Exhibit 4.2


 





 



 


FAT
BRANDS FAZOLI’S NATIVE I, LLC,


 


as
Issuer


 


and


 


UMB
BANK, N.A.,


 


as
Trustee


 





 



 


SERIES
2021-1 SUPPLEMENT


 


Dated
as of December 15, 2021


 


to


 


BASE
INDENTURE


 


Dated
as of December 15, 2021


 





 



 


$128,760,000.00
Series 2021-1 6.00% Fixed Rate Senior Secured Notes, Class A-2

$25,000,000.00 Series 2021-1 7.00% Fixed Rate Senior Subordinated Secured Notes, Class B-2


$40,000,000.00
Series 2021-1 9.00% Fixed Rate Subordinated Secured Notes, Class M-2


 




    	 



    	 



    

 


TABLE
OF CONTENTS


 


	 	 	 	Page
	 	 	 	 
	ARTICLE I DEFINITIONS; RULES OF CONSTRUCTION	1
	 	 	 	 
	ARTICLE II AUTHORIZATION AND DETAILS	2
	 	 	 	 
	 	Section
    2.1	Authorization
    of the Series 2021-1 Notes	2
	 	Section
    2.2	Details
    of the Series 2021-1 Notes	2
	 	Section
    2.3	Denominations	2
	 	Section
    2.4	Monthly
    Allocation Dates	2
	 	 	 	 
	ARTICLE III SERIES 2021-1 ALLOCATIONS; PAYMENTS	3
	 	 	 	 
	 	Section
    3.1	Allocations
    of Net Proceeds with Respect to the Series 2021-1 Notes.	3
	 	Section
    3.2	Reserved.	3
	 	Section
    3.3	Certain
    Distributions to Series 2021-1 Noteholders	3
	 	Section
    3.4	Series
    2021-1 Interest.	4
	 	Section
    3.5	Payment
    of Principal.	7
	 	Section
    3.6	Manager	13
	 	Section
    3.7	Other
    Agreements	13
	 	 	 	 
	ARTICLE IV FORM OF SERIES 2021	13
	 	 	 	 
	 	Section
    4.1	Issuance
    of Series 2021-1 Global Notes.	13
	 	Section
    4.2	Transfer
    Restrictions of Series 2021-1 Global Notes.	15
	 	Section
    4.3	Note
    Owner Representations and Warranties	21
	 	Section
    4.4	Limitation
    on Liability	22
	 	 	 	 
	ARTICLE V GENERAL	23
	 	 	 	 
	 	Section
    5.1	Information	23
	 	Section
    5.2	Exhibits	23
	 	Section
    5.3	Ratification
    of Base Indenture	24
	 	Section
    5.4	[Reserved]	24
	 	Section
    5.5	Counterparts	24
	 	Section
    5.6	Governing
    Law	24
	 	Section
    5.7	Amendments	24
	 	Section
    5.8	Termination
    of Series Supplement; Defeasance.	24
	 	Section
    5.9	Limited
    Recourse	24
	 	Section
    5.10	Entire
    Agreement	24
	 	Section
    5.11	Control
    Party Protections	24


 




    	i



    	 



    

 


	ANNEXES	 
	 	 
	Annex A	Series 2021-1 Supplemental
    Definitions List
	 	 
	Annex B	Schedule of Relevant Dates
	 	 
	EXHIBITS	 
	 	 
	Exhibit A-1	Form of Rule 144A Global Note
	 	 
	Exhibit A-2	Form of Temporary Regulation
    S Global Note
	 	 
	Exhibit A-3	Form of Permanent Regulation
    S Global Note
	 	 
	Exhibit B-1	Transfer Certificate (Rule
    144A Global Note to Temporary Regulation S Global Note)
	 	 
	Exhibit B-2	Transfer Certificate (Rule
    144A Global Note to Permanent Regulation S Global Note)
	 	 
	Exhibit B-3	Transfer Certificate (Regulation
    S Global Note to Rule 144A Global Note)
	 	 
	Exhibit C	Form of Quarterly Noteholders’
    Report


 




    	ii



    	 



    

 


SERIES
2021-1 SUPPLEMENT, dated as of December 15, 2021 (this “Series Supplement”), by and among FAT BRANDS FAZOLI’S
NATIVE I, LLC (the “Issuer”), and UMB Bank, N.A., as trustee (in such capacity, the “Trustee”),
to the Base Indenture, dated as of December 15, 2021 (as the same may be amended, amended and restated, modified or supplemented from
time to time, exclusive of Series Supplements, the “Base Indenture”), by and among the Issuer and UMB Bank, N.A.,
as Trustee and as Securities Intermediary.


 


PRELIMINARY
STATEMENT


 


WHEREAS,
Sections 2.2 and 13.1 of the Base Indenture provide, among other things, that the Issuer and the Trustee may at any time
and from time to time enter into a Series Supplement to the Base Indenture for the purpose of authorizing the issuance of one or more
Series of Notes (as defined in Annex A of the Base Indenture) upon satisfaction of the conditions set forth therein; and


 


WHEREAS,
all such conditions have been met or waived by the Control Party (as directed by the Controlling Class Representative) for the issuance
of the Series of Notes authorized hereunder.


 


NOW,
THEREFORE, the parties hereto agree as follows:


 


DESIGNATION


 


There
is hereby created a Series of Notes to be issued pursuant to the Base Indenture and the Series 2021-1 Supplement, and such Series of
Notes shall be designated as the Series 2021-1 Notes. On the Series 2021-1 Closing Date, three (3) Classes of Notes of such Series shall
be issued: (a) Series 2021-1 6.00% Fixed Rate Senior Secured Notes, Class A-2 (as referred to herein, such Class or Notes thereof, as
the context requires, the “Series 2021-1 Class A-2 Notes”), (b) Series 2021-1 7.00% Fixed Rate Senior Subordinated
Secured Notes, Class B-2 (as referred to herein, such Class or Notes thereof, as the context requires, the “Series 2021-1 Class
B-2 Notes”) and (c) Series 2021-1 9.00% Fixed Rate Subordinated Secured Notes, Class M-2 (as referred to herein, such Class
or Notes thereof, as the context requires, the “Series 2021-1 Class M-2 Notes” and together with the Series 2021-1
Class A-2 Notes and Series 2021-1 Class B-2 Notes, the “Series 2021-1 Notes”).


 


ARTICLE
I



DEFINITIONS; RULES OF CONSTRUCTION


 


All
capitalized terms used herein (including in the preamble and the recitals hereto) and not otherwise defined herein shall have the meanings
assigned to such terms in the Series 2021-1 Supplemental Definitions List attached hereto as Annex A (the “Series 2021-1
Supplemental Definitions List”) as such Series 2021-1 Supplemental Definitions List may be amended, supplemented or otherwise
modified from time to time in accordance with the terms hereof. All capitalized terms not otherwise defined herein or therein, and the
term “written” or “in writing”, shall have the meanings assigned thereto in the Base Indenture or the Base Indenture
Definitions List attached to the Base Indenture as Annex A thereto, as such Base Indenture or Base Indenture Definitions List
may be amended, supplemented or otherwise modified from time to time in accordance with the terms of the Base Indenture. Unless otherwise
specified herein, all Article, Exhibit, Section or Subsection references herein shall refer to Articles, Exhibits, Sections or Subsections
of the Series 2021-1 Supplement. Unless otherwise stated herein, as the context otherwise requires or if such term is otherwise defined
in the Base Indenture, each capitalized term used or defined herein shall relate only to the Series 2021-1 Notes and not to any other
Series of Notes issued by the Issuer. The rules of construction set forth in Section 1.4 of the Base Indenture shall apply for
all purposes under the Series 2021-1 Supplement.


 




    	1



    	 



    

 


ARTICLE
II


 

AUTHORIZATION AND DETAILS


 


Section
2.1 Authorization of the Series 2021-1 Notes. The following Series 2021-1 Notes are hereby authorized to be issued in the form
of typewritten Notes representing Book-Entry Notes: (i) the Series 2021-1 Class A-2 Notes in the aggregate principal amount of $128,760,000.00,
(ii) the Series 2021-1 Class B-2 Notes in the aggregate principal amount of $25,000,000.00 and (iii) the Series 2021-1 Class M-2 Notes
in the aggregate principal amount of $40,000,000.00.


 


Section
2.2 Details of the Series 2021-1 Notes. The Series 2021-1 Series Notes shall be subject to the terms of the Base Indenture
applicable to the Notes as described therein, as modified herein, and shall bear interest as set forth in Section 3.4 of this
Series 2021-1 Supplement. The Series 2021-1 Class A-2 Notes shall be issued at a purchase price (net of any underwriting discount) equal
to 95.59725% of the principal amount of such Notes. The Series 2021-1 Class B-2 Notes shall be issued at a purchase price (net of any
underwriting discount) equal to 91.10231% of the principal amount of such Notes. The Series 2021-1 Class M-2 Notes shall be issued at
a purchase price (net of any underwriting discount) equal to 88.07032% of the principal amount of such Notes.


 


Section
2.3 Denominations. The Series 2021-1 Class A-2 Notes shall be issued in minimum denominations of $1,000,000.00, the Series
2021-1 Class B-2 Notes shall be issued in minimum denominations of $1,500,000.00, the Series 2021-1 Class M-2 Notes shall be issued in
minimum denominations of $2,000,000.00 and, in each case, integral multiples of $1,000 in excess thereof.


 


Section
2.4 Monthly Allocation Dates. For the avoidance of doubt, the Monthly Allocation Dates and the date of delivery of the Monthly
Manager’s Certificate through the Series 2021-1 Class A-2 Legal Final Maturity Date, the Series 2021-1 Class B-2 Legal Final Maturity
Date and the Series 2021-1 Class M-2 Legal Final Maturity Date are as set forth in Annex B of this Series 2021-1 Supplement.


 




    	2



    	 



    

 


ARTICLE
III


 

SERIES 2021-1 ALLOCATIONS; PAYMENTS


 


With
respect to the Series 2021-1 Notes only, the following shall apply:


 


Section
3.1 Allocations of Net Proceeds with Respect to the Series 2021-1 Notes.


 


(a) On
the Series 2021-1 Closing Date, (i) the net proceeds from the issuance and sale of the Series 2021-1 Class A-2 Notes, Series 2021-1 Class
B-2 Notes and Series 2021-1 Class M-2 Notes to the Initial Purchaser shall be deposited into the Collection Account and disbursed by
the Trustee in accordance with the instructions of the Issuer set forth in the Flow of Funds Memorandum of the Issuer dated as of December
15, 2021 and (ii) the Issuer shall ensure that the cash on deposit in the Reserve Account is equal to the Required Reserve Amount.


 


(b) On
and after the Series 2021-1 Closing Date, proceeds of the Series 2021-1 Notes may be used for general corporate purposes of the Issuer
and FAT Brands Inc., including the making of distributions and the funding of acquisitions, subject to the terms of the Base Indenture,
including Section 8.18 thereof, for the disbursements described in Section 3.1(a) above and to bridge the gap to realization
of full synergies for the Securitization Entities, to fund additional capital expenditures on existing Company Restaurants, finance development
of additional Company Restaurants, pay severance and certain liabilities associated with the consolidation of the Branded Restaurants
into the FAT Brands’ system, fund shortfalls associated with the acquisitions’ negative net working capital of approximately
$9,000,000, fund additional working capital for each acquisition of approximately $10,000,000 in the aggregate and to generally provide
necessary capital to execute FAT Brands’ growth strategy across the Securitization Entities’ brands.


 


Section
3.2 Reserved.


 


Section
3.3 Certain Distributions to Series 2021-1 Noteholders. On each Quarterly Payment Date, based solely upon the most recent Quarterly
Noteholders’ Report in the form attached hereto as Exhibit C and as required under Section 4.1(c) of the Base Indenture,
the Trustee shall, in accordance with Section 6.1 of the Base Indenture, remit (i) to the Series 2021-1 Senior Noteholders the
amounts withdrawn from the Senior Notes Interest Payment Account, Senior Notes Principal Payment Account or otherwise, as applicable,
pursuant to Section 5.11 of the Base Indenture or otherwise, for the payment of interest and fees and, to the extent applicable,
principal or other amounts in respect of the Series 2021-1 Class A-2 Notes on such Quarterly Payment Date, (ii) to the Series 2021-1
Senior Subordinated Noteholders, the amounts withdrawn from the Senior Subordinated Notes Interest Payment Account, Senior Subordinated
Notes Principal Payment Account or otherwise, as applicable, pursuant to Section 5.11 of the Base Indenture or otherwise, for
the payment of interest and, to the extent applicable, principal or other amounts in respect of the Series 2021-1 Class B-2 Notes on
such Quarterly Payment Date and (iii) to the Series 2021-1 Subordinated Noteholders, the amounts withdrawn from the Subordinated Notes
Interest Payment Account, Subordinated Notes Principal Payment Account or otherwise, as applicable, pursuant to Section 5.11 of the Base
Indenture or otherwise, for the payment of interest and, to the extent applicable, principal or other amounts in respect of the Series
2021-1 Class M-2 Notes on such Quarterly Payment Date.


 




    	3



    	 



    

 


Section
3.4 Series 2021-1 Interest.


 


(a) Series
2021-1 Class A-2 Notes Interest. From the Series 2021-1 Closing Date until the Outstanding Principal Amount of the Series 2021-1
Class A-2 Notes has been paid in full, the Outstanding Principal Amount of the Series 2021-1 Class A-2 Notes will accrue interest for
each Interest Accrual Period (after giving effect to all payments of principal made to the Noteholders as of the first day of such Interest
Accrual Period, and also giving effect to prepayments, repurchases and cancellations of Series 2021-1 Class A-2 Notes during such Interest
Accrual Period) at the Series 2021-1 Class A-2 Note Rate. Such accrued interest will be due and payable in arrears on each Quarterly
Payment Date, from amounts that are made available for payment thereof (i) on any related Monthly Allocation Date in accordance with
the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.11 of the Base Indenture, commencing
on the Initial Quarterly Payment Date; provided that in any event all accrued but unpaid interest shall be due and payable in
full on the Series 2021-1 Class A-2 Legal Final Maturity Date or on any other day on which all of the Series 2021-1 Class A-2 Outstanding
Principal Amount is required to be paid in full. To the extent any interest accruing at the applicable Series 2021-1 Class A-2 Note Rate
is not paid when due, such unpaid interest will accrue interest at the Series 2021-1 Class A-2 Note Rate. All computations of interest
at the Series 2021-1 Class A-2 Note Rate shall be made on a 30/360 Day Basis.


