, from time to time, after the date hereof shall be required to pledge any assets to the Collateral Agent for the benefit of the Secured Parties pursuant to the provisions of the Indenture, to execute and deliver to the
Collateral Agent (a) a joinder agreement to this Agreement in the form of Exhibit 7 hereto and (b) a Perfection Certificate, in each case, within thirty (30) days of the date on which it was acquired or created and, in each
case, upon such execution and delivery, such Subsidiary shall constitute a “Pledgor” for all purposes hereunder with the same force and effect as if originally named as a Pledgor herein. The execution and delivery of such joinder agreement
shall not require the consent of any Pledgor hereunder. The rights and obligations of each Pledgor hereunder shall remain in full force and effect notwithstanding the addition of any new Guarantor and Pledgor as a party to this Agreement.

 SECTION 3.6. Supplements; Further Assurances. Each Pledgor shall take such further actions, and execute and/or deliver
to the Collateral Agent such additional financing statements, amendments, assignments, agreements, supplements, powers and instruments, as is reasonably necessary in order to create, perfect, preserve and protect the security interest in and lien on
the Pledged Collateral and the Mortgaged Property as provided herein and the rights and interests granted to the Collateral Agent hereunder, to carry into effect the purposes hereof or better to assure and confirm the validity, enforceability and
priority of the Collateral Agent’s security interest in and lien on the Pledged Collateral and Mortgaged Property or permit the Collateral Agent to exercise and enforce its rights, powers and remedies hereunder and the other Security Documents
with respect to any Pledged Collateral and Mortgaged Property, including the filing of financing statements, continuation statements and other documents (including this Agreement) under the UCC (or other similar laws) in effect in any jurisdiction
with respect to the security interest created hereby and the execution and delivery of Control Agreements, in form reasonably satisfactory to the Collateral Agent and in such offices (including the United States Patent and Trademark Office and the
United States Copyright Office) wherever required by law to perfect, continue and maintain the validity, enforceability and priority of the security interest in and lien on the Pledged Collateral and Mortgaged Property as provided herein and the
other Security Documents and to preserve the other rights and interests granted to the Collateral Agent hereunder and the other Security Documents, as against third parties, with respect to the Pledged Collateral and Mortgaged Property. Without
limiting the generality of the foregoing, each Pledgor shall make, execute, endorse, acknowledge, file or refile and/or deliver to the Collateral Agent from time to time such lists, schedules, descriptions and designations of the Pledged Collateral
and Mortgaged Property, copies of warehouse receipts, receipts in the nature of warehouse receipts, bills of lading, documents of title, vouchers, invoices, schedules, confirmatory assignments, supplements, additional security agreements,
conveyances, financing statements, transfer endorsements, powers of attorney, certificates, reports and other assurances or instruments as the Collateral Agent may reasonably request. If an Event of Default has occurred and is continuing, the
Collateral Agent may institute and maintain, in its own name or in the name of any Pledgor, such suits and proceedings as the Collateral Agent may be advised by counsel shall be necessary or expedient to prevent any impairment of the security
interest in or lien on or the perfection thereof in the Pledged Collateral and Mortgaged Property. All of the foregoing shall be at the sole cost and expense of the Pledgors. 

  
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 ARTICLE IV 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 Each Pledgor represents, warrants and
covenants as follows: 
 SECTION 4.1. Title. Except for the security interest granted to the Collateral Agent for the
benefit of the Secured Parties pursuant to this Agreement and Permitted Liens, such Pledgor owns and has all material rights and, as to Pledged Collateral acquired by it from time to time after the date hereof, will own and have rights in each item
of Pledged Collateral pledged by it hereunder, free and clear of any and all Liens. In addition, no Liens exist on the Securities Collateral, other than as permitted by Section 4.12 of the Indenture. 

SECTION 4.2. Validity of Security Interest. The security interest in and Lien on the Pledged Collateral granted to the Collateral
Agent for the benefit of the Secured Parties hereunder constitutes (a) a legal and valid security interest in all the Pledged Collateral securing the payment and performance of the Secured Obligations, and (b) subject to the filings and
other actions described in Schedule 6 to the Perfection Certificate (to the extent required to be listed on the schedules to the Perfection Certificate as of the date this representation is made or deemed made), a perfected security interest
in all the Pledged Collateral. The security interest and Lien granted to the Collateral Agent for the benefit of the Secured Parties pursuant to this Agreement in and on the Pledged Collateral will at all times constitute a perfected, continuing
security interest therein, prior to all other Liens on the Pledged Collateral except for Permitted Collateral Liens. 
 SECTION
4.3. Defense of Claims; Transferability of Pledged Collateral. Each Pledgor shall, at its own cost and expense, defend title to the Pledged Collateral pledged by it hereunder and the security interest therein and Lien thereon granted to the
Collateral Agent and the priority thereof against all claims and demands of all persons, at its own cost and expense, at any time claiming any interest therein adverse to the Collateral Agent or any other Secured Party other than Permitted
Collateral Liens. There is no agreement (other than with respect to Permitted Collateral Liens and the First Lien Credit Agreement and the Intercreditor Agreement), order, judgment or decree, and no Pledgor shall enter into any agreement (other than
with respect to Permitted Collateral Liens and the First Lien Credit Agreement and the Intercreditor Agreement) or take any other action, that would restrict the transferability of any of the Pledged Collateral or otherwise impair or conflict with
such Pledgor’s obligations or the rights of the Collateral Agent hereunder. 
 SECTION 4.4. Other Financing
Statements. It has not filed, nor authorized any third party to file (nor will there be), any valid or effective financing statement (or similar statement, instrument of registration or public notice under the law of any jurisdiction) covering
or purporting to cover any interest of any kind in the Pledged Collateral, except such as have been filed in favor of the First Lien Agent or in favor of the Collateral Agent pursuant to this Agreement or in favor of any holder of a Permitted
Collateral Lien with respect to such Lien or financing statements or public notices relating to the termination statements listed on Schedule 8 to the 

  
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Perfection Certificate. No Pledgor shall execute, authorize or permit to be filed in any public office any financing statement (or similar statement, instrument of registration or public notice
under the law of any jurisdiction) relating to any Pledged Collateral, except financing statements and other statements and instruments filed or to be filed in respect of and covering the security interests granted by such Pledgor to the holders of
the Permitted Liens. 
 SECTION 4.5. Location of Inventory and Equipment. It shall not move any Equipment or Inventory
with a fair market value in excess of $3,000,000 in the aggregate to any location, other than any location that is listed in the relevant Schedules to the Perfection Certificate, unless it shall have given the Collateral Agent not less than 30
days’ prior written notice of its intention so to do, clearly describing such new location and confirming the attachment of the Lien and security interest created by this Agreement to the Collateral located in the new location, and confirming
further that each Pledgor has executed and filed any instruments or statements necessary to create, preserve or perfect the Collateral Agent’s security interest in such relocated Collateral; provided that in no event shall any Equipment or
Inventory be moved to any location outside of the continental United States. 
 SECTION 4.6. Due Authorization and
Issuance. All of the Pledged Securities existing on the date hereof have been, and to the extent any Pledged Securities are hereafter issued, such Pledged Securities will be, upon such issuance, duly authorized, validly issued and fully paid and
non-assessable to the extent applicable. To the knowledge of the Pledgors, there is no amount or other obligation owing by any Pledgor to any issuer of the Pledged Securities in exchange for or in connection with the issuance of the Pledged
Securities or any Pledgor’s status as a partner or a member of any issuer of the Pledged Securities. 
 SECTION 4.7.
Consents, etc. In the event that the Collateral Agent desires to exercise any remedies, voting or consensual rights or attorney-in-fact powers set forth in this Agreement or the other Security Documents and determines it necessary to obtain
any approvals or consents of any Governmental Authority or any other person therefor, then, upon the reasonable request of the Collateral Agent, such Pledgor agrees to use its commercially reasonable efforts to assist and aid the Collateral Agent to
obtain as soon as practicable any necessary approvals or consents for the exercise of any such remedies, rights and powers. 

