Document:

Exhibit
10.1

 

 

 

GUARANTEE
AND COLLATERAL AGREEMENT

made
by

THE
GUARANTORS PARTY HERETO,

each
as a Guarantor

in
favor of

UMB
BANK, NATIONAL ASSOCIATION,

as
Trustee

Dated
as of October 1, 2021

 

 

 

    	 

     

    

 

TABLE
OF CONTENTS

 

	 	Page
	SECTION
    1 DEFINED TERMS; RULES OF CONSTRUCTION	1
	1.1	Definitions;
    Rules of Construction.	1
	SECTION
    2 GUARANTEE	2
	2.1	Guarantee.	2
	2.2	No
    Subrogation	3
	2.3	Amendments,
    etc. with respect to the Issuer Obligations	3
	2.4	Guarantee
    Absolute and Unconditional	4
	2.5	Reinstatement	4
	2.6	Payments	4
	2.7	Information	4
	SECTION
    3 SECURITY	5
	3.1	Grant
    of Security Interest.	5
	3.2	Certain
    Rights and Obligations of the Guarantors Unaffected.	7
	3.3	Performance
    of Collateral Documents	8
	3.4	Stamp,
    Other Similar Taxes and Filing Fees	8
	3.5	Authorization
    to File Financing Statements; Other Filing and Recording Documents.	9
	SECTION
    4 REPRESENTATIONS AND WARRANTIES	9
	4.1	Existence
    and Power	9
	4.2	Company
    and Governmental Authorization	10
	4.3	No
    Consent	10
	4.4	Binding
    Effect	10
	4.5	Subsidiaries	10
	4.6	Security
    Interests.	11
	4.7	Other
    Representations	12
	SECTION
    5 COVENANTS	12
	5.1	[Reserved].	12
	5.2	Defaults
    or Events of Default; Covenants in Base Indenture and Other Transaction Documents	12
	5.3	Further
    Assurances.	12
	5.4	Legal
    Name, Location Under Section 9-301 or 9-307	13
	5.5	Management
    Accounts	13
	SECTION
    6 REMEDIAL PROVISIONS	13
	6.1	Rights
    of the Control Party and Trustee upon Event of Default.	13
	6.2	Waiver
    of Appraisal, Valuation, Stay and Right to Marshaling	16
	6.3	Limited
    Recourse	16
	6.4	Optional
    Preservation of the Collateral	17
	6.5	Control
    by the Control Party	17
	6.6	The
    Trustee May File Proofs of Claim	17
	6.7	Undertaking
    for Costs	18
	6.8	Restoration
    of Rights and Remedies	18
	6.9	Rights
    and Remedies Cumulative	18

 

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	6.10	Delay
    or Omission Not Waiver	18
	6.11	Waiver
    of Stay or Extension Laws	19
	SECTION
    7 THE TRUSTEE’S AUTHORITY	19
	SECTION
    8 MISCELLANEOUS	19
	8.1	Amendments	19
	8.2	Notices.	20
	8.3	Governing
    Law	20
	8.4	Successors	20
	8.5	Severability	21
	8.6	Counterpart
    Originals	21
	8.7	Table
    of Contents, Headings, etc	21
	8.8	Recording
    of Agreement	21
	8.9	Waiver
    of Jury Trial	21
	8.10	Submission
    to Jurisdiction; Waivers	22
	8.11	Additional
    Guarantor	22
	8.12	Currency
    Indemnity	22
	8.13	Acknowledgment
    of Receipt; Waiver	23
	8.14	Termination;
    Partial Release.	23
	8.15	Third
    Party Beneficiary	23
	8.16	Entire
    Agreement.	23

 

SCHEDULES

Schedule 4.5 – Guarantor Ownership Relationships

 

EXHIBITS

Exhibit A – Form of Assumption Agreement

 

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GUARANTEE
AND COLLATERAL AGREEMENT

 

GUARANTEE
AND COLLATERAL AGREEMENT (as the same may be amended, amended and restated, supplemented or otherwise modified from time to time, this
“Agreement”), dated as of October 1, 2021, is made by the undersigned guarantors (collectively, the “Guarantors”)
in favor of UMB Bank, National Association, a national banking association, as trustee under the Indenture referred to below (in such
capacity, together with its successors, the “Trustee”) for the benefit of the Secured Parties.

 

W
I T N E S S E T H:

 

WHEREAS,
FAT Brands Twin Peaks I, LLC, a Delaware limited liability company (the “Issuer”) and the Trustee have entered into
that certain Base Indenture, dated October 1, 2021 (as the same may be amended, amended and restated, supplemented or otherwise modified
from time to time, exclusive of any Series Supplements, the “Base Indenture” and, together with all Series Supplements,
the “Indenture”), providing for the issuance from time to time of one or more Series of Notes thereunder; and

 

WHEREAS,
in connection with the Indenture, the parties hereto have agreed to enter into this Agreement.

 

NOW,
THEREFORE, in consideration of the premises and for other good and valuable consideration the receipt and sufficiency of which are hereby
acknowledged, each Guarantor hereby agrees with the Trustee, for the benefit of the Secured Parties, as follows:

 

SECTION
1

 

DEFINED
TERMS; RULES OF CONSTRUCTION

 

1.1
Definitions; Rules of Construction.

 

(a) Unless
otherwise defined herein, terms defined in the Base Indenture Definitions List attached to the Base Indenture as Annex A thereto and
used herein shall have the meanings given to them in such Base Indenture Definitions List.

 

(b) Any
terms used in this Agreement (including, without limitation, for purposes of Section 3) that are defined in the UCC and pertain to Collateral
shall be construed and defined as set forth in the UCC, unless otherwise defined herein.

 

(c) The
following terms shall have the following meanings for purposes of this Agreement:

 

“Collateral”
has the meaning assigned to such term in Section 3.1(a).

 

“Issuer
Obligations” means all Obligations owed by the Issuer to the Secured Parties under the Indenture and the other Transaction
Documents.

 

“Other
Currency” has the meaning assigned to such term in Section 8.12.

 

    	 

     

    

 

“Termination
Date” has the meaning assigned to such term in Section 2.1(d).

 

(d) The
rules of construction set forth in Section 1.4 of the Base Indenture shall apply for all purposes under this Agreement.

 

SECTION
2

 

GUARANTEE

 

2.1
Guarantee.

 

(a) Each
of the Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantees to the Trustee, for the benefit of the Secured
Parties, the prompt and complete payment and performance by the Issuer when due (whether at the stated maturity, by acceleration or otherwise,
but after giving effect to all applicable grace or cure periods) of the Issuer Obligations. In furtherance of the foregoing and not in
limitation of any other right that the Trustee or any other Secured Party has at law or in equity against any Guarantor by virtue hereof,
upon the failure of the Issuer to pay any Issuer Obligation when and as the same shall become due, but after giving effect to all applicable
grace or cure periods, whether at maturity, by acceleration, after notice of prepayment or otherwise, each Guarantor hereby jointly and
severally promises to and shall forthwith pay, or cause to be paid, to the Trustee for distribution to the applicable Secured Parties
in accordance with the Indenture, in cash, the amount of such unpaid Issuer Obligations. This is a guarantee of payment and not merely
of collection.

 

(b) Anything
herein or in any other Transaction Document to the contrary notwithstanding, the maximum liability of each Guarantor hereunder and under
the other Transaction Documents shall in no event exceed the amount which can be guaranteed by such Guarantor under applicable federal
and state laws relating to the insolvency of debtors.

 

(c) Each
Guarantor agrees that the Issuer Obligations may at any time and from time to time exceed the amount of the liability of such Guarantor
hereunder without impairing the guarantee contained in this Section 2 or affecting the rights and remedies of the Trustee or any
other Secured Party hereunder.

 

(d) The
guarantee contained in this Section 2 shall remain in full force and effect until the date (the “Termination Date”)
on which this Agreement ceases to be of further effect in accordance with Article XII of the Base Indenture, notwithstanding that
from time to time prior thereto the Issuer may be free from any Issuer Obligations.

 

(e) No
payment made by the Issuer, any of the Guarantors, any other guarantor or any other Person or received or collected by the Trustee or
any other Secured Party from the Issuer, any of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding
or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Issuer Obligations
shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor which shall, notwithstanding any such payment
(other than any payment made by such Guarantor in respect of the Issuer Obligations or any payment received or collected from such Guarantor
in respect of the Issuer Obligations), remain liable hereunder for the Issuer Obligations up to the maximum liability of such Guarantor
hereunder until the Termination Date.

 

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2.2
No Subrogation. Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of funds of any
Guarantor by the Trustee or any other Secured Party, no Guarantor shall be entitled to be subrogated to any of the rights of the Trustee
or any other Secured Party against the Issuer or any other Guarantor or any collateral security or guarantee or right of offset held
by the Trustee or any other Secured Party for the payment of the Issuer Obligations, nor shall any Guarantor seek or be entitled to seek
any contribution or reimbursement from the Issuer or any other Guarantor in respect of payments made by such Guarantor hereunder, until
the Termination Date. If any amount shall be paid to any Guarantor on account of such subrogation, contribution or reimbursement rights
at any time when all of the Issuer Obligations shall not have been paid in full, such amount shall be held by such Guarantor in trust
for the Trustee and the other Secured Parties, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such
Guarantor, be turned over to the Trustee in the exact form received by such Guarantor (duly endorsed by such Guarantor to the Trustee,
if required), to be applied against the Issuer Obligations, whether matured or unmatured, in such order as the Trustee may determine
in accordance with the Indenture.

 

2.3
Amendments, etc. with respect to the Issuer Obligations. Each Guarantor shall remain obligated hereunder notwithstanding that,
without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment
of any of the Issuer Obligations made by the Trustee or any other Secured Party may be rescinded by the Trustee or such other Secured
Party and any of the Issuer Obligations continued, and the Issuer Obligations, or the liability of any other Person upon or for any part
thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or
in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Trustee or any other
Secured Party, and the Base Indenture and any other documents executed and delivered in connection therewith may be amended, modified,
supplemented or terminated, in whole or in part, from time to time, and any collateral security, guarantee or right of offset at any
time held by the Trustee or any other Secured Party for the payment of the Issuer Obligations may be sold, exchanged, waived, surrendered
or released (it being understood that this Section 2.3 is not intended to affect any rights or obligations set forth in any other
Transaction Document).

 

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2.4
Guarantee Absolute and Unconditional. Each Guarantor waives any and all notice of the creation, renewal, extension or accrual
of any of the Issuer Obligations and notice of or proof of reliance by the Trustee or any other Secured Party upon the guarantee contained
in this Section 2 or acceptance of the guarantee contained in this Section 2; the Issuer Obligations, and any of them,
shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon
the guarantee contained in this Section 2 and the grant of the security interests pursuant to Section 3; and all dealings
between the Issuer and any of the Guarantors, on the one hand, and the Trustee and the other Secured Parties, on the other hand, likewise
shall be conclusively presumed to have occurred or been consummated in reliance upon the guarantee contained in this Section 2
and the grant of the security interests pursuant to Section 3. Each Guarantor waives diligence, presentment, protest, demand for
payment and notice of default or nonpayment to or upon the Issuer or any of the Guarantors with respect to the Issuer Obligations. Each
Guarantor understands and agrees that the guarantee contained in this Section 2 and the grant of the security interests pursuant
to Section 3 shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (a) the validity
or enforceability of the Indenture or any other Transaction Document, any of the Issuer Obligations or any other collateral security
therefor or guarantee or right of offset with respect thereto at any time or from time to time held by the Trustee or any other Secured
Party, (b) any defense, set-off or counterclaim (other than a defense of full payment or performance) which may at any time be available
to or be asserted by the Issuer or any other Person against the Trustee or any other Secured Party, or (c) any other circumstance whatsoever
(with or without notice to or knowledge of the Issuer or such Guarantor) which constitutes, or might be construed to constitute, an equitable
or legal discharge of the Issuer for the Issuer Obligations, or of such Guarantor under the guarantee contained in this Section 2
and the grant of the security interests pursuant to Section 3, in bankruptcy or in any other instance. When making any demand
hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, the Trustee or any other Secured Party may,
but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against the
Issuer, any other Guarantor or any other Person or against any collateral security or guarantee for the Issuer Obligations or any right
of offset with respect thereto, and any failure by the Trustee or any other Secured Party to make any such demand, to pursue such other
rights or remedies or to collect any payments from the Issuer, any other Guarantor or any other Person or to realize upon any such collateral
security or guarantee or to exercise any such right of offset, or any release of the Issuer, any other Guarantor or any other Person
or any such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability hereunder,
and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Trustee or any
other Secured Party against any Guarantor. Neither the Trustee nor any other Secured Party shall have any obligation to protect, secure,
perfect or insure any Lien at any time held by it as security for the Issuer Obligations or for the guarantee contained in this Section
2 or any property subject thereto. For the purposes hereof “demand” shall include the commencement and continuance of
any legal proceedings.

 

2.5
Reinstatement. The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case
may be, if at any time payment, or any part thereof, of any of the Issuer Obligations is rescinded or must otherwise be restored or returned
by the Trustee or any other Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Issuer or
any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for,
the Issuer or any Guarantor or any substantial part of their respective property, or otherwise, all as though such payments had not been
made.

 

2.6
Payments. Each Guarantor hereby guarantees that payments hereunder shall be paid to the Trustee without set-off or deduction or
counterclaim in immediately available funds in Dollars at the office of the Trustee.

 

2.7
Information. Each Guarantor assumes all responsibility for being and keeping itself informed of the Issuer’ and each other
Guarantor’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Issuer Obligations
and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that neither the Trustee nor
any other Secured Party shall have any duty to advise such Guarantor of information known to it or any of them regarding such circumstances
or risks.

 

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SECTION
3

 

SECURITY

 

3.1
Grant of Security Interest.

 

(a) To
secure the Obligations, each Guarantor hereby pledges, assigns, conveys, delivers, transfers and sets over to the Trustee, for the benefit
of the Secured Parties, and hereby grants to the Trustee, for the benefit of the Secured Parties, a security interest in such Guarantor’s
right, title and interest in, to and under all of the following property to the extent now owned or at any time hereafter acquired by
such Guarantor (collectively, the “Collateral”):

 

(i) the
Securitization IP and the right to bring an action at law or in equity for any infringement, misappropriation, dilution or other violation
thereof occurring prior to, on or after the Closing Date, and to collect all damages, settlements and proceeds relating thereto;

 

(ii) (A)
the Franchisee Notes, if any, and the Equipment Leases, if any; and (B)(i) the Franchise Agreements and all Franchisee Payments thereon;
(ii) the Development Agreements and all Franchisee Payments thereon; (iii) the New Franchise Agreements and all Franchisee Payments thereon;
(iv) the New Development Agreements and all Franchisee Payments thereon; (v) all rights to enter into New Franchise Agreements and New
Development Agreements; (vi) any and all other property of every nature, now or hereafter transferred, mortgaged, pledged, or assigned
as security for payment or performance of any obligation of the Franchisees or other Persons, as applicable, to such Guarantor under
the Franchise Agreements or the Development Agreements and all guarantees of such obligations and the rights evidenced by or reflected
in the Franchise Agreements or the Development Agreements;

 

(iii) (i)
the Product Sourcing Agreements and all Product Sourcing Payments thereon; (ii) the New Product Sourcing Assets and all Product Sourcing
Payments thereon; (iii) all rights to enter into New Product Sourcing Agreements; and (iv) any and all other property of every nature,
now or hereafter transferred, mortgaged, pledged, or assigned as security for payment or performance of any obligation of any Person
to such Guarantor under the Product Sourcing Agreements and all guarantees of such obligations and the rights evidenced by or reflected
in the Product Sourcing Agreements;

 

(iv) any
Owned Real Property and any New Owned Real Property;

 

(v) the
Franchisee Lease Payments received under the Franchised Restaurant Leases;

 

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(vi) the
IP License Agreements, all related payments thereon and all rights thereunder;

 

(vii) (i)
the Material Contracts (in each case, to the extent contributed to or entered into by such Company Restaurant Guarantor), all related
payments thereon and all rights to enter into Material Contracts; (ii) the Company Restaurants and all Company Restaurant Assets relating
thereto; and (iii) the New Company Restaurants and all New Company Restaurant Assets relating thereto;

 

(viii) each
Account and all amounts or other property on deposit in or otherwise credited to such Accounts;

 

(ix) the
books and records (whether in physical, electronic or other form), including those books and records maintained by the Manager on behalf
of the Guarantors relating to the Guarantor Assets, the Product Sourcing Assets and the Securitization IP;

 

(x) the
rights, powers, remedies and authorities of the Guarantors under (i) each of the Transaction Documents (other than the Indenture and
the Notes) to which they are a party and (ii) each of the documents relating to the Guarantor Assets and Product Sourcing Assets to which
it is a party;

 

(xi) any
and all other property of the Guarantors now or hereafter acquired, including, without limitation, all accounts, chattel paper, commercial
tort claims, deposit accounts, documents, equipment, fixtures, general intangibles, instruments, inventory, securities, securities accounts
and other investment property and letter-of-credit rights (in each case, as defined in the New York UCC); and

 

(xii) all
payments, proceeds, supporting obligations and accrued and future rights to payment with respect to the foregoing

 

provided,
that the Collateral shall exclude the Collateral Exclusions. The Trustee, on behalf of the Secured Parties, acknowledges that it shall
have no security interest in any Collateral Exclusions.

 

(b) The
foregoing grant is made in trust to secure the Obligations and to secure compliance with the provisions of this Agreement, all as provided
in this Agreement. The Trustee, on behalf of the Secured Parties, acknowledges such grant, accepts the trusts under this Agreement in
accordance with the provisions of this Agreement and agrees to perform its duties required in this Agreement. The Collateral shall secure
the Obligations equally and ratably without prejudice, priority or distinction (except, with respect to any Series of Notes, as otherwise
stated in the applicable Series Supplement or in the applicable provisions of the Base Indenture).

 

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(c) In
addition, pursuant to and within the time periods specified in Section 8.38 of the Base Indenture, each applicable Guarantor shall
execute and deliver to the Control Party (with a copy to the Trustee), for the benefit of the Secured Parties, a Mortgage with respect
to each New Owned Real Property acquired by such Guarantor (and to the extent necessary, any Contributed Owned Real Property), which
shall be delivered to the Control Party or its agent to be held in escrow; provided, that Prospective Company Restaurant Properties will
not be subject to such requirement. Upon the occurrence of a Mortgage Recordation Event, unless such Mortgage Recordation Event is waived
by the Control Party (at the direction of the Controlling Class Representative), the Control Party or its agent, at the direction of
the Controlling Class Representative, will deliver the Mortgages within five (5) Business Days to the applicable recording office for
recordation in accordance with Section 8.38 of the Base Indenture. Notwithstanding the foregoing, no Lien will be granted to the
Trustee for the benefit of the Secured Parties on any New Owned Real Property until such time as the Mortgages are required to be delivered
in accordance with the Indenture.

 

3.2
Certain Rights and Obligations of the Guarantors Unaffected.

 

(a) Notwithstanding
the grant of the security interest in the Collateral hereunder to the Trustee, on behalf of the Secured Parties, the Guarantors acknowledge
that the Manager, on behalf of the Securitization Entities, including, without limitation, any Guarantors that are Guarantors, shall,
subject to the terms and conditions of the Management Agreement, nevertheless have the right, subject to the Trustee’s right to
revoke such right, in whole or in part, in the event of the occurrence of an Event of Default, (i) to give, in accordance with the Managing
Standard, all consents, requests, notices, directions, approvals, extensions or waivers, if any, which are required or permitted to be
given by any Guarantor under the Collateral Documents to which it is a party, and to enforce all rights, remedies, powers, privileges
and claims of each Guarantor under the Collateral Documents to which it is a party, (ii) to give, in accordance with the Managing Standard,
all consents, requests, notices, directions and approvals, if any, which are required or permitted to be given by any Guarantor under
any IP License Agreement to which it is a party and to enforce all rights, remedies, powers, privileges and claims of such Guarantor
thereunder and (iii) to take any other actions required or permitted under the terms of the Management Agreement.

 

(b) The
grant of the security interest by the Guarantors in the Collateral to the Trustee on behalf of the Secured Parties hereunder shall not
(i) relieve any Guarantor from the performance of any term, covenant, condition or agreement on such Guarantor’s part to be performed
or observed under or in connection with any of the Collateral Documents to which it is a party or (ii) impose any obligation on the Trustee
or any of the Secured Parties to perform or observe any such term, covenant, condition or agreement on any Guarantor’s part to
be so performed or observed or impose any liability on the Trustee or any of the other Secured Parties for any act or omission on the
part of such Guarantor or from any breach of any representation or warranty on the part of such Guarantor.

 

(c) Each
Guarantor hereby jointly and severally agrees to indemnify and hold harmless the Trustee and each Secured Party (including its respective
directors, officers, employees and agents) from and against any and all losses, liabilities (including liabilities for penalties), claims,
demands, actions, suits, judgments, reasonable and documented out-of-pocket costs and expenses arising out of or resulting from the security
interest granted hereby, whether arising by virtue of any act or omission on the part of such Guarantor or otherwise, including, without
limitation, the reasonable and documented out-of-pocket costs, expenses and disbursements (including reasonable attorneys’ fees
and expenses) incurred by the Trustee or any Secured Party in enforcing this Agreement or any other Transaction Document or preserving
any of its rights to, or realizing upon, any of the Collateral; provided, however, that the foregoing indemnification shall
not extend to any action by the Trustee or any other Secured Party which constitutes gross negligence, bad faith or willful misconduct
by the Trustee or any Secured Party or any other indemnified person hereunder. The indemnification provided for in this Section 3.2
shall survive the removal of, or a resignation by, such Person as Trustee as well as the termination of this Agreement. No amounts
shall be required to be paid under this Section 3.2(c) in duplication of amounts paid under Section 3.2(c) of the Base
Indenture.

 

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3.3
Performance of Collateral Documents. Upon the occurrence of a default or breach (after giving effect to any applicable grace or
cure periods) by any Person party to (a) a Collateral Transaction Document to which a Guarantor is a party or (b) a Collateral Franchise
Business Document to which a Guarantor is a party (only if a Manager Termination Event or an Event of Default has occurred and is continuing),
promptly following a request from the Trustee to do so and at such Guarantors’ expense, each such Guarantor shall take all such
lawful action as permitted under this Agreement as the Trustee (acting at the direction of the Control Party (at the direction of the
Controlling Class Representative)) may reasonably request to compel or secure the performance and observance by such Person of its obligations
to such Guarantor, and to exercise any and all rights, remedies, powers and privileges lawfully available to such Guarantor to the extent
and in the manner directed by the Trustee (acting at the direction of the Control Party (at the direction of the Controlling Class Representative)),
including, without limitation, the transmission of notices of default and the institution of legal or administrative actions or proceedings
to compel or secure performance by such Person of its obligations thereunder. If (i) a Guarantor shall have failed, within fifteen (15)
Business Days of receiving the direction of the Trustee, to take commercially reasonable action to accomplish such directions of the
Trustee, (ii) a Guarantor refuses to take any such action, as reasonably determined by the Control Party in good faith, or (iii) the
Control Party (at the direction of the Controlling Class Representative) reasonably determines that such action must be taken immediately,
in any such case the Control Party (at the direction of the Controlling Class Representative) may, but shall not be obligated to, take,
and the Trustee shall take (if so directed by the Control Party (at the direction of the Controlling Class Representative)), at the expense
of the Guarantors, such previously directed action and any related action permitted under this Agreement which the Control Party (at
the direction of the Controlling Class Representative) thereafter determines is appropriate (without the need under this provision or
any other provision under this Agreement to direct such Guarantor to take such action), on behalf of such Guarantor and the Secured Parties.
No amounts shall be required to be paid under this Section 3.3 in duplication of amounts paid under Section 3.3 of the
Base Indenture.

 

3.4
Stamp, Other Similar Taxes and Filing Fees. The Guarantors shall jointly and severally indemnify and hold harmless the Trustee
and each other Secured Party from any present or future claim for liability for any stamp, documentary or other similar tax, and any
penalties or interest and expenses with respect thereto, that may be assessed, levied or collected by any jurisdiction in connection
with this Agreement, any other Transaction Document or any Collateral. The Guarantors shall pay, and jointly and severally indemnify
and hold harmless each Secured Party against, any and all amounts in respect of all search, filing, recording and registration fees,
taxes, excise taxes and other similar imposts that may be payable or determined to be payable in respect of the execution, delivery,
performance and/or enforcement of this Agreement or any other Transaction Document. No amounts shall be required to be paid under this
Section 3.4 in duplication of amounts paid under Section 3.4 of the Base Indenture.

 

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3.5
Authorization to File Financing Statements; Other Filing and Recording Documents.

 

(a) Each
Guarantor hereby irrevocably authorizes the Control Party on behalf of the Secured Parties at any time and from time to time to file
or record in any filing office in any applicable jurisdiction financing statements and other filing or recording documents or instruments
(or, with respect to the Mortgages, upon the occurrence of a Mortgage Recordation Event, unless such Mortgage Recordation Event is waived
by the Control Party (at the direction of the Controlling Class Representative)) with respect to the Collateral, including, without limitation,
any and all Securitization IP (to the extent set forth in Sections 8.25(c) and 8.25(e) of the Base Indenture), to perfect
the security interests of the Trustee for the benefit of the Secured Parties under this Agreement. Each Guarantor authorizes the filing
of any such financing statement naming the Trustee as secured party and indicating that the Collateral includes (a) “all assets”
or words of similar effect or import regardless of whether any particular assets comprised in the Collateral fall within the scope of
Article 9 of the UCC, including, without limitation, any and all Securitization IP or (b) as being of an equal or lesser scope
or with greater detail. Each Guarantor agrees to furnish any information necessary to accomplish the foregoing promptly upon the Control
Party’s request. Each Guarantor also hereby ratifies and authorizes the filing by or on behalf of the Trustee, for the benefit
of the Secured Parties, of any financing statement with respect to the Collateral made prior to the date hereof.

 

(b) Each
Guarantor acknowledges that the Collateral may include certain rights of such Guarantor as a secured party under the Transaction Documents.
To the extent a Guarantor is a secured party under the Transaction Documents, such Guarantor hereby irrevocably appoints the Trustee
as its representative with respect to all financing statements filed to perfect or record evidence of such security interests and authorizes
the Control Party on behalf of the Secured Parties to make such filings as it deems necessary to reflect the Trustee as secured party
of record with respect to such financing statements.

 

SECTION
4

 

REPRESENTATIONS
AND WARRANTIES

 

Each
Guarantor hereby represents and warrants, for the benefit of the Trustee and the other Secured Parties, as follows as of the Closing
Date and as of each Series Closing Date thereafter:

 

4.1
Existence and Power. Each Guarantor (a) is duly organized, validly existing and in good standing under the laws of its jurisdiction
of organization, (b) is duly qualified to do business as a foreign entity and in good standing under the laws of each jurisdiction where
the character of its property, the nature of its business or the performance of its obligations under the Transaction Documents make
such qualification necessary, except to the extent that the failure to so qualify would not reasonably be likely to result in a Material
Adverse Effect, and (c) has all limited liability company, corporate or other powers and all governmental licenses, authorizations, consents
and approvals required to carry on its business as now conducted and for purposes of the transactions contemplated by this Agreement
and the other Transaction Documents, except to the extent the failure to do so would not reasonably be expected to result in a Material
Adverse Effect.

 

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4.2
Company and Governmental Authorization. The execution, delivery and performance by each Guarantor of this Agreement and the other
Transaction Documents to which it is a party (a) is within such Guarantor’s limited liability company, corporate or other powers
and has been duly authorized by all necessary limited liability company, corporate or other action, (b) requires no action by or in respect
of, or filing with, any Governmental Authority which has not been obtained (other than any actions or filings that may be undertaken
after the Closing Date pursuant to the terms of the Base Indenture or any other Transaction Document, including actions or filings with
respect to any Mortgages) and (c) does not contravene, or constitute a default under, any Requirements of Law with respect to such Guarantor
or any Contractual Obligation with respect to such Guarantor or result in the creation or imposition of any Lien on any property of any
Guarantor, except for Liens created by this Agreement or the other Transaction Documents, except in the case of clauses (b) and (c) above,
solely with respect to the Contribution Agreements, the violation of which could not reasonably be expected to have a Material Adverse
Effect. This Agreement and each of the other Transaction Documents to which each Guarantor is a party has been executed and delivered
by a duly Authorized Officer of such Guarantor.

 

4.3
No Consent. Except as set forth on Schedule 7.3 to the Base Indenture, no consent, action by or in respect of, approval
or other authorization of, or registration, declaration or filing with, any Governmental Authority or other Person is required for the
valid execution and delivery by each Guarantor of this Agreement or any Transaction Document to which it is a party or for the performance
of any of the Guarantors’ obligations hereunder or thereunder other than such consents, approvals, authorizations, registrations,
declarations or filings (a) as shall have been obtained or made by such Guarantor prior to the Closing Date or as are permitted to be
obtained subsequent to the Closing Date in accordance with Section 4.6 hereof or Sections 7.13, 8.25, or 8.38
of the Base Indenture or (b) relating to the performance of any Collateral Franchise Business Document the failure of which to obtain
is not reasonably likely to have a Material Adverse Effect.

 

4.4
Binding Effect. This Agreement, and each other Transaction Document to which a Guarantor is a party, is a legal, valid and binding
obligation of each such Guarantor enforceable against such Guarantor in accordance with its terms (except as may be limited by bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors’ rights generally or by
general equitable principles, whether considered in a proceeding at law or in equity, or by an implied covenant of good faith and fair
dealing).

 

4.5
Subsidiaries. The Guarantors do not and shall
not own any Subsidiaries other than Subsidiaries that are Guarantors.

 

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4.6 Security
Interests.

 

(a) Each
Guarantor owns and has good title to its Collateral, free and clear of all Liens other than Permitted Liens. Except in the case of the
New Real Estate Assets and Prospective Company Restaurant Properties included in the Collateral, this Agreement constitutes a valid and
continuing Lien on the Collateral in favor of the Trustee on behalf of and for the benefit of the Secured Parties, which Lien on the
Collateral has been perfected and is prior to all other Liens (other than Permitted Liens), and is enforceable as such as against creditors
of and purchasers from each Guarantor in accordance with its terms (except, in each case, as described on Schedule 7.13(a) of
the Base Indenture and subject to Sections 8.25(c), 8.25(e), and 8.38 of the Base Indenture, or as is permitted
under this Section 4.6(a)), except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and other similar laws affecting creditors’ rights generally or by general equitable principles, whether considered
in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing. Except as set forth on Schedule 7.13(a)
of the Base Indenture, the Guarantors have received all consents and approvals required by the terms of the Collateral to the pledge
of the Collateral to the Trustee hereunder and the Guarantors have filed, or shall have caused, the filing of all appropriate financing
statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the first-priority security
interest (subject to Permitted Liens) in the Collateral (other than the Owned Real Property, any New Owned Real Property and any Prospective
Company Restaurant Property) granted to the Trustee hereunder no later than ten (10) days after the Closing Date or such Series Closing
Date; provided, that with respect to Intellectual Property, New Real Estate Assets or Prospective Company Restaurant Property
included in the Collateral the Guarantors shall only take such action necessary to perfect such first-priority security interest consistent
with and subject to the obligations and time periods set forth in Sections 8.25(c), 8.25(e), or 8.38 of the Base
Indenture, as applicable.