 


(b) Series
2021-1 Class B-2 Notes Interest. From the Series 2021-1 Closing Date until the Outstanding Principal Amount of the Series 2021-1
Class B-2 Notes has been paid in full, the Outstanding Principal Amount of the Series 2021-1 Class B-2 Notes will accrue interest for
each Interest Accrual Period (after giving effect to all payments of principal made to the Noteholders as of the first day of such Interest
Accrual Period, and also giving effect to prepayments, repurchases and cancellations of Series 2021-1 Class B-2 Notes during such Interest
Accrual Period) at the Series 2021-1 Class B-2 Note Rate. Such accrued interest will be due and payable in arrears on each Quarterly
Payment Date, from amounts that are made available for payment thereof (i) on any related Monthly Allocation Date in accordance with
the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.11 of the Base Indenture, commencing
on the Initial Quarterly Payment Date; provided that in any event all accrued but unpaid interest shall be due and payable in
full on the Series 2021-1 Class B-2 Legal Final Maturity Date or on any other day on which all of the Series 2021-1 Class B-2 Outstanding
Principal Amount is required to be paid in full. To the extent any interest accruing at the applicable Series 2021-1 Class B-2 Note Rate
is not paid when due, such unpaid interest will accrue interest at the Series 2021-1 Class B-2 Note Rate. All computations of interest
at the Series 2021-1 Class B-2 Note Rate shall be made on a 30/360 Day Basis.


 


(c) Series
2021-1 Class M-2 Notes Interest. From the Series 2021-1 Closing Date until the Outstanding Principal Amount of the Series 2021-1
Class M-2 Notes has been paid in full, the Outstanding Principal Amount of the Series 2021-1 Class M-2 Notes will accrue interest for
each Interest Accrual Period (after giving effect to all payments of principal made to the Series 2021-1 Class M-2 Noteholders as of
the first day of such Interest Accrual Period, and also giving effect to prepayments, repurchases and cancellations of Series 2021-1
Class M-2 Notes during such Interest Accrual Period) at the Series 2021-1 Class M-2 Note Rate. Such accrued interest will be due and
payable in arrears on each Quarterly Payment Date, from amounts that are made available for payment thereof: (i) on any related Monthly
Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.11
of the Base Indenture, commencing on the Initial Quarterly Payment Date; provided that in any event, all accrued but unpaid
interest shall be due and payable in full on the Series 2021-1 Class M-2 Legal Final Maturity Date or on any other day on which all of
the Series 2021-1 Class M-2 Outstanding Principal Amount is required to be paid in full. To the extent any interest accruing at the applicable
Series 2021-1 Class M-2 Note Rate is not paid when due, such unpaid interest will accrue interest at the Series 2021-1 Class M-2 Note
Rate. All computations of interest at the Series 2021-1 Class M-2 Note Rate shall be made on a 30/360 Day Basis.


 




    	4



    	 



    

 


(d) Series
2021-1 Post-Anticipated Call Date Additional Interest.


 


(i) Series
2021-1 Class A-2 Quarterly Post-Anticipated Call Date Additional Interest and Series 2021-1 Class A-2 Quarterly Post-Anticipated Repayment
Date Additional Interest. From and after the Quarterly Payment Date in July 2023 (the “Series 2021-1 Class A-2 Anticipated Call
Date”) until the calendar day preceding the Quarterly Payment Date in January 2025, if the Series 2021-1 Final Payment of the
Class A-2 Notes has not been made, then additional interest will accrue on the Series 2021-1 Class A-2 Outstanding Principal Amount at
a per annum rate (the “Series 2021-1 Class A-2 Quarterly Post-Anticipated Call Date Additional Interest Rate”) equal
to 1.0% (such additional interest, the “Series 2021-1 Class A-2 Quarterly Post-Anticipated Call Date Additional Interest”).
From and after the Quarterly Payment Date in January 2025 (the “Series 2021-1 Class A-2 Anticipated Repayment Date”),
if the Series 2021-1 Final Payment of the Class A-2 Notes has not been made, then additional interest will accrue on the Series 2021-1
Class A-2 Outstanding Principal Amount at a per annum rate (the “Series 2021-1 Class A-2 Quarterly Post-Anticipated Repayment
Date Additional Interest Rate”) equal to 2.5% (such additional interest, the “Series 2021-1 Class A-2 Quarterly Post-Anticipated
Repayment Date Additional Interest”). All computations of Series 2021-1 Class A-2 Quarterly Post-Anticipated Call Date Additional
Interest and Series 2021-1 Class A-2 quarterly Post-Anticipated Repayment Date Additional Interest shall be made on a 30/360 Day Basis
and will be due and payable on any Quarterly Payment Date to the extent allocated in accordance with the Priority of Payments.


 


(ii) Payment
of Series 2021-1 Class A-2 Quarterly Post-Anticipated Call Date Additional Interest. Any Series 2021-1 Class A-2 Quarterly Post-Anticipated
Call Date Additional Interest and Series 2021-1 Class A-2 Quarterly Post-Anticipated Repayment Date Additional Interest will be due and
payable on each applicable Quarterly Payment Date from amounts that are made available for payment thereof (A) on any related Monthly
Allocation Date in accordance with the Priority of Payments and (B) on such Quarterly Payment Date in accordance with the Priority of
Payments and Section 5.11 of the Base Indenture, in the amount so made available. The failure to pay any Series 2021-1 Class A-2
Quarterly Post-Anticipated Call Date Additional Interest or Series 2021-1 Class A-2 Quarterly Post-Anticipated Repayment Date Additional
Interest in excess of available amounts in accordance with the foregoing (including on the Series 2021-1 Legal Final Maturity Date) will
not be an Event of Default and interest will not accrue on any unpaid portion thereof; provided that in any event all accrued
but unpaid Series 2021-1 Class A-2 Quarterly Post-Anticipated Call Date Additional Interest and Series 2021-1 Class A-2 Quarterly Post-Anticipated
Repayment Date Additional Interest shall be due and payable in full on the Series 2021-1 Legal Final Maturity Date, on any Series 2021-1
Prepayment Date with respect to a prepayment in full of the Series 2021-1 Class A-2 Notes or otherwise as part of any Series 2021-1 Final
Payment.


 




    	5



    	 



    

 


(iii) Series
2021-1 Class B-2 Quarterly Post-Anticipated Call Date Additional Interest. From and after the Quarterly Payment Date in July 2023
(the “Series 2021-1 Class B-2 Anticipated Call Date”), if the Series 2021-1 Final Payment of the Class B-2 Notes has
not been made, then additional interest will accrue on the Series 2021-1 Class B-2 Outstanding Principal Amount at a per annum rate (the
“Series 2021-1 Class B-2 Quarterly Post-Anticipated Call Date Additional Interest Rate”) equal to 1.0% (such additional
interest, the “Series 2021-1 Class B-2 Quarterly Post-Anticipated Call Date Additional Interest”). All computations
of Series 2021-1 Class B-2 Quarterly Post-Anticipated Call Date Additional Interest shall be made on a 30/360 Day Basis and will be due
and payable on any Quarterly Payment Date to the extent allocated in accordance with the Priority of Payments.


 


(iv) Payment
of Series 2021-1 Class B-2 Quarterly Post-Anticipated Call Date Additional Interest. Any Series 2021-1 Class B-2 Quarterly Post-Anticipated
Call Date Additional Interest will be due and payable on each applicable Quarterly Payment Date from amounts that are made available
for payment thereof (A) on any related Monthly Allocation Date in accordance with the Priority of Payments and (B) on such Quarterly
Payment Date in accordance with the Priority of Payments and Section 5.11 of the Base Indenture, in the amount so made available.
The failure to pay any Series 2021-1 Class B-2 Quarterly Post-Anticipated Call Date Additional Interest in excess of available amounts
in accordance with the foregoing (including on the Series 2021-1 Legal Final Maturity Date) will not be an Event of Default and interest
will not accrue on any unpaid portion thereof; provided that in any event all accrued but unpaid Series 2021-1 Class B-2 Quarterly
Post-Anticipated Call Date Additional Interest shall be due and payable in full on the Series 2021-1 Legal Final Maturity Date, on any
Series 2021-1 Prepayment Date with respect to a prepayment in full of the Series 2021-1 Class B-2 Notes or otherwise as part of any Series
2021-1 Final Payment.


 


(v) Series
2021-1 Class M-2 Quarterly Post-Anticipated Call Date Additional Interest. From and after the Quarterly Payment Date in July 2023
(the “Series 2021-1 Class M-2 Anticipated Call Date”), if the Series 2021-1 Final Payment of the Class M-2 Notes has
not been made, then additional interest will accrue on the Series 2021-1 Class M-2 Outstanding Principal Amount at a per annum rate (the
“Series 2021-1 Class M-2 Quarterly Post-Anticipated Call Date Additional Interest Rate”) equal to 1.0% (such additional
interest, the “Series 2021-1 Class M-2 Quarterly Post-Anticipated Call Date Additional Interest”). All computations
of Series 2021-1 Class M-2 Quarterly Post-Anticipated Call Date Additional Interest shall be made on a 30/360 Day Basis and will be due
and payable on any Quarterly Payment Date to the extent allocated in accordance with the Priority of Payments.


 


(vi) Payment
of Series 2021-1 Class M-2 Quarterly Post-Anticipated Call Date Additional Interest. Any Series 2021-1 Class M-2 Quarterly Post-Anticipated
Call Date Additional Interest will be due and payable on each applicable Quarterly Payment Date from amounts that are made available
for payment thereof (A) on any related Monthly Allocation Date in accordance with the Priority of Payments and (B) on such Quarterly
Payment Date in accordance with the Priority of Payments and Section 5.11 of the Base Indenture, in the amount so made available.
The failure to pay any Series 2021-1 Class M-2 Quarterly Post-Anticipated Call Date Additional Interest in excess of available amounts
in accordance with the foregoing (including on the Series 2021-1 Legal Final Maturity Date) will not be an Event of Default and interest
will not accrue on any unpaid portion thereof; provided that in any event all accrued but unpaid Series 2021-1 Class M-2 Quarterly
Post-Anticipated Call Date Additional Interest shall be due and payable in full on the Series 2021-1 Legal Final Maturity Date, on any
Series 2021-1 Prepayment Date with respect to a prepayment in full of the Series 2021-1 Class M-2 Notes or otherwise as part of any Series
2021-1 Final Payment.


 




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(e) Initial
Interest Accrual Period. The initial Interest Accrual Period for the Series 2021-1 Notes shall commence on (and include) the Series
2021-1 Closing Date and end on (but exclude) April 25, 2022.


 


Section
3.5 Payment of Principal.


 


(a) Payment
of Series 2021-1 Class A-2 Note Principal.


 


(i) Principal
Payment at Legal Maturity. The Series 2021-1 Class A-2 Outstanding Principal Amount shall be due and payable in full on the Series
2021-1 Class A-2 Legal Final Maturity Date. The Series 2021-1 Class A-2 Outstanding Principal Amount is not prepayable, in whole or in
part, except as set forth in the Base Indenture and this Section 3.5.


 


(ii) Series
2021-1 Anticipated Repayment Date. The Series 2021-1 Class A-2 Final Payment Date is anticipated to occur on the Quarterly Payment
Date occurring in January 2025 (such date, the “Series 2021-1 Class A-2 Anticipated Repayment Date”).


 


(iii) Payment
of Series 2021-1 Class A-2 Notes Scheduled Principal Payment Amounts. Series 2021-1 Class A-2 Notes Scheduled Principal Payment Amounts
will be due and payable on each applicable Quarterly Payment Date in accordance with Section 5.11 of the Base Indenture.


 


(b) Payment
of Series 2021-1 Class B-2 Note Principal.


 


(i) Principal
Payment at Legal Maturity. The Series 2021-1 Class B-2 Outstanding Principal Amount shall be due and payable in full on the Series
2021-1 Class B-2 Legal Final Maturity Date. The Series 2021-1 Class B-2 Outstanding Principal Amount is not prepayable, in whole or in
part, except as set forth in the Base Indenture and this Section 3.5.


 


(ii) Series
2021-1 Anticipated Repayment Date. The Series 2021-1 Class B-2 Final Payment Date is anticipated to occur on the Quarterly Payment
Date occurring in January 2025 (such date, the “Series 2021-1 Class B-2 Anticipated Repayment Date”).


 


(iii) Payment
of Series 2021-1 Class B-2 Notes Scheduled Principal Payment Amounts. Series 2021-1 Class B-2 Notes Scheduled Principal Payment Amounts
will be due and payable on each applicable Quarterly Payment Date in accordance with Section 5.11 of the Base Indenture.


 


(c) Payment
of Series 2021-1 Class M-2 Note Principal.


 


(i) Principal
Payment at Legal Maturity. The Series 2021-1 Class M-2 Outstanding Principal Amount shall be due and payable in full on the Series
2021-1 Class M-2 Legal Final Maturity Date. The Series 2021-1 Class M-2 Outstanding Principal Amount is not prepayable, in whole or in
part, except as set forth in the Base Indenture and this Section 3.5.


 


(ii) Series
2021-1 Anticipated Repayment Date. The Series 2021-1 Class M-2 Final Payment Date is anticipated to occur on the Quarterly Payment
Date occurring in January 2025 (such date, the “Series 2021-1 Class M-2 Anticipated Repayment Date”).


 




    	7



    	 



    

 


(iii) Payment
of Series 2021-1 Class M-2 Notes Scheduled Principal Payment Amounts. Series 2021-1 Class M-2 Notes Scheduled Principal Payment Amounts
will be due and payable on each applicable Quarterly Payment Date in accordance with Section 5.11 of the Base Indenture.


 


(d) Rapid
Amortization of Series 2021-1 Notes. During any Rapid Amortization Period, principal payments shall be due and payable on each Quarterly
Payment Date on the applicable Classes of Series 2021-1 Notes as and when amounts are made available for payment thereof (i) on any related
Monthly Allocation Date, in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section
5.11 of the Base Indenture. Such payments shall be ratably allocated among the Series 2021-1 Noteholders within each applicable Class
based on their respective portion of the Series 2021-1 Outstanding Principal Amount of such Class.


 


(e) Optional
Prepayment.


