Document:

Exhibit 10.2

 

AMENDED
AND RESTATED PLEDGE AND SECURITY AGREEMENT

 

This
Amended and Restated Pledge and Security Agreement (this
“Security Agreement”) is entered into as of October 23, 2017, by and among GWG Holdings, Inc., a Delaware corporation
(“Holdings”), GWG Life, LLC, a Delaware limited liability company (“GWG Life,” and referred
to collectively with Holdings as the “Entity Grantors”), Jon R. Sabes and Steven F. Sabes (collectively, the “Individual
Grantors,” and referred to collectively with the Entity Grantors simply as the “Grantors”), and Bank
of Utah, in its capacity as indenture trustee under the Indenture (as defined below) and collateral trustee hereunder (the “Trustee”),
for the benefit of the holders of L Bonds issued by Holdings under the Indenture and guaranteed by GWG Life (as defined in the
Indenture).

 

I N T R O D U C T I O N

 

A.       The
Entity Grantors and the Trustee are parties to that certain Indenture, originally dated as of October 19, 2011, subsequently amended
on each of December 15, 2011, January 9, 2015, and June 15, 2015, and now amended and restated as of even date herewith (as so
amended and restated, and as it may be amended or supplemented from time to time hereafter, the “Indenture”).
The Indenture contemplates and permits the grant of collateral security for certain debt securities of Holdings that may from
time to time be issued thereunder and, as of the date hereof, the only class of debt securities issued under the Indenture are
denominated as “L Bonds.” The grant of such collateral security was accomplished pursuant to the Indenture and a Pledge
and Security Agreement by and among the parties, dated as of October 19, 2011, and subsequently amended on each of December 15,
2011, January 9, 2015, and June 15, 2015 (as so amended, the “Original Security Agreement”).

 

B.       To
date, the L Bonds have been publicly offered and sold under several registration statements declared effective by the U.S. Securities
and Exchange Commission. In connection with this Security Agreement, Holdings has filed a new registration statement with the
U.S. Securities and Exchange Commission (SEC File No. 333-220288) to continue publicly offering and selling L Bonds, and to renew
presently outstanding L Bonds. In addition, Holdings may in the future file additional registration statements to continue publicly
offering and selling L Bonds, and to renew then-outstanding L Bonds.

 

C.       The
Grantors are entering into this Security Agreement to amend and restate the terms under which they have granted a security interest
in those assets specified herein pursuant to the Original Security Agreement, as collateral security for the obligations owing
in respect of the L Bonds issued under the Indenture (the “Secured Obligations”). The Trustee serves as
indenture trustee under the Indenture and hereby reconfirms its agreement to serve as collateral trustee hereunder for the benefit
of the holders of L Bonds issued under the Indenture.

 

     

     

    

 

A G R E E M E N T

 

Now
Therefore, the Grantors and the Trustee hereby
amend and restate the Original Security Agreement and agree as follows:

 

Article
1

Definitions

 

1.1.     Terms
Defined in the Indenture. All capitalized terms used herein and not otherwise defined shall have the meanings assigned to
such terms in the Indenture.

 

1.2.     Terms
Defined in UCC. Terms defined in the UCC which are not otherwise defined in this Security Agreement shall have the meanings
assigned to such terms in the UCC. In this regard, the following capitalized terms used in this Security Agreement shall have
the meanings set forth in the UCC: Accounts, Chattel Paper, Commercial Tort Claims, Deposit Accounts, Documents, Equipment, Fixtures,
General Intangibles, Goods, Instruments, Inventory, Investment Property, Letter-of-Credit Rights, Securities Account, and Supporting
Obligations.

 

1.3.     Other
Definitions. As used in this Security Agreement, and in addition to the terms defined elsewhere in this Security Agreement,
the following terms shall have the following meanings:

 

“Collateral”
means all of the assets of the Entity Grantors, including but not limited to Accounts, Chattel Paper, Commercial Tort Claims,
Deposit Accounts, Documents, Equipment, Fixtures, General Intangibles, Goods, Instruments, Inventory, Investment Property, letters
of credit, Letter-of-Credit Rights, Securities Accounts, Pledged Deposits, Supporting Obligations, wherever located, in which
any Entity Grantor now has or hereafter acquires any right or interest, including (as to each of the foregoing types of assets)
(i) the proceeds, including but limited to as set forth in the definition of “Equity Rights” below, insurance proceeds
and products thereof, and further including (ii) all books and records, customer lists, credit files, computer files, programs,
printouts and other computer materials and records related thereto.

 

“Collateral
Documents” has the meaning set forth in the Indenture.

 

“Default”
means an event described in Section 6.1.

 

“Equity
Collateral” shall mean all of the common stock issued by Holdings and held, whether of record or beneficially, by Jon
R. Sabes and Steven F. Sabes, together will all rights and Equity Rights related thereto. For this purpose, beneficial ownership
of common stock issued by Holdings shall be determined in a manner consistent with the definition of beneficial ownership set
forth in Rule 13d-3(a) promulgated by the U.S. Securities and Exchange Commission.

 

“Equity
Rights” means any securities, dividends, instruments or distributions, and any other right or property which any Grantor
shall become entitled to receive for any reason whatsoever, with respect to, or in substitution or exchange for, any Collateral
or Equity Collateral, as applicable; excluding, however, at any particular point in time, any such property that shall have already
been distributed to or received by an Individual Grantor on account of Equity Collateral.

 

“Governmental
Authority” means any country or nation, or any state or other political subdivision thereof or any entity exercising
executive, legislative or judicial, regulatory or administrative functions of or pertaining to government.

 

“Holder”
means a holder of record of one or more L Bonds.

 

“L
Bonds” are debt securities of Holdings that are guaranteed by GWG Life and issued as “Securities” under
the Indenture.

 

“Material
Adverse Effect” means a material adverse effect on (a) the business, assets, operations or condition (financial or otherwise)
of the Entity Grantors or (b) the validity or enforceability of this Security Agreement or the Indenture or the rights or remedies
of the Trustee or the Holders.

 

“Person”
means any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company, trust,
unincorporated organization or government or Governmental Authority.

 

    	 	2	 

     

    

 

“Pledged
Collateral” means, collectively, the Collateral of the Entity Grantors and the Equity Collateral of the Individual Grantors
pledged pursuant to this Security Agreement.

 

“Pledged
Deposits” means all time deposits of money (other than Deposit Accounts and Instruments), whether or not evidenced by
certificates, which an Entity Grantor may from time to time designate as pledged to the Trustee or to any secured party as security
for any Secured Obligations, and all rights to receive interest on said deposits.

 

“Pledged
Securities” means (i) the equity securities comprising the Equity Collateral owned by the Individual Grantors, and (ii)
any other equity interests comprising Collateral that are owned by any Entity Grantor.

 

“Receivables”
means the Accounts, Chattel Paper, Documents, Investment Property, Instruments or Pledged Deposits, and any other rights or claims
to receive money which are General Intangibles or which are otherwise included as Collateral.

 

“Secured
Obligations” is defined in Paragraph C of the Introduction to this Security Agreement.

 

The
foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms.

 

Article
2

Grant of Security Interest and Pledge

 

2.1.     Grant
by Entity Grantors. To secure the prompt and complete payment and performance of the Secured Obligations, the Entity Grantors,
subject to the terms and conditions of this Security Agreement, hereby pledge, assign and grant to the Trustee, on behalf of and
for the benefit of the Holders, a security interest in all of each such Entity Grantor’s right, title and interest, whether
now owned or hereafter acquired, in and to the Collateral.

 

2.2.     Grant
by Individual Grantors. To secure the prompt and complete payment and performance of the Secured Obligations, the Individual
Grantors, subject to the terms and conditions of this Security Agreement, hereby pledge the Equity Collateral to the Trustee,
on behalf of and for the benefit of the Holders.

 

Article
3

Representations and Warranties of Entity Grantors

 

The
Entity Grantors jointly and severally represent and warrant to the Trustee as follows:

 

3.1.     Title,
Authorization, Validity and Enforceability. Each Entity Grantor has good and valid rights in or the power to transfer the
Collateral owned by it and title to the Collateral with respect to which it has purported to grant a security interest hereunder,
free and clear of all Liens except for Liens permitted under Section 5.1.4. Each Entity Grantor has full corporate or limited
liability company power and authority to grant to the Trustee the security interest in the Collateral pursuant hereto. The execution
and delivery by each Entity Grantor have been duly authorized by proper corporate and limited liability company proceedings, as
applicable. This Security Agreement constitutes a legal, valid and binding obligation of each Entity Grantor and creates a security
interest which is enforceable against such Entity Grantor in all Collateral it now owns or hereafter acquires, except as enforceability
may be limited by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization or similar laws relating to or affecting the
enforcement of creditors’ rights generally, (ii) general equitable principles (whether considered in a proceeding in equity
or at law), and (iii) requirements of reasonableness, good faith and fair dealing.

 

    	 	3	 

     

    

 

3.2.     No
Conflicts or Violation. Neither the execution and delivery by any Entity Grantor of this Security Agreement, the creation
and perfection of the security interest in the Collateral granted hereunder, nor compliance with the terms and provisions hereof,
will violate (i) any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on such Entity Grantor,
(ii) such Entity Grantor’s certificate of incorporation or formation, limited liability company agreement or by-laws (or
similar documents, as applicable), or (iii) the provisions of any indenture, instrument or agreement to which such Entity Grantor
is a party or is subject, or by which it or its property may be bound or affected, or conflict with or constitute a default thereunder,
or result in or require the creation or imposition of any Lien in or on the property of such Entity Grantor pursuant to the terms
of any such indenture, instrument or agreement (other than any Lien of the Trustee on behalf of the Holders).

 

3.3.     Offices.
The Entity Grantors’ mailing address and the principal location of their place of business or chief executive office is
220 South Sixth Street, Suite 1200, Minneapolis, Minnesota 55402.

 

3.4.     Accounts
and Chattel Paper. The names of the obligors, amounts owing, due dates and other information with respect to the Accounts
and Chattel Paper owned by each Entity Grantor are and will be correctly stated in all books and records of such Entity Grantor
relating thereto.

 

3.5.     No
Financing Statements or Security Agreements. No financing statement or security agreement describing all or any portion of
the Collateral which has not lapsed or been terminated naming any Entity Grantor as debtor has been filed or is of record in any
jurisdiction except financing statements (i) naming the Trustee on behalf of the Holders as the secured party and (ii) in respect
of Liens permitted by the Indenture or under Section 5.1.4.

 

3.6.     Governmental
Approvals. No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority or
regulatory body required for the due execution, delivery or performance by the Entity Grantors of their respective obligations
under the Indenture or any Collateral Documents remains unobtained or unfulfilled.

 

3.7.     Compliance
with Laws.

 

3.7.1     Each
of the Entity Grantors is in material compliance with the requirements of all applicable laws, a breach of any of which, individually
or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

3.7.2     No
Entity Grantor has failed to obtain any licenses, permits, franchises or other governmental authorizations necessary for the ownership
of its properties or the conduct of its business, which failure could reasonably be expected to have a Material Adverse Effect.

 

3.7.3     Each
Entity Grantor has complied with all licensure requirements in each state in which it is required to be specifically registered
as a purchaser, owner or servicer of life insurance policies.

 

    	 	4	 

     

    

 

3.8.     No
Proceedings. There is no order, judgment, decree, injunction, stipulation or consent order of or with any Governmental Authority
to which any Entity Grantor is subject, and there is no action, suit, arbitration, regulatory proceeding or investigation pending,
before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality, against any Entity
Grantor or its direct or indirect subsidiaries that, individually or in the aggregate, could reasonably be expected to have a
Material Adverse Effect. Furthermore, there is no action, suit, arbitration, regulatory proceeding or investigation pending, before
any court, regulatory body, administrative agency or other tribunal or governmental instrumentality (A) asserting the invalidity
of the Indenture or any Collateral Documents, (B) seeking to prevent the issuance of L Bonds or the consummation of the transactions
contemplated by the Indenture or any registration statement under which L Bonds are being offered and sold, or (C) seeking to
adversely affect the federal income tax attributes of any Entity Grantor.

 

3.9.     Investment
Company Act, Etc. No Entity Grantor is an “investment company” within the meaning of the Investment Company Act
of 1940; or a “holding company” or “subsidiary company” of a “holding company,” or an “affiliate”
of a “holding company” or a “subsidiary company” of a “holding company,” within the meaning
of the Public Utility Holding Company Act of 1935.

 

3.10.   Accuracy
of Information. All information heretofore furnished by or on behalf of any Entity Grantor in connection with the Collateral
Documents, or any transaction contemplated thereby, is true and accurate in all material respects (without omission of any information
necessary to prevent such information from being materially misleading).

 

3.11.   No
Material Adverse Change. Since December 31, 2010, there has been no material adverse change in the financial condition, business
or operations (taken as a whole) of any Entity Grantor with respect to its ability to perform its obligations under the Indenture
or any Collateral Documents.

 

3.12.   Trade
Names and Subsidiaries. Neither Entity Grantor has used any other names, trade names or assumed names for the six-year period
preceding the date of this Security Agreement (other than (i) Holdings, which prior to June 12, 2011 had existed under the name
GWG Holdings, LLC, and (ii) GWG Life, which prior to June 27, 2014 had existed under the name GWG Life Settlements, LLC). Neither
Entity Grantor has any subsidiaries or owns or holds, directly or indirectly, any equity interest in any other entity, except
as follows: (i) Holdings owns a direct equity interest in GWG Life, GWG Life USA, LLC (a Delaware limited liability company),
GWG Broker Services, LLC (a Delaware limited liability company), GWG MCA Capital, Inc. (a Delaware corporation), Wirth Park Agency,
LLC (a Delaware limited liability company), and Life Epigenetics, Inc. (a Delaware corporation); and (ii) GWG Life owns a direct
equity interest in GWG DLP Funding III, LLC (a Delaware limited liability company), GWG DLP Funding IV, LLC (a Delaware limited
liability company).

 

Article
4

Representations and Warranties of Individual Grantors

 

Each
Individual Grantor, severally but not jointly, hereby represents and warrants to the Trustee as follows:

 

4.1.     Title,
Authorization, Validity and Enforceability. Each Individual Grantor has good and valid rights in or the power to transfer
the Equity Collateral owned by it and title to the Equity Collateral with respect to which it has purported to grant a security
interest hereunder, free and clear of all Liens except for Liens permitted under Section 5.1.4. This Security Agreement constitutes
a legal, valid and binding obligation of each Individual Grantor and creates a security interest which is enforceable against
such Individual Grantor in all Equity Collateral it now owns or hereafter acquires.

 

    	 	5	 

     

    

 

4.2.    No
Conflicts or Violation. Neither the execution and delivery by any Individual Grantor of this Security Agreement, the creation
and perfection of the security interest in the Equity Collateral granted hereunder, nor compliance with the terms and provisions
hereof, will violate (i) any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on such Individual
Grantor, or (ii) the provisions of any indenture, instrument or agreement to which such Individual Grantor is a party or
is subject, or by which such Individual Grantor or any of the Equity Collateral may be bound or affected, or conflict with or
constitute a default thereunder, or result in or require the creation or imposition of any Lien in or on such Equity Collateral
pursuant to the terms of any such indenture, instrument or agreement (other than any Lien of the Trustee on behalf of the Holders).

 

4.3.     Accuracy
of Information. All information heretofore furnished by or on behalf of any Individual Grantor in connection with the Collateral
Documents, or any transaction contemplated thereby, is true and accurate in all material respects (without omission of any information
necessary to prevent such information from being materially misleading).

 

Article
5

Covenants of the Grantors

 

From
the date of this Security Agreement and thereafter until this Security Agreement is terminated, each of the Grantors agrees:

 

5.1.     General.

 

5.1.1     Inspection.
Each Grantor will permit the Trustee (i) to inspect the Pledged Collateral, (ii) to examine and make copies of the records of
such Grantor relating to the Pledged Collateral and (iii) to discuss the Pledged Collateral and the related records of such Grantor
with, and to be advised as to the same by, such Grantor’s officers and employees, all at such reasonable times and intervals
as the Trustee may determine, upon reasonable notice by the Trustee to such Grantor and all at such Grantor’s expense.

 

5.1.2     Records
and Reports; Notice of Default. Each Grantor shall keep and maintain complete, accurate and proper books and records with
respect to the Pledged Collateral owned by such Grantor, and furnish to the Trustee, such reports relating to the Pledged Collateral
as the Trustee shall from time to time reasonably request. Each Grantor will give prompt notice in writing to the Trustee of the
occurrence of any Default under Section 6.1 and of any other development, financial or otherwise, which could reasonably be expected
to materially and adversely affect the Pledged Collateral.

 

5.1.3     Financing
Statements. Each Grantor hereby authorizes the Trustee to file, and if requested will execute and deliver to the Trustee,
all financing statements reasonably describing the Pledged Collateral owned by such Grantor and other documents and take such
other actions as may from time to time reasonably be requested by the Trustee, subject in all cases to Liens permitted under the
Indenture and any Collateral Documents, or any other agreement describing the rights of the Trustee (on behalf of the Holders)
relative to other creditors of some or all of the Grantors.

 

5.1.4     Liens.
No Grantor will create, incur, or suffer to exist any Lien on the Pledged Collateral owned by such Grantor except Liens (i) permitted
pursuant to the Indenture, this Security Agreement or any intercreditor agreement, or any other agreement describing the rights
of the Trustee relative to other creditors of some or all of the Grantors, and (ii) created under any debt or obligation senior
in right of payment or priority or pari passu in right of payment or priority, and (iii) disclosed to the Trustee promptly;
provided, however, that (1) an Individual Grantor may nonetheless create, incur, or suffer to exist a Lien on Equity Collateral
so long as the shares of common stock of Holdings comprising Equity Collateral and encumbered by any such Lien are deemed to have
been “disposed of” for purposes of determining whether an Individual Grantor is then and thereafter permitted to dispose
of Equity Collateral in the ordinary course of business under Section 5.1.5 below; and (2) upon the termination of any such Lien,
the shares of common stock of Holdings comprising Equity Collateral and previously encumbered by that Lien shall no longer be
deemed to have been “disposed of” for purposes of determining whether an Individual Grantor is thereafter permitted
to dispose of Equity Collateral in the ordinary course of business under Section 5.1.5 below.

 

    	 	6	 

     

    

 

5.1.5     Disposition
of Collateral Outside Ordinary Course. No Entity Grantor is authorized to sell or otherwise dispose of the Collateral outside
of the ordinary course of business unless consented to by the Trustee, with the consent or at the direction of the Holders of
at least a majority in principal amount of the then-outstanding L Bonds. No Individual Grantor is authorized to sell or otherwise
dispose of the Equity Collateral outside of the ordinary course of business (unless consented to by the Trustee, with such consent
not to be unreasonably withheld, or unless consented to by the Trustee with the consent or at the direction of the Holders of
at least a majority in principal amount of the then-outstanding L Bonds). For purposes of the foregoing, any disposition of Equity
Collateral by an Individual Grantor (whether by private or public resale(s), encumbrance, or otherwise) shall be deemed to be
“in ordinary course of business” if such disposition does not cause the remaining Equity Collateral of that Individual
Grantor to represent less than 10% of the Equity Collateral beneficially held by the Individual Grantor as of October 19, 2011.

