Document:

Securities Pledge Agreement Dated 11/18/2005

 Exhibit 10.20 
 SECURITIES PLEDGE AGREEMENT 
 This SECURITIES PLEDGE AGREEMENT (the “Pledge
Agreement”) is made as of November 18, 2005, between THE PERSONS LISTED ON SCHEDULE 1 HERETO, and any other Person (as defined in the Credit Agreement) which may become a party hereto as a Pledgor pursuant to a duly
executed instrument of accession in the form attached as Exhibit A hereto (each a “Pledgor” and collectively, the “Pledgors”), and MERRILL LYNCH CAPITAL CORPORATION, a national banking association, as
administrative agent (hereinafter, the “Administrative Agent”) for itself and the other lending institutions (hereinafter, collectively, the “Lenders”) which are or may become parties to (i) a Credit Agreement
dated as of even date herewith (as amended, modified, supplemented or restated, and in effect from time to time, the “Credit Agreement”), by and among EPL Finance Corp., as the initial Borrower to be merged with and into El Pollo
Loco, Inc., as the subsequent Borrower, the Lenders party thereto, EPL Intermediate, Inc., as the Parent Guarantor, Merrill Lynch Capital Corporation, as Administrative Agent and Swing Line Lender, Bank of America, N.A., as L/C Issuer and
Syndication Agent, and Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Bank of America, N.A., as lead arrangers and book managers and/or (ii) any swap contract, obligations under which constitute
Obligations (as such term is defined in the Credit Agreement). 
 WHEREAS, pursuant to the terms of the Credit Agreement, the Lenders
have, upon the terms and subject to the conditions contained therein, agreed to make loans and otherwise to extend credit to the Borrower; 
 WHEREAS, the Borrower is the direct or indirect owner of all of the Equity Interests (as defined in the Credit Agreement) of the Subsidiaries (as defined in the Credit Agreement); 
 WHEREAS, the financial success of the Subsidiaries is dependent in whole or in part on the financial success of the Borrower; 
 WHEREAS, each Subsidiary expects to receive substantial direct and indirect benefits from the extensions of credit to the Borrower by the Lenders
pursuant to the Credit Agreement (which benefits are hereby acknowledged); 
 WHEREAS, it is a condition precedent to the
Lenders’ agreeing to make any Loans or otherwise extending credit to the Borrower under the Credit Agreement that the Pledgors execute and deliver to the Administrative Agent for the benefit of the Lenders and the Administrative Agent, a
securities pledge agreement in substantially the form hereof; 
 WHEREAS, each Pledgor wishes to enter into such securities pledge
agreement to grant security interests in Equity Interests in favor of the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, as herein provided; 

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

	 	1.	Pledge of Securities, etc. 

 1.1. Pledge of Securities. 
 Each Pledgor, jointly and severally, hereby pledges, grants a security
interest in and lien on, and delivers to the Administrative Agent to be held as collateral security, for the benefit of the Lenders and the Administrative Agent, all of the right, title and interest of such Pledgor in and to all of the equity
interests listed on Schedule 2 hereto (such equity interests, the “Scheduled Equity Interests”), and of all of the shares of capital stock or other ownership interest in a corporation, any and all ownership interests in a
partnership, limited liability company or other entity and any and all warrants, rights or options to purchase any of the foregoing (the “Equity Interests”) of, each of its future Subsidiaries, including, without limitation,
(a) shares of every class of capital stock of any Subsidiary and all limited liability interests or membership interests of any Subsidiary and with respect to any Subsidiary which is a limited liability company (A) all payments or
distributions, whether in cash, property or otherwise, at any time owing or payable to such Pledgor on account of its interest as a member, in any of the Subsidiaries or in the nature of a management, investment banking or other fee paid or payable
by any of the Subsidiaries to any such Pledgor, (B) all of such Pledgor’s rights and interests under the operating agreements, including all voting and management rights and all rights to grant or withhold consents or approvals,
(b) all rights of access and inspection to and use of all books and records, including computer software and computer software programs, of each of the Subsidiaries, (c) all other rights, interests, property or claims to which such Pledgor
may be entitled in its capacity as a member of any Subsidiary, and (d) all proceeds, income from and increases in and products of any of the foregoing to be held by the Administrative Agent, for the benefit of the Lenders and the Administrative
Agent, in each case subject to the terms and conditions hereinafter set forth (“Pledged Interests”). For purposes of this agreement, “Subsidiary” shall mean, with respect to any Pledgor, any corporation, partnership, limited
liability company or other business entity of which securities or other ownership interests representing more than 50% of the equity, more than 50% of the ordinary voting power, more than 50% of the general partnership interests or more than 50% of
the limited liability company membership interests are, at the time of any determination is being made, owned directly by such Pledgor or one or more Pledgor. The certificates for such Pledged Interests, to the extent that such interests are
represented by certificates, accompanied by stock powers or other appropriate instruments of assignment thereof duly executed in blank by the Pledgors, have been delivered to the Administrative Agent. Each Pledgor represents and warrants that none
of the limited liability company membership units owned by any Pledgor is evidenced by any certificate (other than other than as set forth in Schedule 2). Each Pledgor further represents and warrants that none of the limited liability company
membership units owned by such Pledgor issued by any Subsidiary is a security governed by Article 8 of the Uniform Commercial Code of the jurisdiction in which such Subsidiary is organized. 
 1.2. Additional Securities. 
 In case any Pledgor shall acquire any additional Equity Interests of any Subsidiary or legal entity which is the successor of a Subsidiary, then such Equity Interests shall be subject to the pledge and security
interest granted to the Administrative Agent, for the benefit of the Lenders, under this Agreement and such Pledgor shall deliver to the Administrative Agent forthwith any certificates therefor accompanied by stock powers or other appropriate
instruments of assignment duly executed by such Pledgor in blank. Each Pledgor agrees that the Administrative Agent may from time to time amend Schedule 2 (as such Schedule may be amended from time to time by such Pledgor delivering an
amended Schedule to the Administrative Agent) hereto to update the list of the Equity Interests at the time pledged with the Administrative Agent hereunder. 

 1.3. Waiver of Certain Operating Agreement Provisions. 
 Each Pledgor irrevocably waives any and all of its rights under those provisions of the operating agreements of each Subsidiary which is a
limited liability company that (a) prohibit, restrict, condition or otherwise affect the grant hereunder of any lien on any of the Securities Collateral or any enforcement action which may be taken in respect of any such lien or
(b) otherwise conflict with the terms of this Agreement. To the extent that this provision is inconsistent with the terms of the operating agreement of any such Subsidiary, such operating agreement shall be deemed to be amended so as to be
consistent with the terms of this § 1.3 hereof. Each Pledgor of an Equity Interest in a limited liability company hereby irrevocably consents to the Administrative Agent or its nominee becoming a member of such limited liability company
(including any management rights appurtenant thereto) upon an exercise of remedies pursuant to § 7 hereof. 
  

	 	2.	Definitions. 

 The term
“Obligations” and all other capitalized terms used herein without definition shall have the respective meanings provided therefor in the Credit Agreement. Terms used herein and not defined in the Credit Agreement or otherwise
defined herein that are defined in the Uniform Commercial Code of the State of New York have such defined meanings herein (with terms used in Article 9 controlling over terms used in another Article). Uniform Commercial Code shall mean the Uniform
Commercial Code as in effect in the State of New York; provided, however, that, at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority of the security interest in any item or portion of the
Collateral is governed by the “Uniform Commercial Code” as in effect in a jurisdiction other than the State of New York, the term Uniform Commercial Code shall mean the Uniform Commercial Code as in effect, at such time, in such
other jurisdiction for purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions relating to such provisions, and unless the context otherwise indicates or requires, and the following terms shall have
the following meanings: 
 Cash Collateral. See § 4. 
 Cash Collateral Account. See § 4. 
 Securities Act. See § 7.3. 
 Securities. Includes the Pledged Interests described in Schedule 2 attached hereto and any additional Equity Interests in any existing or future Subsidiary at the time such interests are acquired by the
applicable Pledgor and the interests described in clauses (a)-(e) of § 1.1 of this Agreement. 
 Securities
Collateral. The Securities and any other property at any time pledged to the Administrative Agent hereunder (whether described herein or not) and all income therefrom, increases therein and proceeds thereof, including without limitation the Cash
Collateral Account and that included in Cash Collateral. The term does not include any income, increases or proceeds received by any Pledgor to the extent expressly permitted by § 6. 
 Time Deposits. See § 4. 
  