 

(b) Other
than the security interest granted to the Trustee hereunder, pursuant to the other Transaction Documents or any other Permitted Lien,
none of the Guarantors has pledged, assigned, sold or granted a security interest in the Collateral. All action necessary (including
the filing of UCC-1 financing statements and filings with the PTO and the United States Copyright Office) to protect and evidence the
Trustee’s security interest in the Collateral in the United States has been, or shall be, duly and effectively taken consistent
with and subject to the obligations set forth in Section 4.6(a) above and Sections 8.25(c), 8.25(e) or 8.38
of the Base Indenture, except as described on Schedule 7.13(a) to the Base Indenture. No security agreement, financing statement,
equivalent security or lien instrument or continuation statement authorized by any Guarantor and listing such Guarantor as debtor covering
all or any part of the Collateral is on file or of record in any jurisdiction, except in respect of Permitted Liens or such as may have
been filed, recorded or made by such Guarantor in connection with a Contribution Agreement or in favor of the Trustee on behalf of the
Secured Parties in connection with this Agreement, and no Guarantor has authorized any such filing.

 

(c) All
authorizations in this Agreement for the Trustee to endorse checks, instruments and securities and to execute financing statements, continuation
statements, security agreements and other instruments with respect to the Collateral and to take such other actions with respect to the
Collateral authorized by this Agreement are powers coupled with an interest and are irrevocable.

 

(d) Notwithstanding
anything to the contrary herein, the Guarantors make no representation as to the validity, effectiveness, priority or enforceability
of any grant of security interest in any real property assets under Section 3, including, in each case, the New Real Estate Assets
or the Prospective Company Restaurant Properties, or the perfection thereof, which in each case shall be governed by the Mortgages, if
applicable.

 

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4.7
Other Representations. All representations and warranties of or about each Guarantor (if made by the Issuer) made in the Base
Indenture and in each other Transaction Document to which the Issuer or such Guarantor is a party are true and correct (i) if qualified
as to materiality, in all respects, and (ii) if not qualified as to materiality, in all material respects (unless stated to relate solely
to an earlier date, in which case such representations and warranties were true and correct in all respects or in all material respects,
as applicable, as of such earlier date) and are repeated herein as though fully set forth herein.

 

SECTION
5

 

COVENANTS

 

5.1
[Reserved].

 

5.2
Defaults or Events of Default; Covenants in Base Indenture and Other Transaction Documents. Each Guarantor shall take, or shall
refrain from taking, as the case may be, each action that is necessary to be taken or not taken, as the case may be, so that no Default
or Event of Default is caused by the failure to take such action or to refrain from taking such action by such Guarantor; provided that,
for the avoidance of doubt, such taking or refraining from taking such action shall result in an Event of Default under the Indenture
subject to the applicable cure periods set forth thereunder. All covenants of each Guarantor made in the Base Indenture and in each other
Transaction Document are repeated herein as though fully set forth herein.

 

5.3
Further Assurances.

 

(a) Each
Guarantor shall do such further acts and things, and execute and deliver to the Trustee and the Control Party such additional assignments,
agreements, powers and instruments, as are necessary or desirable to obtain or maintain the security interest of the Trustee in the Collateral
on behalf of the Secured Parties as a perfected security interest subject to no prior Liens (other than Permitted Liens), to carry into
effect the purposes of this Agreement or the other Transaction Documents or to better assure and confirm unto the Trustee, the Control
Party the Noteholders or the other Secured Parties their rights, powers and remedies hereunder including, without limitation, the filing
of any financing or continuation statements or amendments under the UCC in effect in any jurisdiction with respect to the liens and security
interests granted hereby, except as set forth on Schedule 8.11 to the Base Indenture, and in each case subject to Sections
8.25(c), 8.25(e), or 8.38 of the Base Indenture. The Guarantors intend the security interests granted pursuant to this
Agreement in favor of the Secured Parties to be prior to all other Liens (other than Permitted Liens) in respect of the Collateral, and
each Guarantor shall take all actions necessary to obtain and maintain, in favor of the Trustee for the benefit of the Secured Parties,
a first lien on and a first priority, perfected security interest in the Collateral (except with respect to Permitted Liens and except
as set forth on Schedule 8.11 of the Base Indenture or in Sections 8.25 or 8.38 of the Base Indenture). If any Guarantor
fails to perform any of its agreements or obligations under this Section 5.3(a), then the Control Party may perform such agreement
or obligation, and the expenses of the Control Party incurred in connection therewith shall be payable by the Guarantors (without duplication
amounts paid under Section 8.11 of the Base Indenture) upon the Control Party’s demand therefor. The Control Party is hereby
authorized to execute and file any financing statements, continuation statements, amendments or other instruments necessary or appropriate
to perfect or maintain the perfection of the Trustee’s security interest in the Collateral.

 

    	12

    	 

    

 

(b) If
any amount payable under or in connection with any of the Collateral shall be or become evidenced by any promissory note, chattel paper
or other instrument, such note, chattel paper or instrument shall be deemed to be held in trust and immediately pledged and within two
(2) Business Days physically delivered to the Trustee hereunder, and shall, subject to the rights of any Person in whose favor a prior
Lien has been perfected, be duly endorsed in a manner satisfactory to the Trustee and delivered to the Trustee promptly; provided, that
no Guarantor shall be required to deliver any Franchisee Note or Equipment Lease.

 

(c) Notwithstanding
the provisions set forth in clauses (a) and (b) above, the Guarantors shall not be required to perfect any security interest
in any fixtures (other than through a central filing of a UCC financing statement), any Franchisee promissory notes or, except as provided
in Section 8.38 to the Base Indenture, any New Real Estate Assets or Prospective Company Restaurant Properties.

 

(d) The
Guarantors, upon obtaining an interest in any commercial tort claim or claims (as such term is defined in the New York UCC), shall comply
with Section 8.11(d) of the Base Indenture.

 

(e) Each
Guarantor shall warrant and defend the Trustee’s right, title and interest in and to the Collateral and the income, distributions
and Proceeds thereof, for the benefit of the Trustee on behalf of the Secured Parties, against the claims and demands of all Persons
whomsoever.

 

5.4
Legal Name, Location Under Section 9-301 or 9-307. Each Guarantor shall comply with the terms of Section 8.19 of the Base
Indenture if it changes its location (within the meaning of Section 9-301 or 9-307 of the applicable UCC) or its legal name.

 

5.5
Management Accounts. To the extent that it owns any Management Account (including any lock-box related thereto), each Guarantor
shall comply with Section 5.1 of the Base Indenture with respect to each such Management Account (including any lock-box related
thereto).

 

SECTION
6

 

REMEDIAL
PROVISIONS

 

6.1 Rights
of the Control Party and Trustee upon Event of Default.

 

(a) Proceedings
To Collect Money. In case any Guarantor shall fail forthwith to pay any amounts due on this Guarantee upon demand, the Trustee at
the direction of the Control Party (subject to Section 11.4(e) of the Base Indenture, at the direction of the Controlling Class
Representative), in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due
and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against any Guarantor and collect
in the manner provided by law out of the property of any Guarantor, wherever situated, the moneys adjudged or decreed to be payable.

 

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(b) Other
Proceedings. If and whenever an Event of Default shall have occurred and be continuing, the Trustee, at the direction of the Control
Party (subject to Section 11.4(e) of the Base Indenture, at the direction of the Controlling Class Representative), shall take
one or more of the following actions:

 

(i) proceed
to protect and enforce its rights and the rights of the Noteholders and the other Secured Parties, by such appropriate Proceedings as
the Control Party (at the direction of the Controlling Class Representative) shall deem most effective to protect and enforce any such
rights, whether for the specific enforcement of any covenant or agreement in this Agreement or any other Transaction Document or in aid
of the exercise of any power granted therein, or to enforce any other proper remedy or legal or equitable right vested in the Trustee
by this Agreement or any other Transaction Document or by law, including any remedies of a secured party under Requirements of Law;

 

(ii) (A)
direct the Guarantors to exercise (and each Guarantor agrees to exercise) all rights, remedies, powers, privileges and claims of any
Guarantor against any party to any Collateral Document to which such Guarantor is a party arising as a result of the occurrence of such
Event of Default or otherwise, including the right or power to take any action to compel performance or observance by any such party
of its obligations to any Guarantor, and any right of any Guarantor to take such action independent of such direction shall be suspended,
and (B) if (x) the Guarantors shall have failed, within ten (10) Business Days of receiving the direction of the Trustee (given at the
direction of the Control Party (at the direction of the Controlling Class Representative)), to take commercially reasonable action to
accomplish such directions of the Trustee, (y) any Guarantor refuses to take such action or (z) the Control Party (at the direction of
the Controlling Class Representative) reasonably determines that such action must be taken immediately, take (or the Control Party on
behalf of the Trustee shall take) such previously directed action (and any related action as permitted under this Agreement thereafter
determined by the Trustee or the Control Party to be appropriate without the need under this provision or any other provision under this
Agreement to direct the Guarantors to take such action);

 

(iii) institute
Proceedings from time to time for the complete or partial foreclosure of this Agreement or, to the extent applicable, any other Transaction
Document, with respect to the Collateral; provided that the Trustee shall not be required to take title to any real property in
connection with any foreclosure or other exercise of remedies hereunder or under such Transaction Documents and title to such property
shall instead be acquired in an entity designated and (unless owned by a third party) controlled by the Control Party; and/or

 

(iv) sell
all or a portion of the Collateral at one or more public or private sales called and conducted in any manner permitted by law; provided,
however, that the Trustee shall not proceed with any such sale without the prior written consent of the Control Party (at the
direction of the Controlling Class Representative) and the Trustee shall provide notice to the Guarantors and each Holder of Notes of
a proposed sale of Collateral.

 

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(c) Sale
of Collateral. In connection with any sale of the Collateral hereunder (which may proceed separately and independently from the exercise
of remedies under the Indenture), under any Mortgage or under any judgment, order or decree in any judicial proceeding for the foreclosure
or involving the enforcement of this Agreement or any other Transaction Document:

 

(i) any
of the Trustee, any Noteholder, any Enhancement Provider and/or any other Secured Party may bid for and purchase the property being sold,
and upon compliance with the terms of the sale may hold, retain, possess and dispose of such property in its own absolute right without
further accountability;

 

(ii) the
Trustee (at the direction of the Control Party (at the direction of the Controlling Class Representative)) may make and deliver to the
purchaser or purchasers a good and sufficient deed, bill of sale and instrument of assignment and transfer of the property sold;

 

(iii) all
right, title, interest, claim and demand whatsoever, either at law or in equity or otherwise, of any Guarantor of, in and to the property
so sold shall be divested; and such sale shall be a perpetual bar both at law and in equity against such Guarantor, its successors and
assigns, and against any and all Persons claiming or who may claim the property sold or any part thereof from, through or under such
Guarantor or its successors or assigns; and

 

(iv) the
receipt of the Trustee or of the officer thereof making such sale shall be a sufficient discharge to the purchaser or purchasers at such
sale for his or their purchase money, and such purchaser or purchasers, and his or their assigns or personal representatives, shall not,
after paying such purchase money and receiving such receipt of the Trustee or of such officer thereof, be obliged to see to the application
of such purchase money or be in any way answerable for any loss, misapplication or non-application thereof.

 

(d) Application
of Proceeds. Any amounts obtained by the Trustee or the Control Party on account of or as a result of the exercise by the Trustee
or the Control Party of any right hereunder shall be held by the Trustee as additional collateral for the repayment of the Obligations,
shall be deposited into the Collection Account and shall be applied as provided in the priority set forth in the Priority of Payments;
provided that unless otherwise provided in this Section 6 or Article IX of the Base Indenture, with respect to any
distribution to any Class of Notes, notwithstanding the provisions of Article V of the Base Indenture, such amounts shall be distributed
sequentially in order of alphabetical (as opposed to alphanumerical) designation and pro rata among each Class of Notes of the same alphabetical
designation based upon the Outstanding Principal Amount of the Notes of each such Class.

 

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(e) Additional
Remedies. In addition to any rights and remedies now or hereafter granted hereunder or under applicable law with respect to the Collateral,
the Trustee shall have all of the rights and remedies of a secured party under the UCC as enacted in any applicable jurisdiction.

 

(f) Proceedings.
The Trustee may maintain a Proceeding even if it does not possess any of the Notes or does not produce any of them in the Proceeding,
and any such Proceeding instituted by the Trustee shall be in its own name as trustee. All remedies are cumulative to the extent permitted
by law.

 

(g) Power
of Attorney. To the fullest extent permitted by applicable law, each Guarantor hereby grants to the Trustee an absolute power of
attorney to sign, upon the occurrence and during the continuance of an Event of Default, any document which may be required by the PTO,
United States Copyright Office, any similar office or agency in each foreign country in which any Securitization IP is located, or any
other Governmental Authority in order to effect an absolute assignment of all right, title and interest in or to any Securitization IP,
and record the same.

 

6.2
Waiver of Appraisal, Valuation, Stay and Right to Marshaling. To the extent it may lawfully do so, each Guarantor for itself and
for any Person who may claim through or under it hereby:

 

(a) agrees
that neither it nor any such Person shall step up, plead, claim or in any manner whatsoever take advantage of any appraisal, valuation,
stay, extension or redemption laws, now or hereafter in force in any jurisdiction, which may delay, prevent or otherwise hinder (i) the
performance, enforcement or foreclosure of this Agreement, (ii) the sale of any of the Collateral or (iii) the putting of the purchaser
or purchasers thereof into possession of such property immediately after the sale thereof;

 

(b) waives
all benefit or advantage of any such laws;

 

(c) waives
and releases all rights to have the Collateral marshaled upon any foreclosure, sale or other enforcement of this Agreement; and

 

(d) consents
and agrees that, subject to and in accordance with the terms of the Base Indenture and this Agreement, all the Collateral may at any
such sale be sold by the Trustee as an entirety or in such portions as the Trustee may (upon direction by the Control Party (acting at
the direction of the Controlling Class Representative)) determine.

 

6.3
Limited Recourse. Notwithstanding any other provision of this Agreement or any other Transaction Document or otherwise, the liability
of the Guarantors to the Noteholders and any other Secured Parties under or in relation to this Agreement or any other Transaction Document
or otherwise, is limited in recourse to the Collateral. The proceeds of the Collateral having been applied in accordance with the terms
hereof, none of the Noteholders or any other Secured Parties shall be entitled to take any further steps against any Guarantor to recover
any sums due but still unpaid hereunder, under the Notes or under any of the other agreements or documents described in this Section
6.3, all claims in respect of which shall be extinguished.

 

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6.4
Optional Preservation of the Collateral. If the maturity of the Outstanding Notes of each Series has been accelerated pursuant
to Section 9.2 of the Base Indenture following an Event of Default, and such declaration and its consequences have not been rescinded
and annulled, the Trustee, at the direction of the Control Party (acting at the direction of the Controlling Class Representative), subject
to the other terms and provisions hereof and of the Base Indenture, shall elect to maintain possession of such portion, if any, of the
Collateral as the Control Party (acting at the direction of the Controlling Class Representative) shall in its discretion determine.

 

6.5
Control by the Control Party. Notwithstanding any other provision hereof, the Control Party (subject to Section 11.4(e)
of the Base Indenture, at the direction of the Controlling Class Representative) may cause the institution of and direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee or exercise any trust or power conferred on the Trustee;
provided that:

 

(a) such
direction of time, method and place shall not be in conflict with any rule of law, the Indenture, this Agreement or any other Indenture
Document;

 

(b) the
Control Party (at the direction of the Controlling Class Representative) may take any other action deemed proper by the Control Party
(at the direction of the Controlling Class Representative) that is not inconsistent with such direction (as the same may be modified
by the Control Party (at the direction of the Controlling Class Representative)); and

 

(c) such
direction shall be in writing;

 

provided,
further, that, subject to Section 10.1 of the Base Indenture, the Trustee need not take any action that it determines might
involve it in liability unless it has received an indemnity for such liability as provided in the Base Indenture. The Trustee shall take
no action referred to in this Section 6.5 unless instructed to do so by the Control Party (at the direction of the Controlling
Class Representative).

 

6.6
The Trustee May File Proofs of Claim. The Trustee is authorized to file such proofs of claim and other papers or documents as
may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel), the Noteholders and any other Secured Party (as applicable) allowed
in any judicial proceedings relative to any Guarantor (or any other obligor upon the Notes), its creditors or its property, and shall
be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claim and
any custodian in any such judicial proceeding is hereby authorized by each Noteholder and each other Secured Party to make such payments
to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Noteholders or any other
Secured Party, to pay the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, and any other amounts due the Trustee under Section 10.5 of the Base Indenture. To the extent that the
payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts
due the Trustee under Section 10.5 of the Base Indenture out of the estate in any such proceeding, shall be denied for any reason,
payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money and other properties
which any of the Noteholders or any other Secured Party may be entitled to receive in such proceeding whether in liquidation or under
any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize
or consent to or accept or adopt on behalf of any Noteholder or any other Secured Party any plan of reorganization, arrangement, adjustment
or composition affecting the Obligations or the rights of any Noteholder or any other Secured Party, or to authorize the Trustee to vote
in respect of the claim of any Noteholder or any other Secured Party in any such proceeding.

 

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6.7
Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Agreement or in any suit against the
Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in
the suit of any undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses
made by the party litigant. This Section 6.7 does not apply to a suit by the Trustee, a suit by a Noteholder pursuant to Section
9.9 of the Base Indenture or a suit by Noteholders of more than 10% of the Aggregate Outstanding Principal Amount of all Series of
Notes.

 

6.8
Restoration of Rights and Remedies. If the Trustee, any Noteholder or any other Secured Party has instituted any Proceeding to
enforce any right or remedy under this Agreement or any other Transaction Document and such Proceeding has been discontinued or abandoned
for any reason or has been determined adversely to the Trustee or to such Noteholder or other Secured Party, then and in every such case
the Trustee and the Noteholders shall, subject to any determination in such proceeding, be restored severally and respectively to their
former positions hereunder, and thereafter all rights and remedies of the Trustee, the Noteholders and the other Secured Parties shall
continue as though no such Proceeding had been instituted.

 

6.9
Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Notes
or any other Secured Party is intended to be exclusive of any other right or remedy, and every right or remedy shall, to the extent permitted
by law, be cumulative and in addition to every other right and remedy given under this Agreement or any other Transaction Document or
now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy under this Agreement or
any other Transaction Document, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right
or remedy.

 

6.10
Delay or Omission Not Waiver. No delay or omission of the Trustee, the Control Party, the Controlling Class Representative, any
Holder of any Note or any other Secured Party to exercise any right or remedy accruing upon any Potential Rapid Amortization Event, Rapid
Amortization Event, Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Potential Rapid
Amortization Event, Rapid Amortization Event, Default or Event of Default or an acquiescence therein. Every right and remedy given by
this Section 6 or by law to the Trustee, the Control Party, the Controlling Class Representative, the Holders of Notes or any
other Secured Party may be exercised from time to time to the extent not inconsistent with the Indenture or this Agreement, and as often
as may be deemed expedient, by the Trustee, the Control Party, the Controlling Class Representative, the Holders of Notes or any other
Secured Party, as the case may be.

 

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6.11
Waiver of Stay or Extension Laws. Each Guarantor covenants (to the extent that it may lawfully do so) that it shall not at any
time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever
enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Agreement or any other Transaction
Document; and each Guarantor (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantages of any such
law, and covenants that it shall not hinder, delay or impede the execution of any power herein granted to the Trustee, the Control Party
or the Controlling Class Representative, but shall suffer and permit the execution of every such power as though no such law had been
enacted.

 

SECTION
7

 

THE
TRUSTEE’S AUTHORITY

 

Each
Guarantor acknowledges that the rights and responsibilities of the Trustee under this Agreement with respect to any action taken by the
Trustee or the exercise or non-exercise by the Trustee of any option, voting right, request, judgment or other right or remedy provided
for herein or resulting or arising out of this Agreement shall, as between the Trustee and the other Secured Parties, be governed by
the Indenture and by such other agreements with respect thereto as may exist from time to time among them, but, as between the Trustee
and the Guarantors, the Trustee shall be conclusively presumed to be acting as agent for the Secured Parties with full and valid authority
so to act or refrain from acting, it being understood that the Trustee (at the direction of the Control Party (at the direction of the
Controlling Class Representative)) and the Control Party (at the direction of the Controlling Class Representative) directly shall be
the only parties entitled to exercise remedies under this Agreement; and no Guarantor shall be under any obligation, or entitlement,
to make any inquiry respecting such authority. In its execution of this Agreement and performance hereunder, the Trustee shall be entitled
to all of the rights, protections, immunities and indemnities afforded to it under the Indenture.

 

SECTION
8

 

MISCELLANEOUS

 

8.1
Amendments. None of the terms or provisions of this Agreement may be amended, supplemented, waived or otherwise modified except
in accordance with Article XIII of the Base Indenture, provided, that the execution and delivery of any Assumption Agreement in
accordance with Section 8.11 of this Agreement shall be deemed not to constitute an amendment.

 

    	19

    	 

    

 

8.2
Notices.

 

(a) Any
notice or communication by any Guarantor or the Trustee to any other party hereto shall be in writing and delivered in person, delivered
by e-mail (provided that any e-mail notice to the Trustee shall be in the form of an attachment of a .pdf or similar file), posted on
a password protected internet website for which the recipient has granted access or mailed by first-class mail (registered or certified,
return receipt requested), facsimile or overnight air courier guaranteeing next day delivery, to such other party’s address:

 

If
to a Guarantor:

[INSERT
NAME OF GUARANTOR]

c/o
FAT Brands Inc.

9720
Wilshire Blvd., Suite 500

Beverly
Hills, CA 90212

Attention:
Investor Relations

Telephone:
(310) 319-1850

Email:
ceo@fatbrands.com

 

If
to the Trustee:

UMB
BANK, NATIONAL ASSOCIATION

100
William Street, Suite 1850

New
York, NY 10038

Attention:
Michele Voon

Email:
michele.voon@umb.com

Phone:
(646) 650-3840

 

(b) The
Guarantors or the Trustee by notice to each other party may designate additional or different addresses for subsequent notices or communications.

 

(c) Any
notice (i) given in person shall be deemed delivered on the date of delivery of such notice, (ii) given by first-class mail shall be
deemed given five (5) days after the date that such notice is mailed, (iii) delivered by facsimile shall be deemed given on the date
of delivery of such notice, (iv) delivered by overnight air courier shall be deemed delivered one (1) Business Day after the date that
such notice is delivered to such overnight courier, (v) when posted on a password-protected website shall be deemed delivered after notice
of such posting has been provided to the recipient and (vi) delivered by email shall be deemed delivered on the date of delivery of such
notice.

 

(d) Notwithstanding
any provisions of this Agreement to the contrary, the Trustee shall have no liability based upon or arising from the failure to receive
any notice required by or relating to this Agreement or any other Transaction Document.

 

8.3
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE
STATE OF NEW YORK).

 

8.4
Successors. All agreements of each of the Guarantors in this Agreement and each other Transaction Document to which it is a party
shall bind its successors and assigns; provided, however, no Guarantor may assign its obligations or rights under this
Agreement or any other Transaction Document, except with the written consent of the Control Party. All agreements of the Trustee in the
Indenture and in this Agreement shall bind its successors as permitted by the Transaction Documents.

 

    	20

    	 

    

 

8.5
Severability. In case any provision in this Agreement or any other Transaction Document shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

8.6
Counterpart Originals. The parties may sign any number of copies of this Agreement. Each signed copy shall be an original, but
all of them together represent the same agreement. The exchange of copies of this Agreement and of signature pages by facsimile or electronic
transmission shall constitute effective execution and delivery of this Agreement as to the parties hereto and may be used in lieu of
the original Agreement for all purposes. Signatures of the parties hereto transmitted by facsimile or electronic transmission shall be
deemed to be their original signatures for all purposes. Facsimile, documents executed, scanned and transmitted electronically and electronic
signatures shall be deemed original signatures for purposes of this Agreement and any related document, with such facsimile, scanned
and electronic signatures having the same legal effect as original signatures. The parties agree that this Agreement, any addendum or
amendment hereto or any related document necessary may be accepted, executed or agreed to through the use of an electronic signature
in accordance with the Electronic Signatures in Global and National Commerce Act (“E-Sign Act”), Title 15, United States
Code, Sections 7001 et seq., the Uniform Electronic Transaction Act (“UETA”) and any applicable state law. Electronic signature
shall mean any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a person with
the intent to sign, authenticate or accept such contract or record. Any document accepted, executed or agreed to in conformity with such
laws will be binding on all parties hereto to the same extent as if it were physically executed and each party hereby consents to the
use of any third party electronic signature capture service providers as may be reasonably chosen by a signatory hereto.

 

8.7
Table of Contents, Headings, etc. The Table of Contents and headings of the Sections of this Agreement have been inserted for
convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions
hereof.

 

8.8
Recording of Agreement. If this Agreement is subject to recording in any appropriate public recording offices, such recording
is to be effected by the Guarantors and at their expense accompanied by an Opinion of Counsel (which may be counsel to the Guarantors
or any other counsel reasonably acceptable to the Control Party (at the direction of the Controlling Class Representative) to the effect
that such recording is necessary either for the protection of the Secured Parties or for the enforcement of any right or remedy granted
to the Trustee under this Agreement.

 

8.9
Waiver of Jury Trial. EACH OF THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS
OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY.

 

    	21

    	 

    

 

8.10
Submission to Jurisdiction; Waivers. Each of the Guarantors and the Trustee hereby irrevocably and unconditionally:

 

(a) submits
for itself and its property in any legal action or proceeding relating to this Agreement and the other Transaction Documents to which
it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the
courts of the State of New York sitting in New York County, the courts of the United States for the Southern District of New York, and
appellate courts from any thereof;

 

(b) consents
that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue
of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees
not to plead or claim the same;

 

(c) agrees
that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or
any substantially similar form of mail), postage prepaid, to the Guarantors or the Trustee, as the case may be, at its address set forth
in Section 8.2 or at such other address of which the Trustee shall have been notified pursuant thereto;

 

(d) agrees
that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right
to sue in any other jurisdiction; and

 

(e) waives,
to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to
in this Section 8.10 any special, exemplary, punitive or consequential damages.

 

8.11
Additional Guarantor. Each Additional Guarantor that is designated to be an Additional Guarantor pursuant to Section 8.34
of the Base Indenture shall become a Guarantor for all purposes of this Agreement upon execution and delivery by such Additional Guarantor
of an Assumption Agreement in substantially the form of Exhibit A hereto. Upon the execution and delivery by any Additional Guarantor
of such an Assumption Agreement, the supplemental schedules attached to such Assumption Agreement shall be incorporated into and become
a part of and supplement the Schedules to this Agreement and each reference to such Schedules shall mean and be a reference to such Schedules
as supplemented pursuant to each Assumption Agreement.

 

8.12
Currency Indemnity. Each Guarantor shall make all payments of amounts owing by it hereunder in Dollars. If a Guarantor makes any
such payment to the Trustee or any other Secured Party in a currency (the “Other Currency”) other than Dollars (whether
voluntarily or pursuant to an order or judgment of a court or tribunal of any jurisdiction), such payment shall constitute a discharge
of the liability of such party hereunder in respect of such amount owing only to the extent of the amount of Dollars which the Trustee
or such Secured Party is able to purchase, with the amount it receives on the date of receipt. If the amount of Dollars which the Trustee
or such Secured Party is able to purchase is less than the amount of such currency originally so due in respect of such amount, such
Guarantor shall indemnify and save the Trustee or such Secured Party, as applicable, harmless from and against any loss or damage arising
as a result of such deficiency. This indemnity shall constitute an obligation separate and independent from the other obligations contained
in this Agreement, shall give rise to a separate and independent cause of action, shall survive termination hereof, shall apply irrespective
of any indulgence granted by the Trustee or such Secured Party and shall continue in full force and effect notwithstanding any judgment
or order in respect of any amount due hereunder or under any judgment or order.

 

    	22

    	 

    

 

8.13
Acknowledgment of Receipt; Waiver. Each Guarantor acknowledges receipt of an executed copy of this Agreement and, to the extent
permitted by applicable law, waives the right to receive a copy of any financing statement, financing change statement or verification
statement in respect of any registered financing statement or financing change statement prepared, registered or issued in connection
with this Agreement.

 

8.14
Termination; Partial Release.

 

(a) On
the Termination Date, the Collateral shall be automatically released from the Liens created hereby, and this Agreement and all obligations
(other than those expressly stated to survive such termination) of the Trustee and each Guarantor shall automatically terminate, all
without delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to the Guarantors.
At the request and sole expense of any Guarantor following any such termination, the Trustee shall deliver to such Guarantor any Collateral
held by the Trustee hereunder, and execute and deliver to such Guarantor such documents as such Guarantor shall reasonably request to
evidence such termination.

 

(b) Any
partial release of Collateral hereunder requested by the Issuer in connection with any Permitted Asset Disposition shall be governed
by Section 14.17 of the Base Indenture.

 

8.15
Third Party Beneficiary. Each of the Secured Parties and the Controlling Class Representative is an express third party beneficiary
of this Agreement.

 

8.16 Entire
Agreement. This Agreement, together with the schedule hereto, the Indenture and the other Transaction Documents, contain a final
and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall
constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all previous oral
statements and writings with respect thereto.

 

[Signature
pages follow]

 

    	23

    	 

    

 

IN
WITNESS WHEREOF, each of the Guarantors and the Trustee has caused this Guarantee and Collateral Agreement to be duly executed and delivered
by its duly authorized officer as of the date first above written.