 

5.1.6     Change
in Corporate Existence, Type or Jurisdiction of Organization, Location, Name. Each Entity Grantor will: (a) preserve its existence
and entity structure as in effect on the date of this Security Agreement; (b) not change its name or jurisdiction of organization;
(c) not maintain its place of business (if it has only one) or its chief executive office (if it has more than one place of business)
at a location other than a location specified in Section 3.3; unless, in each such case, such Entity Grantor shall have given
the Trustee not less than ten days’ prior written notice of such event or occurrence and the Trustee shall have either (x)
determined in good faith that such event or occurrence will not adversely affect the validity, perfection or priority of the Trustee’s
security interest in the Collateral, or (y) taken such steps (with the cooperation of such Grantor to the extent necessary or
advisable) as are necessary or advisable to properly maintain the validity, perfection and priority of the Trustee’s security
interest in the Collateral owned by such Entity Grantor.

 

5.2.     Certificated
and Uncertificated Securities. Upon request, each Grantor will deliver to the Trustee immediately upon execution of this Security
Agreement the originals of all Pledged Securities (to the extent certificated) and Instruments constituting Pledged Collateral
(if any then exist). In addition, each Grantor will permit the Trustee from time to time to cause the appropriate issuers (and,
if held with a securities intermediary, such securities intermediary) of uncertificated securities or other types of securities
not represented by certificates which are Pledged Collateral owned by such Grantor to mark their books and records with the numbers
and face amounts of all such uncertificated securities or other types of securities not represented by certificates and all replacements
thereof to reflect the Lien of the Trustee granted pursuant to this Security Agreement.

 

5.3.     No
Interference. Each Grantor agrees that it will not interfere with any right, power and remedy of the Trustee provided for
in this Security Agreement or now or hereafter existing at law or in equity or by statute or otherwise, or the exercise or beginning
of the exercise by the Trustee of any one or more of such rights, powers or remedies.

 

    	 	7	 

     

    

 

Article
6

Default and Remedies

 

6.1.     Default.
The occurrence of any one or more of the following events shall constitute a Default:

 

6.1.1     Any
representation or warranty made by or on behalf of any Grantor under this Security Agreement shall be materially false as of the
date on which made;

 

6.1.2     The
breach by any Grantor of any of the terms or provisions of Article 8;

 

6.1.3     The
breach by any Grantor (other than a breach which constitutes a Default under Sections 6.1.1, 6.1.2 or 6.1.4) of any of the terms
or provisions of this Security Agreement which breach is not remedied or not begun to have been remedied within 30 days after
the giving of written notice to such Grantor by the Trustee; or

 

6.1.4     The
occurrence of any “Event of Default” under, and as defined in, the Indenture.

 

6.2.     Remedies.
Upon the occurrence of a Default hereunder, the Trustee may, and at the direction of the Holders of at least a majority in principal
amount of the then-outstanding L Bonds shall, exercise any or all of the following rights and remedies (subject in all cases to
any provisions, in favor of any debt that is senior in right of payment or priority, contained in the Indenture, this Security
Agreement or any other Collateral Documents):

 

6.2.1     Those
rights and remedies provided in this Security Agreement and the Indenture.

 

6.2.2     Those
rights and remedies available to a secured party under the UCC (whether or not the UCC applies to the affected Pledged Collateral)
or under any other applicable law (including without limitation any law governing the exercise of a right of setoff or bankers’
lien) when a debtor is in default under a security agreement.

 

6.2.3     Without
notice (except as specifically provided in Section 10.1 or elsewhere herein), demand or advertisement of any kind to any Grantor
or any other Person, enter the premises of any Entity Grantor where any Collateral is located to collect, receive, assemble, process,
appropriate, sell, lease, assign, grant an option or options to purchase or otherwise dispose of, deliver, or realize upon, the
Collateral or any part thereof in one or more parcels at public or private sale or sales (which sales may be adjourned or continued
from time to time with or without notice and may take place at any Grantor’s premises of elsewhere), for cash, on credit
or for future delivery without assumption of any credit risk, and upon such other terms as the Trustee may deem commercially reasonable.

 

6.2.4     Concurrently
with written notice to the applicable Grantor, transfer and register in its name or in the name of its nominee the whole or any
part of the Pledged Collateral, to exchange certificates or instruments representing or evidencing Pledged Collateral for certificates
or instruments of smaller or larger denominations, to exercise the voting and all other rights as a holder with respect thereto,
to collect and receive all cash dividends, interest, principal and other distributions made thereon and to otherwise act with
respect to the Pledged Collateral as though the Trustee was the outright owner thereof.

 

    	 	8	 

     

    

 

The
Trustee, on behalf of the Holders, may comply with any applicable state or federal law requirements in connection with a disposition
of the Pledged Collateral, and such compliance will not be considered to adversely affect the commercial reasonableness of any
sale of the Pledged Collateral. The Trustee shall have the right upon any such public sale or sales and, to the extent permitted
by law, upon any such private sale or sales, to purchase for the benefit of the Trustee and the Holders, the whole or any part
of the Pledged Collateral so sold, free of any right of equity redemption, which equity redemption the Grantor hereby expressly
releases.

 

Until
the Trustee is able to effect a sale, lease, or other disposition of Pledged Collateral, the Trustee shall have the right to hold
or use Pledged Collateral, or any part thereof, to the extent that it deems appropriate for the purpose of preserving Pledged
Collateral or its value or for any other purpose deemed appropriate by the Trustee. The Trustee may, if it so elects, seek the
appointment of a receiver or keeper to take possession of Pledged Collateral and to enforce any of the Trustee’s remedies
(for the benefit of the Trustee and Holders), with respect to such appointment without prior notice or hearing as to such appointment.

 

Notwithstanding
the foregoing, neither the Trustee nor any Holder shall be required to (i) make any demand upon, or pursue or exhaust any of their
rights or remedies against, any Grantor, any other obligor, guarantor, pledgor or any other Person with respect to the payment
of the Secured Obligations or to pursue or exhaust any of their rights or remedies with respect to any Pledged Collateral therefor
or any direct or indirect guarantee thereof, (ii) marshal the Pledged Collateral or any guarantee of the Secured Obligations or
to resort to the Pledged Collateral or any such guarantee in any particular order, or (iii) effect a public sale of any Pledged
Collateral.

 

Each
Grantor recognizes that the Trustee may be unable to effect a public sale of any or all the Pledged Collateral and may be compelled
to resort to one or more private sales thereof in accordance with this Section 6.2. Each Grantor also acknowledges that any private
sale may result in prices and other terms less favorable to the seller than if such sale were a public sale and, notwithstanding
such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner
solely by virtue of such sale being private. The Trustee shall be under no obligation to delay a sale of any of the Pledged Collateral
for the period of time necessary to permit any Grantor or the issuer of the Pledged Collateral to register such securities for
public sale under the Securities Act of 1933, or under applicable state securities laws, even if the applicable Grantor and the
issuer would agree to do so.

 

6.3.    Grantors’
Obligations Upon Default. Upon the request of the Trustee after the occurrence of a Default, each Grantor will (subject in
all cases to any provisions in favor of any debt that is senior in right of payment or priority contained in the Indenture, this
Security Agreement or any other Collateral Documents):

 

6.3.1     Assemble
and make available to the Trustee the Pledged Collateral and all books and records relating thereto at any place or places specified
by the Trustee;

 

6.3.2     Permit
the Trustee, by the Trustee’s representatives and agents, to enter, occupy and use any premises where all or any part of
the Pledged Collateral, or the books and records relating thereto, or both, are located, to take possession of all or any part
of the Pledged Collateral, or the books and records relating thereto, or both, to remove all or any part of the Pledged Collateral,
or the books and records relating thereto, or both, and to conduct sales of the Pledged Collateral, without any obligation to
pay the Grantor for such use and occupancy; and/or

 

6.3.3     Take,
or cause an issuer of Pledged Securities to take, any and all actions necessary to register or qualify the Pledged Collateral
to enable the Trustee to consummate a public sale or other disposition of such Pledged Securities.

 

    	 	9	 

     

    

 

Article
7

Waivers, Amendments and Remedies

 

No
delay or omission of the Trustee or any secured party to exercise any right or remedy granted under this Security Agreement shall
impair such right or remedy or be construed to be a waiver of any Default or an acquiescence therein, and any single or partial
exercise of any such right or remedy shall not preclude any other or further exercise thereof or the exercise of any other right
or remedy. No waiver, amendment or other variation of the terms, conditions or provisions of this Security Agreement whatsoever
shall be valid unless in writing signed by the Trustee and each Grantor. All rights and remedies contained in this Security Agreement
or by law afforded shall be cumulative and all shall be available to the Trustee and the Holders until the Secured Obligations
have been paid in full.

 

Article
8

Proceeds; Collection of Receivables

 

8.1.     Collection
of Receivables. Subject to any provisions of the Indenture, this Security Agreement or any other Collateral Documents, including
any intercreditor agreement or other agreement describing the rights of the Trustee relative to other creditors of some or all
of the Grantors, the Trustee may at any time after the occurrence and during the continuation of a Default, by giving each Grantor
written notice, elect to require that any Receivables be paid directly to the Trustee for the benefit of the Holders. In such
event, each Entity Grantor shall, and shall permit the Trustee to, promptly notify the account debtors or obligors under the Receivables
owned by such Entity Grantor of the Trustee’s interest therein and direct such account debtors or obligors to make payment
of all amounts then or thereafter due under such Receivables directly to the Trustee. Upon receipt of any such notice from the
Trustee, each Entity Grantor shall thereafter hold in trust for the Trustee, on behalf of the Holders, all amounts and proceeds
received by it with respect to the Receivables and immediately and at all times thereafter deliver to the Trustee all such amounts
and proceeds in the same form as so received, whether by cash, check, draft or otherwise, with any necessary endorsements. The
Trustee shall hold and apply funds so received as provided by the terms of Sections 8.2 and 8.2.

 

8.2.     Special
Collateral Account. Subject in all cases to any provisions of the Indenture, this Security Agreement or any other Collateral
Documents, including any intercreditor agreement or other agreement describing the rights of the Trustee relative to other creditors
of some or all of the Grantors, after the occurrence and during the continuation of a Default, the Trustee may require all future
cash proceeds of the Pledged Collateral to be deposited in a special non-interest-bearing cash collateral account with the Trustee
and held there as security for the Secured Obligations. No Grantor shall have any control whatsoever over said cash collateral
account. The proceeds of the Pledged Collateral shall be applied by the Trustee to payment of the Secured Obligations as provided
under the Indenture.

 

Article
9

The Trustee

 

9.1.     Collateral
Trustee. Bank of Utah has been appointed collateral trustee for the Holders hereunder. It is expressly understood and agreed
by the parties to this Security Agreement that any authority conferred upon the Trustee hereunder is subject to the terms of the
delegation of authority made by the Holders to the Trustee pursuant to the Indenture, and that the Trustee has agreed to act (and
any successor Trustee shall act) as such hereunder only on the express conditions contained in the Indenture and this Article
9. Any successor Trustee appointed pursuant to the Indenture shall be entitled to all the rights, interests and benefits of the
Trustee hereunder.

 

    	 	10	 

     

    

 

9.2.     No
Implied Duty. The Trustee will not have any fiduciary duties nor will it have responsibilities or obligations other than those
expressly assumed by it in this Security Agreement and the Indenture. The Trustee will not be required to take any action that
is contrary to applicable law or any provision of this Security Agreement and the Indenture.

 

9.3.     Appointment
of Agents and Advisors. The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either
directly or by or through agents, attorneys, accountants, appraisers or other experts or advisors selected by it in good faith
as it may reasonably require and will not be responsible for any misconduct or negligence on the part of any of them.

 

9.4.     Solicitation
of Instructions.

 

9.4.1     The
Trustee may at any time solicit written confirmatory instructions, or an order of a court of competent jurisdiction, as to any
action that it may be requested or required to take, or that it may propose to take, in the performance of any of its obligations
under this Security Agreement or the Indenture.

 

9.4.2     No
written direction given to the Trustee that in the sole judgment of the Trustee imposes, purports to impose or might reasonably
be expected to impose upon the Trustee any obligation or liability not set forth in or arising under this Security Agreement,
or the Indenture will be binding upon the Trustee unless the Trustee elects, at its sole option, to accept such direction.

 

9.5.     Limitation
of Liability. The Trustee will not be responsible or liable for any action taken or omitted to be taken by it hereunder or
under the Indenture, except for its own gross negligence, bad faith or willful misconduct as determined by a court of competent
jurisdiction.

 

9.6.     Entitled
to Rely. The Trustee may seek and rely upon, and shall be fully protected in relying upon, any judicial order or judgment,
upon any advice, opinion or statement of legal counsel, independent consultants and other experts selected by it in good faith,
and upon any certification, instruction, notice or other writing delivered to it by any of the Grantors in compliance with the
provisions of this Security Agreement or the Indenture, without being required to determine the authenticity thereof or the correctness
of any fact stated therein or the propriety or validity of service thereof. The Trustee may act in reliance upon any instrument
comporting with the provisions of this Security Agreement or the Indenture, or any signature reasonably believed by it to be genuine
and may assume that any Person purporting to give notice or receipt or advice or make any statement or execute any document in
connection with the provisions hereof or the Indenture has been duly authorized to do so.

 

9.7.     Actions
by Trustee. As to any matter not expressly provided for by this Security Agreement, or the Indenture, the Trustee will act
or refrain from acting as directed by the Holders of at least a majority in principal amount of the then-outstanding L Bonds,
and will be fully protected if it does so, and any action taken, suffered or omitted pursuant to hereto or thereto shall be binding
on the Holders.

 

    	 	11	 

     

    

 

9.8.     Security
or Indemnity in favor of the Trustee. The Trustee will not be required to advance or expend any funds or otherwise incur any
financial liability in the performance of its duties or the exercise of its powers or rights hereunder unless it has been provided
with security or indemnity reasonably satisfactory to it against any and all liability or expense which may be incurred by it
by reason of taking or continuing to take such action.

 

9.9.     Rights
of the Trustee. In the event there is any bona fide, good faith disagreement between the other parties to this Security Agreement
or the Indenture resulting in adverse claims being made in connection with Pledged Collateral held by the Trustee, and the terms
of this Security Agreement or the Indenture do not unambiguously mandate the action the Trustee is to take or not to take in connection
therewith under the circumstances then existing, or the Trustee is in doubt as to what action it is required to take or not to
take hereunder or under the Indenture, it will be entitled to refrain from taking any action (and will incur no liability for
doing so) until directed otherwise in writing by a request signed by all the parties hereto entitled to give such direction or
by order of a court of competent jurisdiction.

 

9.10.   Limitations
on Duty of Trustee in Respect of Collateral.

 

9.10.1     Beyond
the exercise of reasonable care in the custody of Pledged Collateral in its possession, the Trustee will have no duty as to any
Pledged Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or
as to preservation of rights against prior parties or any other rights pertaining thereto and the Trustee will not be responsible
for filing any financing or continuation statements or recording any documents or instruments in any public office at any time
or times or otherwise perfecting or maintaining the perfection of any Liens on the Pledged Collateral. The Trustee will be deemed
to have exercised reasonable care in the custody of the Pledged Collateral in its possession if the Pledged Collateral is accorded
treatment substantially equal to that which it accords its own property, and the Trustee will not be liable or responsible for
any loss or diminution in the value of any of the Pledged Collateral by reason of the act or omission of any carrier, forwarding
agency or other agent or bailee selected by the Trustee in good faith.

 

9.10.2     The
Trustee will not be responsible for the existence, genuineness or value of any of the Pledged Collateral or for the validity,
perfection, priority or enforceability of the Liens in any of the Pledged Collateral, whether impaired by operation of law or
by reason of any action or omission to act on its part hereunder, except to the extent such action or omission constitutes gross
negligence, bad faith or willful misconduct on the part of the Trustee, for the validity or sufficiency of the Pledged Collateral
or any agreement or assignment contained therein, for the validity of the title of the Grantors to the Pledged Collateral, for
insuring the Pledged Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as
to the maintenance of the Pledged Collateral. The Trustee hereby disclaims any representation or warranty to the present and future
Holders concerning the perfection of the Liens granted hereunder or in the value of any of the Pledged Collateral.

 

Article
10

General Provisions

 

10.1.   Notice
of Disposition of Pledged Collateral; Etc. Each Grantor hereby waives notice of the time and place of any public sale or the
time after which any private sale or other disposition of all or any part of the Pledged Collateral may be made. To the extent
such notice may not be waived under applicable law, any notice made shall be deemed reasonable if sent to the Entity Grantors,
addressed as set forth in Section 3.3, at least ten days prior to (i) the date of any such public sale or (ii) the time after
which any such private sale or other disposition may be made. To the maximum extent permitted by applicable law, each Grantor
waives all claims, damages, and demands against the Trustee or any secured party arising out of the repossession, retention or
sale of the Pledged Collateral, except such as arise solely out of the gross negligence or willful misconduct of the Trustee or
such secured party as finally determined by a court of competent jurisdiction. To the extent it may lawfully do so, each Grantor
absolutely and irrevocably waives and relinquishes the benefit and advantage of, and covenants not to assert against the Trustee
or any other secured party, any valuation, stay, appraisal, extension, moratorium, redemption or similar laws and any and all
rights or defenses it may have as a surety now or hereafter existing which, but for this provision, might be applicable to the
sale of any Pledged Collateral made under the judgment, order or decree of any court, or privately under the power of sale conferred
by this Security Agreement, or otherwise. Except as otherwise specifically provided herein, each Grantor hereby waives presentment,
demand, protest or any notice (to the maximum extent permitted by applicable law) of any kind in connection with this Security
Agreement or any Pledged Collateral.

 

    	 	12	 

     

    

 

10.2.   Limitation
on Duties with Respect to Pledged Collateral. The Trustee shall have no obligation to clean-up or otherwise prepare the Pledged
Collateral for sale. The Trustee and each secured party shall use reasonable care with respect to the Pledged Collateral in its
possession or under its control. Neither the Trustee nor any secured party shall have any other duty as to any Pledged Collateral
in its possession or control or in the possession or control of any agent or nominee of the Trustee or such other secured party,
or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto.

 

10.3.   Performance
of Grantor’s Obligations. Without having any obligation to do so, the Trustee may perform or pay any obligation which
any Grantor has agreed to perform or pay in this Security Agreement and such Grantor shall reimburse the Trustee for any reasonable
amounts paid by the Trustee pursuant to this Section. Each Grantor’s obligation to reimburse the Trustee pursuant to the
preceding sentence shall be a Secured Obligation payable on demand.