	 	3.	Security for Obligations. 

 This Agreement and the security interest in and pledge of the Securities Collateral hereunder are made with and granted to the Administrative Agent, for the benefit of the Administrative Agent and the Lenders, as security for the payment
and performance in full of all the Obligations. 

	 	4.	Liquidation, Recapitalization, etc. 

 4.1. Distributions Paid to Administrative Agent. 
 Any sums or other property paid or distributed upon
or with respect to any of the Securities, whether by dividend or redemption or upon the liquidation or dissolution of the issuer thereof or otherwise, shall, except to the limited extent provided in § 6, be paid over and delivered to the
Administrative Agent to be held by the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, as security for the payment and performance in full of all of the Obligations. Except to the limited extent provided in
§ 6, in case, pursuant to the recapitalization or reclassification of the capital of the issuer thereof or pursuant to the reorganization thereof, any distribution of capital shall be made on or in respect of any of the Securities or any
property shall be distributed upon or with respect to any of the Securities, the property so distributed shall be delivered to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, to be held by it as security for
the Obligations. Upon the occurrence and during the continuation of an Event of Default, all sums of money and property paid or distributed in respect of the Securities, whether as a dividend or upon such a liquidation, dissolution, recapitalization
or reclassification or otherwise, that are received by any of the Pledgors shall, until paid or delivered to the Administrative Agent, be held in trust for the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, as
security for the payment and performance in full of all of the Obligations. 
 4.2. Cash Collateral Account.

 All sums of money that are delivered to the Administrative Agent pursuant to this § 4 shall be deposited into
an interest bearing account with the Administrative Agent or, if the Administrative Agent is not the depositary bank, to an interest bearing account in the name of the Administrative Agent, for the benefit of the Lenders, as customer with a
depositary bank satisfactory to the Administrative Agent (any such account, whether maintained with the Administrative Agent or in the Administrative Agent’s name as customer being herein referred to as the “Cash Collateral
Account”). Some or all of the funds from time to time in the Cash Collateral Account may be invested in time deposits, including, without limitation, certificates of deposit issued by the Administrative Agent (such certificates of deposit
or other time deposits being hereinafter referred to, collectively, as “Time Deposits”), that are reasonably satisfactory to the Administrative Agent after consultation with the Pledgors, provided, that, in each such case,
arrangements satisfactory to the Administrative Agent are made and are in place to perfect and to ensure the first priority of the Administrative Agent’s security interest therein. Interest earned on the Cash Collateral Account and on the Time
Deposits, and the principal of the Time Deposits at maturity that is not invested in new Time Deposits, shall be deposited in the Cash Collateral Account. The Cash Collateral Account, all sums from time to time standing to the credit of the Cash
Collateral Account, any and all Time Deposits, any and all instruments or other writings evidencing Time Deposits and any and all proceeds or any thereof are hereinafter referred to as the “Cash Collateral.” 
  

	 	5.	Warranty of Title; Authority. 

 Each of the Pledgors hereby represents and warrants that (which representation and warranty with respect to Equity Interests of any Subsidiary that is not a Loan Party is limited to such Pledgor’s knowledge): (i) such Pledgor has
good and marketable title to, and is the sole record and beneficial owner of, the Equity Interests pledged by such Pledgor herewith as described in § 1, subject to no pledges, liens, security interests, charges, options, restrictions or
other encumbrances except the pledge and security interest created by this Agreement and Liens not prohibited by § 7.01 of the Credit Agreement, (ii) all of the Scheduled Equity Interests described in § 1 are
(a) validly issued, (b) fully paid (other than Equity Interests of limited liability companies) and (c) nonassessable (other than Equity Interests of 

 
limited liability companies), (iii) such Pledgor has full power, authority and legal right to execute, deliver and perform such Pledgor’s
obligations under this Agreement and to pledge and grant a security interest in all of the Securities Collateral pledged by such Pledgor pursuant to this Agreement, and the execution, delivery and performance hereof and the pledge of and granting of
a security interest in the Securities Collateral hereunder have been duly authorized by all necessary corporate or other action and do not contravene any law, rule or regulation or any provision of any Pledgor’s Organizational Documents or any
judgment, decree or order of any tribunal or of any agreement or instrument to which any Pledgor is a party or by which it or any of its property is bound or affected or constitute a default thereunder except as otherwise provided in
§ 5.02 of the Credit Agreement, and (iv) the information set forth in Schedule 2 (as such Schedule may be amended by such Pledgor delivering an amended schedule to the Administrative Agent) hereto relating to the Securities is
true, correct and complete in all respects. Each of the Pledgors covenants that (i) as of the Closing Date such Pledgor’s chief executive office location and principal place of business is as set forth on Schedule 1 hereto, at which
location its books and records (including records concerning the Scheduled Equity Interests) are kept, (ii) it will notify the Administrative Agent at such times as the Administrative Agent may reasonably request, of any change in the location
of its chief executive offices or the locations where its books and records (including records concerning the Securities Collateral) are kept, and (iii) it will defend the rights of the Lenders and the Administrative Agent and security interest
of the Administrative Agent, for the benefit of the Lenders, in such Securities against the claims and demands of all other persons whomsoever. 
  

	 	6.	Dividends, Voting, etc., Prior to Maturity. 

 Notwithstanding anything contained herein to the contrary, so long as no Event of Default shall have occurred and be continuing (and also as to clause (b) of this § 6, after an Event of Default upon the
written consent of the Administrative Agent and as to clause (c) of this § 6 after an Event of Default so long as the Administrative Agent has not notified the Pledgor otherwise pursuant to the terms of this § 6), the
Pledgors shall be entitled (a) to receive all cash distributions or debt securities or rights to the payment of money, paid in respect of the Securities, (b) to receive other property (other than delivery of certificates evidencing
additional Equity Interests which Equity Interests shall be subject to § 1.2 hereof) on account of the Securities and (c) to vote the Securities and to give consents, waivers and ratifications in respect of the Securities;
provided, however, that no vote shall be cast or consent, waiver or ratification given by any Pledgor if the effect thereof would impair any of the Securities Collateral (except as such impairment is otherwise not prohibited by the
Credit Agreement). All such rights of the Pledgors to receive cash distributions shall cease for so long as an Event of Default shall have occurred and be continuing. All such rights of the Pledgors to vote and give consents, waivers and
ratification with respect to the Securities shall, at the Administrative Agent’s option, as evidenced by the Administrative Agent’s notifying the Pledgors of such election, cease for so long as an Event of Default shall have occurred and
be continuing. 
  

	 	7.	Remedies. 

 7.1. In
General. 
 If an Event of Default shall have occurred and be continuing, the Administrative Agent shall thereafter
have the following rights and remedies (to the extent permitted by applicable law) in addition to the rights and remedies of a secured party under the Uniform Commercial Code of the State of New York, all such rights and remedies being cumulative,
not exclusive, and enforceable alternatively, successively or concurrently, at such time or times as the Administrative Agent deems expedient: 
 (a) if the Administrative Agent so elects and gives notice of such election to the Pledgors, the Administrative Agent may vote any of the Securities (whether or not the same shall 

