Document:

EX-10(B)

 

Exhibit
10(b)

AMENDMENT NO. 1 TO THE

BRIDGE FACILITY CREDIT AGREEMENT,

DATED AS OF FEBRUARY 28, 2006,

among

THE TDL GROUP CORP.,

as Borrower,

TIM HORTONS INC. AND CERTAIN OF ITS SUBSIDIARIES,

as Guarantors,

JPMORGAN CHASE BANK, N.A., TORONTO BRANCH,

as a Lender

and

ROYAL BANK OF CANADA,

as a Lender

 

 

 

AMENDMENT NO. 1, dated as of April 24, 2006

          This AMENDMENT NO. 1 amends the Bridge Facility Credit Agreement, dated as of February 28,
2006 (the “Bridge Credit Agreement”), by and among The TDL Group Corp, as borrower (the
“Borrower”), Tim Hortons Inc. (“THI”) and certain of its Subsidiaries, as
Guarantors, JPMorgan Chase Bank, N.A., Toronto Branch (“JPMorgan Chase”), as a lender, and
Royal Bank of Canada (“RBC”), as a lender (JPMorgan Chase and RBC shall each be referred to
herein as a “Lender” and collectively as the “Lenders”).

WITNESSETH:

          WHEREAS, the parties hereto wish to amend Section 5.11(a) and (b) of the
Bridge Credit Agreement to reflect the original intent of the parties that the threshold levels for
the financial covenants described in such clauses will adjust with the new thresholds first
applying with respect to THI’s second Fiscal Quarter of 2006, and for any subsequent Fiscal
Quarter.

          NOW, THEREFORE, the parties hereto hereby agree as follows:

ARTICLE I

DEFINITIONS

          SECTION 1.1 Definitions. For all purposes of this Amendment No. 1, except as
otherwise expressly provided herein or unless the context otherwise requires, capitalized terms
used herein shall have the meanings assigned to such terms in the Bridge Credit Agreement, which is
incorporated by reference herein. Each reference to “hereof”, “hereunder”, “herein” and “hereby”
and each other similar reference and each reference to “this Agreement” and each other similar
reference contained in the Bridge Credit Agreement shall, from and after the date hereof, refer to
the Bridge Credit Agreement, as amended hereby.

ARTICLE II

AMENDMENTS

TO BRIDGE CREDIT AGREEMENT

          SECTION 2.1 Section 5.11(a) of the Bridge Credit Agreement. Section 5.11(a)
of the Bridge Credit Agreement is hereby deleted in its entirety and the following is substituted
in its stead:

 

 

     “(a) Consolidated Total Debt to Consolidated EBITDA: THI and its Subsidiaries
will not permit, as at the end of each Fiscal Quarter, the ratio of Consolidated Total Debt
as at the end of such Fiscal Quarter to Consolidated EBITDA for the Rolling Period then
ended, to exceed (i) 3.50:1.00 in respect of the first Fiscal Quarter ending after the
Closing Date (THI’s first Fiscal Quarter, ending April 2, 2006), or (ii) 2.50:1.00 in
respect of the second Fiscal Quarter ending after the Closing Date (THI’s second Fiscal
Quarter, ending July 2, 2006) and in respect of any subsequent Fiscal Quarters.”

     SECTION 2.2 Section 5.11(b) of the Bridge Credit Agreement. Section 5.11(b)
of the Bridge Credit Agreement is hereby deleted in its entirety and the following is substituted
in its stead:

     “(b) Fixed Charge Coverage Ratio. THI and its Subsidiaries will not permit, as
at the end of each Fiscal Quarter, the ratio of Consolidated EBITDAR to Consolidated Fixed
Charges for the Rolling Period then ended, to be less than (i) 2.25:1.00 in respect of the
first Fiscal Quarter ending after the Closing Date (THI’s first Fiscal Quarter, ending April
2, 2006), or (ii) 2.75:1.00 in respect of the second Fiscal Quarter ending after the Closing
Date (THI’s second Fiscal Quarter, ending July 2, 2006) and in respect of any subsequent
Fiscal Quarters.”