 

10.4.   Authorization
to Take Certain Action. Each Grantor irrevocably authorizes the Trustee at any time and from time to time in the sole discretion
of the Trustee and appoints the Trustee as its attorney-in-fact (i) to execute on behalf of such Grantor as debtor and to file
financing statements necessary or desirable in the Trustee’s sole discretion to perfect and to maintain the Trustee’s
security interest in the Collateral, (ii) to endorse and collect any future cash proceeds of the Pledged Collateral, (iii) to
file a carbon, photographic or other reproduction of this Security Agreement or any financing statement with respect to the Pledged
Collateral as a financing statement and to file any other financing statement or amendment of a financing statement (which does
not add new collateral or add a debtor) in such offices as the Trustee in its sole discretion deems necessary or desirable to
maintain the Trustee’s security interest in the Collateral, (iv) to contact and enter into one or more agreements with the
issuers of uncertificated securities which are Collateral owned by such Grantor or with financial intermediaries holding other
Investment Property as may be necessary or advisable to give the Trustee control over such securities or other Investment Property,
(v) subject to the terms hereof, to enforce payment of the Instruments, Accounts and Receivables in the name of the Trustee or
such Grantor, (vi) to apply the future proceeds of any Pledged Collateral received by the Trustee to the Secured Obligations as
provided in Article 8 and (vii) to discharge past-due taxes, assessments, charges, fees or Liens on the Pledged Collateral (except
for such Liens as are specifically permitted hereunder or under the Indenture), and each Grantor agrees to reimburse the Trustee
on demand for any reasonable payment made or any reasonable expense incurred by the Trustee in connection therewith, provided
that this authorization shall not relieve any Grantor of any of its obligations under this Security Agreement or under the Indenture.

 

10.5.   Specific
Performance of Certain Covenants. Each Grantor acknowledges and agrees that a breach of any of the covenants contained in
Sections 5.1.4, 5.1.5 or 6.3 or in Article 8 will cause irreparable injury to the Trustee and the Holders, that the Trustee and
the Holders have no adequate remedy at law in respect of such breaches and therefore agrees, without limiting the right of the
Trustee or the Holders, to seek and obtain specific performance of other obligations of the Grantors contained in this Security
Agreement, that the covenants of the Grantors contained in the Sections referred to in this Section 10.5 shall be specifically
enforceable against the Grantors.

 

    	 	13	 

     

    

 

10.6.   Use
and Possession of Certain Premises. Upon the occurrence of a Default (but subject to any provisions of the Indenture, this
Security Agreement or any other Collateral Documents, including any intercreditor agreement or other agreement describing the
rights of the Trustee relative to other creditors of some or all of the Grantors), the Trustee shall be entitled to occupy and
use any premises owned or leased by the Grantors where any of the Pledged Collateral or any records relating to the Pledged Collateral
are located until the Secured Obligations are paid or the Pledged Collateral is removed therefrom, whichever first occurs, without
any obligation to pay any Grantor for such use and occupancy.

 

10.7.   Reinstatement.
This Security Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or
against any Grantor for liquidation or reorganization, should any Grantor become insolvent or make an assignment for the benefit
of any creditor or creditors, or should a receiver or trustee be appointed for all or any significant part of any Grantor’s
assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the
Secured Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be
restored or returned by any obligee of the Secured Obligations, whether as a “voidable preference,” “fraudulent
conveyance,” or otherwise, all as though such payment or performance had not been made. In the event that any payment, or
any part thereof, is rescinded, reduced, restored or returned, the Secured Obligations shall be reinstated and deemed reduced
only by such amount paid and not so rescinded, reduced, restored or returned.

 

10.8.   Benefit
of Agreement. The terms and provisions of this Security Agreement shall be binding upon and inure to the benefit of the Grantors,
the Trustee and the Holders and their respective successors and assigns (including all persons who become bound as a debtor to
this Security Agreement), except that the Grantors shall not have the right to assign their rights or delegate their obligations
under this Security Agreement or any interest herein, without the prior written consent of the Trustee. No sales of participations,
assignments, transfers, or other dispositions of any agreement governing the Secured Obligations or any portion thereof or interest
therein shall in any manner impair the Lien granted to the Trustee, for the benefit of the Trustee and the Holders, hereunder.

 

10.9.   Survival
of Representations. All representations and warranties of the Grantors contained in this Security Agreement shall survive
the execution and delivery of this Security Agreement.

 

10.10. Taxes
and Expenses. Any taxes payable or ruled payable by a federal or state authority in respect of this Security Agreement shall
be paid by the Grantors, together with interest and penalties, if any. The Grantors shall reimburse the Trustee for any and all
reasonable out-of-pocket expenses and internal charges (including the fees, charges and disbursements of one U.S. counsel
paid or incurred by the Trustee in connection with the collection and enforcement of this Security Agreement and in the audit,
analysis, administration, collection, preservation or sale of the Collateral (including the expenses and charges associated with
any periodic or special audit of the Collateral). Any and all costs and expenses incurred by the Grantors in the performance of
actions required pursuant to the terms hereof shall be borne solely by the Grantors.

 

10.11. Headings.
The title of and section headings in this Security Agreement are for convenience of reference only, and shall not govern the interpretation
of any of the terms and provisions of this Security Agreement.

 

10.12. Termination.
This Security Agreement shall continue in effect (notwithstanding the fact that from time to time there may be no Secured Obligations
outstanding) until (i) the Indenture has terminated pursuant to its express terms and (ii) all of the Secured Obligations have
been indefeasibly paid in cash and performed in full.

 

    	 	14	 

     

    

 

10.13. Entire
Agreement. This Security Agreement embodies the entire agreement and understanding between the Grantors and the Trustee relating
to the Pledged Collateral and supersedes all prior agreements and understandings among the Grantors and the Trustee relating to
such Pledged Collateral.

 

10.14. Governing
Law; Jurisdiction; Waiver of Jury Trial. 

 

10.14.1     THIS
SECURITY AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF DELAWARE WITHOUT REGARD TO ITS
CONFLICTS-OF-LAW PROVISIONS.

 

10.14.2     Each
Grantor hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the state
courts sitting in Hennepin County, Minnesota, and of the United States District Court of the District of Minnesota, and any appellate
court from any thereof, in any action or proceeding arising out of or relating to this Security Agreement or the Indenture, or
for recognition or enforcement of any judgment, and each Grantor hereby irrevocably and unconditionally agrees that all claims
in respect of any such action or proceeding may be heard and determined in such state or, to the extent permitted by law, in such
federal court. Each Grantor 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 Security Agreement or the
Indenture shall affect any right that the Trustee, the Holders may otherwise have to bring any action or proceeding relating to
this Security Agreement or the Indenture against any Grantor or its properties in the courts of any jurisdiction.

 

10.14.3     Each
Grantor 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
Security Agreement or the Indenture in any court referred to in Section 10.14.2. Each Grantor 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.

 

10.14.4     Each
party to this Security Agreement irrevocably consents to service of process in the manner provided for notices in Section 10.17
of this Security Agreement, and each of the Grantors hereby appoints Holdings as its agent for service of process. Nothing in
this Security Agreement or the Indenture will affect the right of any party to this Security Agreement to serve process in any
other manner permitted by law.

 

10.14.5     WAIVER
OF JURY TRIAL. EACH PARTY 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 SECURITY AGREEMENT OR THE INDENTURE
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH GRANTOR (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF
ANY OTHER GRANTOR HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER GRANTOR WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER GRANTORS HAVE BEEN INDUCED TO ENTER INTO THIS SECURITY
AGREEMENT AND THE OTHER COLLATERAL DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

    	 	15	 

     

    

 

10.15.  Severability.
Any provision in this Security Agreement that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall,
as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction
or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of this
Security Agreement are declared to be severable.

 

10.16. Counterparts;
Delivery. This Security Agreement may be executed in counterparts, each of which shall constitute an original, but all of
which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this
Security Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Security Agreement.

 

10.17. Notices.
Any notice required or permitted to be given under this Security Agreement shall be sent (and deemed received) in the manner and
to the addresses set forth in Section 13.2 of the Indenture. Any party may change its address for service of notice upon it by
a notice in writing to the other parties as described in Section 13.2 of the Indenture.

 

10.18. Conflicts
with Indenture. In the event of any direct conflict between the provisions of this Security Agreement and the provisions of
the Indenture, including without limitation any direct conflict relating to (i) the rights and remedies (or the limitations upon
such rights and remedies) of the Holders upon a Default or (ii) the subordination provisions contained in the Indenture (whether
in Article 10 of the Indenture or otherwise), the provisions of the Indenture shall control.

 

*
* * * * * *

 

    	 	16	 

     

    

 

In
Witness Whereof, each of the Grantors and the
Trustee have executed this Amended and Restated Pledge and Security Agreement as of the date first above written.

 

	GRANTORS:	GWG
    Holdings, Inc.
	 	 	 
	 	By:	/s/
    Jon R. Sabes
	 	Name:	Jon
R. Sabes

	 	Title:	Chief
Executive Officer
	 	 	 
	 	GWG
Life, LLC
	 	 	 
	 	By:	/s/
        Jon R. Sabes

        

	 	Name:	Jon
R. Sabes

	 	Title:	Chief
    Executive Officer
	 	 	 
	 	Jon
    R. Sabes  
	 	 
	 	/s/ Jon R. Sabes
	 	 	 
	 	Steven
F. Sabes
	 	 
	 	/s/ Steven F. Sabes
	 	 	 
	

        TRUSTEE:
	Bank
of Utah             

	 	 
	 	By:	/s/
Peggy Hawkins
	 	Name:	Peggy
Hawkins
	 	Title:	Assistant
Vice President

 

 

 

 

 

 

 

 

 

 

 

 

Signature
Page – Amended and Restated 

Pledge and Security AgreementExhibit

EXECUTION VERSION

EXHIBIT 10.46

1011778 B.C. UNLIMITED LIABILITY COMPANY
NEW RED FINANCE, INC.
$1,300,000,000
5.000% Second Lien Senior Secured Notes due 2025
Purchase Agreement
August 8, 2017
J.P. Morgan Securities LLC
as Representative of the
several Initial Purchasers listed
in Schedule 1 hereto

c/o J.P. Morgan Securities LLC
383 Madison Avenue
New York, New York 10179
Ladies and Gentlemen:
1011778 B.C. Unlimited Liability Company, an unlimited liability company organized under the laws of British Columbia (the “Company”), and New Red Finance, Inc., a Delaware corporation and a direct wholly owned subsidiary of the Company (the “Co-Issuer” and, together with the Company, the “Issuers” and each, individually, an “Issuer”), propose, subject to the terms and conditions stated herein, to issue and sell to the several initial purchasers listed in Schedule 1 hereto (the “Initial Purchasers”), for whom you are acting as representative (the “Representative”), $1,300,000,000 aggregate principal amount of their 5.000% Second Lien Senior Secured Notes due 2025 (the “Securities”).  The Securities will be issued pursuant to an Indenture to be dated as of the Closing Date (as defined in Section 2 hereof) (the “Indenture”) among the Issuers, certain subsidiaries of the Issuers listed on Schedule 2 hereto (the “Guarantors”) and Wilmington Trust, National Association, as trustee (in such capacity, the “Trustee”) and as collateral agent (in such capacity, the “Collateral Agent”), and will be guaranteed on a senior secured second priority basis by each of the Guarantors (the “Guarantees”).
The Securities and the Guarantees will be secured by a second-priority lien (ranking pari passu with the lien securing the Issuers’ outstanding 6.00% Second Lien Senior Secured Notes due 2022 (the “Existing Second Lien Notes”)), subject to certain Permitted Liens (as defined below), on substantially all of the tangible and intangible assets of the Issuers and the Guarantors, now owned or hereafter acquired by either of the Issuers or any Guarantor, that secure borrowings under the Credit Agreement (as defined below) on a first-priority basis, subject to certain exceptions described in the Time of Sale Information and the Offering Memorandum (each as defined below) (the “Collateral”).  The Collateral shall be described in (a) with respect to fee-owned real property that constitutes Collateral, the Mortgages (as defined below), (b) with respect to personal property that constitutes Collateral,  that certain U.S. security agreement, dated as of December 12, 2014 (as amended, supplemented or otherwise modified from time to time, the “U.S. Security Agreement”), by and among the Co-Issuer, the Guarantors party thereto and the Collateral Agent in its capacity as collateral agent for the holders of the Existing Second Lien Notes, as supplemented by a joinder agreement executed by the Trustee and the Collateral Agent in its capacity as collateral agent for the holders of the Existing Second Lien Notes, dated as of the Closing Date (the 

“U.S. Security Joinder Agreement”), and that certain Canadian security agreement, dated as of December 12, 2014 (as amended, supplemented or otherwise modified from time to time, the “Canadian Security Agreement” and, together with the Security Joinder Agreements and the U.S. Security Agreement, the “Security Agreements”), by and among the Company, the Guarantors party thereto and the Collateral Agent, as supplemented by a joinder agreement executed by the Trustee and the Collateral Agent, dated as of the Closing Date (the “Canadian Security Joinder Agreement” and, together with the U.S. Security Joinder Agreement, the “Security Joinder Agreements”), and (c) with respect to the grants of security interest in registrations and/or applications for trademarks, patents and copyrights (and exclusive licenses in any of the foregoing), in the Intellectual Property Security Agreements (as defined below), granting a second-priority security interest in the Collateral, subject to Permitted Liens, for the benefit of the Collateral Agent, the Trustee and each holder of the Securities and the successors and assigns of the foregoing (collectively, the “Secured Parties”).  The term “Collateral Documents” as used herein shall mean the Mortgages, the Security Agreements, the Intellectual Property Security Agreements and the Intercreditor Agreements (as defined below) and the term “Collateral Joinder Documents” shall mean the Security Joinder Agreements and the First Lien-Second Lien Intercreditor Agreement Joinder No. 3 (as defined below).   
The rights of the holders of the Securities with respect to the Collateral shall be further governed by:
(i) that certain Intercreditor Agreement, dated as of December 12, 2014, between the Collateral Agent, in its capacity as collateral agent for the holders of the Existing Second Lien Notes, and the Credit Facilities Agent (as defined below) and acknowledged by the Issuers and the Guarantors, as supplemented by (x) that certain Joinder No. 1, dated as of May 22, 2015, between Wilmington Trust, National Association, as trustee and collateral agent (the “2022 First Lien Notes Collateral Agent”), for the holders of the Issuers’ $1,250,000,000 4.625% First Lien Senior Secured Notes due 2022 (the “2022 First Lien Notes”) and the Credit Facilities Agent, as First Priority Designated Agent (as defined therein), (y) that certain Joinder No. 2, dated as of May 17, 2017 between the Credit Facilities Agent, as First Priority Designated Agent, Wilmington Trust, N.A., as New Representative (as defined therein) for the holders of the Issuer’s $1,500,000,000 aggregate principal amount of 4.250% First Lien Senior Secured Notes due 2024 (the “2024 First Lien Notes” and, together with the 2022 First Lien Notes, the “First Lien Notes”), and Wilmington Trust, N.A., as Other First Priority Lien Obligations Agent (as defined therein) and (z) that certain Joinder No. 3 (the “First Lien-Second Lien Intercreditor Agreement Joinder No. 3”), to be dated as of the Closing Date, between the Credit Facilities Agent, as First Priority Designated Agent and the Trustee, as New Representative (as defined therein) for the Secured Parties  (collectively, the “First Lien-Second Lien Intercreditor Agreement”), 
 (ii) that certain Amended and Restated Intercreditor Agreement to be dated as of the Closing Date, among the Collateral Agent in its capacity as collateral agent for the holders of the Existing Second Lien Notes,, The TDL Group Corp. (as successor in interest to Tim Hortons Inc.) (“TDL”) and BNY Trust Company of Canada, in its capacity as collateral agent (the “Existing THI Notes Agent”) for the holders under that certain Trust Indenture, dated as of June 1, 2010 (as amended, modified or supplemented to the date hereof, the “Existing THI Notes Indenture”), governing the 4.52% Senior Unsecured Notes, Series 2, due December 1, 2023 (the “Series 2 Notes”), and 2.85% Senior Unsecured Notes, Series 3, due April 1, 2019 (together with the Series 2 Notes, the “Existing THI Notes”) of TDL (the “THI Notes Intercreditor Agreement” and collectively with the First Lien-Second Lien Intercreditor Agreement, the “Intercreditor Agreements”).

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As described in the Time of Sale Information and the Offering Memorandum under the caption “Use of proceeds,” the Issuers expect to use the proceeds of the offering of the Securities to redeem a portion of the Existing Second Lien Notes (the “Refinancing”) and to pay related premiums, fees and expenses.  The issuance and sale of the Securities and the use of proceeds therefrom as described above and the execution and delivery of this Agreement, the Indenture (including each Guarantee set forth therein), the Securities, the Collateral Joinder Documents and the THI Notes Intercreditor Agreement (such documents, collectively, the “Transaction Documents”) are herein collectively referred to as the “Transactions”.
The Securities will be sold to the Initial Purchasers who may resell all or a portion of the Securities to purchasers (“Subsequent Purchasers”) without being registered under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon an exemption therefrom and without the filing of a prospectus with any securities commission or other securities regulatory authority in any province or territory of Canada under the applicable securities laws of each of the provinces and territories of Canada and the respective regulations and rules made thereunder together with all applicable published policy statements, notices, blanket orders and rulings of each such jurisdiction’s securities regulatory authorities (collectively, the “Canadian Securities Laws”). A portion of the Securities may be offered and sold in the provinces of British Columbia, Alberta, Ontario and Quebec (collectively, the “Offering Provinces”) on a private placement basis to “accredited investors”, as defined in National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”) or, in Ontario, as defined in Section 73.3(1) of the Securities Act (Ontario) (except, in each case, for the criteria set out in paragraph (j), (k) or (l) of such definition in NI 45-106) that are also “permitted clients”, as defined in Section 1.1 of National Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations (“NI 31-103”), in reliance upon the “accredited investor” exemption from the prospectus requirements of the applicable Canadian Securities Laws provided for in section 2.3 of NI 45-106 or, in Ontario, subsection 73.3(2) of the Securities Act (Ontario) (such offer and sale, the “Canadian Private Placement”). The Issuers and the Guarantors have prepared a preliminary offering memorandum dated August 8, 2017 (the “Preliminary Offering Memorandum”) and will prepare an offering memorandum dated the date hereof (the “Offering Memorandum”) setting forth information concerning the Issuers, the Guarantors (including each of their respective subsidiaries), the Securities and the Guarantees.  Copies of the Preliminary Offering Memorandum have been, and copies of the Offering Memorandum will be, delivered by the Issuers to the Initial Purchasers pursuant to the terms of this Purchase Agreement (this “Agreement”).  The Issuers hereby jointly and severally represent that they have authorized the use of the Preliminary Offering Memorandum, the other Time of Sale Information (as defined below) and the Offering Memorandum in connection with the offering and resale of the Securities by the Initial Purchasers in the manner contemplated by this Agreement.  Capitalized terms used but not defined herein shall have the meanings given to such terms in the Time of Sale Information.  References herein to the Preliminary Offering Memorandum, the Time of Sale Information and the Offering Memorandum shall be deemed to refer to and include any document incorporated by reference therein and any reference to “amend,” “amendment” or “supplement” with respect to the Preliminary Offering Memorandum or the Offering Memorandum shall be deemed to refer to and include any documents filed after such date and incorporated by reference therein.
At or prior to the time when sales of the Securities were first made (the “Time of Sale”), the Issuers shall have prepared the following information (collectively, the “Time of Sale Information”):  the Preliminary Offering Memorandum, as supplemented and amended by the written communications listed on Annex A hereto.