 


(i) Optional
Prepayment of Series 2021-1 Class A-2 Notes. Subject to Section 3.5(h), the Issuer shall have the option to prepay (including
with the proceeds of equity contributions) the Outstanding Principal Amount of the Series 2021-1 Class A-2 Notes in whole or in part
(each such prepayment, a “Series 2021-1 Class A-2 Prepayment”) on any Quarterly Payment Date that is specified as
the Series 2021-1 Class A-2 Prepayment Date in the applicable Prepayment Notice (each, an “Class A-2 Optional Prepayment Date”);
provided that no such optional prepayment of the Series 2021-1 Class A-2 Notes may be made prior to the Quarterly Payment Date
in July 2022 and unless the below conditions shall be satisfied; provided, further, that for any prepayment occurring on
and from the Quarterly Payment Date in July 2022 to but excluding the Quarterly Payment Date in January 2023, any such optional prepayments
in respect of the principal amount of the Series 2021-1 Class A-2 Notes shall include a prepayment premium equal to 101.5% of the principal
amount of the Series 2021-1 Class A-2 Notes being prepaid:


 


(A) subject
to Section 5.12(b) of the Base Indenture, in the case of a prepayment of the Series 2021-1 Class A-2 Notes in part:


 


a. the
amounts on deposit in the Indenture Trust Accounts, the Senior Notes Interest Payment Account, the Senior Notes Principal Payment Account
or other available amounts, in each case allocable to Series 2021-1 Class A-2 Notes, are sufficient to pay the amount of such prepayment
as of Quarterly Payment Date, and


 


b. the
amounts on deposit in, or allocable to the Senior Notes Interest Payment Account and the Senior Notes Principal Payment Account and other
available amounts to be distributed on the Quarterly Payment Date which coincides with such Class A-2 Optional Prepayment Date are sufficient
to pay the Senior Prepayment Condition Amounts on such Quarterly Payment Date; and


 






    	8



    	 



    

 


(B) subject
to Section 5.12(b) of the Base Indenture, in the case of an optional prepayment of the Series 2021-1 Class A-2 Notes in whole:


 


a. the
amounts on deposit in the Indenture Trust Accounts, the Senior Notes Interest Payment Account, the Senior Notes Principal Payment Account
or other available amounts, in each case allocable to Series 2021-1 Class A-2 Notes, are sufficient to pay all outstanding monetary Obligations
(including unreimbursed Advances) in respect of the Series 2021-1 Class A-2 Notes set forth in the Priority of Payments after giving
effect to the applicable allocations set forth therein on such Class A-2 Optional Prepayment Date, including unpaid interest accrued
in respect of the period prior to such Class A-2 Optional Prepayment Date and the Senior Prepayment Condition Amounts on such Quarterly
Payment Date, and


 


b. the
amounts on deposit in the Collection Account, the Indenture Trust Accounts or otherwise available are reasonably expected by the Manager
to be sufficient to pay the Senior Prepayment Condition Amounts, other than with respect to the Series 2021-1 Class A-2 Notes, on such
Class A-2 Optional Prepayment Date, if such date is a Quarterly Payment Date,


 


or,
in each case, any shortfalls in such amounts (in a. or b. above) have been deposited to the applicable accounts.


 


(ii) Optional
Prepayment of Series 2021-1 Class B-2 Notes. Subject to Section 5.12(b) of the Base Indenture and Section 3.5(h), the
Issuer shall have the option to prepay (including with the proceeds of equity contributions) the Outstanding Principal Amount of the
Series 2021-1 Class B-2 Notes in whole or in part (each such prepayment a “Series 2021-1 Class B-2 Prepayment”) on
any Quarterly Payment Date that is specified as the Series 2021-1 Class B-2 Prepayment Date in the applicable Prepayment Notice (each,
an “Class B-2 Optional Prepayment Date”); provided that no such optional prepayment of the Series 2021-1 Class
B-2 Notes may be made (i) prior to the Quarterly Payment Date in July 2022 and (ii) unless (a) the Series 2021-1 Class A-2 Notes are
a Defeased Class or (b) the Issuer simultaneously makes an optional prepayment of a principal amount of Series 2021-1 Class A-2 Notes
in accordance with Section 3.5(e)(i) of this Series 2021-1 Supplement at least equal to the lesser of (x) the outstanding
principal amount of the Series 2021-1 Class A-2 Notes and (y) principal amount of Series 2021-1 Class B-2 Notes that the Issuer
has elected to prepay, and provided further that the following conditions shall be satisfied:


 


(A) subject
to Section 5.12(b) of the Base Indenture, in the case of a prepayment of the Series 2021-1 Class B-2 Notes in part:


 


a. the
amounts on deposit in the Indenture Trust Accounts, the Senior Subordinated Notes Interest Payment Account, the Senior Subordinated Notes
Principal Payment Account or other available amounts, in each case allocable to Series 2021-1 Class B-2 Notes, are sufficient to pay
the amount of such prepayment as of Quarterly Payment Date, and


 


b. the
amounts on deposit in, or allocable to, the Senior Subordinated Notes Interest Payment Account and the Senior Subordinated Notes Principal
Payment Account and other available amounts to be distributed on the Quarterly Payment Date which coincides with such Class B-2 Optional
Prepayment Date are sufficient to pay the Prepayment Condition Amounts on such Quarterly Payment Date; and


 




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(B) subject
to Section 5.12(b) of the Base Indenture, in the case of an optional prepayment of the Series 2021-1 Class B-2 Notes in whole:


 


a. the
amounts on deposit in the Indenture Trust Accounts, the Senior Subordinated Notes Interest Payment Account, the Senior Subordinated Notes
Principal Payment Account or other available amounts, in each case allocable to Series 2021-1 Class B-2 Notes, are sufficient to pay
all outstanding monetary Obligations (including unreimbursed Advances) in respect of the Series 2021-1 Class B-2 Notes set forth in the
Priority of Payments after giving effect to the applicable allocations set forth therein on such Class B-2 Optional Prepayment Date,
including unpaid interest accrued in respect of the period prior to such Class B-2 Optional Prepayment Date; and


 


b. the
amounts on deposit in the Collection Account, the Indenture Trust Accounts or otherwise available are reasonably expected by the Manager
to be sufficient to pay the Prepayment Condition Amounts, other than with respect to the Series 2021-1 Class B-2 Notes, on such Class
B-2 Optional Prepayment Date, if such date is a Quarterly Payment Date,


 


or,
in each case, any shortfalls in such amounts (in a. or b. above) have been deposited to the applicable accounts.


 


(iii) Optional
Prepayment of Series 2021-1 Class M-2 Notes. Subject to Section 5.12(b) of the Base Indenture and Section 3.5(h), the
Issuer shall have the option to prepay (including with the proceeds of equity contributions) the Outstanding Principal Amount of the
Series 2021-1 Class M-2 Notes in whole or in part (each such prepayment a “Series 2021-1 Class M-2 Prepayment”) on
any Quarterly Payment Date that is specified as the Series 2021-1 Class M-2 Prepayment Date in the applicable Prepayment Notice (each,
an “Class M-2 Optional Prepayment Date”); provided that no such optional prepayment of the Series 2021-1 Class
M-2 Notes may be made (i) prior to the Quarterly Payment Date in July 2022 and (ii) unless (a) the Series 2021-1 Class A-2 Notes and
the Class B-2 Notes are each a Defeased Class or (b) the Issuer simultaneously makes an optional prepayment of a principal amount of
Series 2021-1 Class A-2 Notes and Series 2021-1 Class B-2 Notes in accordance with Section 3.5(e)(i) and Section 3.5(e)(ii)
of this Series 2021-1 Supplement at least equal to the lesser of: (A) with respect to the Series 2021-1 Class A-2 Notes, (x) the
outstanding principal amount of the Series 2021-1 Class A-2 Notes and (y) principal amount of Series 2021-1 Class M-2 Notes that the
Issuer has elected to prepay; and (B) with respect to the Series 2021-1 Class B-2 Notes, (x) the outstanding principal amount of the
Series 2021-1 Class B-2 Notes and (y) principal amount of Series 2021-1 Class M-2 Notes that the Issuer has elected to prepay, provided
further that following a Series Anticipated Repayment Date for any Series of Notes that remains Outstanding, all optional prepayments
must be applied first, to Senior Notes, second, to Senior Subordinated Notes and third, to Subordinated Notes, and provided further that
the following conditions shall be satisfied:


 


(A) subject
to Section 5.12(b) of the Base Indenture, in the case of a prepayment of the Series 2021-1 Class M-2 Notes in part:


 


a. the
amounts on deposit in the Indenture Trust Accounts, the Subordinated Notes Interest Payment Account, the Subordinated Notes Principal
Payment Account or other available amounts, in each case allocable to Series 2021-1 Class M-2 Notes, are sufficient to pay the amount
of such prepayment as of Quarterly Payment Date, and


 




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b. the
amounts on deposit in, or allocable to, the Subordinated Notes Interest Payment Account and the Subordinated Notes Principal Payment
Account and other available amounts to be distributed on the Quarterly Payment Date which coincides with such Class M-2 Optional Prepayment
Date are sufficient to pay the Prepayment Condition Amounts on such Quarterly Payment Date; and


 


(B) subject
to Section 5.12(b) of the Base Indenture, in the case of an optional prepayment of the Series 2021-1 Class M-2 Notes in whole:


 


a. the
amounts on deposit in the Indenture Trust Accounts, the Subordinated Notes Interest Payment Account, the Subordinated Notes Principal
Payment Account or other available amounts, in each case allocable to Series 2021-1 Class M-2 Notes, are sufficient to pay all outstanding
monetary Obligations (including unreimbursed Advances) in respect of the Series 2021-1 Class M-2 Notes set forth in the Priority of Payments
after giving effect to the applicable allocations set forth therein on such Class M-2 Optional Prepayment Date, including unpaid interest
accrued in respect of the period prior to such Class M-2 Optional Prepayment Date; and


 


b. the
amounts on deposit in the Collection Account, the Indenture Trust Accounts or otherwise available are reasonably expected by the Manager
to be sufficient to pay the Prepayment Condition Amounts, other than with respect to the Series 2021-1 Class M-2 Notes, on such Class
M-2 Optional Prepayment Date, if such date is a Quarterly Payment Date,


 


or,
in each case, any shortfalls in such amounts (in a. or b. above) have been deposited to the applicable accounts.


 


(f) Notices
of Prepayments.


 


(i) The
Issuer shall give prior written notice (each, a “Prepayment Notice”) at least fifteen (15) Business Days but not more
than twenty (20) Business Days prior to any Series 2021-1 Prepayment with respect to any Class pursuant to Section 3.5(g) to each
Series 2021-1 Noteholder affected by such Series 2021-1 Prepayment, the Trustee and the Control Party; provided that at the request
of the Issuer, such notice to the affected Series 2021-1 Noteholders shall be given by the Trustee in the name and at the expense of
the Issuer.


 


(ii) With
respect to each such Series 2021-1 Prepayment, the related Prepayment Notice shall, in each case, specify (A) the Series 2021-1 Prepayment
Date on which such prepayment will be made, which in all cases shall be a Business Day, and (B) the Series 2021-1 Prepayment Amount.


 


(iii) Any
such optional prepayment and Prepayment Notice may, in the Issuer’s discretion, be subject to the satisfaction of one or more conditions
precedent, including but not limited to the occurrence of a Change of Control. The Issuer shall have the option to provide in any Prepayment
Notice that the payment of the amounts set forth in Section 3.5(g) and the performance of the Issuer’s obligations with
respect to such optional prepayment may be performed by another Person.


 




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(iv) The
Issuer shall have the option, by written notice to the Trustee, the Control Party and the affected Noteholders, to revoke, or amend the
Series 2021-1 Prepayment Date set forth in, any Prepayment Notice relating to an optional prepayment at any time up to the fifth Business
Day before the Series 2021-1 Prepayment Date set forth in such Prepayment Notice; provided that at the request of the Issuer,
such notice to the affected Series 2021-1 Noteholders shall be given by the Trustee in the name and at the expense of the Issuer.


 


(g) Series
2021-1 Prepayments. Subject to Section 3.5(h), on each Series 2021-1 Prepayment Date with respect to any Series 2021-1 Prepayment,
the Series 2021-1 Prepayment Amount shall be due and payable.


 


(h) Distributions
of Optional Prepayments


 


(i) Distributions
of Optional Prepayments of Series 2021-1 Notes.


 


(A) No
later than five (5) Business Days prior to the Series 2021-1 Prepayment Date for each Series 2021-1 Prepayment to be made pursuant to
Section 3.5(g), the Issuer shall provide the Trustee with a written report instructing the Trustee to deposit the amounts set
forth in such report, which shall include such amounts set forth in Section 3.5(e)(i)(B)a and Section 3.5(e)(ii)(B)a, as
applicable, and in each case due and payable to the applicable Noteholders on such Series 2021-1 Prepayment Date. Such written report
may be consolidated with additional payment instructions as necessary to effect other distributions occurring on, or substantially concurrently
with, such Series 2021-1 Prepayment Date.


 


(B) On
the Series 2021-1 Prepayment Date for each Series 2021-1 Prepayment to be made pursuant to Section 3.5(e), the Trustee shall,
in accordance with Section 6.1 of the Base Indenture (except that, notwithstanding anything to the contrary therein, references
to the distributions being made on a Quarterly Payment Date shall be deemed to be references to distributions made on such Series 2021-1
Prepayment Date and references to the Record Date shall be deemed to be references to the Prepayment Record Date), distribute to the
Noteholders of record of the applicable Class on the preceding Prepayment Record Date on a pro rata basis, based on their respective
portion of the Outstanding Principal Amount of the applicable Class of Notes the amount specified in the written report delivered in
accordance with Section 3.5(h)(i)(A) in order to pay (without duplication) (A) the applicable portion of such Outstanding Principal
Amount, and (B) in the case of an optional prepayment in whole, the outstanding monetary Obligations described in Section 3.5(e)(i)(B)a
and Section 3.5(e)(ii)(B)a, as applicable, in each case due and payable on such Series 2021-1 Prepayment Date.


 




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(i) Series
2021-1 Notices of Final Payment. The Issuer shall notify the Trustee and the Manager of the Series 2021-1 Final Payment Date of a
Class of Notes on or before the Prepayment Record Date preceding such Series 2021-1 Prepayment Date; provided, however,
that with respect to any Series 2021-1 Final Payment that is made in connection with any mandatory or optional prepayment in full, the
Issuer shall not be obligated to provide any additional notice to the Trustee of such Series 2021-1 Final Payment beyond the notice required
to be given in connection with such prepayment pursuant to Section 3.5(f). The Trustee shall provide any written notice required
under this Section 3.5(i) to each Person in whose name such Series 2021-1 Notes are registered at the close of business on such
Prepayment Record Date of the Series 2021-1 Prepayment Date that will be the Series 2021-1 Final Payment Date for such Class of Notes.
Such written notice to be sent to the Series 2021-1 Noteholders shall be made at the expense of the Issuer and shall be mailed by the
Trustee within five (5) Business Days of receipt of notice from the Issuer indicating that the Series 2021-1 Final Payment will be made
and shall specify that such Series 2021-1 Final Payment will be payable only upon presentation and surrender of the related Series 2021-1
Notes, which such surrender shall also constitute a general release by the applicable Noteholder from any claims against the Issuer,
the Manager, the Trustee and their affiliates, and shall specify the place where the related Series 2021-1 Notes may be presented and
surrendered for such Series 2021-1 Final Payment.


 


Section
3.6 Manager. Pursuant to the Management Agreement, the Manager has agreed to provide certain reports, notices, instructions
and other services on behalf of the Issuer. The Series 2021-1 Noteholders by their acceptance of the Series 2021-1 Notes consent to the
provision of such reports and notices to the Trustee by the Manager in lieu of the Issuer.


 


Section
3.7 Other Agreements. In accordance with Section 8.22 of the Base Indenture, for the avoidance of doubt, the Securitization
Entities shall be permitted to enter into or be a party to certain letters of credit relating to self-insurance in respect of Company
Restaurants and any other Company Restaurant Expenses.


