Document:

Exhibit 10.1

Exhibit 10.1

Execution Copy

SEPARATION, CONSULTING, AND MUTUAL GENERAL RELEASE AGREEMENT

THIS SEPARATION, CONSULTING, AND MUTUAL GENERAL RELEASE AGREEMENT (the “Agreement”) is made
and entered into by and between Donald E. Royer (“Royer”) and Signature Group Holdings, Inc. a
Nevada corporation (herein “Signature” or “the Company”), formerly known as Fremont General
Corporation (“Fremont”), and successor in interest by merger as of June 11, 2010 (the “Effective
Date”), to Fremont Reorganizing Corporation (“FRC”), also formerly known as Fremont Investment &
Loan (hereinafter “FIL”). Royer and Signature are collectively referred to herein as the
“Parties”.

WHEREAS, on June 4, 2010, Royer pursuant to the terms of Section 9 (a) (iv) of the Employment
Agreement entered into by Royer, the Company and FRC, provided advance thirty (30) days written
notice of his resignation from the position of Executive Vice President and General Counsel of the
Company and FRC; and

WHEREAS, effective as of July 5, 2010, the Company’s Board of Directors accepted the
resignation of Royer and the employment agreement dated November 9, 2007 between the Company and
Royer was terminated effective as of July 5, 2010; and

WHEREAS, the Company requested Royer to continue to provide services to the Company after July
5, 2010, as the Company’s interim acting Chief Operating Officer and as the Company’s interim
acting Chief Legal Officer and so as to assist the Company’s Senior Executive Management with the
ongoing legal, business and strategic operations of the Company, immediately following its
successful Chapter 11,
reorganization and to facilitate a transition of the legal and operational responsibilities
present at the Company; and

 

 

 

WHEREAS, Royer agreed to be subsequently employed by the Company on a month to month “at will”
basis subsequent to July 5, 2010 and Royer continued to provide assistance and support to the
Company and to the Company’s Senior Management team through October 1, 2010; and

WHEREAS, the Company desires to document and enter into a consulting agreement with Royer by
which the Company will continue to have the assistance, support, counsel and advice of Royer for
the period from October 2, 2010 through and including December 31, 2010 and thereafter, as herein
provided; and

WHEREAS, the Company and Royer have agreed upon a separation arrangement; and

WHEREAS, upon the conclusion of the parties’ employment relationship, (i.e., effective as of
October 1, 2010, the Parties desire to engage Royer as an Independent Consultant on the terms and
conditions set forth herein; and

WHEREAS, the Parties desire to settle, fully and finally, differences between them which may
exist in connection with the employment relationship and the negotiated termination of that
relationship, as well as any related unknown and/or unasserted claims, in order to avoid the risks
and costs of litigation;

 

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NOW, THEREFORE, for good and valuable consideration, the Parties to this Agreement hereby
agree as follows:

1. Payments To Royer — In consideration of the covenants undertaken and releases given herein
by Royer, and in full satisfaction of the obligations of the Company under that certain Employment
Agreement dated November 9, 2007, (the “Employment Agreement.”), and in recognition of Royer’s
performance as Executive Vice President and General Counsel during his employment with the Company
through July 5, 2010, and thereafter as the Company’s acting interim Chief Operating Officer and
acting interim Chief Legal Officer for the period from July 5, 2010 through October 1, 2010, which
October 1, 2010 date shall be deemed by the Parties to be the effective date of Royer’s termination
of employment from the Company (herein the “Termination Date”), and in recognition of Royer’s
agreement to provide continued consulting services to Company as set forth herein:

a. Effective as of October 2, 2010, Royer will be retained by the Company as an Independent
Consultant and as may be requested by the Company through the Company’s Senior Management or Board
of Directors, Royer will continue to provide services, counsel and advice to the Company, when and
as requested from time to time by the Company’s Senior Management and the Company will compensate
Royer for the period October 2, 2010 through December 31, 2010 in the amount of $124,000 (October
2, 2010- through December 31, 2010), which payment or payments through December 31, 2010, as may be
made by the Company, shall be paid pursuant to
Paragraph 1 e., below and reported at year end 2011 as compensation paid to Royer by way of
Form 1099.

 

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b. In addition to the consulting payment(s) to be made pursuant to paragraph 1 a, above, the
Company will pay to Royer the total severance amount of Five Hundred Thousand Dollars
($500,000.00), less standard withholdings and deductions, provided that Royer executes and does
not revoke this Agreement (all as provided in Paragraph 14 below). The severance payment under
this Paragraph shall be subject to applicable withholding and deductions as required by federal and
state law and shall be reported at year end 2011 via Form W-2 and shall be paid to Royer pursuant
to Paragraph 1 e., below.

c. The Company will pay to Royer, for reimbursement of certain legal expenses incurred by
Royer during the course of his employment and in connection with the Chapter 11 proceeding
commenced by Fremont General Corporation and the preparation of this Agreement the amount of
$12,159.89. Royer shall submit to the Company a copy of the invoices and payments made by Royer
to document and evidence the legal expenses incurred by Royer. The Company’s payment and
reimbursement of Royer’s legal expenses made under this provision shall be made to Royer or his
counsel pursuant to Paragraph 1 e., below.

d. Notwithstanding all of the dates referenced in Paragraph 1, the Company shall not take any
action hereunder, including but not limited to the payment of any severance amounts, until Royer
has executed this Agreement, returned the executed
Agreement to the Company, and Royer’s time to revoke this Agreement has expired without Royer
revoking this Agreement.

 

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e. The Company shall pay Royer the payment amounts noted above in Paragraphs 1(a), (b) and
(c), in four (4) equal quarterly installments, with such quarterly installment payments commencing
on January 1, April 1, July 1, and October 1, 2011. Except for the payments to be made under
Paragraphs 1(a), (b) and (c) hereof, the Company shall be absolved of its obligation to make any
future payments to Royer in the event that Royer fails to provide consulting services in accordance
with the terms of this Agreement.

2. As of the Termination Date, Royer has resigned all of his officer and director positions
with the Company and their subsidiaries.

3. Group medical insurance coverage will continue to be provided to Royer under the provisions
of COBRA for up to eighteen (18) months after Royer’s Termination Date, provided Royer properly
elects to enroll and obtain continued coverage under COBRA. Should Royer elect to continue
coverage benefits under COBRA, Royer will be responsible for any COBRA premiums to be paid.

4. Royer shall direct all employment-verification inquiries to the Company’s Human Resource
Director or, in the absence of such an employee, the Company’s Chief Executive Officer. In the
event a prospective employer asks for an employment reference, the Company will verify the basic
facts of Royer’s employment, to wit: date of hire, job titles and job assignments during his
tenure, and the date of his resignation. No
other information will be provided by the Company in response to any request for information,
in accordance with the Company’s general policy.

 

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5. Non Disparagement — Royer and the Company agree that Royer and the Company’s Officers and
Directors will refrain from all communications of any kind which disparage the reputation of the
Company or Royer or any of the Company’s former or current directors, officers, employees, agents,
shareholders, attorneys and consultants, except to the extent required by Court order, by the
proper inquiry of a state or federal governmental agency, or by a subpoena to testify issued by a
Court of competent jurisdiction.

6. Consulting Services — In order to allow a smooth transition and not disrupt Company’s
business operations following Royer’s Termination Date, upon Company’s request, Royer agrees to
provide Company with his independent consulting services, which services include Royer providing to
the Company any information and assistance (including, but not limited to, truthfully cooperating
and honestly assisting Company, to the best of Royer’s ability) that the Company deems necessary,
consistent with Royer’s historic services to Company and Royer’s skills and abilities, in a
reasonable, timely, and clear manner, including, but not limited to, preparing for and attending
court proceedings, preparing for and attending depositions, assisting with the formulation of legal
strategies, and attending meetings (whether in person or telephonically).

a. Subsequent to December 31, 2010, if the Company should require or seek to have Royer
provide consulting services, then the Company shall pay Royer Three
Hundred Dollars ($300.00) per hour for each and every hour, with such payments being reported
at year’s end via Form 1099. As to any consulting services that Company should request Royer to
provide, Royer will make good-faith, commercially reasonable efforts to be available, to provide
such services, and subject to Royer’s then-existing professional commitments. Royer shall
periodically (monthly) submit Statement(s) detailing the number of hours and identifying the
specific matters worked on during the month at the request of the Company, for all such Consulting
Services worked performed by Royer commencing on January 1, 2011. Such Statements shall be
reviewed and if approved by the Company shall be paid within thirty (30) days after receipt by the
Company.

 

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b. Company and Royer will work together in good faith to try to find mutually agreeable times
for Royer to provide consulting services as may be subsequently requested hereunder, consistent
with Company’s business needs and Royer’s professional work and personal commitments.

c. To the extent Royer is required to assist Company in this manner, Company will reimburse
Royer for reasonable out-of-pocket expenses documented and associated with Royer’s assistance.

d. In providing said consulting services, Royer and Company intend that Royer shall be an
independent contractor to the Company, and not an employee, agent, joint venturer, or partner of
the Company. Nothing in this Agreement shall be interpreted or construed as creating or
establishing the relationship of employer and
employee between Company and Royer. Royer is not subject to daily supervision by Company
concerning how, when and in what order Royer’s consulting services are to be performed, and will
not be required to undergo training in any particular manner or method of performance by Company.
Royer is free at all times to conduct his business in such manner as he sees fit, including through
the provision of consulting services to other entities. Royer may allocate whatever portion of his
time is required to providing the requested services to Company as he may deem proper, and may
operate on his own schedule and on a non-exclusive basis with Company. Royer is not entitled to
participate in any employee benefits plans provided by Company, including, but not limited to,
group health insurance, vacation pay, sick pay, and any profit sharing plan.

 

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7. Except as to such rights or claims as may be created by this Agreement, Royer, on behalf of
himself and any heirs, executors, administrators, marital community, or assigns which he has or may
have at any time in the future, hereby irrevocably and unconditionally remises, releases, forever
discharges and covenants not to sue the Company, and any predecessor, successor, parent, subsidiary
or affiliated corporation, and all present or former shareholders, directors, officers, agents,
employees, representatives, and attorneys, and all persons acting by, through, under or in concert
with any of them (collectively “Releasees”), or any of them, from any and all actions, causes of
action, suits, debts, charges, complaints, claims, liabilities, obligations, promises, agreements,
controversies, damages, and expenses (including attorneys’ fees and costs actually incurred), of
any nature whatsoever, in law or equity, known or
unknown, suspected or unsuspected, concealed or hidden, fixed or contingent, which Royer ever
had, now has, or hereafter may have against the Releasees, from the beginning of time to the date
of this Agreement, including but not limited to any claims arising from any alleged violation of
any federal, state or local statutes, ordinances or common law, including but not limited to, Title
VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act (29 U.S.C. Section
621 et seq.), the National Labor Relations Act, the Fair Labor Standards Act, the Americans with
Disabilities Act, the Family and Medical Leave Act, the Equal Pay Act, the Employee Retirement
Income Security Act, the California Constitution, the California Government Code, the California
Labor Code, the California Civil Code, the California Business & Professions Code, the California
Penal Code, the California Fair Employment and Housing Act, the California Family Rights Act, or
any other federal, state or local law, regulation or ordinance (the “Settled Claims”). The Company
acknowledges that nothing in this Agreement in any way limits or affects the Company’s indemnity
obligations to Royer, as contained in various agreements between Royer and the Company, including
but not limited to the obligations contained in Indemnification Agreements dated December 13, 2007,
January 8, 2008, and June 11, 2010, and under any applicable law and common law rights as well
arising from employment.

 

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8. Except as to such rights or claims as may be created by this Agreement, the Company and its
predecessor, successor, parent, subsidiary or affiliated corporations, hereby irrevocably and
unconditionally remises, releases, forever discharges, and
covenants not to sue Royer from any and all actions, causes of action, suits, debts, charges,
complaints, claims, liabilities, obligations, promises, agreements, controversies, damages, and
expenses (including attorneys’ fees and costs actually incurred), of any nature whatsoever, in law
or equity, known or unknown, suspected or unsuspected, concealed or hidden, fixed or contingent,
which the Company ever had, now has, or hereafter may have against Royer, from the beginning of
time to the date of this Agreement, arising from or relating to Royer’s employment relationship
with the Company, provided, however, that such release of Royer shall not extend to any claims,
known or unknown, suspected or unsuspected, against Royer which arise out of facts which are
finally adjudged by a court of competent jurisdiction to be a willful breach of fiduciary duty or a
crime under any federal, state, or local statute, law, ordinance or regulation, or which are based
upon facts which give rise to a recovery by Company under any applicable policies of insurance
solely as a result of actions or omissions by Royer and as to which the insurer has a right to
subrogation against Royer.

 

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9. Except as necessary to enforce the rights set forth in this Agreement, Royer agrees,
promises and covenants that neither he nor any person, organization, or other entity acting on his
behalf, will file, charge, claim, sue, participate or testify in (except as required by law), or
join or cause or permit to be filed, charged or claimed, any action for damages or other relief
(including injunctive, declaratory, monetary or other) against the Releasees with respect to the
Settled Claims which are the subject of this Agreement, except as compelled by order of a court or
as necessary to participate in an investigation
or proceeding conducted by the DFEH, EEOC, or other governmental agency. Except as necessary
to enforce the rights set forth in this Agreement, the Company agrees, promises and covenants that
neither it nor any person, organization, or other entity acting on its behalf, will file, charge,
claim, sue, participate or testify in (except as required by law), or join or cause or permit to be
filed, charged or claimed, any action for damages or other relief (including injunctive,
declaratory, monetary or other) against Royer with respect to the claims released in Paragraph 6,
except as compelled by order of a court or as necessary to participate in an investigation or
proceeding conducted by the DFEH, EEOC, or other governmental agency.

 

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10. Royer acknowledges and understands that this Agreement does not prohibit Royer from filing
an administrative charge or claim with: (a) the Equal Employment Opportunity Commission (“EEOC”) or
any state or local agency authorized by the EEOC to accept such charge or claim, or (b) the
National Labor Relations Board. This Agreement does, however, preclude Royer from receiving any
monetary, injunctive, or other personal relief related in whole or in part to claims released in
this Agreement. Should any individual or entity who is not subject to this Agreement bring an
administrative charge, claim, or action against Company or any Releasee that results in assignable
recovery or relief for Royer, Royer waives any right to such recovery or relief and specifically
assigns to Company and/or any Releasee, as the case may be, the right to any such recovery or
relief arising from such proceeding.

 

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11. Royer represents and warrants that he has all right, title and interest in, and that he
has neither conveyed, transferred, assigned, or hypothecated, nor purported to convey, transfer,
assign or hypothecate, either voluntarily or by operation of law, any of the claims released
pursuant to this Agreement. Royer further represents and warrants that no other person,
organization, or entity has been subrogated to any of the claims released pursuant to this
Agreement. The Company represents and warrants that it has all right, title and interest in, and
that it has neither conveyed, transferred, assigned, or hypothecated, nor purported to convey,
transfer, assign or hypothecate, either voluntarily or by operation of law, any of the claims
released pursuant to this Agreement. The Company further represents and warrants that no other
person, organization, or entity has been subrogated to any of the claims released pursuant to this
Agreement.

12. This Agreement is not and shall not in any way be construed as an admission by the Company
that it violated any federal, state or local law, statute, ordinance or regulation or common law or
any other legal or equitable obligation that it has, or ever had, to Royer, nor shall this
Agreement be construed as an admission of, or finding with respect to, any disputed fact or legal
contention. Rather, this Agreement constitutes the good faith settlement of disputed claims, and
the Company specifically disclaims any liability to Royer on the part of itself, any predecessor,
successor, parent, subsidiary or affiliated corporation and its present and former shareholders,
attorneys, officers, agents, employees, and representatives. This Agreement is not and shall not
in any way be construed as an admission by Royer that he violated any federal, state or local
law, statute, ordinance or regulation or common law or any other legal or equitable obligation
that he has, or ever had, to the Company, nor shall this Agreement be construed as an admission of,
or finding with respect to, any disputed fact or legal contention. Rather, this Agreement
constitutes the good faith settlement of disputed claims, and Royer specifically disclaims any
liability to the Company.

 

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13. In order to achieve a full and complete release of the Releasees, Royer acknowledges that
the release in this Agreement is also intended to include in its effect all such Settled Claims
whether or not Royer knows or suspects them to exist in his favor at the time that he signs this
Agreement. Accordingly, Royer waives all rights and benefits afforded by Section 1542 of the Civil
Code of the State of California and any similar state laws with respect to the Settled Claims, and
does so understanding the significance of that waiver. In order to achieve a full and complete
release of Royer, the Company acknowledges that the release in this Agreement is also intended to
include in its effect all such claims released by the Company, whether or not the Company knows or
suspects them to exist in its favor at the time that it signs this Agreement. Accordingly, the
Company waives all rights and benefits afforded by Section 1542 of the Civil Code of the State of
California and any similar state laws with respect to the claims released in this Agreement, and
does so understanding the significance of that waiver. Section 1542 provides:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES
NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF
EXECUTING THE RELEASE, WHICH IF
KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER
SETTLEMENT WITH THE DEBTOR.

 

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14. Royer understands and agrees that, by entering into this Agreement: (a) he will on the
specific payment installment dates noted above receive consideration beyond that to which he was
previously entitled; (b) he has been advised to consult with an attorney before signing this
Agreement and he has thoroughly discussed all aspects of this Agreement with his attorney to the
extent he wished to do so; and (c) he has been offered the opportunity to evaluate the terms of
this Agreement for not less than forty-five (45) days prior to his execution of this Agreement.
Any changes, whether material or immaterial, made to this Agreement after it was first presented to
Royer shall not restart the running of the 45-day consideration period. Royer may revoke this
Agreement by providing written notice to the Company as specified in Paragraph 27 below so that
such notice is received by the Company no later than seven (7) days after Royer’s execution of the
Agreement, and this Agreement shall become enforceable only upon the expiration of this revocation
period without prior revocation by Royer.

15. Royer is hereby informed that:

a. The Company’s Executive Vice President and Chief Financial Officer (Thea Stuedli),
Executive Vice President, Chief Administrative Officer, Interim President and Interim Chief
Executive Officer (Richard A. Sanchez), and Executive Vice President and General Counsel (Donald E.
Royer) constitute the decisional unit and will be considered for individually negotiated severance
benefits based upon their individual
cooperation and contributions to the Company since its emergence from bankruptcy on June 11,
2010.

 

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b. The employment relationship between the above-listed executives who constitute the
decisional unit and the Company has ended due to, in the Company’s opinion, the executives’
resignation of employment.

c. Employee is not eligible to participate in and receive a benefit under this Agreement:

i. unless employee signs this Agreement in accordance with the terms hereof; or

ii. if dismissed for a reason other than work force reduction or job elimination (including,
but not limited to, unsatisfactory performance, violation of Company policy or procedures, theft or
dishonesty, insubordination, misconduct, and/or the unauthorized use or disclosure of proprietary,
confidential and/or trade-secret information) regardless of whether the employee has received a
notice of involuntary termination that would otherwise qualify the employee for severance benefits.

d. Employee is presented, on Exhibit A hereto, a listing of the job titles and ages (as of
December 31, 2010) of all employees in the decisional unit who are eligible for and were offered an
individually negotiated severance package, and the job titles and ages (as of December 31, 2010) of
all employees in the same decisional unit who were not who are not eligible for and were not
offered an individually negotiated severance package.

 

15

 

16. Royer acknowledges that, by reason of Royer’s position with Company, Royer has been given
access to lists of customers, prices, business plans, financial data, and similar confidential and
proprietary materials and information regarding the Company’s and its clients’ business affairs.
Royer represents that Royer has held all such information confidential and will continue to do so,
and that Royer will not publish or disclose and will not use such information and relationships for
any business (which term herein includes a partnership, firm, corporation or any other entity)
without the prior written consent of Company. Without the prior written consent of the Company,
Royer agrees that for a period of eighteen (18) months immediately following the termination of
Royer’s employment with the Company, (i.e., as an “At-Will” employee terminated effective October
1, 2010), Royer shall not directly or indirectly solicit, induce, recruit, or encourage to leave
the employment of the Company (as an employee, independent contractor, or otherwise), such conduct
is referred to as “solicitation” any person who is then employed by the Company and/or its
affiliates or who left the employ of the Company and /or its affiliates less than one (1) year
prior to the solicitation.

17. As a result of the sums paid pursuant to this Agreement, Royer acknowledges and agrees
that no earned wages are due to Royer for any period of Royer’s employment with Company.
Consequently, California Labor Code Section 206.5 is not applicable to the resolution of this
matter by the parties hereto. Section 206.5 provides in pertinent part as follows:

No employer shall require the execution of any release of any claim
or right on account of wages due, or to become due, or
made as an advance on wages to be earned, unless payment of such
wage has been made.

 

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18. Royer agrees that Company has not made any representation to Royer regarding the legal tax
consequences of any funds received pursuant to this Agreement. Royer agrees to pay any federal or
state taxes remaining due that may be required to be paid with respect to this Agreement and agrees
to indemnify and hold Company and all Releasees harmless for any of Royer’s tax liability
whatsoever.

19. Royer represents that Royer has not sustained any work-related injury or illness during
Royer’s employment with Company, and that Royer has not filed any and has no intention of filing a
claim for workers’ compensation benefits arising out of, or in the course of, Royer’s employment
with Company. After execution of this Agreement, Company may, but is not required to, present for
approval to the Workers’ Compensation Appeals Board an appropriate stipulation or compromise and
release extinguishing any and all rights or claims Royer may have under applicable workers’
compensation provisions. Royer will cooperate fully in the execution of this documentation.

20. This Agreement shall be governed by, construed, and interpreted according to the
substantive laws of the State of California. This Agreement may be executed in counterparts, but
shall be construed as if signed in one document.

 

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21. No Party, nor any attorney for any Party, shall be deemed the drafter of this Agreement
for the purpose of interpreting or construing any of the provisions hereof, and no rule of
construction resolving any ambiguity against the drafting party shall be applicable to this
Agreement. The language in all parts of this Agreement shall in all
cases be construed as a whole, according to its fair meaning, and not strictly for or against
either the Company or Royer. Section headings in this Agreement are for convenience only and are
not to be construed as a part of this Agreement or in any way limiting or amplifying the provisions
hereof. All pronouns and any variations thereof shall be deemed to refer to the masculine,
feminine, neuter, singular or plural, as the identifications of the person or persons, firm or
firms, corporation or corporations may require.

22. The Parties will execute such further papers or documents as shall be necessary or proper
in order to fulfill the terms and conditions of this Agreement.

23. This Agreement and the terms and conditions hereof were determined in arms’ length
negotiations by, between, and among the Parties and represent a final, mutually agreeable,
compromise.

24. This Agreement may not be revoked, amended, modified, or altered except through a written
agreement executed by both of the Parties.

25. If any term or provision of this Agreement, except for a term or provision relating to the
core purpose of this Agreement, is determined to be illegal or invalid, said illegal or invalid
terms or provisions shall not be deemed to be a part of this Agreement and the validity of the
remaining terms or provisions shall not be affected thereby.

 

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26. All claims, disputes, and other matters in question arising out of, or relating to, this
Agreement or the alleged breach thereof shall be decided by confidential arbitration in Orange
County, California in accordance with the employment dispute rules
of JAMS unless the Parties mutually agree otherwise. In any such arbitration, the prevailing
Party shall be entitled to an award of reasonable costs and attorney’s fees, in addition to any
other appropriate relief. This agreement to arbitrate shall be specifically enforceable under the
prevailing arbitration law.

27. All notices, requests, demands, and other communications required or permitted to be given
under the terms of this Agreement shall be in writing and shall be deemed to have been duly given
if delivered personally, transmitted by fax machine, or mailed first class, postage prepaid, or by
registered or certified mail, as follows:

If to Signature Group Holdings, Inc.:

Craig Noell

Chief Executive Officer & President

15303 Ventura Blvd., Suite 1600

Sherman Oaks, CA 91403

Telephone: 805-409-4339 Facsimile: (818) 743-7765

With copies to:

David A. Wimmer, Esq.

Swerdlow Florence Sanchez Swerdlow & Wimmer

9401 Wilshire Blvd., Suite 828

Beverly Hills, CA 90212

Telephone: 310-288-3980 x8201 Facsimile: 310-273-8680

And to:

John P. Schafer, Esq.

Manderson, Schafer & McKinlay, LLP

4695 MacArthur Court, Suite 1270

Newport Beach, CA 92660

Telephone: 949-788-1038 Facsimile: 949-209-0336

 

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If to Donald E. Royer:

Donald E. Royer, Esq.

183 Monarch Bay

Dana Point, California 92629

Telephone: 714-397-9170

With a copy to:

Theresa A. Kading, Esq.

Hodel Briggs Winter LLP

8105 Irvine Center Drive, Suite 1400

Irvine, California 92618

Telephone: (949) 450-8040

28. This Agreement, including all exhibits hereto, sets forth the entire, complete and final
agreement between the Parties hereto, and fully supersedes any and all prior agreements or
understandings between the Parties hereto pertaining to the subject matter hereof, including but
not limited to the Employment Agreement(s). There are no other agreements, written or oral,
express or implied, between the Parties concerning the subject matter of this Agreement which are
not incorporated herein.

29. Royer represents and certifies that he has carefully read and fully understands all of the
provisions and effects of this Agreement and that he has been given an opportunity to discuss all
aspects of this Agreement with his counsel and that he is voluntarily entering into this Agreement
with full and complete understanding of the terms and effects hereof. The Company represents and
certifies that it has carefully read and fully understands all of the provisions and effects of
this Agreement and that it has been given an opportunity to discuss all aspects of this Agreement
with its counsel and that it is voluntarily entering into this Agreement with full and complete
understanding of the terms and effects hereof. No Party, nor any Party’s agents, representatives
or
attorneys have made any representations concerning the terms or effects of this Agreement
other than those contained herein.

 

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30. Royer acknowledges that any and all obligations of the Company under that certain
Employment Agreement dated November 9, 2007 between Royer, Fremont, and FRC are hereby terminated
as of the Termination Date. The Company acknowledges that any and all obligations of Royer under
the Employment Agreement are hereby terminated as of the Termination Date, notwithstanding
Paragraph 18 of the Employment Agreement, and that Royer has no continuing or further obligations
to the Company under the Employment Agreement. Royer further acknowledges and represents that any
prior employment agreements with the Company, including the Employment Agreement, have been
terminated as of the Termination Date and are no further force or effect upon the Parties.

[Signatures on the next page.]

 

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EXECUTED this 27th day of December, 2010, at Orange County, California.

	 	 	 	 	 
	 

	 	/s/ Donald E. Royer
 

	 	 

EXECUTED this 22nd day of December, 2010, at Los Angeles County, California.

	 	 	 	 	 
	 

	 	Signature Group Holdings, Inc.	 	 
	 
	 	 	 	 
	 

	 	/s/ Craig F. Noell
 

By: Craig Noell
	 	 
	 

	 	Its: Chief Executive Officer & President	 	 

 

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EXHIBIT A

Employees in Decisional Unit Eligible For Severance Plan:

	 	 	 
	Job Classification	 	Age (as of December 31, 2010)
	Executive Vice President and Chief Financial
Officer

	 	REDACTED
	 
	 	 
	Executive Vice President, Chief
Administrative Officer, Interim President
and Interim Chief Executive Officer

	 	REDACTED
	 
	 	 
	Executive Vice President and General Counsel

	 	REDACTED

	 
	Employees in Decisional Unit Not Offered Severance Plan:

	 	 	 
	Job Classification	 	Age
	 
	 	 
	NONE

	 	 

 

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ACKNOWLEDGMENT AND WAIVER

I, Donald E. Royer, hereby acknowledge that I was given 45 days to consider the foregoing
Agreement and knowingly and voluntarily chose to sign the Agreement prior to the expiration of the
45-day period. I have not been induced to sign this Agreement prior to the expiration of the
45-day period through fraud, misrepresentation, threat to withdraw or alter the Agreement prior to
the expiration of the 45-day period, or by providing different terms to me if I choose to sign the
Agreement prior to the expiration of the 45-day period.

I declare under penalty of perjury under the laws of the State of California and the United States of America that the foregoing is true and correct.

EXECUTED this 27th day of December, 2010, at Orange County, California.