 
have been transferred into its name or the name of its nominee or nominees) for any lawful purpose, including, without limitation, if the Administrative
Agent so elects, for the liquidation in a commercially reasonable manner of the assets of the issuer thereof, and give all consents, waivers and ratification in respect of the Securities and otherwise act with respect thereto as though it were the
outright owner thereof (each of the Pledgors hereby irrevocably constituting and appointing the Administrative Agent the proxy and attorney-in-fact of such Pledgor, with full power of substitution, to do so); 
 (b) the Administrative Agent may demand, sue for, collect or make any compromise or settlement the Administrative Agent deems suitable in
respect of any Securities Collateral; 
 (c) the Administrative Agent may sell, resell, assign and deliver, or otherwise
dispose of any or all of the Securities Collateral, for cash or credit or both and upon such terms at such place or places, at such time or times and to such entities or other persons as the Administrative Agent thinks expedient, all without demand
for performance by the Pledgors or any notice or advertisement whatsoever except as expressly provided herein or as may otherwise be required by law; 
 (d) the Administrative Agent may cause all or any part of the Securities held by it to be transferred into its name or the name of its nominee or nominees; and 
 (e) the Administrative Agent may set off or otherwise apply or credit against the Obligations any and all sums deposited with it or held
by it, including, without limitation, any sums standing to the credit of the Cash Collateral Account and any Time Deposits issued by the Administrative Agent. 
 7.2. Sale of Securities Collateral. 
 In the event of any sale or other disposition of the Securities Collateral as provided in clause (c) of § 7.1, the
Administrative Agent shall give to the Pledgors at least ten (10) Business Days’ prior written notice of the time and place of any public sale or other disposition of the Securities Collateral or of the time after which any private sale or
any other intended disposition is to be made. Each of the Pledgors hereby acknowledges that ten (10) Business Days’ prior written notice of such sale or other disposition or sales or other dispositions shall be reasonable notice. The
Administrative Agent may enforce its rights hereunder without any other notice and without compliance with any other condition precedent now or hereunder imposed by statute, rule of law or otherwise (all of which are hereby expressly waived by each
of the Pledgors, to the fullest extent permitted by law). The Administrative Agent may buy or otherwise acquire any part or all of the Securities Collateral at any public sale or other disposition and if any part or all of the Securities Collateral
is of a type customarily sold or otherwise disposed of in a recognized market or is of the type which is the subject of widely-distributed standard price quotations, the Administrative Agent may buy or otherwise acquire at private sale or other
disposition and may make payments thereof by any means. The Administrative Agent may apply the cash proceeds actually received from any sale or other disposition to the reasonable expenses of taking, retaking, holding, preparing for sale, selling
and the like, with respect to the Securities Collateral and the Obligations, to reasonable attorneys’ fees, court, travel and all other expenses which may be incurred by the Administrative Agent in attempting to collect the Obligations or to
enforce this Agreement or in the prosecution or defense of any action or proceeding related to the subject matter of this Agreement, and then to the Obligations pursuant to § 8.03 of the Credit Agreement. Only after such applications, and
after payment by the Administrative Agent of any amount required by § 9-608(a)(1)(C) or § 9615(a)(3) of the New York Uniform Commercial Code, need the Administrative Agent account to the Company for any surplus. 

 7.3. Private Sales. 
 The Pledgors recognize that the Administrative Agent may be unable to effect a public sale or other disposition of the Securities by
reason of certain prohibitions contained in the Securities Act, federal banking laws, and other applicable laws, but may be compelled to resort to one or more private sales thereof to a restricted group of purchasers. The Pledgors agree that any
such private sales may be at prices and other terms less favorable to the seller than if sold at public sales and that such private sales shall not by reason thereof be deemed not to have been made in a commercially reasonable manner. The
Administrative Agent shall be under no obligation to delay a sale of any of the Securities for the period of time necessary to permit the issuer of such securities to register such securities for public sale under the Securities Act, or such other
federal banking or other applicable laws, even if the issuer would agree to do so. Subject to the foregoing, the Administrative Agent agrees that any sale of the Securities shall be made in a commercially reasonable manner, and the Pledgors agree to
use their reasonable efforts to cause the issuer or issuers of the Securities contemplated to be sold, to execute and deliver, and cause the directors and officers of such issuer to execute and deliver, all at the Pledgors’ expense, all such
instruments and documents, and to do or cause to be done all such other acts and things as may be reasonably necessary or, in the reasonable opinion of the Administrative Agent, advisable to exempt such Securities from registration under the
provisions of the Securities Act, and to make all amendments to such instruments and documents which, in the opinion of the Administrative Agent, are necessary or advisable, all in conformity with the requirements of the Securities Act and the rules
and regulations of the Securities and Exchange Commission applicable thereto. The Pledgors further agree to use their reasonable efforts to cause such issuer or issuers to comply with the provisions of the securities or “Blue Sky” laws of
any jurisdiction which the Administrative Agent shall designate and, if required, to cause such issuer or issuers to make available to its security holders, as soon as practicable, an earnings statement (which need not be audited) which will satisfy
the provisions of Section 11(a) of the Securities Act. 
  

	 	8.	Marshalling. 

 Except as
otherwise provided by applicable law, neither the Administrative Agent nor any of the Lenders shall be required to marshal any present or future collateral security for (including but not limited to this Agreement and the Securities Collateral), or
other assurances of payment of, the Obligations or any of them, or to resort to such collateral security or other assurances of payment in any particular order. All of the Administrative Agent’s rights hereunder and of the Lenders in respect of
such collateral security and other assurances of payment shall be cumulative and in addition to all other rights, however existing or arising. To the extent that they lawfully may, each of the Pledgors hereby agrees that it will not invoke any law
relating to the marshalling of collateral that might cause delay in or impede the enforcement of the Administrative Agent’s rights under this Agreement or under any other instrument evidencing any of the Obligations or under which any of the
Obligations is outstanding or by which any of the Obligations is secured or payment thereof is otherwise assured, and to the extent that it lawfully may, each of the Pledgors hereby irrevocably waive the benefits of all such laws. 
  

	 	9.	Pledgors’ Obligations Not Affected. 

 The obligations of each Pledgor hereunder shall remain in full force and effect without regard to, and shall not be impaired by (i) any bankruptcy, insolvency, reorganization, arrangement, readjustment,
composition, liquidation or the like of any Pledgor, to the extent permitted by law; (ii) any exercise or nonexercise, or any waiver, by the Administrative Agent or any Lender of any right, remedy, power or privilege under or in respect of any
of the Obligations or any security thereof (including this Agreement); (iii) any amendment to or modification of any of the Credit Agreement, the other Loan Documents, or any of the Obligations; (iv) any amendment to or modification of any
instrument (other than this Agreement) securing any of the Obligations, including, without limitation, any of the Security 

 
Documents; or (v) the taking of additional security for, or any other assurances of payment of, any of the Obligations or the release or discharge or
termination of any security or other assurances of payment or performance for any of the Obligations; whether or not the Pledgors shall have notice or knowledge of any of the foregoing, the Pledgors hereby generally waiving all suretyship defenses
to the extent applicable. 
  

	 	10.	Transfer, etc., by Pledgors. 

 Without the prior written consent of the Administrative Agent, no Pledgor will sell, assign, transfer or otherwise dispose of, grant any option with respect to, or pledge or grant any security interest in or otherwise encumber or restrict
any of the Securities Collateral or any interest therein, except for the pledge thereof and security interest therein provided for in this Agreement or as otherwise not prohibited by the Credit Agreement. 
  

	 	11.	Further Assurances. 

 The
Pledgors will do all such reasonable acts, and will furnish to the Administrative Agent all such financing statements, certificates and other documents and will obtain all such governmental consents and corporate approvals and will do or cause to be
done all such other things as the Administrative Agent may reasonably request from time to time in order to give full effect to this Agreement and to secure the rights of the Lenders and the Administrative Agent hereunder, all without any cost or
expense to the Administrative Agent or any Lender. The Pledgors hereby irrevocably authorize the Administrative Agent, its counsel or Agents at any time and from time to time prior to the termination hereof pursuant to § 15 to file in any
filing office in any Uniform Commercial Code jurisdiction any initial financing statements and amendments thereto that (a) indicate the Collateral as the Securities Collateral or words of similar effect, or as being of equal or lesser scope or
in greater detail, and (b) contain any other information required by part 5 of Article 9 of the Uniform Commercial Code of the jurisdiction of the filing office for the sufficiency or filing office acceptance of any financing statement or
amendment, including whether the Pledgors are organizations, the type of organizations and any organization identification numbers issued to such Pledgors. The Pledgors agree to furnish any such information to the Administrative Agent promptly upon
request. No Pledgor will permit to be effected any amendment or modification of the Organizational Documents, by-laws, operating agreements, or other applicable organization documents of any of the Subsidiaries which would (or would be reasonably
likely to) adversely affect the rights or remedies of the Administrative Agent hereunder or the value of the Securities Collateral. Without the prior written consent of the Administrative Agent, none of the Pledgors will cause or permit the
membership interests of any such Pledgor in any Subsidiary which is a limited liability company to be evidenced by a certificate issued by such Subsidiary or to constitute a security governed by Article 8 of the Uniform Commercial Code of the
jurisdiction in which such Subsidiary is organized. 
 Each of the Pledgors further agrees to do or use reasonable efforts to
cause to be done all such other acts and things as may be reasonably necessary to make any sales of any portion or all of the Securities pursuant to § 7 of this Securities Pledge Agreement valid and binding and in compliance with any and
all applicable laws, regulations, orders, writs, injunctions, decrees or awards of any and all courts, arbitrators or governmental instrumentalities, domestic or foreign, having jurisdiction over any such sale or sales, all at the Pledgors’
expense. Each of the Pledgors further agrees that a breach of any of the covenants contained in § 7 of this Securities Pledge Agreement will cause irreparable injury to the Administrative Agent and the Lenders, that the Administrative
Agent and the Lenders have no adequate remedy at law in respect of such breach and, as a consequence, agrees that each and every covenant contained in § 7 of this Securities Pledge Agreement shall be specifically enforceable against each
of the Pledgors by the Administrative Agent and each of the Pledgors hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants. 

