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This excerpt taken from the WEN 8-K filed Jan 16, 2009. Material
Subsidiary” shall mean each Restricted Subsidiary now existing or
hereafter acquired or formed and each successor thereto that (a) for the most
recent fiscal 9-month period of the Borrower before the Closing Date or
thereafter for the most recent fiscal year of the Borrower accounted for more
than 5% (excluding any intercompany adjustments) of the consolidated revenues of
the Borrower or (b) as at the end of such fiscal 9-month period or such fiscal
year, as the case may be, was the owner of more than 5% (excluding any
intercompany adjustments) of the consolidated assets of the Borrower as shown on
the consolidated financial statements of the Borrower and its consolidated
Subsidiaries for such fiscal 9-month period or for such fiscal year, as the case
may be; provided that,
notwithstanding the forgoing, Scioto Insurance Company, Wendy’s of Denver, Inc.,
Oldemark LLC and The New Bakery Co of Ohio, Inc. each shall be deemed a
“Material Subsidiary.”
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