ARTICLE III

MISCELLANEOUS

     SECTION 3.1 Effectiveness. This Amendment No. 1 shall be effective retroactively as
of February 28, 2006 (the “Effective Date”) upon receipt by the Lenders of a copy of this
Amendment No. 1 duly executed by the Borrower and each Lender.

     SECTION 3.2 Execution in Counterparts. This Amendment No. 1 may be executed in any
number of counterparts and by different parties hereto in separate counterparts, each of which when
so executed shall be deemed to be an original and all of which taken together shall constitute one
and the same agreement.

     SECTION 3.3 Headings. Headings used in this Amendment No. 1 are for convenience of
reference only and shall not affect the construction of this Amendment No. 1.

     SECTION 3.4 Reaffirmation of Bridge Credit Agreement. The parties hereto agree and
acknowledge that nothing contained in this Amendment No. 1 in any manner or respect limits or
terminates any of the provisions of the Bridge Credit Agreement other than as expressly set forth
herein and further agree and acknowledge that the Bridge Credit Agreement remains and continues in
full force and effect and is hereby ratified and reaffirmed in all respects, as modified by the
terms set forth herein. None of the terms and conditions of this Amendment No. 1 may be changed,
waived, modified or varied in any manner, whatsoever, except in accordance with the Bridge Credit
Agreement.

 

 

          SECTION 3.5 Authorization. The Borrower represents and warrants to the Lenders that
this Amendment No. 1 has been duly authorized by all necessary corporate action on the part of the
Borrower and has been duly executed and delivered by the Borrower to the Lenders.

          SECTION 3.6 Reaffirmation of Guarantees. Each Guarantor hereby agrees and
acknowledges that the Guarantee provided by such Guarantor remains and continues in full force and
effect and is hereby ratified and reaffirmed in all respects.

          SECTION 3.7 Governing Law. THIS AMENDMENT NO. 1 SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE PROVINCE OF ONTARIO.

          SECTION 3.8 Expenses. The Borrower hereby agrees to pay all reasonable out-of-pocket
expenses incurred by the Lenders and their Affiliates in connection with this Amendment No. 1 in
accordance with Section 9.3(a) of the Bridge Credit Agreement.

          SECTION 3.9 Officer’s Certificate. The Borrower and THI shall, on or before one (1)
Business Day after the execution of this Amendment No. 1, provide to the Lenders an amendment
certificate in the form of Exhibit A hereto. Failure to provide such certificate shall constitute
an Event of Default under the Bridge Credit Agreement.

[Balance of page intentionally left blank. Signature page follows.]

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to be executed and
delivered by their proper and duly authorized officers as of the first date set forth above.

	 	 	 	 	 
	 	THE TDL GROUP CORP., as Borrower

 	 
	 	By:  	/s/ Cynthia J. Devine
 	 
	 	Printed Name:  Cynthia J. Devine 	 
	 	Title:  Executive Vice President and Chief
Financial Officer 	 
	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A., TORONTO BRANCH

 	 
	 	By:  	/s/ Paul R. DeMelo
 	 
	 	Print Name:  Paul R. DeMelo 	 
	 	Title:  Managing Director 	 
	 

	 	 	 	 	 
	 	

ROYAL BANK OF CANADA

 	 
	 	By:  	/s/ Kevin P. Adams
 	 
	 	Print Name:  Kevin P. Adams 	 
	 	Title:  Authorized Signatory 	 
	 

ACKNOWLEDGED AND AGREED:

	 	 	 	 	 
	THE TDL GROUP, as Guarantor	 	 
	 
	 	 	 	 
	By:

	 	/s/ Cynthia J. Devine	 	 
	 

	 	 	 	 
	Print Name: Cynthia J. Devine	 	 
	Title: Chief Financial Officer	 	 
	 
	 	 	 	 
	THE TDL MARKS CORPORATION,

as Guarantor	 	 
	 
	 	 	 	 
	By:

	 	/s/ Marvin Shahin	 	 
	 

	 	 	 	 
	Print Name: Marvin Shahin	 	 
	Title: Director	 	 

 

 

	 	 	 	 	 
	TIM HORTONS INC., as Guarantor	 	 
	 
	 	 	 	 
	By:

	 	/s/ Jonathan F. Catherwood	 	 
	 

	 	 	 	 
	Print Name: Jonathan F. Catherwood	 	 
	Title: Vice President	 	 

 

 

EXHIBIT A

FORM OF AMENDMENT CERTIFICATE

	 	 	 	 	 
	TO:	 	JPMORGAN CHASE BANK, N.A., TORONTO BRANCH, and ROYAL BANK OF CANADA
	 
	 	 	 	 
	RE:	 	Bridge Facility Credit agreement dated as of February 28, 2006 (as
amended, supplemented or otherwise modified from time to time, the
“Bridge Credit Agreement”), among The TDL Group Corp., as borrower
(the “Borrower”), Tim Hortons Inc. (“THI”) and certain of its
Subsidiaries as guarantors, JPMorgan Chase Bank, N.A., Toronto Branch
and Royal Bank of Canada, as Lenders.
	 
	 	 	 	 
	 	 	We hereby certify, after due and careful investigation, that:
	 
	 	 	 	 
	 

	 	(i)
	 	each of the representations and warranties made by the Borrower
and THI in the Credit Agreement are true and correct on and as of the date
hereof except to the extent that (i) any change to the representations and
warranties has been disclosed to and accepted by the Lenders, or (ii) any
representation and warranty is stated to be made as of a particular time; and
	 
	 	 	 	 
	 

	 	(ii)
	 	on and as of the date hereof, no Default has occurred and is
continuing.

          All terms defined in the Bridge Credit Agreement and used herein have the meanings given to
them by the Bridge Credit Agreement.

          DATED: April ___, 2006

	 	 	 	 	 
	 	THE TDL GROUP CORP.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	TIM HORTONS INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:EX-10(A)

 

Exhibit 10(a)

AMENDMENT NO. 1 TO THE

SENIOR FACILITIES CREDIT AGREEMENT,

DATED AS OF FEBRUARY 28, 2006,

among

THE TDL GROUP CORP.,

as Canadian Borrower,

TIM HORTONS INC.,

as U.S. Borrower,

THE LENDERS FROM TIME TO TIME PARTIES THERETO,

as Lenders,

JPMORGAN CHASE BANK, N.A., TORONTO BRANCH and

THE BANK OF NOVA SCOTIA,

as Canadian Co-Administrative Agents,

JPMORGAN CHASE BANK, N.A.,

as U.S. Administrative Agent

ROYAL BANK OF CANADA,

as Syndication Agent

BANK OF MONTREAL and THE TORONTO-DOMINION BANK,

as Co-Documentation Agents

and

J.P. MORGAN SECURITIES CANADA INC. and THE BANK OF NOVA SCOTIA,

as Co-Lead Arrangers and Joint Bookrunners

 

 

 

AMENDMENT NO. 1, dated as of April 24, 2006

          This AMENDMENT NO. 1 amends the Senior Facilities Credit Agreement, dated as of February 28,
2006 (the “Senior Credit Agreement”), by and among The TDL Group Corp, as Canadian Borrower
(the “Canadian Borrower”), Tim Hortons Inc., as U.S. Borrower (the “U.S.
Borrower”), the lenders party thereto from time to time (collectively, the “Lenders”),
JPMorgan Chase Bank, N.A., Toronto Branch, as Canadian Co-Administrative Agent, and The Bank of
Nova Scotia, as Canadian Co-Administrative Agent and Issuing Bank, JPMorgan Chase Bank, N.A., as
U.S. Administrative Agent and Issuing Bank, Royal Bank of Canada, as Syndication Agent, Bank of
Montreal and The Toronto-Dominion Bank, as Co-Documentation Agents, and J.P. Morgan Securities
Canada Inc. and The Bank of Nova Scotia, as Co-Lead Arrangers and Joint Bookrunners.