	 	 	 	 	 
	 

	 	/s/ Donald E. Royer
 

	 	 

 

24exv10w1

Exhibit 10.1

EXECUTION COPY

 

 

CREDIT AGREEMENT

dated as of

December 23, 2010

among

AFC ENTERPRISES, INC.,

as Borrower

THE LENDERS PARTY HERETO

JPMORGAN CHASE BANK, N.A.

as Administrative Agent

 

J.P. MORGAN SECURITIES, LLC and MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

as Joint Lead Arrangers and Joint Bookrunners

and

BANK OF AMERICA, N.A.,

as Syndication Agent

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	ARTICLE I	 	 	 	 
	 
	 	 	 	 	 	 
	Definitions	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 1.01
	 	Defined Terms	 	 	1	 
	SECTION 1.02
	 	Classification of Loans and Borrowings	 	 	25	 
	SECTION 1.03
	 	Terms Generally	 	 	25	 
	SECTION 1.04
	 	Accounting Terms; GAAP	 	 	25	 
	 
	 	 	 	 	 	 
	ARTICLE II	 	 	 	 
	 
	 	 	 	 	 	 
	The Credits	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 2.01
	 	Commitments	 	 	26	 
	SECTION 2.02
	 	Loans and Borrowings	 	 	26	 
	SECTION 2.03
	 	Requests for Borrowings	 	 	27	 
	SECTION 2.04
	 	Swingline Loans	 	 	28	 
	SECTION 2.05
	 	Letters of Credit	 	 	29	 
	SECTION 2.06
	 	Funding of Borrowings	 	 	33	 
	SECTION 2.07
	 	Interest Elections	 	 	34	 
	SECTION 2.08
	 	Termination, Reduction and Increase of Commitments	 	 	35	 
	SECTION 2.09
	 	Repayment of Loans; Evidence of Debt	 	 	37	 
	SECTION 2.10
	 	Prepayment of Loans	 	 	38	 
	SECTION 2.11
	 	Amortization of Term Loans	 	 	40	 
	SECTION 2.12
	 	Fees	 	 	41	 
	SECTION 2.13
	 	Interest	 	 	42	 
	SECTION 2.14
	 	Alternate Rate of Interest	 	 	42	 
	SECTION 2.15
	 	Increased Costs	 	 	43	 
	SECTION 2.16
	 	Break Funding Payments	 	 	44	 
	SECTION 2.17
	 	Taxes	 	 	45	 
	SECTION 2.18
	 	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	 	 	46	 
	SECTION 2.19
	 	Mitigation Obligations; Replacement of Lenders	 	 	48	 
	SECTION 2.20
	 	Defaulting Lenders	 	 	49	 
	 
	 	 	 	 	 	 
	ARTICLE III	 	 	 	 
	 
	 	 	 	 	 	 
	Representations and Warranties	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 3.01
	 	Organization; Powers	 	 	52	 

i 

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	SECTION 3.02
	 	Authorization; Enforceability	 	 	52	 
	SECTION 3.03
	 	Governmental Approvals; No Conflicts	 	 	52	 
	SECTION 3.04
	 	Financial Condition; No Material Adverse Change	 	 	52	 
	SECTION 3.05
	 	Properties	 	 	53	 
	SECTION 3.06
	 	Litigation and Environmental Matters	 	 	54	 
	SECTION 3.07
	 	Compliance with Laws and Agreements	 	 	54	 
	SECTION 3.08
	 	Investment Company Status	 	 	55	 
	SECTION 3.09
	 	Taxes	 	 	55	 
	SECTION 3.10
	 	ERISA	 	 	55	 
	SECTION 3.11
	 	Disclosure	 	 	55	 
	SECTION 3.12
	 	Licenses, etc.	 	 	55	 
	SECTION 3.13
	 	Labor Matters	 	 	55	 
	SECTION 3.14
	 	Use of Proceeds; Margin Regulations	 	 	56	 
	SECTION 3.15
	 	Subsidiaries	 	 	56	 
	SECTION 3.16
	 	Security Interests	 	 	56	 
	SECTION 3.17
	 	Insurance	 	 	56	 
	SECTION 3.18
	 	Solvency	 	 	56	 
	 
	 	 	 	 	 	 
	ARTICLE IV	 	 	 	 
	 
	 	 	 	 	 	 
	Conditions	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 4.01
	 	Conditions Precedent to Closing Date	 	 	56	 
	SECTION 4.02
	 	Each Credit Event	 	 	58	 
	 
	 	 	 	 	 	 
	ARTICLE V	 	 	 	 
	 
	 	 	 	 	 	 
	Affirmative Covenants	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 5.01
	 	Financial Statements; Ratings Change and Other Information	 	 	59	 
	SECTION 5.02
	 	Notices of Material Events	 	 	61	 
	SECTION 5.03
	 	Existence; Conduct of Business	 	 	61	 
	SECTION 5.04
	 	Payment of Obligations	 	 	61	 
	SECTION 5.05
	 	Maintenance of Properties	 	 	62	 
	SECTION 5.06
	 	Books and Records; Inspection Rights	 	 	62	 
	SECTION 5.07
	 	Compliance with Laws	 	 	62	 
	SECTION 5.08
	 	Use of Proceeds and Letters of Credit	 	 	62	 
	SECTION 5.09
	 	Insurance	 	 	62	 
	SECTION 5.10
	 	Information Regarding Collateral	 	 	63	 
	SECTION 5.11
	 	Additional Subsidiaries and Real Property Assets	 	 	63	 
	SECTION 5.12
	 	Compliance with Contractual Obligations	 	 	65	 

ii 

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	SECTION 5.13
	 	Further Assurances	 	 	65	 
	SECTION 5.14
	 	Casualty and Condemnation	 	 	65	 
	SECTION 5.15
	 	End of Fiscal Years; Fiscal Quarters	 	 	66	 
	 
	 	 	 	 	 	 
	ARTICLE VI	 	 	 	 
	 
	 	 	 	 	 	 
	Negative Covenants	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 6.01
	 	Indebtedness	 	 	66	 
	SECTION 6.02
	 	Liens	 	 	68	 
	SECTION 6.03
	 	Fundamental Changes and Asset Sales	 	 	69	 
	SECTION 6.04
	 	Investments, Loans, Advances, Guarantees and Acquisitions	 	 	70	 
	SECTION 6.05
	 	Swap Agreements	 	 	70	 
	SECTION 6.06
	 	Restricted Payments	 	 	71	 
	SECTION 6.07
	 	Transactions with Affiliates	 	 	72	 
	SECTION 6.08
	 	Restrictive Agreements	 	 	72	 
	SECTION 6.09
	 	Sale and Leaseback Transactions	 	 	72	 
	SECTION 6.10
	 	Amendment of Material Documents	 	 	72	 
	SECTION 6.11
	 	Minimum Fixed Charge Coverage Ratio	 	 	73	 
	SECTION 6.12
	 	Total Leverage Ratio	 	 	73	 
	SECTION 6.13
	 	Certain Calculations	 	 	73	 
	SECTION 6.14
	 	Disposal of Subsidiary Stock	 	 	74	 
	 
	 	 	 	 	 	 
	ARTICLE VII	 	 	 	 
	 
	 	 	 	 	 	 
	Events of Default	 	 	 	 
	 
	 	 	 	 	 	 
	ARTICLE VIII	 	 	 	 
	 
	 	 	 	 	 	 
	The Administrative Agent	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 8.01
	 	General	 	 	77	 
	SECTION 8.02
	 	Breakage Cost Cash Collateral Account	 	 	79	 
	 
	 	 	 	 	 	 
	ARTICLE IX	 	 	 	 
	 
	 	 	 	 	 	 
	Miscellaneous	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 9.01
	 	Notices	 	 	80	 
	SECTION 9.02
	 	Waivers; Amendments	 	 	81	 
	SECTION 9.03
	 	Expenses; Indemnity; Damage Waiver	 	 	83	 
	SECTION 9.04
	 	Successors and Assigns	 	 	84	 
	SECTION 9.05
	 	Survival	 	 	88	 

iii 

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	SECTION 9.06
	 	Counterparts; Integration; Effectiveness	 	 	88	 
	SECTION 9.07
	 	Severability	 	 	88	 
	SECTION 9.08
	 	Right of Setoff	 	 	88	 
	SECTION 9.09
	 	Governing Law; Jurisdiction; Consent to Service of Process	 	 	89	 
	SECTION 9.10
	 	WAIVER OF JURY TRIAL	 	 	89	 
	SECTION 9.11
	 	Headings	 	 	90	 
	SECTION 9.12
	 	Confidentiality	 	 	90	 
	SECTION 9.13
	 	Interest Rate Limitation	 	 	90	 
	SECTION 9.14
	 	USA PATRIOT Act	 	 	91	 

SCHEDULES:

Schedule 1.1A — Mortgaged Properties

Schedule 1.1B — Certain Specified Asset Sales

Schedule 1.1C — Existing Letters of Credit

Schedule 1.1D — EBITDA Adjustments

Schedule 2.01 — Commitments

Schedule 3.15 — Subsidiaries

Schedule 3.17 — Insurance

Schedule 4.01(l) — Material Litigation

Schedule 5.15 — Borrower’s Fiscal Calendar

Schedule 6.01 — Existing Indebtedness

Schedule 6.02 — Existing Liens

EXHIBITS:

Exhibit A — Form of Assignment and Assumption

Exhibit B-1 — Form of Opinion of Bingham McCutchen LLP (New York)

Exhibit B-2 — Form of Opinion of Monroe Moxness Berg, P.A. (Minnesota)

Exhibit B-3 — Form of Opinion of Cohen Pollock Merlin & Small, P.C. (Georgia)

Exhibit C — Collateral Agreement

Exhibit D — Perfection Certificate

Exhibit E — Form of Agreement of Subordination, Non-Disturbance and Attornment

Exhibit F — Form of Permitted Subordinated Indebtedness Provisions

Exhibit G — Form of Mortgage

iv 

 

          CREDIT AGREEMENT dated as of December 23, 2010, among AFC ENTERPRISES, INC., a Minnesota
corporation (the “Borrower”), the LENDERS party hereto, and JPMORGAN CHASE BANK, N.A.
(“JPMCB”), as Administrative Agent.

          The Borrower has requested that the Lenders (as hereinafter defined) extend credit to it in an
aggregate principal or face amount not exceeding $100,000,000, to refinance certain existing
indebtedness, to finance acquisitions and working capital needs, and for other general corporate
purposes.

          The Lenders are prepared to extend such credit upon the terms and conditions hereof, and,
accordingly, the parties hereto agree as follows:

ARTICLE I

Definitions

     SECTION 1.01 Defined Terms as used in this Agreement, the following terms have the
meanings specified below:

          “ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan,
or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to
the Alternate Base Rate.

          “Acquisition Properties” means as defined in subsection 5.11(b).

          “Additional Mortgagee Policies” means as defined in subsection 5.11(c).

          “Additional Mortgages” means as defined in subsection 5.11(b).

          “Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest
Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1.00%) equal
to the product of (a) the LIBO Rate for such Interest Period and (b) the Statutory Reserve Rate.

          “Administrative Agent” means JPMCB, in its capacity as administrative agent for the
Lenders hereunder.

          “Administrative Questionnaire” means an Administrative Questionnaire in a form
supplied by the Administrative Agent.

          “Affiliate” means, with respect to a specified Person, another Person that directly,
or indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified.

          “Agreement” means this Credit Agreement, as the same may be amended, amended and
restated, supplemented or otherwise modified from time to time.

 

 

          “Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of
(a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such
day plus 1/2 of 1.00% and (c) the Adjusted LIBO Rate for a three-month Interest Period on such day
plus 1.00%. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal
Funds Effective Rate or the LIBO Rate shall be effective from and including the effective date of
such change in the Prime Rate, the Federal Funds Effective Rate or the LIBO Rate, respectively.

          “Applicable Percentage” means (i) with respect to all payments, computations and other
matters relating to the Term Loan of any Lender, the percentage obtained by dividing (a) the Term
Loan Exposure of that Lender by (b) the aggregate Term Loan Exposure of all Lenders; and (ii) with
respect to all payments, computations and other matters relating to the Revolving Loan Commitment
or Revolving Loans of any Lender or any Letters of Credit issued or participations purchased
therein by any Lender or any participations in any Swingline Loans purchased by any Lender, the
percentage obtained by dividing (a) the Revolving Credit Exposure of that Lender by (b) the
aggregate Revolving Credit Exposure of all Lenders; provided that in the case of Section
2.20 when a Defaulting Lender shall exist, “Applicable Percentage” shall mean the
percentage of the total Term Loan Exposure or Revolving Credit Exposure, as the case may be
(disregarding any Defaulting Lender’s Term Loan Exposure or Revolving Credit Exposure) represented
by such Lender’s Term Loan Exposure or Revolving Credit Exposure, as the case may be. For all
other purposes with respect to each Lender, “Applicable Percentage” means the percentage
obtained by dividing (A) an amount equal to the sum of the Term Loan Exposure and the Revolving
Credit Exposure of that Lender, by (B) an amount equal to the sum of the aggregate Term Loan
Exposure and the aggregate Revolving Credit Exposure of all Lenders; provided that in the
case of Section 2.20 when a Defaulting Lender shall exist, “Applicable Percentage” shall
mean the percentage of the total Term Loan Exposure and Revolving Credit Exposure (disregarding any
Defaulting Lender’s Term Loan Exposure and Revolving Credit Exposure) represented by such Lender’s
Term Loan Exposure and Revolving Credit Exposure. If the Commitments have terminated or expired,
the Applicable Percentages shall be determined based upon the Commitments most recently in effect,
giving effect to any assignments and to any Lender’s status as a Defaulting Lender at the time of
determination.

          “Applicable Rate” means, for any day, with respect to any ABR Loan or Eurodollar Loan,
or with respect to the commitment fees payable hereunder, as the case may be, the applicable rate
per annum set forth below under the caption “ABR Spread”, “Eurodollar Spread” or
“Commitment Fee”, as the case may be, based upon the Total Leverage Ratio as of the most
recent determination date; provided that until the date falling three Business Days after delivery
to the Administrative Agent of the Borrower’s consolidated financial statements pursuant to Section
5.01(a) or (b) covering the first full fiscal quarter falling entirely after the date hereof, the
“Applicable Rate” shall be the applicable rate per annum set forth below in Category 2:

2

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Borrower’s Total	 	 	 	 	 	 
	Leverage Ratio	 	Eurodollar Spread	 	ABR Spread	 	Commitment Fee
	Category 1
	 	 	 	 	 	 	 	 	 	 	 	 
	< 1.00
	 	 	2.25	%	 	 	1.25	%	 	 	0.400	%
	Category 2
	 	 	 	 	 	 	 	 	 	 	 	 
	3 1.00 and < 1.50
	 	 	2.50	%	 	 	1.50	%	 	 	0.500	%
	Category 3
	 	 	 	 	 	 	 	 	 	 	 	 
	3 1.50 and < 2.00
	 	 	2.75	%	 	 	1.75	%	 	 	0.500	%
	Category 4
	 	 	 	 	 	 	 	 	 	 	 	 
	3 2.00 and < 2.50
	 	 	3.00	%	 	 	2.00	%	 	 	0.625	%
	Category 5
	 	 	 	 	 	 	 	 	 	 	 	 
	3 2.50
	 	 	3.25	%	 	 	2.25	%	 	 	0.625	%

For purposes of the foregoing, (i) the Total Leverage Ratio shall be determined as of the end of
each fiscal quarter of the Borrower’s fiscal year based upon the Borrower’s consolidated financial
statements delivered pursuant to Section 5.01(a) or (b) and (ii) each change in the Applicable Rate
resulting from a change in the Total Leverage Ratio shall be effective during the period commencing
on and including the date three Business Days after delivery to the Administrative Agent of such
consolidated financial statements indicating such change and ending on the date immediately
preceding the effective date of the next such change; provided that the Total Leverage
Ratio shall be deemed to be in Category 5 if the Borrower fails to deliver the consolidated
financial statements required to be delivered by it pursuant to Section 5.01(a) or (b), during the
period from the expiration of the time for delivery thereof until such consolidated financial
statements are delivered.

          “Approved Fund” has the meaning assigned to such term in Section 9.04.

          “Arrangers” means J.P. Morgan Securities, LLC and Merrill Lynch, Pierce, Fenner &
Smith Incorporated, in their capacity as joint lead arrangers and joint bookrunners.

          “Asset Sale” means a sale, lease or sub-lease (other than in the ordinary course of
business), sale and leaseback, assignment, conveyance, transfer or other disposition to, or any
exchange of property with, any Person (other than the Borrower or any Subsidiary Loan Party), in
one transaction or a series of transactions, of all or any part of the Borrower’s or any of its
Subsidiaries’ businesses, assets or properties of any kind, whether real, personal, or mixed and
whether tangible or intangible, whether now owned or hereafter acquired, including, without
limitation, the Capital Stock of any of the Borrower’s Subsidiaries, other than (i) inventory (or
other assets) sold or leased in the ordinary course of business (excluding any such sales by
operations or divisions discontinued or to be discontinued), and (ii) sales of other assets for
aggregate consideration of less than $3,000,000 in the aggregate during any fiscal year of the
Borrower.

          “Assignment and Assumption” means an assignment and assumption entered into by a
Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section
9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form
approved by the Administrative Agent.

3

 

          “Assuming Lender” has the meaning assigned to such term in Section 2.08.

          “Availability Period” means the period from and including the Closing Date to but
excluding the earlier of the Revolving Loan Maturity Date and the date of termination of the
Revolving Loan Commitments.

          “Bankruptcy Event” means, with respect to any Person, such Person becomes the subject
of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee,
administrator, custodian, assignee for the benefit of creditors or similar Person charged with the
reorganization or liquidation of its business appointed for it, or, in the good faith determination
of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to,
approval of, or acquiescence in, any such proceeding or appointment, provided that a
Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of
any ownership interest, in such Person by a Governmental Authority or instrumentality thereof,
provided, further, that such ownership interest does not result in or provide such
Person with immunity from the jurisdiction of courts within the United States or from the
enforcement of judgments or writs of attachment on its assets or permit such Person (or such
Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts
or agreements made by such Person.

          “Board” means the Board of Governors of the Federal Reserve System of the United
States of America.

          “Borrower” means AFC Enterprises, Inc., a Minnesota corporation.

          “Borrower Common Stock” means the common stock issued by the Borrower.

          “Borrowing” means (a) Revolving Loans of the same Type, made, converted or continued
on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in
effect, (b) a Term Loan and as to which a single Interest Period is in effect or (c) a Swingline
Loan.

          “Borrowing Request” means a request by the Borrower for a Borrowing in accordance with
Section 2.03.

          “Breakage Cost Cash Collateral Account” as defined in Section 8.02.

          “Business Day” means any day that is not a Saturday, Sunday or other day on which
commercial banks in New York City or the City of Atlanta, Georgia are authorized or required by law
to remain closed; provided that, when used in connection with a Eurodollar Loan, the term
“Business Day” shall also exclude any day on which banks are not open for dealings in
dollar deposits in the London interbank market.

          “Capital Lease Obligations” of any Person means the obligations of such Person to pay
rent or other amounts under any lease of (or other arrangement conveying the right to use) real or
personal property, or a combination thereof, which obligations are required to be classified and
accounted for as capital leases on a balance sheet of such Person under GAAP as

4

 

in effect on the date hereof, and the amount of such obligations shall be the capitalized
amount thereof determined in accordance with GAAP as in effect on the date hereof.

          “Capital Stock” means any and all shares, interests, participations or other
equivalents (however designated) of capital stock of a corporation, any and all equivalent
ownership interests in a Person (other than a corporation), including, without limitation,
partnership interests and membership interests, and any and all warrants, rights or options to
purchase or other arrangements or rights to acquire any of the foregoing.

          “Cash” means money, currency or a credit balance in a Deposit Account.

          “Cash Equivalents” means, as at any date of determination, (i) marketable securities
(a) issued or directly and unconditionally guaranteed as to interest and principal by the United
States Government or (b) issued by any agency of the United States the obligations of which are
backed by the full faith and credit of the United States, in each case maturing within one year
after such date; (ii) marketable direct obligations issued by any state of the United States of
America or any political subdivision of any such state or any public instrumentality thereof, in
each case maturing within one year after such date (except in the case of taxable auction rate
municipal bonds and auction rate preferred securities which may have longer maturities) and having,
at the time of the acquisition thereof, the highest rating obtainable from either S&P or Moody’s;
(iii) commercial paper maturing no more than one year from the date of creation thereof and having,
at the time of the acquisition thereof, a rating of at least A-1 from S&P or at least P-1 from
Moody’s; (iv) certificates of deposit or bankers’ acceptances maturing within one year after such
date and issued or accepted by any Lender or by any commercial bank organized under the laws of the
United States of America or any state thereof or the District of Columbia or any foreign country
that (a) is at least “adequately capitalized” (as defined in the regulations of its primary Federal
banking regulator) and (b) has Tier 1 capital (as defined in such regulations) of not less than
$100,000,000 (a “Cash Equivalent Bank”); (v) Eurodollar time deposits having a maturity of
less than one year purchased directly from any Lender or Cash Equivalent Bank; and (vi) shares of
any money market mutual fund that (a) has at least 95% of its assets invested continuously in the
types of investments referred to in clauses (i) through (v) above, (b) has net assets of not less
than $500,000,000, and (c) has the highest rating obtainable from either S&P or Moody’s.

          “Change in Control” means (a) the acquisition of ownership, directly or indirectly,
beneficially or of record, by any Person or group (within the meaning of the Securities Exchange
Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the
date hereof) of Equity Interests representing more than 35% of the aggregate ordinary voting power
represented by the issued and outstanding Equity Interests of the Borrower or (b) occupation of a
majority of the seats (other than vacant seats) on the board of directors of the Borrower by
Persons who were neither (i) nominated by the board of directors of the Borrower nor (ii) appointed
by directors so nominated.

          “Change in Law” means (a) the adoption of any law, rule or regulation after the date
of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or
application thereof by any Governmental Authority after the date of this Agreement or (c)
compliance by any Lender or the Issuing Bank (or, for purposes of Section 2.15(b), by any

5

 

lending office of such Lender or by such Lender’s or the Issuing Bank’s holding company, if
any) with any request, guideline or directive (whether or not having the force of law) of any
Governmental Authority made or issued after the date of this Agreement.

          “Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan,
or the Loans comprising such Borrowing, are Revolving Loans, Term Loans or Swingline Loans.

          “CLO” has the meaning assigned to such term in Section 9.04.

          “Closing Date” means the date on which the conditions specified in Section 4.01 are
satisfied (or waived in accordance with Section 9.02).

          “Code” means the Internal Revenue Code of 1986, as amended from time to time.

          “Collateral” means, collectively, all of the real, personal and mixed property
(including Capital Stock) in which Liens are purported to be granted pursuant to the Security
Documents as security for the Obligations.

          “Collateral Agent” has the meaning set forth in the Collateral Agreement.

          “Collateral Agreement” means the Guarantee and Collateral Agreement among the Loan
Parties and the Administrative Agent, as the same may be amended, amended and restated,
supplemented or otherwise modified from time to time, substantially in the form of Exhibit
C.

          “Collateral and Guarantee Requirement” means the requirement that:

     (a) the Administrative Agent shall have received (i) from each of the Borrower and the
Subsidiary Loan Parties a counterpart of each of the Security Documents duly executed and
delivered on behalf of the Loan Parties party thereto and (ii) in the case of any Person
that becomes a Subsidiary Loan Party after the Closing Date, a supplement to each Security
Document, in the form specified therein, duly executed and delivered on behalf of such
Subsidiary Loan Party;

     (b) all outstanding Equity Interests of each Subsidiary Loan Party and other
Subsidiaries not subject to an applicable restrictive agreement permitted pursuant to
Section 6.08 shall have been pledged pursuant to the Collateral Agreement and the
Administrative Agent shall have received certificates or other instruments representing all
such Equity Interests (if certificated), together with stock powers or other instruments of
transfer with respect thereto endorsed in blank;

     (c) all Indebtedness of the Borrower and each Subsidiary that is owing to any Loan
Party shall be evidenced by a promissory note or other instrument and shall have been
pledged pursuant to the Collateral Agreement and the Administrative Agent shall have
received all such promissory notes and other instruments, together with instruments of
transfer with respect thereto endorsed in blank;

6

 

     (d) all documents and instruments, including Uniform Commercial Code financing
statements, required by law or reasonably requested by the Administrative Agent to be filed,
registered or recorded to create the first priority Liens intended to be created by the
Collateral Agreement and perfect such Liens to the extent required by, and with the priority
required by, the Collateral Agreement, shall have been filed, registered or recorded or
delivered to the Administrative Agent for filing, registration or recording, all subject to
the Permitted Encumbrances;

     (e) the Administrative Agent shall have received on the Closing Date or within 90 days
thereafter (unless extended by the Administrative Agent to 120 days after the Closing Date
in its sole discretion): (i) counterparts of a Mortgage with respect to each Mortgaged
Property described on Schedule 1.1A, duly executed and delivered by the record owner
of such Mortgaged Property, and in recordable form, and, to the extent necessary or
advisable under applicable law, for filing in the appropriate county land office(s), Uniform
Commercial Code financing statements covering fixtures, in each case appropriately completed
(“Fixture Filings”); (ii) a policy or policies of ALTA title insurance each in an
amount not less than the book value of such Mortgaged Property issued by the Title Company
insuring the Lien of each such Mortgage as a valid first Lien on the Mortgaged Property
described therein, free of any other Liens except as expressly permitted by Section 6.02,
together with such endorsements, coinsurance and reinsurance as the Administrative Agent or
the Required Lenders may reasonably request and any affidavits, certificates, information
(including financial data) as shall be required to induce the Title Company to issue such
title policies and endorsements; (iii) evidence reasonably satisfactory to the
Administrative Agent of payment of all expenses and premiums of the Title Company in
connection with the issuance of the title policies and endorsements contemplated above and
of all recording, mortgage, intangibles, transfer and stamp taxes payable in connection with
recording the Mortgages and Fixture Filings; (iv) such surveys, abstracts, appraisals and
other documents as the Administrative Agent or the Required Lenders may reasonably request
with respect to any such Mortgage or Mortgaged Property; (v) a completed “life of loan”
Federal Emergency Management Agency Standard Flood Hazard Determination, and if any
improvement to the Flood Hazard Property is located in a special flood hazard area, a
notification to the Borrower or the applicable Subsidiary (“Borrower Notice”), and
(if applicable) such Borrower Notice shall contain a notification to the Borrower or the
applicable Subsidiary that flood insurance coverage under the National Flood Insurance
Program (“NFIP”) is not available because the community does not participate in the
NFIP, and documentation evidencing the Borrower’s or the applicable Subsidary’s receipt of
the Borrower Notice (e.g., countersigned Borrower Notice, return receipt, certified U.S.
Mail, or overnight delivery); and (vi) evidence of flood insurance with respect to each
Flood Hazard Property that is located in a community where such flood insurance is
available, in form and substance reasonably satisfactory to Collateral Agent; and

     (f) each Loan Party shall have obtained all consents and approvals required (without
giving effect to Sections 9-406 through 9-409 of the Uniform Commercial Code as in effect on
the date hereof in the State of Delaware) to be obtained by it in connection with the
execution and delivery of all Security Documents to which it is a party, the performance of
its obligations thereunder and the granting by it of the Liens thereunder.

7

 

          “Commitment” means a Revolving Loan Commitment or a Term Loan Commitment, or any
combination thereof (as the context requires).

          “Consolidated Capital Expenditures” means, for any period, the sum of (i) the
aggregate of all expenditures (whether paid in cash or other consideration or accrued as a
liability and including that portion of Capital Lease Obligations which is capitalized on the
consolidated balance sheet of Borrower and its Subsidiaries) by Borrower and its Subsidiaries
during that period that, in conformity with GAAP as in effect on the date hereof, are included in
“additions to property, plant or equipment” or comparable items reflected in the consolidated
statement of cash flows of Borrower and its Subsidiaries plus (ii) to the extent not covered by
clause (i) of this definition, the aggregate of all expenditures by Borrower and its Subsidiaries
during that period to acquire (by purchase or otherwise) (a) the business, property or fixed assets
of any Person, or (b) stock or other evidence of beneficial ownership of any Person to the extent
the purchase price of such stock or other evidence of beneficial ownership of such Person is
appropriately allocated to property, plant, or equipment in accordance with GAAP as in effect on
the date hereof; provided, however, Consolidated Capital Expenditures shall not
include expenditures made from the proceeds of any insurance or condemnation payments (or payments
made in lieu of condemnation) received by Borrower and its Subsidiaries and used to repair or
replace the damaged property with respect to which such proceeds were received.

          “Consolidated Cash Interest Expense” means, for any period, Consolidated Interest
Expense for such period excluding, however, any interest expense not payable in Cash (including
amortization of discount and amortization of debt issuance costs).

          “Consolidated EBITDA” means, for any period, Consolidated Net Income for such period
plus (a) without duplication and to the extent deducted from revenues in determining such
Consolidated Net Income for such period, the sum of (i) the aggregate amount of consolidated
interest expense for such period, (ii) the aggregate amount of all provisions for all Taxes
(whether or not paid, estimated or accrued) based upon or determined by reference to the income and
profits for such period, (iii) all amounts attributable to depreciation, amortization (including
but not limited to amortization of goodwill and other intangible assets, amortization and
write-offs of financing costs and premiums paid in connection with any early extinguishment of
Indebtedness) and any non-cash impairment charges related to goodwill, other intangible or
long-lived assets for such period, (iv) all extraordinary, unusual or non-recurring charges
(including without limitation, restructuring charges), (v) charges, reserves and provisions made
with respect to litigation, in each case to the extent cash reserves have been established with
respect to such charges, reserves and provisions, (vi) charges made with respect to litigation
disclosed in Schedule 4.01(l) to the extent reserves have been established with respect
thereto, or to the extent not reserved for in an amount acceptable to the Administrative Agent in
its sole discretion, (vii) those items described on Schedule 1.1D and (viii) all other
non-cash charges, minus (b) without duplication and to the extent added to revenues in determining
such Consolidated Net Income for such period, the sum of (i) all extraordinary gains during such
period, and (ii) after-tax income derived from discontinued operations or from the subject of Asset
Sales, all as determined on a consolidated basis in accordance with GAAP.

          “Consolidated EBITDAR” means, for any period, Consolidated EBITDA plus Consolidated
Rental Expense.

8

 

          “Consolidated Fixed Charges” means for any period, the sum of (a) the aggregate amount
of scheduled principal payments made during such period on Indebtedness, including Capital Lease
Obligations, of the Borrower and its Subsidiaries, (b) Consolidated Cash Interest Expense, and (c)
Consolidated Rental Expense of Borrower and its Subsidiaries.

          “Consolidated Interest Expense” means, for any period, the interest expense, both
expended and capitalized (including the interest component in respect of Capital Lease
Obligations), accrued or paid by the Borrower and its Subsidiaries during such period (excluding
any amortization or write-off of financing costs otherwise included therein and excluding any fees
paid pursuant to Section 2.12 hereof and the write-off of unamortized deferred financing costs
taken by Borrower in connection with the refinancings of Borrower and its Subsidiaries on a
consolidated basis with respect to all outstanding Indebtedness of Borrower and its Subsidiaries),
net of interest income of Borrower and its Subsidiaries, determined on a consolidated basis in
accordance with GAAP.

          “Consolidated Net Income” means, for any period, (i) the net income (or loss) of the
Borrower and its Subsidiaries on a consolidated basis for such period taken as a single accounting
period determined in conformity with GAAP, minus (ii) (a) the income (or loss) of any
Person (other than a Subsidiary of the Borrower) in which any other Person (other than the Borrower
or any of its Subsidiaries) has a joint interest, except to the extent of the amount of dividends
or other distributions actually paid to the Borrower or any of its Subsidiaries by such Person
during such period, (b) the income (or loss) of any Person accrued prior to the date it becomes a
Subsidiary of the Borrower or is merged into or consolidated with the Borrower or any of its
Subsidiaries or that Person’s assets are acquired by the Borrower or any of its Subsidiaries, (c)
the income of any Subsidiary of the Borrower to the extent that the declaration or payment of
dividends or similar distributions by that Subsidiary of that income is not at the time permitted
by operation of the terms of its charter or any agreement, instrument, judgment, decree, order,
statute, rule or governmental regulation applicable to that Subsidiary, (d) any after-tax gains or
losses attributable to Asset Sales or returned surplus assets of any Plan, and (e) (to the extent
not included in clauses (a) through (d) above) any net extraordinary gains or net extraordinary
losses.

          “Consolidated Rental Expense” for any period, the aggregate amount of fixed and
contingent rentals payable by Borrower and its Subsidiaries for such period with respect to
operating (non-capital) leases of real and personal property determined on a consolidated basis in
accordance with GAAP as in effect on the date hereof.

          “Consolidated Total Indebtedness” means, as of any date of determination, the
aggregate principal amount of Indebtedness of the Borrower and the Subsidiaries outstanding as of
such date.

          “Control” means the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of a Person, whether through the ability to
exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

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          “Conversion Strategy” means sales by Borrower and Subsidiary Loan Parties to
franchisees thereof of restaurants and other outlets and units with respect to direct marketing
areas.

          “Credit Party” means the Administrative Agent, the Issuing Bank, the Swingline Lender
or any other Lender.

          “Default” means any event or condition which constitutes an Event of Default or which
upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.

          “Defaulting Lender” means any Lender that (a) has failed, within two Business Days of
the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion
of its participations in Letters of Credit or Swingline Loans or (iii) pay over to any Credit Party
any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such
Lender notifies the Administrative Agent in writing that such failure is the result of such
Lender’s good faith determination that a condition precedent to funding (specifically identified
and including the particular default, if any) has not been satisfied, (b) has notified the Borrower
or any Credit Party in writing, or has made a public statement to the effect, that it does not
intend or expect to comply with any of its funding obligations under this Agreement (unless such
writing or public statement indicates that such position is based on such Lender’s good faith
determination that a condition precedent (specifically identified and including the particular
default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under
other agreements in which it commits to extend credit, (c) has failed, within three Business Days
after request by a Credit Party, acting in good faith, to provide a certification in writing from
an authorized officer of such Lender that it will comply with its obligations (and is financially
able to meet such obligations) to fund prospective Loans and participations in then outstanding
Letters of Credit and Swingline Loans under this Agreement, provided that such Lender shall
cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of
such certification in form and substance satisfactory to it and the Administrative Agent, or (d)
has become, or has a Parent that has become, the subject of a Bankruptcy Event.

          “Deposit Account” means a demand, time, savings, and passbook or like account with a
bank, savings and loan association, credit union or like organization, other than an account
evidenced by a negotiable certificate of deposit.

          “dollars” or “$” refers to lawful money of the United States of America.

          “Eligible Assignee” has the meaning assigned to such term in Section 9.04.

          “Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders,
decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into
by any Governmental Authority, relating in any way to the environment, preservation or reclamation
of natural resources, the management, release or threatened release of any Hazardous Material or to
health and safety matters.

          “Environmental Liability” means any liability, contingent or otherwise (including any
liability for damages, costs of environmental remediation, fines, penalties or indemnities), of

10

 

the Borrower or any Subsidiary directly or indirectly resulting from or based upon (a)
violation of any Environmental Law, (b) the generation, use, handling, transportation, storage,
treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the
release or threatened release of any Hazardous Materials into the environment or (e) any contract,
agreement or other consensual arrangement pursuant to which liability is assumed or imposed with
respect to any of the foregoing.

          “Equity Interests” means shares of capital stock, partnership interests, membership
interests in a limited liability company, beneficial interests in a trust or other equity ownership
interests in a Person, and any warrants, options or other rights entitling the holder thereof to
purchase or acquire any such equity interest.

          “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from
time to time.

          “ERISA Affiliate” means any trade or business (whether or not incorporated) that,
together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code
or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single
employer under Section 414 of the Code.

          “ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or
the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day
notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding
deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived;
(c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application
for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the
Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to
the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC
or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to
appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA
Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or
Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the
receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice,
concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is,
or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.

          “Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such
Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by
reference to the Adjusted LIBO Rate.

          “Event of Default” has the meaning assigned to such term in Article VII.