 

GUARANTORS:

 

TP
FRANCHISE AUSTIN, LLC

TP
FRANCHISE ROUND ROCK, LLC

TP
FRANCHISE VENTURE I, LLC

TP
TEXAS BEVERAGES, LLC

TWIN
PEAKS BUYER, LLC

TWIN
RESTAURANT, LLC

TWIN
RESTAURANT AMARILLO, LLC

TWIN
RESTAURANT AMARILLO BEVERAGE HOLDING, LLC

TWIN
RESTAURANT AMARILLO MANAGEMENT, LLC

TWIN
RESTAURANT BEVERAGE - TEXAS, LLC

TWIN
RESTAURANT BEVERAGE HOLDING, LLC

TWIN
RESTAURANT BROOMFIELD, LLC

TWIN
RESTAURANT BURLESON, LLC

TWIN
RESTAURANT BURLESON BEVERAGE HOLDING, LLC

TWIN
RESTAURANT BURLESON MANAGEMENT, LLC

TWIN
RESTAURANT CENTENNIAL, LLC

TWIN
RESTAURANT DENVER, LLC

TWIN
RESTAURANT DENVER, LLC

TWIN
RESTAURANT DEVELOPMENT, LLC

TWIN
RESTAURANT EL PASO, LLC

TWIN
RESTAURANT EL PASO BEVERAGE HOLDING, LLC

TWIN
RESTAURANT FRANCHISE, LLC

TWIN
RESTAURANT FRISCO, LLC

TWIN
RESTAURANT GRAND PRAIRIE, LLC

TWIN
RESTAURANT GRAND PRAIRIE BEVERAGE HOLDING, LLC

TWIN
RESTAURANT GRAND PRAIRIE MANAGEMENT, LLC

TWIN
RESTAURANT HOLDING, LLC

TWIN
RESTAURANT INTERNATIONAL FRANCHISE, LLC

TWIN
RESTAURANT INVESTMENT COMPANY, LLC

TWIN
RESTAURANT INVESTMENT COMPANY II, LLC

TWIN
RESTAURANT IP, LLC

TWIN
RESTAURANT LEWISVILLE, LLC

TWIN
RESTAURANT LITTLE ROCK, LLC

TWIN
RESTAURANT LIVE OAK, LLC

TWIN
RESTAURANT LIVE OAK BEVERAGE HOLDING, LLC

TWIN
RESTAURANT LIVE OAK MANAGEMENT, LLC

TWIN
RESTAURANT LV -I LLC

TWIN
RESTAURANT LV -2 LLC

TWIN
RESTAURANT MIDLAND, LLC

TWIN
RESTAURANT MIDLAND BEVERAGE HOLDING, LLC

TWIN
RESTAURANT N IRVING, LLC

 

Signature
Page to Guarantee and Collateral Agreement 

 

    	 

     

    

 

TWIN
RESTAURANT N IRVING BEVERAGE HOLDING, LLC

TWIN
RESTAURANT NEW MEXICO, LLC

TWIN
RESTAURANT OAKBROOK, LLC

TWIN
RESTAURANT ODESSA, LLC

TWIN
RESTAURANT ODESSA BEVERAGE HOLDING, LLC

TWIN
RESTAURANT PARK NORTH, LLC

TWIN
RESTAURANT PARK NORTH BEVERAGE HOLDING, LLC

TWIN
RESTAURANT PARK NORTH MANAGEMENT, LLC

TWIN
RESTAURANT RE, LLC

TWIN
RESTAURANT S FORT WORTH, LLC

TWIN
RESTAURANT S FORT WORTH BEVERAGE HOLDING, LLC

TWIN
RESTAURANT SAN ANGELO, LLC

TWIN
RESTAURANT SAN ANGELO BEVERAGE HOLDING, LLC

TWIN
RESTAURANT SAN ANGELO MANAGEMENT, LLC

TWIN
RESTAURANT SAN ANTONIO, LLC

TWIN
RESTAURANT SAN ANTONIO BEVERAGE HOLDING, LLC

TWIN
RESTAURANT SAN MARCOS, LLC

TWIN
RESTAURANT SAN MARCOS BEVERAGE HOLDING, LLC

TWIN
RESTAURANT SAN MARCOS MANAGEMENT, LLC

TWIN
RESTAURANT SUNLAND PARK, LLC

TWIN
RESTAURANT SUNLAND PARK BEVERAGE HOLDING, LLC

TWIN
RESTAURANT VIVA LAS VEGAS, LLC

TWIN
RESTAURANT WARRENVILLE, LLC

TWIN
RESTAURANT WESTERN CENTER, LLC

TWIN
RESTAURANT WESTERN CENTER BEVERAGE HOLDING, LLC

TWIN
RESTAURANT WESTOVER, LLC

TWIN
RESTAURANT WESTOVER BEVERAGE HOLDING, LLC

TWIN
RESTAURANT JV HOLDING, LLC

 

	By:	/s/
    Joseph Hummel	 
	Name:	Joseph
    Hummel	 
	Title:	President	 

 

Signature
Page to Guarantee and Collateral Agreement

 

    	 

     

    

 

	AGREED
    AND ACCEPTED	 
	UMB BANK, NATIONAL ASSOCIATION,

                                                                                in its capacity as Trustee
	 
	 	 
	By:	/s/ Michele Voon	 
	Name:
    	Michele
    Voon	 
	Title:
    	Vice
    President	 

 

Signature
Page to Guarantee and Collateral Agreement

 

    	 

     

    

 

Schedule
4.5

 

GUARANTOR
OWNERSHIP RELATIONSHIPS

 

	PLEDGED
    ENTITY	 	OWNED
    BY	 	PERCENTAGE
    OWNERSHIP
	 	 	 	 	 
	FAT
    Brands Twin Peaks I, LLC	 	Fat
    Brands, Inc.	 	100%
	TP
    Franchise Austin, LLC	 	TP
    Franchise Venture I, LLC	 	100%
	TP
    Franchise Round Rock, LLC	 	TP
    Franchise Venture I, LLC	 	100%
	TP
    Franchise Venture I, LLC	 	Twin
    Restaurant Holding, LLC	 	100%
	TP
    Texas Beverages, LLC	 	TP
    Franchise Venture I, LLC	 	100%
	Twin
    Peaks Buyer, LLC	 	FAT
    Brands Twin Peaks I, LLC	 	100%
	Twin
    Restaurant, LLC	 	Twin
    Restaurant Holding, LLC	 	100%
	Twin
    Restaurant Amarillo, LLC	 	Twin
    Restaurant, LLC	 	100%
	Twin
    Restaurant Amarillo Beverage Holding, LLC	 	Twin
    Restaurant Amarillo Management, LLC	 	100%
	Twin
    Restaurant Amarillo Management, LLC	 	Twin
    Restaurant Amarillo, LLC	 	100%
	Twin
    Restaurant Beverage - Texas, LLC	 	Twin
    Restaurant Beverage Holding, LLC	 	100%
	Twin
    Restaurant Beverage Holding, LLC	 	Twin
    Restaurant, LLC	 	100%
	Twin
    Restaurant Broomfield, LLC	 	Twin
    Restaurant Denver, LLC (TX)	 	100%
	Twin
    Restaurant Burleson, LLC	 	Twin
    Restaurant, LLC	 	100%
	Twin
    Restaurant Burleson Beverage Holding, LLC	 	Twin
    Restaurant Burleson Management, LLC	 	100%
	Twin
    Restaurant Burleson Management, LLC	 	Twin
    Restaurant Burleson, LLC	 	100%
	Twin
    Restaurant Centennial, LLC	 	Twin
    Restaurant Denver, LLC (TX)	 	100%
	Twin
    Restaurant Denver, LLC (CO)	 	Twin
    Restaurant Denver, LLC (TX)	 	100%
	Twin
    Restaurant Denver, LLC (TX)	 	Twin
    Restaurant Investment Company, LLC	 	100%
	Twin
    Restaurant Development, LLC	 	Twin
    Restaurant Holding, LLC	 	100%
	Twin
    Restaurant El Paso, LLC	 	Twin
    Restaurant Investment Company II, LLC	 	100%
	Twin
    Restaurant EL Paso Beverage Holding, LLC	 	Twin
    Restaurant El Paso, LLC	 	100%
	Twin
    Restaurant Franchise, LLC	 	Twin
    Restaurant Holding, LLC	 	100%
	Twin
    Restaurant Frisco, LLC	 	Twin
    Restaurant, LLC	 	100%
	Twin
    Restaurant Grand Prairie, LLC	 	Twin
    Restaurant, LLC	 	100%

 

    	 

     

    

 

	Twin
    Restaurant Grand Prairie Beverage Holding, LLC	 	Twin
    Restaurant Grand Prairie Management, LLC	 	100%
	Twin
    Restaurant Grand Prairie Management, LLC	 	Twin
    Restaurant Grand Prairie, LLC	 	100%
	Twin
    Restaurant Holding, LLC	 	Twin
    Peaks Buyer, LLC	 	100%
	Twin
    Restaurant International Franchise, LLC	 	Twin
    Restaurant International Franchise, LLC	 	100%
	Twin
    Restaurant Investment Company, LLC	 	Twin
    Restaurant Development, LLC	 	100%
	Twin
    Restaurant Investment Company II, LLC	 	Twin
    Restaurant Development, LLC	 	100%
	Twin
    Restaurant IP, LLC	 	Twin
    Restaurant Holding, LLC	 	100%
	Twin
    Restaurant Lewisville, LLC	 	Twin
    Restaurant, LLC	 	100%
	Twin
    Restaurant Little Rock, LLC	 	Twin
    Restaurant Investment Company II, LLC	 	100%
	Twin
    Restaurant Live Oak, LLC	 	Twin
    Restaurant, LLC	 	100%
	Twin
    Restaurant Live Oak Beverage Holding, LLC	 	Twin
    Restaurant Live Oak Management, LLC	 	100%
	Twin
    Restaurant Live Oak Management, LLC	 	Twin
    Restaurant Live Oak, LLC	 	100%
	Twin
    Restaurant LV -I LLC	 	Twin
    Restaurant Viva Las Vegas, LLC	 	100%
	Twin
    Restaurant LV -2 LLC	 	Twin
    Restaurant Investment Company II, LLC	 	100%
	Twin
    Restaurant Midland, LLC	 	Twin
    Restaurant, LLC	 	100%
	Twin
    Restaurant Midland Beverage Holding, LLC	 	Twin
    Restaurant Midland, LLC	 	100%
	Twin
    Restaurant N Irving, LLC	 	Twin
    Restaurant Investment Company, LLC	 	100%
	Twin
    Restaurant N Irving Beverage Holding, LLC	 	Twin
    Restaurant N Irving, LLC	 	100%
	Twin
    Restaurant New Mexico, LLC	 	Twin
    Restaurant Holding, LLC	 	100%
	Twin
    Restaurant Oakbrook, LLC	 	Twin
    Restaurant Investment Company II, LLC	 	85.5%
	Twin
    Restaurant Oakbrook, LLC	 	Twin
    Restaurant, LLC	 	14.5%
	Twin
    Restaurant Odessa, LLC	 	Twin
    Restaurant Investment Company, LLC	 	100%
	Twin
    Restaurant Odessa Beverage Holding, LLC	 	Twin
    Restaurant Odessa, LLC	 	100%
	Twin
    Restaurant Park North, LLC	 	Twin
    Restaurant Investment Company II, LLC	 	100%
	Twin
    Restaurant Park North Beverage Holding, LLC	 	Twin
    Restaurant Park North Management, LLC	 	100%

 

    	 

     

    

 

	Twin
    Restaurant Park North Management, LLC	 	Twin
    Restaurant Park North, LLC	 	100%
	Twin
    Restaurant RE, LLC	 	Twin
    Restaurant Holding, LLC	 	100%
	Twin
    Restaurant S Fort Worth, LLC	 	Twin
    Restaurant Investment Company II, LLC	 	100%
	Twin
    Restaurant S Fort Worth Beverage Holding, LLC	 	Twin
    Restaurant S Fort Worth, LLC	 	100%
	Twin
    Restaurant San Angelo, LLC	 	Twin
    Restaurant, LLC	 	100%
	Twin
    Restaurant San Angelo Beverage Holding, LLC	 	Twin
    Restaurant San Angelo Management, LLC	 	100%
	Twin
    Restaurant San Angelo Management, LLC	 	Twin
    Restaurant San Angelo, LLC	 	100%
	Twin
    Restaurant San Antonio, LLC	 	Twin
    Restaurant Investment Company, LLC	 	100%
	Twin
    Restaurant San Antonio Beverage Holding, LLC	 	Twin
    Restaurant San Antonio, LLC	 	100%
	Twin
    Restaurant San Marcos, LLC	 	Twin
    Restaurant, LLC	 	100%
	Twin
    Restaurant San Marcos Beverage Holding, LLC	 	Twin
    Restaurant San Marcos Management, LLC	 	100%
	Twin
    Restaurant San Marcos Management, LLC	 	Twin
    Restaurant San Marcos, LLC	 	100%
	Twin
    Restaurant Sunland Park, LLC	 	Twin
    Restaurant Investment Company II, LLC	 	100%
	Twin
    Restaurant Sunland Park Beverage Holding, LLC	 	Twin
    Restaurant Sunland Park, LLC	 	100%
	Twin
    Restaurant Viva Las Vegas, LLC	 	Twin
    Restaurant Development, LLC	 	100%
	Twin
    Restaurant Warrenville, LLC	 	Twin
    Restaurant Investment Company II, LLC	 	100%
	Twin
    Restaurant Western Center, LLC	 	Twin
    Restaurant Investment Company, LLC	 	100%
	Twin
    Restaurant Western Center Beverage Holding, LLC	 	Twin
    Restaurant Western Center, LLC	 	100%
	Twin
    Restaurant Westover, LLC	 	Twin
    Restaurant Investment Company II, LLC	 	100%
	Twin
    Restaurant Westover Beverage Holding, LLC	 	Twin
    Restaurant Westover, LLC	 	100%
	Twin
    Restaurant JV Holding, LLC	 	Twin
    Restaurant Holding, LLC	 	100%

 

    	 

     

    

 

Exhibit
A to

Guarantee
and Collateral Agreement

 

ASSUMPTION
AGREEMENT, dated as of ___________________, 20___ (this “Assumption Agreement”), made by ___________ a __________
(the “Additional Guarantor”), in favor of UMB BANK, NATIONAL ASSOCIATION, as Trustee and securities intermediary under
the Indenture referred to below (in such capacity, together with its successors, the “Trustee”). All capitalized terms
not defined herein shall have the meaning ascribed to them in the Base Indenture Definitions List attached to the Base Indenture (as
defined below) as Annex A thereto.

 

W
I T N E S S E T H:

 

WHEREAS,
FAT Brands Twin Peaks I, LLC, a Delaware limited liability company (the “Issuer”) and the Trustee have entered into
that certain Base Indenture dated as of October 1, 2021 (the “Base Indenture” and, together with all Series Supplements,
the “Indenture”), providing for the issuance from time to time of one or more Series of Notes thereunder; and

 

WHEREAS,
in connection with the Base Indenture, the Guarantors and the Trustee entered into that certain Guarantee and Collateral Agreement, dated
as of October 1, 2021 (as the same may be amended, amended and restated, supplemented or otherwise modified from time to time) (the “Guarantee
and Collateral Agreement”) in favor of the Trustee for the benefit of the Secured Parties;

 

WHEREAS,
the Base Indenture requires the Additional Guarantors to become a party to the Guarantee and Collateral Agreement; and

 

WHEREAS,
the Additional Guarantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Guarantee and
Collateral Agreement;

 

NOW,
THEREFORE, IT IS AGREED:

 

1. Guarantee
and Collateral Agreement. By executing and delivering this Assumption Agreement, the Additional Guarantor, as provided in Section
8.11 of the Guarantee and Collateral Agreement, hereby becomes a party to the Guarantee and Collateral Agreement as a Guarantor thereunder
with the same force and effect as if originally named therein as a Guarantor and, without limiting the generality of the foregoing, hereby
expressly assumes all obligations and liabilities of a Guarantor thereunder. In furtherance of the foregoing, the Additional Guarantor,
as security for the payment and performance in full of the Issuer Obligations, does (x) hereby create and grant to the Trustee for the
benefit of the Secured Parties a security interest in all of the Additional Guarantor’s right, title and interest in and to the
Collateral of the Additional Guarantor in accordance with the terms of the Guarantee and Collateral Agreement and subject to the exceptions
set forth therein and (y) jointly and severally with the other Guarantors, unconditionally and irrevocably hereby guarantee the prompt
and complete payment and performance by the Issuer when due (whether at the stated maturity, by acceleration or otherwise, but after
giving effect to all applicable grace periods) of the Issuer Obligations. Each reference to a “Guarantor” in the Guarantee
and Collateral Agreement shall be deemed to include the Additional Guarantor. The Guarantee and Collateral Agreement is hereby incorporated
herein by reference. The information set forth in Annex 1-A hereto (A) is true and correct as of the date hereof in all material respects
and (B) is hereby added to the information set forth in Schedule 4.5 to the Guarantee and Collateral Agreement and such Schedule
shall be deemed so amended. The Additional Guarantor hereby represents and warrants that each of the representations and warranties contained
in Section 4 of the Guarantee and Collateral Agreement applicable to it is true and correct on and as the date hereof (after giving
effect to this Assumption Agreement) as if made on and as of such date. [The Additional Guarantor is designated as [a Franchise Entity]
[an IP Guarantor] [a Company Restaurant Guarantor].]

 

    	A-1

     

    

 

2. Representations
of Additional Guarantor. The Additional Guarantor represents and warrants to the Trustee for the benefit of the Secured Parties that
this Assumption Agreement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation,
enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other
laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding
in equity or at law.

 

3. Counterparts;
Binding Effect. This Assumption Agreement may be executed in counterparts (and by different parties hereto on different counterparts),
each of which shall constitute an original, but all of which taken together shall constitute a single contract. This Assumption Agreement
shall become effective when (a) the Trustee shall have received a counterpart of this Assumption Agreement that bears the signature of
the Additional Guarantor and (b) the Trustee has executed a counterpart hereof. Delivery of an executed counterpart of a signature page
of this Assumption Agreement by .pdf file in an email shall be effective as delivery of a manually executed counterpart of this Assumption
Agreement. Facsimile, documents executed, scanned and transmitted electronically and electronic signatures shall be deemed original signatures
for purposes of this Assumption Agreement and any related document, with such facsimile, scanned and electronic signatures having the
same legal effect as original signatures. The parties agree that this Assumption Agreement, any addendum or amendment hereto or any related
document necessary may be accepted, executed or agreed to through the use of an electronic signature in accordance with the Electronic
Signatures in Global and National Commerce Act (“E-Sign Act”), Title 15, United States Code, Sections 7001 et seq., the Uniform
Electronic Transaction Act (“UETA”) and any applicable state law. Electronic signature shall mean any electronic symbol or
process attached to, or associated with, a contract or other record and adopted by a person with the intent to sign, authenticate or
accept such contract or record. Any document accepted, executed or agreed to in conformity with such laws will be binding on all parties
hereto to the same extent as if it were physically executed and each party hereby consents to the use of any third party electronic signature
capture service providers as may be reasonably chosen by a signatory hereto.

 

4. Full
Force and Effect. Except as expressly supplemented hereby, the Guarantee and Collateral Agreement shall remain in full force and
effect.

 

5. Severability.
In case any provision in this Agreement or any other Transaction Document shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

6. Notices.
All communications and notices hereunder shall be in writing and given as provided in Section 8.2 of the Guarantee and Collateral
Agreement. All communications and notices hereunder to the Additional Guarantor shall be given to it at the address set forth under its
signature below.

 

7. Fees
and Expenses. The Additional Guarantor agrees to reimburse the Trustee for its reasonable and documented out-of-pocket expenses in
connection with the execution and delivery of this Assumption Agreement, including the reasonable fees and disbursements of outside counsel
for the Trustee.

 

8. Governing
Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).

 

    	A-2

     

    

 

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

 

	 	[ADDITIONAL
    GUARANTOR]
	 	 
	 	By:
    	 
	 	Name:	        
	 	Title:	 
	 	Address:	 
	 	Attention:	 
	 	Email:	 

 

	AGREED
    TO AND ACCEPTED	 
	UMB BANK, NATIONAL ASSOCIATION,

                                                                                in its capacity as Trustee
	 
	 	 
	By:
    	 	 
	Name:	               	 
	Title:	 	 

 

    	A-3

     

    

 

Annex
1-A

 

GUARANTOR
OWNERSHIP RELATIONSHIPS

 

	ENTITY	 	OWNED
    BY	 	SUBSIDIARIES
	 	 	 	 	 

 

    	A-4Exhibit
10.2

 

MANAGEMENT
AGREEMENT

 

Dated
as of October 1, 2021

 

by
and among

 

FAT
BRANDS TWIN PEAKS I, LLC, as Issuer,

 

THE
OTHER SECURITIZATION ENTITIES PARTY

HERETO
FROM TIME TO TIME,

 

FAT
BRANDS INC., as the Manager,

 

and

 

UMB
BANK, N.A., as the Trustee

 

    	 

    	 

    

 

	TABLE
    OF CONTENTS	 
	 	 
	 	Page
	 	 	 
	Article
    I DEFINITIONS	3
	Section
    1.1	Certain
    Definitions	3
	Section
    1.2	Other
    Defined Terms	12
	Section
    1.3	Other
    Terms	12
	Section
    1.4	Computation
    of Time Periods	12
	 	 	 
	Article
    II ADMINISTRATION AND SERVICING OF MANAGED ASSETS	12
	Section
    2.1	Manager
    to Act as Manager	12
	Section
    2.2	Accounts	14
	Section
    2.3	Records	15
	Section
    2.4	Administrative
    Duties of Manager	16
	Section
    2.5	No
    Offset	17
	Section
    2.6	Compensation
    and Expenses	17
	Section
    2.7	Indemnification	17
	Section
    2.8	Nonpetition
    Covenant	19
	Section
    2.9	Franchisor
    Consent	19
	Section
    2.10	Appointment
    of Sub-managers	19
	Section
    2.11	Insurance/Condemnation
    Proceeds	19
	Section
    2.12	Permitted
    Asset Dispositions	19
	Section
    2.13	Manager
    Advances	20
	Section
    2.14	Product
    Sourcing Advances	20
	Section
    2.15	Rebate
    Agreements	20
	 	 	 
	Article
    III STATEMENTS AND REPORTS	20
	Section
    3.1	Reporting
    by the Manager	20
	Section
    3.2	Appointment
    of Independent Auditor	21
	Section
    3.3	Annual
    Accountants’ Reports	22
	Section
    3.4	Available
    Information	22
	 	 	 
	Article
    IV THE MANAGER	22
	Section
    4.1	Representations
    and Warranties Concerning the Manager	22
	Section
    4.2	Existence;
    Status as Manager	25
	Section
    4.3	Performance
    of Obligations	25
	Section
    4.4	Merger
    and Resignation	29
	Section
    4.5	Notice
    of Certain Events	30
	Section
    4.6	Capitalization	30
	Section
    4.7	Maintenance
    of Separateness	30
	 	 	 
	Article
    V REPRESENTATIONS, WARRANTIES AND COVENANTS	31
	Section
    5.1	Representations
    and Warranties Made in Respect of New Assets	31
	Section
    5.2	Assets
    Acquired After the Closing Date	33
	Section
    5.3	Securitization
    IP	33
	Section
    5.4	Restrictions
    on Liens	33
	 	 	 
	Article
    VI MANAGER TERMINATION EVENTS	33
	Section
    6.1	Manager
    Termination Events	33
	Section
    6.2	Manager
    Termination Event Remedies	35
	Section
    6.3	Manager’s
    Transitional Role	36
	Section
    6.4	Intellectual
    Property	37
	Section
    6.5	Third
    Party Intellectual Property	37
	Section
    6.6	No
    Effect on Other Parties	37
	Section
    6.7	Rights
    Cumulative	37
	 	 	 
	Article
    VII CONFIDENTIALITY	37
	Section
    7.1	Confidentiality	37
	 	 	 
	Article
    VIII MISCELLANEOUS PROVISIONS	38
	Section
    8.1	Termination
    of Agreement	38
	Section
    8.2	Survival	39
	Section
    8.3	Amendment	39
	Section
    8.4	Governing
    Law	39
	Section
    8.5	Notices	40
	Section
    8.6	Acknowledgement	40
	Section
    8.7	Severability
    of Provisions	40
	Section
    8.8	Delivery
    Dates	40
	Section
    8.9	Limited
    Recourse	40
	Section
    8.10	Binding
    Effect; Assignment; Third Party Beneficiaries	40
	Section
    8.11	Article
    and Section Headings	41
	Section
    8.12	Concerning
    the Trustee, the Back-Up Manager and the Control Party	41
	Section
    8.13	Counterparts	41
	Section
    8.14	Entire
    Agreement	41
	Section
    8.15	Waiver
    of Jury Trial; Jurisdiction; Consent to Service of Process	41
	Section
    8.16	Joinder
    of New Guarantors	41

 

Exhibit
A – Power of Attorney

Exhibit
B – Joinder Agreement

 

    	i

    	 

    

 

MANAGEMENT
AGREEMENT

 

This
MANAGEMENT AGREEMENT, dated as of October 1, 2021 (the “Closing Date”) (as the same may be amended, supplemented or
otherwise modified from time to time in accordance with the terms hereof, this “Agreement”), is entered into by and
among the following parties: 

 

		a)	FAT
                                            Brands Twin Peaks I, LLC, a Delaware limited liability company (together with its successors
                                            and assigns, the “Issuer”);

		b)	Twin
                                            Restaurant N Irving Beverage Holding, LLC, a Texas limited liability company (the “Brewery
                                            Guarantor”);

		c)	Twin
                                            Restaurant Franchise, LLC, a Delaware limited liability company, and Twin Restaurant International
                                            Franchise, LLC, a Texas limited liability company (each, a “Franchise Entity”
                                            and together with their respective successors and assigns, the “Franchise Entities”);

		d)	TP
                                            Franchise Austin, LLC, a Texas limited liability company, TP Franchise Round Rock, LLC, a
                                            Texas limited liability company, TP Franchise Venture I, LLC, a Delaware limited liability
                                            company, TP Texas Beverages, LLC, a Texas limited liability company, Twin Peaks Buyer, LLC,
                                            a Delaware limited liability company, Twin Restaurant, LLC, a Delaware limited liability
                                            company, Twin Restaurant Amarillo, LLC, a Texas limited liability company, Twin Restaurant
                                            Amarillo Beverage Holding, LLC, a Texas limited liability company, Twin Restaurant Amarillo
                                            Management, LLC, a Texas limited liability company, Twin Restaurant Beverage - Texas, LLC,
                                            a Texas limited liability company, Twin Restaurant Beverage Holding, LLC, a Delaware limited
                                            liability company, Twin Restaurant Broomfield, LLC, a Colorado limited liability company,
                                            Twin Restaurant Burleson, LLC, a Texas limited liability company, Twin Restaurant Burleson
                                            Beverage Holding, LLC, a Texas limited liability company, Twin Restaurant Burleson Management,
                                            LLC, a Texas limited liability company, Twin Restaurant Centennial, LLC, a Colorado limited
                                            liability company, Twin Restaurant Denver, LLC, a Colorado limited liability company, Twin
                                            Restaurant Denver, LLC, a Texas limited liability company, Twin Restaurant Development, LLC,
                                            a Texas limited liability company, Twin Restaurant El Paso, LLC, a Texas limited liability
                                            company, Twin Restaurant EL Paso Beverage Holding, LLC, a Texas limited liability company,
                                            Twin Restaurant Frisco, LLC, a Delaware limited liability company, Twin Restaurant Grand
                                            Prairie, LLC, a Texas limited liability company, Twin Restaurant Grand Prairie Beverage Holding,
                                            LLC, a Texas limited liability company, Twin Restaurant Grand Prairie Management, LLC, a
                                            Texas limited liability company, Twin Restaurant Holding, LLC, a Delaware limited liability
                                            company, Twin Restaurant Investment Company, LLC, a Texas limited liability company, Twin
                                            Restaurant Investment Company II, LLC, a Texas limited liability company, Twin Restaurant
                                            IP, LLC, a Delaware limited liability company, Twin Restaurant Lewisville, LLC, a Delaware
                                            limited liability company, Twin Restaurant Little Rock, LLC, an Arkansas limited liability
                                            company, Twin Restaurant Live Oak, LLC, a Texas limited liability company, Twin Restaurant
                                            Live Oak Beverage Holding, LLC, a Texas limited liability company, Twin Restaurant Live Oak
                                            Management, LLC, a Texas limited liability company, Twin Restaurant LV -I LLC, a Nevada limited
                                            liability company, Twin Restaurant LV -2 LLC, a Nevada limited liability company, Twin Restaurant
                                            Midland, LLC, a Texas limited liability company, Twin Restaurant Midland Beverage Holding,
                                            LLC, a Texas limited liability company, Twin Restaurant N Irving, LLC, a Texas limited liability
                                            company, Twin Restaurant New Mexico, LLC, a Delaware limited liability company, Twin Restaurant
                                            Oakbrook, LLC, an Illinois limited liability company, Twin Restaurant Odessa, LLC, a Texas
                                            limited liability company, Twin Restaurant Odessa Beverage Holding, LLC, a Texas limited
                                            liability company, Twin Restaurant Park North, LLC, a Texas limited liability company, Twin
                                            Restaurant Park North Beverage Holding, LLC, a Texas limited liability company, Twin Restaurant
                                            Park North Management, LLC, a Texas limited liability company, Twin Restaurant RE, LLC, a
                                            Texas limited liability company, Twin Restaurant S Fort Worth, LLC, a Texas limited liability
                                            company, Twin Restaurant S Fort Worth Beverage Holding, LLC, a Texas limited liability company,
                                            Twin Restaurant San Angelo, LLC, a Texas limited liability company, Twin Restaurant San Angelo
                                            Beverage Holding, LLC, a Texas limited liability company, Twin Restaurant San Angelo Management,
                                            LLC, a Texas limited liability company, Twin Restaurant San Antonio, LLC, a Texas limited
                                            liability company, Twin Restaurant San Antonio Beverage Holding, LLC, a Texas limited liability
                                            company, Twin Restaurant San Marcos, LLC, a Texas limited liability company, Twin Restaurant
                                            San Marcos Beverage Holding, LLC, a Texas limited liability company, Twin Restaurant San
                                            Marcos Management, LLC, a Texas limited liability company, Twin Restaurant Sunland Park,
                                            LLC, a Texas limited liability company, Twin Restaurant Sunland Park Beverage Holding, LLC,
                                            a Texas limited liability company, Twin Restaurant Viva Las Vegas, LLC, a Texas limited liability
                                            company, Twin Restaurant Warrenville, LLC, an Illinois limited liability company, Twin Restaurant
                                            Western Center, LLC, a Texas limited liability company, Twin Restaurant Western Center Beverage
                                            Holding, LLC, a Texas limited liability company, Twin Restaurant Westover, LLC, a Texas limited
                                            liability company, Twin Restaurant Westover Beverage Holding, LLC, a Texas limited liability
                                            company, Twin Restaurant JV Holding, LLC, a Delaware limited liability company (together
                                            with the Brewery Guarantor, the Franchise Entities, each Additional Guarantor that may join
                                            this Agreement pursuant to Section 8.16 hereof and each of their respective successors
                                            and assigns, the “Guarantors” and, each, a “Guarantor”,
                                            and the Guarantors together with the Issuer, the “Securitization Entities”);

 

    	 

    	 

    

 

		e)	FAT
                                            Brands Inc., a Delaware corporation, as Manager (in its individual capacity and as Manager,
                                            together with its successors and assigns, the “Manager”);

		f)	UMB
                                            Bank, N.A., not in its individual capacity but solely as the indenture trustee (together
                                            with its successor and assigns, the “Trustee”); and

		g)	consented
                                            to by Citadel SPV LLC, as Control Party.

 

Capitalized
terms used herein but not otherwise defined herein shall have the meanings assigned to such terms or incorporated by reference in Annex
A to the Base Indenture (as defined below).

 

RECITALS

 

WHEREAS,
the Issuer has entered into that certain Base Indenture, dated as of October 1, 2021, with the Trustee (together with the Series Supplements
thereto, and as the same may be amended, restated, supplemented, or otherwise modified from time to time in accordance with the terms
thereof, the “Indenture” or the “Base Indenture”), pursuant to which the Issuer is issuing the
Series 2021-1 Class A-2 Notes, Class B-2 Notes and Class M-2 Notes, and may issue additional series of notes from time to time (collectively,
the “Notes”) on the terms described therein;

 

WHEREAS,
the Issuer has granted to the Trustee on behalf of the Secured Parties a Lien in the Collateral owned by it pursuant to the terms of
the Indenture;

 

WHEREAS,
from and after the Closing Date, all New Assets have been and will continue to be originated by the Securitization Entities;

 

WHEREAS,
each of the Securitization Entities desires to enter into this Agreement to provide for, among other things, the managing of the respective
rights, powers, duties and obligations of the Securitization Entities under or in connection with the Company Restaurants (including
the related Company Restaurant Assets), the Contribution Agreement, the Company Restaurant Leases, the Development Agreements, the Equipment
Leases, the Franchise Agreements, the Franchisee Notes, the Product Sourcing Assets, the Real Estate Assets, the Securitization IP, the
New Assets and each Securitization Entity’s equity interests in each other Securitization Entity owned by it and in connection
with any other assets acquired by or transferred to the Securitization Entities (collectively, the “Managed Assets”),
and to enforce such Securitization Entity’s rights and powers and perform such Securitization Entity’s duties and obligations
under the Managed Documents (as defined below) and the Transaction Documents to which it is party, all in accordance with the Managing
Standard (as defined below);

 

    	2

    	 

    

 

WHEREAS,
each of the Guarantors desires to appoint (or reappoint, as applicable) the Manager as its agent for providing comprehensive Intellectual
Property services, including filing for registration, clearance, maintenance, protection, enforcement, licensing, and recording transfers
of the Securitization IP in accordance with the Managing Standard and as provided in Section 2.1(c) and Section 4.3(b);
and

 

WHEREAS,
the Manager desires to enforce such rights and powers and perform such obligations and duties, all in accordance with the Managing Standard.

 

NOW
THEREFORE, in consideration of the premises and the mutual agreements hereinafter set forth, the parties hereto agree as follows:

 

Article
I

DEFINITIONS

 

Section
1.1 Certain Definitions. For all purposes of this Agreement, capitalized terms used herein but not otherwise defined herein shall
have the meanings ascribed thereto in Annex A to the Base Indenture. In addition, the following terms shall have the following meanings:

 

“Advertising
Fees” has the meaning set forth in Section 2.2(d).

