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Exhibit 4.8  

$80,747,000  

MRS. FIELDS FAMOUS BRANDS, LLC

Mrs. Fields Financing Company, Inc.  

 9% Senior Secured Notes due 2011  

  
 

    REGISTRATION RIGHTS AGREEMENT    
    

        Registration Rights Agreement dated March 16, 2004 (this "Agreement") of Mrs. Fields Famous Brands, LLC, a Delaware limited liability company (the
"Company",) and Mrs. Fields Financing Company, Inc., a Delaware corporation (the
"Co-issuer" and together with the Company, the "Issuers"), for the benefit of the holders of
the 9% Senior Secured Notes due 2011 of the Issuers (each, a "Note" and collectively, the "Notes"). 

W I T N E S S E T H  

        Whereas, the Notes have been issued by the Issuers pursuant to the "Exchange Offer" described in the Tender and Exchange Offer Statement of the Company dated
February 5, 2004, as supplemented by the Supplements, dated February 10, 2004 and March 9, 2004; and 

        Whereas,
pursuant to the Tender and Exchange Offer Statement, the Company has committed to take actions with respect to effecting a registered exchange offering with respect to the Notes
and, if required as provided herein, a shelf registration with respect to the Notes. 

        Now,
therefore, the Issuers hereby agree as follows for the benefit of the holders of the Notes: 

1.     Definitions

        As
used in this Agreement, the following terms shall have the following meanings: 

        Additional Interest: See Section 4(a). 

        Advice: See Section 5(u). 

        Applicable Period: See Section 2(e). 

        Business Day: A day that is not a Saturday, a Sunday or a day on which banking institutions in the City of New York are authorized or
required by law or executive order to be closed. 

        Closing Date: March 16, 2004. 

        Collateral Agreements: Shall have the meaning set forth in the Indenture. 

        Company: See the introductory paragraph to this Agreement. 

        Day: Unless otherwise expressly provided, a calendar day. 

        Effectiveness Date: The 180th day after the Issue Date. 

        Effectiveness Period: See Section 3(a). 

        111/2% Registration Rights Agreement: The agreement, dated as of March 16, 2004, among the Issuers, the Subsidiary
Guarantors and Jefferies & Company, Inc., as Initial Purchaser, for the benefit of the holders of the Issuers' 111/2% Senior Notes due 2011. 

        Event Date: See Section 4(b). 

        Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

        Exchange Notes: Senior Secured Notes due 2011 of the Issuers, identical in all material respects to the Notes, including the guarantees
endorsed thereon, except for references to series and restrictive legends. 

        Exchange Offer: See Section 2(a). 

        Exchange Registration Statement: See Section 2(a). 

        Filing Date: The 90th day after the Issue Date. 

        Holder: Any registered holder of Registrable Notes. 

        Indemnified Party: See Section 7(c). 

        Indemnifying Party: See Section 7(c). 

        Indenture: The Indenture, dated as of the Closing Date, among the Issuers, the Subsidiary Guarantors and The Bank of New York, as trustee,
pursuant to which the Notes are being issued, as amended or supplemented from time to time in accordance with the terms hereof. 

        Initial Shelf Registration: See Section 3(a). 

        Inspectors: See Section 5(n). 

        Issue Date: March 16, 2004. 

        Issuers: See the introductory paragraph to this Agreement. 

        Lien: Shall have the meaning set forth in the Indenture. 

        Losses: See Section 7(a). 

        NASD: National Association of Securities Dealers, Inc. 

        Notes: See the introductory paragraph to this Agreement. 

        Participating Broker-Dealer: See Section 2(e). 

        Person: An individual, trustee, corporation, partnership, limited liability company, joint stock company, trust, unincorporated
association, union, business association, firm, government or agency or political subdivision thereof, or other legal entity. 

        Prospectus: The prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any
prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Notes covered by such Registration Statement, and all other amendments and supplements to the
Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

        Records: See Section 5(n). 

        Registrable Notes: Notes that may not be sold without restriction under federal or state securities laws. 

        Registration Statement: Any registration statement of the Issuers and the Subsidiary Guarantors filed with the SEC under the Securities
Act (including, but not limited to, the Exchange Registration Statement, the Shelf Registration and any subsequent Shelf Registration) that covers any of the Registrable Notes pursuant to the
provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits and

 
all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 

        Rule 144: Rule 144 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule
(other than Rule 144A) or regulation hereafter adopted by the SEC providing for offers and sales of securities made in compliance therewith resulting in offers and sales by subsequent holders
that are not affiliates of an issuer or such securities being free of the registration and prospectus delivery requirements of the Securities Act. 

        Rule 144A: Rule 144A promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar
rule (other than Rule 144) or regulation hereafter adopted by the SEC. 

        Rule 415: Rule 415 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule
or regulation hereafter adopted by the SEC. 

        Rule 430A: Rule 430A promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the SEC. 

        SEC: The Securities and Exchange Commission. 

        Securities: The Notes and the Exchange Notes. 

        Securities Act: The Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder. 

        Shelf Notice: See Section 2(j). 

        Shelf Registration: See Section 3(b). 

        Subsequent Shelf Registration: See Section 3(b). 

        Subsidiary Guarantor: Each subsidiary of the Company that guarantees the obligations of the Issuers under the Notes and Indenture. 

        TIA: The Trust Indenture Act of 1939, as amended. 

        Trustee: The trustee under the Indenture and, if existent, the trustee under any indenture governing the Exchange Notes. 

        Underwritten Registration or Underwritten Offering: A registration in which securities of the Issuers are sold to an underwriter for
reoffering to the public. 

2.     Exchange Offer

	(a)
	Unless
the Exchange Offer would not be permitted by applicable laws or a policy of the SEC, the Issuers shall (and shall cause each Subsidiary Guarantor to) (i) prepare and
file with the SEC promptly after the date hereof, but in no event later than the Filing Date, a registration statement (the "Exchange Registration
Statement") on an appropriate form under the Securities Act with respect to an offer (the "Exchange Offer") to the Holders of
Notes to issue and deliver to such Holders, in exchange for the Notes, a like principal amount of Exchange Notes, (ii) use their best efforts to cause the Exchange Registration Statement to
become effective as promptly as practicable after the filing thereof, but in no event later than the Effectiveness Date, (iii) use their best efforts to keep the Exchange Registration Statement
effective until the consummation of the Exchange Offer in accordance with its terms, and (iv) commence the Exchange Offer and use their best efforts to issue on or prior to 30 Business Days
after the date on which the Exchange Registration Statement is declared effective, Exchange Notes in exchange for all Notes tendered prior thereto in the Exchange Offer. The Exchange Offer shall not
be subject to any conditions, other than that the 

 

Exchange
Offer does not violate applicable law or any applicable interpretation of the staff of the SEC. 

	(b)
	The
Exchange Notes shall be issued under, and entitled to the benefits of, (i) the Indenture or a trust indenture that is identical to the Indenture (other than such changes as
are necessary to comply with any requirements of the SEC to effect or maintain the qualifications thereof under the TIA) and (ii) the Collateral Agreements.

	(c)
	Interest
on the Exchange Notes will accrue from the last interest payment due date on which interest was paid on the Notes surrendered in exchange therefor or, if no interest has been
paid on the Notes, from the date of original issue of the Notes. Each Exchange Note shall bear interest at the rate set forth thereon; provided,
that interest with respect to the period prior to the issuance thereof shall accrue at the rate or rates borne by the Notes from time to time during such period.

	(d)
	The
Issuers may require each Holder as a condition to participation in the Exchange Offer to represent (i) that any Exchange Notes received by it will be acquired in the
ordinary course of its business, (ii) that at the time of the commencement and consummation of the Exchange Offer such Holder has not entered into any arrangement or understanding with any
Person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Notes in violation of the provisions of the Securities Act, (iii) that if such Holder is an
"affiliate" of the either of the Issuers within the meaning of Rule 405 of the Securities Act, it will comply with the registration and prospectus delivery requirements of the Securities Act to
the extent applicable to it, (iv) if such Holder is not a broker-dealer, that it is not engaged in, and does not intend to engage in, the distribution of the Notes and (v) if such Holder
is a Participating Broker-Dealer, that it will deliver a Prospectus in connection with any resale of the Exchange Notes.

	(e)
	The
Issuers shall (and shall cause each Subsidiary Guarantor to) include within the Prospectus contained in the Exchange Registration Statement a section entitled "Plan of
Distribution" which shall contain a summary statement of the positions taken or policies made by the staff of the SEC with respect to the potential "underwriter" status of any broker-dealer that is
the beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of Exchange Notes received by such broker-dealer in the Exchange Offer for its own account in exchange for
Notes that were acquired by it as a result of market-making or other trading activity (a "Participating Broker-Dealer"), whether such positions or
policies have been publicly disseminated by the staff of the SEC or such positions or policies, in the judgment of the Issuers, represent the prevailing views of the staff of the SEC. Such "Plan of
Distribution" section shall also allow, to the extent permitted by applicable policies and regulations of the SEC, the use of the Prospectus by all Persons subject to the prospectus delivery
requirements of the Securities Act, including, to the extent so permitted, all Participating Broker-Dealers, and include a statement describing the manner in which Participating Broker-Dealers may
resell the Exchange Notes. The Issuers shall use their best efforts to keep the Exchange Registration Statement effective and to amend and supplement the Prospectus contained therein, in order to
permit such Prospectus to be lawfully delivered by all Persons subject to the prospectus delivery requirements of the Securities Act for such period of time as such Persons must comply with such
requirements in order to resell the Exchange Notes; provided that such period shall not exceed the lesser of 180 days and the date on which all
persons subject to the prospectus delivery requirements of the Securities Act have sold all Exchange Notes held by them (the "Applicable Period"). 

 

	(f)
	In
connection with the Exchange Offer, the Issuers shall (and shall cause each Subsidiary Guarantor to):

	(i)
	mail
to each Holder a copy of the Prospectus forming part of the Exchange Registration Statement, together with an appropriate letter of transmittal that is an exhibit to the Exchange
Offer Registration Statement, and any related documents;

	(ii)
	keep
the Exchange Offer open for not less than 20 Business Days after the date notice thereof is mailed to the Holders (or longer if required by applicable law)

	(iii)
	utilize
the services of a depository for the Exchange Offer with an address in the Borough of Manhattan, the City of New York, which may be the Trustee or an affiliate thereof;

	(iv)
	permit
Holders to withdraw tendered Registrable Notes at any time prior to the close of business, New York time, on the last Business Day on which the Exchange Offer shall remain
open; and

	(v)
	otherwise
comply in all material respects with all applicable laws.

	(g)
	As
soon as practicable after the close of the Exchange Offer the Issuers shall:

	(i)
	accept
for exchange all Registrable Notes validly tendered pursuant to the Exchange Offer and not validly withdrawn;

	(ii)
	deliver
to the Trustee for cancellation all Registrable Notes so accepted for exchange; and

	(iii)
	cause
the Trustee to authenticate and deliver promptly to each Holder tendering such Registrable Notes, Exchange Notes equal in principal amount to the Notes of such Holder so
accepted for exchange and including guarantees by the Subsidiary Guarantors.

	(h)
	The
Exchange Notes may be issued under (i) the Indenture or (ii) an indenture identical to the Indenture (other than such changes as are necessary to comply with any
requirements of the SEC to effect or maintain the qualification thereof under the TIA), which in either event will provide that the Exchange Notes will not be subject to the transfer restrictions set
forth in the Indenture and that the Exchange Notes and the Notes, if any, will be deemed one class of security (subject to the provisions of the Indenture) and entitled to participate in all the
security granted by the Issuers pursuant to the Collateral Agreements and in any Subsidiary Guarantee (as such terms are defined in the Indenture) on an equal and ratable basis.

	(i)
	If:
(i) applicable interpretations of the staff of the SEC would not permit the consummation of the Exchange Offer prior to the Effectiveness Date; (ii) the Exchange
Offer is not consummated within 30 Business Days from the date the Exchange Registration Statement was declared effective; or (iii) in the case of (A) any Holder not permitted by
applicable law or SEC policy to participate in the Exchange Offer, (B) any Holder participating in the Exchange Offer that receives Exchange Notes that may not be sold without restriction under
state and federal securities laws (other than due solely to the status of such Holder as an affiliate of either of the Issuers within the meaning of the Securities Act) or (C) any broker-dealer
that holds Notes acquired directly from the Issuers or any of their affiliates and, in each such case contemplated by this clause (iv), such Holder notifies the Issuers prior to the completion
of the Exchange Offer, then the Issuers shall promptly (and in any event within five Business Days) deliver to the Holders (or in the case of an occurrence of any event described in
clause (iv) of this Section 2(j), to any such Holder) and the Trustee notice thereof (the "Shelf Notice") and shall as promptly as
practicable thereafter (but in no event more than 45 days after the delivery of the Shelf Notice) file an Initial Shelf Registration pursuant to Section 3. 

 

3.     Shelf Registration

        If
a Shelf Notice is delivered pursuant to Section 2(j), then this Section 3 shall apply to all Registrable Notes. Otherwise, upon consummation of the Exchange Offer in
accordance with Section 2, the provisions of Section 3 shall apply solely with respect to (i) Notes held by any Holder thereof not permitted to participate in the Exchange Offer,
(ii) Notes held by any broker-dealer that acquired such Notes directly from the Issuers or any of their affiliates and (iii) Exchange Notes that are not freely tradeable as contemplated
by Section 2(j)(iv) hereof, provided in each case that the relevant Holder has duly notified the Issuers prior to completion of the Exchange Offer as required by Section 2(j)(iv). 