          “Excluded Taxes” means, with respect to the Administrative Agent, any Lender, the
Issuing Bank or any other recipient of any payment to be made by or on account of any obligation of
the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by reference to) its
net income by the United States of America, or by the jurisdiction under the laws

11

 

of which such recipient is organized or in which its principal office is located or, in the
case of any Lender, in which its applicable lending office is located, (b) any branch profits taxes
imposed by the United States of America or any similar tax imposed by any other jurisdiction in
which the Borrower is located, (c) in the case of a Foreign Lender (other than an assignee pursuant
to a request by the Borrower under Section 2.19(b)), any withholding tax that is imposed on amounts
payable to such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement
(or designates a new lending office) or is attributable to such Foreign Lender’s failure to comply
with Section 2.17(e), except to the extent that such Foreign Lender (or its assignor, if any) was
entitled, at the time of designation of a new lending office (or assignment), to receive additional
amounts from the Borrower with respect to such withholding tax pursuant to Section 2.17(a) and (d)
any U.S. Federal withholding Taxes imposed by FATCA.

          “Existing Credit Agreement” means the Third Amended and Restated Credit Agreement (as
amended), dated as of August 14, 2009 by and among AFC Enterprises, Inc., the lenders party thereto
and JPMorgan Chase Bank, N.A., as Administrative Agent.

          “Existing Letters of Credit” means those existing letters of credit issued by the
Issuing Bank and listed on Schedule 1.1C.

          “FATCA” means Sections 1471 through 1474 of the Code and any regulations or official
interpretations thereof.

          “Federal Funds Effective Rate” means, for any day, the weighted average (rounded
upwards, if necessary, to the next 1/100 of 1.00%) of the rates on overnight Federal funds
transactions with members of the Federal Reserve System arranged by Federal funds brokers, as
published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such
rate is not so published for any day that is a Business Day, the average (rounded upwards, if
necessary, to the next 1/100 of 1.00%) of the quotations for such day for such transactions
received by the Administrative Agent from three Federal funds brokers of recognized standing
selected by it.

          “Financial Covenants” means the covenants set forth at Sections 6.11 and 6.12 hereof.

          “Financial Officer” means the chief financial officer, principal accounting officer,
treasurer or controller of the Borrower.

          “Flood Hazard Property” means any improved Real Property Asset (or Real Property
Lease) subject to a Mortgage and any portion of which is located in an area designated a “flood
hazard area” in any Flood Insurance Rate Map published by the Federal Emergency Management Agency
or any successor agency.

          “Foreign Lender” means any Lender that is organized under the laws of a jurisdiction
other than that in which the Borrower is located. For purposes of this definition, the United
States of America, each State thereof and the District of Columbia shall be deemed to constitute a
single jurisdiction.

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          “Foreign Subsidiary” means any Subsidiary that is organized under the laws of a
jurisdiction other than the United States of America or any State thereof or the District of
Columbia.

          “GAAP” means generally accepted accounting principles in the United States of America.

          “Governmental Authority” means the government of the United States of America, any
other nation or any political subdivision thereof, whether state or local, and any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government.

          “Guarantee” of or by any Person (the “guarantor”) means any obligation,
contingent or otherwise, of the guarantor guaranteeing or having the economic effect of
guaranteeing any Indebtedness or other obligation of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of the
guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase
or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds
for the purchase of) any security for the payment thereof, (b) to purchase or lease property,
securities or services for the purpose of assuring the owner of such Indebtedness or other
obligation of the payment thereof, (c) to maintain working capital, equity capital or any other
financial statement condition or liquidity of the primary obligor so as to enable the primary
obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any
letter of credit or letter of guaranty issued to support such Indebtedness or obligation;
provided, that the term Guarantee shall not include endorsements for collection or deposit
or contingent liabilities or obligations with respect to assigned or subleased operating leases in
the ordinary course of business.

          “Hazardous Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum
distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas,
infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to
any Environmental Law.

          “Increasing Lender” has the meaning assigned to such term in Section 2.08.

          “Indebtedness” of any Person means, without duplication, (a) all obligations of such
Person for borrowed money or with respect to loans or monetary advances of any kind, (b) all
obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all
obligations of such Person under conditional sale or other title retention agreements relating to
property acquired by such Person, (d) all obligations of such Person in respect of the deferred
purchase price of property or services (excluding (i) accounts payable and due within 12 months
incurred in the ordinary course of business, (ii) obligations incurred under ERISA and (iii)
obligations incurred under Permitted Earnout Agreements, other than in the case of (ii) and (iii)
to the extent recorded as Indebtedness on the consolidated balance sheet of the Borrower), (e) all
Indebtedness of others secured by (or for which the holder of such Indebtedness has an

13

 

existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by
such Person, whether or not the Indebtedness secured thereby has been assumed, (f) all Guarantees
by such Person of Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all
obligations, contingent or otherwise, of such Person as an account party in respect of letters of
credit and letters of guaranty and (i) all obligations, contingent or otherwise, of such Person in
respect of bankers’ acceptances. The Indebtedness of any Person shall include the Indebtedness of
any other entity (including any partnership in which such Person is a general partner) to the
extent such Person is liable therefor as a result of such Person’s ownership interest in or other
relationship with such entity, except to the extent the terms of such Indebtedness provide that
such Person is not liable therefor. The contingent liability of a Person arising from guaranties
of operating leases which are assigned or sublet in the ordinary course of business shall not
constitute Indebtedness.

          “Indemnified Taxes” means Taxes other than Excluded Taxes.

          “Interest Election Request” means a request by the Borrower to convert or continue a
Borrowing in accordance with Section 2.07.

          “Interest Payment Date” means (a) with respect to any ABR Loan (other than a Swingline
Loan), the last day of each March, June, September and December, (b) with respect to any Eurodollar
Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part
and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months’
duration, each day prior to the last day of such Interest Period that occurs at intervals of three
months’ duration after the first day of such Interest Period, and (c) with respect to any Swingline
Loan, the day that such Loan is required to be repaid.

          “Interest Period” means with respect to any Eurodollar Borrowing, the period
commencing on the date of such Borrowing and ending on the numerically corresponding day in the
calendar month that is three or six months (or, with the consent of each Lender, nine or twelve
months) thereafter, in each case as the Borrower may elect; provided, that (i) if any
Interest Period would end on a day other than a Business Day, such Interest Period shall be
extended to the next succeeding Business Day unless such next succeeding Business Day would fall in
the next calendar month, in which case such Interest Period shall end on the immediately preceding
Business Day and (ii) any Interest Period that commences on the last Business Day of a calendar
month (or on a day for which there is no numerically corresponding day in the last calendar month
of such Interest Period) shall end on the last Business Day of the last calendar month of such
Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which
such Borrowing is made and, in the case of a Revolving Loan Borrowing, thereafter shall be the
effective date of the most recent conversion or continuation of such Borrowing.

          “Investment” means, for any Person, any capital stock, evidences of indebtedness or
other securities (including any option, warrant or other right to acquire any of the foregoing) of
any other Person, any loans or advances made to any other Person, any Guarantee of the obligations
of any other Person, any other investment or interest in any other Person and any purchase or
acquisition (in one transaction or a series of transactions) of any assets of any other Person
constituting a business unit; provided, that the term Investment shall not include

14

 

(A) accounts receivables of the Borrower and its Subsidiaries that (i) are payable within 180
days, (ii) are incurred in ordinary course of business and (iii) are incurred on commercially
reasonably terms, to the extent such accounts receivables may constitute a loan or advance and (B)
advances to employees for moving, entertainment and travel expenses, drawing accounts and similar
expenditures in the ordinary course of business.

          “Issuing Bank” means JPMCB, in its capacity as the issuer of Letters of Credit
hereunder and with respect to Existing Letters of Credit, and its successors in such capacity as
provided in Section 2.05(i). The Issuing Bank may, in its discretion, arrange for one or more
Letters of Credit to be issued by Affiliates of the Issuing Bank, in which case the term
“Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by
such Affiliate.

          “Joint Venture” means a joint venture, partnership or other similar arrangement,
whether in corporate, partnership or other legal form; provided that in no event shall any
Subsidiary of any Person be considered to be a Joint Venture to which such Person is a party.

          “LC Disbursement” means a payment made by the Issuing Bank pursuant to a Letter of
Credit.

          “LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all
outstanding Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements
that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of
any Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time.

          “Lenders” means the Persons listed on Schedule 2.01 and any other Person that
shall have become a party hereto pursuant to an Assignment and Assumption or the agreement executed
by such Person pursuant to Section 2.08, other than any such Person that ceases to be a party
hereto pursuant to an Assignment and Assumption. Unless the context otherwise requires, the term
“Lenders” includes the Swingline Lender.

          “Letter of Credit” means any letter of credit issued pursuant to this Agreement,
including any Existing Letters of Credit.

          “LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period,
the rate appearing on Reuters Page LIBOR01 (or on any successor or substitute page or service
providing quotations of interest rates applicable to dollar deposits in the London interbank market
comparable to those currently provided on such page, as determined by the Administrative Agent from
time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement
of such Interest Period, as the rate for dollar deposits with a maturity comparable to such
Interest Period. In the event that such rate is not available at such time for any reason, then
the “LIBO Rate” with respect to such Eurodollar Borrowing for such Interest Period shall be
the rate at which dollar deposits of $5,000,000 and for a maturity comparable to such Interest
Period are offered by the principal London office of the Administrative Agent in immediately
available funds in the London interbank market at approximately 11:00 a.m., London time, two
Business Days prior to the commencement of such Interest Period.

15

 

          “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien,
pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the
interest of a vendor or a lessor under any conditional sale agreement, capital lease or title
retention agreement (or any financing lease having substantially the same economic effect as any of
the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call
or similar right of a third party with respect to such securities.

          “Loan Documents” means this Agreement, the Collateral Agreement and the other Security
Documents.

          “Loan Parties” means the Borrower and the Subsidiary Loan Parties.

          “Loans” means the loans made by the Lenders to the Borrower pursuant to this
Agreement.

          “Margin Stock” shall have the meaning provided such term in Regulation U.

          “Material Adverse Effect” means a material adverse effect on (a) the business, assets,
operations, property, prospects or condition, financial or otherwise, of the Borrower and its
Subsidiaries taken as a whole, (b) the validity or enforceability of any of the Loan Documents, (c)
(i) the ability of the Borrower or the Subsidiary Loan Parties to perform any of their respective
obligations under the Loan Documents or (ii) the ability of the Administrative Agent or the Lenders
to enforce the Obligations or (d) the rights of or benefits available to the Lenders under the Loan
Documents.

          “Material Indebtedness” means Indebtedness (other than the Loans and Letters of
Credit), or obligations in respect of one or more Swap Agreements, of any one or more of the
Borrower and its Subsidiaries in an aggregate principal amount exceeding $5,000,000. For purposes
of determining Material Indebtedness, the “principal amount” of the obligations of the Borrower or
any Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount
(giving effect to any netting agreements) that the Borrower or such Subsidiary would be required to
pay if such Swap Agreement were terminated at such time.

          “Material Real Property Lease” has the meaning set forth in Section 3.05(b).

          “Material Subsidiary” shall mean a Subsidiary or Subsidiaries that, as of the end of
the most recent ended fiscal quarter, account individually or in the aggregate for 5.00% or more of
the Borrower’s consolidated (i) total assets, (ii) shareholders’ equity, (iii) operating income
(calculated for the four most recent fiscal quarters) or (iv) total revenue, determined in each
case in accordance with GAAP.

          “Moody’s” means Moody’s Investors Service, Inc.

          “Mortgage” means a mortgage, deed of trust, assignment of leases and rents, leasehold
mortgage or other security document granting a Lien on any Mortgaged Property to secure the
Obligations. Each Mortgage shall be substantially in the form of Exhibit G.

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          “Mortgaged Property” means, initially, each parcel of real property and the
improvements thereto owned by a Loan Party and identified on Schedule 1.1A, and includes
each other parcel of real property and improvements thereto with respect to which a Mortgage is
granted pursuant to Section 5.11.

          “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of
ERISA.

          “Net Proceeds” means, with respect to any event (a) the cash proceeds received in
respect of such event including (i) any cash received in respect of any non-cash proceeds, (ii) in
the case of a casualty, insurance proceeds, and (iii) in the case of a condemnation or similar
event, condemnation awards and similar payments, net of (b) the sum of (i) all reasonable fees and
out-of-pocket expenses paid by the Loan Parties to third parties (other than Affiliates) in
connection with such event, including without limitation, underwriting discounts and commissions
and other reasonable transaction costs associated therewith, (ii) in the case of a sale, transfer
of other disposition of an asset (including pursuant to a sale and leaseback transaction or a
casualty or condemnation or similar proceeding), the amount of all payments required to be made by
the Loan Parties as a result of such event to repay Indebtedness (other than Loans) secured by such
asset or otherwise subject to mandatory prepayment as a result of such event and taxes reasonably
estimated to be actually payable as a result of such asset disposition within two years of the date
of such disposition, (iii) reasonable reserves taken by Borrower in accordance with GAAP against
any liabilities (actual or contingent) retained by Borrower as determined (in the case of any such
reserves in excess of $1,000,000) by the Board of Directors of Borrower in its reasonable good
faith judgment and evidenced by a resolution of the Board of Directors, and (iv) reasonable
employee termination costs payable in connection with Asset Sales; provided, that any
reduction in such reserve will be treated for all purposes of this Agreement as a new Asset Sale at
the time of such reduction with Net Proceeds equal to the amount of such reduction.

          “Non-Consenting Lender” has the meaning assigned to such term in Section 2.19(c).

          “Obligations” has the meaning assigned to such term in the Collateral Agreement.

          “Other Taxes” means any and all present or future stamp or documentary taxes or any
other excise or property taxes, charges or similar levies arising from any payment made hereunder
or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement.

          “Parent” means, with respect to any Lender, any Person as to which such Lender is,
directly or indirectly, a subsidiary.

          “Participant” has the meaning set forth in Section 9.04.

          “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA
and any successor entity performing similar functions.

17

 

          “Perfection Certificate” means a certificate provided by the Administrative Agent to
the Borrower substantially in the form of Exhibit D or any other form approved by the
Administrative Agent

          “Permitted Acquisition” means any acquisition by the Borrower or its Subsidiary Loan
Parties of the assets of, or all of the Equity Interests in, a Person or division or line of
business of a Person that is engaged in a line or lines of business reasonably related (ancillary
or complementary) to the line of business or lines of business of the Borrower or any Subsidiary
if, immediately after giving effect thereto, (a) no Default or Event of Default has occurred and is
continuing or would result therefrom, (b) in the case of an acquisition of Equity Interests in a
Person, 100% of the Equity Interests in such Person, and any other Subsidiary resulting from such
acquisition, shall be owned directly or indirectly by the Borrower or a Subsidiary Loan Party and
all actions required to be taken, if any, with respect to each Subsidiary resulting from such
acquisition under Sections 5.11 and 5.13 have been or are concurrently taken, (c) the Borrower and
the Subsidiaries are in compliance, on a pro forma basis after giving effect to such acquisition,
with the Financial Covenants recomputed as at the last day of the most recently ended fiscal
quarter of the Borrower for which financial statements are available as if such acquisition had
occurred on the first day of each relevant period for testing such compliance, (d) the business
acquired shall be related to the food service industry or suitable for or related to franchising
and (e) the Borrower has delivered to the Administrative Agent an officers’ certificate to the
effect set forth in clauses (a), (c) and (d) above, together with all relevant financial
information for the business or entity being acquired.

          “Permitted Earnout Agreements” shall mean any agreement by Borrower or one of its
Subsidiaries to pay (i) the seller or sellers of any Person or assets acquired in accordance with
the provisions of this Agreement at any time following the consummation of such acquisition by
reference to the financial performance of the assets acquired or (ii) the purchaser or purchasers
in connection with any Asset Sales the amounts of any deferred maintenance obligations or monies
from repair escrow agreements; provided that the aggregate amount of all such payments
which may be owed under such agreements contemplated by clauses (i) and (ii) at any time of
determination shall not exceed $15,000,000.

          “Permitted Encumbrances” means:

     (a) Liens imposed by law for taxes, assessments or governmental charges or claims that
are not yet due or are being contested in compliance with Section 5.04;

     (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, landlord’s and
other like Liens imposed by law, arising in the ordinary course of business and securing
obligations that are not overdue by more than 30 days or are being contested in compliance
with Section 5.04;

     (c) pledges and deposits made in the ordinary course of business in compliance with
workers’ compensation, unemployment insurance and other social security laws or regulations;

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     (d) deposits to secure the performance of bids, trade contracts, leases, statutory
obligations, surety, indemnity and appeal bonds, performance and return-of-money and
fiduciary bonds and other obligations of a like nature, in each case in the ordinary course
of business;

     (e) judgment liens in respect of judgments that do not constitute an Event of Default
under clause (l) of Article VII;

     (f) easements, zoning restrictions, rights-of-way, licenses, covenants, conditions,
minor defects, encroachments or irregularities in title and similar encumbrances on real
property that do not secure any monetary obligations and do not materially interfere with
the ordinary conduct of business of the Borrower or any Subsidiary at the Real Property
Assets or Real Property Leases subject to such Liens;

     (g) leases or subleases to the extent permitted hereunder granted to others not
interfering in any material respect with the ordinary conduct of the business of Borrower or
any of its Subsidiaries;

     (h) any (i) interest or title of a lessor or sublessor under any lease, (ii)
restriction or encumbrance that the interest or title of such lessor or sublessor may be
subject to, or (iii) subordination of the interest of the lessee or sublessee under such
lease to any restriction or encumbrance referred to in the preceding clause (ii);

     (i) Liens on goods held by suppliers arising in the ordinary course of business for
sums not yet delinquent or being contested in good faith, if such reserve or other
appropriate provision, if any, as shall be required by GAAP shall have been made therefor
and as long as such Lien remains unperfected;

     (j) Liens in favor of customs and revenue authorities arising as a matter of law to
secure payment of customs duties in connection with the importation of goods;

     (k) rights of franchisees under franchise agreements in keeping with the Borrower’s
historical practices;

     (l) with respect to any Real Property Lease in which the Borrower owns a leasehold
estate, any defect or encumbrance caused by or arising out of the failure to record the
lease or a memorandum thereof in the applicable real property records in the county where
such Real Property Lease is located other than any defect or encumbrance created or suffered
by the Borrower; and

     (m) the effect of any moratorium, eminent domain or condemnation proceedings;

provided that the term “Permitted Encumbrances” shall not include any Lien securing
Indebtedness.

          “Permitted Investments” means:

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     (a) investments in Cash or Cash Equivalents;

     (b) investments consisting of notes received from employees of Borrower and its
Subsidiaries in connection with, and in an amount not to exceed the purchase price of, their
purchase of Borrower Common Stock, provided such notes are secured by the Borrower Common
Stock being purchased with the proceeds thereof;

     (c) investments held or to be held by a grantor trust established by Borrower for the
purpose of providing a deferred compensation plan for certain members of management;
provided that the aggregate amount of all such investments made shall not at any time exceed
$10,000,000;

     (d) investments in Subsidiary Loan Parties; and

     (e) investments consisting of notes received in connection with Specified Asset Sales
or Asset Sales to the extent permitted under Section 6.03.

          “Permitted Joint Venture Investment” means one or more Investments by the Borrower or
a Subsidiary Loan Party in Joint Ventures; provided that, (i) each such Joint Venture interest
shall be at least 10% of the total Joint Venture interests of each such Joint Venture and (ii) the
businesses of each such Joint Venture shall consist of the development and operation of a business
which may be conducted by the Borrower hereunder.

          “Person” means any natural person, corporation, limited liability company, trust,
joint venture, association, company, partnership, Governmental Authority or other entity.

          “Plan” means any employee pension benefit plan (other than a Multiemployer Plan)
subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA,
and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated,
would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of
ERISA.”

          “Prepayment Event” means:

     (a) any sale, transfer or other disposition (including without limitation pursuant to a
sale and leaseback transaction or the issuance of Capital Stock of the Subsidiaries (other
than in connection with a Permitted Acquisition)) or other than the sale and transfer of
obsolete or surplus assets; or

     (b) any casualty or other insured damage to, or any taking under power of eminent
domain or by condemnation or similar proceeding of, any property or asset of the Borrower or
any Subsidiary, other than casualties, insured damage or takings resulting in aggregate Net
Proceeds not exceeding $250,000 per occurrence or $1,000,000 in the aggregate during any
fiscal year of the Borrower; or

     (c) the incurrence by the Borrower or any Subsidiary of any Indebtedness, other than
Indebtedness permitted by Section 6.01; or

20

 

     (d) any return to the Borrower or any of its Subsidiaries of any surplus assets of any
pension plan of the Borrower or any of its Subsidiaries.

          “Prime Rate” means the rate of interest per annum publicly announced from time to time
by JPMCB as its prime rate in effect at its principal office in New York City; each change in the
Prime Rate shall be effective from and including the date such change is publicly announced as
being effective.

          “Real Property Assets” means fee owned estate interests of Borrower or any of its
Subsidiaries in land, buildings, improvements, and fixtures attached thereto, other than mall
located, kiosk and “in-line unit” type property.

          “Real Property Lease” has the meaning set forth in Section 3.05(b).

          “Register” has the meaning set forth in Section 9.04.

          “Regulation D,” “Regulation U” and “Regulation X” shall mean,
respectively, Regulation D, Regulation U and Regulation X of the Federal Reserve Board.

          “Regulatory Shares” means, with respect to any Person, shares of such Person required
to be issued as qualifying shares to directors or persons similarly situated or shares issued to
Persons other than Borrower or a wholly owned Subsidiary of Borrower in response to regulatory
requirements of foreign jurisdictions pursuant to a resolution of the Board of Directors of such
Person, so long as such shares do not exceed one percent of the total outstanding shares of equity
such Person and any owners of such shares irrevocably covenant with Borrower to remit to Borrower
or waive any dividends or distributions paid or payable in respect of such shares.

          “Related Parties” means, with respect to any specified Person, such Person’s
Affiliates and the respective directors, officers, employees, agents and advisors of such Person
and such Person’s Affiliates.

          “Replacement Lender” has the meaning assigned to such term in Section 2.19(c).

          “Required Lenders” means, at any time, Lenders having Revolving Credit Exposure, Term
Loans and unused Commitments representing more than 50% of the sum of the total Revolving Credit
Exposures, outstanding Term Loans and unused Commitments at such time who are not Defaulting
Lenders.

          “Restricted Payment” means any dividend or other distribution (whether in cash,
securities or other property) with respect to any Equity Interests in the Borrower or any
Subsidiary, or any payment (whether in cash, securities or other property), including any sinking
fund or similar deposit, on account of the purchase, redemption, retirement, acquisition,
cancellation or termination of any such Equity Interests in the Borrower or any option, warrant or
other right to acquire any such Equity Interests in the Borrower.

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          “Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of
the outstanding principal amount of such Lender’s Revolving Loans and its LC Exposure and Swingline
Exposure at such time.

          “Revolving Loan” means a Loan made pursuant to clause (b) of Section 2.01.

          “Revolving Loan Commitment” means, with respect to each Lender, the commitment, if
any, of such Lender to make Revolving Loans and to acquire participations in Letters of Credit and
Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount of such
Lender’s Revolving Credit Exposure hereunder, as such commitment may be (a) reduced or increased
from time to time pursuant to Section 2.08 and (b) reduced or increased from time to time pursuant
to assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s
Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption (or, in the
case of any Assuming Lender, the agreement entered into by such Assuming Lender under Section
2.08(c)) pursuant to which such Lender shall have assumed its Commitment, as applicable. The
initial aggregate amount of the Lenders’ Revolving Loan Commitments is $60,000,000.

          “Revolving Loan Commitment Increase” has the meaning assigned to such term in Section
2.08.

          “Revolving Loan Commitment Increase Date” has the meaning assigned to such term in
Section 2.08.

          “Revolving Loan Maturity Date” means December 23, 2015.

          “S&P” means Standard & Poor’s Ratings Group.

          “Security Documents” means the Collateral Agreement, the Mortgages, and each other
security agreement or other instrument or document executed and delivered pursuant to Section 5.11
or 5.13 to secure any of the Obligations.

          “Specified Asset Sales” means Asset Sales with respect to (i) sales or leases or
transfers of franchise related properties to franchisees pursuant to the Borrower’s “turnkey”
development programs, (ii) sales, leases or transfers of franchises and related assets and
properties repossessed or reacquired by the Borrower from franchisees and subsequently resold to
new franchisees all in the ordinary course of business, (iii) sales or dispositions of franchise
related properties and assets that are no longer in operation and are surplus to the Borrower’s
needs in the ordinary course of business in an amount not in excess of $5,000,000 in any twelve
month period; provided that such limitation shall not apply to sales and dispositions of the assets
listed on Schedule 1.1B hereto, (iv) exchanges of properties or assets for other properties
or assets (other than cash or cash equivalents) that (1) are useful in the business of the Borrower
and its Subsidiaries as then being conducted and (2) have a fair market value at least equal to the
fair market value of the assets or properties being exchanged (as evidenced by a resolution of the
directors of the Borrower in the case of transactions having a fair market value in excess of
$1,000,000) in the ordinary course of business and (v) sales of franchise related properties in
connection with a market relocation program or the Borrower’s Conversion Strategy.

22

 

          “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of
which is the number one and the denominator of which is the number one minus the aggregate of the
maximum reserve percentages (including any marginal, special, emergency or supplemental reserves)
expressed as a decimal established by the Board to which the Administrative Agent is subject with
respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as
“Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall
include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to
constitute eurocurrency funding and to be subject to such reserve requirements without benefit of
or credit for proration, exemptions or offsets that may be available from time to time to any
Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be
adjusted automatically on and as of the effective date of any change in any reserve percentage.

          “Subject Transaction” means as defined in Section 6.13.

          “Subordinated Debt” means the subordinated debt evidenced by subordinated Indebtedness
issued or incurred by the Borrower subordinated in right of payment to the payment in full of the
Obligations of the Borrower to the Loan Parties under the Loan Documents and other senior
obligations of the Borrower; provided that (i) the negative covenants in such subordinated
Indebtedness are less burdensome than the negative covenants in this Agreement as in effect at the
time such subordinated Indebtedness is incurred, (ii) the affirmative covenants in such
subordinated Indebtedness are no more burdensome than the affirmative covenants in this Agreement
as in effect at the time such subordinated Indebtedness is incurred, (iii) the events of default in
such subordinated Indebtedness relating to insolvency and nonpayment of amounts owed thereunder are
no more restrictive than the corresponding defaults in this Agreement as in effect at the time such
subordinated Indebtedness is incurred, (iv) such subordinated Indebtedness does not cross-default
to other Indebtedness (but may cross-accelerate to other material Indebtedness of Borrower or any
Subsidiary that has guaranteed such subordinated Indebtedness), (v) the subordination provisions in
such subordinated Indebtedness are either (A) reasonably satisfactory to the Administrative Agent
or (B) substantially the same as the subordination provision set forth on Exhibit F hereto,
(vi) such subordinated Indebtedness does not provide for any scheduled payment or mandatory
prepayment of principal earlier than one (1) year after the final maturity of Loans under this
agreement other than redemptions made at the option of the holders of such subordinated
Indebtedness upon a change in control of the Borrower in circumstances that would also constitute a
Change in Control under this Agreement (provided that any such redemption cannot be made
fewer than 30 days after such change in control and that any such redemption is fully and
absolutely subordinated to the indefeasible payment in full of all principal, interest and other
amounts under the Loan Documents) and (vii) no Default or Event of Default shall have occurred and
be continuing at the date of incurrence.

          “Subsidiary” means, with respect to any Person (the “parent”) at any date, any
corporation, limited liability company, partnership, association or other entity the accounts of
which would be consolidated with those of the parent in the parent’s consolidated financial
statements if such financial statements were prepared in accordance with GAAP as of such date, as
well as any other corporation, limited liability company, partnership, association or other entity
(a) of which securities or other ownership interests representing more than 50% of the

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equity or
more than 50% of the ordinary voting power or, in the case of a partnership, more than
50% of the general partnership interests are, as of such date, owned, controlled or held, or
(b) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of
the parent or by the parent and one or more subsidiaries of the parent.

          “Subsidiary Loan Party” means any wholly-owned Subsidiary (direct or indirect) that is
not a Foreign Subsidiary, any Subsidiary that is designated a Subsidiary Loan Party by the Borrower
or any Subsidiary that is otherwise classified as a Subsidiary Loan Party hereunder.

          “Swap Agreement” means any agreement with respect to any swap, forward, future or
derivative transaction or option or similar agreement involving, or settled by reference to, one or
more rates, currencies, commodities, equity or debt instruments or securities, or economic,
financial or pricing indices or measures of economic, financial or pricing risk or value or any
similar transaction or any combination of these transactions; provided that no phantom
stock or similar plan providing for payments only on account of services provided by current or
former directors, officers, employees or consultants of the Borrower or the Subsidiaries shall be a
Swap Agreement.

          “Swingline Exposure” means, at any time, the aggregate principal amount of all
Swingline Loans outstanding at such time. The Swingline Exposure of any Lender at any time shall
be its Applicable Percentage of the total Swingline Exposure at such time.

          “Swingline Lender” means JPMCB, in its capacity as lender of Swingline Loans
hereunder.

          “Swingline Loan” means a Loan made pursuant to Section 2.04.

          “Taxes” means any and all present or future taxes, levies, imposts, duties,
deductions, charges or withholdings imposed by any Governmental Authority.

          “Term Loan” means a Loan made pursuant to clause (a) of Section 2.01.

          “Term Loan Commitment” means, with respect to each Lender, the commitment, if any, of
such Lender to make one or more Term Loans hereunder on the Closing Date, expressed as an amount
representing the maximum aggregate principal amount of the Term Loans to be made by such Lender
hereunder, as such commitment may be reduced or increased from time to time pursuant to assignments
by or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s Term Loan
Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption pursuant to
which such Lender shall have assumed its Term Loan Commitment, as applicable. The initial
aggregate amount of the Lenders’ Term Loan Commitments is $40,000,000.

          “Term Loan Exposure” means, with respect to any Lender, as of any date of
determination, the outstanding principal amount of the Term Loans of such Lender.

          “Term Loan Maturity Date” means December 23, 2015.

          “Terminated Lender” has the meaning assigned to such term in Section 2.19(c).

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          “Title Company” means any of Chicago Title Insurance Company, Stewart Title and
Guaranty Company, Commonwealth Land Title Insurance Company and First American Title Insurance
Company or such other reputable title insurance company reasonably satisfactory to the
Administrative Agent.

          “Total Leverage Ratio” means, on any date of determination, the ratio of (a)
Consolidated Total Indebtedness as of such date less the amounts on deposit in the Breakage Cost
Cash Collateral Account as of such date, to (b) Consolidated EBITDA for the period of four
immediately preceding fiscal quarters of the Borrower ended on such date.

          “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of
interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the
Adjusted LIBO Rate or the Alternate Base Rate.

          “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a
complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of
Subtitle E of Title IV of ERISA.

     SECTION 1.02 Classification of Loans and Borrowings. For purposes of this Agreement,
Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type
(e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving
Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving
Loan Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”) or by Class and Type
(e.g., a “Eurodollar Revolving Borrowing”).

     SECTION 1.03 Terms Generally. The definitions of terms herein shall apply equally to
the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The
word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as
from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference herein to any Person
shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof
and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its
entirety and not to any particular provision hereof, (d) all references herein to Articles,
Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and
Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be
construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights.

     SECTION 1.04 Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial
nature shall be construed in accordance with GAAP, as in effect from time to time; provided
that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to
any provision hereof to

25

 

eliminate the effect of any change occurring after the date hereof in GAAP
or in the application thereof on the operation of such provision (or if the Administrative Agent
notifies the Borrower that the Required Lenders request an amendment to any provision hereof for
such purpose), regardless of whether any such notice is given before or after such change in GAAP
or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in
effect and applied immediately before such change shall have become effective until such notice
shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding any
other provision contained herein, all terms of an accounting or financial nature used herein shall
be construed, and all computations of amounts and ratios referred to herein shall be made, without
giving effect to any change in GAAP with respect to the recognition of leases in financial
statements (and, for the avoidance of doubt, notwithstanding any subsequent change in GAAP,
obligations under leases classified as operating leases under GAAP as of the date hereof shall not
be reclassified as Indebtedness or interest expense and payments with respect to rights under such
leases shall not be reclassified as Consolidated Capital Expenditures for purposes of this
Agreement).

