EXHIBIT 4.3
AGREEMENT
REGARDING CROSS-COLLATERALIZATION
AND CROSS-DEFAULT PROVISIONS
THIS AGREEMENT REGARDING CROSS-COLLATERALIZATION AND CROSS-DEFAULT
PROVISIONS (this "Agreement") is entered into as of the 26th day of June 1996
by and among FFCA ACQUISITION CORPORATION, a Delaware corporation ("FFCA"),
ARBY'S RESTAURANT DEVELOPMENT CORPORATION, a Delaware corporation ("ARDC"),
ARBY'S RESTAURANT HOLDING COMPANY, a Delaware corporation ("ARHC"), and
ARBY'S, INC., a Delaware corporation ("Arby's") (ARDC, ARHC and Arby's are
referred to collectively as "Borrowers").
PRELIMINARY STATEMENT:
FFCA and Borrowers have entered into, and may enter into in the future,
certain loan and/or sale/leaseback transactions ("Borrower Transactions") with
respect to the development, acquisition and/or financing of restaurant
properties. FFCA and/or its affiliates and affiliates of Borrowers may have
entered into, and may enter into in the future, certain loan and/or
sale/leaseback transactions ("Affiliate Transactions") with respect to the
development, acquisition and/or financing of restaurant properties (the
Borrower Transactions and the Affiliate Transactions are referred to
collectively as the "Transactions"). All of the Transactions other than those
Transactions involving the Securitized Loans (as defined below) are referred
to herein as the "Excluded Transactions."
FFCA intends to convey certain mortgage loans and, if applicable, the
corresponding equipment loans (collectively, the "Securitized Loans") in
connection with a securitization of assets (the "Securitization"), which
Securitized Loans are identified by loan number and address of the
corresponding property on Exhibit A attached hereto.
Certain of the documents evidencing the Securitized Loans include (i)
cross-default provisions whereby a default under Securitized Loan documents
can create or be declared to be a default under the documents evidencing the
Excluded Transactions, (ii) cross-collateralization provisions which provide
that real and personal property securing the obligations of Borrowers under
the Securitized Loans also secure the obligations of Borrowers and/or
affiliates of Borrowers under one or more of the Excluded Transactions, and
(iii) cross-collateralization provisions which provide that real and personal
property securing the obligations of Borrowers and/or affiliates of Borrowers
under the Excluded Transactions also secure the obligations of Borrowers under
one or more of the Securitized Loans.
In connection with the Securitization, FFCA and Borrowers, and their
respective affiliates, as applicable, desire to establish that a default under
the documents evidencing the Excluded Transactions will not constitute a
default under the documents evidencing the Securitized Loans, that no real and
personal property which is security for Securitized Loans
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shall secure the obligations of Borrowers and/or their affiliates under
Excluded Transactions, and that no real and personal property which is
security for Excluded Transactions shall secure the obligations of Borrowers
under Securitized Loans.
AGREEMENT:
FFCA and Borrowers agree as follows:
Section 1. Events of Default. No default, event of default or similar
occurrence (however defined or described, an "Event of Default") under any
document evidencing one or more of the Excluded Transactions shall be or cause
any Event of Default under any document evidencing one or more of the
Securitized Loans. Notwithstanding the foregoing:
(i) an Event of Default under any document evidencing one or more
of the Excluded Transactions shall be and continue to constitute an
Event of Default under all other Excluded Transactions; and
(ii) an Event of Default under any document evidencing one or more
of the Securitized Loans shall be and continue to constitute an Event of
Default under all Securitized Loans and all Excluded Transactions,
to the same extent as if this Agreement had never been entered into.
Section 2. Cross-Collateralization. No real and personal property
described as collateral in the applicable granting clauses of the documents
evidencing Securitized Loans shall secure the obligations of Borrowers and/or
their affiliates under the Excluded Transactions, and no real and personal
property described as collateral in the applicable granting clauses of the
documents evidencing Excluded Transactions shall secure the obligations of
Borrowers under the Securitized Loans.
Section 3. Ratification. Except as otherwise set forth in this Agreement,
the documents evidencing the Transactions which are outstanding as of the date
of this Agreement are unmodified and in full force and effect.
Section 4. Miscellaneous.
(a) Severability. The provisions of this Agreement shall be deemed
severable. If any part of this Agreement shall be held unenforceable, the
remainder shall remain in full force and effect, and such unenforceable
provision shall be reformed by such court so as to give maximum legal effect
to the intention of the parties as expressed therein.
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2
(b) Other Documents. Each of the parties agrees to sign such other and
further documents as may be reasonably appropriate to carry out the intentions
expressed in this Agreement.
(c) Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original.
(d) Binding Effect. This Agreement shall be binding upon and inure to
the benefit of FFCA, Borrowers and the undersigned affiliate of Borrowers, and
their successors and permitted assigns, including, without limitation, any
United States trustee, any debtor-in-possession or any trustee appointed from
a private panel.