	(a)
	Initial Shelf Registration. The Issuers shall (and shall cause each Subsidiary Guarantor to), as promptly as practicable, file with the
SEC a Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 covering all of the Registrable Notes (the "Initial Shelf
Registration"). If the Issuers (and any Subsidiary Guarantor) have not yet filed an Exchange Registration Statement, the Issuers shall (and shall cause each Subsidiary
Guarantor to) file with the SEC the Initial Shelf Registration on or prior to the Filing Date and shall use their best efforts to cause such Initial Shelf Registration to be declared effective under
the Securities Act on or prior to the Effectiveness Date. Otherwise, the Issuers shall (and shall cause each Subsidiary Guarantor to) use their best efforts to file with the SEC the Initial Shelf
Registration within 45 days of the delivery of the Shelf Notice and shall use their best efforts to cause such Shelf Registration to be declared effective under the Securities Act as promptly
as practicable thereafter (but in no event more than 90 days after delivery of the Shelf Notice). The Initial Shelf Registration shall be on Form S-1 or another appropriate
form permitting registration of such Registrable Notes for resale by Holders in the manner or manners reasonably designated by them (including, without limitation, one or more underwritten offerings).
The Issuers and Subsidiary Guarantors shall not permit any securities other than the Registrable Notes to be included in any Shelf Registration. The Issuers shall (and shall cause each Subsidiary
Guarantor to) use their best efforts to keep the Initial Shelf Registration continuously effective under the Securities Act until the date which is 24 months from the Closing Date (subject to
extension pursuant to the last paragraph of Section 5(u) (the "Effectiveness Period"), or such shorter period ending when (i) all
Registrable Notes covered by the Initial Shelf Registration have been sold in the manner set forth and as contemplated in the Initial Shelf Registration, (ii) a Subsequent Shelf Registration
covering all of the Registrable Notes covered by and not sold under the Initial Shelf Registration or an earlier Subsequent Shelf Registration has been declared effective under the Securities Act or
(iii) there cease to be any outstanding Registrable Notes.

	(b)
	Subsequent Shelf Registrations. If the Initial Shelf Registration or any Subsequent Shelf Registration (as defined below) ceases to be
effective for any reason at any time during the Effectiveness Period (other than because of the sale of all of the securities registered thereunder), the Issuers shall (and shall cause each Subsidiary
Guarantor to) use their best efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall within 30 days of such cessation of effectiveness
amend such Shelf Registration in a manner to obtain the withdrawal of the order suspending the effectiveness thereof, or file (and cause each Subsidiary Guarantor to file) an additional "shelf"
Registration Statement pursuant to Rule 415 covering all of the Registrable Notes (a "Subsequent Shelf Registration"). If a Subsequent Shelf
Registration is filed, the Issuers shall (and shall cause each Subsidiary Guarantor to) use their best efforts to cause the Subsequent Shelf Registration to be declared effective as soon as
practicable after such filing and to keep such Subsequent Shelf Registration continuously effective for a period equal to the number of days in the Effectiveness Period less the aggregate
number of days during which the Initial Shelf Registration or any Subsequent Shelf Registration was previously continuously effective. As used herein the term "Shelf Registration" means the
Initial Shelf Registration and any Subsequent Shelf Registrations. 

  

	(c)
	Supplements and Amendments. The Issuers shall promptly supplement and amend any Shelf Registration if required by the rules,
regulations or instructions applicable to the registration form used for such Shelf Registration, if required by the Securities Act, or if reasonably requested in writing by the Holders of a majority
in aggregate principal amount of the Registrable Notes covered by such Shelf Registration or by any underwriter of such Registrable Notes.

	(d)
	Provision of Information. No Holder of Registrable Notes shall be entitled to include any of its Registrable Notes in any Shelf
Registration pursuant to this Agreement unless such Holder furnishes to the Issuers and the Trustee in writing, within 20 days after receipt of a written request therefor, such information as
the Issuers and the Trustee after conferring with counsel with regard to information relating to Holders that would be required by the SEC to be included in such Shelf Registration or Prospectus
included therein, may reasonably request for inclusion in any Shelf Registration or Prospectus included therein, and no such Holder shall be entitled to Additional Interest pursuant to
Section 4 hereof unless and until such Holder shall have provided such information. 

4.     Additional Interest

	(a)
	Each
Issuer and each Subsidiary Guarantor acknowledges and agrees that the Holders of Registrable Notes will suffer damages if the Issuers or any Subsidiary Guarantor fails to fulfill
its material obligations under Section 2 or Section 3 hereof and that it would not be feasible to ascertain the extent of such damages with precision. Accordingly, the Issuers and the
Subsidiary Guarantors agree to pay additional cash interest on the Notes ("Additional Interest") under the circumstances and to the extent set forth
below (each of which shall be given independent effect):

	(i)
	if
neither the Exchange Registration Statement nor the Initial Shelf Registration has been filed with the SEC on or prior to the Filing Date, Additional Interest shall accrue on the
Notes over and above any stated interest at a rate of 0.25% per annum of the principal amount of such Notes for the first 90 days immediately following the Filing Date, such Additional Interest
rate increasing by an additional 0.25% per annum at the beginning of each subsequent 90-day period;

	(ii)
	if
neither the Exchange Registration Statement nor the Initial Shelf Registration is declared effective on or prior to the Effectiveness Date, Additional Interest shall accrue on the
Notes over and above any stated interest at a rate of 0.25% per annum of the principal amount of such Notes for the first 90 days immediately following the Effectiveness Date, such Additional
Interest rate increasing by an additional 0.25% per annum at the beginning of each subsequent 90-day period;

	(iii)
	if
(A) the Issuers (and any Subsidiary Guarantor) have not exchanged Exchange Notes for all Notes validly tendered in accordance with the terms of the Exchange Offer on or
prior to the 30 Business Days after the Effectiveness Date, (B) the Exchange Registration Statement ceases to be effective at any time prior to the time that the Exchange Offer is consummated,
(C) if applicable, a Shelf Registration has been declared effective and such Shelf Registration ceases to be effective at any time prior to the second anniversary of the Closing Date (other
than such time as all Notes have been disposed of thereunder) and is not declared effective again within 30 days, or (D) pending the announcement of a material corporate transaction, the
Issuers issue a written notice pursuant to Section 5(e)(v) or (vi) that a Shelf Registration Statement or Exchange Registration Statement is unusable and the aggregate number
of days in any 365-day period for which all such notices issued or required to be issued, have been, or were required to be, in effect exceeds 120 days in the aggregate or
30 days consecutively, in the case of a Shelf 

 

Registration
statement, or 15 days in the aggregate in the case of an Exchange Registration Statement, then Additional Interest shall accrue on the Notes, over and above any stated interest, at
a rate of 0.25% per annum of the principal amount of such Notes commencing on (w) the 31st Business Day after the Effectiveness Date, in the case of (A) above, or (x) the date the
Exchange Registration Statement ceases to be effective without being declared effective again within 30 days, in the case of clause (B) above, or (y) the day such Shelf
Registration ceases to be effective in the case of (C) above, or (z) the day the Exchange Registration Statement or Shelf Registration ceases to be usable in case of
clause (D) above, such Additional Interest rate increasing by an additional 0.25% per annum at the beginning of each such subsequent 90-day period; 

provided, however, that Additional Interest will not accrue under more than one of the foregoing clauses
(i), (ii) or (iii) at any one time; provided further, however, that the maximum Additional
Interest rate on the Notes may not exceed at any one time in the aggregate 1.00% per annum; and provided further,  however, that (1) upon the filing of
the Exchange Registration Statement or Initial Shelf Registration (in the case of (i) above),
(2) upon the effectiveness of the Exchange Registration Statement or Initial Shelf Registration (in the case of (ii) above), or (3) upon the exchange of Exchange Notes for all
Notes tendered (in the case of (iii)(A) above), or upon the effectiveness of the Exchange Registration Statement that had ceased to remain effective (in the case of
clause (iii)(B) above), or upon the effectiveness of a Shelf Registration which had ceased to remain effective (in the case of (iii)(C) above), Additional Interest on the Notes as
a result of such clause (or the relevant subclause thereof) or upon the effectiveness of such Registration Statement or Exchange Registration Statement (in the case of clause (iii)(D) above),
as the case may be, shall cease to accrue. 

	(b)
	The
Issuers shall notify the Trustee within 3 Business Days after each and every date on which an event occurs in respect of which Additional Interest is required to be paid (an
"Event Date"). Any amounts of Additional Interest due pursuant to clause (a)(i), (a)(ii) or (a)(iii) of this Section 4 will
be payable in cash, on the dates and in the manner provided in the Indenture and whether or not any cash interest would then be payable on such date,
commencing with the first such semi-annual date occurring after any such Additional Interest commences to accrue. The amount of Additional Interest will be determined by multiplying the
applicable Additional Interest rate by the principal amount of the Notes, multiplied by a fraction, the numerator of which is the number of days such Additional Interest rate was applicable
during such period (determined on the basis of a 360-day year comprised of twelve 30-day months and, in the case of a partial month, the actual number of days
elapsed), and the denominator of which is 360. 

5.     Registration Procedures

        In
connection with the filing of any Registration Statement pursuant to Sections 2 or 3 hereof, the Issuers shall (and shall cause each Subsidiary Guarantor to) effect such registrations
to permit the sale of such securities covered thereby in accordance with the intended method or methods of disposition thereof, and pursuant thereto and in connection with any Registration Statement
filed by the Issuers hereunder, the Issuers shall (and shall cause each Subsidiary Guarantor to): 

	(a)
	Prepare
and file with the SEC as soon as practicable after the date hereof but in any event on or prior to the Filing Date, the Exchange Registration Statement or if the Exchange
Registration Statement is not filed because of the circumstances contemplated by Section 2(j), a Shelf Registration as prescribed by Section 3, and use its best efforts to cause each
such Registration Statement to become effective and remain effective as provided herein; provided that, if (1) a Shelf Registration is filed
pursuant to Section 3 or (2) a Prospectus contained in an Exchange Registration Statement filed pursuant to Section 2 is required to be delivered under the Securities Act by any
Participating Broker-Dealer who seeks to sell Exchange Notes 

 

during
the Applicable Period relating thereto, before filing any Registration Statement or Prospectus or any amendments or supplements thereto the Issuers shall (and shall cause each Subsidiary
Guarantor to), if requested, furnish to and afford the Holders of the Registrable Notes to be registered pursuant to such Shelf Registration Statement, each Participating Broker-Dealer, the managing
underwriters, if any, and each of their respective counsel, a reasonable opportunity to review copies of all such documents (including copies of any documents to be incorporated by reference therein
and all exhibits thereto) proposed to be filed (in the case of the initial filing, at least 5 Business Days prior thereto). The Issuers and each Subsidiary Guarantor shall not file any such
Registration Statement or Prospectus or any amendments or supplements thereto in respect of which the Holders must provide information for the inclusion therein without the Holders being afforded an
opportunity to review such documentation if the holders of a majority in aggregate principal amount of the Registrable Notes covered by such Registration Statement, or any such Participating
Broker-Dealer, as the case may be, the managing underwriters, if any, or any of their respective counsel shall reasonably object in writing on a timely basis. A Holder shall be deemed to have
reasonably objected to such filing if such Registration Statement, amendment, Prospectus or supplement, as applicable, as proposed to be filed, contains an untrue statement of a material fact or omits
to state any material fact necessary to make the statements therein not misleading or fails to comply with the applicable requirements of the Securities Act. 

	(b)
	Provide
an indenture trustee for the Registrable Notes, the Exchange Notes and cause the Indenture (or other indenture relating to the Registrable Notes) to be qualified under the TIA
not later than the effective date of the first Registration Statement; and in connection therewith, to effect such changes to such indenture as may be required for such indenture to be so qualified in
accordance with the terms of the TIA; and execute, and use its best efforts to cause such trustee to execute, all documents as may be required to effect such changes, and all other forms and documents
required to be filed with the SEC to enable such indenture to be so qualified in a timely manner.

	(c)
	Prepare
and file with the SEC such pre-effective amendments and post-effective amendments to each Shelf Registration or Exchange Registration Statement, as the
case may be, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period or the Applicable Period, as the case may be; cause the related Prospectus to
be supplemented by any Prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) promulgated under the
Securities Act; and comply with the provisions of the Securities Act and the Exchange Act applicable to them with respect to the disposition of all securities covered by such Registration Statement as
so amended or in such Prospectus as so supplemented and with respect to the subsequent resale of any securities being sold by a Participating Broker-Dealer covered by any such Prospectus. The Issuers
and each Subsidiary Guarantor shall not, during the Applicable Period, voluntarily take any action that would result in selling Holders of the Registrable Notes covered by a Registration Statement or
Participating Broker-Dealers seeking to sell Exchange Notes not being able to sell such Registrable Notes or such Exchange Notes during that period, unless such action is required by applicable law,
rule or regulation or permitted by this Agreement.

	(d)
	Furnish
to such selling Holders and Participating Broker-Dealers who so request in writing (i) upon the Issuers' receipt, a copy of the order of the SEC declaring such
Registration Statement and any post effective amendment thereto effective, (ii) such reasonable number of copies of such Registration Statement and of each amendment and supplement thereto (in
each case including any documents incorporated therein by reference and all exhibits), and (iii) such reasonable number of copies of the Prospectus included in such Registration Statement
(including each preliminary Prospectus) and each amendment and supplement 

 

thereto,
and such reasonable number of copies of the final Prospectus as filed by the Issuers and each Subsidiary Guarantor pursuant to Rule 424(b) under the Securities Act, in
conformity with the requirements of the Securities Act and each amendment and supplement thereto. The Issuers and the Subsidiary Guarantors hereby consent to the use of the Prospectus by each of the
selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the case may be, and the underwriters or agents, if any, and dealers, if any, in connection with the offering and sale
of the Registrable Notes covered by, or the sale by Participating Broker-Dealers of the Exchange Notes pursuant to, such Prospectus and any amendment or supplement thereto. 