ARTICLE II

The Credits

     SECTION 2.01 Commitments. Subject to the terms and conditions set forth herein, each
Lender agrees (a) if such Lender has made a Term Loan Commitment, to make the Term Loan to the
Borrower in one drawing on the Closing Date and (b) if such Lender has made a Revolving Loan
Commitment, to make Revolving Loans to the Borrower from time to time during the Availability
Period in an aggregate principal amount with respect to the Revolving Loans that will not result in
such Lender’s Revolving Credit Exposure exceeding such Lender’s Revolving Loan Commitment. Within
the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may
borrow, prepay and reborrow Revolving Loans. Amounts repaid in respect of Term Loans may not be
reborrowed.

     SECTION 2.02 Loans and Borrowings. Each Loan (other than a Swingline Loan) shall be
made as part of a Borrowing consisting of Loans of the same Class and Type made by the Lenders
ratably in accordance with their respective Commitments of the applicable Class. The failure of
any Lender to make any Loan required to be made by it shall not relieve any other Lender of its
obligations hereunder; provided that the Commitments of the Lenders are several and no
Lender shall be responsible for any other Lender’s failure to make Loans as required.

          (a) Subject to Sections 2.07 and 2.14, each Borrowing (other than a Swingline Loan) shall be
comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request in accordance
herewith; provided that all Borrowings made on the Closing Date must be
made as ABR Borrowings. Each Lender at its option may make any Eurodollar Loan by causing any
domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any
exercise of such option shall not affect the obligation of the Borrower to repay such Loan in
accordance with the terms of this Agreement. Each Swingline Loan shall be an ABR Loan.

          (b) At the commencement of each Interest Period for any Eurodollar Borrowing, such Borrowing
shall be in an aggregate amount that is an integral multiple of

26

 

$1,000,000 and not less than
$5,000,000. At the time that each ABR Revolving Borrowing is made, such Borrowing shall be in an
aggregate amount that is an integral multiple of $500,000 and not less than $1,000,000;
provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the
entire unused balance of the total Revolving Loan Commitments or that is required to finance the
reimbursement of an LC Disbursement as contemplated by Section 2.06(e). Each Swingline Loan shall
be in an amount that is an integral multiple of $100,000 and not less than $1,000,000. Borrowings
of more than one Type and Class may be outstanding at the same time; provided that there
shall not at any time be more than a total of 10 Eurodollar Borrowings outstanding.

          (c) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled
to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with
respect thereto would end after the Revolving Loan Maturity Date or the Term Loan Maturity Date, as
applicable.

     SECTION 2.03 Requests for Borrowings. To request a Revolving Loan Borrowing or a Term
Loan Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone (a)
in the case of a Eurodollar Borrowing, not later than 12:00 noon, New York City time, three
Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not
later than 12:00 noon, New York City time, one Business Day before the date of the proposed
Borrowing; provided that any such notice of an ABR Revolving Borrowing to finance the
reimbursement of an LC Disbursement as contemplated by Section 2.05(e) may be given not later than
12:00 noon, New York City time, on the date of the proposed Borrowing. Each such telephonic
Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy
to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative
Agent and signed by the Borrower. Each such telephonic and written Borrowing Request shall specify
the following information in compliance with Section 2.02:

     (i) whether the requested Borrowing is to be a Revolving Loan Borrowing or a Term Loan
Borrowing;

     (ii) the aggregate amount of the requested Borrowing;

     (iii) the date of such Borrowing, which shall be a Business Day;

     (iv) whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing;

     (v) in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable
thereto, which shall be a period contemplated by the definition of the term “Interest
Period”; and

     (vi) the location and number of the Borrower’s account to which funds are to be
disbursed, which shall comply with the requirements of Section 2.07.

If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an
ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar

27

 

Borrowing, then the Borrower shall be deemed to have selected an Interest Period of three month’s
duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the
Administrative Agent shall advise each Lender of the details thereof and of the amount of such
Lender’s Loan to be made as part of the requested Borrowing.

     SECTION 2.04 Swingline Loans. (a) Subject to the terms and conditions set forth
herein, the Swingline Lender agrees to make Swingline Loans to the Borrower from time to time
during the Availability Period, in an aggregate principal amount at any time outstanding that will
not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding
$10,000,000 and (ii) the total Revolving Credit Exposures exceeding the total Revolving Loan
Commitments; provided that the Swingline Lender shall not be required to make a Swingline
Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the
terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swingline
Loans.

          (b) To request a Swingline Loan, the Borrower shall notify the Administrative Agent of such
request by telephone (confirmed by telecopy), not later than 12:00 noon, New York City time, on the
day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the
requested date (which shall be a Business Day) and amount of the requested Swingline Loan. The
Administrative Agent will promptly advise the Swingline Lender of any such notice received from the
Borrower. The Swingline Lender shall make each Swingline Loan available to the Borrower by means
of a credit to the general deposit account of the Borrower as designated in the Borrowing Request
(or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as
provided in Section 2.05(e), by remittance to the Issuing Bank) by 3:00 p.m., New York City time,
on the requested date of such Swingline Loan.

          (c) The Swingline Lender may by written notice given to the Administrative Agent not later
than 10:00 a.m., New York City time, on any Business Day require the Revolving Loan Lenders to
acquire participations on such Business Day in all or a portion of the Swingline Loans outstanding.
Such notice shall specify the aggregate amount of Swingline Loans in which the Revolving Loan
Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give
notice thereof to each Revolving Loan Lender, specifying in such notice such Revolving Loan
Lender’s Applicable Percentage of such Swingline Loan or Loans. Each Revolving Loan Lender hereby
absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the
Administrative Agent, for the account of the Swingline Lender, such Lender’s Applicable Percentage
of such Swingline Loan or Loans. Each Revolving Loan Lender acknowledges and agrees that its
obligation to acquire
participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and
shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a
Default or reduction or termination of the Commitments, and that each such payment shall be made
without any offset, abatement, withholding or reduction whatsoever. Each Revolving Loan Lender
shall comply with its obligation under this paragraph by wire transfer of immediately available
funds, in the same manner as provided in Section 2.06 with respect to Loans made by such Revolving
Loan Lender (and Section 2.06 shall apply, mutatis mutandis, to the payment
obligations of the Revolving Loan Lenders), and the Administrative Agent shall promptly pay to the
Swingline Lender the amounts so received by it from the Revolving Loan Lenders. The Administrative
Agent shall notify the Borrower of any participations in any

28

 

Swingline Loan acquired pursuant to
this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the
Administrative Agent and not to the Swingline Lender. Any amounts received by the Swingline Lender
from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after
receipt by the Swingline Lender of the proceeds of a sale of participations therein shall be
promptly remitted to the Administrative Agent; any such amounts received by the Administrative
Agent shall be promptly remitted by the Administrative Agent to the Revolving Loan Lenders that
shall have made their payments pursuant to this paragraph and to the Swingline Lender, as their
interests may appear; provided that any such payment so remitted shall be repaid to the Swingline
Lender or to the Administrative Agent, as applicable, if and to the extent such payment is required
to be refunded to the Borrower for any reason. The purchase of participations in a Swingline Loan
pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof.

     SECTION 2.05 Letters of Credit. (a) General. Subject to the terms and
conditions set forth herein, the Borrower may request the issuance of Letters of Credit for its own
account, in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any
time and from time to time during the Availability Period. In the event of any inconsistency
between the terms and conditions of this Agreement and the terms and conditions of any form of
letter of credit application or other agreement submitted by the Borrower to, or entered into by
the Borrower with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of
this Agreement shall control.

          (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request
the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter
of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication,
if arrangements for doing so have been approved by the Issuing Bank) to the Issuing Bank and the
Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal
or extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of
Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal
or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire
(which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the
name and address of the beneficiary thereof and such other information as shall be necessary to
prepare, amend, renew or extend such Letter of Credit. If requested by the Issuing Bank, the
Borrower also shall submit a letter of credit application on the Issuing Bank’s standard form in
connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended,
renewed or extended only if (and upon
issuance, amendment, renewal or extension of each Letter of Credit the Borrower shall be
deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or
extension (i) the LC Exposure shall not exceed $25,000,000 and (ii) the total Revolving Credit
Exposures shall not exceed the total Revolving Loan Commitments.

          (c) Expiration Date. Each Letter of Credit shall expire at or prior to the close of
business on the earlier of (i) the date one year after the date of the issuance of such Letter of
Credit (or, in the case of any renewal or extension thereof, one year after such renewal or
extension) and (ii) the date that is five Business Days prior to the Revolving Loan Maturity Date;
provided that the immediately preceding clause (i) shall not prevent the Issuing Bank from
agreeing that a Letter of Credit will automatically be extended for one or more successive

29

 

periods
not to exceed one year, each upon prior written request of Borrower which will be provided at least
40 days prior to the expiration of such Letter of Credit, so long as Issuing Bank notifies Borrower
or such beneficiary, as the case may be, in writing not less than 20 days prior to the expiration
date that it has agreed to extend for any such additional period; and provided further,
that no such extension will be made if a Default has occurred and is continuing (and has not been
waived) at the time Issuing Bank must elect whether or not to allow such extension.

          (d) Participations. By the issuance of a Letter of Credit (or an amendment to a
Letter of Credit increasing the amount thereof) and without any further action on the part of the
Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Revolving Loan Lender, and each
Revolving Loan Lender hereby acquires from the Issuing Bank, a participation in such Letter of
Credit equal to such Revolving Loan Lender’s Applicable Percentage of the aggregate amount
available to be drawn under such Letter of Credit. In consideration and in furtherance of the
foregoing, each Revolving Loan Lender hereby absolutely and unconditionally agrees to pay to the
Administrative Agent, for the account of the Issuing Bank, such Revolving Loan Lender’s Applicable
Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the Borrower on
the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required
to be refunded to the Borrower for any reason. Each Revolving Loan Lender acknowledges and agrees
that its obligation to acquire participations pursuant to this paragraph in respect of Letters of
Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever,
including any amendment, renewal or extension of any Letter of Credit or the occurrence and
continuance of a Default or reduction or termination of the Commitments, and that each such payment
shall be made without any offset, abatement, withholding or reduction whatsoever.

          (e) Reimbursement. If the Issuing Bank shall make any LC Disbursement in respect of a
Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative
Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the
date that such LC Disbursement is made, if the Borrower shall have received notice of such LC
Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been
received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York
City time, on the Business Day immediately following the day that the Borrower receives such
notice, if such notice is not received prior to such time on the day of receipt; provided
that, if such LC Disbursement is not less than $1,000,000 the Borrower may, subject to the
conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such
payment be financed with an ABR Revolving Borrowing or Swingline
Loan in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make
such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing or Swingline
Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify
each Revolving Loan Lender of the applicable LC Disbursement, the payment then due from the
Borrower in respect thereof and such Revolving Loan Lender’s Applicable Percentage thereof.
Promptly following receipt of such notice, each Revolving Loan Lender shall pay to the
Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the
same manner as provided in Section 2.06 with respect to Loans made by such Revolving Loan Lender
(and Section 2.06 shall apply, mutatis mutandis, to the payment obligations of the
Revolving Loan Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank the
amounts so received by it from the Revolving

30

 

Loan Lenders. Promptly following receipt by the
Administrative Agent of any payment from the Borrower pursuant to this paragraph, the
Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that
Revolving Loan Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank,
then to such Revolving Loan Lenders and the Issuing Bank as their interests may appear. Any
payment made by a Revolving Loan Lender pursuant to this paragraph to reimburse the Issuing Bank
for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as
contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its
obligation to reimburse such LC Disbursement.

          (f) Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as
provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and
shall be performed strictly in accordance with the terms of this Agreement under any and all
circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any
Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other
document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any
respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the
Issuing Bank under a Letter of Credit against presentation of a draft or other document that does
not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance
whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of
this Section, constitute a legal or equitable discharge of, or provide a right of setoff against,
the Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor the
Issuing Bank, nor any of their Related Parties, shall have any liability or responsibility by
reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or
failure to make any payment thereunder (irrespective of any of the circumstances referred to in the
preceding sentence), or any error, omission, interruption, loss or delay in transmission or
delivery of any draft, notice or other communication under or relating to any Letter of Credit
(including any document required to make a drawing thereunder), any error in interpretation of
technical terms or any consequence arising from causes beyond the control of the Issuing Bank;
provided that the foregoing shall not be construed to excuse the Issuing Bank from
liability to the Borrower to the extent of any direct damages (as opposed to consequential damages,
claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable
law) suffered by the Borrower that are caused by the Issuing Bank’s failure to exercise care when
determining whether drafts and other documents presented under a Letter of Credit comply with the
terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or
willful misconduct on the part of the Issuing Bank (as finally determined by a court of competent
jurisdiction), the Issuing Bank shall be deemed to have exercised care in each such
determination. In furtherance of the foregoing and without limiting the generality thereof,
the parties agree that, with respect to documents presented which appear on their face to be in
substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole
discretion, either accept and make payment upon such documents without responsibility for further
investigation, regardless of any notice or information to the contrary, or refuse to accept and
make payment upon such documents if such documents are not in strict compliance with the terms of
such Letter of Credit.

          (g) Disbursement Procedures. The Issuing Bank shall, promptly following its receipt
thereof, examine all documents purporting to represent a demand for payment under a

31

 

Letter of
Credit. The Issuing Bank shall promptly notify the Administrative Agent and the Borrower by
telephone (confirmed by telecopy) of such demand for payment and whether the Issuing Bank has made
or will make an LC Disbursement thereunder; provided that any failure to give or delay in
giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank
and the Lenders with respect to any such LC Disbursement.

          (h) Interim Interest. If the Issuing Bank shall make any LC Disbursement, then,
unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement
is made, the unpaid amount thereof shall bear interest, for each day from and including the date
such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC
Disbursement, at the rate per annum then applicable to ABR Revolving Loans; provided that,
if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this
Section, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be
for the account of the Issuing Bank, except that interest accrued on and after the date of payment
by any Revolving Loan Lender pursuant to paragraph (e) of this Section to reimburse the Issuing
Bank shall be for the account of such Lender to the extent of such payment.

          (i) Replacement of the Issuing Bank. The Issuing Bank may be replaced at any time
with the written consent of the Borrower, the Administrative Agent, the replaced Issuing Bank and
the successor Issuing Bank, each of which consents shall not be unreasonably withheld. The
Administrative Agent shall notify the Lenders of any such replacement of the Issuing Bank. At the
time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued
for the account of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the
effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights
and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit to be
issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to
refer to such successor or to any previous Issuing Bank, or to such successor and all previous
Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder,
the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and
obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it
prior to such replacement, but shall not be required to issue additional Letters of Credit.

          (j) Cash Collateralization. If any Event of Default shall occur and be continuing, on
the Business Day that the Borrower receives notice from the Administrative Agent or the Required
Lenders (or, if the maturity of the Loans has been accelerated, Lenders
with LC Exposure representing greater than 50% of the total LC Exposure) demanding the deposit
of cash collateral pursuant to this paragraph, the Borrower shall deposit in an account with the
Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders,
an amount in cash equal to the LC Exposure as of such date plus any accrued and unpaid interest
thereon; provided that the obligation to deposit such cash collateral shall become
effective immediately, and such deposit shall become immediately due and payable, without demand or
other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower
described in clause (i) or (j) of Article VII. Such deposit shall be held by the Administrative
Agent as collateral for the payment and performance of the obligations of the Borrower under this
Agreement. The Administrative Agent shall have exclusive dominion and

32

 

control, including the
exclusive right of withdrawal, over such account. Other than any interest earned on the investment
of such deposits, which investments shall be made at the option and sole discretion of the
Administrative Agent or at the request of the Borrower, and at the Borrower’s risk and expense,
such deposits shall not bear interest. Interest or profits, if any, on such investments shall
accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to
reimburse the Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the
extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the
Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated
(but subject to the consent of Lenders with LC Exposure representing greater than 50% of the total
LC Exposure), be applied to satisfy other obligations of the Borrower under this Agreement. If the
Borrower is required to provide an amount of cash collateral hereunder as a result of the
occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be
returned to the Borrower within three Business Days after all Events of Default have been cured or
waived.

          (k) Existing Letters of Credit. On and after the Closing Date, the Existing Letters
of Credit shall be deemed to have been issued by the Issuing Bank pursuant to the terms of this
Agreement and shall constitute Letters of Credit for all purposes hereunder and under the other
Loan Documents. The Borrower agrees that it shall reimburse the Issuing Bank upon any draw under
the Existing Letters of Credit in accordance with Section 2.05(e) and the other provisions of this
Agreement.

     SECTION 2.06 Funding of Borrowings. (a) Each Lender shall make each Loan to be made
by it hereunder on the proposed date thereof by wire transfer of immediately available funds by
12:00 noon, New York City time, to the account of the Administrative Agent most recently designated
by it for such purpose by notice to the Lenders; provided that Swingline Loans shall be
made as provided in Section 2.04. The Administrative Agent will make such Loans available to the
Borrower by promptly crediting the amounts so received, in like funds, to an account of the
Borrower maintained with the Administrative Agent in New York City and designated by the Borrower
in the applicable Borrowing Request; provided that ABR Revolving Loans made to finance the
reimbursement of an LC Disbursement as provided in Section 2.05(e) shall be remitted by the
Administrative Agent to the Issuing Bank.

          (b) Unless the Administrative Agent shall have received notice from a Lender prior to the
proposed date of any Borrowing that such Lender will not make available to the
Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may
assume that such Lender has made such share available on such date in accordance with paragraph (a)
of this Section and may, in reliance upon such assumption, make available to the Borrower a
corresponding amount. In such event, if a Lender has not in fact made its share of the applicable
Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower
severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount
with interest thereon, for each day from and including the date such amount is made available to
the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case
of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in
the case of the Borrower, the interest rate applicable to

33

 

ABR Loans. If such Lender pays such
amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included
in such Borrowing.

     SECTION 2.07 Interest Elections. (a) Each Revolving Loan Borrowing and Term Loan
Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the
case of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such
Borrowing Request. Thereafter, the Borrower may elect to convert such Revolving Loan Borrowing or
the Term Loan Borrowing to a different Type or to continue such Borrowing and, in the case of a
Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this Section. The
Borrower may elect different options with respect to different portions of the affected Borrowing,
in which case each such portion shall be allocated ratably among the Lenders holding the Loans
comprising such Borrowing, and the Loans comprising each such portion shall be considered a
separate Borrowing. This Section shall not apply to Swingline Loans, which may not be converted or
continued.

          (b) To make an election pursuant to this Section, the Borrower shall notify the Administrative
Agent of such election by telephone by the time that a Borrowing Request would be required under
Section 2.03 if the Borrower were requesting a Revolving Loan Borrowing of the Type resulting from
such election to be made on the effective date of such election. Each such telephonic Interest
Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy
to the Administrative Agent of a written Interest Election Request in a form approved by the
Administrative Agent and signed by the Borrower.

          (c) Each telephonic and written Interest Election Request shall specify the following
information in compliance with Section 2.02:

     (i) the Borrowing to which such Interest Election Request applies and, if different
options are being elected with respect to different portions thereof, the portions thereof
to be allocated to each resulting Borrowing (in which case the information to be specified
pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

     (ii) the effective date of the election made pursuant to such Interest Election
Request, which shall be a Business Day;

     (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar
Borrowing; and

     (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be
applicable thereto after giving effect to such election, which shall be a period
contemplated by the definition of the term “Interest Period”.

If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an
Interest Period, then the Borrower shall be deemed to have selected an Interest Period of three
month’s duration.

34

 

          (d) Promptly following receipt of an Interest Election Request, the Administrative Agent
shall advise each Lender of the details thereof and of such Lender’s portion of each resulting
Borrowing.

          (e) If the Borrower fails to deliver a timely Interest Election Request with respect to a
Eurodollar Borrowing prior to the end of the Interest Period applicable thereto, then, unless such
Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be
converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of
Default has occurred and is continuing and the Administrative Agent, at the request of the Required
Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no
outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless
repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest
Period applicable thereto.

     SECTION 2.08 Termination, Reduction and Increase of Commitments.

          (a) Voluntary Termination or Reduction. The Borrower may at any time terminate, or
from time to time reduce, the Revolving Loan Commitments; provided that (i) each reduction
of the Revolving Loan Commitments shall be in an amount that is an integral multiple of $1,000,000
and not less than $5,000,000 (or lesser amount if the outstanding Revolving Loan Commitments are
less) and (ii) the Borrower shall not terminate or reduce the Revolving Loan Commitments if, after
giving effect to any concurrent prepayment of the Loans in accordance with Section 2.10, the
Revolving Credit Exposures would exceed the total Revolving Loan Commitments.

          (b) Notice and Effect of Termination or Reduction. The Borrower shall notify the
Administrative Agent of any election to terminate or reduce the Revolving Loan Commitments under
paragraph (a) of this Section at least three Business Days prior to the effective date of such
termination or reduction, specifying such election and the effective date thereof. Promptly
following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents
thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable;
provided that a notice of termination of the Revolving Loan Commitments delivered by the
Borrower may state that such notice is conditioned upon the effectiveness of other credit
facilities, in which case such notice may be revoked by the Borrower (by notice to the
Administrative Agent on or prior to the specified effective date) if such condition is not
satisfied. Any termination or reduction of the Revolving Loans Commitments shall be permanent.
Each reduction of the Revolving Loan Commitments shall be made ratably among the Lenders in
accordance with their respective Revolving Loan Commitments.

          (c) Increase of Commitment. The Borrower may, at any time after the three month
anniversary of the Closing Date, by notice to the Administrative Agent, propose an increase in the
total Revolving Loan Commitments hereunder (each such proposed increase being a “Revolving Loan
Commitment Increase”) either by having a Lender increase its Revolving Loan Commitment then in
effect (each an “Increasing Lender”) or by adding as a Lender with a new Revolving Loan
Commitment hereunder a Person which is not then a Lender
(each an “Assuming Lender”) in each case with the approval of the Administrative
Agent, Issuing Bank and Swingline Lender (in each case, not to be unreasonably withheld), which

35

 

notice shall specify the name of each Increasing Lender and/or Assuming Lender, as applicable, the
amount of the Revolving Loan Commitment Increase and the portion thereof being assumed by each such
Increasing Lender or Assuming Lender, and the date on which such Revolving Loan Commitment Increase
is to be effective (a “Revolving Loan Commitment Increase Date”) (which shall be a Business
Day at least three Business Days after delivery of such notice and 30 days prior to the Revolving
Loan Maturity Date); provided that no Lender shall have any obligation hereunder to become
an Increasing Lender and any election to do so shall be in the sole discretion of each Lender;
provided further that:

     (i) the amount of any Revolving Loan Commitment Increase, and the amount of the
Revolving Loan Commitment of any Assuming Lender as part of any Revolving Loan Commitment
Increase, shall be in a minimum amount of $5,000,000 and in multiples of $1,000,000;

     (ii) the aggregate amount of all Revolving Loan Commitment Increases shall not exceed
$20,000,000;

     (iii) no Default or Event of Default shall have occurred and be continuing on the
relevant Revolving Loan Commitment Increase Date or shall result from any Revolving Loan
Commitment Increase; and

     (iv) the representations and warranties of the Borrower set forth in the Loan Documents
shall be true and correct in all material respects on and as of the date of the Revolving
Loan Commitment Increase Date, except to the extent such representations and warranties
specifically relate to an earlier date, in which case such representations and warranties
shall have been true, correct and complete in all material respects on and as of such
earlier date.

Each Revolving Loan Commitment Increase (and the increase of the Revolving Loan Commitment of each
Increasing Lender and/or the new Revolving Loan Commitment of each Assuming Lender, as applicable,
resulting therefrom) shall become effective as of the relevant Revolving Loan Commitment Increase
Date upon receipt by the Administrative Agent, on or prior to 9:00 a.m., New York City time, on
such Revolving Loan Commitment Increase Date, of (A) a certificate of a duly authorized officer of
the Borrower stating that the conditions with respect to such Revolving Loan Commitment Increase
under this paragraph (c) have been satisfied, (B) an agreement, in form and substance satisfactory
to the Borrower and the Administrative Agent, pursuant to which, effective as of such Revolving
Loan Commitment Increase Date, the Revolving Loan Commitment of each such Increasing Lender shall
be increased or each such Assuming Lender, as applicable, shall undertake a Revolving Loan
Commitment, duly executed by such Increasing Lender or Assuming Lender, as the case may be, and the
Borrower and acknowledged by the Administrative Agent, the Issuing Bank and the Swingline Lender
and (C) such other documentation reasonably requested by the Administrative Agent (including any
necessary amendments to the Security Documents in connection with the Revolving Loan Commitment
Increase). Upon the Administrative Agent’s receipt of a fully executed agreement from each
Increasing Lender and/or Assuming Lender referred to in clause
(B) above, together with the other documentation referred to in clauses (A) and (C) above, the
Administrative Agent shall record the information contained in each such agreement in the

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Register
and give prompt notice of the relevant Revolving Loan Commitment Increase to the Borrower and the
Lenders (including, if applicable, each Assuming Lender). On each Revolving Loan Commitment
Increase Date, the Borrower shall (a) request funding of Revolving Loans by each Increasing Lender
or Assuming Lender for whom a Revolving Loan Commitment Increase is then effective in such amounts
and with such Interest Periods as may be required (after giving effect to the partial payment
provided for in clause (ii) below) to cause each outstanding Borrowing to be held by all Lenders
with a Revolving Loan Commitment (including such Increasing Lender or Assuming Lender) ratably in
proportion to the Revolving Loan Commitments and (ii) direct the Administrative Agent to apply the
proceeds of such funding to the partial prepayment of Borrowings outstanding to Lenders with
Revolving Loan Commitments immediately before giving effect to such Revolving Loan Commitment
Increase, ratably in proportion to the amount outstanding owing to them before giving effect to
such Revolving Loan Commitment Increase. Each Lender will have the right to request compensation
under Section 2.16 in respect of such partial prepayment, to the extent therein provided. Upon
each Revolving Loan Commitment Increase, the participation interests of the Lenders in the then
outstanding Letters of Credit and Swingline Loans shall automatically be adjusted to reflect, and
each Lender (including each Increasing Lender or Assuming Lender) shall have a participation in
each such Letters of Credit and Swingline Loans equal to, the Lenders’ respective Applicable
Percentage thereof, after giving effect to such increase.

     SECTION 2.09 Repayment of Loans; Evidence of Debt. (a) The Borrower hereby
unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the
then unpaid principal amount of each Revolving Loan on the Revolving Loan Maturity Date, (ii) to
the Administrative Agent for the account of each Lender the then unpaid principal amount of such
Lender’s Term Loan on the Term Loan Maturity Date and (iii) to the Swingline Lender the then unpaid
principal amount of each Swingline Loan on the earlier of the Revolving Loan Maturity Date and the
first date after such Swingline Loan is made that is the 15th or last day of a calendar month and
is at least three Business Days after such Swingline Loan is made; provided that on each
date that a Revolving Loan Borrowing is made, the Borrower shall repay all Swingline Loans then
outstanding.

          (b) Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such
Lender, including the amounts of principal and interest payable and paid to such Lender from time
to time hereunder.

          (c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount
of each Loan made hereunder, the Class and Type thereof and the Interest Period applicable thereto,
(ii) the amount of any principal or interest due and payable or to become due and payable from the
Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative
Agent hereunder for the account of the Lenders and each Lender’s share thereof.

          (d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this
Section shall be prima facie evidence of the existence and amounts of the
obligations recorded therein; provided that the failure of any Lender or the Administrative
Agent to maintain

37

 

such accounts or any error therein shall not in any manner affect the obligation
of the Borrower to repay the Loans in accordance with the terms of this Agreement.

          (e) Any Lender may request that Loans made by it be evidenced by a promissory note. In such
event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to
the order of such Lender (or, if requested by such Lender, to such Lender and its registered
assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by
such promissory note and interest thereon shall at all times (including after assignment pursuant
to Section 9.04) be represented by one or more promissory notes in such form payable to the order
of the payee named therein (or, if such promissory note is a registered note, to such payee and its
registered assigns).

     SECTION 2.10 Prepayment of Loans. (a) The Borrower shall have the right at any time
and from time to time to prepay any Borrowing in whole or in part, subject to (i) prior notice in
accordance with paragraph (b) of this Section and (ii) Section 2.16.

          (b) The Borrower shall notify the Administrative Agent (and, in the case of prepayment of a
Swingline Loan, the Swingline Lender) by telephone (confirmed by telecopy) of any prepayment
hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than 12:00 noon., New
York City time, three Business Days before the date of prepayment, (ii) in the case of prepayment
of an ABR Borrowing, not later than 12:00 noon., New York City time, one Business Day before the
date of prepayment or (iii) in the case of prepayment of a Swingline Loan, not later than 12:00
noon, New York City time, on the date of prepayment. Each such notice shall be irrevocable and
shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to
be prepaid; provided that, if a notice of prepayment is given in connection with a
conditional notice of termination of the Revolving Loan Commitments as contemplated by Section
2.08, then such notice of prepayment may be revoked if such notice of termination is revoked in
accordance with Section 2.08. Promptly following receipt of any such notice relating to a
Revolving Loan Borrowing or a Term Loan Borrowing, the Administrative Agent shall advise the
Lenders of the contents thereof. Each partial prepayment of any Revolving Loan Borrowing or any
Term Loan Borrowing shall be in an amount that would be permitted in the case of an advance of a
Revolving Loan Borrowing or a Term Loan Borrowing of the same Type as provided in Section 2.02,
except as necessary to apply fully the required amount of a mandatory prepayment. Each prepayment
of a Revolving Loan Borrowing or a Term Loan Borrowing shall be applied ratably to the Loans
included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the
extent required by Section 2.13.

          (c) In the event and on each occasion that any Net Proceeds are received by or on behalf of
the Borrower or any Subsidiary in respect of any Prepayment Event, the Borrower shall, within one
Business Day after such Net Proceeds are received, prepay Term Loan Borrowings in accordance with
paragraph (d) below in an aggregate amount equal to such Net
Proceeds; provided that, if the Borrower shall deliver to the Administrative Agent a
certificate of a Financial Officer to the effect that the Borrower and the Subsidiaries intend to
apply the Net Proceeds from, (y) in the case of any event described in clause (a) or (b) of the
definition of the term Prepayment Event, within 9 months after receipt of such Net Proceeds, and
(z) in the case of any issuance of Capital Stock by the Subsidiaries to finance a Permitted
Acquisition, within

38

 

360 days after receipt of such Net Proceeds, to (i) acquire real property,
equipment or other tangible assets to be used in the business of the Borrower and the Subsidiaries
(or in the case of an event described in clause (b) of the definition of the term Prepayment Event,
to promptly and diligently apply such Net Proceeds to pay or reimburse the cost of repairing or
restoring or replacing the assets in respect of which such Net Proceeds were received) or (ii) make
Permitted Acquisitions, (other than Net Proceeds received from business interruption insurance for
working capital and general corporate purposes), and certifying that no Default has occurred and is
continuing, then no prepayment shall be required pursuant to this paragraph in respect of the Net
Proceeds in respect of such event (or the portion of such Net Proceeds specified in such
certificate, if applicable) except to the extent of any such Net Proceeds therefrom that have not
been so applied by the end of such 9 month or 360 day period, as applicable, at which time a
prepayment shall be required in an amount equal to such Net Proceeds that have not been so applied.
In addition, in the event and on each occasion that the Borrower or any Subsidiary shall sell,
lease or otherwise dispose of any asset (whether or not such transaction shall constitute a
Prepayment Event), if the Borrower would be required to prepay or redeem, or to offer to prepay or
redeem, any Subordinated Debt as a result of such transaction unless the proceeds of such
transaction are applied within a specified period to prepay Term Loan Borrowings (or otherwise
reinvested as permitted in accordance with the terms of such Subordinated Debt), then the Borrower
shall (unless such proceeds are otherwise reinvested within the specified period in a manner that
relieves the Borrower of any such requirement in respect of the Subordinated Debt) prepay Term Loan
Borrowings in accordance with paragraph (d) below within such specified period to the extent
necessary to relieve the Borrower of any such requirement. In the event the Borrower receives any
such Net Proceeds (not immediately reinvested in accordance with this Section 2.10(c)) in excess of
$10,000,000 in the aggregate in any fiscal year, the Borrower shall within three Business Days of
receipt thereof, deposit such excess Net Proceeds in the Breakage Cost Cash Collateral Account,
pending the application of such Net Proceeds in accordance with this Section 2.10(c).
Notwithstanding anything to the contrary set forth herein, at the Borrower’s option, the Net
Proceeds from Specified Asset Sales may be used to prepay Revolving Loans, provided such amount may
only be re-borrowed as Revolving Loans to make reinvestments or prepayments in accordance with this
Section 2.10(c).