 


ARTICLE
IV


 


FORM
OF SERIES 2021


 


Section
4.1 Issuance of Series 2021-1 Global Notes.


 


(a) The
Series 2021-1 Class A-2 Notes may be offered and sold in the applicable Series 2021-1 Class A-2 Initial Principal Amount on the Series
2021-1 Closing Date by the Issuer. The Series 2021-1 Class B-2 Notes may be offered and sold in the applicable Series 2021-1 Class B-2
Initial Principal Amount on the Series 2021-1 Closing Date by the Issuer. The Series 2021-1 Class M-2 Notes may be offered and sold in
the applicable Series 2021-1 Class M-2 Initial Principal Amount on the Series 2021-1 Closing Date by the Issuer. The Series 2021-1 Notes
will be “restricted securities” issued pursuant to the provisions of Rule 506 (b) of Regulation D under Section 4(a)(2) of
the 1933 Act sold only to QIBs purchasing for their own account or the account of one or more Persons, each of which is a QIB. The Series
2021-1 Notes will be resold only to the Issuer or its Affiliates or (A) in the United States, to Persons who are not Competitors and
who are QIBs purchasing for their own account or the account of one or more other Persons, each of which is a QIB, in reliance on Rule
144A and (B) outside the United States, to Persons who are not Competitors and who are not a U.S. person (as defined in Regulation S)
(a “U.S. Person”) in reliance on Regulation S, purchasing for their own account or the account of one or more other
Persons, each of which is a non-U.S. Person. The Series 2021-1 Notes may thereafter be transferred in reliance on Rule 144 A and/or Regulation
S and in accordance with the procedure described herein. The Series 2021-1 Notes will be Book-Entry Notes and DTC will be the Depository
for such Series 2021-1 Notes. The Applicable Procedures shall be applicable to transfers of beneficial interests in the Series 2021-1
Notes.


 




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(b) Global
Notes.


 


(i) Rule
144A Global Notes. The Series 2021-1 Notes of each Class offered and sold in their initial distribution in reliance upon Rule 144A
will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the form set forth
in Exhibit A-1 hereto, registered in the name of Cede & Co. (“Cede”), as nominee of DTC, and deposited
with the Trustee, as custodian for DTC (collectively, for purposes of this Section 4.1 and Section 4.2, the “Rule
144A Global Notes”). The aggregate initial principal amount of the Rule 144A Global Notes of each Class may from time to time
be increased or decreased by adjustments made on the records of the Trustee, as custodian for DTC, in connection with a corresponding
decrease or increase in the aggregate initial principal amount of the corresponding Class of Temporary Regulation S Global Notes or Permanent
Regulation S Global Notes, as hereinafter provided.


 


(ii) Regulation
S Global Notes. Any Series 2021-1 Notes of each Class offered and sold on the Series 2021-1 Closing Date in reliance upon Regulation
S will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the form set forth
in Exhibit A-2 hereto, registered in the name of Cede, as nominee of DTC, and deposited with the Trustee, as custodian for DTC,
for credit to the respective accounts at DTC of the designated agents holding on behalf of Euroclear or Clearstream. Until such time
as the Restricted Period shall have terminated with respect to any Series 2021-1 Note, such Series 2021-1 Notes shall be referred to
herein collectively, for purposes of this Section 4.1 and Section 4.2, as the “Temporary Regulation S Global Notes.”
After such time as the Restricted Period shall have terminated, the Temporary Regulation S Global Notes shall be exchangeable, in whole
or in part, for interests in one or more permanent global notes in registered form without interest coupons, substantially in the form
set forth in Exhibit A-3 hereto, as hereinafter provided (collectively, for purposes of this Section 4.1 and Section
4.2, the “Permanent Regulation S Global Notes”). The aggregate principal amount of the Temporary Regulation S
Global Notes or the Permanent Regulation S Global Notes may from time to time be increased or decreased by adjustments made on the records
of the Trustee, as custodian for DTC, in connection with a corresponding decrease or increase of aggregate principal amount of the corresponding
Rule 144A Global Notes, as hereinafter provided.


 


(c) Definitive
Notes. The Series 2021-1 Global Notes of each Class shall be exchangeable in their entirety for one or more definitive notes in registered
form, without interest coupons (collectively, for purposes of this Section 4.1 and Section 4.2, the “Definitive
Notes”) pursuant to Section 2.13 of the Base Indenture and this Section 4.1(c) in accordance with their terms
and, upon complete exchange thereof, such Series 2021-1 Global Notes shall be surrendered for cancellation at the applicable Corporate
Trust Office.


 




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Section
4.2 Transfer Restrictions of Series 2021-1 Global Notes.


 


(a) A
Series 2021-1 Global Note may not be transferred, in whole or in part, to any Person other than DTC or a nominee thereof, or to a successor
Depository or to a nominee of a successor Depository, and no such transfer to any such other Person may be registered; provided,
however, that this Section 4.4(a) shall not prohibit any transfer of any Series 2021-1 Note that is issued in exchange
for a Series 2021-1 Global Note in accordance with Section 2.8 of the Base Indenture and shall not prohibit any transfer of a
beneficial interest in a Series 2021-1 Global Note effected in accordance with the other provisions of this Section 4.2.


 


(b) The
transfer by a Series 2021-1 Note Owner holding a beneficial interest in a Series 2021-1 Note of any Class in the form of a Rule 144A
Global Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Rule 144A Global Note of such
Class shall be made upon the deemed representation of the transferee that it is purchasing for its own account or an account with respect
to which it exercises sole investment discretion and that it and any such account is a QIB and not a Competitor, and is aware that the
sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer as such
transferee has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor
is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A.


 


(c) If
a Series 2021-1 Note Owner holding a beneficial interest in a Series 2021-1 Note of any Class in the form of a Rule 144A Global Note
wishes at any time to exchange its interest in such Rule 144A Global Note for an interest in the Temporary Regulation S Global Note of
such Class, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the
Temporary Regulation S Global Note of such Class, such exchange or transfer may be effected, subject to the Applicable Procedures, only
in accordance with the provisions of this Section 4.2(c). Upon receipt by the Note Registrar, at the applicable Corporate Trust
Office, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the
Note Registrar to credit or cause to be credited to a specified Clearing Agency Participant’s account a beneficial interest in
the Temporary Regulation S Global Note, in a principal amount equal to that of the beneficial interest in such Rule 144A Global Note
to be so exchanged or transferred, (ii) a written order given in accordance with the Applicable Procedures containing information regarding
the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and
the account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii) a certificate in substantially the
form set forth in Exhibit B-1 hereto given by the Series 2021-1 Note Owner holding such beneficial interest in such Rule 144A
Global Note, the Note Registrar shall instruct the Trustee, as custodian of DTC, to reduce the principal amount of the Rule 144A Global
Note, and to increase the principal amount of the Temporary Regulation S Global Note, by the principal amount of the beneficial interest
in such Rule 144A Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified
in such instructions (which shall be the Clearing Agency Participant for Euroclear or Clearstream or both, as the case may be) a beneficial
interest in the Temporary Regulation S Global Note having a principal amount equal to the amount by which the principal amount of such
Rule 144A Global Note was reduced upon such exchange or transfer.


 




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(d) If
a Series 2021-1 Note Owner holding a beneficial interest in a Rule 144A Global Note of any Class wishes at any time to exchange its interest
in such Rule 144A Global Note for an interest in the Permanent Regulation S Global Note of such Class, or to transfer such interest to
a Person who wishes to take delivery thereof in the form of a beneficial interest in the Permanent Regulation S Global Note of such Class,
such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this Section
4.2(d). Upon receipt by the Note Registrar, at the applicable Corporate Trust Office, of (i) written instructions given in accordance
with the Applicable Procedures from a Clearing Agency Participant directing the Note Registrar to credit or cause to be credited to a
specified Clearing Agency Participant’s account a beneficial interest in the Permanent Regulation S Global Note in a principal
amount equal to that of the beneficial interest in such Rule 144A Global Note to be so exchanged or transferred, (ii) a written order
given in accordance with the Applicable Procedures containing information regarding the account of the Clearing Agency Participant (and
the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to
be debited for, such beneficial interest and (iii) a certificate in substantially the form of Exhibit B-2 hereto given by the
Series 2021-1 Note Owner holding such beneficial interest in such Rule 144A Global Note, the Note Registrar shall instruct the Trustee,
as custodian of DTC, to reduce the principal amount of such Rule 144A Global Note, and to increase the principal amount of the Permanent
Regulation S Global Note, by the principal amount of the beneficial interest in such Rule 144A Global Note to be so exchanged or transferred,
and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency
Participant for Euroclear or Clearstream or both, as the case may be) a beneficial interest in the Permanent Regulation S Global Note
having a principal amount equal to the amount by which the principal amount of such Rule 144A Global Note was reduced upon such exchange
or transfer.


 


(e) If
a Series 2021-1 Note Owner holding a beneficial interest in a Temporary Regulation S Global Note or a Permanent Regulation S Global Note
wishes at any time to exchange its interest in such Temporary Regulation S Global Note or such Permanent Regulation S Global Note for
an interest in the Rule 144A Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of
a beneficial interest in the Rule 144A Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures,
only in accordance with the provisions of this Section 4.2(e). Upon receipt by the Note Registrar, at the applicable Corporate
Trust Office, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing
the Note Registrar to credit or cause to be credited to a specified Clearing Agency Participant’s account a beneficial interest
in the Rule 144A Global Note of the applicable Class in a principal amount equal to that of the beneficial interest in such Temporary
Regulation S Global Note or such Permanent Regulation S Global Note, as the case may be, to be so exchanged or transferred, (ii) a written
order given in accordance with the Applicable Procedures containing information regarding the account of the Clearing Agency Participant
(and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant
to be debited for, such beneficial interest and (iii) with respect to a transfer of a beneficial interest in such Temporary Regulation
S Global Note (but not such Permanent Regulation S Global Note), a certificate in substantially the form set forth in Exhibit B-3
hereto given by such Series 2021-1 Note Owner holding such beneficial interest in such Temporary Regulation S Global Note, the Note
Registrar shall instruct the Trustee, as custodian of DTC, to reduce the principal amount of such Temporary Regulation S Global Note
or such Permanent Regulation S Global Note, as the case may be, and to increase the principal amount of such Rule 144A Global Note, by
the principal amount of the beneficial interest in such Temporary Regulation S Global Note or such Permanent Regulation S Global Note
to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions
(which shall be the Clearing Agency Participant for DTC) a beneficial interest in such Rule 144A Global Note having a principal amount
equal to the amount by which the principal amount of such Temporary Regulation S Global Note or such Permanent Regulation S Global Note,
as the case may be, was reduced upon such exchange or transfer.


 




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(f) In
the event that a Series 2021-1 Global Note of any Class or any portion thereof is exchanged for a Series 2021-1 Note of such Class other
than Series 2021-1 Global Notes, such other Series 2021-1 Notes may in turn be exchanged (upon transfer or otherwise) for Series 2021-1
Notes of such Class that are not Series 2021-1 Global Notes or for a beneficial interest in a Series 2021-1 Global Note of such Class
(if any is then outstanding) only in accordance with such procedures as may be adopted from time to time by the Issuer and the Note Registrar,
which shall be substantially consistent with the provisions of Section 4.4(a) through Section 4.4(e) and Section 4.4(g)
(including the certification requirement intended to ensure that transfers and exchanges of beneficial interests in a Series 2021-1
Global Note comply with Rule 144A or Regulation S under the 1933 Act, as the case may be) and any Applicable Procedures.


 


(g) Until
the termination of the Restricted Period with respect to any Series 2021-1 Note, interests in the Temporary Regulation S Global Notes
representing such Series 2021-1 Note may be held only through Clearing Agency Participants acting for and on behalf of Euroclear and
Clearstream; provided that this Section 4.4(g) shall not prohibit any transfer in accordance with Section 4.4(d).
After the expiration of the applicable Restricted Period, interests in the Permanent Regulation S Global Notes may be transferred without
requiring any certifications other than those set forth in this Section 4.4.


 


(h) The
Series 2021-1 Notes Rule 144A Global Notes, the Series 2021-1 Notes Temporary Regulation S Global Notes and the Series 2021-1 Notes Permanent
Regulation S Global Notes shall bear the following legend:


 


THE
ISSUANCE AND SALE OF THIS [RULE 144A] [TEMPORARY REGULATION S] [PERMANENT REGULATION S] SERIES 2021-1 CLASS [A-2][B-2][M-2] NOTE HAVE
NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR
WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND FAT BRANDS FAZOLI’S NATIVE I, LLC (THE
“ISSUER”) HAVE NOT BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”).
THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE ISSUER OR AN AFFILIATE THEREOF,
(B) IN THE UNITED STATES, TO A PERSON WHO IS NOT A COMPETITOR AND IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE
144A UNDER THE 1933 ACT (“RULE 144A”), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH
PERSON EXERCISES SOLE INVESTMENT DISCRETION OR (C) OUTSIDE THE UNITED STATES, TO A PERSON WHO IS NOT A COMPETITOR AND IS NOT A “U.S.
PERSON” AS DEFINED IN REGULATION S UNDER THE 1933 ACT (“REGULATION S”), ACTING FOR ITS OWN ACCOUNT OR ONE OR
MORE ACCOUNTS WITH RESPECT TO WHICH SUCH PERSON EXERCISES SOLE INVESTMENT DISCRETION, NONE OF WHICH ARE A U.S. PERSON, IN OFFSHORE TRANSACTIONS
IN RELIANCE ON REGULATION S, AND, IN EACH CASE, IN COMPLIANCE WITH THE CERTIFICATIONS AND OTHER REQUIREMENTS SPECIFIED IN THE INDENTURE
REFERRED TO HEREIN AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR THE UNITED STATES AND ANY OTHER RELEVANT JURISDICTION.


 




    	17



    	 



    

 


BY
ITS ACQUISITION OR ACCEPTANCE HEREOF, THE HOLDER (IF NOT THE ISSUER OR AN AFFILIATE OF THE ISSUER) REPRESENTS THAT (A) IT IS NOT A COMPETITOR
AND IS (X) A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A OR (Y) NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE
IN AN OFFSHORE TRANSACTION, AS APPLICABLE, (B) IT IS NOT A COMPETITOR AND IS ACTING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
PERSON WHICH IS EITHER (X) A QUALIFIED INSTITUTIONAL BUYER OR (Y) NOT A U.S. PERSON, AND IN EACH CASE WITH RESPECT TO WHICH IT EXERCISES
SOLE INVESTMENT DISCRETION, (C) IT AND EACH ACCOUNT FOR WHICH IT IS PURCHASING WILL HOLD AND TRANSFER AT LEAST THE MINIMUM DENOMINATION
OF NOTES, (D) IT UNDERSTANDS THAT THE ISSUER MAY RECEIVE A LIST OF PARTICIPANTS HOLDING POSITIONS IN ITS NOTES FROM ONE OR MORE BOOK-ENTRY
DEPOSITORIES AND (E) IT WILL PROVIDE NOTICE OF THE TRANSFER RESTRICTIONS TO ANY SUBSEQUENT TRANSFEREES.