	 	12.	Administrative Agent’s Exoneration. 

 Under no circumstances shall the Administrative Agent be deemed to assume any responsibility for or obligation or duty with respect to any part or all of the Securities Collateral of any nature or kind or any matter
or proceedings arising out of or relating thereto, other than (i) to exercise reasonable care in the physical custody of the Securities Collateral and (ii) after an Event of Default shall have occurred and be continuing to act in a
commercially reasonable manner. Neither the Administrative Agent nor any Lender shall be required to take any action of any kind to collect, preserve or protect its or any of the Pledgors’ rights in the Securities Collateral or against other
parties thereto. The Administrative Agent’s prior recourse to any part or all of the Securities Collateral shall not constitute a condition of any demand, suit or proceeding for payment or collection of any of the Obligations. This Agreement
constitutes a pledge of the Securities Collateral and any other applicable collateral hereunder only, and not an assignment of any duties or obligations of any Pledgor with respect thereto, and by its acceptance hereof and whether or not the
Administrative Agent shall have exercised any of its rights or remedies hereunder, the Administrative Agent does not undertake to perform or discharge, and the Administrative Agent shall not be responsible or liable, other than for gross negligence
or willful misconduct, for the performance or discharge of any such duties or responsibilities, including, without limitation, for any capital calls. Each Pledgor agrees that, notwithstanding the exercise by the Administrative Agent of any of its
rights hereunder, such Pledgor shall remain liable nonetheless for the full and prompt performance of all of such Pledgor’s obligations and liabilities under any stockholders agreement, operating agreement, limited partnership agreement, or
similar document evidencing or governing any Securities Collateral. Under no circumstances shall the Administrative Agent or any holder of any of the Obligations as such be deemed to be a member, limited partner, or other equity owner of any of the
Subsidiaries by virtue of the provisions of this Agreement unless expressly agreed to in writing by the Administrative Agent or such holder. Without limiting the generality of the foregoing, the Administrative Agent shall not have any fiduciary duty
as such to any Pledgor or any other equity owner of any of the Subsidiaries by reason of this Agreement, whether by virtue of the security interests and liens hereunder, or any enforcement action in respect of such security interests and liens,
unless and until the Administrative Agent is actually admitted to the applicable Subsidiary as a substitute member or substitute equity owner thereof after exercising enforcement rights under §§ 9-610 or 9-620 of the Uniform
Commercial Code in effect in the State of New York, or otherwise. 
  

	 	13.	No Waiver, etc. 

 Neither
this Agreement nor any term hereof may be changed, waived, discharged or terminated except by a written instrument expressly referring to this Agreement and to the provisions so modified or limited, and executed by the Administrative Agent, with the
consent of the Required Lenders, and each of the Pledgors. No act, failure or delay by the Administrative Agent shall constitute a waiver of its rights and remedies hereunder or otherwise. No single or partial waiver by the Administrative Agent of
any default or right or remedy that it may have shall operate as a waiver of any other default, right or remedy or of the same default, right or remedy on a future occasion. Each of the Pledgors hereby waives presentment, notice of dishonor and
protest of all instruments, included in or evidencing any of the Obligations or the Securities Collateral, and any and all other notices and demands whatsoever (except as expressly provided herein or in the Credit Agreement). 
  

	 	14.	Notices, etc. 

 All notices,
requests and other communications hereunder shall be made at the addresses and in the manner set forth in § 10.02 of the Credit Agreement. 

	 	15.	Termination. 

 Upon
termination of the Aggregate Commitments and payment in full in cash of all Obligations (other than (i) contingent indemnification obligations, (ii) in respect of Letters of Credit that have expired, terminated or been cash collateralized
or in respect of which the LC Issuer shall have been made the beneficiary of a stand-by letter-of-credit from another issuer acceptable to such LC Issuer and upon terms acceptable to such LC Issuer, (iii) in respect of Swap Contracts
constituting Obligations that have been cash collateralized or for which other satisfactory arrangements have been made and (iv) Obligations in respect of cash management services), this Securities Pledge Agreement and the security interests
created hereby shall automatically terminate and all rights to the remaining Securities Collateral shall revert to the Pledgors with no further action on the part of any Person. 
  

	 	16.	Release. 

 The security
interests created hereby shall automatically terminate and be automatically released with respect to any Securities Collateral or any Pledgor that is sold or to be sold as part of or in connection with any sale not prohibited under the Credit
Agreement or under any other Loan Document. With respect to any termination as set forth in §§ 15 and 16 hereof, the Administrative Agent shall, upon the request of the Pledgors and at their expense, execute and deliver to the
Pledgors such documents as the Pledgors shall reasonably request to evidence such termination, all without any representation, warranty or recourse whatsoever. 
  

	 	17.	Expenses. 

 Each of the
Pledgors shall be liable to pay to the Administrative Agent promptly on demand any and all reasonable costs, fees and expenses, including reasonable attorneys’ fees and disbursements, incurred or paid by the Administrative Agent in perfecting,
protecting, preserving or enforcing the Administrative Agent’s rights under or in respect of this Agreement with respect to the Securities Collateral and such costs, fees and expenses shall constitute a first claim on all of such Securities
Collateral and be entitled to priority over all other Obligations in respect of distributions of any proceeds from any portion of such Securities Collateral. 
  

	 	18.	Overdue Amounts. 

 Until
paid, all amounts due and payable by the Pledgors hereunder shall be a debt secured by the Securities Collateral and shall bear, whether before or after judgment, interest at the rate of interest for overdue principal set forth in the Credit
Agreement. 
  

	 	19.	Governing Law; Consent to Jurisdiction. 

 THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. Each of the Pledgors and the Administrative Agent agrees that any suit for the enforcement of this
Agreement may be brought in the courts of the State of New York or any federal court sitting therein and consents to the non-exclusive jurisdiction of such court and to service of process in any such suit being made upon the Pledgors and the
Administrative Agent by mail at the address specified in § 10.02 of the Credit Agreement. Each of the Pledgors hereby waives any objection that it may now or hereafter have to the venue of any such suit or any such court or that such suit
is brought in an inconvenient court. 

	 	20.	Waiver of Jury Trial. 

 EACH OF THE PLEDGORS AND THE ADMINISTRATIVE AGENT WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS AGREEMENT, ANY RIGHTS OR OBLIGATIONS
HEREUNDER OR THE PERFORMANCE OF ANY SUCH RIGHTS OR OBLIGATIONS. Except as prohibited by law, each Pledgor waives any right which it may have to claim or recover in any litigation referred to in the preceding sentence any special, exemplary,
punitive or consequential damages or any damages other than, or in addition to, actual damages. The Pledgors (a) certify that neither the Administrative Agent nor any Lender nor any representative, agent or attorney of the Lenders has
represented, expressly or otherwise, that the Administrative Agent or any of the Lenders would not, in the event of litigation, seek to enforce the foregoing waivers and (b) acknowledge that, in entering into the Credit Agreement and the other
Loan Documents to which the Administrative Agent or any of the Lenders is a party, the Administrative Agent and the Lenders are relying upon, among other things, the waivers and certifications contained in this § 20. 
  

	 	21.	Miscellaneous. 

 The headings
of each section of this Agreement are for convenience only and shall not define or limit the provisions thereof. This Agreement may be executed in any number of counterparts, but all such counterparts shall together constitute but one agreement. In
making proof of this Agreement, it shall not be necessary to produce or account for more than one counterpart signed by each of the parties hereto. This Agreement and all rights and obligations hereunder shall be binding upon the Pledgors and their
respective successors and assigns, and shall inure to the benefit of the Administrative Agent and the Lenders and their respective successors and assigns. If any term of this Agreement shall be held to be invalid, illegal or unenforceable, the
validity of all other terms hereof shall be in no way affected thereby, and this Agreement shall be construed and be enforceable as if such invalid, illegal or unenforceable term had not been included herein. Each of the Pledgors acknowledges
receipt of a copy of this Agreement. 
  