          (d) Prior to any optional prepayment of Borrowings hereunder, the Borrower shall select the
Borrowing or Borrowings to be prepaid and shall specify such selection in the notice of such
prepayment pursuant to paragraph (b) of this Section. In the event of any mandatory prepayment of
Term Loan Borrowings the aggregate amount of such prepayment shall be allocated among the Term Loan
Lenders pro rata based on the aggregate principal amount of outstanding Borrowings.

          (e) If on any day on which Loans would otherwise be required to be prepaid pursuant to this
Section 2.10, (each a “Prepayment Date”), the amount of such required prepayment exceeds
the then outstanding aggregate principal amount of ABR Loans which are of the Class required to be
prepaid, and no Default exists or is continuing, then on such
Prepayment Date, at any time following the establishment of the Breakage Cost Cash Collateral
Account pursuant to Section 8.02, at the election of Borrower, (i) Borrower shall deposit dollars
into the Breakage Cost Cash Collateral Account in an amount equal to such excess, and only the
outstanding ABR Loans which are of the Class required to be prepaid shall be required to be prepaid
on such Prepayment Date and (ii) on the last day of each Interest Period after such

39

 

Prepayment Date
in effect with respect to a Eurodollar Loan which is of the Class required to be prepaid, the
Administrative Agent is irrevocably authorized and directed to apply funds from the Breakage Cost
Cash Collateral Account (and liquidate investments held in the Breakage Cost Cash Collateral
Account as necessary) to prepay such Eurodollar Loans for which the Interest Period is then ending
to the extent funds are available in the Breakage Cost Cash Collateral Account.

     SECTION 2.11 Amortization of Term Loans. (a) Subject to adjustment pursuant to
paragraph (c) of this Section, the Borrower shall repay the Term Loan on each date set forth below
in a principal amount equal to the percentage of the original principal amount of the Term Loan
made on the Closing Date set forth opposite such date:

	 	 	 	 	 
	Date	 	Installment (%)
	March 31, 2011
	 	 	3.125	%
	June 30, 2011
	 	 	3.125	%
	September 30, 2011
	 	 	3.125	%
	December 31, 2011
	 	 	3.125	%
	March 31, 2012
	 	 	3.125	%
	June 30, 2012
	 	 	3.125	%
	September 30, 2012
	 	 	3.125	%
	December 31, 2012
	 	 	3.125	%
	March 31, 2013
	 	 	3.750	%
	June 30, 2013
	 	 	3.750	%
	September 30, 2013
	 	 	3.750	%
	December 31, 2013
	 	 	3.750	%
	March 31, 2014
	 	 	3.750	%
	June 30, 2014
	 	 	3.750	%
	September 30, 2014
	 	 	3.750	%
	December 31, 2014
	 	 	3.750	%
	March 31, 2015
	 	 	11.25	%
	June 30, 2015
	 	 	11.25	%
	September 30, 2015
	 	 	11.25	%

          (b) To the extent not previously paid, all Term Loans shall be due and payable on the Term
Loan Maturity Date.

          (c) Any prepayment of the Term Loans shall be applied to reduce the subsequent scheduled
repayments of the Term Loans to be made pursuant to this Section ratably.

          (d) Prior to any repayment of the Term Loans hereunder, the Borrower shall notify the
Administrative Agent by telephone (confirmed by telecopy) not later than 12:00 noon, New York City
time, three Business Days before the scheduled date of such repayment. Each repayment of a
Borrowing shall be applied ratably to the Loans included in the repaid Borrowing. Repayments of
the Term Loans shall be accompanied by accrued interest on the amount repaid.

40

 

     SECTION 2.12 Fees. (a) Borrower agrees to pay to Administrative Agent for the account
of each Lender a commitment fee, which shall accrue at the Applicable Rate on the average daily
unused amount of the Revolving Loan Commitment of such Lender during the period from and including
the Closing Date to and excluding the date such Revolving Loan Commitment terminates. Such
commitment fees shall accrue and be payable in arrears on the third Business Day following the last
day of March, June, September and December of each year and on the date on which the Revolving Loan
Commitments terminate, commencing on the first such date to occur after the date hereof. All
commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the
actual number of days elapsed (including the first day but excluding the last day). For purposes
of computing commitment fees, the Revolving Loan Commitment of a Lender shall be deemed to be used
to the extent of the outstanding Revolving Loans and LC Exposure of such Lender (and the Swingline
Exposure of such Lender shall be disregarded for such purpose).

          (b) The Borrower agrees to pay (i) to the Administrative Agent for the account of each Lender
a participation fee with respect to its participations in Letters of Credit, which shall accrue at
the same Applicable Rate used to determine the interest rate applicable to Eurodollar Revolving
Loans on the average daily amount of such Lender’s LC Exposure (excluding any portion thereof
attributable to unreimbursed LC Disbursements) during the period from and including the Closing
Date to but excluding the later of the date on which such Lender’s Commitment terminates and the
date on which such Lender ceases to have any LC Exposure, and (ii) to the Issuing Bank a fronting
fee, which shall accrue at the rate of 0.125% per annum on the average daily amount of the LC
Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the
period from and including the Closing Date to but excluding the later of the date of termination of
the Commitments and the date on which there ceases to be any LC Exposure, as well as the Issuing
Bank’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter of
Credit or processing of drawings thereunder. Participation fees and fronting fees accrued through
and including the last day of March, June, September and December of each year shall be payable on
the third Business Day following such last day, commencing on the first such date to occur after
the Closing Date; provided that all such fees shall be payable on the date on which the
Commitments terminate and any such fees accruing after the date on which the Commitments terminate
shall be payable on demand. Any other fees payable to the Issuing Bank pursuant to this paragraph
shall be payable within 10 days after demand. All participation fees and fronting fees shall be
computed on the basis of a year of 360 days and shall be payable for the actual number of days
elapsed (including the first day but excluding the last day).

          (c) The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable
in the amounts and at the times separately agreed upon between the Borrower and the Administrative
Agent.

          (d) All fees payable hereunder shall be paid on the dates due, in immediately available funds,
to the Administrative Agent (or to the Issuing Bank, in the case of fees payable to it) for
distribution, in the case of commitment fees and participation fees, to the Lenders. Fees paid
shall not be refundable under any circumstances.

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     SECTION 2.13 Interest. (a) The Loans comprising each ABR Borrowing (including each
Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable Rate.

          (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO
Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.

          (c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or
other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity,
upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before
judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% plus
the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section
or (ii) in the case of any other amount, 2.00% plus the rate applicable to ABR Loans as provided in
paragraph (a) of this Section.

          (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date
for such Loan and, in the case of Revolving Loans, upon termination of the Revolving Loan
Commitments; provided that (i) interest accrued pursuant to subsection (c) of this Section
2.13 shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan
(other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period),
accrued interest on the principal amount repaid or prepaid shall be payable on the date of such
repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to
the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on
the effective date of such conversion.

          (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that
interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is
based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap
year), and in each case shall be payable for the actual number of days elapsed (including the first
day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO
Rate shall be determined by the Administrative Agent, and such determination shall be conclusive
absent manifest error.

     SECTION 2.14 Alternate Rate of Interest. If prior to the commencement of any Interest
Period for a Eurodollar Borrowing:

          (a) the Administrative Agent determines (which determination shall be conclusive absent
manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO
Rate or the LIBO Rate, as applicable, for such Interest Period; or

          (b) the Administrative Agent is advised by the any of the Lenders that the making of
Eurodollar Loan (i) has become unlawful as a result of compliance by such Lender in good faith with
any law, treaty, governmental rule, regulation, guideline or order (or would conflict with any such
treaty, governmental rule, regulation, guideline or order not having the force of law even though
the failure to comply therewith would not be unlawful) or (ii) has become impracticable, or would
cause such Lender material hardship, as a result of

42

 

contingencies occurring after the date of this
Agreement which materially and adversely affect the interbank Eurodollar market or the position of
such Lender in that market, then, and in any such event, such Lender shall be an “Affected
Lender” and it shall on that day give notice (by facsimile or by telephone confirmed in
writing) to Borrower and Administrative Agent of such determination (which notice Administrative
Agent shall promptly transmit to each other Lender).

     Thereafter (a) the obligation of the Affected Lender to make Loans as, or to convert Loans to,
Eurodollar Loans shall be suspended until such notice shall be withdrawn by the Affected Lender,
(b) to the extent such determination by the Affected Lender relates to a Eurodollar Loan then being
requested by Borrower pursuant to a Borrowing Request or a notice of conversion/continuation, the
Affected Lender shall make such Loan as (or convert such Loan to, as the case may be) a ABR Loan,
(c) the Affected Lender’s obligation to maintain its outstanding Eurodollar Loans (the
“Affected Loans”) shall be terminated at the earlier to occur of the expiration of the
Interest Period then in effect with respect to the Affected Loans or when required by law, and (d)
the Affected Loans shall automatically convert into ABR Loans on the date of such termination.

     Notwithstanding the foregoing, to the extent a determination by an Affected Lender as
described above relates to a Eurodollar Loan then being requested by Borrower pursuant to a
Borrowing Request or a notice of conversion/continuation, Borrower shall have the option to rescind
such Borrowing Request or notice of conversion/continuation as to all Lenders by giving notice (by
facsimile or by telephone confirmed in writing) to Administrative Agent of such rescission on the
date on which the Affected Lender gives and Borrower receives notice of its determination as
described above (which notice of rescission Administrative Agent shall promptly transmit to each
other Lender). Except as provided in the immediately preceding sentence, nothing in this
subsection (b) shall affect the obligation of any Lender other than an Affected Lender to make or
maintain Loans as, or to convert Loans to, Eurodollar Loans in accordance with the terms of this
Agreement.

     SECTION 2.15 Increased Costs. (a) If any Change in Law shall:

     (i) impose, modify or deem applicable any reserve, special deposit or similar
requirement against assets of, deposits with or for the account of, or credit extended by,
any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or the
Issuing Bank; or

     (ii) impose on any Lender or the Issuing Bank or the London interbank market any other
condition affecting this Agreement or Eurodollar Loans made by such Lender or any Letter of
Credit or participation therein;

and the result of any of the foregoing shall be to increase the cost to such Lender of making or
maintaining any Eurodollar Loan or to increase the cost to such Lender or the Issuing Bank of
participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum
received or receivable by such Lender or the Issuing Bank hereunder (whether of principal, interest
or otherwise), then the Borrower will pay to such Lender or the Issuing Bank, as the case may be,
such additional amount or amounts as will compensate such Lender or the Issuing Bank, as the case
may be, for such additional costs incurred or reduction suffered.

43

 

          (b) If any Lender or the Issuing Bank determines that any Change in Law regarding capital
requirements has or would have the effect of reducing the rate of return on such Lender’s or the
Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding company, if
any, as a consequence of this Agreement or the Loans made by, or participations in Letters of
Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below
that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company
could have achieved but for such Change in Law (taking into consideration such Lender’s or the
Issuing Bank’s policies and the policies of such Lender’s or the Issuing Bank’s holding company
with respect to capital adequacy), then from time to time the Borrower will pay to such Lender or
the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such
Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company for any such
reduction suffered.

          (c) A certificate of a Lender or the Issuing Bank setting forth the amount or amounts
necessary to compensate such Lender or the Issuing Bank or its holding company, as the case may be,
as specified in subsections (a) or (b) of this Section 2.15 and setting forth in reasonable detail
the basis for calculating the additional amounts owed to such Lender or Issuing Bank, as the case
may be, shall be delivered to the Borrower and shall be conclusive absent manifest error. The
Borrower shall pay such Lender or the Issuing Bank, as the case may be, the amount shown as due on
any such certificate within 10 days after receipt thereof.

          (d) Failure or delay on the part of any Lender or the Issuing Bank to demand compensation
pursuant to this Section shall not constitute a waiver of such Lender’s or the Issuing Bank’s right
to demand such compensation; provided that the Borrower shall not be required to compensate
a Lender or the Issuing Bank pursuant to this Section for any increased costs or reductions
incurred more than 270 days prior to the date that such Lender or the Issuing Bank, as the case may
be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions
and of such Lender’s or the Issuing Bank’s intention to claim compensation therefor;
provided further that, if the Change in Law giving rise to such increased costs or
reductions is retroactive, then the 270-day period referred to above shall be extended to include
the period of retroactive effect thereof.

     SECTION 2.16 Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than on the
last day of an Interest Period applicable thereto (including as a result of an Event of Default),
(b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period
applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurodollar Loan on
the date specified in any notice delivered pursuant hereto (regardless of whether such notice may
be revoked under Section 2.10(b) and is revoked in accordance therewith) or (d) the assignment of
any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a
result of a request by the Borrower pursuant to Section 2.19, then, in any such event, the Borrower
shall compensate each Lender for the loss, cost and expense attributable to such event. In the
case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed to include an
amount determined by such Lender to be the excess, if any, of (i) the amount of interest which
would have accrued on the principal amount of such Loan had such event not occurred, at the
Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of
such event to the last day of the then current Interest Period therefor (or, in the case of a
failure to borrow, convert or continue,

44

 

for the period that would have been the Interest Period for
such Loan), over (ii) the amount of interest which would accrue on such principal amount for such
period at the interest rate which such Lender would bid were it to bid, at the commencement of such
period, for dollar deposits of a comparable amount and period from other banks in the Eurodollar
market. A certificate of any Lender setting forth any amount or amounts that such Lender is
entitled to receive pursuant to this Section and setting forth in reasonable detail the basis for
calculating the amounts owed shall be delivered to the Borrower and shall be conclusive absent
manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate
within 10 days after receipt thereof.

     SECTION 2.17 Taxes. (a) Any and all payments by or on account of any obligation of
the Borrower hereunder shall be made free and clear of and without deduction for any Indemnified
Taxes or Other Taxes; provided that if the Borrower shall be required to deduct any
Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as
necessary so that after making all required deductions (including deductions applicable to
additional sums payable under this Section) the Administrative Agent, Lender or Issuing Bank (as
the case may be) receives an amount equal to the sum it would have received had no such deductions
been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay the full
amount deducted to the relevant Governmental Authority in accordance with applicable law.

          (b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority
in accordance with applicable law.

          (c) The Borrower shall indemnify the Administrative Agent, each Lender and the Issuing Bank,
within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other
Taxes paid by the Administrative Agent, such Lender or the Issuing Bank, as the case may be, on or
with respect to any payment by or on account of any obligation of the Borrower hereunder (including
Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under
this Section) and any penalties, interest and reasonable expenses arising therefrom or with respect
thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or
asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to the
Borrower by a Lender or the Issuing Bank, or by the Administrative Agent on its own behalf or on
behalf of a Lender or the Issuing Bank, setting forth in reasonable detail the basis for
calculating the additional amounts owed, shall be conclusive absent manifest error.

          (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the
Borrower to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the
original or a certified copy of a receipt issued by such Governmental Authority evidencing such
payment, a copy of the return reporting such payment or other evidence of such payment reasonably
satisfactory to the Administrative Agent.

          (e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax
under the law of the jurisdiction in which the Borrower is located, or any treaty to which such
jurisdiction is a party, with respect to payments under this Agreement shall deliver to the
Borrower (with a copy to the Administrative Agent), at the time or times prescribed by

45

 

applicable
law, such properly completed and executed documentation prescribed by applicable law or reasonably
requested by the Borrower as will permit such payments to be made without withholding or at a
reduced rate. For any period with respect to which a Foreign Lender has failed to provide Borrower
with the appropriate form, certificate or other document requested by Borrower, such Foreign Lender
shall not be entitled to indemnification with respect to Taxes by reason of such failure unless
such form is provided within a reasonable time after the end of such period.

          (f) If a payment made to a Lender under any Loan Document would be subject to U.S. Federal
withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable
reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the
Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent, at
the time or times prescribed by law and at such time or times reasonably requested by either the
Borrower or the Administrative Agent, such documentation prescribed by applicable law (including as
prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably
requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the
Administrative Agent to comply with its respective obligations under FATCA, to determine that such
Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct
and withhold from such payment.

          (g) If the Administrative Agent or a Lender determines, in its sole discretion, that it has
received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrower
or with respect to which the Borrower has paid additional amounts pursuant to this Section 2.17, it
shall pay over such refund to the Borrower (but only to the extent of indemnity payments made, or
additional amounts paid, by the Borrower under this Section 2.17 with respect to the Taxes or Other
Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or
such Lender and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund); provided, that the Borrower, upon the request of the
Administrative Agent or such Lender, agrees to repay the amount paid over to the Borrower (plus any
penalties, interest or other charges imposed by the relevant
Governmental Authority) to the Administrative Agent or such Lender in the event the
Administrative Agent or such Lender is required to repay such refund to such Governmental
Authority. This Section shall not be construed to require the Administrative Agent or any Lender
to make available its tax returns (or any other information relating to its taxes which it deems
confidential) to the Borrower or any other Person.

     SECTION 2.18 Payments Generally; Pro Rata Treatment; Sharing of Set-offs. (a) The
Borrower shall make each payment required to be made by it hereunder (whether of principal,
interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16
or 2.17, or otherwise) prior to 12:00 noon, New York City time, on the date when due, in
immediately available funds, without set-off or counterclaim. Any amounts received after such time
on any date may, in the discretion of the Administrative Agent, be deemed to have been received on
the next succeeding Business Day for purposes of calculating interest thereon. All such payments
shall be made to the Administrative Agent at its offices at 270 Park Avenue, New York, New York,
except payments to be made directly to the Issuing

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Bank or Swingline Lender as expressly provided
herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made
directly on behalf of the Persons entitled thereto. Payment to the Administrative Agent other than
as described above shall constitute payment to the Lender. The Administrative Agent shall
distribute any such payments received by it for the account of any other Person to the appropriate
recipient promptly following receipt thereof (it being understood and agreed that payments of
principal and interest shall be distributed in accordance with the outstanding principal of the
Loans held by the Lenders and that the distribution of all such payments shall be subject to
subsection (e) of this Section 2.18 and to Section 2.20). If any payment hereunder shall be due on
a day that is not a Business Day, the date for payment shall be extended to the next succeeding
Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable
for the period of such extension. All payments hereunder shall be made in dollars.

          (b) If at any time insufficient funds are received by and available to the Administrative
Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then
due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due
hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest
and fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed
LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with
the amounts of principal and unreimbursed LC Disbursements then due to such parties.

          (c) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise,
obtain payment in respect of any principal of or interest on any of its Revolving Loans, Term Loans
or participations in LC Disbursements or Swingline Loans resulting in such Lender receiving payment
of a greater proportion of the aggregate amount of its Revolving Loans, Term Loans and
participations in LC Disbursements and Swingline Loans and accrued interest thereon than the
proportion received by any other Lender, then the Lender receiving such greater proportion shall
purchase (for cash at face value) participations in the Revolving Loans, Term Loans and
participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary so
that the benefit of all such payments shall be shared by the Lenders
ratably in accordance with the aggregate amount of principal of and accrued interest on their
respective Revolving Loans, Term Loans and participations in LC Disbursements and Swingline Loans;
provided that (i) if any such participations are purchased and all or any portion of the
payment giving rise thereto is recovered, such participations shall be rescinded and the purchase
price restored to the extent of such recovery, without interest, and (ii) the provisions of this
paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in
accordance with the express terms of this Agreement or any payment obtained by a Lender as
consideration for the assignment of or sale of a participation in any of its Loans or
participations in LC Disbursements to any assignee or participant, other than to the Borrower or
any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply).
The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under
applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements
may exercise against the Borrower rights of set-off and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of the Borrower in the amount of
such participation.

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          (d) Unless the Administrative Agent shall have received notice from the Borrower prior to the
date on which any payment is due to the Administrative Agent for the account of the Lenders or the
Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may
assume that the Borrower has made such payment on such date in accordance herewith and may, in
reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be,
the amount due. In such event, if the Borrower has not in fact made such payment, then each of the
Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative
Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest
thereon, for each day from and including the date such amount is distributed to it to but excluding
the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate
and a rate determined by the Administrative Agent in accordance with banking industry rules on
interbank compensation.

          (e) If any Lender shall fail to make any payment required to be made by it pursuant to Section
2.04(c), 2.05(d) or (e), 2.06(b), 2.18(d) or 9.03(c), then the Administrative Agent may, in its
discretion (notwithstanding any contrary provision hereof), (i) apply any amounts thereafter
received by the Administrative Agent for the account of such Lender to satisfy such Lender’s
obligations under such Sections until all such unsatisfied obligations are fully paid, and/or (ii)
hold any such amounts in a segregated account as cash collateral for, and application to, any
future funding obligations of such Lender under any such Sections, in the case of each of clauses
(i) and (ii) above, in any order as determined by the Administrative Agent in its discretion.

     SECTION 2.19 Mitigation Obligations; Replacement of Lenders. (a) If any Lender
requests compensation under Section 2.15, or if the Borrower is required to pay any additional
amount to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 2.17, then such Lender shall use reasonable efforts to designate a different lending office
for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to
another of its offices, branches or affiliates, if, in the judgment of such Lender, such
designation or assignment (i) would eliminate or reduce amounts
payable pursuant to Sections 2.14, 2.15 or 2.17, as the case may be, in the future and (ii)
would not subject such Lender, in such Lender’s reasonable judgment, to any unreimbursed cost or
expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to
pay all reasonable costs and expenses incurred by any Lender in connection with any such
designation or assignment.

          (b) (x) If any Lender requests compensation under Section 2.15, (y) if the Borrower is
required to pay any additional amount to any Lender or any Governmental Authority for the account
of any Lender pursuant to Section 2.17 or (z) if any Lender becomes a Defaulting Lender, then the
Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative
Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject
to the restrictions contained in Section 9.04), all its interests, rights and obligations under
this Agreement to an assignee that shall assume such obligations (which assignee may be another
Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have
received the prior written consent of the Administrative Agent and (if a Revolving Loan Commitment
is being assigned) the Swingline Lender and the Issuing Bank, which consent in each case shall not
unreasonably be withheld, (ii) such Lender shall have

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received payment of an amount equal to the
outstanding principal of its Loans and participations in LC Disbursements and Swingline Loans,
accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the
assignee (to the extent of such outstanding principal and accrued interest and fees) or the
Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting
from a claim for compensation under Section 2.15 or payments required to be made pursuant to
Section 2.17, such assignment will result in a reduction in such compensation or payments. A
Lender shall not be required to make any such assignment and delegation if, prior thereto, as a
result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require
such assignment and delegation cease to apply.

          (c) Anything contained herein to the contrary notwithstanding, in the event that in connection
with any proposed amendment, modification, termination, waiver or consent with respect to any of
the provisions hereof as contemplated by Section 9.02, the consent of one or more Lenders (each a
“Non-Consenting Lender”) whose consent is required shall not have been obtained; then, with
respect to such Non-Consenting Lender (the “Terminated Lender”), the Borrower may, by
giving written notice to Administrative Agent and any Terminated Lender of its election to do so,
elect to cause such Terminated Lender (and such Terminated Lender hereby irrevocably agrees) to
assign its outstanding Loans and its Revolving Loan Commitments, if any, in full to one or more
assignees (each a “Replacement Lender”) in accordance with the provisions of Section 9.04
and the Borrower shall pay any fees payable thereunder in connection with such assignment;
provided, (1) on the date of such assignment, the Replacement Lender shall pay to
Terminated Lender an amount equal to the sum of (A) an amount equal to the principal of, and all
accrued interest on, all outstanding Loans of the Terminated Lender, (B) an amount equal to all
unreimbursed drawings that have been funded by such Terminated Lender, together with all then
unpaid interest with respect thereto at such time and (C) an amount equal to all accrued, but
theretofore unpaid fees owing to such Terminated Lender pursuant to Section 2.12, (2) on the date
of such assignment, Borrower shall pay any amounts payable to such Terminated Lender pursuant to
Section 2.16, 2.15 or 2.17; or otherwise as if it were a prepayment and (3) each Replacement Lender
shall consent, at the time of such assignment, to
each matter in respect of which such Terminated Lender was a Non-Consenting Lender;
provided, the Borrower may not make such election with respect to any Terminated Lender
that is also an Issuing Bank unless, prior to the effectiveness of such election, the Borrower
shall have caused each outstanding Letter of Credit issued thereby to be cancelled. Upon the
prepayment of all amounts owing to any Terminated Lender and the termination of such Terminated
Lender’s Revolving Loan Commitments, if any, such Terminated Lender shall no longer constitute a
“Lender” for purposes hereof; provided, any rights of such Terminated Lender to
indemnification hereunder shall survive as to such Terminated Lender.

     SECTION 2.20 Defaulting Lenders. Notwithstanding any provision of this Agreement to
the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply
for so long as such Lender is a Defaulting Lender:

          (a) fees shall cease to accrue on the unfunded portion of the Revolving Loan Commitment of
such Defaulting Lender pursuant to Section 2.12(a);

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          (b) the Commitment, Revolving Credit Exposure and Term Loans of such Defaulting Lender shall
not be included in determining whether the Required Lenders have taken or may take any action
hereunder (including any consent to any amendment, waiver or other modification pursuant to Section
9.02); provided, that this clause (b) shall not apply to the vote of a Defaulting Lender in
the case of an amendment, waiver or other modification requiring the consent of such Lender or each
Lender affected thereby;

          (c) if any Swingline Exposure or LC Exposure exists at the time such Lender becomes a
Defaulting Lender then:

     (i) all or any part of the Swingline Exposure and LC Exposure of such Defaulting Lender
shall be reallocated among the non-Defaulting Lenders in accordance with their respective
Applicable Percentages but only to the extent the sum of all non-Defaulting Lenders’
Revolving Credit Exposures plus such Defaulting Lender’s Swingline Exposure and LC Exposure
does not exceed the total of all non-Defaulting Lenders’ Revolving Loan Commitments;

     (ii) if the reallocation described in clause (i) above cannot, or can only partially,
be effected, the Borrower shall within three Business Days following notice by the
Administrative Agent (x) first, prepay such Swingline Exposure and (y)
second, cash collateralize for the benefit of the Issuing Bank only the Borrower’s
obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to
any partial reallocation pursuant to clause (i) above) in accordance with the procedures set
forth in Section 2.05(j) for so long as such LC Exposure is outstanding;

     (iii) if the Borrower cash collateralizes any portion of such Defaulting Lender’s LC
Exposure pursuant to clause (ii) above, the Borrower shall not be required to pay any fees
to such Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting
Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash
collateralized;

     (iv) if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to clause
(i) above, then the fees payable to the Lenders pursuant to Section 2.12(a) and Section
2.12(b) shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable
Percentages; and

     (v) if all or any portion of such Defaulting Lender’s LC Exposure is neither
reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then, without
prejudice to any rights or remedies of the Issuing Bank or any other Lender hereunder, all
letter of credit fees payable under Section 2.12(b) with respect to such Defaulting Lender’s
LC Exposure shall be payable to the Issuing Bank until and to the extent that such LC
Exposure is reallocated and/or cash collateralized;

          (d) so long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required
to fund any Swingline Loan and the Issuing Bank shall not be required to issue,
amend or increase any Letter of Credit, unless it is satisfied that the related exposure and
the Defaulting Lender’s then outstanding LC Exposure will be 100% covered by the Revolving Loan

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Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrower
in accordance with Section 2.20(c), and participating interests in any newly made Swingline Loan or
any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a
manner consistent with Section 2.20(c)(i) (and such Defaulting Lender shall not participate
therein); and

          (e) any payment of principal, interest, fees or other amounts received by the Administrative
Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity,
pursuant to Article VII or otherwise, and including any amounts made available to the
Administrative Agent by such Defaulting Lender pursuant to Section 9.08), shall be applied at such
time or times as may be determined by the Administrative Agent as follows: first, to the payment of
any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the
payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Issuing Bank or
Swingline Lender hereunder; third, if requested by the Issuing Bank, to be held as cash collateral
for LC Exposure; fourth, as the Borrower may request (so long as no Default or Event of Default
exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund
its portion thereof as required by this Agreement, as determined by the Administrative Agent;
fifth, if so determined by the Administrative Agent and the Borrower, to be held in a non-interest
bearing deposit account and released in order to satisfy obligations of such Defaulting Lender to
fund Loans under this Agreement; sixth, to the payment of any amounts owing to the Lenders, Issuing
Bank or Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained
by any Lender or the Issuing Bank or Swingline Lender against such Defaulting Lender as a result of
such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no
Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result
of any judgment of a court of competent jurisdiction obtained by the Borrower against such
Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this
Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent
jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans
or LC Disbursements in respect of which such Defaulting Lender has not fully funded its appropriate
share and (y) such Loans or LC Disbursements were made at a time when the conditions set forth in
Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of,
and LC Disbursements owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied
to the payment of any Loans of, or LC Disbursements owed to, such Defaulting Lender. Any payments,
prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to
pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section 2.20(e)
shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably
consents hereto.

     In the event that the Administrative Agent, the Borrower, the Swingline Lender and the Issuing
Bank each agrees that a Defaulting Lender has adequately remedied all matters that caused such
Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders shall
be readjusted to reflect the inclusion of such Lender’s Revolving Loan Commitment and on such date
such Lender shall purchase at par such of the Loans of the other Lenders (other than Swingline
Loans) as the Administrative Agent shall determine may be
necessary in order for such Lender to hold such Loans in accordance with its Applicable
Percentage.

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ARTICLE III

Representations and Warranties

          The Borrower represents and warrants to the Lenders on the Closing Date, on the date of each
Borrowing and on the date of issuance of each Letter of Credit, that:

     SECTION 3.01 Organization; Powers. Each of the Borrower and its Subsidiaries is duly
organized, validly existing and in good standing under the laws of the jurisdiction of its
organization, has all requisite power and authority to carry on its business as now conducted and,
except where the failure to do so, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect, is qualified to do business in, and is in good
standing in, every jurisdiction where such qualification is required.

     SECTION 3.02 Authorization; Enforceability. The Agreement and the transactions
contemplated hereby are within the Borrower’s corporate powers and have been duly authorized by all
necessary corporate and, if required, stockholder action. Each of this Agreement and the Security
Documents has been duly executed and delivered by the Borrower and constitutes a legal, valid and
binding obligation of the Borrower, enforceable in accordance with its terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights
generally and subject to general principles of equity, regardless of whether considered in a
proceeding in equity or at law.

     SECTION 3.03 Governmental Approvals; No Conflicts. The Agreement and the transactions
contemplated hereby (a) do not require any consent or approval of, registration or filing with, or
any other action by, any Governmental Authority which has not been or will not be timely obtained,
registered or filed, as the case may be, except (x) as such have been obtained or made and are in
full force and effect or (y) filings necessary to perfect Liens created under the Loan Documents,
(b) will not violate any applicable law or regulation or the charter, by-laws or other
organizational documents of the Borrower or any of its Subsidiaries or any order of any
Governmental Authority, (c) will not violate or result in a default under any indenture, agreement
or other instrument binding upon the Borrower or any of its Subsidiaries or its assets, or give
rise to a right thereunder to require any payment to be made by the Borrower or any of its
Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any asset of the
Borrower or any of its Subsidiaries other than as anticipated and created under the Loan Documents.

     SECTION 3.04 Financial Condition; No Material Adverse Change.
(a) The Borrower has heretofore furnished to the Lenders its consolidated balance sheet and
statements of income, stockholders equity and cash flows (i) as of and for the fiscal year ended
December 27, 2009, reported on by Grant Thornton, LLP, independent public accountants, certified by
its chief financial officer and (ii) as of and for the fiscal quarter and the portion of the fiscal
year ended October 3, 2010 certified by its chief financial officer. Such financial statements
present fairly, in all material respects, the financial position and results of operations and cash
flows of the Borrower and its Subsidiaries on a consolidated basis as of such dates and

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for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes
in the case of the statements referred to in clause (ii) above.

          (b) Since December 27, 2009, no event, development or circumstance has occurred that has had
or could reasonably be expected to have a Material Adverse Effect.