 


EACH
PERSON (IF NOT THE ISSUER OR AN AFFILIATE OF THE ISSUER) TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE DEEMED TO HAVE
MADE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE. EACH PERSON TAKING DELIVERY OF THIS NOTE OR AN INTEREST
IN THIS NOTE IN THE FORM OF AN INTEREST IN A [TEMPORARY REGULATION S GLOBAL NOTE] [RULE 144A GLOBAL NOTE] OR [PERMANENT REGULATION S
GLOBAL NOTE] WILL BE REQUIRED TO DELIVER A TRANSFER CERTIFICATE IN THE FORM REQUIRED BY THE INDENTURE AND WILL BE REQUIRED TO MAKE THE
APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE.


 


ANY
TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT AND WILL BE VOID AB INITIO AND WILL NOT OPERATE TO
TRANSFER ANY RIGHTS TO ANY PERSON CAUSING SUCH VIOLATION, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE TRUSTEE
OR ANY INTERMEDIARY; PROVIDED, HOWEVER, THAT THE PRECEDING PORTION OF THIS SENTENCE SHALL NOT OPERATE TO INVALIDATE ANY OTHERWISE BONA
FIDE TRANSFER TO AN ELIGIBLE TRANSFEREE WHERE A PREVIOUS ERRONEOUSLY REGISTERED TRANSFEROR IN THE CHAIN OF TITLE OF SUCH TRANSFEREE WOULD
HAVE BEEN INELIGIBLE SOLELY ON ACCOUNT OF BEING A COMPETITOR.


 




    	18



    	 



    

 


IF
THIS NOTE WAS ACQUIRED IN THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE A COMPETITOR OR NOT TO HAVE BEEN A QUALIFIED INSTITUTIONAL
BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, THE ISSUER HAS THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER WHO IS
NOT A COMPETITOR AND IS A QUALIFIED INSTITUTIONAL BUYER. THE ISSUER ALSO HAS THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A PERSON WHO
IS NOT A QUALIFIED INSTITUTIONAL BUYER OR WHO IS A COMPETITOR.


 


IF
THIS NOTE WAS ACQUIRED OUTSIDE THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE A COMPETITOR OR TO HAVE BEEN A “U.S. PERSON”
AT THE TIME OF ACQUISITION OF THIS NOTE, THE ISSUER HAS THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER WHO IS NOT
A COMPETITOR AND IS NOT A “U.S. PERSON.” THE ISSUER ALSO HAS THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A PERSON WHO IS A
“U.S. PERSON” OR WHO IS A COMPETITOR.


 


BY
ACCEPTING THIS NOTE, EACH HOLDER COVENANTS THAT IT WILL NOT AT ANY TIME PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER
THE PAYMENT IN FULL OF THE LATEST MATURING NOTE, INSTITUTE AGAINST, OR JOIN WITH ANY OTHER PERSON IN INSTITUTING AGAINST, ANY SECURITIZATION
ENTITY ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS, UNDER ANY FEDERAL OR
STATE BANKRUPTCY OR SIMILAR LAW.


 


THIS
NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST
COMPANY (“DTC”), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10041, OR A NOMINEE THEREOF. THIS NOTE
MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED,
IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER OR THE NOTE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.


 




    	19



    	 



    

 


[THIS
[RULE 144A][TEMPORARY REGULATION S] [PERMANENT REGULATION S] GLOBAL SERIES 2021-1 CLASS [A-2][B-2][M-2] NOTE WAS ISSUED WITH “ORIGINAL
ISSUE DISCOUNT” AS DEFINED IN SECTION 1273 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. YOU MAY OBTAIN INFORMATION REGARDING
THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE ISSUE PRICE, THE ISSUE DATE AND THE YIELD TO MATURITY BY CONTACTING THE MANAGER AT FAT BRANDS
INC., 9720 WILSHIRE BLVD., SUITE 500, BEVERLY HILLS, CA 90212, ATTN: ANDREW A. WIEDERHORN.]


 


THE
PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF
THE TRUSTEE.


 


(i) The
Series 2021-1 Temporary Regulation S Global Notes shall also bear the following legend:


 


UNTIL
FORTY (40) DAYS AFTER THE ORIGINAL ISSUE DATE OF THE NOTES (THE “RESTRICTED PERIOD”) IN CONNECTION WITH THE OFFERING
OF THE NOTES IN THE UNITED STATES FROM OUTSIDE OF THE UNITED STATES, THE SALE, PLEDGE OR TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN
CONDITIONS AND RESTRICTIONS. THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT SUCH HOLDER IS EITHER
NOT A “U.S. PERSON” OR THE ISSUER OR AN AFFILIATE OF THE ISSUER, AND THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE 1933
ACT, AND AGREES FOR THE BENEFIT OF THE ISSUER THAT THIS NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO A HOLDER
THAT IS NOT A “U.S. PERSON” OR TO THE ISSUER OR AN AFFILIATE OF THE ISSUER AND IN COMPLIANCE WITH THE 1933 ACT AND OTHER
APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES, AND PRIOR
TO THE EXPIRATION OF THE RESTRICTED PERIOD, ONLY (I) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE 1933 ACT OR
(II) PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE 1933 ACT.


 




    	20



    	 



    

 


(j) The
required legends set forth above shall not be removed from the applicable Series 2021-1 Notes except as provided herein. The legend required
for a Series 2021-1 Rule 144A Global Note may be removed from such Series 2021-1 Notes Rule 144A Global Note if there is delivered to
the Issuer and the Note Registrar such satisfactory evidence, which may include an Opinion of Counsel, as may be reasonably required
by the Issuer that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers of such
Series 2021-1 Notes Rule 144A Global Note will not violate the registration requirements of the 1933 Act. Upon provision of such satisfactory
evidence, the Trustee at the direction of the Issuer (or the Manager, on its behalf), shall authenticate and deliver in exchange for
such Series 2021-1 Rule 144A Global Note a Series 2021-1 Note or Series 2021-1 Notes of the applicable Class having an equal aggregate
principal amount that does not bear such legend. If such a legend required for a Series 2021-1 Rule 144A Global Note has been removed
from a Series 2021-1 Note as provided above, no other Series 2021-1 Note issued in exchange for all or any part of such Series 2021-1
Note shall bear such legend, unless the Issuer have reasonable cause to believe that such other Series 2021-1 Note is a “restricted
security” within the meaning of Rule 144 under the 1933 Act and instructs the Trustee to cause a legend to appear thereon.


 


Section
4.3 Note Owner Representations and Warranties. Each Person who becomes a Note Owner of a beneficial interest in a Series 2021-1
Note pursuant to the Offering Memorandum will be deemed to represent, warrant and agree on the date such Person acquires any interest
in any such Series 2021-1 Note as follows:


 


(a) With
respect to any sale of Series 2021-1 Notes pursuant to Rule 144A, it is a QIB pursuant to Rule 144A, and is aware that any sale of Series
2021-1 Notes to it will be made in reliance on Rule 144A. Its acquisition of Series 2021-1 Notes in any such sale will be for its own
account or for the account of another QIB.


 


(b) With
respect to any sale of Series 2021-1 Notes pursuant to Regulation S, at the time the buy order for such Series 2021-1 Notes was originated,
it was outside the United States and the offer was made to a Person who is not a U.S. Person, and was not purchasing for the account
or benefit of a U.S. Person.


 


(c) It
will, and each account for which it is purchasing will, hold and transfer at least the minimum denomination of Series 2021-1 Notes set
forth in Section 2.3 of this Series 2021-1 Supplement.


 


(d) It
understands that the Issuer and the Manager may receive a list of participants holding positions in the Series 2021-1 Notes from one
or more book-entry depositories.


 


(e) It
understands that the Manager and the Issuer may receive (i) a list of Note Owners that have requested access to the Trustee’s password-protected
website or that have voluntarily registered as a Note Owner with the Trustee and (ii) copies of Noteholder confirmations of representations
and warranties executed to obtain access to the Trustee’s password-protected website.


 




    	21



    	 



    

 


(f) It
will provide to each person to whom it transfers Series 2021-1 Notes notices of any restrictions on transfer of such Series 2021-1 Notes.


 


(g) It
understands that (i) the Series 2021-1 Notes are being offered in a transaction not involving any public offering in the United States
within the meaning of the 1933 Act, (ii) the Series 2021-1 Notes have not been registered under the 1933 Act, (iii) the Series 2021-1
Notes may be offered, resold, pledged or otherwise transferred only to (a) in the United States, Persons who are not Competitors and
who are QIBs, purchasing for their own account or the account of one or more other Persons, each of which is a QIB, (b) outside the United
States, Persons who are not Competitors and who are not “U.S. Persons” in offshore transactions in reliance on Regulation
S under the 1933 Act, purchasing for their own account or the account of one or more other Persons, each of which is a non-U.S. Person,
or (c) the Issuer or an Affiliate of the Issuer, in each case, in accordance with any applicable securities laws of any state of the
United States and any other relevant jurisdiction, and (iv) it will, and each subsequent holder of a Series 2021-1 Note is required to,
notify any subsequent purchaser of a Series 2021-1 Note of the resale restrictions set forth in clause (iii) above.


 


(h) It
understands that the certificates evidencing the Rule 144A Global Notes will bear legends substantially similar to those set forth in
Section 4.2(h).


 


(i) It
understands that the certificates evidencing the Temporary Regulation S Global Notes will bear legends substantially similar to those
set forth in Sections 4.2(h) and Section 4.2(i), as applicable.


 


(j) It
understands that the certificates evidencing the Permanent Regulation S Global Notes will bear legends substantially similar to those
set forth in Section 4.2(h).


 


(k) Either
(i) it is not acquiring or holding the Series 2021-1 Notes (or any interest therein) for or on behalf of, or with the assets of, Plan
or a governmental, church, non-U.S. or other plan which is subject to any Similar Law or with respect to the Series 2021-1 Class A-2
Notes only, (ii) its acquisition, holding and disposition of the Series 2021-1 Class A-2 Notes (or any interest therein) will not constitute
or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or, in the case of a governmental,
church, non-U.S. or other plan, a non-exempt violation under any Similar Law.


 


(l) It
understands that any subsequent transfer of the Series 2021-1 Notes or any interest therein is subject to certain restrictions and conditions
set forth in the Indenture and it agrees to be bound by, and not to resell, pledge or otherwise transfer the Series 2021-1 Notes or any
interest therein except in compliance with, such restrictions and conditions and the 1933 Act.


 


(m) It
is not a Competitor.


 


Section
4.4 Limitation on Liability. None of the Issuer, the Manager, the Trustee or any Paying Agent or any of their respective Affiliates
shall have any responsibility or liability with respect to (i) any aspects of the records maintained by DTC or its nominee or any of
the Agent Members relating to or for payments made thereby on account of beneficial interests in a Rule l44A Global Note or a Regulation
S Global Note or (ii) any records maintained by the Noteholder with respect to the beneficial holders thereof or payments made thereby
on account of beneficial interests held therein. Notwithstanding anything to the contrary contained herein or in the Base Indenture,
the Trustee (including in its capacity as Note Registrar and Paying Agent) shall have no responsibility or liability with respect to
(i) transfers of beneficial interests within a Rule 144A Global Note or a Regulation S Global Note or (ii) monitoring or inquiring into
or verifying compliance by a Noteholder or Note Owner with the representations, covenants or restrictions set forth in this Series 2021-1
Supplement, the Base Indenture or the Notes.


 




    	22



    	 



    

 


ARTICLE
V


 


GENERAL


 


Section
5.1 Information. On or before the third (3rd) Business Day prior to each Quarterly Payment Date, the Issuer shall furnish,
or cause to be furnished, a Quarterly Noteholders’ Report with respect to the Series 2021-1 Notes to the Trustee and the Back-Up
Manager, substantially in the form of Exhibit C hereto, setting forth, inter alia, the following information with respect
to such Quarterly Payment Date and all other information required pursuant to Section 5.11 of the Base Indenture:


 


(i)
the total amount available to be distributed to Series 2021-1 Noteholders on such Quarterly Payment Date;


 


(ii)
the amount of such distribution allocable to the payment of interest on each Class of the Series 2021-1 Notes;


 


(iii)
the amount of such distribution allocable to the payment of principal of each Class of the Series 2021-1 Notes;


 


(iv)
whether, to the Actual Knowledge of the Issuer, any Potential Rapid Amortization Event, Rapid Amortization Event, Default, Event of Default,
Potential Manager Termination Event or Manager Termination Event has occurred and is continuing as of the related Quarterly Calculation
Date or any Cash Flow Sweeping Period is in effect, as of such Quarterly Calculation Date;


 


(v)
the P&I DSCR for such Quarterly Payment Date and the three Quarterly Payment Dates immediately preceding such Quarterly Payment Date;


 


(vi)
the amount of FAT Brands Fazoli’s Native I Systemwide Sales as of the related Quarterly Calculation Date; and


 


(vii)
the amount on deposit in the Reserve Account as of the close of business on the last Business Day of the preceding Quarterly Collection
Period.


 


Any
Series 2021-1 Noteholder may obtain copies of each Quarterly Noteholders’ Report in accordance with the procedures set forth in
Section 4.4 of the Base Indenture.


 


Section
5.2 Exhibits. The annexes, exhibits and schedules attached hereto and listed on the table of contents hereto supplement the annexes,
exhibits and schedules included in the Base Indenture.


 




    	23



     


    

 


Section
5.3 Ratification of Base Indenture. As supplemented by the Series 2021-1 Supplement, the Base Indenture is in all respects ratified
and confirmed and the Base Indenture as so supplemented by the Series 2021-1 Supplement shall be read, taken and construed as one and
the same instrument.


 


Section
5.4 [Reserved].


 


Section
5.5 Counterparts. The Series 2021-1 Supplement may be executed in any number of counterparts, each of which so executed shall
be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument.


 


Section
5.6 Governing Law. THE SERIES 2021-1 SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS
LAW OF THE STATE OF NEW YORK).


 


Section
5.7 Amendments. The Series 2021-1 Supplement may not be modified or amended except in accordance with the terms of the Base Indenture.


 


Section
5.8 Termination of Series Supplement; Defeasance.


 


(a)
The Series 2021-1 Supplement shall cease to be of further effect when (i) all Outstanding Series 2021-1 Notes theretofore authenticated
and issued have been delivered (other than destroyed, lost, or stolen Series 2021-1 Notes that have been replaced or paid) to the Trustee
for cancellation and (ii) the Issuer has paid all sums payable hereunder; provided that any provisions of the Series 2021-1 Supplement
required for the Series 2021-1 Final Payment to be made shall survive until the Series 2021-1 Final Payment is paid to the Series 2021-1
Noteholders. In accordance with Section 6.1(a) of the Base Indenture, the final principal payment due on each Series 2021-1 Note
shall only be paid upon due presentment and surrender of such Note for cancellation in accordance with the provisions of such Note at
the applicable Corporate Trust Office, which such surrender shall also constitute a general release by the applicable Noteholder from
any claims against the Issuer, the Manager, the Trustee and their affiliates.