	(e)
	If
(1) a Shelf Registration is filed pursuant to Section 3, or (2) a Prospectus contained in an Exchange Registration Statement filed pursuant to Section 2
is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating thereto, the Issuers shall notify in
writing the selling Holders of Registrable Notes, or each such Participating Broker-Dealer, as the case may be, the managing underwriters, if any, and each of their respective counsel promptly (but in
any event within 2 Business Days) (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement or any
post-effective amendment, when the same has become effective (including in such notice a written statement that any Holder may, upon request, obtain, without charge, one conformed copy of
such Registration Statement or post-effective amendment including financial statements and schedules, documents incorporated or deemed to be incorporated by reference and exhibits),
(ii) of the issuance by the SEC of any stop order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of any Prospectus or the initiation
of any proceedings for that purpose, (iii) if at any time when a Prospectus is required by the Securities Act to be delivered in connection with sales of the Registrable Notes the
representations and warranties of the Issuers and any Subsidiary Guarantor contained in any agreement (including any underwriting agreement) contemplated by Section 5(m) hereof cease to be true
and correct, (iv) of the receipt by the Issuers or any Subsidiary Guarantor of any notification with respect to the suspension of the qualification or exemption from qualification of a
Registration Statement or any of the Registrable Notes or the Exchange Notes to be sold by any Participating Broker-Dealer for offer or sale in any jurisdiction, or the initiation or threatening of
any proceeding for such purpose, (v) of the happening of any event, the existence of any condition of any information becoming known that makes any statement made in such Registration Statement
or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in, or amendments or
supplements to, such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement and the Prospectus, it will not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, (vi) of
any reasonable determination by the Issuers or any Subsidiary Guarantor that a post-effective amendment to a Registration Statement would be appropriate and (vii) of any request by
the SEC for amendments to the Registration Statement or supplements to the Prospectus or for additional information relating thereto.

	(f)
	Use
their reasonable best efforts to prevent the issuance of any order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of a
Prospectus or suspending the qualification (or exemption from qualification) of any of the Registrable Notes or the Exchange Notes to be sold by any Participating Broker-Dealer, for sale in any
jurisdiction, and, if any such order is issued, to use its reasonable best efforts to obtain the withdrawal of any such order at the earliest possible date. 

 

	(g)
	If
(A) a Shelf Registration is filed pursuant to Section 3, (B) a Prospectus contained in an Exchange Registration Statement filed pursuant to Section 2 is
required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period or (C) reasonably requested in writing by the
managing underwriters, if any, or the Holders of a majority in aggregate principal amount of the Registrable Notes being sold in connection with an underwritten offering, (i) promptly
incorporate in a Prospectus supplement or post-effective amendment such information or revisions to information therein relating to such underwriters or selling Holders as the managing
underwriters, if any, or such Holders or any of their respective counsel reasonably request in writing to be included or made therein and (ii) make all required filings of such Prospectus
supplement or such post-effective amendment as soon as practicable after the Issuers have received notification of the matters to be incorporated in such Prospectus supplements or
post-effective amendment.

	(h)
	Prior
to any public offering of Registrable Notes or any delivery of a Prospectus contained in the Exchange Registration Statement by any Participating Broker-Dealer who seeks to sell
Exchange Notes during the Applicable Period, use its reasonable best efforts to register or qualify, and to cooperate with the selling Holders of Registrable Notes or each such Participating
Broker-Dealer, as the case may be, the underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification) of
such Registrable Notes or Exchange Notes, as the case may be, for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any selling Holder,
Participating Broker-Dealer or any managing underwriter or underwriters, if any, reasonably request in writing; provided that where Exchange Notes held
by Participating Broker-Dealers or Registrable Notes are offered other than through an underwritten offering, the Issuers and each Subsidiary Guarantor agree to cause its counsel to perform Blue Sky
investigations and file any registrations and qualifications required to be filed pursuant to this Section 5(h), keep each such registration or qualification (or exemption therefrom) effective
during the period such Registration Statement is required to be kept effective and do any and all other acts or things reasonably necessary or advisable to enable the disposition in such jurisdictions
of the Exchange Notes held by Participating Broker-Dealers or the Registrable Notes covered by the applicable Registration Statement; provided that
neither the Issuers nor any Subsidiary Guarantor shall be required to (A) qualify generally to do business in any jurisdiction where it is not then so qualified, (B) take any action that
would subject it to general service of process in any such jurisdiction where it is not then so subject or (C) subject itself to taxation in any such jurisdiction where it is not then so
subject.

	(i)
	If
(A) a Shelf Registration is filed pursuant to Section 3 or (B) a Prospectus contained in an Exchange Registration Statement filed pursuant to Section 2
is requested to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, cooperate with the selling Holders of
Registrable Notes and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Notes to be sold, which certificates
shall not bear any restrictive legends and shall be in a form eligible for deposit with The Depository Trust Company, and enable such Registrable Notes to be in such denominations and registered in
such names as the managing underwriter or underwriters, if any, or Holders may reasonably request.

	(j)
	Use
their reasonable best efforts to cause the Registrable Notes covered by any Registration Statement to be registered with or approved by such governmental agencies or authorities
as may be necessary to enable the seller or sellers thereof or the underwriter, if any, to consummate the disposition of such Registrable Notes, except as may be required solely as a 

 

consequence
of the nature of such selling Holder's business, in which case the Issuers shall (and shall cause each Subsidiary Guarantor to) cooperate in all reasonable respects with the filing of such
Registration Statement and the granting of such approvals; provided that neither the Issuers nor any existing Subsidiary Guarantor shall be required to (A) qualify generally to do business in
any jurisdiction where it is not then so qualified, (B) take any action that would subject it to general service of process in any jurisdiction where it is not then so subject or
(C) subject itself to taxation in any such jurisdiction where it is not then so subject. 

	(k)
	If
(1) a Shelf Registration is filed pursuant to Section 3, or (2) a Prospectus contained in an Exchange Registration Statement filed pursuant to Section 2
is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, upon the occurrence of any event contemplated by
paragraph 5(e)(v) or 5(e)(vi) hereof, as promptly as reasonably practicable, prepare and file with the SEC, at the expense of the Issuers and the Subsidiary Guarantors, a
supplement or post-effective amendment to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by
reference, or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Notes being sold thereunder or to the purchasers of the Exchange Notes to whom such
Prospectus will be delivered by a Participating Broker-Dealer, such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and, if SEC review is required, use its best efforts to cause such
post-effective amendment to be declared effective as soon as possible.

	(l)
	Prior
to the initial issuance of the Exchange Notes, (i) provide the Trustee with one or more certificates for the Registrable Notes in a form eligible for deposit with The
Depository Trust Company and (ii) provide a CUSIP number for the Exchange Notes.

	(m)
	If
a Shelf Registration is filed pursuant to Section 3, enter into such agreements (including an underwriting agreement in form, scope and substance as is customary in
underwritten offerings of debt securities similar to the Notes, as may be appropriate in the circumstances) and take all such other actions in connection therewith (including those reasonably
requested in writing by the managing underwriters) in order to expedite or facilitate the disposition of such Registrable Notes in an underwritten offering, and in such connection, (i) make
such representations and warranties to the underwriters with respect to the business of the Issuers and the subsidiaries of the Company as then conducted, and the Registration Statement, Prospectus
and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, in form, substance and scope as are customarily made by issuers to underwriters in underwritten
offerings of debt securities similar to the Notes, as may be appropriate in the circumstances, and confirm the same if and when reasonably required; (ii) obtain an opinion of counsel to the
Issuers and the Subsidiary Guarantors and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the managing underwriters), addressed to each
of the underwriters covering the matters customarily covered in opinions of counsel to the Issuers and the Subsidiary Guarantors requested in underwritten offerings of debt securities similar to the
Notes, as may be appropriate in the circumstances; (iii) obtain "cold comfort" letters and updates thereof (which letters and updates (in form, scope and substance) shall be reasonably
satisfactory to the managing underwriters) from the independent certified public accountants of the Issuers and the Subsidiary Guarantors (and, if necessary, any other independent certified public
accountants of any subsidiary of the Issuers or of any business acquired by the Company for which financial statements and financial data are, or are required to be, included in the Registration
Statement), addressed to each of the underwriters, such letters to be in customary form and covering matters of the type customarily covered in "cold comfort" letters in 

 

connection
with underwritten offerings of debt securities similar to the Notes, as may be appropriate in the circumstances, and such other matters as reasonably requested in writing by the
underwriters; and (iv) deliver such documents and certificates as may be reasonably requested in writing by the managing underwriters to evidence the continued validity of the representations
and warranties of the Issuers and the subsidiaries of the Company made pursuant to clause (i) above and to evidence compliance with any conditions contained in the underwriting agreement
or other similar agreement entered into by the Issuers or any Subsidiary Guarantor. 

	(n)
	If
(1) a Shelf Registration is filed pursuant to Section 3, or (2) a Prospectus contained in an Exchange Registration Statement filed pursuant to Section 2
is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, make available for inspection by any selling
Holder of such Registrable Notes being sold, or each such Participating Broker-Dealer, as the case may be, any underwriter participating in any such disposition of Registrable Notes, if any, and any
attorney, accountant or other agent retained by any such selling Holder or each such Participating Broker-Dealer, as the case may be, or underwriter (collectively, the
"Inspectors"), at the offices where normally kept, during reasonable business hours, all financial and other records and pertinent corporate
documents of the Issuers and the subsidiaries of the Company (collectively, the "Records") as shall be reasonably necessary to enable them to exercise
any applicable due diligence responsibilities, and cause the officers, directors and employees of the Issuers and the subsidiaries of the Company to supply all information reasonably requested in
writing by any such Inspector in connection with such Registration Statement. Each Inspector shall agree in writing that it will keep the Records confidential and not disclose any of the Records
unless (i) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in such Registration Statement, (ii) the release of such Records is ordered pursuant
to a subpoena or other order from a court of competent jurisdiction, (iii) the information in such Records is public or has been made generally available to the public other than as a result of
a disclosure or failure to safeguard by such Inspector or (iv) disclosure of such information is, in the reasonable written opinion of counsel for any Inspector, necessary or advisable in
connection with any action, claim, suit or proceeding, directly or indirectly, involving or potentially involving such Inspector and arising out of, based upon, related to, or involving this
Agreement, or any transaction contemplated hereby or arising hereunder. Each selling Holder of such Registrable Notes and each such Participating Broker-Dealer will be required to agree that
information obtained by it as a result of such inspections shall be deemed confidential and shall not be used by it as the basis for any market transactions in the securities of the Issuers unless and
until such is made generally available to the public. Each Inspector, each selling Holder of such Registrable Notes and each such Participating Broker-Dealer will be required to further agree that it
will, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, give notice to the Issuers and, to the extent practicable, use its best efforts to allow the
Issuers, at their expense, to undertake appropriate action to prevent disclosure of the Records deemed confidential at their expense.

	(o)
	Comply
with all applicable rules and regulations of the SEC and make generally available to the security holders of the Issuers with regard to any Applicable Registration Statement
earning statements satisfying the provisions of section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) no later
than 45 days after the end of any 12-month period (or 90 days after the end of any 12-month period if such period is a fiscal year) (i) commencing at the
end of any fiscal quarter in which Registrable Notes are sold to underwriters in a firm commitment or best efforts underwritten offering and (ii) if not sold to underwriters in such an
offering, commencing on the first day of the first 

 

fiscal
quarter of the Issuers after the effective date of a Registration Statement, which statements shall cover said 12-month periods. 

	(p)
	Upon
consummation of an Exchange Offer, obtain an opinion of counsel to the Issuers and the Subsidiary Guarantors, addressed to the Trustee for the benefit of all Holders
participating in the Exchange Offer to the effect that (i) the Issuers and the Subsidiary Guarantors have duly authorized, executed and delivered the Exchange Notes and the Indenture,
(ii) the Exchange Notes and the Indenture constitute legal, valid and binding obligations of the Issuers and the Subsidiary Guarantors, enforceable against the Issuers and the Subsidiary
Guarantors in accordance with their respective terms, except as such enforcement may be subject to customary United States and foreign exceptions and (iii) all obligations of the Issuers and
the Subsidiary Guarantors under the Exchange Notes, as the case may be, and the Indenture are secured by Liens (as defined in the Indenture) on the assets securing the obligations of the Issuers and
the Subsidiary Guarantors under the Notes, Indenture and Collateral Agreements to the extent and as discussed in the Registration Statement.

	(q)
	If
the Exchange Offer is to be consummated, upon delivery of the Registrable Notes by the Holders to the Issuers and the Subsidiary Guarantors (or to such other Person as directed by
the Issuers and the Subsidiary Guarantors) in exchange for the Exchange Notes, the Issuers and the Subsidiary Guarantors shall mark, or caused to be marked, on such Registrable Notes that the Exchange
Notes are being issued as substitute evidence of the indebtedness originally evidenced by the Registrable Notes; provided that in no event shall such
Registrable Notes be marked as paid or otherwise satisfied.

	(r)
	Cooperate
with each seller of Registrable Notes covered by any Registration Statement and each underwriter, if any, participating in the disposition of such Registrable Notes and
their respective counsel in connection with any filings required to be made with the NASD.

	(s)
	Use
their best efforts to take all other steps reasonably necessary to effect the registration of the Registrable Notes covered by a Registration Statement contemplated hereby.

	(t)
	The
Issuers may require each seller of Registrable Notes or Participating Broker-Dealer as to which any registration is being effected to furnish to the Issuers such information
regarding such seller or Participating Broker-Dealer and the distribution of such Registrable Notes as the Issuers may, from time to time, reasonably request in writing. The Issuers may exclude from
such registration the Registrable Notes of any seller who fails to furnish such information within a reasonable time (which time in no event shall exceed 45 days, subject to
Section 3(d)) hereof) after receiving such request. Each seller of Registrable Notes or Participating Broker-Dealer as to which any registration is being effected agrees to furnish promptly to
the Issuers all information required to be disclosed in order to make the information previously furnished by such seller not materially misleading.