	 	22.	Counterparts. 

 This
Agreement may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the parties hereto may execute this Agreement by signing any such counterpart. This Agreement shall be effective when it
has been executed by each of the Pledgors and the Administrative Agent. 
 [Remainder of page intentionally left blank] 

 IN WITNESS WHEREOF, intending to be legally bound, each of the Pledgors and the Administrative
Agent have caused this Agreement to be executed as of the date first above written. 
  

			
	EPL INTERMEDIATE, INC.
		
	 By:
	 	 /s/ Stephen E. Carley

		 	 Name: Stephen E. Carley

		 	 Title: President

 (Signature Page to Securities Pledge Agreement) 

			
	EL POLLO LOCO, INC.
		
	 By:
	 	 /s/ Pamela R. Milner

		 	 Name: Pamela R. Milner

		 	 Title: Vice President

 (Signature Page to Securities Pledge Agreement) 

			
	MERRILL LYNCH CAPITAL CORPORATION, as Administrative Agent
		
	 By:
	 	 /s/ Stephanie Vallillo

		 	 Name: Stephanie Vallillo

		 	 Title: Vive President

 (Signature Page to Securities Pledge Agreement) 

 SCHEDULE 1 
 PLEDGORS 
  

							
	 Pledgor
	  	 Jurisdiction
 of
 Organization
	  	Chief Executive Office	  	Principal Place of Business
	 EI Pollo Loco, Inc.
	  	Delaware	  	3333 Michelson Drive
Suite 550
Irvine, CA 92612	  	3333 Michelson Drive
Suite 550
Irvine, CA 92612
				
	 EPL Intermediate, Inc.
	  	Delaware	  	3333 Michelson Drive
Suite 550
Irvine, CA 92612	  	3333 Michelson Drive
Suite 550
Irvine, CA 92612
				
	 EPL Finance, Inc.
	  	Delaware	  	3333 Michelson Drive
Suite 550
Irvine, CA 92612	  	3333 Michelson Drive
Suite 550
Irvine, CA 92612

 SCHEDULE 2 
 EQUITY INTERESTS 
 None of the issuers has any Equity Interests of any class or any commitments to
issue any other Equity Interests of any class or any securities convertible into or exchangeable for any Equity Interests of any class except as otherwise stated in this Schedule 2. 
  

														
	 Issuer
	  	 Record
 Owner
	  	 Class of
 Shares
	  	 No. of
 Authorized
 Shares
	  	 No. of
 Issued
 Shares
	  	 No. of
 Outstanding
 Shares
	  	 Par or
 Liquidation
Value

	EI Pollo Loco, Inc.	  	EPL Intermediate, Inc.	  	Common	  	20,000	  	100	  	100	  	$	.01
	EPL Intermediate, Inc.	  	EPL Holdings, Inc.	  	Common	  	100	  	100	  	100	  	$	.01

 EXHIBIT A 
 INSTRUMENT OF ACCESSION 
 [DATE] 
  

	To:	The Administrative Agent and the 

 Lenders who are parties
to the Credit 
 Agreement (as such terms are defined 
 below): 
 Reference is hereby made to the Securities Pledge Agreement (as amended, modified, supplemented,
or restated and in effect from time to time, the “Securities Pledge Agreement”) dated as of November 18, 2005 between THE PERSONS LISTED ON SCHEDULE 1 THERETO and MERRILL LYNCH CAPITAL CORPORATION, a
national banking association (the “Administrative Agent”) for itself and certain other lending institutions (collectively, the “Lenders”) that are, or may in the future become, party to (i) that certain Credit
Agreement, dated as of November 18, 2005 (as amended, modified, supplemented, or restated and in effect from time to time, the “Credit Agreement”), by and among EPL Finance Corp., as the initial Borrower to be merged with and
into El Pollo Loco, Inc., as the subsequent Borrower, the Lenders party thereto, EPL Intermediate, Inc., as the Parent Guarantor, Merrill Lynch Capital Corporation, as Administrative Agent and Swing Line Lender, Bank of America, N.A., as L/C Issuer
and Syndication Agent, and Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Bank of America, N.A., as lead arrangers and book managers and/or (ii) any swap contract, obligations under which
constitute Obligations (as such term is defined in the Credit Agreement). 
 Each of the undersigned acknowledges, and represents and
warrants, the following: (i) each of the undersigned is a corporation incorporated or a limited liability company organized, as applicable, on or prior to the date hereof; (ii) all of the corporations or limited liability companies in
which each of the undersigned has any Equity Interests (as defined in the Credit Agreement) and such Equity Interests are listed on Schedule 2 attached hereto; and (iii) each of the undersigned’s principal place of business and
chief executive office are listed on Schedule 1 hereto 
 Each of the undersigned by its execution of this Instrument of Accession
hereby joins the Securities Pledge Agreement and becomes a party thereto for all purposes thereof and on Schedule 1 and Schedule 2 of the Securities Pledge Agreement is hereby amended to include the information set forth in on
Schedule 1 and Schedule 2 hereof. Each of the undersigned further covenants and agrees that by its execution hereof it shall be bound by and shall comply with all terms and conditions of the Securities Pledge Agreement, and hereby
grants to the Administrative Agent and the Lenders a security interest in all of the Securities Collateral (as defined in the Securities Pledge Agreement), now owned or hereafter acquired, and wherever located land the proceeds thereof) to secure
the Obligations (as defined in the Credit Agreement). 

			
	Very truly yours,
	
	[NAME]
		
	 By:
	 	  
		 	 Name:

		 	 Title:

  

			
	 Accepted:

	
	MERRILL LYNCH CAPITAL CORPORATION, as Administrative Agent
		
	 By:
	 	  
		 	 Name:

		 	 Title:

  

 -2- 

 SCHEDULE 1 
 PLEDGORS 
  

							
	 Pledgor
	  	 Jurisdiction
 of
 Organization
	  	Chief Executive Office	  	Principal Place of Business

 SCHEDULE 2 
 EQUITY INTERESTS 
 None of the issuers has any Equity Interests of any class or any commitments to
issue any other Equity Interests of any class or any securities convertible into or exchangeable for any Equity Interests of any class except as otherwise stated in this Schedule 2. 
  

													
	 Issuer
	  	 Record
 Owner
	  	 Class of
 Shares
	  	 No. of
 Authorized
 Shares
	  	 No. of
 Issued
 Shares
	  	 No. of
 Outstanding
 Shares
	  	 Par or
 Liquidation
ValueGuaranty, Dated as of November 18, 2005