(e) Joinder by Affiliate of Borrowers. The undersigned affiliate of
Borrowers is joining in the execution of this Agreement for the purpose of
acknowledging and agreeing to the terms and conditions of this Agreement.
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IN WITNESS WHEREOF, FFCA and Borrowers have entered into this Agreement
as of the date first written above.
FFCA ACQUISITION CORPORATION, a
Delaware corporation
By /s/ XXXXXX X. XXXXX
Xxxxxx X. Xxxxx
Senior Vice President and
General Counsel
ARBY'S RESTAURANT DEVELOPMENT
CORPORATION, a Delaware corporation
By /s/ XXXXXXXX X. MAY
Printed Name Xxxxxxxx X. May
Its Vice President
ARBY'S RESTAURANT HOLDING COMPANY,
a Delaware corporation
By /s/ XXXXXXX X. XXXXXXX
Printed Name Xxxxxxx X. Xxxxxxx
Its Vice President
ARBY'S, INC., a Delaware corporation
By /s/ XXXXXXX X. XXXXXXX
Printed Name Xxxxxxx X. Xxxxxxx
Its Vice President
Acknowledged and agreed to by:
TRIARC COMPANIES, INC., a Delaware
corporation
By /s/ XXXX X. XXXXXX
Printed Name Xxxx X. Xxxxxx
Its Sr. Vice President, Corp. Finance
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EXHIBIT A
SECURITIZED LOANS
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EXHIBIT A
SECURITIZED LOANS
ARBY'S RESTAURANT DEVELOPMENT CORPORATION
==============================================================================
LOAN PROPERTY
NUMBER ADDRESS CITY STATE ZIP
==============================================================================
------------------------------------------------------------------------------
8000-3769 0000 Xxxxxxx 000 Xxxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3761 0000 Xxxxxx Xxxxx Xx. Xxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3725 00000 Xxxxxx Xxxx Xxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3726 0000 Xxxxxxxxx Xx. Xxxx XX 00000
------------------------------------------------------------------------------
8000-3728 00000 Xxxx Xx. Xxxxxx Xxxx XX 00000
------------------------------------------------------------------------------
8000-3729 00000 Xxxxxxxx Xxx. Xxxxx XX 00000
------------------------------------------------------------------------------
8000-3731 00000 Xxxxxxxxx Xx. Xxxxxx XX 00000
------------------------------------------------------------------------------
8000-3735 00000 Xxxxxxxxxx Xx. Xxxxx Xxxx XX 00000
------------------------------------------------------------------------------
8000-3736 0000 X. Xxxxxxxxx Xx. Xxxxxx XX 00000
------------------------------------------------------------------------------
8000-3740 00000 Xxxxxxxxxx Xx. Xxxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3746 00000 Xxxx Xx. Xxxxxx Xxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3777 000 XxXxxx XX Xxxx Xxxx XX 00000
------------------------------------------------------------------------------
8000-3734 000 X. Xxxxx Xx. Xxxxxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3741 0000 Xxxxxx Xxxx. Xxxxxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3743 0000 Xxxxxxxxxxx Xx. Xxxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3744 0000 Xxxxxx Xxx. Xxxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3753 000 Xxxxxxxxxx Xx. Xxxxxx Xxxx XX 00000
------------------------------------------------------------------------------
8000-3766 0000 X Xxxxxxxxxx Xx. Xxxx XX 00000
------------------------------------------------------------------------------
8000-3767 0000 X. Xxxxxxx Xx. Xxxxxx XX 00000
------------------------------------------------------------------------------
8000-4149 000 X. Xxx Xxxxx Xx. Xxxx XX 00000
------------------------------------------------------------------------------
8000-3768 0000 X. Xxxxxx Xx. Xxxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3780 0000 X. Xxxx Xx. Xxxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3783 0000 X. XX Xxx. 00 Xxxxxx XX 00000
------------------------------------------------------------------------------
8000-3957 000 Xxxxxxx Xx. Xxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3962 0000 X. Xxxxx Xx. Xxxxxx Xxxxxx XX 00000
------------------------------------------------------------------------------
8000-3723 00 Xxxxxxxx Xxxxxxxx Xx. Xxxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3724 0000 Xxxxxxxxxx Xx. Xxxxxxx Xxx. XX 00000
------------------------------------------------------------------------------
8000-3730 0000 X. Xxxxxxxx Xx. Xxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3732 0000 Xxxxx Xxx. Xxxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3733 0000 Xxxxxx Xxx. Xxxxxx XX 00000
------------------------------------------------------------------------------
8000-3737 0000 Xxxxxxxxxx Xx. X.X. Xxxxxx XX 00000
------------------------------------------------------------------------------
8000-3738 00000 Xxxxxxxx Xx. Xxxxxxxx Xxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3739 00000 Xxxxxx Xxx. Xxxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3742 0000 Xxxxxxxxx Xx. Xxxxx Xxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3751 00000 Xxxxxx Xxx. Xxxxxx XX 00000
------------------------------------------------------------------------------
8000-3759 0000 Xxx Xxxxx Xxxxx XX 00000
------------------------------------------------------------------------------