	(u)
	Each
Holder of Registrable Notes and each Participating Broker-Dealer agrees by acquisition of such Registrable Notes or Exchange Notes to be sold by such Participating Broker-Dealer,
as the case may be, that, upon receipt of any notice from the Issuers of the happening of any event of the kind described in Section 5(e)(2)(ii), 5(e)(2)(iii), 5(e)(2)(iv), 5(e)(2)(v), or
5(e)(2)(vi), such Holder will forthwith discontinue disposition of such Registrable Notes covered by a Registration Statement and such Participating Broker-Dealer will forthwith discontinue
disposition of such Exchange Notes pursuant to any Prospectus and, in each case, forthwith discontinue dissemination of such Prospectus until such Holder's or Participating Broker-Dealer's receipt of
the copies of the supplemented or amended Prospectus contemplated by Section 5(k), or until it is advised in writing (the "Advice") by the
Issuers and the Subsidiary Guarantors that the use of the applicable Prospectus may be resumed, and has received copies of any amendments or supplements thereto and, if so directed by the Issuers and
the Subsidiary Guarantors, such Holder or Participating Broker-Dealer, as the case may 

 

be,
will deliver to the Issuers all copies, other than permanent file copies, then in such Holder's or Participating Broker-Dealer's possession, of the Prospectus covering such Registrable Notes
current at the time of the receipt of such notice. In the event the Issuers and the Subsidiary Guarantors shall give any such notice, the Applicable Period shall be extended by the number
of days during such periods from and including the date of the giving of such notice to and including the date when each Participating Broker-Dealer shall have received (x) the copies of
the supplemented or amended Prospectus contemplated by Section 5(k) or (y) the Advice. 

6.     Registration Expenses

	(a)
	All
fees and expenses incident to the performance of or compliance with this Agreement by the Issuers and the Subsidiary Guarantors shall be borne by the Issuers and the Subsidiary
Guarantors, whether or not the Exchange Offer or a Shelf Registration is filed or becomes effective, including, without limitation, (i) all registration and filing fees, including, without
limitation, (A) fees with respect to filings required to be made with the NASD in connection with any underwritten offering and (B) fees and expenses of compliance with state securities
or Blue Sky laws as provided in Section 5(h) hereof (including, without limitation, reasonable fees and disbursements of counsel in connection with Blue Sky qualifications of the Registrable
Notes or Exchange Notes and determination of the eligibility of the Registrable Notes or Exchange Notes for investment under the laws of such jurisdictions (x) where the Holders are located, in
the case of the Exchange Notes, or (y) as provided in Section 5(h), in the case of Registrable Notes or Exchange Notes to be sold by a Participating Broker-Dealer during the Applicable
Period)), (ii) printing expenses, including, without limitation, expenses of printing Prospectuses if the printing of Prospectuses is requested by the managing underwriter or underwriters, if
any, or by the Holders of a majority in aggregate principal amount of the Registrable Notes included in any Registration Statement or by any Participating Broker-Dealer during the Applicable Period,
as the case may be, (iii) messenger, telephone and delivery expenses incurred in connection with the performance of their obligations hereunder, (iv) fees and disbursements of counsel
for the Issuers, the Subsidiary Guarantors and, subject to 6(b), the Holders participating in any Shelf Registration, (v) fees and disbursements of all independent certified public accountants
referred to in Section 5 (including, without limitation, the expenses of any special audit and "cold comfort" letters required by or incident to such performance), (vi) rating agency
fees and the fees and expenses incurred in connection with the listing of the Securities to be registered on any securities exchange, (vii) Securities Act liability insurance, if the Issuers
and the Subsidiary Guarantors desire such insurance, (viii) fees and expenses of all other Persons retained by the Issuers and the Subsidiary Guarantors, (ix) fees and expenses of any
"qualified independent underwriter" or other independent appraiser participating in an offering pursuant to Section 3 of Schedule E to the By-laws of the NASD, but only where
the need for such a "qualified independent underwriter" arises due to a relationship with the Issuers and the Subsidiary Guarantors, (x) internal expenses of the Issuers and the Subsidiary
Guarantors (including, without limitation, all salaries and expenses of officers and employees of the Issuers or the Subsidiary Guarantors performing legal or accounting duties), (xi) the
expense of any annual audit, (xii) the fees and expenses of the Trustee and the Exchange Agent and (xiii) the expenses relating to printing, word processing and distributing all
Registration Statements, underwriting agreements, securities sales agreements, indentures and any other documents necessary in order to comply with this Agreement. 

  

	(b)
	The
Issuers and the Subsidiary Guarantors shall reimburse the Holders for the reasonable fees and disbursements of not more than one counsel chosen by the Holders of a majority in
aggregate principal amount of the Registrable Notes to be included in any Shelf Registration or Exchange Offer. The Issuers and the Subsidiary Guarantors shall pay all documentary, stamp, transfer or
other transactional taxes attributable to the issuance or delivery of the Exchange Notes in exchange for the Notes; provided that the Issuers shall not
be required to pay taxes payable in respect of any transfer involved in the issuance or delivery of any Exchange Note in a name other than that of the Holder of the Note in respect of
which such Exchange Note is being issued. The Issuers and the Subsidiary Guarantors shall reimburse the Holders for fees and expenses (including reasonable fees and expenses of counsel to the
Holders) relating to any enforcement of any rights of the Holders under this Agreement. 

7.     Indemnification

	(a)
	Indemnification by the Issuers and the Subsidiary Guarantors. The Issuers and the Subsidiary Guarantors jointly and severally agree to
indemnify and hold harmless each Holder of Registrable Notes or Exchange Notes and each Participating Broker-Dealer selling Exchange Notes during the Applicable Period, each Person, if any, who
controls each such Holder (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) and the officers, directors and partners of each such
Holder, Participating Broker-Dealer and controlling person, to the fullest extent lawful, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation,
reasonable costs of preparation and reasonable attorneys' fees as provided in this Section 7) and expenses (including, without limitation, reasonable costs and expenses incurred in connection
with investigating, preparing, pursuing or defending against any of the foregoing) (collectively, "Losses"), as incurred, directly or indirectly caused
by, related to, based upon, arising out of or in connection with any untrue or alleged untrue statement of a material fact contained in any Registration Statement, Prospectus or form of prospectus, or
in any amendment or supplement thereto, or in any preliminary prospectus, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading to the extent, but only to the extent, that such Losses are finally judicially determined by a court of
competent jurisdiction in a final, unappealable order, except insofar as such Losses are solely based upon information relating to such Holder or Participating Broker-Dealer and furnished in writing
to the Issuers and the Subsidiary Guarantors (or reviewed and approved in writing) by such Holder or Participating Broker-Dealer or their counsel expressly for use therein;  provided, however, that the Issuers and the Subsidiary Guarantors will not be liable to any Indemnified
Party (as defined below) under this Section 7 to the extent Losses were solely caused by an untrue statement or omission or alleged untrue statement or omission that was contained or made in
any preliminary prospectus and corrected in the Prospectus or any amendment or supplement thereto if (i) the Prospectus does not contain any other untrue statement or omission or alleged untrue
statement or omission of a material fact that was the subject matter of the related proceeding, (ii) any such Losses resulted from an action, claim or suit by any Person who purchased
Registrable Notes or Exchange Notes which are the subject thereof from such Indemnified Party and (iii) it is established in the related proceeding that such Indemnified Party failed to deliver
or provide a copy of the Prospectus (as amended or supplemented) to such Person with or prior to the confirmation of the sale of such Registrable Notes or Exchange Notes sold to such Person if
required by applicable law, unless such failure to deliver or provide a copy of the Prospectus (as amended or supplemented) was a result of noncompliance by the Issuers with Section 5 of this
Agreement. The Issuers and the Subsidiary Guarantors also agree to indemnify underwriters, selling brokers, dealer managers 

 

and
similar securities industry professionals participating in the distribution, their officers, directors, agents and employees and each Person who controls such Persons (within the meaning of
Section 5 of the Securities Act or Section 20(a) of the Exchange Act) to the same extent as provided above with respect to the indemnification of the Holders or the Participating
Broker-Dealer. 

	(b)
	Indemnification by Holder. In connection with any Registration Statement, Prospectus or form of prospectus, any amendment or supplement
thereto, or any preliminary prospectus in which a Holder is participating, such Holder shall furnish to the Issuers and the Subsidiary Guarantors in writing such information as the Issuers and the
Subsidiary Guarantors reasonably request for use in connection with any Registration Statement, Prospectus or form of prospectus, any amendment or supplement thereto, or any preliminary prospectus and
shall indemnify and hold harmless the Issuers, the Subsidiary Guarantors, their respective directors and each Person, if any, who controls the Issuers and the Subsidiary Guarantors (within the meaning
of Section 15 of the Securities Act and Section 20(a) of the Exchange Act), and the directors, officers and partners of such controlling persons, to the fullest extent lawful,
from and against all Losses arising out of or based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement, Prospectus or form of prospectus or in any
amendment or supplement thereto or in any preliminary prospectus, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading to the extent, but only to the extent, that such losses are finally judicially determined by a court of competent
jurisdiction in a final, unappealable order to have resulted solely from an untrue statement or alleged untrue statement of a material fact or omission or alleged omission of a material fact contained
in or omitted from any information so furnished in writing by such Holder to the Issuers and the Subsidiary Guarantors expressly for use therein. Notwithstanding the foregoing, in no event shall the
liability of any selling Holder be greater in amount than such Holder's Maximum Contribution Amount (as defined below).

	(c)
	Conduct of Indemnification Proceedings. If any proceeding shall be brought or asserted against any Person entitled to indemnity
hereunder (an "Indemnified Party"), such Indemnified Party shall promptly notify the party or parties from which such indemnity is sought (the
"Indemnifying Party" or "Indemnifying Parties", as applicable) in writing;  provided, that the failure to so
notify the Indemnifying Parties shall not relieve the Indemnifying Parties from any obligation or liability except to
the extent (but only to the extent) that it shall be finally determined by a court of competent jurisdiction (which determination is not subject to appeal) that the Indemnifying Parties have been
prejudiced materially by such failure. 

The
Indemnifying Party shall have the right, exercisable by giving written notice to an Indemnified Party, within 20 Business Days after receipt of written notice from such Indemnified Party of such
proceeding, to assume, at its expense, the defense of any such proceeding, provided, that an Indemnified Party shall have the right to employ separate
counsel in any such proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or parties unless: (1) the
Indemnifying Party has agreed to pay such fees and expenses; or (2) the Indemnifying Party shall have failed promptly to assume the defense of such proceeding or shall have failed to employ
counsel reasonably satisfactory to such Indemnified Party; or (3) the named parties to any such proceeding (including any impleaded parties) include both such Indemnified Party and the
Indemnifying Party or any of its affiliates or controlling persons, and such Indemnified Party shall have been advised by counsel that there may be one or more defenses available to such Indemnified
Party that are in addition to, or in conflict with, those defenses available to

 
the Indemnifying Party or such affiliate or controlling person (in which case, if such Indemnified Party notifies the Indemnifying Parties in writing that it elects to employ separate counsel at the
expense of the Indemnifying Parties, the Indemnifying Parties shall not have the right to assume the defense and the reasonable fees and expenses of such counsel shall be at the expense of the
Indemnifying Party; it being understood, however, that, the Indemnifying Party shall not, in connection with any one such proceeding or separate but substantially similar or related proceedings in the
same jurisdiction, arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate firm of attorneys (together with appropriate local
counsel) at any time for such Indemnified Party). 

No
Indemnifying Party shall be liable for any settlement of any such proceeding effected without its written consent, which shall not be unreasonably withheld, but if settled with its written consent,
or if there be a final judgment for the plaintiff in any such proceeding, each Indemnifying Party jointly and severally agrees, subject to the exceptions and limitations set forth above, to indemnify
and hold harmless each Indemnified Party from and against any and all Losses by reason of such settlement or judgment. The Indemnifying Party shall not consent to the entry of any judgment or enter
into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to each Indemnified Party of a release, in form and substance reasonably satisfactory
to the Indemnified Party, from all liability in respect of such proceeding for which such Indemnified Party would be entitled to indemnification hereunder (whether or not any Indemnified Party is a
party thereto). 

	(d)
	Contribution. If the indemnification provided for in this Section 7 is unavailable to an Indemnified Party or is insufficient to
hold such Indemnified Party harmless for any Losses in respect of which this Section 7 would otherwise apply by its terms (other than by reason of exceptions provided in this Section 7),
then each applicable Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall have a joint and several obligation to contribute to the amount paid or payable by such Indemnified Party
as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party, on the one hand, and such Indemnified Party, on the other hand, in connection
with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party, on the one hand, and
Indemnified Party, on the other hand, shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or omission or alleged omission to
state a material fact relates to information supplied by such Indemnifying Party or Indemnified Party, and the parties' relative intent, knowledge, access to information and opportunity to correct or
prevent any such statement or omission. The amount paid or payable by an Indemnified Party as a result of any Losses shall be deemed to include any legal or other fees or expenses incurred by such
party in connection with any proceeding, to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in Section 7(a) or
7(b) was available to such party. 

The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 7(d) were determined by pro rata allocation or by other method of allocation
that does not take account of the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 7(d), a selling Holder shall not be
required to contribute, in the aggregate, any amount in excess of such Holder's Maximum Contribution Amount. A selling Holder's "Maximum Contribution
Amount" shall equal the excess of (i) the aggregate proceeds received by such Holder pursuant to the sale of such Registrable Notes or Exchange Notes over
(ii) the aggregate amount of damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue

 
statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from
any Person who was not guilty of such fraudulent misrepresentation. The Holders' obligations to contribute pursuant to this Section 7(d) are several in proportion to the respective
principal amount of the Registrable Securities held by each Holder hereunder and not joint. The Issuers' and Subsidiary Guarantors' obligations to contribute pursuant to this
Section 7(d) are joint and several. 

The
indemnity and contribution agreements contained in this Section 7 are in addition to any liability that the Indemnifying Parties may have to the Indemnified Parties. 

8.     Rules 144 and 144A

        The
Issuers covenant that they shall (a) file the reports required to be filed by it (if so required) under the Securities Act and the Exchange Act in a timely manner and, if at
any time the Issuers are not required to file such reports, they will, upon the written request of any Holder of Registrable Notes, make publicly available other information necessary to permit sales
pursuant to Rule 144 and 144A and (b) take such further action as any Holder may reasonably request in writing, all to the extent required from time to time to enable such Holder to sell
Registrable Notes without registration under the Securities Act pursuant to the exemptions provided by Rule 144 and Rule 144A. Upon the request of any Holder, the Issuers shall deliver
to such Holder a written statement as to whether they have complied with such information and requirements. 