 Exhibit 10.21 
 GUARANTY 
 GUARANTY, dated as of November 18, 2005, by and among THE PERSONS LISTED ON
SCHEDULE 1 HERETO, and any other Person (as defined in the Credit Agreement) which may become a Guarantor hereunder pursuant to a duly executed instrument of accession in the form attached as Exhibit A hereto (collectively, the
“Guarantors, “ each as a “Guarantor”) in favor of MERRILL LYNCH CAPITAL CORPORATION, a national banking association, as administrative agent (hereinafter in such capacity, the “Administrative
Agent”) for itself and the other lending institutions (hereinafter, collectively, the “Lenders”) which are, or may become, parties to that certain Credit Agreement, dated as of even date herewith (as amended, modified,
supplemented, or restated and in effect from time to time, the “Credit Agreement”), by and among EPL Finance Corp., as the initial Borrower to be merged with and into El Pollo Loco, Inc., as the subsequent Borrower, EPL
Intermediate, Inc., as the Parent Guarantor, Merrill Lynch Capital Corporation, as Administrative Agent and Swing Line Lender and the lending institutions party thereto (collectively, the “Lenders”), Bank of America, N.A., as L/C
Issuer and Syndication Agent, and Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Bank of America, N.A., as lead arrangers and book managers. 
 WHEREAS, the Borrower and the Guarantors are members of a group of related corporations, the success of any one of which is dependent in part on
the success of the other members of such group; 
 WHEREAS, each Guarantor expects to receive substantial direct and indirect benefits
from the extensions of credit to the Borrower by the Lenders pursuant to the Credit Agreement (which benefits are hereby acknowledged); 
 WHEREAS, it is a condition precedent to the Lenders’ making any loans or otherwise extending credit to the Borrower under the Credit Agreement that each Guarantor executes and delivers to the Administrative Agent, for the
benefit of the Lenders and the Administrative Agent, a guaranty substantially in the form hereof; and 
 WHEREAS, each Guarantor
wishes to guaranty the Borrower’s obligations to the Lenders and the Administrative Agent under or in respect of the Credit Agreement as provided herein; 
 NOW, THEREFORE, in consideration of the premises contained herein and for other good and valuable consideration, the receipt of which is hereby acknowledged, each Guarantor hereby agrees with the Lenders and
the Administrative Agent as follows: 
 1. Definitions. The term “Obligations” and all other capitalized terms used
herein without definition shall have the respective meanings provided therefor in the Credit Agreement. 
 2. Guaranty of Payment and
Performance. Each Guarantor hereby jointly and severally unconditionally guarantees to the Lenders and the Administrative Agent the full and punctual payment when due (whether at stated maturity, by required pre-payment, by acceleration or
otherwise), as well as the performance, of all of the Obligations, including all such which would become due but for the operation of the automatic stay pursuant to § 362(a) of the Federal Bankruptcy Code and the operation of
§§ 502(b) and 506(b) of the Federal Bankruptcy Code. This Guaranty is an absolute, unconditional and continuing guaranty of the full and punctual payment and performance of all of the Obligations and not of their collectibility only
and is in no way conditioned upon any requirement that the Administrative Agent or any Lender first attempt to collect any of the Obligations from the Borrower or resort to any collateral security or other means of obtaining payment. Should an Event
of Default occur and be continuing, the 

 
obligations of the Guarantors hereunder with respect to such Obligations shall, upon demand by the Administrative Agent, become immediately due and payable
to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, without notice (other than demand for payment by the Administrative Agent) of any nature, all of which are expressly waived by each Guarantor. Payments by the
Guarantors hereunder may be required by the Administrative Agent on any number of occasions. All payments by each Guarantor hereunder shall be made to the Administrative Agent, in the manner and at the place of payment specified therefor in the
Credit Agreement, for the account of the Lenders and the Administrative Agent. 
 3. Guarantor’s Agreement to Pay Enforcement
Costs, etc. Each Guarantor further jointly and severally agrees, as the principal obligor and not as a guarantor only, to pay to the Administrative Agent, on demand, all reasonable and documented costs and expenses (including court costs and
legal expenses) incurred or expended by the Administrative Agent or any Lender in connection with the Obligations, this Guaranty and the enforcement thereof, together with interest on amounts recoverable under this § 3 from the time when
such amounts become due until payment, whether before or after judgment, at the rate of interest for overdue principal set forth in the Credit Agreement, provided that if such interest exceeds the maximum amount permitted to be paid under
applicable law, then such interest shall be reduced to such maximum permitted amount. 
 4. Waivers by Guarantors; Bank’s Freedom
to Act. Each Guarantor agrees that the Obligations will be paid and performed strictly in accordance with their respective terms, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such
terms or the rights of the Administrative Agent or any Lender. For the avoidance of doubt, nothing herein shall obligate a Guarantor to make any payment which is illegal for such Guarantor to have made under any law, regulation or order now or
hereafter in effect in any jurisdiction applicable to such Guarantor. Each Guarantor waives promptness, diligences, presentment, demand, protest, notice of acceptance, notice of any Obligations incurred and all other notices of any kind, all
defenses which may be available by virtue of any valuation, stay, moratorium law or other similar law now or hereafter in effect, any right to require the marshalling of assets of the Borrower, the Guarantors or any other entity or other person
primarily or secondarily liable with respect to any of the Obligations, and all suretyship defenses generally other than the defenses of payment in full in cash of the Obligations. Without limiting the generality of the foregoing, each Guarantor
agrees to the provisions of any instrument evidencing, securing or otherwise executed by any Loan Party in connection with any Obligation and agrees that the obligations of each Guarantor hereunder shall not be released or discharged, in whole or in
part, or otherwise affected by (i) the failure of the Administrative Agent or any Lender to assert any claim or demand or to enforce any right or remedy against the Borrower or any other entity or other person primarily or secondarily liable
with respect to any of the Obligations; (ii) any extensions, compromise, refinancing, consolidation or renewals of any Obligation; (iii) any change in the time, place or manner of payment of any of the Obligations or any rescissions,
waivers, compromise, refinancing, consolidation or other amendments or modifications of any of the terms or provisions of the Credit Agreement, the Notes, the other Loan Documents or any other agreement evidencing, securing or otherwise executed by
any Loan Party in connection with any of the Obligations; (iv) the addition, substitution or release of any entity or other person primarily or secondarily liable for any Obligation; (v) the adequacy of any rights which the Administrative
Agent or any Lender may have against any collateral security or other means of obtaining repayment of any of the Obligations; (vi) the impairment of any collateral securing any of the Obligations, including without limitation the failure to
perfect or preserve any rights which the Administrative Agent or any Lender might have in such collateral security or the substitution, exchange, surrender, release, loss or destruction of any such collateral security; or (vii) any other act or
omission which might in any manner or to any extent vary the risk of any of the Guarantors or otherwise operate as a release or discharge of any of the Guarantors, all of which may be done without notice to the Guarantors. To the fullest extent
permitted by law, each Guarantor hereby expressly waives any and all rights or defenses arising by reason of (A) any “one action” or 

  

 -2- 

 
“anti-deficiency” law which would otherwise prevent the Administrative Agent or any Lender from bringing any action, including any claim for a
deficiency, or exercising any other right or remedy (including any right of set-off), against any of the Guarantors before or after the Administrative Agent’s or such Lender’s commencement or completion of any foreclosure action, whether
judicially, by exercise of power of sale or otherwise, or (B) any other law which in any other way would otherwise require any election of remedies by the Administrative Agent or any Lender. 
 5. Unenforceability of Obligations Against the Borrower. If for any reason the Borrower has no legal existence or is under no legal
obligation to discharge any of the Obligations, or if any of the Obligations have become irrecoverable from the Borrower by reason of the Borrower’s insolvency, bankruptcy or reorganization or by other operation of law or for any other reason,
this Guaranty shall nevertheless be binding on each Guarantor to the same extent as if each Guarantor at all times had been the principal obligor on all such Obligations. This Guaranty shall be in addition to any other guaranty or other security for
the Obligations, and it shall not be prejudiced or rendered unenforceable by the invalidity of any such other guaranty or security. In the event that acceleration of the time for payment of any of the Obligations is stayed upon the insolvency,
bankruptcy or reorganization of the Borrower, or for any other reason, all such amounts otherwise subject to acceleration under the terms of the Credit Agreement, the Notes, the other Loan Documents or any other agreement evidencing, securing or
otherwise executed by any Loan Party in connection with any Obligation shall be immediately due and payable by each Guarantor. 
 6.
Subrogation; Subordination. 
 6.1. Waiver of Rights Against the Borrower. Until the final payment in cash and
performance in full of all of the Obligations, none of the Guarantors shall exercise and each hereby waives any rights against the Borrower arising as a result of payment by such Guarantor hereunder, by way of subrogation, reimbursement,
restitution, contribution or otherwise, and will not prove any claim in competition with the Administrative Agent or any Lender in respect of any payment hereunder in any bankruptcy, insolvency or reorganization case or proceedings of any nature;
none of the Guarantors will claim any set-off, recoupment or counterclaim against the Borrower in respect of any liability of such Guarantor to the Borrower; and each Guarantor waives any benefit of and any right to participate in any collateral
security which may be held by the Administrative Agent or any Lender. 
 6.2. Subordination. The payment of any amounts due
with respect to any indebtedness of the Borrower for money borrowed or credit received now or hereafter owed to any of the Guarantors is hereby subordinated to the prior payment in full in cash of all of the Obligations and subject to the provisions
of the Intercompany Subordination Agreement. 
 7. Security; Set-off. Regardless of the adequacy of any collateral security or
other means of obtaining payment of any of the Obligations, each of the Administrative Agent and the Lenders is hereby authorized at any time when an Event of Default is continuing, without notice to any of the Guarantors (any such notice being
expressly waived by each Guarantor) and to the fullest extent permitted by law, to set off and apply such deposits as are held with it and other sums against the obligations of each Guarantor under this Guaranty, whether or not the Administrative
Agent or such Lender shall have made any demand under this Guaranty and although such obligations may be contingent or unmatured. Each Lender agrees that it will notify the Guarantors promptly after exercising any of its set-off rights under this
§ 7. 
 8. Further Assurances. Each Guarantor agrees that it will from time to time, at the reasonable request of the
Administrative Agent, do all such things and execute all such documents as the Administrative Agent may consider necessary or desirable to give full effect to this Guaranty and to 