     SECTION
3.05 Properties. (a) Each of the Borrower and its Subsidiaries has good,
marketable fee title to, or valid leasehold interests in, all its real and personal property
material to its business, except for Permitted Encumbrances and minor defects in title that do not
materially interfere with its ability to conduct its business as currently conducted or to utilize
such properties for their intended purposes.

          (b) With respect to substantially all of the operating leases pursuant to which the Borrower
or one of its Subsidiaries has a leasehold interest (each a “Real Property Lease”), each of
the following is true except to the extent that, if not true, the consequences of same would not
reasonably be expected to result in a Material Adverse Effect:

     (i) such Real Property Leases are in full force and effect;

     (ii) to the best knowledge of Borrower, all rent, additional rent and/or other charges
reserved in or payable by Borrower or its applicable Subsidiary, as tenant, under the Real
Property Leases, have been paid to the extent that they have been determined and are payable
to the date hereof and are not being contested in good faith by Borrower, any such amounts
being contested have been paid or rescinded for by Borrower or its applicable Subsidiary,
and no such contest may reasonably be expected to result in the exercise by the applicable
landlord of a remedy of termination of such Real Property Lease;

     (iii) to the actual knowledge of Borrower, no Person has questioned Borrower’s or its
applicable Subsidiary’s quiet and peaceful possession of the premises which are the subject
of such Real Property Lease;

     (iv) no default by Borrower or its applicable Subsidiary, as tenant, under any of the
material terms of any Real Property Lease has occurred and remains uncured; nor, to the best
knowledge of Borrower, is there any existing condition which, with the passage of time or
the giving of notice, or both, would result in a default by Borrower or its applicable
Subsidiary under the terms of any Real Property Lease;

     (v) Borrower covenants and agrees that it shall, or shall cause its applicable
Subsidiary to, other than in the ordinary course of business and if such action would not
reasonably be expected to result in a Material Adverse Effect: (A) promptly and faithfully
observe, perform and comply with all the material terms, covenants and provisions of each
Real Property Lease on its part to be observed, performed and complied with, within the
applicable grace periods, if any; (B) refrain from doing anything, as a result of which,
there could be a material default under or a breach of any of the terms of any Real Property
Lease; (C) not do, permit or suffer any event or omission as a result of which there would
occur a default or breach under any Real Property Lease after the passing of the applicable
grace periods, if any; (D) not cancel, terminate, surrender, modify, amend

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or in any way
alter or permit the alteration of any of the provisions of any Real Property Lease or grant
any material consents or waivers thereunder; and not exercise any right it may have under
any Real Property Lease to cancel or surrender the same without the prior written consent of
the Administrative Agent, such consent not to be unreasonably withheld, conditioned or
delayed; and (E) give the Administrative Agent any notice of any default under any Material
Real Property Leases received or sent by Borrower or its applicable Subsidiary, within three
(3) Business Days and promptly deliver to the Administrative Agent a copy of all responses
to default notices, similar instruments received or delivered by Borrower or its applicable
Subsidiary, in connection with any Material Real Property Leases. As used herein,
“Material Real Property Lease” means the office lease for Borrower’s headquarters at
5555 Glenridge Connector, Atlanta, Georgia and any other lease the Borrower or its
Subsidiaries may enter into with an aggregate value of rental payments exceeding $100,000 in
any 12 month period.

          (c) Each of the Borrower and its Subsidiaries owns, or is licensed to use, all trademarks,
tradenames, copyrights, patents and other intellectual property material to its business, and the
use thereof by the Borrower and its Subsidiaries does not infringe upon the rights of any other
Person, except for any such infringements that, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect.

          (d) The properties listed on Schedule 1.1A are all of Borrower’s material existing fee
owned real property assets as of the Closing Date.

     SECTION 3.06 Litigation and Environmental Matters. (a) There are no actions, suits or
proceedings by or before any arbitrator or Governmental Authority pending against or, to the
knowledge of the Borrower, threatened against or affecting the Borrower or any of its Subsidiaries
(i) as to which there is a reasonable possibility of an adverse determination and that, if
adversely determined, could reasonably be expected, individually or in the aggregate, to result in
a Material Adverse Effect or (ii) that involve this Agreement or the Loan Documents.

          (b) Except for with respect to any matters that, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect, neither the Borrower nor any of its
Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply
with any permit, license or other approval required under any Environmental Law, (ii) has become
subject to any Environmental Liability, (iii) has received
notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for
any Environmental Liability.

     SECTION 3.07 Compliance with Laws and Agreements. Each of the Borrower and its
Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority
applicable to it or its property and all indentures, agreements and other instruments binding upon
it or its property, except where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect. No material default has occurred
and is continuing with respect to any of the aforementioned in this Section 3.07.

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     SECTION 3.08 Investment Company Status. Neither the Borrower nor any of its
Subsidiaries is an “investment company” as defined in, or subject to regulation under, the
Investment Company Act of 1940.

     SECTION 3.09 Taxes. Each of the Borrower and its Subsidiaries has timely filed or
caused to be filed all Tax returns and reports required to have been filed and has paid or caused
to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in
good faith by appropriate proceedings and for which the Borrower or such Subsidiary, as applicable,
has set aside on its books adequate reserves or (b) to the extent that the failure to do so could
not reasonably be expected to result in a Material Adverse Effect.

     SECTION 3.10 ERISA. No ERISA Event has occurred or is reasonably expected to occur
that, when taken together with all other such ERISA Events for which liability is reasonably
expected to occur, could reasonably be expected to result in a Material Adverse Effect. The
present value of all accumulated benefit obligations under each Plan (based on the assumptions used
for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the
most recent financial statements reflecting such amounts, exceed the fair market value of the
assets of such Plan.

     SECTION 3.11 Disclosure. The Borrower has disclosed to the Lenders all agreements,
instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject,
and all other matters known to it, that, individually or in the aggregate, could reasonably be
expected to result in a Material Adverse Effect. None of the financial statements, certificates or
other information furnished by or on behalf of the Borrower to the Administrative Agent or any
Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or
supplemented by other information so furnished) contains any material misstatement of fact or omits
to state any material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading in any material respect; provided
that, with respect to
projected financial information, the Borrower represents only that such information was
prepared in good faith based upon assumptions believed to be reasonable at the time.

     SECTION 3.12 Licenses, etc. The Borrower and each of its Subsidiaries have obtained
and hold in full force and effect, all franchises, licenses, permits, certificates, authorizations,
qualifications, accreditations, easements, rights of way and other rights, consents and approvals
which are necessary for the operation of their respective businesses as presently conducted, except
where the failure to obtain and hold the same, individually or in the aggregate, may not reasonably
be expected to have a Material Adverse Effect.

     SECTION 3.13 Labor Matters. As of the Closing Date, there are no strikes, lockouts,
slowdowns or any other material labor disputes against the Borrower or any Subsidiary pending or
threatened. All payments due from the Borrower or any Subsidiary, or for which any claim may be
made against the Borrower or any Subsidiary, on account of wages and employee health and welfare
insurance and other benefits, have been paid or accrued as a liability on the books of the Borrower
or such Subsidiary. The consummation of the Agreement will not give rise to any right of
termination or right of renegotiation on the part of any union under any collective bargaining
agreement to which the Borrower or any Subsidiary is bound.

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     SECTION 3.14 Use of Proceeds; Margin Regulations. All proceeds of each Loan, and each
Letter of Credit, will be used by the Borrower only in accordance with the provisions of Section
5.08. No part of the proceeds of any Loan will be used by the Borrower to purchase or carry any
Margin Stock or to extend credit to others for the purpose of purchasing or carrying any Margin
Stock. Neither the making of any Loan nor the use of the proceeds thereof will violate or be
inconsistent with the provisions of Regulations U or X.

     SECTION 3.15 Subsidiaries. Schedule 3.15 sets forth the name of, and the
ownership interest of the Borrower in, each Subsidiary of the Borrower and identifies each
Subsidiary that is a Subsidiary Loan Party, in each case as of the Closing Date.

     SECTION 3.16 Security Interests. The representations and warranties in the Security
Documents are true and correct in all material respects.

     SECTION 3.17 Insurance. Schedule 3.17 sets forth a description of all
insurance maintained by or on behalf of the Borrower and its Subsidiaries as of the Closing Date.
Except as noted on Schedule 3.17, as of the Closing Date, all premiums in respect of such
insurance have been paid. The Borrower
believes that the insurance maintained by or on behalf of the Borrower and its Subsidiaries is
adequate.

     SECTION 3.18 Solvency. Immediately after the consummation of the Agreement and the
transactions contemplated hereby, (a) the fair value of the assets of all of the Loan Parties, at a
fair valuation, will exceed their collective debts and liabilities, subordinated, contingent or
otherwise; (b) Borrower and its Subsidiaries are able to pay their collective debts and
liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute
and matured; and (c) Borrower and its Subsidiaries, taken as a whole, do not have unreasonably
small capital with which to conduct their respective businesses in which they are engaged, as such
business is now conducted and is proposed to be conducted following the Closing Date.

ARTICLE IV

Conditions

     SECTION 4.01 Conditions Precedent to Closing Date. The obligations of the Lenders to
make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective
until the date on which each of the following conditions is satisfied (or waived in accordance with
Section 9.02):

          (a) The Administrative Agent (or its counsel) shall have received from each party hereto
either (i) a counterpart of this Agreement signed on behalf of such party, or (ii) written evidence
satisfactory to the Administrative Agent (which may include telecopy or electronic transmission of
a signed signature page of this Agreement) that such party has signed a counterpart of this
Agreement.

          (b) The Administrative Agent shall have received a favorable written opinion (addressed to the
Administrative Agent and the Lenders and dated the Closing Date) of (i) Bingham McCutchen LLP,
substantially in the form of Exhibit B-1, (ii) Monroe Moxness Berg, P.A., substantially in the form
of Exhibit B-2 and (iii) Cohen Pollock Merlin & Small,

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P.C., substantially in the form of Exhibit B-3, in each case counsel for the Borrower, and, in the case of
each such opinion required by this
paragraph, covering such other matters relating to the Loan Parties or the Loan Documents as the
Required Lenders shall reasonably request. The Borrower hereby requests such counsel to deliver
such opinions.

          (c) The Administrative Agent shall have received such documents and certificates as the
Administrative Agent or its counsel may reasonably request relating to the organization, existence
and good standing of each Loan Party, the authorization of the Loan Documents and any other legal
matters relating to the Loan Parties or the Loan Documents, all in form and substance satisfactory
to the Administrative Agent and its counsel.

          (d) The Administrative Agent shall have received a certificate, dated the Closing Date and
signed by the President, a Vice President or a Financial Officer of the Borrower, confirming
compliance with the conditions set forth in paragraphs (a) and (b) of
Section 4.02 and such other matters (including, without limitation, the accuracy of the
representation set forth in Section 3.18) as may be reasonably required by the Administrative
Agent.

          (e) The Administrative Agent shall have received all fees and other amounts due and payable on
or prior to the Closing Date, including, to the extent invoiced, reimbursement or payment of all
out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder.

          (f) All governmental and third party approvals (if any) necessary or, in the opinion of the
Administrative Agent, advisable in connection with the Loan Documents and the transactions
contemplated thereby and the continuing operations of the Borrower and its Subsidiaries shall have
been obtained and be in full force and effect, and all applicable waiting periods shall have
expired without any action being taken or threatened by any competent authority that would
restrain, prevent or otherwise impose adverse conditions on the Loan Documents or the transactions
contemplated thereby.

          (g) The Lenders shall have received (i) audited consolidated financial statements of the
Borrower for the two most recent fiscal years ended prior to the Closing Date and (ii) unaudited
consolidated financial statements of the Borrower for each fiscal quarterly period ended subsequent
to the date of the latest financial statements delivered pursuant to subclause (i) of this
paragraph (g) as to which such financial statements are available.

          (h) The Collateral and Guarantee Requirement shall have been satisfied (other than with
respect to paragraph (e) of such defined term) and the Administrative Agent shall have received a
completed Perfection Certificate dated the Closing Date and signed by an executive officer or
Financial Officer of the Borrower, together with all attachments contemplated thereby, including
the results of a search of the Uniform Commercial Code (or equivalent) filings made with respect to
the Loan Parties in the jurisdictions contemplated by the Perfection Certificate and copies of the
financing statements (or similar documents) disclosed by such search and evidence reasonably
satisfactory to the Administrative Agent that the Liens indicated by such financing statements (or
similar documents) are permitted by Section 6.02 or have been released or delivered to
Administrative Agent for filing. Notwithstanding anything to the contrary set

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forth in this paragraph (h), the Administrative Agent shall be satisfied in its sole discretion that the Borrower
shall be taking all action reasonably necessary to comply with paragraph (e) of the Collateral and
Guarantee Requirement within the period set forth therein.

          (i) The Administrative Agent shall have received satisfactory evidence that on the Closing
Date (including concurrently with the occurrence thereof) the Borrower and its Subsidiaries shall
have (i) repaid in full all amounts outstanding under the Existing Credit Agreement, (ii)
terminated any commitments to lend or make other extensions of credit under the Existing Credit
Agreement, (iii) delivered to the Administrative Agent all documents or instruments necessary to
release all Liens securing all amounts owed under the Existing Credit Agreement or other
obligations of the Borrower and its Subsidiaries thereunder being repaid on the Closing Date, and
(iv) made arrangements satisfactory to the Administrative Agent with respect to the continuance of
the Existing Letters of Credit on Schedule 1.1C outstanding
thereunder or the issuance of Letters of Credit to support the obligations of the Borrower and
its Subsidiaries with respect thereto.

          (j) The Administrative Agent shall have received evidence that the insurance required by
Section 5.09 and the Security Documents is in full force and effect and that the Collateral Agent,
for the benefit of the Lenders, has been named as additional insured and loss payee thereunder.

          (k) The consummation of the Agreement and the other transactions contemplated hereby shall not
(i) violate any applicable law, statute, rule or regulation or (ii) conflict with, or result in a
default or event of default under, any agreement of the Borrower or any of its Subsidiaries after
giving effect to the Agreement and the other transactions hereby, except such as would not
reasonably be expected to have a Material Adverse Effect.

          (l) Except to the extent disclosed on Schedule 4.01(l), there shall be no litigation
or administrative proceeding that would reasonably be expected to have a Material Adverse Effect.

The Administrative Agent shall notify the Borrower and the Lenders of the Closing Date, and such
notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the
Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become
effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section 9.02)
at or prior to 3:00 p.m., New York City time, on December 31, 2010 (and, in the event such
conditions are not so satisfied or waived, the Commitments shall terminate at such time).

     SECTION 4.02 Each Credit Event. The obligation of each Lender to make a Loan on the
occasion of any Borrowing, and of the Issuing Bank to issue, amend, renew or extend any Letter of
Credit, is subject to the satisfaction of the following conditions:

     (a) The representations and warranties of the Borrower set forth in the Loan Documents
shall be true and correct in all material respects on and as of the date of such Borrowing
or the date of issuance, amendment, renewal or extension of such Letter of Credit, as
applicable, except to the extent such representations and warranties specifically

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relate to an earlier date, in which case such representations and warranties shall have been true,
correct and complete in all material respects on and as of such earlier date.

     (b) At the time of and immediately after giving effect to such Borrowing or the
issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no
Default or Event of Default shall have occurred and be continuing.

     (c) The parties understand and acknowledge that with respect to any of the Financial
Covenants, Borrower may continue to make Borrowings hereunder until the delivery of
financial information pursuant to Section 5.01(a), as applicable, unless, the Borrower has
actual knowledge that there has been a Default or Event of Default with
respect to any of such covenants (it being understood that Section 4.02(b) shall apply
with respect to any Default or Event of Default).

Each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall be
deemed to constitute a representation and warranty by the Borrower on the date thereof as to the
matters specified in paragraphs (a) and (b) of this Section.

ARTICLE V

Affirmative Covenants

          Until the Commitments have expired or been terminated and the principal of and interest on
each Loan and all fees payable hereunder shall have been paid in full and all Letters of Credit
shall have expired or terminated and all LC Disbursements shall have been reimbursed, the Borrower
covenants and agrees with the Lenders that:

     SECTION 5.01 Financial Statements; Ratings Change and Other Information. The Borrower
will furnish to the Administrative Agent and each Lender:

     (a) within 90 days after the end of each fiscal year of the Borrower, its audited
consolidated balance sheet and related statements of operations, stockholders’ equity and
cash flows as of the end of and for such year, setting forth in each case in comparative
form the figures for the previous fiscal year, all reported on by PriceWaterhouseCoopers LLP
or other independent public accountants of recognized national standing (without a “going
concern” or like qualification or exception and without any qualification or exception as to
the scope of such audit) to the effect that such consolidated financial statements present
fairly in all material respects the financial condition and results of operations of the
Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP
consistently applied;

     (b) within 45 days after the end of each of the first three fiscal quarters of each
fiscal year of the Borrower, its consolidated balance sheet and related statements of
operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter
and the then elapsed portion of the fiscal year, setting forth in each case in comparative
form the figures for the corresponding period or periods of (or, in the case of the balance
sheet, as of the end of) the previous fiscal year, all certified by one of its Financial
Officers as presenting fairly in all material respects the financial condition and

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results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in
accordance with GAAP consistently applied, subject to normal year-end audit adjustments and
the absence of footnotes;

     (c) concurrently with any delivery of financial statements under clause (a) or (b)
above, a certificate of a Financial Officer of the Borrower (i) certifying as to whether a
Default has occurred and, if a Default has occurred, specifying the details thereof and any
action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably
detailed calculations demonstrating compliance with the Financial Covenants and (iii)
stating whether any change in GAAP or in the application thereof has occurred since the
date of the audited financial statements referred to in Section 3.04 and, if any such
change has occurred, specifying the effect of such change on the financial statements
accompanying such certificate;

     (d) concurrently with any delivery of financial statements under clause (a) above, a
certificate of the accounting firm that reported on such financial statements stating
whether they obtained knowledge during the course of their examination of such financial
statements of any Default (which certificate may be limited to the extent required by
accounting rules or guidelines);

     (e) promptly after the same become publicly available, copies of all periodic and other
reports (including any accountants’ reports, comment letters and material press releases or
press releases relating to financial matters), proxy statements and other materials filed by
the Borrower or any Subsidiary with the Securities and Exchange Commission or with any
Governmental Authority succeeding to any or all of the functions of said Commission, or with
any national securities exchange, or distributed by the Borrower to its shareholders
generally, as the case may be; provided that with respect to filings with the
Securities and Exchange Commission, only a notice of such filing shall be provided;

     (f) within 75 days of the commencement of each fiscal year of the Borrower, a detailed
consolidated budget for such fiscal year (including a projected consolidated balance sheet
and related statements of projected operations and cash flow as of the end of and for such
fiscal year and setting forth the assumptions used for purposes of preparing such budget)
and, promptly when available, any significant revisions of such budget;

     (g) within 90 days after the end of each fiscal year of the Borrower, a summary of the
insurance coverage in full force and effect; and

     (h) promptly following any request therefor, such other information regarding the
operations, business affairs and financial condition of the Borrower or any Subsidiary, or
compliance with the terms of this Agreement, as the Administrative Agent or any Lender,
acting through the Administrative Agent, may reasonably request.

     (i) Notwithstanding any other provision of this Agreement, commencing ninety days after
Borrower’s fiscal year end 2010, until the Borrower has delivered all the

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financial information and statements required to be delivered by Section 5.01 hereunder in accordance
therewith, the Borrower shall provide to the Lenders, not later than thirty (30) days after
the end of each of the Borrower’s twenty-eight (28) day fiscal periods, a financial report
containing, without limitation, information regarding domestic comparative store sales,
system sales, total revenues, Indebtedness, Cash, Cash Equivalents, and any other
information the Administrative Agent may reasonably request from time to time, in each case
to at least the level of detail as customarily provided to executive management and/or the
board of directors of the Borrower.

Notwithstanding anything to the contrary set forth herein, to the extent the delivery deadlines for
Sections 5.01(a), (b), (f) and (g) fall on a non-Business Day, the Borrower may deliver such items
on the Business Day next succeeding such day.

     SECTION 5.02 Notices of Material Events. The Borrower will furnish to the
Administrative Agent and each Lender prompt written notice of the following:

     (a) the occurrence of any Default;

     (b) the filing or commencement of any action, suit or proceeding by or before any
arbitrator or Governmental Authority against or affecting the Borrower or any Affiliate
thereof that, if adversely determined, could reasonably be expected to result in a Material
Adverse Effect;

     (c) the occurrence of any ERISA Event that, alone or together with any other ERISA
Events that have occurred, could reasonably be expected to result in liability of the
Borrower and its Subsidiaries in an aggregate amount exceeding $1,000,000;

     (d) the occurrence of any environmental event that, alone or together with any other
environmental events that have occurred, could reasonably be expected to result in liability
of the Borrower and its Subsidiaries in an aggregate amount exceeding $1,000,000; and

     (e) any other development that results in, or could reasonably be expected to result
in, a Material Adverse Effect.

Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer
or other executive officer of the Borrower setting forth the details of the event or development
requiring such notice and any action taken or proposed to be taken with respect thereto.

     SECTION 5.03 Existence; Conduct of Business. The Borrower will, and will cause each
of its Subsidiaries to do or cause to be done all things necessary to preserve, renew and keep in
full force and effect its legal existence and the rights, privileges and franchises material to the
conduct of its business; provided that the foregoing shall not prohibit any merger,
consolidation, liquidation, disposition or dissolution permitted under Section 6.03.

     SECTION 5.04 Payment of Obligations. The Borrower will, and will cause each of its
Subsidiaries to pay its obligations, including Tax liabilities and Material Indebtedness, that,

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if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in
default, except where (a) the validity or amount thereof is being contested in good faith, (b) the
Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in
accordance with GAAP and
(c) the failure to make payment pending such contest could not reasonably be expected to
result in a Material Adverse Effect.

     SECTION 5.05 Maintenance of Properties. The Borrower will, and will cause each of its
Subsidiaries to keep and maintain all property material to the conduct of its business in good
working order and condition, ordinary wear and tear, casualty and condemnation (subject to
restoration obligations) excepted.

     SECTION 5.06 Books and Records; Inspection Rights. The Borrower will, and will cause
each of its Subsidiaries to, keep proper books of record and account in accordance with sound
business practices sufficient to permit the preparation of financial statements auditable in
accordance with GAAP, in relation to its business and activities. The Borrower will, and will
cause each of its Subsidiaries to, permit any representatives designated by the Administrative
Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine
and make extracts from its books and records, and to discuss its affairs, finances and condition
with its officers and independent accountants, all at such reasonable times and as often as
reasonably requested. Borrower shall have the right to have its representatives present during any
such examinations and conferences.

     SECTION 5.07 Compliance with Laws. The Borrower will, and will cause each of its
Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority
applicable to it or its property, except where the failure to do so, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect.

     SECTION 5.08 Use of Proceeds and Letters of Credit. The proceeds of the Term Loan and
the Revolving Loan will be used only to refinance certain existing indebtedness (including
indebtedness outstanding under the Existing Credit Agreement), to finance acquisitions and working
capital needs, and for other general corporate purposes (including, without limitation, payment of
fees, expenses, and other transaction costs contemplated hereunder). No part of the proceeds of
any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of
any of the Regulations of the Board, including Regulations T, U and X.

     SECTION 5.09 Insurance. The Borrower will, and will cause each of its Subsidiaries
to, maintain, with financially sound and reputable insurance companies (a) insurance in such
amounts (with no greater risk retention) and against such risks as are customarily maintained by
companies of established repute engaged in the same or similar businesses operating in the same or
similar locations including, without limitation, appropriate environmental liability insurance
reasonably satisfactory to the Administrative Agent and in any case no less favorable than that
which the Borrower has in place on the Closing Date, to a date not less than six months following
the Term Loan Maturity Date and (b) all insurance required to be maintained pursuant to the
Security Documents. Without limiting the generality of the foregoing, the Borrower will maintain or
cause to be maintained flood insurance with respect to each Flood Hazard Property that is located
in a community that participates in the National Flood

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Insurance Program, in each case in
compliance with any applicable regulations of the Board of Governors of the Federal Reserve System.
The Borrower will furnish to the Lenders, upon request of the Administrative Agent, information in
reasonable detail as to the insurance so maintained.

     SECTION 5.10 Information Regarding Collateral. (a) The Borrower will furnish to the
Administrative Agent prompt written notice of any changes as required by the Collateral Agreement
(i) in any Loan Party’s corporate name or in any trade name used to identify it in the conduct of
its business or in the ownership of its properties, (ii) in the location of any Loan Party’s chief
executive office, its principal place of business, any office in which it maintains books or
records relating to Collateral owned by it or any office or facility at which Collateral owned by
it is located (including the establishment of any such new office or facility), (iii) in any Loan
Party’s identity, jurisdiction of incorporation or organization, or corporate or organizational
structure or (iv) in any Loan Party’s Organization Identification Number. The Borrower agrees not
to effect or permit any change referred to in the preceding sentence unless all filings have been
made under the Uniform Commercial Code or otherwise that are required in order for the
Administrative Agent to continue at all times following such change to have a valid, legal and
perfected security interest in all the Collateral. The Borrower also agrees promptly to notify the
Administrative Agent if any material portion of the Collateral is damaged or destroyed.

          (b) Each year, at the time of delivery of annual financial statements with respect to the
preceding fiscal year pursuant to clause (a) of Section 5.01, the Borrower shall deliver to the
Administrative Agent a certificate of a Financial Officer of the Borrower setting forth the
information required pursuant to the Perfection Certificate or confirming that there has been no
change in such information since the date of the Perfection Certificate delivered on the Closing
Date or the date of the most recent certificate delivered pursuant to this Section.

     SECTION 5.11 Additional Subsidiaries and Real Property Assets. (a) If any additional
Subsidiary is formed or acquired after the Closing Date, the Borrower will notify the
Administrative Agent thereof and, within ten Business Days (or such longer period as the
Administrative Agent may permit in light of the circumstances) after such Subsidiary is formed or
acquired, cause the Collateral and Guarantee Requirement to be satisfied with respect to such
Subsidiary (if it is a Subsidiary Loan Party) and to any Equity Interest in or Indebtedness of such
Subsidiary owned by or on behalf of any Loan Party to the extent required by the Collateral and
Guarantee Requirement. The Borrower shall, and shall cause its Subsidiaries to, use reasonable
efforts to have domestic Subsidiaries that are not Subsidiary Loan Parties comply with the
Collateral and Guarantee Requirement, including, without limitation, having third party
stockholders of any such Subsidiary provide any necessary consents to such compliance.

          (b) With respect to any Real Property Asset that is acquired after the Closing Date and has a
book value upon acquisition in excess of $250,000 (each an
“Acquisition Property” and collectively, the “Acquisition Properties”) Borrower shall, and
shall cause its Subsidiaries to, (i) not less than ten (10) Business Days after the acquisition
thereof, notify Administrative Agent in writing of such acquisition; (ii) not later than 90 days
after the acquisition thereof (unless extended by the Administrative Agent to 120 days after the
acquisition thereof in its sole discretion), execute and deliver a Mortgage to Administrative Agent
(each an “Additional Mortgage” and collectively the “Additional Mortgages”) duly

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executed by the Borrower or applicable Subsidiary together with evidence that such Additional
Mortgage has been recorded in all places to the extent necessary or desirable, in the reasonable
judgment of Administrative Agent, so as to effectively create a valid and enforceable first
priority lien, subject to Permitted Encumbrances, on such Acquisition Property in favor of
Administrative Agent (or such other trustee as may be required or desired under local law) for the
benefit of Lenders; and (iii) not later than the date on which such Mortgage is delivered, have
delivered to Administrative Agent a title report in respect of any such Acquisition Property,
together with such other instruments and documents that the Administrative Agent may reasonably
request (consistent with paragraph (e) of the Collateral and Guarantee Requirement).
Notwithstanding anything to the contrary set forth in this Agreement, if a Default has occurred and
is continuing, Borrower and its Subsidiaries shall be obligated to comply with this Section 5.11
with respect to all Real Property Assets and all Real Property Leases within 60 days of receipt of
notice of such Default from the Administrative Agent; provided, however, with respect to Real
Property Leases, Borrower’s and its Subsidiaries’ obligation to deliver a Mortgage for such
leasehold interest shall be subject to obtaining the consent of the lessor thereof to the
encumbering by Borrower or the applicable Subsidiary of its leasehold interest after exercising
commercially reasonable efforts to obtain such consent. The Borrower will, no less than once
during each six month period, provide the Administrative Agent with a list of real property
acquired by Borrower and its Subsidiaries since the date of the last list provided pursuant to this
Section 5.11.

          (c) If Borrower or any Subsidiary is required to deliver an Additional Mortgage with respect
to any Acquisition Property (or any Real Property Lease), Borrower shall deliver or shall cause
such Subsidiary to deliver to Administrative Agent such Additional Mortgage, and promptly
thereafter evidence that such Additional Mortgage has been recorded in all places to the extent
necessary or desirable, in the reasonable judgment of Administrative Agent, so as to effectively
create a valid and enforceable first priority lien, subject to Permitted Encumbrances, on such
Acquisition Property (or such Real Property Lease) in favor of Administrative Agent (or such other
trustee as may be required or desired under local law) for the benefit of Lenders; an ALTA mortgage
title insurance policy if available in the jurisdiction in which the Acquisition Property is
located (each an “Additional Mortgagee Policy” and collectively, the “Additional
Mortgagee Policies”) issued by the Title Company, in an amount reasonably satisfactory to
Administrative Agent (but not in excess of Administrative Agent’s reasonable determination of the
fair market value of the Acquisition Property (or the Real Property Lease)), assuring
Administrative Agent that the Additional Mortgage in connection with the acquisition thereof
creates a valid and enforceable first priority mortgage lien on such Acquisition Property (or such
Real Property Lease), free and clear of all defects and encumbrances except Permitted Encumbrances,
and subject to a standard survey exception, and which Additional Mortgagee Policy shall provide for
affirmative insurance and such reinsurance as Administrative Agent may reasonably request, all of
the foregoing in form and substance reasonably satisfactory to Administrative Agent. If any Real
Property Asset of Borrower or any
of its Subsidiaries is to be leased or subleased by the Borrower or applicable Subsidiary to a
non-Affiliate of Borrower, Administrative Agent agrees to deliver, on behalf of itself and all
Lenders an agreement of subordination, non-disturbance and attornment substantially in the form
attached hereto as Exhibit E (subject to such necessary modifications to comply with the
laws of the applicable jurisdiction in which it will be filed), subordinating the leasehold
interest of such third party to the Additional Mortgage and the Lien created thereby, which
agreement shall be

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executed by Borrower or the applicable Subsidiary as lessor (or sublessor, as
the case may be) and the lessee (or sublessee, as the case may be).

          (d) If no Default has occurred and is continuing and Borrower or any Subsidiary Loan Party
sells any Mortgaged Property (including any Acquisition Property or Real Property Lease) to a
franchisee or non-Affiliate of Borrower in connection with the sale of the land and/or improvements
(building, furniture, fixtures and equipment) thereon to such franchisee or non-Affiliate of
Borrower, then Administrative Agent shall deliver a release of the Mortgage or Additional Mortgage
to Borrower’s counsel or to the relevant Title Company, to be held in trust pending the closing of
any such sale.

          Notwithstanding anything to the contrary herein, the Administrative Agent may in its sole
discretion exclude particular Real Property Assets or Real Property Leases from the Collateral if
it determines that the cost or impracticality of including such assets would be excessive or
disproportionate in relation to (i) the benefits to the Lenders and (ii) the value of such Real
Property Asset or Real Property Lease.

     SECTION 5.12 Compliance with Contractual Obligations. The Borrower will, and will
cause each of its Subsidiaries to, comply in all material respects with its obligations under each
agreement to which it is a party and enforce its rights thereunder in a commercially reasonable
manner, to the extent a failure to do so could reasonably be expected to result in a Material
Adverse Effect.

     SECTION 5.13 Further Assurances. (a) The Borrower will, and will cause each
Subsidiary Loan Party to, execute any and all further documents, financing statements, agreements
and instruments, and take all such further actions (including the filing and recording of financing
statements, fixture filings, mortgages, deeds of trust and other documents), which may be required
under any applicable law, or which the Administrative Agent or the Required Lenders may reasonably
request, to cause the Collateral and Guarantee Requirement to be and remain satisfied, all at the
expense of the Loan Parties. The Borrower also agrees to provide to the Administrative Agent, from
time to time upon request, evidence reasonably satisfactory to the Administrative Agent as to the
perfection and priority of the Liens created or intended to be created by the Security Documents.