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Each of the Issuers and the Guarantors hereby jointly and severally agrees with the several Initial Purchasers concerning the purchase and resale of the Securities, as follows:
1.Purchase and Resale of the Securities.  (a).  On the basis of the representations, warranties and agreements set forth herein, the Issuers jointly agree to issue and sell the Securities to the several Initial Purchasers as provided in this Agreement, and each Initial Purchaser, on the basis of the representations, warranties and agreements set forth herein and subject to the conditions set forth herein, agrees, severally and not jointly, to purchase from the Issuers the respective principal amount of the Securities set forth opposite such Initial Purchaser’s name in Schedule 1 hereto at a price equal to 99.485% of the principal amount thereof plus accrued interest, if any, from August 28, 2017 to the Closing Date.  The Issuers will not be obligated to deliver any of the Securities except upon payment for all the Securities to be purchased as provided herein.
(b).    The Issuers understand that the Initial Purchasers intend to offer the Securities for resale on the terms set forth in the Time of Sale Information.  Each Initial Purchaser, severally and not jointly, represents, warrants and agrees that:
(i)    it is a qualified institutional buyer within the meaning of Rule 144A under the Securities Act (a “QIB”) and an accredited investor within the meaning of Rule 501(a) of Regulation D under the Securities Act (“Regulation D”);
(ii)    neither it nor any person engaged by it has solicited offers for, or offered or sold, and will not solicit offers for, or offer or sell, the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act; and
(iii)    neither it nor any person engaged by it has solicited offers for, or offered or sold, and will not solicit offers for, or offer or sell, the Securities as part of their initial offering except:
(A)    to persons whom it reasonably believes to be QIBs in transactions pursuant to Rule 144A under the Securities Act (“Rule 144A”) and in connection with each such sale, it has taken or will take reasonable steps to ensure that the purchaser of the Securities is aware that such sale is being made in reliance on Rule 144A; or
(B)    in accordance with the restrictions set forth in Annex C hereto.
(c).    Each Initial Purchaser acknowledges and agrees that the Issuers and, for purposes of the “no registration” opinions (and equivalent exempt distribution opinions in respect of the Canadian Private Placement) to be delivered to the Initial Purchasers pursuant to Section 6(f)(i), Section 6(f)(ii), 6(f)(iii), 6(f)(v), Section 6(f)(vi) and Section 6(g), counsel for the Issuers and counsel for the Initial Purchasers, respectively, may rely upon the accuracy of the representations and warranties of the Initial Purchasers, and compliance by the Initial Purchasers with their agreements, contained in paragraph (b) above (including Annex C hereto) and Section 5, and each Initial Purchaser hereby consents to such reliance.
(d).    Each Issuer and each of the Guarantors acknowledge and agree that the Initial Purchasers may offer and sell Securities to or through any affiliate of an Initial Purchaser and that any such affiliate may offer and sell Securities purchased by it to or through any Initial Purchaser; provided that such offers and sales shall be made in accordance with the provisions of this Agreement (including Annex C hereto).

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(e).    The Issuers and the Guarantors acknowledge and agree that each Initial Purchaser is acting solely in the capacity of an arm’s-length contractual counterparty to the Issuers and the Guarantors with respect to the offering of Securities contemplated hereby (including in connection with determining the terms of the offering) and not as a financial advisor or fiduciary to, or agent of, the Issuers, the Guarantors or any other person.  Additionally, neither the Representative nor any other Initial Purchaser is advising the Issuers, the Guarantors or any other person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction.  The Issuers and the Guarantors shall consult with their own advisors concerning such matters and shall be responsible for making their own independent investigation and appraisal of the transactions contemplated hereby, and neither the Representative nor any other Initial Purchaser shall have any responsibility or liability to the Issuers or the Guarantors with respect thereto.  Any review by the Representative or any Initial Purchaser of the Issuers, the Guarantors, any other person and the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the Representative or such Initial Purchaser, as the case may be, and shall not be on behalf of the Issuers, the Guarantors or any other person.  The Issuers and the Guarantors agree that they will not claim that the Initial Purchasers, or any of them, have rendered services of any nature, or owe a fiduciary or similar duty to the Issuers or the Guarantors, in connection with the purchase and sale of the Securities pursuant to this Agreement or the process leading thereto.
2.    Payment and Delivery.  (a).  Payment for and delivery of the Securities will be made at the offices of Cahill Gordon & Reindel LLP at 10:00 a.m., New York City time, on August 28, 2017, or at such other time or place on the same or such other date as the Representative and the Issuers may agree upon in writing not later than the fifth business day thereafter.  The time and date of such payment and delivery is referred to herein as the “Closing Date.”
(b).    Payment for the Securities shall be made by wire transfer in immediately available funds to the account(s) specified by the Issuers to the Representative against delivery to the nominee of The Depository Trust Company (“DTC”), for the account of the Initial Purchasers, of one or more global notes representing the Securities (collectively, the “Global Note”), with any transfer and other stamp, excise or similar taxes payable in connection with the sale of the Securities duly paid by the Issuers.  The Global Note will be made available for inspection by the Representative not later than 1:00 p.m., New York City time, on the business day prior to the Closing Date.
3.    Representations and Warranties of the Issuers and the Guarantors.  Each of the Issuers and the Guarantors hereby jointly and severally represents and warrants to each Initial Purchaser that:
(a)    Preliminary Offering Memorandum, Time of Sale Information and Offering Memorandum.  The Preliminary Offering Memorandum, as of its date, did not, the Time of Sale Information, at the Time of Sale, did not, and at the Closing Date, will not, and the Offering Memorandum, at the time first used by the Initial Purchasers to confirm sales of the Securities and as of the Closing Date, will not, contain any Misrepresentation; provided that the Issuers and the Guarantors make no representation or warranty with respect to any statements or omissions made in reliance upon and in conformity with information relating to any Initial Purchaser furnished to the Issuers or the Guarantors in writing by or on behalf of such Initial Purchaser through the Representative expressly for use in the Preliminary Offering Memorandum, the Time of Sale Information or the Offering Memorandum.  For the purposes of this Agreement, “Misrepresentation” means an untrue statement of a material fact or an omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

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(b)    Additional Written Communications.  Neither the Issuers nor the Guarantors (including their respective agents and representatives, other than the Initial Purchasers in their capacity as such) have prepared, made, used, authorized, approved or referred to, nor will they prepare, make, use, authorize, approve or refer to, any written communication that constitutes an offer to sell or solicitation of an offer to buy the Securities (each such communication by an Issuer, the Guarantors or their respective agents and representatives (other than a communication referred to in clauses (i), (ii) and (iii) below), an “Issuer Written Communication”) other than (i) the Preliminary Offering Memorandum, (ii) the Offering Memorandum, (iii) the documents listed on Annex A hereto, including a term sheet substantially in the form of Annex B hereto, which constitute part of the Time of Sale Information, and (iv) any electronic road show or other written communications, in each case used in accordance with Section 4(c).  Each such Issuer Written Communication, when taken together with the Time of Sale Information, did not, and at the Closing Date will not, contain any Misrepresentation; provided that the Issuers and the Guarantors make no representation and warranty with respect to any statements or omissions made in each such Issuer Written Communication in reliance upon and in conformity with information relating to any Initial Purchaser furnished to the Issuers or the Guarantors in writing by or on behalf of such Initial Purchaser through the Representative expressly for use in any Issuer Written Communication.
(c)    Incorporated Documents. The documents incorporated by reference in each of the Time of Sale Information and the Offering Memorandum, when filed with the Securities and Exchange Commission (the “Commission”), conformed or will conform, as the case may be, in all material respects to the requirements of the Exchange Act, and the rules and regulations of the Commission thereunder, and did not and will not contain any Misrepresentation.
(d)    Financial Statements.  The financial statements and the related notes thereto of Restaurant Brands International Inc. (“Parent”) and its subsidiaries and Restaurant Brands International Limited Partnership (the “Partnership”) and its subsidiaries included or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum present fairly in all material respects the consolidated financial position of Parent and its subsidiaries and the Partnership and its subsidiaries, respectively, as of the dates indicated and the results of their operations and the changes in their cash flows for the periods specified; and such financial statements have been prepared in conformity with U.S. generally accepted accounting principles, applied on a consistent basis throughout the periods covered thereby; the other financial information included or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum has been derived from the accounting records of Parent and its subsidiaries and the Partnership and its subsidiaries, as applicable, and present fairly in all material respects the information shown thereby.  The interactive data in eXtensible Business Reporting Language incorporated by reference in each of the Preliminary Offering Memorandum, the Time of Sale Information and the Offering Memorandum fairly presents the information called for in all material respects and is prepared in accordance with the Commission’s rules and guidelines applicable thereto.
(e)    No Material Adverse Change.  Since the date of the most recent financial statements of Parent and its subsidiaries included or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum except as disclosed in such financial statements, (i) there has not been any change in the capital stock or long-term debt of the Company, the Co-Issuer or any of their respective subsidiaries, or any dividend or distribution of any kind, other than internal cash distributions, declared, set aside for payment, paid or made by 

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either Issuer, Parent or the Partnership on any class of capital stock, or any material adverse change, or any development involving a prospective material adverse change, in or affecting the business, assets, management, financial position or results of operations of the Issuers and their respective subsidiaries taken as a whole; (ii) none of the Company, the Co-Issuer nor any of their respective subsidiaries has entered into any transaction or agreement that is material to the Issuers and their respective subsidiaries taken as a whole or incurred any liability or obligation, direct or contingent, that is material to the Issuers and their respective subsidiaries taken as a whole; and (iii) none of the Company, the Co-Issuer nor any of their respective subsidiaries has sustained any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor disturbance or dispute or any action, order or decree of any court or arbitrator or governmental or regulatory authority, except in respect of clauses (i), (ii) and (iii) above as otherwise disclosed in each of the Time of Sale Information and the Offering Memorandum.
(f)    Organization and Good Standing.  The Issuers and each of their respective subsidiaries have been duly organized or formed and are validly existing and in good standing (if such designation exists in the jurisdiction of organization or formation for such entity) under the laws of their respective jurisdictions of organization, are duly qualified to do business and are in good standing (if such designation exists in the jurisdiction of organization or formation for such entity) in each jurisdiction in which their respective ownership or lease of property or the conduct of their respective businesses requires such qualification, and have all power and authority necessary to own or hold their respective properties and to conduct the businesses in which they are engaged, except where the failure to be so qualified, in good standing (if such designation exists in the jurisdiction of organization or formation for such entity) or have such power or authority would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the business, assets, properties, financial position or results of operations of the Issuers and their respective subsidiaries, taken as a whole, or on the performance by the Issuers and the Guarantors of their respective obligations under this Agreement, the Securities and the Guarantees (a “Material Adverse Effect”).  
(g)    [Reserved].
(h)    Capitalization.  At June 30, 2017, on a consolidated basis, after giving pro forma effect to the Transactions, Parent would have had the capitalization as set forth in each of the Time of Sale Information and the Offering Memorandum under the heading “Capitalization” and all the outstanding shares of capital stock or other equity interests of Parent and each subsidiary of Parent, have been duly and validly authorized and issued, are fully paid and non-assessable (except, in the case of any foreign subsidiary, for directors’ qualifying shares) and, with respect to the subsidiaries, are owned directly or indirectly by Parent free and clear of any lien, charge, encumbrance, security interest, restriction on voting or transfer or any other claim of any third party, except in each case pursuant to (i) the Credit Agreement, dated as of October 27, 2014 (as amended, supplemented or otherwise modified, the “Credit Agreement”), as amended on May 22, 2015, February 17, 2017, March 27, 2017 and May 17, 2017, by and among 1013421 B.C. Unlimited Liability Company, an unlimited liability company organized under the laws of British Columbia, the Issuers, as the borrowers thereunder, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and each other party from time to time party thereto,  (ii) documentation governing the Existing Second Lien Notes, (iii) documentation governing the the First Lien Notes, (iv) documentation governing the Existing THI Notes or (v) as disclosed in the Time of Sale Information and the Offering Memorandum.

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(i)    Due Authorization.  Each of the Issuers and the Guarantors has or had (as of the date on which it executed and delivered such document) full right, power and authority to execute and deliver, in each case, to the extent a party thereto, this Agreement and each of the other Transaction Documents, and to perform their respective obligations hereunder and thereunder; and all action required to be taken for the due and proper authorization, execution and delivery of each of the Transaction Documents and the consummation of the transactions contemplated thereby has been or will be duly and validly taken on or prior to the Closing Date.
(j)    The Indenture.  The Indenture has been or prior to the Closing Date will be duly authorized by the Issuers and each of the Guarantors and, when duly executed and delivered in accordance with its terms by each of the parties thereto, will constitute a valid and legally binding agreement of the Issuers and each of the Guarantors enforceable against the Issuers and each of the Guarantors in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, fraudulent conveyance, reorganization, moratorium, insolvency or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles (whether considered in a proceeding in equity or law) relating to enforceability (collectively, the “Enforceability Exceptions”).
(k)    The Securities and the Guarantees.  The Securities have been or prior to the Closing Date will be duly authorized by each Issuer and, when duly executed, authenticated, issued and delivered as provided in the Indenture and paid for as provided herein, the Securities will be duly and validly issued and outstanding and will constitute valid and legally binding obligations of each Issuer enforceable against each Issuer in accordance with their terms, subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture.  The Guarantees have been duly authorized by each of the Guarantors and, when the Securities have been duly executed, authenticated, issued and delivered by the Issuers as provided in the Indenture and paid for as provided herein, the Guarantees will be valid and legally binding obligations of each of the Guarantors, enforceable against each of the Guarantors in accordance with their terms, subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture.
(l)    [Reserved].
(m)    [Reserved].
(n)    Purchase Agreement.  This Agreement has been duly authorized, executed and delivered by the Issuers and each of the Guarantors.
(o)    [Reserved].
(p)    [Reserved].
(q)    [Reserved]. 
(r)    Collateral Documents and Intercreditor Agreements.  Each of the Collateral Documents and the Intercreditor Agreements has been or prior to the Closing Date will be duly authorized by each Issuer and each of the Guarantors, to the extent a party thereto, and on the Closing Date upon execution of the Collateral Joinder Documents, each of the Collateral Documents and Intercreditor Agreements will be duly executed and delivered in accordance with its terms by each Issuer and each of the Guarantors, to the extent a party thereto, and, when duly 

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executed and delivered in accordance with its terms by each of the parties thereto, the Collateral Documents and Intercreditor Agreement will constitute a valid and legally binding agreement of each Issuer and each of the Guarantors, to the extent a party thereto, enforceable against each Issuer and each of the Guarantors, to the extent a party thereto, in accordance with its terms, subject to the Enforceability Exceptions. 
(s)    Collateral Documents, Financing Statements and Collateral.  
(i).    Upon execution and delivery of the Collateral Joinder Documents, the Mortgages previously filed in connection with the Security Agreements (the “Mortgages”) are sufficient to grant a legal, valid and enforceable mortgage lien, charge and security interest on all of the mortgagor’s right, title and interest in the real property (including fixtures) that constitutes Collateral (each, a “Mortgaged Property” and, collectively, the “Mortgaged Properties”).  To the extent the Mortgages are duly recorded or registered in the proper recording or Land Registry offices or appropriate public records and the mortgage recording fees and taxes in respect thereof are paid and compliance is otherwise had with the formal requirements of state, provincial or local law, applicable to the recording or registration of real estate mortgages generally, each such Mortgage shall constitute a validly perfected and enforceable second-priority lien, charge and security interest in the related Mortgaged Property constituting Collateral for the benefit of the Collateral Agent, the Trustee and the holders of the Securities, subject only to Permitted Liens (as defined below) or liens and encumbrances expressly set forth as an exception to the policies of title insurance, if any, obtained to insure the lien of each Mortgage with respect to each of the Mortgaged Properties (such encumbrances and exceptions, the “Permitted Exceptions”), and to the Enforceability Exceptions;
(ii).    Upon execution and delivery of the Collateral Joinder Documents, the Security Agreements will be effective to grant a legal, valid and enforceable security interest in all of the grantor’s right, title and interest in the Collateral (other than the Mortgaged Properties) (the “Personal Property Collateral”) to the Collateral Agent for the benefit of the Secured Parties to secured the obligations under the Indenture and the Securities;
(iii).    Upon execution and delivery of the Collateral Joinder Documents, the financing statements and the short form intellectual property security agreements (the “Intellectual Property Security Agreements”), as applicable, previously filed in connection with the Security Agreements are sufficient to cause the security interests granted by the Security Agreements to constitute valid, perfected second-priority liens and security interests in the Personal Property Collateral, to the extent such security interests can be perfected by the filing and/or recording, as applicable, of financing statements and the Intellectual Property Security Agreements in favor of the Collateral Agent for the benefit of the Secured Parties, and such security interests will be enforceable in accordance with the terms contained therein against all creditors of any grantor and subject only to liens expressly permitted to be incurred or exist on the Collateral under the Indenture or Permitted Exceptions, and to the Enforceability Exceptions (“Permitted Liens”); and