 


(b)
In addition to (and notwithstanding) the terms of Section 12.1 of the Base Indenture, upon the payment in full (whether optional
or mandatory) or a redemption in full of a particular Class of Series 2021-1 Notes (the “Defeased Class”) as provided
hereunder, the Obligations of the Issuer and the Guarantors under the Transaction Documents in respect of such Defeased Class shall be
terminated.


 


Section
5.9 Limited Recourse. The obligations of the Issuer under this 2021-1 Series Supplement are solely the limited liability company
obligations of the Issuer, and the Issuer shall be liable for claims hereunder only to the extent that funds or assets are available
to pay such claims pursuant to this 2021-1 Series Supplement.


 


Section
5.10 Entire Agreement. The Series 2021-1 Supplement, together with the exhibits and schedules hereto and the other Indenture Documents,
contains a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and
shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all previous oral
statements and other writings with respect thereto.


 


Section
5.11 Control Party Protections. In taking or refraining from taking any action hereunder, the Control Party shall be entitled
to the rights, protections, benefits, immunities and indemnities afforded to the Control Party under this Series 2021-1 Supplement and
the other Transaction Documents mutatis mutandis.


 


[Signature
Pages Follow]


 




    	24



     


    

 


IN
WITNESS WHEREOF, each of the Issuer and the Trustee have caused the Series 2021-1 Supplement to be duly executed by its respective duly
authorized officer as of the day and year first written above.


 


	 	FAT
    BRANDS FAZOLI’S NATIVE I, LLC, as Issuer
	 	 	 
	 	 	 
	 	By:	/s/
    Andrew A. Wiederhorn
	 	Name:	Andrew
    A. Wiederhorn
	 	Title:	President
    and Chief Executive Officer 
	 	 	 
	 	UMB
    BANK, N.A., in its capacity as Trustee and as Securities Intermediary
	 	 	 
	 	By:	/s/
    Michele Voon
	 	Name:	Michele
    Voon
	 	Title:	Vice
    President 


 




    	Signature Page to Series 2021-1 Supplement to the Base Indenture
FAT Brands Fazoli’s Native I, LLC




     


    

 


CONSENT
OF CONTROL PARTY:


 


The
undersigned, as Control Party, hereby consents to the execution and delivery of this Series 2021-1 Supplement by the parties hereto,
and as Control Party hereby directs the Trustee to execute and deliver this Series 2021-1 Supplement.


 


 


	CITADEL
    SPV LLC, in its capacity as Control Party 	 
	 	 	 
	By:	/s/
    Orlando Figueroa	 
	Name:	Orlando
    Figueroa 	 
	Title:	Senior
    Managing Director 	 


 




    	Signature Page to Series 2021-1 Supplement to the Base Indenture
FAT Brands Fazoli’s Native I, LLC




     


    

 


ANNEX
A


 


SERIES
2021-1


 


SUPPLEMENTAL
DEFINITIONS LIST


 


“30/360
Day Basis” means the accrual of interest calculated on the basis of a 360-day year consisting of twelve 30-day months.


 


“Agent
Members” means members of, or participants in, DTC.


 


“Carryover
Senior Subordinated Notes Accrued Quarterly Interest Amount” means (a) for the first Monthly Allocation Date with respect to
any Quarterly Collection Period, zero, and (b) for any other Monthly Allocation Date with respect to such Quarterly Collection Period
the amount, if any, by which (i) the amount allocated to the Senior Subordinated Notes Interest Payment Account with respect to the Senior
Subordinated Notes on the immediately preceding Monthly Allocation Date with respect to such Quarterly Collection Period was less than
(ii) the Senior Subordinated Notes Accrued Quarterly Interest Amount for such immediately preceding Monthly Allocation Date; provided
that for the first Monthly Allocation Date after the applicable Series Closing Date, the Carryover Senior Subordinated Notes Accrued
Quarterly Interest Amount shall equal the aggregate amount of interest accrued on the Senior Subordinated Notes for the period from such
Series Closing Date until such Monthly Allocation Date.


 


“Carryover
Senior Subordinated Notes Accrued Scheduled Principal Payments Amount” means (a) for the first Monthly Allocation Date with
respect to any Quarterly Collection Period, zero, and (b) for any other Monthly Allocation Date with respect to such Quarterly Collection
Period the amount, if any, by which (i) the amount allocated to the Senior Subordinated Notes Principal Payment Account with respect
to the Senior Subordinated Notes Scheduled Principal Payment Amounts on the immediately preceding Monthly Allocation Date with respect
to such Quarterly Collection Period was less than (ii) the Senior Subordinated Notes Accrued Scheduled Principal Payments Amount for
such immediately preceding Monthly Allocation Date.


 


“Change
in Law” means (a) any law, rule or regulation or any change therein or in the interpretation or application thereof (whether
or not having the force of law), in each case, adopted, issued or occurring after the Series 2021-1 Closing Date or (b) any request,
guideline or directive (whether or not having the force of law) from any government or political subdivision or agency, authority, bureau,
central bank, commission, department or instrumentality thereof, or any court, tribunal, grand jury or arbitrator, or any accounting
board or authority (whether or not a Governmental Authority) which is responsible for the establishment or interpretation of national
or international accounting principles, in each case, whether foreign or domestic (each, an “Official Body”) charged
with the administration, interpretation or application thereof, or the compliance with any request or directive of any Official Body
(whether or not having the force of law) made, issued or occurring after the Series 2021-1 Closing Date.


 


“Change
of Control” has the meaning ascribed to such term in the Management Agreement.


 


“Clearstream”
means Clearstream Luxembourg.


 




    	Annex A-1



     


    

 


“Defeased
Class” has the meaning set forth in Section 5.8(b) of the Series 2021-1 Supplement.


 


“Definitive
Notes” has the meaning set forth in Section 4.1(c) of the Series 2021-1 Supplement.


 


“DTC”
means The Depository Trust Company, and any successor thereto.


 


“Euroclear”
Euroclear Bank, S.A./N.A., or any successor thereto, as operator of Euroclear System.


 


“Initial
Purchaser” means Jefferies LLC.


 


“Initial
Quarterly Payment Date” means April 25, 2022.


 


“Offering
Memorandum” means the Offering Memorandum for the offering of the Series 2021-1 Notes, dated December 10, 2021, prepared by
the Issuer.


 


“Official
Body” has the meaning set forth in the definition of “Change in Law.”


 


“Outstanding
Principal Amount” means with respect to any one or more Series, Classes, Subclasses or Tranches of Notes, as applicable at
any time, the aggregate principal amount Outstanding of such Notes at such time.


 


“Permanent
Regulation S Global Notes” has the meaning set forth in Section 4.1(b) of the Series 2021-1 Supplement.


 


“Prepayment
Condition Amounts” means (i) the Senior Prepayment Condition Amounts and the Senior Subordinated Prepayment Condition Amounts
and (ii) as of any Quarterly Payment Date, the aggregate amount due and payable to all of the Noteholders as of such Quarterly Payment
Date.


 


“Prepayment
Notice” has the meaning set forth in Section 3.5(f) of the Series 2021-1 Supplement.


 


“Prepayment
Record Date” means, with respect to the date of any Series 2021-1 Prepayment, the last day of the calendar month immediately
preceding the date of such Series 2021-1 Prepayment unless such last day is less than ten (10) Business Days prior to the date of such
Series 2021-1 Prepayment, in which case the “Prepayment Record Date” will be the date that is ten (10) Business Days prior
to the date of such Series 2021-1 Prepayment.


 


“Qualified
Institutional Buyer” or “QIB” means a Person who is a “qualified institutional buyer” as defined
in Rule 144A.


 


“Regulation
S” means Regulation S promulgated under the 1933 Act.


 


“Regulation
S Global Notes” means, collectively, the Temporary Regulation S Global Notes and the Permanent Regulation S Global Notes.


 




    	Annex A-2



     


    

 


“Required
Reserve Amount” means, as of each Quarterly Calculation Date, the quotient of: (A) the sum of (i)(a) the Series 2021-1 Class
A-2 Outstanding Principal Amount (after giving effect to all principal payments made on the related Quarterly Payment Date), times (b)
the Series 2021-1 Class A-2 Note Rate, plus (ii)(a) the Series 2021-1 Class B-2 Outstanding Principal Amount (after giving effect to
all principal payments made on the related Quarterly Payment Date), times (b) the Series 2021-1 Class B-2 Note Rate, divided by (B) 4.


 


“Restricted
Period” means, with respect to any Series 2021-1 Class A-2 Notes sold pursuant to Regulation S, the period commencing on such
Series 2021-1 Closing Date and ending on the 40th day after the Series 2021-1 Closing Date.


 


“Rule
144A” means Rule 144A promulgated under the 1933 Act.


 


“Rule
144A Global Notes” has the meaning set forth in Section 4.1(b) of the Series 2021-1 Supplement.


 


“Senior
Prepayment Condition Amounts” means, as of any Quarterly Payment Date, the aggregate amount due and payable to all of the Senior
Noteholders as of such Quarterly Payment Date.


 


“Senior
Subordinated Notes Accrued Quarterly Interest Amount” means, for each Monthly Allocation Date with respect to a Quarterly Collection
Period, an amount equal to the lesser of (a) the sum of (i) one-third of the Senior Subordinated Notes Aggregate Quarterly Interest for
the Interest Accrual Period ending in the next succeeding Quarterly Collection Period and (ii) the Carryover Senior Subordinated Notes
Accrued Quarterly Interest Amount for such Monthly Allocation Date and (b) the amount, if any, by which (i) Senior Notes Aggregate Quarterly
Interest for the Interest Accrual Period ending in the next succeeding Quarterly Collection Period exceeds (ii) the aggregate amount
previously allocated to the Senior Subordinated Notes Interest Payment Account with respect to the Senior Subordinated Notes Quarterly
Interest Amount on each preceding Monthly Allocation Date (or prefunded on the Closing Date) with respect to such Quarterly Collection
Period.


 


“Senior
Subordinated Notes Accrued Scheduled Principal Payments Amount” means, for each Monthly Allocation Date with respect to any
Quarterly Collection Period an amount equal to the lesser of (a) the sum of (i) one third of the Senior Subordinated Notes Aggregate
Scheduled Principal Payments for the Quarterly Payment Date in the next succeeding Quarterly Collection Period and (ii) the Carryover
Senior Subordinated Notes Accrued Scheduled Principal Payments Amount for such Monthly Allocation Date and (b) the amount, if any, by
which (i) the Senior Subordinated Notes Aggregate Scheduled Principal Payments for the Quarterly Payment Date in the next succeeding
Quarterly Collection Period exceeds (ii) the aggregate amount previously allocated to the Senior Subordinated Notes Principal Payment
Account with respect to Senior Subordinated Notes Aggregate Scheduled Principal Payments on each preceding Monthly Allocation Date (or
prefunded on the Closing Date) with respect to such Quarterly Collection Period.


 




    	Annex A-3



     


    

 


“Senior
Subordinated Prepayment Condition Amounts” means, as of any Quarterly Payment Date, the aggregate amount due and payable to
all of the Senior Noteholders and Senior Subordinated Noteholders as of such Quarterly Payment Date.


 


“Series
2021-1 Anticipated Repayment Date” means the Series 2021-1 Class A-2 Anticipated Repayment Date, Series 2021-1 Class B-2 Anticipated
Repayment Date and Series 2021-1 Class M-2 Anticipated Repayment Date. For purposes of the Base Indenture, the “Series 2021-1 Anticipated
Repayment Date” shall be deemed to be a “Series Anticipated Repayment Date”.


 


“Series
2021-1 Class A-2 Anticipated Repayment Date” has the meaning set forth in Section 3.5(a)(ii) of the Series 2021-1 Supplement.
For purposes of the Base Indenture, the “Series 2021-1 Class A-2 Anticipated Repayment Date” shall be deemed to be a “Series
Anticipated Repayment Date”.


 


“Series
2021-1 Class A-2 Initial Principal Amount” means, the aggregate initial outstanding principal amount of the Class A-2 Notes
as of the 2021-1 Closing Date, which is $128,760,000.00.


 


“Series
2021-1 Class A-2 Legal Final Maturity Date” means the Quarterly Payment Date occurring in July 2051. For purposes of the Base
Indenture, the “Series 2021-1 Class A-2 Legal Final Maturity Date” shall be deemed to be a “Series Legal Final Maturity
Date.”


 


“Series
2021-1 Class A-2 Note Rate” means, (i) prior to the Series 2021-1 Class A-2 Anticipated Repayment Date, 6.00% per annum, compounded
quarterly and (ii) on and after the Series 2021-1 Class A-2 Anticipated Repayment Date, 8.00% per annum, compounded quarterly.


 


“Series
2021-1 Class A-2 Noteholder” means the Person in whose name a Series 2021-1 Class A-2 Note is registered in the Note Register.


 


“Series
2021-1 Class A-2 Notes” has the meaning specified in the “Designation” of the Series 2021-1 Supplement.


 


“Series
2021-1 Class A-2 Notes Scheduled Principal Payment Amount” means, on each Quarterly Payment Date on and following the Series
2021-1 Class A-2 Anticipated Call Date, an amount equal to one-half percent (0.5%) of the Series 2021-1 Class A-2 Initial Principal Amount.
For purposes of the Base Indenture, the “Series 2021-1 Class A-2 Notes Scheduled Principal Payment Amounts” shall be deemed
to be “Scheduled Principal Payments”.


 


“Series
2021-1 Class A-2 Notes Scheduled Principal Payment Deficiency Amount” means, with respect to any Quarterly Payment Date, if
on any Quarterly Calculation Date, (a) the sum of (i) the amount of funds on deposit in the Senior Notes Principal Payment Account with
respect to the Series 2021-1 Class A-2 Notes and (ii) any other funds on deposit in the Indenture Trust Accounts that are available to
pay the Series 2021-1 Class A-2 Notes Scheduled Principal Payments with respect to the Series 2021-1 Class A-2 Notes on such Quarterly
Payment Date is less than (b) the sum of (i) the Series 2021-1 Class A-2 Notes Scheduled Principal Payment Amount due and payable, if
any, on such Quarterly Payment Date plus any Series 2021-1 Class A-2 Notes Scheduled Principal Payment Amounts due but unpaid
from any previous Quarterly Payment Dates and (ii) the amount of funds on deposit in the Senior Notes Principal Payment Account with
respect to such amounts set forth in clause (b)(i) and allocated to the Series 2021-1 Class A-2 Notes, the amount of such deficiency.