9.     Underwritten Registrations of Registrable Notes

        If
any of the Registrable Notes covered by any Shelf Registration is to be sold in an underwritten offering, the investment banker or investment bankers and manager or managers that will
manage the offering will be selected by the Holders of a majority in aggregate principal amount of such Registrable Notes included in such offering;  provided, however, that such investment banker or investment bankers and manager or managers must be
reasonably acceptable to the Issuers. 

        No
Holder of Registrable Notes may participate in any underwritten registration hereunder unless such Holder (a) agrees to sell such Holder's Registrable Notes on the basis
provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 

10.   Miscellaneous

	(a)
	Remedies. In the event of a breach by either of the Issuers or any of the Subsidiary Guarantors of any of their respective obligations
under this Agreement, each Holder, in addition to being entitled to exercise all rights provided herein, in the Indenture or granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Agreement. The Issuers and the Subsidiary Guarantors agree that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by
either of the Issuers or any of the Subsidiary Guarantors of any of the provisions of this Agreement and hereby further agree that, in the event of any action for specific performance in respect of
such breach, the Issuers shall (and shall cause each Subsidiary Guarantor to) waive the defense that a remedy at law would be adequate.

	(b)
	No Inconsistent Agreements. The Issuers and each of the Subsidiary Guarantors have not entered, as of the date hereof, and the Issuers
and each of the Subsidiary Guarantors shall not enter, after the date of this Agreement, into any agreement with respect to any of its securities that is inconsistent with the rights granted to the
Holders of Securities in this 

 

Agreement
or otherwise conflicts with the provisions hereof. Neither of the Issuers nor any of the Subsidiary Guarantors has not entered or will not enter into any agreement with respect to any of its
securities that will grant to any Person piggy-back rights with respect to a Registration Statement. 

	(c)
	Adjustments Affecting Registrable Notes. The Issuers shall not, directly or indirectly, take any action with respect to the Registrable
Notes as a class that would adversely affect the ability of the Holders to include such Registrable Notes in a registration undertaken pursuant to this Agreement.

	(d)
	Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to
departures from the provisions hereof may not be given, otherwise than with the prior written consent of the Holders of not less than a majority in aggregate principal amount of the then outstanding
Registrable Notes in circumstances that would adversely affect any Holders of Registrable Notes; provided,  however, that Section 7 and this
Section 10(d) may not be amended, modified or supplemented without the prior written consent of
each Holder. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders of Registrable Notes
whose securities are being tendered pursuant to the Exchange Offer or sold pursuant to a Notes Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the
rights of other Holders of Registrable Notes may be given by Holders of at least a majority in aggregate principal amount of the Registrable Notes being tendered or being sold by such Holders pursuant
to such Notes Registration Statement.

	(e)
	Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand delivery, registered
first-class mail, next-day air courier or telecopier:

	(i)
	if
to a Holder of Securities or to any Participating Broker-Dealer, at the most current address of such Holder or Participating Broker-Dealer, as the case may be, set forth on the
records of the registrar of the Notes.);

	(ii)
	if
to the Issuers or any Subsidiary Guarantor, as follows: 

Mrs. Fields
Famous Brands, LLC

2855 Cottonwood Parkway, Suite 400

Salt Lake City, Utah 84121

Attention: Michael R. Ward, Esq. 

with
a copy to: 

Skadden,
Arps, Slate, Meagher & Flom LLP

Four Times Square

New York, New York 10036-6522

Attention Randall H. Doud, Esq. 

All
such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five business days after being deposited in the United States mail,
postage prepaid, if mailed, one business day after being deposited in the United States mail, postage prepaid, if mailed; one business day after being timely delivered to a next-day air
courier guaranteeing overnight delivery; and when receipt is acknowledged by the addressee, if telecopied. 

Copies
of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee under the Indenture at the address specified in such Indenture.

 

	(f)
	Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the
parties hereto, including, without limitation and without the need for an express assignment, subsequent Holders of Securities.

	(g)
	Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

	(h)
	Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning
hereof.

	(i)
	Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO
PRINCIPLES OF CONFLICT OF LAW. THE ISSUERS HEREBY IRREVOCABLY SUBMIT TO THE JURISDICTION OF ANY NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL COURT
SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND IRREVOCABLY ACCEPTS FOR THEIR AND IN RESPECT
OF THEIR PROPERTY, GENERALLY AND UNCONDITIONALLY, JURISDICTION OF THE AFORESAID COURTS. THE ISSUERS IRREVOCABLY WAIVE, TO THE FULLEST EXTENT THEY MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW,
TRIAL BY JURY AND ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT,
ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. THE ISSUERS IRREVOCABLY CONSENT, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW,
TO THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO THE ISSUERS AT
THEIR SAID ADDRESS, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY HOLDER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO
COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE ISSUERS IN ANY OTHER JURISDICTION.

	(j)
	Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected,
impaired or invalidated, and the parties hereto shall use their best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such
term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and
restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

	(k)
	Securities Held by the Issuers or Their Affiliates. Whenever the consent or approval of Holders of a specified percentage of Securities
is required hereunder, Securities held by the Issuers or their affiliates (as such term is defined in Rule 405 under the Securities Act) shall not be counted in determining whether such consent
or approval was given by the Holders of such required percentage. 

 

	(l)
	Third Party Beneficiaries. Holders and Participating Broker-Dealers are intended third party beneficiaries of this Agreement and this
Agreement may be enforced by such Persons.

	(m)
	Entire Agreement. This Agreement, together with the Indenture and the Collateral Agreements, is intended by the parties as a final and
exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein and any and all prior oral or written agreements,
representations, or warranties, contracts, understanding, correspondence, conversations and memoranda as to which the Issuers and the Subsidiary Guarantors were parties, or between or among any
agents, representatives, parents, subsidiaries, affiliates, predecessors in interest or successors in interest with respect to the subject matter hereof and thereof are merged herein and replaced
hereby.

	(n)
	Single Class With 111/2% Notes. The Exchange Notes and the Notes together with the 111/2% Senior
Secured Notes due 2011 (the "111/2% Notes") of the Issuers issued under the Indenture will be deemed a single class of securities for purposes of this Agreement. All rights and
obligations of the Issuers and the Subsidiary Guarantors under this Agreement with respect to the holders of Registrable Notes shall be with respect to the holders of the Registrable Notes hereunder
and the holders of Registrable Notes as defined in the Registration Rights Agreement, dated the Closing Date, by and among the Issuers, the Subsidiary Guarantors and Jefferies &
Company, Inc., as Initial Purchaser, for the benefit of the holders of the 111/2% Notes, treated as a single class.

	(o)
	Holders Automatically Parties to the Agreement. Any Person who acquires Registrable Notes will, as the Holder of such Registrable
Notes, automatically become a party to this Agreement and be entitled to enforce the terms of this Agreement. The Notes will contain a statement to the effect that the Holder, by acquisition of the
Note, becomes a party to and be bound by the terms of this Agreement. 

        IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

	

 	
 	

MRS. FIELDS FAMOUS BRANDS, LLC, as Issuer
	

 	
 	

By:	
 	

/s/  MICHAEL WARD      
 Name: Michael Ward

Title: Senior Vice President
	

 	
 	

MRS. FIELDS FINANCING COMPANY,
	

 	
 	

By:	
 	

/s/  MICHAEL WARD      
 Name: Michael Ward

Title: Senior Vice President

 

	

 	
 	

GREAT AMERICAN COOKIE COMPANY FRANCHISING, LLC, as Subsidiary Guarantor
	

 	
 	

By:	
 	

/s/  MICHAEL WARD      
 Name: Michael Ward

Title: Senior Vice President
	

 	
 	

MRS. FIELDS FRANCHISING, LLC, as Subsidiary Guarantor
	

 	
 	

By:	
 	

/s/  MICHAEL WARD      
 Name: Michael Ward

Title: Senior Vice President
	

 	
 	

PRETZEL TIME FRANCHISING, LLC, as Subsidiary Guarantor
	

 	
 	

By:	
 	

/s/  MICHAEL WARD      
 Name: Michael Ward

Title: Senior Vice President
	

 	
 	

PRETZELMAKER FRANCHISING, LLC, as Subsidiary Guarantor
	

 	
 	

By:	
 	

/s/  MICHAEL WARD      
 Name: Michael Ward

Title: Senior Vice President
	

 	
 	

TCBY SYSTEMS, LLC, as Subsidiary Guarantor
	

 	
 	

By:	
 	

/s/  MICHAEL WARD      
 Name: Michael Ward

Title: Senior Vice President
	

 	
 	

MRS. FIELDS GIFTS, INC., as Subsidiary Guarantor
	

 	
 	

By:	
 	

/s/  MICHAEL WARD      
 Name: Michael Ward

Title: Senior Vice President

 

	

 	
 	

THE MRS. FIELDS' BRAND, INC., as Subsidiary Guarantor
	

 	
 	

By:	
 	

/s/  MICHAEL WARD      
 Name: Michael Ward

Title: Senior Vice President
	

 	
 	

GREAT AMERICAN MANUFACTURING, LLC, as Subsidiary Guarantor
	

 	
 	

By:	
 	

/s/  MICHAEL WARD      
 Name: Michael Ward

Title: Senior Vice President
	

 	
 	

MRS. FIELDS COOKIES AUSTRALIA, as Subsidiary Guarantor
	

 	
 	

By:	
 	

/s/  MICHAEL WARD      
 Name: Michael Ward

Title: Senior Vice President
	

 	
 	

TCBY INTERNATIONAL, INC., as Subsidiary Guarantor
	

 	
 	

By:	
 	

/s/  MICHAEL WARD      
 Name: Michael Ward

Title: Senior Vice President
	

 	
 	

TCBY OF TEXAS, INC., as Subsidiary Guarantor
	

 	
 	

By:	
 	

/s/  MICHAEL WARD      
 Name: Michael Ward

Title: Senior Vice President

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Exhibit 4.9  

CONFORMED COPY  

 PLEDGE AGREEMENT  

        This PLEDGE AGREEMENT (this "Agreement"), dated as of
March 16, 2004, is executed and delivered by each of Mrs. Fields Famous Brands, LLC, a Delaware limited liability company (the
"Company"), and each Subsidiary of the Company party hereto (such Subsidiaries, together with the Company, each a
"Pledgor" and individually and collectively, and jointly and severally, the "Pledgors"), in favor of  THE BANK OF NEW
YORK ("BNY"), as trustee under the Indenture (as defined below) (together with its
successor(s) thereto in such capacity, the "Trustee"), for its benefit and the benefit of the Holders, in light of the following: 

        WHEREAS, the Pledgors, Mrs. Fields Financing Company, Inc., a Delaware corporation (the
"Co-issuer" and, together with the Company, the "Issuers"), certain other Subsidiaries of
Company and the Trustee have entered into an Indenture, dated as of March 16, 2004 (as amended, restated, supplemented or otherwise modified from time to time, the
"Indenture"), pursuant to which the Issuers incurred indebtedness for certain notes (such notes, together with all additional notes and all other notes
issued thereunder in exchange for such notes and additional notes, the "Notes") and the other Pledgors and such other Subsidiaries have guaranteed the
payment of the Notes and the other Obligations thereunder and under the other Indenture Documents; 

        WHEREAS, each Pledgor beneficially owns the specified Equity Interests identified as Pledged Interests in the Persons identified as Equity
Issuers listed on Schedule A attached hereto (or any addendum thereto); 

        WHEREAS, the Company desires to secure the Notes and its other Obligations under the Notes and the other Indenture Documents and each
other Pledgor desires to secure its Guarantee under the Indenture by granting to the Trustee, for its benefit and for the benefit of the Holders, security interests in the Pledged Collateral as set
forth herein; 

        WHEREAS, each Pledgor (other than the Company) is a Subsidiary of the Company and will benefit from the proceeds of the Notes; and 

        WHEREAS, to induce the Initial Purchaser to purchase the Notes, each Holder to hold the Notes to be held by it and BNY to act in its
capacity as Trustee, each Pledgor desires to pledge, grant, transfer, and assign to the Trustee, for its benefit and the benefit of the Holders, a security interest in the Pledged Collateral (as
hereinafter defined) to secure the Secured Obligations (as hereinafter defined), as provided herein. 

        NOW, THEREFORE, in consideration of the mutual promises, covenants, representations, and warranties set forth herein and for other good
and valuable consideration, the parties hereto agree as follows: 

        1.    Definitions And Construction.    

        (a)    Definitions.    Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed
to them in the Indenture. The following terms, as used in this Agreement, shall have the following meanings: 

        "Agreement" has the meaning set forth in the preamble hereto. 

        "BNY" has the meaning set forth in the preamble to this Agreement. 

        "Chief Executive Office" means the address of the chief executive office of each Pledgor set forth on  Schedule B to this Agreement. 

        "Co-issuer" has the meaning set forth in the recitals to this Agreement.

 

        "Code" means the Uniform Commercial Code as in effect from time to time in the State of New York. 

        "Company" has the meaning set forth in the preamble to this Agreement. 

        "Defeasance" means, with respect to any obligation, the defeasance thereof pursuant to a Legal Defeasance or Covenant Defeasance as
described under Section 8.01 of the Indenture. 

        "Designated Number" means, with respect to any Foreign Equity Issuer, the largest whole number of Equity Interests of such Foreign Equity
Issuer representing not greater than sixty-five (65%) of the total combined voting power of all classes of outstanding Equity Interests of such Foreign Equity Issuer (whether or not owned
by a Pledgor, including for purposes hereof, the ownership attributable to a Pledgor through its Equity Interest in a subsidiary that is not a Subsidiary). 

        "Disposition" shall have the meaning ascribed to the term Asset Sale in the Indenture, and the words
"Dispose" and "Disposal" shall be interpreted similarly. 

        "Domestic Equity Issuer" means, individually and collectively, each Equity Issuer which is not a Foreign Equity Issuer. 