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(iv).    The Issuers and their respective subsidiaries collectively own, have rights in or have the power and authority to collaterally assign rights in the Collateral, free and clear of any liens other than the Permitted Exceptions and the Permitted Liens.
(t)    Descriptions of the Transaction Documents.  Each of the Transaction Documents conforms in all material respects to the description thereof contained in each of the Time of Sale Information and the Offering Memorandum (to the extent described therein).
(u)    No Violation or Default.  None of the Issuers nor any of their respective subsidiaries is (i) in violation of its articles, charter or by-laws or similar organizational documents; (ii) in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Issuers or any of their respective subsidiaries is a party or by which the Issuers or any of their respective subsidiaries is bound or to which any of the property or assets of the Issuers or any of their respective subsidiaries is subject; or (iii) in violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of clauses (ii) and (iii) above, for any such default or violation that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(v)    No Conflicts.  The execution, delivery and performance by each Issuer and each of the Guarantors of each of the Transaction Documents to which each is a party (including but not limited to, the issuance and sale of the Securities (including the Guarantees)), and compliance by each Issuer and each of the Guarantors with the terms thereof and the consummation of the transactions contemplated by the Transaction Documents will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Issuers or any of their respective subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Issuers or any of their respective subsidiaries is a party or by which the Issuers or any of their respective subsidiaries is bound or to which any of the property or assets of the Issuers or any of their respective subsidiaries is subject (other than any lien, charge or encumbrance created or imposed pursuant to the Transaction Documents), (ii) result in any violation of the provisions of the articles, charter or by-laws or similar organizational documents of the Issuers or any of their respective subsidiaries or (iii) result in the violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of clauses (i) and (iii) above, for any such conflict, breach, violation, default, lien, charge or encumbrance that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(w)    No Consents Required.  No consent, approval, authorization, order, registration or qualification of or with any court or arbitrator or governmental or regulatory authority is required for the execution, delivery and performance by each Issuer and each of the Guarantors of each of the Transaction Documents to which each is a party, the issuance and sale of the Securities (including the Guarantees) and compliance by each Issuer and each of the Guarantors with the terms thereof and the consummation of the transactions contemplated by the Transaction Documents, except for such consents, approvals, authorizations, orders and registrations or qualifications (A) as may be required (i) under applicable state securities laws and Canadian Securities Laws in connection with the purchase and resale of the Securities by the Initial 

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Purchasers, (ii) with respect to perfection of security interests on the Collateral as required under the Transaction Documents and (iii) that if not obtained or made would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or (B) as have been obtained or made prior to the Closing Date.
(x)    Legal Proceedings.  Except as described in each of the Time of Sale Information and the Offering Memorandum, there are no legal, governmental or regulatory investigations, actions, suits or proceedings pending to which the Issuers or any of their respective subsidiaries is or may be a party or to which any property of the Issuers or any of their respective subsidiaries is or may be the subject that, individually or in the aggregate, if determined adversely to the Issuers or any of their respective subsidiaries, could reasonably be expected to have a Material Adverse Effect, and no order, ruling or determination having the effect of suspending the sale or ceasing the trading of any securities of either Issuer or any of the Guarantors has been issued or made by any court, securities regulatory authority or stock exchange or any other regulatory authority and is continuing in effect; and no such investigations, actions, suits or proceedings are, to the knowledge of each Issuer and each of the Guarantors, threatened or contemplated by any governmental or regulatory authority or by others.  
(y)    Independent Accountants.  KPMG LLP (“KPMG”), who has certified certain financial statements of Parent and its subsidiaries and the Partnership and its subsidiaries, is an independent registered public accountant with respect to Parent and its subsidiaries and the Partnership and its subsidiaries within the applicable rules and regulations adopted by the Commission and the Public Company Accounting Oversight Board (United States) and as required by the Securities Act.  
(z)    Title to Real and Personal Property.  The Issuers and their respective subsidiaries have good and marketable title in fee simple to, or have valid rights to lease or otherwise use, all items of real and personal property that are material to the respective businesses of the Issuers and their respective subsidiaries, in each case free and clear of all liens, encumbrances, claims and defects and imperfections of title except for those that (i) would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, (ii) are created pursuant to the Transaction Documents or (iii) are created pursuant to the documentation governing the Credit Agreement, the Existing Second Lien Notes, the First Lien Notes or the Existing THI Notes.
(aa)    Intellectual Property.  Except as otherwise disclosed in the Time of Sale Information and the Offering Memorandum, the Issuers and their respective subsidiaries own or possess adequate rights to use all material patents, trademarks, service marks, trade names, trademark registrations, service mark registrations and other indicia of origin, copyrights, works of authorship, all applications and registrations for the foregoing, domain names and know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures) necessary for the conduct of their respective businesses as currently conducted, free of liens (other than liens created pursuant to the Transaction Documents, the Credit Agreement and any other documents, agreements or instruments delivered in connection therewith and the documentation governing the Existing Second Lien Notes, the First Lien Notes or the Existing THI Notes); to the knowledge of the Issuers and the Guarantors, the conduct of their respective businesses does not infringe or otherwise violate any such rights of others (except for such infringements or other violations as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect); to the knowledge of each Issuer and each of the Guarantors, no third party violates or infringes the intellectual 

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property owned by the Issuers or any of their respective subsidiaries except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and none of the Issuers or their respective subsidiaries have received any written notice of any claim of infringement or other violation of any such rights of others that, if determined in a manner adverse to the Issuers or their respective subsidiaries, would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(bb)    No Undisclosed Relationships.  No relationship, direct or indirect, exists between or among the Issuers and any of their respective subsidiaries, on the one hand, and the directors, officers, stockholders or other affiliates of the Issuers or any of their respective subsidiaries, on the other, that is required by the Securities Act to be described in a registration statement to be filed with the Commission or required by Canadian Securities Laws to be described in a short form prospectus filed in accordance with such laws and that is not so described in each of the Time of Sale Information and the Offering Memorandum.
(cc)    Investment Company Act.  None of the Issuers nor any of the Guarantors is, and after giving effect to the offering and sale of the Securities and the application of the proceeds thereof as described in each of the Time of Sale Information and the Offering Memorandum, none of them will be, an “investment company” or an entity “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder.
(dd)    Taxes.
(A)    The Issuers and each of their respective subsidiaries have paid all federal, provincial, state, local and foreign taxes (including any related interest, penalties and additions to tax) due and payable by them (including in their capacity as withholding agent) and have filed all tax returns required to be filed (taking into account any validly-obtained extension of the time within which to file) except for (i) items being contested in good faith and by appropriate proceedings for which adequate reserves for taxes have been established in accordance with generally accepted accounting principles or (ii) where failure to pay or file, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect; and except as otherwise disclosed in each of the Time of Sale Information and the Offering Memorandum, there is no tax audit, assessment, deficiency or other claim that has been, or could reasonably be expected to be, asserted against either Issuer or any of their respective subsidiaries or any of their respective properties or assets, except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.
(B)    Except to the extent that any such payments are made in respect of services physically performed in Canada, no withholding tax imposed under the Income Tax Act (Canada) (the “Canadian Tax Act”) will be payable in respect of any payments under this Agreement to an Initial Purchaser that (i) is a non-resident of Canada for the purposes of the Canadian Tax Act; (ii) does not carry on business in Canada for the purposes of the Canadian Tax Act; and (iii) deals at arm’s-length with each of the Issuers for the purposes of the Canadian Tax Act.  No Issuer is a resident or doing business for tax purposes in any jurisdiction other than Canada or the United States, and no Issuer (or any agent thereof) will make any payment under this Agreement to an Initial Purchaser from or through any jurisdiction other than Canada or the United States.

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(ee)    Licenses and Permits.  The Issuers and their respective subsidiaries possess all licenses, certificates, permits and other authorizations issued by, and have made all declarations and filings with, the appropriate federal, provincial, state, local or foreign governmental or regulatory authorities that are necessary for the ownership or lease of their respective properties or the conduct of their respective businesses as described in each of the Time of Sale Information and the Offering Memorandum, except where the failure to possess or make the same would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and none of the Issuers nor any of their respective subsidiaries has received notice of any revocation or modification of any such license, certificate, permit or authorization or has any reason to believe that any such license, certificate, permit or authorization will not be renewed in the ordinary course, except where such modification or failure to renew, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.
(ff)    No Labor Disputes.  No labor disturbance by or dispute with employees of either Issuer or any of their respective subsidiaries exists or, to the knowledge of the Issuers and each of the Guarantors, is contemplated or threatened, and none of the Issuers nor any Guarantor is aware of any existing or imminent labor disturbance by, or dispute with, the employees of any of the Issuers’ or any of their respective subsidiaries’ principal suppliers, contractors or customers, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(gg)    Compliance with Environmental Laws.  (i) The Issuers and their respective subsidiaries (x) are, and were during the applicable statute of limitations, in compliance with any and all applicable federal, provincial, state, local and foreign laws, rules, regulations, requirements, decisions and orders relating to the protection of human health or safety, the environment, natural resources, hazardous or toxic substances or wastes, pollutants or contaminants (collectively, “Environmental Laws”), (y) have received and are in compliance with all permits, licenses, certificates or other authorizations or approvals required of them under applicable Environmental Laws to conduct their respective businesses as currently conducted, and (z) have not received written notice of any actual or potential liability under or relating to any Environmental Laws, including for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, and have no knowledge of any event or condition that would reasonably be expected to result in any such notice, that would with respect to subclause (x), (y) or (z) of this clause (i), individually or in the aggregate, be reasonably expected to have a Material Adverse Effect, and (ii) there are no costs or liabilities associated with Environmental Laws of or relating to the Issuers or their respective subsidiaries, except in the case of each of (i) and (ii) above, for any such failure to comply, or failure to receive required permits, licenses or approvals, written notice, or cost or liability, as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and (iii) (x) there are no proceedings that are pending, or that are to the Issuers’ or the Guarantors’ knowledge contemplated, against the Issuers or any of their respective subsidiaries under any Environmental Laws in which a governmental entity is also a party, other than such proceedings regarding which it is reasonably believed no monetary sanctions of $100,000 or more will be imposed, (y) none of the Issuers nor any of the Guarantors has knowledge of any issues regarding compliance with Environmental Laws, or liabilities or other obligations under Environmental Laws or concerning hazardous or toxic substances or wastes, pollutants or contaminants, that would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and (z) none of the Issuers and their respective subsidiaries anticipates material capital 

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expenditures relating to any Environmental Laws that would, individually or in the aggregate reasonably be expected to have a Material Adverse Effect.
(hh)    Compliance with ERISA.  (i) Each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), for which the Issuers or any member of their respective “Controlled Group” (defined as any organization which is a member of a controlled group of corporations within the meaning of Section 414 of the Internal Revenue Code of 1986, as amended (the “Code”)) would have any liability (each, a “Plan”) has been maintained in compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Code; (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any Plan excluding transactions effected pursuant to a statutory or administrative exemption; (iii) for each Plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no failure to satisfy the minimum funding standard under Section 412 of the Code or Section 302 of ERISA, whether or not waived, has occurred or is reasonably expected to occur; (iv) except as otherwise disclosed in the Time of Sale Information and the Offering Memorandum, the fair market value of the assets of each Plan exceeds the present value of all benefits accrued under such Plan (determined based on those assumptions used to fund such Plan); (v) except as otherwise disclosed in the Time of Sale Information and the Offering Memorandum, each pension plan within the meaning of Section 3(2) of ERISA that is maintained outside the jurisdiction of the United States satisfies the minimum funding requirements to the extent required by applicable law; (vi) no “reportable event” (within the meaning of Section 4043(c) of ERISA) has occurred or is reasonably expected to occur; and (vii) none of the Issuers nor any member of their respective Controlled Group has incurred, nor reasonably expects to incur, any liability under Title IV of ERISA (other than contributions to the Plan or premiums to the PBGC, in the ordinary course and without default) in respect of a Plan (including a “multiemployer plan,” within the meaning of Section 4001(a)(3) of ERISA), and except for where failure to comply with any of the clauses (i) through (vii) of this paragraph would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.
(ii)    Disclosure Controls.  Each of Parent and its subsidiaries and the Partnership and its subsidiaries (with respect to Popeyes Louisiana Kitchen, Inc. and its subsidiaries, to the knowledge of the Issuers and the Guarantors) maintain a system of “disclosure controls and procedures” (as defined in Rule 13a-15(e) of the Exchange Act) that is designed to ensure that information required to be disclosed by Parent or the Partnership, as the case may be, in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms, including controls and procedures designed to ensure that such information is accumulated and communicated to Parent’s or the Partnership’s, as the case may be, management as appropriate to allow timely decisions regarding required disclosure.  Each of Parent and its subsidiaries and the Partnership and its subsidiaries (with respect to Popeyes Louisiana Kitchen, Inc. and its subsidiaries, to the knowledge of the Issuers and the Guarantors) has carried out evaluations of the effectiveness of their disclosure controls and procedures as required by Rule 13a-15 of the Exchange Act.
(jj)    Accounting Controls.  Each of Parent and its subsidiaries and the Partnership and its subsidiaries (with respect to Popeyes Louisiana Kitchen, Inc. and its subsidiaries, to the knowledge of the Issuers and the Guarantors) maintains systems of “internal control over financial reporting” (as defined in Rule 13a-15(f) of the Exchange Act and in NI 52-109) that 

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comply with the requirements of the Exchange Act and Canadian Securities Laws and have been designed by, or under the supervision of, their respective principal executive and principal financial officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.  Each of Parent and its subsidiaries and the Partnership and its subsidiaries (with respect to Popeyes Louisiana Kitchen, Inc. and its subsidiaries, to the knowledge of the Issuers and the Guarantors) maintains internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and (v) interactive data in eXtensible Business Reporting Language incorporated by reference in each of the Preliminary Offering Memorandum, the Time of Sale Information and the Offering Memorandum is prepared in accordance with the Commission's rules and guidelines applicable thereto.  There are no material weaknesses or significant deficiencies in each of Parent’s and its subsidiaries’ and the Partnership’s and its subsidiaries’ internal controls (with respect to Popeyes Louisiana Kitchen, Inc. and its subsidiaries, to the knowledge of the Issuers and the Guarantors).
(kk)    Insurance.  The Issuers and their respective subsidiaries have insurance covering their respective properties, operations, personnel and businesses, including business interruption insurance, which insurance is in amounts and insures against such losses and risks as the Issuers and their respective subsidiaries believe are adequate to protect their respective businesses; and none of the Issuers or any of their respective subsidiaries has (i) received notice from any insurer or agent of such insurer that capital improvements or other expenditures are required or necessary to be made in order to continue such insurance or (ii) any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage at reasonable cost from similar insurers, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(ll)    No Unlawful Payments.  None of either Issuer or any of their respective subsidiaries, nor any director, officer or employee of either Issuer or any of their respective subsidiaries nor, to the knowledge of either Issuer or any of the Guarantors, any agent, affiliate or other person associated with or acting on behalf of either Issuer or any of their respective subsidiaries has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made or taken an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic government official or employee, including of any government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, the Corruption of Foreign Public Officials Act (Canada) or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom, or any other applicable anti-bribery or anti-corruption law of any other relevant jurisdiction; or (iv) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, without 

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limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit.  The Issuers and their respective subsidiaries have instituted, maintain and enforce policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption laws.
(mm)    Compliance with Money Laundering Laws.  The operations of the Issuers and their respective subsidiaries are and have been conducted at all times in compliance in all material respects with applicable financial recordkeeping and reporting requirements including those of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada), the money laundering statutes of all jurisdictions where each Issuer or any of their respective subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving either Issuer or any of their respective subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of either Issuer or any of the Guarantors, threatened.
(nn)    Compliance with Sanctions Laws.  None of the Issuers nor any of their respective subsidiaries, directors, officers or employees, nor, to the knowledge of the Issuers or any of the Guarantors, any agent, affiliate or other person associated with or acting on behalf of the Issuers or any of their respective subsidiaries is currently the subject or the target of any sanctions administered or enforced by the U.S. government (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State and including, without limitation, the designation as a “specially designated national” or “blocked person” and including, without limitation, the Ukraine-/Russia-related/Sectoral Sanctions Identification List sanctions program), the Government of Canada, the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority (collectively, “Sanctions”), nor is any Issuer or any of their respective subsidiaries located, organized or resident in a country or territory that is the subject or target of Sanctions, including, without limitation, Crimea, Cuba, Iran, North Korea, Sudan and Syria (each, a “Sanctioned Country”); and the Issuers will not directly or indirectly use the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business with any person that, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned Country or (iii) in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter, initial purchaser, advisor, investor or otherwise) of Sanctions. 
(oo)    Solvency.  On and immediately after the consummation of the Transactions, the Issuers and the Guarantors on a consolidated basis (after giving effect to the issuance of the Securities, the Transactions and the other transactions related thereto as described in each of the Time of Sale Information and the Offering Memorandum) will be Solvent.  As used in this paragraph, the term “Solvent” means, with respect to a particular date, that on such date (i) the present fair market value (or present fair saleable value) of the assets of the Issuers and the Guarantors is not less than the total amount required to pay the liabilities of the Issuers and the Guarantors on their combined total existing debts and liabilities (including contingent liabilities) as they become absolute and matured; (ii) the Issuers and the Guarantors are able to realize upon 

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their assets and pay their debts and other liabilities, contingent obligations and commitments as they mature and become due in the normal course of business; (iii) assuming consummation of the issuance of the Securities as contemplated by this Agreement and the use of proceeds therefrom as described in the Time of Sale Information and the Offering Memorandum, the Issuers and the Guarantors are not incurring debts or liabilities beyond their ability to pay as such debts and liabilities mature; (iv) the Issuers and the Guarantors are not engaged in any business or transaction, and do not propose to engage in any business or transaction, for which their property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which the Issuers and their respective subsidiaries are engaged; and (v) the Issuers and the Guarantors are not defendants in any civil action that would result in a judgment that the Issuers and the Guarantors are or would become unable to satisfy.
(pp)    No Restrictions on Subsidiaries.  On the Closing Date and assuming consummation of the Transactions, no subsidiary of the Issuers will be prohibited, directly or indirectly, under any agreement or other instrument to which it is as of the Closing Date (assuming consummation of the Transactions) a party or will be subject, from paying any dividends to the Issuers, from making any other distribution on such subsidiary’s capital stock or similar ownership interests, from repaying to the Issuers any loans or advances to such subsidiary from the Issuers or such other subsidiary or from transferring any of such subsidiary’s properties or assets to the Issuers or any other subsidiary of the Issuers, except (i) to the extent such restriction or prohibition would constitute a Permitted Lien under and as defined in the Indenture, the other Transaction Documents, or the documentation governing the Existing Second Lien Notes, the First Lien Notes or the Existing THI Notes or (ii) as disclosed in the Time of Sale Information and the Offering Memorandum or as created under the Transaction Documents, or the documentation governing the Existing Second Lien Notes, the First Lien Notes or the Existing THI Notes. 
(qq)    No Broker’s Fees.  None of either Issuer nor any of their respective subsidiaries is a party to any contract, agreement or understanding with any person (other than this Agreement) that would give rise to a valid claim against any of them or any Initial Purchaser for a brokerage commission, finder’s fee or like payment in connection with the offering and sale of the Securities.
(rr)    Rule 144A Eligibility.  On the Closing Date, the Securities will not be of the same class as securities listed on a national securities exchange registered under Section 6 of the Exchange Act or quoted in an automated inter-dealer quotation system; and each of the Preliminary Offering Memorandum and the Offering Memorandum, as of its respective date, contains or will contain all the information that, if requested by a prospective purchaser of the Securities, would be required to be provided to such prospective purchaser pursuant to Rule 144A(d)(4) under the Securities Act.
(ss)    No Integration.  None of the Issuers, the Guarantors nor any of their respective affiliates (as defined in Rule 501(b) of Regulation D) has, directly or through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act), that is or will be integrated with the sale of the Securities in a manner that would require registration of the Securities under the Securities Act.
(tt)    No General Solicitation or Directed Selling Efforts.  None of the Issuers, the Guarantors nor any of their respective affiliates or any other person acting on its or their behalf 