WITNESSETH:

          WHEREAS, the parties hereto wish to amend Section 5.11(a) and (b) of the
Senior Credit Agreement to reflect the original intent of the parties that the threshold levels for
the financial covenants described in such clauses will adjust with the new thresholds first
applying with respect to the U.S. Borrower’s second Fiscal Quarter of 2006, and for any subsequent
Fiscal Quarter.

          NOW, THEREFORE, the parties hereto hereby agree as follows:

ARTICLE I

DEFINITIONS

          SECTION 1.1 Definitions. For all purposes of this Amendment No. 1, except as
otherwise expressly provided herein or unless the context otherwise requires, capitalized terms
used herein shall have the meanings assigned to such terms in the Senior Credit Agreement, which is
incorporated by reference herein. Each reference to “hereof”, “hereunder”, “herein” and “hereby”
and each other similar reference and each reference to “this Agreement” and each other similar
reference contained in the Senior Credit Agreement shall, from and after the date hereof, refer to
the Senior Credit Agreement, as amended hereby.

ARTICLE II

AMENDMENTS

TO SENIOR CREDIT AGREEMENT

          SECTION 2.1 Section 5.11(a) of the Senior Credit Agreement. Section 5.11(a)
of the Senior Credit Agreement is hereby deleted in its entirety and the following is substituted
in its stead:

 

 

     “(a) Consolidated Total Debt to Consolidated EBITDA: The U.S. Borrower will
not permit, as at the end of each Fiscal Quarter, the ratio of Consolidated Total Debt as at
the end of such Fiscal Quarter to Consolidated EBITDA for the Rolling Period then ended, to
exceed (i) 3.50:1.00 in respect of the first Fiscal Quarter ending after the Closing Date
(the U.S. Borrower’s first Fiscal Quarter, ending April 2, 2006), or (ii) 2.50:1.00 in
respect of the second Fiscal Quarter ending after the Closing Date (the U.S. Borrower’s
second Fiscal Quarter ending July 2, 2006) and in respect of any subsequent Fiscal
Quarters.”

          SECTION 2.2 Section 5.11(b) of the Senior Credit Agreement. Section 5.11(b)
of the Senior Credit Agreement is hereby deleted in its entirety and the following is substituted
in its stead:

     “(b) Fixed Charge Coverage Ratio. The U.S. Borrower and its Subsidiaries will
not permit, as at the end of each Fiscal Quarter, the ratio of Consolidated EBITDAR to
Consolidated Fixed Charges for the Rolling Period then ended, to be less than (i) 2.25:1.00
in respect of the first Fiscal Quarter ending after the Closing Date (the U.S. Borrower’s
first Fiscal Quarter, ending April 2, 2006), or (ii) 2.75:1.00 in respect of the second
Fiscal Quarter ending after the Closing Date (the U.S. Borrower’s second Fiscal Quarter
ending July 2, 2006) and in respect of any subsequent Fiscal Quarters.”

ARTICLE III

MISCELLANEOUS

          SECTION 3.1 Effectiveness. This Amendment No. 1 shall be effective retroactively as
of February 28, 2006 (the “Effective Date”) upon receipt by the Administrative Agents of a
copy of this Amendment No. 1, duly executed by the Canadian Borrower, the U.S. Borrower, the
Administrative Agents and the Required Lenders.

          SECTION 3.2 Execution in Counterparts. This Amendment No. 1 may be executed in any
number of counterparts and by different parties hereto in separate counterparts, each of which when
so executed shall be deemed to be an original and all of which taken together shall constitute one
and the same agreement.

          SECTION 3.3 Headings. Headings used in this Amendment No. 1 are for convenience of
reference only and shall not affect the construction of this Amendment No. 1.