        "Equity Interests" means all shares, units, options, warrants, interests, participations, or other equivalents (regardless of how
designated) of or in a corporation, partnership, limited liability company, or equivalent entity, whether voting or nonvoting, including general partner partnership interests, limited partner
partnership interests, common stock, preferred stock, or any other "equity security" (as such term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the
SEC under the Exchange Act). 

        "Equity Issuer" means each of the Persons identified as an Equity Issuer on  Schedule A attached hereto (or any addendum thereto), and any successors thereto,
whether by merger or otherwise. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended, and any successor statute. 

        "Excluded Equity Interests" means, with respect to any Equity Issuer that is an Affiliate of the Company, that portion of each Equity
Interest in the case of a limited liability company, each unit, and in the case of a corporation, each share, of such Equity Issuer that would otherwise constitute Pledged
Collateral to the extent the greater of the par value, book value as carried by the Pledgor that is the holder thereof or the market value of any percentage of each such unit or share of Equity
Interests of such Equity Issuer in the aggregate is equal to or greater than 20% of the aggregate principal amount at maturity of the Notes then outstanding. 

        "Foreign Equity Issuer" means, individually and collectively, any Foreign Subsidiary of any Pledgor. 

        "Future Rights" means: 

        (a)   with
respect to each Domestic Equity Issuer, (i) all Equity Interests (other than Pledged Interests) of such Domestic Equity Issuer, and all securities
convertible or exchangeable into, and all warrants, options, or other rights to purchase, Equity Interests of such Domestic Equity Issuer; (ii) to the extent of any Pledgor's interest therein,
all shares of, all securities convertible or exchangeable into, and all warrants, options, or other rights to purchase Equity Interests of any Person in which any Pledgor, after the date of this
Agreement, acquires a direct equity interest, irrespective of whether such Person is or becomes a Subsidiary of any Pledgor; and (iii) the certificates or instruments representing such
additional Equity Interests, convertible or exchangeable securities, warrants, and other rights

 
and all dividends, cash, options, warrants, rights, instruments, and other property or proceeds from time to time received, receivable, or otherwise distributed in respect of or in exchange for any or
all of such Equity Interests; and 

        (b)   with
respect to each Foreign Equity Issuer, (i) all Equity Interests (other than Pledged Interests) of such Foreign Equity Issuer, and all securities convertible
or exchangeable into, and all warrants, options, or other rights to purchase, Equity Interests of such Foreign Equity Issuer; (ii) to the extent of any Pledgor's interest therein, all shares
of, all securities convertible or exchangeable into, and all warrants, options, or other rights to purchase Equity Interests of any Person in which any Pledgor, after the date of this Agreement,
acquires a direct equity interest, irrespective of whether such Person is or becomes a Subsidiary of any Pledgor; and (iii) the certificates or instruments representing such additional Equity
Interests, convertible or exchangeable securities, warrants, and other rights and all dividends, cash, options, warrants, rights, instruments, and other property or proceeds from time to time
received, receivable, or otherwise distributed in respect of or in exchange for any or all of such Equity Interests, 

provided, however, that Future Rights shall exclude (A) under the preceding  clauses (b)(i), (b)(ii), and (b)(iii) any Future Rights
to the extent and only to the extent that their inclusion would cause the number of Equity Interests pledged hereunder to exceed the Designated Number after giving effect to the issuance of such
Future Rights and any related issuances and (B) all Excluded Equity Interests of each such Equity Issuer. 

        "Holder" and "Holders" have the respective meanings set forth in  Section 3 of this Agreement. 

        "Indenture" has the meaning set forth in the recitals to this Agreement. 

        "Issuers" has the meaning set forth in the recitals to this Agreement. 

        "Notes" has the meaning set forth in the recitals to this Agreement. 

        "Permitted Disposition" means a Disposition consummated in accordance with the terms of Section 4.13 of the Indenture. 

        "Pledged Collateral" and "Collateral" mean the Pledged Interests, the Future Rights, and
the Proceeds, collectively. 

        "Pledged Interests" means (a) with respect to each Domestic Equity Issuer, all of the Equity Interests identified as Pledged
Interests of such Domestic Equity Issuer on Schedule A attached hereto (or any addendum thereto); and (b) with respect to each Foreign Equity Issuer, the Designated Number of Equity
Interests identified as Pledged Interests of such Foreign Equity Issuer on Schedule A attached hereto (or any addendum thereto); provided,  however,
that "Pledged Interests" shall not include any Excluded Equity Interests of any such Equity Issuer.
 

        "Pledgor" and "Pledgors" have the respective meanings set forth in the  preamble to this Agreement. 

        "Proceeds" means all proceeds (including proceeds of proceeds) of the Pledged Interests and Future Rights including all:
(a) rights, benefits, distributions, premiums, profits, dividends, interest, cash, instruments, documents of title, accounts, contract rights, inventory, equipment, general intangibles, deposit
accounts, chattel paper, and other property from time to time received, receivable, or otherwise distributed in respect of or in exchange for, or as a replacement of or a substitution for, any of the
Pledged Interests, Future Rights, or proceeds thereof (including any cash, Equity Interests, or other securities or instruments issued after any recapitalization, readjustment, reclassification,
merger or consolidation with respect to the Equity Issuers and any security entitlements, as defined in the Code, with respect thereto); (b) "proceeds," as such term is

 
defined in the Code; (c) proceeds of any insurance, indemnity, warranty, or guaranty (including guaranties of delivery) payable from time to time with respect to any of the Pledged Interests,
Future Rights, or proceeds thereof; (d) payments (in any form whatsoever) made or due and payable to Pledgor from time to time in connection with any requisition, confiscation, condemnation,
seizure or forfeiture of all or any part of the Pledged Interests, Future Rights, or proceeds thereof; and (e) other amounts from time to time paid or payable under or in connection with any of
the Pledged Interests, Future Rights, or proceeds thereof. 

        "Record" means information that is inscribed on a tangible medium or which is stored in an electronic or other medium and is retrievable
in perceivable form. 

        "Secured Obligations" means, with respect to each Pledgor, all liabilities, obligations, or undertakings owing by such Pledgor to the
Trustee or any Holder of any kind or description arising out of or outstanding under, advanced or issued pursuant to, or evidenced by the Indenture, the Notes, this Agreement, or any of the other
Indenture Documents, irrespective of whether for the payment of money, whether direct or indirect, absolute or contingent, due or to become due, voluntary or involuntary, whether now existing or
hereafter arising, and including all interest, costs, indemnities, fees (including attorneys fees), and expenses (including interest, costs, indemnities, fees, and expenses that, but for the
provisions of the Bankruptcy Code, would have accrued irrespective of whether a claim therefor is allowed) and any and all other amounts which such Pledgor is required to pay pursuant to any of the
foregoing, by law, or otherwise. 

        "Securities Act" has the meaning set forth in Section 9(c). 

        "Trustee" has the meaning set forth in the preamble to this Agreement. 

        (b)    Construction.    Unless the context of this Agreement clearly requires otherwise, references to the plural
include the singular, references to the singular include the plural, the terms "include" and "including" are not limiting, and the term "or" has, except where otherwise indicated, the inclusive
meaning represented by the phrase "and/or." The words "hereof," "herein," "hereby," "hereunder," and other similar terms in this Agreement refer to this Agreement as a whole and not to any particular
provision of this Agreement. Section, subsection, clause, schedule and exhibit references herein are to this Agreement unless otherwise specified. All of the exhibits or schedules attached to this
Agreement shall be deemed incorporated herein by reference. Any reference in this Agreement to any of the following documents includes any and all alterations, amendments, changes, extensions,
modifications, renewals, replacements, substitutions, joinders, and supplements thereto or thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, extensions,
modifications, renewals, replacements, substitutions, joinders, and supplements set forth therein): the Indenture, this Agreement, and the other Indenture Documents. Neither this Agreement nor any
uncertainty or ambiguity herein shall be construed or resolved against the Trustee, any Holder, or any Pledgor, whether under any rule of construction or otherwise. On the contrary, this Agreement has
been reviewed by each Pledgor, the Trustee and the Holders, and their respective counsel, and shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly
accomplish the purposes and intentions of the Trustee, any Holder and each Pledgor. Any reference herein to the payment in full of the Secured Obligations shall mean the payment in full in cash of all
Secured Obligations other than contingent indemnification Secured Obligations. Any reference herein to any Person shall be construed to include such Person's successors and assigns. Any requirement of
a writing contained herein shall be satisfied by the transmission of a Record and any Record transmitted shall constitute a representation and warranty as to the accuracy and completeness of the
information contained therein. In the event of any direct conflict between the express terms and provisions of this Agreement and of the Indenture, the terms and provisions of the Indenture shall
control; provided, however, that the inclusion herein of additional obligations on the part of any
Pledgor and supplemental

 
rights and remedies in favor of the Trustee, in each case with respect to the Pledged Collateral, shall not be deemed a conflict with the Indenture. 

        2.    Pledge.    Each Pledgor hereby pledges and grants to the Trustee, for the benefit of itself and the Holders, a
security interest in all of such Pledgor's right, title, and interest in and to the Pledged Collateral in order to secure prompt repayment of any and all of the Secured Obligations in accordance with
the terms and conditions of the Indenture Documents to which such Pledgor is a party, and in order to secure prompt performance by such Pledgor of such Pledgor's covenants and duties under each
Indenture Document to which such Pledgor is a party. Anything contained in this Agreement or any other Indenture Document to the contrary notwithstanding, except for Permitted Dispositions, no Pledgor
has any authority, express or implied, to Dispose of any item or portion of the Pledged Collateral. 

        3.    Delivery and Registration of Pledged Collateral.    

        (a)   All
certificates or instruments representing or evidencing the Pledged Collateral shall be promptly delivered by each Pledgor to the Trustee or the Trustee's designee
pursuant hereto at a location designated by the Trustee and shall be held by or on behalf of the Trustee pursuant hereto, and 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 reasonably satisfactory to the Trustee. All certificates or instruments representing or
evidencing the Excluded Equity Interests shall be promptly delivered by each Pledgor to the Trustee or the Trustee's designee pursuant hereto at a location designated by the Trustee and shall be held
by or on behalf of the Trustee on behalf of each such Pledgor. For the avoidance of doubt, if any certificate or instrument representing any Pledged Collateral also represents any Excluded Equity
Interest, the Lien created hereunder shall only attach to the Equity Interests evidenced thereby other than the Excluded Equity Interests. 

        (b)   Upon
the occurrence and during the continuance of an Event of Default, the Trustee shall have the right, at any time in its discretion and without notice to any Pledgor,
to to cause to be transferred to or to registered on the books of the Equity Issuers (or of any other Person maintaining records with respect to the Pledged Collateral) in the name of the Trustee or
any of its nominees any or all of the Pledged Collateral. In addition, the Trustee shall have the right at any time to exchange certificates or instruments representing or evidencing Pledged
Collateral for certificates or instruments of smaller or larger denominations or for certificates or instruments separately evidencing Equity Interests constituting Pledged Collateral and Equity
Interests constituting Excluded Equity Interests. 

        (c)   If,
at any time and from time to time, any Pledged Collateral (including any certificate or instrument representing or evidencing any Pledged Collateral) is in the
possession of a Person other than the Trustee (including such Pledgor) (a "Holder") other than as the result of an action taken by the Trustee, then the
applicable Pledgor shall promptly, at the Trustee's option, either cause such Pledged Collateral to be delivered into the Trustee's possession, or (except in the case where such Holder is such
Pledgor) execute and deliver to such Holder a written notification/instruction, and take all other steps necessary to perfect the security interest of the Trustee in such Pledged Collateral, including
obtaining from such Holder a written acknowledgment that such Holder holds such Pledged Collateral for the Trustee, all pursuant to the Code or other applicable law governing the perfection of the
Trustee's security interest in the Pledged Collateral in the possession of such Holder. Each such notification/instruction and acknowledgment shall be in form and substance reasonably satisfactory to
the Trustee. 

        (d)   Any
and all Pledged Collateral (including dividends, interest, and other cash distributions) at any time received or held by any Pledgor shall be so received or held in
trust for the Trustee, shall be segregated from other funds and property of such Pledgor and shall be forthwith delivered to the Trustee in the same form as so received or held, with any necessary
endorsements; provided, that cash dividends or distributions received by any Pledgor, if and to the extent they are not prohibited by the

 
Indenture and so long as no Event of Default shall have occurred and be then continuing, may be retained by such Pledgor in accordance with  Section 4 and used as permitted under the Indenture
Documents. 

        (e)   If
at any time and from time to time any Pledged Collateral consists of an uncertificated security or a security in book entry form, then the applicable Pledgor shall
promptly indicate in such Pledgor's security ledger that such securities have been pledged to the Trustee pursuant to this Agreement, or otherwise cause the security interest held by the Trustee to be
perfected in accordance with applicable law. 

        4.    Voting Rights and Dividends.    

        (a)   So
long as no Event of Default shall have occurred and be continuing and any Pledgor shall not have received the written notice from the Trustee described below in  Section 4(b), such Pledgor shall be
entitled to exercise any and all voting and other consensual rights pertaining to the Pledged Collateral
applicable to it or any part thereof and any Excluded Equity Interests held by it for any purpose not inconsistent with the terms of the Indenture Documents. 