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(other than the Initial Purchasers, as to which no representation is made) has (i) solicited offers for, or offered or sold, the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act or (ii) engaged in any directed selling efforts within the meaning of Regulation S under the Securities Act (“Regulation S”), and all such persons have complied with the offering restrictions requirement of Regulation S.
(uu)    Securities Law Exemptions.  Assuming the accuracy of the representations and warranties of the Initial Purchasers contained in Section 1(b) (including Annex C hereto) and Section 5 and their compliance with their agreements set forth therein, it is not necessary, in connection with the issuance and sale of the Securities to the Initial Purchasers and the offer, resale and delivery of the Securities by the Initial Purchasers to Subsequent Purchasers in the manner contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum, to register the Securities under the Securities Act nor to file a prospectus under Canadian Securities Laws to qualify the distribution of the Securities or to qualify the Indenture under the Trust Indenture Act of 1939, as amended.
(vv)    No Stabilization.  None of the Issuers nor any of the Guarantors has taken, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Securities.
(ww)    Margin Rules.  Neither the issuance, sale and delivery of the Securities, nor the consummation of the Transactions or the application of the proceeds thereof by the Issuers as described in each of the Time of Sale Information and the Offering Memorandum will violate Regulation T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of such Board of Governors.
(xx)    Forward-Looking Statements.  No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained or incorporated by reference in any of the Time of Sale Information or the Offering Memorandum has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.
(yy)    Statistical and Market Data.  Nothing has come to the attention of either Issuer or any Guarantor that has caused such entity to believe that the statistical and market-related data included or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum is not based on or derived from sources that are reliable and accurate in all material respects.
(zz)    Sarbanes-Oxley Act.  To the extent applicable, there is and has been no failure on the part of Parent or any of its subsidiaries or the Partnership or any of its subsidiaries (with respect to Popeyes Louisiana Kitchen, Inc. and its subsidiaries, to the knowledge of the Issuers and the Guarantors) or any of their respective directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith (the “Sarbanes-Oxley Act”), including Section 402 related to loans and Sections 302 and 906 related to certifications.
4.    Further Agreements of the Issuers and the Guarantors.  Each of the Issuers and each Guarantor hereby jointly and severally, covenants and agrees with each Initial Purchaser that:

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(a)    Delivery of Copies.  The Issuers will deliver, without charge, to the Initial Purchasers as many copies of the Preliminary Offering Memorandum, any other Time of Sale Information, any Issuer Written Communication and the Offering Memorandum (including all amendments and supplements thereto) as the Representative may reasonably request.
(b)    Offering Memorandum, Amendments or Supplements.  Before finalizing the Offering Memorandum or making or distributing any amendment or supplement to any of the Time of Sale Information or the Offering Memorandum or filing with the Commission any document that will be incorporated by reference therein, the Issuers will furnish to the Representative and counsel for the Initial Purchasers a copy of the proposed Offering Memorandum or such amendment or supplement or document to be incorporated by reference therein for review, and will not distribute any such proposed Offering Memorandum, amendment or supplement or file any such document with the Commission to which the Representative reasonably objects.
(c)    Additional Written Communications.  Before using, authorizing, approving or referring to any Issuer Written Communication (other than those listed on Annex A), the Issuers will furnish to the Representative and counsel for the Initial Purchasers a copy of such written communication for review and will not use, authorize, approve or refer to any such written communication to which the Representative reasonably objects.
(d)    Notice to the Representative.  The Issuers will advise the Representative promptly, and confirm such advice in writing, (i) of the issuance by any governmental or regulatory authority of any order preventing or suspending the use of any of the Time of Sale Information, any Issuer Written Communication or the Offering Memorandum or the initiation or threatening of any proceeding for that purpose; (ii) of the occurrence of any event at any time prior to the completion of the initial offering of the Securities by the Initial Purchasers as a result of which any of the Time of Sale Information, any Issuer Written Communication or the Offering Memorandum as then amended or supplemented would include any Misrepresentation when such Time of Sale Information, Issuer Written Communication or the Offering Memorandum is delivered to a purchaser; and (iii) of the receipt by any Issuer of any notice with respect to any suspension of the qualification of the Securities for offer and sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and each of the Issuers will use its reasonable best efforts to prevent the issuance of any such order preventing or suspending the use of any of the Time of Sale Information, any Issuer Written Communication or the Offering Memorandum or suspending any such qualification of the Securities and, if any such order is issued, will use reasonable best efforts to obtain as soon as possible the withdrawal thereof.
(e)    Time of Sale Information.  If at any time prior to the Closing Date (i) any event shall occur or condition shall exist as a result of which any of the Time of Sale Information as then amended or supplemented would include any Misrepresentation or (ii) it is necessary to amend or supplement any of the Time of Sale Information to comply with law, the Issuers will promptly notify the Initial Purchasers thereof and forthwith prepare and, subject to paragraph (b) above, furnish to the Initial Purchasers such amendments or supplements to any of the Time of Sale Information (or any document to be filed with the Commission and incorporated by reference therein) as may be necessary so that the statements in any of the Time of Sale Information as so amended or supplemented (including such documents to be incorporated by reference therein) will not contain any Misrepresentation or so that any of the Time of Sale Information will comply with law.

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(f)    Ongoing Compliance of the Offering Memorandum.  If at any time prior to the completion of the initial offering of the Securities (i) any event shall occur or condition shall exist as a result of which the Offering Memorandum as then amended or supplemented would include any Misrepresentation when the Offering Memorandum is delivered to a purchaser or (ii) it is necessary to amend or supplement the Offering Memorandum to comply with law, the Issuers will promptly notify the Initial Purchasers thereof and forthwith prepare and, subject to paragraph (b) above, furnish to the Initial Purchasers such amendments or supplements to the Offering Memorandum as may be necessary so that the statements in the Offering Memorandum (or any document to be filed with the Commission and incorporated by reference therein) as so amended or supplemented (including such document to be incorporated by reference therein) will not contain any Misrepresentation when the Offering Memorandum is delivered to a purchaser or so that the Offering Memorandum will comply with law.
(g)    Blue Sky Compliance.  The Issuers will qualify the Securities for offer and sale under the securities or “blue sky” laws of such jurisdictions as the Representative shall reasonably request (or, in the case of any offer and sale of the Securities in the Offering Provinces, rely on applicable exemptions from the prospectus requirements of applicable Canadian Securities Laws for purposes of the Canadian Private Placement) and will continue such qualifications in effect so long as required for the offering and resale to Subsequent Purchasers of the Securities; provided that none of the Issuers or any of the Guarantors shall be required to (i) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (ii) file any general consent to service of process in any such jurisdiction, (iii) subject itself to taxation in any such jurisdiction if it is not otherwise so subject or (iv) file, or obtain a receipt for, a prospectus with and from any Canadian securities regulator to qualify such offer, sale or delivery of the Securities under any Canadian Securities Laws.
(h)    Clear Market.  During the period from the date hereof through and including the date that is 90 days after the Closing Date, each Issuer and each of the Guarantors will not, without the prior written consent of the Representative, offer, sell, contract to sell, pledge or otherwise dispose of any debt securities issued or guaranteed by either Issuer or any of the Guarantors and having a term of more than one year.
(i)    Use of Proceeds.  The Issuers will apply the net proceeds from the sale of the Securities in the manner described in each of the Time of Sale Information and the Offering Memorandum under the heading “Use of proceeds.”
(j)    Supplying Information.  While the Securities remain outstanding and are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, each Issuer and each of the Guarantors will, during any period in which the Issuers are not subject to and in compliance with Section 13 or 15(d) of the Exchange Act, furnish to holders of the Securities and prospective purchasers of the Securities designated by such holders, upon the request of such holders or such prospective purchasers, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.
(k)    DTC.  The Issuers will assist the Initial Purchasers in arranging for the Securities to be eligible for clearance and settlement through DTC.
(l)    No Resales by the Issuers, Parent and the Partnership.  Until the first anniversary of the Closing Date, each of the Issuers will not, and will not permit Parent, the Partnership or 

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any of the Issuers’ respective controlled affiliates (as defined in Rule 144 under the Securities Act) to, resell any of the Securities that have been acquired by any of them, except for Securities purchased by an Issuer or any of their respective affiliates and resold in a transaction registered under the Securities Act.
(m)    No Integration.  None of the Issuers nor any of their respective affiliates (as defined in Rule 501(b) of Regulation D) will, directly or through any agent, sell, offer for sale, solicit offers to buy or otherwise negotiate in respect of, any security (as defined in the Securities Act), that is or will be integrated with the sale of the Securities in a manner that would require registration of the Securities under the Securities Act.
(n)    No General Solicitation or Directed Selling Efforts.  None of the Issuers nor any of their respective affiliates or any other person acting on its or their behalf (other than the Initial Purchasers, as to which no covenant is given) will (i) solicit offers for, or offer or sell, the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act or (ii) engage in any directed selling efforts within the meaning of Regulation S, and all such persons will comply with the offering restrictions requirement of Regulation S.
(o)    No Stabilization.  None of the Issuers nor any of the Guarantors will take, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Securities.
(p)    Perfection of Security Interests.  The Issuers and each Guarantor (i) to the extent not already completed, shall complete on or prior to the Closing Date all filings and other similar actions required in connection with the perfection of second-priority security interests in the Collateral as and to the extent contemplated by the Indenture and the Collateral Documents and (ii) shall take all actions necessary to maintain such security interests and to perfect security interests in any Collateral acquired after the Closing Date, in each case as and to the extent contemplated by the Indenture and the Collateral Documents.
5.    Certain Agreements of the Initial Purchasers.  Each Initial Purchaser hereby severally and not jointly represents and agrees that it has not and will not use, authorize use of, refer to, or participate in the planning for use of, any written communication that constitutes an offer to sell or the solicitation of an offer to buy the Securities other than (i) the Preliminary Offering Memorandum and the Offering Memorandum, (ii) a written communication that contains either (a) no “issuer information” (as defined in Rule 433(h)(2) under the Securities Act) or (b) “issuer information” that was included (including through incorporation by reference) in the Time of Sale Information or the Offering Memorandum, (iii) any written communication listed on Annex A or prepared by the Issuers pursuant to Section 4(c) above (including any electronic road show), (iv) any written communication prepared by such Initial Purchaser and approved by the Issuers in advance in writing or (v) any written communication that only contains the terms of the Securities and/or other information that was included (including through incorporation by reference) or will be included in the Time of Sale Information or the Offering Memorandum.
6.    Conditions of Initial Purchasers’ Obligations.  The obligation of each Initial Purchaser to purchase Securities on the Closing Date as provided herein is subject to the performance by each Issuer and each of the Guarantors of their respective covenants and other obligations hereunder and to the following additional conditions:

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(a)    Representations and Warranties.  The representations and warranties of the Issuers and the Guarantors contained herein shall be true and correct on the date hereof and on and as of the Closing Date; and the statements of the Issuers, the Guarantors and their respective officers made in any certificates delivered pursuant to this Agreement shall be true and correct on and as of the Closing Date.
(b)    No Downgrade.  Subsequent to the earlier of (A) the Time of Sale and (B) the execution and delivery of this Agreement, (i) no downgrading shall have occurred in the rating accorded the Securities or any other debt securities or preferred stock issued or guaranteed by any Issuer, Parent, the Partnership or any of their respective subsidiaries by any “nationally recognized statistical rating organization,” as such term is defined by the Commission for purposes of Section 3(a)(62) of the Exchange Act; and (ii) no such organization shall have publicly announced that it has under surveillance or review, or has changed its outlook with respect to, its rating of the Securities or of any other debt securities or preferred stock issued or guaranteed by any Issuer, Parent, the Partnership or any of their respective subsidiaries (other than an announcement with positive implications of a possible upgrading).
(c)    No Material Adverse Change.  No event or condition described in Section 3(e) hereof shall have occurred or shall exist, which event or condition is not described in each of the Time of Sale Information (excluding any amendment or supplement thereto) and the Offering Memorandum (excluding any amendment or supplement thereto) and the effect of which in the judgment of the Representative makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Securities on the terms and in the manner contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum.
(d)    Officer’s Certificate.  The Representative shall have received on and as of the Closing Date a certificate of an executive officer of the Company and of each Guarantor who has specific knowledge of the Company’s or such Guarantor’s financial matters and is satisfactory to the Representative (i) confirming that such officer has carefully reviewed the Time of Sale Information and the Offering Memorandum and, to the knowledge of such officer, the representations set forth in Sections 3(a), 3(b) and 3(d) hereof are true and correct, (ii) confirming that the other representations and warranties of the Issuers and the Guarantors in this Agreement are true and correct and that the Issuers and the Guarantors have complied in all material respects with all agreements and satisfied all conditions on their part to be performed or satisfied hereunder at or prior to the Closing Date and (iii) to the effect set forth in paragraphs (b) and (c) above.
(e)    Comfort Letters.  On the date of this Agreement and on the Closing Date, KPMG shall have furnished to the Representative, at the request of Parent and the Partnership, letters, dated the respective dates of delivery thereof and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Representative, containing statements and information of the type customarily included in accountants’ “comfort letters” to underwriters with respect to the financial statements and certain financial information contained in each of the Time of Sale Information and the Offering Memorandum; provided that the letter delivered on the Closing Date shall use a “cut-off” date no more than three business days prior to the Closing Date.
(f)    Opinion and 10b-5 Statement of Counsel for the Issuers and the Guarantors.  (i) Kirkland & Ellis LLP, U.S. counsel for the Issuers and the Guarantors, shall have furnished to the Representative, at the request of the Issuers, its written opinions and 10b-5 statement, dated the 

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Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Initial Purchasers, (ii) Stikeman Elliott LLP, Ontario counsel for the Issuers and the Guarantors, shall have furnished to the Representative, at the request of the Issuers, its written opinions, dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Initial Purchasers, (iii) Stikeman Elliott LLP, Quebec counsel for the Issuers and the Guarantors, shall have furnished to the Representative, at the request of the Issuers, its written opinion, dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Initial Purchasers, (iv) Greenberg Traurig, P.A., Florida counsel for the Guarantors, shall have furnished to the Representative, at the request of the Issuers, its written opinion, dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Initial Purchasers, (v) Stikeman Elliott, British Columbia counsel for the Issuers and the Guarantors, shall have furnished to the Representative, at the request of the Issuers, its written opinion, dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Initial Purchasers and (vi) Stikeman Elliott, Alberta counsel for the Issuers and the Guarantors, shall have furnished to the Representative, at the request of the Issuers, its written opinion, dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Initial Purchasers.
(g)    Opinion and 10b-5 Statement of Counsel for the Initial Purchasers.  The Representative shall have received on and as of the Closing Date (x) an opinion and 10b-5 statement of Cahill Gordon & Reindel LLP, counsel for the Initial Purchasers, and (y) an opinion of Blake, Cassels & Graydon LLP, Canadian counsel for the Initial Purchasers, in each case with respect to such matters as the Representative may reasonably request, and such counsel shall have received such documents and information as they may reasonably request to enable them to pass upon such matters.
(h)    No Legal Impediment to Issuance.  No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any federal, provincial, state or foreign governmental or regulatory authority that would, as of the Closing Date, prevent the issuance or sale of the Securities or the issuance of the Guarantees; and no injunction or order of any federal, provincial, state or foreign court shall have been issued that would, as of the Closing Date, prevent the issuance or sale of the Securities or the issuance of the Guarantees.
(i)    Good Standing.  The Representative shall have received on and as of the Closing Date satisfactory evidence of the existence or good standing of each Issuer and each of the Guarantors in their respective jurisdictions of organization and their good standing in such other jurisdictions as the Representative may reasonably request, in each case in writing or any standard form of telecommunication, from the appropriate governmental authorities of such jurisdictions.
(j)    Indenture and Securities.  The Indenture shall have been duly executed and delivered by a duly authorized officer of each of the Issuers, each of the Guarantors, the Trustee and the Collateral Agent, and the Securities shall have been duly executed and delivered by a duly authorized officer of each Issuer and duly authenticated by the Trustee.
(k)    DTC.  The Securities shall be eligible for clearance and settlement through DTC.

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(l)    Collateral Documents and Intercreditor Agreements.  On the Closing Date, the Initial Purchasers shall have received a counterpart of each Collateral Joinder Document and the THI Notes Intercreditor Agreement, that shall have been executed and delivered by the applicable parties thereto and each of such documents shall be in full force and effect in accordance with their terms.
(m)    [Reserved].  
(n)    Chief Financial Officer’s Certificate.  On the date hereof and the Closing Date, the Initial Purchasers shall have received a certificate of Parent’s Chief Financial Officer or similar officer in form and substance satisfactory to the Initial Purchasers relating to certain financial information included in the Time of Sale Information and the Offering Memorandum under the heading “Summary—Recent developments.”
(o)    Additional Documents.  On or prior to the Closing Date, the Issuers and the Guarantors shall have furnished to the Representative such further certificates and documents as the Representative may reasonably request.
All opinions, letters, certificates and evidence mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Initial Purchasers.
7.    Indemnification and Contribution.  (a).  Indemnification of the Initial Purchasers.  Each of the Issuers and each of the Guarantors jointly and severally agrees to indemnify and hold harmless each Initial Purchaser, its affiliates, directors and officers and each person, if any, who controls such Initial Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, reasonable legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out of, or are based upon, any Misrepresentation or alleged Misrepresentation contained in the Preliminary Offering Memorandum, any of the other Time of Sale Information, any Issuer Written Communication or the Offering Memorandum (or any amendment or supplement thereto) or any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, a Misrepresentation or alleged Misrepresentation made in reliance upon and in conformity with any information relating to any Initial Purchaser furnished to the Issuers in writing by such Initial Purchaser through the Representative expressly for use therein.
(b).    Indemnification of the Issuers and the Guarantors.  Each Initial Purchaser agrees, severally and not jointly, to indemnify and hold harmless each Issuer, each of the Guarantors, their respective directors and officers and each person who controls each Issuer or any of the Guarantors within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Initial Purchaser furnished to the Issuers in writing by such Initial Purchaser through the Representative expressly for use in the Preliminary Offering Memorandum, any of the other Time of Sale Information, any Issuer Written Communication or the Offering Memorandum (or any amendment or supplement 

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thereto), it being understood and agreed that the only such information consists of the following: the fourth paragraph, the third and fourth sentence of the seventh paragraph and the ninth paragraph, in each case, found under the heading “Plan of distribution.”
(c).    Notice and Procedures.  If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such person (the “Indemnified Person”) shall promptly notify the person against whom such indemnification may be sought (the “Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under paragraph (a) or (b) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further, that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under paragraph (a) or (b) above.  If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person (who shall not, without the consent of the Indemnified Person, be counsel to the Indemnifying Person) to represent the Indemnified Person and any others entitled to indemnification pursuant to this Section 7 that the Indemnifying Person may designate in such proceeding and shall pay the reasonable fees and expenses of such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred.  In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and the Indemnified Person shall have reasonably concluded that representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them.  It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be reimbursed as they are incurred.  Any such separate firm for any Initial Purchaser, its affiliates, directors and officers and any control persons of such Initial Purchaser shall be designated in writing by J.P. Morgan Securities LLC and any such separate firm for the Issuers, the Guarantors, their respective directors and officers and any control persons of the Issuers and the Guarantors shall be designated in writing by the Issuers.  The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment.  No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (x) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person.