 

“Advertising
Fund Account” has the meaning set forth in Section 2.2(d).

 

“After-Acquired
Securitization IP” means all Securitization IP acquired by a Guarantor after the Closing Date pursuant to an IP Licensing Agreement
or otherwise.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Beer
Distributor” means Ben E. Keith Company, a Texas corporation.

 

“Branded
Restaurant” means collectively the Franchised Restaurants and the Company Restaurants.

 

“Change
in Management” will occur if more than 50% of the Leadership Team is terminated and/or resigns within 12 months after the date
of the occurrence of a Change of Control; provided, in each case, that termination and/or resignation of such officer will not include
(i) a change in such officer’s status in the ordinary course of succession so long as such officer remains affiliated with the
Manager or its Subsidiaries as an officer or director, or in a similar capacity, (ii) retirement of any officer or (iii) death or incapacitation
of any officer.

 

“Change
of Control” means an event or series of events by which:

 

(a)
individuals who on the Closing Date constituted the
Board of Directors of the Manager, together with any new directors whose election by the Board of Directors or whose nomination for election
by the equity holders of the Manager was approved by a majority of the directors then still in office who were either directors or whose
election or nomination for election was previously so approved, cease for any reason to constitute a majority of the Board of Directors
of the Manager then in office; or

 

    	3

    	 

    

 

(b)
any “person” or “group” (as
such terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as
such term is used in Rule 13d-3 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the issued
and outstanding voting stock of the Manager, and was not the beneficial owner, directly or indirectly, of more than 50% of the total
voting power of the issued and outstanding voting stock of the Manager or its parent company, Fog Cutter Capital Group, Inc., as of the
Closing Date.

 

For
purposes of this definition, a Person shall not be deemed to have beneficial ownership of voting power of voting stock subject to a stock
purchase agreement, merger agreement or similar agreement until the consummation of the transactions contemplated by such agreement.

 

“Company
Restaurant(s)” means any Branded Restaurant(s) that are owned and operated by one or more Securitization Entities, including
Branded Restaurants that a Securitization Entity reacquires from Franchisees from time to time.

 

“Company
Restaurant Account” has the meaning set forth in Section 2.2(h).

 

“Company
Restaurant Assets” means all of the assets owned by a Company Restaurant Guarantor associated with owning and operating the
Company Restaurants (such as furnishings, cooking equipment, cooking supplies and computer equipment).

 

“Company
Restaurant Collections” means all cash revenues (including gift card redemption amounts but excluding proceeds of the initial
sale of gift cards), credit card and debit card proceeds generated by Company Restaurants including Pass-Through Amounts.

 

“Company
Restaurant Guarantors” means (i) TP Franchise Austin, LLC, a Texas limited liability company; (ii) TP Franchise Round Rock,
LLC, a Texas limited liability company; (iii) Twin Restaurant Amarillo, LLC, a Texas limited liability company; (iv) Twin Restaurant
Broomfield, LLC, a Colorado limited liability company; (v) Twin Restaurant Burleson, LLC, a Texas limited liability company; (vi) Twin
Restaurant Centennial, LLC, a Colorado limited liability company; (vii) Twin Restaurant Denver, LLC, a Colorado limited liability company;
(viii) Twin Restaurant Denver, LLC, a Texas limited liability company; (ix) Twin Restaurant El Paso, LLC, a Texas limited liability company;
(x) Twin Restaurant Frisco, LLC, a Delaware limited liability company; (xi) Twin Restaurant Grand Prairie, LLC, a Texas limited liability
company; (xii) Twin Restaurant Lewisville, LLC, a Delaware limited liability company; (xii) Twin Restaurant Little Rock, LLC, an Arkansas
limited liability company; (xiv) Twin Restaurant Live Oak, LLC, a Texas limited liability company; (xv) Twin Restaurant LV -I LLC, a
Nevada limited liability company; (xvi) Twin Restaurant LV -2 LLC, a Nevada limited liability company; (xvii) Twin Restaurant Midland,
LLC, a Texas limited liability company; (xviii) Twin Restaurant N Irving, LLC, a Texas limited liability company; (xix) Twin Restaurant
New Mexico, LLC, a Delaware limited liability company; (xx) Twin Restaurant Oakbrook, LLC, an Illinois limited liability company; (xxi)
Twin Restaurant Odessa, LLC, a Texas limited liability company; (xxii) Twin Restaurant Park North, LLC, a Texas limited liability company;
(xxiii) Twin Restaurant S Fort Worth, LLC, a Texas limited liability company; (xxiv) Twin Restaurant San Angelo, LLC, a Texas limited
liability company; (xxv) Twin Restaurant San Antonio, LLC, a Texas limited liability company; (xxvi) Twin Restaurant San Marcos, LLC,
a Texas limited liability company; (xxvii) Twin Restaurant Sunland Park, LLC, a Texas limited liability company; (xxviii) Twin Restaurant
Warrenville, LLC, an Illinois limited liability company; (xxix) Twin Restaurant Western Center, LLC, a Texas limited liability company;
and (xxx) Twin Restaurant Westover, LLC, a Texas limited liability company and any Additional Guarantor that is designated as a “Company
Restaurant Guarantor”.

 

“Company
Restaurant Leases” means the leases from landlords related to properties on which Company Restaurants are located that were
contributed to, distributed to or otherwise acquired by a Company Restaurant Guarantor on or prior to the Closing Date.

 

    	4

    	 

    

 

“Company
Restaurant Licenses” means any IP license granted by a Guarantor with respect to a Company Restaurant.

 

“Company
Restaurant Royalty Payments” means the royalty payments paid by the Company Restaurant Guarantors to the Concentration Account
pursuant to the Management Agreement in an amount equal to 5% of Company Restaurant Collections.

 

“Confidential
Information” means trade secrets and other information (including know how, ideas, techniques, recipes, formulas, customer
lists, customer information, financial information, business methods and processes, marketing plans, specifications, and other similar
information as well as internal materials prepared by the owner of such information containing or based, in whole or in part, on any
such information) that is confidential and proprietary to its owner and that is disclosed by one party to an agreement to another party
thereto whether in writing or disclosed orally, and whether or not designated as confidential.

 

“Controlled
Group” means any group of trades or businesses (whether or not incorporated) under common control that is treated as a single
employer for purposes of Section 302 or Title IV of ERISA.

 

“Current
Practice” means, in respect of any action or inaction, the practices, standards and procedures of the Securitization Entities
or the Manager on their behalf as performed since the Closing Date.

 

“Defective
New Asset” means any New Asset that does not satisfy the applicable representations and warranties of ARTICLE V hereof
on the New Asset Addition Date for such New Asset.

 

“Development
Agreement” means a development agreement for a Branded Restaurant pursuant to which a Franchisee, developer or other Person
obtains the rights to develop (in order to operate as a Franchisee) one or more Branded Restaurants within a designated geographical
area.

 

“Discloser”
has the meaning set forth in Section 7.1.

 

“Disentanglement”
has the meaning set forth in Section 6.3(a).

 

“Disentanglement
Period” means the period commencing on the (A) delivery of the Termination Notice to the Manager or (B) delivery of a resignation
notice by the Manager and ending on the date on which a Successor Manager or the re-engaged Manager assumes all of the obligations of
the Manager under this Agreement.

 

“Distribution
Agreement” means the Distribution Agreement, dated January 27, 2014, between the Beer Distributor and the Brewery Guarantor,
pursuant to which the Beer Distributor sells and distributes the Brewery’s beer to Branded Restaurants in the State of Texas.

 

“Distributor”
means any distributor (including the Beer Distributor) of Products to Franchisees, Company Restaurants or any other Persons.

 

“Employee
Benefit Plan” means any “employee benefit plan,” as such term is defined in Section 3(3) of ERISA, established,
maintained or contributed to by the Manager, or with respect to which the Manager has any liability.

 

“Equipment
Lease” means any equipment lease pursuant to which a Franchisee leases from a Securitization Entity equipment used to operate
a Branded Restaurant, together with any residual interest in the related equipment and any security interest in such equipment. “

 

“Franchise
Agreements” means a franchise agreement whereby a Franchisee agrees to operate a Branded Restaurant.

 

    	5

    	 

    

 

“Franchise
Entities” has the meaning set forth in the preamble.

 

“Franchised
Restaurant Leases” means (a) leases from landlords unaffiliated with the Securitization Entities in respect of which a Securitization
Entity is the prime lessee and a Franchisee or other Person is the sub-lessee executed or acquired by such Securitization Entity and
(b) leases or subleases in respect of which a Securitization Entity is the lessor or sublessor and a Franchisee or other Person is the
lessee or sublessee.

 

“Franchised
Restaurants” means a Branded Restaurant owned and operated by a Franchisee.

 

“Franchisee
Note” means any franchisee note entered into by a Securitization Entity or any other franchisee note or other franchisee financing
agreement entered into in order to finance the payment of franchisee fees or other amounts owing by a Franchisee.

 

“Guarantors”
has the meaning set forth in the preamble.

 

“Indemnitee”
has the meaning set forth in Section 2.7(a).

 

“Indenture”
has the meaning set forth in the recitals.

 

“Independent
Auditors” has the meaning set forth in Section 3.2.

 

“IP
License Agreement” means any license to or for the use of Intellectual Property to which a Guarantor is a party.

 

    	6

    	 

    

 

“IP
Services” means (i) performing and exercising each Guarantor’s rights and obligations under any IP License Agreement
(and any other agreements pursuant to which each Guarantor licenses the use of any Securitization IP); and (ii) acquiring, developing,
managing, maintaining, protecting, enforcing, defending, licensing, sublicensing and undertaking such duties and services as may be necessary
in connection with the Securitization IP and other intellectual property owned or held by each Guarantor, in each case in accordance
with and subject to the terms of the Management Agreement (including the Managing Standard, unless a Guarantor determines, in its sole
discretion, that additional action is necessary or desirable in furtherance of the protection of the Securitization IP, in which case
the Manager shall perform such IP Services and additional related services as are reasonably requested by such Guarantor), the Indenture,
the other Transaction Documents and the Managed Documents, as agent for the Guarantors, including the following activities: (a) searching,
screening and clearing After-Acquired Securitization IP to assess patentability, registrability and the risk of potential infringement;
(b) filing, prosecuting and maintaining applications and registrations for the Securitization IP in the applicable Guarantor’s
name throughout the world, including timely filing of evidence of use, applications for renewal and affidavits of use and/or incontestability,
timely paying of all registration and maintenance fees, responding to third-party oppositions of applications or challenges to registrations,
and responding to any office actions, reexaminations, interferences, “inter partes” reviews, post grant reviews, or other
office or examiner requests, reviews, or requirements; (c) monitoring third-party use and registration of Trademarks and taking actions
the Manager deems appropriate to oppose or contest the use and any application or registration for Trademarks that could reasonably be
expected to infringe, dilute or otherwise violate the Securitization IP or the applicable Guarantor’s rights therein; (d) confirming
each Guarantor’s legal title in and to any or all of the Securitization IP, including obtaining written assignments of Securitization
IP to the applicable Guarantor and recording transfers of title in the appropriate intellectual property registry in the United States;
(e) with respect to each Guarantor’s rights and obligations under the IP License Agreement and any Transaction Documents, monitoring
the licensee’s use of each licensed Trademark and the quality of its goods and services offered in connection with such Trademarks,
rendering any approvals (or disapprovals) that are required under the applicable license agreement(s), and employing reasonable means
to ensure that any use of any such Trademarks by any such licensee satisfies the quality control standards and usage provisions of the
applicable license agreement; (f) protecting, policing, and, in the event that the Manager becomes aware of any unlicensed copying, imitation,
infringement, dilution, misappropriation, unauthorized use or other violation of the Securitization IP, or any portion thereof, enforcing
such Securitization IP, including, (i) preparing and responding to cease-and-desist, demand and notice letters, and requests for a license;
and (ii) commencing, prosecuting and/or resolving claims or suits involving imitation, infringement, dilution, misappropriation, the
unauthorized use or other violation of the Securitization IP, and seeking monetary and equitable remedies as the Manager deems appropriate
in connection therewith; provided that each Guarantor shall, and agrees to, join as a party to any such suits to the extent necessary
to maintain standing; (g) performing such functions and duties, and preparing and filing such documents, as are required under the Indenture
or any other Transaction Document to be performed, prepared and/or filed by the applicable Guarantor, including (i) executing and recording
such financing statements (including continuation statements) or amendments thereof or supplements thereto or such other instruments
as the Guarantors or the Control Party may, from time to time, reasonably request (consistent with the obligations of the Guarantors
to perfect the Trustee’s lien only in the United States) in connection with the security interests in the Securitization IP granted
by each Guarantor to the Trustee under the Transaction Documents and (ii) preparing, executing and delivering grants of security interests
or any similar instruments as the Securitization Entities or the Control Party may, from time to time, reasonably request (consistent
with the obligations of the Guarantors to perfect the Trustee’s lien only in the United States) that are intended to evidence such
security interests in the Securitization IP and recording such grants or other instruments with the relevant Governmental Authority including
the PTO and the United States Copyright Office; (h) taking such actions as any licensee under an IP License Agreement may request that
are required by the terms, provisions and purposes of such IP License Agreement (or by any other agreements pursuant to which the applicable
Guarantor licenses the use of any Securitization IP) to be taken by the applicable Guarantor, and preparing (or causing to be prepared)
for execution by each Guarantor all documents, certificates and other filings as each Guarantor shall be required to prepare and/or file
under the terms of such IP License Agreement (or such other agreements); (i) paying or causing to be paid or discharged, from funds of
the Securitization Entities, any and all taxes, charges and assessments that may be levied, assessed or imposed upon any of the Securitization
IP or contesting the same in good faith; (j) obtaining licenses of third party Intellectual Property for use and sublicense in connection
with the Restaurant Business and the other assets of the Securitization Entities; (k) sublicensing the Securitization IP to suppliers,
manufacturers, advertisers and other service providers in connection with the provision of products and services for use in the Restaurant
Business; and (l) with respect to Trade Secrets and other confidential information of each Guarantor, taking all reasonable measures
to maintain confidentiality and to prevent non-confidential disclosures.

 

    	7

    	 

    

 

“Leadership
Team” means the persons holding the following offices immediately prior to the date of the occurrence of a Change of Control:
Chief Executive Officer, Chief Financial Officer, Chief Marketing Officer, or any other position that contains substantially the same
responsibilities as of any of the positions listed above.

 

“Licensees”
means, collectively, the Franchisees and the Company Restaurant Guarantors.

 

“Managed
Assets” has the meaning set forth in the recitals.

 

“Managed
Document” means any contract, agreement, arrangement or undertaking relating to any of the Managed Assets, including the Contribution
Agreement, the Franchise Documents, the Franchisee Notes, the Equipment Leases, the Product Sourcing Agreements and the IP License Agreements.

 

“Manager”
means Manager, in its capacity as manager hereunder, unless a successor Person shall have become the Manager pursuant to the applicable
provisions of the Indenture and this Agreement, and thereafter “Manager” shall mean such successor Person.

 

“Manager
Advance” means any advance of funds made by the Manager to, or on behalf of, a Securitization Entity in connection with the
operation of the Managed Assets.

 

“Manager-Developed
IP” means all Intellectual Property (other than Excluded IP) created, developed, authored, acquired or owned by or on behalf
of the Manager and related to (i) any of the Brands, (ii) products or services sold or distributed under any of the Brands, (iii) the
FAT Brands Systems, or (iv) the Restaurant Business.

 

“Manager
Termination Event” has the meaning set forth in Section 6.1(a).

 

“Managing
Standard” means standards that (a) are consistent with Current Practice or, to the extent of changed circumstances, practices,
technologies, strategies or implementation methods, consistent with the standards as the Manager would implement or observe if the Managed
Assets were owned by the Manager at such time; (b) are consistent with Ongoing Practice; (c) will enable the Manager to comply in all
material respects with all of the duties and obligations of the Securitization Entities under the Transaction Documents, the Managed
Documents and the Franchised Restaurant Leases; (d) are in material compliance with all applicable Requirements of Law; and (e) with
respect to the use and maintenance of the Guarantors’ rights in and to the Securitization IP, are consistent with the standards
imposed by the IP License Agreements.

 

“Monthly
Management Fee” means, with respect to each Monthly Allocation Date, the amount of $208,333.33, subject to successive three
percent (3%) annual increases; provided, with the consent of the Control Party, acting at the direction of the Control Party Representative,
such Monthly Management Fee can be increased in the event there is a Successor Manager.

 

“New
Asset” means a New Franchise Agreement, a New Development Agreement, a New Real Estate Asset, New Company Restaurant (including
the related Company Restaurant Assets), a New Franchisee Note, a New Equipment Lease, a New Product Sourcing Asset or New Company Restaurant
Lease entered into or acquired by a Securitization Entity after the Closing Date or any other Managed Asset contributed or otherwise
entered into or acquired by the Securitization Entities after the Closing Date.

 

“New
Asset Addition Date” means, with respect to any New Asset, the earliest of (i) the date on which such New Asset is acquired
by the applicable Securitization Entity, (ii) the later of (a) the date upon which the closing occurs under the applicable contract giving
rise to such New Asset and (b) the date upon which all of the diligence contingencies, if any, in the contract for purchase of the applicable
New Asset expire and the Securitization Entity acquiring such New Asset no longer has the right to cancel such contract and (iii) if
such New Asset is a New Franchise Agreement, New Development Agreement, New Franchisee Note or New Equipment Lease, the date on which
the related Securitization Entity begins receiving payments from the applicable Franchisee in respect of such New Asset and (iv) if such
New Asset is a New Product Sourcing Asset, the date on which such New Product Sourcing Asset is acquired or becomes effective in accordance
with the terms thereof.

 

“New
Company Restaurant Leases” means all Company Restaurant Leases entered into by a Securitization Entity following the Closing
Date.

 

“New
Company Restaurants” means all Company Restaurants acquired by a Securitization Entity following the Closing Date.

 

“New
Leased Real Property” has the meaning set forth in Section 5.1(d).

 

    	8

    	 

    

 

“New
Development Agreements” means all Development Agreements and related guaranty agreements entered into by a Securitization Entity
following the Closing Date.

 

“New
Equipment Leases” means all Equipment Leases and related guaranty agreements entered into by a Securitization Entity following
the Closing Date.

 

“New
Franchise Agreements” means all Franchise Agreements and related guaranty agreements entered into by a Securitization Entity
following the Closing Date, in its capacity as franchisor for Branded Restaurants.

 

“New
Franchised Restaurant Leases” means all Franchised Restaurant Leases and related documents acquired by a Securitization Entity
following the Closing Date.

 

“New
Franchisee Notes” means all Franchisee Notes and related guaranty and collateral agreements entered into by a Securitization
Entity following the Closing Date.

 

“New
Owned Real Property” means all Owned Real Property and related agreements acquired by a Securitization Entity following the
Closing Date.

 

“New
Product Sourcing Agreement” means all Product Sourcing Agreements entered into by a Securitization Entity following the Closing
Date.

 

“New
Product Sourcing Assets” means all Product Sourcing Assets and related agreements entered into by a Securitization Entity following
the Closing Date.

 

“New
Real Estate Assets” means collectively, the New Owned Real Property, the New Franchised Restaurant Leases and the New Company
Restaurant Leases.

 

“Notes”
has the meaning set forth in the preamble.

 

“Ongoing
Practice” means, in respect of any action or inaction, practices, standards and procedures that are at least as favorable or
beneficial as the practices, standards and procedures of any Company Restaurant Guarantor as performed with respect to any Branded Restaurant
so long as such practices, standards and procedures with respect to any Branded Restaurant are applicable and reasonably practical to
implement with respect to the Brands.

 

“Owned
Real Property” means the real property (including the land, buildings and fixtures) owned in fee (as of the Closing Date) by
a Securitization Entity.

 

“Pension
Plan” means any “employee pension benefit plan,” as such term is defined in Section 3(2) of ERISA, which is subject
to Title IV of ERISA and to which any company in the same Controlled Group as the Manager has liability, including any liability by reason
of having been a substantial employer within the meaning of Section 4063 of ERISA for any time within the preceding five years or by
reason of being deemed to be a contributing sponsor under Section 4069 of ERISA.

 

“Post-Opening
Services” means the services required to be performed under the applicable Franchise Documents by the applicable Securitization
Entities after the initial opening of a Franchised Restaurant, in each case in accordance with and subject to the terms of this Agreement
(including, for the avoidance of doubt, the Managing Standard), the Indenture, the other Transaction Documents and the Managed Documents,
including, as may be required under the applicable Franchise Document, (a) meeting with the franchise association for each Brand; (b)
providing such Franchisee with the standards established or approved by the applicable Guarantor for use of the applicable Brand; (c)
establishing standards of quality, cleanliness, appearance and service at such Franchised Restaurant; (d) collecting and administering
the Advertising Fees received pursuant to the applicable Franchise Agreements and the development of all national advertising and promotional
programs for the applicable Brand and Branded Restaurants; (e) inspecting such Franchised Restaurant; (f) providing such Franchisee with
the Manager’s ongoing training programs and materials designed for use in the Franchised Restaurants; and (g) such other post-opening
services as are required to be performed under applicable Franchise Documents; provided that “Post-Opening Services” provided
by the Manager hereunder shall not include any “add-on” type corporate services provided by Manager or any Subsidiary thereof
to a Franchisee, whether pursuant to the related Franchise Agreement or otherwise, the cost of which is not included in the royalties
payable to the relevant Guarantor under such Franchise Agreement, including, repairs and maintenance, gift card administration, employee
training, point-of-sale system maintenance and support and development and maintenance of restaurant-level and above-restaurant-level
technology systems and other information technology systems, including via any Franchisee supported Brand technology fund. The Manager
provides very similar services after the opening of a Company Restaurant.

 

    	9

    	 

    

 

“Power
of Attorney” means the authority granted by a Securitization Entity to the Manager pursuant to a Power of Attorney in substantially
the form set forth as Exhibit A hereto.

 

“Pre-Opening
Services” means the services required to be performed under the applicable Franchise Documents by the applicable Securitization
Entities prior to the initial opening of a Franchised Restaurant, in each case in accordance with and subject to the terms of this Agreement
(including, for the avoidance of doubt, the Managing Standard), the Indenture, the other Transaction Documents and the Managed Documents,
including, as required under the applicable Franchise Document, (a) providing the applicable Franchisee with standards for the design,
construction, equipping and operation of such Franchised Restaurant and the approval of locations meeting such standards; (b) providing
such Franchisee with the Manager’s programs and materials designed for use in the Franchised Restaurants; (c) providing such Franchisee
with manuals, operating guidelines and similar materials, as applicable; and (d) providing such Franchisee with such other assistance
in the pre-opening, opening and initial operation of such Franchised Restaurant, as is required to be provided under applicable Franchise
Documents; provided that “Pre-Opening Services” provided by the Manager hereunder shall not include any “add-on”
type corporate services provided by Manager or any Subsidiary thereof to a Franchisee, whether pursuant to the related Franchise Agreement
or otherwise, the cost of which is not included in the royalties payable to the relevant Guarantor under such Franchise Agreement, including,
repairs and maintenance, gift card administration, employee training, point-of-sale system maintenance and support and development and
maintenance of restaurant-level and above-restaurant-level technology systems and other information technology systems, including via
any Franchisee supported Brand technology fund. The Manager provides very similar services prior to the opening of a Company Restaurant.

 

“Product
Sourcing Advance” has the meaning ascribed to such term in Section 2.14.

 

“Product
Sourcing Agreements” means all agreements for (a) the manufacture and production of Products and (b) the sale of Products to
Distributors including the Distribution Agreement for the manufacture and supply of products for re-sale to certain Franchisees, Company
Restaurants or any other Persons.

 

“Product
Sourcing Assets” means, with respect to each Guarantor, (i) the Product Sourcing Agreements and all Product Sourcing Payments
thereon; (ii) the New Product Sourcing Agreements and all Product Sourcing Payments thereon; (iii) all rights to enter into New Product
Sourcing Agreements and (iv) any and all other property of every nature, now or hereafter transferred, mortgaged, pledged, or assigned
as security for payment or performance of any obligation of any Person to such Guarantor under the Product Sourcing Agreements and all
guarantees of such obligations and the rights evidenced by or reflected in the Product Sourcing Agreements, in each case together with
all payments, proceeds and accrued and future rights to payment thereon.

 

“Product
Sourcing Payments” means all amounts payable to a Guarantor by Distributors with respect to purchases of Products.

 

“Products”
means any good sold by any Distributor to a Licensee or any other Person pursuant to current practices, a Product Sourcing Agreement
or otherwise.

 

“Real
Estate Assets” means the Owned Real Property, the Franchised Restaurant Leases and the Company Restaurant Leases.

 

“Real
Estate Services” means acquiring, developing, managing, maintaining, protecting, enforcing, defending, leasing and undertaking
such other duties and services as may be necessary in connection with the Real Estate Assets, on behalf of each Guarantor, in each case
in accordance with and subject to the terms of this Agreement (including, for the avoidance of doubt, the Managing Standard), the Indenture,
the other Transaction Documents and the Managed Documents, as agent for the Guarantors, including the following activities: (a) the negotiation,
execution and recording (as appropriate) of leases, subleases, deeds and other contracts and agreements relating to the Real Estate Assets;
(b) the management of the Real Estate Assets on behalf of each Guarantor, including (i) the management of the Owned Real Property and
New Owned Real Property, (ii) the enforcement and exercise of each Guarantor’s rights under each lease included in the Real Estate
Assets, (iii) the payment, extension, renewal, modification, adjustment, prosecution, defense, compromise or submission to arbitration
or mediation of any obligation, suit, liability, cause of action or claim, including taxes, relating to any Real Estate Assets and (iv)
the collection of any amounts payable to each Guarantor under the Real Estate Assets, including rent; (c) causing each Guarantor to (i)
acquire and enter into agreements to acquire Real Estate Assets and (ii) sell, assign, transfer, encumber or otherwise dispose of all
or any portion of the Real Estate Assets in accordance with the Management Agreement and the Indenture; environmental evaluation and
remediation activities on any real property owned or leased by each Guarantor as deemed appropriate by the Manager or as otherwise required
under applicable Requirements of Law; obtaining appropriate levels of title and property insurance with respect to each parcel of Owned
Real Property and New Owned Real Property; provided that the level of title insurance maintained on the Closing Date for each parcel
of Owned Real Property or the New Owned Real Property owned by a Guarantor on the Closing Date will be deemed to be the appropriate level
of title insurance for such Owned Real Property and the New Owned Real Property (whether or not owned on the Closing Date) on and after
the Closing Date for purposes of this clause (e); (f) making or causing to be made all repairs and replacements to the existing improvements
and the construction of new improvements on the Real Estate Assets; (g) the employment of agents, managers, brokers or other Persons
necessary or appropriate to acquire, dispose of, maintain, own, lease, manage and operate the Real Estate Assets; (h) paying or causing
to be paid any and all taxes, charges and assessments that may be levied, assessed or imposed upon any of the Real Estate Assets or contesting
the same in good faith; and (i) all other actions or decisions relating to the acquisition, disposition, amendment, termination, maintenance,
ownership, leasing, sub-leasing, management and operation of the Real Estate Assets.

 

    	10

    	 

    

 

“Recipient”
has the meaning ascribed to such term in Section 7.1.

 

“Restaurant
Business” means the business of franchising, licensing or owning Branded Restaurants located in the United States, the manufacturing
and sale of Products for use at Branded Restaurants located in the United States and the provision of ancillary goods and services in
connection therewith.

 

“Restaurant
Operating Expenses” means (a) operating expenses that are incurred by or allocated, in accordance with the Managing Standard,
to Company Restaurants in the ordinary course of business relating to the operation of the Company Restaurants, such as the cost of goods
sold, labor (including wages, workers’ compensation-related expenses and other labor-related expenses for employees in respect
of Company Restaurants), repair and maintenance expenses, insurance (including self-insurance), (b) local advertising expenses and Advertising
Fees allocable to the Company Restaurants, (c) lease payments to third party landlords with respect to the Company Restaurants, (d) Pass-Through
Amounts with respect to the Company Restaurants, (e) debt service and other amounts required to be paid in respect of Prospective Company
Restaurant Properties and (f) amounts required to be paid with respect to the Company Restaurants in connection with the Company Restaurant
Royalty Payments, if any.

 

“Securitization
Entities” has the meaning set forth in the preamble.

 

“Services”
means the servicing and administration by the Manager of the Managed Assets, in each case in accordance with and subject to the terms
of the Management Agreement (including the Managing Standard), the Indenture, the other Transaction Documents and the Managed Documents
for the applicable Securitization Entity, including, without limitation: (a) calculating and compiling information required in connection
with any report or certificate to be delivered pursuant to the Transaction Documents; (b) preparing and filing all tax returns and tax
reports required to be prepared by any Securitization Entity; (c) paying or causing to be paid or discharged, in each case from funds
of the Securitization Entities, any and all taxes, charges and assessments required to be paid under applicable Requirements of Law by
any Securitization Entity; (d) performing the duties and obligations of, and exercising and enforcing the rights of, the Securitization
Entities under the Transaction Documents, including performing the duties and obligations of each applicable Securitization Entity under
the IP License Agreements; (e) taking those actions that are required under the Transaction Documents and Requirements of Law to maintain
continuous perfection (where applicable) and priority (subject to Permitted Liens and the exclusions from perfection requirements under
the Indenture) of any Securitization Entity’s and the Trustee’s respective interests in the Collateral; (f) making or causing
the collection of amounts owing under the terms and provisions of each Managed Document and the Transaction Documents, including managing
(i) the applicable Securitization Entities’ rights and obligations under the Franchise Agreements and the Development Agreements
(including performing Pre-Opening Services and Post-Opening Services) and (ii) the right to approve amendments, waivers, modifications
and terminations of (including extensions, modifications, write-downs and write-offs of obligations owing under) Franchise Documents
and other Managed Documents (which amendments to Franchise Agreements may be effected by replacing such Franchise Agreement with a New
Franchise Agreement on the then-current form of the applicable Franchise Agreement (which New Franchise Agreement may be executed by
a different Franchise Entity than is party to such existing Franchise Agreement)) and to exercise all rights of the applicable Securitization
Entities under such Franchise Documents and other Managed Documents; (g) performing due diligence with respect to, selecting and approving
new Franchisees, performing due diligence with respect to and approving extensions of credit to Franchisees pursuant to New Franchisee
Notes and New Equipment Leases and providing personnel to manage the due diligence, selection and approval process; (h) preparing New
Assets, including, among other things, adopting variations to the forms of agreements used in documenting such agreements and preparing
and executing documentation of assignments, transfers, terminations, renewals, site relocations and ownership changes, in all cases,
subject to and in accordance with the terms of the Transaction Documents; (i) evaluating and approving assignments of Franchise Agreements,
Development Agreements, Franchisee Notes and Equipment Leases (and related documents) to third-party franchisee candidates or existing
Franchisees and, in accordance with the Managing Standard, arranging for the assignment of Franchise Agreements and related Guarantor
Assets to a Non-Securitization Entity until such time as the applicable restaurant is re-franchised to a third party franchisee (a “Reacquired
Restaurant”); (j) preparing and filing franchise disclosure documents with respect to New Assets complying with franchise industry
specific government regulation and applicable Requirements of Law; (k) making Manager Advances and Product Sourcing Advances in its sole
discretion; (l) administering the Advertising Fund Accounts and the Management Accounts; (m) performing the duties and obligations and
enforcing the rights of the Securitization Entities under the Managed Documents, including entering into new Managed Documents from time
to time; (n) arranging for legal services with respect to the Managed Assets, including with respect to the enforcement of the Managed
Documents; (o) arranging for or providing accounting and financial reporting services; (p) administering payments from Franchisees and
Company Restaurant Guarantors for the development of restaurant-level and above-restaurant-level technology systems; (q) performing due
diligence with respect to, selecting and approving new manufacturers and distributors of Products and providing personnel to manage the
due diligence, selection and approval process; (r) preparing Product Sourcing Agreements, subject to and in accordance with the terms
of the Transaction Documents, and administering the purchase and sale of Products; (s) establishing and servicing supply chain programs
with respect to the Branded Restaurants; (t) establishing and/or providing quality control services and standards for food, equipment,
suppliers and distributors in connection with the Restaurant Business (including, without limitation, with respect to Product Sourcing
Agreements) and monitoring compliance with such standards; (u) performing services with respect to the Product Sourcing Assets and the
Brewery; (v) developing new products and services (or modifying any existing products and services) to be offered in connection with
the Restaurant Business and the other assets of the Securitization Entities; (w) in connection with the Restaurant Business, developing,
modifying, amending and disseminating (i) specifications for restaurant operations, (ii) manuals, operating guidelines and similar materials,
as applicable, and (iii) new menu items; (x) performing services with respect to the Real Estate Assets as described below; (y) performing
services with respect to the Company Restaurants and Company Restaurant Assets; (z) performing the IP Services; (aa) developing and administering
advertising, marketing and promotional programs relating to the Brands and Branded Restaurants; (bb) cooperating with all reasonable
requests of the Control Party and/or Back-Up Manager in connection with the performance by such parties of their respective obligations
under the Transaction Documents; (cc) obtaining and maintaining applicable liquor licenses and perform any other services that the Manager
deems necessary or advisable to operate the Company Restaurants; and (dd) performing such other services as may be necessary or appropriate
from time to time and consistent with the Managing Standard and the Transaction Documents in connection with the Managed Assets.

