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Boston Pizza Royalties Income Fund Annual

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Boston Pizza Royalties Income Fund Annual BOSTON PIZZA ROYALTIES INCOME FUND ANNUAL INFORMATION FORM For the year ended December 31, 2017 February 7, 2018 TABLE OF CONTENTS Page GLOSSARY ................................................................................................................................................................... 1 INTERPRETATION ...................................................................................................................................................... 15 OVERVIEW .................................................................................................................................................................. 15 Royalty Income .................................................................................................................................................... 15 Distribution Income .............................................................................................................................................. 15 CORPORATE STRUCTURE ....................................................................................................................................... 16 Boston Pizza Royalties Income Fund ...................................................................................................................... 16 Boston Pizza Holdings Trust .................................................................................................................................... 16 Boston Pizza Holdings GP Inc. ................................................................................................................................ 16 Boston Pizza Holdings Limited Partnership ............................................................................................................. 16 Boston Pizza GP Inc. ............................................................................................................................................... 17 Boston Pizza Royalties Limited Partnership ............................................................................................................ 17 Boston Pizza International Inc. ................................................................................................................................ 17 Boston Pizza Canada Limited Partnership .............................................................................................................. 17 Boston Pizza Canada Holdings Inc. ......................................................................................................................... 18 Boston Pizza Canada Holdings Partnership ............................................................................................................ 18 Intercorporate Relationships .................................................................................................................................... 18 GENERAL DEVELOPMENT OF THE BUSINESS ...................................................................................................... 19 Three Year History ................................................................................................................................................... 19 Recent Developments ............................................................................................................................................. 20 2015 Transaction ..................................................................................................................................................... 21 BPI’s 2017 Reorganization ...................................................................................................................................... 22 DESCRIPTION OF THE BUSINESS ........................................................................................................................... 23 Boston Pizza Royalties Income Fund ...................................................................................................................... 23 Boston Pizza Royalties Limited Partnership ............................................................................................................ 23 Boston Pizza International Inc. and Boston Pizza Canada Limited Partnership ...................................................... 24 Industry Overview ................................................................................................................................................ 24 Trends in the Foodservice Industry ..................................................................................................................... 25 Overview of the Business of BPI and BP Canada LP .......................................................................................... 26 The Boston Pizza Concept .................................................................................................................................. 26 BPI’s Board of Directors and Senior Management .............................................................................................. 26 Franchise Support Systems ................................................................................................................................ 29 Competitive Strengths ......................................................................................................................................... 30 Growth Strategy .................................................................................................................................................. 32 Government Regulation....................................................................................................................................... 34 Competition ......................................................................................................................................................... 35 Seasonality .......................................................................................................................................................... 35 BPI Credit Facilities and F&J Credit Facility............................................................................................................. 35 BPI Credit Facilities ............................................................................................................................................. 35 F&J Credit Facility ............................................................................................................................................... 36 Security and Covenants ...................................................................................................................................... 36 LICENSE AND ROYALTY ........................................................................................................................................... 38 The License ............................................................................................................................................................. 38 The Royalty.............................................................................................................................................................. 38 Operating Covenants of BPI in the License and Royalty Agreement ....................................................................... 38 Adjustments of the Royalty ...................................................................................................................................... 39 Guarantee and Security for the Royalty ................................................................................................................... 39 Guarantee ........................................................................................................................................................... 39 Security ............................................................................................................................................................... 39 Priority of Security ............................................................................................................................................... 40 Negative Covenants ............................................................................................................................................ 40 - i - Certain Remedies ................................................................................................................................................ 40 BP LICENSED MARKS SUBLICENSE AGREEMENT ............................................................................................... 41 DESCRIPTION OF ROYALTIES LP ............................................................................................................................ 41 General .................................................................................................................................................................... 41 Partners ................................................................................................................................................................... 41 Royalties LP Securities ............................................................................................................................................ 41 Distributions ............................................................................................................................................................. 42 Adjustments to Royalty Pool ...................................................................................................................................
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