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(d).    Contribution.  If the indemnification provided for in paragraphs (a) and (b) above is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Issuers and the Guarantors on the one hand and the Initial Purchasers on the other from the offering of the Securities or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Issuers and the Guarantors on the one hand and the Initial Purchasers on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations.  The relative benefits received by the Issuers and the Guarantors on the one hand and the Initial Purchasers on the other shall be deemed to be in the same respective proportions as the net proceeds (before deducting expenses) received by the Issuers from the sale of the Securities and the total discounts and commissions received by the Initial Purchasers in connection therewith, as provided in this Agreement, bear to the aggregate offering price of the Securities.  The relative fault of the Issuers and the Guarantors on the one hand and the Initial Purchasers on the other shall be determined by reference to, among other things, whether the Misrepresentation or alleged Misrepresentation relates to information supplied by any Issuer or any Guarantor or by the Initial Purchasers and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.  For the avoidance of doubt, until the Issuers, the Guarantors or their respective directors, officers and control persons are entitled to indemnification from the Initial Purchasers under Section 7(b) above, they are not entitled to contribution under this Section 7(d).
(e).    Limitation on Liability.  The Issuers, the Guarantors and the Initial Purchasers agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined by pro rata allocation (even if the Initial Purchasers were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph (d) above.  The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Person in connection with any such action or claim.  Notwithstanding the provisions of this Section 7, in no event shall an Initial Purchaser be required to contribute any amount in excess of the amount by which the total discounts and commissions received by such Initial Purchaser with respect to the offering of the Securities exceeds the amount of any damages that such Initial Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.  No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.  The Initial Purchasers’ obligations to contribute pursuant to this Section 7 are several in proportion to their respective purchase obligations hereunder and not joint.
(f).    Non-Exclusive Remedies.  The remedies provided for in this Section 7 are not exclusive and shall not limit any rights or remedies that may otherwise be available to any Indemnified Person at law or in equity.
8.    Termination.  This Agreement may be terminated in the absolute discretion of the Representative, by notice to the Issuers, if after the execution and delivery of this Agreement and on or prior to the Closing Date (i) trading generally shall have been suspended or materially limited on the New York Stock Exchange or the over-the-counter market; (ii) trading of any securities issued or guaranteed by 

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Parent, the Partnership, any Issuer or any of the Guarantors shall have been suspended on any exchange or in any over-the-counter market; (iii) a general moratorium on commercial banking activities shall have been declared by federal or New York State authorities; or (iv) there shall have occurred any outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis, either within or outside the United States, that, in the judgment of the Representative is material and adverse and makes it impracticable or inadvisable to proceed with the offering, sale or delivery, of the Securities on the terms and in the manner contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum.
9.    Defaulting Initial Purchaser.  (a).  If, on the Closing Date, any Initial Purchaser defaults on its obligation to purchase the Securities that it has agreed to purchase hereunder, the non-defaulting Initial Purchasers may in their discretion arrange for the purchase of such Securities by other persons satisfactory to the Issuers on the terms contained in this Agreement.  If, within 36 hours after any such default by any Initial Purchaser, the non-defaulting Initial Purchasers do not arrange for the purchase of such Securities, then the Issuers shall be entitled to a further period of 36 hours within which to procure other persons satisfactory to the non-defaulting Initial Purchasers to purchase such Securities on such terms.  If other persons become obligated or agree to purchase the Securities of a defaulting Initial Purchaser, either the non-defaulting Initial Purchasers or the Issuers may postpone the Closing Date for up to five full business days in order to effect any changes that in the opinion of counsel for the Issuers or counsel for the Initial Purchasers may be necessary in the Time of Sale Information, the Offering Memorandum or in any other document or arrangement, and the Issuers agree to promptly prepare any amendment or supplement to the Time of Sale Information or the Offering Memorandum that effects any such changes.  As used in this Agreement, the term “Initial Purchaser” includes, for all purposes of this Agreement unless the context otherwise requires, any person not listed in Schedule 1 hereto that, pursuant to this Section 9, purchases Securities that a defaulting Initial Purchaser agreed but failed to purchase.
(b).    If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Initial Purchaser or Initial Purchasers by the non-defaulting Initial Purchasers and the Issuers as provided in paragraph (a) above, the aggregate principal amount of such Securities that remains unpurchased does not exceed one-eleventh of the aggregate principal amount of all the Securities, then the Issuers shall have the right to require each non-defaulting Initial Purchaser to purchase the principal amount of Securities that such Initial Purchaser agreed to purchase hereunder plus such Initial Purchaser’s pro rata share (based on the principal amount of Securities that such Initial Purchaser agreed to purchase hereunder) of the Securities of such defaulting Initial Purchaser or Initial Purchasers for which such arrangements have not been made.
(c).    If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Initial Purchaser or Initial Purchasers by the non-defaulting Initial Purchasers and the Issuers as provided in paragraph (a) above, the aggregate principal amount of such Securities that remains unpurchased exceeds one-eleventh of the aggregate principal amount of all the Securities, or if the Issuers shall not exercise the right described in paragraph (b) above, then this Agreement shall terminate without liability on the part of the non-defaulting Initial Purchasers.  Any termination of this Agreement pursuant to this Section 9 shall be without liability on the part of the Issuers or the Guarantors, except that each Issuer and each of the Guarantors will continue to be jointly and severally liable for the payment of expenses as set forth in Section 10 hereof and except that the provisions of Section 7 hereof shall not terminate and shall remain in effect.

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(d).    Nothing contained herein shall relieve a defaulting Initial Purchaser of any liability it may have to the Issuers, the Guarantors or any non-defaulting Initial Purchaser for damages caused by its default.
10.    Payment of Expenses.  (a).  Whether or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated, each Issuer and each of the Guarantors jointly and severally agrees to pay or cause to be paid all costs and expenses incident to the performance of their respective obligations hereunder (including any goods and services, harmonized sales, sales, transfer, stamp, excise and other similar taxes payable in connection therewith), including without limitation, (i) the costs incident to the authorization, issuance, sale, preparation and delivery of the Securities; (ii) the costs incident to the preparation and printing of the Preliminary Offering Memorandum, any other Time of Sale Information, any Issuer Written Communication and the Offering Memorandum (including any amendment or supplement thereto) and the distribution thereof; (iii) the costs of reproducing and distributing each of the Transaction Documents; (iv) the fees and expenses of the Issuers’ and the Guarantors’ counsel and independent accountants; (v) the fees and expenses incurred in connection with the registration or qualification and determination of eligibility for investment of the Securities under the laws of such jurisdictions as the Representative may designate and the preparation, printing and distribution of a “blue sky” memorandum (including the related fees and expenses of counsel for the Initial Purchasers); (vi) any fees charged by rating agencies for rating the Securities; (vii) the fees and expenses of the Trustee, the Collateral Agent and any paying agent (including related fees and expenses of any counsel to such parties); (viii) all expenses and fees incurred in connection with the approval of the Securities for book-entry transfer by DTC; (ix) all expenses incurred by the Issuers in connection with any “road show” presentation to potential investors; and (x) the fees and expenses incurred in connection with creating, documenting and perfecting the security interests in the Collateral as contemplated by the Collateral Documents (including the reasonable related fees and expenses of counsel for the Initial Purchasers for all periods prior to and after the Closing Date).
(b).    If (i) this Agreement is terminated pursuant to Section 8, (ii) the Issuers for any reason fail to tender the Securities for delivery to the Initial Purchasers or (iii) the Initial Purchasers decline to purchase the Securities for any reason permitted under this Agreement, each Issuer and each of the Guarantors jointly and severally agrees to reimburse the Initial Purchasers for all out-of-pocket costs and expenses (including the fees and expenses of their counsel) reasonably incurred by the Initial Purchasers in connection with this Agreement and the offering contemplated hereby.
11.    Persons Entitled to Benefit of Agreement.  This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and any controlling persons referred to herein, and the affiliates, officers and directors of each Initial Purchaser referred to in Section 7 hereof.  Nothing in this Agreement is intended or shall be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein.  No purchaser of Securities from any Initial Purchaser shall be deemed to be a successor merely by reason of such purchase.
12.    Survival.  The respective indemnities, rights of contribution, representations, warranties and agreements of the Issuers, the Guarantors and the Initial Purchasers contained in this Agreement or made by or on behalf of the Issuers, the Guarantors or the Initial Purchasers pursuant to this Agreement or any certificate delivered pursuant hereto shall survive the delivery of and payment for the Securities and shall remain in full force and effect, regardless of any subsequent disposition by the Initial Purchasers of the Securities, any termination of this Agreement or any investigation made by or on behalf of the Issuers, the Guarantors or the Initial Purchasers.

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13.    Certain Defined Terms.  For purposes of this Agreement, (a) except where otherwise expressly provided, the term “affiliate” has the meaning set forth in Rule 405 under the Securities Act; (b) the term “business day” means any day other than a day on which banks are permitted or required to be closed in New York City; (c) the term “subsidiary” has the meaning set forth in Rule 405 under the Securities Act; (d) the term “Exchange Act” means the Securities Exchange Act of 1934, as amended; and (e) the term “written communication” has the meaning set forth in Rule 405 under the Securities Act.
14.    Compliance with USA Patriot Act.  In accordance with the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Initial Purchasers are required to obtain, verify and record information that identifies their respective clients, including the Issuers and the Guarantors, which information may include the name and address of their respective clients, as well as other information that will allow the Initial Purchasers to properly identify their respective clients.
15.    Miscellaneous.  (a).  Authority of the Representative.  Any action by the Initial Purchasers hereunder may be taken by J.P. Morgan Securities LLC on behalf of the Initial Purchasers, and any such action taken by J.P. Morgan Securities LLC shall be binding upon the Initial Purchasers.
(b).    Notices.  All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted and confirmed by any standard form of telecommunication.  Notices to the Initial Purchasers shall be given to the Representative c/o J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179 (fax:  (212) 270-1063; Attention:  David Dwyer).  Notices to the Issuers and the Guarantors shall be given to them at 1011778 B.C. Unlimited Liability Company, c/o Restaurant Brands International, 226 Wyecroft Road, Oakville, Ontario, Canada, Attention:  Jill Granat.  A copy of any notice sent to the Issuers shall also be sent to:  Kirkland & Ellis LLP, 601 Lexington Avenue, New York, NY 10022, (fax:  (212) 446-4900), Attn:  Joshua N. Korff and Michael Kim.
(c).    Governing Law.  This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed by and construed in accordance with the laws of the State of New York.
(d).    Waiver of Jury Trial.  The Issuers, the Guarantors and each of the Initial Purchasers hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.
(e).    Consent to Jurisdiction.  The Issuers and each of the Guarantors hereby submit to the non-exclusive jurisdiction of any U.S. federal or state court located in the Borough of Manhattan, the City and County of New York in any action, suit or proceeding arising out of or relating to or based upon this Agreement or any of the transactions contemplated hereby, and the Issuers and each of the Guarantors irrevocably and unconditionally waive any objection to the laying of venue of any action, suit or proceeding in any such court arising out of or relating to this Agreement or the transactions contemplated hereby and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such action, suit or proceeding has been brought in an inconvenient forum.  The Company and each Guarantor domiciled in Canada hereby appoints the Corporation Service Company, 1180 Avenue of the Americas, Suite 210, New York, NY 10036-8401, as its authorized agent (the “Authorized Agent”) upon whom process may be served in any suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated herein that may be instituted in any state or U.S. federal court 

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in The City of New York and County of New York, by any Initial Purchaser, the directors, officers, employees, affiliates and agents of any Initial Purchaser, or by any person who controls any Initial Purchaser, and expressly accepts the non-exclusive jurisdiction of any such court in respect of any such suit, action or proceeding.  The Company and each Guarantor domiciled in Canada hereby represents and warrants that the Authorized Agent has accepted such appointment and has agreed to act as said agent for service of process, and the Company and each Guarantor domiciled in Canada agrees to take any and all action, including the filing of any and all documents that may be necessary to continue such appointment in full force and effect as aforesaid.  Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Company and each Guarantor domiciled in Canada.  
(f).    Waiver of Immunity.  To the extent that the Issuers or any Guarantor has or hereafter may acquire any immunity (sovereign or otherwise) from jurisdiction of any court of (i) Canada, or any political subdivision thereof, (ii) the United States or the State of New York, (iii) any jurisdiction in which it owns or leases property or assets or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution, set-off or otherwise) with respect to themselves or their respective property and assets or this Agreement, the Issuers and each Guarantor hereby irrevocably waive such immunity in respect of its obligations under this Agreement to the fullest extent permitted by applicable law.
(g).    Judgment Currency.  Each of the Issuers and each Guarantor jointly and severally agrees to indemnify each Initial Purchaser, its directors, officers, affiliates and each person, if any, who controls such Initial Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against any loss incurred by such Initial Purchaser as a result of any judgment or order being given or made for any amount due hereunder and such judgment or order being expressed and paid in a currency (the “judgment currency”) other than U.S. dollars and as a result of any variation as between (i) the rate of exchange at which the U.S. dollar amount is converted into the judgment currency for the purpose of such judgment or order, and (ii) the rate of exchange at which such indemnified person is able to purchase U.S. dollars with the amount of the judgment currency actually received by the indemnified person. The foregoing indemnity shall constitute a separate and independent obligation of each of the Issuers and each Guarantor and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term “rate of exchange” shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, the relevant currency.
(h).    Counterparts.  This Agreement may be signed in counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument.
(i).    Amendments or Waivers.  No amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto.
(j).    Headings.  The headings herein are included for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement.
[Remainder of page intentionally left blank]

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If the foregoing is in accordance with your understanding, please indicate your acceptance of this Agreement by signing in the space provided below.
1011778 B.C. UNLIMITED LIABILITY COMPANY
By:    /s/ Jill Granat     
    Name:    Jill Granat 
    Title:    Secretary 
NEW RED FINANCE, INC.
By:    /s/ Jill Granat     
    Name:    Jill Granat 
    Title:    Assistant Secretary 

[Signature Page to Purchase Agreement]

BLUE HOLDCO 1, LLC 
BLUE HOLDCO 2, LLC 
BLUE HOLDCO 3, LLC 
BLUE HOLDCO 22, LLC 
BLUE HOLDCO 44, LLC 
BLUE HOLDCO 440, LLC 
BLUE HOLDCO 99, LLC 
TIM DONUT U.S. LIMITED, INC. 
SBFD HOLDING CO. 
TIM HORTONS USA INC. 
TIM HORTONS (NEW ENGLAND), INC. 
THD COFFEE CO. 
RESTAURANT BRANDS INTERNATIONAL 
US SERVICES LLC 
SKIPPER, LLC 
LLCXOX, LLC 
ORANGE INTERMEDIATE, LLC 

By:    /s/ Jill Granat     
Name: Jill Granat  
Title:  Secretary 
POPEYES RESTAURANT SERVICES, LLC
BURGER KING WORLDWIDE, INC. 
BURGER KING CAPITAL FINANCE, INC. 
BURGER KING HOLDINGS, INC.
BURGER KING CORPORATION 
BK ACQUISITION, INC.
BURGER KING INTERAMERICA, LLC
AFC PROPERTIES, INC. 
POPEYES LOUISIANA KITCHEN, INC.
BK WHOPPER BAR, LLC
PLK ENTERPRISES OF CANADA, INC.
By:    /s/ Jill Granat     
Name: Jill Granat  
Title:  Assistant Secretary 

[Signature Page to Purchase Agreement]

ORANGE GROUP, INC.
By: /s/ Jill Granat     
Name: Jill Granat 
Title: Secretary

[Signature Page to Purchase Agreement]

1014364 B.C. UNLIMITED LIABILITY COMPANY 
1014369 B.C. UNLIMITED LIABILITY COMPANY 
1019334 B.C. UNLIMITED LIABILITY COMPANY 
1016869 B.C. UNLIMITED LIABILITY COMPANY 
1016893 B.C. UNLIMITED LIABILITY COMPANY 
1016864 B.C. UNLIMITED LIABILITY COMPANY 
1016872 B.C. UNLIMITED LIABILITY COMPANY 
1016878 B.C. UNLIMITED LIABILITY COMPANY 
1016883 B.C. UNLIMITED LIABILITY COMPANY 
BURGER KING CANADA HOLDINGS  
INC./PLACEMENTS BURGER KING 
CANADA INC.  
GRANGE CASTLE HOLDINGS LIMITED  
GPAIR LIMITED  
THE TDL GROUP CORP./GROUPE TDL CORPORATION 
1014364 B.C. UNLIMITED LIABILITY 
COMPANY, in its capacity as general partner of  
P11 LIMITED PARTNERSHIP 
1014364 B.C. UNLIMITED LIABILITY 
COMPANY, in its capacity as general partner of  
P22 LIMITED PARTNERSHIP 
1014364 B.C. UNLIMITED LIABILITY 
COMPANY, in its capacity as general partner of  
P33 LIMITED PARTNERSHIP

By:    /s/ Jill Granat     
Name: Jill Granat  
Title:  Secretary 

[Signature Page to Purchase Agreement]

1014364 B.C. UNLIMITED LIABILITY 
COMPANY, in its capacity as general partner of  
P44 Limited Partnership 
1024670 B.C. UNLIMITED LIABILITY 
COMPANY 
1028539 B.C. UNLIMITED LIABILITY 
COMPANY 
1026672 B.C. UNLIMITED LIABILITY 
COMPANY 
1024678 B.C. UNLIMITED LIABILITY 
COMPANY 
1029261 B.C. UNLIMITED LIABILITY 
COMPANY 
1057837 B.C. UNLIMITED LIABILITY 
COMPANY 
1057490 B.C. UNLIMITED LIABILITY 
COMPANY 
1057772 B.C. UNLIMITED LIABILITY 
COMPANY 
1057639 B.C. UNLIMITED LIABILITY 
COMPANY 
1057490 B.C. UNLIMITED LIABILITY 
COMPANY, in its capacity as general partner of SOCIETE EN COMMANDITE CLP-LAX /CLP- 
LAX LIMITED PARTNERSHIP 
TDLDD HOLDINGS ULC 
TDLRR HOLDINGS ULC 
BK CANADA SERVICE ULC  
RESTAURANT BRANDS HOLDINGS CORPORATION 
TIM HORTONS CANADIAN IP HOLDINGS CORPORATION

