1011778 B.C. Unlimited Liability Company NEW RED FINANCE, INC.Restaurant Brands International Inc. • February 21st, 2020 • Retail-eating places • New York
The Securities and the Guarantees will be secured by a second-priority lien (which will be pari passu in right of payment and security with the lien securing the Issuers’ outstanding 5.000% Second Lien Senior Secured Notes due 2025 (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 Amended 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, debentures, hypothecs, deeds of trust or deeds to secure debt for the Existing Second Lien Notes (collectively, the “Mortgages”), (b)