 

    	11

    	 

    

 

“Sub-manager”
has the meaning set forth in Section 2.10.

 

“Sub-managing
Arrangement” means an arrangement whereby the Manager engages any other Person (including any Affiliate) to perform certain
of its duties under this Agreement excluding the fundamental corporate functions of the Manager; provided that (i) area development agreements
and master franchise arrangements with Franchisees and temporary arrangements with Franchisees with respect to the management of one
or more Branded Restaurants immediately following the termination of the former Franchisee thereof, and (ii) any agreement between the
Manager and third-party vendors pursuant to which the Manager purchases a specific product or service or outsources routine administrative
functions shall not constitute a Sub-managing Arrangement.

 

“Term”
has the meaning set forth in Section 8.1.

 

“Termination
Notice” has the meaning set forth in Section 6.1(a).

 

“Trustee”
has the meaning set forth in the preamble.

 

Section
1.2 Other Defined Terms.

 

(a)
Each term defined in the singular form in Section
1.1 or elsewhere in this Agreement shall mean the plural thereof when the plural form of such term is used in this Agreement and
each term defined in the plural form in Section 1.1 shall mean the singular thereof when the singular form of such term is used
herein.

 

(b)
The words “hereof”, “herein”,
“hereunder” and similar terms when used in this Agreement shall refer to this Agreement as a whole and not to any particular
provision of this Agreement, and article, section, subsection, schedule and exhibit references herein are references to articles, sections,
subsections, schedules and exhibits to this Agreement unless otherwise specified.

 

(c)
Unless as otherwise provided herein, the word “including”
as used herein shall mean “including without limitation.”

 

(d)
All accounting terms not specifically or completely
defined in this Agreement shall be construed in conformity with GAAP.

 

(e)
Where the character or amount of any asset or liability
or item of income or expense is required to be determined, or any accounting computation is required to be made, for the purpose of this
Agreement, such determination or calculation shall be made, to the extent applicable and except as otherwise specified in this Agreement
or the other Transaction Documents, in accordance with GAAP. When used herein, the term “financial statement” shall include
the notes and schedules thereto. All accounting determinations and computations hereunder shall be made without duplication.

 

Section
1.3 Other Terms. All terms used in Article 9 of the UCC as in effect from time to time in the State of New York, and not specifically
defined herein, are used herein as defined in such Article 9.

 

Section
1.4 Computation of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified
date to a later specified date, the word “from” means “from and including” and the words “to” and
“until” each means “to but excluding.”

 

Article
II

ADMINISTRATION AND SERVICING OF MANAGED ASSETS

 

Section
2.1 Manager to Act as Manager.

 

(a)
Engagement of the Manager. The Manager is hereby
authorized by each Securitization Entity, and hereby agrees, to perform the Services (or refrain from the performance of the Services)
subject to and in accordance with the Managing Standard and the terms of this Agreement, the other Transaction Documents and the Managed
Documents. With respect to the IP Services, the Manager shall perform such IP Services in accordance with the Managing Standard and the
IP License Agreements, unless a Guarantor determines, in its sole discretion, that additional action is necessary or desirable in furtherance
of the protection of the Securitization IP, in which case the Manager shall perform such IP Services and additional related services
as are reasonably requested by such Guarantor. The Manager, on behalf of the Securitization Entities, shall have full power and authority,
acting alone and subject only to the specific requirements and prohibitions of this Agreement and in accordance with the Managing Standard,
the Indenture and the other Transaction Documents, to do and take any and all actions, or to refrain from taking any such actions, and
to do any and all things in connection with performing the Services that the Manager determines are necessary or desirable. Without limiting
the generality of the foregoing, but subject to the provisions of this Agreement, the Indenture and the other Transaction Documents,
including Section 2.8, the Manager, in connection with performing the Services, is hereby authorized and empowered to execute
and deliver, in the Manager’s own name (in its capacity as agent for the applicable Securitization Entity) or in the name of any
Securitization Entity (pursuant to the applicable Power of Attorney), on behalf of any Securitization Entity any and all instruments
of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the
Managed Assets. For the avoidance of doubt, the parties hereto acknowledge and agree that the Manager is providing Services directly
to each applicable Securitization Entity. Nothing in this Agreement shall preclude the Securitization Entities from performing the Services
or any other act on their own behalf at any time and from time to time.

 

    	12

    	 

    

 

(b)
Actions to Perfect Liens. Subject to the terms
of the Indenture, including any applicable Series Supplement, the Manager shall take those actions that are required under the Transaction
Documents and Requirements of Law to maintain continuous perfection and priority (subject to Permitted Liens) of the Trustee’s
Lien in the Collateral. Without limiting the foregoing, the Manager shall file or cause to be filed with the appropriate government office
the financing statements on Form UCC-1, and assignments of financing statements on Form UCC-3 required pursuant to Section 7.13 of
the Base Indenture, and other filings requested by the Securitization Entities, the Control Party or the Back-Up Manager, to be filed
in connection with the Contribution Agreement, the IP License Agreements, the Securitization IP, the Indenture and the other Transaction
Documents.

 

(c)
Ownership of Manager-Developed IP.

 

(i)
The Manager acknowledges and agrees that all Securitization
IP, including any Manager-Developed IP arising during the Term, shall, as between the parties, be owned by and inure exclusively to the
applicable Guarantor. Any copyrightable material included in such Manager-Developed IP shall, to the fullest extent allowed by law, be
considered a “work made for hire” as that term is defined in Section 101 of the U.S. Copyright Act of 1976, as amended, and
owned by the applicable Guarantor. The Manager hereby irrevocably assigns and transfers, without further consideration, all right, title
and interest in such Manager-Developed IP (and all goodwill connected with the use of and symbolized by Trademarks included therein)
to the applicable Guarantor. Notwithstanding the foregoing, the Manager-Developed IP to be transferred to the applicable Guarantor shall
include rights to use third party Intellectual Property only to the extent (but to the fullest extent) that such rights are assignable
or sublicensable to the applicable Guarantor. All applications to register Manager-Developed IP shall be filed in the name of the applicable
Guarantor.

 

(ii)
The Manager agrees to cooperate in good faith with each
Guarantor for the purpose of securing and preserving the Guarantor’s rights in and to the applicable Manager-Developed IP, including
executing any documents and taking any actions, at the Guarantor’s reasonable request, or as deemed necessary or advisable by the
Manager, to confirm, file and record in any appropriate registry the Guarantor’s sole legal title in and to such Manager-Developed
IP, it being acknowledged and agreed that any expenses in connection therewith shall be paid by the requesting Guarantor. The Manager
hereby appoints each Guarantor as its attorney-in-fact authorized to execute such documents in the event that Manager fails to execute
the same within twenty (20) days following the Guarantor’s written request to do so (it being understood that such appointment
is a power coupled with an interest and therefore irrevocable) with full power of substitution and delegation.

 

(d)
Grant of Power of Attorney. In order to provide
the Manager with the authority to perform and execute its duties and obligations as set forth herein, the Securitization Entities shall
execute and deliver on the Closing Date a Power of Attorney in substantially the form set forth as Exhibit A hereto to the Manager,
which Powers of Attorney shall terminate in the event that the Manager’s rights under this Agreement are terminated as provided
herein.

 

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(e)
Franchisee Insurance. The Manager acknowledges
that, to the extent that it or any of its Affiliates is named as a “loss payee” or “additional insured” under
any insurance policies of any Franchisee, it shall use commercially reasonable efforts to cause it to be so named in its capacity as
the Manager on behalf of the applicable Guarantor, and the Manager shall promptly (i) deposit or cause to be deposited to the applicable
Concentration Account or Collection Account any proceeds received by it or by any Securitization Entity or any other Affiliate under
such insurance policies (other than amounts described in the following clause (ii)) and (ii) disburse to the applicable Franchisee
any proceeds of any such insurance policies payable to such Franchisee pursuant to the applicable Franchise Agreement.

 

(f)
Manager Insurance. The Manager agrees to maintain
adequate insurance consistent with the type and amount maintained by the Manager as of the Closing Date, subject, in each case, to any
adjustments or modifications made in accordance with the Managing Standard. Such insurance shall cover each of the Securitization Entities,
as an additional insured, to the extent that such Securitization Entity has an insurable interest therein.

 

Section
2.2 Accounts.

 

(a)
Collection of Payments; Remittances; Collection Account.
The Manager shall maintain and manage the Management Accounts (and certain other accounts from time to time) in the name of, and for
the benefit of, the Securitization Entities. The Manager shall (on behalf of the Securitization Entities) (i) cause the collection of
Collections in accordance with the Managing Standard and subject to and in accordance with the Transaction Documents and (ii) make all
deposits to and withdrawals from the Management Accounts in accordance with this Agreement (including the Managing Standard), the Indenture
and the applicable Managed Documents. The Manager shall (on behalf of the Securitization Entities) make all deposits to the Collection
Account in accordance with terms of the Indenture.

 

(b)
Deposit of Misdirected Funds; No Commingling; Misdirected
Payments. The Manager shall promptly deposit into the Concentration Account, the Collection Account, an Advertising Fund Account
or such other appropriate account within three (3) Business Days immediately following Actual Knowledge of the Manager of the receipt
thereof and in the form received with any necessary endorsement or in cash, all payments in respect of the Managed Assets incorrectly
deposited into another account. In the event that any funds not constituting Collections are incorrectly deposited in any Account, the
Manager shall promptly withdraw such amounts after obtaining Actual Knowledge thereof and shall pay such amounts to the Person legally
entitled to such funds. Except as otherwise set forth herein, in the Base Indenture or in the Company Restaurant Licenses, the Manager
shall not commingle any monies that relate to Managed Assets with its own assets and shall keep separate, segregated and appropriately
marked and identified all Managed Assets and any other property comprising any part of the Collateral, and for such time, if any, as
such Managed Assets or such other property are in the possession or control of the Manager to the extent such Managed Assets or such
other property is Collateral, the Manager shall hold the same in trust for the benefit of the Trustee and the Secured Parties (or, following
termination of the Indenture, the applicable Securitization Entity). Additionally, the Manager, promptly after obtaining Actual Knowledge
thereof, shall notify the Trustee in the Monthly Manager’s Certificate of any amounts incorrectly deposited into any Indenture
Trust Account and instruct in the Monthly Manager’s Certificate the prompt remittance by the Trustee of such funds from the applicable
Indenture Trust Account to the Manager. The Trustee shall have no obligation to verify any information provided to it by the Manager
in any Monthly Manager’s Certificate and shall remit such funds to the Manager based solely on such Monthly Manager’s Certificate.

 

(c)
Investment of Funds in Management Accounts. The
Manager shall have the right to invest and reinvest funds deposited in any Management Account in Eligible Investments. All income or
other gain from such Eligible Investments will be credited to the related Management Account, and any loss resulting from such investments
will be charged to the related Management Account.

 

(d)
Advertising Funds. The Manager may, but shall
not be required to, maintain advertising fund accounts (each, an “Advertising Fund Account”) in the name of the Manager
(or a Subsidiary thereof) for fees payable by Franchisees and Company Restaurant Guarantors to fund the national marketing and advertising
activities and local advertising cooperatives with respect to each Brand (the “Advertising Fees”). Any Advertising
Fees received in the Concentration Account or the Company Restaurant Account shall be transferred by the Manager to the applicable Advertising
Fund Account. The Manager shall not make or permit or cause any other Person to make or permit any borrowings to be made or Liens to
be levied against the Advertising Fund Accounts or the funds therein. The Manager shall apply the amount on deposit in each Advertising
Fund Account solely to cover (a) the costs and expenses (including costs and expenses incurred prior to the Closing Date) associated
with the administration of such account, (b) general and administrative expenses incurred by the Manager in respect of marketing and
advertising activities for the applicable Brand to the extent reimbursable from the Advertising Fees in accordance with the applicable
Franchise Agreements, and (c) costs and expenses related to the national and local marketing and advertising programs with respect to
the Branded Restaurants. The Manager may make advances to fund deficits in the Advertising Fund Accounts from time to time to the extent
that it reasonably expects to be reimbursed for such advances from the proceeds of future Advertising Fees, it being agreed that any
such advances shall not constitute Manager Advances. The Manager, acting on behalf of the Securitization Entities, may in accordance
with the Managing Standard and the terms of the Franchise Agreements, the Company Restaurant Licenses and the Management Agreement, as
applicable, increase or reduce the Advertising Fees required to be paid by the Franchisees and Company Restaurants, respectively, pursuant
to the terms of the Franchise Agreements, the Company Restaurant Licenses and the Management Agreement and in accordance with the Managing
Standard.

 

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(e)
Brand Technology Funds. The Manager may, but
shall not be required to, establish and maintain for each Brand technology accounts to hold certain amounts paid by Franchisees and Company
Restaurants into any Brand technology fund for the development, maintenance and support of restaurant-level and above restaurant-level
technology systems, including, without limitation, point-of-sale system, back of house, mobile order and/or mobile payment systems. The
Manager shall not make or permit or cause any other Person to make or permit any borrowings to be made or Liens to be levied against
any such accounts or the funds therein. The Manager, acting on behalf of the Securitization Entities, may in accordance with the Managing
Standard and the terms of the Franchise Agreements, the Company Restaurant Licenses and the Management Agreement, as applicable, specify
or subsequently increase or reduce the amounts required to be paid by the Franchisees and Company Restaurant Guarantors,, respectively,
into any such Brand technology fund pursuant to the terms of the Franchise Agreements, the Company Restaurant Licenses and the Management
Agreement and in accordance with the Managing Standard.

 

(f)
Gift Card Sales and Redemptions. The Manager
will be responsible for administering the gift card programs of each Brand and will collect the proceeds of the initial sale of gift
cards that are sold on the internet, at Company Restaurants, at third party retail locations or at other gift card vendors in one or
more accounts in the name of the Manager (or a Subsidiary thereof). The Manager shall not make or permit or cause any other Person to
make or permit any borrowings to be made or Liens to be levied against any such accounts or the funds therein. The Manager will reimburse
the applicable Franchisee or Company Restaurant Guarantor with respect to the redemption of gift cards sold at these locations or any
portion thereof in accordance with the Manager’s normal practices and the Managing Standard. The proceeds of the initial sale of
gift cards sold at Branded Restaurants will be held in accounts in the name of selling Franchisee or Company Restaurant Guarantor, and
the Manager may engage a third-party vendor to administer reimbursements of the applicable Franchisee or Company Restaurant Guarantor
with respect to the redemption of gift cards sold at Branded Restaurants.

 

(g)
Tenant Improvement Funds. The Manager may, but
shall not be required to, collect and administer tenant improvement allowances and similar amounts, if any, received from landlords with
respect to the New Franchised Restaurant Leases. Any such amounts received from landlords shall be collected and maintained in one or
more accounts in the name of the Manager, and will be utilized by the Manager for improvements, renovations or other capital expenditures
in respect of real property subject to New Franchised Restaurant Leases or, to the extent any such funds represent a reimbursement of
such expenditures previously made by the Manager, may be retained by the Manager. The Manager shall not make or permit or cause any other
Person to make or permit any borrowings to be made or Liens to be levied against any such accounts or the funds therein. The Manager
shall administer such amounts in accordance with the Managing Standard.

 

(h)
Company Restaurant Account. The Company Restaurant
Guarantors shall maintain an account designated as the “Company Restaurant Account” in the name and for the benefit of the
Company Restaurant Guarantors (the “Company Restaurant Account”), which is funded with Company Restaurant Collections
and certain other amounts related to the Company Restaurants. The Manager shall cause all revenue generated from the operation of the
Company Restaurants to be deposited into the Company Restaurant Account in accordance with the terms of the Transaction Documents. The
Manager may withdraw available amounts on deposit in the Company Restaurant Account to pay the Restaurant Operating Expenses. On a monthly
basis, the Manager shall cause the Guarantors to pay the Monthly Fiscal Period Company Restaurant Profits True-up Amounts and Monthly
Fiscal Period Estimated Company Restaurant Profits Amounts in accordance with the Indenture and other Transaction Documents.

 

Section
2.3 Records.

 

(a)
The Manager shall, in accordance with the Current Practice,
retain all material data (including computerized records) relating directly to, or maintained in connection with, the servicing of the
Managed Assets at its address indicated in Section 8.5 (or at an off-site storage facility reasonably acceptable to the Securitization
Entities, the Back-Up Manager and the Control Party) or, upon thirty (30) days’ notice to the Securitization Entities, the Rating
Agencies, if any, the Control Party, the Back-Up Manager and the Trustee, at such other place where the servicing office of the Manager
is located (provided that the servicing office of the Manager shall at all times be located in the United States), and shall give the
Trustee, the Control Party and the Back-Up Manager access to all such data in accordance with the terms and conditions of the Transaction
Documents; provided, however, that the Trustee shall not be obligated to verify, recalculate or review any such data. The Manager acknowledges
that the applicable Guarantor or applicable Franchise Entities shall own the Intellectual Property rights in all such data.

 

(b)
If the rights of Manager, as the initial Manager, shall
have been terminated in accordance with Section 6.1 or if this Agreement shall have been terminated pursuant to Section 8.1,
Manager, as the initial Manager, shall, upon demand of the Trustee (based upon the written direction of the Control Party, acting at
the direction of the Controlling Class Representative), in the case of a termination pursuant to Section 6.1, or upon the demand
of the Securitization Entities, in the case of a termination pursuant to Section 8.1, deliver to the Successor Manager (or Interim
Successor Manager, as the case may be) all data in its possession or under its control (including computerized records) necessary or
desirable for the servicing of the Managed Assets.

 

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Section
2.4 Administrative Duties of Manager.

 

(a)
Duties with Respect to the Transaction Documents.
The Manager, in accordance with the Managing Standard, shall perform the duties of the applicable Securitization Entities under the Transaction
Documents except for those duties that are required to be performed by the equity holders, stockholders, directors, or managers of such
Securitization Entity pursuant to applicable Requirements of Law. In furtherance of the foregoing, the Manager shall consult with the
managers or the directors, as the case may be, of the Securitization Entities as the Manager deems appropriate regarding the duties of
the Securitization Entities under the Transaction Documents. The Manager shall monitor the performance of the Securitization Entities
and, promptly upon obtaining Actual Knowledge thereof, shall advise the applicable Securitization Entity when action is necessary to
comply with such Securitization Entity’s duties under the Transaction Documents. The Manager shall prepare for execution by the
Securitization Entities or shall cause the preparation by other appropriate Persons of all such documents, reports, filings, instruments,
certificates, notices and opinions as it shall be the duty of the Securitization Entities to prepare, file or deliver pursuant to the
Transaction Documents.

 

(b)
Duties with Respect to the Securitization Entities.
In addition to the duties of the Manager set forth in this Agreement or any of the Transaction Documents, the Manager, in accordance
with the Managing Standard, shall perform such calculations and shall prepare for execution by the Securitization Entities or shall cause
the preparation by other appropriate Persons of all such documents, reports, filings, instruments, certificates, notices and opinions
as it shall be the duty of the Securitization Entities to prepare, file or deliver pursuant to applicable law, including, for the avoidance
of doubt, securities laws and franchise laws. Pursuant to the directions of the Securitization Entities and in accordance with the Managing
Standard, the Manager shall administer, perform or supervise the performance of such other activities in connection with the Securitization
Entities as are not covered by any of the foregoing provisions and as are expressly requested by any Securitization Entity and are reasonably
within the capability of the Manager.

 

(c)
Duties with Respect to the Company Restaurant Guarantors.
In addition to the duties of the Manager set forth in this Agreement or any of the Transaction Documents, the Manager shall perform all
of the duties and obligations of the Company Restaurant Guarantors in connection with the operations and ownership of the Company Restaurants,
including, without limitation, paying all applicable taxes, collecting revenues generated by the Company Restaurants, maintaining appropriate
levels of property and casualty insurance and performing any other activities necessary or desirable for the operation of the Company
Restaurants and the development, acquisition, closure and disposition of Company Restaurants, in each case as permitted or required under
the Transaction Documents. The Manager shall hire, train and manage employees of the Company Restaurants, including the administration
of personnel and human resources on behalf of the Company Restaurant Guarantors and negotiate with vendors, suppliers, distributors and
other third parties on behalf of the Company Restaurant Guarantors in connection with the operation of Company Restaurants. Company Restaurant
Assets such as furnishings, cooking equipment, cooking supplies and computer equipment are required to be selected and acquired by the
Manager on behalf of the Company Restaurant Guarantors and disposed of in accordance with the terms of the other Transaction Documents.
The Manager shall implement repairs, maintenance and re-modeling projects at Company Restaurants on behalf of the Company Restaurant
Guarantors. The Manager shall obtain and maintain applicable liquor licenses and perform any other services that the Manager deems necessary
or advisable to operate the Company Restaurants. The Manager shall develop and implement new menu items to be served at Company Restaurants.
The Manager shall perform the duties and obligations and enforce the rights of the Company Restaurant Guarantors pursuant to the terms
of the Transaction Documents.

 

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(d)
Records. The Manager shall maintain appropriate
books of account and records relating to the Services performed under this Agreement, which books of account and records shall be accessible
for inspection by the Securitization Entities during normal business hours and upon reasonable notice, and by the Trustee, the Control
Party, the Back-Up Manager and the Controlling Class Representative in accordance with Section 3.1(e).

 

(e)
Election of Controlling Class Representative.
Pursuant to Section 11.1(c) of the Base Indenture, if two CCR Candidates both receive votes from Controlling Class Members holding
beneficial interests in exactly 50% of the Aggregate Outstanding Principal Amount of Notes of the Controlling Class, the Manager shall
have the right to direct the Trustee to appoint one of such CCR Candidates as the Controlling Class Representative.

 

Section
2.5 No Offset. The payment obligations of the Manager under this Agreement shall not be subject to, and the Manager hereby waives,
in connection with the performance of such obligations, any right of offset that the Manager has or may have against the Trustee, the
Control Party or the Securitization Entities, whether in respect of this Agreement, the other Transaction Documents or any document governing
any Managed Asset or otherwise.

 

Section
2.6 Compensation and Expenses. As compensation for the performance of its obligations under this Agreement, the Manager shall
receive the Monthly Management Fee and the Supplemental Management Fee, if any, on each Monthly Allocation Date out of amounts available
therefore under the Indenture on such Monthly Allocation Date in accordance with the Priority of Payments. The Manager shall pay from
its own funds all expenses it may incur in performing its obligations hereunder.

 

Section
2.7 Indemnification.

 

(a)
The Manager agrees to indemnify and hold the Securitization
Entities, the Trustee, the Back-Up Manager and the Control Party, and their respective members, officers, directors, managers, employees
and agents (each, an “Indemnitee”) harmless against all claims, losses, penalties, fines, forfeitures, liabilities,
obligations, damages, actions, suits and related costs and judgments and other costs, fees and reasonable expenses, including reasonable
and documented fees, out-of-pocket charges and disbursements of counsel (other than the allocated costs of in-house counsel), that any
of them may incur as a result of (i) the failure of the Manager to perform or observe its obligations under this Agreement or any other
Transaction Document to which it is a party in its capacity as Manager, (ii) the breach by the Manager of any representation, warranty
or covenant under this Agreement or any other Transaction Document to which it is a party in its capacity as Manager; or (iii) the Manager’s
bad faith, negligence or willful misconduct in the performance of its duties under this Agreement and or the other Transaction Documents;
provided, that the Manager shall have no obligation of indemnity to an Indemnitee to the extent any such claims, losses, penalties, fines,
forfeitures, liabilities, obligations, damages, actions, suits and related costs and judgments and other costs, fees and reasonable expenses
are caused by the bad faith, gross negligence, willful misconduct, or breach of this Agreement by such Indemnitee (unless caused by the
Manager with respect to a Securitization Entity). In the event the Manager shall make an indemnification payment pursuant to this Section
2.7(a) the Manager shall promptly pay such indemnification payment directly to the applicable Indemnitee (or, if due to a Securitization
Entity, shall deposit such indemnification payment directly to the Collection Account). Notwithstanding anything to the contrary in this
Agreement, no indemnification payment shall be due from the Manager to the extent that it constitutes recourse for diminution in the
market value of any Managed Assets from and after the Closing Date, other than as may be attributable to any of the foregoing limited
circumstances.

 

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(b)
[RESERVED]

 

(c)
[RESERVED]

 

(d)
Any Indemnitee that proposes to assert the right to
be indemnified under Section 2.7 shall promptly, after receipt of notice of the commencement of any action, suit or proceeding
against such party in respect of which a claim is to be made against the Manager, notify the Manager of the commencement of such action,
suit or proceeding, enclosing a copy of all papers served. In the event that any action, suit or proceeding shall be brought against
any Indemnitee, such Indemnitee shall notify the Manager of the commencement thereof and the Manager shall be entitled to participate
in, and to the extent that it shall wish, to assume the defense thereof, with its counsel reasonably satisfactory to such Indemnitee
(which, in the case of a Securitization Entity, shall be reasonably satisfactory to the Control Party as well), and after notice from
the Manager to such Indemnitee of its election to assume the defense thereof, the Manager shall not be liable to such Indemnitee for
any legal expenses subsequently incurred by such Indemnitee in connection with the defense thereof; provided that the Trustee
shall not be bound by this sentence except with its prior written consent, which may be withheld in its sole discretion; provided,
further, that the Manager shall not enter into any settlement with respect to any claim or proceeding unless such settlement includes
a release of such Indemnitee from all liability on claims that are the subject matter of such settlement; and provided, further,
that the Indemnitee shall have the right to employ its own counsel in any such action the defense of which is assumed by the Manager
in accordance with this Section 2.7(d), but the fees and expenses of such counsel shall be at the expense of such Indemnitee unless
(i) the employment of counsel by such Indemnitee has been specifically authorized by the Manager, (ii) the Manager is advised in writing
by counsel to such Indemnitee or the Control Party that joint representation would give rise to a conflict of interest between such Indemnitee’s
position and the position of the Manager in respect of the defense of the claim, (iii) the Manager shall have failed within a reasonable
period of time to assume the defense of such action or proceeding and employ counsel reasonably satisfactory to the Indemnitee in any
such action or proceeding or (iv) the named parties to any such action or proceeding (including any impleaded parties) include both the
Indemnitee and the Manager, and the Indemnitee shall have been advised by counsel that there may be one or more legal defenses available
to it which are different from or additional to those available to the Manager (in which case, the Indemnitee notifies the Manager in
writing that it elects to employ separate counsel at the expense of the Manager, the reasonable fees and expenses of such Indemnitee’s
counsel shall be borne by the Manager and the Manager shall not have the right to assume the defense of such action or proceeding on
behalf of such Indemnitee, it being understood, however, that the Manager shall not, in connection with any one such action or proceeding
or separate but substantially similar or related actions or proceedings in the same jurisdiction arising out of the same general allegations
or circumstances, be liable for such fees and expenses of more than one separate firm of attorneys at any time for the Indemnitee). The
provisions of this Section 2.7 shall survive the termination of this Agreement or the earlier resignation or removal of any party
hereto; provided, however, that no Successor Manager shall be liable under this Section 2.7 with respect to any Defective New
Asset or any other matter occurring prior to its succession hereunder. Notwithstanding anything in this Section 2.7 to the contrary,
any delay or failure by an Indemnitee in providing the Manager with notice of any action shall not relieve the Manager of its indemnification
obligations except to the extent the Manager is materially prejudiced by such delay or failure of notice.

 

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Section
2.8 Nonpetition Covenant. The Manager shall not,
prior to the date that is one year and one day, or if longer, the applicable preference period then in effect, after the payment in full
of the Outstanding Principal Amount of the Notes of each Series, petition or otherwise invoke the process of any court or governmental
authority for the purpose of commencing or sustaining a case against any Securitization Entity under any insolvency law or appointing
a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of such Securitization Entity or any substantial
part of its property, or ordering the winding up or liquidation of the affairs of such Securitization Entity. 

 

Section
2.9 Franchisor Consent. Subject to the Managing
Standard and the terms of the Indenture, the Manager shall have the authority, on behalf of the applicable Securitization Entities, to
grant or withhold consents of the “franchisor” required under the Franchise Documents. 

 

Section
2.10 Appointment of Sub-managers. The Manager
may enter into Sub-managing Arrangements with third parties (including Affiliates) (each, a “Sub-manager”) to provide the
Services hereunder; provided, other than with respect to a Sub-managing Arrangement with an Affiliate of the Manager, that no Sub-managing
Arrangement shall be effective unless and until (i) the Manager receives the consent of the Control Party, (ii) such sub-manager executes
and delivers an agreement, in form and substance reasonably satisfactory to the Control Party, to perform and observe, or in the case
of an assignment, an assumption by such successor entity of the due and punctual performance and observance of, the applicable covenants
and conditions to be performed or observed by the Manager under this Agreement; provided that such Sub-managing Arrangement shall be
terminable by the Control Party (acting at the direction of the Controlling Class Representative) upon a Manager Termination Event and
shall contain disentanglement and transitional servicing provisions substantially similar to those provided in Section 6.3, (iii) a written
notice has been provided to the Trustee, the Back-Up Manager and the Control Party and (iv) such Sub-managing Arrangement, or assignment
and assumption by such Sub-manager, satisfies the Rating Agency Condition, if applicable. The Manager shall not enter into any Sub-managing
Arrangement which delegates the performance of any fundamental business operations such as responsibility for the franchise development,
operations and marketing strategies for the Brands and Branded Restaurants to any Person that is not an Affiliate without receiving the
prior written consent of the Control Party. Notwithstanding anything to the contrary herein or in any Sub-managing Arrangement, the Manager
shall remain primarily and directly liable for its obligations hereunder and in connection with any Sub-managing Arrangement. 

 

Section
2.11 Insurance/Condemnation Proceeds. Upon receipt
of any Insurance/Condemnation Proceeds, the Manager (on behalf of the Securitization Entities) shall deposit or cause the deposit of
such Insurance/Condemnation Proceeds to a Management Account which shall be administered in accordance with the Indenture. 