  

 -3- 

 
perfect and preserve the rights and powers of the Lenders and the Administrative Agent hereunder. Each Guarantor acknowledges and confirms that such
Guarantor itself has established its own adequate means of obtaining from the Borrower on a continuing basis all information desired by such Guarantor concerning the financial condition of the Borrower and that such Guarantor will look to the
Borrower and not to the Administrative Agent or any Lender in order for such Guarantor to keep adequately informed of changes in the Borrower’s financial condition. 
 9. Covenants under Credit Agreement. Each Guarantor acknowledges that a Responsible Officer of such Guarantor has read a copy of each of the Loan Documents and agrees to perform and comply with all of
the obligations, covenants and agreements in the Loan Documents that are applicable to it. 
 10. Effectiveness; Reinstatement.
Upon termination of the Aggregate Commitments and payment in full in cash of all Obligations (other than (i) contingent indemnification obligations, (ii) in respect of Letters of Credit that have expired, terminated or been cash
collateralized, and (iii) in respect of Swap Contracts constituting Obligations that have been cash collateralized or for which other satisfactory arrangements have been made), this Guaranty Agreement and the security interests created hereby
shall terminate and all rights to the remaining Collateral shall revert to the Companies. This Guaranty shall continue to be effective or be reinstated, notwithstanding any termination, if at any time any payment made or value received with respect
to any Obligation is rescinded or must otherwise be returned by the Administrative Agent or any Lender upon the insolvency, bankruptcy or reorganization of the Borrower, or any of the Guarantors hereunder, or otherwise, all as though such payment
had not been made or value received. 
 11. Successors and Assigns. This Guaranty shall be binding upon each Guarantor, their
respective successors and assigns, and shall inure to the benefit of the Administrative Agent and the Lenders and their respective permitted successors, transferees and assigns. Without limiting the generality of the foregoing sentence, each Lender
may assign or otherwise transfer the Credit Agreement, the Notes, the other Loan Documents or any other agreement or note held by it evidencing, securing or otherwise executed in connection with the Obligations, or any interest under the Credit
Agreement, the Notes or the other Loan Documents, or sell participation in any interest therein, to any other entity or other person, and such other entity or other person shall thereupon become vested, to the extent set forth in the agreement
evidencing such assignment, transfer or participation, with all the rights in respect thereof granted to such Lender herein, all in accordance with § 10.06 of the Credit Agreement. No Guarantor may assign any of its obligations hereunder,
other than in connection with a transaction otherwise permitted by the Credit Agreement. 
 12. Concerning Joint and Several Liability
of the Guarantors. 
 (a) Each Guarantor accepts joint and several liability for the Obligations hereunder and under the other Loan
Documents in consideration of the financial accommodations to be provided by the Administrative Agent and the Lenders under the Credit Agreement, for the mutual benefit, directly and indirectly, of each Guarantor and in consideration of the
undertakings of each other Guarantor to accept joint and several liability for the Obligations. 
 (b) Each Guarantor, jointly and severally,
hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor, joint and several liability with the other Guarantors with respect to the payment and performance of all of the Obligations arising under this Guaranty
without preferences or distinction among them. 
  

 -4- 

 (c) The obligations of each Guarantor under the provisions of this Guaranty constitute full recourse
obligations of each Guarantor enforceable against each such Guarantor to the full extent of its properties and assets, irrespective of the validity, regularity or enforceability of the Credit Agreement or any other Loan Documents or any other
circumstance whatsoever. 
 (d) To the extent any Guarantor makes a payment hereunder in excess of the aggregate amount of the benefit
received by such Guarantor in respect of the extensions of credit under the Credit Agreement (the “Benefit Amount”), then such Guarantor, after the payment in full, in cash, of all of the Obligations, shall be entitled to recover
from each other Guarantor such excess payment, pro rata, in accordance with the ratio of the Benefit Amount received by each such other Guarantor to the total Benefit Amount received by all Guarantors, and the right to such recovery shall be
deemed to be an asset and property of such Guarantor so funding; provided, that each Guarantor hereby agrees that it will not enforce any of its rights of contribution or subrogation against the other Guarantors with respect to any liability
incurred by it hereunder or under any of the other Loan Documents, any payments made by it to any of the Lenders or the Administrative Agent with respect to any of the Obligations or any collateral security therefor until such time as all of the
Obligations have been irrevocably paid in full it cash. Any claim which any Guarantor may have against any other Guarantor with respect to any payments to the Lenders or the Administrative Agent hereunder or under any other Loan Document are hereby
expressly made subordinate and junior in right of payment, without limitation as to any increases in the Obligations arising hereunder or thereunder, to the prior payment in full of the Obligations and, in the event of any insolvency, bankruptcy,
receivership, liquidation, reorganization or other similar proceeding under the laws of any jurisdiction relating to any Guarantor, its debts or its assets, whether voluntary or involuntary, all such Obligations shall be paid in full before any
payment or distribution of any character, whether in cash, securities or other property, shall be made to any other Guarantor therefor. 
 (e) Each Guarantor hereby agrees that the payment of any amounts due with respect to the Indebtedness owing by any Guarantor to any other Guarantor is hereby subordinated to the prior payment in full in cash of the Obligations in the manner
set forth in the Intercompany Subordination Agreement. 
 (f) It is the intention and agreement of the Guarantors and the Lenders that the
obligations of the Guarantors under this Guaranty shall be valid and enforceable against each Guarantor to the maximum extent permitted by applicable law. If any provision of this Guaranty creating any obligation of the Guarantors in favor of the
Lenders shall be declared to be invalid or unenforceable in any respect or to any extent, it is the stated intention and agreement of the Guarantors and the Lenders that any balance of the obligation created by such provision and all other
obligations of the Guarantors to the Lenders created by other provisions of this Guaranty shall remain valid and enforceable. Likewise, if by final order a court of competent jurisdiction shall declare any sums which the Lenders may be otherwise
entitled to collect from a Guarantor under this Guaranty to be in excess of those permitted under any law (including any federal or state fraudulent conveyance or like statute or rule of law) applicable to such Guarantor’s obligations under
this Guaranty, it is the stated intention and agreement of the Guarantors and the Lenders that all sums not in excess of those permitted under such applicable law shall remain fully collectible by the Lenders from such Guarantor. 
 (g) Each Guarantor makes as to itself, for the benefit of the Administrative Agent and the Lenders, the representations applicable to it contained in
Article V of the Credit Agreement. 
 (h) Until all Obligations shall have been paid in full in cash, the Guarantors will not, and will not
cause or permit any of their Subsidiaries to, commence or join with any other creditor or creditors of any of their Subsidiaries in commencing any bankruptcy, reorganization or insolvency proceedings against any of their Subsidiaries. 
  