SECTION 4.8. Pledged Collateral and Mortgaged Property. 
 (a) All information set forth herein, including the schedules hereto, and all information contained in any documents, schedules and lists heretofore delivered to any Secured Party, including the
Perfection Certificate and the schedules thereto, in connection with this Agreement, in each case, relating to the Pledged Collateral and Mortgaged Property, is accurate and complete in all material respects. The Pledged Collateral and Mortgaged
Property described on the schedules to the Perfection Certificate constitutes all of the property of such type of Pledged Collateral and Mortgaged Property owned or held by the Pledgors. 

(b) The Issuer and each applicable Pledgor shall use commercially reasonable efforts to cause any Identified Sale and Leaseback Property
that has not become subject to a 

  
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Sale and Leaseback Transaction within 180 days following the Issue Date to be subject to a second priority, perfected Lien (subject in each case to Permitted Collateral Liens (as defined in the
Indenture)) in favor of the Collateral Agent within 210 days of the Issue Date. In connection with each of the foregoing, the Issuer and each applicable Pledgor will deliver all documentation in connection with the foregoing, including, without
limitation, title reports, surveys, zoning letters, environmental reports and opinions of counsel as are in form and substance substantially similar to those delivered to the First Lien Agent in connection with the creation of a first priority,
perfected Lien on such Real Property in accordance with the Credit Agreement. 
 SECTION 4.9. Insurance. In the event
that the proceeds of any insurance claim are paid to any Pledgor after the Collateral Agent has exercised its right to foreclose after an Event of Default, such Net Cash Proceeds shall, subject to the Intercreditor Agreement, be held in trust for
the benefit of the Collateral Agent and promptly after receipt thereof shall be paid to the Collateral Agent for application in accordance with Section 6.10 of the Indenture. 

SECTION 4.10. Post-Closing Collateral Matters. The Issuer and each applicable Pledgor shall comply with the following requirements
with respect to post-closing collateral matters: 
 (a) Real Property Collateral. Subject to
Section 4.8(b), within ninety (90) days after the Issue Date (or as soon as practical thereafter using commercially reasonable efforts), the Collateral Agent shall have received, in form and substance substantially similar to those
delivered to the First Lien Agent in connection with the creation of a first priority, perfected Lien on such Real Property in accordance with the Credit Agreement: 

(i) fully executed and notarized Mortgage Instrument encumbering the Mortgaged Properties as to properties owned by the
Pledgors; 
 (ii) maps or plats of an as-built survey of the sites of the Mortgaged Properties; it being agreed
that the surveys in existence on the Issue Date and provided to the Collateral Agent pursuant to the terms of this clause (ii) (along with a certificate of an officer of the Issuer in form and substance substantially similar to that delivered
to the First Lien Agent in connection with the creation of a first priority, perfected Lien on such Real Property in accordance with the Credit Agreement) are satisfactory so long as substantially similar to the surveys delivered to the First Lien
Agent under the Credit Agreement; 
 (iii) an environmental questionnaire executed by an officer of the Issuer
with respect to all owned Mortgaged Properties, along with third-party environmental reviews of all owned Mortgaged Properties, including but not limited to Phase I environmental assessments; it being agreed that the Phase I environmental
assessments in existence on the Issue Date and provided to the Administrative Agent pursuant to the terms of this clause (iii) are satisfactory; 
 (iv) to the extent delivered to the First Lien Agent in connection with the creation of a first priority, perfected Lien on such Mortgaged Properties in accordance with

  
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the Credit Agreement, opinions of counsel to the Pledgors for each jurisdiction in which the Mortgaged Properties are located in form and substance substantially similar to those delivered to the
First Lien Agent; and 
 (v) to the extent available, zoning letters from each municipality or other governmental
authority for each jurisdiction in which the Mortgaged Properties are located. 
 (b) Account Control
Agreements. Within forty-five (45) days after the Issue Date (or such longer period of time as agreed to by the First Lien Agent in its sole discretion), the Collateral Agent shall have received Deposit Account Control Agreements and
Securities and Commodities Account Control Agreements required to be delivered in accordance with Sections 3.4(b) and (c), as well as opinions of counsel to the Pledgors regarding the creation of perfected security interests in such
Accounts as are in form and substance substantially similar to those delivered to the First Lien Agent in accordance with the Credit Agreement to the extent so delivered. 

(c) Pollo Tropical Trademarks. Within ninety (90) days after the Closing Date, the Issuer shall have used its
commercially reasonable efforts to have caused Carrols Corporation to transfer all of the Pollo Tropical Trademarks to a Pledgor and the Collateral Agent shall have received second priority security interests in the Pollo Tropical Trademarks.

 Neither the Collateral Agent nor the Trustee undertakes any responsibility whatsoever to determine whether any of the
foregoing covenants in this Section 4.10 have been satisfied, and neither shall have any liability whatsoever arising out of the failure of the Issuer or any of the Pledgors to satisfy such post-closing requirements, other than to take receipt
of the Officers’ Certificate described in the next sentence. Within 210 days of the date hereof, the Issuer shall deliver to the Collateral Agent and the Trustee an Officers’ Certificate (upon which the Trustee and Collateral Agent shall
be fully protected in relying), certifying that (i) the deliverables indicated above in this Section 4.10 are substantially similar in form and substance to those delivered to the First Lien Agent (other than the subordination provisions
contained therein) and (ii) the post-closing covenants set forth in Section 4.10 have been satisfied. 
 SECTION 4.11.
Notice of Changes. No Pledgor shall effect any change in (i) its legal name, (ii) in the location of its chief executive office, (iii) in its identity or organizational structure, (iv) in its Federal Taxpayer
Identification Number or organizational identification number, if any, or (v) in its jurisdiction of organization (in each case, including by merging with or into any other entity, reorganizing, dissolving, liquidating, reorganizing or
organizing in any other jurisdiction), until (A) it shall have given the Collateral Agent not less than 15 days’ prior written notice (in the form of an Officers’ Certificate), or such lesser notice period agreed to by the Collateral
Agent, of its intention so to do, clearly describing such change and providing such other information in connection therewith as the Collateral Agent may reasonably request and (B) it shall have taken all action reasonably necessary to maintain
the perfection and priority of 

  
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the security interest of the Collateral Agent for the benefit of the Secured Parties in the Pledged Collateral, if applicable. 

SECTION 4.12. No Impairment of the Security Interests. No Pledgor shall take any action, or knowingly or negligently omit to take
any action, which action or omission might or would have the result of materially impairing the security interest with respect to the Pledged Collateral or Mortgaged Property. 
 ARTICLE V 
 CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL 

SECTION 5.1. Pledge of Additional Securities Collateral. Each Pledgor shall, upon obtaining any Pledged Securities or Intercompany
Notes of any person, accept the same in trust for the benefit of the Collateral Agent and, in the case of any Pledged Securities or Intercompany Notes (other than Loan Party Intercompany Notes) having a face value in excess of $3,000,000 in the
aggregate at any one time outstanding or any Equity Interests of a Subsidiary (other than an Unrestricted Subsidiary) promptly (but in any event within thirty (30) days after receipt thereof) deliver to the Collateral Agent a pledge amendment,
duly executed by such Pledgor, in substantially the form of Exhibit 2 hereto (each, a “Pledge Amendment”), and, subject to the Intercreditor Agreement, the certificates and other documents required under
Section 3.1 and Section 3.2 hereof in respect of the additional Pledged Securities or Intercompany Notes which are to be pledged pursuant to this Agreement, and confirming the attachment of the Lien hereby created on and in
respect of such additional Pledged Securities or Intercompany Notes. Each Pledgor hereby authorizes the Collateral Agent to attach each Pledge Amendment to this Agreement and agrees that all Pledged Securities or Intercompany Notes listed on any
Pledge Amendment delivered to the Collateral Agent shall for all purposes hereunder be considered Pledged Collateral. 
 SECTION
5.2. Voting Rights; Distributions; etc. 
 (a) So long as no Event of Default shall have occurred and be
continuing: 
 (i) Each Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the
Securities Collateral or any part thereof for any purpose not inconsistent with the terms or purposes hereof, the Indenture or any other document evidencing the Secured Obligations. 