By:    /s/ Jill Granat     
Name: Jill Granat 
Title: Secretary 

 

[Signature Page to Purchase Agreement]

1112068 B.C. UNLIMITED LIABILITY 
COMPANY 
1112073 B.C. UNLIMITED LIABILITY 
COMPANY 
1112078 B.C. UNLIMITED LIABILITY 
COMPANY 
1112083 B.C. UNLIMITED LIABILITY 
COMPANY 
1112090 B.C. UNLIMITED LIABILITY 
COMPANY 
1112097 B.C. UNLIMITED LIABILITY 
COMPANY 
1112100 B.C. UNLIMITED LIABILITY 
COMPANY 
1112104 B.C. UNLIMITED LIABILITY 
COMPANY 
1112106 B.C. UNLIMITED LIABILITY 
COMPANY 
1112073 B.C. UNLIMITED LIABILITY 
COMPANY, in its capacity as general partner of  
P66 LIMITED PARTNERSHIP 
1112068 B.C. UNLIMITED LIABILITY 
COMPANY, in its capacity as general partner of  
P77 LIMITED PARTNERSHIP 
BC88 HOLDINGS ULC 
BC99 HOLDINGS ULC 
1112073 B.C. UNLIMITED LIABILITY 
COMPANY, in its capacity as general partner of  
P88 LIMITED PARTNERSHIP 
1112073 B.C. UNLIMITED LIABILITY 
COMPANY, in its capacity as general partner of  
P99 LIMITED PARTNERSHIP

By:    /s/ Jill Granat     
Name: Jill Granat 
Title: Secretary 

[Signature Page to Purchase Agreement]

Accepted on the date first written above:  
J.P. MORGAN SECURITIES LLC
For itself and on behalf of the several
Initial Purchasers listed in Schedule 1 hereto.
By:    /s/ Chris Lingenfelter    
Name:    Chris Lingenfelter
Title:    Executive Director

    

[Signature Page to Purchase Agreement]

Schedule 1
	
				
	Initial Purchaser
	Principal Amount

	J.P. Morgan Securities LLC
	$
	315,535,000
	

	Wells Fargo Securities, LLC
	 
	151,456,000
	

	Morgan Stanley & Co. LLC
	 
	151,456,000
	

	RBC Capital Markets, LLC
	 
	151,456,000
	

	Merrill Lynch, Pierce, Fenner & Smith Incorporated
	 
	151,456,000
	

	Rabo Securities USA, Inc.
	 
	113,592,000
	

	HSBC Securities (USA) Inc.
	 
	113,592,000
	

	Fifth Third Securities, Inc.
	 
	50,486,000
	

	UBS Securities LLC
	 
	100,971,000
	

	Total
	$
	1,300,000,000
	

 

Schedule 1-1

Schedule 2
Guarantors
		
	1.
	BLUE HOLDCO 1, LLC

		
	2.
	BLUE HOLDCO 2, LLC

		
	3.
	BLUE HOLDCO 3, LLC

		
	4.
	TIM DONUT U.S. LIMITED, INC.

		
	5.
	SBFD HOLDING CO.

		
	6.
	TIM HORTONS USA INC.

		
	7.
	TIM HORTONS (NEW ENGLAND), INC.

		
	8.
	THD COFFEE CO.

		
	9.
	BURGER KING WORLDWIDE, INC.

		
	10.
	BURGER KING CAPITAL FINANCE, INC.

		
	11.
	BURGER KING HOLDINGS, INC.

		
	12.
	BURGER KING CORPORATION

		
	13.
	BK ACQUISITION, INC.

		
	14.
	BK WHOPPER BAR, LLC

		
	15.
	BURGER KING INTERAMERICA, LLC

		
	16.
	1014364 B.C. UNLIMITED LIABILITY COMPANY

		
	17.
	1014369 B.C. UNLIMITED LIABILITY COMPANY

		
	18.
	1019334 B.C. UNLIMITED LIABILITY COMPANY

		
	19.
	1016869 B.C. UNLIMITED LIABILITY COMPANY 

		
	20.
	1016893 B.C. UNLIMITED LIABILITY COMPANY

		
	21.
	1016864 B.C. UNLIMITED LIABILITY COMPANY

		
	22.
	1016872 B.C. UNLIMITED LIABILITY COMPANY 

		
	23.
	1016878 B.C. UNLIMITED LIABILITY COMPANY 

		
	24.
	1016883 B.C. UNLIMITED LIABILITY COMPANY

		
	25.
	P11 LIMITED PARTNERSHIP / SOCIÉTÉ EN COMMANDITE

		
	26.
	P22 LIMITED PARTNERSHIP / SOCIÉTÉ EN COMMANDITE

		
	27.
	P33 LIMITED PARTNERSHIP / SOCIÉTÉ EN COMMANDITE 

		
	28.
	P44 LIMITED PARTNERSHIP / SOCIÉTÉ EN COMMANDITE

		
	29.
	GRANGE CASTLE HOLDINGS LIMITED

		
	30.
	GPAIR LIMITED

		
	31.
	THE TDL GROUP CORP./GROUPE TDL CORPORATION 

		
	32.
	BURGER KING CANADA HOLDINGS INC./PLACEMENTS BURGER KING CANADA INC. 

		
	33.
	BLUE HOLDCO 44, LLC

		
	34.
	BLUE HOLDCO 440, LLC

		
	35.
	BLUE HOLDCO 22, LLC

		
	36.
	1024670 B.C. UNLIMITED LIABILITY COMPANY 

		
	37.
	1028539 B.C. UNLIMITED LIABILITY COMPANY 

		
	38.
	1026672 B.C. UNLIMITED LIABILITY COMPANY 

		
	39.
	1024678 B.C. UNLIMITED LIABILITY COMPANY 

		
	40.
	1029261 B.C. UNLIMITED LIABILITY COMPANY 

		
	41.
	1057837 B.C. UNLIMITED LIABILITY COMPANY 

		
	42.
	1057490 B.C. UNLIMITED LIABILITY COMPANY

		
	43.
	1057772 B.C. UNLIMITED LIABILITY COMPANY

		
	44.
	1057639 B.C. UNLIMITED LIABILITY COMPANY

Schedule 2-1

		
	45.
	SOCIETE EN COMMANDITE CLP-LAX / CLP-LAX LIMITED PARTNERSHIP

		
	46.
	TDLDD HOLDINGS ULC

		
	47.
	TDLRR HOLDINGS ULC

		
	48.
	BK CANADA SERVICE ULC

		
	49.
	RESTAURANT BRANDS HOLDINGS CORPORATION

		
	50.
	TIM HORTONS CANADIAN IP HOLDINGS CORPORATION

		
	51.
	RESTAURANT BRANDS INTERNATIONAL US SERVICES LLC

		
	52.
	POPEYES LOUISIANA KITCHEN, INC.

		
	53.
	AFC PROPERTIES, INC.

		
	54.
	SKIPPER, LLC

		
	55.
	LLCXOX, LLC

		
	56.
	ORANGE GROUP, INC.

		
	57.
	ORANGE INTERMEDIATE, LLC

		
	58.
	PLK ENTERPRISES OF CANADA, INC.

		
	59.
	1112068 B.C. UNLIMITED LIABILITY COMPANY

		
	60.
	1112073 B.C. UNLIMITED LIABILITY COMPANY

		
	61.
	1112078 B.C. UNLIMITED LIABILITY COMPANY

		
	62.
	1112083 B.C. UNLIMITED LIABILITY COMPANY

		
	63.
	1112090 B.C. UNLIMITED LIABILITY COMPANY

		
	64.
	1112097 B.C. UNLIMITED LIABILITY COMPANY

		
	65.
	1112100 B.C. UNLIMITED LIABILITY COMPANY

		
	66.
	1112104 B.C. UNLIMITED LIABILITY COMPANY

		
	67.
	1112106 B.C. UNLIMITED LIABILITY COMPANY

		
	68.
	P66 LIMITED PARTNERSHIP

		
	69.
	P77 LIMITED PARTNERSHIP

		
	70.
	P88 LIMITED PARTNERSHIP

		
	71.
	P99 LIMITED PARTNERSHIP

		
	72.
	BC88 HOLDINGS LLC

		
	73.
	BC99 HOLDINGS LLC

		
	74.
	BLUE HOLDCO 99, LLC

		
	75.
	POPEYES RESTAURANT SERVICES, LLC

Schedule 2-2

ANNEX A
Additional Time of Sale Information
		
	1.
	Pricing term sheet containing the terms of the Securities, substantially in the form of Annex B.

Annex A-1

ANNEX B
Pricing Term Sheet
See attached

Annex B-1

Pricing Term Sheet, dated August 8, 2017
to Preliminary Offering Memorandum dated August 8, 2017
Strictly Confidential

1011778 B.C. Unlimited Liability Company 
New Red Finance, Inc.
5.000% Second Lien Senior Secured Notes due 2025

This pricing term sheet is qualified in its entirety by reference to the Preliminary Offering Memorandum (the “Preliminary Offering Memorandum”). The information in this pricing term sheet amends and supplements the Preliminary Offering Memorandum and updates and supersedes the information in the Preliminary Offering Memorandum to the extent it is inconsistent with the information in the Preliminary Offering Memorandum. Terms used and not defined herein have the meanings assigned in the Preliminary Offering Memorandum.

The notes have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction. The notes may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the Securities Act) except in transactions exempt from, or not subject to, the registration requirements of the Securities Act. Accordingly, the notes are being offered only to (1) “qualified institutional buyers” as defined in Rule 144A under the Securities Act and (2) outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act.

Other information (including financial information) presented in the Preliminary Offering Memorandum is deemed to have changed to the extent affected by the changes described herein.

Change in Size of Offering
 
The aggregate principal amount of notes to be issued in the offering increased from $1,000,000,000 to $1,300,000,000 which reflects an increase of $300,000,000 from the aggregate principal amount of notes set forth on the cover page of the Preliminary Offering Memorandum.  The increased net proceeds will be used to redeem an additional amount of the Existing Second Lien Notes and to pay related premiums, fees and expenses.

Annex B-2

Terms Applicable to the Notes

	
			
	Issuers:
	1011778 B.C. Unlimited Liability Company and New Red Finance, Inc.

	Security description:
	5.000% Second Lien Senior Secured Notes due 2025

	Distribution:
	144A/Regulation S without registration rights

	Aggregate principal amount offered:
	$1,300,000,000, which represents an increase of $300,000,000 from the offering size in the Preliminary Offering Memorandum

	Gross proceeds:
	$1,300,000,000

	Maturity:
	October 15, 2025

	Coupon:   
	5.000%

	Issue price:
	100.000%

	Yield to maturity:
	5.000%

	Spread to Benchmark Treasury: 
	+280 bps

	Benchmark Treasury:
	UST 2.25% due November 15, 2025

	Interest payment dates:
	April 15 and October 15, commencing October 15, 2017

	Equity clawback:
	Up to 40% at 105.000% prior to October 15, 2020

	Optional redemption:
	 

	 
	Make-whole call @ T+50 prior to October 15, 2020 then on or after October 15 of the years set forth below:

	 
	On or after:
	Price:

	 
	2020
	102.500%

	 
	2021
	101.250%

	 
	2022 and thereafter
	100.000%

	 
	 
	 

	 
	 

	Change of control:
	Putable at 101% of principal plus accrued and unpaid interest

	Trade date:
	August 8, 2017

	
			
	Settlement:
	We expect that the notes will be delivered to investors in book-entry form through The Depository Trust Company on or about August 28, 2017, which will be fourteen (14) business days following the date of pricing of the notes (this settlement cycle is being referred to as “T + 14”). Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market are

required to settle in three business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes on the date hereof or on the next ten succeeding business days will be required to specify an alternative settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the notes who wish to make such trades should consult their own advisors.

	CUSIP:
	144A:       68245X AE9
Reg S:      C6900P AD1

	ISIN:
	144A:       US68245XAE94 
Reg S:      USC6900PAD18

	Denominations/Multiple:
	2,000 x 1,000

	Ratings*:
	B3 / B-

	Joint Booking-Running Managers:
	J.P. Morgan Securities LLC
Wells Fargo Securities, LLC
Morgan Stanley & Co. LLC
RBC Capital Markets, LLC
Merrill Lynch, Pierce, Fenner & Smith
Incorporated

	Co-Managers:
	Rabo Securities USA, Inc.
HSBC Securities (USA) Inc.
Fifth Third Securities, Inc.
UBS Securities LLC 

	 
	 

__________________
This material is confidential and is for your information only and is not intended to be used by anyone other than you. This information does not purport to be a complete description of these notes or the offering. Please refer to the Preliminary Offering Memorandum for a complete description. 
This communication is being distributed in the United States solely to Qualified Institutional Buyers, as defined in Rule 144A under the Securities Act and outside the United States solely to Non-U.S. persons as defined under Regulation S under the Securities Act.
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction.
*A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded.  Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system.

ANNEX C
Restrictions on Offers and Sales Outside the United States
In connection with offers and sales of Securities outside the United States:
(a)    Each Initial Purchaser acknowledges that the Securities have not been registered under the Securities Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in transactions not subject to, the registration requirements of the Securities Act.  Each Initial Purchaser acknowledges that the distribution of the Securities is being made in the Offering Provinces on a private placement basis, exempt from the prospectus requirements of applicable Canadian Securities Laws, and that the Securities have not been and will not be qualified for distribution (or distribution to the public, as applicable) by prospectus under applicable Canadian Securities Laws.
(b)    Each Initial Purchaser, severally and not jointly, represents, warrants and agrees that:
(i)    Such Initial Purchaser has offered and sold the Securities, and will offer and sell the Securities, (A) as part of their distribution at any time and (B) otherwise until 40 days after the later of the commencement of the offering of the Securities and the Closing Date, only in accordance with Regulation S or Rule 144A or any other available exemption from registration under the Securities Act.
(ii)    None of such Initial Purchaser or any of its affiliates or any other person acting on its or their behalf has engaged or will engage in any directed selling efforts with respect to the Securities, and all such persons have complied and will comply with the offering restrictions requirement of Regulation S.
(iii)    At or prior to the confirmation of sale of any Securities sold in reliance on Regulation S, such Initial Purchaser will have sent to each distributor, dealer or other person receiving a selling concession, fee or other remuneration that purchases Securities from it during the distribution compliance period a confirmation or notice to substantially the following effect:
“The Securities covered hereby have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution at any time or (ii) otherwise until 40 days after the later of the commencement of the offering of the Securities and the date of original issuance of the Securities, except in accordance with Regulation S or Rule 144A or any other available exemption from registration under the Securities Act.  Terms used above have the meanings given to them by Regulation S.”
(iv)    Such Initial Purchaser has not and will not enter into any contractual arrangement with any distributor with respect to the distribution of the Securities, except with its affiliates or with the prior written consent of the Issuers.
Terms used in paragraph (a) and this paragraph (b) and not otherwise defined in this Agreement have the meanings given to them by Regulation S.

Annex C-1

(c)    Each Initial Purchaser acknowledges that no action has been or will be taken by the Issuers that would permit a public offering of the Securities, or possession or distribution of any of the Time of Sale Information, the Offering Memorandum, any Issuer Written Communication or any other offering or publicity material relating to the Securities, in any country or jurisdiction where action for that purpose is required.
(d)    Each Initial Purchaser and its respective affiliates severally agrees that it will offer and sell the Securities to Subsequent Purchasers in Canada in compliance with the requirements of applicable Canadian Securities Laws and only make offers and sales of the Securities in Canada in the Offering Provinces and in such a manner that the sale of the Securities will be exempt from the prospectus requirements of applicable Canadian Securities Laws. For greater certainty, each Initial Purchaser severally agrees that it has not made and will not make an offer of the Securities to any person or company in Canada other than a person or company that is both:
(i)    an “accredited investor” within the meaning of NI 45-106 or, in Ontario, as defined in Section 73.3(1) of the Securities Act (Ontario) (except, in each case, for the criteria set out in paragraph (j), (k) or (l) of such definition in NI 45-106) that is either purchasing the Securities as principal for its own account, or is deemed to be purchasing the Securities as principal for its own account in accordance with Canadian Securities Laws, and that is entitled under Canadian Securities Laws to purchase such Securities without the benefit of a prospectus qualified under such laws; and
(ii)    a “permitted client” as defined in section 1.1 of NI 31-103.  
(e)    Each Initial Purchaser, severally and not jointly, covenants and agrees that it will provide to the Issuers forthwith upon request all such information regarding each purchaser of Securities from it in Canada, including the paragraph number in the definition of “accredited investor” in Section 1.1 of NI 45-106 that applies to each purchaser, as the Issuer may reasonably request in good faith for the purpose of preparing and filing Schedule 1 to a report of exempt distribution on Form 45-106F1 (“Form 45-106F1”) and filed with all applicable Canadian securities regulators in connection with the issuance and sale of the Securities, provided it is acknowledged and agreed that the Initial Purchasers need not provide any information to the Issuers regarding whether any Canadian purchaser is an insider of the Issuers.
(f)    Each Initial Purchaser, severally and not jointly, represents, warrants and agrees that:
(i)    it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the United Kingdom Financial Services and Markets Act 2000 (the “FSMA”)) received by it in connection with the issue or sale of any Securities in circumstances in which Section 21(1) of the FSMA does not apply to the Issuers or the Guarantors; and
(ii)    it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Securities in, from or otherwise involving the United Kingdom.
(g)    Each Initial Purchaser severally agrees that, in relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a “Relevant Member State”), with effect from and including the date on which the Prospectus Directive is implemented in that 

Annex C-2

Relevant Member State, it has not made and will not make an offer of the Securities to the public in that Relevant Member State other than:
(i)    to any legal entity which is a qualified investor as defined in the Prospectus Directive;
(ii)    to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Directive), as permitted under the Prospectus Directive, subject to obtaining the prior consent of the initial purchaser; or
(iii)    in any other circumstances falling within Article 3(2) of the Prospectus Directive.
For the purposes of this provision, the expression an “offer of the Securities to the public” in relation to any Securities in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Securities to be offered so as to enable an investor to decide to purchase or subscribe the Securities, as the same may be varied in that Relevant Member State by any measure implementing the Prospectus Directive in that Relevant Member State, the expression “Prospectus Directive” means Directive 2003/71/EC (and amendments thereto, including Directive 2010/73/EU).

Annex C-3

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