          (b) If any material assets other than Real Property Assets addressed in Section 5.11 are
acquired by the Borrower or any Subsidiary Loan Party after the Closing Date (other than assets
constituting Collateral under the Collateral Agreement that become subject to the Lien of the
Collateral Agreement upon acquisition thereof), the Borrower will notify the Administrative Agent
thereof, and, if requested by the Administrative Agent or the Required
Lenders, the Borrower will cause such assets to be subjected to a Lien securing the
Obligations and will take, and cause the Subsidiary Loan Parties to take, such actions as shall be
necessary or reasonably requested by the Administrative Agent to grant and perfect such Liens,
including actions described in paragraph (a) of this Section, all at the expense of the Loan
Parties.

     SECTION 5.14 Casualty and Condemnation. The Borrower (a) will furnish to the
Administrative Agent and the Lenders prompt written notice of any casualty or other insured damage
to any material portion of any Collateral or the commencement of any action or

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proceeding for the taking of any Collateral or any part thereof or interest therein under power of eminent domain or
by condemnation or similar proceeding and (b) will ensure that the Net Proceeds of any such event
(whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and
applied in accordance with the applicable provisions of the Security Documents; provided,
however, so long as no Event of Default shall have occurred or be continuing, Borrower or
its Subsidiaries may retain and apply such Net Proceeds in accordance with the provision of Section
2.10(c).

     SECTION 5.15 End of Fiscal Years; Fiscal Quarters. The Borrower will, for financial
reporting purposes, cause each of its fiscal years and quarters to end on the dates shown on the
period calendar attached hereto as Schedule 5.15.

ARTICLE VI

Negative Covenants

          Until the Commitments have expired or terminated and the principal of and interest on each
Loan and all fees payable hereunder have been paid in full and all Letters of Credit have expired
or terminated and all LC Disbursements shall have been reimbursed, the Borrower covenants and
agrees with the Lenders that:

     SECTION 6.01 Indebtedness. The Borrower will not, and will not permit any Subsidiary
to, create, incur, assume or permit to exist any Indebtedness, except:

     (a) Indebtedness with respect to the Loans and Obligations;

     (b) Indebtedness existing on the date hereof and set forth in Schedule 6.01,
and any extensions, renewals or replacements of any such Indebtedness as long as the
principal amount thereof is not increased and the Indebtedness remains unsecured to the
extent originally unsecured;

     (c) Indebtedness of the Borrower to any Subsidiary and of any Subsidiary to the
Borrower or any other Subsidiary, provided that (i) the proceeds from such
Indebtedness shall not be issued by a Subsidiary that is subject to a restrictive agreement
permitted under Section 6.08; (ii) all such intercompany Indebtedness shall be
evidenced by intercompany notes; (iii) the obligations of each obligor on such Indebtedness
shall be subordinated in right of payment to the payment and performance of such obligor’s
obligations, if any, (whether as a borrower, guarantor or pledgor of Collateral under the
Loan Documents to which such obligor is a party) pursuant to the terms of the intercompany
notes; (iv) such intercompany Indebtedness shall be reduced pro tanto by the amount of any
payments made by such obligor in respect of its Obligations under any guarantee of the
Obligations; and (v) the intercompany notes evidencing such indebtedness shall be pledged to
Lenders;

     (d) (i) Guarantees by the Borrower of any Indebtedness of its Subsidiaries permitted
under this Section 6.01 (including, without limitation, assumed Indebtedness

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permitted under
Section 6.01(f)) or (ii) Guarantees by Borrower or any of its Subsidiary Loan Parties of
loans to franchisees which together with Investments consist of direct loans to franchisees
as permitted in Sections 6.03 or 6.04, non-cash consideration received by the Borrower or
any of its Subsidiaries to the extent permitted under Section 6.03(vi) and other Investments
permitted under Section 6.04(c) not to exceed an aggregate amount of $35,000,000 at any time
outstanding; provided, that such Guarantees (i) are unsecured, (ii) shall constitute
debt for the purpose of compliance with Section 6.04(c) herein, (iii) would not create a
Default and (iv) have terms and conditions that are substantially similar to or consistent
with those customarily offered by the Borrower to such franchisees and provided further that
the aggregate amount of obligations Guaranteed shall not exceed in any event $20,000,000;

     (e) Borrower and its Subsidiaries may become and remain liable with respect to
Indebtedness incurred in connection with the re-imaging or construction of properties for
its “turnkey” and re-imaging programs, including loans to franchisees for re-imaging
purposes, in an aggregate principal amount not to exceed $15,000,000 outstanding at any
time;

     (f) Indebtedness of any Person that becomes a Subsidiary after the date hereof or
assumption of any Indebtedness subject to prepayment premiums in connection with a Permitted
Acquisition, provided that (i) such Indebtedness exists at the time such Person
becomes a Subsidiary or at such time the Permitted Acquisition is consummated and is not
created in contemplation of or in connection with either such Person becoming a Subsidiary
or the consummation of such Permitted Acquisition and (ii) after giving effect to the
Permitted Acquisition (and the assumption of Indebtedness in connection therewith) and after
giving pro forma effect thereto, the Total Leverage Ratio of Borrower shall be less than
2:50 to 1.00, and the Borrower shall provide the Administrative Agent a certificate, in form
and substance reasonably satisfactory to the Administrative Agent, showing calculations in
reasonable detail to demonstrate compliance with this clause (f), at least five Business
Days prior to the date of making such Permitted Acquisition and incurrence of Indebtedness;

     (g) Indebtedness of the Borrower or any Subsidiary as an account party in respect of
trade letters of credit;

     (h) Indebtedness of the Borrower that constitutes Subordinated Debt or subordinated
guarantees of Subordinated Debt subordinated to the same extent as the underlying
indebtedness; provided that with respect to future Subordinated Debt, at the time of
the incurrence of such Indebtedness and after giving effect thereto (i) no Default shall
occur or be continuing, (ii) such Indebtedness shall mature after the Term Loan Maturity
Date and (iii) the amortization of such Indebtedness shall be reasonably acceptable to the
Administrative Agent;

     (i) Indebtedness consisting of contingent obligations in respect of Letters of Credit;

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     (j) Indebtedness consisting of contingent obligations under interest rate cap, collar
or similar hedging agreements designed to protect Borrower or its Subsidiaries against
fluctuations in interest rates with respect to the Loans and with respect to commodity and
currency hedging arrangements entered into in the ordinary course of business;

     (k) Permitted Earnout Agreements;

     (l) Permitted Investments to the extent also constituting Indebtedness;

     (m) Indebtedness otherwise permitted under Sections 6.04 and 6.05;

     (n) Indebtedness for guaranties of operating leases in the ordinary course of business;
the aggregate net rental expense with respect to such leases not to exceed $5,000,000;

     (o) unsecured Indebtedness regarding any note or similar debt instrument issued to A1
Copeland and certain of his family members with regard to the Popeye’s spice royalty
purchase in an aggregate principal amount not to exceed $30,000,000; and

     (p) other Indebtedness (including without limitation pursuant to Capital Lease
Obligations) not falling within another exception listed above, in an aggregate principal
amount not to exceed $20,000,000 at any time outstanding; provided that such
Indebtedness may be secured by Liens on any assets purchased, constructed or financed with
such Indebtedness and the proceeds of such Indebtedness shall be used to provide not less
than 70% of the original purchase price of such asset or the amount expended to construct or
improve such asset as the case may be.

     SECTION 6.02 Liens. The Borrower will not, and will not permit any Subsidiary to,
create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter
acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights
in respect of any thereof, except:

     (a) Permitted Encumbrances and Liens securing the Obligations;

     (b) any Lien (other than Permitted Encumbrances) on any property or asset of the
Borrower or any Subsidiary either existing on the date hereof and set forth in Schedule
6.02 or on any property acquired in connection with a Permitted Acquisition and which
secures Indebtedness permitted under Section 6.01(f) above; provided that (i) such
Lien shall not apply to any other property or asset of the Borrower or any Subsidiary and
(ii) such Lien shall secure only those obligations which it secures on the date hereof or as
of the date acquired in connection with a Permitted Acquisition in which Indebtedness is
assumed as permitted in Section 6.01(f) above;

     (c) Liens securing Indebtedness permitted by Sections 6.01(e) and (n);

     (d) any Lien existing on any property or asset prior to the acquisition thereof by the
Borrower or any Subsidiary or existing on any property or asset of any Person that

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becomes a Subsidiary after the date hereof prior to the time such Person becomes a Subsidiary;
provided that (i) such Lien is not created in contemplation of or in connection with
such acquisition or such Person becoming a Subsidiary, as the case may be, (ii) such Lien
shall not apply to any other property or assets of the Borrower or any Subsidiary and (iii)
such Lien shall secure only those obligations which it secures on the date of such
acquisition or the date such Person becomes a Subsidiary, as the case may be; and

     (e) any Lien arising from put or call options in connection with Permitted Joint
Venture Investments.

     SECTION 6.03 Fundamental Changes and Asset Sales. (a) The Borrower will not, and will
not permit any Subsidiary to, merge into or consolidate with any other Person, or permit any other
Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in
one transaction or in a series of transactions) all or any substantial part of its assets, or all
or substantially all of the stock of any of the Subsidiary Loan Parties (in each case, whether now
owned or hereafter acquired), or liquidate or dissolve, except that, if at the time thereof and
immediately after giving effect thereto no Event of Default or Default shall have occurred and be
continuing (i) any Subsidiary may merge into the Borrower in a transaction in which the Borrower is
the surviving corporation, (ii) any Subsidiary may merge into any Subsidiary in a transaction in
which the surviving entity is a Subsidiary; provided that to the extent either such Subsidiary is a
Subsidiary Loan Party, the surviving entity shall be a Subsidiary Loan Party, (iii) any Subsidiary
may sell, transfer, lease or otherwise dispose of its assets to the Borrower or to another
Subsidiary, (iv) any Subsidiary may liquidate or dissolve if the Borrower determines in good faith
that such liquidation or dissolution is in the best interests of the Borrower and is not materially
disadvantageous to the Lenders; provided that any such merger involving a Person that is
not a wholly owned Subsidiary immediately prior to such merger shall not be permitted unless also
permitted by Section 6.04, (v) Borrower and its Subsidiaries may sell or otherwise dispose of
assets in transactions that do not constitute Asset Sales; provided that the consideration received
for such assets shall be in amount at least equal to the fair market value thereof, (vi) Borrower
or its Subsidiaries may make Specified Asset Sales provided that, such Specified Asset Sales can be
made for Cash or non-Cash consideration until the amount of non-Cash consideration exceeds
$10,000,000 in the aggregate; thereafter, such Specified Asset Sales shall be made for at least 66
2/3% in Cash (provided that the limitation with respect to Cash consideration set forth in this Section
6.03(vi) shall not apply to the asset sales described under clause (iv) of the definition of
Specified Asset Sales), (vii) Borrower or its Subsidiaries may take any action permitted by Section
6.04 below to the extent constituting an Asset Sale, (viii) subject to Section 6.14, Borrower and
its Subsidiaries may make Asset Sales (other than Specified Asset Sales) having an aggregate fair
market value not in excess of $20,000,000 in any fiscal year; provided that (A) the consideration
received for each such Asset Sale shall be in an amount at least equal to the fair market value
thereof; (B) the consideration for each such Asset Sale is at least 66 2/3% in Cash and (C) the
proceeds of such Asset Sales shall be applied as required by Section 2.10(c), (ix) any Person may
merge into the Borrower or any Subsidiary of the Borrower in connection with a Permitted
Acquisition that is permitted under Section 6.04 so long as such Borrower or Subsidiary of the
Borrower is the surviving corporation, and (x) Borrower may reorganize for the purpose of changing
its jurisdiction of incorporation to the State of Delaware or the State of Georgia.

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          (b) The Borrower will not, and will not permit any of its Subsidiaries to, engage to any
material extent in any business other than businesses of the type conducted by the Borrower and its
Subsidiaries on the date of execution of this Agreement and businesses reasonably related thereto
and that will not materially change its or its Subsidiary’s material lines of business taken as a
whole as of the Closing Date. For the avoidance of doubt, the type of business conducted by the
Borrower and its Subsidiaries as of the Closing Date is the franchising of food-service related
businesses and the provision of directly related services and products and the distribution,
wholesale and retailing of food and food related products.

     SECTION 6.04 Investments, Loans, Advances, Guarantees and Acquisitions. The Borrower
will not, and will not permit any of its Subsidiaries to, purchase, hold or acquire (including
pursuant to any merger with any Person that was not a wholly owned Subsidiary prior to such merger)
any Investment, except:

     (a) Permitted Investments;

     (b) (i) Permitted Joint Venture Investments and (ii) Investments by Subsidiaries in
capital expenditures, all of which in the aggregate shall not exceed initially $25,000,000.

     (c) Investments consisting of extensions of credit to franchisees as permitted by
Section 6.01 or which otherwise provide credit support to franchisees in respect of the
deferral of royalty payments, rental payments, taxes, equipment sales, financing of
restaurant properties, franchise agreements and development or territory agreements of such
franchisees which together with Indebtedness permitted under Section 6.01(d) shall not
exceed $20,000,000 in the aggregate;

     (d) Guarantees constituting Indebtedness permitted by Section 6.01;

     (e) Permitted Acquisitions if after giving effect to the making of such Permitted
Acquisition (and all transactions in connection therewith) and after giving pro forma effect
thereto, the Total Leverage Ratio shall be less than 2:50 to 1.00, and the Borrower shall
provide the Administrative Agent a certificate, in form and substance reasonably
satisfactory to the Administrative Agent, showing calculations in reasonable detail to
demonstrate compliance with this clause (e), at least five Business Days prior to the date
of making such Permitted Acquisition;

     (f) any matter permitted in Section 6.03 to the extent it is an Investment; and

     (g) other Investments not addressed above in an aggregate amount not to exceed
$10,000,000, provided that such Investment permitted by the this clause (g) shall
reduce the Investments permitted pursuant to Section 6.04(b) on a dollar for dollar basis.

     SECTION 6.05 Swap Agreements. The Borrower will not, and will not permit any of its
Subsidiaries to, enter into any Swap Agreement, except (a) Swap Agreements entered into in the
ordinary course of business to
hedge or mitigate risks with respect to commodities or currencies to which the Borrower or any
Subsidiary has actual exposure (other than those in respect of Equity Interests of the Borrower or
any of its Subsidiaries), and (b) Swap Agreements

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entered into in order to effectively cap, collar
or exchange interest rates (from fixed to floating rates, from one floating rate to another
floating rate, from floating to fixed rate or otherwise) with respect to any interest-bearing
liability or investment of the Borrower or any Subsidiary; provided, that in the event that
the Total Leverage Ratio exceeds 2.00 to 1.0 at any date of determination, then if on such date
less than 30% of the funded Indebtedness of Borrower as reflected on the consolidated balance sheet
of the Borrower for the most recent ended fiscal quarter accrues interest at a fixed rate of
interest, the Borrower shall promptly enter into Swap Agreements, in form and substance reasonably
satisfactory to the Administrative Agent, to the extent necessary so that the Borrower and its
Subsidiaries have consolidated floating rate interest exposure in respect of not more than 70% of
its consolidated funded Indebtedness.

     SECTION 6.06 Restricted Payments. (a) The Borrower will not, and will not permit any
of its Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any
Restricted Payment, except, so long as no Default or Event of Default shall have occurred and be
continuing, the Borrower may declare and make Restricted Payments if at the time of declaring and
making such Restricted Payment, and after giving pro forma effect thereto, the Total Leverage Ratio
shall be less than 2:00 to 1.00. The Borrower shall provide the Administrative Agent a
certificate, in form and substance reasonably satisfactory to the Administrative Agent, showing
calculations in reasonable detail to demonstrate compliance with this clause (a), at least five
Business Days prior to the date of making any such Restricted Payment that is in excess of
$250,000.

          (b) The Borrower will not, nor will it permit any Subsidiary to, make or agree to pay or make,
directly or indirectly, any payment or other distribution (whether in cash, securities or other
property) of or in respect of principal of or interest on any subordinated Indebtedness, or any
payment or other distribution (whether in cash, securities or other property), including any
sinking fund or similar deposit, on account of the purchase, redemption, prepayment, retirement,
acquisition, cancellation or termination of any Indebtedness, except (i) payment or prepayment of
Indebtedness created or permitted under the Loan Documents, (ii) the scheduled interest payments on
Subordinated Debt permitted pursuant to this Agreement in accordance with the terms thereof and
only to the extent required thereby, provided that at the time of any payment of such restricted
payment pursuant to this clause (ii) and immediately after giving effect thereto, (A) no Event of
Default shall have occurred and be continuing under clause (a) of Article VII, or (B) no Event of
Default shall have occurred under clause (e) or (f) of Article VII, provided further that before
prohibiting payment for such Event of Default under (e) or (f) of Article VII, the Administrative
Agent shall have given the notice required under the Subordinated Debt indenture of its election to
block such payments, subject to the subordination provisions of the permitted Subordinated Debt and
(iii) other payments or distributions not addressed above so long as no Default or Event of Default
shall have occurred and be continuing and if at the time of making such payment or distribution,
and after giving pro forma effect thereto, the Total Leverage Ratio shall be less than 2:00 to
1.00, and the Borrower shall provide the Administrative Agent a certificate, in form and substance
reasonably satisfactory to the Administrative Agent, showing calculations in reasonable detail to
demonstrate compliance with
this clause (iii), at least five Business Days prior to the date of making such payment or
distribution.

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     SECTION 6.07 Transactions with Affiliates. The Borrower will not, and will not permit
any of its Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or
purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other
transactions with, any of its Affiliates, except (a) in the ordinary course of business at prices
and on terms and conditions not less favorable to the Borrower or such Subsidiary than could be
obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or among
the Borrower and its wholly owned Subsidiaries or between wholly owned Subsidiaries not involving
any other non-Affiliate and between Borrower and other non-wholly owned Subsidiaries on a
commercially reasonable basis, (c) any Restricted Payment permitted by Section 6.06, (d) reasonable
and customary compensation or employee benefit arrangements with any officer or member of the Board
of Directors of Borrower or any of its Subsidiaries entered into in the ordinary course of business
and consistent with past practices, and (e) employee stock purchase plans.

     SECTION 6.08 Restrictive Agreements. The Borrower will not, will not permit
Subsidiary Loan Parties to and will use reasonable commercial efforts to prohibit any of its
Subsidiaries that are not Subsidiary Loan Parties to, directly or indirectly, enter into, incur or
permit to exist any agreement or other arrangement that prohibits, restricts or imposes any
condition upon (a) the ability of the Borrower or any Subsidiary to create, incur or permit to
exist any Lien upon any of its property or assets, or (b) the ability of any Subsidiary to pay
dividends or other distributions with respect to any shares of its Capital Stock or to make or
repay loans or advances to the Borrower or any other Subsidiary or to Guarantee Indebtedness of the
Borrower or any other Subsidiary; provided that (i) the foregoing shall not apply to
restrictions and conditions imposed by law or by the Loan Documents, (ii) the foregoing shall not
apply to customary restrictions and conditions contained in agreements relating to the sale of a
Subsidiary pending such sale, provided such restrictions and conditions apply only to the
Subsidiary that is to be sold and such sale is permitted hereunder, (iii) clause (a) of the
foregoing shall not apply to restrictions or conditions imposed by any agreement relating to
secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to
the property or assets securing such Indebtedness and are no more restrictive in any material
respect than these provisions and (iv) clause (a) of the foregoing shall not apply to customary
provisions in contracts and leases entered into in the ordinary course restricting the assignment
thereof.

     SECTION 6.09 Sale and Leaseback Transactions. The Borrower will not, and will not
permit any of its Subsidiaries to, enter into any arrangement (other than with or between Borrower
and any of its Subsidiaries), directly or indirectly, whereby it shall sell or transfer any
property, real or personal, used or useful in its business, whether now owned or hereinafter
acquired, and thereafter rent or lease such property or other property that it intends to use for
substantially the same purpose or purposes as the property sold or transferred, except for sale
leasebacks to the extent such sale leasebacks and
other Indebtedness permitted under Section 6.01(p) do not exceed $30,000,000 and in no event
shall such sale leasebacks exceed $15,000,000 in the aggregate, it being understood that any such
sale leaseback shall constitute a Prepayment Event.

     SECTION 6.10 Amendment of Material Documents. The Borrower will not, nor will it
permit any Subsidiary Loan Party to, amend, modify or waive any of its rights under (a) its

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certificate of incorporation, by-laws or other organizational documents if such amendment,
modification or waiver would materially and adversely affect the interests of the Lenders or (b)
any indenture, credit agreement or other document entered into to evidence or govern the terms of
any Indebtedness permitted pursuant to Section 6.01(h) if the effect of such amendment,
modification or waiver is to increase the interest rate on the Indebtedness, change (to earlier
dates) any dates upon which payments of principal or interest are due thereon, change any event of
default or condition to an event of default (other than to delay, waive or eliminate any such event
of default), change the redemption, prepayment or defeasance provisions thereof, change the
subordination provisions thereof (or of any guaranty thereof), or if the effect of such amendment
or change, together with all other amendments or changes made, is to increase materially the
obligations of the obligor thereunder or to confer any additional rights on the holders of the
Indebtedness (or a trustee or other representative on their behalf) which would be adverse to
Borrower or Lenders.

     SECTION 6.11 Minimum Fixed Charge Coverage Ratio. As of the last day of any fiscal
quarter ending on or after the Closing Date, the Borrower will not permit the ratio of (i)
Consolidated EBITDAR less provisions for current taxes based upon or determined by reference to
income of Borrower and its Subsidiaries and payable in cash with respect to such period
less Consolidated Capital Expenditures to (ii) Consolidated Fixed Charges, in each case for
the period of four consecutive fiscal quarters ending on or most recently ended prior to such day
to be less than 1.25:1.00.

     SECTION 6.12 Total Leverage Ratio. As of the last day of any fiscal quarter, the
Borrower will not permit the Total Leverage Ratio as of such day (to be calculated for the purposes
of this Section 6.12 only using Consolidated Total Indebtedness less the balance sheet amount of
Cash and Cash Equivalents on such date of determination in an amount in excess of $3,000,000,
provided that such Cash and Cash Equivalents shall exclude funds drawn from the Revolving
Loan on such date) to exceed 2.75:1.00.

     SECTION 6.13 Certain Calculations. With respect to any period during which a
Permitted Acquisition or an Asset Sale has occurred (each, a “Subject Transaction”), for
purposes of determining compliance with Total Leverage Ratio, Consolidated EBITDA shall be
calculated with respect to such period on a pro forma basis (including pro forma adjustments
arising out of events which are directly attributable to a specific transaction, are factually
supportable and are expected to have a continuing impact, in each case determined on a basis
consistent with Article 11 of Regulation S-X promulgated
under the Securities Act and as interpreted by the staff of the Securities and Exchange
Commission, which would include cost savings resulting from head count reduction, closure of
facilities and similar restructuring charges, which pro forma adjustments shall be certified by the
chief financial officer of Borrower) using the historical audited financial statements (or, if
audited statements are not available (other than in the case of a Permitted Acquisition of a
non-franchisee in excess of $30,000,000), using the best available financial statements) of any
business so acquired or to be acquired or sold or to be sold and the consolidated financial
statements of the Borrower and its Subsidiaries which shall be reformulated as if such Subject
Transaction, and any Indebtedness incurred or repaid in connection therewith, had been consummated
or incurred or repaid at the beginning of such period (and assuming that such Indebtedness bears
interest during any portion

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of the applicable measurement period prior to the relevant acquisition
at the weighted average of the interest rates applicable to outstanding Loans incurred during such
period).

     SECTION 6.14 Disposal of Subsidiary Stock. Except for any sale of any Regulatory
Shares or all of the Capital Stock of a Subsidiary owned by the Borrower or its Subsidiaries, in
each case in compliance with the provisions of Section 6.03 hereof, Borrower shall not directly or
indirectly sell, assign, pledge or otherwise encumber or dispose of any shares of Capital Stock or
other equity securities of any of its Subsidiaries, except to qualify directors if required by
applicable law; or permit any of its Subsidiaries directly or indirectly to sell, assign, pledge or
otherwise encumber or dispose of any shares of Capital Stock or other equity securities of any of
its Subsidiaries (including such Subsidiary), except to Borrower, a Subsidiary Loan Party, or to
qualify directors if required by applicable law.

ARTICLE VII

Events of Default

          If any of the following events (“Events of Default”) shall occur:

     (a) the Borrower shall fail to pay any principal of any Loan or any reimbursement
obligation in respect of any LC Disbursement when and as the same shall become due and
payable, whether at the due date thereof or at a date fixed for prepayment thereof or
otherwise;

     (b) the Borrower shall fail to pay any interest on any Loan or any fee or any other
amount (other than an amount referred to in clause (a) of this Article) payable under this
Agreement, when and as the same shall become due and payable, and such failure shall
continue unremedied for a period of three Business Days;

     (c) [Reserved];

     (d) any representation or warranty made or deemed made by or on behalf of the Borrower
or any Subsidiary in or in connection with this Agreement or any amendment or modification
hereof or waiver hereunder, or in any report, certificate, financial statement or other
document furnished pursuant to or in connection with this
Agreement or any amendment or modification hereof or waiver hereunder, shall prove to
have been materially incorrect when made or deemed made;

     (e) the Borrower shall fail to observe or perform any covenant, condition or agreement
contained in Section 5.02, 5.03 (with respect to the Borrower’s existence), 5.08 or in
Article VI or in paragraph (e) of the Collateral and Guarantee Requirement;

     (f) the Borrower or any Subsidiary Loan Party shall fail to observe or perform any
covenant, condition or agreement contained in this Agreement (other than those specified in
clause (a), (b), (d) or (e) of this Article) or in any of the Security Documents (other than
with respect to Collateral with an aggregate fair market value of which does not exceed
$1,000,000), and such failure shall continue unremedied for a period of thirty

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days after
notice thereof from the Administrative Agent to the Borrower (which notice will be given at
the request of any Lender);

     (g) the Borrower or any Subsidiary shall fail to make any payment (whether of principal
or interest and regardless of amount) in respect of any Material Indebtedness, when and as
the same shall become due and payable and such failure continues beyond applicable cure
periods;

     (h) any event or condition occurs that results in any Material Indebtedness becoming
due prior to its scheduled maturity or that enables or permits (with or without the giving
of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or
any trustee or agent on its or their behalf to cause any Material Indebtedness to become
due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to
its scheduled maturity; provided that this clause (h) shall not apply to secured
Indebtedness that becomes due as a result of the voluntary sale or transfer of the property
or assets securing such Indebtedness;

     (i) an involuntary proceeding shall be commenced or an involuntary petition shall be
filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or
any Subsidiary or its debts, or of a substantial part of its assets, under any Federal,
state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in
effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator
or similar official for the Borrower or any Material Subsidiary or for a substantial part of
its assets, and, in any such case, such proceeding or petition shall continue undismissed
for 60 days or an order or decree approving or ordering any of the foregoing shall be
entered;

     (j) the Borrower or any Material Subsidiary shall (i) voluntarily commence any
proceeding or file any petition seeking liquidation, reorganization or other relief under
any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or
hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and
appropriate manner, any proceeding or petition described in clause (i) of this Article,
(iii) apply for or consent to the appointment of a receiver, trustee, custodian,
sequestrator, conservator or similar official for the Borrower or any Material Subsidiary or
for a substantial part of its assets, (iv) file an answer admitting the material allegations
of a
petition filed against it in any such proceeding, (v) make a general assignment for the
benefit of creditors or (vi) take any action for the purpose of effecting any of the
foregoing;

     (k) the Borrower or any Material Subsidiary shall become unable, admit in writing its
inability or fail generally to pay its debts as they become due;

     (l) any money judgments, writ or warrant of attachment or similar process which is
beyond all rights of appeal involving (i) in any individual case an amount in excess of
$2,500,000 or (ii) in the aggregate at any time an amount in excess of $5,000,000 (in either
case not adequately covered by insurance as to which a solvent and unaffiliated insurance
company has acknowledged coverage) shall be rendered against

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the Borrower, any Subsidiary or
any combination thereof and the same shall remain undischarged for a period of 30
consecutive days during which execution shall not be effectively stayed, or any action shall
be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or
any Subsidiary to enforce any such judgment;

     (m) an ERISA Event shall have occurred that, in the opinion of the Required Lenders,
when taken together with all other ERISA Events that have occurred, could reasonably be
expected to result in a Material Adverse Effect;

     (n) a Change in Control shall occur;

     (o) any Lien purported to be created under any Security Document shall cease to be, or
shall be asserted by any Loan Party not to be, a valid and perfected Lien on any Collateral
having an aggregate fair market value of $1,000,000 or more, with the priority required by
the applicable Security Document, except (i) as a result of the sale or other disposition of
the applicable Collateral in a transaction permitted under the Loan Documents or (ii) as a
result of the Administrative Agent’s failure to maintain possession of any stock
certificates, promissory notes or other instruments delivered to it under any Security
Document;

     (p) at any time after the execution and delivery thereof, (i) the Collateral Agreement
for any reason, other than the satisfaction in full of all Obligations and termination of
the Commitments, shall cease to be in full force and effect (other than in accordance with
its terms) or shall be declared to be null and void or any Subsidiary Loan Party shall
repudiate its obligations thereunder, (ii) this Agreement or any Security Document ceases to
be in full force and effect (other than by reason of a release of Collateral in accordance
with the terms hereof or thereof or the satisfaction in full of the Obligations in
accordance with the terms hereof) or shall be declared null and void (other than with
respect to Collateral with an aggregate fair market value of which does not exceed
$1,000,000) or (iii) any Loan Party shall contest the validity or enforceability of any Loan
Document in writing or deny in writing that it has any further liability, including with
respect to future advances by Lenders, under any Loan Document to which it is a party;

then, and in every such event (other than an event with respect to the Borrower described in clause
(i) or (j) of this Article), and at any time thereafter during the continuance of such event, the
Administrative Agent may, and at the request of the Required Lenders shall, by notice to the
Borrower, take either or both of the following actions, at the same or different times: (i)
terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii)
declare the Loans then outstanding to be due and payable in whole (or in part, in which case any
principal not so declared to be due and payable may thereafter be declared to be due and payable),
and thereupon the principal of the Loans so declared to be due and payable, together with accrued
interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become
due and payable immediately, without presentment, demand, protest or other notice of any kind, all
of which are hereby waived by the Borrower; and in case of any event with respect to the Borrower
described in clause (i) or (j) of this Article, the Commitments shall automatically terminate and
the principal of the Loans then outstanding, together with

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accrued interest thereon and all fees
and other obligations of the Borrower accrued hereunder, shall automatically become due and
payable, without presentment, demand, protest or other notice of any kind, all of which are hereby
waived by the Borrower.

Notwithstanding anything contained in the preceding paragraph, if at any time within 60 days after
an acceleration of the Loans pursuant to such paragraph Borrower shall pay all arrears of interest
and all payments on account of principal which shall have become due otherwise than as a result of
such acceleration (with interest on principal and, to the extent permitted by law, on overdue
interest, at the rates specified in this Agreement) and all Events of Default (other than
non-payment of the principal of and accrued interest on the Loans, in each case which is due and
payable solely by virtue of acceleration) shall be remedied or waived, then Required Lenders, by
written notice to Borrower, may at their option rescind and annul such acceleration and its
consequences; but such action shall not affect any subsequent Event of Default or impair any right
consequent thereon. The provisions of this paragraph are intended merely to bind Lenders to a
decision which may be made at the election of Required Lenders and are not intended to benefit
Borrower and do not grant Borrower the right to require Lenders to rescind or annul any
acceleration hereunder or preclude Lenders from exercising any of their rights and remedies under
the Loan Documents, even if the conditions set forth herein are met.

ARTICLE VIII

The Administrative Agent

     SECTION 8.01 General.

          Each of the Lenders and the Issuing Bank hereby irrevocably appoints the Administrative Agent
as its agent and authorizes the Administrative Agent to take such actions on its behalf and to
exercise such powers as are delegated to the Administrative Agent by the terms hereof, together
with such actions and powers as are reasonably incidental thereto.