(ii) Each Pledgor shall be entitled to receive and retain, and to utilize free and clear of the Lien hereof, any and all Distributions,
but only if and to the extent made in accordance with the provisions of the Indenture; provided, however, that any and all such Distributions consisting of rights or interests in the form of securities shall, subject to the
Intercreditor Agreement, be forthwith delivered to the Collateral Agent to hold as Pledged Collateral and shall, if received by any Pledgor, be received in trust for the benefit of the Collateral Agent, be

  
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segregated from the other property or funds of such Pledgor and be promptly (but in any event within five days after receipt thereof) delivered to the Collateral Agent as Pledged Collateral in
the same form as so received (with any necessary endorsement). 
 (b) So long as no Event of Default shall have occurred and be
continuing, the Collateral Agent shall be deemed without further action or formality to have granted to each Pledgor all necessary consents relating to voting rights and shall, if necessary, upon written request of any Pledgor and at the sole
cost and expense of the Pledgors, from time to time execute and deliver (or cause to be executed and delivered) to such Pledgor all such instruments as such Pledgor may reasonably request in order to permit such Pledgor to exercise the voting and
other rights which it is entitled to exercise pursuant to Section 5.2(a)(i) hereof and to receive the Distributions which it is authorized to receive and retain pursuant to Section 5.2(a)(ii) hereof. 

(c) Upon the occurrence and during the continuance of any Event of Default and upon notice from the Collateral Agent acting at the
direction of the holders of a majority of the outstanding Secured Obligations: 
 (i) All rights of each Pledgor to exercise the
voting and other consensual rights it would otherwise be entitled to exercise pursuant to Section 5.2(a)(i) hereof shall immediately cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall thereupon
have the sole right to exercise such voting and other consensual rights. 
 (ii) All rights of each Pledgor to receive
Distributions which it would otherwise be authorized to receive and retain pursuant to Section 5.2(a)(ii) hereof shall immediately cease and all such rights shall thereupon become vested in the Collateral Agent, which shall thereupon
have the sole right to receive and hold as Pledged Collateral such Distributions. 
 (d) Each Pledgor shall, at its sole cost
and expense, from time to time execute and deliver to the Collateral Agent appropriate instruments in order to permit the Collateral Agent to exercise the voting and other rights which it may be entitled to exercise pursuant to
Section 5.2(c)(i) hereof and to receive all Distributions which it may be entitled to receive under Section 5.2(c)(ii) hereof. 
 (e) All Distributions which are received by any Pledgor contrary to the provisions of Section 5.2(a)(ii) hereof shall be received in trust for the benefit of the Collateral Agent, shall be
segregated from other funds of such Pledgor and shall immediately be paid over to the Collateral Agent as Pledged Collateral in the same form as so received (with any necessary endorsement). 

SECTION 5.3. Defaults, etc. Each Pledgor hereby represents and warrants that (i) such Pledgor is not in default in the
payment of any portion of any mandatory capital contribution, if any, required to be made under any agreement to which such Pledgor is a party relating to the Pledged Securities pledged by it , (ii) no Securities Collateral pledged by such
Pledgor is subject to any defense, offset or counterclaim, nor have any of the foregoing been asserted or alleged against such Pledgor by any person with respect thereto, and (iii) as of the date hereof, 

  
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there are no certificates, instruments, documents or other writings (other than the Organization Documents that have been delivered to the First Lien Agent and certificates representing such
Pledged Securities that have been delivered to the Collateral Agent) which evidence any Pledged Securities of such Pledgor. 

SECTION 5.4. Certain Agreements of Pledgors As Issuers and Holders of Equity Interests. 

(a) In the case of each Pledgor which is an issuer of Securities Collateral, such Pledgor agrees to be bound by the terms of this
Agreement relating to the Securities Collateral issued by it and will comply in all material respects with such terms insofar as such terms are applicable to it. 
 (b) In the case of each Pledgor which is a partner, shareholder or member, as the case may be, in a partnership, limited liability company or other entity, such Pledgor hereby consents to the extent
required by the applicable Organization Document to the pledge by each other Pledgor, pursuant to the terms hereof, of the Pledged Securities in such partnership, limited liability company or other entity and, upon the occurrence and during the
continuance of an Event of Default, to the transfer of such Pledged Securities to the Collateral Agent or its nominee and to the substitution of the Collateral Agent or its nominee as a substituted partner, shareholder or member in such partnership,
limited liability company or other entity with all the rights, powers and duties of a general partner, limited partner, shareholder or member, as the case may be. 
 ARTICLE VI 
 CERTAIN PROVISIONS CONCERNING INTELLECTUAL 

PROPERTY COLLATERAL 
 SECTION 6.1. Grant of Intellectual Property License. For the purpose of enabling the Collateral Agent, during the continuance of an Event of Default, to exercise rights and remedies under
Article IX hereof at such time as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies, and for no other purpose, each Pledgor hereby grants to the Collateral Agent, to the extent assignable, an irrevocable,
non-exclusive license to use, assign, license or sublicense any of the Intellectual Property Collateral now owned or hereafter acquired by such Pledgor, wherever the same may be located. Such license shall include access to all media in which any of
the licensed items may be recorded or stored and to all computer programs used for the compilation or printout hereof. 

SECTION 6.2. Protection of Collateral Agent’s Security. On a continuing basis, each Pledgor shall, at its sole cost and
expense, (i) promptly following its becoming aware 

  
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thereof, notify1 the Collateral Agent of any adverse determination in any proceeding or the institution of any proceeding in any federal, state or local court or administrative body or in the United States Patent and
Trademark Office or the United States Copyright Office regarding any Intellectual Property Collateral, such Pledgor’s right to register such Intellectual Property Collateral or its right to keep and maintain such registration in full force and
effect to the extent that such Intellectual Property Collateral exceeds $1,000,000, (ii) maintain all Intellectual Property Collateral as presently used and operated, (iii) not permit to lapse or become abandoned any Intellectual Property
Collateral, and not settle or compromise any pending or future litigation or administrative proceeding with respect to any such Intellectual Property Collateral, in either case except as shall be consistent with commercially reasonable business
judgment, (iv) upon such Pledgor obtaining knowledge thereof, promptly notify the Collateral Agent in writing of any event which may be reasonably expected to materially and adversely affect the value or utility of any Intellectual Property
Collateral or the rights and remedies of the Collateral Agent in relation thereto including a levy or threat of levy or any legal process against any Intellectual Property Collateral, (v) not license any Intellectual Property Collateral other
than licenses entered into by such Pledgor in, or incidental to, the ordinary course of business, or amend or permit the amendment of any of the licenses in a manner that materially and adversely affects the right to receive payments thereunder, or
in any manner that would materially impair the value of any Intellectual Property Collateral or the Lien on and security interest in the Intellectual Property Collateral created therein hereby and (vi) diligently keep adequate records
respecting all Intellectual Property Collateral. 
 SECTION 6.3. After-Acquired Property. If any Pledgor shall at any
time after the date hereof (i) obtain any rights to any additional Intellectual Property Collateral or (ii) become entitled to the benefit of any additional Intellectual Property Collateral or any renewal or extension thereof, including
any reissue, division, continuation, or continuation-in-part of any Intellectual Property Collateral, or any improvement on any Intellectual Property Collateral, or if any intent-to use trademark application is no longer subject to clause
(d) of the definition of Excluded Property, the provisions hereof shall automatically apply thereto and any such item enumerated in the preceding clause (i) or (ii) shall automatically constitute Intellectual Property Collateral as if
such would have constituted Intellectual Property Collateral at the time of execution hereof and be subject to the Lien and security interest created by this Agreement without further action by any party. Each Pledgor shall promptly (and in any
event within 30 days) provide to the Collateral Agent written notice of any of the foregoing and confirm the attachment of the Lien and security interest created by this Agreement to any rights described in clauses (i) and (ii) above by
execution of an instrument in form reasonably necessary to grant such a security interest to the Collateral Agent and the filing of any instruments or statements as shall be reasonably necessary to create, preserve, protect or perfect the Collateral
Agent’s security interest in such Intellectual Property Collateral. Further, each Pledgor agrees to modify this Agreement by 
  

