Document:

Third Supplement to Indenture

 Exhibit 10.1 
 THIRD SUPPLEMENT TO INDENTURE 
 This Third Supplement to Indenture (the
“Supplement”) is dated as of May 4, 2011 by and among Carrols Corporation, a Delaware corporation (the “Company”), Fiesta Restaurant Group, Inc., a Delaware corporation (the “Additional
Guarantor”) and The Bank of New York Mellon (formerly known as The Bank of New York), a New York banking corporation, as trustee (the “Trustee”), with respect to the Company’s 9% Senior Subordinated Notes due 2013 (the
“Notes”). Capitalized terms used but not otherwise defined in this Supplement shall have the meanings ascribed to such terms in the Indenture (as defined below), as amended and supplemented from time to time in accordance with its
terms. 
 WHEREAS, the Company, the Subsidiary Guarantors named therein and the Trustee entered into the Indenture, dated as of
December 15, 2004 (the “Indenture”) governing the Notes, as amended by that certain First Supplement to Indenture (the “First Supplement”) dated as of November 29, 2006 by and among the Company, TPAQ
Holding Corporation and the Trustee and as further amended by that certain Second Supplement to Indenture (the “Second Supplement”) dated as of May 29, 2008 by and among the Company, Carrols LLC and the Trustee; 

WHEREAS, pursuant to Section 4.11 of the Indenture, Restricted Subsidiaries of the Company meeting certain qualifications described
therein are required to execute and deliver to the Trustee a supplemental indenture pursuant to which such Restricted Subsidiary will agree to unconditionally guarantee all of the Company’s obligations under the Notes and Indenture as provided
therein; 
 WHEREAS, all acts and requirements necessary to make this Supplement the legal, valid and binding obligation of the
Company and the Additional Guarantor have been completed. 
 NOW, THEREFORE, in consideration of the premises and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree, for the equal and proportionate benefit of all Holders of the Notes, as follows: 

ARTICLE I 

SUBSIDIARY GUARANTY 
 Section 1.01    Guaranty.    The Additional Guarantor hereby (a) unconditionally guarantees, as a Subsidiary Guarantor, all of the Company’s
obligations under the Notes and the Indenture on the terms set forth in Article Eleven of the Indenture and (b) agrees that it shall hereafter be a Subsidiary Guarantor for all purposes under the Indenture. 

 ARTICLE II 
 MISCELLANEOUS PROVISIONS 
 Section
2.01    Instruments to be Read Together.    This Supplement is an indenture supplement to and in implementation of the Indenture, and said Indenture, First Supplement, Second Supplement and this
Supplement shall henceforth be read together. 
 Section
2.02    Confirmation.    The Indenture, amended and supplemented by this Supplement, are in all respects confirmed and preserved. 

Section 2.03    Counterparts.    This Supplement may be executed in any number of
counterparts, each of which, when so executed, shall be deemed to be an original, but all of which shall together constitute one and the same instrument. 
 Section 2.04    Effectiveness.    This Supplement shall become effective immediately upon its execution in accordance with the provisions of the Indenture.

 Section 2.05    GOVERNING LAW.    THIS SUPPLEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW RULES THEREOF. 

Section 2.06    Disclaimer of Trustee’s Responsibility.    In executing this
Supplement, the Trustee shall be entitled to all the privileges and immunities afforded to the Trustee under the terms and provisions of the Indenture. The Trustee makes no representations as to the validity or sufficiency of this Supplement and the
recitals and statements herein are deemed to be those of the Company and Additional Guarantor and not of the Trustee. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Supplement to Indenture to be duly
executed as of the date first above written. 
  

			
	CARROLS CORPORATION
		
	By:	 	/s/ Joseph Zirkman
	Name:	 	Joseph Zirkman
	Title:	 	Vice President

  

			
	FIESTA RESTAURANT GROUP, INC.
		