          Each Lender hereby further authorizes Collateral Agent to enter into each Security Document as
secured party on behalf of and for the benefit of Lenders and agrees to be
bound by the terms of each Security Document; provided that Collateral Agent shall not
enter into or consent to any amendment, modification, termination or waiver of any provision
contained in any Security Document, subject to the last paragraph of Section 5.11, without the
prior consent of Required Lenders; provided further, however, that, without
further written consent or authorization from Lenders, Collateral Agent may execute any documents
or instruments necessary to effect the release of any asset constituting Collateral from the Lien
of the applicable Security Document in the event that such asset is sold or otherwise disposed of
in a transaction effected in accordance with Sections 6.03 or 6.04 (and shall, at the reasonable
request of Borrower execute such documents and instruments).

          The bank serving as the Administrative Agent hereunder shall have the same rights and powers
in its capacity as a Lender as any other Lender and may exercise the same as though it were not the
Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and
generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate
thereof as if it were not the Administrative Agent hereunder.

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          The Administrative Agent shall not have any duties or obligations except those expressly set
forth herein. Without limiting the generality of the foregoing, (a) the Administrative Agent shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has
occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any
discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby that the Administrative Agent is required to exercise in writing as
directed by the Required Lenders (or such other number or percentage of the Lenders as shall be
necessary under the circumstances as provided in Section 9.02), and (c) except as expressly set
forth herein, the Administrative Agent shall not have any duty to disclose, and shall not be liable
for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries
that is communicated to or obtained by the bank serving as Administrative Agent or any of its
Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or
not taken by it with the consent or at the request of the Required Lenders (or such other number or
percentage of the Lenders as shall be necessary under the circumstances as provided in Section
9.02) or in the absence of its own gross negligence or willful misconduct. The Administrative
Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof
is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent
shall not be responsible for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with this Agreement, (ii) the contents of any
certificate, report or other document delivered hereunder or in connection herewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set
forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or
any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in
Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be
delivered to the Administrative Agent.

          The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or other
writing believed by it to be genuine and to have been signed or sent by the proper Person. The
Administrative Agent also may rely upon any statement made to it orally or
by telephone and believed by it to be made by the proper Person, and shall not incur any
liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be
counsel for the Borrower), independent accountants and other experts selected by it, and shall not
be liable for any action taken or not taken by it in accordance with the advice of any such
counsel, accountants or experts.

          The Administrative Agent may perform any and all its duties and exercise its rights and powers
by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative
Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers
through their respective Related Parties. The exculpatory provisions of the preceding paragraphs
shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any
such sub-agent, and shall apply to their respective activities in connection with the syndication
of the credit facilities provided for herein as well as activities as Administrative Agent.

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          Subject to the appointment and acceptance of a successor Administrative Agent as provided in
this paragraph, the Administrative Agent may resign at any time by notifying the Lenders, the
Issuing Bank and the Borrower. Upon any such resignation, the Required Lenders shall have the
right, in consultation with the Borrower, to appoint a successor. If no successor shall have been
so appointed by the Required Lenders and shall have accepted such appointment within 30 days after
the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative
Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent
which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon
the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor
shall succeed to and become vested with all the rights, powers, privileges and duties of the
retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its
duties and obligations hereunder. The fees payable by the Borrower to a successor Administrative
Agent shall be the same as those payable to its predecessor unless otherwise agreed between the
Borrower and such successor. After the Administrative Agent’s resignation hereunder, the
provisions of this Article and Section 9.03 shall continue in effect for the benefit of such
retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of
any actions taken or omitted to be taken by any of them while it was acting as Administrative
Agent.

          Each Lender acknowledges that it has, independently and without reliance upon the
Administrative Agent or any other Lender and based on such documents and information as it has
deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each
Lender also acknowledges that it will, independently and without reliance upon the Administrative
Agent or any other Lender and based on such documents and information as it shall from time to time
deem appropriate, continue to make its own decisions in taking or not taking action under or based
upon this Agreement, any related agreement or any document furnished hereunder or thereunder. Each
Lender further acknowledges that each Arranger shall have no obligations under this Agreement.

     SECTION 8.02 Breakage Cost Cash Collateral Account.

          (a) Within sixty (60) days following the Closing Date, the Borrower shall establish with the
Administrative Agent (i) an account (the “Breakage Cost Cash Collateral Account”) in the
name of the Administrative Agent (for the benefit of the Lenders), into which the Borrower may from
time to time deposit dollars pursuant to, and in accordance with Sections 2.10(c) and 2.10(e)
hereof. The Breakage Cost Cash Collateral Account shall be under the sole dominion and control of
the Administrative Agent and shall be subject to a control agreement entered into between the
Borrower and the Administrative Agent. In the case of funds deposited in the Breakage Cost Cash
Collateral Account (i) in accordance with Section 2.10(c), unless a Default has occurred and is
continuing, the Administrative Agent will release such funds as set forth in Section 2.10(c) and
(ii) in accordance with Section 2.10(e), the Administrative Agent will apply such funds as set
forth in Section 2.10(e).

          (b) The Administrative Agent is hereby authorized and directed to invest and reinvest the
funds from time to time deposited into the Breakage Cost Cash Collateral Account, so long as no
Event of Default has occurred and is continuing, on the instructions of the Borrower
(provided, that any such instructions given verbally shall be confirmed promptly in

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writing) or, if the Borrower shall fail to give such instructions upon delivery of any such funds,
in the sole discretion of the Administrative Agent; provided, that in no event may the
Borrower give instructions to the Administrative Agent to, or may the Administrative Agent in its
discretion, invest or reinvest funds in the Breakage Cost Cash Collateral Account in anything other
than Cash Equivalents.

          (c) Any net income or gain on the investment of funds from time to time held in the Breakage
Cost Cash Collateral Account, shall be promptly reinvested by the Administrative Agent as a part of
the Breakage Cost Cash Collateral Account; and any net loss on any such investment shall be charged
against the Breakage Cost Cash Collateral Account.

          (d) None of the Administrative Agent, the Issuing Bank or any of the Lenders shall be a
trustee for any of the Loan Parties, or shall have any obligations or responsibilities, or shall be
liable for anything done or not done, in connection with the Breakage Cost Cash Collateral Account,
except as expressly provided herein and except that the Administrative Agent shall have the
obligations of a secured party under the Uniform Commercial Code. None of the Administrative
Agent, the Issuing Bank or any of the Lenders shall have any obligation or responsibility or shall
be liable in any way for any investment decision made in accordance with this Section 8.02 or for
any decrease in the value of the investments held in the Breakage Cost Cash Collateral Account.

          (e) Grant of Security Interest. For value received and to induce the Issuing Bank to
issue Letters of Credit and the Lenders to enter into this Agreement, as security for the payment
of all of the Obligations, each of the Loan Parties hereby assigns to the Administrative Agent (for
the benefit of the Lenders) and grants to the Administrative Agent (for the benefit of the
Lenders), a first priority Lien upon all of such Loan Party’s rights in and to the Breakage Cost
Cash Collateral Account, all cash, documents, instruments and securities from time to time held
therein, and all rights pertaining to investments of funds in the Breakage Cost Cash Collateral
Account and all products and proceeds of any of the foregoing. All Cash, documents, instruments
and securities from time to time on deposit in the Breakage Cost Cash Collateral Account, and all
rights pertaining to investments of funds in the Breakage Cost Cash Collateral
Account shall immediately and without any need for any further action on the part of any of
the Loan Parties, the Administrative Agent or any of the Lenders, become subject to the Lien set
forth in this Section, be deemed Collateral for all purposes hereof and be subject to the
provisions of this Credit Agreement.

          (f) Remedies. At any time during the continuation of an Event of Default, the
Administrative Agent may sell any documents, instruments and securities held in the Breakage Cost
Cash Collateral Account and may immediately apply the proceeds thereof and any other cash held in
the Breakage Cost Cash Collateral Account in accordance with Section 2.10.

ARTICLE IX

Miscellaneous

     SECTION 9.01 Notices. (a) Except in the case of notices and other communications
expressly permitted to be given by telephone (and subject to paragraph (b)

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below), all notices and
other communications provided for herein shall be in writing and shall be delivered by hand or
overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows:

          (b) if to the Borrower, to it at 5555 Glenridge Connector, Suite 300, Atlanta, GA 30342,
Attention of Treasurer (Telecopy No. (404) 459-4539); and in the case of any notice of default or
an Event of Default, concurrently to each of AFC Enterprises, Inc., 5555 Glenridge Connector, Suite
300, Atlanta, GA 30342, Attention of General Counsel (Telecopy No. (404) 459-4649) and to Cohen
Pollock Merlin & Small, P.C., 3350 Riverwood Parkway, SE, Suite 1600, Atlanta, GA 30339-3359,
Attention of Steven A. Fetter, Esq. (Telecopy No. (770) 857-4825; email: sfetter@cpmas.com);

          (c) if to the Administrative Agent, to JPMCB, Loan and Agency Services, 10 S. Dearborn, 7th
Floor, Chase Tower, Chicago, IL 60601, Attention of Sabana Johnson (Telecopy No. (888) 292-9533),
with a copy to JPMCB, 712 Main Street, 8th Floor North, Houston, Texas 77002, Attention
of Debra Harris (Telecopy No. (713) 216-6710);

          (d) if to the Issuing Bank, to JPMCB, Loan and Agency Services, 10 S. Dearborn, 7th Floor,
Chase Tower, Chicago, IL 60601, Attention of Sabana Johnson (Telecopy No. (888) 292-9533), with a
copy to JPMCB, 712 Main Street, 8th Floor North, Houston, Texas 77002, Attention of
Debra Harris (Telecopy No. (713) 216-6710);

          (e) if to the Swingline Lender, to JPMCB, Loan and Agency Services, 10 S. Dearborn, 7th Floor,
Chase Tower, Chicago, IL 60601, Attention of Sabana Johnson (Telecopy No. (888) 292-9533), with a
copy to JPMCB, 712 Main Street, 8th Floor North, Houston, Texas 77002, Attention of
Debra Harris (Telecopy No. (713) 216-6710); and

          (f) if to any other Lender, to it at its address (or telecopy number) set forth in its
Administrative Questionnaire.

          (g) Notices and other communications to the Lenders hereunder may be delivered or furnished by
electronic communications pursuant to procedures approved by the Administrative Agent; provided
that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the
Administrative Agent and the applicable Lender. The Administrative Agent or the Borrower may, in
its discretion, agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it; provided that approval of such procedures may
be limited to particular notices or communications.

          (h) Any party hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the other parties hereto. All notices and other
communications given to any party hereto in accordance with the provisions of this Agreement shall
be deemed to have been given on the date of receipt.

     SECTION 9.02 Waivers; Amendments. (a) No failure or delay by the Administrative
Agent, the Issuing Bank or any Lender in exercising any right or power hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or power,

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preclude any other or
further exercise thereof or the exercise of any other right or power. The rights and remedies of
the Administrative Agent, the Issuing Bank and the Lenders hereunder are cumulative and are not
exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of
this Agreement or consent to any departure by the Borrower therefrom shall in any event be
effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver
or consent shall be effective only in the specific instance and for the purpose for which given.
Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of
Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative
Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default at the time.

          (b) Neither this Agreement nor any other Loan Document, nor any provision hereof or thereof,
may be waived, amended or modified except pursuant to an agreement or agreements in writing entered
into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with
the consent of the Required Lenders (or, in the case of any Security Document, by the Collateral
Agent with the consent of the Required Lenders); provided that no such agreement shall (i)
increase the Commitment or Applicable Percentage of any Lender without the written consent of such
Lender, (ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of
interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender
affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan
or LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount
of, waive or excuse any such payment, or postpone the scheduled date of expiration of any
Commitment, without the written consent of each Lender affected thereby, (iv) change Section 2.10
or Section 2.18(b) or (c) in a manner that would alter the pro rata sharing of payments required
thereby, without the written consent of each Lender affected thereby, (v) change any of the
provisions of this Section or the percentage set forth in the definition of “Required
Lenders” or any other provision of any Loan Document specifying the number or percentage of
Lenders (or Lenders of any Class) required to waive,
amend or modify any rights thereunder or make any determination or grant any consent
thereunder, without the written consent of each Lender (or each Lender of such Class, as the case
may be), (vi) release any Subsidiary Loan Party from its Guarantee under the Collateral Agreement
(except as expressly provided in the Collateral Agreement), or limit its liability in respect of
such Guarantee, without the written consent of each Lender, (vii) release all or substantially all
of the Collateral from the Liens of the Security Documents, without the written consent of each
Lender or (viii) change any provisions of any Loan Document in a manner that by its terms adversely
affects the rights in respect of payments due to Lenders holding Loans of any Class differently
than those holding Loans of any other Class, without the written consent of Lenders holding a
majority in interest of the outstanding Loans and unused Commitments of each adversely affected
Class (in addition to any consent required under any other clause of this Section); provided
further that no such agreement shall amend, modify or waive any provision of Section 2.20
without the consent of each of the Administrative Agent, the Issuing Bank and the Swingline Lender
and no such agreement shall amend, modify or otherwise affect the rights or duties of the
Administrative Agent, the Issuing Bank or the Swingline Lender hereunder without the prior written
consent of the Administrative Agent, the Issuing Bank or the Swingline Lender, as the case may be.

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     SECTION 9.03 Expenses; Indemnity; Damage Waiver. (a) The Borrower shall pay (i) all
reasonable out-of-pocket expenses incurred by the Administrative Agent and each Arranger and their
respective Affiliates, including the reasonable fees, charges and disbursements of counsel for the
Administrative Agent, in connection with the syndication of the credit facilities provided for
herein, the preparation, execution, delivery and administration of this Agreement and the other
Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof
(whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all
reasonable out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance,
amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and
(iii) all out-of-pocket expenses incurred by the Administrative Agent, the Issuing Bank or any
Lender, including the fees, charges and disbursements of any counsel for the Administrative Agent,
the Issuing Bank or any Lender, in connection with the enforcement or protection of its rights in
connection with this Agreement and the other Loan Documents, including its rights under this
Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all
such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect
of such Loans or Letters of Credit.

          (b) The Borrower shall indemnify the Administrative Agent, each Arranger, the Issuing Bank and
each Lender, and each Related Party of any of the foregoing Persons (each such Person being called
an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses,
claims, damages, liabilities and related expenses, including the fees, charges and disbursements of
any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in
connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan
Document or any agreement or instrument contemplated hereby or thereby, the performance by the
parties hereto of their respective obligations hereunder or thereunder or the consummation of any
other transactions contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use of
the proceeds therefrom (including any refusal by the
Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented
in connection with such demand do not strictly comply with the terms of such Letter of Credit),
(iii) any presence or release of Hazardous Materials on or from any property owned or operated by
the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the
Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or
any other theory and regardless of whether any Indemnitee is a party thereto; provided that
such indemnity shall not, as to any Indemnitee, be available to the extent that such losses,
claims, damages, liabilities or related expenses are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or
willful misconduct of such Indemnitee.

          (c) To the extent that the Borrower fails to pay any amount required to be paid by it to the
Administrative Agent, the Issuing Bank or the Swingline Lender under paragraph (a) or (b) of this
Section, each Lender severally agrees to pay to the Administrative Agent, the Issuing Bank or the
Swingline Lender, as the case may be, such Lender’s Applicable Percentage (determined as of the
time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid
amount; provided that the unreimbursed expense or indemnified loss, claim, damage,
liability or related expense, as the case may be, was incurred by or asserted

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against the Administrative Agent, the Issuing Bank or the Swingline Lender in its capacity as such.

          (d) To the extent permitted by applicable law, the Borrower shall not assert, and hereby
waives, any claim against any Indemnitee, on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out of, in
connection with, or as a result of, this Agreement, any other Loan Document or any agreement or
instrument contemplated hereby or thereby, the transactions contemplated hereby or thereby, any
Loan or Letter of Credit or the use of the proceeds thereof.

          (e) All amounts due under this Section shall be payable promptly after written demand
therefor.

     SECTION 9.04 Successors and Assigns.

          (a) Assignments Generally. The provisions of this Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns permitted
hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except that
(i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder
without the prior written consent of each Lender (and any attempted assignment or transfer by the
Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise
transfer its rights or obligations hereunder except in accordance with this Section. Nothing in
this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the
parties hereto, their respective successors and assigns permitted hereby (including any Affiliate
of the Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in
paragraph (c) of this Section) and, to the extent expressly contemplated
hereby, the Related Parties of each of the Administrative Agent, the Issuing Bank and the
Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

          (b) Assignments by Lenders.

     (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may
assign to one or more Eligible Assignees all or a portion of its rights and obligations
under this Agreement (including all or a portion of its Commitment and the Loans at the time
owing to it) with the prior written consent (such consent not to be unreasonably withheld)
of:

          (A) the Borrower, provided that no consent of the Borrower shall be required
for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund (as defined below)
or, if an Event of Default has occurred and is continuing, any other assignee;

          (B) the Administrative Agent, provided that no consent of the Administrative
Agent shall be required for an assignment to an assignee that is a Lender, an Affiliate of a
Lender or an Approved Fund immediately prior to giving effect to such assignment;

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          (C) the Issuing Bank, in the case of any assignment in respect of the Revolving Loan
Commitments; and

          (D) the Swingline Lender, in the case of any assignment in respect of the Revolving
Loan Commitments.

     (ii) Assignments shall be subject to the following additional conditions:

          (A) except in the case of an assignment to a Lender, an Affiliate of a Lender or an
Approved Fund, or an assignment of the entire remaining amount of the assigning Lender’s
Commitment, the amount of the Commitment of the assigning Lender subject to each such
assignment (determined as of the date the Assignment and Assumption with respect to such
assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 for
the Revolving Loan or the Revolving Loan Commitments or $2,000,000 for the Term Loans unless
each of the Borrower and the Administrative Agent otherwise consent, provided that
no such consent of the Borrower shall be required if an Event of Default under Article VII
has occurred and is continuing;

          (B) each partial assignment shall be made as an assignment of a proportionate part of
all the assigning Lender’s rights and obligations under this Agreement, provided
that this Section 9.04(b)(ii)(B) shall not be construed to prohibit assignment of a
proportionate part of all the assigning Lender’s rights and obligations in respect of one
Class of Commitments or Loans;

          (C) the parties to each assignment shall execute and deliver to the Administrative
Agent an Assignment and Assumption, together with a processing and recordation fee of
$3,500;

          (D) the assignee, if it shall not be a Lender, shall deliver to the Administrative
Agent an Administrative Questionnaire; and

          (E) in the case of an assignment by a Lender to a CLO (as defined below) managed by
such Lender or by an Affiliate of such Lender, unless such assignment (or an assignment to a
CLO managed by the same manager or an Affiliate of such manager) shall have been approved by
the Borrower (the Borrower hereby agreeing that such approval, if requested will not be
unreasonably withheld or delayed), the assigning Lender shall retain the sole right to
approve any amendment, modification or waiver of any provision of this Agreement,
provided that the Assignment and Assumption between such Lender and such CLO may
provide that such Lender will not, without the consent of such CLO, agree to any amendment,
modification or waiver described in the first proviso to Section 9.02(b) that affects such
CLO.

          For the purposes of this Section 9.04(b), the terms “Approved Fund” and “CLO”
have the following meanings:

          “Approved Fund” means (a) with respect to any Lender, a CLO managed by such Lender or
by an Affiliate of such Lender and (b) with respect to any Lender that is a fund which invests in
bank loans and similar extensions of credit, any other fund that invests in bank loans

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and similar
extensions of credit and is managed by the same investment advisor as such Lender or by an
Affiliate of such investment advisor.

          “CLO” means any entity (whether a corporation, partnership, trust or otherwise) that
is engaged in making, purchasing, holding or otherwise investing in bank loans and similar
extensions of credit in the ordinary course of its business and is administered or managed by a
Lender or an Affiliate of such Lender.

          “Eligible Assignee” means (a) a Lender; (b) an Affiliate of any Lender; (c) an
Approved Fund; (d) a commercial bank organized under the laws of the United States, or any State
thereof, and having total assets in excess of $500,000,000; (e) a savings and loan association or
savings bank organized under the laws of the United States, or any State thereof, and having total
assets in excess of $500,000,000; (f) a commercial bank organized under the laws of any other
country that is a member of the Organization for Economic Cooperation and Development or has
concluded special lending arrangements with the International Monetary Fund associated with its
General Arrangements to Borrow or of the Cayman Islands, or a political subdivision of any such
country, and having total assets in excess of $500,000,000 so long as such bank is acting through a
branch or agency located in the United States or in the country in which it is organized or another
country that is described in this clause (f); (g) the central bank of any country that is a member
of the Organization for Economic Cooperation and Development; (h) if an Event of Default has
occurred and is continuing, any other finance company, fund or similar entity and (i) any other
Person (other than a natural person) approved by Administrative Agent and the Borrower, except that
no such consent of the Borrower shall be required if an Event of Default has occurred and is
continuing; provided, however, that neither the Borrower nor an Affiliate of the Borrower shall
qualify as an Eligible Assignee.

     (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this
Section, from and after the effective date specified in each Assignment and Assumption the
assignee thereunder shall be a party hereto and, to the extent of the interest assigned by
such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned
by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto
but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03).
Any assignment or transfer by a Lender of rights or obligations under this Agreement that
does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a
sale by such Lender of a participation in such rights and obligations in accordance with
paragraph (c) of this Section.

     (iv) The Administrative Agent, acting for this purpose as an agent of the Borrower,
shall maintain at one of its offices a copy of each Assignment and Assumption delivered to
it and a register for the recordation of the names and addresses of the Lenders, and the
Commitment of, and principal amount of the Loans and LC Disbursements owing to, each Lender
pursuant to the terms hereof from time to time (the “Register”). The entries in the
Register shall be conclusive, and the Borrower, the Administrative Agent, the Issuing Bank
and the Lenders may treat each Person whose

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name is recorded in the Register pursuant to the
terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding
notice to the contrary. The Register shall be available for inspection by the Borrower, the
Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable
prior notice.

     (v) Upon its receipt of a duly completed Assignment and Assumption executed by an
assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire
(unless the assignee shall already be a Lender hereunder), the processing and recordation
fee referred to in paragraph (b) of this Section and any written consent to such assignment
required by paragraph (b) of this Section, the Administrative Agent shall accept such
Assignment and Assumption and record the information contained therein in the Register. No
assignment shall be effective for purposes of this Agreement unless it has been recorded in
the Register as provided in this paragraph.

     (c) Participations.

     (i) Any Lender may, without the consent of the Borrower, the Administrative Agent, the
Issuing Bank or the Swingline Lender, sell participations to one or more banks or other
entities (a “Participant”) in all or a portion of such Lender’s rights and
obligations under this Agreement (including all or a portion of its Commitment and the Loans
owing to it); provided that (A) such Lender’s obligations under this Agreement shall
remain unchanged, (B) such Lender shall remain solely responsible to the other parties
hereto for the performance of such obligations and (C) the Borrower, the Administrative
Agent, the Issuing Bank and the other Lenders shall continue to deal solely and directly
with such Lender in connection with such Lender’s rights and
obligations under this Agreement. Any agreement or instrument pursuant to which a
Lender sells such a participation shall provide that such Lender shall retain the sole right
to enforce this Agreement and to approve any amendment, modification or waiver of any
provision of this Agreement; provided that such agreement or instrument may provide
that such Lender will not, without the consent of the Participant, agree to any amendment,
modification or waiver described in the first proviso to Section 9.02(b) that affects such
Participant. Subject to paragraph (c)(ii) of this Section, the Borrower agrees that each
Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 to the same
extent as if it were a Lender and had acquired its interest by assignment pursuant to
paragraph (b) of this Section. To the extent permitted by law, each Participant also shall
be entitled to the benefits of Section 9.08 as though it were a Lender, provided such
Participant agrees to be subject to Section 2.18(c) as though it were a Lender.

     (ii) A Participant shall not be entitled to receive any greater payment under Section
2.15 or 2.17 than the applicable Lender would have been entitled to receive with respect to
the participation sold to such Participant, unless the sale of the participation to such
Participant is made with the Borrower’s prior written consent. A Participant that would be
a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.17
unless the Borrower is notified of the participation sold to such Participant and such
Participant agrees, for the benefit of the Borrower, to comply with Sections 2.17(e) and (f)
as though it were a Lender.

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          (d) Certain Pledges. Any Lender may, without the consent of the Borrower or
Administrative Agent, at any time pledge or assign a security interest in all or any portion of its
rights under this Agreement to secure obligations of such Lender, including, without limitation,
any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall
not apply to any such pledge or assignment of a security interest; provided that no such
pledge or assignment of a security interest shall release a Lender from any of its obligations
hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

     SECTION 9.05 Survival. All covenants, agreements, representations and warranties made
by the Borrower herein and in the certificates or other instruments delivered in connection with or
pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto
and shall survive the execution and delivery of this Agreement and the making of any Loans and
issuance of any Letters of Credit, regardless of any investigation made by any such other party or
on its behalf and notwithstanding that the Administrative Agent, the Issuing Bank or any Lender may
have had notice or knowledge of any Default or incorrect representation or warranty at the time any
credit is extended hereunder, and shall continue in full force and effect as long as the principal
of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement
is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments
have not expired or terminated. The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article
VIII shall survive and remain in full force and effect regardless of the consummation of the
transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the
Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof.

     SECTION 9.06 Counterparts; Integration; Effectiveness. This Agreement may be executed
in counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract.
This Agreement and any separate letter agreements with respect to fees payable to the
Administrative Agent constitute the entire contract among the parties relating to the subject
matter hereof and supersede any and all previous agreements and understandings, oral or written,
relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall
become effective when it shall have been executed by the Administrative Agent and when the
Administrative Agent shall have received counterparts hereof which, when taken together, bear the
signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns. Delivery of an
executed counterpart of a signature page of this Agreement by telecopy shall be effective as
delivery of a manually executed counterpart of this Agreement.

     SECTION 9.07 Severability. Any provision of this Agreement held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such invalidity, illegality or unenforceability without affecting the validity, legality
and enforceability of the remaining provisions hereof; and the invalidity of a particular provision
in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

     SECTION 9.08 Right of Setoff. If an Event of Default shall have occurred and be
continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time
to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general

88

 

or special, time or demand, provisional or final) at any time held and other obligations at any
time owing by such Lender or Affiliate to or for the credit or the account of the Borrower against
any of and all the obligations of the Borrower now or hereafter existing under this Agreement held
by such Lender, irrespective of whether or not such Lender shall have made any demand under this
Agreement and although such obligations may be unmatured. The rights of each Lender under this
Section are in addition to other rights and remedies (including other rights of setoff) which such
Lender may have.

     SECTION 9.09 Governing Law; Jurisdiction; Consent to Service of Process. (a) This
Agreement shall be construed in accordance with and governed by the law of the State of New York.

          (b) The Borrower hereby irrevocably and unconditionally submits, for itself and its property,
to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York
County and of the United States District Court of the Southern District of New York, and any
appellate court from any thereof, in any action or proceeding arising out of or relating to this
Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby
irrevocably and unconditionally agrees that all claims in respect of any
such action or proceeding may be heard and determined in such New York State or, to the extent
permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment
in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall
affect any right that the Administrative Agent, the Issuing Bank or any Lender may otherwise have
to bring any action or proceeding relating to this Agreement against the Borrower or its properties
in the courts of any jurisdiction.

          (c) The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may
legally and effectively do so, any objection which it may now or hereafter have to the laying of
venue of any suit, action or proceeding arising out of or relating to this Agreement in any court
referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the
maintenance of such action or proceeding in any such court.

          (d) Each party to this Agreement irrevocably consents to service of process in the manner
provided for notices in Section 9.01. Nothing in this Agreement will affect the right of any party
to this Agreement to serve process in any other manner permitted by law.

     SECTION 9.10 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A)
CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE

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BEEN INDUCED TO
ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION.

     SECTION 9.11 Headings. Article and Section headings and the Table of Contents used
herein are for convenience of reference only, are not part of this Agreement and shall not affect
the construction of, or be taken into consideration in interpreting, this Agreement.

     SECTION 9.12 Confidentiality. Each of the Administrative Agent, the Issuing Bank and
the Lenders agrees to maintain the confidentiality of the Information (as defined below), except
that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and
agents, including accountants, legal counsel and other advisors who have a legitimate need to know
such information (it being understood that the Persons to whom such disclosure is made will be
informed of the confidential nature of such Information and instructed to keep such Information
confidential), (b) to the extent requested by any regulatory authority, (c) to the extent
required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any
other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or any
suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (f)
subject to an agreement containing provisions substantially the same as those of this Section, to
(i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its
rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its
advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g)
with the consent of the Borrower or (h) to the extent such Information (i) becomes publicly
available other than as a result of a breach of this Section or (ii) becomes available to the
Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis from a source other
than the Borrower. For the purposes of this Section, “Information” means all information
received from the Borrower relating to the Borrower or its business, other than any such
information that is available to the Administrative Agent, the Issuing Bank or any Lender on a
nonconfidential basis prior to disclosure by the Borrower; provided that, in the case of
information received from the Borrower after the date hereof, such information is clearly
identified at the time of delivery as confidential. Any Person required to maintain the
confidentiality of Information as provided in this Section shall be considered to have complied
with its obligation to do so if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own confidential
information.

     The Administrative Agent and each Lender may, with the prior written consent of the Borrower
in each instance (not to be unreasonably withheld), include references to the Borrower and any
other Loan Party and utilize any logo or other distinctive symbol associated with the Borrower or
any other Loan Party, in connection with any advertising, promotion or marketing undertaken by the
Administrative Agent or such Lender to the extent and in the context so approved by Borrower.

     SECTION 9.13 Interest Rate Limitation. Notwithstanding anything herein to the
contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges
and other amounts which are treated as interest on such Loan under applicable law (collectively the
“Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be

90

 

contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance
with applicable law, the rate of interest payable in respect of such Loan hereunder, together with
all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent
lawful, the interest and Charges that would have been payable in respect of such Loan but were not
payable as a result of the operation of this Section shall be cumulated and the interest and
Charges payable to such Lender in respect of other Loans or periods shall be increased (but not
above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the
Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

     SECTION 9.14 USA PATRIOT Act. Each Lender hereby notifies the Borrower that pursuant to the requirements of the USA
Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot
Act”), it is required to obtain, verify and record information that identifies the Borrower,
which information includes the name and address of the Borrower and other information that will
allow such Lender to identify the Borrower in accordance with the Patriot Act.

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

	 	 	 	 	 
	 	AFC ENTERPRISES, INC.

 	 
	 	By  	/s/
H. Melville Hope, III 	 
	 	 	Name:  	H. Melville Hope, III 	 
	 	 	Title:  	Chief Financial Officer 	 

92

 

	 	 	 	 	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,

individually and as Administrative Agent

 	 
	 	By  	/s/
Sean J. Lynch 	 
	 	 	Name:  	Sean J. Lynch 	 
	 	 	Title:  	Senior Vice President 	 

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	 	BANK OF AMERICA, N.A.

 	 
	 	By  	/s/
John H. Schmidt 	 
	 	 	Name:  	 John H. Schmidt 	 
	 	 	Title:  	Vice President 	 

94

 

	 	 	 	 	 

	 	 	 	 	 
	 	AMEGY BANK N.A.

 	 
	 	By  	/s/
William B. Pyle 	 
	 	 	Name:  	William B. Pyle 	 
	 	 	Title:  	Executive Vice President 	 

95

 

	 	 	 	 	 

	 	 	 	 	 
	 	FIFTH THIRD BANK

 	 
	 	By  	/s/
Dan Komitor 	 
	 	 	Name:  	Dan Komitor 	 
	 	 	Title:  	Senior Relationship Manager/VP 	 

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	 	CAPITAL ONE, N.A.

 	 
	 	By  	/s/
 Jacob Villere 	 
	 	 	Name:  	Jacob Villere 	 
	 	 	Title:  	VP - US Corporate Banking 	 

97

 

	 	 	 	 	 

	 	 	 	 	 
	 	WELLS FARGO BANK, N.A.

 	 
	 	By  	/s/
Andrew C. Hessick 	 
	 	 	Name:  	Andrew C. Hessick 	 
	 	 	Title:  	Vice President 	 
	 

98

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