 

	1 	 This should have same $ thresholds as other notice provisions in indenture 

  
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 amending Schedules 11(a) and 11(b) to the Perfection Certificate to include any Intellectual
Property Collateral of such Pledgor acquired or arising after the date hereof. 
 SECTION 6.4. Litigation. Unless there
shall occur and be continuing any Event of Default, each Pledgor shall have the right to commence and prosecute in its own name, as the party in interest, for its own benefit and at the sole cost and expense of the Pledgors, such applications for
protection of the Intellectual Property Collateral and suits, proceedings or other actions to prevent the infringement, counterfeiting, unfair competition, dilution, diminution in value or other damage as are necessary to protect the Intellectual
Property Collateral. Upon the occurrence and during the continuance of any Event of Default, the Collateral Agent shall have the right but shall in no way be obligated to file applications for protection of the Intellectual Property Collateral
and/or bring suit in the name of any Pledgor, the Collateral Agent or the Secured Parties to enforce the Intellectual Property Collateral and any license thereunder. In the event of such suit, each Pledgor shall, at the reasonable request of the
Collateral Agent, do any and all lawful acts and execute any and all documents requested by the Collateral Agent in aid of such enforcement and the Pledgors shall promptly reimburse and indemnify the Collateral Agent for all costs and expenses
incurred by the Collateral Agent in the exercise of its rights under this Section 6.4 in accordance with Section 7.7 of the Indenture. In the event that the Collateral Agent shall elect not to bring suit to enforce the
Intellectual Property Collateral, each Pledgor agrees, at the reasonable request of the Collateral Agent, to take all commercially reasonable actions necessary, whether by suit, proceeding or other action, to prevent the infringement,
counterfeiting, unfair competition, dilution, diminution in value of or other damage to any of the Intellectual Property Collateral by any person. 
 ARTICLE VII 
 TRANSFERS 

SECTION 7.1. Transfers of Pledged Collateral or Mortgaged Property. No Pledgor shall sell, convey, assign or otherwise dispose of,
or grant any option with respect to, any of the Pledged Collateral or Mortgaged Property pledged by it hereunder except as expressly permitted by the Indenture. 
 ARTICLE VIII 
 REMEDIES 

SECTION 8.1. Remedies. Subject to the terms of the Intercreditor Agreement, upon the occurrence and during the continuance of any
Event of Default, the Collateral Agent may, but shall not be obligated to, from time to time exercise in respect of the Pledged Collateral, in addition to the other rights and remedies provided for herein or otherwise available to it, the following
remedies: 

  
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 (i) Personally, or by agents or attorneys, immediately take possession of the Pledged
Collateral or any part thereof, from any Pledgor or any other person who then has possession of any part thereof with or without notice or process of law, and for that purpose may enter upon any Pledgor’s premises where any of the Pledged
Collateral is located, remove such Pledged Collateral, remain present at such premises to receive copies of all communications and remittances relating to the Pledged Collateral and use in connection with such removal and possession any and all
services, supplies, aids and other facilities of any Pledgor; 
 (ii) Demand, sue for, collect or receive any money or property
at any time payable or receivable in respect of the Pledged Collateral including instructing the obligor or obligors on any agreement, instrument or other obligation constituting part of the Pledged Collateral to make any payment required by the
terms of such agreement, instrument or other obligation directly to the Collateral Agent, and in connection with any of the foregoing, compromise, settle, extend the time for payment and make other modifications with respect thereto;
provided, however, that in the event that any such payments are made directly to any Pledgor, prior to receipt by any such obligor of such instruction, such Pledgor shall segregate all amounts received pursuant thereto in trust for the
benefit of the Collateral Agent and shall promptly (but in no event later than three (3) Business Days after receipt thereof) pay such amounts to the Collateral Agent; 
 (iii) Sell, assign, grant a license to use or otherwise liquidate, or direct any Pledgor to sell, assign, grant a license to use or otherwise liquidate, any and all investments made in whole or in part
with the Pledged Collateral or any part thereof, and take possession of the proceeds of any such sale, assignment, license or liquidation; 
 (iv) Take possession of the Pledged Collateral or any part thereof, by directing any Pledgor in writing to deliver the same to the Collateral Agent at any place or places so designated by the Collateral
Agent, in which event such Pledgor shall at its own expense: (A) forthwith cause the same to be moved to the place or places designated by the Collateral Agent and therewith delivered to the Collateral Agent, (B) store and keep any Pledged
Collateral so delivered to the Collateral Agent at such place or places pending further action by the Collateral Agent and (C) while the Pledged Collateral shall be so stored and kept, provide such security and maintenance services as shall be
necessary to protect the same and to preserve and maintain them in good condition. Each Pledgor’s obligation to deliver the Pledged Collateral as contemplated in this Section 8.1(iv) is of the essence hereof. Upon application to a
court of equity having jurisdiction, the Collateral Agent shall be entitled to a decree requiring specific performance by any Pledgor of such obligation; 
 (v) Withdraw all moneys, instruments, securities and other property in any bank, financial securities, deposit or other account of any Pledgor constituting Pledged Collateral for application to the
Secured Obligations as provided in Article X hereof; 
 (vi) Retain and apply the Distributions to the Secured
Obligations as provided in Article X hereof; 

  
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 (vii) Exercise any and all rights as beneficial and legal owner of the Pledged Collateral,
including perfecting assignment of and exercising any and all voting, consensual and other rights and powers with respect to any Pledged Collateral; and 
 (viii) Exercise all the rights and remedies of a secured party on default under the UCC, and the Collateral Agent may also in its sole discretion, without notice except as specified in
Section 8.2 hereof, sell, assign or grant a license to use the Pledged Collateral or any part thereof in one or more parcels at public or private sale, at any exchange, broker’s board or at any of the Collateral Agent’s offices
or elsewhere, for cash, on credit or for future delivery. The Collateral Agent or any other Secured Party or any of their respective Affiliates may be the purchaser, licensee, assignee or recipient of the Pledged Collateral or any part thereof at
any such sale and shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Pledged Collateral sold, assigned or licensed at such sale, to use and apply any of the Secured
Obligations owed to such person as a credit on account of the purchase price of the Pledged Collateral or any part thereof payable by such person at such sale. Each purchaser, assignee, licensee or recipient at any such sale shall acquire the
property sold, assigned or licensed absolutely free from any claim or right on the part of any Pledgor, and each Pledgor hereby waives, to the fullest extent permitted by law, all rights of redemption, stay and/or appraisal which it now has or may
at any time in the future have under any rule of law or statute now existing or hereafter enacted. The Collateral Agent shall not be obligated to make any sale of the Pledged Collateral or any part thereof regardless of notice of sale having been
given. The Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Each
Pledgor hereby waives, to the fullest extent permitted by law, any claims against the Collateral Agent arising by reason of the fact that the price at which the Pledged Collateral or any part thereof may have been sold, assigned or licensed at such
a private sale was less than the price which might have been obtained at a public sale, even if the Collateral Agent accepts the first offer received and does not offer such Pledged Collateral to more than one offeree. 