	By:	 	/s/ Joseph Zirkman
	Name:	 	Joseph Zirkman
	Title:	 	Vice President

  

			
	THE BANK OF NEW YORK MELLON
		
	By:	 	/s/ J. Christopher Howe
	Name:	 	J. Christopher Howe
	Title:	 	Senior Associate

  
 3Joinder Agreement

 Exhibit 10.2 
 JOINDER AGREEMENT 
 THIS JOINDER AGREEMENT, dated as of May 4,
2011 (the “Agreement”), to the Subsidiary Guaranty Agreement (as defined below) and the Pledge Agreement (as defined below) is entered into by and among CARROLS CORPORATION, a Delaware corporation (the “Borrower”),
certain subsidiaries of the Borrower party hereto, CARROLS RESTAURANT GROUP, INC., a Delaware corporation (the “Parent”), FIESTA RESTAURANT GROUP, INC., a Delaware corporation (the “New Subsidiary”) and Wells Fargo
Bank, National Association (successor by merger to Wachovia Bank, National Association), a national banking association, as administrative agent for the Lenders (the “Agent”) under the Loan Agreement referred to below. 

Statement of Purpose 
 Reference is hereby made to the Loan Agreement dated as of March 9, 2007 (as amended by that certain First Amendment to Loan Agreement dated as of July 2, 2007 by and among the Borrower, certain
subsidiaries of the Borrower party thereto, the lenders party thereto and the Agent, and as further amended, restated, supplemented or otherwise modified, the “Loan Agreement”) by and among the Borrower, the lenders who are or may
become party thereto (the “Lenders”) and the Agent. In connection with the Loan Agreement, the Parent, the Borrower and certain of their respective Subsidiaries have entered into that certain pledge agreement dated as of
March 9, 2007 (as amended, restated, supplemented or otherwise modified, the “Pledge Agreement”) and certain Subsidiaries of the Borrower have entered into that certain Subsidiary Guaranty Agreement dated as of March 9,
2007 (as amended, restated, supplemented or otherwise modified from time to time, the “Subsidiary Guaranty Agreement”). 
 On April, 27, 2011, the New Subsidiary became a Subsidiary of the Borrower. In connection therewith and pursuant to Section 8.9 of the Loan Agreement, (a) the New Subsidiary is required
to execute, among other documents, this Agreement in order (i) to become an Obligor and a Subsidiary Guarantor under the Subsidiary Guaranty Agreement and (ii) to become a Pledgor and an Issuer under the Pledge Agreement and (b) the
Borrower, as Pledgor under the Pledge Agreement and owner of the Pledged Stock of the New Subsidiary, is required to execute, among other things, this Agreement, in order to confirm and reaffirm its pledge of one hundred percent (100%) of the
Pledged Stock of the New Subsidiary. 
 NOW THEREFORE, in consideration of the premises and other good and valuable
consideration, the parties hereto hereby agree as follows: 
 Section 1.    Subsidiary Guaranty
Agreement Supplement. 
 (a) The New Subsidiary hereby agrees that by execution of this Agreement it is a Subsidiary
Guarantor under the Subsidiary Guaranty Agreement as if a signatory thereof on the Effective Date, and such New Subsidiary (i) shall comply with, and be subject to, and have the benefit of, all of the terms, conditions, covenants, agreements
and obligations set forth in the Subsidiary Guaranty Agreement and (ii) hereby makes each representation and warranty set forth in the Subsidiary Guaranty Agreement. 
 (b) Each Obligor and the New Subsidiary hereby agrees that (i) each reference to an “Obligor” or “Obligors” in the Loan Agreement and the other Loan Documents shall include the
New Subsidiary, (ii) each reference to a “Subsidiary Guarantor” or “Subsidiary Guarantors” in the Subsidiary Guaranty Agreement and the other Loan Documents shall include the New Subsidiary, and (iii) each reference to
the “Guaranty”, “Guaranties”, “Subsidiary Guaranty Agreement” or “Subsidiary Guaranty” as used in the Loan Agreement, the Subsidiary Guaranty Agreement or the other Loan Documents shall mean the Subsidiary
Guaranty Agreement as supplemented hereby. 

 Section 2.    Pledge Agreement Supplement. 