          SECTION 3.4 Reaffirmation of Senior Credit Agreement. The parties hereto agree and
acknowledge that nothing contained in this Amendment No. 1 in any manner or respect limits or
terminates any of the provisions of the Senior Credit Agreement other than as expressly set forth
herein and further agree and acknowledge that the Senior Credit Agreement remains and continues in
full force and effect and is hereby ratified and reaffirmed in all respects, as modified by the
terms set forth herein. None of the terms and conditions of this

 

 

Amendment No. 1 may be changed, waived, modified or varied in any manner, whatsoever, except
in accordance with the Senior Credit Agreement.

          SECTION 3.5 Authorization. Each Borrower represents and warrants to the
Administrative Agents and the Lenders that this Amendment No. 1 has been duly authorized by all
necessary corporate action on the part of such Borrower and has been duly executed and delivered by
such Borrower to the Administrative Agents on behalf of the Lenders.

          SECTION 3.6 Reaffirmation of Guarantees. Each Guarantor hereby agrees and
acknowledges that the Guarantee provided by such Guarantor remains and continues in full force and
effect and is hereby ratified and reaffirmed in all respects.

          SECTION 3.7 Governing Law. THIS AMENDMENT NO. 1 SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE PROVINCE OF ONTARIO.

          SECTION 3.8 Expenses. Each Borrower hereby agrees to pay all reasonable out-of-pocket
expenses incurred by the Administrative Agents and their Affiliates in connection with this
Amendment No. 1 in accordance with Section 9.3(a) of the Senior Credit Agreement.

          SECTION 3.9 Officer’s Certificate. The Canadian Borrower and the U.S. Borrower shall,
on or before one (1) Business Day after the execution of this Amendment No. 1, provide to the
Administrative Agents an amendment certificate in the form of Exhibit A hereto. Failure to provide
such certificate shall constitute an Event of Default under the Senior Credit Agreement.

[Balance of page intentionally left blank. Signature page follows.]

 

 

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to be executed and
delivered by their proper and duly authorized officers as of the first date set forth above.

	 	 	 	 	 
	 	 	THE TDL GROUP CORP., as Canadian Borrower
	 
	 	 	 	 
	 

	 	By:
	 	     /s/ Cynthia J. Devine
	 

	 	 	 	 
	 	 	Printed Name: Cynthia J. Devine
	 	 	Title: Chief Financial Officer
	 
	 	 	 	 
	 	 	TIM HORTONS INC., as U.S. Borrower
	 
	 	 	 	 
	 

	 	By:
	 	     /s/ Jonathan F. Catherwood
	 

	 	 	 	 
	 	 	Printed Name: Jonathan F. Catherwood
	 	 	Title: Vice President
	 
	 	 	 	 
	 	 	JPMORGAN CHASE BANK,
N.A., TORONTO BRANCH, as Canadian Co-Administrative Agent and Lender
	 
	 	 	 	 
	 

	 	By:
	 	     /s/ Paul R. DeMelo
	 

	 	 	 	 
	 	 	Print Name: Paul R. DeMelo
	 	 	Title: Managing Director
	 
	 	 	 	 
	 	 	THE BANK OF NOVA
SCOTIA, as Canadian Co-Administrative Agent and Lender
	 
	 	 	 	 
	 

	 	By:
	 	     /s/ P. Armstrong
	 

	 	 	 	 
	 	 	Print Name: P.
Armstrong
	 	 	Title: Vice President
	 
	 	 	 	 
	 	 	JPMORGAN CHASE BANK,
N.A., as U.S. Administrative Agent and Lender
	 
	 	 	 	 
	 

	 	By:
	 	     /s/ Jason A. Rastovski
	 

	 	 	 	 
	 	 	Print Name: Jason A. Rastovski
	 	 	Title: Vice President

 

 

	 	 	 	 	 
	 	 	ROYAL BANK OF CANADA, as a Lender
	 
	 	 	 	 
	 

	 	By:
	 	     /s/ Kevin P. Adams
	 

	 	 	 	 
	 	 	Print Name: Kevin P. Adams
	 	 	Title: Authorized Signatory
	 
	 	 	 	 
	 