SECTION 8.2. Notice of Sale. Each Pledgor acknowledges and agrees that, to the extent notice of sale or other disposition of the
Pledged Collateral or any part thereof shall be required by law, ten (10) days’ prior notice to such Pledgor of the time and place of any public sale or of the time after which any private sale or other intended disposition is to take
place shall be commercially reasonable notification of such matters. No notification need be given to any Pledgor if it has signed, after the occurrence of an Event of Default, a statement renouncing or modifying any right to notification of sale or
other intended disposition. 
 SECTION 8.3. Waiver of Notice and Claims. Each Pledgor hereby waives, to the fullest
extent permitted by applicable law, notice or judicial hearing in connection with the Collateral Agent’s taking possession or the Collateral Agent’s disposition of the Pledged Collateral or any part thereof, including any and all prior
notice and hearing for any prejudgment remedy or remedies and any such right which such Pledgor would otherwise have under law, and each Pledgor hereby further waives, to the fullest extent permitted by applicable law: (i) all damages
occasioned by such taking of possession, (ii) all other requirements as to the time, place 

  
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and terms of sale or other requirements with respect to the enforcement of the Collateral Agent’s rights hereunder and (iii) all rights of redemption, appraisal, valuation, stay,
extension or moratorium now or hereafter in force under any applicable law. The Collateral Agent shall not be liable for any incorrect or improper payment made pursuant to this Article IX in the absence of a judicial determination of
gross negligence or willful misconduct on the part of the Collateral Agent. Any sale of, or the grant of options to purchase, or any other realization upon, any Pledged Collateral shall operate to divest all right, title, interest, claim and demand,
either at law or in equity, of the applicable Pledgor therein and thereto, and shall be a perpetual bar both at law and in equity against such Pledgor and against any and all persons claiming or attempting to claim the Pledged Collateral so sold,
optioned or realized upon, or any part thereof, from, through or under such Pledgor. 
 SECTION 8.4. Certain Sales of Pledged
Collateral. 
 (a) Each Pledgor recognizes that, by reason of certain prohibitions contained in law, rules, regulations or
orders of any Governmental Authority, the Collateral Agent may be compelled, with respect to any sale of all or any part of the Pledged Collateral, to limit purchasers to those who meet the requirements of such Governmental Authority. Each Pledgor
acknowledges that any such sales may be at prices and on terms less favorable to the Collateral Agent than those obtainable through a public sale without such restrictions, and, notwithstanding such circumstances, agrees that any such restricted
sale shall be deemed to have been made in a commercially reasonable manner and that, except as may be required by applicable law, the Collateral Agent shall have no obligation to engage in public sales. 

(b) Each Pledgor recognizes that, by reason of certain prohibitions contained in the Securities Act, and applicable state securities
laws, the Collateral Agent may be compelled, with respect to any sale of all or any part of the Securities Collateral and Investment Property, to limit purchasers to persons who will agree, among other things, to acquire such Securities Collateral
or Investment Property for their own account, for investment and not with a view to the distribution or resale thereof. Each Pledgor acknowledges that any such private sales may be at prices and on terms less favorable to the Collateral Agent than
those obtainable through a public sale without such restrictions (including a public offering made pursuant to a registration statement under the Securities Act), and, notwithstanding such circumstances, agrees that any such private sale shall be
deemed to have been made in a commercially reasonable manner and that the Collateral Agent shall have no obligation to engage in public sales and no obligation to delay the sale of any Securities Collateral or Investment Property for the period of
time necessary to permit the issuer thereof to register it for a form of public sale requiring registration under the Securities Act or under applicable state securities laws, even if such issuer would agree to do so. 

(c) If the Collateral Agent determines to exercise its right to sell any or all of the Securities Collateral or Investment Property, upon
written request, the applicable Pledgor shall determine and inform the Collateral Agent of the number of securities included in the Securities Collateral or Investment Property which may be sold by the Collateral Agent as

  
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exempt transactions under the Securities Act and the rules of the Securities and Exchange Commission thereunder, as the same are from time to time in effect. 

(d) Each Pledgor further agrees that a breach of any of the covenants contained in this Section 8.4 will cause irreparable
injury to the Collateral Agent and the other Secured Parties, that the Collateral Agent and the other Secured Parties have no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this
Section 8.4 shall be specifically enforceable against such Pledgor, and such Pledgor hereby waives 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. 
 SECTION 8.5. No Waiver; Cumulative Remedies. 

(a) No failure on the part of the Collateral Agent to exercise, no course of dealing with respect to, and no delay on the part of the
Collateral Agent in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right, power, privilege or remedy hereunder preclude any other or further exercise thereof
or the exercise of any other right, power, privilege or remedy; nor shall the Collateral Agent be required to look first to, enforce or exhaust any other security, collateral or guaranties. All rights and remedies herein provided are cumulative and
are not exclusive of any rights or remedies provided by law or otherwise available. 
 (b) In the event that the Collateral
Agent shall have instituted any proceeding to enforce any right, power, privilege or remedy under this Agreement or any other Security Document by foreclosure, sale, entry or otherwise, and such proceeding shall have been discontinued or abandoned
for any reason or shall have been determined adversely to the Collateral Agent, then and in every such case, the Pledgors, the Collateral Agent and each other Secured Party shall be restored to their respective former positions and rights hereunder
with respect to the Pledged Collateral, and all rights, remedies, privileges and powers of the Collateral Agent and the other Secured Parties shall continue as if no such proceeding had been instituted. 

SECTION 8.6. Certain Additional Actions Regarding Intellectual Property. If any Event of Default shall have occurred and be
continuing, upon the written demand of the Collateral Agent, each Pledgor shall execute and deliver to the Collateral Agent an assignment or assignments of the registered Patents, Trademarks and/or Copyrights and Goodwill and such other documents as
are necessary to carry out the intent and purposes hereof; provided that such assignments shall cease to be valid and shall become void at such time as all Events of Default have been cured or waived in accordance with the Indenture. Within
30 Business Days of written notice thereafter from the Collateral Agent, each Pledgor shall make available to the Collateral Agent, to the extent within such Pledgor’s power and authority, such personnel in such Pledgor’s employ on the
date of the Event of Default as the Collateral Agent may reasonably designate to permit such Pledgor to continue, directly or indirectly, to produce, advertise and sell the products and services sold by such Pledgor under the registered Patents,
Trademarks and/or 

  
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Copyrights, and such persons shall be available to perform their prior functions on the Collateral Agent’s behalf. 
 SECTION 8.7. [Reserved] 
 SECTION 8.8. Actions of Collateral Agent.
The Applicable Authorized Representative shall direct the Collateral Agent in exercising any right, power, discretionary duty or other remedy available to the Collateral Agent under this Agreement or any Security Document and the other Secured
Parties shall not have a right to take any actions with respect to the Pledged Collateral or Mortgaged Property. If the Collateral Agent shall not have received appropriate instruction within 10 days of a request therefor from the Applicable
Authorized Representative (or such shorter period as reasonably may be specified in such notice or as may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action as it shall deem to be in
the best interests of the Secured Parties and the Collateral Agent shall have no liability to any Person for such action or inaction. “Applicable Authorized Representative” shall mean (i) the Trustee so long as the Obligations under
the Notes and the Indenture constitute Secured Obligations hereunder, and (ii) thereafter, the Additional Pari Passu Agent representing the series of Indebtedness secured hereby with the greatest outstanding aggregate principal amount.