 




    	Annex A-4



     


    

 


“Series
2021-1 Class A-2 Outstanding Principal Amount” means, on any date, an amount equal to (a) the Series 2021-1 Class A-2 Initial
Principal Amount, minus (b) the aggregate amount of principal payments (whether pursuant to the payment of Series 2021-1 Class
A-2 Notes Scheduled Principal Payments Amounts, a prepayment, a purchase and cancellation, a redemption or otherwise) made to Series
2021-1 Class A-2 Noteholders on or prior to such date. For purposes of the Base Indenture, the “Series 2021-1 Class A-2 Outstanding
Principal Amount” shall be deemed to be an “Outstanding Principal Amount.”


 


“Series
2021-1 Class A-2 Prepayment” has the meaning set forth in Section 3.5(e)(i) of the Series 2021-1 Supplement.


 


“Series
2021-1 Class A-2 Quarterly Interest Amount” means, for each Interest Accrual Period, an amount equal to the accrued interest
at the applicable Series 2021-1 Class A-2 Note Rate on the Series 2021-1 Class A-2 Outstanding Principal Amount (as of the first day
of such Interest Accrual Period after giving effect to all payments of principal (if any) made to such Series 2021-1 Class A-2 Noteholders
as of such day and also giving effect to prepayments, repurchases and cancellations of Series 2021-1 Class A-2 Notes during such Interest
Accrual Period). For purposes of the Base Indenture, “Series 2021-1 Class A-2 Quarterly Interest Amount” shall be deemed
to be a “Senior Notes Quarterly Interest Amount.”


 


“Series
2021-1 Class A-2 Quarterly Post-Anticipated Call Date Additional Interest” has the meaning set forth in Section 3.4(d)(i)
of the Series 2021-1 Supplement. For purposes of the Base Indenture, Series 2021-1 Class A-2 Quarterly Post-Anticipated Call Date
Additional Interest shall be deemed to be “Senior Notes Quarterly Post-Anticipated Call Date Additional Interest.”


 


“Series
2021-1 Class A-2 Quarterly Post-Anticipated Call Date Additional Interest Rate” has the meaning set forth in Section 3.4(d)(i)
of the Series 2021-1 Supplement.


 


“Series
2021-1 Class A-2 Quarterly Post-Anticipated Repayment Date Additional Interest” has the meaning set forth in Section 3.4(d)(i)
of the Series 2021-1 Supplement. For purposes of the Base Indenture, Series 2021-1 Class A-2 Quarterly Post-Anticipated Repayment
Date Additional Interest shall be deemed to be “Senior Notes Quarterly Post-Anticipated Repayment Date Additional Interest.”


 


“Series
2021-1 Class A-2 Quarterly Post-Anticipated Repayment Date Additional Interest Rate” has the meaning set forth in Section
3.4(d)(i) of the Series 2021-1 Supplement.


 


“Series
2021-1 Class B-2 Anticipated Repayment Date” has the meaning set forth in Section 3.5(b)(ii) of the Series 2021-1 Supplement.
For purposes of the Base Indenture, the “Series 2021-1 Class B-2 Anticipated Repayment Date” shall be deemed to be a “Series
Anticipated Repayment Date”.


 




    	Annex A-5



     


    

 


“Series
2021-1 Class B-2 Initial Principal Amount” means, the aggregate initial outstanding principal amount of the Class B-2 Notes
as of the 2021-1 Closing Date, which is $25,000,000.00.


 


“Series
2021-1 Class B-2 Legal Final Maturity Date” means the Quarterly Payment Date occurring in July 2051. For purposes of the Base
Indenture, the “Series 2021-1 Class B-2 Legal Final Maturity Date” shall be deemed to be a “Series Legal Final Maturity
Date.”


 


“Series
2021-1 Class B-2 Note Rate” means 7.00% per annum, compounded quarterly.


 


“Series
2021-1 Class B-2 Noteholder” means the Person in whose name a Series 2021-1 Class B-2 Note is registered in the Note Register.


 


“Series
2021-1 Class B-2 Notes” has the meaning specified in the “Designation” of the Series 2021-1 Supplement.


 


“Series
2021-1 Class B-2 Notes Scheduled Principal Payment Amount” means, on each Quarterly Payment Date on and following the Series
2021-1 Class B-2 Anticipated Call Date, an amount equal to one-half percent (0.5%) of the Series 2021-1 Class B-2 Initial Principal Amount.
For purposes of the Base Indenture, the “Series 2021-1 Class B-2 Notes Scheduled Principal Payment Amounts” shall be deemed
to be “Scheduled Principal Payments”.


 


“Series
2021-1 Class B-2 Notes Scheduled Principal Payment Deficiency Amount” means, with respect to any Quarterly Payment Date, if
on any Quarterly Calculation Date, (a) the sum of (i) the amount of funds on deposit in the Senior Notes Principal Payment Account with
respect to the Series 2021-1 Class B-2 Notes and (ii) any other funds on deposit in the Indenture Trust Accounts that are available to
pay the Series 2021-1 Class B-2 Notes Scheduled Principal Payments with respect to the Series 2021-1 Class B-2 Notes on such Quarterly
Payment Date is less than (b) the sum of (i) the Series 2021-1 Class B-2 Notes Scheduled Principal Payment Amount due and payable, if
any, on such Quarterly Payment Date plus any Series 2021-1 Class B-2 Notes Scheduled Principal Payment Amounts due but unpaid
from any previous Quarterly Payment Dates and (ii) the amount of funds on deposit in the Senior Notes Principal Payment Account with
respect to such amounts set forth in clause (b)(i) and allocated to the Series 2021-1 Class B-2 Notes, the amount of such deficiency.


 


“Series
2021-1 Class B-2 Outstanding Principal Amount” means, on any date, an amount equal to (a) the Series 2021-1 Class B-2 Initial
Principal Amount, minus (b) the aggregate amount of principal payments (whether pursuant to the payment of Series 2021-1 Class
B-2 Notes Scheduled Principal Payments Amounts, a prepayment, a purchase and cancellation, a redemption or otherwise) made to Series
2021-1 Class B-2 Noteholders on or prior to such date. For purposes of the Base Indenture, the “Series 2021-1 Class B-2 Outstanding
Principal Amount” shall be deemed to be an “Outstanding Principal Amount.”


 


“Series
2021-1 Class B-2 Prepayment” has the meaning set forth in Section 3.5(e)(ii) of the Series 2021-1 Supplement.


 




    	Annex A-6



     


    

 


“Series
2021-1 Class B-2 Quarterly Interest Amount” means, for each Interest Accrual Period, an amount equal to the accrued interest
at the applicable Series 2021-1 Class B-2 Note Rate on the Series 2021-1 Class B-2 Outstanding Principal Amount (as of the first day
of such Interest Accrual Period after giving effect to all payments of principal (if any) made to such Series 2021-1 Class B-2 Noteholders
as of such day and also giving effect to prepayments, repurchases and cancellations of Series 2021-1 Class B-2 Notes during such Interest
Accrual Period). For purposes of the Base Indenture, “Series 2021-1 Class B-2 Quarterly Interest Amount” shall be deemed
to be a “Senior Subordinated Notes Quarterly Interest Amount.”


 


“Series
2021-1 Class B-2 Quarterly Post-Anticipated Call Date Additional Interest” has the meaning set forth in Section 3.4(d)(iii)
of the Series 2021-1 Supplement. For purposes of the Base Indenture, Series 2021-1 Class B-2 Quarterly Post-Anticipated Call Date
Additional Interest shall be deemed to be “Senior Subordinated Notes Quarterly Post-Anticipated Call Date Additional Interest.”


 


“Series
2021-1 Class B-2 Quarterly Post-Anticipated Call Date Additional Interest Rate” has the meaning set forth in Section 3.4(d)(iii)
of the Series 2021-1 Supplement.


 


“Series
2021-1 Class M-2 Anticipated Repayment Date” has the meaning set forth in Section 3.5(c)(ii) of the Series 2021-1 Supplement.
For purposes of the Base Indenture, the “Series 2021-1 Class M-2 Anticipated Repayment Date” shall be deemed to be a “Series
Anticipated Repayment Date”.


 


“Series
2021-1 Class M-2 Initial Principal Amount” means, the aggregate initial outstanding principal amount of the Class M-2 Notes
as of the 2021-1 Closing Date, which is $40,000,000.00.


 


“Series
2021-1 Class M-2 Legal Final Maturity Date” means the Quarterly Payment Date occurring on July 2051. For purposes of the Base
Indenture, the “Series 2021-1 Class M-2 Legal Final Maturity Date” shall be deemed to be a “Series Legal Final Maturity
Date.”


 


“Series
2021-1 Class M-2 Note Rate” means 9.00% per annum, compounded quarterly.


 


“Series
2021-1 Class M-2 Noteholder” means the Person in whose name a Series 2021-1 Class M-2 Note is registered in the Note Register.


 


“Series
2021-1 Class M-2 Notes” has the meaning specified in the “Designation” of the Series 2021-1 Supplement.


 


“Series
2021-1 Class M-2 Notes Scheduled Principal Payment Amount” means, on each Quarterly Payment Date on and following the Series
2021-1 Class M-2 Anticipated Call Date, an amount equal to one-half percent (0.5%) of the Series 2021-1 Class M-2 Initial Principal Amount.
For purposes of the Base Indenture, the “Series 2021-1 Class M-2 Notes Scheduled Principal Payment Amounts” shall be deemed
to be “Scheduled Principal Payments”.


 




    	Annex A-7



     


    

 


“Series
2021-1 Class M-2 Notes Scheduled Principal Payment Deficiency Amount” means, with respect to any Quarterly Payment Date, if
on any Quarterly Calculation Date, (a) the sum of (i) the amount of funds on deposit in the Subordinated Notes Principal Payment Account
with respect to the Series 2021-1 Class M-2 Notes and (ii) any other funds on deposit in the Indenture Trust Accounts that are available
to pay the Series 2021-1 Class M-2 Notes Scheduled Principal Payments with respect to the Series 2021-1 Class M-2 Notes on such Quarterly
Payment Date is less than (b) the sum of (i) the Series 2021-1 Class M-2 Notes Scheduled Principal Payment Amount due and payable, if
any, on such Quarterly Payment Date plus any Series 2021-1 Class M-2 Notes Scheduled Principal Payment Amounts due but unpaid
from any previous Quarterly Payment Dates and (ii) the amount of funds on deposit in the Subordinated Notes Principal Payment Account
with respect to such amounts set forth in clause (b)(i) and allocated to the Series 2021-1 Class M-2 Notes, the amount of such
deficiency.


 


“Series
2021-1 Class M-2 Outstanding Principal Amount” means, on any date, an amount equal to (a) the Series 2021-1 Class M-2 Initial
Principal Amount, minus (b) the aggregate amount of principal payments (whether pursuant to the payment of Series 2021-1 Class
M-2 Notes Scheduled Principal Payments Amounts, a prepayment, a purchase and cancellation, a redemption or otherwise) made to the Series
2021-1 Class M-2 Noteholders on or prior to such date. For purposes of the Base Indenture, the “Series 2021-1 Class M-2 Outstanding
Principal Amount” shall be deemed to be an “Outstanding Principal Amount.”


 


“Series
2021-1 Class M-2 Prepayment” has the meaning set forth in Section 3.5(e)(iii) of the Series 2021-1 Supplement.


 


“Series
2021-1 Class M-2 Quarterly Interest Amount” means, for each Interest Accrual Period, an amount equal to the accrued interest
at the applicable Series 2021-1 Class M-2 Note Rate on the Series 2021-1 Class M-2 Outstanding Principal Amount (as of the first day
of such Interest Accrual Period after giving effect to all payments of principal (if any) made to such Series 2021-1 Class M-2 Noteholders
as of such day and also giving effect to prepayments, repurchases and cancellations of Series 2021-1 Class M-2 Notes during such Interest
Accrual Period). For purposes of the Base Indenture, “Series 2021-1 Class M-2 Quarterly Interest Amount” shall be deemed
to be a “Subordinated Notes Quarterly Interest Amount.”


 


“Series
2021-1 Class M-2 Quarterly Post-Anticipated Call Date Additional Interest” has the meaning set forth in Section 3.4(d)(v)
of the Series 2021-1 Supplement. For purposes of the Base Indenture, Series 2021-1 Class M-2 Quarterly Post-Anticipated Call Date
Additional Interest shall be deemed to be “Subordinated Notes Quarterly Post-Anticipated Call Date Additional Interest.”


 


“Series
2021-1 Class M-2 Quarterly Post-Anticipated Call Date Additional Interest Rate” has the meaning set forth in Section 3.4(d)(v)
of the Series 2021-1 Supplement.


 


“Series
2021-1 Closing Date” means December 15, 2021.


 


“Series
2021-1 Final Payment” means as to any Class of Notes, the payment of all accrued and unpaid interest on and principal of all
Outstanding Series 2021-1 Notes of such Class.


 


“Series
2021-1 Final Payment Date” means as to any Class of Notes, the date on which the Series 2021-1 Final Payment with respect to
such Class is made.


 


“Series
2021-1 Global Notes” means, collectively, the Regulation S Global Notes and the Rule 144A Global Notes.


 




    	Annex A-8



     


    

 


“Series
2021-1 Legal Final Maturity Date” means the Quarterly Payment Date occurring in July 2051. For purposes of the Base Indenture,
the “Series 2021-1 Legal Final Maturity Date” shall be deemed to be a “Series Legal Final Maturity Date.”


 


“Series
2021-1 Noteholders” means, collectively, the Series 2021-1 Class A-2 Noteholders, the Series 2021-1 Class B-2 Noteholders and
the Series 2021-1 Class M-2 Noteholders.


 


“Series
2021-1 Note Owner” means, with respect to a Series 2021-1 Note that is a Book-Entry Note, the Person who is the beneficial
owner of such Book-Entry Note, as reflected on the books of the Clearing Agency that holds such Book-Entry Note, or on the books of a
Person maintaining an account with such Clearing Agency (directly or as an indirect participant, in accordance with the rules of such
Clearing Agency).


 


“Series
2021-1 Notes” means, collectively, the Series 2021-1 Class A-2 Notes, the Series 2021-1 Class B-2 Notes and the Series 2021-1
Class M-2 Notes.


 


“Series
2021-1 Outstanding Principal Amount” means, with respect to any date, the Series 2021-1 Class A-2 Outstanding Principal Amount,
the Series 2021-1 Class B-2 Outstanding Principal Amount or the Series 2021-1 Class M-2 Outstanding Principal Amount, as applicable.


 


“Series
2021-1 Prepayment” means a Series 2021-1 Class A-2 Prepayment, or a Series 2021-1 Class B-2 Prepayment or a Series 2021-1 Class
M-2 Prepayment, as applicable.


 


“Series
2021-1 Prepayment Amount” means the aggregate principal amount of the applicable Class of Notes to be prepaid on any Series
2021-1 Prepayment Date, together with all accrued and unpaid interest thereon to such date.


 


“Series
2021-1 Prepayment Date” means the date on which any prepayment on the Series 2021-1 Class A-2 Notes, the Series 2021-1 Class
B-2 Notes or the Series 2021-1 Class M-2 Notes is made pursuant to Section 3.5(e) of the Series 2021-1 Supplement, which shall
be, with respect to any Series 2021-1 Prepayment Amount pursuant to Section 3.5(e), the Quarterly Payment Date specified as such
in the applicable Prepayment Notice.