(a) Joinder to the Pledge Agreement. 
 (i) In order to secure the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations in accordance with the terms of the Loan
Agreement and the other Loan Documents, the Borrower hereby (A) confirms and reaffirms the Security Interests in and to all of the Collateral of the Borrower granted to the Agent, for the ratable benefit of itself and the other Secured Parties,
under the Pledge Agreement and (B) confirms and reaffirms that the Collateral of the Borrower includes one hundred percent (100%) of the Pledged Stock owned by the Borrower in the New Subsidiary (the “Additional Investment
Property”). 
 (ii) The Security Interests are granted as security only and shall not subject the Agent or any Secured
Party to, or transfer to the Agent or any Secured Party, or in any way affect or modify, any obligation or liability of the Borrower or the New Subsidiary with respect to any of the Additional Investment Property or any transaction in connection
therewith. 
 (iii) Each Obligor (including the New Subsidiary) hereby agrees that by execution of this Agreement, the New
Subsidiary is a party to the Pledge Agreement as if a signatory thereof as a Pledgor and an Issuer on the Effective Date, and the New Subsidiary shall (A) comply with, and be subject to, and have the benefit of, all of the terms, covenants,
conditions, agreements and obligations set forth in the Pledge Agreement and (B) hereby makes each representation and warranty set forth in the Pledge Agreement. Each Obligor (including the New Subsidiary) hereby agrees that each reference to a
“Pledgor”, the “Pledgors”, an “Issuer” or the “Issuers” in the Pledge Agreement and the other Loan Documents shall include the New Subsidiary. 

(iv) Each Obligor (including the New Subsidiary) hereby agrees that (A) “Collateral” as used in the Pledge Agreement and
the Loan Agreement shall include all Additional Investment Property pledged pursuant hereto and all Pledged Stock owned by the New Subsidiary, (B) “Investment Property” and “Pledged Stock”, as applicable, as used therein
shall include the Additional Investment Property pledged pursuant hereto and the Pledged Stock owned by the New Subsidiary and (C) “Pledge Agreement” or “Agreement” as used therein shall mean the Pledge Agreement as
supplemented hereby. 
 (b) Further Assurances. The Borrower and the New Subsidiary shall deliver to the Agent such
certificates (if any) and other documents (including, without limitation, stock certificates and stock powers) and take such additional and further action as the Agent shall reasonably request in order to effectuate the terms hereof and the Pledge
Agreement. 
 (c) Acknowledgement and Consent. The New Subsidiary hereby acknowledges receipt of a copy of the Pledge
Agreement, the Subsidiary Guaranty Agreement and the other Loan Documents to which it is a party and agrees for the benefit of the Agent and the Secured Parties to be bound thereby and to comply with the terms thereof insofar as such terms are
applicable to it. 
 (d) Schedules to the Loan Agreement and the Pledge Agreement. Attached hereto as Annex A is
an updated Schedule 6.9 to the Loan Agreement and updated Schedules to the Pledge Agreement, as applicable, setting forth all information required to be provided therein with respect to the New Subsidiary (which information shall be deemed to
have been provided as of the Effective Date). 
 Section 3.    Conditions to
Effectiveness.    Upon the satisfaction of each of the following conditions, this Agreement shall be deemed to be effective as of the date hereof: 

  
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 (a) the Agent shall have received counterparts of this Agreement executed by the Agent, the
Borrower and the other Obligors (including the New Subsidiary); 
 (b) the Agent shall have received all certificated Pledged
Stock of the New Subsidiary, if any, (including, without limitation, the Additional Investment Property) and any other agreement or document required to be delivered pursuant to this Agreement and the Pledge Agreement; 

(c) the Agent shall have received a favorable opinion of counsel to the New Subsidiary, in form and substance satisfactory to the Agent,
with respect to the New Subsidiary, this Agreement, the other Loan Documents to which the New Subsidiary is a party and such other matters as the Agent may reasonably request; 
 (d) the Agent shall have received a certificate of a responsible officer of the New Subsidiary certifying as to the incumbency and genuineness of the signature of each officer of the New Subsidiary
executing Loan Documents to which it is a party and certifying that attached thereto is a true, correct and complete copy of (i) the Organizational Documents of the New Subsidiary and all amendments thereto, certified as of a recent date by the
appropriate Governmental Authority in its jurisdiction of formation, (ii) resolutions duly adopted by the managers, sole member or other governing body of the New Subsidiary authorizing the transactions contemplated hereunder and the execution,
delivery and performance of this Agreement and the other Loan Documents to which it is a party, and (iii) certificates as of a recent date of the good standing of the New Subsidiary under the laws of its jurisdiction of formation; 

