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This excerpt taken from the WEN 8-K filed Jan 16, 2009. Off-Balance Sheet
Liability” of a Person means, without duplication, (i) any liability
under any Sale and Leaseback Transaction which is not a Capitalized Lease, (ii)
any liability under any so-called “synthetic lease” transaction or “tax
ownership operating lease” entered into by such Person, or (iii) any other
obligations arising with respect to any other transaction which is the
functional equivalent of or takes the place of borrowing but which does not
constitute a liability on the consolidated balance sheets of such Person,
excluding (i) Operating Lease Obligations and (ii) any obligations outstanding
that arise in connection with transfers of loan obligations owing to the
Borrower and its Subsidiaries by franchisees and other related assets that are
treated as true sales of financial assets under FASB Statement No. 140, as in
effect from time to time.
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