 


“Series
2021-1 Senior Notes” means the Series 2021-1 Class A-2 Notes.


 


“Series
2021-1 Supplement” means this Series 2021-1 Supplement, dated as of the Series 2021-1 Closing Date by and among the Issuer
and Trustee, as amended, supplemented or otherwise modified from time to time.


 


“Similar
Law” means any federal, state, local, or non-U.S. law that is substantially similar to the provisions of Section 406 of ERISA
or Section 4975 of the Code.


 


“Temporary
Regulation S Global Notes” has the meaning set forth in Section 4.1(b) of the Series 2021-1 Supplement.


 


“U.S.
Person” has the meaning set forth in Regulation S under the Securities Act.


 




    	Annex A-9



     


    

 


ANNEX B


 





	Fiscal
    QE Date	 	Prior
    Three Monthly Collection Period End Dates	 	Record
    Date	 	Quarterly
    Calculation Date	 	Quarterly
    Noteholders’ Report Date	 	Quarterly
    Payment Date
	Last
    Sunday of Each 13 Week Quarter (Except for one 14 	 	All
    included in each respective quarterly collection period	 	20th
                                            Calendar Day of

                                                                                Month
                                            
	 	4

                                                                                Business
                                            
	 	3

                                                                                Business
                                            
	 	25th
                                            Calendar Day of the

                                                                             following
                                            Months

                                                                             (April,
                                            July October January)

                                                                             

	week
                                            quarter ending 

                                                                                December
                                            31, 2023)
	 	Month
    1	 	Month
    2	 	Month
    3	 	in
                                            which

                                                                                Quarterly
                                            Payment Date Falls
	 	Days

                                                                                Prior
                                            to Quarterly Payment Date
	 	Days

                                                                                 Prior
                                            to Quarterly Payment Date
	 	(if
                                            not Business

                                                                                Day,
                                            following Business Day)

	Sunday,
    March 27, 2022	 	Sunday,
    January 23, 2022	 	Sunday,
    February 20, 2022	 	Sunday,
    March 27, 2022	 	Wednesday,
    April 20, 2022	 	Tuesday,
    April 19, 2022	 	Wednesday,
    April 20, 2022	 	Monday,
    April 25, 2022
	Sunday,
    June 26, 2022	 	Sunday,
    April 24, 2022	 	Sunday,
    May 22, 2022	 	Sunday,
    June 26, 2022	 	Wednesday,
    July 20, 2022	 	Tuesday,
    July 19, 2022	 	Wednesday,
    July 20, 2022	 	Monday,
    July 25, 2022
	Sunday,
    September 25, 2022	 	Sunday,
    July 24, 2022	 	Sunday,
    August 21, 2022	 	Sunday,
    September 25, 2022	 	Thursday,
    October 20, 2022	 	Wednesday,
    October 19, 2022	 	Thursday,
    October 20, 2022	 	Tuesday,
    October 25, 2022
	Sunday,
    December 25, 2022	 	Sunday,
    October 23, 2022	 	Sunday,
    November 20, 2022	 	Sunday,
    December 25, 2022	 	Friday,
    January 20, 2023	 	Thursday,
    January 19, 2023	 	Friday,
    January 20, 2023	 	Wednesday,
    January 25, 2023
	Sunday,
    March 26, 2023	 	Sunday,
    January 22, 2023	 	Sunday,
    February 19, 2023	 	Sunday,
    March 26, 2023	 	Thursday,
    April 20, 2023	 	Wednesday,
    April 19, 2023	 	Thursday,
    April 20, 2023	 	Tuesday,
    April 25, 2023
	Sunday,
    June 25, 2023	 	Sunday,
    April 23, 2023	 	Sunday,
    May 21, 2023	 	Sunday,
    June 25, 2023	 	Thursday,
    July 20, 2023	 	Wednesday,
    July 19, 2023	 	Thursday,
    July 20, 2023	 	Tuesday,
    July 25, 2023
	Sunday,
    September 24, 2023	 	Sunday,
    July 23, 2023	 	Sunday,
    August 20, 2023	 	Sunday,
    September 24, 2023	 	Friday,
    October 20, 2023	 	Thursday,
    October 19, 2023	 	Friday,
    October 20, 2023	 	Wednesday,
    October 25, 2023
	Sunday,
    December 31, 2023	 	Sunday,
    October 22, 2023	 	Sunday,
    November 19, 2023	 	Sunday,
    December 31, 2023	 	Saturday,
    January 20, 2024	 	Friday,
    January 19, 2024	 	Monday,
    January 22, 2024	 	Thursday,
    January 25, 2024
	Sunday,
    March 31, 2024	 	Sunday,
    January 28, 2024	 	Sunday,
    February 25, 2024	 	Sunday,
    March 31, 2024	 	Saturday,
    April 20, 2024	 	Friday,
    April 19, 2024	 	Monday,
    April 22, 2024	 	Thursday,
    April 25, 2024
	Sunday,
    June 30, 2024	 	Sunday,
    April 28, 2024	 	Sunday,
    May 26, 2024	 	Sunday,
    June 30, 2024	 	Saturday,
    July 20, 2024	 	Friday,
    July 19, 2024	 	Monday,
    July 22, 2024	 	Thursday,
    July 25, 2024
	Sunday,
    September 29, 2024	 	Sunday,
    July 28, 2024	 	Sunday,
    August 25, 2024	 	Sunday,
    September 29, 2024	 	Sunday,
    October 20, 2024	 	Monday,
    October 21, 2024	 	Tuesday,
    October 22, 2024	 	Friday,
    October 25, 2024
	Sunday,
    December 29, 2024	 	Sunday,
    October 27, 2024	 	Sunday,
    November 24, 2024	 	Sunday,
    December 29, 2024	 	Monday,
    January 20, 2025	 	Tuesday,
    January 21, 2025	 	Wednesday,
    January 22, 2025	 	Monday,
    January 27, 2025
	Sunday,
    March 30, 2025	 	Sunday,
    January 26, 2025	 	Sunday,
    February 23, 2025	 	Sunday,
    March 30, 2025	 	Sunday,
    April 20, 2025	 	Monday,
    April 21, 2025	 	Tuesday,
    April 22, 2025	 	Friday,
    April 25, 2025
	Sunday,
    June 29, 2025	 	Sunday,
    April 27, 2025	 	Sunday,
    May 25, 2025	 	Sunday,
    June 29, 2025	 	Sunday,
    July 20, 2025	 	Monday,
    July 21, 2025	 	Tuesday,
    July 22, 2025	 	Friday,
    July 25, 2025
	Sunday,
    September 28, 2025	 	Sunday,
    July 27, 2025	 	Sunday,
    August 24, 2025	 	Sunday,
    September 28, 2025	 	Monday,
    October 20, 2025	 	Tuesday,
    October 21, 2025	 	Wednesday,
    October 22, 2025	 	Monday,
    October 27, 2025
	Sunday,
    December 28, 2025	 	Sunday,
    October 26, 2025	 	Sunday,
    November 23, 2025	 	Sunday,
    December 28, 2025	 	Tuesday,
    January 20, 2026	 	Tuesday,
    January 20, 2026	 	Wednesday,
    January 21, 2026	 	Monday,
    January 26, 2026
	Sunday,
    March 29, 2026	 	Sunday,
    January 25, 2026	 	Sunday,
    February 22, 2026	 	Sunday,
    March 29, 2026	 	Monday,
    April 20, 2026	 	Tuesday,
    April 21, 2026	 	Wednesday,
    April 22, 2026	 	Monday,
    April 27, 2026
	Sunday,
    June 28, 2026	 	Sunday,
    April 26, 2026	 	Sunday,
    May 24, 2026	 	Sunday,
    June 28, 2026	 	Monday,
    July 20, 2026	 	Tuesday,
    July 21, 2026	 	Wednesday,
    July 22, 2026	 	Monday,
    July 27, 2026
	Sunday,
    September 27, 2026	 	Sunday,
    July 26, 2026	 	Sunday,
    August 23, 2026	 	Sunday,
    September 27, 2026	 	Tuesday,
    October 20, 2026	 	Wednesday,
    October 21, 2026	 	Thursday,
    October 22, 2026	 	Monday,
    October 26, 2026


 




    	Annex B-1



     


    

 


	Monthly
                                            Manager Certificate Date
	 	Monthly
                                            Allocation Date

	5
                                            Business Days

                                                                                                     Prior
                                            to

                                                                                                     Monthly
                                            Allocation Date
	 	2nd
                                            Friday Following Fiscal

                                                                                                     Month
                                            End (if not Business Day,

                                                                                following
                                            Business Day)

	Friday,
    January 28, 2022	 	Friday,
    February 4, 2022
	Friday,
    February 25, 2022	 	Friday,
    March 4, 2022
	Friday,
    April 1, 2022	 	Friday,
    April 8, 2022
	Friday,
    April 29, 2022	 	Friday,
    May 6, 2022
	Friday,
    May 27, 2022	 	Friday,
    June 3, 2022
	Friday,
    July 1, 2022	 	Friday,
    July 8, 2022
	Friday,
    July 29, 2022	 	Friday,
    August 5, 2022
	Friday,
    August 26, 2022	 	Friday,
    September 2, 2022
	Friday,
    September 30, 2022	 	Friday,
    October 7, 2022
	Friday,
    October 28, 2022	 	Friday,
    November 4, 2022
	Friday,
    November 25, 2022	 	Friday,
    December 2, 2022
	Friday,
    December 30, 2022	 	Friday,
    January 6, 2023
	Friday,
    January 27, 2023	 	Friday,
    February 3, 2023
	Friday,
    February 24, 2023	 	Friday,
    March 3, 2023
	Friday,
    March 31, 2023	 	Friday,
    April 7, 2023
	Friday,
    April 28, 2023	 	Friday,
    May 5, 2023
	Friday,
    May 26, 2023	 	Friday,
    June 2, 2023
	Friday,
    June 30, 2023	 	Friday,
    July 7, 2023
	Friday,
    July 28, 2023	 	Friday,
    August 4, 2023
	Friday,
    August 25, 2023	 	Friday,
    September 1, 2023
	Friday,
    September 29, 2023	 	Friday,
    October 6, 2023
	Friday,
    October 27, 2023	 	Friday,
    November 3, 2023
	Friday,
    November 24, 2023	 	Friday,
    December 1, 2023
	Friday,
    January 5, 2024	 	Friday,
    January 12, 2024
	Friday,
    February 2, 2024	 	Friday,
    February 9, 2024
	Friday,
    March 1, 2024	 	Friday,
    March 8, 2024
	Friday,
    April 5, 2024	 	Friday,
    April 12, 2024
	Friday,
    May 3, 2024	 	Friday,
    May 10, 2024
	Friday,
    May 31, 2024	 	Friday,
    June 7, 2024
	Friday,
    July 5, 2024	 	Friday,
    July 12, 2024


 




    	Annex B-2



     


    

 


	Monthly
                                            Manager Certificate Date
	 	Monthly
                                            Allocation Date

	5
                                            Business Days

                                                         Prior
                                            to

                                                         Monthly
                                            Allocation Date
	 	2nd
                                            Friday Following Fiscal

                                                         Month
                                            End (if not Business Day,

                                                         following
                                            Business Day)

	Friday,
    August 2, 2024	 	Friday,
    August 9, 2024
	Friday,
    August 30, 2024	 	Friday,
    September 6, 2024
	Friday,
    October 4, 2024	 	Friday,
    October 11, 2024
	Friday,
    November 1, 2024	 	Friday,
    November 8, 2024
	Friday,
    November 29, 2024	 	Friday,
    December 6, 2024
	Friday,
    January 3, 2025	 	Friday,
    January 10, 2025
	Friday,
    January 31, 2025	 	Friday,
    February 7, 2025
	Friday,
    February 28, 2025	 	Friday,
    March 7, 2025
	Friday,
    April 4, 2025	 	Friday,
    April 11, 2025
	Friday,
    May 2, 2025	 	Friday,
    May 9, 2025
	Friday,
    May 30, 2025	 	Friday,
    June 6, 2025
	Thursday,
    July 3, 2025	 	Friday,
    July 11, 2025
	Friday,
    August 1, 2025	 	Friday,
    August 8, 2025
	Friday,
    August 29, 2025	 	Friday,
    September 5, 2025
	Friday,
    October 3, 2025	 	Friday,
    October 10, 2025
	Friday,
    October 31, 2025	 	Friday,
    November 7, 2025
	Friday,
    November 28, 2025	 	Friday,
    December 5, 2025
	Friday,
    January 2, 2026	 	Friday,
    January 9, 2026
	Friday,
    January 30, 2026	 	Friday,
    February 6, 2026
	Friday,
    February 27, 2026	 	Friday,
    March 6, 2026
	Friday,
    April 3, 2026	 	Friday,
    April 10, 2026
	Friday,
    May 1, 2026	 	Friday,
    May 8, 2026
	Friday,
    May 29, 2026	 	Friday,
    June 5, 2026
	Thursday
    July 2, 2026	 	Friday
    July 10, 2026
	Friday,
    July 31, 2026	 	Friday,
    August 7, 2026
	Friday,
    August 28, 2026	 	Friday,
    September 4, 2026
	Friday,
    October 2, 2026	 	Friday,
    October 9, 2026


 




    	Annex B-3



     


    

 


Exhibits
to Series 2021-1 Supplement


 


Exhibit
A-1


 


Form
of Rule 144A Global Note


 


(Attached.)




 




    	Exh. A-1-1



     


    


 


Exhibits
to Series 2021-1 Supplement



 


Exhibit
A-2


 


Form
of Temporary Regulation S Global Note


 


(Attached.)




 




    	Exh. A-2-1



     


    


 


Exhibits
to Series 2021-1 Supplement



 


Exhibit
A-3


 


Form
of Permanent Regulation S Global Note


 


(Attached.)




 




    	Exh. A-3-1



     


    


 


Exhibits
to Series 2021-1 Supplement



 


Exhibit
B-1


 


Form
of Transfer Certificate 


(Rule
144A Global Note to Temporary Regulation S Global Note)


 


(Attached.)




 




    	Exh. B-1-1



     


    


 


Exhibits
to Series 2021-1 Supplement



 


Exhibit
B-2


 


Form
of Transfer Certificate 


(Rule
144A Global Note to Permanent Regulation S Global Note)


 


(Attached.)




 




    	Exh. B-2-1



     


    


 


Exhibits
to Series 2021-1 Supplement



 


Exhibit
B-3


 


Form
of Transfer Certificate 


(Regulation
S Global Note to Rule 144A Global Note)


 


(Attached.)




 




    	Exh. B-3-1



     


    


 


Exhibits
to Series 2021-1 Supplement



 


Exhibit
C


 


Form
of Quarterly Noteholders’ Report


 


(Attached.)




 




    	Exh. C-1-1