 ARTICLE IX 
 APPLICATION OF PROCEEDS 
 SECTION 9.1. Application of Proceeds.
(a) The proceeds received by the Collateral Agent in respect of any sale of, collection from or other realization upon all or any part of the Pledged Collateral or Mortgaged Property pursuant to the exercise by the Collateral Agent of its
remedies shall be applied, together with any other sums then held by the Collateral Agent pursuant to this Agreement, as follows: 
 (i) first, to amounts owing to the holders of the First Lien Obligations until the Payment in Full of First Lien Priority Debt (as such term is defined in the Intercreditor Agreement); 

(ii) second, to amounts owing to the Collateral Agent in its capacity as such in accordance with the terms of the
Indenture and to amounts owing to the Trustee in its capacity as such in accordance with the terms of the Indenture; 
 (iii) third, to amounts owing to any Additional Pari Passu Agent in its capacity as such in accordance with the terms of such Additional Pari Passu Agreement; 

(iv) fourth, ratably to amounts owing to the holders of Secured Obligations in accordance with the terms of the
Indenture and Additional Pari Passu Agreements; and 

  
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 (v) fifth, to the Issuer. 

(b) In making the determination and allocations required by this Section 9.1, the Collateral Agent may conclusively rely upon
information supplied by the applicable Additional Pari Passu Agent as to the amounts of unpaid principal and interest and other amounts outstanding with respect to such Permitted Additional Pari Passu Obligations and the Collateral Agent shall have
no liability to any of the Secured Parties for actions taken in reliance on such information. 
 (c) If, despite the provisions
of this Agreement, any Secured Party shall receive any payment or other recovery in excess of its portion of payments on account of the Secured Obligations to which it is then entitled in accordance with this Agreement, such Secured Party shall hold
such payment or other recovery in trust for the benefit of all Secured Parties hereunder for distribution in accordance with this Section 9.1. 
 ARTICLE X 
 MISCELLANEOUS 

SECTION 10.1. Concerning Collateral Agent and the other Security Documents. 

(a) The Collateral Agent has been appointed as collateral agent pursuant to the Indenture. The actions of the Collateral Agent hereunder
are subject to the provisions of the Indenture. The Collateral Agent shall have the right hereunder to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking action (including the release
or substitution of the Pledged Collateral or Mortgaged Property), in accordance with this Agreement, the Indenture and the other Security Documents. The Collateral Agent may employ agents and attorneys-in-fact in connection herewith and shall not be
liable for the negligence of any such agents or attorneys-in-fact selected by it in good faith. The Collateral Agent may resign in the manner provided in the Indenture. A successor Collateral Agent may be appointed in the manner provided in the
Indenture and, as applicable, in the manner provided in each Additional Pari Passu Agreement. Upon the acceptance of any appointment as the Collateral Agent by a successor Collateral Agent, that successor Collateral Agent shall thereupon succeed to
and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent under this Agreement and the other Security Documents, and the retiring Collateral Agent shall thereupon be discharged from its duties and
obligations under this Agreement and the other Security Documents. After any retiring Collateral Agent’s resignation, the provisions hereof shall inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement
while it was the Collateral Agent. 
 (b) The Collateral Agent shall be deemed to have exercised reasonable care in the custody
and preservation of the Pledged Collateral or Mortgaged Property in its possession if such Pledged Collateral or Mortgaged Property is accorded treatment substantially equivalent to that which the Collateral Agent, in its individual capacity,
accords its own property 

  
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consisting of similar instruments or interests, it being understood that neither the Collateral Agent nor any of the Secured Parties shall have responsibility for (i) ascertaining or taking
action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to any Securities Collateral, whether or not the Collateral Agent or any other Secured Party has or is deemed to have knowledge of such matters or
(ii) taking any necessary steps to preserve rights against any person with respect to any Pledged Collateral or Mortgaged Property. 
 (c) The Collateral Agent shall be entitled to rely upon any written notice, statement, certificate, order or other document or any telephone message believed by it to be genuine and correct and to have
been signed, sent or made by the proper person, and, with respect to all matters pertaining to this Agreement and the other Security Documents and its duties hereunder and thereunder, upon advice of counsel selected by it. 

(d) If any item of Pledged Collateral or Mortgaged Property also constitutes collateral granted to the Collateral Agent
under any other deed of trust, mortgage, security agreement, pledge or instrument of any type, in the event of any conflict between the provisions hereof and the provisions of such other deed of trust, mortgage, security agreement, pledge or
instrument of any type in respect of such collateral, the Collateral Agent, in its sole discretion, shall select which provision or provisions shall control. 
 (e) Anything herein contained to the contrary notwithstanding, (i) each Pledgor shall remain liable under this Agreement and under each of the underlying contracts to which such Pledgor a party
described herein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (ii) the exercise by the Collateral Agent or the Holders of any of their rights, remedies or powers
hereunder shall not release any Pledgor from any of its duties or obligations under this Agreement or such underlying contracts described herein and (iii) neither the Trustee or the Collateral Agent shall have any obligation or liability under
such underlying contracts by reason of or arising out of this Agreement, nor shall the Noteholders, the Trustee or the Collateral Agent be obligated to perform any of the obligations or duties of any of the Pledgors hereunder or any of the contracts
described herein 
 (f) The Collateral Agent shall not be responsible for the existence, genuineness or value of
any of the Pledged Collateral or Mortgaged Property or for the validity, perfection, priority or enforceability of the Liens in any of the Pledged Collateral or Mortgaged Property, whether impaired by operation of law or by reason of any of any
action or omission to act on its part hereunder, except to the extent such action or omission constitutes gross negligence or willful misconduct on the part of the Collateral Agent. Nor shall the Collateral Agent be responsible for the validity or
sufficiency of the Pledged Collateral or Mortgaged Property or any agreement or assignment contained therein, for the validity of the title of the Pledgors to the Pledged Collateral or Mortgaged Property, for insuring the Pledged Collateral or
Mortgaged Property or for the payment of taxes, charges, assessments or Liens upon the Pledged Collateral or Mortgaged Property or otherwise as to the maintenance of the Pledged Collateral or Mortgaged Property. 

  
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 (g) In the event that the Collateral Agent is required to acquire title to
an asset for any reason, or take any managerial action of any kind in regard thereto, in order to carry out any duty for the benefit of another, which in the Collateral Agent’s sole discretion may cause it to be considered an “owner or
operator” under the provisions of the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), 42 U.S.C. §9601, et seq., or otherwise cause it to incur liability under CERCLA or any other federal, state or
local law, the Collateral Agent reserves the right, instead of taking such action, to either resign as or arrange for the transfer of the title or control of the asset to a court-appointed receiver. The Collateral Agent shall not be liable to any
person for any environmental claims or contribution actions under any federal, state or local law, rule or regulation by reason of the Collateral Agent’s actions and conduct as authorized, empowered and directed hereunder or relating to the
discharge, release or threatened release of hazardous materials into the environment. If at any time it is necessary or advisable for any real property to be possessed, owned, operated or managed by any person (including the Collateral Agent, the
Holders of not less than a majority in aggregate principal amount of the outstanding Notes shall direct the Collateral Agent to appoint an appropriately qualified person (excluding the Collateral Agent who such Holders shall designate to possess,
own, operate or manage, as the case may be, such real property. 
 (h) In acting under and by virtue of this
Agreement and the other Security Documents, the Collateral Agent shall have all of the rights, protections and immunities granted to the Collateral Agent and the Trustee under the Indenture (including but not limited to the right to be indemnified
under Section 7.07), and all such rights, protections and immunities are incorporated by reference herein, mutatis mutandis. 
 (i) Notwithstanding anything in this Agreement to the contrary and for the avoidance of doubt, the Collateral Agent shall have no duty to act outside of the United States in respect of any collateral
located in another jurisdiction other than the United States. 
 SECTION 10.2. Collateral Agent May Perform; Collateral Agent
Appointed Attorney-in-Fact. If any Pledgor shall fail to perform any covenants contained in this Agreement (including such Pledgor’s covenants to (i) pay the premiums in respect of all required insurance policies hereunder,
(ii) pay and discharge any taxes, assessments and special assessments, levies, fees and governmental charges imposed upon or assessed against, and landlords’, carriers’, mechanics’, workmen’s, repairmen’s,
laborers’, materialmen’s, suppliers’ and warehousemen’s Liens and other claims arising by operation of law against, all or any portion of the Pledged Collateral or Mortgaged Property, (iii) make repairs, (iv) discharge
Liens or (v) pay or perform any obligations of such Pledgor under any Pledged Collateral or Mortgaged Property or if any representation or warranty on the part of any Pledgor contained herein shall be breached, the Collateral Agent may (but
shall not be obligated to) do the same or cause it to be done or remedy any such breach, and may expend funds for such purpose; provided, however, that the Collateral Agent shall in no event be bound to inquire into the validity of any
tax, Lien, imposition or other obligation which such Pledgor fails to pay or perform as and when required hereby and which such Pledgor does not contest in accordance with the provisions of the Indenture. Any and all amounts so expended by the
Collateral Agent shall be paid by the Pledgors in accordance with the provisions of Section 7.7 of the Indenture. Neither the provisions of this Section 10.2 