 

Section
2.12 Permitted Asset Dispositions. The Manager
(acting on behalf of the Securitization Entities), in accordance with Section 8.16 of the Base Indenture and the Managing Standard, may
dispose of property of the Securitization Entities from time to time pursuant to a Permitted Asset Disposition. Upon receipt of any proceeds
from any Permitted Asset Disposition, the Manager (on behalf of the Securitization Entities) shall deposit or cause the deposit of such
proceeds to a Management Account. Notwithstanding anything in this Agreement but subject to the terms of the Indenture with respect to
Asset Disposition Proceeds, at the election of the Manager (on behalf of the applicable Securitization Entity) and so long as no Rapid
Amortization Event shall have occurred and be continuing, the Manager (on behalf of the Securitization Entities) may reinvest such proceeds
in Eligible Assets within one (1) calendar year following receipt of such proceeds (or, if any Securitization Entity (or the Manager
on its behalf) shall have entered into a binding commitment to reinvest such proceeds in Eligible Assets within one (1) calendar year
following receipt of such proceeds, within eighteen (18) calendar months following receipt of such proceeds) and/or may utilize such
proceeds to pay, or to allocate funds to reimburse the Securitization Entities for amounts previously paid, for investments in Eligible
Assets made within the twelve (12) month period prior to the receipt of such proceeds. 

 

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Section
2.13 Manager Advances. The Manager may, but shall not be obligated to, make Manager Advances to, or on behalf of, any Securitization
Entity in connection with the operation of the Managed Assets. Manager Advances will accrue interest at the Advance Interest Rate and
shall be reimbursable on each Monthly Allocation Date in accordance with the Priority of Payments. 

 

Section
2.14 Product Sourcing Advances. In the event
sufficient funds are not available for any Product Sourcing Payment, the Manager may, but is not obligated to, make an advance (each,
a “Product Sourcing Advance”) to fund such Product Sourcing Payment to the extent that it reasonably expects to be
reimbursed for such advances from the proceeds of future Product Sourcing Payments, it being understood and agreed that any such advances
shall not constitute Manager Advances. Each Product Sourcing Advance shall be repaid solely from Product Sourcing Payments received after
the date of such Product Sourcing Advance in accordance with the Priority of Payments. 

 

Section
2.15 Rebate Agreements. In
connection with the Rebate Agreements, the Manager agrees that (i) it shall not, without the prior written consent of the Control
Party, amend the material terms of any Rebate Agreement or take or permit any action to be taken that would prevent any payments made
under the Rebate Agreements from being made to the applicable Guarantor under the Rebate Agreements. 

 

Article
III

STATEMENTS
AND REPORTS

 

Section
3.1 Reporting by the Manager.

 

(a)
Reports Required Pursuant to the Indenture. The
Manager, on behalf of the Securitization Entities, shall furnish, or cause to be furnished, to the Trustee and each recipient party specified
in Article IV of the Indenture, all reports and notices required to be delivered to the Trustee and such recipient parties by any Securitization
Entity pursuant to the Indenture (including pursuant to Article IV of the Base Indenture) or any other Transaction Document.

 

(b)
Delivery of Financial Statements. The Manager
shall provide the financial statements of Manager and the Securitization Entities as required under Section 4.1(g) and (h)
of the Base Indenture.

 

(c)
Franchisee Termination Notices. The Manager shall
send to the Trustee and the Back-Up Manager, as soon as reasonably practicable but in no event later than fifteen (15) Business Days
of the receipt thereof, a copy of any notices of termination of one or more Franchise Agreements sent by the Manager to any Franchisee
unless (i) the related Franchised Restaurant(s) generated less than $500,000 in royalties during the immediately preceding fiscal year
or (ii) the related Franchised Restaurant(s) continue to operate pursuant to an agreement between the related Guarantor or the Manager
on its behalf and such Franchisee.

 

(d)
Notice Regarding New Franchised Restaurant Leases.
In the event that any Securitization Entity, or the Manager on behalf of any Securitization Entity, receives any written notice from
a lessor of any lease included in the Real Estate Assets regarding the lack of payment or alleging any breach, violation or default under
the applicable leases or action be taken to remedy a breach, violation or default, excluding any such notice in respect of non-monetary
breach, violation or default as to which the Manager is contesting or expects to contest in good faith, the Manager shall promptly, but
in any event within fifteen (15) Business Days from such receipt, notify the Trustee and the Control Party.

 

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(e)
Additional Information; Access to Books and Records.
The Manager shall furnish from time to time such additional information regarding the Collateral or compliance with the covenants and
other agreements of Manager and any Securitization Entity under the Transaction Documents as the Trustee, the Back-Up Manager or the
Control Party may reasonably request, subject at all times to compliance with the Exchange Act, the Securities Act and any other applicable
Requirements of Law. Subject to the Disclosure Exceptions and to reasonable requests of confidentiality including as required or imposed
by law or by contract, the Manager will, and will cause each Securitization Entity to, permit, at reasonable times upon reasonable notice,
the Control Party, the Back-Up Manager, the Controlling Class Representative and the Trustee or any Person appointed by any of them as
its agent to visit and inspect any of its properties, examine its books and records and discuss its affairs with its officers, directors,
managers, employees and independent certified public accountants (so long as the Manager has the opportunity to participate in such discussions
with such accountants), and up to one such visit and inspection by each of the Control Party, the Controlling Class Representative, the
Back-Up Manager and the Trustee, or any Person appointed by them shall be reimbursable as a Securitization Operating Expense per calendar
year, with any additional visit or inspection by any such Person being at such Person’s sole cost and expense; provided, however
that during the continuance of a Warm Back-Up Management Trigger Event, a Rapid Amortization Event, a Default, or an Event of Default,
or to the extent expressly required without the instruction of any other party under the terms of any Transaction Documents, any such
Person may visit and conduct such activities at any time and all such visits and activities will constitute a Securitization Operating
Expense. Notwithstanding the foregoing, the Manager shall not be required to disclose or make available communications protected by the
attorney-client privilege. Notwithstanding anything in this Agreement or any other Transaction Document to the contrary, in no event
shall the Manager or any other Securitization Entity be required to disclose or discuss, or permit the inspection, examination or making
of extracts of, any records, books, information or account or other matter that constitutes a Disclosure Exception.

 

(f)
Leadership Team Changes. The Manager shall promptly
notify the Trustee and the Back-Up Manager of any termination or resignation of any persons included in the Leadership Team that occurs
within 12 months following a Change of Control.

 

Section
3.2 Appointment of Independent Auditor. On or
before the Closing Date, the Securitization Entities appointed a firm of independent public accountants of recognized national reputation
that was reasonably acceptable to the Control Party to serve as the independent auditors (“Independent Auditors”)
for purposes of preparing and delivering the reports required by Section 3.3, and such Independent Auditors continue to serve in such
capacity as of the Closing Date. It is hereby acknowledged that the accounting firm of Baker Tilly US, LLP is acceptable for purposes
of serving as Independent Auditors. The Securitization Entities may not remove the Independent Auditors without first giving thirty (30)
days’ prior written notice to the Independent Auditors, with a copy of such notice also given concurrently to the Trustee, the
Rating Agencies, if any, the Control Party and the Manager (if applicable). Upon any resignation by such firm or removal of such firm,
the Securitization Entities shall promptly appoint a successor thereto that shall also be a firm of independent public accountants of
recognized national reputation to serve as the Independent Auditors hereunder. If the Securitization Entities shall fail to appoint a
successor firm of Independent Auditors within thirty (30) days after the effective date of any such resignation or removal, the Control
Party (acting at the direction of the Controlling Class Representative) shall promptly appoint a successor firm of independent public
accountants of recognized national reputation that is reasonably satisfactory to the Manager to serve as the Independent Auditors hereunder.
The fees of any Independent Auditors shall be payable by the Securitization Entities.

 

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Section
3.3 Annual Accountants’ Reports. The Manager
shall furnish, or cause to be furnished to the Trustee, the Control Party, the Back-Up Manager (to the extent the Back-Up Manager is
not providing such report) and the Rating Agencies, if any, within 120 days after the end of each fiscal year of the Manager, commencing
with the fiscal year ending in December 2021, (i) a report of the Independent Auditors (who may also render other services to the Manager)
or the Back-Up Manager summarizing the findings of a set of agreed-upon procedures performed by the Independent Auditors or the Back-Up
Manager with respect to compliance with the Quarterly Noteholders’ Reports for such fiscal year (or other period) with the standards
set forth herein, and (ii) a report of the Independent Auditors or the Back-Up Manager to the effect that such firm has examined the
assertion of the Manager’s management as to its compliance with its management requirements for such fiscal year (or other period),
and that (x) in the case of the Independent Auditors, such examination was made in accordance with standards established by the American
Institute of Certified Public Accountants and (y) except as described in the report, management’s assertion is fairly stated in
all material respects. In the case of the Independent Auditors, the report will also indicate that the firm is independent of the Manager
within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants (each, an “Annual
Accountants’ Report”). In the event such Independent Auditors require the Trustee to agree to the procedures to be performed
by such firm in any of the reports required to be prepared pursuant to this Section 3.3, the Manager shall direct the Trustee in writing
to so agree as to the procedures described therein; it being understood and agreed that the Trustee shall deliver such letter of agreement
(which shall be in a form satisfactory to the Trustee) in conclusive reliance upon the direction of the Manager, and the Trustee has
not made any independent inquiry or investigation as to, and shall have no obligation or liability in respect of, the sufficiency, validity
or correctness of such procedures.

 

Section
3.4 Available Information. The Manager, on behalf
of the Securitization Entities, shall make available the information requested by prospective purchasers necessary to satisfy the requirements
of Rule 144A under the Securities Act and the 1940 Act, as amended. The Manager shall deliver such information, and shall promptly deliver
copies of all Quarterly Noteholders’ Reports and Annual Accountants’ Reports, to the Trustee as contemplated by Section 4.1
and Section 4.4 of the Base Indenture, to enable the Trustee to redeliver such information to purchasers or prospective purchasers of
the Notes.

 

Article
IV

THE MANAGER

 

Section
4.1 Representations and Warranties Concerning the Manager.
The Manager represents and warrants to each Securitization Entity and the Trustee, as of the Closing Date and each Series Closing Date
(except if otherwise expressly noted), as follows:

 

(a)
Organization and Good Standing. The Manager (i)
is a corporation, duly formed and organized, validly existing and in good standing under the laws of the State of Delaware, (ii) is duly
qualified to do business as a foreign corporation and in good standing under the laws of each jurisdiction where the character of its
property, the nature of its business or the performance of its obligations under the Transaction Documents make such qualification necessary
and (iii) has the power and authority (x) to own its properties and to conduct its business as such properties are currently owned and
such business is currently conducted and (y) to perform its obligations under this Agreement, except in each case referred to in clause
(ii) or (iii) to the extent that a failure to do so would not reasonably be expected to result in a Material Adverse Effect on the Manager.

 

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(b)
Power and Authority; No Conflicts. The execution
and delivery by the Manager of this Agreement and its performance of, and compliance with, the terms hereof are within the power of the
Manager and have been duly authorized by all necessary corporate action on the part of the Manager. Neither the execution and delivery
of this Agreement, nor the consummation of the transactions herein, nor compliance with the provisions hereof, shall conflict with or
result in a breach of, or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default)
under, any order of any Governmental Authority or any of the provisions of any Requirement of Law binding on the Manager or its properties,
or the charter or bylaws or other organizational documents of the Manager, or any of the provisions of any material indenture, mortgage,
lease, contract or other instrument to which the Manager is a party or by which it or its property is bound or result in the creation
or imposition of any Lien upon any of its property pursuant to the terms of any such indenture, mortgage, leases, contract or other instrument,
except to the extent such default, creation or imposition would not reasonably be expected to result in a Material Adverse Effect on
the Manager, the Collateral, or the Securitization Entities.

 

(c)
Consents. Except (i) for registrations as a franchise
broker or franchise sales agent as may be required under state franchise statutes and regulations, (ii) to the extent that a state or
foreign franchise law requires filing and other compliance actions by virtue of considering the Manager as a “subfranchisor”,
(iii) for any consents, licenses, approvals, authorizations, registrations, notifications, waivers or declarations that have been obtained
or made and are in full force and effect and (iv) to the extent that a failure to do so would not reasonably be expected to result in
a Material Adverse Effect on the Manager, the Collateral or the Securitization Entities, the Manager is not required to obtain the consent
of any other party or the consent, license, approval or authorization of, or file any registration or declaration with, any Governmental
Authority in connection with the execution, delivery or performance by the Manager of this Agreement, or the validity or enforceability
of this Agreement against the Manager.

 

(d)
Due Execution and Delivery. This Agreement has
been duly executed and delivered by the Manager and constitutes a legal, valid and binding obligation of the Manager enforceable against
the Manager in accordance with its terms (subject to applicable insolvency laws and to general principles of equity).

 

(e)
No Litigation. There are no actions, suits, investigations
or proceedings pending or, to the Actual Knowledge of the Manager, threatened in writing against or affecting the Manager, before or
by any Governmental Authority having jurisdiction over the Manager or any of its properties or with respect to any of the transactions
contemplated by this Agreement (i) asserting the illegality, invalidity or unenforceability, or seeking any determination or ruling that
would affect the legality, binding effect, validity or enforceability of this Agreement or (ii) which would reasonably be expected to
result in a Material Adverse Effect on the Manager, the Collateral or the Securitization Entities.

 

(f)
Compliance with Requirements of Law. The Manager
is in compliance with all Requirements of Law except to the extent that the failure to comply therewith would not, in the aggregate,
reasonably be expected to result in a Material Adverse Effect on the Manager, the Collateral or the Securitization Entities.

 

(g)
No Default. The Manager is not in default under
any agreement, contract, instrument or indenture to which the Manager is a party or by which it or its properties is or are bound, or
with respect to any order of any Governmental Authority, except to the extent such default would not reasonably be expected to result
in a Material Adverse Effect on the Manager or the Collateral; and no event has occurred which with notice or lapse of time or both would
constitute such a default with respect to any such agreement, contract, instrument or indenture, or with respect to any such order of
any Governmental Authority.

 

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(h)
Taxes. The Manager has filed or caused to be
filed and shall file or cause to be filed all federal tax returns and all material state and other tax returns that are required to be
filed except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect. The Manager has paid
or caused to be paid, and shall pay or cause to be paid, all taxes owed by the Manager pursuant to said returns or pursuant to any assessments
made against it or any of its property (other than any amount of tax the validity of which is currently being contested in good faith
by appropriate action and with respect to which reserves in accordance with GAAP have been provided on the books of the Manager).

 

(i)
Accuracy of Information. No written report, financial
statements, certificate or other written information furnished (other than projections, budgets, other estimates and general market,
industry and economic data) to the Control Party or the Back-Up Manager by or on behalf of the Manager in connection with the transactions
contemplated hereby or pursuant to any provision of this Agreement or any other Transaction Document (when taken together with all other
information furnished by or on behalf of the Manager to the Control Party or the Back-Up Manager, as the case may be), contains any material
misstatement of fact as of the date furnished or omits to state any material fact necessary to make the statements therein not materially
misleading in each case when taken as a whole and in the light of the circumstances under which they were made; and with respect to its
projected financial information, the Manager represents only that such information was prepared in good faith based on assumptions believed
to be reasonable at the time.

 

(j)
Financial Statements. As of the Closing Date,
the audited consolidated financial statements in the Manager’s Annual Report on Form 10-K for the fiscal year ended December 27,
2020 and the Reports on Form 10-Q filed with the SEC on May 12, 2021 and August 6, 2021 incorporated by reference into the Offering Memorandum
(i) present fairly in all material respects the financial condition of Manager and its Subsidiaries as of such date, and the results
of operations for the respective periods then ended and (ii) were prepared in accordance with GAAP (except as otherwise stated therein)
applied consistently through the periods involved subject, in the case of such quarterly financial statements, to the absence of footnotes
and to normal year-end audit adjustments.

 

(k)
No Material Adverse Change. Since August 6, 2021,
except as otherwise set forth in the Offering Memorandum, there has been no development or event that has had or would reasonably be
expected to result in a Material Adverse Effect on the Manager or the Collateral.

 

(l)
ERISA. Neither the Manager nor any member of
a Controlled Group that includes the Manager has established, maintains, contributes to, or has any liability in respect of (or has in
the past six years established, maintained, contributed to, or had any liability in respect of) any Pension Plan. Neither the Manager
nor any of its Affiliates has any contingent liability with respect to any post-retirement welfare benefits under a Welfare Plan, other
than liability for continuation (i) described in Part 6 of Subtitle B of Title I of ERISA or other applicable continuation of coverage
laws, (ii) provided in connection with the payment of severance benefits or (iii) that would not, individually or in the aggregate, reasonably
be expected to result in a Material Adverse Effect. Each Employee Benefit Plan presently complies and has been maintained in compliance
with its terms and with the requirements of all applicable statutes, rules and regulations, including ERISA and the Code, except for
such instances of noncompliance as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse
Effect. No “prohibited transaction” (within the meaning of Section 406 of ERISA or Section 4975 of the Code) has occurred
with respect to any Employee Benefit Plan, other than transactions effected pursuant to a statutory or administrative exemption or such
transactions as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. Except as
would not reasonably be expected to result in a Material Adverse Effect, each such Employee Benefit Plan that is intended to be qualified
under Section 401(a) of the Code is so qualified and nothing has occurred, whether by action or by failure to act, which would cause
the loss of such qualification.

 

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(m)
No Manager Termination Event. No Manager Termination
Event has occurred or is continuing, and, to the Actual Knowledge of the Manager, there is no event which, with notice or lapse of time,
or both, would constitute a Manager Termination Event.

 

(n)
Location of Records. The offices at which the
Manager keeps its records concerning the Managed Assets are located at the addresses indicated in Section 8.5.

 

(o)
DISCLAIMER. EXCEPT FOR THE MANAGER’S REPRESENTATIONS
AND WARRANTIES SET FORTH HEREIN AND IN ANY OTHER RELATED DOCUMENT, THE MANAGER MAKES NO WARRANTIES, EXPRESS OR IMPLIED, EITHER IN FACT
OR BY OPERATION OF LAW, STATUTORY OR OTHERWISE, WITH RESPECT TO THE SUBJECT MATTER HEREOF TO ANY OTHER PARTY, AND EACH PARTY EXPRESSLY
DISCLAIMS ANY IMPLIED WARRANTIES, INCLUDING WARRANTY OF TITLE, NON-INFRINGEMENT, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

 

Section
4.2 Existence; Status as Manager. The Manager
shall (a) keep in full effect its existence under the laws of the state of its incorporation, (b) maintain all rights and privileges
necessary or desirable in the normal conduct of its business and the performance of its obligations hereunder except to the extent that
failure to do so would not reasonably be expected to result in a Material Adverse Effect and (c) obtain and preserve its qualification
to do business in each jurisdiction in which the failure to so qualify either individually or in the aggregate would reasonably be expected
to result in a Material Adverse Effect.

 

Section
4.3 Performance of Obligations.

 

(a)
Performance. The Manager shall perform and observe
all of its obligations and agreements contained in this Agreement and the other Transaction Documents in accordance with the terms hereof
and thereof and in accordance with the Managing Standard.

 

(b)
Special Provisions as to Securitization IP.

 

(i)
The Manager acknowledges and agrees that each Guarantor
has the right and duty to control the quality of the goods and services offered under such Guarantor’s Trademarks included in the
Securitization IP and the manner in which such Trademarks are used in order to maintain the validity and enforceability of and its ownership
of the Trademarks included in the Securitization IP. The Manager shall not take any action contrary to the express written instruction
of the applicable Guarantor with respect to: (A) the promulgation of standards with respect to the operation of Branded Restaurants,
including quality of food, cleanliness, appearance, and level of service (or the making of material changes to the existing standards),
(B) the promulgation of standards with respect to new businesses, products and services which the applicable Guarantor approves for inclusion
in the license granted under any IP License Agreement (or other license agreement or sublicense agreement for which the Manager is performing
IP Services), (C) the nature and implementation of means of monitoring and controlling adherence to the standards, (D) the terms of any
Franchise Agreements, the Product Sourcing Agreements or other sublicense agreements relating to the quality standards which licensees
must follow with respect to businesses, products, and services offered under the Trademarks included in the Securitization IP and the
usage of such Trademarks, (E) the commencement and prosecution of enforcement actions with respect to the Trademarks included in the
Securitization IP and the terms of any settlements thereof, (F) the adoption of any variations on the Brands which are not in use on
the Closing Date, or other new Trademarks to be included in the Securitization IP, (G) the abandonment of any Securitization IP and (H)
any uses of the Securitization IP that are not consistent with the Managing Standard. The Guarantors shall have the right to monitor
the Manager’s compliance with the foregoing and its performance of the IP Services and, in furtherance thereof, Manager shall provide
each Guarantor, at either Guarantor’s written request from time to time, with copies of Franchise Documents, the Product Sourcing
Agreements and other sublicenses, samples of products and materials bearing the Trademarks included in the Securitization IP used by
Franchisees, any manufacturer or distributor of Products and other licensees and sublicensees. Nothing in this Agreement shall limit
the Guarantors’ rights or the licensees’ obligations under the IP License Agreements or any other agreement with respect
to which the Manager is performing IP Services.

 

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(ii)
The Manager is hereby granted a non-exclusive, royalty-free
sublicensable license to use the Securitization IP solely in connection with the performance of the Services under this Agreement. In
connection with the Manager’s use of any Trademark included in the Securitization IP pursuant to the foregoing license, the Manager
agrees to adhere to the quality control provisions and sublicensing provisions, with respect to sublicenses issued hereunder, which are
contained in each IP License Agreement, as applicable to the product or service to which such Trademark pertains, as if such provisions
were incorporated by reference herein.

 

(c)
Right to Receive Instructions. Without limiting
the Manager’s obligations under Section 4.3(b) above, in the event that the Manager is unable to decide between alternative
courses of action, or is unsure as to the application of any provision of this Agreement, the other Transaction Documents or any Managed
Documents, or any such provision is, in the good faith judgment of the Manager, ambiguous as to its application, or is, or appears to
be, in conflict with any other applicable provision, or in the event that this Agreement, any other Transaction Document or any Managed
Document permits any determination by the Manager or is silent or is incomplete as to the course of action which the Manager is required
to take with respect to a particular set of facts, the Manager may make a Consent Request to the Control Party for written instructions
in accordance with the Indenture and the other Transaction Documents and, to the extent that the Manager shall have acted or refrained
from acting in good faith in accordance with instructions, if any, received from the Control Party with respect to such Consent Request,
the Manager shall not be liable on account of such action or inaction to any Person; provided that the Control Party shall be under no
obligation to provide any such instruction if it is unable to decide between alternative courses of action. Subject to the Managing Standard,
if the Manager shall not have received appropriate instructions from the Control Party within ten days of such notice (or within such
shorter period of time as may be specified in such notice), the Manager may, but shall be under no duty to, take or refrain from taking
such action, not inconsistent with this Agreement or the Transaction Documents, as the Manager shall deem to be in the best interests
of the Noteholders and the Securitization Entities. The Manager shall have no liability to any Secured Party or the Controlling Class
Representative for such action or inaction taken in reliance on the preceding sentence except for the Manager’s own bad faith,
negligence or willful misconduct.

 

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(d)
Limitation on Manager’s Duties and Responsibilities.

 

(i)
The Manager shall not have any duty or obligation to
manage, make any payment in respect of, register, record, sell, reinvest, dispose of, create, perfect or maintain title to, or any security
interest in, or otherwise deal with the Collateral, to prepare or file any report or other document or to otherwise take or refrain from
taking any action under, or in connection with, any document contemplated hereby to which the Manager is a party, except as expressly
provided by the terms of this Agreement or the other Transaction Documents and consistent with the Managing Standard, and no implied
duties or obligations shall be read into this Agreement against the Manager. The Manager nevertheless agrees that it shall, at its own
cost and expense, promptly take all action as may be necessary to discharge any Liens (other than Permitted Liens) on any part of the
Managed Assets which result from valid claims against the Manager personally whether or not related to the ownership or administration
of the Managed Assets or the transactions contemplated by the Transaction Documents.

 

(ii)
Except as otherwise set forth herein and in the other
Transaction Documents, the Manager shall have no responsibility under this Agreement other than to render the Services in good faith
and consistent with the Managing Standard.

 

(iii)
The Manager shall not manage, control, use, sell, reinvest,
dispose of or otherwise deal with any part of the Collateral except in accordance with the powers granted to, and the authority conferred
upon, the Manager pursuant to this Agreement or the other Transaction Documents.

 

(e)
Limitations on the Manager’s Liabilities, Duties
and Responsibilities. Subject to Section 2.7 and except for any loss, liability, expense, damage, action, suit or injury arising
out of, or resulting from, (i) any breach or default by the Manager in the observance or performance of any of its agreements contained
in this Agreement or any other Transaction Document to which it is a party in its capacity as Manager, (ii) the breach by the Manager
of any representation, warranty or covenant made by it herein or any other Transaction Document to which it is a party in its capacity
as Manager or (iii) acts or omissions constituting the Manager’s own bad faith, negligence or willful misconduct, in the performance
of its duties hereunder or under the other Transaction Documents or otherwise, neither the Manager nor any of its Affiliates, managers,
officers, members or employees shall be liable to any Securitization Entity, the Noteholders or any other Person under any circumstances,
including: (1) for any action taken or omitted to be taken by the Manager in good faith in accordance with the instructions of the Trustee,
the Control Party or the Back-Up Manager; (2) for any representation, warranty, covenant, agreement or Indebtedness of any Securitization
Entity under the Notes, any other Transaction Documents or the Managed Documents, or for any other liability or obligation of any Securitization
Entity; (3) for the validity or sufficiency of this Agreement or the due execution hereof by any party hereto other than the Manager,
or the form, character, genuineness, sufficiency, value or validity of any part of the Collateral (including the creditworthiness of
any Franchisee, lessee or other obligor thereunder), or for, or in respect of, the validity or sufficiency of the Transaction Documents;
and (4) for any action or inaction of the Trustee, the Back-Up Manager or the Control Party or for the performance of, or the supervision
of the performance of, any obligation under this Agreement or any other Transaction Document that is required to be performed by the
Trustee, the Back-Up Manager or the Control Party.

 

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(f)
No Financial Liability. No provision of this
Agreement (other than Sections 2.6, 2.7, 4.3(d)(i) and 4.3(e)) shall require the Manager to expend or risk
its funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder, if the Manager shall
have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not compensated
by the payment of the Monthly Management Fee and is otherwise not reasonably assured or provided to the Manager. Further, the Manager
shall not be obligated to perform any services not enumerated or otherwise contemplated hereunder, unless the Manager determines that
it is more likely than not that it shall be reimbursed for all of its expenses incurred in connection with such performance. The Manager
shall not be liable under the Notes and shall not be responsible for any amounts required to be paid by the Securitization Entities under
or pursuant to the Indenture.

 

(g)
Reliance. The Manager may, reasonably and in
good faith, conclusively rely on, and shall be protected in acting or refraining from acting when doing so, in each case in accordance
with any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or
paper reasonably believed by it to be genuine and believed by it to be signed by the proper party or parties other than its Affiliates.
The Manager may reasonably accept a certified copy of a resolution of the board of directors or other governing body of any corporate
or other entity other than its Affiliates as conclusive evidence that such resolution has been duly adopted by such body and that the
same is in full force and effect. As to any fact or matter the manner or ascertainment of which is not specifically prescribed herein,
the Manager may in good faith for all purposes hereof reasonably rely on a certificate, signed by any Authorized Officer of the relevant
party, as to such fact or matter, and such certificate reasonably relied upon in good faith shall constitute full protection to the Manager
for any action taken or omitted to be taken by it in good faith in reliance thereon.

 

(h)
Consultations with Third Parties; Advice of Counsel.
In the exercise and performance of its duties and obligations hereunder or under any of the Transaction Documents, the Manager (A) may
act directly or through agents or attorneys pursuant to agreements entered into with any of them; provided that the Manager shall remain
primarily liable hereunder for the acts or omissions of such agents or attorneys and (B) may, at the expense of the Manager, consult
with external counsel or accountants selected and monitored by the Manager in good faith and in the absence of negligence, and the Manager
shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the advice or opinion of any such external
counsel or accountants with respect to legal or accounting matters.

 

(i)
Independent Contractor. In performing its obligations
as manager hereunder the Manager acts solely as an independent contractor of the Securitization Entities, except to the extent the Manager
is deemed to be an agent of the Securitization Entities by virtue of engaging in franchise sales activities, as a broker, or receiving
payments on behalf of the Securitization Entities, as applicable. Nothing in this Agreement shall, or shall be deemed to, create or constitute
any joint venture, partnership, employment, or any other relationship between the Securitization Entities and the Manager other than
the independent contractor contractual relationship established hereby. Nothing herein shall be deemed to vest in the Manager title to
any of the Securitization IP. Except as otherwise provided herein or in the other Transaction Documents, the Manager shall not be, nor
shall be deemed to be, liable for any acts or obligations of the Securitization Entities, the Trustee, the Back-Up Manager or the Control
Party (except as set forth in Section 2.7 hereof).

 

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Section
4.4 Merger and Resignation.

 

(a)
Preservation of Existence. The Manager shall
not merge into any other Person or convey, transfer or lease substantially all of its assets; provided, however, that nothing contained
in this Agreement shall be deemed to prevent (i) the merger into the Manager of another Person, (ii) the consolidation of the Manager
and another Person, (iii) the merger of the Manager into another Person or (iv) the sale of substantially all of the property or assets
of the Manager to another Person, so long as (A) the surviving Person of the merger or consolidation or the purchaser of the assets of
the Manager shall continue to be engaged in the same line of business as the Manager and shall have the capacity to perform its obligations
hereunder with at least the same degree of care, skill and diligence as measured by customary practices with which the Manager is required
to perform such obligations hereunder, (B) in the case of a merger, consolidation or sale, the surviving Person of the merger or the
purchaser of the assets of the Manager shall expressly assume the obligations of the Manager under this Agreement and expressly agree
to be bound by all other provisions applicable to the Manager under this Agreement in a supplement to this Agreement in form and substance
reasonably satisfactory to the Trustee and the Control Party and (C) with respect to such event, in and of itself, the Rating Agency
Condition, if applicable, has been satisfied.

 

(a)
Resignation. The Manager shall not resign from
the rights, powers, obligations and duties hereby imposed on it except upon its determination that (A) the performance of its duties
hereunder is no longer permissible under applicable Requirements of Law and (B) there is no reasonable action that the Manager could
take to make the performance of its duties hereunder permissible under applicable Requirements of Law. Any such determination permitting
the resignation of the Manager pursuant to clause (A) above shall be evidenced by an Opinion of Counsel to such effect delivered
to the Trustee, the Back-Up Manager and the Control Party. No such resignation shall become effective until a Successor Manager shall
have been appointed by the Control Party (acting at the direction of the Controlling Class representative) and shall have assumed the
responsibilities and obligations of the Manager in accordance with Section 6.1(a). The Trustee, the Securitization Entities, the
Back-Up Manager, the Control Party and the Rating Agencies, if any, shall be notified of such resignation in writing by the Manager.
From and after such effectiveness, the Successor Manager shall be, to the extent of the assignment, the “Manager” hereunder.
Except as provided above in this Section 4.4 the Manager may not assign this Agreement or any of its rights, powers, duties or
obligations hereunder.

 

(b)
Term of Manager’s Obligations. Except as
provided in Section 4.4(a) and Section 4.4(b), the duties and obligations of the Manager under this Agreement commenced
on the Closing Date and shall continue until this Agreement shall have been terminated as provided in Section 6.1(a) or Section
8.1, and shall survive the exercise by any Securitization Entity, the Trustee or the Control Party of any right or remedy under this
Agreement (other than the right of termination pursuant to Section 6.1(a)), or the enforcement by any Securitization Entity, the
Trustee, the Back-Up Manager, the Control Party, the Controlling Class Representative or any Noteholder of any provision of the Indenture,
the Notes, this Agreement or the other Transaction Documents.