(e) the Agent shall have received all certificates of insurance evidencing the existence of all insurance required to be maintained by
the Borrower (including, without limitation, coverage of the New Subsidiary) by the Loan Agreement and the Security Documents, in each case in form and substance reasonably satisfactory to the Agent; 

(f) the Agent shall have been reimbursed for all fees and reasonable out-of-pocket charges and other expenses incurred in connection with
this Agreement (including, without limitation, the reasonable fees and disbursements of counsel for the Agent); and 
 (g) the
Agent shall have received any other agreement or document reasonably requested by the Agent in connection with the execution of this Agreement. 
 Section 4.    Reaffirmation of Security Documents.    By its execution hereof, each Obligor hereby expressly (a) consents to the modifications set
forth in this Agreement and (b) confirms and reaffirms its obligations under the Loan Documents to which it is a party and agrees that the Loan Documents to which it is a party remain in full force and effect and are hereby ratified and
confirmed. 
 Section 5.    General Provisions. 

(a) Representations and Warranties. By its execution hereof, the Borrower hereby certifies, represents and warrants to the Agent
and the Lenders that: 
 (i) each of the representations and warranties set forth in the Loan Agreement and the other Loan
Documents is true and correct in all material respects (except that to the extent that any such representation and warranty is qualified by materiality or material adverse effect, continued accuracy of such representation and warranty shall be in
all respects) as of the date hereof as if fully set forth herein and no Default or Event of Default has occurred and is continuing as of the date hereof. 

  
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 (ii) the Borrower and each of the other Obligors has the necessary power and authority and
has taken all necessary corporate or other action to authorize the execution, delivery and performance of this Agreement and each other document executed in connection herewith to which it is a party in accordance with their respective terms.

 (iii) this Agreement and each other document executed in connection herewith has been duly executed and delivered by the duly
authorized officers of the Borrower and each of the other Obligors, and each such document constitutes the legal, valid and binding obligation of the Borrower and each of the other Obligors, enforceable in accordance with its terms, except as may be
limited by bankruptcy, insolvency and other similar laws and judicial decisions affecting creditors’ rights generally and by general equitable principles. 
 (b) Limited Effect. Except as expressly provided herein, the Loan Agreement and each other Loan Document shall remain unmodified and in full force and effect. This Agreement shall not be deemed
(i) to be a waiver of, or consent to, or a modification or amendment of, any other term or condition of the Loan Agreement or any other Loan Document, (ii) to prejudice any right or rights which the Agent or any Lender may now have or may
have in the future under or in connection with the Loan Agreement or the other Loan Documents or any of the instruments or agreements referred to therein, as the same may be amended or modified from time to time, (iii) to be a commitment or any
other undertaking or expression of any willingness to engage in any further discussion with the Borrower or any other Person with respect to any waiver, amendment, modification or any other change to the Loan Agreement or the Loan Documents or any
rights or remedies arising in favor of the Lenders or the Agent, or any of them, under or with respect to any such documents or (iv) to be a waiver of, or consent to or a modification or amendment of, any other term or condition of any other
agreement by and among the Borrower, on the one hand, and the Agent or any other Lender, on the other hand. References in the Loan Agreement to “this Agreement” (and indirect references such as “hereunder”, “hereby”,
“herein”, and “hereof”) and in any Loan Document to the “Loan Agreement” shall be deemed to be references to the Loan Agreement as modified hereby. 