  
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nor any action taken by the Collateral Agent pursuant to the provisions of this Section 10.2 shall prevent any such failure to observe any covenant contained in this Agreement nor any
breach of representation or warranty from constituting an Event of Default. Each Pledgor hereby appoints the Collateral Agent its attorney-in-fact, with full power and authority in the place and stead of such Pledgor and in the name of such Pledgor,
or otherwise, from time to time in the Collateral Agent’s discretion to take any action and to execute any instrument consistent with the terms of the Indenture, this Agreement and the other Security Documents which the Collateral Agent may
deem necessary to accomplish the purposes hereof (but the Collateral Agent shall not be obligated to and shall have no liability to such Pledgor or any third party for failure to so do or take action). The foregoing grant of authority is a power of
attorney coupled with an interest and such appointment shall be irrevocable for the term hereof. Each Pledgor hereby ratifies all that such attorney shall lawfully do or cause to be done by virtue hereof. 

SECTION 10.3. Continuing Security Interest; Assignment. This Agreement shall create a continuing security interest in the Pledged
Collateral and shall (i) be binding upon the Pledgors, their respective successors and assigns and (ii) inure, together with the rights and remedies of the Collateral Agent hereunder, to the benefit of the Collateral Agent and the other
Secured Parties and each of their respective successors, transferees and assigns. No other persons (including any other creditor of any Pledgor) shall have any interest herein or any right or benefit with respect hereto. Without limiting the
generality of the foregoing clause (ii), any Secured Party may assign or otherwise transfer any indebtedness held by it secured by this Agreement to any other person, and such other person shall thereupon become vested with all the benefits in
respect thereof granted to such Secured Party, herein or otherwise, subject however, to the provisions of the Indenture. Each of the Pledgors agrees that its obligations hereunder and the security interest created hereunder shall continue to be
effective or be reinstated, as applicable, if at any time payment, or any part thereof, of all or any part of the Secured Obligations is rescinded or must otherwise be restored by the Secured Party upon the bankruptcy or reorganization of any
Pledgor or otherwise. 
 SECTION 10.4. Termination; Release. When all the Secured Obligations have been paid in full
(other than contingent liabilities not then due and payable), this Agreement shall terminate. Upon termination of this Agreement the Pledged Collateral shall be released from the Lien of this Agreement. Upon such release or any release of Pledged
Collateral or any part thereof in accordance with the provisions of the Indenture, the Collateral Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgor, against receipt and without
recourse to or warranty by the Collateral Agent, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Collateral Agent and as shall not have been sold or otherwise applied
pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be. 

The Liens securing the Secured Obligations securing the Notes will be released, in whole or in part, as provided in Section 10.3 of
the Indenture. 

  
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 The Liens securing Permitted Additional Pari Passu Obligations of any series will be
released, in whole or in part, as provided in Additional Pari Passu Agreement governing such obligations. 
 SECTION 10.5.
Modification in Writing. No amendment, modification, supplement, termination or waiver of or to any provision hereof, nor consent to any departure by any Pledgor therefrom, shall be effective unless the same shall be made in accordance with
the terms of the Indenture, each Additional Pari Passu Agreement and unless in writing and signed each of the parties hereto and in compliance with the terms of the Intercreditor Agreement (including, without limitation, Section 8.3 thereof).
The Collateral Agent shall receive an Opinion and Officers’ Certificate stating that such amendment, modification, supplement or waiver is authorized or permitted by the Indenture, this Security Agreement and any Additional Pari Passu
Agreement, and that all conditions precedent to the execution of such have been satisfied. Any amendment, modification or supplement of or to any provision hereof, any waiver of any provision hereof and any consent to any departure by any Pledgor
from the terms of any provision hereof in each case shall be effective only in the specific instance and for the specific purpose for which made or given. Except where notice is specifically required by this Agreement or any other document
evidencing the Secured Obligations including any Additional Pari Passu Agreement, no notice to or demand on any Pledgor in any case shall entitle any Pledgor to any other or further notice or demand in similar or other circumstances. 

SECTION 10.6. Notices. Unless otherwise provided herein or in the Indenture, any notice or other communication herein required or
permitted to be given shall be given in the manner and become effective as set forth in the Indenture, as to any Pledgor, addressed to it at the address of the Issuer set forth in the Indenture, as to the Collateral Agent, addressed to it at the
address set forth in the Indenture, as to any Additional Pari Passu Agent, addressed to is at the address set forth in the applicable Additional Pari Passu Joinder Agreement, or in each case at such other address as shall be designated by such party
in a written notice to the other party complying as to delivery with the terms of this Section 10.6. In addition to the foregoing, the Collateral Agent shall have the benefits accorded to the Trustee in Section 12.1 of the
Indenture. 
 SECTION 10.7. Governing Law, Consent to Jurisdiction and Service of Process; Waiver of Jury Trial.
Section 12.7 of the Indenture is incorporated herein, mutatis mutandis, as if a part hereof. 
 SECTION 10.8.
Severability of Provisions. Any provision hereof which is invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without
invalidating the remaining provisions hereof or affecting the validity, legality or enforceability of such provision in any other jurisdiction. 
 SECTION 10.9. Execution in Counterparts. This Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all such counterparts together shall constitute one 

  
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and the same agreement. Delivery of any executed counterpart of a signature page of this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually
executed counterpart of this Agreement. 
 SECTION 10.10. Business Days. In the event any time period or any date
provided in this Agreement ends or falls on a day other than a Business Day, then such time period shall be deemed to end and such date shall be deemed to fall on the next succeeding Business Day, and performance herein may be made on such Business
Day, with the same force and effect as if made on such other day. 
 SECTION 10.11. No Credit for Payment of Taxes or
Imposition. Such Pledgor shall not be entitled to any credit against the principal, premium, if any, or interest payable under the Indenture, and such Pledgor shall not be entitled to any credit against any other sums which may become payable
under the terms thereof or hereof, by reason of the payment of any Taxes on the Pledged Collateral or Mortgaged Property or any part thereof. 
 SECTION 10.12. No Claims Against Collateral Agent. Nothing contained in this Agreement shall constitute any consent or request by the Collateral Agent, express or implied, for the performance of
any labor or services or the furnishing of any materials or other property in respect of the Pledged Collateral or Mortgaged Property or any part thereof, nor as giving any Pledgor any right, power or authority to contract for or permit the
performance of any labor or services or the furnishing of any materials or other property in such fashion as would permit the making of any claim against the Collateral Agent in respect thereof or any claim that any Lien based on the performance of
such labor or services or the furnishing of any such materials or other property is prior to the Lien hereof. 
 SECTION 10.13.
No Release. Nothing set forth in this Agreement or any other Security Document, nor the exercise by the Collateral Agent of any of the rights or remedies hereunder, shall relieve any Pledgor from the performance of any term, covenant,
condition or agreement on such Pledgor’s part to be performed or observed under or in respect of any of the Pledged Collateral or Mortgaged Property or from any liability to any person under or in respect of any of the Pledged Collateral or
Mortgaged Property or shall impose any obligation on the Collateral Agent or any other Secured Party to perform or observe any such term, covenant, condition or agreement on such Pledgor’s part to be so performed or observed or shall impose any
liability on the Collateral Agent or any other Secured Party for any act or omission on the part of such Pledgor relating thereto or for any breach of any representation or warranty on the part of such Pledgor contained in this Agreement, the
Indenture, the other Security Documents and any Additional Pari Passu Agreement, or under or in respect of the Pledged Collateral or Mortgaged Property or made in connection herewith or therewith. Anything herein to the contrary notwithstanding,
neither the Collateral Agent nor any other Secured Party shall have any obligation or liability under any contracts, agreements and other documents included in the Pledged Collateral by reason of this Agreement, nor shall the Collateral Agent or any
other Secured Party be obligated to perform any of the obligations or duties of any Pledgor thereunder or to take any action to collect or enforce any such contract, agreement or other document included in the Pledged Collateral hereunder. The
obligations of each Pledgor contained in this Section 10.13 shall 