 

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Section
4.5 Notice of Certain Events. The Manager shall
give written notice to the Trustee, the Back-Up Manager, the Control Party and the Rating Agencies, if any, promptly upon the occurrence
of any of the following events (but in any event no later than five (5) Business Days after the Manager has Actual Knowledge of the occurrence
of such an event): (a) the Manager, the Securitization Entities or any Affiliate thereof shall engage in any “prohibited transaction”
(as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (b) any “accumulated funding deficiency”
or failure to meet “minimum funding standard” (as defined in Section 302 of ERISA), whether or not waived, shall exist with
respect to any Plan, or any Lien in favor of the Pension Benefit Guaranty Corporation or a Plan shall arise on the assets of either the
Securitization Entities or any Affiliate thereof, (c) a Reportable Event shall occur with respect to, or proceedings shall commence to
have a trustee appointed, or a trustee shall be appointed, to administer or to terminate, any Single Employer Plan, which Reportable
Event or commencement of proceedings or appointment of a trustee is, in the reasonable opinion of the Control Party, likely to result
in the termination of such Plan for purposes of Title IV of ERISA, (d) any Single Employer Plan shall terminate for purposes of Title
IV of ERISA, (e) the Manager, the Securitization Entities or any Affiliate thereof incur, or in the reasonable opinion of the Control
Party are likely to incur, any liability in connection with a complete or partial withdrawal from, or the Insolvency, Reorganization
or termination of, a Multiemployer Plan; (f) any other event or condition shall occur or exist with respect to a Plan (but in each case
in clauses (a) through (f) above, only if such event or condition, together with all other such events or conditions, if any, would reasonably
be expected to result in a Material Adverse Effect); (g) a Manager Termination Event, an Event of Default, a Hot Back-Up Management Trigger
Event, a Warm Back-Up Management Trigger Event or Rapid Amortization Event or any event which would, with the passage of time or giving
of notice or both, would become one or more of the same; or (h) any action, suit, investigation or proceeding pending or, to the Actual
Knowledge of the Manager, threatened in writing against or affecting the Manager, before or by any court, administrative agency, arbitrator
or governmental body having jurisdiction over the Manager or any of its properties either asserting the illegality, invalidity or unenforceability
of any of the Transaction Documents, seeking any determination or ruling that would affect the legality, binding effect, validity or
enforceability of any of the Transaction Documents or that would reasonably be expected to result in a Material Adverse Effect. 

 

Section
4.6 Capitalization. The Manager shall have sufficient capital to perform all of its obligations under this Agreement at all times
from the Closing Date and until the Indenture has been terminated in accordance with the terms thereof. 

 

Section
4.7 Maintenance of Separateness. The Manager covenants that, except as otherwise contemplated by the Transaction Documents: 

 

(a)
the books and records of the Securitization Entities
shall be maintained separately from those of the Manager and each of its Affiliates that is not a Securitization Entity;

 

(b)
the Manager shall observe (and shall cause each of its
Affiliates that is not a Securitization Entity to observe) corporate and limited liability company formalities in its dealings with any
Securitization Entity;

 

(c)
all financial statements of the Manager that are consolidated
to include any Securitization Entity and that are distributed to any party shall contain detailed notes clearly stating that (i) all
of such Securitization Entity’s assets are owned by such Securitization Entity and (ii) such Securitization Entity is a separate
entity and has separate creditors;

 

(d)
except as contemplated under Sections 2.2(d),
2.2(e), 2.2(f) and 2.2(g), of this Agreement, the Manager shall not (and shall not permit any of its Affiliates
that is not a Securitization Entity to) commingle its funds with any funds of any Securitization Entity; provided that the foregoing
shall not prohibit the Manager or any successor to or assignee of the Manager from holding funds of the Securitization Entities in its
capacity as Manager for such entity in a segregated account identified for such purpose;

 

(e)
the Manager shall (and shall cause each of its Affiliates
that is not a Securitization Entity to) maintain arm’s length relationships with each Securitization Entity, and each of the Manager
and each of its Affiliates that is not a Securitization Entity shall be compensated at market rates for any services it renders or otherwise
furnishes to any Securitization Entity, it being understood that the Monthly Management Fee, the Supplemental Management Fee, this Agreement,
and the Collateral Documents are representative of such arm’s length relationship;

 

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(f)
the Manager shall not be, and shall not hold itself
out to be, liable for the debts of any Securitization Entity or the decisions or actions in respect of the daily business and affairs
of any Securitization Entities and the Manager shall not permit any Securitization Entities to hold the Manager out to be liable for
the debts of such Securitization Entity or the decisions or actions in respect of the daily business and affairs of such Securitization
Entity; and

 

(g)
upon an officer or other responsible party of the Manager
obtaining Actual Knowledge that any of the foregoing provisions in this Section 4.7 has been breached or violated in any material
respect, the Manager shall promptly notify the Trustee, the Back-Up Manager, the Control Party and the Rating Agencies, if any, of same
and shall take such actions as may be reasonable and appropriate under the circumstances to correct and remedy such breach or violation
as soon as reasonably practicable under such circumstances.

 

Article
V

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

Section
5.1 Representations and Warranties Made in Respect of New Assets.

 

(a)
New Franchise Agreements. As of the applicable
New Asset Addition Date with respect to a New Franchise Agreement acquired or entered into on such New Asset Addition Date, the Manager
represents and warrants to the Securitization Entities, the Trustee and the Control Party that:

 

(i)
such New Franchise Agreement does not contain terms
and conditions that are reasonably expected to result in (A) a material decrease in the amount of Collections or Retained Collections
constituting Franchisee Payments, taken as a whole, (B) a material adverse change in the nature, quality or timing of Collections constituting
Franchisee Payments, taken as a whole, or (C) a material adverse change in the types of underlying assets generating Collections constituting
Franchisee Payments, taken as a whole, in each case when compared to the amount, nature or quality of, or types of assets generating,
Collections that could have been reasonably expected to result had such New Franchise Agreement been entered into in accordance with
the then-current Franchise Documents; (ii) such New Franchise Agreement is genuine, and is the legal, valid and binding obligation of
the parties thereto and is enforceable against the parties thereto in accordance with its terms (except as such enforceability may be
limited by bankruptcy or insolvency laws and by general principles of equity, regardless of whether such enforceability shall be considered
in a proceeding in equity or at law); (iii) such New Franchise Agreement complies in all material respects with all applicable Requirements
of Law; (iv) the Franchisee related to such agreement is not the subject of a bankruptcy proceeding; (v) royalty fees payable pursuant
to such New Franchise Agreement are payable by the related Franchisee at least monthly; (vi) except as required by applicable Requirements
of Law, such New Franchise Agreement contains no contractual rights of set-off; and

 

(ii)
except as required by applicable Requirements of Law,
such New Franchise Agreement is freely assignable by the applicable Securitization Entities.

 

(b)
New Franchisee Notes and New Equipment Leases.
As of the applicable New Asset Addition Date with respect to a New Franchisee Note or New Equipment Lease acquired or entered into on
such New Asset Addition Date, the Manager represents and warrants to the Securitization Entities, the Trustee and the Manager that: (i)
such agreement is genuine, and is the legal, valid and binding obligation of the parties thereto and is enforceable against the parties
thereto in accordance with its terms (except as such enforceability may be limited by bankruptcy or insolvency laws and by general principles
of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law); (ii) such agreement complies
in all material respects with all applicable Requirements of Law; (iii) the Franchisee related to such agreement is not the subject of
a bankruptcy proceeding; and (iv) except as required by applicable Requirements of Law, such agreement is freely assignable by the applicable
Securitization Entities.

 

(c)
New Product Sourcing Assets. As of the applicable
New Asset Addition Date with respect to a New Product Sourcing Asset acquired or entered into on such New Asset Addition Date, the Manager
represents and warrants to the Securitization Entities, the Trustee and the Control Party that: (i) such New Product Sourcing Asset is
genuine, and is the legal, valid and binding obligation of the parties thereto and is enforceable against the parties thereto in accordance
with its terms (except as such enforceability may be limited by bankruptcy or insolvency laws and by general principles of equity, regardless
of whether such enforceability shall be considered in a proceeding in equity or at law) and (ii) such New Product Sourcing Asset complies
in all material respects with all applicable Requirements of Law.

 

(d)
New Owned Real Property. As of the applicable
New Asset Addition Date with respect to New Owned Real Property acquired on such date, the Manager represents and warrants to the Securitization
Entities and the Trustee that: (i) the applicable Guarantor holds fee simple title to the premises of such New Owned Real Property, free
and clear of all Liens (other than Permitted Liens); (ii) such New Owned Real Property is leased or expected to be leased to a Franchisee
or (in the case of the site of a Company Restaurant) a Company Restaurant Guarantor; (iii) the applicable Guarantor is not in material
default in any respect in the performance, observance or fulfillment of any obligations, covenants or conditions applicable to such New
Owned Real Property, the violation of which could create a reversion of title to such New Owned Real Property to any Person; (iv) to
the Manager’s Actual Knowledge, the use of such New Owned Real Property complies in all material respects with all applicable legal
requirements, including building and zoning ordinances and codes and the certificate of occupancy issued for such property; (v) neither
the applicable Guarantor nor, to the Actual Knowledge of the Manager, any Person leasing such property from the applicable Guarantor,
is in material default under any lease of such property and no condition or event exists, that, after the notice or lapse of time or
both, would constitute a material default thereunder by such Guarantor or, to the Actual Knowledge of the Manager, by any other party
thereto; (vi) no condemnation or similar proceeding has been commenced nor, to the Actual Knowledge of the Manager, is threatened with
respect to all or any material portion of such New Owned Real Property; (vii) all material certifications, permits, licenses and approvals,
including certificates of completion and occupancy permits required for the legal use, occupancy and operation of the Branded Restaurant
on such New Owned Real Property, if such property is open for business, have been obtained and are in full force and effect; and (viii)
the Manager has paid, caused to be paid, or confirmed that all taxes required to be paid by the applicable Guarantor in connection with
the acquisition of such New Owned Real Property have been paid in full from funds of the Securitization Entities.

 

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(e)
New Leased Real Property. As of the applicable
New Asset Addition Date with respect to New Franchised Restaurant Leases (“New Leased Real Property”) acquired or
entered into on such New Asset Addition Date, the Manager represents and warrants to the Securitization Entities and the Trustee that:
(i) if applicable, such New Leased Real Property is sub-leased by the applicable Guarantor to a Franchisee or (in the case of the site
of a Company Restaurant) a Company Restaurant Guarantor; (ii) if requested by the Trustee or the Control Party in writing, the Manager
will make available to the Trustee or Control Party, as applicable, full and complete copies of the lease documents related to such New
Leased Real Property; (iii) no material default by the applicable Guarantor, or to the Actual Knowledge of the Manager, by any other
party, exists under any provision of such lease, and no condition or event exists, that, after the notice or lapse of time or both, would
constitute a material default thereunder by such Guarantor or, to the Actual Knowledge of the Manager, by any other party; (iv) to Manager’s
Actual Knowledge, such New Leased Real Property, and the use thereof, complies in all material respects with all applicable legal requirements,
including building and zoning ordinances and codes and the certificate of occupancy issued for such property; (v) neither the applicable
Guarantor, nor, to the Actual Knowledge of the Manager, the related sub-lessee has committed any act or omission affording any Governmental
Authority the right of forfeiture against such property; (vi) no condemnation or similar proceeding has been commenced nor, to the Actual
Knowledge of the Manager, is threatened with respect to all or any material portion of such New Leased Real Property; (vii) all policies
of insurance (a) required to be maintained by the applicable Guarantor under such lease and (b) to the Actual Knowledge of the Manager,
required to be maintained by the Franchisee under the related sub-lease, if applicable, are valid and in full force and effect; and (viii)
all material certifications, permits, licenses and approvals, including certificates of completion and occupancy permits required for
the legal use, occupancy and operation of the Branded Restaurant on such New Leased Real Property, if such property is open for business,
have been obtained and are in full force and effect.

 

(f)
The Manager has not since the Closing Date and will
not enter into any lease included in the Real Estate Assets after the Closing Date which (i) requires Manager or its Affiliates (other
than the Securitization Entities) to provide a guaranty of any obligation of any Securitization Entity or (ii) includes any event of
default under such lease on the part of any Securitization Entity due to a bankruptcy of Manager or its Affiliates (other than the Securitization
Entities).

 

(g)
New Development Agreement. As of the applicable
New Asset Addition Date with respect to a New Development Agreement acquired or entered into on such New Asset Addition Date, the Manager
represents and warrants to the Securitization Entities, the Trustee and the Control Party that: (i) such New Development Agreement is
genuine, and is the legal, valid and binding obligation of the parties thereto and is enforceable against the parties thereto in accordance
with its terms (except as such enforceability may be limited by bankruptcy or insolvency laws and by general principles of equity, regardless
of whether such enforceability shall be considered in a proceeding in equity or at law) and (ii) such New Development Agreement complies
in all material respects with all applicable Requirements of Law.

 

(h)
New Company Restaurant. As of the applicable
New Asset Addition Date with respect to a New Company Restaurant Lease acquired or entered into on such New Asset Addition Date, the
Manager represents and warrants to the Securitization Entities, the Trustee and the Control Party that: (i) such New Company Restaurant
Lease is genuine, and is the legal, valid and binding obligation of the parties thereto and is enforceable against the parties thereto
in accordance with its terms (except as such enforceability may be limited by bankruptcy or insolvency laws and by general principles
of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law) and (ii) such New Company
Restaurant Lease complies in all material respects with all applicable Requirements of Law.

 

(i)
New Company Restaurant Lease. As of the applicable
New Asset Addition Date, with respect to each New Company Restaurant acquired on such New Asset Addition Date, the Manager represents
and warrants to the Securitization Entities, the Trustee and the Control Party, that the applicable Guarantor owns full legal and equitable
title to each such Company Restaurant, free and clear of any Lien (other than Permitted Liens) and the addition of such Company Restaurant
could not be reasonably expected to have a material adverse effect.

 

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Section
5.2 Assets Acquired After the Closing Date.

 

(a)
The Manager has caused and shall continue to cause the
applicable Guarantor to enter into or acquire each of the following, to the extent entered into or acquired after the Closing Date: (a)
all New Franchise Agreements, New Development Agreements, New Franchisee Notes, New Equipment Leases, New Company Restaurant Leases and
New Product Sourcing Agreements, (b) all Securitization IP and (c) all Real Estate Assets. The Manager may, but shall not be obligated
to, cause the Securitization Entities to enter into, develop or acquire assets other than the foregoing from time to time; provided that
the entry into, development or acquisition of any material assets that are not reasonably ancillary to the restaurant business or the
foodservice industry shall require the prior satisfaction of the Rating Agency Condition, if applicable, and the prior written consent
of the Control Party (acting at the direction of the Controlling Class Representative). Unless otherwise agreed to in writing by the
Control Party (acting at the direction of the Controlling Class Representative), the entry into, development or acquisition of assets
by the Securitization Entities will be subject to all applicable provisions of the Indenture, this Management Agreement, the IP License
Agreements and the other relevant Transaction Documents.

 

(b)
Unless otherwise agreed to in writing by the Control
Party (acting at the direction of the Controlling Class Representative), any contribution to, or development or acquisition by, any Guarantor
of assets obtained after the Closing Date described in Section 5.2(a) shall be subject to all applicable provisions of the Indenture,
this Agreement (including the applicable representations and warranties and covenants in Articles II and V of this Agreement),
the IP License Agreements and the other Transaction Documents. Any Franchise Agreement that is obtained after the Closing Date as described
in Section 5.2(a) shall be deemed to be a New Franchise Agreement for the purposes of this Agreement.

 

Section
5.3 Securitization IP. All Securitization IP
shall be owned solely by the applicable Guarantor and shall not be assigned, transferred or licensed out by the Guarantor or Franchise
Entities to any other entity other than as permitted or provided under the Transaction Documents.

 

Section
5.4 Restrictions on Liens. The Manager shall not, and shall not permit any of its Subsidiaries to, create, incur, assume, permit
or suffer to exist any Lien (other than Liens in favor of the Trustee for the benefit of the Secured Parties and any Permitted Lien set
forth in clauses (a), (b) or (j) of the definition thereof) upon the Equity Interests of any Securitization Entity.

 

Article
VI

MANAGER TERMINATION EVENTS

 

Section
6.1 Manager Termination Events.

 

(a)
Manager Termination Events. Any of the following
acts or occurrences shall constitute a “Manager Termination Event” under this Agreement, the assertion as to the occurrence
of which may be made, and notice of which may be given, by either a Securitization Entity, the Back-Up Manager, the Control Party (acting
at the direction of the Controlling Class Representative) or the Trustee (acting at the direction of the Control Party):

 

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(i)
any failure by the Manager to remit a payment required
to be deposited from the Concentration Account to the Collection Account or any other Indenture Trust Account, within three (3) Business
Days of the later of (a) its Actual Knowledge of its receipt thereof and (b) the date such deposit is required to be made pursuant to
the Transaction Documents; provided that any inadvertent failure to remit such a payment shall not be a breach of this clause (i)
if in an amount less than $250,000 and corrected within three (3) Business Days after the Manager obtains Actual Knowledge thereof
(it being understood that the Manager will not be responsible for the failure of the Trustee to remit funds that were received by the
Trustee from or on behalf of the Manager in accordance with the applicable Transaction Documents);

 

(ii)
the Interest-Only DSCR as calculated as of any Quarterly
Calculation Date is less than 1.20x (for this purpose, clause (C) of the definition of “Debt Service” shall not apply
when calculating the Interest-Only DSCR);

 

(iii)
any failure by the Manager to provide any required certificate
or report set forth in Sections 4.1(a), (c), (d), (e), (f), (g) or (h) of the Base Indenture
within three (3) Business Days of its due date;

 

(iv)
a material default by the Manager in the due performance
and observance of any provision of this Agreement or any other Transaction Document (other than as described above) to which it is party
and the continuation of such default for a period of 30 days after the Manager has been notified thereof in writing by any Securitization
Entity or the Control Party; provided, however, that as long as the Manager is diligently attempting to cure such default (so long as
such default is capable of being cured), such cure period shall be extended by an additional period as may be required to cure such default,
but in no event by more than an additional 30 days;

 

(v)
any representation, warranty or statement of the Manager
made in this Agreement or any other Transaction Document or in any certificate, report or other writing delivered pursuant thereto that
is not qualified by materiality or the definition of “Material Adverse Effect” proves to be incorrect in any material respect,
or any such representation, warranty or statement of the Manager that is qualified by materiality or the definition of “Material
Adverse Effect” proves to be incorrect, in each case as of the time when the same was made or deemed to have been made or as of
any other date specified in such document or agreement; provided that if any such breach is capable of being remedied within 30 days
after the Manager has obtained Actual Knowledge of such breach or the Manager’s receipt of written notice thereof, then a Manager
Termination Event shall only occur under this clause (v) as a result of such breach if it is not cured in all material respects
by the end of such 30-day period;

 

(vi)
an Event of Bankruptcy with respect to the Manager shall
have occurred;

 

(vii)
any final, non-appealable order, judgment or decree
is entered in any proceedings against the Manager by a court of competent jurisdiction decreeing the dissolution of the Manager and such
order, judgment or decree remains unstayed and in effect for more than ten days;

 

(viii)
a final non-appealable judgment for an amount in excess
of $15,000,000 (exclusive of any portion thereof which is insured) is rendered against the Manager by a court of competent jurisdiction
and is not discharged or stayed within 60 days of the date when due;

 

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(ix)
an acceleration of more than $15,000,000 of the Indebtedness
of the Manager which Indebtedness has not been discharged or which acceleration has not been rescinded and annulled;

 

(x)
this Agreement or a material portion thereof ceases
to be in full force and effect or enforceable in accordance with its terms (other than in accordance with the express termination provisions
hereof) or the Manager asserts as much in writing; or

 

(xi)
the occurrence of a Change in Management following the
occurrence of a Change of Control.

 

If
a Manager Termination Event has occurred and is continuing with respect to the Manager, the Control Party (acting at the direction of
the Controlling Class Representative) may (i) waive such Manager Termination Event (except for a Manager Termination Event described
in clauses (vi) or (vii) above) or (ii) direct the Trustee in writing to terminate the Manager in its capacity as such by the delivery
of a termination notice (a “Termination Notice”) to the Manager (with a copy to each of the Securitization Entities,
the Back-Up Manager and the Rating Agencies, if any); provided that the delivery of a Termination Notice to Manager shall not be required
in the circumstances set forth in clause (vi) or (vii) above. If the Trustee, acting at the direction of the Control Party
(acting at the direction of the Controlling Class Representative), delivers a Termination Notice to the Manager pursuant to this Agreement
(or automatically upon the occurrence of any Manager Termination Event relating to the Manager Termination Events described in clause
(vi) or (vii) above), all rights, powers, duties, obligations and responsibilities of the Manager under this Agreement and
the other Transaction Documents (other than with respect to the payment of Indemnification Amounts or its obligations with respect to
Disentanglement), including with respect to the Accounts or otherwise, will vest in and be assumed by the Successor Manager appointed
by the Control Party (at the direction of the Controlling Class Representative). If no Successor Manager has been appointed by the Control
Party (acting at the direction of the Controlling Class Representative), the Back-Up Manager will serve as the Interim Successor Manager
and will work with the Control Party to implement the Transition Plan (as such term is defined in the Back-Up Management Agreement) until
a Successor Manager (other than the Back-Up Manager) has been appointed by the Control Party (acting at the direction of the Controlling
Class Representative). Notwithstanding anything to the contrary contained herein or in any other Transaction Document, in no event shall
the Trustee (A) be obligated to become (or be deemed to be) the Manager or Successor Manager or (B) have any obligation or responsibility
to perform any of the duties or obligations of the Manager or Successor Manager.

 

(b)
From and during the continuation of a Manager Termination
Event, each Securitization Entity and the Trustee (acting at the direction of the Control Party) are hereby irrevocably authorized and
empowered to execute and deliver, on behalf of the Manager, as attorney-in-fact or otherwise, all documents and other instruments (including
any notices to Franchisees deemed necessary or advisable by the applicable Securitization Entity or the Control Party), and to do or
accomplish all other acts or take other measures necessary or appropriate, to effect such vesting and assumption.

 

Section
6.2 Manager Termination Event Remedies. If the
Trustee, acting at the written direction of the Control Party (acting at the direction of the Controlling Class Representative), delivers
a Termination Notice to the Manager pursuant to Section 6.1(a) (or automatically upon the occurrence of any Manager Termination
Event described in clauses (vi) or (vii) of Section 6.1(a)), all rights, powers, duties, obligations and responsibilities
of the Manager under this Agreement and the other Transaction Documents, including with respect to the Managed Assets, the Indenture
Trust Accounts, the Management Accounts, the Advertising Fund Accounts or otherwise shall vest in and be assumed by the Successor Manager.

 

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Section
6.3 Manager’s Transitional Role.

 

(a)
Disentanglement. Following the delivery of a
Termination Notice to the Manager pursuant to Section 6.1(a) or Section 6.2 above or notice of resignation of the Manager
pursuant to Section 4.4(b), the Manager shall cooperate with the Back-Up Manager and the Control Party in connection with the
implementation of the Transition Plan and the complete transition to a Successor Manager (including in connection with any resignation
of the Manager), without interruption or adverse impact on the provision of Services (the “Disentanglement”). The
Manager will (i) use its commercially reasonable efforts during the Disentanglement Period to not materially reduce the existing staff
and resources of the Manager devoted to or shared with the provision of the Services prior to the date of such Termination Notice and
(ii) allow reasonable access to the Manager’s premises, systems and offices during the Disentanglement Period ((i) and (ii) being
referred to as “Continuity of Services”). The Manager will cooperate fully with the Successor Manager and otherwise promptly
take all actions reasonably required to assist in effecting a complete Disentanglement while providing Continuity of Services and, in
connection therewith, will follow any directions that may be provided by the Back-Up Manager and the Control Party. The Manager will
provide all information and assistance regarding the terminated Services required for Disentanglement and Continuity of Services, including
data conversion and migration, interface specifications, and related professional services and provide for the prompt and orderly conclusion
or transition of all work, as the Control Party and the Back-Up Manager may reasonably direct, including completion or partial completion
of projects, documentation of all work in progress, and other measures to assure an orderly transition to the Successor Manager. All
services relating to Disentanglement and Continuity of Services, including all reasonable training for personnel of the Back-Up Manager,
the Successor Manager or the Successor Manager’s designated alternate service provider in the performance of the Services, will
be deemed a part of the Services to be performed by the Manager.

 

(b)
Fees and Charges for the Disentanglement Services.
So long as the Manager continues to provide any Services during the Disentanglement Period (including following any removal, resignation
or other termination of the Manager), the Manager will continue to be paid the Monthly Management Fee. Upon the Successor Manager’s
assumption of the obligation to perform the applicable Services, the Manager will be further entitled to reimbursement of its actual
costs for the provision of any Disentanglement services other than those related to Continuity of Services, which shall remain a separate
obligation of the Manager.

 

(c)
Duration of Obligations. The Manager’s
obligation to provide Disentanglement services and Continuity of Services will continue during the Disentanglement Period.

 

(d)
Sub-managing Arrangements; Authorizations.

 

(i)
With respect to each Sub-managing Arrangement and unless
the Control Party elects to terminate such Sub-managing Arrangement in accordance with Section 2.10, the Manager shall: (x) assign
to the Successor Manager (or such Successor Manager’s designated alternate service provider) all of the Manager’s rights
under such Sub-managing Arrangement to which it is party used by the Manager in performance of the transitioned Services; and (y) procure
any third party authorizations necessary to grant the Successor Manager (or such Successor Manager’s designated alternate service
provider) the use and benefit of such Sub-managing Arrangement to which it is party (used by the Manager in performing the transitioned
Services), pending their assignment to the Successor Manager under this Agreement.

 

(ii)
If the Control Party elects to terminate such Sub-managing
Arrangement in accordance with Section 2.10, the Manager shall take all reasonable actions necessary or reasonably requested by
the Control Party to accomplish a complete transition of the Services performed by such Sub-manager to the Successor Manager, or to any
alternate service provider designated by the Control Party, without interruption or adverse impact on the provision of Services.

 

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Section
6.4 Intellectual Property. Within thirty (30) days of termination of this Agreement for any reason, the Manager shall deliver
and surrender up to the Guarantors (with a copy to the Successor Manager and the Control Party) any and all products, materials, or other
physical objects containing the Trademarks included in the Securitization IP or Confidential Information of the Guarantors and any copies
of copyrighted works included in the Securitization IP in the Manager’s possession or control, and shall terminate all use of all
Securitization IP, including Trade Secrets; provided that (for the avoidance of doubt) any rights granted to Manager and the other Non-Securitization
Entities as licensees pursuant to the Company Restaurant Licenses shall continue pursuant to the terms thereof notwithstanding the termination
of this Agreement and/or Manager’s role as Manager.

 

Section
6.5 Third Party Intellectual Property. The Manager
shall assist and fully cooperate with the Successor Manager or its designated alternate service provider in obtaining any necessary licenses
or consents to use any third party Intellectual Property then being used by the Manager or any Sub-manager. The Manager shall assign,
and shall cause each Sub-manager to assign, any such license or sublicense directly to the Successor Manager or its designated alternate
service provider to the extent the Manager, or each Sub-manager, as applicable, has the rights to assign such agreements to the Successor
Manager or such service provider without incurring any additional cost.

 

Section
6.6 No Effect on Other Parties. Upon any termination
of the rights and powers of the Manager from time to time pursuant to Section 6.1 or upon any appointment of a Successor Manager, all
the rights, powers, duties, obligations, and responsibilities of the Securitization Entities or the Trustee under this Agreement, the
Indenture and the other Transaction Documents shall remain unaffected by such termination or appointment and shall remain in full force
and effect thereafter, except as otherwise expressly provided in this Agreement or in the Indenture.

 

Section
6.7 Rights Cumulative. All rights and remedies from time to time conferred upon or reserved to the Securitization Entities, the
Trustee, the Control Party, the Back-Up Manager and the Noteholders or to any or all of the foregoing are cumulative, and none is intended
to be exclusive of another or any other right or remedy which they may have at law or in equity. Except as otherwise expressly provided
herein, no delay or omission in insisting upon the strict observance or performance of any provision of this Agreement, or in exercising
any right or remedy, shall be construed as a waiver or relinquishment of such provision, nor shall it impair such right or remedy. Every
such right and remedy may be exercised from time to time and as often as deemed expedient.

 

Article
VII

CONFIDENTIALITY

 

Section
7.1 Confidentiality.

 

(a)
Each of the parties hereto acknowledges that during
the Term of this Agreement such party (the “Recipient”) may receive Confidential Information from another party hereto
(the “Discloser”). Each such party (except for the Trustee, whose confidentiality obligations shall be governed in
accordance with the Indenture) agrees to maintain the Confidential Information of the other party in the strictest of confidence and
shall not, except as otherwise contemplated herein, at any time, use, disseminate or disclose any Confidential Information to any Person
other than (i) its officers, directors, managers, employees, agents, advisors or representatives (including legal counsel and accountants)
or (ii) in the case of the Manager and the Securitization Entities, Franchisees and prospective Franchisees, suppliers or other service
providers under written confidentiality agreements that contain provisions at least as protective as those set forth in this Agreement.
The Recipient shall be liable for any breach of this Section 7.1 by any of its officers, directors, managers, employees, agents, advisors,
representatives, Franchisees and prospective Franchisees, suppliers or other services providers and shall immediately notify Discloser
in the event of any loss or disclosure of any Confidential Information of the Discloser. Upon termination of this Agreement, Recipient
shall return to the Discloser, or at Discloser’s request, destroy, all documents and records in its possession containing the Confidential
Information of the Discloser. Confidential Information shall not include information that: (A) is already known to Recipient without
restriction on use or disclosure prior to receipt of such information from the Discloser; (B) is or becomes part of the public domain
other than by breach of this Agreement by, or other wrongful act of, the Recipient; (C) is developed by the Recipient independently of
and without reference to any Confidential Information of the Discloser; (D) is received by the Recipient from a third party who is not
under any obligation to maintain the confidentiality of such information; or (E) is required to be disclosed by applicable law, statute,
rule, regulation, subpoena, court order or legal process; provided that the Recipient shall promptly inform the Discloser of any such
requirement and cooperate with any attempt by the Discloser to obtain a protective order or other similar treatment. It shall be the
obligation of Recipient to prove that such an exception to the definition of Confidential Information exists.

 

    	37

    	 

    

 

(b)
Notwithstanding anything to the contrary contained in
Section 7.1(a), the Parties may use, disseminate or disclose Confidential Information (other than Trade Secrets) to any Person
in connection with the enforcement of rights of the Trustee or the Noteholders under the Indenture or the Transaction Documents; provided,
however, that prior to disclosing any such Confidential Information:

 

(i)
to any such Person other than in connection with any
judicial or regulatory proceeding, such Person shall agree in writing to maintain such Confidential Information in a manner at least
as protective of the Confidential Information as the terms of Section 7.1(a) and Recipient shall provide Discloser with the written
opinion of counsel that such disclosure contains Confidential Information only to the extent necessary to facilitate the enforcement
of such rights of the Trustee or the Noteholders; or

 

(ii)
to any such Person or entity in connection with any
judicial or regulatory proceeding, Recipient will (x) promptly notify Discloser of each such requirement and identify the documents so
required thereby so that Discloser may seek an appropriate protective order or similar treatment and/or waive compliance with the provisions
of this Agreement; (y) use reasonable efforts to assist Discloser in obtaining such protective order or other similar treatment protecting
such Confidential Information prior to any such disclosure; and (z) consult with Discloser on the advisability of taking legally available
steps to resist or narrow the scope of such requirement. If, in the absence of such a protective order or similar treatment, the Recipient
is nonetheless required by law to disclose any part of Discloser’s Confidential Information, then the Recipient may disclose such
Confidential Information without liability under this Agreement, except that the Recipient will furnish only that portion of the Confidential
Information which is legally required.