        (b)   Upon
the occurrence and during the continuance of an Event of Default, at the election of the Trustee, upon the receipt by a Pledgor of written notice of such election
by the Trustee, all rights of such Pledgor to exercise the voting and other consensual rights or receive and retain cash dividends or distributions that it would otherwise be entitled to exercise or
receive and retain in respect of the Pledged Collateral applicable to it, as applicable pursuant to Section 4(a), shall cease, and all such
rights shall thereupon become vested in the Trustee, who shall thereupon have the sole right to exercise such voting or other consensual rights and to receive and retain such cash dividends and
distributions subject to the terms of the Indenture. Upon the receipt of such written notice, such Pledgor shall execute and deliver (or cause to be executed and delivered) to the Trustee all such
proxies and other instruments as the Trustee may reasonably request for the purpose of enabling the Trustee to exercise the voting and other rights which it is entitled to exercise and to receive the
dividends and distributions that it is entitled to receive and retain pursuant to the preceding sentence. Following the waiver or cure of any such Event of Default, the Trustee shall, upon the
reasonable request and at the expense of such Pledgor, execute and deliver (without recourse, representation or warranty) to such Pledgor such agreements or instruments as such Pledgor may reasonably
request, to terminate such proxies and other instruments. Upon any such election by the Trustee, such Pledgor shall retain the right to (i) exercise all voting and other consensual rights
relating to all Excluded Equity Interests applicable to it so long as it exercises any such voting or other consensual right in a manner identical to the exercise by the Trustee of any such voting or
other consensual right of the Equity Interests (of the Equity Issuer of such Excluded Equity Interests) constituting Pledged Collateral applicable to such Pledgor and (ii) receive and retain
cash dividends and distributions that it would otherwise be entitled to exercise or receive and retain in respect of the Excluded Equity Interests applicable to it to the extent, and solely to the
extent, that such cash dividends and distributions are made on a pro rata basis with the Equity Interests (of the Equity Issuer of such Excluded Equity Interests) that constitute Pledged Collateral
applicable to such Pledgor. 

        5.    Representations and Warranties.    Each Pledgor represents, warrants, and covenants to the Trustee as follows: 

        (a)   Such
Pledgor has taken all steps it deems necessary or appropriate to be informed on a continuing basis of changes or potential changes affecting the Pledged Collateral
(including rights of conversion and exchange, rights to subscribe, payment of dividends, reorganizations or recapitalization, tender offers and voting rights), and such Pledgor agrees that neither the
Trustee nor any Holder shall have any responsibility or liability for informing such Pledgor of any such changes or potential changes or for taking any action or omitting to take any action with
respect thereto;

 

        (b)   All
information herein or hereafter supplied to the Trustee by or on behalf of such Pledgor in writing with respect to the Pledged Collateral is, or in the case of
information hereafter supplied will be, true and correct in all material respects; 

        (c)   Such
Pledgor is and will be the sole legal and beneficial owner of the Pledged Collateral (including the Pledged Interests and all other Pledged Collateral acquired by
such Pledgor after the date hereof) free and clear of any adverse claim, Lien, or other right, title, or interest of any party, other than the Liens held by the Trustee for the benefit of itself and
the Holders and the Permitted Liens; 

        (d)   This
Agreement, the execution and delivery of the Indenture by the Trustee, and the delivery to the Trustee of the Pledged Interests representing Pledged Collateral (or
the delivery to all Holders of the Pledged Interests representing Pledged Collateral of the notification/instruction referred to in Section 3 of
this Agreement), creates a valid, perfected, and first priority security interest in one hundred percent (100%) of the Pledged Interests which are in certificated form in favor of the Trustee for the
benefit of itself and the Holders, securing payment of the Secured Obligations, and all actions necessary to achieve such perfection have been duly taken; 

        (e)   Schedule A to this Agreement is true and correct and complete in all material respects as of the date hereof;
without limiting the generality of the foregoing, as of the date hereof: (i) except as set forth in Schedule A, all the Pledged Interests
are in certificated form, and, except to the extent registered in the name of the Trustee or its nominee pursuant to the provisions of this Agreement, are registered in the name of the applicable
Pledgor; and (ii) the Pledged Interests as to each of the Equity Issuers constitute at least the percentage of all the fully diluted issued and outstanding Equity Interests of such Equity
Issuer as set forth in Schedule A to this Agreement; 

        (f)    The
Pledged Interests that are Equity Interests in general partnerships, limited partnerships or limited liability companies (i) are not dealt in or traded on
securities exchanges or in securities markets, (ii) do not have terms expressly providing that they are securities governed by Article 8 of the Code, and (iii) are not investment
company securities, and are not, therefore, "securities" governed by Article 8 of the Code; 

        (g)   There
are no presently existing Future Rights owned by any Pledgor as of the date hereof; 

        (h)   The
Pledged Interests have been duly authorized and validly issued and are fully paid and nonassessable; 

        (i)    Neither
the pledge of the Pledged Collateral pursuant to this Agreement nor the extensions of credit represented by the Secured Obligations violates Regulation T,
U or X of the Board of Governors of the Federal Reserve System; and 

        (j)    Each
direct Subsidiary of each Pledgor is an Equity Issuer of Pledged Interests that have been pledged hereunder.

   
        6.    Further Assurances.    

        (a)   Each
Pledgor agrees that from time to time, at the expense of such Pledgor, it will promptly execute and deliver all further instruments and documents, and take all
further action that may be necessary or reasonably desirable, or that the Trustee, on behalf of itself and the Holders, may otherwise reasonably request, in order to perfect and protect any security
interest granted or purported to be granted hereby or to enable the Trustee, on behalf of itself and the Holders, to exercise and enforce its rights and remedies hereunder with respect to any Pledged
Collateral. Without limiting the generality of the foregoing, each Pledgor will: (i) mark conspicuously each of its records pertaining to the Pledged Collateral with a legend, in form and
substance reasonably satisfactory to the Trustee, indicating that such Pledged Collateral is subject to the security interest granted hereby; (ii) execute and file such financing or
continuation statements, or amendments thereto, and such other instruments or notices, as may be necessary or reasonably desirable, or as the Trustee may otherwise reasonably request, in order to
perfect and preserve the security interests granted or purported to be granted hereby; (iii) to the extent held by such Pledgor, allow inspection of the Pledged Collateral and books and records
related thereto by the Trustee or Persons designated by the Trustee, from time to time hereafter during normal business hours, or at any time following the occurrence and during the continuance of an
Event of Default; and (iv) appear in and defend any action or proceeding that may affect such Pledgor's title to the Pledged Collateral or the Trustee's security interest in the Pledged
Collateral. 

        (b)   Each
Debtor shall file all financing statements necessary or desirable to effectuate the transactions contemplated by this Agreement and the other Indenture Documents,
including any financing statement which describes the Pledged Collateral in an overbroad manner, such as "all assets of the Debtor" or "all personal property of the Debtor", and any continuation
statement or amendment with respect thereto, in any appropriate filing office, and such Debtor hereby authorizes the Trustee, but in no event shall the Trustee be required, to make any such filings
not made by such Debtor. 

        (c)   Each
Pledgor will promptly furnish to the Trustee, upon the reasonable request of the Trustee: (i) a certificate executed by an authorized officer of such
Pledgor, and dated as of the date of delivery to the Trustee, itemizing in such detail as the Trustee may reasonably request, the Pledged Collateral which, as of the date of such certificate, has been
delivered to the Trustee by such Pledgor pursuant to the provisions of this Agreement; and (ii) such statements and schedules further identifying and describing the Pledged Collateral and such
other reports in connection with the Pledged Collateral as the Trustee may request. 

        7.    Covenants of Pledgor.    Each Pledgor shall: 

        (a)   Perform
each and every covenant in the Indenture Documents applicable to such Pledgor; 

        (b)   At
all times keep at least one complete set of its records concerning substantially all of the Pledged Collateral at its Chief Executive Office as set forth in  Schedule B hereto, and not change the
location of its Chief Executive Office or such records without giving the Trustee at least fifteen
(15) days prior written notice thereof; 

        (c)   To
the extent it may lawfully do so, use its best efforts to prevent the Equity Issuers from issuing Future Rights or Proceeds, except for cash dividends and any other
distributions, if any, that are not prohibited by the terms of the Indenture to be paid or otherwise distributed by any Equity Issuer to such Pledgor and are made on a pro rata basis between Equity
Interests constituting Pledged Interests and Equity Interests constituting Excluded Equity Interests; 

        (d)   Upon
receipt by such Pledgor of any material notice, report, or other communication from any of the Equity Issuers or any Holder relating to all or any part of the
Pledged Collateral,

 
deliver such notice, report or other communication to the Trustee promptly, but in no event later than five (5) Business Days following the receipt thereof by such Pledgor; and 

        (e)   Not
permit any Equity Issuer that is a general partnership, limited partnership or limited liability company to: (i) have its Equity Interests dealt in or traded
on securities exchanges or in securities markets, (ii) authorize the amendment of or amend the organic documents of such Equity Issuer to provide that its Equity Interests are to be governed by
Article 8 of the Uniform Commercial Code as adopted by the jurisdiction in which such Equity Issuer is formed, or (iii) authorize the issuance of or issue certificates evidencing any of
the Equity Interests of such Equity Issuer without the prior written consent of the Trustee (such consent not to be unreasonably withheld). 

        8.    The Trustee as Each Pledgor's Attorney-in-Fact.    

        (a)   Each
Pledgor hereby irrevocably appoints the Trustee, on behalf of itself and the Holders, as such Pledgor's attorney-in-fact, with full
authority in the place and stead of such Pledgor and in the name of such Pledgor, the Trustee or otherwise, from time to time at the Trustee's discretion, to take any action and to execute any
instrument that the Trustee, on behalf of itself and the Holders, may reasonably deem necessary or advisable to accomplish the purposes of this Agreement, including: (i) upon the occurrence and
during the continuance of an Event of Default, to receive, endorse, and collect all instruments made payable to such Pledgor representing any dividend, interest payment or other distribution in
respect of the Pledged Collateral or any part thereof to the extent permitted hereunder and to give full discharge for the same and to execute and file governmental notifications and reporting forms;
(ii) to issue any notifications/instructions the Trustee deems necessary pursuant to Section 3 of this Agreement; or
(iii) following the occurrence and during the continuance of an Event of Default, to arrange for the transfer of the Pledged Collateral on the books of any of the Equity Issuers or any other
Person to the name of the Trustee or to the name of the Trustee's nominee. 

        (b)   In
addition to the designation of the Trustee as each Pledgor's attorney-in-fact in  subsection (a), each Pledgor hereby irrevocably appoints the Trustee, on behalf of itself and the Holders, as such
Pledgor's agent and
attorney-in-fact with power to, if such Pledgor refuses to, or fails timely to, make, execute and deliver any and all documents and writings which may be necessary or
appropriate for approval of, or be required by, any regulatory authority located in any city, county, state or country where such Pledgor or any of the Equity Issuers engage in business, in order to
transfer or to more effectively transfer any of the Pledged Interests or otherwise enforce the rights granted hereunder to the Trustee and the Holders for the benefit thereof. 

        9.    Remedies upon Default.    Upon the occurrence and during the continuance of an Event of Default: 

        (a)   the
Trustee, on behalf of itself and the Holders, may exercise in respect of the Pledged Collateral, in addition to other rights and remedies provided for herein or
otherwise available to it, all the rights and remedies of a secured party on default under the Code (irrespective of whether the Code applies to the affected items of Pledged Collateral), and the
Trustee, on behalf of itself and the Holders, may also without notice (except as specified below) sell 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 Trustee's offices or elsewhere, for cash, on credit or for future delivery, at such time or times and at such price or prices and upon such other terms as
the Trustee may deem commercially reasonable, irrespective of the impact of any such sales on the market price of such Pledged Collateral. To the maximum extent permitted by applicable law, the
Trustee and the Holders may be the purchasers of any or all of the Pledged Collateral at any such public 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 at any such public sale, to use and apply all or any part of the Secured Obligations as a credit on account of the purchase price
of any

 
Pledged Collateral payable at such sale. Each purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the part of any Pledgor, and each Pledgor hereby waives
(to the extent permitted by law) all rights of redemption, stay, or appraisal that it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted.
Each Pledgor agrees that, to the extent notice of sale shall be required by law, at least ten (10) calendar days notice to such Pledgor of the time and place of any public sale or the time
after which a private sale is to be made shall constitute reasonable notification. The Trustee shall not be obligated to make any sale of Pledged Collateral regardless of notice of sale having been
given. The Trustee 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. To the maximum extent permitted by law, each Pledgor hereby waives any claims against the Trustee arising because the price at which any Pledged Collateral may have
been sold at such a private sale was less than the price that might have been obtained at a public sale, even if the Trustee accepts the first offer received and does not offer such Pledged Collateral
to more than one offeree. 

        (b)   Each
Pledgor hereby agrees that any sale or other disposition of the Pledged Collateral conducted in conformity with reasonable commercial practices of banks, insurance
companies, or other financial institutions in the State of New York in disposing of property similar to the Pledged Collateral in a transaction of a similar type shall be deemed to be commercially
reasonable. 

        (c)   Each
Pledgor hereby acknowledges that the sale by the Trustee of any Pledged Collateral pursuant to the terms hereof in compliance with the Securities Act of 1933 as now
in effect or as hereafter amended, or any similar statute hereafter adopted with similar purpose or effect (the "Securities Act"), as well as applicable
"Blue Sky" or other state securities laws may require strict limitations as to the manner in which the Trustee or any subsequent transferee of the Pledged Collateral may dispose thereof. Each Pledgor
acknowledges and agrees that in order to protect the Trustee's interest it may be necessary to sell the Pledged Collateral at a price less than the maximum price attainable if a sale were delayed or
were made in another manner, such as a public offering under the Securities Act. No Pledgor has any objection to sale in such a manner and agrees that the Trustee shall have no obligation to obtain
the maximum possible price for the Pledged Collateral so long as the sale is conducted in a commercially reasonable manner. Without limiting the generality of the foregoing, each Pledgor agrees
that, upon the occurrence and during the continuation of an Event of Default, the Trustee may, subject to applicable law, from time to time attempt to sell all or any part of the Pledged Collateral by
a private placement, restricting the bidders and prospective purchasers to those who will represent and agree that they are purchasing for investment only and not for distribution. In so doing, the
Trustee may solicit offers to buy the Pledged Collateral or any part thereof for cash, from a limited number of investors deemed by the Trustee, in its reasonable judgment, to be institutional
investors or other responsible parties who might be interested in purchasing the Pledged Collateral. If the Trustee shall solicit such offers and so long as the sale is conducted in accordance with
applicable law, then the acceptance by the Trustee of one of the offers shall be deemed to be a commercially reasonable method of disposition of the Pledged Collateral. 