 -5- 

 13. Amendments and Waivers. No amendment or waiver of any provision of this Guaranty nor
consent to any departure by any Guarantor therefrom shall be effective unless the same shall be in writing and signed by the Administrative Agent in accordance with the procedures set forth in § 10.01 of the Credit Agreement. No such
waiver shall extend to affect or impair any right with respect to any Obligation that is not expressly dealt with therein. No failure on the part of the Administrative Agent or any Lender to exercise, and no delay in exercising, any right hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. 
 14. Notices. All notices and other communications called for hereunder shall be made in writing and, unless otherwise specifically provided
herein, shall be deemed to have been duly made or given when made or given in accordance with § 10.02 of the Credit Agreement, addressed as follows: if to a Guarantor, at the address set forth beneath its signature hereto, and if to the
Administrative Agent, at the address for notices to the Administrative Agent set forth in § 10.02 of the Credit Agreement, or at such address as either party may designate in writing to the other. 
 15. Governing Law; Consent to Jurisdiction. THIS GUARANTY IS INTENDED TO TAKE EFFECT AND SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK. Each Guarantor and the Administrative Agent, by acceptance of this Guaranty, agrees that any suit for the enforcement of this Guaranty may be brought in the courts of the State of New York or any federal
court sitting therein and consents to the nonexclusive jurisdiction of such court and to service of process in any such suit being made upon such Guarantor by mail at the address specified by reference in § 14. Each Guarantor hereby waives
any objection that it may, now or hereafter have to the venue of any such suit or any such court or that such suit
was brought in an inconvenient court. 
 16. Waiver of Jury Trial. EACH GUARANTOR AND THE ADMINISTRATIVE AGENT BY ACCEPTANCE OF
THIS GUARANTY HEREBY WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS GUARANTY, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THE PERFORMANCE OF ANY OF SUCH RIGHTS OR OBLIGATIONS.
Except as prohibited by law, each Guarantor hereby waives any right which it may have to claim or recover in any litigation referred to in the preceding sentence any special, exemplary, punitive or consequential damages or any damages other than, or
in addition to, actual damages. Each Guarantor (i) certifies that neither the Administrative Agent or any Lender nor any representative, agent or attorney of the Administrative Agent or any Lender has represented, expressly or otherwise, that
the Administrative Agent or any Lender would not, in the event of litigation, seek to enforce the foregoing waivers and (ii) acknowledges that, in entering into the Credit Agreement and the other Loan Documents to which the Administrative Agent
or any Lender is a party, the Administrative Agent and the Lenders are relying upon, among other things, the waivers and certifications contained in this § 16. 
 17. Miscellaneous. This Guaranty constitutes the entire agreement of each Guarantor with respect to the matters set forth herein. The rights and remedies herein provided are cumulative and not exclusive
of any remedies provided by law or any other agreement, and this Guaranty shall be in addition to any other guaranty of or collateral security for any of the Obligations. The invalidity or unenforceability of any one or more sections of this
Guaranty shall not affect the validity or enforceability of its remaining provisions. This Guaranty may be executed in any number of counterparts, but all such counterparts together shall constitute but one and the same agreement. The parties hereto
agree that they will negotiate in good faith to replace any provisions hereof so held invalid, illegal or unenforceable with a valid provision that is as similar as possible in substance to the invalid, illegal or unenforceable provision. Captions
are for the ease of reference only and shall not affect the meaning of the relevant 

  

 -6- 

 
provisions. The meanings of all defined terms used in this Guaranty shall be equally applicable to the singular and plural forms of the terms defined.

 18. Release. The Administrative Agent shall release any Guarantor from its obligations under this Guaranty if such Person
ceases to be a Subsidiary as a result of a transaction permitted under the Credit Agreement. 
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blank] 
  

 -7- 

 IN WITNESS WHEREOF, each Guarantor has caused this Guaranty to be executed and delivered as of the
date first above written. 
  

			
	EPL INTERMEDIATE, INC.
		
	 By:
	 	 /s/ Stephen E. Carley

		 	 Name: Stephen E. Carley

		 	 Title: President

 (Signature Page to Guaranty) 

 EXHIBIT A 
 FORM OF INSTRUMENT OF ACCESSION FOR GUARANTY 
 AND SECURITY AGREEMENT 
 as of
                                ,
             
  

	To:	The Administrative Agent and the Lenders who are parties to the 

	 	Credit	Agreement (as such terms are defined below): 

 Reference
is hereby made to the Guaranty (the “Guaranty”) and the Security Agreement (the “Security Agreement”) dated as of November 18, 2005 by and among THE PERSONS LISTED ON SCHEDULE I THERETO, and any
other Person (as defined in the Credit Agreement) which may become a Guarantor hereunder pursuant to a duly executed instrument of accession in the form attached as Exhibit A thereto (collectively, the “Guarantors,” each
as a “Guarantor”) in favor of MERRILL LYNCH CAPITAL CORPORATION, a national banking association, as administrative agent (the “Administrative Agent”) for itself and the other Secured Parties (as such term is
defined in the Security Agreement) including lending institutions (collectively, the “Lenders”) which are, or may become, parties to that certain Credit Agreement, dated as of November 18, 2005 (as amended, modified,
supplemented, or restated and in effect from time to time, the “Credit Agreement”), by and among EPL Finance Corp., as the initial Borrower to be merged with and into El Pollo Loco, Inc., as the subsequent Borrower, EPL
Intermediate, Inc., as the Parent Guarantor, Merrill Lynch Capital Corporation, as Administrative Agent and Swing Line Lender and the lending institutions party thereto (collectively, the “Lenders”), Bank of America, N.A., as L/C
Issuer and Syndication Agent, and Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Bank of America, N.A., as lead arrangers and book managers. 
 The undersigned acknowledges, and represents and warrants, the following: the undersigned is a [corporation incorporated] [general/limited partnership
formed] [other entity constituted] on or prior to the date hereof; the Borrower is the direct or indirect owner of all of the Equity Interests (as defined in the Credit Agreement) of the undersigned; the financial success of the undersigned is
expected to depend in whole or in part upon the financial success of the Borrower; the undersigned will receive substantial direct and indirect benefits from the Lenders’ extensions of credit to the Borrower pursuant to the Credit Agreement;
the undersigned wishes to become a party to the Guaranty and to guarantee the full and prompt payment and performance of the Obligations (as defined in the Credit Agreement); and the undersigned wishes to become a party to the Security Agreement to
secure its Obligations under the Guaranty and the other Loan Documents (as defined in the Credit Agreement). 
 In consideration of the
foregoing and for other valuable consideration the receipt and sufficiency of which is hereby acknowledged, the undersigned by its execution of this Instrument of Accession hereby joins the Guaranty and becomes a Guarantor party thereto for all
purposes thereof. The undersigned further covenants and agrees that by its execution hereof it shall be bound by and shall comply with all terms and conditions of the Guaranty and that it is jointly and severally liable with all of the Guarantors
for the payment and performance of all Obligations of the Guarantors under the Guaranty. 
 The undersigned hereby joins the Security
Agreement and becomes a Subsidiary (as defined in the Credit Agreement) party thereto for all purposes thereof. The undersigned further covenants and agrees that by its execution hereof it shall be bound by and shall comply with all terms and
conditions of the Security Agreement, and hereby grants to the Administrative Agent, for the benefit of the Secured 

 
Parties, to secure the payment and performance in full of all of the Obligations, a security interest in and so pledges to the Administrative Agent, for the
benefit of the Secured Parties, the following properties, assets and rights, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof (all of the same being hereinafter called the
“Collateral”) other than excluded Collateral as set forth in § 2.3 of the Security Agreement: 
 All personal and
fixture property of every kind and nature including all goods (including inventory, equipment and any accessories thereto), instruments (including promissory notes), documents (including, if applicable, electronic documents), accounts (including
health-care-insurance receivables), chattel paper (whether tangible or electronic), deposit accounts, letter-of-credit rights (whether or not the letter of credit is evidenced by a writing), commercial tort claims listed on Schedule II hereto,
securities and all other investment property, supporting obligations, any other contract rights or rights to the payment of money, insurance claims and proceeds, all general intangibles (including all payment intangibles) and all other property
included in the definition of Collateral in the Security Agreement. 
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 -2- 

 The undersigned has attached hereto a duly completed Perfection Certificate (as defined in the Credit
Agreement) in the form prescribed by the Security Agreement, and represents and warrants as provided in the Security Agreement with respect to the matters set forth in such Perfection Certificate. The undersigned further covenants and agrees that by
its execution hereof it shall provide all such information, complete all such forms and take all such actions, and enter into all such agreements, in form and substance reasonably satisfactory to the Administrative Agent, including without
limitation Trademark Collateral Agreements (as defined in the Credit Agreement), that are reasonably deemed necessary by the Administrative Agent in order to grant a valid, first-priority perfected security interest to the Administrative Agent and
the Lenders in all of the Collateral (as defined in the Credit Agreement) of the undersigned, securing the Obligations. 
  

			
	Very truly yours,
	
	[NAME]
		
	 By:
	 	  
		 	 Name:

		 	 Title:

  

			
	 Accepted:

	
	MERRILL LYNCH CAPITAL CORPORATION, as Administrative Agent
		
	 By:
	 	  
		 	 Name:

		 	 Title:

  

 -3- 

 SCHEDULE I 
 Parties to Guaranty 

 SCHEDULE II 
 Commercial Tort Claims

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