 

Article
VIII

MISCELLANEOUS PROVISIONS

 

Section
8.1 Termination of Agreement. The respective
duties and obligations of the Manager and the Securitization Entities created by this Agreement commenced on the Closing Date and shall,
unless earlier terminated pursuant to Section 6.1(a), terminate upon the satisfaction and discharge of the Indenture pursuant to Section
12.1 of the Base Indenture (the “Term”). Upon termination of this Agreement pursuant to this Section 8.1, the Manager
shall pay over to the applicable Securitization Entity or any other Person entitled thereto all proceeds of the Managed Assets held by
the Manager.

 

    	38

    	 

    

 

Section
8.2 Survival. The provisions of Section 2.1(c), Section 2.7, Section 2.8, Section 5.1, Article VI or Article VII and this Section
8.2, Section 8.4, Section 8.5 and Section 8.9 shall survive termination of this Agreement.

 

Section
8.3 Amendment. (a) This Agreement may only be
amended from time to time in writing, upon the written consent of the Trustee (acting at the direction of the Control Party, acting at
the direction of the Controlling Class Representative), the Securitization Entities, the Manager and the Control Party; provided that
no consent of the Trustee or the Control Party shall be required in connection with any amendment to accomplish any of the following:

 

(i)
to correct or amplify the description of any required
activities of the Manager;

 

(ii)
to add to the duties or covenants of the Manager for
the benefit of any Noteholders or any other Secured Parties, or to add provisions to this Agreement so long as such action does not modify
the Managing Standard, adversely affect the enforceability of the Securitization IP, or materially adversely affect the interests of
the Noteholders;

 

(iii)
to correct any manifest error or to cure any ambiguity,
defect or provision that may be inconsistent with the terms of the Base Indenture or any other Transaction Document, or to correct or
supplement any provision herein that may be inconsistent with the terms of the Base Indenture or any offering memorandum;

 

(iv)
to evidence the succession of another Person to any
party to this Agreement;

 

(v)
to comply with Requirements of Law;

 

(vi)
to take any action necessary and appropriate to facilitate
the origination of new Managed Documents, the acquisition and management of Real Estate Assets, or the management and preservation of
the Managed Documents, in each case, in accordance with the Managing Standard; or

 

(vii)
to provide for additional Services related to any Company
Restaurants.

 

(b)
Any amendment that would adversely affect the Back-Up
Manager’s rights, duties, indemnifications or immunities under this Agreement shall require the prior written consent of the Back-Up
Manager.

 

(c)
Promptly after the execution of any such amendment,
the Manager shall send to the Trustee, the Control Party, the Back-Up Manager and each Rating Agency, if any, a conformed copy of such
amendment, but the failure to do so shall not impair or affect its validity.

 

(d)
Any such amendment or modification effected contrary
to the provisions of this Section 8.3 shall be null and void.

 

Section
8.4 Governing Law. THIS AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH, AND GOVERNED BY, THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CHOICE OF LAW RULES (OTHER THAN SECTIONS
5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

    	39

    	 

    

 

Section
8.5 Notices. All notices, requests or other communications desired or required to be given under this Agreement shall be in writing
and shall be sent by (a) certified or registered mail, return receipt requested, postage prepaid, (b) national prepaid overnight delivery
service, (c) telecopy or other facsimile transmission (following with hard copies to be sent by national prepaid overnight delivery service)
or electronic mail (of a .pdf or other similar file), or (d) personal delivery with receipt acknowledged in writing, to the address set
forth in Section 14.1 of the Base Indenture. If the Indenture or this Agreement permits reports to be posted to a password-protected
website, such reports shall be deemed delivered when posted on such website. Any party hereto may change its address for notices hereunder
by giving notice of such change to the other parties hereto, with a copy to the Control Party. Any change of address of a Noteholder
shown on a Note Register shall, after the date of such change, be effective to change the address for such Noteholder hereunder. All
notices and demands to any Person hereunder shall be deemed to have been given either at the time of the delivery thereof at the address
of such Person for notices hereunder, or on the third day after the mailing thereof to such address, as the case may be.

 

Section
8.6 Acknowledgement. Without limiting the foregoing, the Manager hereby acknowledges that, on the Closing Date, the Issuer has
pledged to the Trustee under the Indenture, all of its right and title to, and interest in, this Agreement and the Collateral, and such
pledge includes all of the Issuer’s rights, remedies, powers and privileges, and all claims against the Manager, under or with
respect to this Agreement (whether arising pursuant to the terms of this Agreement or otherwise available at law or in equity), including
(i) the rights of such Issuer and the obligations of the Manager hereunder and (ii) the right, at any time, to give or withhold consents,
requests, notices, directions, approvals, demands, extensions or waivers under or with respect to this Agreement or the obligations in
respect of the Manager hereunder to the same extent as such Issuer may do. The Manager hereby consents to such pledges described above,
acknowledges and agrees that (x) the Control Party shall be a third-party beneficiary of the rights of such Issuer arising hereunder
and (y) the Trustee and the Control Party may, to the extent provided in the Indenture, enforce the provisions of this Agreement, exercise
the rights of such Issuer and enforce the obligations of the Manager hereunder without the consent of such Issuer. 

 

Section
8.7 Severability of Provisions. If one or more of the provisions of this Agreement shall be for any reason whatever held invalid
or unenforceable, such provisions shall be deemed severable from the remaining covenants, agreements and provisions of this Agreement
and such invalidity or unenforceability shall in no way affect the validity or enforceability of such remaining provisions, or the rights
of any parties hereto. To the extent permitted by law, the parties hereto waive any provision of law that renders any provision of this
Agreement invalid or unenforceable in any respect.

 

Section
8.8 Delivery Dates. If the due date of any notice, certificate or report required to be delivered by the Manager hereunder falls
on a day that is not a Business Day, the due date for such notice, certificate or report shall be automatically extended to the next
succeeding day that is a Business Day.

 

Section
8.9 Limited Recourse. The obligations of the Securitization Entities under this Agreement are solely the limited liability company
obligations of the Securitization Entities. The Manager agrees that the Securitization Entities shall be liable for any claims that it
may have against the Securitization Entities only to the extent that funds or assets are available to pay such claims pursuant to the
Indenture.

 

Section
8.10 Binding Effect; Assignment; Third Party Beneficiaries. The provisions of this Agreement shall be binding upon and inure to
the benefit of the respective successors and assigns of the parties hereto. Any assignment of this Agreement without the written consent
of the Control Party (acting at the direction of the Controlling Class Representative) shall be null and void. Each of the Back-Up Manager
and the Control Party is an intended third party beneficiary of this Agreement and may enforce the Agreement as though a party hereto.

 

    	40

    	 

    

 

Section
8.11 Article and Section Headings. The Article and Section headings herein are for convenience of reference only, and shall not
limit or otherwise affect the meaning hereof. 

 

Section
8.12 Concerning the Trustee, the Back-Up Manager and the Control Party. Notwithstanding anything to the contrary herein, each
of the Trustee, the Back-Up Manager and the Control Party shall be afforded the rights, privileges, protections, immunities and indemnities
set forth in the Indenture and the other Transaction Documents as if fully set forth herein. 

 

Section
8.13 Counterparts. This Agreement may be executed by the parties hereto in several counterparts (including by facsimile or other
electronic means of communication), each of which when so executed shall be deemed to be an original and all of which when taken together
shall constitute but one and the same agreement. 

 

Section
8.14 Entire Agreement. This Agreement, together with the Indenture and the other Transaction Documents and the Managed Documents
constitute the entire agreement and understanding among the parties with respect to the subject matter hereof. Any previous agreement
among the parties with respect to the subject matter hereof is superseded by this Agreement, the Indenture, the other Transaction Documents
and the Managed Documents. 

 

Section
8.15 Waiver of Jury Trial; Jurisdiction; Consent to Service of Process.

 

(a)
The parties hereto each hereby waives any right to have
a jury participate in resolving any dispute, whether in contract, tort or otherwise, arising out of, connected with, relating to or incidental
to the transactions contemplated by this Agreement.

 

(b)
The parties hereto each hereby irrevocably submits (to
the fullest extent permitted by applicable law) to the non-exclusive jurisdiction of any New York state or federal court sitting in the
borough of Manhattan, New York City, State of New York, over any action or proceeding arising out of or relating to this Agreement or
any Transaction Documents, and the parties hereto hereby irrevocably agree that all claims in respect of such action or proceeding shall
be heard and determined in such New York state or federal court. The parties hereto each hereby irrevocably waive, to the fullest extent
permitted by applicable law, any objection each may now or hereafter have, to remove any such action or proceeding, once commenced, to
another court on the grounds of forum non conveniens or otherwise.

 

(c)
Each party to this Agreement irrevocably consents to
service of process in the manner provided for notices in Section 8.5. Nothing in this Agreement shall affect the right of any
party to this Agreement to serve process in any other manner permitted by law.

 

Section
8.16 Joinder of New Guarantors. In the event
any Issuer shall form an Additional Guarantor pursuant to Section 8.34 of the Base Indenture, such Additional Guarantor shall execute
and deliver to the Manager and the Trustee (i) a Joinder Agreement substantially in the form of Exhibit B and (ii) Power of Attorney
in the form of Exhibit A, and such new Guarantor shall thereafter for all purposes be a party hereto and have the same rights, benefits
and obligations as a Guarantor party hereto on the Closing Date.

 

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remainder of this page is intentionally left blank.] 

 

    	41

    	 

    

 

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

 

	MANAGER:
	 

	FAT
    BRANDS INC.	 
	 	 	 
	By:	/s/
    Andrew A. Wiederhorn  	 
	Name:	Andrew
    A. Wiederhorn    	 
	Title:	President
    and Chief Executive Officer  	 

 

	ISSUER:
    	 
	 	 
	FAT
    BRANDS TWIN PEAKS I, LLC	 
	 	 
	By:	/s/
    Andrew A. Wiederhorn  	 
	Name:	Andrew
    A. Wiederhorn    	 
	Title:	President
    and Chief Executive Officer  	 

 

TRUSTEE:

 

	UMB
    BANK, N.A.	 
	 	 
	By:	/s/
    Michele Voon   	 
	Name:	Michele
    Voon     	 
	Title:	Vice
    President      	 

 

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continue on next page]

 

    	42

    	 

    

 

GUARANTORS:

 

TP
FRANCHISE AUSTIN, LLC

TP
FRANCHISE ROUND ROCK, LLC

TP
FRANCHISE VENTURE I, LLC

TP
TEXAS BEVERAGES, LLC

TWIN
PEAKS BUYER, LLC

TWIN
RESTAURANT, LLC

TWIN
RESTAURANT AMARILLO, LLC

TWIN
RESTAURANT AMARILLO BEVERAGE HOLDING, LLC

TWIN
RESTAURANT AMARILLO MANAGEMENT, LLC

TWIN
RESTAURANT BEVERAGE - TEXAS, LLC

TWIN
RESTAURANT BEVERAGE HOLDING, LLC

TWIN
RESTAURANT BROOMFIELD, LLC

TWIN
RESTAURANT BURLESON, LLC

TWIN
RESTAURANT BURLESON BEVERAGE HOLDING, LLC

TWIN
RESTAURANT BURLESON MANAGEMENT, LLC

TWIN
RESTAURANT CENTENNIAL, LLC

TWIN
RESTAURANT DENVER, LLC

TWIN
RESTAURANT DENVER, LLC

TWIN
RESTAURANT DEVELOPMENT, LLC

TWIN
RESTAURANT EL PASO, LLC

TWIN
RESTAURANT EL PASO BEVERAGE HOLDING, LLC

TWIN
RESTAURANT FRANCHISE, LLC

TWIN
RESTAURANT FRISCO, LLC

TWIN
RESTAURANT GRAND PRAIRIE, LLC

TWIN
RESTAURANT GRAND PRAIRIE BEVERAGE HOLDING, LLC

TWIN
RESTAURANT GRAND PRAIRIE MANAGEMENT, LLC

TWIN
RESTAURANT HOLDING, LLC

TWIN
RESTAURANT INTERNATIONAL FRANCHISE, LLC

TWIN
RESTAURANT INVESTMENT COMPANY, LLC

TWIN
RESTAURANT INVESTMENT COMPANY II, LLC

TWIN
RESTAURANT IP, LLC

TWIN
RESTAURANT LEWISVILLE, LLC

TWIN
RESTAURANT LITTLE ROCK, LLC

TWIN
RESTAURANT LIVE OAK, LLC

TWIN
RESTAURANT LIVE OAK BEVERAGE HOLDING, LLC

TWIN
RESTAURANT LIVE OAK MANAGEMENT, LLC

TWIN
RESTAURANT LV -I LLC

TWIN
RESTAURANT LV -2 LLC

TWIN
RESTAURANT MIDLAND, LLC

TWIN
RESTAURANT MIDLAND BEVERAGE HOLDING, LLC

TWIN
RESTAURANT N IRVING, LLC

TWIN
RESTAURANT N IRVING BEVERAGE HOLDING, LLC

TWIN
RESTAURANT NEW MEXICO, LLC

TWIN
RESTAURANT OAKBROOK, LLC

TWIN
RESTAURANT ODESSA, LLC

TWIN
RESTAURANT ODESSA BEVERAGE HOLDING, LLC

TWIN
RESTAURANT PARK NORTH, LLC

TWIN
RESTAURANT PARK NORTH BEVERAGE HOLDING, LLC

TWIN
RESTAURANT PARK NORTH MANAGEMENT, LLC

 

    	43

    	 

    

 

TWIN
RESTAURANT RE, LLC

TWIN
RESTAURANT S FORT WORTH, LLC

TWIN
RESTAURANT S FORT WORTH BEVERAGE HOLDING, LLC

TWIN
RESTAURANT SAN ANGELO, LLC

TWIN
RESTAURANT SAN ANGELO BEVERAGE HOLDING, LLC

TWIN
RESTAURANT SAN ANGELO MANAGEMENT, LLC

TWIN
RESTAURANT SAN ANTONIO, LLC

TWIN
RESTAURANT SAN ANTONIO BEVERAGE HOLDING, LLC

TWIN
RESTAURANT SAN MARCOS, LLC

TWIN
RESTAURANT SAN MARCOS BEVERAGE HOLDING, LLC

TWIN
RESTAURANT SAN MARCOS MANAGEMENT, LLC

TWIN
RESTAURANT SUNLAND PARK, LLC

TWIN
RESTAURANT SUNLAND PARK BEVERAGE HOLDING, LLC

TWIN
RESTAURANT VIVA LAS VEGAS, LLC

TWIN
RESTAURANT WARRENVILLE, LLC

TWIN
RESTAURANT WESTERN CENTER, LLC

TWIN
RESTAURANT WESTERN CENTER BEVERAGE HOLDING, LLC

TWIN
RESTAURANT WESTOVER, LLC

TWIN
RESTAURANT WESTOVER BEVERAGE HOLDING, LLC

TWIN
RESTAURANT JV HOLDING, LLC

 

	By:	/s/
    Joseph Hummel   	 
	Name:	Joseph
    Hummel    	 
	Title:	President    	 

 

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    	44

    	 

    

  

CONSENT
OF CONTROL PARTY: 

 

Citadel
SPV LLC, as Control Party, hereby consents to the execution and delivery of this Agreement by the parties hereto, and as Control Party
hereby directs the Trustee to execute and deliver this Agreement.

 

	Citadel
    SPV LLC, as Control Party	 
	 	 	 
	By:	/s/
    Orlando Figueroa 	 
	Name:	Orlando
    Figueroa	 
	Title:	Senior
    Managing Director   	 

 

    	45

    	 

    

 

EXHIBIT
A

 

POWER
OF ATTORNEY OF THE SECURITIZATION ENTITIES

 

Dated:
October 1, 2021

 

KNOW
ALL PERSONS BY THESE PRESENTS, that in connection with the Management Agreement, dated as of October 1, 2021 (as amended, restated, supplemented
or otherwise modified from time to time, the “Management Agreement”; all capitalized terms used and not otherwise
defined herein shall have the meanings set forth in the Management Agreement), by and among FAT Brands Twin Peaks I, LLC, a Delaware
limited liability company (together with its successors and assigns, the “Issuer”); each of the “Guarantors”
from time to time a party thereto (each, a “Guarantor” and together with their respective successors and assigns,
the “Guarantors” and, together with the Issuer, the “Securitization Entities”); FAT Brands Inc.,
a Delaware corporation, as Manager (the “Manager”); and UMB Bank, N.A., as the indenture trustee; and consented to
by Citadel SPV LLC, as Control Party, the undersigned Securitization Entities hereby appoint the Manager and any and all officers thereof
as its true and lawful attorney in fact, with full power of substitution, in connection with the Services (as defined in the Management
Agreement) being performed with respect to the Managed Assets, with full irrevocable power and authority in the place of each Securitization
Entity and in the name of each Securitization Entity or in its own name as agent of each Securitization Entity, to take any and all appropriate
action and to execute any and all documents and instruments that may be necessary or desirable to accomplish the foregoing, subject to
the Management Agreement, including, without limitation, the full power to:

 

a.
perform such functions and duties, and prepare and file such documents, as are required under the Indenture and the other Transaction
Documents to be performed, prepared and/or filed by the Securitization Entities, including: (i) recording such financing statements (including
continuation statements) or amendments thereof or supplements thereto or other instruments as the Trustee and the Securitization Entities
may from time to time reasonably request in order to perfect and maintain the Lien in the Collateral granted by the Securitization Entities
to the Trustee under the Transaction Documents in accordance with the UCC; and (ii) executing grants of security interests or any similar
instruments required under the Transaction Documents to evidence such Lien in the Collateral; and

 

b.
take such actions on behalf of each Securitization Entity as such Securitization Entity or Manager may reasonably request that are expressly
required by the terms, provisions and purposes of the Management Agreement; or cause the preparation by other appropriate Persons, of
all documents, certificates and other filings as each Securitization Entity shall be required to prepare and/or file under the terms
of the Transaction Documents.

 

With
respect to the IP Services, the undersigned hereby further appoint the Manager and any and all officers thereof as its true and lawful
attorney in fact, with full power of substitution, in connection with the IP Services described below being performed with respect to
the Securitization IP, with full irrevocable power and authority in the place of the applicable Securitization Entity that is the owner
thereof and in the name of the applicable Securitization Entity or in its own name as agent of such Securitization Entity, to take any
and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the
foregoing, subject to the Management Agreement, including, without limitation, the full power to perform:

 

c.
searching, screening and clearing After-Acquired Securitization IP to assess patentability, registrability and the risk of potential
infringement;

 

    	A-1

    	 

    

 

d.
filing, prosecuting and maintaining applications and registrations for the Securitization IP in the applicable Securitization Entity’s
name throughout the world, including timely filing of evidence of use, applications for renewal and affidavits of use and/or incontestability,
timely paying of all registration and maintenance fees, responding to third-party oppositions of applications or challenges to registrations,
and responding to any office actions, reexaminations, interferences, “inter partes” reviews, post grant reviews, or other
office or examiner requests, reviews or requirements;

 

e.
monitoring third-party use and registration of Trademarks and taking actions the Manager deems appropriate to oppose or contest the use
and any application or registration for Trademarks that could reasonably be expected to infringe, dilute or otherwise violate the Securitization
IP or the applicable Securitization Entity’s rights therein;

 

f.
confirming each Securitization Entity’s legal title in and to any or all of the Securitization IP, including obtaining written
assignments of Securitization IP to the applicable Securitization Entity and recording transfers of title in the appropriate intellectual
property registry throughout the world;

 

g.
with respect to each Securitization Entity’s rights and obligations under the IP License Agreements and any Transaction Documents,
monitoring the licensee’s use of each licensed Trademark and the quality of its goods and services offered in connection with such
Trademarks, rendering any approvals (or disapprovals) that are required under the applicable license agreement(s), and employing reasonable
means to ensure that any use of any such Trademarks by any such licensee satisfies the quality control standards and usage provisions
of the applicable license agreement;

 

h.
protecting, policing, and, in the event that the Manager becomes aware of any unlicensed copying, imitation, infringement, dilution,
misappropriation, unauthorized use or other violation of the Securitization IP, or any portion thereof, enforcing such Securitization
IP, including, (i) preparing and responding to cease-and-desist, demand and notice letters, and requests for a license; and (ii) commencing,
prosecuting and/or resolving claims or suits involving imitation, infringement, dilution, misappropriation, the unauthorized use or other
violation of the Securitization IP, and seeking monetary and equitable remedies as the Manager deems appropriate in connection therewith;
provided that each Securitization Entity shall, and agrees to, join as a party to any such suits to the extent necessary to maintain
standing;

 

i.
performing such functions and duties, and preparing and filing such documents, as are required under the Indenture or any other Transaction
Document to be performed, prepared and/or filed by the applicable Securitization Entity, including (i) executing and recording such financing
statements (including continuation statements) or amendments thereof or supplements thereto or such other instruments as the Issuer or
the Control Party may, from time to time, reasonably request (consistent with the obligations of the Securitization Entities to perfect
the Trustee’s lien only in the United States) in connection with the security interests in the Securitization IP granted by each
Securitization Entity to the Trustee under the Indenture and (ii) preparing, executing and delivering grants of security interests or
any similar instruments as the Issuer or the Control Party may, from time to time, reasonably request (consistent with the obligations
of each Securitization Entity to perfect the Trustee’s lien only in the United States) that are intended to evidence such security
interests in the Securitization IP and recording such grants or other instruments with the relevant Governmental Authority including
the PTO and the United States Copyright Office;

 

j.
taking such actions as any licensee under an IP License Agreement may request that are required by the terms, provisions and purposes
of such IP License Agreement (or by any other agreements pursuant to which the applicable Securitization Entity licenses the use of any
Securitization IP) to be taken by the applicable Securitization Entity, and preparing (or causing to be prepared) for execution by each
Securitization Entity all documents, certificates and other filings as each Securitization Entity shall be required to prepare and/or
file under the terms of such IP License Agreements (or such other agreements);

 

    	A-2

    	 

    

 

k.
paying or causing to be paid or discharged, from funds of the Securitization Entities, any and all taxes, charges and assessments that
may be levied, assessed or imposed upon any of the Securitization IP or contesting the same in good faith;

 

l.
obtaining licenses of third-party Intellectual Property for use and sublicense in connection with the Managed Assets and any other assets
of the Securitization Entities;

 

m.
sublicensing the Securitization IP to suppliers, manufacturers, advertisers and other service providers in connection with the provision
of products and services for use in the Restaurant Business; and

 

n.
with respect to Trade Secrets and other confidential information of each Securitization Entity, taking all reasonable measures to maintain
confidentiality and to prevent non-confidential disclosures.

 

THIS
POWER OF ATTORNEY IS GOVERNED BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO POWERS OF ATTORNEY MADE AND TO BE EXERCISED WHOLLY WITHIN
SUCH STATE.

 

This
power of attorney is coupled with an interest. Capitalized terms used herein, and not defined herein shall have the meanings applicable
to such terms in the Management Agreement.

 

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remainder of this page is intentionally left blank.]

 

    	A-3

    	 

    

 

IN
WITNESS WHEREOF, the undersigned parties hereto have caused this Power of Attorney to be duly executed by their respective officers thereunto
duly authorized as of the day and year first above written.

 

	ISSUER:	 
	 	 
	FAT
    BRANDS TWIN PEAKS I, LLC	 
	 	 	 
	By:	      	 
	Name:	Andrew
    A. Wiederhorn    	 
	Title:	President
    and Chief Executive Officer  	 

 

GUARANTORS:

 

TP
FRANCHISE AUSTIN, LLC

TP
FRANCHISE ROUND ROCK, LLC

TP
FRANCHISE VENTURE I, LLC

TP
TEXAS BEVERAGES, LLC

TWIN
PEAKS BUYER, LLC

TWIN
RESTAURANT, LLC

TWIN
RESTAURANT AMARILLO, LLC

TWIN
RESTAURANT AMARILLO BEVERAGE HOLDING, LLC

TWIN
RESTAURANT AMARILLO MANAGEMENT, LLC

TWIN
RESTAURANT BEVERAGE - TEXAS, LLC

TWIN
RESTAURANT BEVERAGE HOLDING, LLC

TWIN
RESTAURANT BROOMFIELD, LLC

TWIN
RESTAURANT BURLESON, LLC

TWIN
RESTAURANT BURLESON BEVERAGE HOLDING, LLC

TWIN
RESTAURANT BURLESON MANAGEMENT, LLC

TWIN
RESTAURANT CENTENNIAL, LLC

TWIN
RESTAURANT DENVER, LLC

TWIN
RESTAURANT DENVER, LLC

TWIN
RESTAURANT DEVELOPMENT, LLC

TWIN
RESTAURANT EL PASO, LLC

TWIN
RESTAURANT EL PASO BEVERAGE HOLDING, LLC

TWIN
RESTAURANT FRANCHISE, LLC

TWIN
RESTAURANT FRISCO, LLC

TWIN
RESTAURANT GRAND PRAIRIE, LLC

TWIN
RESTAURANT GRAND PRAIRIE BEVERAGE HOLDING, LLC

TWIN
RESTAURANT GRAND PRAIRIE MANAGEMENT, LLC

TWIN
RESTAURANT HOLDING, LLC

TWIN
RESTAURANT INTERNATIONAL FRANCHISE, LLC

TWIN
RESTAURANT INVESTMENT COMPANY, LLC

TWIN
RESTAURANT INVESTMENT COMPANY II, LLC

TWIN
RESTAURANT IP, LLC

TWIN
RESTAURANT LEWISVILLE, LLC

TWIN
RESTAURANT LITTLE ROCK, LLC

TWIN
RESTAURANT LIVE OAK, LLC

TWIN
RESTAURANT LIVE OAK BEVERAGE HOLDING, LLC

 

    	A-4

    	 

    

 

TWIN
RESTAURANT LIVE OAK MANAGEMENT, LLC

TWIN
RESTAURANT LV -I LLC

TWIN
RESTAURANT LV -2 LLC

TWIN
RESTAURANT MIDLAND, LLC

TWIN
RESTAURANT MIDLAND BEVERAGE HOLDING, LLC

TWIN
RESTAURANT N IRVING, LLC

TWIN
RESTAURANT N IRVING BEVERAGE HOLDING, LLC

TWIN
RESTAURANT NEW MEXICO, LLC

TWIN
RESTAURANT OAKBROOK, LLC

TWIN
RESTAURANT ODESSA, LLC

TWIN
RESTAURANT ODESSA BEVERAGE HOLDING, LLC

TWIN
RESTAURANT PARK NORTH, LLC

TWIN
RESTAURANT PARK NORTH BEVERAGE HOLDING, LLC

TWIN
RESTAURANT PARK NORTH MANAGEMENT, LLC

TWIN
RESTAURANT RE, LLC

TWIN
RESTAURANT S FORT WORTH, LLC

TWIN
RESTAURANT S FORT WORTH BEVERAGE HOLDING, LLC

TWIN
RESTAURANT SAN ANGELO, LLC

TWIN
RESTAURANT SAN ANGELO BEVERAGE HOLDING, LLC

TWIN
RESTAURANT SAN ANGELO MANAGEMENT, LLC

TWIN
RESTAURANT SAN ANTONIO, LLC

TWIN
RESTAURANT SAN ANTONIO BEVERAGE HOLDING, LLC

TWIN
RESTAURANT SAN MARCOS, LLC

TWIN
RESTAURANT SAN MARCOS BEVERAGE HOLDING, LLC

TWIN
RESTAURANT SAN MARCOS MANAGEMENT, LLC

TWIN
RESTAURANT SUNLAND PARK, LLC

TWIN
RESTAURANT SUNLAND PARK BEVERAGE HOLDING, LLC

TWIN
RESTAURANT VIVA LAS VEGAS, LLC

TWIN
RESTAURANT WARRENVILLE, LLC

TWIN
RESTAURANT WESTERN CENTER, LLC

TWIN
RESTAURANT WESTERN CENTER BEVERAGE HOLDING, LLC

TWIN
RESTAURANT WESTOVER, LLC

TWIN
RESTAURANT WESTOVER BEVERAGE HOLDING, LLC

TWIN
RESTAURANT JV HOLDING, LLC

	

 

	By:	      	 
	Name:	Joseph
    Hummel    	 
	Title:	President    	 

 

    	A-5

    	 

    

 

	A
    notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to
    which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

 

STATE
                                            OF CALIFORNIA              )

 

              )
ss.

 

COUNTY
OF LOS ANGELES )

 

On
September ____, 2021 before me, ____________________, Notary Public, personally appeared ________________, who proved to me on the basis
of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed
the same in his/her authorized capacity/ies, and that by his/her signature on the instrument the person, or the entity upon behalf of
which the person acted, executed the instrument.

 

I
certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS
my hand and official seal.

 

	 	__________________________________
	 	 
	 	____________,
    Notary Public

 

    	A-6

    	 

    

 

EXHIBIT
B

 

JOINDER
AGREEMENT

 

JOINDER
AGREEMENT, dated as of , 20______ (this “Joinder Agreement”), made by ______, a ____________ (the “Additional
Guarantor”), in favor of FAT BRANDS INC., a Delaware corporation, as Manager (the “Manager”), and UMB BANK,
N.A., as Trustee (in such capacity, together with its successors, the “Trustee”). All capitalized terms not defined
herein shall have the meaning ascribed to them in the Management Agreement (as defined below).

 

W
I T N E S E T H:

 

WHEREAS,
FAT Brands Twin Peaks I, LLC, a Delaware limited liability company (the “Issuer”), the Trustee and UMB Bank, N.A.,
as securities intermediary, have entered into a Base Indenture dated as of the Closing Date, (as amended, restated, supplemented or otherwise
modified from time to time, exclusive of any Series Supplements, the “Base Indenture” and, together with all Series
Supplements, the “Indenture”), providing for the issuance from time to time of one or more Series of Notes thereunder;
and

 

WHEREAS,
in connection with the Base Indenture, the Issuer, the other Securitization Entities party thereto from time to time, the Manager and
the Trustee have entered into the Management Agreement, dated as of October 1, 2021 (as amended, restated, supplemented or otherwise
modified from time to time, the “Management Agreement”); and

 

WHEREAS,
the Additional Guarantor has agreed to execute and deliver this Joinder Agreement in order to become a party to the Management Agreement;

 

NOW,
THEREFORE, IT IS AGREED:

 

2.
Management Agreement. By executing and delivering this Joinder Agreement, the Additional Guarantor, as provided in Section
8.16 of the Management Agreement, hereby becomes a party to the Management Agreement as a Guarantor thereunder with the same force
and effect as if originally named therein as a Guarantor and, without limiting the generality of the foregoing, hereby expressly assumes
all obligations and liabilities of a Guarantor thereunder. Each reference to a “Guarantor” in the Management Agreement shall
be deemed to include the Additional Guarantor. [The Additional Guarantor is designated as [a Franchise Entity] [an IP Guarantor] [a Company
Restaurant Guarantor].] The Management Agreement is hereby incorporated herein by reference.

 

3.
Counterparts; Binding Effect. This Joinder Agreement may be executed in counterparts (and by different parties hereto on different
counterparts), each of which shall constitute an original, but all of which taken together shall constitute a single contract. This Joinder
Agreement shall become effective when each of the Additional Guarantor, the Manager and the Trustee has executed a counterpart hereof.
Delivery of an executed counterpart of a signature page of this Joinder Agreement by telecopy shall be effective as delivery of a manually
executed counterpart of this Joinder Agreement.

 

4.
Full Force and Effect. Except as expressly supplemented hereby, the Management Agreement shall remain in full force and effect.

 

5.
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE
OF NEW YORK).

 

    	B-1

    	 

    

 

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

 

	 	[NAME
    OF ADDITIONAL GUARANTOR]
	 	 	                
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	AGREED
    TO AND ACCEPTED	 
	 	 	 
	FAT
    BRANDS INC., as Manager	 
	 	           	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	UMB
    BANK, N.A., in its capacity as Trustee
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	B-2

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