	 	By:
	 	     /s/ Suzanne Kaicher
	 

	 	 	 	 
	 	 	Print Name: Suzanne Kaicher
	 	 	Title: Attorney-In-Fact
	 
	 	 	 	 
	 	 	BANK OF MONTREAL, as a Lender
	 
	 	 	 	 
	 

	 	By:
	 	     /s/
Ben B. Ciallella
	 

	 	 	 	 
	 	 	Print Name: Ben Ciallella
	 	 	Title: Vice President
	 
	 	 	 	 
	 	 	THE TORONTO-DOMINION
BANK, as a Lender
	 
	 	 	 	 
	 

	 	By:
	 	     /s/ Rohan Appadurai
	 

	 	 	 	 
	 	 	Print Name: Rohan Appadurai
	 	 	Title: Managing Director
	 
	 	 	 	 
	 	 	TORONTO DOMINION
(TEXAS) LLC, as a Lender
	 
	 	 	 	 
	 

	 	By:
	 	     /s/ Jim Bridwell
	 

	 	 	 	 
	 	 	Print Name: Jim Bridwell
	 	 	Title: Authorized Signatory
	 
	 	 	 	 
	 	 	CANADIAN IMPERIAL BANK
OF COMMERCE, as a Lender
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 	 	Print Name:
	 	 	Title:
	 
	 	 	 	 
	 	 	CIBC INC., as a Lender

 

 

	 	 	 	 	 
	 	 	 
	 	By:  	 	 
	 	Print Name:	 
	 	Title:  	 	 
	 
	 	NATIONAL CITY BANK, CANADA
BRANCH, as a Lender
 	 
	 	By:  	/s/ Caroline Stade 	 
	 	Print Name:	  Caroline Stade 	 
	 	Title:  	  Vice President	 
	 
	 	 	 
	 	By:  	/s/ G. W. Hines 	 
	 	Print Name:	  G. W. Hines 	 
	 	Title:  	  Senior Vice President 	 
	 
	 	NATIONAL CITY BANK, as a Lender

 	 
	 	By:  	/s/ Thomas E. Redmond 	 
	 	Print Name:	  Thomas E. Redmond 	 
	 	Title:  	  Senior Vice President 	 
	 
	 	RABOBANK NEDERLAND, CANADIAN
BRANCH, as a Lender
 	 
	 	By:  	/s/ Rommel J. Domingo 	 
	 	Print Name:	  Rommel J. Domingo 	 
	 	Title:  	  Vice President 	 
	 
	 	 	 
	 	By:  	/s/ Kurram Rahman-Khan
 	 
	 	Print Name:	  Kurram Rahman-Khan 	 
	 	Title:  	  Executive Director	 
	 
	 	COOPERATIEVE CENTRALE

RAIFFEISEN-BOERENLEENBANK B.A., NEW YORK

BRANCH, as a Lender

 	 
	 	By:  	/s/ Brett Delfino 	 
	 	Print Name:	  Brett Delfino 	 
	 	Title:  	  Executive Director	 
	 
	 	 	 
	 	By:  	/s/ Ian Reece 	 
	 	Print Name:	  Ian Reece 	 
	 	Title:  	  Managing Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	FIFTH THIRD BANK, as a Lender
 	 
	 	By:  	 	 
	 	Print Name:	 	 
	 	Title:  	 	 
	 
	 	FIFTH THIRD BANK, AN OHIO BANKING CORPORATION, as a Lender

 	 
	 	By:  	 	 
	 	Print Name:	 	 
	 	Title:  	 	 
	 
	 	LASALLE COMMERCIAL LENDING, A DIVISION OF ABN AMRO BANK N.V., CANADA BRANCH, as a Lender

 	 
	 	By:  	 	 
	 	Print Name:	 	 
	 	Title:  	 	 
	 