  
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survive the termination hereof and the discharge of such Pledgor’s other obligations under this Agreement, the Indenture, the other Security Documents and any Additional Pari Passu
Agreement. 
 SECTION 10.14. Permitted Additional Pari Passu Obligations. On or after the Issue Date, the Issuer may from
time to time designate additional obligations as Permitted Additional Pari Passu Obligations by delivering to the Collateral Agent, the Trustee and each Additional Pari Passu Agent (a) a certificate signed by the chief financial officer of the
Issuer (i) identifying the obligations so designated and the aggregate principal amount or face amount thereof, stating that such obligations are designated as “Permitted Additional Pari Passu Obligations” for purposes hereof,
(ii) representing that such designation complies with the terms of the Indenture and each then extant Additional Pari Passu Agreement, (iii) specifying the name and address of the Additional Pari Passu Agent for such obligations (if other
than the Trustee) and (iv) stating that the Pledgors have complied with their obligations under Section 3.4; (b) except in the case of Additional Notes, a fully executed Additional Pari Passu Joinder Agreement (in the form attached as
Exhibit 6 hereto), (c) an Officers’ Certificate to the effect that the designation of such obligations as “Permitted Additional Pari Passu Obligations” does not violate the terms of the Indenture and each then extant
Additional Pari Passu Agreement (upon which the Collateral Agent may conclusively and exclusively rely) and (d) evidence that the Additional Pari Passu Agent for the applicable series of Permitted Additional Pari Passu Obligations has entered
into an agency agreement or other arrangement with the Collateral Agent that is acceptable to the Collateral Agent, acting in its sole discretion. 
 Notwithstanding the delivery of the Additional Pari Passu Joinder Agreement set forth above, the Collateral Agent shall not be obligated to act as Collateral Agent for any New Secured Parties (as such
term is defined in Exhibit 6 hereto) whatsoever or to execute any document whatsoever (including any agency agreement) if in the sole judgment of the Collateral Agent doing so would impose, purport to impose or might reasonably be expected to
impose upon the Collateral Agent any obligation or liability for which the Collateral Agent is not in its sole discretion fully protected. In no event shall the Collateral Agent be subject to any document that it has not executed. The Additional
Pari Passu Joinder Agreement shall not be effective until it has been accepted in writing by the Collateral Agent. 
 SECTION
10.15. Obligations Absolute . All obligations of each Pledgor hereunder shall be absolute and unconditional irrespective of: 
 (i) any bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation or the like of any other Pledgor; 

(ii) any lack of validity or enforceability of the Indenture, any Security Document or any Pari Passu Agreement, or any other agreement
or instrument relating thereto; 
 (iii) any change in the time, manner or place of payment of, or in any other term of, all or
any of the Secured Obligations, or any other amendment or waiver of or any 

  
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consent to any departure from the Indenture, any Additional Pari Passu Agreement or any Security Document, or any other agreement or instrument relating thereto; 

(iv) any pledge, exchange, release or non-perfection of any other collateral, or any release or amendment or waiver of or consent to any
departure from any guarantee, for all or any of the Secured Obligations; 
 (v) any exercise, non-exercise or waiver of any
right, remedy, power or privilege under or in respect hereof, the Indenture, any Additional Pari Passu Agreement or any Security Document, or any other agreement or instrument relating thereto except as specifically set forth in a waiver granted
pursuant to the provisions of Section 10.5 hereof; or 
 (vi) any other circumstances which might otherwise
constitute a defense available to, or a discharge of, any Pledgor. 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

  
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 IN WITNESS WHEREOF, each Pledgor and the Collateral Agent have caused this Agreement to be
duly executed and delivered by their duly authorized officers as of the date first above written. 
  

			
	 FIESTA RESTAURANT GROUP, INC.,
 as Pledgor

		
	By:	 	/s/ Joseph A. Zirkman
		 	 Name: Joseph A. Zirkman

Title: Vice President

	
	 CABANA BEVERAGES, INC.,
 as Guarantor and Pledgor

		
	By:	 	/s/ Shanna M. Ramirez
		 	 Name: Shanna M. Ramirez

Title: President

	
	 CABANA BEVCO, LLC,

as Guarantor and Pledgor

		
	By:	 	/s/ Shanna M. Ramirez
		 	 Name: Shanna M. Ramirez

Title: Manager

	
	 GET REAL, INC.,
 as
Guarantor and Pledgor

		
	By	 	: /s/ Julio Murillo
		 	 Name: Julio Murillo
 Title:
Vice President

  
 S-1`

 
			
	 POLLO FRANCHISE, INC.,
 as Guarantor and Pledgor

		
	By:	 	/s/ Joseph A. Zirkman
		 	 Name: Joseph A. Zirkman

Title: Vice President

	
	 POLLO OPERATIONS, INC.,
 as Guarantor and Pledgor

		
	By:	 	/s/ Joseph A. Zirkman
		 	 Name: Joseph A. Zirkman

Title: Vice President

	
	 TACO CABANA, INC.,

as Guarantor and Pledgor

		
	By:	 	/s/ Joseph A. Zirkman
		 	 Name: Joseph A. Zirkman

Title: Vice President

	
	 TP ACQUISITION CORP.,
 as Guarantor and Pledgor

		
	By:	 	/s/ Joseph A. Zirkman
		 	 Name: Joseph A. Zirkman

Title: Vice President

	
	 TC BEVCO, LLC,
 as
Guarantor and Pledgor

		
	By:	 	/s/ Shanna M. Ramirez
		 	 Name: Shanna M. Ramirez

Title: Vice President

  
 S-2

 
			
	 T.C. MANAGEMENT, INC.,
 as Guarantor and Pledgor

		
	By:	 	/s/ Joseph A. Zirkman
		 	 Name: Joseph A. Zirkman

Title: Vice President

	
	 TC LEASE HOLDINGS III, V AND VI, INC.,
 as Guarantor and Pledgor

		
	By:	 	/s/ Joseph A. Zirkman
		 	 Name: Joseph A. Zirkman

Title: Vice President

	
	 TEXAS TACO CABANA, L.P.,
 as Guarantor and Pledgor

		
	By:	 	/s/ Joseph A. Zirkman
		 	 Name: Joseph A. Zirkman

Title: Vice President

	
	 TPAQ HOLDING CORPORATION,
 as Guarantor and Pledgor

		
	By:	 	/s/ Julio Murillo
		 	 Name: Julio Murillo
 Title:
Vice President

  
 S-3

 
			
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
 as Collateral Agent

		
	By:	 	/s/ Natalie Crispin
		 	Name: Natalie Crispin
Title: Associate

  
 S-4

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