8000-4122 0000 Xxxxxxxx Xxxx Xxxxxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3745 0000 Xxxxxxxxxxxx Xx. Xxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3747 000 Xxxx Xxxx Xx. Xxxxxxxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3748 0000 Xxxxxxxxxx Xx. Xxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3755 000 Xxxxxxxx Xx. Xxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3756 0000 Xxxxx Xxxxxx Xxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3762 0000 Xxxxxxxxx Xx. Xxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3765 000 X. XX Xxx. 00 Xxxxxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3772 0000 Xxxxx Xxxxxx Xxxx. Xxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3773 0000 X. Xxxxxx Xxxxxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3781 0000 Xxxxxxxx Xxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3782 0000 Xxxxxxxxxx Xxxx. Xxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3758 000 Xxxxxxxxx Xxxx Xxxxxxxxx XX 00000
==============================================================================
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FFCA Acquisition Corporation
ARDC
Cross-default/Cross-collateral
EXHIBIT A
SECURITIZED LOANS
ARBY'S RESTAURANT HOLDING CORPORATION
==============================================================================
LOAN PROPERTY
NUMBER ADDRESS CITY STATE ZIP
==============================================================================
------------------------------------------------------------------------------
8000-4078 0000 X. Xxxxxx Xx. Xxxxx XX 00000
------------------------------------------------------------------------------
8000-3770 000 X.X. 00xx Xx. Xx. Xxxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3771 00000 Xxxxx Xxxx. Xxxxxxxx Xxxxx XX 00000
------------------------------------------------------------------------------
8000-3774 00000 X. Xxxxx Xxx. Xxxxx XX 00000
------------------------------------------------------------------------------
8000-3775 0000 Xxxx Xxx. Xx. Xxxxxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3776 00000 Xxxxxxxx Xxx. Xxxxxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3779 0000 X. Xxxxxxx Xxxx. Xxxxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-3975 X-00 xxx Xxxxxxx Xx. Xxxx Xxx XX 00000
------------------------------------------------------------------------------
8000-4001 00000 X.X. 00xx Xx. Xxxxx XX 00000
------------------------------------------------------------------------------
8000-4002 0000 0xx Xx. X. Xx. Xxxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-4005 0000 X. Xxxxxxxx Xxxx Xxxxx Xxxx XX 00000
------------------------------------------------------------------------------
8000-4006 0000 X.X. 0xx Xx. Xxxxx XX 00000
------------------------------------------------------------------------------
8000-4008 0000 X.X. 000xx Xx. X. Xxxxx Xxxxx XX 00000
------------------------------------------------------------------------------
8000-4009 000 Xxxxxxxxxx Xx. Xxxxx Xxxxxxx XX 00000
------------------------------------------------------------------------------
8000-4119 00000 X. Xxxxxxx Xxxx. Xxxxxxx XX 00000
------------------------------------------------------------------------------
8000-4120 000 Xxxxxxxx Xxxx. Xxxxxx Xxxx XX 00000
------------------------------------------------------------------------------
8000-4121 0000 X.X. Xxxxxxx Xx. Xxxxx XX 00000
------------------------------------------------------------------------------
8000-4150 0000 X. Xxxx Xxxx Xxxx. Xxxx Xxxx XX 00000
------------------------------------------------------------------------------
8000-3973 0000 X. Xxxx Xx. Xxxx Xxxxx XX 00000
------------------------------------------------------------------------------
8000-4004 000 X. Xxxxx Xx. Xxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-4077 0000 X. Xxxxxxx Xxxx. Xxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-4149 000 X. Xxx Xxxxx Xx. Xxxx XX 00000
------------------------------------------------------------------------------
8000-4099 0000 Xxxxxxxxx Xx. Xxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-4101 000 X. Xxxxxx Xx. Xxxxxx XX 00000
------------------------------------------------------------------------------
8000-4003 000 Xxxxxxx Xx. Xxxxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-4074 0000 Xxxxxxxxxxxx Xx. Xxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-4100 000 X.X. Xxxxxxx 00 Xxxxxxxxx XX 00000
------------------------------------------------------------------------------
8000-4007 0000 X. Xxxxxx Xxxx. Xxxxxx XX 00000
==============================================================================
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FFCA Acquisition Corporation
ARHC
Cross-default/Cross-collateral
EXHIBIT A
SECURITIZED LOANS
ARBY'S INC.
==============================================================================
LOAN PROPERTY
NUMBER ADDRESS CITY STATE ZIP
==============================================================================
------------------------------------------------------------------------------
4934-0059 00000 X. Xxxxxxx Xx. Xxxxx XX 00000
------------------------------------------------------------------------------
4937-0901 0000 X. Xxxxxxx Xxxx. Xxxx Xxxxxxxxxx XX 00000
------------------------------------------------------------------------------
4967-0903 000 X. Xxxxx Xxxx #0 Xxxxxxx XX 00000
==============================================================================
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FFCA Acquisition Corporation
Cross-default/Cross-collateral
Arby's