	 	LASALLE BANK MIDWEST N.A., as a Lender

 	 
	 	By:  	/s/ Lauren R. Fusco 	 
	 	Print Name:	  Lauren R. Fusco	 
	 	Title:  	  First Vice President	 
	 
	 	GOLDMAN SACHS CREDIT PARTNERS L.P.,

as a Lender

 	 
	 	By:  	/s/ Pedro Ramirez 	 
	 	Print Name:	  Pedro Ramirez 	 
	 	Title:  	  Authorized Signatory 	 
	 
	 	HUNTINGTON NATIONAL BANK, as a Lender
 	 
	 	By:  	/s/ John M. Luehmann
 	 
	 	Print Name:	  John M. Luehmann 	 
	 	Title:  	  Vice President 	 
	 

 

 

	 	 	 	 	 
	ACKNOWLEDGED AND AGREED:	 	 
	 
	 	 	 	 
	THE THD GROUP, LLC, as Guarantor	 	 
	 
	 	 	 	 
	By:

	 	     /s/ Jonathan F. Catherwood	 	 
	 

	 	 	 	 
	Print Name: Jonathan F. Catherwood	 	 
	Title: Executive Vice President	 	 
	 
	 	 	 	 
	THE TDL GROUP, as Guarantor	 	 
	 
	 	 	 	 
	By:

	 	     /s/ Cynthia J. Devine	 	 
	 

	 	 	 	 
	Print Name: Cynthia J. Devine	 	 
	Title: Chief Financial Officer	 	 
	 
	 	 	 	 
	THE TDL MARKS
CORPORATION, as Guarantor	 	 
	 
	 	 	 	 
	By:

	 	     /s/ Marvin Shahin	 	 
	 

	 	 	 	 
	Print Name: Marvin Shahin	 	 
	Title: Director	 	 
	 
	 	 	 	 
	TIM HORTONS INC., as Guarantor	 	 
	 
	 	 	 	 
	By:

	 	     /s/ Jonathan F. Catherwood	 	 
	 

	 	 	 	 
	Print Name: Jonathan F. Catherwood	 	 
	Title: Vice President	 	 

 

 

EXHIBIT A

FORM OF AMENDMENT CERTIFICATE

	 	 	 	 	 
	TO:	 	JPMORGAN CHASE BANK, N.A., JPMORGAN CHASE BANK, N.A., TORONTO BRANCH,
and THE BANK OF NOVA SCOTIA
	 
	 	 	 	 
	RE:	 	Senior Facilities Credit Agreement dated as of February 28, 2006 (as
amended, supplemented or otherwise modified from time to time, the
“Senior Credit Agreement”), among Tim Hortons Inc. as U.S. Borrower
(the “U.S. Borrower”), The TDL Group Corp. as Canadian Borrower (the
“Canadian Borrower”), JPMorgan Chase Bank N.A. and The Bank of Nova
Scotia, as Co-Canadian Administrative Agents, JPMorgan Chase Bank N.A.
as U.S. Administrative Agent and the Lenders now or hereafter parties
thereto.
	 
	 	 	 	 
	 	 	We hereby certify, after due and careful investigation, that:
	 
	 	 	 	 
	 

	 	(i)
	 	each of the representations and warranties made by the
Borrowers in the Credit Agreement are true and correct on and as of the date
hereof except to the extent that (i) any change to the representations and
warranties has been disclosed to the Administrative Agents and accepted by the
Required Lenders, or (ii) any representation and warranty is stated to be made
as of a particular time; and
	 
	 	 	 	 
	 

	 	(ii)
	 	on and as of the date hereof, no Default has occurred and is
continuing.

             All terms defined in the Credit Agreement and used herein have the meanings given to them by
the Credit Agreement.

             DATED: April ___, 2006

	 	 	 	 	 
	 	 	TIM HORTONS INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 	 	Name:
	 	 	Title:
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 	 	Name:
	 	 	Title:

 

 

	 	 	 	 	 
	 	 	THE TDL GROUP CORP.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 	 	Name:
	 	 	Title:
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 	 	Name:
	 	 	Title:

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