        (d)   If
the Trustee shall determine to exercise its right to sell all or any portion of the Pledged Collateral pursuant to this Section, each Pledgor agrees that, upon the
reasonable request of the Trustee, such Pledgor will, at its own expense: 

        (i)    cause
the Equity Issuers to make available to their respective security holders, as soon as practicable, an earnings statement which will satisfy the provisions of
Section 11(a) of the Securities Act;

 

        (ii)   execute
and deliver, or cause the officers and directors of the Equity Issuers to execute and deliver, to any Person, entity or governmental authority any and all
documents and writings which may be necessary or appropriate for approval, or be required by, any regulatory authority located in any city, county, state or country where such Pledgor or the Equity
Issuers engage in business, in order to transfer or to more effectively transfer the Pledged Interests or otherwise enforce the Trustee's rights hereunder; and 

        (iii)  do
or cause to be done all such other acts and things as may be necessary to make such sale of the Pledged Collateral or any part thereof valid and binding and in
compliance with applicable law. 

Each
Pledgor acknowledges that there is no adequate remedy at law for failure by it to comply with the provisions of this Section and that such failure would not be adequately compensable in damages,
and therefore agrees that its agreements contained in this Section may be specifically enforced. 

        (e)   EACH
PLEDGOR EXPRESSLY WAIVES TO THE MAXIMUM EXTENT PERMITTED BY LAW: (i) ANY CONSTITUTIONAL OR OTHER RIGHT TO A JUDICIAL HEARING PRIOR TO THE TIME THE TRUSTEE
DISPOSES OF ALL OR ANY PART OF THE COLLATERAL AS PROVIDED IN THIS SECTION; (ii) ALL RIGHTS OF REDEMPTION, STAY, OR APPRAISAL THAT IT NOW HAS OR MAY AT ANY TIME IN THE FUTURE HAVE UNDER ANY RULE
OF
LAW OR STATUTE NOW EXISTING OR HEREAFTER ENACTED; AND (iii) EXCEPT AS SET FORTH IN SUBSECTION (a) OF THIS SECTION, ANY REQUIREMENT OF
NOTICE, DEMAND, OR ADVERTISEMENT FOR SALE. 

        (f)    Each
Pledgor authorizes the Trustee to sell all or any portion of the Excluded Equity Interests together with all of the Pledged Interests of the Equity Issuer of such
Excluded Equity Interests to the same extent as it is permitted to authorize the sale of the Pledged Interests hereunder without any liability thereto or any duty owed thereby other than as otherwise
expressly required hereunder with respect to such Pledged Interests in the same sale and on the same terms and for the same consideration as provided in such sale of the Pledged Interests and at the
same price per share or unit of Pledged Interest as the Excluded Equity Interests; provided that the Trustee shall promptly upon receipt of such
consideration turn over to such Pledgor (after deducting a pro rata portion of the costs and expenses incurred in connection with such sale) the proceeds of such sale relating to the Excluded Equity
Interests so sold, together with a copy of any instruments or other documentation evidencing such share and an accounting of the costs and expenses applied thereto. Each Pledgor agrees that the
foregoing provisions of this Section 9 shall apply to such Excluded Equity Interests as if such Excluded Equity Interests were Pledged Interests,
subject to the immediately preceding sentence, Section 4(a) and the last sentence of  Section 4(b). 

        10.    Application of Proceeds.    Upon the occurrence and during the continuance of an Event of Default, any cash
held by the Trustee as Pledged Collateral and all cash proceeds received by the Trustee in respect of any sale of, collection from, or other realization upon all or any part of the Pledged Collateral
pursuant to the exercise by the Trustee of its remedies as a secured creditor as provided in Section 9 shall be applied from time to time by the
Trustee as provided in the Indenture. 

        11.    Duties of the Trustee.    The powers conferred on the Trustee hereunder are solely to protect its interests in
the Pledged Collateral and shall not impose on it any duty to exercise such powers. Except as provided in Section 9-207 of the Code, the Trustee shall have no duty with respect to
the Pledged Collateral or any Excluded Equity Interests (it being understood that for purposes of this Section the obligations of the Trustee under Section 9-207 of the Code shall
apply thereto as if such

 
Excluded Equity Interests constituted Pledged Collateral) or any responsibility for taking any necessary steps to preserve rights against any Persons with respect to any Pledged Collateral. 

        12.    Choice of Law; Venue; and Waiver of Jury Trial.    THIS AGREEMENT 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 PRINCIPLES OF CONFLICT OF LAWS. EACH OF
THE PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT;  PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT
AGAINST ANY PLEDGED COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT THE TRUSTEE'S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE THE TRUSTEE ELECTS TO BRING SUCH ACTION OR WHERE SUCH PLEDGED
COLLATERAL OR OTHER PROPERTY MAY BE FOUND. EACH OF THE PLEDGORS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF
OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 

        13.    Amendments; Etc.    No amendment or waiver of any provision of this Agreement nor consent to any departure by
any Pledgor herefrom shall in any event be effective unless the same shall be in writing and signed by the Trustee and each Pledgor, and then such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given. No failure on the part of the Trustee to exercise, and no delay in exercising any right under this Agreement, any other Indenture
Document, or otherwise with respect to any of the Secured Obligations, shall operate as a waiver thereof; nor shall any single or partial exercise of any right under this Agreement, any other
Indenture Document, or otherwise with respect to any of the Secured Obligations preclude any other or further exercise thereof or the exercise of any other right. The remedies provided for in this
Agreement or otherwise with respect to any of the Secured Obligations are cumulative and not exclusive of any remedies provided by law. Notwithstanding the foregoing, the parties hereto agree that in
the event that Rule 3-16 of Regulation S-X under the Securities Act is amended, modified or interpreted by the SEC to require (or is replaced with another rule or
regulation, or any other law, rule or regulation is adopted, which would require) the filing with the SEC of separate financial statements of any Equity Issuer whose Equity Interests constitute
Pledged Collateral, the term "Excluded Equity Interests" shall be deemed amended (without further action or consent by any Pledgor, the Trustee or any Holder) to the extent, and only to the extent,
necessary to avoid the requirement of filing with the SEC of such separate audited financial statements of such Equity Issuer, and for the avoidance of doubt, Pledged Interests shall not include any
Excluded Equity Interests as amended. 

        14.    Notices.    All notices and other communications hereunder to the Trustee shall be in writing and shall be
mailed, sent or delivered in accordance with the Indenture and all notices and other communications hereunder to any Pledgor shall be in writing and shall be mailed, sent or delivered in care of
Company in accordance with the Indenture. 

        15.    Continuing Security Interest.    This Agreement shall create a continuing security interest in the Pledged
Collateral and shall: (i) remain in full force and effect until the payment in full of all Secured Obligations or the Defeasance thereof; (ii) be binding upon each Pledgor and its
successors and assigns; and (iii) inure to the benefit of the Trustee and its successors, transferees, and assigns, in each case other than as expressly permitted pursuant to the terms of the
Indenture Documents. Upon the payment in full of all Secured Obligations or the Defeasance thereof, the security interests granted herein shall automatically terminate and all rights to the Pledged
Collateral shall revert to the applicable Pledgor and all restrictions imposed on the exercise by such Pledgor of any of its rights with respect to any Excluded Equity Interests held by it shall be
terminated. Upon any such termination, the

 
Trustee will, at Pledgors' expense, execute and deliver to each Pledgor such documents without recourse, representation or warranty as such Pledgor shall reasonably request to evidence such
termination. Such documents shall be prepared by the Pledgors and shall be in form and substance reasonably satisfactory to the Trustee. 

        16.    Security Interest Absolute.    To the maximum extent permitted by law, all rights of the Trustee, all security
interests hereunder, and all obligations of each Pledgor hereunder, shall be absolute and unconditional irrespective of: 

        (a)   any
lack of validity or enforceability of any of the Secured Obligations or any other agreement or instrument relating thereto, including any of the Indenture Documents; 

        (b)   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
consent to any departure from any of the Indenture Documents, or any other agreement or instrument relating thereto; 

        (c)   any
exchange, release, or non-perfection of any other collateral, or any release or amendment or waiver of or consent to departure from any guaranty for all
or any of the Secured Obligations; or 

        (d)   any
other circumstances that might otherwise constitute a defense available to, or a discharge of, any Pledgor. 

To
the maximum extent permitted by law, each Pledgor hereby waives any right to require the Trustee to: (A) proceed against or exhaust any security held from such Pledgor; or (B) pursue
any other remedy in the Trustee's power whatsoever. 

        17.    Pledgors Remain Liable.    Anything herein to the contrary notwithstanding: 

        (a)   each
Pledgor will remain liable under all agreements (including all limited liability company agreements) relating to the Pledged Collateral of such Pledgor to the
extent set forth therein, and will perform all of their duties and obligations under such agreements to the same extent as if this Agreement had not been executed; 

        (b)   the
exercise by the Trustee of any of its rights hereunder will not release any Pledgor from any of its duties or obligations under any such agreements; and 

        (c)   neither
the Trustee nor any Holder will have any obligation or liability under any such agreement by reason of this Agreement, nor will any such Person be obligated to
perform any of the obligations or duties of any Pledgor thereunder. 

        18.    Revival and Reinstatement of Obligations.    If the incurrence or payment of the Secured Obligations by any
Pledgor, any Defeasance thereof or the transfer by such Pledgor to the Trustee of any property of such Pledgor should for any reason subsequently be declared to be void or voidable under any state or
federal law relating to creditors' rights, including provisions of the Bankruptcy Code relating to fraudulent conveyances, preferences, and other voidable or recoverable payments of money or transfers
of property (collectively, a "Voidable Transfer"), and if the Trustee is required to repay or restore, in whole or in part, any such Voidable Transfer,
or elects to do so upon the reasonable advice of its counsel, then, as to any such Voidable Transfer, or the amount thereof that the Trustee is required or elects to repay or restore, and as to all
reasonable costs, expenses, and attorneys' fees of the Trustee related thereto, the liability of such Pledgor automatically shall be revived, reinstated, and restored and shall exist as though such
Voidable Transfer had never been made. 

        19.    Postponement of Subrogation.    Each Pledgor hereby agrees that it will not exercise any rights which it may
acquire by reason of any payment made hereunder, whether by way of subrogation, reimbursement or otherwise, until the prior payment in full of all Secured Obligations or the

 
Defeasance thereof. Any amount paid to any Pledgor on account of any payment made hereunder prior to the payment in full of all Secured Obligations or the Defeasance thereof shall be held in trust for
the benefit of the Trustee and the Holders and shall immediately be paid to the Trustee for application against the Secured Obligations, whether matured or unmatured, in accordance with the terms of
the Indenture. In furtherance of the foregoing, for so long as any Secured Obligations remain outstanding or the Defeasance thereof shall not have been consummated, each Pledgor shall refrain from
taking any action or commencing any proceeding against Company or any other Pledgor (or any of their respective successors or assigns, whether in connection with a bankruptcy proceeding or otherwise)
to recover any amounts in respect of payments made under this Agreement to the Trustee or any Holder. 

        20.    Headings.    Section and subsection headings in this Agreement are included herein for convenience of reference
only and shall not constitute a part of this Agreement or be given any substantive effect. 

        21.    Severability.    In case any provision in or obligation under this Agreement shall be invalid, illegal or
unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any
way be affected or impaired thereby. 

        22.    Counterparts; Telefacsimile Execution.    This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original and all of which together shall constitute one and the same Agreement. Delivery of an executed counterpart of this Agreement by telefacsimile shall be equally as
effective as delivery of an original executed counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by telefacsimile also shall deliver an original executed
counterpart of this Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, or binding effect hereof. 

        23.    Waiver of Marshaling.    Each Pledgor and the Trustee acknowledge and agree that in exercising any rights under
or with respect to the Pledged Collateral, the Trustee: (i) is under no obligation to marshal any Pledged Collateral; (ii) may, in its absolute discretion, realize upon the Pledged
Collateral in any order and in any manner it so elects; and (iii) may, in its absolute discretion, apply the proceeds of any or all of the Pledged Collateral to the Secured Obligations in any
order and in any manner it so elects. Each Pledgor and the Trustee waive any right to require the marshaling of any of the Pledged Collateral. 

[Signature
page to follow.] 

  

        IN WITNESS WHEREOF, each party hereto have caused this Agreement to be duly executed and delivered as of the date first written above. 

	 	 	THE COMPANY:

Mrs. Fields Famous Brands, LLC, a

    Delaware limited liability company
	

 	
 	

By:	
 	

/s/  MICHAEL WARD      

	 	 	Name:	 	Michael R. Ward
	 	 	Title:	 	Senior Vice President, General Counsel and Secretary
	

 	
 	
SUBSIDIARY PLEDGORS:

TCBY Systems, LLC, a Delaware limited

    liability company
	

 	
 	

By:	
 	

/s/  MICHAEL WARD      

	 	 	Name:	 	Michael R. Ward
	 	 	Title:	 	Senior Vice President, General Counsel and Secretary
	

 	
 	
TRUSTEE:

THE BANK OF NEW YORK,

    as Trustee
	

 	
 	

By:	
 	

/s/  MICHAEL PITFICK      

	 	 	Name:	 	Michael Pitfick
	 	 	Title:	 	Assitant Vice President

 
 

SCHEDULE A    
    
    TO    
    
    PLEDGE AGREEMENT    
    

Pledgor:

Pledged Interests

	Equity Issuer
 
	 	Number

of Shares
	 	Class
	 	Certificate

Number(s)
	 	Former Name, if

any, in which

Certificate

Issued
	 	Pledgor's

Percentage

Ownership
	 	Jurisdiction of

Organization
	 	Certificated/

Uncertificated

	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 
 

SCHEDULE B    
    
    TO    
    
    PLEDGE AGREEMENT    
    

Pledgor:

Address
of Chief Executive Office: 

QuickLinks

SCHEDULE A TO PLEDGE AGREEMENT

SCHEDULE B TO PLEDGE AGREEMENT

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