(c) Costs and Expenses. The Borrower and each other Obligor, jointly and severally, shall pay or reimburse the Agent for all of
its reasonable out-of-pocket costs and expenses incurred in connection with the administration of this Agreement and the other Loan Documents, including, without limitation, the reasonable fees and disbursements of counsel for the Agent (including,
without limitation, in connection with a Lien search (including a search as to judgments, pending, litigation and tax matters) made against the New Subsidiary under the Uniform Commercial Code (or applicable judicial docket) as in effect in each
jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the New Subsidiary, indicating among other things that the assets of such New Subsidiary are
free and clear of any Lien (except Permitted Liens)). 
 (d) Counterparts; Integration; Effectiveness. This Agreement may
be executed in any number of counterparts, all of which taken together shall constitute one and the same agreement and any of the parties hereto may execute this Agreement by signing any such counterpart. This Agreement and the other Loan Documents
constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Delivery of an executed counterpart of a
signature page of this Agreement by telecopy or electronic mail shall be effective as delivery of a manually executed counterpart of this Agreement. 
 (e) Definitions. The following capitalized terms used and not defined herein shall have the meanings given thereto in the Subsidiary Guaranty Agreement: “Subsidiary Guarantor” and
“Subsidiary Guarantors”. The following capitalized terms used and not defined herein shall have the meanings given 

  
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thereto in the Pledge Agreement: “Investment Property”, “Issuer”, “Pledged Stock”, “Pledgor”, “Secured Parties” and “Security
Interest”. All other capitalized terms used and not defined herein shall have the meanings given thereto in the Loan Agreement or the applicable Loan Document referred to therein. 

(f) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE APPLICABLE LAWS OF THE STATE OF NEW
YORK, INCLUDING SECTION 5-1401 AND SECTION 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO THE CONFLICTS OF LAW PRINCIPLES THEREOF. 
 [SIGNATURE PAGES FOLLOW] 

  
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 IN WITNESS WHEREOF the undersigned hereby causes this Agreement to be executed and delivered
as of the date first above written. 
  

			
	NEW SUBSIDIARY:
	
	FIESTA RESTAURANT GROUP, INC., as a Subsidiary Guarantor, Pledgor and Issuer
		
	By:	 	/s/    Joseph Zirkman
	 Name:
	 	Joseph Zirkman
	 Title:
	 	Vice President

  

			
	OBLIGORS:
	
	CARROLS CORPORATION, as Borrower and Pledgor
		
	By:	 	/s/    Joseph Zirkman
	 Name:
	 	Joseph Zirkman
	 Title:
	 	Vice President

  

			
	ACKNOWLEDGED AND AGREED:
	
	CARROLS RESTAURANT GROUP, INC.
	CARROLS REALTY HOLDINGS CORP.
	CARROLS REALTY I CORP.
	POLLO FRANCHISE, INC.
	POLLO OPERATIONS, INC.
	TACO CABANA, INC.
	TC LEASE HOLDINGS III, V AND VI, INC.
	T.C. MANAGEMENT, INC.
	TP ACQUISITION CORP.
		
	By:	 	/s/    Joseph Zirkman
	 Name:
	 	Joseph Zirkman
	 Title:
	 	Vice President

  

			
	GET REAL, INC.
		
	By:	 	/s/    Michael Biviano
	 Name:
	 	Michael Biviano
	 Title:
	 	President and Secretary

 [SIGNATURE
PAGES CONTINUE] 
 [Joinder Agreement – Fiesta Restaurant Group, Inc.] 

  
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	TPAQ HOLDING CORPORATION
		
	By:	 	/s/    Joseph Zirkman
	 Name:
	 	Joseph Zirkman
	 Title:
	 	Vice President

  

			
	TEXAS TACO CABANA, L.P.
	
	By: T.C. Management, Inc., its General Partner
		
	By:	 	/s/    Joseph Zirkman
	 Name:
	 	Joseph Zirkman
	 Title:
	 	Vice President

  

			
	CARROLS LLC
	
	By: CARROLS CORPORATION, its Member
		
	By:	 	/s/    Joseph Zirkman
	 Name:
	 	Joseph Zirkman
	 Title:
	 	Vice President

 [SIGNATURE PAGES
CONTINUE] 
  
  
  

[Joinder Agreement – Fiesta Restaurant Group, Inc.] 

  
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	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Agent
		
	By:	 	/s/    Tim G. Loyd
	 Name:
	 	Tim G. Loyd
	 Title:
	 	Managing Director

  

 
  
  

[Joinder Agreement – Fiesta Restaurant Group, Inc.] 

  
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